Subsequent Events

9 Months Ended

Feb. 29, 2020

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

The Board declared a quarterly cash dividend of $0.15 per share on the Company’s Class A and Common Stock for the fourth quarter of fiscal 2020. The dividend is payable on June 15, 2020 to shareholders of record as of the close of business on April 30, 2020.

On March 18, 2020, the Board authorized an additional $50.0 for repurchases of common stock under the Company’s stock repurchase program. Under this program, which will continue to be funded with available cash, the Company may purchase shares, from time to time as conditions allow, on the open market or in negotiated private transactions. This authorization increases the aggregate amount of shares, in dollar terms, which may be repurchased to $67.3 as of March 18, 2020, after giving effect to the remaining amounts available for share repurchases under previous authorizations.

During and subsequent to the third quarter of the current fiscal year, the novel coronavirus strain, known as COVID-19, continues to spread across the globe at an increasing rate. The Company has been, and will continue to be, affected by coronavirus-related school closings mandated by states and districts, which impact all school related businesses and more directly the book clubs and book fairs channels. See Note 6, Commitments and Contingencies, and Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A), specifically the Overview and Outlook and Liquidity sections, for further discussion.