Revenues Revenues

12 Months Ended

May 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

Disaggregated Revenue Data

The following table presents the Company’s revenues disaggregated by region and channel during the year ended May 31:

	2020		2019		2018
Book Clubs	$	156.8	$	212.4	$	224.3
Book Fairs		383.8		499.6		513.6
Trade		306.8		275.4		232.3
Total Children's Book Publishing & Distribution	$	847.4	$	987.4	$	970.2
Education	$	287.1	$	297.3	$	288.6
Major Markets(1)		256.6		257.9		258.3
Other Markets(2)		96.0		111.3		111.3
Total International	$	352.6	$	369.2	$	369.6
Total Revenues	$	1,487.1	$	1,653.9	$	1,628.4

(1) - Includes Canada, UK, Australia and New Zealand.

(2) - Primarily includes markets in Asia.

Estimated Returns

A liability for expected returns of $43.5 and $34.5 was recorded within Other accrued expenses on the Company's Consolidated Balance Sheets as of May 31, 2020 and 2019, respectively. In addition, a return asset of $2.7 and $1.6 was recorded within Prepaid expenses and other current assets as of May 31, 2020 and 2019, respectively, for the recoverable cost of product estimated to be returned by customers.

Deferred Revenue

The Company's contract liabilities consist of advance billings and payments received from customers in excess of revenue recognized and revenue allocated to outstanding book fairs incentive credits. These liabilities are recorded within Deferred revenue on the Company's Consolidated Balance Sheets and are classified as short term, as substantially all of the associated performance obligations are expected to be satisfied, and related revenue recognized, within one year. The amount of revenue recognized during the years ended May 31, 2020 and 2019 included within the opening Deferred revenue balance was $121.8 and $107.2, respectively.