Revenues

9 Months Ended

Feb. 28, 2021

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

Disaggregated Revenue Data

The following table presents the Company’s disaggregated revenues by region and domestic channel:

	Three months ended				Nine months ended
	February 28,		February 29,		February 28,		February 29,
	2021		2020		2021		2020
U.S. Book Clubs	$	35.0	$	43.4	$	107.7	$	137.3
U.S. Book Fairs		27.0		100.1		87.9		351.7
U.S. Trade		74.7		70.4		256.9		231.6
U.S. Education		66.2		74.3		187.0		192.5
Non-U.S. Major Markets(1)		51.6		59.2		191.3		210.1
Non-U.S. Other Markets(2)		23.0		25.9		68.1		79.9
Total Revenues	$	277.5	$	373.3	$	898.9	$	1,203.1

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

(2) - Primarily includes markets in Asia.

Estimated Returns

A liability for expected returns of $51.6, $43.5, and $40.6 is recorded within Other accrued expenses as of February 28, 2021, May 31, 2020, and February 29, 2020, respectively. In addition, a return asset of $3.9, $2.7, and $2.5 is recorded within Prepaid expenses and other current assets as of February 28, 2021, May 31, 2020, and February 29, 2020, 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 Condensed 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 Company recognized revenue which was included in the opening deferred revenue balance in the amount of $15.5 and $33.0 for the three months ended February 28, 2021 and February 29, 2020, respectively, and $56.6 and $107.0 for the nine months ended February 28, 2021 and February 29, 2020, respectively.

Allowance for Credit Losses

The Company recognizes an allowance for credit losses on trade receivables that are expected to be incurred over the lifetime of the receivable. Reserves for estimated credit losses are established at the time of sale and are based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability, including specific reserves on a customer-by-customer basis, creditworthiness of the Company’s customers and prior collection experience. At the time the Company determines that a receivable balance, or any portion thereof, is deemed to be permanently uncollectible, the balance is then written off.

The following table presents the change in the allowance for credit losses, which is included in Accounts Receivable, net on the Condensed Consolidated Balance Sheets:

	Allowance for Credit Losses
Balance as of June 1, 2020	$	19.9
Current period provision		1.4
Write-offs and other		(0.4)
Balance as of August 31, 2020	$	20.9
Current period provision		2.1
Write-offs and other		(1.8)
Balance as of November 30, 2020	$	21.2
Current period provision		(0.1)
Write-offs and other		(2.1)
Balance as of February 28, 2021	$	19.0