Revenues Revenues

12 Months Ended

May 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

Disaggregated Revenue Data

Effective June 1, 2021, the former “Education” reportable segment was renamed as the “Education Solutions” reportable segment, in connection with the consolidation of the segment’s multiple channels into a single Education Solutions group.

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

	2022		2021		2020
Book Clubs - U.S.	$	126.4	$	145.4	$	157.4
Book Fairs - U.S.		429.7		164.3		383.8
Trade - U.S.		344.0		328.8		306.7
Trade - International(1)		46.4		36.5		33.8
Total Children's Book Publishing and Distribution		946.5		675.0		881.7
Education Solutions - U.S.		393.6		312.3		287.3
Total Education Solutions		393.6		312.3		287.3
International - Major Markets(2)		237.1		226.8		227.1
International - Other Markets(3)		65.7		86.2		91.0
Total International		302.8		313.0		318.1
Total Revenues	$	1,642.9	$	1,300.3	$	1,487.1

(1) Primarily includes foreign rights and certain product sales in the UK.

(2) Includes Canada, UK, Australia and New Zealand.

(3) Primarily includes markets in Asia.

In fiscal 2022, there were no customers that accounted for more than 10% of consolidated revenues. In fiscal 2021, the Company had one customer that accounted for more than 10% of consolidated revenues. Total revenues from this customer were $152.7, or approximately 12% of consolidated revenues, during the year ended May 31, 2021. Approximately $119.7 was reported within the Children's Book Publishing & Distribution segment, $8.8 in the Education Solutions segment and $24.2 in the International segment. In fiscal 2020, there were no customers that accounted for more than 10% of consolidated revenues.

Estimated Returns

A liability for expected returns of $42.2 and $45.2 was recorded within Other accrued expenses on the Company's Consolidated Balance Sheets as of May 31, 2022 and 2021, respectively. In addition, a return asset of $5.3 and $3.4 was recorded within Prepaid expenses and other current assets as of May 31, 2022 and 2021, respectively, for the recoverable cost of product estimated to be returned by customers.

Deferred Revenue

The following table presents further detail regarding the Company's deferred revenue balance for the years ended May 31:

	2022		2021
Book fairs incentive credits	$	100.1	$	59.9
Magazines+ subscriptions		4.5		4.6
U.S. digital subscriptions		19.5		11.9
U.S. education-related(1)		13.6		6.2
Media-related		15.8		2.5
Stored value cards		9.4		2.9
Other(2)		9.9		11.1
Total deferred revenue	$	172.8	$	99.1

(1) Primarily includes deferred revenue related to contracts with school districts and professional services.

(2) Primarily includes deferred revenue related to various international products and services.

The Company's deferred revenue consists of contract liabilities in respect to 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, 2022 and 2021 included within the opening Deferred revenue balance was $85.0 and $73.3, respectively.

Allowance for Credit Losses

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

	Allowance for Credit Losses
Balance as of June 1, 2021	$	21.4
Current period provision		15.2
Write-offs and other		(10.7)
Balance as of May 31, 2022	$	25.9