Segment Information

6 Months Ended

Nov. 30, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company categorizes its businesses into three reportable segments: Children’s Book Publishing and Distribution, Education Solutions and International.

•Children’s Book Publishing and Distribution operates as an integrated business which includes the publication and distribution of children’s books, ebooks, media and interactive products primarily in the United States through its school reading events business, which includes the book clubs and book fairs channels, and through the trade channel. This segment is comprised of two operating segments.

•Education Solutions includes the publication and distribution to schools and libraries of children’s books, classroom magazines, print and digital supplemental and core classroom materials and related support services, and print and online reference and non-fiction products for grades pre-kindergarten to 12 in the United States. This segment is comprised of one operating segment.

•International includes the publication and distribution of products and services outside the United States by the Company’s international operations and its export businesses. This segment is comprised of three operating segments.

The following table sets forth the Company's revenue and operating income (loss) by segment for the periods indicated:

	Three months ended				Six months ended
	November 30,				November 30,
	2023		2022		2023		2022
Revenues
Children's Book Publishing and Distribution	$	392.8	$	418.3	$	495.6	$	543.0
Education Solutions		81.0		80.0		147.0		153.2
International		86.5		89.6		143.7		154.6
Total (1)	$	560.3	$	587.9	$	786.3	$	850.8
Operating income (loss)
Children's Book Publishing and Distribution	$	110.8	$	113.2	$	69.3	$	83.1
Education Solutions		5.8		7.0		(12.9)		2.7
International		8.0		6.7		(0.2)		3.2
Overhead (2)		(23.3)		(26.8)		(54.0)		(47.0)
Total	$	101.3	$	100.1	$	2.2	$	42.0

(1) Total revenues of $562.6 and $791.1 for the three and six months ended November 30, 2023, respectively, included rental income of $2.3 and $4.8, respectively, related to leased space in the Company's headquarters which was not allocated to a segment. Rental income of $1.6 and $3.1 for the three and six months ended November 30, 2022, respectively, was recognized as a reduction to Selling, general and administrative expenses.

(2) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets.