Revenues (Tables)

6 Months Ended

Nov. 30, 2023

Revenue from Contract with Customer [Abstract]

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


	Three months ended				Six months ended
	November 30,				November 30,
	2023		2022		2023		2022
Book Clubs - U.S.	$	32.4	$	57.6	$	35.0	$	63.9
Book Fairs - U.S.		242.1		240.8		269.4		269.1
Trade - U.S.		101.0		107.9		163.5		184.1
Trade - International (1)		17.3		12.0		27.7		25.9
Total Children's Book Publishing and Distribution	$	392.8	$	418.3	$	495.6	$	543.0

Education Solutions - U.S.	$	81.0	$	80.0	$	147.0	$	153.2
Total Education Solutions	$	81.0	$	80.0	$	147.0	$	153.2

International - Major Markets (2)	$	75.4	$	77.1	$	123.2	$	130.5
International - Other Markets (3)		11.1		12.5		20.5		24.1
Total International	$	86.5	$	89.6	$	143.7	$	154.6

Total (4)	$	560.3	$	587.9	$	786.3	$	850.8

(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.

(4) 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.

Deferred Revenue, by Arrangement, Disclosure

The following table presents further detail regarding the Company's contract liabilities as of the dates indicated:


	November 30, 2023		May 31, 2023		November 30, 2022
Book fairs incentive credits	$	114.1	$	110.8	$	107.6
Magazines+ subscriptions		53.3		5.0		55.5
U.S. digital subscriptions		24.6		22.8		22.3
U.S. education-related (1)		10.6		9.8		13.4
Media-related		0.2		0.0		10.6
Stored value programs		24.1		12.4		13.8
Other (2)		7.6		8.3		9.5
Total contract liabilities	$	234.5	$	169.1	$	232.7

(1) Primarily includes contract liabilities related to contracts with school districts and professional services.

(2) Primarily includes contract liabilities related to various international products and services.

Accounts Receivable, Allowance for Credit Loss

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, 2023	$	16.7
Provision (benefit)		0.6
Write-offs and other		(0.2)
Balance as of August 31, 2023	$	17.1
Provision (benefit)		2.5
Write-offs and other		(3.4)
Balance as of November 30, 2023	$	16.2