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Revenues
 9 Months Ended
Feb. 29, 2024
Revenue from Contract with Customer [Abstract]  
Revenues REVENUES
Disaggregated Revenue Data

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

Three months endedNine months ended
February 29,February 28,February 29,February 28,
2024202320242023
Book Clubs - U.S.$13.3 $27.7 $48.3 $91.6 
Book Fairs - U.S.102.7 103.5 372.1 372.6 
Trade - U.S.70.0 64.8 233.5 248.9 
Trade - International (1)
7.6 8.0 35.3 33.9 
Total Children's Book Publishing and Distribution$193.6 $204.0 $689.2 $747.0 
Education Solutions - U.S.$68.5 $70.0 $215.5 $223.2 
Total Education Solutions$68.5 $70.0 $215.5 $223.2 
International - Major Markets (2)
$48.0 $41.3 $171.2 $171.8 
International - Other Markets (3)
11.1 9.6 31.6 33.7 
Total International$59.1 $50.9 $202.8 $205.5 
Total (4)
$321.2 $324.9 $1,107.5 $1,175.7 
(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 $323.7 and $1,114.8 for the three and nine months ended February 29, 2024, respectively, included rental income of $2.5 and $7.3, respectively, related to leased space in the Company's headquarters which was not allocated to a segment. Rental income of $1.5 and $4.6 for the three and nine months ended February 28, 2023, respectively, was recognized as a reduction to Selling, general and administrative expenses.

Estimated Returns

A liability for expected returns of $38.3, $34.9, and $44.8 is recorded within Other accrued expenses as of February 29, 2024, May 31, 2023, and February 28, 2023, respectively. In addition, a return asset of $4.4, $4.7, and $3.5 is recorded within Prepaid expenses and other current assets as of February 29, 2024, May 31, 2023, and February 28, 2023, respectively, for the recoverable cost of product estimated to be returned by customers.

Contract Liabilities

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

February 29, 2024May 31, 2023February 28, 2023
Book fairs incentive credits$109.9 $110.8 $105.2 
Magazines+ subscriptions30.5 5.0 30.7 
U.S. digital subscriptions16.8 22.8 25.2 
U.S. education-related (1)
10.6 9.8 13.5 
Media-related0.1 0.0 4.4 
Stored value programs
20.1 12.4 14.8 
Other (2)
12.1 8.3 9.2 
Total contract liabilities$200.1 $169.1 $203.0 
(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.

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. As of February 29, 2024, contract liabilities of $193.8 are recorded within Deferred revenue on the Company's Condensed
Consolidated Balance Sheet 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 remaining $6.3 of contract liabilities as of February 29, 2024 are recorded within Other noncurrent liabilities on the Company's Condensed Consolidated Balance Sheet as the associated performance obligations are expected to be satisfied, and related revenue recognized, in excess of one year. Contract liabilities of $169.1 and $203.0 as of May 31, 2023 and February 28, 2023, respectively, are recorded within Deferred revenue on the Company's Condensed Consolidated Balance Sheets. The Company recognized revenue which was included in the opening Deferred revenue balance in the amount of $33.0 and $113.7 for the three and nine months ended February 29, 2024, respectively, and $45.9 and $126.2 for the three and nine months ended February 28, 2023, respectively.

Allowance for Credit Losses

The Company recognizes an allowance for credit losses on customer 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. The Company reviews new information as it becomes available and makes adjustments to the reserves accordingly. 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, 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 
Provision (benefit)0.9 
Write-offs and other(1.5)
Balance as of February 29, 2024$15.6