Segment Information

12 Months Ended

May 31, 2024

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company categorizes its businesses into three reportable segments: Children’s Book Publishing and Distribution and Education Solutions, which comprise the Company's domestic operations, 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 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 programs 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 and foreign rights businesses. This segment is comprised of three operating segments.

The following tables set forth information for the Company’s segments for the three fiscal years ended May 31:

	2024		2023		2022
Revenues
Children's Book Publishing and Distribution	$	955.2	$	1,038.0	$	946.5
Education Solutions		351.2		386.6		393.6
International		273.6		279.4		302.8
Total (1)	$	1,580.0	$	1,704.0	$	1,642.9
Operating income (loss)
Children's Book Publishing and Distribution	$	112.1	$	143.4	$	115.3
Education Solutions		15.8		58.4		81.8
International		(6.9)		(3.6)		3.3
Overhead (2)		(106.5)		(91.9)		(103.0)
Total	$	14.5	$	106.3	$	97.4
Depreciation and amortization (3)
Children's Book Publishing and Distribution	$	22.5	$	22.9	$	24.9
Education Solutions		23.6		20.2		15.1
International		5.3		5.1		6.2
Overhead (2)		41.8		41.5		45.1
Total	$	93.2	$	89.7	$	91.3
Segment assets at May 31
Children's Book Publishing and Distribution	$	565.1	$	599.9	$	559.4
Education Solutions		242.0		290.8		289.4
International		256.0		260.0		258.3
Overhead (2)		608.1		716.0		833.7
Total	$	1,671.2	$	1,866.7	$	1,940.8
(1) Total revenues of $1,589.7 for fiscal year ended May 31, 2024, included rental income of $9.7, related to leased space in the Company's headquarters which was not allocated to a segment. Rental income of $7.1 and $6.1 was recognized as a reduction to Selling, general and administrative expenses for fiscal years ended May 31, 2023 and 2022, respectively.
(2) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets.
(3) Includes depreciation of property, plant and equipment, amortization of intangible assets and prepublication, deferred financing and cloud computing costs.