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Subsequent Events
9 Months Ended
Feb. 29, 2012
Subsequent Events [Text Block]

18. Subsequent Events


On March 14, 2012, the Company announced that the Board of Directors declared a cash dividend of $0.125 per Class A and Common share in respect of the third quarter of fiscal 2012. The dividend is payable on June 15, 2012 to shareholders of record on April 30, 2012.


On March 19, 2012, prior to the issuance of its financial statements for the three months ended February 29, 2012, the Company received notice of an adverse decision from the Supreme Court of Connecticut reversing an earlier trial court decision and finding that Scholastic Book Clubs, Inc., a subsidiary of the Company, was liable for sales taxes relating to the operation of its school book clubs in Connecticut. Based on the decision, the Company increased its accrual in respect of state sales taxes in the condensed consolidated financial statements as of February 29, 2012 by $11.6 as further described under “Non-Income Taxes” in Note 16, “Income Taxes and Other Taxes.” The Company does not agree with the decision and is currently considering whether it will seek to appeal the decision to the Supreme Court of the United States.