Scholastic (SCHL) 10-Q 25 Mar 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Feb. 29, 2016shares
Document Information [Line Items]
Entity Registrant Name	SCHOLASTIC CORP
Document Type	10-Q
Current Fiscal Year End Date	--05-31
Amendment Flag	false
Entity Central Index Key	866,729
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Feb. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,656,200
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	32,485,671

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Feb. 29, 2016		Feb. 28, 2015	Feb. 29, 2016		Feb. 28, 2015
Income Statement [Abstract]
Revenues	$ 366		$ 346.5	$ 1,159		$ 1,148.1
Operating costs and expenses:
Cost of goods sold	178		174.1	549.6		545.6
Selling, general and administrative expenses (exclusive of depreciation and amortization)	188.3		186	563		563.4
Depreciation and amortization	9.2		11.1	30.3		36.8
Asset impairments	6.9	[1]	0	6.9	[1]	2.9	[1]
Total operating costs and expenses	382.4		371.2	1,149.8		1,148.7
Operating income (loss)	(16.4)		(24.7)	9.2		(0.6)
Interest income (expense), net	(0.2)		(0.7)	(0.8)		(2.6)
Gain (loss) on investments	0		0	2.2		0.6
Earnings (loss) from continuing operations before income taxes	(16.6)		(25.4)	10.6		(2.6)
Provision (benefit) for income taxes	(9.4)		(9.7)	1.5		(0.6)
Earnings (loss) from continuing operations	(7.2)		(15.7)	9.1		(2)
Earnings (loss) from discontinued operations, net of tax	(1.8)		(6.4)	(2.6)		14.3
Net income (loss)	$ (9)		$ (22.1)	$ 6.5		$ 12.3
Basic:
Earnings (loss) from continuing operations (in Dollars per share)	$ (0.21)		$ (0.48)	$ 0.27		$ (0.06)
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	(0.05)		(0.20)	(0.08)		0.44
Net income (loss) (in Dollars per share)	(0.26)		(0.68)	0.19		0.38
Diluted:
Earnings (loss) from continuing operations (in Dollars per share)	(0.21)		(0.48)	0.26		(0.06)
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	(0.05)		(0.20)	(0.07)		0.43
Net income (loss) (in Dollars per share)	(0.26)		(0.68)	0.19		0.37
Dividends declared per class A and common share (in Dollars per share)	$ 0.15		$ 0.15	$ 0.45		$ 0.45
[1]	iscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (9)	$ (22.1)	$ 6.5	$ 12.3
Other comprehensive income (loss), net:
Foreign currency translation adjustments	(3.1)	(7.6)	(11.3)	(15.1)
Pension and post-retirement adjustments (net of tax)	0.8	0.8	2.3	(0.7)
Total other comprehensive income (loss)	(2.3)	(6.8)	(9)	(15.8)
Comprehensive income (loss)	$ (11.3)	$ (28.9)	$ (2.5)	$ (3.5)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Feb. 29, 2016	May. 31, 2015	Feb. 28, 2015
Current Assets:
Cash and cash equivalents	$ 351.9	$ 506.8	$ 14.6
Restricted cash held in escrow	17.3	34.5	0
Accounts receivable, net	188.1	193.8	174.6
Inventories, net	333.1	257.6	327.9
Deferred income taxes	81.2	81	80.9
Prepaid expenses and other current assets	83.3	33.7	72.9
Current assets of discontinued operations	0.6	3.1	44.4
Total current assets	1,055.5	1,110.5	715.3
Property, plant and equipment, net	439.6	439.7	445.2
Prepublication costs	42	51.7	51.5
Royalty advances, net	42.9	39.3	40.2
Goodwill	116.2	116.3	121.7
Other intangibles	7.4	6.8	7.3
Noncurrent deferred income taxes	5.2	6.5	5.1
Other assets and deferred charges	51.9	51.5	45.4
Noncurrent assets of discontinued operations	0	0	119.8
Total noncurrent assets	705.2	711.8	836.2
Total assets	1,760.7	1,822.3	1,551.5
Current Liabilities:
Lines of credit, short-term debt and current portion of long-term debt	8.2	6	19.1
Capital lease obligations	1.1	0.3	0.2
Accounts payable	196.4	146.8	176.9
Accrued royalties	52.8	26.8	50.8
Deferred revenue	52.7	21.5	48.4
Other accrued expenses	152	173.3	150.7
Accrued income taxes	2.8	158.8	5.6
Current liabilities of discontinued operations	1.5	14.1	56.4
Total current liabilities	467.5	547.6	508.1
Noncurrent Liabilities:
Long-term debt	0	0	65
Capital lease obligations	7.7	0.4	0.3
Other noncurrent liabilities	59.3	69.4	59.5
Noncurrent liabilities of discontinued operations	0	0	0.8
Total noncurrent liabilities	67	69.8	125.6
Commitments and Contingencies	0	0	0
Stockholders’ Equity:
Preferred Stock, $1.00 par value	0	0	0
Common Stock, value	0.4	0.4	0.4
Additional paid-in capital	601.5	591.5	586.4
Accumulated other comprehensive income (loss)	(86)	(77)	(71)
Retained earnings	1,030.9	1,039.9	762.6
Treasury stock at cost	(320.6)	(349.9)	(360.6)
Total stockholders’ equity	1,226.2	1,204.9	917.8
Total liabilities and stockholders’ equity	1,760.7	1,822.3	1,551.5
Common Class A
Stockholders’ Equity:
Common Stock, value	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Feb. 29, 2016	May. 31, 2015	Feb. 28, 2015
Preferred stock par value per share (in Dollars per share)	$ 1	$ 1	$ 1
Common Stock, par value per share (in Dollars per share)	0.01	0.01	0.01
Common Class A
Common Stock, par value per share (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Feb. 29, 2016	Feb. 28, 2015
Cash flows - operating activities:
Net income (loss)		$ 6.5	$ 12.3
Earnings (loss) from discontinued operations, net of tax		(2.6)	14.3
Earnings (loss) from continuing operations		9.1	(2)
Adjustments to reconcile earnings from continuing operations to net cash provided by (used in) operating activities of continuing operations:
Provision for losses on accounts receivable		8.9	8.9
Provision for losses on inventory		13.5	15.9
Provision for losses on royalty advances		2.6	2.9
Amortization of prepublication and production costs		20.6	22.8
Depreciation and amortization		30.6	37.1
Amortization of pension and post-retirement actuarial gains and losses		3.3	6.2
Deferred income taxes		0.7	(2)
Stock-based compensation		8.1	7.4
Income from equity investments		(3)	(1.8)
Non-cash write off related to asset impairments	[1]	6.9	2.9
(Gain) loss on investments		(2.2)	(0.6)
Changes in assets and liabilities:
Accounts receivable		(8.3)	23.5
Inventories		(93.2)	(98.6)
Other current assets		(41.1)	(36)
Deferred promotion costs		(3.6)	(3.8)
Royalty advances		(6.6)	(6.5)
Accounts payable		41.5	42
Other accrued expenses		(18.9)	(17.6)
Accrued income taxes		(151.6)	(8.1)
Accrued royalties		26.8	21.3
Deferred revenue		31.6	29.2
Pension and post-retirement liability		(3.9)	3.6
Other noncurrent liability		(9)	(0.7)
Other, net		(4.6)	(7.1)
Total adjustments		(150.9)	40.9
Net cash provided by (used in) operating activities of continuing operations		(141.8)	38.9
Net cash provided by (used in) operating activities of discontinued operations		(9.8)	70
Net cash provided by (used in) operating activities		(151.6)	108.9
Cash flows - investing activities:
Prepublication and production expenditures		(18.2)	(21.8)
Additions to property, plant and equipment		(22)	(20.5)
Repayment of loan to investee		0	4.8
Other investment and acquisition related payments		(3.7)	(0.7)
Proceeds from the sale of investments		3.3	0.6
Net cash provided by (used in) investing activities of continuing operations		(40.6)	(37.6)
Working capital adjustment from sale of discontinued assets		2.9	0
Changes in restricted cash held in escrow for assets discontinued (sold)		17.2	0
Net cash provided by (used in) investing activities of discontinued operations		0	(22.4)
Net cash provided by (used in) investing activities		(26.3)	(60)
Cash flows - financing activities:
Net borrowings under credit agreement and revolving loan		0	(55)
Borrowings under lines of credit		35.9	261.1
Repayment of lines of credit		(33.1)	(257.2)
Repayment of capital lease obligations		(0.5)	(0.2)
Reacquisition of common stock		(5.8)	(3.5)
Proceeds pursuant to stock-based compensation plans		34.2	14.5
Payment of dividends		(15.4)	(14.8)
Net collections (remittances) under transition services agreement		4.5	0
Other		4.4	1.2
Net cash provided by (used in) financing activities of continuing operations		24.2	(53.9)
Effect of exchange rate changes on cash and cash equivalents		(1.2)	(1.3)
Net increase (decrease) in cash and cash equivalents		(154.9)	(6.3)
Cash and cash equivalents at beginning of period		506.8	20.9
Cash and cash equivalents at end of period		$ 351.9	$ 14.6
[1]	iscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Feb. 29, 2016
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Principles of consolidation The accompanying condensed consolidated financial statements include the accounts of Scholastic Corporation (the “Corporation”) and all wholly-owned and majority-owned subsidiaries (collectively, “Scholastic” or the “Company”). Intercompany transactions are eliminated in consolidation. These financial statements have not been audited but reflect those adjustments consisting of normal recurring items that management considers necessary for a fair presentation of financial position, results of operations, comprehensive income (loss) and cash flows. These financial statements should be read in conjunction with the consolidated financial statements and related notes in the Annual Report on Form 10-K for the fiscal year ended May 31, 2015 (the “Annual Report”). The Company’s fiscal year is not a calendar year. Accordingly, references in this document to fiscal 2015 relate to the twelve-month period ended May 31, 2015. Seasonality The Company’s Children’s Book Publishing and Distribution school-based book fair and book club channels and most of its Education businesses operate on a school-year basis; therefore, the Company’s business is highly seasonal. As a result, the Company’s revenues in the first and third quarters of the fiscal year generally are lower than its revenues in the other two fiscal quarters. Typically, school-based channel and magazine revenues are minimal in the first quarter of the fiscal year as schools are not in session. Trade sales can vary through the year due to varying release dates of published titles. The Company generally experiences a loss from operations in the first and third quarters of each fiscal year. Use of estimates The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Regulation S-X. The preparation of these financial statements involves the use of estimates and assumptions by management, which affects the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. Actual results may differ from those estimates and assumptions. On an on-going basis, the Company evaluates the adequacy of its reserves and the estimates used in calculations, including, but not limited to: • Accounts receivable reserves for returns • Accounts receivable allowance for doubtful accounts • Pension and other post-retirement obligations • Uncertain tax positions • Inventory reserves • Cost of goods sold from book fair operations during interim periods determined based on estimated gross profit rates • Sales taxes • Royalty accruals and related advance reserves • Customer reward programs • Impairment testing for goodwill for assessment and measurement, intangibles and other long-lived assets and investments • Assets and liabilities acquired in business combinations. New Accounting Pronouncements ASU 2016-02 In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (the "ASU") 2016-02, Leases (Topic 842). This ASU includes a lessee accounting model that recognizes two types of leases - finance leases and operating leases. This ASU requires that a lessee recognize on the balance sheet assets and liabilities for all leases with lease terms of more than 12 months. Lessees will need to recognize almost all leases on the balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained the dual model, requiring leases to be classified as either operating or finance. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. For short-term leases of 12 months or less, lessees are permitted to make an accounting election by class of underlying asset not to recognize right-of-use assets or lease liabilities. If the alternative is elected, lease expense would be recognized generally on the straight-line basis over the respective lease term. Accounting by lessors was not significantly impacted by this update. Changes to lessor accounting focused on conformance with certain changes made to lessee accounting and to align with the recently released revenue recognition guidance. The amendments in this ASU will take effect for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the adoption methodology and the impact of this update on its consolidated financial position, results of operations and cash flows. ASU 2015-17 In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU eliminates the current requirement for entities to present deferred tax liabilities and assets as current and noncurrent in a classified statement of financial position and instead requires that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company will elect an early application for its fiscal year ending May 31, 2016, and will present the net deferred tax assets as noncurrent and reclassify any current deferred tax assets in its consolidated financial position on a retrospective basis. ASU 2015-16 In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU eliminates the requirement under the current guidance that an acquirer retrospectively adjust provisional amounts recognized in a business combination during the measurement period. The measurement period is up to one year from the date of the acquisition. The update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and that the acquirer records, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The financial statements should also separately present on the face of the income statement, or disclose in the footnotes, the amount of adjustments recorded in the current period by line item that would have been recorded in prior periods had the adjustment been made at the date of acquisition. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, and should be applied prospectively to provisional amount adjustments that occur after the effective date. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company has not chosen early adoption for fiscal 2016 and therefore the amendments in this update will be effective beginning in the first quarter of fiscal 2017. The Company does not expect the amendments in this update to have a material impact on its consolidated financial position, results of operations and cash flows. ASU 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, as part of its Simplification Initiative. The update is designed to reduce the complexity related to the subsequent measurement of inventory. It changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The new update requires entities that measure inventory using any method other than last-in, first-out or the retail inventory method to measure inventory at the lower of cost and net realizable value. If net realizable value of inventory is lower than inventory cost, the difference is recognized as a loss in earnings in the period in which it occurs. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively and earlier application is permitted as of the beginning of an interim or annual reporting period. The Company has not chosen early adoption for fiscal 2016 and therefore the amendments in this update will be effective beginning in the first quarter of fiscal 2017. The Company does not expect the amendments in this update to have a material impact on its consolidated financial position, results of operations and cash flows. ASU 2014-09 and ASU 2015-14: In May 2014, the FASB announced that it is amending the FASB Accounting Standards Codification by issuing Topic 606, Revenue from Contracts with Customers, at the same time as the International Accounting Standards Board (the "IASB") is issuing International Financial Reporting Standards 15, Revenue from Contracts with Customers. The issuance of this authoritative guidance completes the joint effort by the FASB and the IASB to clarify the principles for recognizing revenue and improve financial reporting by creating common revenue recognition guidance. The authoritative guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: • Step 1: Identify the contract(s) with a customer. • Step 2: Identify the performance obligations in the contract. • Step 3: Determine the transaction price. • Step 4: Allocate the transaction price to the performance obligations in the contract. • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The update provides guidance for transactions that are not otherwise addressed comprehensively in authoritative guidance (for example, service revenue, contract modifications, and licenses of intellectual property). The amendments in this update are to be applied on a retrospective basis, either to each prior reporting period presented or by presenting the cumulative effect of applying the update recognized at the date of initial application. In August 2015, the FASB issued Accounting Standards Update 2015-14-Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date established in ASU 2014-09. The amendments in ASU 2014-09 are now effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early application is not permitted. The Company is evaluating the adoption methodology and the impact of this update on its consolidated financial position, results of operations and cash flows.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Feb. 29, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS The Company continuously evaluates its portfolio of businesses for both impairment and economic viability, as well as for possible strategic dispositions. The Company monitors the expected cash proceeds to be realized from the disposition of discontinued operations’ assets, and adjusts asset values accordingly. During the nine month period ended February 29, 2016, there were no transactions that were classified as discontinued operations. During fiscal 2015, the Company closed or sold several operations. All of these businesses are classified as discontinued operations in the Company’s condensed consolidated financial statements. Educational Technology and Services Business On May 29, 2015, the Company completed the sale of substantially all of the assets comprising its former educational technology and services (“Ed Tech”) business and categorized this business as a discontinued operation. The consideration received was $577.7 , of which $34.5 was deposited in escrow as security for potential indemnification and other obligations and $2.7 was received in estimated working capital adjustments. In the quarter ended February 29, 2016, the working capital adjustments from the sale of the Ed Tech business were finalized, resulting in a payment to the purchaser of $2.9 . In connection with the sale of the Ed Tech business to the purchaser, the Company entered into a transition services agreement whereby the Company is providing administrative, distribution and other services to the purchaser for a minimum of 6 months and up to a maximum of 24 months. Transition service fees under this agreement are recorded as a reduction to Selling, general and administrative expenses. As of February 29, 2016, a majority of the escrow is subject to release periodically over the next 5 months upon fulfillment of certain service levels under the transition services agreement between the purchaser and the Company and is presented as Restricted cash held in escrow on the condensed consolidated balance sheets. As of February 29, 2016, the Company had adequately fulfilled all service requirements and $17.2 had been released from Restricted cash held in escrow in accordance with the transition services agreement. All Other Discontinued Operations During fiscal 2015, the Company completed a restructuring of the businesses comprising its former Media, Licensing and Advertising segment and discontinued a subscription-based print magazine business, the animation and audio production business, and the game console digital content business, all of which were previously reported in such segment. The following table summarizes the operating results of the discontinued operations for the three and nine month periods ended February 29, 2016, respectively: Three months ended Nine months ended Ed Tech All Other Total Ed Tech All Other Total Revenues $ — $ 0.4 $ 0.4 $ — $ 0.7 $ 0.7 Operating costs and expenses 0.3 0.3 0.6 1.2 1.0 2.2 Interest income (expense) — — — — 0.1 0.1 Gain (loss) on sale (1) (2.9 ) — (2.9 ) (2.9 ) — (2.9 ) Earnings (loss) before income taxes $ (3.2 ) $ 0.1 $ (3.1 ) $ (4.1 ) $ (0.2 ) $ (4.3 ) Provision (benefit) for income taxes (1.3 ) 0.0 (1.3 ) (1.6 ) (0.1 ) (1.7 ) Earnings (loss) from discontinued operations, net of tax $ (1.9 ) $ 0.1 $ (1.8 ) $ (2.5 ) $ (0.1 ) $ (2.6 ) The following table summarizes the operating results of the discontinued operations for the three and nine month periods ended February 28, 2015, respectively: Three months ended Nine months ended Ed Tech All Other Total Ed Tech All Other Total Revenues $ 33.6 $ 1.9 $ 35.5 $ 174.1 $ 9.2 $ 183.3 Operating costs and expenses (2) 43.4 2.7 46.1 148.0 10.8 158.8 Interest income (expense) 0.0 0.1 0.1 0.0 0.1 0.1 Earnings (loss) before income taxes $ (9.8 ) $ (0.7 ) $ (10.5 ) $ 26.1 $ (1.5 ) $ 24.6 Provision (benefit) for income taxes (3.8 ) (0.3 ) (4.1 ) 10.9 (0.6 ) 10.3 Earnings (loss) from discontinued operations, net of tax $ (6.0 ) $ (0.4 ) $ (6.4 ) $ 15.2 $ (0.9 ) $ 14.3 (1) For the three and nine months ended February 29, 2016, the Company recognized a pretax loss of $2.9 related to the final adjustment to the working capital estimate from the sale of the Ed Tech business. (2) For the three and nine months ended February 28, 2015, Operating costs and expenses of the continuing operations included costs related to unabsorbed overhead burden associated with the Ed Tech business of $3.8 and $11.2 , respectively. These costs were included in the Overhead segment. For the three and nine months ended February 28, 2015, $0.1 and $0.2 , respectively, of the costs were recorded in Cost of goods sold and $3.7 and $11.0 , respectively, were recorded in Selling, general and administrative expenses. The following table sets forth the assets and liabilities of the discontinued operations included in the condensed consolidated balance sheets of the Company: February 29, 2016 May 31, 2015 February 28, 2015 Accounts receivable, net $ 0.1 $ 2.5 $ 29.8 Inventories, net — 0.1 13.5 Prepaid expenses and other current assets 0.5 0.5 1.1 Current assets of discontinued operations $ 0.6 $ 3.1 $ 44.4 Property, plant and equipment, net — — 1.7 Prepublication costs, net — — 90.1 Royalty advances, net — — 1.0 Goodwill — — 22.7 Other intangibles, net — — 4.0 Other assets and deferred charges — — 0.3 Noncurrent assets of discontinued operations $ — $ — $ 119.8 Capital lease obligation — — 0.4 Accounts payable — 0.1 9.9 Accrued royalties 0.1 0.7 5.2 Deferred revenue 0.1 0.1 35.2 Other accrued expenses 1.3 13.2 5.7 Current liabilities of discontinued operations $ 1.5 $ 14.1 $ 56.4 Capital lease obligation — — 0.5 Other noncurrent liabilities — — 0.3 Noncurrent liabilities of discontinued operations $ — $ — $ 0.8 As of February 29, 2016 and May 31, 2015, assets and liabilities of discontinued operations primarily related to insignificant continuing cash flows from passive activities. As of May 31, 2015, other accrued expenses within the current liabilities of discontinued operations included payables for accrued costs of $12.2 related to the sale of the Ed Tech business that had not been paid as of May 31, 2015. These costs directly relate to the discontinued operations of the Ed Tech business and a majority have been or are expected to be paid in fiscal 2016.

Segment Information

Segment Information	9 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company categorizes its businesses into three reportable segments: Children’s Book Publishing and Distribution; Education; and International . This classification reflects the nature of products and services consistent with the method by which the Company’s chief operating decision-maker assesses operating performance and allocates resources. • 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 book clubs and book fairs in its school channels and through the trade channel. This segment is comprised of three operating segments. • Education includes the publication and distribution to schools and libraries of children’s books, classroom magazines, supplemental classroom materials and print and on-line reference and non-fiction products for grades pre-kindergarten to 12 in the United States. This segment is comprised of two operating segments. • 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. Children’s Book Publishing & Distribution (1) Education (1) Overhead (1) (2) Total Domestic International (1) Total Three months ended Revenues $ 220.2 $ 63.5 $ — $ 283.7 $ 82.3 $ 366.0 Bad debt expense 1.3 0.5 — 1.8 1.3 3.1 Depreciation and amortization (3) 6.6 2.5 5.0 14.1 1.9 16.0 Asset impairments (4) 3.7 3.2 — 6.9 — 6.9 Segment operating income (loss) 2.8 3.0 (20.5 ) (14.7 ) (1.7 ) (16.4 ) Expenditures for long-lived assets including royalty advances 11.5 2.9 6.9 21.3 2.3 23.6 Three months ended Revenues $ 206.2 $ 54.2 $ — $ 260.4 $ 86.1 $ 346.5 Bad debt expense 1.6 0.5 — 2.1 0.7 2.8 Depreciation and amortization (3) 8.7 2.8 5.1 16.6 2.0 18.6 Segment operating income (loss) (2.9 ) 3.3 (25.9 ) (25.5 ) 0.8 (24.7 ) Expenditures for long-lived assets including royalty advances 11.1 1.9 4.3 17.3 3.7 21.0 Children’s (1) Education (1) Overhead (1) (2) Total International (1) Total Nine months ended Revenues $ 702.3 $ 185.6 $ — $ 887.9 $ 271.1 $ 1,159.0 Bad debt expense 3.8 1.7 — 5.5 3.4 8.9 Depreciation and amortization (3) 22.1 8.1 14.7 44.9 6.0 50.9 Asset impairments (4) 3.7 3.2 — 6.9 — 6.9 Segment operating income (loss) 54.2 12.1 (64.2 ) 2.1 7.1 9.2 Segment assets at February 29, 2016 471.4 153.4 879.1 1,503.9 256.2 1,760.1 Goodwill at February 29, 2016 40.9 65.4 — 106.3 9.9 116.2 Expenditures for long-lived 32.3 5.9 15.1 53.3 10.5 63.8 Long-lived assets at 144.7 82.1 380.2 607.0 67.0 674.0 Nine months ended Revenues $ 673.8 $ 170.9 $ — $ 844.7 $ 303.4 $ 1,148.1 Bad debt expense 4.3 1.4 — 5.7 3.2 8.9 Depreciation and amortization (3) 27.9 8.8 16.3 53.0 6.6 59.6 Asset impairments (4) — — 2.9 2.9 — 2.9 Segment operating income (loss) 45.2 12.3 (75.7 ) (18.2 ) 17.6 (0.6 ) Segment assets at 459.3 152.9 523.9 1,136.1 251.2 1,387.3 Goodwill at February 28, 2015 46.3 65.4 — 111.7 10.0 121.7 Expenditures for long-lived 39.9 5.2 8.2 53.3 10.4 63.7 Long-lived assets at 156.0 88.5 380.1 624.6 64.1 688.7 (1) As indicated in Note 2, “Discontinued Operations,” the Company closed or sold several operations during fiscal 2015. All of these businesses are classified as discontinued operations in the Company’s financial statements and, as such, are not reflected in this table. (2) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets. Unallocated assets are principally comprised of deferred income taxes and property, plant and equipment related to the Company’s headquarters in the metropolitan New York area, its fulfillment and distribution facilities located in Missouri and its facility located in Connecticut. (3) Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs. (4) Fiscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.

Debt

Debt	9 Months Ended
	Feb. 29, 2016
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the carrying value of the Company's debt as of the dates indicated: February 29, 2016 May 31, 2015 February 28, 2015 Loan Agreement: Revolving Loan (interest rates of n/a, n/a and 1.4%, respectively) $ — $ — $ 65.0 Unsecured lines of credit (weighted average interest rates of 3.7%, 3.8% and 2.7%, respectively) 8.2 6.0 19.1 Total debt $ 8.2 $ 6.0 $ 84.1 Less lines of credit, short-term debt and current portion of long-term debt (8.2 ) (6.0 ) (19.1 ) Total long-term debt $ — $ — $ 65.0 The fair value of the Company's debt approximates the carrying value for all periods presented. The following table sets forth the maturities of the Company’s debt obligations as of February 29, 2016, for the twelve-month periods ending February 28, 2017 $ 8.2 2018 — 2019 — 2020 — 2021 and thereafter — Total debt $ 8.2 Loan Agreement Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together, the “Borrowers”) are parties to a $425.0 credit facility with certain banks (as amended, the “Loan Agreement”), which allows the Company to borrow, repay or prepay and reborrow at any time prior to the December 5, 2017 maturity date. Under the Loan Agreement, interest on amounts borrowed thereunder is due and payable in arrears on the last day of the interest period (defined as the period commencing on the date of the advance and ending on the last day of the period selected by the Borrower at the time each advance is made). The interest pricing under the Loan Agreement is dependent upon the Borrower’s election of a rate that is either: • A Base Rate equal to the higher of (i) the prime rate, (ii) the prevailing Federal Funds rate plus 0.500% or (iii) the Eurodollar Rate for a one month interest period plus 1% plus, in each case, an applicable spread ranging from 0.18% to 0.60% , as determined by the Company’s prevailing consolidated debt to total capital ratio. - or - • A Eurodollar Rate equal to the London interbank offered rate (LIBOR) plus an applicable spread ranging from 1.18% to 1.60% , as determined by the Company’s prevailing consolidated debt to total capital ratio. As of February 29, 2016, the indicated spread on Base Rate Advances was 0.18% and the indicated spread on Eurodollar Rate Advances was 1.18% , both based on the Company’s prevailing consolidated debt to total capital ratio. The Loan Agreement also provides for the payment of a facility fee ranging from 0.20% to 0.40% per annum based upon the Company’s prevailing consolidated debt to total capital ratio. At February 29, 2016, the facility fee rate was 0.20% . As of February 29, 2016, the Company had no outstanding borrowings under the Loan Agreement. At February 29, 2016, the Company had open standby letters of credit totaling $0.4 under the Loan Agreement. The Loan Agreement contains certain covenants, including interest coverage and leverage ratio tests and certain limitations on the amount of dividends and other distributions, and at February 29, 2016, the Company was in compliance with these covenants. Lines of Credit As of February 29, 2016, the Company had domestic unsecured money market bid rate credit lines totaling $25.0 . There were no outstanding borrowings under these credit lines at February 29, 2016 or May 31, 2015. Outstanding borrowings under these credit lines were $10.4 at February 28, 2015. At February 29, 2016, the Company had open standby letters of credit totaling $4.9 under the domestic unsecured money market bid rate credit lines. As of February 29, 2016, availability under these unsecured money market bid rate credit lines totaled $20.1 . All loans made under these credit lines are at the sole discretion of the lender and at an interest rate and term agreed to at the time each loan is made, but not to exceed 365 days. These credit lines may be renewed, if requested by the Company, at the option of the lender . As of February 29, 2016, the Company had equivalent local currency credit lines totaling $22.7 . Outstanding borrowings under these lines of credit totaled $8.2 , $6.0 and $8.7 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. As of February 29, 2016, the equivalent amounts available totaled $14.5 , underwritten by banks primarily in the United States, Canada and the United Kingdom. These credit lines are typically available for overdraft borrowings or loans up to 364 days and may be renewed, if requested by the Company, at the sole option of the lender.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Feb. 29, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Various claims and lawsuits arising in the normal course of business are pending against the Company. The Company accrues a liability for such matters when it is probable that a liability has occurred and the amount of such liability can be reasonably estimated. When only a range can be estimated, the most probable amount in the range is accrued unless no amount within the range is a better estimate than any other amount, in which case the minimum amount in the range is accrued. Legal costs associated with litigation loss contingencies are expensed in the period in which they are incurred. The Company does not expect, in the case of those various claims and lawsuits arising in the normal course of business where a loss is considered probable or reasonably possible, that the reasonably possible losses from such claims and lawsuits (either individually or in the aggregate) would have a material adverse effect on the Company’s consolidated financial position or results of operations.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Feb. 29, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	EARNINGS (LOSS) PER SHARE The following table summarizes the reconciliation of the numerators and denominators for the basic and diluted earnings (loss) per share computation for the three month and nine month periods ended February 29, 2016 and February 28, 2015, respectively: Three months ended Nine months ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Earnings (loss) from continuing operations attributable to Class A and Common Shares $ (7.2 ) $ (15.7 ) $ 9.1 $ (2.0 ) Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax (1.8 ) (6.4 ) (2.6 ) 14.3 Net income (loss) attributable to Class A and Common Shares $ (9.0 ) $ (22.1 ) $ 6.5 $ 12.3 Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 34.3 32.7 34.0 32.6 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) — — 0.9 0.6 Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 34.3 32.7 34.9 33.2 Earnings (loss) per share of Class A Stock and Common Stock: Basic earnings (loss) per share: Earnings (loss) from continuing operations $ (0.21 ) $ (0.48 ) $ 0.27 $ (0.06 ) Earnings (loss) from discontinued operations, net of tax $ (0.05 ) $ (0.20 ) $ (0.08 ) $ 0.44 Net income (loss) $ (0.26 ) $ (0.68 ) $ 0.19 $ 0.38 Diluted earnings (loss) per share: Earnings (loss) from continuing operations $ (0.21 ) $ (0.48 ) $ 0.26 $ (0.06 ) Earnings (loss) from discontinued operations, net of tax $ (0.05 ) $ (0.20 ) $ (0.07 ) $ 0.43 Net income (loss) $ (0.26 ) $ (0.68 ) $ 0.19 $ 0.37 The following table sets forth Options outstanding pursuant to stock-based compensation plans as of the dates indicated: February 29, 2016 February 28, 2015 Options outstanding pursuant to stock-based compensation plans (in millions) 3.4 4.4 In a period in which the Company reports a discontinued operation, Earnings (loss) from continuing operations is used as the “control number” in determining whether potentially dilutive common shares are dilutive or anti-dilutive. Potentially dilutive shares outstanding pursuant to compensation plans that were not included in the diluted earnings per share calculation because they were anti-dilutive were 0.4 million as of February 29, 2016. A portion of the Company’s RSUs which are granted to employees participate in earnings through cumulative non-forfeitable dividends payable to the employees upon vesting of the RSUs. Accordingly, the Company measures earnings per share based upon the lower of the Two-class method or the Treasury Stock method. Since, under the Two-class method, losses are not allocated to the participating securities, in periods of loss the Two-class method is not applicable. As of February 29, 2016, $52.9 remained available for future purchases of common shares under the current repurchase authorization of the Board of Directors (the "Board"). See Note 12, “Treasury Stock,” for a more complete description of the Company’s share buy-back program.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Feb. 29, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	GOODWILL AND OTHER INTANGIBLES The Company assesses goodwill and other intangible assets with indefinite lives annually or more frequently if impairment indicators are such that the goodwill is more likely than not impaired. The Company continues to monitor impairment indicators in light of changes in market conditions, near and long-term demand for the Company’s products and other relevant factors. The following table summarizes the activity in Goodwill for the periods indicated: Nine months ended Twelve months ended May 31, 2015 Nine months ended Gross beginning balance $ 155.9 $ 156.0 $ 156.0 Accumulated impairment (39.6 ) (34.2 ) (34.2 ) Beginning balance $ 116.3 $ 121.8 $ 121.8 Impairment charge — (5.4 ) — Foreign currency translation (0.1 ) (0.1 ) (0.1 ) Gross ending balance $ 155.8 $ 155.9 $ 155.9 Accumulated impairment (39.6 ) (39.6 ) (34.2 ) Ending balance $ 116.2 $ 116.3 $ 121.7 The following table summarizes the activity in Total other intangibles for the periods indicated: Nine months ended Twelve months ended Nine months ended Beginning balance - Other intangibles subject to amortization $ 4.7 $ 5.8 $ 5.8 Additions 2.4 0.8 0.8 Amortization expense (1.7 ) (1.9 ) (1.4 ) Foreign currency translation (0.1 ) — — Total other intangibles subject to amortization, net of accumulated amortization of $19.0, $17.3 and $16.8, respectively $ 5.3 $ 4.7 $ 5.2 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 7.4 $ 6.8 $ 7.3 In the second quarter of fiscal 2016, the Company acquired 100% of the share capital of Troubadour, Limited, a book fairs business located in the United Kingdom and has integrated this business with its existing business in the United Kingdom. As a result, the Company recognized $ 1.9 of amortizable intangible assets. Amortization expense for Total other intangibles was $1.7 and $1.4 for the nine months ended February 29, 2016 and February 28, 2015, respectively. Intangible assets with definite lives consist principally of customer lists, trademark and tradename rights and other agreements. Intangible assets with definite lives are amortized over their estimated useful lives. The weighted-average remaining useful lives of all amortizable intangible assets is approximately 4 years.

Acquisitions (Notes)

Acquisitions (Notes)	9 Months Ended
	Feb. 29, 2016
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS On September 8, 2015, the Company acquired 100% of the share capital of Troubadour, Limited, a book fairs business located in the United Kingdom, for £2.1 million, net of cash acquired, which was equivalent to approximately $3.2 . Fair values were assigned to the assets and liabilities acquired, including inventory, trade receivables and payables, a customer list and fixed assets, in addition to cash. The Company utilized internally-developed discounted cash flow forecasts to determine the fair value of the customer list. The fair values of the net assets were $3.2 which included $1.9 of intangible assets attributable to the customer list. The results of operations of this business subsequent to the acquisition are included in the International segment. The transaction was not determined to be material to the Company's results and therefore pro forma financial information is not presented.

Investments

Investments	9 Months Ended
	Feb. 29, 2016
Equity Method And Cost Method Investments [Abstract]
Investments	INVESTMENTS Included in “Other assets and deferred charges” on the Company’s condensed consolidated balance sheets were investments of $25.7 , $26.3 and $18.6 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. On November 5, 2015, the Company sold a cost method investment in China and received proceeds of $3.3 resulting in a pretax gain of $2.2 . On March 19, 2015, the Company purchased a 48.5% equity interest in Make Believe Ideas Limited (MBI), a UK-based children's book publishing company. Under the purchase agreement, and subject to its provisions, the Company will purchase the remaining outstanding shares in MBI after approximately four years. The remaining controlling interest is held by a single third party and therefore the Company accounted for the investment using the equity method of accounting. The net carrying value of this investment was $7.8 , $7.3 and $0.0 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. The Company’s 26.2% non-controlling interest in another children’s book publishing business located in the UK is accounted for using the equity method of accounting. The net carrying value of this investment was $17.9 , $17.9 and $18.6 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. Income from equity investments reported in "Selling, general and administrative expenses" in the condensed consolidated Statements of Operations totaled $3.0 and $1.8 for the nine months ended February 29, 2016 and February 28, 2015, respectively. The Company had cost method investments that had a net carrying value of $0.0 , $1.1 and $0.0 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. For the year ended May 31, 2015, the Company recognized a pretax gain of $0.6 on the sale of a UK-based cost method investment that had previously been determined to be other than temporarily impaired.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Feb. 29, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The following table sets forth components of the net periodic cost (credit) for the periods indicated under the Company’s cash balance retirement plan for its United States employees meeting certain eligibility requirements (the “U.S. Pension Plan”) and the defined benefit pension plan of Scholastic Ltd., an indirect subsidiary of Scholastic Corporation located in the United Kingdom (the “UK Pension Plan” and, together with the U.S. Pension Plan, the “Pension Plans”). Also included are the post-retirement benefits, consisting of certain healthcare and life insurance benefits provided by the Company to its eligible retired United States-based employees (the “Post-Retirement Benefits”). The Pension Plans and Post-Retirement Benefits include participants associated with both continuing operations and discontinued operations. Pension Plans Post-Retirement Benefits Three months ended Three months ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Components of net periodic cost (credit): Service cost $ — $ — $ 0.0 $ 0.0 Interest cost 1.5 1.7 0.3 0.3 Expected return on assets (1.9 ) (2.3 ) — — Net amortization of prior service credit — — (0.0) (0.1 ) Benefit cost of settlement event — 0.6 — — Amortization of (gain) loss 0.4 0.4 0.7 0.4 Net periodic cost (credit) $ (0.0 ) $ 0.4 $ 1.0 $ 0.6 Pension Plans Post-Retirement Benefits Nine months ended Nine months ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Components of net periodic cost (credit): Service cost $ — $ — $ 0.0 $ 0.0 Interest cost 4.6 5.0 1.0 1.0 Expected return on assets (5.8 ) (7.0 ) — — Net amortization of prior service credit — — (0.0) (0.2) Benefit cost of settlement event — 4.3 — — Amortization of (gain) loss 1.2 1.1 2.1 1.0 Net periodic cost (credit) $ 0.0 $ 3.4 $ 3.1 $ 1.8 The Company’s funding practice with respect to the Pension Plans is to contribute on an annual basis at least the minimum amounts required by applicable laws. For the nine months ended February 29, 2016, the Company made no contribution to the U.S. Pension Plan and contributed $0.9 to the UK Pension Plan. The Company expects, based on actuarial calculations, to contribute cash of approximately $1.3 to the Pension Plans for the fiscal year ending May 31, 2016. In the current fiscal year, the U.S. Pension Plan's funding status is sufficient to allow participants to receive "lump sum" payments at the participant's request. Under certain circumstances, such lump sum payments must be accounted for as a settlement of the related pension obligation when paid. If these requests exceed $4.6 in the current fiscal year, the Company will recognize a settlement charge related to net unrecognized pension benefit costs in respect of the lump sum benefit payments made. For the nine months ended February 29, 2016, the Company made $3.1 of lump sum benefit payments to vested plan participants.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Feb. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The following table summarizes stock-based compensation expense included in Selling, general and administrative expenses for the periods indicated: Three months ended Nine months ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Stock option expense $ 0.8 $ 0.8 $ 5.2 $ 5.4 Restricted stock unit expense 0.7 0.6 2.1 1.9 Management stock purchase plan 0.0 0.1 0.6 0.7 Employee stock purchase plan 0.1 0.1 0.2 0.2 Total stock-based compensation expense $ 1.6 $ 1.6 $ 8.1 $ 8.2 During the three month periods ended February 29, 2016 and February 28, 2015, respectively, less than 0.1 million and 0.1 million shares of Common Stock were issued by the Corporation pursuant to its stock-based compensation plans. For the nine month periods ended February 29, 2016 and February 28, 2015, respectively, approximately 1.2 million and 0.6 million shares of Common Stock were issued by the Corporation pursuant to its stock-based compensation plans. For the three and nine month periods ended February 28, 2015, total stock-based compensation expense included $0.2 and $0.8 , respectively, of expenses recognized in discontinued operations.

Treasury Stock

Treasury Stock	9 Months Ended
	Feb. 29, 2016
Stockholders' Equity Attributable to Parent [Abstract]
Treasury Stock	TREASURY STOCK The Board has authorized the Company to repurchase Common Stock, from time to time as conditions allow, on the open market or through negotiated private transactions. The table below represents the remaining Board authorization: Amount September 2010 $ 44.0 (a) Additional authorization July 2015 50.0 Less repurchases made under the authorizations as of February 29, 2016 (41.1 ) Remaining Board authorization at February 29, 2016 $ 52.9 (a) Represents the remainder of a $200.0 authorization after giving effect to the purchase of 5,199,699 shares at $30.00 per share pursuant to a large share repurchase in the form of a modified Dutch Auction tender offer that was completed by the Company on November 3, 2010 for a total cost of $156.0 , excluding related fees and expenses. On July 22, 2015, the Board authorized an additional $50.0 for the share buy-back program, to be funded with available cash. There were $7.0 repurchases of Common Stock made during the three and nine months ended February 29, 2016. The Company’s repurchase program may be suspended at any time without prior notice. On December 16, 2015, the Board approved another modified Dutch Auction tender offer (the "Offer") to purchase for cash up to $200.0 in value of the Company's shares of Common Stock, par value, $.01 per share, at a price range to be determined. The Offer was commenced on December 28, 2015 with a price range for prices specified by tendering stockholders of not greater than $40.00 or less than $37.00 per share of Common Stock. On January 21, 2016, the Company terminated the Offer because of a decrease of more than 10% in a number of major United States stock indices following the commencement of the Offer on December 28, 2015. One of the conditions of the Offer provided the Company with the right in its discretion to terminate the Offer in the event of a decrease of more than 10%, at any time prior to the expiration of the Offer, in the market price for the Common Shares or in the Dow Jones Industrial Average, New York Stock Exchange Index, NASDAQ Composite Index or the Standard and Poor's 500 Composite Index measured from the close of trading on December 28, 2015.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Feb. 29, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables summarize the activity in Accumulated other comprehensive income (loss), net of tax, by component for the periods indicated: Nine months ended February 29, 2016 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance $ (31.9 ) $ (45.1 ) $ (77.0 ) Other comprehensive income (loss) before reclassifications (11.3 ) — $ (11.3 ) Less: amount reclassified from Accumulated other comprehensive income (loss) — 2.3 2.3 Other comprehensive income (loss) (11.3 ) 2.3 (9.0 ) Ending balance $ (43.2 ) $ (42.8 ) $ (86.0 ) Nine months ended February 28, 2015 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance $ (16.7 ) $ (38.5 ) $ (55.2 ) Other comprehensive income (loss) before reclassifications (15.1 ) (4.6 ) $ (19.7 ) Less: amount reclassified from Accumulated other — 3.9 3.9 Other comprehensive income (loss) (15.1 ) (0.7 ) (15.8 ) Ending balance $ (31.8 ) $ (39.2 ) $ (71.0 ) The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the periods indicated: Three months ended Nine months ended Affected line items in the condensed consolidated statements of operations February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Employee benefit plans: Amortization of prior service cost (credit) $ (0.0 ) $ (0.1 ) $ (0.0 ) $ (0.2 ) Selling, general and administrative Amortization of unrecognized gain (loss) included in net periodic cost (credit) 1.1 0.8 3.3 2.1 Selling, general and administrative Settlement charge — 0.6 — 4.3 Selling, general and administrative Less: Tax effect (0.3 ) (0.5 ) (1.0 ) (2.3 ) Income tax expense (benefit) Total expense, net of tax $ 0.8 $ 0.8 $ 2.3 $ 3.9

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Feb. 29, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures	FAIR VALUE MEASUREMENTS The Company determines the appropriate level in the fair value hierarchy for each fair value measurement of assets and liabilities carried at fair value on a recurring basis in the Company’s financial statements. The fair value hierarchy prioritizes the inputs, which refer to assumptions that market participants would use in pricing an asset or liability, based upon the highest and best use, into three levels as follows: • Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 Observable inputs other than unadjusted quoted prices in active markets for identical assets or liabilities such as ○ Quoted prices for similar assets or liabilities in active markets ○ Quoted prices for identical or similar assets or liabilities in inactive markets ○ Inputs other than quoted prices that are observable for the asset or liability ○ Inputs that are derived principally from or corroborated by observable market data by correlation or other means • Level 3 Unobservable inputs in which there is little or no market data available, which are significant to the fair value measurement and require the Company to develop its own assumptions. The Company’s financial assets and liabilities measured at fair value consisted of cash and cash equivalents, debt and foreign currency forward contracts. Cash and cash equivalents are comprised of bank deposits and short-term investments, such as money market funds, the fair value of which is based on quoted market prices, a Level 1 fair value measure. The Company employs Level 2 fair value measurements for the disclosure of the fair value of its various lines of credit. The fair value of the Company's debt approximates the carrying value for all periods presented. The fair values of foreign currency forward contracts, used by the Company to manage the impact of foreign exchange rate changes to the financial statements, are based on quotations from financial institutions, a Level 2 fair value measure. See Note 16, “Derivatives and Hedging,” for a more complete description of fair value measurements employed. Non-financial assets and liabilities for which the Company employs fair value measures on a non-recurring basis include: • Long-lived assets • Investments • Assets acquired in a business combination • Goodwill and indefinite-lived intangible assets • Long-lived assets held for sale Level 2 and level 3 inputs are employed by the Company in the fair value measurement of these assets and liabilities. For the fair value measurements employed by the Company for goodwill see Note 7, “Goodwill and Other Intangibles." For the fair value measurements employed by the Company for certain property, plant and equipment, production assets, investments and prepublication assets, the Company assesses future expected cash flows attributable to these assets. During the three month period ended February 29, 2016, the Company identified impairment indicators associated with certain legacy prepublication assets in the Children's Book Publishing and Distribution and Education segments. As part of the budgeting and forecasting process, significant expected declines in revenue relating to these products were identified. Internally developed future cash flow forecasts, a level 3 measurement, were developed by the Company and the Company determined the assets were not recoverable. The Company developed the discounted cash flow models using a discount rate of 15% and the aforementioned future cash flow forecasts. Based on the analysis, these legacy prepublication assets were determined to be fully impaired for a total of $6.9 .

Income Taxes and Other Taxes

Income Taxes and Other Taxes	9 Months Ended
	Feb. 29, 2016
Income Tax And Non Income Tax Disclosure [Abstract]
Income Taxes and Other Taxes	INCOME TAXES AND OTHER TAXES Income Taxes In calculating the provision for income taxes on an interim basis, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances known and applies that rate to its year-to-date earnings or losses. The Company’s effective tax rate is based on expected income and statutory tax rates and takes into consideration permanent differences between financial statement and tax return income applicable to the Company in the various jurisdictions in which the Company operates. The effect of discrete items, such as changes in estimates, changes in enacted tax laws or rates or tax status, and unusual or infrequently occurring events, is recognized in the interim period in which the discrete item occurs. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the result of new judicial interpretations or regulatory or tax law changes. The Company’s annual effective tax rate, exclusive of discrete items, unbenefitted foreign losses, and release of associated valuation allowances, used to calculate the interim tax provision is expected to be approximately 40.1% . The interim effective tax rate, inclusive of discrete items, was 56.6% and 14.2% for the three and nine month periods ended February 29, 2016, respectively. The tax provision for the current fiscal year quarter and current fiscal year were favorably impacted by a settlement with the Internal Revenue Service, as discussed below. The Company, including its domestic subsidiaries, files a consolidated U.S. income tax return, and also files tax returns in various states and other local jurisdictions. Also, certain subsidiaries of the Company file income tax returns in foreign jurisdictions. The Company is routinely audited by various tax authorities. During the current fiscal year quarter, the Company reached a settlement with the Internal Revenue Service for fiscal years ended May 31, 2011, 2012 and 2013. In the current fiscal year quarter, the Company recognized previously unrecognized tax positions of $4.5 , inclusive of interest, as a result of this settlement. The Company is currently under audit by the Internal Revenue Service for the fiscal year ended May 31, 2014. The Company is currently under audit by New York City for fiscal years ended May 31, 2008, 2009 and 2010. If any of these tax examinations are concluded within the next twelve months, the Company will make any necessary adjustments to its unrecognized tax benefits. Non-income Taxes The Company is subject to tax examinations for sales-based taxes. A number of these examinations are ongoing and, in certain cases, have resulted in assessments from taxing authorities. The Company assesses sales tax contingencies for each jurisdiction in which it operates, considering all relevant facts including statutes, regulations, case law and experience. When a sales tax liability with respect to a particular jurisdiction is probable and can be reliably estimated, the Company has made accruals for these matters which are reflected in the Company’s condensed consolidated financial statements. Future developments relating to the foregoing could result in adjustments being made to these accruals.

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Feb. 29, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	DERIVATIVES AND HEDGING The Company enters into foreign currency derivative contracts to economically hedge the exposure to foreign currency fluctuations associated with the forecasted purchase of inventory and the foreign exchange risk associated with certain receivables denominated in foreign currencies. These derivative contracts are economic hedges and are not designated as cash flow hedges. The Company marks-to-market these instruments and records the changes in the fair value of these items in Selling, general and administrative expenses in the condensed consolidated statements of operations, and it recognizes the unrealized gain or loss in other current assets or current liabilities. The notional values of the contracts as of February 29, 2016 and February 28, 2015 were $31.7 and $9.1 , respectively. Unrealized gains of $0.2 and $1.1 were recognized at February 29, 2016 and February 28, 2015, respectively, for the nine month periods then ended.

Other Accrued Expenses

Other Accrued Expenses	9 Months Ended
	Feb. 29, 2016
Other Accrued Expenses Disclosure [Abstract]
Other Accrued Expenses	OTHER ACCRUED EXPENSES Other accrued expenses consist of the following as of the dates indicated: February 29, 2016 May 31, 2015 February 28, 2015 Accrued payroll, payroll taxes and benefits $ 37.2 $ 44.3 $ 41.0 Accrued bonus and commissions 15.9 32.6 15.5 Accrued other taxes 27.2 26.7 24.0 Accrued advertising and promotions 37.1 33.4 35.3 Accrued insurance 7.8 7.8 8.1 Other accrued expenses 26.8 28.5 26.8 Total accrued expenses $ 152.0 $ 173.3 $ 150.7

Subsequent Events

Subsequent Events	9 Months Ended
	Feb. 29, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company’s Board of Directors declared a quarterly cash dividend of $0.15 per share on the Company’s Class A and Common Stock for the fourth quarter of fiscal 2016. The dividend is payable on June 15, 2016 to shareholders of record as of the close of business on April 29, 2016. In March 2016, the Company is beginning its construction program to create new premium retail space and a more modern and efficient office floor plan at the Company's headquarters location in New York City. As a result, the Company will abandon certain existing building improvements during the course of the construction.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Feb. 29, 2016
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation The accompanying condensed consolidated financial statements include the accounts of Scholastic Corporation (the “Corporation”) and all wholly-owned and majority-owned subsidiaries (collectively, “Scholastic” or the “Company”). Intercompany transactions are eliminated in consolidation. These financial statements have not been audited but reflect those adjustments consisting of normal recurring items that management considers necessary for a fair presentation of financial position, results of operations, comprehensive income (loss) and cash flows. These financial statements should be read in conjunction with the consolidated financial statements and related notes in the Annual Report on Form 10-K for the fiscal year ended May 31, 2015 (the “Annual Report”). The Company’s fiscal year is not a calendar year. Accordingly, references in this document to fiscal 2015 relate to the twelve-month period ended May 31, 2015.
Seasonality	Seasonality The Company’s Children’s Book Publishing and Distribution school-based book fair and book club channels and most of its Education businesses operate on a school-year basis; therefore, the Company’s business is highly seasonal. As a result, the Company’s revenues in the first and third quarters of the fiscal year generally are lower than its revenues in the other two fiscal quarters. Typically, school-based channel and magazine revenues are minimal in the first quarter of the fiscal year as schools are not in session. Trade sales can vary through the year due to varying release dates of published titles. The Company generally experiences a loss from operations in the first and third quarters of each fiscal year.
Use of estimates	Use of estimates The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Regulation S-X. The preparation of these financial statements involves the use of estimates and assumptions by management, which affects the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. Actual results may differ from those estimates and assumptions. On an on-going basis, the Company evaluates the adequacy of its reserves and the estimates used in calculations, including, but not limited to: • Accounts receivable reserves for returns • Accounts receivable allowance for doubtful accounts • Pension and other post-retirement obligations • Uncertain tax positions • Inventory reserves • Cost of goods sold from book fair operations during interim periods determined based on estimated gross profit rates • Sales taxes • Royalty accruals and related advance reserves • Customer reward programs • Impairment testing for goodwill for assessment and measurement, intangibles and other long-lived assets and investments • Assets and liabilities acquired in business combinations.
New Accounting Pronouncements	New Accounting Pronouncements ASU 2016-02 In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (the "ASU") 2016-02, Leases (Topic 842). This ASU includes a lessee accounting model that recognizes two types of leases - finance leases and operating leases. This ASU requires that a lessee recognize on the balance sheet assets and liabilities for all leases with lease terms of more than 12 months. Lessees will need to recognize almost all leases on the balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained the dual model, requiring leases to be classified as either operating or finance. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. For short-term leases of 12 months or less, lessees are permitted to make an accounting election by class of underlying asset not to recognize right-of-use assets or lease liabilities. If the alternative is elected, lease expense would be recognized generally on the straight-line basis over the respective lease term. Accounting by lessors was not significantly impacted by this update. Changes to lessor accounting focused on conformance with certain changes made to lessee accounting and to align with the recently released revenue recognition guidance. The amendments in this ASU will take effect for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the adoption methodology and the impact of this update on its consolidated financial position, results of operations and cash flows. ASU 2015-17 In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU eliminates the current requirement for entities to present deferred tax liabilities and assets as current and noncurrent in a classified statement of financial position and instead requires that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company will elect an early application for its fiscal year ending May 31, 2016, and will present the net deferred tax assets as noncurrent and reclassify any current deferred tax assets in its consolidated financial position on a retrospective basis. ASU 2015-16 In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU eliminates the requirement under the current guidance that an acquirer retrospectively adjust provisional amounts recognized in a business combination during the measurement period. The measurement period is up to one year from the date of the acquisition. The update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and that the acquirer records, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The financial statements should also separately present on the face of the income statement, or disclose in the footnotes, the amount of adjustments recorded in the current period by line item that would have been recorded in prior periods had the adjustment been made at the date of acquisition. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, and should be applied prospectively to provisional amount adjustments that occur after the effective date. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company has not chosen early adoption for fiscal 2016 and therefore the amendments in this update will be effective beginning in the first quarter of fiscal 2017. The Company does not expect the amendments in this update to have a material impact on its consolidated financial position, results of operations and cash flows. ASU 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, as part of its Simplification Initiative. The update is designed to reduce the complexity related to the subsequent measurement of inventory. It changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The new update requires entities that measure inventory using any method other than last-in, first-out or the retail inventory method to measure inventory at the lower of cost and net realizable value. If net realizable value of inventory is lower than inventory cost, the difference is recognized as a loss in earnings in the period in which it occurs. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively and earlier application is permitted as of the beginning of an interim or annual reporting period. The Company has not chosen early adoption for fiscal 2016 and therefore the amendments in this update will be effective beginning in the first quarter of fiscal 2017. The Company does not expect the amendments in this update to have a material impact on its consolidated financial position, results of operations and cash flows. ASU 2014-09 and ASU 2015-14: In May 2014, the FASB announced that it is amending the FASB Accounting Standards Codification by issuing Topic 606, Revenue from Contracts with Customers, at the same time as the International Accounting Standards Board (the "IASB") is issuing International Financial Reporting Standards 15, Revenue from Contracts with Customers. The issuance of this authoritative guidance completes the joint effort by the FASB and the IASB to clarify the principles for recognizing revenue and improve financial reporting by creating common revenue recognition guidance. The authoritative guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: • Step 1: Identify the contract(s) with a customer. • Step 2: Identify the performance obligations in the contract. • Step 3: Determine the transaction price. • Step 4: Allocate the transaction price to the performance obligations in the contract. • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The update provides guidance for transactions that are not otherwise addressed comprehensively in authoritative guidance (for example, service revenue, contract modifications, and licenses of intellectual property). The amendments in this update are to be applied on a retrospective basis, either to each prior reporting period presented or by presenting the cumulative effect of applying the update recognized at the date of initial application. In August 2015, the FASB issued Accounting Standards Update 2015-14-Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date established in ASU 2014-09. The amendments in ASU 2014-09 are now effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early application is not permitted. The Company is evaluating the adoption methodology and the impact of this update on its consolidated financial position, results of operations and cash flows.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Feb. 29, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of revenue, assets, and liabilities of discontinued operations	The following table summarizes the operating results of the discontinued operations for the three and nine month periods ended February 29, 2016, respectively: Three months ended Nine months ended Ed Tech All Other Total Ed Tech All Other Total Revenues $ — $ 0.4 $ 0.4 $ — $ 0.7 $ 0.7 Operating costs and expenses 0.3 0.3 0.6 1.2 1.0 2.2 Interest income (expense) — — — — 0.1 0.1 Gain (loss) on sale (1) (2.9 ) — (2.9 ) (2.9 ) — (2.9 ) Earnings (loss) before income taxes $ (3.2 ) $ 0.1 $ (3.1 ) $ (4.1 ) $ (0.2 ) $ (4.3 ) Provision (benefit) for income taxes (1.3 ) 0.0 (1.3 ) (1.6 ) (0.1 ) (1.7 ) Earnings (loss) from discontinued operations, net of tax $ (1.9 ) $ 0.1 $ (1.8 ) $ (2.5 ) $ (0.1 ) $ (2.6 ) The following table summarizes the operating results of the discontinued operations for the three and nine month periods ended February 28, 2015, respectively: Three months ended Nine months ended Ed Tech All Other Total Ed Tech All Other Total Revenues $ 33.6 $ 1.9 $ 35.5 $ 174.1 $ 9.2 $ 183.3 Operating costs and expenses (2) 43.4 2.7 46.1 148.0 10.8 158.8 Interest income (expense) 0.0 0.1 0.1 0.0 0.1 0.1 Earnings (loss) before income taxes $ (9.8 ) $ (0.7 ) $ (10.5 ) $ 26.1 $ (1.5 ) $ 24.6 Provision (benefit) for income taxes (3.8 ) (0.3 ) (4.1 ) 10.9 (0.6 ) 10.3 Earnings (loss) from discontinued operations, net of tax $ (6.0 ) $ (0.4 ) $ (6.4 ) $ 15.2 $ (0.9 ) $ 14.3 (1) For the three and nine months ended February 29, 2016, the Company recognized a pretax loss of $2.9 related to the final adjustment to the working capital estimate from the sale of the Ed Tech business. (2) For the three and nine months ended February 28, 2015, Operating costs and expenses of the continuing operations included costs related to unabsorbed overhead burden associated with the Ed Tech business of $3.8 and $11.2 , respectively. These costs were included in the Overhead segment. For the three and nine months ended February 28, 2015, $0.1 and $0.2 , respectively, of the costs were recorded in Cost of goods sold and $3.7 and $11.0 , respectively, were recorded in Selling, general and administrative expenses. The following table sets forth the assets and liabilities of the discontinued operations included in the condensed consolidated balance sheets of the Company: February 29, 2016 May 31, 2015 February 28, 2015 Accounts receivable, net $ 0.1 $ 2.5 $ 29.8 Inventories, net — 0.1 13.5 Prepaid expenses and other current assets 0.5 0.5 1.1 Current assets of discontinued operations $ 0.6 $ 3.1 $ 44.4 Property, plant and equipment, net — — 1.7 Prepublication costs, net — — 90.1 Royalty advances, net — — 1.0 Goodwill — — 22.7 Other intangibles, net — — 4.0 Other assets and deferred charges — — 0.3 Noncurrent assets of discontinued operations $ — $ — $ 119.8 Capital lease obligation — — 0.4 Accounts payable — 0.1 9.9 Accrued royalties 0.1 0.7 5.2 Deferred revenue 0.1 0.1 35.2 Other accrued expenses 1.3 13.2 5.7 Current liabilities of discontinued operations $ 1.5 $ 14.1 $ 56.4 Capital lease obligation — — 0.5 Other noncurrent liabilities — — 0.3 Noncurrent liabilities of discontinued operations $ — $ — $ 0.8

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Children’s Book Publishing & Distribution (1) Education (1) Overhead (1) (2) Total Domestic International (1) Total Three months ended Revenues $ 220.2 $ 63.5 $ — $ 283.7 $ 82.3 $ 366.0 Bad debt expense 1.3 0.5 — 1.8 1.3 3.1 Depreciation and amortization (3) 6.6 2.5 5.0 14.1 1.9 16.0 Asset impairments (4) 3.7 3.2 — 6.9 — 6.9 Segment operating income (loss) 2.8 3.0 (20.5 ) (14.7 ) (1.7 ) (16.4 ) Expenditures for long-lived assets including royalty advances 11.5 2.9 6.9 21.3 2.3 23.6 Three months ended Revenues $ 206.2 $ 54.2 $ — $ 260.4 $ 86.1 $ 346.5 Bad debt expense 1.6 0.5 — 2.1 0.7 2.8 Depreciation and amortization (3) 8.7 2.8 5.1 16.6 2.0 18.6 Segment operating income (loss) (2.9 ) 3.3 (25.9 ) (25.5 ) 0.8 (24.7 ) Expenditures for long-lived assets including royalty advances 11.1 1.9 4.3 17.3 3.7 21.0 Children’s (1) Education (1) Overhead (1) (2) Total International (1) Total Nine months ended Revenues $ 702.3 $ 185.6 $ — $ 887.9 $ 271.1 $ 1,159.0 Bad debt expense 3.8 1.7 — 5.5 3.4 8.9 Depreciation and amortization (3) 22.1 8.1 14.7 44.9 6.0 50.9 Asset impairments (4) 3.7 3.2 — 6.9 — 6.9 Segment operating income (loss) 54.2 12.1 (64.2 ) 2.1 7.1 9.2 Segment assets at February 29, 2016 471.4 153.4 879.1 1,503.9 256.2 1,760.1 Goodwill at February 29, 2016 40.9 65.4 — 106.3 9.9 116.2 Expenditures for long-lived 32.3 5.9 15.1 53.3 10.5 63.8 Long-lived assets at 144.7 82.1 380.2 607.0 67.0 674.0 Nine months ended Revenues $ 673.8 $ 170.9 $ — $ 844.7 $ 303.4 $ 1,148.1 Bad debt expense 4.3 1.4 — 5.7 3.2 8.9 Depreciation and amortization (3) 27.9 8.8 16.3 53.0 6.6 59.6 Asset impairments (4) — — 2.9 2.9 — 2.9 Segment operating income (loss) 45.2 12.3 (75.7 ) (18.2 ) 17.6 (0.6 ) Segment assets at 459.3 152.9 523.9 1,136.1 251.2 1,387.3 Goodwill at February 28, 2015 46.3 65.4 — 111.7 10.0 121.7 Expenditures for long-lived 39.9 5.2 8.2 53.3 10.4 63.7 Long-lived assets at 156.0 88.5 380.1 624.6 64.1 688.7 (1) As indicated in Note 2, “Discontinued Operations,” the Company closed or sold several operations during fiscal 2015. All of these businesses are classified as discontinued operations in the Company’s financial statements and, as such, are not reflected in this table. (2) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets. Unallocated assets are principally comprised of deferred income taxes and property, plant and equipment related to the Company’s headquarters in the metropolitan New York area, its fulfillment and distribution facilities located in Missouri and its facility located in Connecticut. (3) Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs. (4) Fiscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Feb. 29, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the carrying value of the Company's debt as of the dates indicated: February 29, 2016 May 31, 2015 February 28, 2015 Loan Agreement: Revolving Loan (interest rates of n/a, n/a and 1.4%, respectively) $ — $ — $ 65.0 Unsecured lines of credit (weighted average interest rates of 3.7%, 3.8% and 2.7%, respectively) 8.2 6.0 19.1 Total debt $ 8.2 $ 6.0 $ 84.1 Less lines of credit, short-term debt and current portion of long-term debt (8.2 ) (6.0 ) (19.1 ) Total long-term debt $ — $ — $ 65.0
Schedule of Maturities of Long-term Debt	The following table sets forth the maturities of the Company’s debt obligations as of February 29, 2016, for the twelve-month periods ending February 28, 2017 $ 8.2 2018 — 2019 — 2020 — 2021 and thereafter — Total debt $ 8.2

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Feb. 29, 2016
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The following table summarizes the reconciliation of the numerators and denominators for the basic and diluted earnings (loss) per share computation for the three month and nine month periods ended February 29, 2016 and February 28, 2015, respectively: Three months ended Nine months ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Earnings (loss) from continuing operations attributable to Class A and Common Shares $ (7.2 ) $ (15.7 ) $ 9.1 $ (2.0 ) Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax (1.8 ) (6.4 ) (2.6 ) 14.3 Net income (loss) attributable to Class A and Common Shares $ (9.0 ) $ (22.1 ) $ 6.5 $ 12.3 Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 34.3 32.7 34.0 32.6 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) — — 0.9 0.6 Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 34.3 32.7 34.9 33.2 Earnings (loss) per share of Class A Stock and Common Stock: Basic earnings (loss) per share: Earnings (loss) from continuing operations $ (0.21 ) $ (0.48 ) $ 0.27 $ (0.06 ) Earnings (loss) from discontinued operations, net of tax $ (0.05 ) $ (0.20 ) $ (0.08 ) $ 0.44 Net income (loss) $ (0.26 ) $ (0.68 ) $ 0.19 $ 0.38 Diluted earnings (loss) per share: Earnings (loss) from continuing operations $ (0.21 ) $ (0.48 ) $ 0.26 $ (0.06 ) Earnings (loss) from discontinued operations, net of tax $ (0.05 ) $ (0.20 ) $ (0.07 ) $ 0.43 Net income (loss) $ (0.26 ) $ (0.68 ) $ 0.19 $ 0.37
Schedule of stock option activity	The following table sets forth Options outstanding pursuant to stock-based compensation plans as of the dates indicated: February 29, 2016 February 28, 2015 Options outstanding pursuant to stock-based compensation plans (in millions) 3.4 4.4

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Feb. 29, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Activity in Goodwill for the Periods Indicated	The following table summarizes the activity in Goodwill for the periods indicated: Nine months ended Twelve months ended May 31, 2015 Nine months ended Gross beginning balance $ 155.9 $ 156.0 $ 156.0 Accumulated impairment (39.6 ) (34.2 ) (34.2 ) Beginning balance $ 116.3 $ 121.8 $ 121.8 Impairment charge — (5.4 ) — Foreign currency translation (0.1 ) (0.1 ) (0.1 ) Gross ending balance $ 155.8 $ 155.9 $ 155.9 Accumulated impairment (39.6 ) (39.6 ) (34.2 ) Ending balance $ 116.2 $ 116.3 $ 121.7
Summary of Activity in Total Other Intangibles for the Periods Indicated	The following table summarizes the activity in Total other intangibles for the periods indicated: Nine months ended Twelve months ended Nine months ended Beginning balance - Other intangibles subject to amortization $ 4.7 $ 5.8 $ 5.8 Additions 2.4 0.8 0.8 Amortization expense (1.7 ) (1.9 ) (1.4 ) Foreign currency translation (0.1 ) — — Total other intangibles subject to amortization, net of accumulated amortization of $19.0, $17.3 and $16.8, respectively $ 5.3 $ 4.7 $ 5.2 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 7.4 $ 6.8 $ 7.3

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Feb. 29, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	The following table sets forth components of the net periodic cost (credit) for the periods indicated under the Company’s cash balance retirement plan for its United States employees meeting certain eligibility requirements (the “U.S. Pension Plan”) and the defined benefit pension plan of Scholastic Ltd., an indirect subsidiary of Scholastic Corporation located in the United Kingdom (the “UK Pension Plan” and, together with the U.S. Pension Plan, the “Pension Plans”). Also included are the post-retirement benefits, consisting of certain healthcare and life insurance benefits provided by the Company to its eligible retired United States-based employees (the “Post-Retirement Benefits”). The Pension Plans and Post-Retirement Benefits include participants associated with both continuing operations and discontinued operations. Pension Plans Post-Retirement Benefits Three months ended Three months ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Components of net periodic cost (credit): Service cost $ — $ — $ 0.0 $ 0.0 Interest cost 1.5 1.7 0.3 0.3 Expected return on assets (1.9 ) (2.3 ) — — Net amortization of prior service credit — — (0.0) (0.1 ) Benefit cost of settlement event — 0.6 — — Amortization of (gain) loss 0.4 0.4 0.7 0.4 Net periodic cost (credit) $ (0.0 ) $ 0.4 $ 1.0 $ 0.6 Pension Plans Post-Retirement Benefits Nine months ended Nine months ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Components of net periodic cost (credit): Service cost $ — $ — $ 0.0 $ 0.0 Interest cost 4.6 5.0 1.0 1.0 Expected return on assets (5.8 ) (7.0 ) — — Net amortization of prior service credit — — (0.0) (0.2) Benefit cost of settlement event — 4.3 — — Amortization of (gain) loss 1.2 1.1 2.1 1.0 Net periodic cost (credit) $ 0.0 $ 3.4 $ 3.1 $ 1.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Feb. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	The following table summarizes stock-based compensation expense included in Selling, general and administrative expenses for the periods indicated: Three months ended Nine months ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Stock option expense $ 0.8 $ 0.8 $ 5.2 $ 5.4 Restricted stock unit expense 0.7 0.6 2.1 1.9 Management stock purchase plan 0.0 0.1 0.6 0.7 Employee stock purchase plan 0.1 0.1 0.2 0.2 Total stock-based compensation expense $ 1.6 $ 1.6 $ 8.1 $ 8.2

Treasury Stock (Tables)

Treasury Stock (Tables)	9 Months Ended
	Feb. 29, 2016
Stockholders' Equity Attributable to Parent [Abstract]
Tabular Disclosure of an Entity's Treasury Stock	The Board has authorized the Company to repurchase Common Stock, from time to time as conditions allow, on the open market or through negotiated private transactions. The table below represents the remaining Board authorization: Amount September 2010 $ 44.0 (a) Additional authorization July 2015 50.0 Less repurchases made under the authorizations as of February 29, 2016 (41.1 ) Remaining Board authorization at February 29, 2016 $ 52.9

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Feb. 29, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables summarize the activity in Accumulated other comprehensive income (loss), net of tax, by component for the periods indicated: Nine months ended February 29, 2016 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance $ (31.9 ) $ (45.1 ) $ (77.0 ) Other comprehensive income (loss) before reclassifications (11.3 ) — $ (11.3 ) Less: amount reclassified from Accumulated other comprehensive income (loss) — 2.3 2.3 Other comprehensive income (loss) (11.3 ) 2.3 (9.0 ) Ending balance $ (43.2 ) $ (42.8 ) $ (86.0 ) Nine months ended February 28, 2015 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance $ (16.7 ) $ (38.5 ) $ (55.2 ) Other comprehensive income (loss) before reclassifications (15.1 ) (4.6 ) $ (19.7 ) Less: amount reclassified from Accumulated other — 3.9 3.9 Other comprehensive income (loss) (15.1 ) (0.7 ) (15.8 ) Ending balance $ (31.8 ) $ (39.2 ) $ (71.0 )
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the periods indicated: Three months ended Nine months ended Affected line items in the condensed consolidated statements of operations February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Employee benefit plans: Amortization of prior service cost (credit) $ (0.0 ) $ (0.1 ) $ (0.0 ) $ (0.2 ) Selling, general and administrative Amortization of unrecognized gain (loss) included in net periodic cost (credit) 1.1 0.8 3.3 2.1 Selling, general and administrative Settlement charge — 0.6 — 4.3 Selling, general and administrative Less: Tax effect (0.3 ) (0.5 ) (1.0 ) (2.3 ) Income tax expense (benefit) Total expense, net of tax $ 0.8 $ 0.8 $ 2.3 $ 3.9

Other Accrued Expenses (Tables)

Other Accrued Expenses (Tables)	9 Months Ended
	Feb. 29, 2016
Other Accrued Expenses Disclosure [Abstract]
Schedule of Other Accrued Expenses	Other accrued expenses consist of the following as of the dates indicated: February 29, 2016 May 31, 2015 February 28, 2015 Accrued payroll, payroll taxes and benefits $ 37.2 $ 44.3 $ 41.0 Accrued bonus and commissions 15.9 32.6 15.5 Accrued other taxes 27.2 26.7 24.0 Accrued advertising and promotions 37.1 33.4 35.3 Accrued insurance 7.8 7.8 8.1 Other accrued expenses 26.8 28.5 26.8 Total accrued expenses $ 152.0 $ 173.3 $ 150.7

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions	May. 29, 2015	Feb. 29, 2016	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Working capital adjustment		$ 2.9	$ 2.9	$ 0
Consideration released from escrow			$ (17.2)	$ 0
Discontinued Operations | Ed Tech
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received	$ 577.7
Consideration deposited in escrow	34.5
Working capital adjustment	$ 2.7
Consideration released from escrow		$ 17.2
Accrued selling expenses					$ 12.2

Discontinued Operations - Reven

Discontinued Operations - Revenues (Details) - Discontinued Operations - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015		Feb. 29, 2016	Feb. 28, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 0.4	$ 35.5		$ 0.7	$ 183.3
Operating costs and expenses	0.6	46.1	[1]	2.2	158.8	[1]
Interest income (expense)	0	0.1		0.1	0.1
Gain (loss) on sale	(2.9)			(2.9)
Earnings (loss) before income taxes	(3.1)	(10.5)		(4.3)	24.6
Provision (benefit) for income taxes	(1.3)	(4.1)		(1.7)	10.3
Earnings (loss) from discontinued operations, net of tax	(1.8)	(6.4)		(2.6)	14.3
Ed Tech
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	33.6		0	174.1
Operating costs and expenses	0.3	43.4	[1]	1.2	148	[1]
Interest income (expense)	0	0		0	0
Gain (loss) on sale	(2.9)			(2.9)
Earnings (loss) before income taxes	(3.2)	(9.8)		(4.1)	26.1
Provision (benefit) for income taxes	(1.3)	(3.8)		(1.6)	10.9
Earnings (loss) from discontinued operations, net of tax	(1.9)	(6)		(2.5)	15.2
Unabsorbed overhead		3.8		11.2
Ed Tech | Cost of goods sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Unabsorbed overhead		0.1			0.2
Ed Tech | Selling general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Unabsorbed overhead		3.7			11
All Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0.4	1.9		0.7	9.2
Operating costs and expenses	0.3	2.7	[1]	1	10.8	[1]
Interest income (expense)	0	0.1		0.1	0.1
Gain (loss) on sale	0			0
Earnings (loss) before income taxes	0.1	(0.7)		(0.2)	(1.5)
Provision (benefit) for income taxes	0	(0.3)		(0.1)	(0.6)
Earnings (loss) from discontinued operations, net of tax	$ 0.1	$ (0.4)		$ (0.1)	$ (0.9)
[1]	For the three and nine months ended February 28, 2015, Operating costs and expenses of the continuing operations included costs related to unabsorbed overhead burden associated with the Ed Tech business of $3.8 and $11.2, respectively. These costs were included in the Overhead segment. For the three and nine months ended February 28, 2015, $0.1 and $0.2, respectively, of the costs were recorded in Cost of goods sold and $3.7 and $11.0, respectively, were recorded in Selling, general and administrative expenses

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Millions	Feb. 29, 2016	May. 31, 2015	Feb. 28, 2015
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]
Current assets of discontinued operations	$ 0.6	$ 3.1	$ 44.4
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract]
Noncurrent assets of discontinued operations	0	0	119.8
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Current liabilities of discontinued operations	1.5	14.1	56.4
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]
Noncurrent liabilities of discontinued operations	0	0	0.8
Discontinued Operations
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]
Accounts receivable, net	0.1	2.5	29.8
Inventories, net	0	0.1	13.5
Prepaid expenses and other current assets	0.5	0.5	1.1
Current assets of discontinued operations	0.6	3.1	44.4
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract]
Property, plant and equipment, net	0	0	1.7
Prepublication costs, net	0	0	90.1
Royalty advances, net	0	0	1
Goodwill	0	0	22.7
Other intangibles, net	0	0	4
Other assets and deferred charges	0	0	0.3
Noncurrent assets of discontinued operations	0	0	119.8
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Capital lease obligation	0	0	0.4
Accounts payable	0	0.1	9.9
Accrued royalties	0.1	0.7	5.2
Deferred revenue	0.1	0.1	35.2
Other accrued expenses	1.3	13.2	5.7
Current liabilities of discontinued operations	1.5	14.1	56.4
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]
Capital lease obligation	0	0	0.5
Other noncurrent liabilities	0	0	0.3
Noncurrent liabilities of discontinued operations	$ 0	$ 0	$ 0.8

Segment Information (Details) -

Segment Information (Details) - Schedule of segment reporting information - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Feb. 29, 2016		Feb. 28, 2015	Feb. 29, 2016		Feb. 28, 2015		May. 31, 2015	May. 31, 2014
Segment Reporting Information [Line Items]
Revenues		$ 366		$ 346.5	$ 1,159		$ 1,148.1
Bad debt expense		3.1		2.8	8.9		8.9
Depreciation and amortization	[1]	16		18.6	50.9		59.6
Asset impairments		6.9	[2]	0	6.9	[2]	2.9	[2]
Segment operating income (loss)		(16.4)		(24.7)	9.2		(0.6)
Segment assets		1,760.1		1,387.3	1,760.1		1,387.3
Goodwill		116.2		121.7	116.2		121.7		$ 116.3	$ 121.8
Expenditures for long-lived assets including royalty advances		23.6		21	63.8		63.7
Long-lived assets		674		688.7	674		688.7
Children's Book Publishing and Distribution
Segment Reporting Information [Line Items]
Revenues	[3]	220.2		206.2	702.3		673.8
Bad debt expense	[3]	1.3		1.6	3.8		4.3
Depreciation and amortization	[1],[3]	6.6		8.7	22.1		27.9
Asset impairments	[2],[3]	3.7			3.7		0
Segment operating income (loss)	[3]	2.8		(2.9)	54.2		45.2
Segment assets	[3]	471.4		459.3	471.4		459.3
Goodwill	[3]	40.9		46.3	40.9		46.3
Expenditures for long-lived assets including royalty advances	[3]	11.5		11.1	32.3		39.9
Long-lived assets	[3]	144.7		156	144.7		156
Education
Segment Reporting Information [Line Items]
Revenues	[3]	63.5		54.2	185.6		170.9
Bad debt expense	[3]	0.5		0.5	1.7		1.4
Depreciation and amortization	[1],[3]	2.5		2.8	8.1		8.8
Asset impairments	[2],[3]	3.2			3.2		0
Segment operating income (loss)	[3]	3		3.3	12.1		12.3
Segment assets	[3]	153.4		152.9	153.4		152.9
Goodwill	[3]	65.4		65.4	65.4		65.4
Expenditures for long-lived assets including royalty advances	[3]	2.9		1.9	5.9		5.2
Long-lived assets	[3]	82.1		88.5	82.1		88.5
Overhead
Segment Reporting Information [Line Items]
Revenues	[3],[4]	0		0	0		0
Bad debt expense	[3],[4]	0		0	0		0
Depreciation and amortization	[1],[3],[4]	5		5.1	14.7		16.3
Asset impairments	[2],[3],[4]	0			0		2.9
Segment operating income (loss)	[3],[4]	(20.5)		(25.9)	(64.2)		(75.7)
Segment assets	[3],[4]	879.1		523.9	879.1		523.9
Goodwill	[3],[4]	0		0	0		0
Expenditures for long-lived assets including royalty advances	[3],[4]	6.9		4.3	15.1		8.2
Long-lived assets	[3],[4]	380.2		380.1	380.2		380.1
Total Domestic
Segment Reporting Information [Line Items]
Revenues		283.7		260.4	887.9		844.7
Bad debt expense		1.8		2.1	5.5		5.7
Depreciation and amortization	[1]	14.1		16.6	44.9		53
Asset impairments	[2]	6.9			6.9		2.9
Segment operating income (loss)		(14.7)		(25.5)	2.1		(18.2)
Segment assets		1,503.9		1,136.1	1,503.9		1,136.1
Goodwill		106.3		111.7	106.3		111.7
Expenditures for long-lived assets including royalty advances		21.3		17.3	53.3		53.3
Long-lived assets		607		624.6	607		624.6
International
Segment Reporting Information [Line Items]
Revenues	[3]	82.3		86.1	271.1		303.4
Bad debt expense	[3]	1.3		0.7	3.4		3.2
Depreciation and amortization	[1],[3]	1.9		2	6		6.6
Asset impairments	[2],[3]	0			0		0
Segment operating income (loss)	[3]	(1.7)		0.8	7.1		17.6
Segment assets	[3]	256.2		251.2	256.2		251.2
Goodwill	[3]	9.9		10	9.9		10
Expenditures for long-lived assets including royalty advances	[3]	2.3		3.7	10.5		10.4
Long-lived assets	[3]	$ 67		$ 64.1	$ 67		$ 64.1
[1]	Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs.
[2]	iscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.
[3]	As indicated in Note 2, “Discontinued Operations,” the Company closed or sold several operations during fiscal 2015. All of these businesses are classified as discontinued operations in the Company’s financial statements and, as such, are not reflected in this table.
[4]	Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets. Unallocated assets are principally comprised of deferred income taxes and property, plant and equipment related to the Company’s headquarters in the metropolitan New York area, its fulfillment and distribution facilities located in Missouri and its facility located in Connecticut.

Debt (Details)

Debt (Details) - USD ($)	9 Months Ended
	Feb. 29, 2016	May. 31, 2015	Feb. 28, 2015
Debt (Details) [Line Items]
Debt	$ 8,200,000	$ 6,000,000	$ 84,100,000
Loan Agreement
Debt (Details) [Line Items]
Borrowing capacity	$ 425,000,000
Expiration date	Dec. 5, 2017
Facility fee (percentage)	0.20%
Standby letters of credit	$ 400,000
Minimum | Loan Agreement
Debt (Details) [Line Items]
Facility fee (percentage)	0.20%
Maximum | Loan Agreement
Debt (Details) [Line Items]
Facility fee (percentage)	0.40%
Loan Agreement | Federal Funds Rate
Debt (Details) [Line Items]
Variable rate (percentage)	0.50%
Loan Agreement | Eurodollar
Debt (Details) [Line Items]
Variable rate (percentage)	1.00%
Loan Agreement | Eurodollar | Minimum
Debt (Details) [Line Items]
Variable rate (percentage)	0.18%
Loan Agreement | Base Rate | Minimum
Debt (Details) [Line Items]
Variable rate (percentage)	0.18%
Loan Agreement | Base Rate | Maximum
Debt (Details) [Line Items]
Variable rate (percentage)	0.60%
Loan Agreement | London Interbank Offered Rate (LIBOR) | Minimum
Debt (Details) [Line Items]
Variable rate (percentage)	1.18%
Loan Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Debt (Details) [Line Items]
Variable rate (percentage)	1.60%
Unsecured Debt | Domestic Line of Credit
Debt (Details) [Line Items]
Borrowing capacity	$ 25,000,000
Outstanding debt	$ 0	0	10,400,000
Expiration period (in days)	365 days
Standby letters of credit	$ 4,900,000
Remaining borrowing capacity	20,100,000
Unsecured Debt | Foreign Line of Credit
Debt (Details) [Line Items]
Borrowing capacity	22,700,000
Available credit	$ 14,500,000
Expiration period (in days)	364 days
Unsecured Debt | Foreign Line of Credit | Line of Credit
Debt (Details) [Line Items]
Debt	$ 8,200,000	$ 6,000,000	$ 8,700,000

Debt (Details) - Schedule of de

Debt (Details) - Schedule of debt - USD ($) $ in Millions	Feb. 29, 2016	May. 31, 2015	Feb. 28, 2015
Debt (Details) - Schedule of debt [Line Items]
Total Debt	$ 8.2	$ 6	$ 84.1
Less lines of credit, short-term debt and current portion of long-term debt	(8.2)	(6)	(19.1)
Total long-term debt	0	0	65
Line of Credit
Debt (Details) - Schedule of debt [Line Items]
Outstanding debt	$ 8.2	$ 6	$ 19.1
Weighted average interest rate (percentage)	3.70%	3.80%	2.70%
Revolving Credit Facility
Debt (Details) - Schedule of debt [Line Items]
Outstanding debt	$ 0	$ 0	$ 65
Interest rate (percent)	0.00%	0.00%	1.40%

Debt (Details) - Schedule of Ma

Debt (Details) - Schedule of Maturities of Long-term Debt - USD ($) $ in Millions	Feb. 29, 2016	May. 31, 2015	Feb. 28, 2015
Long-term Debt, Rolling Maturity [Abstract]
2,016	$ 8.2
2,017	0
2,018	0
2,019	0
2020 and thereafter	0
Total Debt	$ 8.2	$ 6	$ 84.1

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Earnings (loss) from continuing operations attributable to Class A and Common Shares	$ (7.2)	$ (15.7)	$ 9.1	$ (2)
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax	(1.8)	(6.4)	(2.6)	14.3
Net income (loss) attributable to Class A and Common Shares	$ (9)	$ (22.1)	$ 6.5	$ 12.3
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)	34.3	32.7	34	32.6
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)	0	0	0.9	0.6
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)	34.3	32.7	34.9	33.2
Basic earnings (loss) per share:
Earnings (loss) from continuing operations (in Dollars per share)	$ (0.21)	$ (0.48)	$ 0.27	$ (0.06)
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	(0.05)	(0.20)	(0.08)	0.44
Net income (loss) (in Dollars per share)	(0.26)	(0.68)	0.19	0.38
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations (in Dollars per share)	(0.21)	(0.48)	0.26	(0.06)
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	(0.05)	(0.20)	(0.07)	0.43
Net income (loss) (in Dollars per share)	$ (0.26)	$ (0.68)	$ 0.19	$ 0.37

Earnings (Loss) Per Share (De44

Earnings (Loss) Per Share (Details) - Schedule of Options Outstanding - shares shares in Millions	Feb. 29, 2016	Feb. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding pursuant to stock-based compensation plans (in millions)	3.4	4.4

Earnings (Loss) Per Share (De45

Earnings (Loss) Per Share (Details) shares in Millions, $ in Millions	9 Months Ended
	Feb. 29, 2016USD ($)shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Remaining authorized stock repurchase amount | $	$ 52.9
Stock Compensation Plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares) | shares	0

Goodwill and Other Intangible46

Goodwill and Other Intangibles (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Nov. 30, 2015	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015
Goodwill and Other Intangibles (Details) [Line Items]
Amortization expense		$ 1.7	$ 1.4	$ 1.9
Useful life (in years)		4 years
Finite-Lived Intangible Assets
Goodwill and Other Intangibles (Details) [Line Items]
Amortization expense		$ 1.7	$ 1.4
Troubadour, Limited | Finite-Lived Intangible Assets
Goodwill and Other Intangibles (Details) [Line Items]
Amortization expense	$ 0

Goodwill and Other Intangible47

Goodwill and Other Intangibles (Details) - Schedule of activity in goodwill - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015
Goodwill [Roll Forward]
Gross beginning balance	$ 155.9	$ 156	$ 156
Accumulated impairment	(39.6)	(34.2)	(34.2)
Beginning balance	116.3	121.8	121.8
Impairment charge	0	0	(5.4)
Foreign currency translation	(0.1)	(0.1)	(0.1)
Gross ending balance	155.8	155.9	155.9
Accumulated impairment	(39.6)	(34.2)	(39.6)
Ending balance	$ 116.2	$ 121.7	$ 116.3

Goodwill and Other Intangible48

Goodwill and Other Intangibles (Details) - Schedule of other intangible assets subject to amortization - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015	May. 31, 2014
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ 19	$ 16.8	$ 17.3
Finite-lived Intangible Assets [Roll Forward]
Begining balance	4.7	5.8	5.8
Additions	2.4	0.8	0.8
Amortization expense	(1.7)	(1.4)	(1.9)
Foreign currency translation	(0.1)	0		$ 0
Total other intangibles subject to amortization, net of accumulated amortization of $17.8, $17.3 and $15.8, respectively	5.3	5.2	4.7
Total other intangibles not subject to amortization	2.1	2.1	2.1
Total other intangibles	$ 7.4	$ 7.3	$ 6.8

Acquisitions (Details)

Acquisitions (Details) € in Millions, $ in Millions	Sep. 08, 2015USD ($)	Sep. 08, 2015EUR (€)	Feb. 29, 2016USD ($)	Feb. 28, 2015USD ($)
Business Acquisition [Line Items]
Consideration transferred, net of cash acquired			$ 3.7	$ 0.7
Troubadour, Limited
Business Acquisition [Line Items]
Percentage of interests acquired	100.00%
Consideration transferred, net of cash acquired	$ 3.2	€ 2.1
Intangible assets acquired	$ 1.9

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Nov. 05, 2015	Mar. 19, 2015	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015
Investments (Details) [Line Items]
Investments			$ 25.7	$ 18.6	$ 26.3
Proceeds from the sale of investments	$ 3.3		3.3	0.6
Realized gain on cost method investments	$ 2.2
Income from equity method investments			3	1.8
Make Believe Ideas Limited (MBI)
Investments (Details) [Line Items]
Percentage of interests acquired		48.50%
Period before purchase of remaining outstanding shares (in years)		4 years
Equity method investment			7.8	0	7.3
Children's Book Publishing and Distribution
Investments (Details) [Line Items]
Equity method investment			$ 17.9	18.6	17.9
Equity method ownership percentage			26.20%
Other Investments
Investments (Details) [Line Items]
Investments			$ 0	$ 0	1.1
UK Equity method
Investments (Details) [Line Items]
Realized gain on cost method investments					$ 0.6

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - Schedule of net periodic costs - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Components of net periodic benefit (credit) cost:
Amortization of (gain) loss			$ 3.3	$ 6.2
Pension Plans
Components of net periodic benefit (credit) cost:
Service cost	$ 0	$ 0	0	0
Interest cost	1.5	1.7	4.6	5
Expected return on assets	(1.9)	(2.3)	(5.8)	(7)
Net amortization of prior service credit	0	0	0	0
Benefit cost of settlement event	0	0.6	0	4.3
Amortization of (gain) loss	0.4	0.4	1.2	1.1
Net periodic benefit (credit) cost	0	0.4	0	3.4
Post-Retirement Benefits
Components of net periodic benefit (credit) cost:
Service cost	0	0	0	0
Interest cost	0.3	0.3	1	1
Expected return on assets	0	0	0	0
Net amortization of prior service credit	0	(0.1)	0	(0.2)
Benefit cost of settlement event	0	0	0	0
Amortization of (gain) loss	0.7	0.4	2.1	1
Net periodic benefit (credit) cost	$ 1	$ 0.6	$ 3.1	$ 1.8

Employee Benefit Plans (Detai52

Employee Benefit Plans (Details) $ in Millions	9 Months Ended
	Feb. 29, 2016USD ($)
United States Pension Plan
Employee Benefit Plans (Details) [Line Items]
Pension contributions	$ 0
Minimum threshold to trigger settlement charge	4.6
Lump sum benefit payments made	3.1
United Kingdom Pension Plan
Employee Benefit Plans (Details) [Line Items]
Pension contributions	0.9
Pension Plans
Employee Benefit Plans (Details) [Line Items]
Contributions expected in current fiscal year	$ 1.3

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Schedule of stock-based compensation - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 1.6	$ 1.6	$ 8.1	$ 8.2
Share-based payment awards, options, by number of shares issued from Treasury Stock	0.1	0.1	1.2	0.6
Discontinued Operations
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense		$ 0.2		$ 0.8
Employee Stock Expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 0.8	0.8	$ 5.2	5.4
Restricted Stock Unit Expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0.7	0.6	2.1	1.9
Management Stock Purchase Plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0	0.1	0.6	0.7
Employee Stock Purchase Plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Treasury Stock (Details) - Sche

Treasury Stock (Details) - Schedule of repurchase of common stock - USD ($) $ in Millions	3 Months Ended	12 Months Ended		60 Months Ended
	Feb. 29, 2016	Sep. 30, 2010		Aug. 31, 2015	Dec. 16, 2015	Jul. 22, 2015	Oct. 01, 2009
Stockholders' Equity Attributable to Parent [Abstract]
September 2,010		$ 44	[1]		$ 200		$ 200
Additional authorization July 2015						$ 50
Less repurchases made under the authorization as of September 2010	$ (7)	$ (156)		$ (41.1)
Remaining Board authorization at November 30, 2015	$ 52.9
[1]	Represents the remainder of a $200.0 authorization after giving effect to the purchase of 5,199,699 shares at $30.00 per share pursuant to a large share repurchase in the form of a modified Dutch Auction tender offer that was completed by the Company on November 3, 2010 for a total cost of $156.0, excluding related fees and expenses.

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended		60 Months Ended
	Jan. 21, 2016	Feb. 29, 2016	Sep. 30, 2010		Aug. 31, 2015	Dec. 16, 2015	Jul. 22, 2015	May. 31, 2015	Feb. 28, 2015	Oct. 01, 2009
Equity, Class of Treasury Stock [Line Items]
Authorized stock purchase amount			$ 44	[1]		$ 200				$ 200
Common Stock, par value per share (in Dollars per share)		$ 0.01						$ 0.01	$ 0.01
Treasury stock acquired (in shares)			5,199,699
Treasury stock acquired (in dollars per sahre)			$ 30
Increase in authorized amount of stock to be repurchased							$ 50
Treasury stock acquired		$ 7	$ 156		$ 41.1
Maximum
Equity, Class of Treasury Stock [Line Items]
Repurchase offer price (in dollars per share)	$ 40
Minimum
Equity, Class of Treasury Stock [Line Items]
Repurchase offer price (in dollars per share)	$ 37
Common Stock
Equity, Class of Treasury Stock [Line Items]
Common Stock, par value per share (in Dollars per share)		$ 0.01
[1]	Represents the remainder of a $200.0 authorization after giving effect to the purchase of 5,199,699 shares at $30.00 per share pursuant to a large share repurchase in the form of a modified Dutch Auction tender offer that was completed by the Company on November 3, 2010 for a total cost of $156.0, excluding related fees and expenses.

Accumulated Other Comprehensi56

Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (77)	$ (55.2)
Other comprehensive income (loss) before reclassifications	(11.3)	(19.7)
Less: amount reclassified from Accumulated other comprehensive income (loss)	2.3	3.9
Other comprehensive income (loss)	(9)	(15.8)
Ending balance	(86)	(71)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(31.9)	(16.7)
Other comprehensive income (loss) before reclassifications	(11.3)	(15.1)
Less: amount reclassified from Accumulated other comprehensive income (loss)	0	0
Other comprehensive income (loss)	(11.3)	(15.1)
Ending balance	(43.2)	(31.8)
Retirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(45.1)	(38.5)
Other comprehensive income (loss) before reclassifications	0	(4.6)
Less: amount reclassified from Accumulated other comprehensive income (loss)	2.3	3.9
Other comprehensive income (loss)	2.3	(0.7)
Ending balance	$ (42.8)	$ (39.2)

Accumulated Other Comprehensi57

Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Less: Tax effect	$ 9.4	$ 9.7	$ (1.5)	$ 0.6
Net income (loss)	(9)	(22.1)	6.5	12.3
Amount reclassified from Accumulated other comprehensive income (loss) | Retirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service cost (credit)	0	(0.1)	0	(0.2)
Amortization of unrecognized gain (loss) included in net periodic cost (credit)	1.1	0.8	3.3	2.1
Settlement charge	0	(0.6)	0	(4.3)
Less: Tax effect	(0.3)	(0.5)	(1)	(2.3)
Net income (loss)	$ 0.8	$ 0.8	$ 2.3	$ 3.9

Fair Value Measurements (Detail

Fair Value Measurements (Details)	3 Months Ended
	Feb. 29, 2016
Fair Value Disclosures [Abstract]
Discount rate	15.00%

Income Taxes and Other Taxes (D

Income Taxes and Other Taxes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Feb. 29, 2016	Feb. 29, 2016
Income Tax And Non Income Tax Disclosure [Abstract]
Annualized effective income tax rate (percentage)		40.10%
Effective income tax rate (percentage)	56.60%	14.20%
Unrecognized tax benefits recognized due to settlement with the Internal Revenue Service		$ 4.5

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - Not Designated as Hedging Instrument - Foreign Exchange Contract - USD ($) $ in Millions	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	$ 31.7	$ 9.1
Unrealized gain (loss)	$ 0.2	$ (1.1)

Other Accrued Expenses (Details

Other Accrued Expenses (Details) - Schedule of accrued expenses - USD ($) $ in Millions	Feb. 29, 2016	May. 31, 2015	Feb. 28, 2015
Schedule of accrued expenses [Abstract]
Accrued payroll, payroll taxes and benefits	$ 37.2	$ 44.3	$ 41
Accrued bonus and commissions	15.9	32.6	15.5
Accrued other taxes	27.2	26.7	24
Accrued advertising and promotions	37.1	33.4	35.3
Accrued insurance	7.8	7.8	8.1
Other accrued expenses	26.8	28.5	26.8
Total accrued expenses	$ 152	$ 173.3	$ 150.7

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	Mar. 01, 2016$ / shares
Common Class A
Subsequent Event [Line Items]
Dividend declared per share (in Dollars per share)	$ 0.15
Common Stock
Subsequent Event [Line Items]
Dividend declared per share (in Dollars per share)	$ 0.15