Scholastic (SCHL) 10-Q 23 Mar 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Feb. 28, 2018shares
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. 28, 2018
Document Fiscal Year Focus	2,018
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	33,078,234

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Income Statement [Abstract]
Revenues	$ 344.7	$ 336.2	$ 1,132.2	$ 1,242
Operating costs and expenses:
Cost of goods sold	166.4	160.3	535.6	601.3
Selling, general and administrative expenses	186.2	191.1	572	587.2
Depreciation and amortization	11.5	9.5	31.9	28.6
Asset impairments	4.3	0	11	0
Total operating costs and expenses	368.4	360.9	1,150.5	1,217.1
Operating income (loss)	(23.7)	(24.7)	(18.3)	24.9
Interest income (expense), net	0.2	(0.3)	0.5	(1)
Other components of net periodic benefit (cost)	(39.8)	1.1	(55.4)	(0.2)
Earnings (loss) from continuing operations before income taxes	(63.3)	(23.9)	(73.2)	23.7
Provision (benefit) for income taxes	(14.1)	(8.4)	(17.4)	10.8
Earnings (loss) from continuing operations	(49.2)	(15.5)	(55.8)	12.9
Earnings (loss) from discontinued operations, net of tax	0	0.1	0	0
Net income (loss)	$ (49.2)	$ (15.4)	$ (55.8)	$ 12.9
Basic:
Earnings (loss) from continuing operations (in Dollars per share)	$ (1.41)	$ (0.45)	$ (1.59)	$ 0.37
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	0	0.01	0	0
Net income (loss) (in Dollars per share)	(1.41)	(0.44)	(1.59)	0.37
Diluted:
Earnings (loss) from continuing operations (in Dollars per share)	(1.41)	(0.45)	(1.59)	0.36
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	0	0.01	0	0
Net income (loss) (in Dollars per share)	(1.41)	(0.44)	(1.59)	0.36
Dividends declared per class A and common share (in Dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (49.2)	$ (15.4)	$ (55.8)	$ 12.9
Other comprehensive income (loss), net:
Foreign currency translation adjustments (net of tax)	2.2	0.9	6	(6.1)
Pension and post-retirement adjustments (net of tax)	22.2	0.7	31.7	2.1
Total other comprehensive income (loss), net	24.4	1.6	37.7	(4)
Comprehensive income (loss)	$ (24.8)	$ (13.8)	$ (18.1)	$ 8.9

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Feb. 28, 2018	May 31, 2017	Feb. 28, 2017
Current Assets:
Cash and cash equivalents	$ 362.6	$ 444.1	$ 461.8
Accounts receivable, net	186	199.2	172.4
Inventories, net	356.9	282.5	351.2
Prepaid expenses and other current assets	100.1	44.3	68.8
Current assets of discontinued operations	0	0.4	0.4
Total current assets	1,005.6	970.5	1,054.6
Property, plant and equipment, net	530.6	475.3	455.3
Prepublication costs	48.8	43.3	43
Royalty advances, net	50.3	41.8	48.7
Goodwill	119.1	118.9	116.2
Noncurrent deferred income taxes	17.8	53.7	68.5
Other assets and deferred charges	61.5	56.9	61.3
Total noncurrent assets	828.1	789.9	793
Total assets	1,833.7	1,760.4	1,847.6
Current Liabilities:
Lines of credit, short-term debt and current portion of long-term debt	7.7	6.2	5.8
Accounts payable	208.4	141.2	194.2
Accrued royalties	63.2	34.2	87.5
Deferred revenue	56.5	24.2	56
Other accrued expenses	162.6	178	161.8
Accrued income taxes	1.2	2.8	2.7
Current liabilities of discontinued operations	0	0.5	0.1
Total current liabilities	499.6	387.1	508.1
Noncurrent Liabilities:
Other noncurrent liabilities	66.5	65.4	70.5
Total noncurrent liabilities	66.5	65.4	70.5
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	614.6	606.8	604.7
Accumulated other comprehensive income (loss)	(56.5)	(94.2)	(90.7)
Retained earnings	1,019.6	1,091.2	1,057.1
Treasury stock at cost	(310.5)	(296.3)	(302.5)
Total stockholders’ equity	1,267.6	1,307.9	1,269
Total liabilities and stockholders’ equity	1,833.7	1,760.4	1,847.6
Common Class A
Stockholders’ Equity:
Common Stock, value	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Feb. 28, 2018	May 31, 2017	Feb. 28, 2017
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. 28, 2018	Feb. 28, 2017
Cash flows - operating activities:
Net income (loss)	$ (55.8)	$ 12.9
Earnings (loss) from discontinued operations, net of tax	0	0
Earnings (loss) from continuing operations	(55.8)	12.9
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by (used in) operating activities of continuing operations:
Provision for losses on accounts receivable	7.9	9.3
Provision for losses on inventory	11.5	8.7
Provision for losses on royalty advances	3.3	3.3
Amortization of prepublication and production costs	16.4	17.2
Depreciation and amortization	32.2	28.9
Non-cash settlement of pension	55	0
Amortization of pension and post-retirement actuarial gains and losses	1.8	3.1
Deferred income taxes	15.5	0.1
Stock-based compensation	9.1	8.7
Income from equity investments	(3.7)	(4.9)
Non-cash write off related to asset impairments	11	0
Changes in assets and liabilities, net of amounts acquired:
Accounts receivable	8.6	12.3
Inventories	(82)	(91.1)
Prepaid expenses and other current assets	(57.8)	(4.6)
Royalty advances	(11.5)	(8.3)
Accounts payable	63.4	52.8
Other accrued expenses	(15.8)	(13.6)
Accrued income taxes	(1.8)	1.1
Accrued royalties	28.1	56.3
Deferred revenue	31.8	32.4
Pension and post-retirement liabilities	(3.9)	(5.7)
Other noncurrent liabilities	1.6	(1.9)
Other, net	0	(2.6)
Total adjustments	120.7	101.5
Net cash provided by (used in) operating activities of continuing operations	64.9	114.4
Net cash provided by (used in) operating activities of discontinued operations	0	(1)
Net cash provided by (used in) operating activities	64.9	113.4
Cash flows - investing activities:
Prepublication and production expenditures	(22.4)	(19)
Additions to property, plant and equipment	(92.4)	(36.1)
Other investment and acquisition related payments	(2)	(0.4)
Net cash provided by (used in) investing activities of continuing operations	(116.8)	(55.5)
Changes in restricted cash held in escrow for discontinued assets	0	9.9
Net cash provided by (used in) investing activities	(116.8)	(45.6)
Cash flows - financing activities:
Borrowings under lines of credit	40.4	25.9
Repayments of lines of credit	(37.8)	(26.4)
Repayment of capital lease obligations	(0.9)	(0.8)
Reacquisition of common stock	(23.8)	(6)
Proceeds pursuant to stock-based compensation plans	8.9	18.4
Payment of dividends	(15.8)	(15.6)
Other	(1.2)	(1)
Net cash provided by (used in) financing activities	(30.2)	(5.5)
Effect of exchange rate changes on cash and cash equivalents	0.6	(0.2)
Net increase (decrease) in cash and cash equivalents	(81.5)	62.1
Cash and cash equivalents at beginning of period	444.1	399.7
Cash and cash equivalents at end of period	$ 362.6	$ 461.8

Basis of Presentation

Basis of Presentation	9 Months Ended
	Feb. 28, 2018
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, 2017 (the “Annual Report”). The Company’s fiscal year is not a calendar year. Accordingly, references in this document to fiscal 2017 relate to the twelve-month period ended May 31, 2017. Certain reclassifications have been made to conform to the current year presentation. 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 classroom 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 • The timing and amount of future income taxes and related deductions • Inventory reserves • Cost of goods sold from book fair operations during interim periods determined based on estimated gross profit rates • Sales tax contingencies • Royalty advance reserves • Unredeemed incentive programs • Impairment testing for goodwill for assessment and measurement, intangibles and other long-lived assets and investments • Assets and liabilities acquired in business combinations • Revenues for fairs which have not reported final results New Accounting Pronouncements Forthcoming Adoptions: Topic 606, Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (the "FASB") announced that it is amending the FASB Accounting Standards Codification by issuing Accounting Standards Update (the "ASU") 2014-09, Topic 606, Revenue from Contracts with Customers (the "New Revenue Standard"). The amendments in this ASU provide a single model for use in accounting for revenue arising from contracts with customers and supersede current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the ASU is that revenue should be recognized 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 and services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of the New Revenue Standard. In 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-11, and ASU 2016-12 to clarify, among other things, the implementation guidance related to principal versus agent considerations, identifying performance obligations and accounting for 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. The New Revenue Standard will be effective for the Company in the first quarter of fiscal 2019. The Company is evaluating the adoption methodology and the impact on its consolidated financial position, results of operations and cash flows, including assessing the impact of the guidance across all of its revenue streams. This includes a review of current accounting policies and practices to identify potential differences that would result from applying the guidance. While this evaluation is in progress, and the impact is not fully assessed, the Company believes this standard will result in changes relating to the reporting periods in which certain revenues associated with incentive programs within the Company's school channels are recognized.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Feb. 28, 2018
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 three and nine month periods ended February 28, 2018, the Company did not dispose of any components of the business that would meet the criteria for discontinued operations reporting. As of May 31, 2017 and February 28, 2017, assets and liabilities of discontinued operations, and losses from discontinued operations for the three and nine month periods ended February 28, 2017 primarily related to insignificant continuing cash flows from passive activities.

Segment Information

Segment Information	9 Months Ended
	Feb. 28, 2018
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company categorizes its businesses into three reportable segments: Children’s Book Publishing and Distribution and Education, which comprise the Company's domestic operations ; and International . • Children’s Book Publishing and Distribution operates as an integrated business which includes the publication and distribution of children’s books, ebooks, media and interactive products in the United States through its 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 and core classroom materials and related support services, 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 Education Overhead (1) Total Domestic International Total Three months ended Revenues $ 199.4 $ 61.7 $ — $ 261.1 $ 83.6 $ 344.7 Bad debt 0.7 0.4 — 1.1 0.6 1.7 Depreciation and amortization (2) 5.4 2.3 7.5 15.2 1.8 17.0 Asset impairments — — 4.3 4.3 — 4.3 Segment operating income (loss) (0.9 ) (0.2 ) (23.3 ) (24.4 ) 0.7 (23.7 ) Expenditures for other non-current assets (3) 17.2 5.0 29.7 51.9 5.7 57.6 Three months ended Revenues $ 199.0 $ 60.1 $ — $ 259.1 $ 77.1 $ 336.2 Bad debt 0.1 0.4 — 0.5 1.1 1.6 Depreciation and amortization (2) 5.3 2.1 6.0 13.4 1.6 15.0 Segment operating income (loss) 6.3 3.5 (30.8 ) (21.0 ) (3.7 ) (24.7 ) Expenditures for other non-current assets (3) 14.9 2.8 13.9 31.6 2.5 34.1 Children’s Education Overhead (1) Total International Total Nine months ended Revenues $ 678.0 $ 177.6 $ — $ 855.6 $ 276.6 $ 1,132.2 Bad debt expense 3.4 1.4 4.8 3.1 7.9 Depreciation and amortization (2) 15.8 6.6 20.7 43.1 5.2 48.3 Asset impairments — — 11.0 11.0 — 11.0 Segment operating income (loss) 55.3 (8.9 ) (77.3 ) (30.9 ) 12.6 (18.3 ) Segment assets at 494.8 179.1 886.1 1,560.0 273.7 1,833.7 Goodwill at February 28, 2018 40.9 68.2 — 109.1 10.0 119.1 Expenditures for other non-current assets (3) 44.9 12.5 78.4 135.8 10.7 146.5 Other non-current assets at (3) 152.0 99.7 466.5 718.2 75.5 793.7 Nine months ended Revenues $ 769.3 $ 186.4 $ — $ 955.7 $ 286.3 $ 1,242.0 Bad debt expense 3.3 0.9 — 4.2 5.1 9.3 Depreciation and amortization (2) 16.6 6.2 17.4 40.2 5.6 45.8 Segment operating income (loss) 91.2 7.8 (91.3 ) 7.7 17.2 24.9 Segment assets at 478.4 158.8 948.7 1,585.9 261.3 1,847.2 Goodwill at February 28, 2017 40.9 65.4 — 106.3 9.9 116.2 Expenditures for other non-current assets (3) 52.2 7.8 28.5 88.5 8.5 97.0 Other non-current assets at (3) 146.9 83.7 398.6 629.2 66.4 695.6 (1) 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. (2) Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs. (3) Other non-current assets include property, plant and equipment, prepublication assets, production assets, royalty advances, goodwill, intangible assets and investments. Expenditures for other non-current assets for the International reportable segment include expenditures for long-lived assets of $3.6 and $1.5 for the three months and $6.6 and $4.8 for the nine months ended February 28, 2018 and February 28, 2017, respectively. Other non-current assets for the International reportable segment include long-lived assets of $35.8 and $33.4 as of February 28, 2018 and February 28, 2017, respectively.

Debt

Debt	9 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the carrying value of the Company's debt as of the dates indicated: February 28, 2018 May 31, 2017 February 28, 2017 Revolving Loan $ — $ — $ — Unsecured short term lines of credit (weighted average interest rates of 3.7%, 4.1% and 3.9%, respectively) 7.7 6.2 5.8 Total debt $ 7.7 $ 6.2 $ 5.8 The fair value of the Company's debt approximates the carrying value for all periods presented. The Company's debt obligations as of February 28, 2018, have maturities of one year or less. Loan Agreement On January 5, 2017, Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together , the “Borrowers”) entered into a new 5-year credit facility with certain banks (the “Loan Agreement”). The Loan Agreement replaced the Company's then existing loan agreement and has substantially similar terms, except that: (i) the borrowing limit was reduced to $375.0 from $425.0 ; (ii) the “starter” basket for permitted payments of dividends and other payments in respect of capital stock was increased to $275.0 from $75.0 ; and (iii) the maturity date was extended to January 5, 2022 . The Loan Agreement allows the Company to borrow, repay or prepay and reborrow at any time prior to the January 5, 2022 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 0.50% or (iii) the Eurodollar Rate for a one month interest period plus 1% plus, in each case, an applicable spread ranging from 0.175% 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 1.175% to 1.60% , as determined by the Company’s prevailing consolidated debt to total capital ratio. As of February 28, 2018, the indicated spread on Base Rate Advances was 0.175% and the indicated spread on Eurodollar Advances was 1.175% , 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 in respect of the aggregate amount of revolving credit commitments ranging from 0.20% to 0.40% per annum based upon the Company’s prevailing consolidated debt to total capital ratio. At February 28, 2018, the facility fee rate was 0.20% . A portion of the revolving credit facility up to a maximum of $50.0 is available for the issuance of letters of credit. In addition, a portion of the revolving credit facility up to a maximum of $15.0 is available for swingline loans. The Loan Agreement has an accordion feature which permits the Company, provided certain conditions are satisfied, to increase the facility by up to an additional $150.0 . As of February 28, 2018, the Company had no outstanding borrowings under the Loan Agreement. At February 28, 2018, the Company had open standby letters of credit totaling $5.3 issued under certain credit lines, including $ 0.4 under the Loan Agreement and $ 4.9 under the domestic credit lines discussed below. 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 28, 2018, the Company was in compliance with these covenants. Lines of Credit As of February 28, 2018, the Company’s domestic credit lines available under unsecured money market bid rate credit lines totaled $25.0 . There were no outstanding borrowings under these credit lines as of February 28, 2018, May 31, 2017 or February 28, 2017. As of February 28, 2018, 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 28, 2018, the Company had equivalent various local currency credit lines totaling $24.4 underwritten by banks primarily in the United States, Canada and the United Kingdom. Outstanding borrowings under these facilities were equivalent to $7.7 , at February 28, 2018 at a weighted average interest rate of 3.7% , $6.2 at May 31, 2017 at a weighted average interest rate of 4.1% and $5.8 at February 28, 2017 at a weighted average interest rate of 3.9% . As of February 28, 2018, the equivalent amounts available under these facilities totaled $16.7 . 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. 28, 2018
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. See Note 14, "Income Taxes and Other Taxes," for further discussion.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Feb. 28, 2018
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 periods indicated: Three months ended February 28, Nine months ended February 28, 2018 2017 2018 2017 Earnings (loss) from continuing operations attributable to Class A and Common Shares $ (49.2 ) $ (15.5 ) $ (55.8 ) $ 12.9 Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax — 0.1 — 0.0 Net income (loss) attributable to Class A and Common Shares $ (49.2 ) $ (15.4 ) $ (55.8 ) $ 12.9 Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 34.9 34.8 35.1 34.6 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) — — — 0.7 Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 34.9 34.8 35.1 35.3 Earnings (loss) per share of Class A Stock and Common Stock: Basic earnings (loss) per share: Earnings (loss) from continuing operations $ (1.41 ) $ (0.45 ) $ (1.59 ) $ 0.37 Earnings (loss) from discontinued operations, net of tax $ — $ 0.01 $ — $ 0.00 Net income (loss) $ (1.41 ) $ (0.44 ) $ (1.59 ) $ 0.37 Diluted earnings (loss) per share: Earnings (loss) from continuing operations $ (1.41 ) $ (0.45 ) $ (1.59 ) $ 0.36 Earnings (loss) from discontinued operations, net of tax $ — $ 0.01 $ — $ 0.00 Net income (loss) $ (1.41 ) $ (0.44 ) $ (1.59 ) $ 0.36 The following table sets forth Options outstanding pursuant to stock-based compensation plans as of the dates indicated: February 28, 2018 February 28, 2017 Options outstanding pursuant to stock-based compensation plans (in millions) 3.1 2.9 Earnings from continuing operations exclude earnings of less than $0.1 for the nine months ended February 28, 2017, attributable to participating Restricted Stock Units (“RSUs”). In a period in which the Company reports a discontinued operation, Earnings (loss) from continuing operations attributable to Class A and Common Shares is used as the “control number” in determining whether potentially dilutive common shares are dilutive or anti-dilutive. There were 1.5 million potentially anti-dilutive shares outstanding pursuant to compensation plans as of February 28, 2018. A portion of the Company’s Restricted Stock Units ("RSUs") which are granted to employees participate in earnings through cumulative 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 28, 2018, $13.4 remained available for future purchases of common shares under the repurchase authorization of the Board of Directors (the "Board") in effect on that date. See Note 11, “Treasury Stock,” for a more complete description of the Company’s share buy-back program and see Note 17, "Subsequent Events" for information concerning a subsequent increase in the share repurchase authorization.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Feb. 28, 2018
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 Nine months ended Beginning balance $ 118.9 $ 116.2 $ 116.2 Additions — 2.8 — Foreign currency translation 0.2 (0.1 ) (0.0 ) Total goodwill $ 119.1 $ 118.9 $ 116.2 Accumulated goodwill impairment losses totaled $39.6 as of February 28, 2018, May 31, 2017 and February 28, 2017. There were no goodwill impairment losses during the nine months ended February 28, 2018 and February 28, 2017. The following table summarizes the activity in other intangibles included in “Other assets and deferred charges” on the Company’s condensed consolidated balance sheets for the periods indicated: Nine months ended Twelve months ended Nine months ended Beginning balance other intangibles subject to amortization $ 9.0 $ 4.7 $ 4.7 Additions 1.5 7.0 0.2 Amortization expense (1.6 ) (2.5 ) (1.8 ) Foreign currency translation 0.1 (0.2 ) (0.2 ) Total other intangibles subject to amortization, net of accumulated amortization of $23.6, $22.0 and $21.3, respectively $ 9.0 $ 9.0 $ 2.9 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 11.1 $ 11.1 $ 5.0 In the third quarter of fiscal 2018, the Company purchased a UK-based book distribution business resulting in the recognition of $1.4 of amortizable intangible assets. In the first quarter of fiscal 2018, the Company purchased a U.S.-based book fair business resulting in the recognition of $0.1 of amortizable intangible assets. Intangible assets with definite lives consist principally of customer lists, intellectual property 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 4.2 years . Intangible assets with indefinite lives consist principally of trademark and trademark rights.

Investments

Investments	9 Months Ended
	Feb. 28, 2018
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 $33.1 , $28.6 and $27.1 at February 28, 2018, May 31, 2017 and February 28, 2017, respectively. The Company's 48.5% equity interest in Make Believe Ideas Limited ("MBI"), a UK-based children's book publishing company, is accounted for using the equity method of accounting. Under the purchase agreement, and subject to its provisions, the Company will likely purchase the remaining outstanding shares in MBI following the completion of MBI's accounts for the calendar year 2018. The net carrying value of this investment was $11.2 , $8.6 and $8.0 at February 28, 2018, May 31, 2017 and February 28, 2017, respectively. Equity method income from this investment is reported in the International segment. The Company’s 26.2% non-controlling interest in a separate 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 $21.8 , $20.0 and $19.1 at February 28, 2018, May 31, 2017 and February 28, 2017, respectively. Equity method income from this investment is reported in the International segment. The Company has other equity and cost method investments that had a net carrying value of $0.1 , less than $0.1 and less than $0.1 at February 28, 2018, May 31, 2017 and February 28, 2017, respectively. Income from equity investments reported in "Selling, general and administrative expenses" in the condensed consolidated statements of operations totaled $3.7 and $4.9 for the nine months ended February 28, 2018 and February 28, 2017, respectively.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Feb. 28, 2018
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The following table sets forth components of the net periodic (benefit) cost 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. U.S. Pension Plan UK Pension Plan Post-Retirement Benefits Three months ended February 28, Three months ended February 28, Three months ended February 28, 2018 2017 2018 2017 2018 2017 Components of net periodic (benefit) cost: Service cost $ — $ — $ — $ — $ 0.0 $ 0.0 Interest cost 0.5 0.8 0.3 0.3 0.2 0.2 Expected return on assets (1.1 ) (1.5 ) (0.3 ) (0.3 ) — — Benefit cost of settlement event 39.6 — — — — — Amortization of (gain) loss 0.3 0.2 0.3 0.2 0.0 (1.0 ) Net periodic (benefit) cost $ 39.3 $ (0.5 ) $ 0.3 $ 0.2 $ 0.2 $ (0.8 ) U.S. Pension Plan UK Pension Plan Post-Retirement Benefits Nine months ended February 28, Nine months ended February 28, Nine months ended February 28, 2018 2017 2018 2017 2018 2017 Components of net periodic (benefit) cost: Service cost $ — $ — $ — $ — $ 0.0 $ 0.0 Interest cost 1.9 2.4 0.8 0.9 0.7 0.8 Expected return on assets (4.0 ) (4.6 ) (0.8 ) (0.8 ) — — Net amortization of prior service credit — — — — — — Benefit cost of settlement event 55.0 — — — — — Amortization of (gain) loss 0.9 0.7 0.9 0.6 0.0 0.2 Net periodic cost (credit) $ 53.8 $ (1.5 ) $ 0.9 $ 0.7 $ 0.7 $ 1.0 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 28, 2018, the Company made no contribution to the U.S. Pension Plan and contributed $0.8 to the UK Pension Plan. The Company expects, based on actuarial calculations, to contribute cash of approximately $1.1 to the UK Pension Plan for the fiscal year ending May 31, 2018. On July 20, 2016, the Board approved the termination of the U.S. Pension Plan, in which all benefit accruals were previously frozen as of June 1, 2009. Based on the U.S. Pension Plan’s funded status and the frozen benefit, it was determined that the on-going costs of maintaining the U.S. Pension Plan were growing at a greater rate than the benefit delivered to the Company’s employees and former employees. During the nine months ended February 28, 2018, the U.S. Pension Plan made $37.8 of lump sum benefit payments to vested plan participants in excess of interest costs. Then, on February 14, 2018, the Company agreed to purchase group annuity contracts for the remaining U.S. Pension Plan participants. The total cost of these contracts was $86.3 , paid to the respective insurers on February 21, 2018, resulting in a final settlement charge. The net funded asset position of the U.S. Pension Plan had previously included the value of the insurance contracts and lump sums settled prior to the purchase of such contracts. The U.S. Pension Plan's asset balance was sufficient to fund the purchase of these insurance contracts as well as any remaining benefit obligations and plan-related operating expenses, with no additional cost to the Company as the plan sponsor. As a result, a remeasurement was completed on the final settlement date and a pretax settlement charge of $55.0 was recognized in the Company's Condensed Consolidated Statement of Operations in Other components of net periodic benefit (cost) as part of Earnings (loss) from continuing operations before income taxes. The fair value of the U.S. Pension Plan assets as of February 20, 2018 was used in determining the appropriate unrecognized loss to be used in the pretax settlement charge. The net funded asset position of the U.S. Pension Plan as of February 28, 2018 is estimated to be $2.3 . This amount reflects an asset of $3.6 that will be used to pay approximately $1.3 of annuity benefit payments in the fourth quarter of fiscal 2018 and any plan-related expenses. There are no actuarial assumptions reflected in any U.S. Pension Plan estimates and there is no ongoing periodic benefit cost for the remainder of fiscal 2018. Any difference between actual payments made and the net funded asset position measured at February 28, 2018, will be treated as an actuarial gain/loss and will be fully recognized in Other components of net periodic benefit (cost) as part of Earnings (loss) from continuing operations before income taxes.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Feb. 28, 2018
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 February 28, Nine months ended February 28, 2018 2017 2018 2017 Stock option expense $ 0.8 $ 0.9 $ 6.2 $ 6.0 Restricted stock unit expense 0.6 0.6 2.0 2.0 Management stock purchase plan 0.1 0.1 0.7 0.5 Employee stock purchase plan 0.1 0.0 0.2 0.2 Total stock-based compensation expense $ 1.6 $ 1.6 $ 9.1 $ 8.7 The following table sets forth Common Stock issued pursuant to stock-based compensation plans as of the dates indicated: Three months ended February 28, Nine months ended February 28, 2018 2017 2018 2017 Common Stock issued pursuant to stock-based compensation plans (in millions) 0.2 0.4 0.4 0.7

Treasury Stock

Treasury Stock	9 Months Ended
	Feb. 28, 2018
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 Board authorization at the date indicated: Amount July 2015 $ 50.0 Less repurchases made under the authorization as of February 28, 2018 (36.6 ) Remaining Board authorization at February 28, 2018 $ 13.4 On July 22, 2015, the Board authorized $50.0 for the share buy-back program, to be funded with available cash. Repurchases of Common Stock were $11.8 and $25.1 during the three and nine months ended February 28, 2018, respectively. See Note 17, "Subsequent Events" for a description of the most recent share buy-back program authorization on March 21, 2018. The Company’s repurchase program may be suspended at any time without prior notice.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Feb. 28, 2018
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: Three months ended February 28, 2018 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at December 1, 2017 $ (41.5 ) $ (39.4 ) $ (80.9 ) Other comprehensive income (loss) before reclassifications (net of tax) 2.2 — 2.2 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization (net of tax of $0.1) — 0.5 0.5 Settlement (net of tax of $15.8) — 23.8 23.8 Other reclassifications (net of tax benefit of $1.4) — (2.1 ) (2.1 ) Other comprehensive income (loss) 2.2 22.2 24.4 Ending balance at February 28, 2018 $ (39.3 ) $ (17.2 ) $ (56.5 ) Three months ended February 28, 2017 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at December 1, 2016 $ (47.0 ) $ (45.3 ) $ (92.3 ) Other comprehensive income (loss) before reclassifications (net of tax) 0.9 — 0.9 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization (net of tax of $0.3) — 0.7 0.7 Other comprehensive income (loss) 0.9 0.7 1.6 Ending balance at February 28, 2017 $ (46.1 ) $ (44.6 ) $ (90.7 ) Nine months ended February 28, 2018 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2017 $ (45.3 ) $ (48.9 ) $ (94.2 ) Other comprehensive income (loss) before reclassifications (net of tax) 6.0 — 6.0 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization (net of tax of $0.4) — 1.4 1.4 Settlement (net of tax of $22.0) — 33.0 33.0 Other reclassifications (net of tax benefit of $1.9) — (2.7 ) (2.7 ) Other comprehensive income (loss) 6.0 31.7 37.7 Ending balance at February 28, 2018 $ (39.3 ) $ (17.2 ) $ (56.5 ) Nine months ended February 28, 2017 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2016 $ (40.0 ) $ (46.7 ) $ (86.7 ) Other comprehensive income (loss) before reclassifications (net of tax) (6.1 ) — (6.1 ) Less amount reclassified from Accumulated other comprehensive income (loss): Amortization (net of tax of $1.0) — 2.1 2.1 Other comprehensive income (loss) (6.1 ) 2.1 (4.0 ) Ending balance at February 28, 2017 $ (46.1 ) $ (44.6 ) $ (90.7 ) The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the periods indicated: Three months ended February 28, Nine months ended February 28, Affected line items in the condensed consolidated statements of operations 2018 2017 2018 2017 Employee benefit plans: Amortization of unrecognized gain (loss) $ 0.6 $ 1.0 $ 1.8 $ 3.1 Other components of net periodic benefit (cost) Settlement charge 39.6 — 55.0 — Other components of net periodic benefit (cost) Other reclassifications, net (3.4 ) — (4.6 ) — Other components of net periodic benefit (cost) Less: Tax effect (14.6 ) (0.3 ) (20.6 ) (1.0 ) Provision (benefit) for income taxes Total cost, net of tax $ 22.2 $ 0.7 $ 31.6 $ 2.1

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Feb. 28, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 15, “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, definite 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.

Income Taxes and Other Taxes

Income Taxes and Other Taxes	9 Months Ended
	Feb. 28, 2018
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, is expected to be approximately 33.9% . The interim effective tax rate, inclusive of discrete items, was 22.3% and 23.8% for the three and nine month periods ended February 28, 2018, respectively. On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law resulting in a significant change in the framework for U.S. corporate taxes. The Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. As a result, the Company's income tax benefit for each of the three and nine month periods ended February 28, 2018 includes expense related to the re-measurement of the Company's U.S. deferred tax balances of $8.3 , based upon the Company's estimate of the amount and timing of future income taxes and related deductions. The Company does not expect to incur a one-time transition tax on earnings of foreign subsidiaries. The re-measurement of the Company's U.S. deferred tax balances, any transition tax and interpretation of the new law is provisional subject to clarifications of the new legislation and final calculations. Any future changes to the Company’s provisional estimates, related to Act, will be reflected as a change in estimate in the period in which the change in estimate is made in accordance with Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118"). SAB 118 allows for a measurement period of up to one year after the enactment date of the Act to finalize the recording of the related tax impacts. The Act also subjects a U.S. shareholder to tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company is still evaluating the effects of the GILTI provisions and has not yet determined an accounting policy or a reasonable estimate of a potential impact (if any). The Company has not reflected any adjustments related to GILTI in the financial statements. 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. 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 for such jurisdiction, the Company has made accruals for these matters which are reflected in the Company’s condensed consolidated financial statements in Selling, general and administrative expenses. Future developments relating to the foregoing could result in adjustments being made to these accruals. The State of Wisconsin has assessed Scholastic Book Fairs, Inc. (“SBF”), a wholly owned subsidiary of the Company, $5.4 , exclusive of penalties and interest, for sales tax in fiscal years 2004 through 2014. Based upon the facts and circumstances and the relevant laws in the State of Wisconsin, the Company does not believe these assessments are merited and has elected to litigate these assessments. While the Company believes it will prevail in this litigation and accordingly has not recognized a liability for these assessments, the results of litigation cannot be assured and it is reasonably possible that SBF could be found liable for all or a portion of the amounts assessed.

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Feb. 28, 2018
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 and certain future commitments for foreign expenditures. 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 Statement of Operations, and it recognizes the unrealized gain or loss in other current assets or current liabilities. In the fiscal quarter ended February 28, 2018, the Company settled an existing foreign currency derivative which resulted in net cash proceeds of $0.9 . Income related to the foreign currency derivative was $0.3 and $0.6 for the three and nine months ended February 28, 2018, respectively, and $0.1 and $0.1 for the three and nine months ended February 28, 2017, respectively. The notional values of the open contracts as of February 28, 2018 and February 28, 2017 were $27.5 and $36.7 , respectively. Unrealized losses of $0.3 and unrealized gains of $0.1 were recognized at February 28, 2018 and February 28, 2017, respectively, for the nine month periods then ended.

Other Accrued Expenses

Other Accrued Expenses	9 Months Ended
	Feb. 28, 2018
Other Accrued Expenses Disclosure [Abstract]
Other Accrued Expenses	OTHER ACCRUED EXPENSES Other accrued expenses consist of the following as of the dates indicated: February 28, 2018 May 31, 2017 February 28, 2017 Accrued payroll, payroll taxes and benefits $ 44.8 $ 48.5 $ 45.0 Accrued bonus and commissions 19.9 33.8 20.1 Accrued other taxes 23.4 26.1 24.7 Accrued advertising and promotions 35.8 34.9 34.9 Accrued insurance 8.1 7.6 8.1 Other accrued expenses 30.6 27.1 29.0 Total accrued expenses $ 162.6 $ 178.0 $ 161.8

Subsequent Events

Subsequent Events	9 Months Ended
	Feb. 28, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Board 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 2018. The dividend is payable on June 15, 2018 to shareholders of record as of the close of business on April 30, 2018.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Feb. 28, 2018
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, 2017 (the “Annual Report”). The Company’s fiscal year is not a calendar year. Accordingly, references in this document to fiscal 2017 relate to the twelve-month period ended May 31, 2017. Certain reclassifications have been made to conform to the current year presentation.
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 classroom 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 • The timing and amount of future income taxes and related deductions • Inventory reserves • Cost of goods sold from book fair operations during interim periods determined based on estimated gross profit rates • Sales tax contingencies • Royalty advance reserves • Unredeemed incentive programs • Impairment testing for goodwill for assessment and measurement, intangibles and other long-lived assets and investments • Assets and liabilities acquired in business combinations • Revenues for fairs which have not reported final results
New Accounting Pronouncements	New Accounting Pronouncements Forthcoming Adoptions: Topic 606, Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (the "FASB") announced that it is amending the FASB Accounting Standards Codification by issuing Accounting Standards Update (the "ASU") 2014-09, Topic 606, Revenue from Contracts with Customers (the "New Revenue Standard"). The amendments in this ASU provide a single model for use in accounting for revenue arising from contracts with customers and supersede current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the ASU is that revenue should be recognized 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 and services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of the New Revenue Standard. In 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-11, and ASU 2016-12 to clarify, among other things, the implementation guidance related to principal versus agent considerations, identifying performance obligations and accounting for 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. The New Revenue Standard will be effective for the Company in the first quarter of fiscal 2019. The Company is evaluating the adoption methodology and the impact on its consolidated financial position, results of operations and cash flows, including assessing the impact of the guidance across all of its revenue streams. This includes a review of current accounting policies and practices to identify potential differences that would result from applying the guidance. While this evaluation is in progress, and the impact is not fully assessed, the Company believes this standard will result in changes relating to the reporting periods in which certain revenues associated with incentive programs within the Company's school channels are recognized.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Feb. 28, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Children’s Book Publishing & Distribution Education Overhead (1) Total Domestic International Total Three months ended Revenues $ 199.4 $ 61.7 $ — $ 261.1 $ 83.6 $ 344.7 Bad debt 0.7 0.4 — 1.1 0.6 1.7 Depreciation and amortization (2) 5.4 2.3 7.5 15.2 1.8 17.0 Asset impairments — — 4.3 4.3 — 4.3 Segment operating income (loss) (0.9 ) (0.2 ) (23.3 ) (24.4 ) 0.7 (23.7 ) Expenditures for other non-current assets (3) 17.2 5.0 29.7 51.9 5.7 57.6 Three months ended Revenues $ 199.0 $ 60.1 $ — $ 259.1 $ 77.1 $ 336.2 Bad debt 0.1 0.4 — 0.5 1.1 1.6 Depreciation and amortization (2) 5.3 2.1 6.0 13.4 1.6 15.0 Segment operating income (loss) 6.3 3.5 (30.8 ) (21.0 ) (3.7 ) (24.7 ) Expenditures for other non-current assets (3) 14.9 2.8 13.9 31.6 2.5 34.1 Children’s Education Overhead (1) Total International Total Nine months ended Revenues $ 678.0 $ 177.6 $ — $ 855.6 $ 276.6 $ 1,132.2 Bad debt expense 3.4 1.4 4.8 3.1 7.9 Depreciation and amortization (2) 15.8 6.6 20.7 43.1 5.2 48.3 Asset impairments — — 11.0 11.0 — 11.0 Segment operating income (loss) 55.3 (8.9 ) (77.3 ) (30.9 ) 12.6 (18.3 ) Segment assets at 494.8 179.1 886.1 1,560.0 273.7 1,833.7 Goodwill at February 28, 2018 40.9 68.2 — 109.1 10.0 119.1 Expenditures for other non-current assets (3) 44.9 12.5 78.4 135.8 10.7 146.5 Other non-current assets at (3) 152.0 99.7 466.5 718.2 75.5 793.7 Nine months ended Revenues $ 769.3 $ 186.4 $ — $ 955.7 $ 286.3 $ 1,242.0 Bad debt expense 3.3 0.9 — 4.2 5.1 9.3 Depreciation and amortization (2) 16.6 6.2 17.4 40.2 5.6 45.8 Segment operating income (loss) 91.2 7.8 (91.3 ) 7.7 17.2 24.9 Segment assets at 478.4 158.8 948.7 1,585.9 261.3 1,847.2 Goodwill at February 28, 2017 40.9 65.4 — 106.3 9.9 116.2 Expenditures for other non-current assets (3) 52.2 7.8 28.5 88.5 8.5 97.0 Other non-current assets at (3) 146.9 83.7 398.6 629.2 66.4 695.6 (1) 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. (2) Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs. (3) Other non-current assets include property, plant and equipment, prepublication assets, production assets, royalty advances, goodwill, intangible assets and investments. Expenditures for other non-current assets for the International reportable segment include expenditures for long-lived assets of $3.6 and $1.5 for the three months and $6.6 and $4.8 for the nine months ended February 28, 2018 and February 28, 2017, respectively. Other non-current assets for the International reportable segment include long-lived assets of $35.8 and $33.4 as of February 28, 2018 and February 28, 2017, respectively.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the carrying value of the Company's debt as of the dates indicated: February 28, 2018 May 31, 2017 February 28, 2017 Revolving Loan $ — $ — $ — Unsecured short term lines of credit (weighted average interest rates of 3.7%, 4.1% and 3.9%, respectively) 7.7 6.2 5.8 Total debt $ 7.7 $ 6.2 $ 5.8

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Feb. 28, 2018
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 periods indicated: Three months ended February 28, Nine months ended February 28, 2018 2017 2018 2017 Earnings (loss) from continuing operations attributable to Class A and Common Shares $ (49.2 ) $ (15.5 ) $ (55.8 ) $ 12.9 Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax — 0.1 — 0.0 Net income (loss) attributable to Class A and Common Shares $ (49.2 ) $ (15.4 ) $ (55.8 ) $ 12.9 Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 34.9 34.8 35.1 34.6 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) — — — 0.7 Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 34.9 34.8 35.1 35.3 Earnings (loss) per share of Class A Stock and Common Stock: Basic earnings (loss) per share: Earnings (loss) from continuing operations $ (1.41 ) $ (0.45 ) $ (1.59 ) $ 0.37 Earnings (loss) from discontinued operations, net of tax $ — $ 0.01 $ — $ 0.00 Net income (loss) $ (1.41 ) $ (0.44 ) $ (1.59 ) $ 0.37 Diluted earnings (loss) per share: Earnings (loss) from continuing operations $ (1.41 ) $ (0.45 ) $ (1.59 ) $ 0.36 Earnings (loss) from discontinued operations, net of tax $ — $ 0.01 $ — $ 0.00 Net income (loss) $ (1.41 ) $ (0.44 ) $ (1.59 ) $ 0.36
Schedule of stock option activity	The following table sets forth Options outstanding pursuant to stock-based compensation plans as of the dates indicated: February 28, 2018 February 28, 2017 Options outstanding pursuant to stock-based compensation plans (in millions) 3.1 2.9

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Feb. 28, 2018
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 Nine months ended Beginning balance $ 118.9 $ 116.2 $ 116.2 Additions — 2.8 — Foreign currency translation 0.2 (0.1 ) (0.0 ) Total goodwill $ 119.1 $ 118.9 $ 116.2
Summary of Activity in Total Other Intangibles for the Periods Indicated	The following table summarizes the activity in other intangibles included in “Other assets and deferred charges” on the Company’s condensed consolidated balance sheets for the periods indicated: Nine months ended Twelve months ended Nine months ended Beginning balance other intangibles subject to amortization $ 9.0 $ 4.7 $ 4.7 Additions 1.5 7.0 0.2 Amortization expense (1.6 ) (2.5 ) (1.8 ) Foreign currency translation 0.1 (0.2 ) (0.2 ) Total other intangibles subject to amortization, net of accumulated amortization of $23.6, $22.0 and $21.3, respectively $ 9.0 $ 9.0 $ 2.9 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 11.1 $ 11.1 $ 5.0

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Feb. 28, 2018
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following table sets forth components of the net periodic (benefit) cost 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. U.S. Pension Plan UK Pension Plan Post-Retirement Benefits Three months ended February 28, Three months ended February 28, Three months ended February 28, 2018 2017 2018 2017 2018 2017 Components of net periodic (benefit) cost: Service cost $ — $ — $ — $ — $ 0.0 $ 0.0 Interest cost 0.5 0.8 0.3 0.3 0.2 0.2 Expected return on assets (1.1 ) (1.5 ) (0.3 ) (0.3 ) — — Benefit cost of settlement event 39.6 — — — — — Amortization of (gain) loss 0.3 0.2 0.3 0.2 0.0 (1.0 ) Net periodic (benefit) cost $ 39.3 $ (0.5 ) $ 0.3 $ 0.2 $ 0.2 $ (0.8 ) U.S. Pension Plan UK Pension Plan Post-Retirement Benefits Nine months ended February 28, Nine months ended February 28, Nine months ended February 28, 2018 2017 2018 2017 2018 2017 Components of net periodic (benefit) cost: Service cost $ — $ — $ — $ — $ 0.0 $ 0.0 Interest cost 1.9 2.4 0.8 0.9 0.7 0.8 Expected return on assets (4.0 ) (4.6 ) (0.8 ) (0.8 ) — — Net amortization of prior service credit — — — — — — Benefit cost of settlement event 55.0 — — — — — Amortization of (gain) loss 0.9 0.7 0.9 0.6 0.0 0.2 Net periodic cost (credit) $ 53.8 $ (1.5 ) $ 0.9 $ 0.7 $ 0.7 $ 1.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Feb. 28, 2018
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 February 28, Nine months ended February 28, 2018 2017 2018 2017 Stock option expense $ 0.8 $ 0.9 $ 6.2 $ 6.0 Restricted stock unit expense 0.6 0.6 2.0 2.0 Management stock purchase plan 0.1 0.1 0.7 0.5 Employee stock purchase plan 0.1 0.0 0.2 0.2 Total stock-based compensation expense $ 1.6 $ 1.6 $ 9.1 $ 8.7
Schedule of Shares Issued Pursuant to Share-based Compensation Activity	The following table sets forth Common Stock issued pursuant to stock-based compensation plans as of the dates indicated: Three months ended February 28, Nine months ended February 28, 2018 2017 2018 2017 Common Stock issued pursuant to stock-based compensation plans (in millions) 0.2 0.4 0.4 0.7

Treasury Stock (Tables)

Treasury Stock (Tables)	9 Months Ended
	Feb. 28, 2018
Stockholders' Equity Attributable to Parent [Abstract]
Tabular Disclosure of an Entity's Treasury Stock	The table below represents the Board authorization at the date indicated: Amount July 2015 $ 50.0 Less repurchases made under the authorization as of February 28, 2018 (36.6 ) Remaining Board authorization at February 28, 2018 $ 13.4

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Feb. 28, 2018
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: Three months ended February 28, 2018 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at December 1, 2017 $ (41.5 ) $ (39.4 ) $ (80.9 ) Other comprehensive income (loss) before reclassifications (net of tax) 2.2 — 2.2 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization (net of tax of $0.1) — 0.5 0.5 Settlement (net of tax of $15.8) — 23.8 23.8 Other reclassifications (net of tax benefit of $1.4) — (2.1 ) (2.1 ) Other comprehensive income (loss) 2.2 22.2 24.4 Ending balance at February 28, 2018 $ (39.3 ) $ (17.2 ) $ (56.5 ) Three months ended February 28, 2017 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at December 1, 2016 $ (47.0 ) $ (45.3 ) $ (92.3 ) Other comprehensive income (loss) before reclassifications (net of tax) 0.9 — 0.9 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization (net of tax of $0.3) — 0.7 0.7 Other comprehensive income (loss) 0.9 0.7 1.6 Ending balance at February 28, 2017 $ (46.1 ) $ (44.6 ) $ (90.7 ) Nine months ended February 28, 2018 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2017 $ (45.3 ) $ (48.9 ) $ (94.2 ) Other comprehensive income (loss) before reclassifications (net of tax) 6.0 — 6.0 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization (net of tax of $0.4) — 1.4 1.4 Settlement (net of tax of $22.0) — 33.0 33.0 Other reclassifications (net of tax benefit of $1.9) — (2.7 ) (2.7 ) Other comprehensive income (loss) 6.0 31.7 37.7 Ending balance at February 28, 2018 $ (39.3 ) $ (17.2 ) $ (56.5 ) Nine months ended February 28, 2017 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2016 $ (40.0 ) $ (46.7 ) $ (86.7 ) Other comprehensive income (loss) before reclassifications (net of tax) (6.1 ) — (6.1 ) Less amount reclassified from Accumulated other comprehensive income (loss): Amortization (net of tax of $1.0) — 2.1 2.1 Other comprehensive income (loss) (6.1 ) 2.1 (4.0 ) Ending balance at February 28, 2017 $ (46.1 ) $ (44.6 ) $ (90.7 )
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 February 28, Nine months ended February 28, Affected line items in the condensed consolidated statements of operations 2018 2017 2018 2017 Employee benefit plans: Amortization of unrecognized gain (loss) $ 0.6 $ 1.0 $ 1.8 $ 3.1 Other components of net periodic benefit (cost) Settlement charge 39.6 — 55.0 — Other components of net periodic benefit (cost) Other reclassifications, net (3.4 ) — (4.6 ) — Other components of net periodic benefit (cost) Less: Tax effect (14.6 ) (0.3 ) (20.6 ) (1.0 ) Provision (benefit) for income taxes Total cost, net of tax $ 22.2 $ 0.7 $ 31.6 $ 2.1

Other Accrued Expenses (Tables)

Other Accrued Expenses (Tables)	9 Months Ended
	Feb. 28, 2018
Other Accrued Expenses Disclosure [Abstract]
Schedule of Other Accrued Expenses	Other accrued expenses consist of the following as of the dates indicated: February 28, 2018 May 31, 2017 February 28, 2017 Accrued payroll, payroll taxes and benefits $ 44.8 $ 48.5 $ 45.0 Accrued bonus and commissions 19.9 33.8 20.1 Accrued other taxes 23.4 26.1 24.7 Accrued advertising and promotions 35.8 34.9 34.9 Accrued insurance 8.1 7.6 8.1 Other accrued expenses 30.6 27.1 29.0 Total accrued expenses $ 162.6 $ 178.0 $ 161.8

Segment Information - Schedule

Segment Information - Schedule of segment reporting information (Details) $ in Millions		3 Months Ended				9 Months Ended
		Feb. 28, 2018USD ($)		Feb. 28, 2017USD ($)		Feb. 28, 2018USD ($)segment	Feb. 28, 2017USD ($)	May 31, 2017USD ($)	May 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment						3
Revenues		$ 344.7		$ 336.2		$ 1,132.2	$ 1,242
Bad debt expense		1.7		1.6		7.9	9.3
Depreciation and amortization	[1]	17		15		48.3	45.8
Asset impairments		4.3		0		11	0
Segment operating income (loss)		(23.7)		(24.7)		(18.3)	24.9
Segment assets		1,833.7		1,847.2		1,833.7	1,847.2
Goodwill		119.1		116.2		119.1	116.2	$ 118.9	$ 116.2
Expenditures for other non-current assets		57.6	[2]	34.1	[2]	146.5	97
Other non-current assets	[2]	793.7		695.6		$ 793.7	695.6
Children's Book Publishing and Distribution
Segment Reporting Information [Line Items]
Number of operating segments | segment						3
Revenues						$ 678	769.3
Bad debt expense						3.4	3.3
Segment assets		494.8		478.4		494.8	478.4
Goodwill		40.9		40.9		40.9	40.9
Expenditures for other non-current assets						44.9	52.2
Other non-current assets	[2]	152		146.9		$ 152	146.9
Education
Segment Reporting Information [Line Items]
Number of operating segments | segment						2
Revenues						$ 177.6	186.4
Bad debt expense						1.4	0.9
Segment assets		179.1		158.8		179.1	158.8
Goodwill		68.2		65.4		68.2	65.4
Expenditures for other non-current assets						12.5	7.8
Other non-current assets	[2]	99.7		83.7		99.7	83.7
Overhead
Segment Reporting Information [Line Items]
Revenues	[3]					0	0
Bad debt expense	[3]						0
Segment assets	[3]	886.1		948.7		886.1	948.7
Goodwill	[3]	0		0		0	0
Expenditures for other non-current assets	[3]					78.4	28.5
Other non-current assets	[2],[3]	466.5		398.6		466.5	398.6
Total Domestic
Segment Reporting Information [Line Items]
Revenues						855.6	955.7
Bad debt expense						4.8	4.2
Segment assets		1,560		1,585.9		1,560	1,585.9
Goodwill		109.1		106.3		109.1	106.3
Expenditures for other non-current assets						135.8	88.5
Other non-current assets	[2]	718.2		629.2		$ 718.2	629.2
International
Segment Reporting Information [Line Items]
Number of operating segments | segment						3
Revenues						$ 276.6	286.3
Bad debt expense						3.1	5.1
Segment assets		273.7		261.3		273.7	261.3
Goodwill		10		9.9		10	9.9
Expenditures for other non-current assets						10.7	8.5
Other non-current assets	[2]	75.5		66.4		75.5	66.4
Operating Segments | Children's Book Publishing and Distribution
Segment Reporting Information [Line Items]
Revenues		199.4		199
Bad debt expense		0.7		0.1
Depreciation and amortization	[1]	5.4		5.3		15.8	16.6
Asset impairments		0				0
Segment operating income (loss)		(0.9)		6.3		55.3	91.2
Expenditures for other non-current assets	[2]	17.2		14.9
Operating Segments | Education
Segment Reporting Information [Line Items]
Revenues		61.7		60.1
Bad debt expense		0.4		0.4
Depreciation and amortization	[1]	2.3		2.1		6.6	6.2
Asset impairments		0				0
Segment operating income (loss)		(0.2)		3.5		(8.9)	7.8
Expenditures for other non-current assets	[2]	5		2.8
Operating Segments | Overhead
Segment Reporting Information [Line Items]
Revenues	[3]	0		0
Bad debt expense	[3]	0		0
Depreciation and amortization	[1],[3]	7.5		6		20.7	17.4
Asset impairments	[3]	4.3				11
Segment operating income (loss)	[3]	(23.3)		(30.8)		(77.3)	(91.3)
Expenditures for other non-current assets	[2],[3]	29.7		13.9
Operating Segments | Total Domestic
Segment Reporting Information [Line Items]
Revenues		261.1		259.1
Bad debt expense		1.1		0.5
Depreciation and amortization	[1]	15.2		13.4		43.1	40.2
Asset impairments		4.3				11
Segment operating income (loss)		(24.4)		(21)		(30.9)	7.7
Expenditures for other non-current assets	[2]	51.9		31.6
Operating Segments | International
Segment Reporting Information [Line Items]
Revenues		83.6		77.1
Bad debt expense		0.6		1.1
Depreciation and amortization	[1]	1.8		1.6		5.2	5.6
Asset impairments		0				0
Segment operating income (loss)		0.7		(3.7)		12.6	17.2
Expenditures for other non-current assets	[2]	5.7		2.5
Expenditures to acquire long-lived assets		3.6		1.5		6.6	4.8
Long-lived assets		35.8		33.4		35.8	33.4
United States | Pension Plans
Segment Reporting Information [Line Items]
Benefit cost of settlement event		$ (39.6)		$ 0		$ (55)	$ 0
[1]	Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs.
[2]	Other non-current assets include property, plant and equipment, prepublication assets, production assets, royalty advances, goodwill, intangible assets and investments. Expenditures for other non-current assets for the International reportable segment include expenditures for long-lived assets of $3.6 and $1.5 for the three months and $6.6 and $4.8 for the nine months ended February 28, 2018 and February 28, 2017, respectively. Other non-current assets for the International reportable segment include long-lived assets of $35.8 and $33.4 as of February 28, 2018 and February 28, 2017, respectively.
[3]	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.

- Schedule of debt (Details)

- Schedule of debt (Details) - USD ($) $ in Millions	Feb. 28, 2018	May 31, 2017	Feb. 28, 2017
Debt (Details) - Schedule of debt [Line Items]
Total Debt	$ 7.7	$ 6.2	$ 5.8
Line of Credit
Debt (Details) - Schedule of debt [Line Items]
Short-term debt	$ 7.7	$ 6.2	$ 5.8
Weighted average interest rate (percentage)	3.70%	4.10%	3.90%
Revolving Credit Facility
Debt (Details) - Schedule of debt [Line Items]
Long-term debt	$ 0	$ 0	$ 0
Interest rate (percent)	0.00%	0.00%	0.00%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	9 Months Ended
	Feb. 28, 2018	May 31, 2017	Feb. 28, 2017
Debt (Details) [Line Items]
Standby letters of credit	$ 5,300,000
Debt	7,700,000	$ 6,200,000	$ 5,800,000
Loan Agreement
Debt (Details) [Line Items]
Borrowing capacity	375,000,000
Debt limit before equity transaction restrictions apply	$ 275,000,000
Expiration date	Jan. 5, 2022
Facility fee (percentage)	0.20%
Increase in borrwoing capacity available under accordion feature	$ 150,000,000
Standby letters of credit	$ 400,000
Loan Agreement | Minimum
Debt (Details) [Line Items]
Facility fee (percentage)	0.20%
Loan Agreement | Maximum
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 | Base Rate
Debt (Details) [Line Items]
Variable rate (percentage)	0.175%
Loan Agreement | Base Rate | Minimum
Debt (Details) [Line Items]
Variable rate (percentage)	0.175%
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)	1.175%
Loan Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Debt (Details) [Line Items]
Variable rate (percentage)	1.60%
2007 Loan Agreement
Debt (Details) [Line Items]
Borrowing capacity	$ 425,000,000
Debt limit before equity transaction restrictions apply	75,000,000
Unsecured Debt | Domestic Line of Credit
Debt (Details) [Line Items]
Borrowing capacity	25,000,000
Standby letters of credit	4,900,000
Short-term debt	0	0	0
Remaining borrowing capacity	$ 20,100,000
Expiration period (in days)	365 days
Secured Debt | Line of Credit
Debt (Details) [Line Items]
Borrowing capacity	$ 24,400,000
Expiration period (in days)	364 days
Debt	$ 7,700,000	$ 6,200,000	$ 5,800,000
Weighted average interest rate	3.70%	4.10%	3.90%
Available credit	$ 16,700,000
Revolving Credit Facility | 2007 Loan Agreement | Letter of Credit
Debt (Details) [Line Items]
Borrowing capacity	50,000,000
Revolving Credit Facility | 2007 Loan Agreement | Swingline Facility
Debt (Details) [Line Items]
Borrowing capacity	$ 15,000,000

- Schedule of Earnings Per Shar

- Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Earnings Per Share, Basic and Diluted [Abstract]
Earnings (loss) from continuing operations attributable to Class A and Common Shares	$ (49.2)	$ (15.5)	$ (55.8)	$ 12.9
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax	0	0.1	0	0
Net income (loss) attributable to Class A and Common Shares	$ (49.2)	$ (15.4)	$ (55.8)	$ 12.9
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)	34.9	34.8	35.1	34.6
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)	0	0	0	0.7
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)	34.9	34.8	35.1	35.3
Basic earnings (loss) per share:
Earnings (loss) from continuing operations (in Dollars per share)	$ (1.41)	$ (0.45)	$ (1.59)	$ 0.37
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	0	0.01	0	0
Net income (loss) (in Dollars per share)	(1.41)	(0.44)	(1.59)	0.37
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations (in Dollars per share)	(1.41)	(0.45)	(1.59)	0.36
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	0	0.01	0	0
Net income (loss) (in Dollars per share)	$ (1.41)	$ (0.44)	$ (1.59)	$ 0.36

- Schedule of Options Outstandi

- Schedule of Options Outstanding (Details) - shares shares in Millions	Feb. 28, 2018	Feb. 28, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding pursuant to stock-based compensation plans (in millions)	3.1	2.9

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Feb. 28, 2018USD ($)	Feb. 28, 2018USD ($)shares
Earnings Per Share [Abstract]
Excluded earnings attributable to RSUs	$ 0.1
Antidilutive shares excluded from calculation of earnings per share | shares		1.5
Remaining authorized stock repurchase amount	$ 13.4	$ 13.4

- Schedule of activity in goodw

- Schedule of activity in goodwill (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	May 31, 2016	May 31, 2017
Goodwill [Roll Forward]
Beginning balance	$ 118.9	$ 116.2
Additions	0	0	$ 2.8
Foreign currency translation	0.2	0	(0.1)
Ending balance	119.1	116.2	$ 116.2
Accumulated goodwill impairment	$ 39.6	$ 39.6		$ 39.6

- Schedule of other intangible

- Schedule of other intangible assets subject to amortization (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	May 31, 2016	May 31, 2017
Finite-lived Intangible Assets [Roll Forward]
Beginning balance other intangibles subject to amortization	$ 9	$ 4.7
Additions	1.5	0.2	$ 7
Amortization expense	(1.6)	(1.8)	(2.5)
Foreign currency translation	0.1	(0.2)	(0.2)
Total other intangibles subject to amortization, net of accumulated amortization of $23.6, $22.0 and $21.3, respectively	9	2.9	$ 4.7
Accumulated amortization of intangible assets	23.6	21.3		$ 22
Total other intangibles not subject to amortization	2.1	2.1		2.1
Total other intangibles	$ 11.1	$ 5		$ 11.1

Goodwill and Other Intangible42

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2018	Aug. 31, 2017	Feb. 28, 2018	Feb. 28, 2017	May 31, 2016
Goodwill and Other Intangibles (Details) [Line Items]
Amortizable intangible assets acquired			$ 1.5	$ 0.2	$ 7
Amortization expense			$ 1.6	$ 1.8	$ 2.5
Useful life			4 years 2 months
U.K. Based Book Business [Member]
Goodwill and Other Intangibles (Details) [Line Items]
Amortizable intangible assets acquired	$ 1.4
U.S. Based Book Fair Business
Goodwill and Other Intangibles (Details) [Line Items]
Amortizable intangible assets acquired		$ 0.1

Investments (Details)

Investments (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	May 31, 2017	Mar. 19, 2015
Investments (Details) [Line Items]
Investments	$ 33.1	$ 27.1	$ 28.6
Income from equity method investments	3.7	4.9
Make Believe Ideas Limited (MBI)
Investments (Details) [Line Items]
Percentage of interests acquired				48.50%
Equity method investment	11.2	8	8.6
Children's Book Publishing and Distribution
Investments (Details) [Line Items]
Equity method investment	$ 21.8	19.1	20
Equity method ownership percentage	26.20%
Other Investments
Investments (Details) [Line Items]
Investments	$ 0.1	$ 0.1	$ 0.1

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of net periodic costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Components of net periodic benefit (credit) cost:
Amortization of (gain) loss			$ 1.8	$ 3.1
Post-Retirement Benefits
Components of net periodic benefit (credit) cost:
Service cost	$ 0	$ 0	0	0
Interest cost	0.2	0.2	0.7	0.8
Expected return on assets	0	0	0	0
Net amortization of prior service credit			0	0
Benefit cost of settlement event	0	0	0	0
Amortization of (gain) loss	0	(1)	0	0.2
Net periodic benefit (credit) cost	0.2	(0.8)	0.7	1
United States | Pension Plans
Components of net periodic benefit (credit) cost:
Service cost	0	0	0	0
Interest cost	0.5	0.8	1.9	2.4
Expected return on assets	(1.1)	(1.5)	(4)	(4.6)
Net amortization of prior service credit			0	0
Benefit cost of settlement event	39.6	0	55	0
Amortization of (gain) loss	0.3	0.2	0.9	0.7
Net periodic benefit (credit) cost	39.3	(0.5)	53.8	(1.5)
United Kingdom | Pension Plans
Components of net periodic benefit (credit) cost:
Service cost	0	0	0	0
Interest cost	0.3	0.3	0.8	0.9
Expected return on assets	(0.3)	(0.3)	(0.8)	(0.8)
Net amortization of prior service credit			0	0
Benefit cost of settlement event	0	0	0	0
Amortization of (gain) loss	0.3	0.2	0.9	0.6
Net periodic benefit (credit) cost	$ 0.3	$ 0.2	$ 0.9	$ 0.7

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - Pension Plans - USD ($) $ in Millions	Feb. 14, 2018	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
United States
Employee Benefit Plans (Details) [Line Items]
Pension contributions				$ 0
Lump sum benefit payments made				37.8
Group annuity contracts acquired to settle benefit obligation	$ 86.3
Benefit cost of settlement event		$ (39.6)	$ 0	(55)	$ 0
Net funded asset position		2.3		2.3
Plan asset		3.6		3.6
Annuity benefit payments to be made		1.3		1.3
United Kingdom
Employee Benefit Plans (Details) [Line Items]
Pension contributions				0.8
Contributions expected in current fiscal year		1.1		1.1
Benefit cost of settlement event		$ 0	$ 0	$ 0	$ 0

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 1.6	$ 1.6	$ 9.1	$ 8.7
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0.2	0.4	0.4	0.7
Stock option expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 0.8	$ 0.9	$ 6.2	$ 6
Restricted stock unit expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0.6	0.6	2	2
Management stock purchase plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0.1	0.1	0.7	0.5
Employee stock purchase plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 0.1	$ 0	$ 0.2	$ 0.2

Treasury Stock - Schedule of re

Treasury Stock - Schedule of repurchase of common stock (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	31 Months Ended
	Feb. 28, 2018	Feb. 28, 2018	Feb. 28, 2018	Jul. 22, 2015
Stockholders' Equity Attributable to Parent [Abstract]
Additional authorization July 2015				$ 50
Less repurchases made under the authorization as of February 28, 2018	$ (11.8)	$ (25.1)	$ (36.6)
Remaining Board authorization at February 28, 2018	$ 13.4	$ 13.4	$ 13.4

Treasury Stock - Narrative (Det

Treasury Stock - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	31 Months Ended
	Feb. 28, 2018	Feb. 28, 2018	Feb. 28, 2018	Jul. 22, 2015
Stockholders' Equity Attributable to Parent [Abstract]
Increase in authorized amount of stock to be repurchased				$ 50
Treasury stock acquired	$ 11.8	$ 25.1	$ 36.6

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance at December 1, 2016	$ (80.9)	$ (92.3)	$ (94.2)	$ (86.7)
Other comprehensive income (loss) before reclassifications (net of tax)	2.2	0.9	6	(6.1)
Amortization (net of tax of $0.1)	0.5	0.7	1.4	2.1
Settlement (net of tax of $15.8)	23.8		33
Other reclassifications (net of tax benefit of $1.4)	(2.1)		(2.7)
Other comprehensive income (loss)	24.4	1.6	37.7	(4)
Ending balance at February 28, 2017	(56.5)	(90.7)	(56.5)	(90.7)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance at December 1, 2016	(41.5)	(47)	(45.3)	(40)
Other comprehensive income (loss) before reclassifications (net of tax)	2.2	0.9	6	(6.1)
Other comprehensive income (loss)	2.2	0.9	6	(6.1)
Ending balance at February 28, 2017	(39.3)	(46.1)	(39.3)	(46.1)
Retirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance at December 1, 2016	(39.4)	(45.3)	(48.9)	(46.7)
Other comprehensive income (loss) before reclassifications (net of tax)	0	0	0	0
Amortization (net of tax of $0.1)	0.5	0.7	1.4	2.1
Settlement (net of tax of $15.8)	23.8		33
Other reclassifications (net of tax benefit of $1.4)	(2.1)		(2.7)
Other comprehensive income (loss)	22.2	0.7	31.7	2.1
Ending balance at February 28, 2017	(17.2)	(44.6)	(17.2)	(44.6)
Amortization, Tax	0.1	$ 0.3	0.4	$ 1
Settlement, Tax	15.8		22
Other reclassifications, Tax	$ 1.4		$ 1.9

Accumulated Other Comprehensi50

Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Less: Tax effect	$ 14.1	$ 8.4	$ 17.4	$ (10.8)
Net income (loss)	(49.2)	(15.4)	(55.8)	12.9
Amount reclassified from Accumulated other comprehensive income (loss) | Retirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized gain (loss)	0.6	1	1.8	3.1
Settlement charge	39.6	0	55	0
Other reclassifications, net	(3.4)	0	(4.6)	0
Less: Tax effect	(14.6)	(0.3)	(20.6)	(1)
Net income (loss)	$ 22.2	$ 0.7	$ 31.6	$ 2.1

Income Taxes and Other Taxes (D

Income Taxes and Other Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Income Tax And Non Income Tax Disclosure [Abstract]
Annualized effective income tax rate (percentage)			33.90%
Effective income tax rate (percentage)	22.30%		23.80%
Income tax expense due to remeasurement of deferred tax balances		$ 8.3		$ 0
Wisconsin | State Sales Tax Assessment [Member]
Loss Contingencies [Line Items]
Sales payable	$ 5.4		$ 5.4

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - Not Designated as Hedging Instrument - Foreign Exchange Contract - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Income on settlement of derivatives Activity	$ 0.3	$ 0.1	$ 0.6	$ 0.1
Cash proceeds on settlement	0.9
Derivative notional amount	$ 27.5	$ 36.7	27.5	36.7
Unrealized gain (loss)			$ 0.3	$ 0.1

Other Accrued Expenses - Schedu

Other Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Millions	Feb. 28, 2018	May 31, 2017	Feb. 28, 2017
Schedule of accrued expenses [Abstract]
Accrued payroll, payroll taxes and benefits	$ 44.8	$ 48.5	$ 45
Accrued bonus and commissions	19.9	33.8	20.1
Accrued other taxes	23.4	26.1	24.7
Accrued advertising and promotions	35.8	34.9	34.9
Accrued insurance	8.1	7.6	8.1
Other accrued expenses	30.6	27.1	29
Total accrued expenses	$ 162.6	$ 178	$ 161.8

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 21, 2018	Mar. 01, 2018	Jul. 22, 2015
Subsequent Event [Line Items]
Increase in authorized amount of stock to be repurchased			$ 50
Subsequent Event [Member] | Common Class A
Subsequent Event [Line Items]
Dividend declared per share (in Dollars per share)		$ 0.15
Authorized amount of stock to be repurchased	$ 61.4
Subsequent Event [Member] | Common Stock
Subsequent Event [Line Items]
Dividend declared per share (in Dollars per share)		$ 0.15
Increase in authorized amount of stock to be repurchased	$ 50