Scholastic (SCHL) 10-Q 20 Dec 18 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Nov. 30, 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 Emerging Growth Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Document Period End Date	Nov. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
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	33,576,240

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Income Statement [Abstract]
Revenues	$ 604.7	$ 598.3	$ 823.1	$ 787.5
Operating costs and expenses:
Cost of goods sold	262.4	253.6	387.7	369.2
Selling, general and administrative expenses	229.7	227.7	393.4	387.2
Depreciation and amortization	14.4	9.8	27.6	19
Asset impairments	0	0	0	6.7
Total operating costs and expenses	506.5	491.1	808.7	782.1
Operating income (loss)	98.2	107.2	14.4	5.4
Interest income (expense), net	0.5	0	1.3	0.3
Other components of net periodic benefit (cost)	(0.3)	(15.5)	(0.7)	(15.6)
Earnings (loss) before income taxes	98.4	91.7	15	(9.9)
Provision (benefit) for income taxes	26.8	34.6	4.7	(3.3)
Net income (loss)	$ 71.6	$ 57.1	$ 10.3	$ (6.6)
Basic and diluted earnings (loss) per Share of Class A and Common Stock
Basic (in Dollars per share)	$ 2.03	$ 1.63	$ 0.29	$ (0.19)
Diluted (in Dollars per share)	1.99	1.60	0.29	(0.19)
Dividends declared per class A and common share (in Dollars per share)	$ 0.15	$ 0.15	$ 0.3	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 71.6	$ 57.1	$ 10.3	$ (6.6)
Other comprehensive income (loss), net:
Foreign currency translation adjustments	(0.6)	0.1	(3.7)	3.8
Pension and postretirement adjustments (net of tax)	2.7	9	2.9	9.5
Total other comprehensive income (loss), net	2.1	9.1	(0.8)	13.3
Comprehensive income (loss)	$ 73.7	$ 66.2	$ 9.5	$ 6.7

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Current Assets:
Cash and cash equivalents	$ 358.1	$ 391.9	$ 387.8
Accounts receivable, net	377.3	204.9	262.4
Inventories, net	365.6	294.9	355.7
Prepaid expenses and other current assets	71.3	66.6	69.2
Total current assets	1,172.3	958.3	1,075.1
Property, plant and equipment, net	571.3	555.6	514
Prepublication costs	62.1	55.3	46.5
Royalty advances, net	48.9	44.8	46.5
Goodwill	119.1	119.2	119.1
Noncurrent deferred income taxes	41.4	25.2	47.6
Other assets and deferred charges	66.8	67	59.5
Total noncurrent assets	909.6	867.1	833.2
Total assets	2,081.9	1,825.4	1,908.3
Current Liabilities:
Lines of credit, short-term debt and current portion of long-term debt	13.5	7.9	11.3
Accounts payable	250.3	198.9	222.1
Accrued royalties	58.5	34.6	46.9
Deferred revenue	187.2	24.7	82
Other accrued expenses	227.8	177.9	173.7
Accrued income taxes	2.1	1.8	2.5
Total current liabilities	739.4	445.8	538.5
Noncurrent Liabilities:
Long-term debt	0	0	0
Other noncurrent liabilities	57.9	58.8	67.1
Total noncurrent liabilities	57.9	58.8	67.1
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	617.9	614.4	612.3
Accumulated other comprehensive income (loss)	(56.5)	(55.7)	(80.9)
Retained earnings	1,018.4	1,065.2	1,074.1
Treasury stock at cost	(295.6)	(303.5)	(303.2)
Total stockholders’ equity	1,284.6	1,320.8	1,302.7
Total liabilities and stockholders’ equity	2,081.9	1,825.4	1,908.3
Common Class A
Stockholders’ Equity:
Common Stock, value	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Preferred stock at par value per share (in dollars per share)	$ 1	$ 1	$ 1
Preferred stock, shares authorized	2,000,000	2,000,000	2,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common Stock, par value per share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	70,000,000	70,000,000	70,000,000
Common stock, shares issued	42,900,000	42,900,000	42,900,000
Common stock, shares outstanding	33,600,000	33,300,000	33,200,000
Common Class A
Common Stock, par value per share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	4,000,000	4,000,000	4,000,000
Common stock, shares issued	1,700,000	1,700,000	1,700,000
Common stock, shares outstanding	1,700,000	1,700,000	1,700,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Cash flows - operating activities:
Net income (loss)	$ 10.3	$ (6.6)
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities:
Provision for losses on accounts receivable	4.1	6.2
Provision for losses on inventory	7.7	7.2
Provision for losses on royalty advances	2	2.2
Amortization of prepublication and production costs	10.7	10.9
Depreciation and amortization	29.1	20.5
Pension settlement	0	15.4
Amortization of pension and postretirement actuarial gains and losses	0.4	1.2
Deferred income taxes	(0.3)	6.2
Stock-based compensation	5.2	7.5
Income from equity investments	(4.5)	(2.7)
Write off related to asset impairments	0	6.7
Changes in assets and liabilities:
Accounts receivable	(147.5)	(67.9)
Inventories	(82.8)	(78.3)
Prepaid expenses and other current assets	(16.8)	(16.5)
Income tax receivable	7.1	(7.7)
Royalty advances	(6.3)	(6.7)
Accounts payable	62.7	71.2
Other accrued expenses	(0.9)	(4.4)
Returns liability	50.4	0
Accrued income taxes	0.3	(0.4)
Accrued royalties	24.2	12
Deferred revenue	76.8	57.5
Pension and postretirement obligations	(1.4)	(8.7)
Other noncurrent liabilities	0.9	1.9
Other, net	8.1	1.7
Total adjustments	29.2	35
Net cash provided by (used in) operating activities	39.5	28.4
Cash flows - investing activities:
Prepublication and production expenditures	(20.6)	(14.7)
Additions to property, plant and equipment	(51.3)	(54)
Other investment and acquisition related payments	(0.6)	(0.2)
Net cash provided by (used in) investing activities	(72.5)	(68.9)
Cash flows - financing activities:
Borrowings under lines of credit	29.3	38.5
Repayments of lines of credit	(23.2)	(32.4)
Repayment of capital lease obligations	(0.7)	(0.6)
Reacquisition of common stock	0	(13.3)
Proceeds pursuant to stock-based compensation plans	5.2	3.4
Payment of dividends	(10.6)	(10.6)
Other	0	(0.9)
Net cash provided by (used in) financing activities	0	(15.9)
Effect of exchange rate changes on cash and cash equivalents	(0.8)	0.1
Net increase (decrease) in cash and cash equivalents	(33.8)	(56.3)
Cash and cash equivalents at beginning of period	391.9	444.1
Cash and cash equivalents at end of period	$ 358.1	$ 387.8

Basis of Presentation

Basis of Presentation	6 Months Ended
	Nov. 30, 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. The Company’s fiscal year is not a calendar year. Accordingly, references in this document to fiscal 2019 relate to the twelve-month period ending May 31, 2019. Certain reclassifications have been made to conform to the current year presentation. Interim Financial Statements The accompanying unaudited condensed consolidated interim financial statements (referred to as the “Financial Statements” herein) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2018 . The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, the Financial Statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Seasonality The Company’s Children’s Book Publishing and Distribution school-based book fairs 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 are generally 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 preparation of these Financial Statements involves the use of estimates and assumptions by management, which affects the amounts reported in the 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 certain 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: • Variable consideration related to anticipated returns • Accounts receivable allowance for doubtful accounts • Pension and other postretirement 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 based on estimated gross profit rates • Sales tax contingencies • Royalty advance reserves and royalty expense accruals • Impairment testing for goodwill, intangibles and other long-lived assets and investments • Assets and liabilities acquired in business combinations • Revenues for book fairs which have not reported final results • Allocation of transaction price to performance obligations New Accounting Pronouncements Topic 606, Revenue from Contracts with Customers Refer to Note 2, Revenues, for a discussion of the Company's revenue recognition accounting following the adoption of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), and related amendments, in the first quarter of fiscal 2019. Forthcoming Adoptions: ASU No. 2016-02. ASU No. 2018-10 and ASU No. 2018-11 In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2016-02, Leases (Topic 842) which supersedes existing guidance on accounting for leases in ASC Topic 840, Leases. The amendments in this ASU, among other things, require lessees to account for leases as either finance leases or operating leases and generally requires all leases to be recorded on the balance sheet, through the recognition of right-of-use assets and corresponding lease liabilities. The lease liability should be measured at the present value of the lease payments over the lease term. The right-of-use asset should be measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and lessee's initial direct costs (e.g., commissions). The guidance also requires specific qualitative and quantitative disclosures about leasing activities. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. ASU No. 2016-02, ASU No. 2018-10 and ASU No. 2018-11 are effective for the Company in the first quarter of fiscal 2020 and are required to be applied using the modified retrospective approach for all leases existing as of the effective date. Early adoption is permitted; however, the Company currently does not plan to adopt this standard early and it is evaluating the impact of this standard on its consolidated financial position, results of operations and cash flows. The Company expects that the adoption will result in the recognition of right-of-use assets and lease liabilities related to its operating leases.

Revenues

Revenues	6 Months Ended
	Nov. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenues	REVENUES Adoption of Topic 606, Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("Topic 606"). ASU No. 2014-09, along with various amendments that comprise Topic 606, which provides a single model for use in accounting for revenue from contracts with customers and supersedes the previous revenue recognition guidance, including certain industry-specific and transaction-specific guidance. The core principle of Topic 606 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. The Company adopted Topic 606 on June 1, 2018 and elected to apply Topic 606 using the modified retrospective method. The Company determined that the adoption of Topic 606 had the following impact: (i) a deferral of certain revenue associated with the Company's book fairs incentive program (reflected in Deferred revenue), (ii) recognition of a refund liability (recorded as an increase to Other accrued expenses) and a return asset (recorded as an increase to Prepaid expenses and other current assets) for the right to recover products from customers upon settling the refund liability based on expected returns and (iii) recognition of previously capitalized direct response advertising costs as incurred, primarily related to the magazines business. Updates to Significant Accounting Policies The Company updated its significant accounting policies as a result of the adoption of Topic 606 as follows: Revenue Recognition - School-Based Book Fairs Revenues associated with school-based book fairs relate to the sale of children's books and other products to book fair sponsors. In addition, the Company employs an incentive program to encourage the sponsorship of book fairs and increase the number of fairs held each school year. The Company identifies two performance obligations within its school-based book fair contracts which include the fulfillment of book fairs product and the fulfillment of product upon the redemption of incentive program credits by customers. The Company allocates the transaction price to each performance obligation and recognizes revenue at a point in time. The Company utilizes certain estimates based on historical experience and future expectations related to the participation in the incentive program and redemption patterns to determine the relative fair value of each performance obligation when allocating the transaction price. Changes in these estimates could impact the timing of the recognition of revenue. Revenues allocated to the book fair product will be recognized at the point in which product is delivered to the customer and control is transferred. The revenue allocated to the incentive program credits is recognized upon redemption of incentive credits and the transfer of control of the redeemed product. Incentive credits are generally redeemed within 12 months of issuance. Payment for school-based book fairs product is due at the completion of a customer's fair. The sale of school-based book fair product contains a right of return. Estimated Returns For sales that include a right of return, which primarily include the trade and school-based book fair channels, the Company will estimate the transaction price and record revenues as variable consideration based on the amounts the Company expects to ultimately be entitled. In order to determine estimated returns, the Company utilizes historical return rates, sales patterns, types of products and expectations and recognizes a reduction to Revenues and Cost of goods sold. In addition, a refund liability is recorded within Other accrued expenses for the consideration to which the Company believes it will not ultimately be entitled and a return asset is recorded within Prepaid expenses and other current assets for the expected inventory to be returned. The Company has elected to present sales and other related taxes on a net basis, excluded from revenues, and as such, these are included within Other accrued expenses until remitted to taxing authorities. Shipping and handling costs that are billed to customers are included in Revenues, with costs recorded in Cost of goods sold. Transition The Company applied Topic 606 to all contracts as of the date of initial adoption, June 1, 2018. The cumulative effect of adopting Topic 606 was a $46.5 decrease to the opening balance of Retained earnings as of June 1, 2018. The cumulative effect of the changes made to the Company’s condensed consolidated balance sheet at June 1, 2018 are as follows: As reported - May 31, 2018 Adjustments due to adoption June 1, 2018 Accounts receivable, net $ 204.9 $ 31.1 (1) $ 236.0 Inventories, net 294.9 (1.9 ) (2) 293.0 Prepaid expenses and other current assets 66.6 (4.3 ) (2)(3) 62.3 Noncurrent deferred income taxes 25.2 16.0 (4) 41.2 Deferred revenue 24.7 86.3 (5) 111.0 Other accrued expenses 177.9 1.1 (6) 179.0 Retained earnings 1,065.2 (46.5 ) 1,018.7 (1) - Primarily represents the reclassification of the Company’s accounting for estimated returns from a reduction to Accounts receivable, net, to a current liability within Other accrued expenses. (2) - Represents the reclassification of a return asset from Inventory to Prepaid expenses and other current assets. (3) - Primarily represents the adjustment for previously capitalized direct response advertising costs. (4) - Represents the income tax impact of Topic 606 adjustments. (5) - Represents the deferred revenue related to outstanding book fairs incentive credits as of June 1, 2018. (6) - Represents a reduction to Other accrued expenses of $27.2 for outstanding book fair incentive credits as of June 1, 2018. This decrease was offset by a $28.3 increase for estimated returns recorded to Other accrued expenses. Application of Topic 606 to the Current Fiscal Year The comparative prior fiscal period information continues to be reported under the accounting standards in effect during those fiscal periods. The following table illustrates the amounts by which each summarized income statement line item was affected by the adoption of Topic 606: As reported Adjustments Without adoption of Topic 606 Three months ended November 30, 2018 Revenues $ 604.7 $ 10.8 (1) $ 615.5 Cost of goods sold 262.4 2.6 (1) 265.0 Selling, general and administrative expenses 229.7 2.6 (3) 232.3 Depreciation and amortization 14.4 — 14.4 Operating income (loss) 98.2 5.6 103.8 Interest income (expense), net 0.5 — 0.5 Other components of net periodic benefit (cost) (0.3 ) — (0.3 ) Provision (benefit) for income taxes 26.8 1.5 (4) 28.3 Net income (loss) $ 71.6 $ 4.1 $ 75.7 Basic earnings (loss) per share: $ 2.03 $ 0.12 $ 2.15 Diluted earnings (loss) per share: $ 1.99 $ 0.11 $ 2.10 Six months ended November 30, 2018 Revenues $ 823.1 $ (1.7 ) (2) $ 821.4 Cost of goods sold 387.7 (1.5 ) (2) 386.2 Selling, general and administrative expenses 393.4 (0.6 ) (3) 392.8 Depreciation and amortization 27.6 — 27.6 Operating income (loss) 14.4 0.4 14.8 Interest income (expense), net 1.3 — 1.3 Other components of net periodic benefit (cost) (0.7 ) — (0.7 ) Provision (benefit) for income taxes 4.7 0.1 (4) 4.8 Net income (loss) $ 10.3 $ 0.3 $ 10.6 Basic earnings (loss) per share: $ 0.29 $ 0.01 $ 0.30 Diluted earnings (loss) per share: $ 0.29 $ 0.01 $ 0.30 (1) - Represents additional deferred revenue and cost of goods sold on incentive credits awarded during the period, partially offset by incremental revenue and cost of goods sold related to the redemption of book fairs incentive credits. (2) - Represents incremental revenue and cost of goods sold related to the redemption of book fairs incentive program credits, partially offset by additional deferred revenue on incentive credits awarded during the period. (3) - Represents direct response advertising costs being expensed as incurred. (4) - Represents the income tax impact of Topic 606 adjustments. Estimated Returns As of November 30, 2018 , a liability for expected returns of $ 78.7 is recorded within Other accrued expenses on the Company's condensed consolidated balance sheets. In addition, as of November 30, 2018 , a return asset of $9.4 is recorded within Prepaid expenses and other current assets for the recoverable cost of product estimated to be returned by customers. Deferred Revenue The Company's contract liabilities consist of advance billings and payments received from customers in excess of revenue recognized and revenue allocated to outstanding book fairs incentive credits. These liabilities are recorded within Deferred revenue on the Company's condensed consolidated balance sheets and are classified as short term as substantially all of the associated performance obligations are expected to be satisfied, and related revenue recognized, within one year. The amount of revenue recognized in the three and six months ended November 30, 2018 included within the opening deferred revenue balance was $30.8 and $62.7 , respectively. Disaggregated Revenue Data The following table presents the Company’s revenues disaggregated by region and channel: Three months ended November 30, 2018 2017 Book Clubs $ 101.3 $ 99.9 Book Fairs 220.7 231.0 Trade 95.9 82.8 Total Children's Book Publishing & Distribution 417.9 413.7 Education 71.5 69.0 Major Markets (1) 87.9 88.6 Other Markets (2) 27.4 27.0 Total International 115.3 115.6 Total Revenues $ 604.7 $ 598.3 Six months ended November 30, 2018 2017 Book Clubs $ 110.4 $ 107.9 Book Fairs 245.9 243.1 Trade 157.3 131.6 Total Children's Book Publishing & Distribution 513.6 482.6 Education 119.4 111.9 Major Markets (1) 138.2 140.3 Other Markets (2) 51.9 52.7 Total International 190.1 193.0 Total Revenues $ 823.1 $ 787.5 (1) - Includes Canada, UK, Australia and New Zealand. (2) - Primarily includes markets in Asia.

Segment Information

Segment Information	6 Months Ended
	Nov. 30, 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, print and digital 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 Education Overhead (1) Total International Total Three months ended Revenues $ 417.9 $ 71.5 $ — $ 489.4 $ 115.3 $ 604.7 Bad debt expense 1.6 0.7 — 2.3 0.4 2.7 Depreciation and amortization (2) 5.9 2.1 10.8 18.8 1.8 20.6 Segment operating income (loss) 106.3 8.3 (29.4 ) 85.2 13.0 98.2 Expenditures for other noncurrent assets (4) 20.2 5.0 15.1 40.3 3.1 43.4 Three months ended Revenues $ 413.7 $ 69.0 $ — $ 482.7 $ 115.6 $ 598.3 Bad debt expense 2.2 1.1 — 3.3 1.0 4.3 Depreciation and amortization (2) 5.6 1.7 6.9 14.2 1.7 15.9 Segment operating income (loss) 115.0 3.9 (26.4 ) 92.5 14.7 107.2 Expenditures for other noncurrent assets (4) 18.2 4.6 17.9 40.7 2.9 43.6 Children’s Education Overhead (1) Total International Total Six months ended Revenues $ 513.6 $ 119.4 $ — $ 633.0 $ 190.1 $ 823.1 Bad debt expense 2.4 0.7 — 3.1 1.0 4.1 Depreciation and amortization (2) 11.6 4.1 20.7 36.4 3.4 39.8 Segment operating income (loss) 60.3 (6.6 ) (50.3 ) 3.4 11.0 14.4 Segment assets at November 30, 2018 622.4 175.9 990.6 1,788.9 293.0 2,081.9 Goodwill at November 30, 2018 40.9 68.2 — 109.1 10.0 119.1 Expenditures for other noncurrent assets (4) 31.0 10.1 40.6 81.7 7.4 89.1 Other noncurrent assets at (4) 164.1 109.6 499.8 773.5 78.0 851.5 Six months ended Revenues $ 482.6 $ 111.9 $ — $ 594.5 $ 193.0 $ 787.5 Bad debt expense 2.7 1.0 — 3.7 2.5 6.2 Depreciation and amortization (2) 11.2 3.5 13.3 28.0 3.4 31.4 Asset impairments (3) — — 6.7 6.7 — 6.7 Segment operating income (loss) 56.1 (8.6 ) (54.0 ) (6.5 ) 11.9 5.4 Segment assets at November 30, 2017 553.4 174.2 906.9 1,634.5 273.8 1,908.3 Goodwill at November 30, 2017 40.9 68.2 — 109.1 10.0 119.1 Expenditures for other noncurrent assets (4) 28.2 7.0 48.7 83.9 5.0 88.9 Other noncurrent assets at (4) 148.3 93.8 456.2 698.3 70.4 768.7 (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) Impairment charges of $6.7 relate to the prior fiscal year abandonment of legacy building improvements in connection with the Company's renovation of its headquarters in New York City. (4) Other noncurrent assets include property, plant and equipment, prepublication assets, production assets, royalty advances, goodwill, intangible assets and investments. Expenditures for other noncurrent assets for the International reportable segment include expenditures for long-lived assets of $1.6 and $1.7 for the three months ended November 30, 2018 and November 30, 2017 , respectively, and $4.4 and $3.0 for the six months ended November 30, 2018 and November 30, 2017 , respectively. Other noncurrent assets for the International reportable segment include long-lived assets of $36.5 and $33.4 as of November 30, 2018 and November 30, 2017 , respectively.

Debt

Debt	6 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the carrying value of the Company's debt as of the dates indicated: November 30, 2018 May 31, 2018 November 30, 2017 Revolving Loan $ — $ — $ — Unsecured lines of credit (weighted average interest rates of 3.8%, 2.9% and 3.8%, respectively) 13.5 7.9 11.3 Total debt $ 13.5 $ 7.9 $ 11.3 The fair value of the Company's debt approximates the carrying value for all periods presented. The Company's debt obligations have maturities of one year or less. Loan Agreement Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together, the “Borrowers”) are parties to a $375.0 credit facility with certain banks (the “Loan Agreement”), which 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 November 30, 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 November 30, 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 November 30, 2018 , the Company had no outstanding borrowings under the Loan Agreement. At November 30, 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. The Company was in compliance with these covenants for all periods presented. Lines of Credit As of November 30, 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 November 30, 2018 , May 31, 2018 or November 30, 2017 . As of November 30, 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 November 30, 2018 , the Company had various local currency credit lines totaling $30.0 underwritten by banks primarily in the United States, Canada and the United Kingdom. Outstanding borrowings under these facilities were $13.5 at November 30, 2018 at a weighted average interest rate of 3.8% , $7.9 at May 31, 2018 at a weighted average interest rate of 2.9% and $11.3 at November 30, 2017 at a weighted average interest rate of 3.8% . As of November 30, 2018 , the amounts available under these facilities totaled $16.5 . 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	6 Months Ended
	Nov. 30, 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 exists 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. On June 21, 2018, the U.S. Supreme Court issued its opinion in South Dakota v. Wayfair, Inc. et. al., reversing prior precedent, in particular Quill Corp. v. North Dakota (1992), which held that states could not constitutionally require retailers to collect and remit sales or use taxes in respect to mail order or internet sales made to residents of a state in the absence of the retailer having a physical presence in the taxing state. As a result, the Company will now have an obligation, at least on a go forward basis, based on each state's enforcement date, to collect and remit sales and use taxes, primarily in respect to sales made through its school book club channel, as well as certain sales made through its ecommerce internet sites, to residents in states that the Company has not previously remitted sales or use taxes based on having no physical presence in such states. In the majority opinion, several factors were discussed in support of the Court’s reasoning that the collection of sales and use taxes from out-of-state retailers did not constitute an undue burden on interstate commerce, including the fact that South Dakota did not require retroactive application of its statute. However, the question of retroactive application, as well as certain other factors noted in the opinion, will be subject to how the states, on a state-by-state basis, interpret and apply the Court’s decision in their implementation of their respective state laws or regulations addressing the collection of sales and use taxes from out-of-state retailers. As a result, how the decision will affect the Company will depend on the positions taken by the states, on a state-by-state basis, relating to the retroactive application of the obligation to collect such taxes, as well as other factors noted in the opinion. The Company has taken steps towards compliance based on anticipated enforcement dates and an assumption as to each state's likely interpretation and application of the Court's decision. As the Company continues to monitor each state, the staggered enforcement dates, and the progress towards compliance, expenses will be incurred by the Company. As of November 30, 2018 , the Company’s school book club channel now remits sales taxes in thirteen states compared to nine in the prior year and, as a result, the Company has incurred additional costs for the three and six months ending November 30, 2018 related to sales tax on the associated revenue. Any on-going or future litigation with states relating to sales and use taxes could be impacted favorably or unfavorably by legislative action in future fiscal periods.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Nov. 30, 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 November 30, Six months ended November 30, 2018 2017 2018 2017 Net income (loss) attributable to Class A and Common Shares $ 71.4 $ 57.0 $ 10.3 $ (6.6 ) Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 35.2 35.0 35.2 35.1 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) * 0.7 0.6 0.6 — Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 35.9 35.6 35.8 35.1 Earnings (loss) per share of Class A Stock and Common Stock: Basic $ 2.03 $ 1.63 $ 0.29 $ (0.19 ) Diluted $ 1.99 $ 1.60 $ 0.29 $ (0.19 ) * In the six month period ended November 30, 2017 , the Company experienced a Net loss and therefore did not report any dilutive share impact. The following table sets forth options outstanding pursuant to stock-based compensation plans as of the dates indicated: November 30, 2018 November 30, 2017 Options outstanding pursuant to stock-based compensation plans (in millions) 2.9 3.2 There were less than 0.1 million of potentially anti-dilutive shares pursuant to stock-based compensation plans as of November 30, 2018 . A portion of the Company’s Restricted Stock Units ("RSUs") which are granted to employees participate in earnings through cumulative dividends which are payable and non-forfeitable 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. Net income attributable to Class A and Common Shares excludes earnings of $ 0.2 and $ 0.1 for the three months ended November 30, 2018 and 2017, respectively, and earnings of less than $ 0.1 for the six months ended November 30, 2018 , attributable to participating RSUs. In the six month period ended November 30, 2017 , the Company experienced a Net loss and did not allocate any losses to the participating RSUs. As of November 30, 2018 , $61.4 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.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Nov. 30, 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: Six months ended November 30, Twelve months ended May 31, Six months ended November 30, 2018 2018 2017 Gross beginning balance $ 158.8 $ 158.5 $ 158.5 Accumulated impairment (39.6 ) (39.6 ) (39.6 ) Beginning balance $ 119.2 $ 118.9 $ 118.9 Foreign currency translation (0.1 ) 0.2 0.2 Other — 0.1 — Ending balance $ 119.1 $ 119.2 $ 119.1 Accumulated goodwill impairment losses totaled $39.6 as of November 30, 2018 , May 31, 2018 and November 30, 2017 . There were no goodwill impairment losses during the six months ended November 30, 2018 and November 30, 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: Six months ended November 30, Twelve months ended May 31, Six months ended November 30, 2018 2018 2017 Beginning balance other intangibles subject to amortization $ 10.1 $ 9.0 $ 9.0 Additions 0.6 3.3 0.1 Amortization expense (1.3 ) (2.1 ) (1.0 ) Foreign currency translation (0.1 ) (0.1 ) 0.1 Total other intangibles subject to amortization, net of accumulated amortization of $25.4, $24.1 and $22.9, respectively $ 9.3 $ 10.1 $ 8.2 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 11.4 $ 12.2 $ 10.3 In the first quarter of fiscal 2019, the Company purchased a UK-based book club business and a U.S.-based book fair business resulting in the recognition of $0.6 of definite-lived intangible assets. The results of operations of these businesses are included within the International and Children's Book Publishing & Distribution segments, respectively. Intangible assets with definite lives consist principally of customer lists and intellectual property rights. Intangible assets with definite lives are amortized over their estimated useful lives. The weighted-average remaining useful life of all definite-lived intangible assets is approximately 3.7 years . Intangible assets with indefinite lives consist principally of trademark and trademark rights.

Investments

Investments	6 Months Ended
	Nov. 30, 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 $34.3 , $31.1 and $31.6 at November 30, 2018 , May 31, 2018 and November 30, 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 and subject to the provisions of the purchase agreement. The net carrying value of this investment was $12.3 , $10.6 and $10.6 at November 30, 2018 , May 31, 2018 and November 30, 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 $22.0 , $20.5 and $21.0 at November 30, 2018 , May 31, 2018 and November 30, 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 less than $0.1 for all periods presented. Income from equity investments reported in Selling, general and administrative expenses in the condensed consolidated statements of operations totaled $2.5 and $1.5 for the three months ended November 30, 2018 and November 30, 2017 , respectively, and $4.5 and $2.7 for the six months ended November 30, 2018 and November 30, 2017 , respectively.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Nov. 30, 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 postretirement benefits, consisting of certain healthcare and life insurance benefits provided by the Company to its eligible retired United States-based employees (the “Postretirement Benefits”). U.S. Pension Plan UK Pension Plan Postretirement Benefits Three months ended November 30, Three months ended November 30, Three months ended November 30, 2018 2017 2018 2017 2018 2017 Components of net periodic (benefit) cost: Service cost $ — $ — $ — $ — $ 0.0 $ 0.0 Interest cost — 0.8 0.3 0.2 0.2 0.2 Expected return on assets — (1.5 ) (0.3 ) (0.2 ) — — Net amortization of prior service credit — — — — (0.1 ) — Benefit cost of settlement event — 15.4 — — — — Amortization of (gains) losses — 0.3 0.2 0.3 — 0.0 Net periodic (benefit) cost $ — $ 15.0 $ 0.2 $ 0.3 $ 0.1 $ 0.2 U.S. Pension Plan UK Pension Plan Postretirement Benefits Six months ended November 30, Six months ended November 30, Six months ended November 30, 2018 2017 2018 2017 2018 2017 Components of net periodic (benefit) cost: Service cost $ — $ — $ — $ — $ 0.0 $ 0.0 Interest cost — 1.5 0.5 0.5 0.4 0.5 Expected return on assets — (3.0 ) (0.5 ) (0.5 ) — — Net amortization of prior service credit — — — — (0.1 ) — Benefit cost of settlement event — 15.4 — — — — Amortization of (gains) losses — 0.6 0.4 0.6 — 0.0 Net periodic (benefit) cost $ — $ 14.5 $ 0.4 $ 0.6 $ 0.3 $ 0.5 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, and the U.S. Pension Plan was terminated in fiscal 2018. During fiscal 2018, the U.S. Pension Plan made $37.8 of lump sum benefit payments to vested plan participants and purchased group annuity contracts for the remaining U.S. Pension Plan vested participants for a total cost of $86.3 , paid to the respective insurers. As a result of the termination, pretax plan settlement charges of $57.3 were recognized in fiscal 2018. The Company’s funding practice with respect to the UK Pension Plan is to contribute on an annual basis at least the minimum amounts required by applicable law. For the six months ended November 30, 2018 , the Company contributed $0.6 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, 2019 . In the second quarter of fiscal 2019, the Company announced a change in benefits for certain postretirement benefit plan participants. Beginning January 1, 2019, the plan will establish Health Reimbursement Accounts (HRAs) to provide these participants with additional flexibility to choose healthcare options based on individual needs. As a result of this change, the Company remeasured its Postretirement Benefit obligation as of November 30, 2018 , and recognized a reduction of $2.7 to its benefit obligation and a reduction to its accumulated comprehensive loss of $2.7 in the second quarter of fiscal 2019. The related prior service credit will be amortized as a Component of net periodic benefit (cost) over the average remaining life expectancy of plan participants of approximately 13 years.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Nov. 30, 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 November 30, Six months ended November 30, 2018 2017 2018 2017 Stock option expense $ 2.8 $ 4.6 $ 3.6 $ 5.4 Restricted stock unit expense 0.7 0.8 1.3 1.4 Management stock purchase plan 0.2 0.6 0.2 0.6 Employee stock purchase plan 0.0 0.0 0.1 0.1 Total stock-based compensation expense $ 3.7 $ 6.0 $ 5.2 $ 7.5 The following table sets forth Common Stock issued pursuant to stock-based compensation plans for the periods indicated: Three months ended November 30, Six months ended November 30, 2018 2017 2018 2017 Common Stock issued pursuant to stock-based compensation plans (in millions) 0.2 0.1 0.3 0.2

Treasury Stock

Treasury Stock	6 Months Ended
	Nov. 30, 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 authorizations at the dates indicated: Authorizations Amount July 2015 $ 50.0 March 2018 50.0 Total current Board authorizations $ 100.0 Less repurchases made under these authorizations $ (38.6 ) Remaining Board authorization at November 30, 2018 $ 61.4 There were no repurchases of the Company's Common Stock for the three and six months ended November 30, 2018 . The Company’s repurchase program may be suspended at any time without prior notice.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Nov. 30, 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 November 30, 2018 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at September 1, 2018 $ (45.0 ) $ (13.6 ) $ (58.6 ) Other comprehensive income (loss) before reclassifications (0.6 ) — (0.6 ) Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.2 0.2 Postretirement benefit plan remeasurement (net of tax of $0.7) — 2.0 2.0 Amortization of prior service credit (net of tax of $0.0) — (0.1 ) (0.1 ) Other reclassifications (net of tax of $0.2) — 0.6 0.6 Other comprehensive income (loss) (0.6 ) 2.7 2.1 Ending balance at November 30, 2018 $ (45.6 ) $ (10.9 ) $ (56.5 ) Three months ended November 30, 2017 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at September 1, 2017 $ (41.6 ) $ (48.4 ) $ (90.0 ) Other comprehensive income (loss) before reclassifications 0.1 — 0.1 Less amount reclassified from Accumulated other comprehensive income (loss): Benefit from settlement (net of tax of $6.2) — 9.2 9.2 Amortization of gains and losses (net of tax of $0.1) — 0.4 0.4 Other reclassifications (net of tax of $0.5) — (0.6 ) (0.6 ) Other comprehensive income (loss) 0.1 9.0 9.1 Ending balance at November 31, 2017 $ (41.5 ) $ (39.4 ) $ (80.9 ) Six months ended November 30, 2018 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2018 $ (41.9 ) $ (13.8 ) $ (55.7 ) Other comprehensive income (loss) before reclassifications (3.7 ) — (3.7 ) Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.4 0.4 Postretirement benefit plan remeasurement (net of tax of $0.7) — 2.0 2.0 Amortization of prior service credit (net of tax of $0.0) — (0.1 ) (0.1 ) Other reclassifications (net of tax of $0.2) — 0.6 0.6 Other comprehensive income (loss) (3.7 ) 2.9 (0.8 ) Ending balance at November 30, 2018 $ (45.6 ) $ (10.9 ) $ (56.5 ) Six months ended November 30, 2017 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 3.8 — 3.8 Less amount reclassified from Accumulated other comprehensive income (loss): Benefit from settlement (net of tax of $6.2) — 9.2 9.2 Amortization of gains and losses (net of tax of $0.2) — 0.9 0.9 Other reclassifications (net of tax of $0.5) — (0.6 ) (0.6 ) Other comprehensive income (loss) 3.8 9.5 13.3 Ending balance at November 31, 2017 $ (41.5 ) $ (39.4 ) $ (80.9 ) The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the periods indicated: Three months ended November 30, Six months ended November 30, Condensed consolidated statements of operations line item 2018 2017 2018 2017 Employee benefit plans: Amortization of unrecognized (gain) loss $ 0.2 $ 0.6 0.4 1.2 Other components of net periodic benefit (cost) Settlement charge — 15.4 — 15.4 Other components of net periodic benefit (cost) Amortization of prior service credit (0.1 ) — (0.1 ) — Other components of net periodic benefit (cost) Less: Tax effect 0.0 (6.3 ) 0.0 (6.4 ) (Provision) benefit for income taxes Total cost, net of tax $ 0.1 $ 9.7 $ 0.3 $ 10.2

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Nov. 30, 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 quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data. • 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, 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 the 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 and liabilities acquired in a business combination • Goodwill and definite and indefinite-lived intangible assets 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 and other intangible assets 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	6 Months Ended
	Nov. 30, 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 29.1% . The interim effective tax rate, inclusive of discrete items, was 27.2% for the three month period ended November 30, 2018 and 31.3% for six month period ended November 30, 2018 . 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 reduced the U.S. federal corporate tax rate from 35% to 21%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign sourced earnings. 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. 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. Any future changes to the Company’s provisional estimates, related to the Act, will be reflected as a change in estimate in the period in which the change in estimate is made in accordance with ASU 2018-05 Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 118. ASU 2018-05 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 Company performed a preliminary assessment of the impact of GILTI and does not believe there will be a significant impact as a result of this provision and has elected to recognize the tax on GILTI as a period expense as incurred. In addition, due to the fact that the Company's international operating results do not exceed certain thresholds defined by the Act, the Company is not expecting the remaining provisions of the Act, including the foreign derived intangible income (FDII) and the base erosion and anti-abuse tax (BEAT), to be applicable. The Company does not expect to incur a one-time transition tax on earnings of foreign subsidiaries. The Company will finalize the accounting related to the Act in the third quarter of fiscal 2019. 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 factors including statutes, regulations, case law and experience. Where a sales tax liability in respect to a jurisdiction is probable and can be reasonably estimated for such jurisdiction, the Company has made accruals for these matters which are reflected in the Company’s Condensed Consolidated Financial Statements. These amounts are included 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 2003 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 believes it could prevail in litigating this matter. However, the Company has engaged in discussions with the state to resolve this matter and has recorded a charge related to a proposed settlement of this assessment.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Nov. 30, 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. The notional values of the open contracts as of November 30, 2018 and November 30, 2017 were $30.0 and $36.5 , respectively. Unrealized gains of $0.9 and $0.3 were recognized for the six month periods ended November 30, 2018 and November 30, 2017 , respectively.

Other Accrued Expenses

Other Accrued Expenses	6 Months Ended
	Nov. 30, 2018
Other Accrued Expenses Disclosure [Abstract]
Other Accrued Expenses	OTHER ACCRUED EXPENSES Other accrued expenses consist of the following as of the dates indicated: November 30, 2018 May 31, 2018 November 30, 2017 Accrued payroll, payroll taxes and benefits $ 42.3 $ 47.1 $ 49.1 Accrued bonus and commissions 16.8 22.4 18.4 Returns liability (1) 78.7 — — Accrued other taxes 31.3 25.7 28.8 Accrued advertising and promotions 9.2 35.8 37.4 Accrued insurance 8.1 7.8 8.0 Other accrued expenses 41.4 39.1 32.0 Total accrued expenses $ 227.8 $ 177.9 $ 173.7 (1) - Refer to Note 2, Revenues, for additional details regarding the impact of ASC 606 on Returns liability.

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 30, 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 third quarter of fiscal 2019. The dividend is payable on March 15, 2019 to shareholders of record as of the close of business on January 31, 2019.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Nov. 30, 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. The Company’s fiscal year is not a calendar year. Accordingly, references in this document to fiscal 2019 relate to the twelve-month period ending May 31, 2019. Certain reclassifications have been made to conform to the current year presentation.
Interim Financial Statements	Interim Financial Statements The accompanying unaudited condensed consolidated interim financial statements (referred to as the “Financial Statements” herein) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2018 . The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, the Financial Statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented.
Seasonality	Seasonality The Company’s Children’s Book Publishing and Distribution school-based book fairs 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 are generally 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 preparation of these Financial Statements involves the use of estimates and assumptions by management, which affects the amounts reported in the 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 certain 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: • Variable consideration related to anticipated returns • Accounts receivable allowance for doubtful accounts • Pension and other postretirement 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 based on estimated gross profit rates • Sales tax contingencies • Royalty advance reserves and royalty expense accruals • Impairment testing for goodwill, intangibles and other long-lived assets and investments • Assets and liabilities acquired in business combinations • Revenues for book fairs which have not reported final results • Allocation of transaction price to performance obligations
New Accounting Pronouncements	New Accounting Pronouncements Topic 606, Revenue from Contracts with Customers Refer to Note 2, Revenues, for a discussion of the Company's revenue recognition accounting following the adoption of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), and related amendments, in the first quarter of fiscal 2019. Forthcoming Adoptions: ASU No. 2016-02. ASU No. 2018-10 and ASU No. 2018-11 In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2016-02, Leases (Topic 842) which supersedes existing guidance on accounting for leases in ASC Topic 840, Leases. The amendments in this ASU, among other things, require lessees to account for leases as either finance leases or operating leases and generally requires all leases to be recorded on the balance sheet, through the recognition of right-of-use assets and corresponding lease liabilities. The lease liability should be measured at the present value of the lease payments over the lease term. The right-of-use asset should be measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and lessee's initial direct costs (e.g., commissions). The guidance also requires specific qualitative and quantitative disclosures about leasing activities. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. ASU No. 2016-02, ASU No. 2018-10 and ASU No. 2018-11 are effective for the Company in the first quarter of fiscal 2020 and are required to be applied using the modified retrospective approach for all leases existing as of the effective date. Early adoption is permitted; however, the Company currently does not plan to adopt this standard early and it is evaluating the impact of this standard on its consolidated financial position, results of operations and cash flows. The Company expects that the adoption will result in the recognition of right-of-use assets and lease liabilities related to its operating leases.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Nov. 30, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Impact of Adoption of New Accounting Standards	The following table illustrates the amounts by which each summarized income statement line item was affected by the adoption of Topic 606: As reported Adjustments Without adoption of Topic 606 Three months ended November 30, 2018 Revenues $ 604.7 $ 10.8 (1) $ 615.5 Cost of goods sold 262.4 2.6 (1) 265.0 Selling, general and administrative expenses 229.7 2.6 (3) 232.3 Depreciation and amortization 14.4 — 14.4 Operating income (loss) 98.2 5.6 103.8 Interest income (expense), net 0.5 — 0.5 Other components of net periodic benefit (cost) (0.3 ) — (0.3 ) Provision (benefit) for income taxes 26.8 1.5 (4) 28.3 Net income (loss) $ 71.6 $ 4.1 $ 75.7 Basic earnings (loss) per share: $ 2.03 $ 0.12 $ 2.15 Diluted earnings (loss) per share: $ 1.99 $ 0.11 $ 2.10 Six months ended November 30, 2018 Revenues $ 823.1 $ (1.7 ) (2) $ 821.4 Cost of goods sold 387.7 (1.5 ) (2) 386.2 Selling, general and administrative expenses 393.4 (0.6 ) (3) 392.8 Depreciation and amortization 27.6 — 27.6 Operating income (loss) 14.4 0.4 14.8 Interest income (expense), net 1.3 — 1.3 Other components of net periodic benefit (cost) (0.7 ) — (0.7 ) Provision (benefit) for income taxes 4.7 0.1 (4) 4.8 Net income (loss) $ 10.3 $ 0.3 $ 10.6 Basic earnings (loss) per share: $ 0.29 $ 0.01 $ 0.30 Diluted earnings (loss) per share: $ 0.29 $ 0.01 $ 0.30 (1) - Represents additional deferred revenue and cost of goods sold on incentive credits awarded during the period, partially offset by incremental revenue and cost of goods sold related to the redemption of book fairs incentive credits. (2) - Represents incremental revenue and cost of goods sold related to the redemption of book fairs incentive program credits, partially offset by additional deferred revenue on incentive credits awarded during the period. (3) - Represents direct response advertising costs being expensed as incurred. (4) - Represents the income tax impact of Topic 606 adjustments. The cumulative effect of the changes made to the Company’s condensed consolidated balance sheet at June 1, 2018 are as follows: As reported - May 31, 2018 Adjustments due to adoption June 1, 2018 Accounts receivable, net $ 204.9 $ 31.1 (1) $ 236.0 Inventories, net 294.9 (1.9 ) (2) 293.0 Prepaid expenses and other current assets 66.6 (4.3 ) (2)(3) 62.3 Noncurrent deferred income taxes 25.2 16.0 (4) 41.2 Deferred revenue 24.7 86.3 (5) 111.0 Other accrued expenses 177.9 1.1 (6) 179.0 Retained earnings 1,065.2 (46.5 ) 1,018.7 (1) - Primarily represents the reclassification of the Company’s accounting for estimated returns from a reduction to Accounts receivable, net, to a current liability within Other accrued expenses. (2) - Represents the reclassification of a return asset from Inventory to Prepaid expenses and other current assets. (3) - Primarily represents the adjustment for previously capitalized direct response advertising costs. (4) - Represents the income tax impact of Topic 606 adjustments. (5) - Represents the deferred revenue related to outstanding book fairs incentive credits as of June 1, 2018. (6) - Represents a reduction to Other accrued expenses of $27.2 for outstanding book fair incentive credits as of June 1, 2018. This decrease was offset by a $28.3 increase for estimated returns recorded to Other accrued expenses.
Schedule of Disaggregation of Revenue	The following table presents the Company’s revenues disaggregated by region and channel: Three months ended November 30, 2018 2017 Book Clubs $ 101.3 $ 99.9 Book Fairs 220.7 231.0 Trade 95.9 82.8 Total Children's Book Publishing & Distribution 417.9 413.7 Education 71.5 69.0 Major Markets (1) 87.9 88.6 Other Markets (2) 27.4 27.0 Total International 115.3 115.6 Total Revenues $ 604.7 $ 598.3 Six months ended November 30, 2018 2017 Book Clubs $ 110.4 $ 107.9 Book Fairs 245.9 243.1 Trade 157.3 131.6 Total Children's Book Publishing & Distribution 513.6 482.6 Education 119.4 111.9 Major Markets (1) 138.2 140.3 Other Markets (2) 51.9 52.7 Total International 190.1 193.0 Total Revenues $ 823.1 $ 787.5 (1) - Includes Canada, UK, Australia and New Zealand. (2) - Primarily includes markets in Asia.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Nov. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Children’s Education Overhead (1) Total International Total Three months ended Revenues $ 417.9 $ 71.5 $ — $ 489.4 $ 115.3 $ 604.7 Bad debt expense 1.6 0.7 — 2.3 0.4 2.7 Depreciation and amortization (2) 5.9 2.1 10.8 18.8 1.8 20.6 Segment operating income (loss) 106.3 8.3 (29.4 ) 85.2 13.0 98.2 Expenditures for other noncurrent assets (4) 20.2 5.0 15.1 40.3 3.1 43.4 Three months ended Revenues $ 413.7 $ 69.0 $ — $ 482.7 $ 115.6 $ 598.3 Bad debt expense 2.2 1.1 — 3.3 1.0 4.3 Depreciation and amortization (2) 5.6 1.7 6.9 14.2 1.7 15.9 Segment operating income (loss) 115.0 3.9 (26.4 ) 92.5 14.7 107.2 Expenditures for other noncurrent assets (4) 18.2 4.6 17.9 40.7 2.9 43.6 Children’s Education Overhead (1) Total International Total Six months ended Revenues $ 513.6 $ 119.4 $ — $ 633.0 $ 190.1 $ 823.1 Bad debt expense 2.4 0.7 — 3.1 1.0 4.1 Depreciation and amortization (2) 11.6 4.1 20.7 36.4 3.4 39.8 Segment operating income (loss) 60.3 (6.6 ) (50.3 ) 3.4 11.0 14.4 Segment assets at November 30, 2018 622.4 175.9 990.6 1,788.9 293.0 2,081.9 Goodwill at November 30, 2018 40.9 68.2 — 109.1 10.0 119.1 Expenditures for other noncurrent assets (4) 31.0 10.1 40.6 81.7 7.4 89.1 Other noncurrent assets at (4) 164.1 109.6 499.8 773.5 78.0 851.5 Six months ended Revenues $ 482.6 $ 111.9 $ — $ 594.5 $ 193.0 $ 787.5 Bad debt expense 2.7 1.0 — 3.7 2.5 6.2 Depreciation and amortization (2) 11.2 3.5 13.3 28.0 3.4 31.4 Asset impairments (3) — — 6.7 6.7 — 6.7 Segment operating income (loss) 56.1 (8.6 ) (54.0 ) (6.5 ) 11.9 5.4 Segment assets at November 30, 2017 553.4 174.2 906.9 1,634.5 273.8 1,908.3 Goodwill at November 30, 2017 40.9 68.2 — 109.1 10.0 119.1 Expenditures for other noncurrent assets (4) 28.2 7.0 48.7 83.9 5.0 88.9 Other noncurrent assets at (4) 148.3 93.8 456.2 698.3 70.4 768.7 (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) Impairment charges of $6.7 relate to the prior fiscal year abandonment of legacy building improvements in connection with the Company's renovation of its headquarters in New York City. (4) Other noncurrent assets include property, plant and equipment, prepublication assets, production assets, royalty advances, goodwill, intangible assets and investments. Expenditures for other noncurrent assets for the International reportable segment include expenditures for long-lived assets of $1.6 and $1.7 for the three months ended November 30, 2018 and November 30, 2017 , respectively, and $4.4 and $3.0 for the six months ended November 30, 2018 and November 30, 2017 , respectively. Other noncurrent assets for the International reportable segment include long-lived assets of $36.5 and $33.4 as of November 30, 2018 and November 30, 2017 , respectively.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the carrying value of the Company's debt as of the dates indicated: November 30, 2018 May 31, 2018 November 30, 2017 Revolving Loan $ — $ — $ — Unsecured lines of credit (weighted average interest rates of 3.8%, 2.9% and 3.8%, respectively) 13.5 7.9 11.3 Total debt $ 13.5 $ 7.9 $ 11.3

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Nov. 30, 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 November 30, Six months ended November 30, 2018 2017 2018 2017 Net income (loss) attributable to Class A and Common Shares $ 71.4 $ 57.0 $ 10.3 $ (6.6 ) Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 35.2 35.0 35.2 35.1 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) * 0.7 0.6 0.6 — Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 35.9 35.6 35.8 35.1 Earnings (loss) per share of Class A Stock and Common Stock: Basic $ 2.03 $ 1.63 $ 0.29 $ (0.19 ) Diluted $ 1.99 $ 1.60 $ 0.29 $ (0.19 )
Schedule of stock option activity	The following table sets forth options outstanding pursuant to stock-based compensation plans as of the dates indicated: November 30, 2018 November 30, 2017 Options outstanding pursuant to stock-based compensation plans (in millions) 2.9 3.2

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Nov. 30, 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: Six months ended November 30, Twelve months ended May 31, Six months ended November 30, 2018 2018 2017 Gross beginning balance $ 158.8 $ 158.5 $ 158.5 Accumulated impairment (39.6 ) (39.6 ) (39.6 ) Beginning balance $ 119.2 $ 118.9 $ 118.9 Foreign currency translation (0.1 ) 0.2 0.2 Other — 0.1 — Ending balance $ 119.1 $ 119.2 $ 119.1
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: Six months ended November 30, Twelve months ended May 31, Six months ended November 30, 2018 2018 2017 Beginning balance other intangibles subject to amortization $ 10.1 $ 9.0 $ 9.0 Additions 0.6 3.3 0.1 Amortization expense (1.3 ) (2.1 ) (1.0 ) Foreign currency translation (0.1 ) (0.1 ) 0.1 Total other intangibles subject to amortization, net of accumulated amortization of $25.4, $24.1 and $22.9, respectively $ 9.3 $ 10.1 $ 8.2 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 11.4 $ 12.2 $ 10.3

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Nov. 30, 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 postretirement benefits, consisting of certain healthcare and life insurance benefits provided by the Company to its eligible retired United States-based employees (the “Postretirement Benefits”). U.S. Pension Plan UK Pension Plan Postretirement Benefits Three months ended November 30, Three months ended November 30, Three months ended November 30, 2018 2017 2018 2017 2018 2017 Components of net periodic (benefit) cost: Service cost $ — $ — $ — $ — $ 0.0 $ 0.0 Interest cost — 0.8 0.3 0.2 0.2 0.2 Expected return on assets — (1.5 ) (0.3 ) (0.2 ) — — Net amortization of prior service credit — — — — (0.1 ) — Benefit cost of settlement event — 15.4 — — — — Amortization of (gains) losses — 0.3 0.2 0.3 — 0.0 Net periodic (benefit) cost $ — $ 15.0 $ 0.2 $ 0.3 $ 0.1 $ 0.2 U.S. Pension Plan UK Pension Plan Postretirement Benefits Six months ended November 30, Six months ended November 30, Six months ended November 30, 2018 2017 2018 2017 2018 2017 Components of net periodic (benefit) cost: Service cost $ — $ — $ — $ — $ 0.0 $ 0.0 Interest cost — 1.5 0.5 0.5 0.4 0.5 Expected return on assets — (3.0 ) (0.5 ) (0.5 ) — — Net amortization of prior service credit — — — — (0.1 ) — Benefit cost of settlement event — 15.4 — — — — Amortization of (gains) losses — 0.6 0.4 0.6 — 0.0 Net periodic (benefit) cost $ — $ 14.5 $ 0.4 $ 0.6 $ 0.3 $ 0.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Nov. 30, 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 November 30, Six months ended November 30, 2018 2017 2018 2017 Stock option expense $ 2.8 $ 4.6 $ 3.6 $ 5.4 Restricted stock unit expense 0.7 0.8 1.3 1.4 Management stock purchase plan 0.2 0.6 0.2 0.6 Employee stock purchase plan 0.0 0.0 0.1 0.1 Total stock-based compensation expense $ 3.7 $ 6.0 $ 5.2 $ 7.5
Schedule of Shares Issued Pursuant to Share-based Compensation Activity	The following table sets forth Common Stock issued pursuant to stock-based compensation plans for the periods indicated: Three months ended November 30, Six months ended November 30, 2018 2017 2018 2017 Common Stock issued pursuant to stock-based compensation plans (in millions) 0.2 0.1 0.3 0.2

Treasury Stock (Tables)

Treasury Stock (Tables)	6 Months Ended
	Nov. 30, 2018
Stockholders' Equity Attributable to Parent [Abstract]
Tabular Disclosure of an Entity's Treasury Stock	The table below represents the Board authorizations at the dates indicated: Authorizations Amount July 2015 $ 50.0 March 2018 50.0 Total current Board authorizations $ 100.0 Less repurchases made under these authorizations $ (38.6 ) Remaining Board authorization at November 30, 2018 $ 61.4

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Nov. 30, 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 November 30, 2018 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at September 1, 2018 $ (45.0 ) $ (13.6 ) $ (58.6 ) Other comprehensive income (loss) before reclassifications (0.6 ) — (0.6 ) Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.2 0.2 Postretirement benefit plan remeasurement (net of tax of $0.7) — 2.0 2.0 Amortization of prior service credit (net of tax of $0.0) — (0.1 ) (0.1 ) Other reclassifications (net of tax of $0.2) — 0.6 0.6 Other comprehensive income (loss) (0.6 ) 2.7 2.1 Ending balance at November 30, 2018 $ (45.6 ) $ (10.9 ) $ (56.5 ) Three months ended November 30, 2017 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at September 1, 2017 $ (41.6 ) $ (48.4 ) $ (90.0 ) Other comprehensive income (loss) before reclassifications 0.1 — 0.1 Less amount reclassified from Accumulated other comprehensive income (loss): Benefit from settlement (net of tax of $6.2) — 9.2 9.2 Amortization of gains and losses (net of tax of $0.1) — 0.4 0.4 Other reclassifications (net of tax of $0.5) — (0.6 ) (0.6 ) Other comprehensive income (loss) 0.1 9.0 9.1 Ending balance at November 31, 2017 $ (41.5 ) $ (39.4 ) $ (80.9 ) Six months ended November 30, 2018 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2018 $ (41.9 ) $ (13.8 ) $ (55.7 ) Other comprehensive income (loss) before reclassifications (3.7 ) — (3.7 ) Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.4 0.4 Postretirement benefit plan remeasurement (net of tax of $0.7) — 2.0 2.0 Amortization of prior service credit (net of tax of $0.0) — (0.1 ) (0.1 ) Other reclassifications (net of tax of $0.2) — 0.6 0.6 Other comprehensive income (loss) (3.7 ) 2.9 (0.8 ) Ending balance at November 30, 2018 $ (45.6 ) $ (10.9 ) $ (56.5 ) Six months ended November 30, 2017 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 3.8 — 3.8 Less amount reclassified from Accumulated other comprehensive income (loss): Benefit from settlement (net of tax of $6.2) — 9.2 9.2 Amortization of gains and losses (net of tax of $0.2) — 0.9 0.9 Other reclassifications (net of tax of $0.5) — (0.6 ) (0.6 ) Other comprehensive income (loss) 3.8 9.5 13.3 Ending balance at November 31, 2017 $ (41.5 ) $ (39.4 ) $ (80.9 )
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 November 30, Six months ended November 30, Condensed consolidated statements of operations line item 2018 2017 2018 2017 Employee benefit plans: Amortization of unrecognized (gain) loss $ 0.2 $ 0.6 0.4 1.2 Other components of net periodic benefit (cost) Settlement charge — 15.4 — 15.4 Other components of net periodic benefit (cost) Amortization of prior service credit (0.1 ) — (0.1 ) — Other components of net periodic benefit (cost) Less: Tax effect 0.0 (6.3 ) 0.0 (6.4 ) (Provision) benefit for income taxes Total cost, net of tax $ 0.1 $ 9.7 $ 0.3 $ 10.2

Other Accrued Expenses (Tables)

Other Accrued Expenses (Tables)	6 Months Ended
	Nov. 30, 2018
Other Accrued Expenses Disclosure [Abstract]
Schedule of Other Accrued Expenses	Other accrued expenses consist of the following as of the dates indicated: November 30, 2018 May 31, 2018 November 30, 2017 Accrued payroll, payroll taxes and benefits $ 42.3 $ 47.1 $ 49.1 Accrued bonus and commissions 16.8 22.4 18.4 Returns liability (1) 78.7 — — Accrued other taxes 31.3 25.7 28.8 Accrued advertising and promotions 9.2 35.8 37.4 Accrued insurance 8.1 7.8 8.0 Other accrued expenses 41.4 39.1 32.0 Total accrued expenses $ 227.8 $ 177.9 $ 173.7 (1) - Refer to Note 2, Revenues, for additional details regarding the impact of ASC 606 on Returns liability.

Revenues - Impact of Adoption (

Revenues - Impact of Adoption (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended			6 Months Ended
		Nov. 30, 2018		Nov. 30, 2017	Nov. 30, 2018		Nov. 30, 2017	May 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, net		$ 377.3		$ 262.4	$ 377.3		$ 262.4	$ 204.9
Inventories, net		365.6		355.7	365.6		355.7	294.9
Prepaid expenses and other current assets		71.3		69.2	71.3		69.2	66.6
Noncurrent deferred income taxes		41.4		47.6	41.4		47.6	25.2
Deferred revenue		187.2		82	187.2		82	24.7
Other accrued expenses		227.8		173.7	227.8		173.7	177.9
Retained earnings		1,018.4		1,074.1	1,018.4		1,074.1	1,065.2
Book fair incentive credits		9.2		37.4	9.2		37.4	35.8
Returns liability		78.7		0	78.7		0	0
Income Statement [Abstract]
Revenues		604.7		598.3	823.1		787.5
Cost of goods sold		262.4		253.6	387.7		369.2
Selling, general and administrative expenses		229.7		227.7	393.4		387.2
Provision for losses on accounts receivable		2.7		4.3	4.1		6.2
Depreciation and amortization		14.4		9.8	27.6		19
Operating income (loss)		98.2		107.2	14.4		5.4
Interest income (expense), net		0.5		0	1.3		0.3
Other components of net periodic benefit (cost)		(0.3)		(15.5)	(0.7)		(15.6)
Provision (benefit) for income taxes		26.8		34.6	4.7		(3.3)
Net income (loss)		$ 71.6		$ 57.1	$ 10.3		$ (6.6)
Basic earnings (loss) (in Dollars per share)		$ 2.03		$ 1.63	$ 0.29		$ (0.19)
Diluted earnings (loss) (in Dollars per share)		$ 1.99		$ 1.60	$ 0.29		$ (0.19)
ASU 2014-09 | Adjustments due to adoption
Statement of Financial Position [Abstract]
Accounts receivable, net	[1]							31.1
Inventories, net	[2]							(1.9)
Prepaid expenses and other current assets	[2],[3]							(4.3)
Noncurrent deferred income taxes	[4]							16
Deferred revenue	[5]							86.3
Other accrued expenses	[6]							1.1
Retained earnings								(46.5)
Book fair incentive credits								27.2
Returns liability								28.3
Income Statement [Abstract]
Revenues		$ 10.8	[7]		$ (1.7)	[8]
Cost of goods sold		2.6	[7]		(1.5)	[8]
Selling, general and administrative expenses	[9]	2.6			(0.6)
Depreciation and amortization		0			0
Operating income (loss)		5.6			0.4
Interest income (expense), net		0			0
Other components of net periodic benefit (cost)		0			0
Provision (benefit) for income taxes		1.5			0.1	[10]
Net income (loss)		$ 4.1			$ 0.3
Basic earnings (loss) (in Dollars per share)		$ 0.12			$ 0.01
Diluted earnings (loss) (in Dollars per share)		$ 0.11			$ 0.01
ASU 2014-09 | Adjusted balance
Statement of Financial Position [Abstract]
Accounts receivable, net								236
Inventories, net								293
Prepaid expenses and other current assets								62.3
Noncurrent deferred income taxes								41.2
Deferred revenue								111
Other accrued expenses								179
Retained earnings								$ 1,018.7
Income Statement [Abstract]
Revenues		$ 615.5			$ 821.4
Cost of goods sold		265			386.2
Selling, general and administrative expenses		232.3			392.8
Depreciation and amortization		14.4			27.6
Operating income (loss)		103.8			14.8
Interest income (expense), net		0.5			1.3
Other components of net periodic benefit (cost)		(0.3)			(0.7)
Provision (benefit) for income taxes		28.3			4.8
Net income (loss)		$ 75.7			$ 10.6
Basic earnings (loss) (in Dollars per share)		$ 2.15			$ 0.30
Diluted earnings (loss) (in Dollars per share)		$ 2.10			$ 0.30
[1]	Primarily represents the reclassification of the Company’s accounting for estimated returns from a reduction to Accounts receivable, net, to a current liability within Other accrued expenses.
[2]	Represents the reclassification of a return asset from Inventory to Prepaid expenses and other current assets.
[3]	Primarily represents the adjustment for previously capitalized direct response advertising costs.
[4]	Represents the income tax impact of Topic 606 adjustments.
[5]	Represents the deferred revenue related to outstanding book fairs incentive credits as of June 1, 2018.
[6]	Represents a reduction to Other accrued expenses of $27.2 for outstanding book fair incentive credits as of June 1, 2018. This decrease was offset by a $28.3 increase for estimated returns recorded to Other accrued expenses.
[7]	Represents additional deferred revenue and cost of goods sold on incentive credits awarded during the period, partially offset by incremental revenue and cost of goods sold related to the redemption of book fairs incentive credits.
[8]	Represents incremental revenue and cost of goods sold related to the redemption of book fairs incentive program credits, partially offset by additional deferred revenue on incentive credits awarded during the period.
[9]	Represents direct response advertising costs being expensed as incurred.
[10]	Represents the income tax impact of Topic 606 adjustments.

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 30, 2018	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	$ 1,018.4	$ 1,018.4	$ 1,065.2	$ 1,074.1
Returns liability	78.7	78.7	0	$ 0
Return asset	9.4	9.4
Deferred revenue recognized	$ 30.8	$ 62.7
Adjustments due to adoption | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings			(46.5)
Returns liability			$ 28.3

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Disaggregation of Revenue [Line Items]
Revenues		$ 604.7	$ 598.3	$ 823.1	$ 787.5
Children's Book Publishing and Distribution
Disaggregation of Revenue [Line Items]
Revenues		417.9	413.7	513.6	482.6
Children's Book Publishing and Distribution | Book Clubs
Disaggregation of Revenue [Line Items]
Revenues		101.3	99.9	110.4	107.9
Children's Book Publishing and Distribution | Book Fairs
Disaggregation of Revenue [Line Items]
Revenues		220.7	231	245.9	243.1
Children's Book Publishing and Distribution | Trade
Disaggregation of Revenue [Line Items]
Revenues		95.9	82.8	157.3	131.6
Education
Disaggregation of Revenue [Line Items]
Revenues		71.5	69	119.4	111.9
International
Disaggregation of Revenue [Line Items]
Revenues		115.3	115.6	190.1	193
International | Major Markets
Disaggregation of Revenue [Line Items]
Revenues	[1]	87.9	88.6	138.2	140.3
International | Other Markets
Disaggregation of Revenue [Line Items]
Revenues	[2]	$ 27.4	$ 27	$ 51.9	$ 52.7
[1]	Includes Canada, UK, Australia and New Zealand.
[2]	Primarily includes markets in Asia.

Segment Information - Schedule

Segment Information - Schedule of segment reporting information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018USD ($)	Nov. 30, 2017USD ($)	Nov. 30, 2018USD ($)segment	Nov. 30, 2017USD ($)	May 31, 2018USD ($)	May 31, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenues	$ 604.7	$ 598.3	$ 823.1	$ 787.5
Bad debt expense	2.7	4.3	4.1	6.2
Depreciation and amortization	20.6	15.9	39.8	31.4
Asset impairments	0	0	0	6.7
Segment operating income (loss)	98.2	107.2	14.4	5.4
Segment assets	2,081.9	1,908.3	2,081.9	1,908.3
Goodwill	119.1	119.1	119.1	119.1	$ 119.2	$ 118.9
Expenditures for other non-current assets	43.4	43.6	89.1	88.9
Other non-current assets	851.5	768.7	$ 851.5	768.7
Children's Book Publishing and Distribution
Segment Reporting Information [Line Items]
Number of operating segments | segment			3
Revenues	417.9	413.7	$ 513.6	482.6
Bad debt expense	1.6	2.2	2.4	2.7
Asset impairments				0
Segment assets	622.4	553.4	622.4	553.4
Goodwill	40.9	40.9	40.9	40.9
Expenditures for other non-current assets	20.2	18.2	31	28.2
Other non-current assets	164.1	148.3	$ 164.1	148.3
Education
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
Revenues	71.5	69	$ 119.4	111.9
Bad debt expense	0.7	1.1	0.7	1
Asset impairments				0
Segment assets	175.9	174.2	175.9	174.2
Goodwill	68.2	68.2	68.2	68.2
Expenditures for other non-current assets	5	4.6	10.1	7
Other non-current assets	109.6	93.8	109.6	93.8
Overhead
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Bad debt expense	0	0	0	0
Asset impairments				6.7
Segment assets	990.6	906.9	990.6	906.9
Goodwill	0	0	0	0
Expenditures for other non-current assets	15.1	17.9	40.6	48.7
Other non-current assets	499.8	456.2	499.8	456.2
Total Domestic
Segment Reporting Information [Line Items]
Revenues	489.4	482.7	633	594.5
Bad debt expense	2.3	3.3	3.1	3.7
Asset impairments				6.7
Segment assets	1,788.9	1,634.5	1,788.9	1,634.5
Goodwill	109.1	109.1	109.1	109.1
Expenditures for other non-current assets	40.3	40.7	81.7	83.9
Other non-current assets	773.5	698.3	$ 773.5	698.3
International
Segment Reporting Information [Line Items]
Number of operating segments | segment			3
Revenues	115.3	115.6	$ 190.1	193
Bad debt expense	0.4	1	1	2.5
Asset impairments				0
Segment assets	293	273.8	293	273.8
Goodwill	10	10	10	10
Expenditures for other non-current assets	3.1	2.9	7.4	5
Other non-current assets	78	70.4	78	70.4
Operating Segments | Children's Book Publishing and Distribution
Segment Reporting Information [Line Items]
Depreciation and amortization	5.9	5.6	11.6	11.2
Segment operating income (loss)	106.3	115	60.3	56.1
Operating Segments | Education
Segment Reporting Information [Line Items]
Depreciation and amortization	2.1	1.7	4.1	3.5
Segment operating income (loss)	8.3	3.9	(6.6)	(8.6)
Operating Segments | Overhead
Segment Reporting Information [Line Items]
Depreciation and amortization	10.8	6.9	20.7	13.3
Segment operating income (loss)	(29.4)	(26.4)	(50.3)	(54)
Operating Segments | Total Domestic
Segment Reporting Information [Line Items]
Depreciation and amortization	18.8	14.2	36.4	28
Segment operating income (loss)	85.2	92.5	3.4	(6.5)
Operating Segments | International
Segment Reporting Information [Line Items]
Depreciation and amortization	1.8	1.7	3.4	3.4
Segment operating income (loss)	13	14.7	11	11.9
Expenditures to acquire long-lived assets	1.6	1.7	4.4	3
Long-lived assets	$ 36.5	$ 33.4	$ 36.5	33.4
Legacy Building Improvements
Segment Reporting Information [Line Items]
Asset impairments				$ 6.7

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Total Debt	$ 13.5	$ 7.9	$ 11.3
Line of Credit
Debt Instrument [Line Items]
Short-term debt	$ 13.5	$ 7.9	$ 11.3
Weighted average interest rate (percentage)	3.80%	2.90%	3.80%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	6 Months Ended
	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Debt (Details) [Line Items]
Standby letters of credit	$ 5,300,000
Debt	13,500,000	$ 7,900,000	$ 11,300,000
Loan Agreement
Debt (Details) [Line Items]
Borrowing capacity	$ 375,000,000
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%
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	$ 30,000,000
Expiration period (in days)	364 days
Debt	$ 13,500,000	$ 7,900,000	$ 0
Weighted average interest rate	3.80%	2.90%	3.80%
Available credit	$ 16,500,000
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

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss) attributable to Class A and Common Shares	$ 71.4	$ 57	$ 10.3	$ (6.6)
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share	35.2	35	35.2	35.1
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans	0.7	0.6	0.6	0
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share	35.9	35.6	35.8	35.1
Earnings (loss) per share of Class A Stock and Common Stock:
Basic (in Dollars per share)	$ 2.03	$ 1.63	$ 0.29	$ (0.19)
Diluted (in Dollars per share)	$ 1.99	$ 1.60	$ 0.29	$ (0.19)

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Options Outstanding (Details) - shares shares in Millions	Nov. 30, 2018	Nov. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding pursuant to stock-based compensation plans (in millions)	2.9	3.2

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018
Earnings Per Share [Abstract]
Antidilutive shares excluded from calculation of earnings per share			0.1
Earnings attributable to participating RSUs	$ 0.2	$ 0.1	$ 0.1
Remaining authorized stock repurchase amount	$ 61.4		$ 61.4

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Aug. 31, 2018	Nov. 30, 2018	Nov. 30, 2017	May 31, 2018	May 31, 2017
Goodwill and Other Intangibles (Details) [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss		$ 39.6	$ 39.6	$ 39.6	$ 39.6
Amortizable intangible assets acquired		0.6	0.1	3.3
Amortization expense		$ 1.3	$ 1	$ 2.1
Useful life		3 years 8 months
U.K. Based Book Business [Member]
Goodwill and Other Intangibles (Details) [Line Items]
Amortizable intangible assets acquired	$ 0.6

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Schedule of activity in goodwill (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	May 31, 2018	May 31, 2017
Goodwill [Roll Forward]
Gross goodwill			$ 158.8	$ 158.5
Accumulated impairment	$ (39.6)	$ (39.6)	(39.6)	$ (39.6)
Beginning balance	119.2	118.9	118.9
Foreign currency translation	(0.1)	0.2	0.2
Other	0	0	0.1
Ending balance	$ 119.1	$ 119.1	$ 119.2

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Schedule of other intangible assets subject to amortization (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	May 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Beginning balance other intangibles subject to amortization	$ 10.1	$ 9	$ 9
Additions	0.6	0.1	3.3
Amortization expense	(1.3)	(1)	(2.1)
Foreign currency translation	(0.1)	0.1	(0.1)
Total other intangibles subject to amortization, net of accumulated amortization of $24.8, $24.1 and $22.5, respectively	9.3	8.2	10.1
Accumulated amortization of intangible assets	25.4	22.9	24.1
Total other intangibles not subject to amortization	2.1	2.1	2.1
Total other intangibles	$ 11.4	$ 10.3	$ 12.2

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017	May 31, 2018	Mar. 19, 2015
Investments (Details) [Line Items]
Investments	$ 0	$ 31.6	$ 0	$ 31.6	$ 31.1
Income from equity method investments	2.5	1.5	4.5	2.7
Make Believe Ideas Limited (MBI)
Investments (Details) [Line Items]
Percentage of interests acquired						48.50%
Equity method investment	12.3	10.6	12.3	10.6	10.6
Children's Book Publishing and Distribution
Investments (Details) [Line Items]
Equity method investment	$ 22	21	$ 22	21	20.5
Equity method ownership percentage	26.20%		26.20%
Other Investments
Investments (Details) [Line Items]
Investments	$ 0.1	$ 0.1	$ 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		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Components of net periodic benefit (credit) cost:
Amortization of (gain) loss			$ 0.4	$ 1.2
Post-Retirement Benefits
Components of net periodic benefit (credit) cost:
Service cost	$ 0	$ 0	0	0
Interest cost	0.2	0.2	0.4	0.5
Expected return on assets	0	0	0	0
Net amortization of prior service credit	(0.1)	0	(0.1)	0
Benefit cost of settlement event	0	0	0	0
Amortization of (gain) loss	0	0	0	0
Net periodic benefit (credit) cost	0.1	0.2	0.3	0.5
United States | Pension Plans
Components of net periodic benefit (credit) cost:
Service cost	0	0	0	0
Interest cost	0	0.8	0	1.5
Expected return on assets	0	(1.5)	0	(3)
Net amortization of prior service credit	0	0	0	0
Benefit cost of settlement event	0	15.4	0	15.4
Amortization of (gain) loss	0	0.3	0	0.6
Net periodic benefit (credit) cost	0	15	0	14.5
United Kingdom | Pension Plans
Components of net periodic benefit (credit) cost:
Service cost	0	0	0	0
Interest cost	0.3	0.2	0.5	0.5
Expected return on assets	(0.3)	(0.2)	(0.5)	(0.5)
Net amortization of prior service credit	0	0	0	0
Benefit cost of settlement event	0	0	0	0
Amortization of (gain) loss	0.2	0.3	0.4	0.6
Net periodic benefit (credit) cost	$ 0.2	$ 0.3	$ 0.4	$ 0.6

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	Feb. 14, 2018	Nov. 30, 2018	Nov. 30, 2018	May 31, 2018
Pension Plans | United States
Employee Benefit Plans (Details) [Line Items]
Lump sum benefit payments made				$ 37.8
Group annuity contracts acquired to settle benefit obligation	$ 86.3
Pretax plan settlement charges				$ 57.3
Pension Plans | United Kingdom
Employee Benefit Plans (Details) [Line Items]
Pension contributions			$ 0.6
Contributions expected in current fiscal year		$ 1.1	1.1
Post-Retirement Benefits
Employee Benefit Plans (Details) [Line Items]
Reduction in benefit obligation		2.7
Reduction in AOCI		$ 2.7	$ 2.7
Average remaining life expectancy			13 years

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 3.7	$ 6	$ 5.2	$ 7.5
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0.2	0.1	0.3	0.2
Stock option expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 2.8	$ 4.6	$ 3.6	$ 5.4
Restricted stock unit expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0.7	0.8	1.3	1.4
Management stock purchase plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0.2	0.6	0.2	0.6
Employee stock purchase plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 0	$ 0	$ 0.1	$ 0.1

Treasury Stock - Schedule of re

Treasury Stock - Schedule of repurchase of common stock (Details) - USD ($)	3 Months Ended	6 Months Ended	40 Months Ended
	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2018	Mar. 21, 2018	Jul. 22, 2015
Stockholders' Equity Attributable to Parent [Abstract]
Authorized amount of stock to be repurchased	$ 100,000,000	$ 100,000,000	$ 100,000,000	$ 50,000,000	$ 50,000,000
Total current Board authorizations	0	0	(38,600,000)
Less repurchases made under these authorizations	$ 61,400,000	$ 61,400,000	$ 61,400,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (58.6)	$ (90)	$ (55.7)	$ (94.2)
Other comprehensive income (loss) before reclassifications	(0.6)	0.1	(3.7)	3.8
Benefit from settlement (net of tax of $6.2)		9.2		9.2
Amortization of gains and losses (net of tax of $0.1)	0.2	0.4	0.4	0.9
Postretirement benefit plan remeasurement (net of tax of $0.7)	2		2
Amortization of prior service credit	(0.1)		(0.1)
Other reclassifications (net of tax of $0.2)	0.6	(0.6)	0.6	(0.6)
Other comprehensive income (loss)	2.1	9.1	(0.8)	13.3
Ending balance	(56.5)	(80.9)	(56.5)	(80.9)
Settlement, Tax		6.2		6.2
Amortization, Tax	0	(0.1)	0	(0.2)
Remeasurement, Tax	0.7		0.7
Amortization of prior service credit, Tax	0		0
Other reclassifications, Tax	0.2	0.5	0.2	0.5
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(45)	(41.6)	(41.9)	(45.3)
Other comprehensive income (loss) before reclassifications	(0.6)	0.1	(3.7)	3.8
Other comprehensive income (loss)	(0.6)	0.1	(3.7)	3.8
Ending balance	(45.6)	(41.5)	(45.6)	(41.5)
Retirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(13.6)	(48.4)	(13.8)	(48.9)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Benefit from settlement (net of tax of $6.2)		9.2		9.2
Amortization of gains and losses (net of tax of $0.1)	0.2	0.4	0.4	0.9
Postretirement benefit plan remeasurement (net of tax of $0.7)	2		2
Amortization of prior service credit	(0.1)		(0.1)
Other reclassifications (net of tax of $0.2)	0.6	(0.6)	0.6	(0.6)
Other comprehensive income (loss)	2.7	9	2.9	9.5
Ending balance	$ (10.9)	$ (39.4)	$ (10.9)	$ (39.4)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit	$ (0.1)		$ (0.1)
Less: Tax effect	(26.8)	$ (34.6)	(4.7)	$ 3.3
Net income (loss)	71.6	57.1	10.3	(6.6)
Retirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit	(0.1)		(0.1)
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)	0.2	0.6	0.4	1.2
Settlement charge	0	15.4	0	15.4
Amortization of prior service credit	(0.1)	0	(0.1)	0
Less: Tax effect	0	(6.3)	0	(6.4)
Net income (loss)	$ (0.1)	$ (9.7)	$ (0.3)	$ (10.2)

Income Taxes and Other Taxes (D

Income Taxes and Other Taxes (Details) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 30, 2018USD ($)	Nov. 30, 2018USD ($)
Income Tax And Non Income Tax Disclosure [Abstract]
Annualized effective income tax rate (percentage)		29.10%
Effective income tax rate (percentage)	27.20%	31.30%
Wisconsin | State Sales Tax Assessment
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	6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	$ 30	$ 36.5
Unrealized gain (loss)	$ 0.9	$ 0.3

Other Accrued Expenses - Schedu

Other Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Millions	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Schedule of accrued expenses [Abstract]
Accrued payroll, payroll taxes and benefits	$ 42.3	$ 47.1	$ 49.1
Accrued bonus and commissions	16.8	22.4	18.4
Returns liability	78.7	0	0
Accrued other taxes	31.3	25.7	28.8
Accrued advertising and promotions	9.2	35.8	37.4
Accrued insurance	8.1	7.8	8
Other accrued expenses	41.4	39.1	32
Total accrued expenses	$ 227.8	$ 177.9	$ 173.7

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Dec. 01, 2018$ / shares
Common Class A
Subsequent Event [Line Items]
Dividend declared per share (in Dollars per share)	$ 0.15
Common Stock
Subsequent Event [Line Items]
Dividend declared per share (in Dollars per share)	$ 0.15