Scholastic (SCHL) 10-Q 18 Dec 20 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Nov. 30, 2020shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Nov. 30, 2020
Entity File Number	000-19860
Entity Registrant Name	SCHOLASTIC CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3385513
Entity Address, Address Line One	557 Broadway,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10012
City Area Code	212
Local Phone Number	343-6100
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SCHL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000866729
Current Fiscal Year End Date	--05-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	32,644,991
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	1,656,200

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Revenues	$ 406.2	$ 597.2	$ 621.4	$ 829.8
Operating costs and expenses:
Cost of goods sold	199.3	264.3	322.5	401.4
Selling, general and administrative expenses	137	210.6	258.5	373.7
Depreciation and amortization	15.8	15.4	31.3	30.8
Severance	5.3	1.8	17.3	6.2
Total operating costs and expenses	357.4	492.1	629.6	812.1
Operating income (loss)	48.8	105.1	(8.2)	17.7
Interest income (expense), net	(1.2)	0	(2.4)	0.7
Other components of net periodic benefit (cost)	0	(0.2)	(0.2)	(0.6)
Gain (loss) on sale of assets and other	0	0	6.6	0
Earnings (loss) before income taxes	47.6	104.9	(4.2)	17.8
Provision (benefit) for income taxes	12.4	33.8	0.4	5.2
Net income (loss)	35.2	71.1	(4.6)	12.6
Less: Net income (loss) attributable to noncontrolling interest	0.1	0.1	0.1	0.1
Net income (loss) attributable to Scholastic Corporation	$ 35.1	$ 71	$ (4.7)	$ 12.5
Basic and diluted earnings (loss) per Share of Class A and Common Stock
Basic (in Dollars per share)	$ 1.02	$ 2.04	$ (0.14)	$ 0.36
Diluted (in Dollars per share)	$ 1.02	$ 2.02	$ (0.14)	$ 0.35

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 35.2	$ 71.1	$ (4.6)	$ 12.6
Other comprehensive income (loss), net:
Foreign currency translation adjustment	0.4	3.9	11.1	1.9
Pension and postretirement adjustments (net of tax)	5.4	0.2	5.5	0.4
Total other comprehensive income (loss), net	5.8	4.1	16.6	2.3
Comprehensive income (loss)	41	75.2	12	14.9
Less: Net income (loss) attributable to noncontrolling interest	0.1	0.1	0.1	0.1
Comprehensive income (loss) attributable to Scholastic Corporation	$ 40.9	$ 75.1	$ 11.9	$ 14.8

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019
Current Assets:
Cash and cash equivalents	$ 356.6	$ 393.8	$ 277.8
Accounts receivable, net	304.7	239.8	325.1
Inventories, net	306.5	270.6	357.8
Income tax receivable	91.9	90	8.4
Prepaid expenses and other current assets	51.4	41.1	53.5
Total current assets	1,111.1	1,035.3	1,022.6
Property, plant and equipment, net	567.6	576.9	578.5
Prepublication costs, net	68.1	70.6	71.3
Operating lease right-of-use assets, net	90.2	95.3	76.4
Royalty advances, net	43.5	39.9	52.3
Goodwill	125.6	124.9	125.4
Noncurrent deferred income taxes	19.8	18.6	37.3
Other assets and deferred charges	81	72.1	67.9
Total noncurrent assets	995.8	998.3	1,009.1
Total assets	2,106.9	2,033.6	2,031.7
Current Liabilities:
Lines of credit and current portion of long-term debt	19.8	7.9	13.5
Accounts payable	165.5	153.6	188.9
Accrued royalties	60.1	37.8	54.7
Deferred revenue	150.7	116.5	190.5
Other accrued expenses	183	161.5	178.2
Accrued income taxes	3.1	1.4	1.4
Operating lease liabilities	24.4	22.8	23.5
Total current liabilities	606.6	501.5	650.7
Noncurrent Liabilities:
Total long-term debt	175	210.6	2.6
Operating lease liabilities	71.6	75.7	56
Other noncurrent liabilities	65.8	65.2	61.1
Total noncurrent liabilities	312.4	351.5	119.7
Commitments and Contingencies (see Note 5)	0	0	0
Stockholders’ Equity:
Preferred Stock, $1.00 par value: Authorized, 2.0 shares; Issued and Outstanding, none	0	0	0
Common Stock, value	0.4	0.4	0.4
Additional paid-in capital	624.3	622.4	621.3
Accumulated other comprehensive income (loss)	(41.7)	(58.3)	(57.4)
Retained earnings	933.1	948	1,014.7
Treasury stock, at cost: 10.3, 10.4 and 9.9 shares, respectively	(329.7)	(333.3)	(319)
Total stockholders’ equity of Scholastic Corporation	1,186.4	1,179.2	1,260
Noncontrolling interest	1.5	1.4	1.3
Total stockholders’ equity	1,187.9	1,180.6	1,261.3
Total liabilities and stockholders’ equity	2,106.9	2,033.6	2,031.7
Common Class A
Stockholders’ Equity:
Common Stock, value	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019
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
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	32,600,000	33,000,000	32,500,000
Treasury stock (in shares)	10,300,000	10,400,000	9,900,000
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 CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statement - USD ($) $ in Millions	Total	Common Stock	Common StockCommon Class A	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Parent [Member]	Noncontrolling Interest [Member]
Beginning balance at May. 31, 2019	$ 1,272.8	$ 0.4	$ 0	$ 620.8	$ (59.7)	$ 1,012.6	$ (302.6)	$ 1,271.5	$ 1.3
Balance (in shares) at Aug. 31, 2019		33,100,000	1,700,000
Net income (loss)	(58.5)					(58.5)		(58.5)	0
Foreign currency translation adjustment	(2)				(2)			(2)
Pension and post-retirement adjustments (net of tax of $0.0)	0.2				0.2			0.2
Stock-based compensation	1.5			1.5				1.5
Purchases of treasury stock at cost (in shares)		(300,000)
Purchases of treasury stock at cost	(12.6)						(12.6)	(12.6)
Treasury stock issued pursuant to equity-based plans (in shares)		0
Treasury stock issued pursuant to equity-based plans	0.5			(0.1)			0.6	0.5
Dividends ($0.15 per share)	(5.2)					(5.2)		(5.2)
Ending Balance at Aug. 31, 2019	1,196.7	$ 0.4	$ 0	622.2	(61.5)	948.9	(314.6)	1,195.4	1.3
Balance (in shares) at May. 31, 2019		33,400,000	1,700,000
Beginning balance at May. 31, 2019	1,272.8	$ 0.4	$ 0	620.8	(59.7)	1,012.6	(302.6)	1,271.5	1.3
Balance (in shares) at Nov. 30, 2019		33,000,000	1,700,000
Net income (loss)	12.6
Net Income (loss)	12.5
Foreign currency translation adjustment	1.9
Ending Balance at Nov. 30, 2019	1,261.3	$ 0.4	$ 0	621.3	(57.4)	1,014.7	(319)	1,260	1.3
Balance (in shares) at May. 31, 2019		33,400,000	1,700,000
Beginning balance at Aug. 31, 2019	1,196.7	$ 0.4	$ 0	622.2	(61.5)	948.9	(314.6)	1,195.4	1.3
Balance (in shares) at Nov. 30, 2019		33,000,000	1,700,000
Net income (loss)	71.1
Net Income (loss)	71					71		71	0
Foreign currency translation adjustment	3.9				3.9			3.9
Pension and post-retirement adjustments (net of tax of $0.0)	0.2				0.2			0.2
Stock-based compensation	0.9			0.9				0.9
Proceeds pursuant to stock-based compensation plans	0.3			0.3				0.3
Purchases of treasury stock at cost (in shares)		(100,000)
Purchases of treasury stock at cost	(7.1)						(7.1)	(7.1)
Treasury stock issued pursuant to equity-based plans (in shares)		0
Treasury stock issued pursuant to equity-based plans	0.6			(2.1)			2.7	0.6
Dividends ($0.15 per share)	(5.2)					(5.2)		(5.2)
Ending Balance at Nov. 30, 2019	1,261.3	$ 0.4	$ 0	621.3	(57.4)	1,014.7	(319)	1,260	1.3
Balance (in shares) at Aug. 31, 2019		33,100,000	1,700,000
Beginning balance at May. 31, 2020	1,180.6	$ 0.4	$ 0	622.4	(58.3)	948	(333.3)	1,179.2	1.4
Balance (in shares) at Aug. 31, 2020		32,500,000	1,700,000
Net income (loss)	(39.8)					(39.8)		(39.8)	0
Foreign currency translation adjustment	10.7				10.7			10.7
Pension and post-retirement adjustments (net of tax of $0.0)	0.1				0.1			0.1
Stock-based compensation	0.6			0.6				0.6
Treasury stock issued pursuant to equity-based plans (in shares)		0
Treasury stock issued pursuant to equity-based plans	0.3			(0.2)			0.5	0.3
Dividends ($0.15 per share)	(5.1)					(5.1)		(5.1)
Ending Balance at Aug. 31, 2020	1,147.4	$ 0.4	$ 0	622.8	(47.5)	903.1	(332.8)	1,146	1.4
Balance (in shares) at May. 31, 2020		32,500,000	1,700,000
Beginning balance at May. 31, 2020	1,180.6	$ 0.4	$ 0	622.4	(58.3)	948	(333.3)	1,179.2	1.4
Balance (in shares) at Nov. 30, 2020		32,600,000	1,700,000
Net income (loss)	(4.6)
Net Income (loss)	(4.7)
Foreign currency translation adjustment	$ 11.1
Purchases of treasury stock at cost (in shares)	0
Ending Balance at Nov. 30, 2020	$ 1,187.9	$ 0.4	$ 0	624.3	(41.7)	933.1	(329.7)	1,186.4	1.5
Balance (in shares) at May. 31, 2020		32,500,000	1,700,000
Beginning balance at Aug. 31, 2020	1,147.4	$ 0.4	$ 0	622.8	(47.5)	903.1	(332.8)	1,146	1.4
Balance (in shares) at Nov. 30, 2020		32,600,000	1,700,000
Net income (loss)	35.2					35.1		35.1	0.1
Net Income (loss)	35.1
Foreign currency translation adjustment	0.4				0.4	0		0.4
Pension and post-retirement adjustments (net of tax of $0.0)	5.4				5.4			5.4
Stock-based compensation	$ 3			3				3
Purchases of treasury stock at cost (in shares)	0
Treasury stock issued pursuant to equity-based plans (in shares)		100,000
Treasury stock issued pursuant to equity-based plans	$ 1.6			(1.5)			3.1	1.6
Dividends ($0.15 per share)	(5.1)					(5.1)		(5.1)
Ending Balance at Nov. 30, 2020	$ 1,187.9	$ 0.4	$ 0	$ 624.3	$ (41.7)	$ 933.1	$ (329.7)	$ 1,186.4	$ 1.5
Balance (in shares) at Aug. 31, 2020		32,500,000	1,700,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019	Aug. 31, 2019
Pension and postretirement adjustments, tax portion	$ 1.8	$ 0	$ 0	$ 0
Common Class A
Dividends declared per class A and common share (in Dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cash flows - operating activities:
Net income (loss)	$ (4.7)	$ 12.5
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities:
Provision for losses on accounts receivable	3.5	4.3
Provision for losses on inventory	6.4	7.9
Provision for losses on royalty advances	2.8	2.4
Amortization of prepublication costs	12.7	13
Depreciation and amortization	33.4	32.1
Amortization of pension and postretirement actuarial gains and losses	(0.1)	0.4
Deferred income taxes	(0.6)	(0.3)
Stock-based compensation	3.7	2.4
Income from equity-method investments	(5.4)	(3)
(Gain) loss on sale of assets	(6.6)	0
Changes in assets and liabilities, net of amounts acquired:
Accounts receivable	(63)	(78.3)
Inventories	(36.6)	(41.5)
Prepaid expenses and other current assets	(7.9)	(11.1)
Income tax receivable	(1.8)	1.9
Royalty advances	(5.8)	(7.3)
Accounts payable	11.1	(4.6)
Accrued income taxes	1.5	(0.1)
Accrued royalties	21.4	12.7
Deferred revenue	33	59.6
Other assets and liabilities	23.1	11.3
Net cash provided by (used in) operating activities	20.1	14.3
Cash flows - investing activities:
Prepublication expenditures	(10.2)	(14.4)
Additions to property, plant and equipment	(26.2)	(30.7)
Net proceeds from sale of assets	12.3	0
Acquisition of land	0	(3.3)
Net cash provided by (used in) investing activities	(24.1)	(48.4)
Cash flows - financing activities:
Borrowings under lines of credit, credit agreement and revolving loan	2.1	22.8
Repayments of lines of credit, credit agreement and revolving loan	(26.9)	(14.2)
Repayment of capital lease obligations	(1.2)	(0.9)
Reacquisition of common stock	0	(19.6)
Proceeds pursuant to stock-based compensation plans	0	0.3
Payment of dividends	(10.3)	(10.5)
Other	0.1	0
Net cash provided by (used in) financing activities	(36.2)	(22.1)
Effect of exchange rate changes on cash and cash equivalents	3	(0.1)
Net increase (decrease) in cash and cash equivalents	(37.2)	(56.3)
Cash and cash equivalents at beginning of period	393.8	334.1
Cash and cash equivalents at end of period	$ 356.6	$ 277.8

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Nov. 30, 2020
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 and long term debt. 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 for which the Company employs fair value measures on a non-recurring basis include: • Long-lived assets • Investments • Assets acquired in a business combination • Impairment assessment of Goodwill and intangible assets • Long-lived assets held for sale Level 2 and level 3 inputs are employed by the Company in the fair value measurement of these assets. For the fair value measurements employed by the Company for certain property, plant and equipment, investments and prepublication assets, the Company assessed future expected cash flows attributable to these assets. See Note 8, Investments, for a more complete description of the fair value measurements employed.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Supplemental Disclosures	BASIS OF PRESENTATION Principles of consolidation The accompanying condensed consolidated interim financial statements (referred to as the “Financial Statements” herein) 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 2021 relate to the twelve-month period ending May 31, 2021. Certain prior period amounts have been reclassified to conform with the current year presentation. Interim Financial Statements The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. 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, 2020. 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 the fair presentation of the Financial Statements for the periods presented. Seasonality The Company’s Children’s Book Publishing and Distribution school-based book club and book fair channels and most of its Education businesses operate on a school-year basis; therefore, the Company’s business is highly seasonal. As a result, the Company’s revenues in the first and third quarters of the fiscal year generally are lower than its revenues in the other two fiscal quarters. Typically, school-based channels and magazine revenues are minimal in the first quarter of the fiscal year as schools are not in session. Trade sales can vary throughout the year due to varying release dates of published titles. While the Company generally experiences a loss from operations in the first and third quarters of each fiscal year, the second quarter of fiscal 2021, ending November 30, 2020, which is traditionally an income quarter, was negatively impacted by the COVID-19 pandemic, particularly in the book fairs channel. Presently, there remain many uncertainties concerning the timing of and any patterns which may emerge from school instruction, whether in-school, remote or hybrid, for the remaining school year, and the nature and continuing magnitude of the negative impact of COVID-19 into and beyond the third quarter of fiscal 2021 will depend on the actual timing and emerging patterns of such school instruction throughout the United States. 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 these calculations, including, but not limited to: • Accounts receivable allowance for doubtful accounts • Pension and postretirement benefit plans • 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, intangible and other long-lived assets and investments • Assets and liabilities acquired in business combinations • Variable consideration related to anticipated returns • Allocation of transaction price to performance obligations Sale of Long-lived Assets During the second quarter of fiscal 2021, there were no sales of long-lived assets. During the first quarter of fiscal 2021, the company-owned facility located in Danbury, Connecticut was sold and the Company relocated the book fairs warehousing and distribution operations conducted in Danbury to a warehouse in Allentown, Pennsylvania. The long-lived assets related to the Danbury facility, which consisted of land, building, and building improvements, were included in the Overhead segment. These assets had a carrying value of $5.7 and were classified as held for sale for the fiscal year ended May 31, 2020. The net proceeds from the sale were $12.3 and the Company recognized a gain on sale of $6.6. This amount is included within Gain (loss) on sale of assets and other within the Company's Condensed Consolidated Statements of Operations. Assets Held For Sale The Company committed to a plan to sell the UK distribution centers located in Witney and Southam to consolidate the operations into a new facility in Warwickshire which is currently under construction. These assets are included in the International segment. The Company expects the sale of these facilities to be completed within one year and to recognize a gain on sale. The long-lived assets which consist of land, building, and building improvements are classified as held for sale. These assets are carried at the lower of carrying value or fair value less costs to sell and no additional depreciation is being recognized. As of November 30, 2020, the carrying amounts totaled $3.3 which are included in Property, plant and equipment, net within the Company's Condensed Consolidated Balance Sheets. The Company will continue to identify opportunities to reduce its real estate footprint related to owned and leased properties. New Accounting Pronouncements There were no new accounting pronouncements in the second fiscal quarter of 2021 which would impact the Company. Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2020 for more information on current applicable authoritative guidance and its impact on the Company's financial statements. Current Fiscal Year Adoptions: ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). ASU 2016-13, which was further updated and clarified by the FASB through the issuance of additional related ASUs, amends the guidance surrounding measurement and recognition of credit losses on financial assets measured at amortized cost, including trade receivables and debt securities, by requiring recognition of an allowance for credit losses expected to be incurred over an asset's lifetime based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability. This "expected loss" model may result in earlier recognition of credit losses than the current "as incurred" model, under which losses were recognized only upon an occurrence of an event that gave rise to the incurrence of a probable loss. The Company adopted ASU 2016-13 as of the beginning of the first quarter of fiscal 2021 which did not have a material impact on the Company’s Consolidated Financial Statements. Refer to Note 2, Revenues, for further discussion of the Company's accounting policy and disclosures related to the allowance for credit losses. ASU No. 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes step two from the goodwill impairment test (comparison of implied fair value of goodwill with the carrying amount of that goodwill for a reporting unit). Instead, an entity will measure its goodwill impairment by the amount the carrying value exceeds the fair value of a reporting unit.

Revenues

Revenues	6 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues	REVENUES Disaggregated Revenue Data The following table presents the Company’s disaggregated revenues by region and domestic channel: Three months ended Six months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 U.S. Book Clubs $ 66.9 $ 85.9 $ 72.7 $ 93.9 U.S. Book Fairs 47.7 224.1 60.9 251.6 U.S. Trade 116.4 93.5 182.2 161.2 U.S. Education 67.3 69.8 120.8 118.2 Non-U.S. Major Markets (1) 83.1 94.6 139.7 150.9 Non-U.S. Other Markets (2) 24.8 29.3 45.1 54.0 Total Revenues $ 406.2 $ 597.2 $ 621.4 $ 829.8 (1) - Includes Canada, UK, Australia and New Zealand. (2) - Primarily includes markets in Asia. Estimated Returns A liability for expected returns of $54.5, $43.5, and $42.4 is recorded within Other accrued expenses as of November 30, 2020, May 31, 2020, and November 30, 2019, respectively. In addition, a return asset of $3.3, $2.7, and $2.6 is recorded within Prepaid expenses and other current assets as of November 30, 2020, May 31, 2020, and November 30, 2019, respectively, 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 Company recognized revenue which was included in the opening deferred revenue balance in the amount of $24.2 and $46.9 for the three months ended November 30, 2020 and November 30, 2019, respectively, and $41.1 and $74.0 for the six months ended November 30, 2020 and November 30, 2019, respectively. Allowance for Credit Losses The Company recognizes an allowance for credit losses on trade receivables that are expected to be incurred over the lifetime of the receivable. Reserves for estimated credit losses are established at the time of sale and are based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability, including specific reserves on a customer-by-customer basis, creditworthiness of the Company’s customers and prior collection experience. At the time the Company determines that a receivable balance, or any portion thereof, is deemed to be permanently uncollectible, the balance is then written off. The following table presents the change in the allowance for credit losses, which is included in Accounts Receivable, net on the Condensed Consolidated Balance Sheets: Allowance for Credit Losses Balance as of June 1, 2020 $ 19.9 Current period provision 1.4 Write-offs and other (0.4) Balance as of August 31, 2020 $ 20.9 Current period provision 2.1 Write-offs and other (1.8) Balance as of November 30, 2020 $ 21.2

Segment Information

Segment Information	6 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company categorizes its businesses into three reportable segments: Children’s Book Publishing and Distribution, Education and International . • 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 three 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. The following table sets forth information for the Company's segments for the fiscal quarters ended November 30, 2020 and November 30, 2019: Children’s Education Overhead (1) Total International Total Three months ended Revenues $ 240.3 $ 67.5 $ — $ 307.8 $ 98.4 $ 406.2 Bad debt expense (0.1) 1.3 — 1.2 0.9 2.1 Depreciation and amortization (2) 6.6 3.3 11.9 21.8 1.6 23.4 Segment operating income (loss) 37.7 11.9 (20.0) 29.6 19.2 48.8 Expenditures for other noncurrent assets (3) 9.6 3.2 8.1 20.9 3.1 24.0 Three months ended Revenues $ 413.6 $ 69.9 $ — $ 483.5 $ 113.7 $ 597.2 Bad debt expense 1.1 0.8 — 1.9 0.8 2.7 Depreciation and amortization (2) 6.5 3.4 10.9 20.8 1.8 22.6 Segment operating income (loss) 109.6 6.2 (22.4) 93.4 11.7 105.1 Expenditures for other noncurrent assets (3) 14.7 5.0 10.6 30.3 5.8 36.1 The following table sets forth information for the Company's segments for the fiscal periods ended November 30, 2020 and November 30, 2019: Children’s Education Overhead (1) Total International Total Six months ended Revenues $ 331.2 $ 121.1 $ — $ 452.3 $ 169.1 $ 621.4 Bad debt expense 0.1 1.4 — 1.5 2.0 3.5 Depreciation and amortization (2) 13.2 6.4 23.4 43.0 3.1 46.1 Segment operating income (loss) 8.5 9.7 (50.8) (32.6) 24.4 (8.2) Segment assets at November 30, 2020 607.1 212.8 957.4 1,777.3 329.6 2,106.9 Goodwill at November 30, 2020 47.3 68.2 — 115.5 10.1 125.6 Expenditures for other noncurrent assets (3) 21.7 6.3 18.9 46.9 6.6 53.5 Other non-current assets at November 30, 2020 (3) 171.0 123.7 487.2 781.9 86.4 868.3 Six months ended Revenues $ 523.2 $ 118.3 $ — $ 641.5 $ 188.3 $ 829.8 Bad debt expense 1.6 0.8 — 2.4 1.9 4.3 Depreciation and amortization (2) 13.2 6.5 21.9 41.6 3.5 45.1 Segment operating income (loss) 67.9 (7.2) (51.0) 9.7 8.0 17.7 Segment assets at November 30, 2019 674.6 196.1 846.8 1,717.5 314.2 2,031.7 Goodwill at November 30, 2019 47.2 68.2 — 115.4 10.0 125.4 Expenditures for other noncurrent assets (3) 28.7 9.6 18.2 56.5 12.7 69.2 Other non-current assets at November 30, 2019 (3) 219.6 122.4 514.3 856.3 98.6 954.9 (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 certain technology assets. (2) Includes depreciation of property, plant and equipment and amortization of intangible assets, prepublication costs and cloud computing costs.

Debt

Debt	6 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the carrying value of the Company's debt as of the dates indicated: November 30, 2020 May 31, 2020 November 30, 2019 US Revolving Loan $ 175.0 $ 200.0 $ — Unsecured lines of credit (weighted average interest rates of 4.4%, 4.6% and 3.8%, respectively) 8.4 7.9 13.5 UK Loan 11.4 10.6 2.6 Total debt $ 194.8 $ 218.5 $ 16.1 Less lines of credit, short-term debt and current portion of long-term debt (19.8) (7.9) (13.5) Total long-term debt $ 175.0 $ 210.6 $ 2.6 The following table sets forth the maturities of the carrying values of the Company’s debt obligations as of November 30, 2020 for the twelve-month periods ended November 30: 2021 $ 19.8 2022 175.0 2023 — 2024 — 2025 — Thereafter — Total debt $ 194.8 US Loan Agreement On December 16, 2020, the Company entered into an amendment to its existing loan agreement, which includes adjustments to, and suspension of, certain covenant thresholds, as well as a reduction in maximum commitments to $250.0. The amendment was executed in order to avoid noncompliance with certain covenants in the existing agreement at November, 30, 2020 due to the temporary impacts of COVID-19. Refer to Note 17, Subsequent Events, for further discussion of Amendment No. 1 to the Loan Agreement which temporarily supersedes certain terms described below for the existing loan agreement. On January 5, 2017, Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together, the “Borrowers”) entered into a 5-year credit facility with certain banks (the “Loan Agreement”). The Loan Agreement replaced the Company's then existing loan agreement and has substantially similar terms, except that: • the borrowing limit was reduced to $375.0 from $425.0; • the “starter” basket for permitted payments of dividends and other payments in respect of capital stock was increased to $275.0 from $75.0; and • the maturity date was extended to January 5, 2022. The prior loan agreement, which was originally entered into in 2007 and had a maturity date of December 5, 2017, was terminated on January 5, 2017 in connection with the entry into the new Loan Agreement and was treated as a debt modification. The Loan Agreement allows the Company to borrow, repay or prepay and reborrow at any time prior to the January 5, 2022 maturity date. Under the Loan Agreement, interest on amounts borrowed thereunder is due and payable in arrears on the last day of the interest period (defined as the period commencing on the date of the advance and ending on the last day of the period selected by the Borrower at the time each advance is made). The interest pricing under the Loan Agreement is dependent upon the Borrower’s election of a rate that is either: • A Base Rate equal to the higher of (i) the prime rate, (ii) the prevailing Federal Funds rate plus 0.50% or (iii) the Eurodollar Rate for a one month interest period plus 1.00% 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, 2020, 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, 2020, 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, 2020, the Company had outstanding borrowings of $175.0 under the Loan Agreement. The Company incurred this obligation in the fourth quarter of fiscal 2020 as a precautionary measure due to the uncertainty resulting from the COVID-19 pandemic. While this obligation is not due until the January 5, 2022 maturity date, the Company may, from time to time, make payments to reduce this obligation when cash from operations becomes available for this purpose. No borrowings were outstanding under the Loan Agreement as of November 30, 2019. At November 30, 2020, the Company had open standby letters of credit totaling $4.3 issued under certain credit lines, including $0.4 under the Loan Agreement and $3.9 under the domestic credit lines discussed below. UK Loan Agreement On September 23, 2019, Scholastic Limited UK entered into a term loan agreement to borrow £2.0 to fund a land purchase in connection with the construction of a new UK facility. The loan has a maturity date of July 31, 2021. Under the agreement, the principal balance is due in full in a single payment on the last day of the term and interest on the amount borrowed is due and payable quarterly. The interest is charged at 1.77% per annum over the Base Rate. The Base Rate is currently equal to 0.10% per annum and is subject to change. As of November 30, 2020, the Company had $2.7 outstanding on the loan. On January 24, 2020, Scholastic Limited UK entered into a term loan facility with a borrowing limit of £6.6 to fund the construction of the new UK facility. The loan has a maturity date of July 31, 2021. Under the agreement, the principal balance is due in full in a single payment on the last day of the term and interest on the amount borrowed is due and payable quarterly. The interest is charged at 1.77% per annum over the Base Rate. The Base Rate is currently equal to 0.10% per annum and is subject to change. As of November 30, 2020, the Company had $8.7 outstanding on the loan and no remaining available credit under this facility. Lines of Credit As of November 30, 2020, the Company’s domestic credit lines available under unsecured money market bid rate credit lines totaled $10.0. There were no outstanding borrowings under these credit lines as of November 30, 2020, May 31, 2020 and November 30, 2019. As of November 30, 2020, availability under these unsecured money market bid rate credit lines totaled $6.1. 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, 2020, the Company had various local currency international credit lines totaling $36.7 underwritten by banks primarily in the United States, Canada and the United Kingdom. Outstanding borrowings under these facilities were $8.4 at November 30, 2020 at a weighted average interest rate of 4.4%, $7.9 at May 31, 2020 at a weighted average interest rate of 4.6%, and $13.5 at November 30, 2019 at a weighted average interest rate of 3.8%. As of November 30, 2020, the amounts available under these facilities totaled $28.3. These

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES COVID-19 The COVID-19 pandemic and actions taken, or which may be taken in the future following any easing of current restrictions based on the future course of the pandemic, by governments, businesses and individuals to limit the spread of the virus may continue to have an adverse effect on the Company’s results of operations and financial condition. The Company is not currently aware of any loss contingencies related to the foregoing that would require recognition in the second quarter of fiscal 2021. Legal Matters Various claims and lawsuits arising in the normal course of business are pending against the Company. The Company accrues a liability for such matters when it is probable that a liability has occurred and the amount of such liability can be reasonably estimated. When only a range can be estimated, the most probable amount in the range is accrued unless no amount within the range is a better estimate than any other amount, in which case the minimum amount in the range is accrued. Legal costs associated with litigation are expensed in the period in which they are incurred. The Company does not expect, in the case of those various claims and lawsuits arising in the normal course of business where a loss is considered probable or reasonably possible, that the reasonably possible losses from such claims and lawsuits (either individually or in the aggregate) would have a material adverse effect on the Company’s consolidated financial position or results of operations.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Nov. 30, 2020
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 Six months ended November 30, November 30, 2020 2019 2020 2019 Net income (loss) attributable to Class A and Common Stockholders $ 35.1 $ 70.9 $ (4.7) $ 12.5 Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 34.3 34.8 34.3 34.8 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) * 0.1 0.3 * 0.4 Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 34.4 35.1 34.3 35.2 Earnings (loss) per share of Class A Stock and Common Stock: Basic $ 1.02 $ 2.04 $ (0.14) $ 0.36 Diluted $ 1.02 $ 2.02 $ (0.14) $ 0.35 * The Company experienced a net loss for the six month period ended November 30, 2020 and therefore did not report any dilutive share impact. Net income (loss) attributable to Class A and Common Stockholders excludes earnings of less than $0.1 and $0.1 for the three month periods ended November 30, 2020 and November 30, 2019, respectively, and less than $0.1 for the six month period ended November 30, 2019, for earnings attributable to participating restricted stock units. The Company experienced a loss for the six month period ended November 30, 2020 and therefore did not allocate any loss to the participating restricted stock units. The following table sets forth options outstanding pursuant to stock-based compensation plans as of the dates indicated: November 30, 2020 November 30, 2019 Options outstanding pursuant to stock-based compensation plans (in millions) 5.2 3.0 On October 1, 2020, the Company made an additional stock option grant to employees as a non-cash incentive. There were 2.8 million of potentially anti-dilutive shares pursuant to stock-based compensation plans as of November 30, 2020. 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.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Nov. 30, 2020
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 for impairment annually or more frequently if indicators arise. The Company monitors 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: November 30, 2020 May 31, 2020 November 30, 2019 Gross beginning balance $ 164.5 $ 164.8 $ 164.8 Accumulated impairment (39.6) (39.6) (39.6) Beginning balance $ 124.9 $ 125.2 $ 125.2 Additions — — — Foreign currency translation 0.7 (0.3) 0.2 Ending balance $ 125.6 $ 124.9 $ 125.4 There were no impairment charges related to Goodwill in any of the periods presented. The following table summarizes the activity in other intangibles included in Other assets and deferred charges on the Company’s Financial Statements for the periods indicated: November 30, 2020 May 31, 2020 November 30, 2019 Beginning balance other intangibles subject to amortization $ 10.5 $ 12.2 $ 12.2 Additions — 1.6 — Amortization expense (1.2) (3.2) (1.5) Foreign currency translation 0.4 (0.1) 0.0 Total other intangibles subject to amortization, net of accumulated amortization of $31.3, $30.1 and $28.4, respectively $ 9.7 $ 10.5 $ 10.7 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 11.8 $ 12.6 $ 12.8 There were no additions to intangible assets within the six months ended November 30, 2020. In fiscal 2020, the Company purchased a U.S.-based book fair business resulting in $1.6 of amortizable intangible assets. Intangible assets with indefinite lives consist principally of trademark and tradename rights. Intangible assets with definite lives consist principally of customer lists, intellectual property, tradenames and other agreements. Intangible assets with definite lives are amortized over their estimated useful lives. The weighted-average remaining useful lives of all amortizable intangible assets is approximately 5.6 years.

Investments

Investments	6 Months Ended
	Nov. 30, 2020
Equity Method And Cost Method Investments [Abstract]
Investments	INVESTMENTS Investments are included in Other assets and deferred charges on the Condensed Consolidated Balance Sheets. The following table summarizes the Company’s investments as of the dates indicated: November 30, 2020 May 31, 2020 November 30, 2019 Segment Equity method investments $ 32.5 $ 25.0 $ 26.0 International Other equity investments 6.0 6.0 6.0 Children's Book Publishing & Distribution Total Investments $ 38.5 $ 31.0 $ 32.0 The Company’s 26.2% equity interest in a children’s book publishing business located in the UK is accounted for using the equity method of accounting. Equity method income from this investment is reported in the International segment. The Company has a 4.6% ownership interest in a financing and production company that makes film, television, and digital programming designed for the youth market. This equity investment does not have a readily determinable fair value and the Company has elected to apply the measurement alternative and report this investment at cost, less impairment on the Company's Consolidated Balance Sheets. There have been no impairments or adjustments to the carrying value of this investment.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Nov. 30, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The following table sets forth the components of net periodic benefit cost for the periods indicated under the Company’s defined benefit pension plan of Scholastic Ltd., an indirect subsidiary of Scholastic Corporation located in the United Kingdom (the “UK Pension Plan”), and the postretirement benefits plan, consisting of certain healthcare and life insurance benefits provided by the Company to its eligible retired United States-based employees (the “US Postretirement Benefits”), for the periods indicated: UK Pension Plan US Postretirement Benefits Three months ended Three months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Components of net periodic benefit cost: Interest cost $ 0.1 $ 0.2 $ 0.1 $ 0.1 Expected return on assets (0.2) (0.3) — — Net amortization of prior service (credit) cost 0.0 0.0 (0.2) (0.1) Amortization of (gains) losses 0.2 0.3 0.0 0.0 Total $ 0.1 $ 0.2 $ (0.1) $ 0.0 UK Pension Plan US Postretirement Benefits Six months ended Six months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Components of net periodic benefit cost: Interest cost $ 0.3 $ 0.4 $ 0.2 $ 0.3 Expected return on assets (0.4) (0.5) — — Net amortization of prior service (credit) cost 0.0 0.0 (0.2) (0.1) Amortization of (gains) losses 0.3 0.5 0.0 0.0 Total $ 0.2 $ 0.4 $ 0.0 $ 0.2 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, 2020, the Company contributed $0.6 to the UK Pension Plan. The Company expects, based on actuarial calculations, to contribute cash of approximately $1.0 to the UK Pension Plan for the fiscal year ending May 31, 2021. In the second quarter of fiscal 2021, the Company announced a change in benefits for certain US postretirement benefit plan participants. Beginning January 1, 2021, 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, 2020, and recognized a reduction of $7.6 to its benefit obligation and a reduction to its accumulated comprehensive loss of $7.6 in the second quarter of fiscal 2021. 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 12 years.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Nov. 30, 2020
Share-based Payment Arrangement [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 Six months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Stock option expense $ 2.5 $ 0.4 $ 2.8 $ 1.0 Restricted stock unit expense 0.5 0.4 0.7 1.2 Management stock purchase plan 0.0 0.0 0.0 0.0 Employee stock purchase plan 0.0 0.1 0.1 0.2 Total stock-based compensation expense $ 3.0 $ 0.9 $ 3.6 $ 2.4 On October 1, 2020, the Company made an additional stock option grant to employees as a non-cash incentive. The following table sets forth Common Stock issued pursuant to stock-based compensation plans for the periods indicated: Three months ended Six months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Common Stock issued pursuant to stock-based compensation plans (in millions) 0.1 0.1 0.1 0.1

Treasury Stock

Treasury Stock	3 Months Ended
	Nov. 30, 2020
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 March 2018 $ 50.0 March 2020 50.0 Total current Board authorizations at June 1, 2020 $ 100.0 Less repurchases made under these authorizations $ (32.7) Remaining Board authorization at November 30, 2020 $ 67.3 Remaining Board authorization at November 30, 2020 represents the amount remaining under the Board authorization for Common share repurchases on March 21, 2018 and the current $50.0 Board authorization for Common share repurchases announced on March 18, 2020, which is available for further repurchases, from time to time as conditions allow, on the open market or through negotiated private transactions.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Nov. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	he 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, 2020 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at September 1, 2020 $ (39.3) $ (8.2) $ (47.5) Other comprehensive income (loss) before reclassifications 0.4 5.3 5.7 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.2 0.2 Amortization of prior service credit (net of tax of $0.1) — (0.1) (0.1) Other comprehensive income (loss) 0.4 5.4 5.8 Ending balance at November 30, 2020 $ (38.9) $ (2.8) $ (41.7) Three months ended November 30, 2019 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at September 1, 2019 $ (49.1) $ (12.4) $ (61.5) Other comprehensive income (loss) before reclassifications 3.9 — 3.9 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.3 0.3 Amortization of prior service credit (net of tax of $0.0) — (0.1) (0.1) Other comprehensive income (loss) 3.9 0.2 4.1 Ending balance at November 30, 2019 $ (45.2) $ (12.2) $ (57.4) Six months ended November 30, 2020 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2020 $ (50.0) $ (8.3) $ (58.3) Other comprehensive income (loss) before reclassifications 11.1 5.3 16.4 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.3 0.3 Amortization of prior service credit (net of tax of $0.1) — (0.1) (0.1) Other comprehensive income (loss) 11.1 5.5 16.6 Ending balance at November 30, 2020 $ (38.9) $ (2.8) $ (41.7) Six months ended November 30, 2019 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2019 $ (47.1) $ (12.6) $ (59.7) Other comprehensive income (loss) before reclassifications 1.9 — 1.9 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.5 0.5 Amortization of prior service credit (net of tax of $0.0) — (0.1) (0.1) Other comprehensive income (loss) 1.9 0.4 2.3 Ending balance at November 30, 2019 $ (45.2) $ (12.2) $ (57.4) The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the periods indicated: Three months ended Six months ended Condensed Consolidated Statements of Operations line item November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Employee benefit plans: Amortization of unrecognized (gain) loss $ 0.2 $ 0.3 $ 0.3 $ 0.5 Other components of net periodic benefit (cost) Amortization of prior service credit (0.2) (0.1) (0.2) (0.1) Other components of net periodic benefit (cost) Less: Tax effect 0.1 0.0 0.1 0.0 Provision (benefit) for income taxes Total cost, net of tax $ 0.1 $ 0.2 $ 0.2 $ 0.4

Income Taxes and Other Taxes

Income Taxes and Other Taxes	6 Months Ended
	Nov. 30, 2020
Income Tax And Non Income Tax Disclosure [Abstract]
Income Taxes and Other Taxes	INCOME TAXES AND OTHER TAXES Tax Legislation Updates In response to the COVID-19 pandemic, many governments have enacted or are contemplating additional measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to their income and non-income-based tax laws as well as providing direct government assistance through grants and forgivable loans. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer-side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company expects to benefit from certain provisions in the CARES Act, including the provision to carry back net operating losses generated in the U.S. to previous periods which were taxed at the higher 35% federal corporate tax rate and provisions related to the Employee Retention Credit, which was created by the CARES Act to encourage entities to keep employees on their payroll despite experiencing economic hardship due to the COVID-19 pandemic. The Company is deferring employer-side social security payments which have resulted in a long term liability of $8.7 as of November 30, 2020. Internationally, the Company is applying for employee retention credits when applicable and appropriate. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. The Tax Cuts and Jobs Act, among other things, reduced the U.S. federal corporate tax rate from 35% to 21% and imposed a new minimum tax on Global Intangible Low-Taxed Income ("GILTI") earned by foreign subsidiaries. On July 20, 2020, final regulations were issued for GILTI which include a high-tax exception for income earned by foreign subsidiaries if the foreign tax rate is in excess of 90% of the U.S. tax rate of 21%. While the Company does not anticipate a material impact on the overall income tax provision, the final regulations, specifically the high-tax exception, will reduce taxable income. 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 currently known facts and circumstances 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 interim effective tax rate, inclusive of discrete items, was 26.1% for the three month period ended November 30, 2020 and 9.5% for the six month period ended November 30, 2020. The effective tax rate for the six month period ended November 30, 2020 varies from the statutory tax rate primarily due to employee stock option cancellations and additional GILTI inclusions. 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 and the fiscal 2015 through fiscal 2019 tax years remain open. The Company has been notified by the IRS that there will be an examination of the income tax return for fiscal 2015. Non-income Taxes The Company is subject to tax examinations for sales-based taxes. A number of these examinations are ongoing and, in certain cases, have resulted in assessments from taxing authorities. The Company assesses sales tax contingencies for each jurisdiction in which it operates, considering all relevant facts including statutes, regulations, case law and experience. Where a sales tax liability with respect to a jurisdiction is probable and can be reliably estimated for such jurisdiction, the Company has made accruals for these matters which are reflected in the Company’s Condensed Consolidated Financial Statements. These amounts are included in the Financial Statements in Selling, general and administrative expenses. Future developments relating to the foregoing could result in adjustments being made to these accruals.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Nov. 30, 2020
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, 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.

Other Accrued Expenses

Other Accrued Expenses	6 Months Ended
	Nov. 30, 2020
Other Accrued Expenses Disclosure [Abstract]
Other Accrued Expenses	OTHER ACCRUED EXPENSES Other accrued expenses consisted of the following as of the dates indicated: November 30, 2020 May 31, 2020 November 30, 2019 Accrued payroll, payroll taxes and benefits $ 38.6 $ 38.8 $ 41.7 Accrued bonus and commissions 10.6 12.1 13.3 Returns liability 54.5 43.5 42.4 Accrued other taxes 24.5 22.9 30.2 Accrued advertising and promotions 12.7 9.9 12.3 Other accrued expenses 42.1 34.3 38.3 Total accrued expenses $ 183.0 $ 161.5 $ 178.2

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 30, 2020
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 2021. The dividend is payable on March 15, 2021 to shareholders of record as of the close of business on January 29, 2021. On December 16, 2020, the Company and its principal operating subsidiary, Scholastic Inc., entered into an amendment to its existing credit agreement with a syndicate of banks and Bank of America, N.A., as administrative agent, which includes adjustments to, and suspension of, certain covenant thresholds. The principal revised terms of the credit agreement effected by the amendment include the following: • The aggregate maximum commitments of the lenders have been reduced to $250.0, of which a maximum of $225.0 is available until the Company satisfies the pre-amendment covenants in the credit agreement and a new covenant requiring Consolidated Liquidity (as defined) of a minimum amount of $200.0; • The minimum interest coverage covenant is suspended until after the end of the Company’s fourth fiscal quarter ending May 31, 2021; • The securitization of the Company’s inventory and accounts receivable; • A modified limitation on asset sales (not to exceed 10% of Consolidated Total Assets, as defined, excluding sale of collateral); • A facility fee rate of 0.40%; • A limitation on Acquisitions (as defined) to an aggregate amount of $25.0 per fiscal year; • Modification of the interest rate and fees during the remaining period of the credit facility, pursuant to which the revised interest rate is equal to 2.25% for any Eurodollar Rate Advance and 1.25% with respect to any Base Rate Advance, until receipt of the Company's financial statements and related certificates for the fiscal year ending May 31, 2021, and 1.60% for any Eurodollar Rate Advance and 0.60% for any Base Rate Advance drawn after the delivery by the Company of its financial statements and related certificates for the fiscal year ending May 31, 2021.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation The accompanying condensed consolidated interim financial statements (referred to as the “Financial Statements” herein) 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 2021 relate to the twelve-month period ending May 31, 2021. Certain prior period amounts have been reclassified to conform with the current year presentation.
Interim Financial Statements	Interim Financial Statements The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. 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, 2020. 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 the fair presentation of the Financial Statements for the periods presented.
Seasonality	Seasonality The Company’s Children’s Book Publishing and Distribution school-based book club and book fair channels and most of its Education
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 these calculations, including, but not limited to: • Accounts receivable allowance for doubtful accounts • Pension and postretirement benefit plans • 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, intangible and other long-lived assets and investments • Assets and liabilities acquired in business combinations • Variable consideration related to anticipated returns • Allocation of transaction price to performance obligations
New Accounting Pronouncements	New Accounting Pronouncements There were no new accounting pronouncements in the second fiscal quarter of 2021 which would impact the Company. Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2020 for more information on current applicable authoritative guidance and its impact on the Company's financial statements. Current Fiscal Year Adoptions: ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). ASU 2016-13, which was further updated and clarified by the FASB through the issuance of additional related ASUs, amends the guidance surrounding measurement and recognition of credit losses on financial assets measured at amortized cost, including trade receivables and debt securities, by requiring recognition of an allowance for credit losses expected to be incurred over an asset's lifetime based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability. This "expected loss" model may result in earlier recognition of credit losses than the current "as incurred" model, under which losses were recognized only upon an occurrence of an event that gave rise to the incurrence of a probable loss. The Company adopted ASU 2016-13 as of the beginning of the first quarter of fiscal 2021 which did not have a material impact on the Company’s Consolidated Financial Statements. Refer to Note 2, Revenues, for further discussion of the Company's accounting policy and disclosures related to the allowance for credit losses. ASU No. 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes step two from the goodwill impairment test (comparison of implied fair value of goodwill with the carrying amount of that goodwill for a reporting unit). Instead, an entity will measure its goodwill impairment by the amount the carrying value exceeds the fair value of a reporting unit.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company’s disaggregated revenues by region and domestic channel: Three months ended Six months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 U.S. Book Clubs $ 66.9 $ 85.9 $ 72.7 $ 93.9 U.S. Book Fairs 47.7 224.1 60.9 251.6 U.S. Trade 116.4 93.5 182.2 161.2 U.S. Education 67.3 69.8 120.8 118.2 Non-U.S. Major Markets (1) 83.1 94.6 139.7 150.9 Non-U.S. Other Markets (2) 24.8 29.3 45.1 54.0 Total Revenues $ 406.2 $ 597.2 $ 621.4 $ 829.8 (1) - Includes Canada, UK, Australia and New Zealand.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Children’s Education Overhead (1) Total International Total Three months ended Revenues $ 240.3 $ 67.5 $ — $ 307.8 $ 98.4 $ 406.2 Bad debt expense (0.1) 1.3 — 1.2 0.9 2.1 Depreciation and amortization (2) 6.6 3.3 11.9 21.8 1.6 23.4 Segment operating income (loss) 37.7 11.9 (20.0) 29.6 19.2 48.8 Expenditures for other noncurrent assets (3) 9.6 3.2 8.1 20.9 3.1 24.0 Three months ended Revenues $ 413.6 $ 69.9 $ — $ 483.5 $ 113.7 $ 597.2 Bad debt expense 1.1 0.8 — 1.9 0.8 2.7 Depreciation and amortization (2) 6.5 3.4 10.9 20.8 1.8 22.6 Segment operating income (loss) 109.6 6.2 (22.4) 93.4 11.7 105.1 Expenditures for other noncurrent assets (3) 14.7 5.0 10.6 30.3 5.8 36.1 The following table sets forth information for the Company's segments for the fiscal periods ended November 30, 2020 and November 30, 2019: Children’s Education Overhead (1) Total International Total Six months ended Revenues $ 331.2 $ 121.1 $ — $ 452.3 $ 169.1 $ 621.4 Bad debt expense 0.1 1.4 — 1.5 2.0 3.5 Depreciation and amortization (2) 13.2 6.4 23.4 43.0 3.1 46.1 Segment operating income (loss) 8.5 9.7 (50.8) (32.6) 24.4 (8.2) Segment assets at November 30, 2020 607.1 212.8 957.4 1,777.3 329.6 2,106.9 Goodwill at November 30, 2020 47.3 68.2 — 115.5 10.1 125.6 Expenditures for other noncurrent assets (3) 21.7 6.3 18.9 46.9 6.6 53.5 Other non-current assets at November 30, 2020 (3) 171.0 123.7 487.2 781.9 86.4 868.3 Six months ended Revenues $ 523.2 $ 118.3 $ — $ 641.5 $ 188.3 $ 829.8 Bad debt expense 1.6 0.8 — 2.4 1.9 4.3 Depreciation and amortization (2) 13.2 6.5 21.9 41.6 3.5 45.1 Segment operating income (loss) 67.9 (7.2) (51.0) 9.7 8.0 17.7 Segment assets at November 30, 2019 674.6 196.1 846.8 1,717.5 314.2 2,031.7 Goodwill at November 30, 2019 47.2 68.2 — 115.4 10.0 125.4 Expenditures for other noncurrent assets (3) 28.7 9.6 18.2 56.5 12.7 69.2 Other non-current assets at November 30, 2019 (3) 219.6 122.4 514.3 856.3 98.6 954.9 (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 certain technology assets. (2) Includes depreciation of property, plant and equipment and amortization of intangible assets, prepublication costs and cloud computing costs.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Nov. 30, 2020
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, 2020 May 31, 2020 November 30, 2019 US Revolving Loan $ 175.0 $ 200.0 $ — Unsecured lines of credit (weighted average interest rates of 4.4%, 4.6% and 3.8%, respectively) 8.4 7.9 13.5 UK Loan 11.4 10.6 2.6 Total debt $ 194.8 $ 218.5 $ 16.1 Less lines of credit, short-term debt and current portion of long-term debt (19.8) (7.9) (13.5) Total long-term debt $ 175.0 $ 210.6 $ 2.6
Schedule of Maturities of Long-term Debt	The following table sets forth the maturities of the carrying values of the Company’s debt obligations as of November 30, 2020 for the twelve-month periods ended November 30: 2021 $ 19.8 2022 175.0 2023 — 2024 — 2025 — Thereafter — Total debt $ 194.8

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Nov. 30, 2020
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 Six months ended November 30, November 30, 2020 2019 2020 2019 Net income (loss) attributable to Class A and Common Stockholders $ 35.1 $ 70.9 $ (4.7) $ 12.5 Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 34.3 34.8 34.3 34.8 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) * 0.1 0.3 * 0.4 Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 34.4 35.1 34.3 35.2 Earnings (loss) per share of Class A Stock and Common Stock: Basic $ 1.02 $ 2.04 $ (0.14) $ 0.36 Diluted $ 1.02 $ 2.02 $ (0.14) $ 0.35 * The Company experienced a net loss for the six month period ended November 30, 2020 and therefore did not report any dilutive share impact.
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, 2020 November 30, 2019 Options outstanding pursuant to stock-based compensation plans (in millions) 5.2 3.0

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Nov. 30, 2020
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: November 30, 2020 May 31, 2020 November 30, 2019 Gross beginning balance $ 164.5 $ 164.8 $ 164.8 Accumulated impairment (39.6) (39.6) (39.6) Beginning balance $ 124.9 $ 125.2 $ 125.2 Additions — — — Foreign currency translation 0.7 (0.3) 0.2 Ending balance $ 125.6 $ 124.9 $ 125.4
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 Financial Statements for the periods indicated: November 30, 2020 May 31, 2020 November 30, 2019 Beginning balance other intangibles subject to amortization $ 10.5 $ 12.2 $ 12.2 Additions — 1.6 — Amortization expense (1.2) (3.2) (1.5) Foreign currency translation 0.4 (0.1) 0.0 Total other intangibles subject to amortization, net of accumulated amortization of $31.3, $30.1 and $28.4, respectively $ 9.7 $ 10.5 $ 10.7 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 11.8 $ 12.6 $ 12.8

Investments (Tables)

Investments (Tables)	6 Months Ended
	Nov. 30, 2020
Equity Method And Cost Method Investments [Abstract]
Investments	The following table summarizes the Company’s investments as of the dates indicated: November 30, 2020 May 31, 2020 November 30, 2019 Segment Equity method investments $ 32.5 $ 25.0 $ 26.0 International Other equity investments 6.0 6.0 6.0 Children's Book Publishing & Distribution Total Investments $ 38.5 $ 31.0 $ 32.0

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Nov. 30, 2020
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following table sets forth the components of net periodic benefit cost for the periods indicated under the Company’s defined benefit pension plan of Scholastic Ltd., an indirect subsidiary of Scholastic Corporation located in the United Kingdom (the “UK Pension Plan”), and the postretirement benefits plan, consisting of certain healthcare and life insurance benefits provided by the Company to its eligible retired United States-based employees (the “US Postretirement Benefits”), for the periods indicated: UK Pension Plan US Postretirement Benefits Three months ended Three months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Components of net periodic benefit cost: Interest cost $ 0.1 $ 0.2 $ 0.1 $ 0.1 Expected return on assets (0.2) (0.3) — — Net amortization of prior service (credit) cost 0.0 0.0 (0.2) (0.1) Amortization of (gains) losses 0.2 0.3 0.0 0.0 Total $ 0.1 $ 0.2 $ (0.1) $ 0.0 UK Pension Plan US Postretirement Benefits Six months ended Six months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Components of net periodic benefit cost: Interest cost $ 0.3 $ 0.4 $ 0.2 $ 0.3 Expected return on assets (0.4) (0.5) — — Net amortization of prior service (credit) cost 0.0 0.0 (0.2) (0.1) Amortization of (gains) losses 0.3 0.5 0.0 0.0 Total $ 0.2 $ 0.4 $ 0.0 $ 0.2

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Nov. 30, 2020
Share-based Payment Arrangement [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 Six months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Stock option expense $ 2.5 $ 0.4 $ 2.8 $ 1.0 Restricted stock unit expense 0.5 0.4 0.7 1.2 Management stock purchase plan 0.0 0.0 0.0 0.0 Employee stock purchase plan 0.0 0.1 0.1 0.2 Total stock-based compensation expense $ 3.0 $ 0.9 $ 3.6 $ 2.4
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 Six months ended November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Common Stock issued pursuant to stock-based compensation plans (in millions) 0.1 0.1 0.1 0.1

Treasury Stock (Tables)

Treasury Stock (Tables)	6 Months Ended
	Nov. 30, 2020
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 March 2018 $ 50.0 March 2020 50.0 Total current Board authorizations at June 1, 2020 $ 100.0 Less repurchases made under these authorizations $ (32.7) Remaining Board authorization at November 30, 2020 $ 67.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Nov. 30, 2020
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, 2020 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at September 1, 2020 $ (39.3) $ (8.2) $ (47.5) Other comprehensive income (loss) before reclassifications 0.4 5.3 5.7 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.2 0.2 Amortization of prior service credit (net of tax of $0.1) — (0.1) (0.1) Other comprehensive income (loss) 0.4 5.4 5.8 Ending balance at November 30, 2020 $ (38.9) $ (2.8) $ (41.7) Three months ended November 30, 2019 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at September 1, 2019 $ (49.1) $ (12.4) $ (61.5) Other comprehensive income (loss) before reclassifications 3.9 — 3.9 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.3 0.3 Amortization of prior service credit (net of tax of $0.0) — (0.1) (0.1) Other comprehensive income (loss) 3.9 0.2 4.1 Ending balance at November 30, 2019 $ (45.2) $ (12.2) $ (57.4) Six months ended November 30, 2020 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2020 $ (50.0) $ (8.3) $ (58.3) Other comprehensive income (loss) before reclassifications 11.1 5.3 16.4 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.3 0.3 Amortization of prior service credit (net of tax of $0.1) — (0.1) (0.1) Other comprehensive income (loss) 11.1 5.5 16.6 Ending balance at November 30, 2020 $ (38.9) $ (2.8) $ (41.7) Six months ended November 30, 2019 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2019 $ (47.1) $ (12.6) $ (59.7) Other comprehensive income (loss) before reclassifications 1.9 — 1.9 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.5 0.5 Amortization of prior service credit (net of tax of $0.0) — (0.1) (0.1) Other comprehensive income (loss) 1.9 0.4 2.3 Ending balance at November 30, 2019 $ (45.2) $ (12.2) $ (57.4)
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 Six months ended Condensed Consolidated Statements of Operations line item November 30, November 30, November 30, November 30, 2020 2019 2020 2019 Employee benefit plans: Amortization of unrecognized (gain) loss $ 0.2 $ 0.3 $ 0.3 $ 0.5 Other components of net periodic benefit (cost) Amortization of prior service credit (0.2) (0.1) (0.2) (0.1) Other components of net periodic benefit (cost) Less: Tax effect 0.1 0.0 0.1 0.0 Provision (benefit) for income taxes Total cost, net of tax $ 0.1 $ 0.2 $ 0.2 $ 0.4

Other Accrued Expenses (Tables)

Other Accrued Expenses (Tables)	6 Months Ended
	Nov. 30, 2020
Other Accrued Expenses Disclosure [Abstract]
Schedule of Other Accrued Expenses	Other accrued expenses consisted of the following as of the dates indicated: November 30, 2020 May 31, 2020 November 30, 2019 Accrued payroll, payroll taxes and benefits $ 38.6 $ 38.8 $ 41.7 Accrued bonus and commissions 10.6 12.1 13.3 Returns liability 54.5 43.5 42.4 Accrued other taxes 24.5 22.9 30.2 Accrued advertising and promotions 12.7 9.9 12.3 Other accrued expenses 42.1 34.3 38.3 Total accrued expenses $ 183.0 $ 161.5 $ 178.2

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2020	Nov. 30, 2020	May 31, 2020
Long Lived Assets Held-for-sale [Line Items]
Assets held-for-sale		$ 3.3
Land, Buildings and Improvements
Long Lived Assets Held-for-sale [Line Items]
Long-lived assets			$ 5.7
Proceeds from sale	$ 12.3
Gain on sale	$ 6.6

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 406.2	$ 597.2	$ 621.4	$ 829.8
Children's Book Publishing and Distribution | U.S. Book Clubs
Disaggregation of Revenue [Line Items]
Revenues	66.9	85.9	72.7	93.9
Children's Book Publishing and Distribution | U.S. Book Fairs
Disaggregation of Revenue [Line Items]
Revenues	47.7	224.1	60.9	251.6
Children's Book Publishing and Distribution | U.S. Trade
Disaggregation of Revenue [Line Items]
Revenues	116.4	93.5	182.2	161.2
Education
Disaggregation of Revenue [Line Items]
Revenues	67.3	69.8	120.8	118.2
International | Major Markets
Disaggregation of Revenue [Line Items]
Revenues	83.1	94.6	139.7	150.9
International | Other Markets
Disaggregation of Revenue [Line Items]
Revenues	$ 24.8	$ 29.3	$ 45.1	$ 54

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020
Revenue from Contract with Customer [Abstract]
Returns liability	$ 54.5	$ 42.4	$ 54.5	$ 42.4	$ 43.5
Return asset	3.3	2.6	3.3	2.6	$ 2.7
Amount of revenue recognized included within deferred revenue balance	$ 24.2	$ 46.9	$ 41.1	$ 74

Revenues - Allowance for Credit

Revenues - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts Receivable, Allowance for Credit Loss, Beginning Balance	$ 20.9	$ 19.9		$ 19.9
Provision for losses on accounts receivable	2.1	1.4	$ 2.7	3.5	$ 4.3
Write-offs and other	(1.8)	(0.4)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 21.2	$ 20.9		$ 21.2

Segment Information - Schedule

Segment Information - Schedule of segment reporting information (Details) $ in Millions	3 Months Ended			6 Months Ended
	Nov. 30, 2020USD ($)	Aug. 31, 2020USD ($)	Nov. 30, 2019USD ($)	Nov. 30, 2020USD ($)segment	Nov. 30, 2019USD ($)	May 31, 2020USD ($)	May 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment				3
Revenues	$ 406.2		$ 597.2	$ 621.4	$ 829.8
Bad debt expense	2.1	$ 1.4	2.7	3.5	4.3
Depreciation and amortization	23.4		22.6	46.1	45.1
Segment operating income (loss)	48.8		105.1	(8.2)	17.7
Segment assets	2,106.9		2,031.7	2,106.9	2,031.7
Goodwill	125.6		125.4	125.6	125.4	$ 124.9	$ 125.2
Expenditures for other non-current assets	24		36.1	53.5	69.2
Other non-current assets	868.3		954.9	$ 868.3	954.9
Children's Book Publishing and Distribution
Segment Reporting Information [Line Items]
Number of operating segments | segment				3
Revenues	240.3		413.6	$ 331.2	523.2
Bad debt expense	(0.1)		1.1	0.1	1.6
Segment assets	607.1		674.6	607.1	674.6
Goodwill	47.3		47.2	47.3	47.2
Expenditures for other non-current assets	9.6		14.7	21.7	28.7
Other non-current assets	171		219.6	$ 171	219.6
Education
Segment Reporting Information [Line Items]
Number of operating segments | segment				3
Revenues	67.5		69.9	$ 121.1	118.3
Bad debt expense	1.3		0.8	1.4	0.8
Segment assets	212.8		196.1	212.8	196.1
Goodwill	68.2		68.2	68.2	68.2
Expenditures for other non-current assets	3.2		5	6.3	9.6
Other non-current assets	123.7		122.4	123.7	122.4
Overhead
Segment Reporting Information [Line Items]
Revenues	0		0	0	0
Bad debt expense	0		0	0	0
Segment assets	957.4		846.8	957.4	846.8
Goodwill	0		0	0	0
Expenditures for other non-current assets	8.1		10.6	18.9	18.2
Other non-current assets	487.2		514.3	487.2	514.3
Total Domestic
Segment Reporting Information [Line Items]
Revenues	307.8		483.5	452.3	641.5
Bad debt expense	1.2		1.9	1.5	2.4
Segment assets	1,777.3		1,717.5	1,777.3	1,717.5
Goodwill	115.5		115.4	115.5	115.4
Expenditures for other non-current assets	20.9		30.3	46.9	56.5
Other non-current assets	781.9		856.3	$ 781.9	856.3
International
Segment Reporting Information [Line Items]
Number of operating segments | segment				3
Revenues	98.4		113.7	$ 169.1	188.3
Bad debt expense	0.9		0.8	2	1.9
Goodwill	10.1		10	10.1	10
Expenditures for other non-current assets	3.1		5.8	6.6	12.7
Expenditures to acquire long-lived assets	1.5		4.2	3.5	9.9
Long-lived assets	46.6		66.8	46.6	66.8
Operating Segments | Children's Book Publishing and Distribution
Segment Reporting Information [Line Items]
Depreciation and amortization	6.6		6.5	13.2	13.2
Segment operating income (loss)	37.7		109.6	8.5	67.9
Operating Segments | Education
Segment Reporting Information [Line Items]
Depreciation and amortization	3.3		3.4	6.4	6.5
Segment operating income (loss)	11.9		6.2	9.7	(7.2)
Operating Segments | Overhead
Segment Reporting Information [Line Items]
Depreciation and amortization	11.9		10.9	23.4	21.9
Segment operating income (loss)	(20)		(22.4)	(50.8)	(51)
Operating Segments | Total Domestic
Segment Reporting Information [Line Items]
Depreciation and amortization	21.8		20.8	43	41.6
Segment operating income (loss)	29.6		93.4	(32.6)	9.7
Operating Segments | International
Segment Reporting Information [Line Items]
Depreciation and amortization	1.6		1.8	3.1	3.5
Segment operating income (loss)	19.2		11.7	24.4	8
Segment assets	329.6		314.2	329.6	314.2
Other non-current assets	$ 86.4		$ 98.6	$ 86.4	$ 98.6

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Total Debt	$ 194.8	$ 218.5	$ 16.1
Less lines of credit, short-term debt and current portion of long-term debt	(19.8)	(7.9)	(13.5)
Total long-term debt	175	210.6	2.6
UK Long-term Debt
Debt Instrument [Line Items]
Total Debt	11.4	10.6	2.6
Revolving Credit Facility
Debt Instrument [Line Items]
Total Debt	175	200	0
Line of Credit | Secured Debt
Debt Instrument [Line Items]
Total Debt	$ 8.4	$ 7.9	$ 13.5
Weighted average interest rate (percentage)	4.40%	4.60%	3.80%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt, Maturity, Year One	$ 19.8
Long-Term Debt, Maturity, Year Two	175
Long-Term Debt, Maturity, Year Three	0
Long-Term Debt, Maturity, Year Four	0
Long-Term Debt, Maturity, Year Five	0
Long-Term Debt, Maturity, after Year Five	0
Debt	$ 194.8	$ 218.5	$ 16.1

Debt - Narrative (Details)

Debt - Narrative (Details)	Dec. 16, 2020USD ($)	Jan. 24, 2020GBP (£)	Sep. 23, 2019GBP (£)	Nov. 30, 2020USD ($)	May 31, 2020USD ($)	Nov. 30, 2019USD ($)	Jan. 05, 2017USD ($)	Jun. 01, 2007USD ($)
Debt (Details) [Line Items]
Standby letters of credit				$ 4,300,000
Debt				194,800,000	$ 218,500,000	$ 16,100,000
Lines of credit and current portion of long-term debt				$ 19,800,000	7,900,000	13,500,000
Loan Agreement
Debt (Details) [Line Items]
Borrowing capacity							$ 375,000,000	$ 425,000,000
Starter basket for permitted payments of dividends and other capital stock payments							$ 275,000,000	$ 75,000,000
Facility fee (percentage)				0.20%
Increase in borrwoing capacity available under accordion feature				$ 150,000,000
Standby letters of credit				$ 400,000
Loan Agreement | Subsequent Event
Debt (Details) [Line Items]
Maximum borrowing capacity	$ 250,000,000
Borrowing capacity	$ 225,000,000
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 | Eurodollar | Subsequent Event
Debt (Details) [Line Items]
Variable rate (percentage)	2.25%
Loan Agreement | Base Rate
Debt (Details) [Line Items]
Variable rate (percentage)				0.175%
Loan Agreement | Base Rate | Subsequent Event
Debt (Details) [Line Items]
Variable rate (percentage)	1.25%
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%
UK Long-term Debt
Debt (Details) [Line Items]
Face amount of debt | £			£ 2,000,000
Long-term debt				$ 2,700,000
Debt				11,400,000	10,600,000	2,600,000
UK Long-term Debt | Line of Credit
Debt (Details) [Line Items]
Maximum borrowing capacity | £		£ 6,600,000
Long-term debt				8,700,000
Remaining borrowing capacity				$ 0
UK Long-term Debt | Base Rate
Debt (Details) [Line Items]
Variable rate (percentage)			1.77%	0.10%
UK Long-term Debt | Base Rate | Line of Credit
Debt (Details) [Line Items]
Variable rate (percentage)		1.77%		0.10%
Unsecured Debt | Domestic Line of Credit
Debt (Details) [Line Items]
Borrowing capacity				$ 10,000,000
Standby letters of credit				3,900,000
Short-term debt				$ 0	0	0
Expiration period (in days)				365 days
Available credit				$ 6,100,000
Secured Debt | Line of Credit
Debt (Details) [Line Items]
Borrowing capacity				$ 36,700,000
Expiration period (in days)				364 days
Debt				$ 8,400,000	$ 7,900,000	13,500,000
Available credit						$ 28,300,000
Weighted average interest rate (percentage)				4.40%	4.60%	3.80%
Lines of credit and current portion of long-term debt					$ 7,900,000	$ 13,500,000
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 (Loss) Per Share - Sch

Earnings (Loss) 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, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss) attributable to Class A and Common Shares	$ 35.1	$ 70.9	$ (4.7)	$ 12.5
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share	34.3	34.8	34.3	34.8
Earnings (loss) per share of Class A Stock and Common Stock:
Basic (in Dollars per share)	$ 1.02	$ 2.04	$ (0.14)	$ 0.36
Diluted (in Dollars per share)	$ 1.02	$ 2.02	$ (0.14)	$ 0.35
Weighted Average Number Diluted Shares Outstanding Adjustment	0.1	0.3		0.4
Weighted Average Number of Shares Outstanding, Diluted	34.4	35.1	34.3	35.2

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Options Outstanding (Details) - shares shares in Millions	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding pursuant to stock-based compensation plans (in millions)	5.2	3

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Antidilutive shares excluded from calculation of earnings per share			2.8
Remaining authorized stock repurchase amount	$ 67.3		$ 67.3
Earnings attributable to participating restricted stock	$ 0.1	$ 0.1		$ 0.1

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Schedule of activity in goodwill (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Aug. 31, 2020	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020	May 31, 2019
Goodwill [Roll Forward]
Gross goodwill				$ 164.5	$ 164.8
Accumulated impairment				(39.6)	$ (39.6)
Beginning balance	$ 124.9	$ 124.9	$ 125.2	125.2
Additions	$ 0	0	0
Foreign currency translation		0.7	0.2	(0.3)
Ending balance		$ 125.6	$ 125.4	$ 124.9

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Aug. 31, 2020	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020	May 31, 2019
Goodwill and Other Intangibles (Details) [Line Items]
Additions	$ 0	$ 0	$ 0
Goodwill, Impairment Loss	0	0	0
Amortizable intangible assets acquired		0	0	$ 1,600,000
Goodwill, Impaired, Accumulated Impairment Loss				39,600,000	$ 39,600,000
Amortization expense		$ 1,200,000	1,500,000	3,200,000
Useful life		5 years 7 months 6 days
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	$ 0	$ 0
U.S. Based Book Business [Member]
Goodwill and Other Intangibles (Details) [Line Items]
Amortizable intangible assets acquired				$ 1,600,000

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, 2020	Nov. 30, 2019	May 31, 2020
Finite-lived Intangible Assets [Roll Forward]
Beginning balance other intangibles subject to amortization	$ 10.5	$ 12.2	$ 12.2
Additions	0	0	1.6
Amortization expense	(1.2)	(1.5)	(3.2)
Foreign currency translation	0.4	0	(0.1)
Total other intangibles subject to amortization, net of accumulated amortization of $24.8, $24.1 and $22.5, respectively	9.7	10.7	10.5
Accumulated amortization of intangible assets	31.3	28.4	30.1
Total other intangibles not subject to amortization	2.1	2.1	2.1
Total other intangibles	$ 11.8	$ 12.8	$ 12.6

Investments (Details)

Investments (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020
Investments (Details) [Line Items]
Investments		$ 38,500,000	$ 32,000,000	$ 38,500,000	$ 32,000,000	$ 31,000,000
Income from equity method investments		$ 4,600,000	2,000,000	5,400,000	3,000,000
Equity method investment, impairment				$ 0
Children's Book Publishing and Distribution
Investments (Details) [Line Items]
Equity method ownership percentage		26.20%		26.20%
Financing and Production Company | Financing and Production Company
Investments (Details) [Line Items]
Other equity percentage	4.60%
International
Investments (Details) [Line Items]
Equity method investment		$ 32,500,000	26,000,000	$ 32,500,000	26,000,000	25,000,000
Children's Book Publishing and Distribution | Other Investments
Investments (Details) [Line Items]
Investments		$ 6,000,000	$ 6,000,000	$ 6,000,000	$ 6,000,000	$ 6,000,000

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of net periodic costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Components of net periodic benefit (credit) cost:
Amortization of (gain) loss			$ (0.1)	$ 0.4
Pension Plans
Components of net periodic benefit (credit) cost:
Interest cost			0.3	0.4
Expected return on assets			(0.4)	(0.5)
Net amortization of prior service credit			0	0
Amortization of (gain) loss			0.3	0.5
Net periodic benefit (credit) cost			0.2	0.4
Pension Plans | Foreign Plan
Components of net periodic benefit (credit) cost:
Interest cost	$ 0.1	$ 0.2
Expected return on assets	(0.2)	(0.3)
Net amortization of prior service credit	0	0
Amortization of (gain) loss	0.2	0.3
Net periodic benefit (credit) cost	0.1	0.2
Post-Retirement Benefits
Components of net periodic benefit (credit) cost:
Interest cost	0.1	0.1	0.2	0.3
Expected return on assets	0	0	0	0
Net amortization of prior service credit	(0.2)	(0.1)	(0.2)	(0.1)
Amortization of (gain) loss	0	0	0	0
Net periodic benefit (credit) cost	$ (0.1)	$ 0	$ 0	$ 0.2

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2020	May 31, 2021
Employee Benefit Plans (Details) [Line Items]
Benefit obligation	$ 7.6
Accumulated other comprehensive loss	$ 7.6
Remaining life of plan	12 years
Pension Plans | Foreign Plan
Employee Benefit Plans (Details) [Line Items]
Pension contributions	$ 0.6
Pension Plans | Foreign Plan | Forecast [Member]
Employee Benefit Plans (Details) [Line Items]
Contributions expected in current fiscal year		$ 1

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 3	$ 0.9	$ 3.6	$ 2.4
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0.1	0.1	0.1	0.1
Stock option expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 2.5	$ 0.4	$ 2.8	$ 1
Restricted stock unit expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0.5	0.4	0.7	1.2
Management stock purchase plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0	0	0	0
Employee stock purchase plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 0	$ 0.1	$ 0.1	$ 0.2

Treasury Stock - Schedule of re

Treasury Stock - Schedule of repurchase of common stock (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	32 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2019	Nov. 30, 2020	Nov. 30, 2020	May 31, 2020	Mar. 31, 2020	Mar. 31, 2018
Stockholders' Equity Attributable to Parent [Abstract]
Authorized amount of stock to be repurchased						$ 100	$ 50	$ 50
Total current Board authorizations		$ (7.1)	$ (12.6)		$ (32.7)
Less repurchases made under these authorizations	$ 67.3			$ 67.3	$ 67.3
Number of common stock repurchased (in shares)	0			0

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, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,147.4	$ 1,196.7	$ 1,180.6	$ 1,272.8
Other comprehensive income (loss) before reclassifications	5.7	3.9	16.4	1.9
Amortization of gains and losses, net of tax	0.2	0.3	0.3	0.5
Amortization of prior service credit (net of tax of $0.1)	(0.1)	(0.1)	(0.1)	(0.1)
Other comprehensive income (loss)	5.8	4.1	16.6	2.3
Ending Balance	1,187.9	1,261.3	1,187.9	1,261.3
Amortization, Tax	0	0	0	0
Amortization of prior service credit, Tax	0.1	0	0.1	0
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(47.5)	(61.5)	(58.3)	(59.7)
Ending Balance	(41.7)	(57.4)	(41.7)	(57.4)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(39.3)	(49.1)	(50)	(47.1)
Other comprehensive income (loss) before reclassifications	0.4	3.9	11.1	1.9
Amortization of gains and losses, net of tax	0	0	0	0
Amortization of prior service credit (net of tax of $0.1)	0	0	0	0
Other comprehensive income (loss)	0.4	3.9	11.1	1.9
Ending Balance	(38.9)	(45.2)	(38.9)	(45.2)
Retirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(8.2)	(12.4)	(8.3)	(12.6)
Other comprehensive income (loss) before reclassifications	5.3	0	5.3	0
Amortization of gains and losses, net of tax	0.2	0.3	0.3	0.5
Amortization of prior service credit (net of tax of $0.1)	(0.1)	(0.1)	(0.1)	(0.1)
Other comprehensive income (loss)	5.4	0.2	5.5	0.4
Ending Balance	$ (2.8)	$ (12.2)	$ (2.8)	$ (12.2)

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, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Less: Tax effect	$ (12.4)	$ (33.8)	$ (0.4)	$ (5.2)
Net income (loss) attributable to Scholastic Corporation	(35.1)	(71)	4.7	(12.5)
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	0.3	0.3	0.5
Amortization of prior service credit	(0.2)	(0.1)	(0.2)	(0.1)
Less: Tax effect	0.1	0	0.1	0
Net income (loss) attributable to Scholastic Corporation	$ 0.1	$ 0.2	$ 0.2	$ 0.4

Income Taxes and Other Taxes (D

Income Taxes and Other Taxes (Details) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 30, 2020USD ($)	Nov. 30, 2020USD ($)
Income Tax And Non Income Tax Disclosure [Abstract]
Effective income tax rate (percentage)	26.10%	(9.50%)
Long term liability	$ 8.7	$ 8.7

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - Not Designated as Hedging Instrument - Foreign Exchange Contract - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	$ 29.2	$ 26
Unrealized gain (loss)	$ (1.1)	$ (0.3)

Other Accrued Expenses - Schedu

Other Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Millions	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019
Schedule of accrued expenses [Abstract]
Accrued payroll, payroll taxes and benefits	$ 38.6	$ 38.8	$ 41.7
Accrued bonus and commissions	10.6	12.1	13.3
Returns liability	54.5	43.5	42.4
Accrued other taxes	24.5	22.9	30.2
Accrued advertising and promotions	12.7	9.9	12.3
Other accrued expenses	42.1	34.3	38.3
Total accrued expenses	$ 183	$ 161.5	$ 178.2

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Dec. 16, 2020	Nov. 30, 2020	Jan. 05, 2017	Jun. 01, 2007
Loan Agreement
Subsequent Event [Line Items]
Borrowing capacity			$ 375,000,000	$ 425,000,000
Loan Agreement | Eurodollar
Subsequent Event [Line Items]
Variable rate (percentage)		1.00%
Loan Agreement | Base Rate
Subsequent Event [Line Items]
Variable rate (percentage)		0.175%
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
Subsequent Event | Loan Agreement
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 250,000,000
Borrowing capacity	225,000,000
Liquidity amount	$ 200,000,000
Percent of total assets	10.00%
Facility fee rate	0.40%
Acquisition limitation amount	$ 25,000,000
Consolidated liquidity amount	300,000,000
Maximum restricted payment	30,000,000
Maximum quarterly cash dividends	$ 5,200,000
Subsequent Event | Loan Agreement | Eurodollar
Subsequent Event [Line Items]
Variable rate (percentage)	2.25%
Subsequent Event | Loan Agreement | Base Rate
Subsequent Event [Line Items]
Variable rate (percentage)	1.25%
Subsequent Event | Loan Agreement | Eurodollar After Delivery
Subsequent Event [Line Items]
Variable rate (percentage)	1.60%
Subsequent Event | Loan Agreement | Base Rate, After Delivery
Subsequent Event [Line Items]
Variable rate (percentage)	0.60%