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Revenues (Tables) | 12 Months Ended
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May 31, 2019
Revenue from Contract with Customer [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table illustrates the amounts by which each income statement line item was affected by the adoption of Topic 606:
|  | May 31, 2019
|  | As reported | Adjustments |  | Without adoption of Topic 606
Revenues |  | $ | 1,653.9 |  | $ | 12.8 |  | (1) | $ | 1,666.7 |
Cost of goods sold |  | 779.9 |  | 4.0 |  | (1) | 783.9 |
Selling, general and administrative expenses |  | 781.4 |  | 1.1 |  | (2) | 782.5 |
Depreciation and amortization |  | 56.1 |  | — |  |  | 56.1 |
Severance |  | 10.6 |  | — |  |  | 10.6 |
Asset Impairments |  | 0.9 |  | — |  |  | 0.9 |
Operating income (loss) |  | 25.0 |  | 7.7 |  |  | 32.7 |
Interest (income) expense, net |  | (3.4 | ) | — |  |  | (3.4 | )
Other components of net periodic benefit (cost) |  | (1.4 | ) | — |  |  | (1.4 | )
Gain (Loss) on investments and other |  | (1.0 | ) | — |  |  | (1.0 | )
Provision (benefit) for income taxes |  | 10.4 |  | 2.1 |  | (3) | 12.5 |
Net income (loss) |  | 15.6 |  | 5.6 |  |  | 21.2 |
Basic earnings (loss) per share: |  | $ | 0.44 |  | $ | 0.16 |  |  | $ | 0.60 |
Diluted earnings (loss) per share: |  | $ | 0.43 |  | $ | 0.16 |  |  | $ | 0.59 |
(1) - Represents an additional deferral of revenue and reduction of cost of goods sold related to the issuance of book fairs incentive credits, partially offset by revenue recognized on incentive credits redeemed during the period. (2) - Represents direct response advertising costs being expensed as incurred. (3) - Represents the income tax impact of Topic 606 adjustments. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet at June 1, 2018 are as follows:
| As reported - May 31, 2018 | Adjustments due to adoption |  | June 1, 2018
Accounts receivable, net | $ | 204.9 |  | $ | 31.1 |  | (1) | $ | 236.0 |
Inventories, net | 294.9 |  | (1.9 | ) | (2) | 293.0 |
Prepaid expenses and other current assets | 66.6 |  | (4.3 | ) | (2)(3) | 62.3 |
Noncurrent deferred income taxes | 25.2 |  | 16.0 |  | (4) | 41.2 |
Deferred revenue | 24.7 |  | 86.8 |  | (5) | 111.5 |
Other accrued expenses | 177.9 |  | 1.1 |  | (6) | 179.0 |
Retained earnings | 1,065.2 |  | (47.0 | ) |  | 1,018.2 |
(1) - Primarily represents the reclassification of the Company’s accounting for estimated returns from a reduction to Accounts receivable, net, to a current liability within Other accrued expenses. (2) - Represents the reclassification of a return asset from Inventory to Prepaid expenses and other current assets. (3) - Primarily represents the adjustment for previously capitalized direct response advertising costs. (4) - Represents the income tax impact of Topic 606 adjustments. (5) - Represents the deferred revenue related to outstanding book fairs incentive credits as of June 1, 2018. (6) - Represents a reduction to Other accrued expenses of $27.2 for outstanding book fair incentive credits as of June 1, 2018. This decrease was offset by a $28.3 increase for estimated returns recorded to Other accrued expenses.
Schedule of Disaggregation of Revenue by Channel | The following table presents the Company’s revenues disaggregated by region and channel during the year ended May 31:
| 2019 | 2018
Book Clubs | $ | 212.4 |  | $ | 224.3 |
Book Fairs | 499.6 |  | 513.6 |
Trade | 278.3 |  | 232.3 |
Total Children's Book Publishing & Distribution | 990.3 |  | 970.2 |
Education | 297.4 |  | 288.6 |
Major Markets(1) | 254.9 |  | 258.3 |
Other Markets(2) | 111.3 |  | 111.3 |
Total International | 366.2 |  | 369.6 |
Total Revenues | $ | 1,653.9 |  | $ | 1,628.4 |
(1) - Includes Canada, UK, Australia and New Zealand. (2) - Primarily includes markets in Asia.
Schedule of Disaggregation of Revenue by Region | The following table presents the Company’s revenues disaggregated by region and channel during the year ended May 31:
| 2019 | 2018
Book Clubs | $ | 212.4 |  | $ | 224.3 |
Book Fairs | 499.6 |  | 513.6 |
Trade | 278.3 |  | 232.3 |
Total Children's Book Publishing & Distribution | 990.3 |  | 970.2 |
Education | 297.4 |  | 288.6 |
Major Markets(1) | 254.9 |  | 258.3 |
Other Markets(2) | 111.3 |  | 111.3 |
Total International | 366.2 |  | 369.6 |
Total Revenues | $ | 1,653.9 |  | $ | 1,628.4 |
(1) - Includes Canada, UK, Australia and New Zealand. (2) - Primarily includes markets in Asia.

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