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Revenues (Tables) | 9 Months Ended
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Feb. 28, 2019
Revenue from Contract with Customer [Abstract] |
Schedule of Impact of Adoption of New Accounting Standards | The following table illustrates the amounts by which each summarized income statement line item was affected by the adoption of Topic 606:
|  | As reported | Adjustments |  | Without adoption of Topic 606
Three months ended February 28, 2019 |  |  |  |  |
Revenues |  | $ | 360.1 |  | $ | (9.4 | ) | (1) | $ | 350.7 |
Cost of goods sold |  | 176.9 |  | (2.0 | ) | (1) | 174.9 |
Selling, general and administrative expenses |  | 190.9 |  | 0.1 |  | (2) | 191.0 |
Depreciation and amortization |  | 13.7 |  | — |  |  | 13.7 |
Operating income (loss) |  | (21.4 | ) | (7.5 | ) |  | (28.9 | )
Interest income (expense), net |  | 1.0 |  | — |  |  | 1.0 |
Other components of net periodic benefit (cost) |  | (0.4 | ) | — |  |  | (0.4 | )
Provision (benefit) for income taxes |  | (8.2 | ) | (2.0 | ) | (3) | (10.2 | )
Net income (loss) |  | $ | (12.6 | ) | $ | (5.5 | ) |  | $ | (18.1 | )
Basic earnings (loss) per share: |  | $ | (0.36 | ) | $ | (0.16 | ) |  | $ | (0.52 | )
Diluted earnings (loss) per share: |  | $ | (0.36 | ) | $ | (0.16 | ) |  | $ | (0.52 | )
Nine months ended February 28, 2019 |  |
Revenues |  | $ | 1,183.2 |  | $ | (11.1 | ) | (1) | $ | 1,172.1 |
Cost of goods sold |  | 564.6 |  | (3.5 | ) | (1) | 561.1 |
Selling, general and administrative expenses |  | 584.3 |  | (0.5 | ) | (2) | 583.8 |
Depreciation and amortization |  | 41.3 |  | — |  |  | 41.3 |
Operating income (loss) |  | (7.0 | ) | (7.1 | ) |  | (14.1 | )
Interest income (expense), net |  | 2.3 |  | — |  |  | 2.3 |
Other components of net periodic benefit (cost) |  | (1.1 | ) | — |  |  | (1.1 | )
Provision (benefit) for income taxes |  | (3.5 | ) | (1.9 | ) | (3) | (5.4 | )
Net income (loss) |  | $ | (2.3 | ) | $ | (5.2 | ) |  | $ | (7.5 | )
Basic earnings (loss) per share: |  | $ | (0.07 | ) | $ | (0.15 | ) |  | $ | (0.22 | )
Diluted earnings (loss) per share: |  | $ | (0.07 | ) | $ | (0.15 | ) |  | $ | (0.22 | )
(1) - Represents incremental revenue and cost of goods sold related to the redemption of book fairs incentive program credits, partially offset by additional deferred revenue on incentive credits awarded during the period. (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 condensed consolidated balance sheet at June 1, 2018 are as follows:
| As reported - May 31, 2018 | Adjustments due to adoption |  | June 1, 2018
Accounts receivable, net | $ | 204.9 |  | $ | 31.1 |  | (1) | $ | 236.0 |
Inventories, net | 294.9 |  | (1.9 | ) | (2) | 293.0 |
Prepaid expenses and other current assets | 66.6 |  | (4.3 | ) | (2)(3) | 62.3 |
Noncurrent deferred income taxes | 25.2 |  | 16.0 |  | (4) | 41.2 |
Deferred revenue | 24.7 |  | 86.3 |  | (5) | 111.0 |
Other accrued expenses | 177.9 |  | 1.1 |  | (6) | 179.0 |
Retained earnings | 1,065.2 |  | (46.5 | ) |  | 1,018.7 |
(1) - Primarily represents the reclassification of the Company’s accounting for estimated returns from a reduction to Accounts receivable, net, to a current liability within Other accrued expenses. (2) - Represents the reclassification of a return asset from Inventory to Prepaid expenses and other current assets. (3) - Primarily represents the adjustment for previously capitalized direct response advertising costs. (4) - Represents the income tax impact of Topic 606 adjustments. (5) - Represents the deferred revenue related to outstanding book fairs incentive credits as of June 1, 2018. (6) - Represents a reduction to Other accrued expenses of $27.2 for outstanding book fair incentive credits as of June 1, 2018. This decrease was offset by a $28.3 increase for estimated returns recorded to Other accrued expenses.
Schedule of Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by region and channel:
Three months ended February 28, | 2019 | 2018
Book Clubs | $ | 55.0 |  | $ | 57.7 |
Book Fairs | 97.4 |  | 91.5 |
Trade | 65.6 |  | 52.4 |
Total Children's Book Publishing & Distribution | 218.0 |  | 201.6 |
Education | 60.3 |  | 59.5 |
Major Markets(1) | 54.5 |  | 55.3 |
Other Markets(2) | 27.3 |  | 28.3 |
Total International | 81.8 |  | 83.6 |
Total Revenues | $ | 360.1 |  | $ | 344.7 |
Nine months ended February 28, | 2019 | 2018
Book Clubs | $ | 165.4 |  | $ | 165.6 |
Book Fairs | 343.3 |  | 334.6 |
Trade | 222.9 |  | 184.0 |
Total Children's Book Publishing & Distribution | 731.6 |  | 684.2 |
Education | 179.7 |  | 171.4 |
Major Markets(1) | 192.7 |  | 195.6 |
Other Markets(2) | 79.2 |  | 81.0 |
Total International | 271.9 |  | 276.6 |
Total Revenues | $ | 1,183.2 |  | $ | 1,132.2 |
(1) - Includes Canada, UK, Australia and New Zealand. (2) - Primarily includes markets in Asia.

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- Definition Tabular disclosure of the change in an accounting estimate, including a change that occurs in an interim period. If a change in accounting estimate affects several future periods (for example, a change in the service life of a depreciable asset) disclose the effect on income from continuing operations, net income (or other appropriate captions of changes in the applicable net assets or performance indicator), and any related per-share amounts of the current period. Disclosure of the effects of a change in an accounting estimate that occurs in the ordinary course of business (such as uncollectible accounts or inventory obsolescence) is not required, unless the effect is material. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(a)(5)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e777-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21843-107793 + Details
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