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Revenues | 6 Months Ended
--- | ---
Nov. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenues | REVENUES Disaggregated Revenue Data The following table presents the Company’s segment revenues disaggregated by region and domestic channel:
| Three months ended | Six months ended
| November 30, | November 30,
| 2023 | 2022 | 2023 | 2022
Book Clubs - U.S. | $ | 32.4 |  |  | $ | 57.6 |  |  | $ | 35.0 |  |  | $ | 63.9 |  |
Book Fairs - U.S. |  | 242.1 |  |  |  | 240.8 |  |  |  | 269.4 |  |  |  | 269.1 |  |
Trade - U.S. |  | 101.0 |  |  |  | 107.9 |  |  |  | 163.5 |  |  |  | 184.1 |  |
Trade - International (1) |  | 17.3 |  |  |  | 12.0 |  |  |  | 27.7 |  |  |  | 25.9 |  |
Total Children's Book Publishing and Distribution | $ | 392.8 |  |  | $ | 418.3 |  |  | $ | 495.6 |  |  | $ | 543.0 |  |
Education Solutions - U.S. | $ | 81.0 |  |  | $ | 80.0 |  |  | $ | 147.0 |  |  | $ | 153.2 |  |
Total Education Solutions | $ | 81.0 |  |  | $ | 80.0 |  |  | $ | 147.0 |  |  | $ | 153.2 |  |
International - Major Markets (2) | $ | 75.4 |  |  | $ | 77.1 |  |  | $ | 123.2 |  |  | $ | 130.5 |  |
International - Other Markets (3) |  | 11.1 |  |  |  | 12.5 |  |  |  | 20.5 |  |  |  | 24.1 |  |
Total International | $ | 86.5 |  |  | $ | 89.6 |  |  | $ | 143.7 |  |  | $ | 154.6 |  |
Total (4) | $ | 560.3 |  |  | $ | 587.9 |  |  | $ | 786.3 |  |  | $ | 850.8 |  |
(1) Primarily includes foreign rights and certain product sales in the UK. (2) Includes Canada, UK, Australia and New Zealand. (3) Primarily includes markets in Asia. (4) Total revenues of $562.6 and $791.1 for the three and six months ended November 30, 2023, respectively, included rental income of $2.3 and $4.8, respectively, related to leased space in the Company's headquarters which was not allocated to a segment. Rental income of $1.6 and $3.1 for the three and six months ended November 30, 2022, respectively, was recognized as a reduction to Selling, general and administrative expenses. Estimated Returns A liability for expected returns of $37.7, $34.9, and $43.9 is recorded within Other accrued expenses as of November 30, 2023, May 31, 2023, and November 30, 2022, respectively. In addition, a return asset of $5.4, $4.7, and $6.1 is recorded within Prepaid expenses and other current assets as of November 30, 2023, May 31, 2023, and November 30, 2022, respectively, for the recoverable cost of product estimated to be returned by customers. Contract Liabilities The following table presents further detail regarding the Company's contract liabilities as of the dates indicated:
| November 30, 2023 | May 31, 2023 | November 30, 2022
Book fairs incentive credits | $ | 114.1 |  |  | $ | 110.8 |  |  | $ | 107.6 |  |
Magazines+ subscriptions |  | 53.3 |  |  |  | 5.0 |  |  |  | 55.5 |  |
U.S. digital subscriptions |  | 24.6 |  |  |  | 22.8 |  |  |  | 22.3 |  |
U.S. education-related (1) |  | 10.6 |  |  |  | 9.8 |  |  |  | 13.4 |  |
Media-related |  | 0.2 |  |  |  | 0.0 |  |  |  | 10.6 |  |
Stored value programs |  | 24.1 |  |  |  | 12.4 |  |  |  | 13.8 |  |
Other (2) |  | 7.6 |  |  |  | 8.3 |  |  |  | 9.5 |  |
Total contract liabilities | $ | 234.5 |  |  | $ | 169.1 |  |  | $ | 232.7 |  |
(1) Primarily includes contract liabilities related to contracts with school districts and professional services. (2) Primarily includes contract liabilities related to various international products and services. 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. As of November 30, 2023, contract liabilities of $225.0 are recorded within Deferred revenue on the Company's Condensed Consolidated Balance Sheet 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 remaining $9.5 of contract liabilities as of November 30, 2023 are recorded within Other noncurrent liabilities on the Company's Condensed Consolidated Balance Sheet as the associated performance obligations are expected to be satisfied, and related revenue recognized, in excess of one year. Contract liabilities of $169.1 and $232.7 as of May 31, 2023 and November 30, 2022, respectively, are recorded within Deferred revenue on the Company's Condensed Consolidated Balance Sheets. The Company recognized revenue which was included in the opening Deferred revenue balance in the amount of $48.4 and $80.7 for the three and six months ended November 30, 2023, respectively, and $49.5 and $80.3 for the three and six months ended November 30, 2022, respectively. Allowance for Credit Losses The Company recognizes an allowance for credit losses on customer 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. The Company reviews new information as it becomes available and makes adjustments to the reserves accordingly. 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, 2023 | $ | 16.7 |  |
Provision (benefit) |  | 0.6 |  |
Write-offs and other |  | (0.2) |  |
Balance as of August 31, 2023 | $ | 17.1 |  |
Provision (benefit) |  | 2.5 |  |
Write-offs and other |  | (3.4) |  |
Balance as of November 30, 2023 | $ | 16.2 |  |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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