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Revenues Revenues
 12 Months Ended
May 31, 2025
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 during the year ended May 31:
202520242023
Book Clubs - U.S.$64.2 $62.7 $117.8 
Book Fairs - U.S.548.3 541.6 553.1 
Trade - U.S. (1)
304.7 298.7 306.8 
Trade - International (2)
46.7 50.3 41.3 
Total Children's Book Publishing and Distribution963.9 953.3 1,019.0 
Education Solutions - U.S.309.8 351.2 386.6 
Total Education Solutions309.8 351.2 386.6 
Entertainment - U.S. (1)
5.2 1.9 19.0 
Entertainment - International55.8 — — 
Total Entertainment61.0 1.9 19.0 
International - Major Markets (3)
241.6 228.6 229.7 
International - Other Markets (4)
38.0 45.0 49.7 
Total International279.6 273.6 279.4 
Overhead (5)
11.2 9.7 — 
Total Revenues$1,625.5 $1,589.7 $1,704.0 
(1) The Entertainment segment includes the operations of SEI, which were included in the Children’s Book Publishing and Distribution segment in prior periods, and 9 Story. The financial results for SEI for the fiscal years presented have been reclassified to Entertainment to reflect this change.
(2) Primarily includes foreign rights and certain product sales in the UK.
(3) Includes Canada, UK, Australia and New Zealand.
(4) Primarily includes markets in Asia.
(5) Overhead includes rental income related to leased space in the Company's headquarters. Rental income of $7.1 was recognized as a reduction to Selling, general and administrative expenses for the fiscal year ended May 31, 2023.

Estimated Returns

A liability for expected returns of $34.4 and $33.1 was recorded within Other accrued expenses on the Company's Consolidated Balance Sheets as of May 31, 2025 and 2024, respectively. In addition, a return asset of $3.7 and $4.2 was recorded within Prepaid expenses and other current assets as of May 31, 2025 and 2024, 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 balance for the years ended May 31:

20252024
Book fairs incentive credits$122.1 $114.2 
Magazines+ subscriptions3.9 4.6 
U.S. digital subscriptions11.1 15.6 
U.S. education-related (1)
7.5 10.1 
Entertainment-related (2)
8.2 0.1 
Stored value programs22.4 16.7 
Other (3)
7.8 6.3 
Total contract liabilities$183.0 $167.6 
(1) Primarily relates to contracts with school districts and professional services.
(2) Primarily relates to contracts for film and TV productions and production services.
(3) Primarily relates to contracts for 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. Contract liabilities of $178.8 and $161.1 as of May 31, 2025 and 2024, respectively, are recorded within Deferred revenue on the Company's 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 remaining $4.2 and $6.5 of contract liabilities as of May 31, 2025 and 2024, respectively, are recorded within Other noncurrent liabilities on the Company's Consolidated Balance Sheets as the associated performance obligations are expected to be satisfied, and related revenue recognized, in excess of one year. The amount of revenue recognized during the years ended May 31, 2025 and 2024 included within the opening Deferred revenue balance was $136.8 and $138.0, respectively.

Allowance for Credit Losses

The following table presents the change in the allowance for credit losses, which is included in Accounts Receivable, net on the Consolidated Balance Sheets:
Allowance for Credit Losses
Balance as of June 1, 2024
$14.9 
Current period provision5.0 
Write-offs and other (8.9)
Balance as of May 31, 2025
$11.0