Document and Entity Information
Document and Entity Information | 9 Months Ended |
Feb. 28, 2022shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Feb. 28, 2022 |
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, $0.01 par value |
Trading Symbol | SCHL |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0000866729 |
Current Fiscal Year End Date | --05-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Common Stock | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 32,763,535 |
Common Class A | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,656,200 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 344.5 | $ 277.5 | $ 1,128.5 | $ 898.9 |
Operating costs and expenses: | ||||
Cost of goods sold | 169.6 | 135.9 | 540.9 | 440.6 |
Selling, general and administrative expenses | 180.8 | 140.2 | 512.7 | 433.8 |
Depreciation and amortization | 13.6 | 14.7 | 43 | 46 |
Asset impairments and write downs | 0 | 10.9 | 0 | 10.9 |
Total operating costs and expenses | 364 | 301.7 | 1,096.6 | 931.3 |
Operating income (loss) | (19.5) | (24.2) | 31.9 | (32.4) |
Interest income (expense), net | (0.4) | (1.7) | (2.2) | (4.1) |
Other components of net periodic benefit (cost) | 0.1 | 0.1 | 0.1 | (0.1) |
(Gain) loss on sale of assets | 0 | 3.8 | 6.2 | 10.4 |
Earnings (loss) before income taxes | (19.8) | (22) | 36 | (26.2) |
Provision (benefit) for income taxes | (4.7) | (8) | 7.1 | (7.6) |
Net income (loss) | (15.1) | (14) | 28.9 | (18.6) |
Less: Net income (loss) attributable to noncontrolling interest | 0.2 | (0.1) | 0.1 | 0 |
Net income (loss) attributable to Scholastic Corporation | $ (15.3) | $ (13.9) | $ 28.8 | $ (18.6) |
Basic and diluted earnings (loss) per share of Class A and Common Stock | ||||
Basic (in Dollars per share) | $ (0.44) | $ (0.41) | $ 0.83 | $ (0.54) |
Diluted (in Dollars per share) | $ (0.44) | $ (0.41) | $ 0.80 | $ (0.54) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (15.1) | $ (14) | $ 28.9 | $ (18.6) |
Other comprehensive income (loss), net: | ||||
Foreign currency translation adjustment | 1.6 | 6.3 | (8.6) | 17.4 |
Pension and postretirement adjustments (net of tax) | 0 | 0 | 0.6 | 5.5 |
Total other comprehensive income (loss), net | 1.6 | 6.3 | (8) | 22.9 |
Comprehensive income (loss) | (13.5) | (7.7) | 20.9 | 4.3 |
Less: Net income (loss) attributable to noncontrolling interest | 0.2 | (0.1) | 0.1 | 0 |
Comprehensive income (loss) attributable to Scholastic Corporation | $ (13.7) | $ (7.6) | $ 20.8 | $ 4.3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Feb. 28, 2022 | May 31, 2021 | Feb. 28, 2021 |
Current Assets: | |||
Cash and cash equivalents | $ 308.9 | $ 366.5 | $ 353.2 |
Accounts receivable, net | 287.7 | 256.1 | 238 |
Inventories, net | 299.4 | 269.7 | 304.8 |
Income tax receivable | 22.9 | 88.8 | 101.3 |
Prepaid expenses and other current assets | 72.4 | 47.2 | 61 |
Total current assets | 991.3 | 1,028.3 | 1,058.3 |
Noncurrent Assets: | |||
Property, plant and equipment, net | 520.7 | 556.9 | 561.4 |
Prepublication costs, net | 58.3 | 65.7 | 66.7 |
Operating lease right-of-use assets, net | 69.3 | 78.6 | 76.8 |
Royalty advances, net | 53.2 | 43.8 | 45.1 |
Goodwill | 125.7 | 126.3 | 126 |
Noncurrent deferred income taxes | 25.3 | 25.4 | 19.3 |
Other assets and deferred charges | 96.7 | 83.3 | 81.4 |
Total noncurrent assets | 949.2 | 980 | 976.7 |
Total assets | 1,940.5 | 2,008.3 | 2,035 |
Current Liabilities: | |||
Lines of credit and current portion of long-term debt | 13.7 | 182.9 | 190.7 |
Accounts payable | 173.4 | 138 | 134.3 |
Accrued royalties | 84.2 | 45.5 | 77.6 |
Deferred revenue | 176.8 | 99.1 | 121.9 |
Other accrued expenses | 184.8 | 202 | 177.6 |
Accrued income taxes | 3.9 | 3 | 3.6 |
Operating lease liabilities | 22.4 | 25 | 24.3 |
Total current liabilities | 659.2 | 695.5 | 730 |
Noncurrent Liabilities: | |||
Total long-term debt | 0 | 7.3 | 0 |
Operating lease liabilities | 57.1 | 67.4 | 67.3 |
Other noncurrent liabilities | 38.9 | 55.8 | 60.9 |
Total noncurrent liabilities | 96 | 130.5 | 128.2 |
Commitments and Contingencies (see Note 6) | 0 | 0 | 0 |
Stockholders’ Equity: | |||
Preferred Stock, $1.00 par value: Authorized, 2.0 shares; Issued and Outstanding, none | 0 | 0 | 0 |
Additional paid-in capital | 626.9 | 626.5 | 625.4 |
Accumulated other comprehensive income (loss) | (42.7) | (34.7) | (35.4) |
Retained earnings | 929.5 | 916.4 | 913.9 |
Treasury stock, at cost: 10.1, 10.2 and 10.2 shares, respectively | (330.3) | (327.8) | (328.9) |
Total stockholders’ equity of Scholastic Corporation | 1,183.8 | 1,180.8 | 1,175.4 |
Noncontrolling interest | 1.5 | 1.5 | 1.4 |
Total stockholders’ equity | 1,185.3 | 1,182.3 | 1,176.8 |
Total liabilities and stockholders’ equity | 1,940.5 | 2,008.3 | 2,035 |
Common Class A | |||
Stockholders’ Equity: | |||
Common Stock, value | 0 | 0 | 0 |
Common Stock | |||
Stockholders’ Equity: | |||
Common Stock, value | $ 0.4 | $ 0.4 | $ 0.4 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Feb. 28, 2022 | May 31, 2021 | Feb. 28, 2021 |
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 | 32,800,000 | 32,700,000 | 32,700,000 |
Treasury stock (in shares) | 10,100,000 | 10,200,000 | 10,200,000 |
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 ($) shares in Millions, $ in Millions | Total | Common Stock | Common StockCommon Class A | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock At Cost | Total Stockholders' Equity of Scholastic Corporation | Noncontrolling Interest |
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 | 32.5 | 1.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
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 | (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 | 32.5 | 1.7 | |||||||
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 Feb. 28, 2021 | 32.7 | 1.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (18.6) | ||||||||
Foreign currency translation adjustment | 17.4 | ||||||||
Ending Balance at Feb. 28, 2021 | 1,176.8 | $ 0.4 | $ 0 | 625.4 | (35.4) | 913.9 | (328.9) | 1,175.4 | 1.4 |
Balance (in shares) at May. 31, 2020 | 32.5 | 1.7 | |||||||
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 | 32.6 | 1.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 35.2 | 35.1 | 35.1 | 0.1 | |||||
Foreign currency translation adjustment | 0.4 | 0.4 | 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 | ||||||
Treasury stock issued pursuant to equity-based plans (in shares) | 0.1 | ||||||||
Treasury stock issued pursuant to equity-based plans | 1.6 | (1.5) | 3.1 | 1.6 | |||||
Dividends | (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 | 32.5 | 1.7 | |||||||
Balance (in shares) at Feb. 28, 2021 | 32.7 | 1.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (14) | (13.9) | (13.9) | (0.1) | |||||
Foreign currency translation adjustment | 6.3 | 6.3 | 6.3 | ||||||
Pension and post-retirement adjustments (net of tax of $0.0) | 0 | 0 | 0 | ||||||
Stock-based compensation | 1.5 | 1.5 | 1.5 | ||||||
Treasury stock issued pursuant to equity-based plans (in shares) | 0.1 | ||||||||
Treasury stock issued pursuant to equity-based plans | 0.4 | (0.4) | 0.8 | 0.4 | |||||
Dividends | (5.3) | (5.3) | (5.3) | ||||||
Ending Balance at Feb. 28, 2021 | 1,176.8 | $ 0.4 | $ 0 | 625.4 | (35.4) | 913.9 | (328.9) | 1,175.4 | 1.4 |
Balance (in shares) at Nov. 30, 2020 | 32.6 | 1.7 | |||||||
Beginning balance at May. 31, 2021 | 1,182.3 | $ 0.4 | $ 0 | 626.5 | (34.7) | 916.4 | (327.8) | 1,180.8 | 1.5 |
Balance (in shares) at Aug. 31, 2021 | 32.8 | 1.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (24.4) | (24.2) | (24.2) | (0.2) | |||||
Foreign currency translation adjustment | (5.8) | (5.8) | (5.8) | ||||||
Pension and post-retirement adjustments (net of tax of $0.0) | 0.1 | 0.1 | 0.1 | ||||||
Stock-based compensation | 1.5 | 1.5 | 1.5 | ||||||
Proceeds pursuant to stock-based compensation plans | 0.5 | 0.5 | 0.5 | ||||||
Treasury stock issued pursuant to equity-based plans (in shares) | 0.1 | ||||||||
Treasury stock issued pursuant to equity-based plans | 0.6 | (0.9) | 1.5 | 0.6 | |||||
Dividends | (5.2) | (5.2) | (5.2) | ||||||
Ending Balance at Aug. 31, 2021 | 1,149.6 | $ 0.4 | $ 0 | 627.6 | (40.4) | 887 | (326.3) | 1,148.3 | 1.3 |
Balance (in shares) at May. 31, 2021 | 32.7 | 1.7 | |||||||
Beginning balance at May. 31, 2021 | 1,182.3 | $ 0.4 | $ 0 | 626.5 | (34.7) | 916.4 | (327.8) | 1,180.8 | 1.5 |
Balance (in shares) at Feb. 28, 2022 | 32.8 | 1.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 28.9 | ||||||||
Foreign currency translation adjustment | (8.6) | ||||||||
Purchases of treasury stock at cost | (19.6) | ||||||||
Ending Balance at Feb. 28, 2022 | 1,185.3 | $ 0.4 | $ 0 | 626.9 | (42.7) | 929.5 | (330.3) | 1,183.8 | 1.5 |
Balance (in shares) at May. 31, 2021 | 32.7 | 1.7 | |||||||
Beginning balance at Aug. 31, 2021 | 1,149.6 | $ 0.4 | $ 0 | 627.6 | (40.4) | 887 | (326.3) | 1,148.3 | 1.3 |
Balance (in shares) at Nov. 30, 2021 | 32.9 | 1.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 68.4 | 68.3 | 68.3 | 0.1 | |||||
Foreign currency translation adjustment | (4.4) | (4.4) | 0 | (4.4) | |||||
Pension and post-retirement adjustments (net of tax of $0.0) | 0.5 | 0.5 | 0.5 | ||||||
Stock-based compensation | 3 | 3 | 3 | ||||||
Proceeds pursuant to stock-based compensation plans | 2.1 | 2.1 | 2.1 | ||||||
Purchases of treasury stock at cost (in shares) | (0.1) | ||||||||
Purchases of treasury stock at cost | (4.2) | (4.2) | (4.2) | ||||||
Treasury stock issued pursuant to equity-based plans (in shares) | 0.2 | ||||||||
Treasury stock issued pursuant to equity-based plans | 0.4 | (7.6) | 8 | 0.4 | |||||
Dividends | (5.2) | (5.2) | (5.2) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (0.2) | ||||||||
Noncontrolling interest in Make Believe Ideas | (0.2) | ||||||||
Ending Balance at Nov. 30, 2021 | 1,210 | $ 0.4 | $ 0 | 625.1 | (44.3) | 950.1 | (322.5) | 1,208.8 | 1.2 |
Balance (in shares) at Aug. 31, 2021 | 32.8 | 1.7 | |||||||
Balance (in shares) at Feb. 28, 2022 | 32.8 | 1.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (15.1) | (15.3) | (15.3) | 0.2 | |||||
Foreign currency translation adjustment | 1.6 | 1.6 | 1.6 | ||||||
Pension and post-retirement adjustments (net of tax of $0.0) | 0 | 0 | 0 | ||||||
Stock-based compensation | 1.6 | 1.6 | 1.6 | ||||||
Proceeds pursuant to stock-based compensation plans | 7.3 | 7.3 | 7.3 | ||||||
Purchases of treasury stock at cost (in shares) | (0.4) | ||||||||
Purchases of treasury stock at cost | (15.4) | (15.4) | (15.4) | ||||||
Treasury stock issued pursuant to equity-based plans (in shares) | 0.3 | ||||||||
Treasury stock issued pursuant to equity-based plans | 0.5 | (7.1) | 7.6 | 0.5 | |||||
Dividends | (5.3) | (5.3) | (5.3) | ||||||
Noncontrolling interest in Make Believe Ideas | $ 0.1 | ||||||||
Ending Balance at Feb. 28, 2022 | $ 1,185.3 | $ 0.4 | $ 0 | $ 626.9 | $ (42.7) | $ 929.5 | $ (330.3) | $ 1,183.8 | $ 1.5 |
Balance (in shares) at Nov. 30, 2021 | 32.9 | 1.7 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||||
Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | Feb. 28, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | |
Pension and postretirement adjustments, tax portion | $ 0 | $ (0.1) | $ 0.1 | $ 0.1 | $ 1.8 | $ 0 |
Common Class A | ||||||
Dividends declared per class A and common share (in Dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Cash flows - operating activities: | ||
Net income (loss) | $ 28.8 | $ (18.6) |
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities: | ||
Provision for losses on accounts receivable | 8.5 | 3.4 |
Provision for losses on inventory | 12.7 | 10.4 |
Provision for losses on royalty advances | 2.6 | 4.4 |
Amortization of prepublication costs | 19.9 | 19 |
Depreciation and amortization | 49 | 49.3 |
Amortization of pension and postretirement plans | 0 | 0 |
Deferred income taxes | (0.3) | 0.1 |
Stock-based compensation | 6.1 | 5.1 |
Income from equity-method investments | 1.6 | 6.1 |
Asset impairments and write downs | 0 | 10.9 |
(Gain) loss on sale of assets | 6.2 | 10.4 |
Changes in assets and liabilities, net of amounts acquired: | ||
Accounts receivable | (43.4) | 5 |
Inventories | (46.2) | (36.4) |
Prepaid expenses and other current assets | (25.8) | (17.3) |
Income tax receivable | 65.8 | (11.1) |
Royalty advances | (12.5) | (8.4) |
Accounts payable | 37.2 | (21) |
Accrued income taxes | 1.1 | 1.9 |
Accrued royalties | 39.5 | 38.3 |
Deferred revenue | 78.4 | 3.6 |
Other accrued expenses | (19.4) | 6.1 |
Other, net | (15.7) | 8.3 |
Net cash provided by (used in) operating activities | 178.5 | 36.5 |
Cash flows - investing activities: | ||
Prepublication expenditures | (13) | (15.3) |
Additions to property, plant and equipment | (28) | (37.1) |
Net proceeds from sale of assets | 10.4 | 17.4 |
Other | (0.1) | (0.1) |
Net cash provided by (used in) investing activities | (30.5) | (34.9) |
Cash flows - financing activities: | ||
Borrowings under lines of credit, credit agreement and revolving loan | (2.4) | (3) |
Repayments of lines of credit, credit agreement and revolving loan | 178.2 | 32.1 |
Repayment of capital lease obligations | (1.7) | (1.7) |
Reacquisition of common stock | (19.5) | 0 |
Proceeds pursuant to stock-based compensation plans | 9.6 | 0 |
Payment of dividends | (15.5) | (15.4) |
Net cash provided by (used in) financing activities | (202.9) | (46.2) |
Effect of exchange rate changes on cash and cash equivalents | (2.7) | 4 |
Net increase (decrease) in cash and cash equivalents | (57.6) | (40.6) |
Cash and cash equivalents at beginning of period | 366.5 | 393.8 |
Cash and cash equivalents at end of period | $ 308.9 | $ 353.2 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 2022 relate to the twelve-month period ending May 31, 2022. Certain prior period amounts have been reclassified to conform with the current year presentation. Noncontrolling Interest The Company owns a 95.0% majority ownership interest in Make Believe Ideas Limited ("MBI"), a UK-based children's book publishing company. The founder and chief executive officer of MBI retains a 5.0% noncontrolling ownership interest in MBI. The Company fully consolidated MBI as of the acquisition date, and the 5.0% noncontrolling interest is classified within stockholder's equity. 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, 2021. 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 Solutions 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. Education channel revenues are generally higher in the first and fourth quarters. Trade sales can vary throughout the year due to varying release dates of published titles. Presently, there remain uncertainties concerning the timing of and any patterns which may emerge with respect to school instruction, whether in-school, remote or hybrid for the school year, and the nature and continuing magnitude of the negative impact of COVID-19 into and beyond the fourth quarter of fiscal 2022. 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 credit losses • 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 contractual performance obligations Sale of Long-lived Assets During the second quarter of fiscal 2022, the Company sold a facility, which included office and warehouse space, located in Lake Mary, Florida as part of an initiative to rightsize its real estate footprint to reduce occupancy costs. The long-lived assets, which consisted of land, building, building improvements, furniture and fixtures, were included in the Children's Book Publishing and Distribution segment. These assets had a carrying value of $4.2 and were classified as held for sale as of the third quarter of fiscal 2021. The net proceeds from the sale were $10.4 and the Company recognized a gain on sale of $6.2. During the third quarter of fiscal 2021, the Company sold the UK distribution center located in Southam. The long-lived assets related to the Southam facility, which consisted of land, building and building improvements, were included in the International segment. The assets had a carrying value of $1.3 and were classified as held for sale as of the fiscal year ended May 31, 2020. The net proceeds from the sale were $5.1 and the Company recognized a gain on sale of $3.8. 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 Easton, 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 as of 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. The amounts recognized as a gain on sale are included within Gain (loss) on sale of assets and other within the Company's Condensed Consolidated Statements of Operations. Assets Held For Sale During the third quarter of fiscal 2020, the Company committed to a plan to sell the UK distribution center located in Witney to consolidate the operations into a new facility in Warwickshire. These assets are included in the International segment. The long-lived assets which consist of 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 February 28, 2022, the carrying amount was $2.2 which is included in Property, plant and equipment, net within the Company's Condensed Consolidated Balance Sheets. During the second quarter of fiscal 2022, the Company entered into a purchase and sale agreement for this facility and expects a gain on the sale to be recognized in the fourth quarter of fiscal 2022. New Accounting Pronouncements There were no new accounting pronouncements issued in the third quarter of fiscal 2022 which would impact the Company. Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2021 for more information on current applicable authoritative guidance and its impact on the Company's financial statements. Current Fiscal Year Adoptions: ASU No. 2019-12 The Company adopted ASU No. 2019-12 as of the beginning of the first quarter of fiscal 2022 which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments |
Revenues
Revenues | 9 Months Ended |
Feb. 28, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUES Disaggregated Revenue Data Effective June 1, 2021, the former “Education” reportable segment was renamed as the “Education Solutions” reportable segment, in connection with the consolidation of the segment’s multiple channels into a single Education Solutions group. The following table presents the Company’s segment revenues disaggregated by region and domestic channel: Three months ended Nine months ended February 28, February 28, 2022 2021 2022 2021 Book Clubs - U.S. $ 40.5 $ 35.1 $ 99.2 $ 107.9 Book Fairs - U.S. 76.0 27.0 268.2 87.9 Trade - U.S. 77.1 74.7 266.6 256.9 Trade - International (1) 7.4 6.1 35.3 26.5 Total Children's Book Publishing and Distribution $ 201.0 $ 142.9 $ 669.3 $ 479.2 Education Solutions - U.S. $ 77.2 $ 66.3 $ 236.8 $ 187.4 Total Education Solutions $ 77.2 $ 66.3 $ 236.8 $ 187.4 International - Major Markets (2) $ 48.8 $ 46.2 $ 175.1 $ 169.3 International - Other Markets (3) 17.5 22.1 47.3 63.0 Total International $ 66.3 $ 68.3 $ 222.4 $ 232.3 Total Revenues $ 344.5 $ 277.5 $ 1,128.5 $ 898.9 (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. Estimated Returns A liability for expected returns of $48.8, $45.2, and $51.6 is recorded within Other accrued expenses as of February 28, 2022, May 31, 2021, and February 28, 2021, respectively. In addition, a return asset of $4.5, $3.4, and $3.9 is recorded within Prepaid expenses and other current assets as of February 28, 2022, May 31, 2021, and February 28, 2021, respectively, for the recoverable cost of product estimated to be returned by customers. Deferred Revenue The following table presents further detail regarding the Company's deferred revenue balance as of the dates indicated: February 28, 2022 May 31, 2021 February 28, 2021 Book fairs incentive credits $ 82.7 $ 59.4 $ 57.9 Magazines+ subscriptions 30.4 4.6 28.4 U.S. digital subscriptions 18.2 11.9 13.6 U.S. education-related (1) 12.5 6.2 6.4 Media-related 11.6 2.5 0.4 Stored value cards 8.8 2.9 2.2 Other (2) 12.6 11.6 13.0 Total deferred revenue $ 176.8 $ 99.1 $ 121.9 (1) Primarily includes deferred revenue related to contracts with school districts and professional services. (2) Primarily includes deferred revenue related to various international products and services. The Company's deferred revenue consists of contract liabilities for 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 $21.2 and $15.5 for the three months ended February 28, 2022 and February 28, 2021, respectively, and $64.4 and $56.6 for the nine months ended February 28, 2022 and February 28, 2021, 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. 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, 2021 $ 21.4 Current period provision 1.6 Write-offs and other (1.2) Balance as of August 31, 2021 $ 21.8 Current period provision 4.2 Write-offs and other (3.1) Balance as of November 30, 2021 $ 22.9 Current period provision 2.7 Write-offs and other (2.3) Balance as of February 28, 2022 $ 23.3 |
Segment Information
Segment Information | 9 Months Ended |
Feb. 28, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company categorizes its businesses into three reportable segments: Children’s Book Publishing and Distribution, Education Solutions 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 primarily 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 Solutions 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 one operating segment. • International includes the publication and distribution of products and services outside the United States by the Company’s international operations and its export businesses. This segment is comprised of three operating segments. The following table sets forth the Company's revenue and operating income (loss) by segment for the fiscal quarters ended February 28, 2022 and February 28, 2021: Three months ended Nine months ended February 28, February 28, 2022 2021 2022 2021 Revenues Children's Book Publishing and Distribution $ 201.0 $ 142.9 $ 669.3 $ 479.2 Education Solutions 77.2 66.3 236.8 187.4 International 66.3 68.3 222.4 232.3 Total $ 344.5 $ 277.5 $ 1,128.5 $ 898.9 Operating income (loss) Children's Book Publishing and Distribution $ 5.0 $ (7.6) $ 68.5 $ (1.2) Education Solutions 13.1 9.7 36.0 17.6 International (5.0) (1.0) 2.0 21.7 Overhead (1) (32.6) (25.3) (74.6) (70.5) Total $ (19.5) $ (24.2) $ 31.9 $ (32.4) (1) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets. |
Asset Write Down
Asset Write Down | 9 Months Ended |
Feb. 28, 2022 | |
Asset Impairment Charges [Abstract] | |
Asset Write Down | 4. ASSET WRITE DOWN The Company did not recognize any asset write downs through the end of the third fiscal quarter of fiscal 2022. During the third quarter of fiscal 2021, the Company committed to a plan to cease use of certain leased office space in New York City and consolidate into the company-owned New York headquarters building. The right-of-use (ROU) assets and the other long-lived assets associated with these operating leases are included in the Overhead segment. An impairment expense of $8.5 was recognized in the prior period, of which $7.0 related to the ROU assets and $1.5 related to other long-lived assets, primarily leasehold improvements. Also during the third quarter of fiscal 2021, the Company committed to a plan to permanently close 12 of the 54 book fairs warehouses in the U.S. as part of a branch consolidation project. The ROU assets and the other long-lived assets associated with these warehouse operating leases are included in the Children’s Book Publishing and Distribution segment. An impairment expense of $2.4 was recognized in the prior period, primarily related to the ROU assets. The impact of the total $10.9 impairment was a loss per basic and diluted share of Class A and Common Stock of $0.23 in the three and nine month periods ended February 28, 2021. |
Debt
Debt | 9 Months Ended |
Feb. 28, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table summarizes the carrying value of the Company's debt as of the dates indicated: February 28, 2022 May 31, 2021 February 28, 2021 US Revolving Credit Agreement $ — $ 175.0 $ 175.0 Unsecured lines of credit 6.8 7.9 8.5 UK Loans 6.9 7.3 7.2 Total debt $ 13.7 $ 190.2 $ 190.7 Less lines of credit, short-term debt and current portion of long-term debt (13.7) (182.9) (190.7) Total long-term debt $ — $ 7.3 $ — The Company's debt obligations as of February 28, 2022 have maturities of one year or less. US Credit Agreement On October 27, 2021, Scholastic Corporation (the “Corporation”) and its principal operating subsidiary, Scholastic Inc., entered into an amended and restated 5-year credit agreement with a syndicate of banks and Bank of America, N.A., as administrative agent (the “Credit Agreement”). The arrangement was accounted for as a debt modification. The revised terms of the amended Credit Agreement include the following: • an increase in borrowing limits to $300.0 from $250.0, as amended on December 16, 2020 ; • the elimination of the required securitization of the Company’s inventory and accounts receivable; • an unlimited basket for permitted payments of dividends and other distributions in respect of capital stock so long as the Corporation’s pro forma Consolidated Net Leverage Ratio, as defined, is not in excess of 2.75:1; • the elimination of a minimum liquidity covenant; • the removal of an interest rate floor; and • the extension of the maturity date to October 27, 2026. The Credit Agreement provides for an unsecured revolving credit facility and allows the Company to borrow, repay or prepay and reborrow at any time prior to the October 27, 2026 maturity date. Under the Credit 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 Credit 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 plus 1.00% plus, in each case, an applicable margin ranging from 0.35% to 0.75%, as determined by the Company’s prevailing Consolidated Leverage Ratio (as defined in the Credit Agreement); - or - • a Eurodollar Rate equal to the London interbank offered rate (LIBOR), plus an applicable margin ranging from 1.35% to 1.75%, as determined by the Company’s prevailing Consolidated Leverage Ratio. As of February 28, 2022, the applicable margin on Base Rate Advances was 0.35% and the applicable margin on Eurodollar Advances was 1.35%, both based on the Company’s prevailing Consolidated Leverage Ratio. The Credit Agreement provides for payment of a commitment fee in respect of the aggregate unused amount of revolving credit commitments ranging from 0.20% per annum to 0.30% per annum based upon the Corporation’s then prevailing Consolidated Leverage Ratio. As of February 28, 2022, the commitment 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 Credit 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 February 28, 2022, the Company had no outstanding borrowings under the Credit Agreement. During the first and second quarters of fiscal 2022, the Company paid down $100.0 and $75.0, respectively, of the remaining borrowings as of the beginning of the fiscal year. The Credit Agreement contains certain financial covenants related to leverage and interest coverage ratios (as defined in the Credit Agreement), limitations on the amount of dividends and other distributions, and other limitations on fundamental changes to the Corporation or its business. The Company was in compliance with required covenants for all periods presented. At February 28, 2022, the Company had open standby letters of credit totaling $4.3 issued under certain credit lines, including $0.4 under the Credit Agreement and $3.9 under the domestic credit lines discussed below. UK Loan Agreements On January 24, 2020, Scholastic Limited UK entered into a term loan facility to fund the construction of the new UK facility in Warwickshire. As of February 28, 2022, the borrowing limit was £3.2. The loan had an original maturity date of July 31, 2021, which was extended to July 31, 2022 in May 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 was charged at 1.77% per annum over the Base Rate until July 31, 2021 and 2.25% per annum over the Base Rate thereafter. The Base Rate is currently equal to 0.50% per annum and is subject to change. As of February 28, 2022, the Company had $4.2 outstanding on the loan and no remaining available credit under this facility. 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 the new UK facility in Warwickshire. The loan had an original maturity date of July 31, 2021, which was extended to July 31, 2022 in May 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 was charged at 1.77% per annum over the Base Rate until July 31, 2021 and 2.25% per annum over the Base Rate thereafter. The Base Rate is currently equal to 0.50% per annum and is subject to change. As of February 28, 2022, the Company had $2.7 outstanding on the loan. Lines of Credit As of February 28, 2022, 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 February 28, 2022, May 31, 2021 and February 28, 2021. As of February 28, 2022, 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. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Feb. 28, 2022 | |
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 changes in 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 third quarter of fiscal 2022. 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. On July 20, 2021, the Company, along with its co-defendants in a certain legal proceeding, executed a settlement agreement regarding certain licenses and trademarks related to intellectual property used in formerly owned products, which were included in the sale of the educational technology and services business that occurred in fiscal 2015. Without admitting to the allegations raised, the agreement required the Company to pay $20.0 in a one-time cash payment to avoid the uncertainties of trial and the additional costs of preparing for and presenting an on-going legal defense in this matter. The Company recognized an accrual for the settlement amount in fiscal 2021 as the events that gave rise to the litigation had taken place prior to May 31, 2021. The settlement was paid in September 2021. The Company received $6.6 in recoveries from its insurance programs during the first quarter of fiscal 2022, which was recognized as an offset to the legal settlement and reflected in Selling, general and administrative expenses in the Company's Condensed Consolidated Statement of Operations. While the Company expects to receive additional recoveries from its insurance programs, it is premature to determine with any level of probability or accuracy the amount of those recoveries at this time. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Feb. 28, 2022 | |
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 Nine months ended February 28, February 28, 2022 2021 2022 2021 Net income (loss) attributable to Class A and Common Stockholders $ (15.3) $ (13.9) $ 28.6 $ (18.6) Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 34.6 34.3 34.6 34.3 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) * — — 1.0 — Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 34.6 34.3 35.6 34.3 Earnings (loss) per share of Class A Stock and Common Stock: Basic $ (0.44) $ (0.41) $ 0.83 $ (0.54) Diluted $ (0.44) $ (0.41) $ 0.80 $ (0.54) * The Company experienced a net loss for the three month period ended February 28, 2022 and the three and nine month periods ended February 28, 2021 and therefore did not report any dilutive share impact. Net income (loss) attributable to Class A and Common Stockholders excludes earnings of $0.2 for the nine month period ended February 28, 2022, for earnings attributable to participating restricted stock units. The Company experienced a loss for the three month period ended February 28, 2022 and the three and nine month periods ended February 28, 2021 and therefore did not allocate any loss to certain participating restricted stock units. The following table sets forth options outstanding pursuant to stock-based compensation plans as of the dates indicated: February 28, 2022 February 28, 2021 Options outstanding pursuant to stock-based compensation plans (in millions) 4.6 5.1 There were 0.6 million of potentially anti-dilutive shares pursuant to stock-based compensation plans as of February 28, 2022. A portion of the Company’s Restricted Stock Units ("RSUs"), which are granted to employees, participate in earnings through cumulative dividends. These dividends 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 | 9 Months Ended |
Feb. 28, 2022 | |
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: February 28, 2022 May 31, 2021 February 28, 2021 Gross beginning balance $ 165.9 $ 164.5 $ 164.5 Accumulated impairment (39.6) (39.6) (39.6) Beginning balance $ 126.3 $ 124.9 $ 124.9 Foreign currency translation (0.6) 1.4 1.1 Ending balance $ 125.7 $ 126.3 $ 126.0 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: February 28, 2022 May 31, 2021 February 28, 2021 Beginning balance - Other intangibles subject to amortization $ 8.4 $ 10.5 $ 10.5 Adjustments — (0.5) (0.5) Amortization expense (1.5) (2.2) (1.7) Foreign currency translation (0.2) 0.6 0.5 Total other intangibles subject to amortization, net of accumulated amortization of $33.8, $32.3 and $31.8, respectively $ 6.7 $ 8.4 $ 8.8 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 8.8 $ 10.5 $ 10.9 There were no additions to intangible assets within the nine months ended February 28, 2022 and February 28, 2021. 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. |
Investments
Investments | 9 Months Ended |
Feb. 28, 2022 | |
Equity Method And Cost Method Investments [Abstract] | |
Investment | 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: February 28, 2022 May 31, 2021 February 28, 2021 Segment Equity method investments $ 34.0 $ 34.3 $ 33.8 International Other equity investments 6.0 6.0 6.0 Children's Book Publishing & Distribution Total Investments $ 40.0 $ 40.3 $ 39.8 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 Condensed Consolidated Balance Sheets. There have been no impairments or adjustments to the carrying value of this investment. Income from equity investments is reported in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and totaled $0.0 and $0.7 for the three months ended February 28, 2022 and February 28, 2021, respectively, and $1.6 and $6.1 for the nine months ended February 28, 2022 and February 28, 2021, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Feb. 28, 2022 | |
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 February 28, February 28, 2022 2021 2022 2021 Components of net periodic benefit cost: Interest cost $ 0.2 $ 0.2 $ 0.0 $ 0.0 Expected return on assets (0.3) (0.2) — — Amortization of prior service (credit) loss 0.0 0.0 (0.2) (0.2) Amortization of net actuarial (gain) loss 0.2 0.1 — 0.0 Total $ 0.1 $ 0.1 $ (0.2) $ (0.2) UK Pension Plan US Postretirement Benefits Nine months ended Nine months ended February 28, February 28, 2022 2021 2022 2021 Components of net periodic benefit cost: Interest cost $ 0.7 $ 0.5 $ 0.1 $ 0.2 Expected return on assets (0.9) (0.6) — — Amortization of prior service (credit) loss 0.0 0.0 (0.6) (0.4) Amortization of net actuarial (gain) loss 0.6 0.4 — 0.0 Total $ 0.4 $ 0.3 $ (0.5) $ (0.2) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are amortized over the future working lifetime. 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 nine months ended February 28, 2022, the Company contributed $1.2 to the UK Pension Plan. The Company expects, based on actuarial calculations, to contribute cash of approximately $1.6 to the UK Pension Plan for the fiscal year ending May 31, 2022. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Feb. 28, 2022 | |
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 Nine months ended February 28, February 28, 2022 2021 2022 2021 Stock option expense $ 0.6 $ 0.7 $ 3.1 $ 3.5 Restricted stock unit expense 0.9 0.7 2.5 1.4 Management stock purchase plan 0.0 0.0 0.3 0.0 Employee stock purchase plan 0.1 0.1 0.2 0.2 Total stock-based compensation expense $ 1.6 $ 1.5 $ 6.1 $ 5.1 The following table sets forth Common Stock issued pursuant to stock-based compensation plans for the periods indicated: Three months ended Nine months ended February 28, February 28, 2022 2021 2022 2021 Common Stock issued pursuant to stock-based compensation plans (in millions) 0.3 0.1 0.6 0.2 |
Treasury Stock
Treasury Stock | 3 Months Ended |
Feb. 28, 2022 | |
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 privately negotiated 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, 2021 $ 100.0 Less repurchases made under these authorizations $ (52.3) Remaining Board authorization at February 28, 2022 $ 47.7 Remaining Board authorization at February 28, 2022 represents the amount remaining under 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 privately negotiated transactions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Feb. 28, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 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 February 28, 2022 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at December 1, 2021 $ (40.3) $ (4.0) $ (44.3) Other comprehensive income (loss) before reclassifications 1.6 — 1.6 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of net actuarial (gain) loss (net of tax of $0.0) — 0.2 0.2 Amortization of prior service (credit) cost (net of tax of $0.0) — (0.2) (0.2) Other comprehensive income (loss) 1.6 0.0 1.6 Ending balance at February 28, 2022 $ (38.7) $ (4.0) $ (42.7) Three months ended February 28, 2021 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at December 1, 2020 $ (38.9) $ (2.8) $ (41.7) Other comprehensive income (loss) before reclassifications 6.3 — 6.3 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.1 0.1 Amortization of prior service credit (net of tax of $0.1) — (0.1) (0.1) Other comprehensive income (loss) 6.3 0.0 6.3 Ending balance at February 28, 2021 $ (32.6) $ (2.8) $ (35.4) Nine months ended February 28, 2022 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2021 $ (30.1) $ (4.6) $ (34.7) Other comprehensive income (loss) before reclassifications (net of tax of $0.1) (8.6) 0.5 (8.1) Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of net actuarial (gain) loss (net of tax of $0.0) — 0.6 0.6 Amortization of prior service (credit) cost (net of tax of $0.1) — (0.5) (0.5) Other comprehensive income (loss) (8.6) 0.6 (8.0) Ending balance at February 28, 2022 $ (38.7) (4.0) (42.7) Nine months ended February 28, 2021 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 (net of tax of $1.7) 17.4 5.3 22.7 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.4 0.4 Amortization of prior service credit (net of tax of $0.2) — (0.2) (0.2) Other comprehensive income (loss) 17.4 5.5 22.9 Ending balance at February 28, 2021 $ (32.6) $ (2.8) $ (35.4) The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the periods indicated: Three months ended Nine months ended Condensed Consolidated Statements of Operations line item February 28, February 28, February 28, February 28, 2022 2021 2022 2021 Employee benefit plans: Amortization of net actuarial (gain) loss $ 0.2 $ 0.1 $ 0.6 $ 0.4 Other components of net periodic benefit (cost) Amortization of prior service (credit) loss (0.2) (0.2) (0.6) (0.4) Other components of net periodic benefit (cost) Less: Tax effect 0.0 0.1 0.1 0.2 Provision (benefit) for income taxes Total cost, net of tax $ 0.0 $ 0.0 $ 0.1 $ 0.2 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Feb. 28, 2022 | |
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. Non-financial assets for which the Company employs fair value measures on a non-recurring basis include: • Long-lived assets, including held for sale • Operating lease right-of-use (ROU) assets • Investments • Assets acquired in a business combination • Impairment assessment of goodwill and intangible assets 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 9, Investments, for a more complete description of the fair value measurements employed. Operating lease ROU assets were recorded at fair value in connection with a prior period impairment and fair value was determined using the discounted cash flow method. See Note 4, Asset Write Down, for a more complete description of the impairment recognized in the third quarter of fiscal 2021. |
Income Taxes and Other Taxes
Income Taxes and Other Taxes | 9 Months Ended |
Feb. 28, 2022 | |
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 filed its Federal income tax return and benefited from the provisions in the CARES Act 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. The Company also took advantage of the 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 has deferred employer-side social security payments resulting in a future liability. As of February 28, 2022, the Company has a current liability of $3.8. In fiscal 2021, the Company applied for employee retention credits in the U.S. and the related receivable was $11.9 as of February 28, 2022. During the first quarter of fiscal 2022, the Company received a federal tax refund of $63.1 primarily related to the carry back of net operating losses generated in the U.S. 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 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, for the three and nine month periods ended February 28, 2022 was 23.7% and 19.7%, respectively, compared to 36.4% and 29.0%, respectively, for the prior fiscal year periods. The decrease in the interim effective tax rate for the nine months ended February 28, 2022 is primarily due to the release of an uncertain tax position in the current fiscal year related to an effective settlement recognized as part of an ongoing IRS audit. 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. The IRS is currently examining the US income tax returns for the fiscal 2015 through fiscal 2020 tax years. As of February 28, 2022, there is approximately $20.0 in receivables from the IRS related to the years under audit included in Income tax receivable in the Company’s Condensed Consolidated Balance Sheet. 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 | 9 Months Ended |
Feb. 28, 2022 | |
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 | 9 Months Ended |
Feb. 28, 2022 | |
Other Accrued Expenses Disclosure [Abstract] | |
Other Accrued Expenses | OTHER ACCRUED EXPENSES Other accrued expenses consisted of the following as of the dates indicated: February 28, 2022 May 31, 2021 February 28, 2021 Accrued payroll, payroll taxes and benefits $ 35.3 $ 32.4 $ 37.5 Accrued bonus and commissions 22.5 23.0 13.3 Returns liability 48.8 45.2 51.6 Accrued other taxes 30.2 31.4 21.4 Accrued advertising and promotions 15.1 12.6 13.1 Other accrued expenses 32.9 57.4 40.7 Total accrued expenses $ 184.8 $ 202.0 $ 177.6 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Feb. 28, 2022 | |
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 fourth quarter of fiscal 2022. The dividend is payable on June 15, 2022 to shareholders of record as of the close of business on April 29, 2022. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Feb. 28, 2022 | |
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 2022 relate to the twelve-month period ending May 31, 2022. Certain prior period amounts have been reclassified to conform with the current year presentation. |
Noncontrolling Interest | Noncontrolling Interest The Company owns a 95.0% majority ownership interest in Make Believe Ideas Limited ("MBI"), a UK-based children's book publishing company. The founder and chief executive officer of MBI retains a 5.0% noncontrolling ownership interest in MBI. The Company fully consolidated MBI as of the acquisition date, and the 5.0% noncontrolling interest is classified within stockholder's equity. |
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, 2021. 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 Solutions 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. Education channel revenues are generally higher in the first and fourth quarters. Trade sales can vary throughout the year due to varying release dates of published titles. Presently, there remain uncertainties concerning the timing of and any patterns which may emerge with respect to school instruction, whether in-school, remote or hybrid for the school year, and the nature and continuing magnitude of the negative impact of COVID-19 into and beyond the fourth quarter of fiscal 2022. |
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 credit losses • 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 contractual performance obligations |
Sale of Long-lived Assets | Sale of Long-lived Assets During the second quarter of fiscal 2022, the Company sold a facility, which included office and warehouse space, located in Lake Mary, Florida as part of an initiative to rightsize its real estate footprint to reduce occupancy costs. The long-lived assets, which consisted of land, building, building improvements, furniture and fixtures, were included in the Children's Book Publishing and Distribution segment. These assets had a carrying value of $4.2 and were classified as held for sale as of the third quarter of fiscal 2021. The net proceeds from the sale were $10.4 and the Company recognized a gain on sale of $6.2. During the third quarter of fiscal 2021, the Company sold the UK distribution center located in Southam. The long-lived assets related to the Southam facility, which consisted of land, building and building improvements, were included in the International segment. The assets had a carrying value of $1.3 and were classified as held for sale as of the fiscal year ended May 31, 2020. The net proceeds from the sale were $5.1 and the Company recognized a gain on sale of $3.8. 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 Easton, 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 as of 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. |
Assets Held For Sale | Assets Held For Sale During the third quarter of fiscal 2020, the Company committed to a plan to sell the UK distribution center located in Witney to consolidate the operations into a new facility in Warwickshire. These assets are included in the International segment. The long-lived assets which consist of 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 February 28, 2022, the carrying amount was $2.2 which is included in Property, plant and equipment, net within the Company's Condensed Consolidated Balance Sheets. During the second quarter of fiscal 2022, the Company entered into a purchase and sale agreement for this facility and expects a gain on the sale to be recognized in the fourth quarter of fiscal 2022. |
New Accounting Pronouncements | New Accounting Pronouncements There were no new accounting pronouncements issued in the third quarter of fiscal 2022 which would impact the Company. Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2021 for more information on current applicable authoritative guidance and its impact on the Company's financial statements. Current Fiscal Year Adoptions: ASU No. 2019-12 The Company adopted ASU No. 2019-12 as of the beginning of the first quarter of fiscal 2022 which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents the Company’s segment revenues disaggregated by region and domestic channel: Three months ended Nine months ended February 28, February 28, 2022 2021 2022 2021 Book Clubs - U.S. $ 40.5 $ 35.1 $ 99.2 $ 107.9 Book Fairs - U.S. 76.0 27.0 268.2 87.9 Trade - U.S. 77.1 74.7 266.6 256.9 Trade - International (1) 7.4 6.1 35.3 26.5 Total Children's Book Publishing and Distribution $ 201.0 $ 142.9 $ 669.3 $ 479.2 Education Solutions - U.S. $ 77.2 $ 66.3 $ 236.8 $ 187.4 Total Education Solutions $ 77.2 $ 66.3 $ 236.8 $ 187.4 International - Major Markets (2) $ 48.8 $ 46.2 $ 175.1 $ 169.3 International - Other Markets (3) 17.5 22.1 47.3 63.0 Total International $ 66.3 $ 68.3 $ 222.4 $ 232.3 Total Revenues $ 344.5 $ 277.5 $ 1,128.5 $ 898.9 (1) Primarily includes foreign rights and certain product sales in the UK. (2) Includes Canada, UK, Australia and New Zealand. |
Deferred Revenue, by Arrangement, Disclosure | The following table presents further detail regarding the Company's deferred revenue balance as of the dates indicated: February 28, 2022 May 31, 2021 February 28, 2021 Book fairs incentive credits $ 82.7 $ 59.4 $ 57.9 Magazines+ subscriptions 30.4 4.6 28.4 U.S. digital subscriptions 18.2 11.9 13.6 U.S. education-related (1) 12.5 6.2 6.4 Media-related 11.6 2.5 0.4 Stored value cards 8.8 2.9 2.2 Other (2) 12.6 11.6 13.0 Total deferred revenue $ 176.8 $ 99.1 $ 121.9 (1) Primarily includes deferred revenue related to contracts with school districts and professional services. (2) Primarily includes deferred revenue related to various international products and services. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth the Company's revenue and operating income (loss) by segment for the fiscal quarters ended February 28, 2022 and February 28, 2021: Three months ended Nine months ended February 28, February 28, 2022 2021 2022 2021 Revenues Children's Book Publishing and Distribution $ 201.0 $ 142.9 $ 669.3 $ 479.2 Education Solutions 77.2 66.3 236.8 187.4 International 66.3 68.3 222.4 232.3 Total $ 344.5 $ 277.5 $ 1,128.5 $ 898.9 Operating income (loss) Children's Book Publishing and Distribution $ 5.0 $ (7.6) $ 68.5 $ (1.2) Education Solutions 13.1 9.7 36.0 17.6 International (5.0) (1.0) 2.0 21.7 Overhead (1) (32.6) (25.3) (74.6) (70.5) Total $ (19.5) $ (24.2) $ 31.9 $ (32.4) (1) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the carrying value of the Company's debt as of the dates indicated: February 28, 2022 May 31, 2021 February 28, 2021 US Revolving Credit Agreement $ — $ 175.0 $ 175.0 Unsecured lines of credit 6.8 7.9 8.5 UK Loans 6.9 7.3 7.2 Total debt $ 13.7 $ 190.2 $ 190.7 Less lines of credit, short-term debt and current portion of long-term debt (13.7) (182.9) (190.7) Total long-term debt $ — $ 7.3 $ — |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
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 Nine months ended February 28, February 28, 2022 2021 2022 2021 Net income (loss) attributable to Class A and Common Stockholders $ (15.3) $ (13.9) $ 28.6 $ (18.6) Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) 34.6 34.3 34.6 34.3 Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) * — — 1.0 — Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) 34.6 34.3 35.6 34.3 Earnings (loss) per share of Class A Stock and Common Stock: Basic $ (0.44) $ (0.41) $ 0.83 $ (0.54) Diluted $ (0.44) $ (0.41) $ 0.80 $ (0.54) * The Company experienced a net loss for the three month period ended February 28, 2022 and the three and nine month periods ended February 28, 2021 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: February 28, 2022 February 28, 2021 Options outstanding pursuant to stock-based compensation plans (in millions) 4.6 5.1 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
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: February 28, 2022 May 31, 2021 February 28, 2021 Gross beginning balance $ 165.9 $ 164.5 $ 164.5 Accumulated impairment (39.6) (39.6) (39.6) Beginning balance $ 126.3 $ 124.9 $ 124.9 Foreign currency translation (0.6) 1.4 1.1 Ending balance $ 125.7 $ 126.3 $ 126.0 |
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: February 28, 2022 May 31, 2021 February 28, 2021 Beginning balance - Other intangibles subject to amortization $ 8.4 $ 10.5 $ 10.5 Adjustments — (0.5) (0.5) Amortization expense (1.5) (2.2) (1.7) Foreign currency translation (0.2) 0.6 0.5 Total other intangibles subject to amortization, net of accumulated amortization of $33.8, $32.3 and $31.8, respectively $ 6.7 $ 8.4 $ 8.8 Total other intangibles not subject to amortization $ 2.1 $ 2.1 $ 2.1 Total other intangibles $ 8.8 $ 10.5 $ 10.9 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
Equity Method And Cost Method Investments [Abstract] | |
Investments | The following table summarizes the Company’s investments as of the dates indicated: February 28, 2022 May 31, 2021 February 28, 2021 Segment Equity method investments $ 34.0 $ 34.3 $ 33.8 International Other equity investments 6.0 6.0 6.0 Children's Book Publishing & Distribution Total Investments $ 40.0 $ 40.3 $ 39.8 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
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 February 28, February 28, 2022 2021 2022 2021 Components of net periodic benefit cost: Interest cost $ 0.2 $ 0.2 $ 0.0 $ 0.0 Expected return on assets (0.3) (0.2) — — Amortization of prior service (credit) loss 0.0 0.0 (0.2) (0.2) Amortization of net actuarial (gain) loss 0.2 0.1 — 0.0 Total $ 0.1 $ 0.1 $ (0.2) $ (0.2) UK Pension Plan US Postretirement Benefits Nine months ended Nine months ended February 28, February 28, 2022 2021 2022 2021 Components of net periodic benefit cost: Interest cost $ 0.7 $ 0.5 $ 0.1 $ 0.2 Expected return on assets (0.9) (0.6) — — Amortization of prior service (credit) loss 0.0 0.0 (0.6) (0.4) Amortization of net actuarial (gain) loss 0.6 0.4 — 0.0 Total $ 0.4 $ 0.3 $ (0.5) $ (0.2) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
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 Nine months ended February 28, February 28, 2022 2021 2022 2021 Stock option expense $ 0.6 $ 0.7 $ 3.1 $ 3.5 Restricted stock unit expense 0.9 0.7 2.5 1.4 Management stock purchase plan 0.0 0.0 0.3 0.0 Employee stock purchase plan 0.1 0.1 0.2 0.2 Total stock-based compensation expense $ 1.6 $ 1.5 $ 6.1 $ 5.1 |
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 Nine months ended February 28, February 28, 2022 2021 2022 2021 Common Stock issued pursuant to stock-based compensation plans (in millions) 0.3 0.1 0.6 0.2 |
Treasury Stock (Tables)
Treasury Stock (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
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, 2021 $ 100.0 Less repurchases made under these authorizations $ (52.3) Remaining Board authorization at February 28, 2022 $ 47.7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
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 February 28, 2022 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at December 1, 2021 $ (40.3) $ (4.0) $ (44.3) Other comprehensive income (loss) before reclassifications 1.6 — 1.6 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of net actuarial (gain) loss (net of tax of $0.0) — 0.2 0.2 Amortization of prior service (credit) cost (net of tax of $0.0) — (0.2) (0.2) Other comprehensive income (loss) 1.6 0.0 1.6 Ending balance at February 28, 2022 $ (38.7) $ (4.0) $ (42.7) Three months ended February 28, 2021 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at December 1, 2020 $ (38.9) $ (2.8) $ (41.7) Other comprehensive income (loss) before reclassifications 6.3 — 6.3 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.1 0.1 Amortization of prior service credit (net of tax of $0.1) — (0.1) (0.1) Other comprehensive income (loss) 6.3 0.0 6.3 Ending balance at February 28, 2021 $ (32.6) $ (2.8) $ (35.4) Nine months ended February 28, 2022 Foreign currency translation adjustments Retirement benefit plans Total Beginning balance at June 1, 2021 $ (30.1) $ (4.6) $ (34.7) Other comprehensive income (loss) before reclassifications (net of tax of $0.1) (8.6) 0.5 (8.1) Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of net actuarial (gain) loss (net of tax of $0.0) — 0.6 0.6 Amortization of prior service (credit) cost (net of tax of $0.1) — (0.5) (0.5) Other comprehensive income (loss) (8.6) 0.6 (8.0) Ending balance at February 28, 2022 $ (38.7) (4.0) (42.7) Nine months ended February 28, 2021 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 (net of tax of $1.7) 17.4 5.3 22.7 Less amount reclassified from Accumulated other comprehensive income (loss): Amortization of gains and losses (net of tax of $0.0) — 0.4 0.4 Amortization of prior service credit (net of tax of $0.2) — (0.2) (0.2) Other comprehensive income (loss) 17.4 5.5 22.9 Ending balance at February 28, 2021 $ (32.6) $ (2.8) $ (35.4) |
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 Nine months ended Condensed Consolidated Statements of Operations line item February 28, February 28, February 28, February 28, 2022 2021 2022 2021 Employee benefit plans: Amortization of net actuarial (gain) loss $ 0.2 $ 0.1 $ 0.6 $ 0.4 Other components of net periodic benefit (cost) Amortization of prior service (credit) loss (0.2) (0.2) (0.6) (0.4) Other components of net periodic benefit (cost) Less: Tax effect 0.0 0.1 0.1 0.2 Provision (benefit) for income taxes Total cost, net of tax $ 0.0 $ 0.0 $ 0.1 $ 0.2 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 9 Months Ended |
Feb. 28, 2022 | |
Other Accrued Expenses Disclosure [Abstract] | |
Schedule of Other Accrued Expenses | Other accrued expenses consisted of the following as of the dates indicated: February 28, 2022 May 31, 2021 February 28, 2021 Accrued payroll, payroll taxes and benefits $ 35.3 $ 32.4 $ 37.5 Accrued bonus and commissions 22.5 23.0 13.3 Returns liability 48.8 45.2 51.6 Accrued other taxes 30.2 31.4 21.4 Accrued advertising and promotions 15.1 12.6 13.1 Other accrued expenses 32.9 57.4 40.7 Total accrued expenses $ 184.8 $ 202.0 $ 177.6 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Feb. 28, 2022 | Nov. 30, 2021 | Feb. 28, 2021 | Aug. 31, 2020 | Feb. 28, 2022 | Feb. 28, 2021 | |
Long Lived Assets Held-for-sale [Line Items] | ||||||
(Gain) loss on sale of assets | $ 0 | $ 3.8 | $ 6.2 | $ 10.4 | ||
Make Believe Ideas Limited (MBI) | Scholastic, Inc. | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Ownership percentage | 95.00% | 95.00% | ||||
Make Believe Ideas Limited (MBI) | Founder and CEO of MBI | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Ownership percentage by founder and CEO of MBI | 5.00% | 5.00% | ||||
Lake Mary | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Assets held-for-sale | $ 4.2 | |||||
Land, Buildings and Improvements | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Assets held-for-sale | 1.3 | $ 5.7 | $ 1.3 | |||
Proceeds from sale | 10.4 | 5.1 | 12.3 | |||
(Gain) loss on sale of assets | $ 6.2 | $ 3.8 | $ 6.6 | |||
Witney Facilities | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Assets held-for-sale | $ 2.2 | $ 2.2 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 344.5 | $ 277.5 | $ 1,128.5 | $ 898.9 |
Children's Book Publishing and Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 201 | 142.9 | 669.3 | 479.2 |
Children's Book Publishing and Distribution | Book Clubs - U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 40.5 | 35.1 | 99.2 | 107.9 |
Children's Book Publishing and Distribution | Book Fairs - U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 76 | 27 | 268.2 | 87.9 |
Children's Book Publishing and Distribution | Trade - U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 77.1 | 74.7 | 266.6 | 256.9 |
Children's Book Publishing and Distribution | Trade - International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7.4 | 6.1 | 35.3 | 26.5 |
Education | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 77.2 | 66.3 | 236.8 | 187.4 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 66.3 | 68.3 | 222.4 | 232.3 |
International | Major Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 48.8 | 46.2 | 175.1 | 169.3 |
International | Other Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 17.5 | $ 22.1 | $ 47.3 | $ 63 |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | May 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||||
Returns liability | $ 48.8 | $ 51.6 | $ 48.8 | $ 51.6 | $ 45.2 |
Return asset | 4.5 | 3.9 | 4.5 | 3.9 | $ 3.4 |
Contract with Customer, Liability, Revenue Recognized | $ 21.2 | $ 15.5 | $ 64.4 | $ 56.6 |
Revenues - Deferred Revenue (De
Revenues - Deferred Revenue (Details) - USD ($) $ in Millions | Feb. 28, 2022 | May 31, 2021 | Feb. 28, 2021 |
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | $ 176.8 | $ 99.1 | $ 121.9 |
Book fairs incentive credits | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 82.7 | 59.4 | 57.9 |
Magazines+ subscriptions | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 30.4 | 4.6 | 28.4 |
U.S. digital subscriptions | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 18.2 | 11.9 | 13.6 |
U.S. Education-related | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 12.5 | 6.2 | 6.4 |
Media-related | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 11.6 | 2.5 | 0.4 |
Stored value cards | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 8.8 | 2.9 | 2.2 |
Other | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | $ 12.6 | $ 11.6 | $ 13 |
Revenues - Allowance for Credit
Revenues - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Accounts Receivable, Allowance for Credit Loss, Beginning Balance | $ 22.9 | $ 21.8 | $ 21.4 | $ 21.4 | |
Provision for losses on accounts receivable | 2.7 | 4.2 | 1.6 | 8.5 | $ 3.4 |
Write-offs and other | (2.3) | (3.1) | (1.2) | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 23.3 | $ 22.9 | $ 21.8 | $ 23.3 |
Segment Information - Schedule
Segment Information - Schedule of segment reporting information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2022USD ($) | Feb. 28, 2021USD ($) | Feb. 28, 2022USD ($)segment | Feb. 28, 2021USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Revenues | $ 344.5 | $ 277.5 | $ 1,128.5 | $ 898.9 |
Segment operating income (loss) | (19.5) | (24.2) | $ 31.9 | (32.4) |
Children's Book Publishing and Distribution | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 3 | |||
Revenues | 201 | 142.9 | $ 669.3 | 479.2 |
Education | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Revenues | 77.2 | 66.3 | $ 236.8 | 187.4 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 3 | |||
Revenues | 66.3 | 68.3 | $ 222.4 | 232.3 |
Operating Segments | Children's Book Publishing and Distribution | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 201 | 142.9 | 669.3 | 479.2 |
Segment operating income (loss) | 5 | (7.6) | 68.5 | (1.2) |
Operating Segments | Education | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 77.2 | 66.3 | 236.8 | 187.4 |
Segment operating income (loss) | 13.1 | 9.7 | 36 | 17.6 |
Operating Segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 66.3 | 68.3 | 222.4 | 232.3 |
Segment operating income (loss) | (5) | (1) | 2 | 21.7 |
Operating Segments | Overhead | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | $ (32.6) | $ (25.3) | $ (74.6) | $ (70.5) |
Asset Write Down (Details)
Asset Write Down (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Feb. 28, 2021USD ($)fairs$ / shares | Feb. 28, 2021USD ($)fairs$ / shares | |
Class of Stock [Line Items] | ||
Asset impairment expense | $ 8.5 | $ 2.4 |
Right of use assets | 7 | |
Other long lived assets | $ 1.5 | |
Number of book fair closed | fairs | 12 | 12 |
Number of book fairs total | fairs | 54 | 54 |
Impairment expense on income (loss) per basic and diluted share | $ 10.9 | |
Common Class A | ||
Class of Stock [Line Items] | ||
Impact on earnings per share (USD per share) | $ / shares | $ 0.23 | $ 0.23 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Feb. 28, 2022 | May 31, 2021 | Feb. 28, 2021 |
Debt Instrument [Line Items] | |||
Total Debt | $ 13.7 | $ 190.2 | $ 190.7 |
Less lines of credit, short-term debt and current portion of long-term debt | (13.7) | (182.9) | (190.7) |
Total long-term debt | 0 | 7.3 | 0 |
UK Loan | |||
Debt Instrument [Line Items] | |||
Total Debt | 6.9 | 7.3 | 7.2 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Total Debt | 0 | 175 | 175 |
Line of Credit | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 6.8 | $ 7.9 | $ 8.5 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Oct. 27, 2021USD ($) | Feb. 28, 2022USD ($) | Nov. 30, 2021USD ($) | Aug. 31, 2021USD ($) | Feb. 28, 2022USD ($) | Feb. 28, 2022USD ($) | Jul. 31, 2021 | Jul. 31, 2021 | Feb. 28, 2022GBP (£) | May 31, 2021USD ($) | Feb. 28, 2021USD ($) | Dec. 16, 2020USD ($) | Sep. 23, 2019GBP (£) |
Debt (Details) [Line Items] | |||||||||||||
Debt | $ 13,700,000 | $ 13,700,000 | $ 13,700,000 | $ 190,200,000 | $ 190,700,000 | ||||||||
Standby letters of credit | 4,300,000 | 4,300,000 | 4,300,000 | ||||||||||
Revolving Credit Facility | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Long-term Debt | 0 | 0 | 0 | ||||||||||
Debt | 0 | 0 | 0 | 175,000,000 | 175,000,000 | ||||||||
Payment on long term debt | $ 75,000,000 | $ 100,000,000 | |||||||||||
Loan Agreement | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||||||||
Borrowing capacity | $ 250,000,000 | ||||||||||||
Standby letters of credit | 400,000 | 400,000 | $ 400,000 | ||||||||||
Commitment fee percentage | 0.20% | ||||||||||||
Consolidated net leverage ratio, maximum | 2.75 | ||||||||||||
Increase in borrowing capacity available under accordion feature | $ 150,000,000 | ||||||||||||
Loan Agreement | Minimum | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Commitment fee percentage | 0.20% | ||||||||||||
Loan Agreement | Maximum | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Commitment fee percentage | 0.30% | ||||||||||||
Loan Agreement | Swingline Facility | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 15,000,000 | ||||||||||||
Loan Agreement | Revolving Credit Facility | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||||||
Loan Agreement | Eurodollar | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 1.00% | ||||||||||||
Loan Agreement | Base Rate | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 0.35% | ||||||||||||
Loan Agreement | Base Rate | Minimum | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 0.35% | ||||||||||||
Loan Agreement | Base Rate | Maximum | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 0.75% | ||||||||||||
Loan Agreement | London Interbank Offered Rate (LIBOR) | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 1.35% | ||||||||||||
Loan Agreement | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 1.35% | ||||||||||||
Loan Agreement | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 1.75% | ||||||||||||
Loan Agreement | Federal Funds Rate | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 0.50% | ||||||||||||
UK Loan | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Debt | 6,900,000 | 6,900,000 | $ 6,900,000 | 7,300,000 | 7,200,000 | ||||||||
Short-term debt | 2,700,000 | 2,700,000 | 2,700,000 | ||||||||||
Face amount of debt | £ | £ 2,000,000 | ||||||||||||
UK Loan | Line of Credit | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Maximum borrowing capacity | £ | £ 3,200,000 | ||||||||||||
Short-term debt | 4,200,000 | 4,200,000 | 4,200,000 | ||||||||||
Remaining borrowing capacity | $ 0 | $ 0 | 0 | ||||||||||
UK Loan | Base Rate | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 0.50% | 2.25% | |||||||||||
UK Loan | Base Rate | Line of Credit | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Variable rate (percentage) | 0.50% | 2.25% | 1.77% | 1.77% | |||||||||
Unsecured Debt | Domestic Line of Credit | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Borrowing capacity | $ 10,000,000 | $ 10,000,000 | 10,000,000 | ||||||||||
Standby letters of credit | 3,900,000 | 3,900,000 | 3,900,000 | ||||||||||
Short-term debt | 0 | 0 | 0 | 0 | 0 | ||||||||
Available credit | 6,100,000 | 6,100,000 | $ 6,100,000 | ||||||||||
Expiration period (in days) | 365 days | ||||||||||||
Unsecured Debt | Line of Credit | |||||||||||||
Debt (Details) [Line Items] | |||||||||||||
Borrowing capacity | 27,700,000 | 27,700,000 | $ 27,700,000 | ||||||||||
Debt | 6,800,000 | 6,800,000 | 6,800,000 | $ 7,900,000 | $ 8,500,000 | ||||||||
Available credit | $ 20,900,000 | $ 20,900,000 | $ 20,900,000 | ||||||||||
Expiration period (in days) | 364 days | ||||||||||||
Weighted average interest rate (percentage) | 5.10% | 5.10% | 5.10% | 5.10% | 4.70% | 4.60% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Jul. 20, 2021 | Aug. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Settlement | $ 20 | |
Insurance recoveries | $ 6.6 |
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 | 9 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income (loss) attributable to Class A and Common Shares | $ (15.3) | $ (13.9) | $ 28.6 | $ (18.6) |
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share | 34.6 | 34.3 | 34.6 | 34.3 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 1 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 34.6 | 34.3 | 35.6 | 34.3 |
Earnings (loss) per share of Class A Stock and Common Stock: | ||||
Basic (in Dollars per share) | $ (0.44) | $ (0.41) | $ 0.83 | $ (0.54) |
Diluted (in Dollars per share) | $ (0.44) | $ (0.41) | $ 0.80 | $ (0.54) |
Earnings (Loss) Per Share - S_2
Earnings (Loss) Per Share - Schedule of Options Outstanding (Details) - shares shares in Millions | Feb. 28, 2022 | Feb. 28, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options outstanding pursuant to stock-based compensation plans (in millions) | 4.6 | 5.1 |
Earnings (Loss) Per Share - Nar
Earnings (Loss) Per Share - Narrative (Details) shares in Millions | 9 Months Ended |
Feb. 28, 2022USD ($)shares | |
Earnings Per Share [Abstract] | |
Antidilutive shares excluded from calculation of earnings per share | shares | 0.6 |
Remaining authorized stock repurchase amount | $ 47,700,000 |
Earnings attributable to participating restricted stock | $ 200,000 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Schedule of activity in goodwill (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | May 31, 2021 | May 31, 2020 | |
Goodwill [Roll Forward] | ||||
Gross goodwill | $ 165.9 | $ 164.5 | ||
Accumulated impairment | (39.6) | $ (39.6) | ||
Beginning balance | $ 126.3 | $ 124.9 | 124.9 | |
Foreign currency translation | (0.6) | 1.1 | 1.4 | |
Ending balance | $ 125.7 | $ 126 | $ 126.3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | May 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Amortizable intangible assets acquired | $ 0 | 0 | |
Useful life | 4 years 7 months 6 days | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Schedule of other intangible assets subject to amortization (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | May 31, 2021 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance other intangibles subject to amortization | $ 8.4 | $ 10.5 | $ 10.5 |
Additions | 0 | 0 | |
Adjustments | 0 | (0.5) | (0.5) |
Amortization expense | (1.5) | (1.7) | (2.2) |
Foreign currency translation | (0.2) | 0.5 | 0.6 |
Total other intangibles subject to amortization, net of accumulated amortization of $24.8, $24.1 and $22.5, respectively | 6.7 | 8.8 | 8.4 |
Accumulated amortization of intangible assets | 33.8 | 31.8 | 32.3 |
Total other intangibles not subject to amortization | 2.1 | 2.1 | 2.1 |
Total other intangibles | $ 8.8 | $ 10.9 | $ 10.5 |
Investments (Details)
Investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | May 31, 2021 | |
Investments (Details) [Line Items] | |||||
Investments | $ 40,000,000 | $ 39,800,000 | $ 40,000,000 | $ 39,800,000 | $ 40,300,000 |
Equity method investment, impairment | 0 | ||||
Income from equity-method investments | $ 0 | 700,000 | $ 1,600,000 | 6,100,000 | |
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 | $ 34,000,000 | 33,800,000 | $ 34,000,000 | 33,800,000 | 34,300,000 |
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 | 9 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Pension Plans | Foreign Plan | ||||
Components of net periodic benefit (credit) cost: | ||||
Interest cost | $ 0.2 | $ 0.2 | $ 0.7 | $ 0.5 |
Expected return on assets | (0.3) | (0.2) | (0.9) | (0.6) |
Net amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of (gain) loss | 0.2 | 0.1 | 0.6 | 0.4 |
Net periodic benefit (credit) cost | 0.1 | 0.1 | 0.4 | 0.3 |
Post-Retirement Benefits | ||||
Components of net periodic benefit (credit) cost: | ||||
Interest cost | 0 | 0 | 0.1 | 0.2 |
Expected return on assets | 0 | 0 | 0 | 0 |
Net amortization of prior service credit | (0.2) | (0.2) | (0.6) | (0.4) |
Amortization of (gain) loss | 0 | 0 | 0 | 0 |
Net periodic benefit (credit) cost | $ (0.2) | $ (0.2) | $ (0.5) | $ (0.2) |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - Pension Plans - Foreign Plan - USD ($) $ in Millions | 9 Months Ended | |
Feb. 28, 2022 | May 31, 2022 | |
Employee Benefit Plans (Details) [Line Items] | ||
Pension contributions | $ 1.2 | |
Forecast | ||
Employee Benefit Plans (Details) [Line Items] | ||
Contributions expected in current fiscal year | $ 1.6 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | Sep. 21, 2021 | |
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items] | |||||
Stock-based compensation expense | $ 1.6 | $ 1.5 | $ 6.1 | $ 5.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 300 | 100 | 600 | 200 | |
Stock option expense | |||||
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items] | |||||
Stock-based compensation expense | $ 0.6 | $ 0.7 | $ 3.1 | $ 3.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500 | ||||
Restricted stock unit expense | |||||
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items] | |||||
Stock-based compensation expense | 0.9 | 0.7 | 2.5 | 1.4 | |
Management stock purchase plan | |||||
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items] | |||||
Stock-based compensation expense | 0 | 0 | 0.3 | 0 | |
Employee stock purchase plan | |||||
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items] | |||||
Stock-based compensation expense | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Treasury Stock - Schedule of re
Treasury Stock - Schedule of repurchase of common stock (Details) - USD ($) | Jan. 19, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Feb. 28, 2022 | Feb. 28, 2022 | May 31, 2021 | Mar. 18, 2020 | Mar. 21, 2018 |
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||
Authorized amount of stock to be repurchased | $ 100,000,000 | $ 50,000,000 | $ 50,000,000 | |||||
Total current Board authorizations | $ (15,400,000) | $ (4,200,000) | $ (19,600,000) | $ (52,300,000) | ||||
Less repurchases made under these authorizations | 47,700,000 | 47,700,000 | 47,700,000 | |||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 15,400,000 | $ 4,200,000 | $ 19,600,000 | $ 52,300,000 | ||||
Repurchase of Common Stock | Former Chief Executive Officer, Estate | ||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||
Total current Board authorizations | $ (12,200,000) | |||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 12,200,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Beginning balance | $ 1,185.3 | $ 1,176.8 | $ 1,185.3 | $ 1,176.8 | $ 1,210 | $ 1,149.6 | $ 1,182.3 | $ 1,187.9 | $ 1,147.4 | $ 1,180.6 |
Other comprehensive income (loss) before reclassifications | 1.6 | 6.3 | (8.1) | 22.7 | ||||||
Amortization of gains and losses, net of tax | 0.2 | 0.1 | 0.6 | 0.4 | ||||||
Amortization of prior service (credit) cost (net of tax of $0.0) | (0.2) | (0.1) | (0.5) | (0.2) | ||||||
Other comprehensive income (loss) | 1.6 | 6.3 | (8) | 22.9 | ||||||
Ending balance | 1,185.3 | 1,176.8 | 1,185.3 | 1,176.8 | 1,210 | 1,149.6 | 1,182.3 | 1,187.9 | 1,147.4 | 1,180.6 |
Amortization, Tax | 0 | 0 | 0 | 0 | ||||||
Amortization of prior service credit, Tax | 0 | 0.1 | 0.1 | 0.2 | ||||||
Accumulated other comprehensive income (loss) | (42.7) | (35.4) | (42.7) | (35.4) | (34.7) | |||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 0.1 | 1.7 | ||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Beginning balance | (42.7) | (35.4) | (42.7) | (35.4) | (44.3) | (40.4) | (34.7) | (41.7) | (47.5) | (58.3) |
Ending balance | (42.7) | (35.4) | (42.7) | (35.4) | (44.3) | $ (40.4) | (34.7) | (41.7) | $ (47.5) | (58.3) |
Accumulated other comprehensive income (loss) | (42.7) | (35.4) | (42.7) | (35.4) | (44.3) | (34.7) | (41.7) | (58.3) | ||
Foreign currency translation adjustments | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Other comprehensive income (loss) before reclassifications | 1.6 | 6.3 | (8.6) | 17.4 | ||||||
Amortization of gains and losses, net of tax | 0 | 0 | 0 | 0 | ||||||
Amortization of prior service (credit) cost (net of tax of $0.0) | 0 | 0 | 0 | 0 | ||||||
Other comprehensive income (loss) | 1.6 | 6.3 | (8.6) | 17.4 | ||||||
Accumulated other comprehensive income (loss) | (38.7) | (32.6) | (38.7) | (32.6) | (40.3) | (30.1) | (38.9) | (50) | ||
Retirement benefit plans | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0.5 | 5.3 | ||||||
Amortization of gains and losses, net of tax | 0.2 | 0.1 | 0.6 | 0.4 | ||||||
Amortization of prior service (credit) cost (net of tax of $0.0) | (0.2) | (0.1) | (0.5) | (0.2) | ||||||
Other comprehensive income (loss) | 0 | 0 | 0.6 | 5.5 | ||||||
Accumulated other comprehensive income (loss) | $ (4) | $ (2.8) | $ (4) | $ (2.8) | $ (4) | $ (4.6) | $ (2.8) | $ (8.3) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Less: Tax effect | $ 4.7 | $ 8 | $ (7.1) | $ 7.6 |
Net income (loss) attributable to Scholastic Corporation | 15.3 | 13.9 | (28.8) | 18.6 |
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 | 0.1 | 0.6 | 0.4 |
Amortization of prior service (credit) loss | (0.2) | (0.2) | (0.6) | (0.4) |
Less: Tax effect | 0 | 0.1 | 0.1 | 0.2 |
Net income (loss) attributable to Scholastic Corporation | $ 0 | $ 0 | $ 0.1 | $ 0.2 |
Income Taxes and Other Taxes (D
Income Taxes and Other Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2022 | Aug. 31, 2021 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Operating Loss Carryforwards [Line Items] | |||||
Current liability | $ 3.8 | $ 3.8 | |||
Effective income tax rate (percentage) | 23.70% | 36.40% | 19.70% | 29.00% | |
Tax Years 2015 to 2020 | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income taxes receivable | $ 20 | $ 20 | |||
Employee Retention Credits | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income taxes receivable | $ 11.9 | $ 11.9 | |||
Carry Back of Net Operating Losses | |||||
Operating Loss Carryforwards [Line Items] | |||||
Proceeds from Income Tax Refunds | $ 63.1 |
Derivatives and Hedging (Detail
Derivatives and Hedging (Details) - Not Designated as Hedging Instrument - Foreign Exchange Contract - USD ($) $ in Millions | 9 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain (loss) | $ (0.3) | $ (1.6) |
Derivative, Notional Amount | 21.9 | 26.5 |
Derivative, Notional Amount | $ 21.9 | $ 26.5 |
Other Accrued Expenses - Schedu
Other Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Millions | Feb. 28, 2022 | May 31, 2021 | Feb. 28, 2021 |
Schedule of accrued expenses [Abstract] | |||
Accrued payroll, payroll taxes and benefits | $ 35.3 | $ 32.4 | $ 37.5 |
Accrued bonus and commissions | 22.5 | 23 | 13.3 |
Returns liability | 48.8 | 45.2 | 51.6 |
Accrued other taxes | 30.2 | 31.4 | 21.4 |
Accrued advertising and promotions | 15.1 | 12.6 | 13.1 |
Other accrued expenses | 32.9 | 57.4 | 40.7 |
Total accrued expenses | $ 184.8 | $ 202 | $ 177.6 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Jan. 19, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Feb. 28, 2022 | Feb. 28, 2022 |
Related Party Transaction [Line Items] | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 15.4 | $ 4.2 | $ 19.6 | $ 52.3 | |
Former Chief Executive Officer, Estate | Repurchase of Common Stock | |||||
Related Party Transaction [Line Items] | |||||
Number of common stock repurchased (in shares) | 300 | ||||
Share Price | $ 42.43 | ||||
Treasury Stock Acquired, Cost Per Share | $ 40.65 | ||||
Share Price, Discount On Closing Price | 4.20% | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 12.2 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event | Mar. 16, 2022$ / shares |
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 |