Scholastic SCHL Contract Liabilities, Non-Current

The Company's contract liabilities consist of advance billings and payments received from customers in excess of revenue recognized and revenue allocated to outstanding book fairs incentive credits. Contract liabilities of $213.7, $178.8 and $205.2 as of February 28, 2026, May 31, 2025 and February 28, 2025, respectively, 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 remaining $2.9, $4.2 and $5.1 of contract liabilities as of February 28, 2026, May 31, 2025 and February 28, 2025, respectively, are recorded within Other noncurrent liabilities on the Company's Condensed Consolidated Balance Sheets as the associated performance obligations are expected to be satisfied, and related revenue recognized, in excess of one year. The Company recognized revenue which was included in the opening Deferred revenue balance in the amount of $35.7 and $116.0 for the three and nine months ended February 28, 2026, respectively, and $35.1 and $106.2 for the three and nine months ended February 28, 2025, respectively.