Employee Benefit Plans

9 Months Ended

Feb. 28, 2015

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure

Employee Benefit Plans

The following table sets forth components of the net periodic cost (credit) for the periods indicated under the Company’s cash balance retirement plan for its United States employees meeting certain eligibility requirements (the “U.S. Pension Plan”) and the defined benefit pension plan of Scholastic Ltd., an indirect subsidiary of Scholastic Corporation located in the United Kingdom (the “UK Pension Plan” and, together with the U.S. Pension Plan, the “Pension Plans”). Also included are the post-retirement benefits, consisting of certain healthcare and life insurance benefits provided by the Company to its eligible retired United States-based employees (the “Post-Retirement Benefits”). The Pension Plans and Post-Retirement Benefits include participants associated with both continuing operations and discontinued operations. 

	Pension Plans						Post-Retirement Benefits
	Three months ended February 28,						Three months ended February 28,
	2015			2014			2015		2014
Components of net periodic cost (credit):
Service cost	$	—		$	—		$	0.0	$	0.0
Interest cost	1.7			1.8			0.3		0.3
Expected return on assets	(2.3		)	(3.2		)	—		—
Net amortization of prior service credit	—			—			(0.1)		(0.1		)
Benefit cost of settlement event	0.6			—			—		—
Amortization of (gain) loss	0.4			0.5			0.4		0.5
Net periodic cost (credit)	$	0.4		$	(0.9	)	$	0.6	$	0.7

	Pension Plans						Post-Retirement Benefits
	Nine months ended February 28,						Nine months ended February 28,
	2015			2014			2015			2014
Components of net periodic cost (credit):
Service cost	$	—		$	—		$	0.0		$	0.0
Interest cost	5.0			5.4			1.0			1.0
Expected return on assets	(7.0		)	(9.5		)	—			—
Net amortization of prior service credit	—			—			(0.2		)	(0.2		)
Benefit cost of settlement event	4.3			—			—			—
Amortization of (gain) loss	1.1			1.4			1.0			1.7
Net periodic cost (credit)	$	3.4		$	(2.7	)	$	1.8		$	2.5

The Company’s funding practice with respect to the Pension Plans is to contribute on an annual basis at least the minimum amounts required by applicable laws. For the nine months ended February 28, 2015, the Company made no contribution to the U.S. Pension Plan and contributed $1.0 to the UK Pension Plan.

The Company expects, based on actuarial calculations, to contribute cash of approximately $1.3 to the Pension Plans for the fiscal year ending May 31, 2015.

During fiscal 2014, the U.S. Pension Plan's funding status was sufficient to allow a participant to receive a lump sum benefit payment. In the current fiscal year, certain participants elected to receive a lump sum benefit payment. Under certain circumstances, such lump sum payments must be accounted for as a settlement of the related pension obligation when paid. Accordingly, in the three and nine months ended February 28, 2015, the Company recorded a settlement charge of $0.6 and $4.3, respectively, related to net unrecognized pension benefit costs in respect of lump sum benefit payments made.