Employee Benefit Plans

3 Months Ended

Aug. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

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 August 31,						Three months ended August 31,
	2015			2014			2015		2014
Components of net periodic cost (credit):
Service cost	$	—		$	—		$	0.0	$	0.0
Interest cost	1.5			1.7			0.3		0.3
Expected return on assets	(1.9		)	(2.5		)			—
Net amortization of prior service credit	—			—			(0.0)		(0.0		)
Amortization of (gain) loss	0.4			0.3			0.6		0.4
Net periodic cost (credit)	$	0.0		$	(0.5	)	$	0.9	$	0.7

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 three months ended August 31, 2015, the Company made no contribution to the U.S. Pension Plan and contributed $0.3 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, 2016.

In the current fiscal year, the U.S. Pension Plan's funding status is sufficient to allow participants to receive "lump sum" payments at the participant's request. Under certain circumstances, such lump sum payments must be accounted for as a settlement of the related pension obligation when paid. If these requests exceed $4.6 in the current fiscal year, the Company will recognize a settlement charge related to net unrecognized pension benefit costs in respect of lump sum benefit payments made.