Employee Benefit Plans

9 Months Ended

Feb. 28, 2021

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 29,		February 28,		February 29,
	2021		2020		2021		2020
Components of net periodic benefit cost:
Interest cost	$	0.2	$	0.2	$	0.0	$	0.2
Expected return on assets		(0.2)		(0.3)		—		—
Net amortization of prior service (credit) cost		0.0		0.0		(0.2)		0.0
Amortization of (gains) losses		0.1		0.3		0.0		—
Total	$	0.1	$	0.2	$	(0.2)	$	0.2

	UK Pension Plan				US Postretirement Benefits
	Nine months ended				Nine months ended
	February 28,		February 29,		February 28,		February 29,
	2021		2020		2021		2020
Components of net periodic benefit cost:
Interest cost	$	0.5	$	0.6	$	0.2	$	0.5
Expected return on assets		(0.6)		(0.8)		—		—
Net amortization of prior service (credit) cost		0.0		0.0		(0.4)		(0.1)
Amortization of (gains) losses		0.4		0.8		0.0		—
Total	$	0.3	$	0.6	$	(0.2)	$	0.4

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, 2021, the Company contributed $0.9 to the UK Pension Plan. The Company expects, based on actuarial calculations, to contribute cash of approximately $1.0 to the UK Pension Plan for the fiscal year ending May 31, 2021.

In the second quarter of fiscal 2021, the Company announced a change in benefits for certain US postretirement benefit plan participants. Beginning January 1, 2021, the plan will establish Health Reimbursement Accounts (HRAs) to provide these participants with additional flexibility to choose healthcare options based on individual needs. As a result of this change, the Company remeasured its Postretirement Benefit obligation as of November 30, 2020, and recognized a reduction of $7.6 to its benefit obligation and a reduction to its accumulated comprehensive loss of $7.6 in the second quarter of fiscal 2021. The related prior service credit will be amortized as a Component of net periodic benefit (cost) over the average remaining life expectancy of plan participants of approximately 12 years.