Employee Benefit Plans

6 Months Ended

Nov. 30, 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
	November 30,				November 30,
	2022		2021		2022		2021
Components of net periodic benefit cost:
Interest cost	$	0.2	$	0.3	$	0.1	$	0.0
Expected return on assets		(0.3)		(0.3)		—		—
Amortization of prior service (credit) loss		0.0		0.0		(0.2)		(0.2)
Amortization of net actuarial (gain) loss		0.1		0.2		—		(0.0)
Total	$	0.0	$	0.2	$	(0.1)	$	(0.2)

	UK Pension Plan				US Postretirement Benefits
	Six months ended				Six months ended
	November 30,				November 30,
	2022		2021		2022		2021
Components of net periodic benefit cost:
Interest cost	$	0.5	$	0.5	$	0.2	$	0.1
Expected return on assets		(0.6)		(0.6)		—		—
Amortization of prior service (credit) loss		0.0		0.0		(0.4)		(0.4)
Amortization of net actuarial (gain) loss		0.2		0.4		—		—
Total	$	0.1	$	0.3	$	(0.2)	$	(0.3)

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 six months ended November 30, 2022, the Company contributed $0.6 to the UK Pension Plan. The Company expects, based on actuarial calculations, to contribute cash of approximately $1.1 to the UK Pension Plan for the fiscal year ending May 31, 2023.