XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Employee Benefit Plans | 6 Months Ended
--- | ---
Nov. 30, 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 November 30, |  | Three months ended November 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Components of net periodic cost (credit): |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 0.0 |  |  | $ | 0.0 |
Interest cost | 1.6 |  |  | 1.7 |  |  | 0.4 |  |  | 0.3 |
Expected return on assets | (2.0 | ) |  | (2.2 | ) |  | — |  |  | — |
Net amortization of prior service credit | — |  |  | — |  |  | (0.0) |  |  | (0.0 | )
Benefit cost of settlement event | — |  |  | 3.7 |  |  | — |  |  | — |
Amortization of (gain) loss | 0.4 |  |  | 0.4 |  |  | 0.8 |  |  | 0.3 |
Net periodic cost (credit) | $ | 0.0 |  |  | $ | 3.6 |  |  | $ | 1.2 |  |  | $ | 0.6 |
| Pension Plans |  | Post-Retirement Benefits
| Six months ended November 30, |  | Six months ended November 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Components of net periodic cost (credit): |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 0.0 |  |  | $ | 0.0 |
Interest cost | 3.1 |  |  | 3.4 |  |  | 0.7 |  |  | 0.6 |
Expected return on assets | (3.9 | ) |  | (4.7 | ) |  | — |  |  | — |
Net amortization of prior service credit | — |  |  | — |  |  | (0.0) |  |  | (0.0) |
Benefit cost of settlement event | — |  |  | 3.7 |  |  | — |  |  | — |
Amortization of (gain) loss | 0.8 |  |  | 0.7 |  |  | 1.4 |  |  | 0.7 |
Net periodic cost (credit) | $ | 0.0 |  |  | $ | 3.1 |  |  | $ | 2.1 |  |  | $ | 1.3 |
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 six months ended November 30, 2015, the Company made no contribution to the U.S. Pension Plan and contributed $0.6 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 the lump sum benefit payments made.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49170332&loc=SL14450702-114947 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration