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Debt | 12 Months Ended
--- | ---
May 31, 2016
Debt Disclosure [Abstract] |
Debt | DEBT The following table summarizes debt as of May 31:
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
| 2016 |  | 2015
Loan Agreement: |  |  |  |  |  |  |  |  |  |  |
Revolving Loan (interest rate of n/a and n/a, respectively) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Unsecured Lines of Credit (weighted average interest rates of 4.4% and 3.8%, respectively) | $ | 6.3 |  |  | $ | 6.3 |  |  | $ | 6.0 |  |  | $ | 6.0 |
Total debt | $ | 6.3 |  |  | $ | 6.3 |  |  | $ | 6.0 |  |  | $ | 6.0 |
Less lines of credit and current portion of long-term debt | (6.3 | ) |  | (6.3 | ) |  | (6.0 | ) |  | (6.0 | )
Total long-term debt | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The following table sets forth the maturities of the carrying values of the Company’s debt obligations as of May 31, 2016 for the fiscal years ending May 31:
2017 | $ | 6.3 |
2018 | — |
2019 | — |
2020 | — |
2021 | — |
Thereafter | — |
Total debt | $ | 6.3 |
Loan Agreement Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together, the “Borrowers”) are parties to a $425.0 credit facility with certain banks (as amended, the “Loan Agreement”), which allows the Company to borrow, repay or prepay and reborrow at any time prior to the December 5, 2017 maturity date. Under the Loan Agreement, interest on amounts borrowed thereunder is due and payable in arrears on the last day of the interest period (defined as the period commencing on the date of the advance and ending on the last day of the period selected by the Borrower at the time each advance is made). The interest pricing under the Loan Agreement is dependent upon the Borrower’s election of a rate that is either:
• | A Base Rate equal to the higher of (i) the prime rate, (ii) the prevailing Federal Funds rate plus 0.500% or (iii) the Eurodollar Rate for a one month interest period plus 1% plus, in each case, an applicable spread ranging from 0.18% to 0.60%, as determined by the Company’s prevailing consolidated debt to total capital ratio.
-or-
• | A Eurodollar Rate equal to the London interbank offered rate (LIBOR) plus an applicable spread ranging from 1.18% to 1.60%, as determined by the Company’s prevailing consolidated debt to total capital ratio.
As of May 31, 2016, the indicated spread on Base Rate Advances was 0.18% and the indicated spread on Eurodollar Rate Advances was 1.18%, both based on the Company’s prevailing consolidated debt to total capital ratio. The Loan Agreement also provides for the payment of a facility fee ranging from 0.20% to 0.40% per annum based upon the Company’s prevailing consolidated debt to total capital ratio. At May 31, 2016, the facility fee rate was 0.20%. As of May 31, 2016, the Company had no outstanding borrowings under the Loan Agreement. As of May 31, 2015, the Company had no outstanding borrowings under the Loan Agreement. At May 31, 2016, the Company had open standby letters of credit totaling $5.3 issued under certain credit lines, including $0.4 under the Loan Agreement and $4.9 under the domestic credit lines discussed below. The Loan Agreement contains certain covenants, including interest coverage and leverage ratio tests and certain limitations on the amount of dividends and other distributions, and at May 31, 2016, the Company was in compliance with these covenants. Lines of Credit As of May 31, 2016, the Company’s domestic credit lines available under unsecured money market bid rate credit lines totaled $25.0. There were no outstanding borrowings under these credit lines as of May 31, 2016 and May 31, 2015. As of May 31, 2016, availability under these unsecured money market bid rate credit lines totaled $20.1. All loans made under these credit lines are at the sole discretion of the lender and at an interest rate and term agreed to at the time each loan is made, but not to exceed 365 days. These credit lines may be renewed, if requested by the Company, at the option of the lender. As of May 31, 2016, the Company had equivalent various local currency credit lines, totaling $23.3, underwritten by banks primarily in the United States, Canada and the United Kingdom. Outstanding borrowings under these facilities were equivalent to $6.3 at May 31, 2016 at a weighted average interest rate of 4.4%, compared to outstanding borrowings equivalent to $6.0 at May 31, 2015 at a weighted average interest rate of 3.8%. As of May 31, 2016, the equivalent amounts available under these facilities totaled $17.0. These credit lines are typically available for overdraft borrowings or loans up to 364 days and may be renewed, if requested by the Company, at the sole option of the lender.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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