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Employee Benefit Plans | 3 Months Ended
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Aug. 31, 2017
Compensation and Retirement Disclosure [Abstract] |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS The following table sets forth components of the net periodic (benefit) cost 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.
| U.S. Pension Plan |  | UK Pension Plan |  | Post-Retirement Benefits
| Three months ended |  | Three months ended |  | Three months ended
| August 31, |  | August 31, |  | August 31, |  | August 31, |  | August 31, |  | August 31,
| 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016
Components of net periodic (benefit) cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.0 |  |  | $ | 0.0 |
Interest cost | 0.7 |  |  | 0.8 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |
Expected return on assets | (1.5 | ) |  | (1.5 | ) |  | (0.3 | ) |  | (0.3 | ) |  | — |  |  | — |
Amortization of (gain) loss | 0.3 |  |  | 0.2 |  |  | 0.3 |  |  | 0.2 |  |  | 0.0 |  |  | 0.6 |
Net periodic (benefit) cost | $ | (0.5 | ) |  | $ | (0.5 | ) |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.9 |
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, 2017, 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 $1.1 to the UK Pension Plan for the fiscal year ending May 31, 2018. 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 $3.0 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. For the three months ended August 31, 2017, the Company made $0.6 of lump sum benefit payments to vested plan participants. On July 20, 2016, the Board approved the termination of the U.S. Pension Plan (the "Expected Termination"), in which all benefit accruals were previously frozen as of June 1, 2009. Based on the U.S. Pension Plan’s current funded status and the frozen benefit, it was determined that the on-going costs of maintaining the U.S. Pension Plan were growing at a greater rate than the benefit delivered to the Company’s employees and former employees. An application was filed and has been approved by the IRS for an advance determination as to whether the U.S. Pension Plan met the qualification requirements of Internal Revenue Code section 401(a). The assets of the U.S. Pension Plan will be distributed either via a lump sum payment to each eligible active and deferred vested participant or to another qualified retirement plan designated by the participant, or via an annuity contract underwritten by a highly rated insurance company. All participants currently receiving a periodic benefit will continue to receive their benefit payments without disruption. At May 31, 2017, the Expected Termination was considered imminent and it is likely to occur during fiscal 2018. As such, the actuarial assumptions were updated based on the short-term nature of the U.S. Pension Plan. A short-term expected rate of return on plan assets was used rather than a long-term return for the plan, as the assets are expected to be distributed within the current fiscal year. The pension benefit obligation for the plan included estimates for the anticipated amount of lump sum payments to be distributed in fiscal 2018 as well as estimates for insurance company pricing on the portion of the obligation not distributed through lump sum payments. Therefore the U.S. pension benefit obligation measured as of May 31, 2017 included an estimate for the expected fair value of annuity contracts in addition to the obligation derived from actuarial assumptions. As indicated above, the Company expects that completion of the process for terminating the U.S. Pension Plan will take place in fiscal 2018.

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