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Subsequent Events | 12 Months Ended
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May 31, 2021
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS On June 5, 2021, M. Richard Robinson, Jr., Chairman of the Board, President and Chief Executive Officer, passed away after overseeing Scholastic’s long-term strategy and vision for close to 50 years. Iole Lucchese, Chair of the Board of Directors, Executive Vice President and Chief Strategy Officer and President of Scholastic Entertainment Inc., is the Scholastic special executor of Mr. Robinson’s estate and accordingly has sole voting and dispositive power over his 890,904 shares of Class A Stock. On July 19, 2021, Peter Warwick, who has served on the Company’s Board since 2014, was named the Company’s new President and Chief Executive Officer effective August 1, 2021. The Board of Directors also appointed Iole Lucchese as the Chair of the Board on July 19, 2021. On July 20, 2021, the Company executed a settlement agreement on certain licenses and trademarks related to intellectual property used in formerly owned products. The Company recognized an accrual for the settlement amount as of May 31, 2021. Refer to Note 6, "Commitments and Contingencies", for further discussion regarding the legal proceeding. On July 21, 2021, the Board of Directors declared a regular cash dividend of $0.15 per Class A and Common share in respect of the first quarter of fiscal 2022. The dividend is payable on September 15, 2021 to shareholders of record on August 31, 2021.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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