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v3.23.1

Employee Benefit Plans | 9 Months Ended
--- | ---
Feb. 28, 2023
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
| February 28, | February 28,
| 2023 | 2022 | 2023 | 2022
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Interest cost | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.0 |  |
Expected return on assets |  | (0.4) |  |  |  | (0.3) |  |  |  | — |  |  |  | — |  |
Amortization of prior service (credit) loss |  | 0.0 |  |  |  | 0.0 |  |  |  | (0.3) |  |  |  | (0.2) |  |
Amortization of net actuarial (gain) loss |  | 0.2 |  |  |  | 0.2 |  |  |  | — |  |  |  | — |  |
Total | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | (0.2) |  |  | $ | (0.2) |  |
| UK Pension Plan | US Postretirement Benefits
| Nine months ended | Nine months ended
| February 28, | February 28,
| 2023 | 2022 | 2023 | 2022
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Interest cost | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 0.3 |  |  | $ | 0.1 |  |
Expected return on assets |  | (1.0) |  |  |  | (0.9) |  |  |  | — |  |  |  | — |  |
Amortization of prior service (credit) loss |  | 0.0 |  |  |  | 0.0 |  |  |  | (0.7) |  |  |  | (0.6) |  |
Amortization of net actuarial (gain) loss |  | 0.4 |  |  |  | 0.6 |  |  |  | — |  |  |  | — |  |
Total | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | (0.4) |  |  | $ | (0.5) |  |
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 nine months ended February 28, 2023, the Company contributed $0.9 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.

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