INVESTMENTS

Included in the Other assets and deferred charges section of the Company’s Consolidated Balance Sheets were investments of $18.4 and $19.6 at May 31, 2014 and May 31, 2013, respectively.

In the first quarter of fiscal 2014, the Company acquired a 20% interest in a software development business for $1.0 in cash,

which was accounted for using the equity method of accounting. The investment was determined to be other than temporarily impaired in the fourth quarter of fiscal 2014, and the Company recognized a loss of $1.0.

The Company owns a 15.0% non-controlling interest in a book distribution business located in the UK, which is accounted for as a cost-basis investment. A decline in results for this operation in the last quarter of the fiscal year ended December 31, 2013

led management to determine that this investment was other than temporarily impaired as of February 28, 2014. Accordingly, the Company recognized a loss of $4.8 in respect of this investment in the fiscal year ended May 31, 2014.

The Company’s 26.2% non-controlling interest in a children’s book publishing business located in the UK is accounted for using the equity method of accounting. The net value of this investment at May 31, 2014 was $18.3. The Company received $1.0 of dividends in fiscal 2014 from this investment.

Income from equity investments totaled $2.6 for the year ended May 31, 2014, $2.3 for the year ended May 31, 2013 and $2.6 for the year ended May 31, 2012.

The following table summarizes the Company’s investments as of May 31:



	2014		2013
Cost method investments:
UK-based	$	—	$	5.0
Total cost method investments	$	—	$	5.0
Equity method investments:
UK-based	$	18.3	$	14.6
Other	0.1		0.0
Total equity method investments	$	18.4	$	14.6
Total	$	18.4	$	19.6