Investments

Included in “Other assets and deferred charges” on the Company’s condensed consolidated balance sheets were investments of $18.9, $18.4 and $23.7 at November 30, 2014, May 31, 2014 and November 30, 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 and the Company recognized a loss of $1.0 in the fourth quarter of the fiscal year ended May 31, 2014.

The Company owned a 15% non-controlling interest in a book distribution business located in the UK, which was accounted for as a cost-basis investment. A decline in results for this operation led management to determine that this investment was other than temporarily impaired and the Company recognized a loss of $4.8 in respect of this investment in the fiscal year ended May 31, 2014. On September 12, 2014, the Company sold its 15% interest in this business for a gain of approximately $0.6.

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. Income from equity investments totaled $1.7 and $1.8 for the six months ended November 30, 2014 and 2013, respectively.

The following table summarizes the Company’s investments as of the dates indicated:



	November 30, 2014		May 31, 2014		November 30, 2013
Cost method investments:
UK - based	$	—	$	—	$	4.8
Total cost method investments	$	—	$	—	$	4.8
Equity method investments:
UK - based	$	18.9	$	18.3	$	17.9
Other	0.0		0.1		1.0
Total equity method investments	$	18.9	$	18.4	$	18.9
Total	$	18.9	$	18.4	$	23.7