INVESTMENTS

Included in “Other assets and deferred charges” on the Company’s condensed consolidated balance sheets were investments of $27.6, $26.3 and $18.8 at August 31, 2015, May 31, 2015 and August 31, 2014, respectively.

On March 19, 2015, the Company purchased a 48.5% equity interest in Make Believe Ideas Limited (MBI), a UK-based children's book publishing company. MBI is a highly-regarded publisher of innovative books for children, celebrated for well-designed books that encourage creativity and early learning. Under the purchase agreement, and subject to its provisions, the Company will purchase the remaining outstanding shares in MBI after four years. The remaining controlling interest is held by a single third party and therefore the Company accounted for the investment using the equity method of accounting. The net value of this investment was $7.8, $7.3 and $0.0 at August 31, 2015, May 31, 2015 and August 31, 2014, respectively.

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 was $18.7, $17.9 and $18.8 at August 31, 2015, May 31, 2015 and August 31, 2014, respectively.

Income from equity investments reported in "Selling, general and administrative expenses" in the Consolidated Statements of Operations totaled $1.2 and $0.7 for the three months ended August 31, 2015 and 2014, respectively.

The Company has other equity and cost method investments that had a net value of $1.1, $1.1 and $0.0 at August 31, 2015, May 31, 2015 and August 31, 2014, respectively.

For the year ended May 31, 2015, the Company recognized a pretax gain of $0.6 on the sale of a UK-based cost method investment that had previously been determined to be other than temporarily impaired.