Discontinued Operations (Tables)

3 Months Ended

Aug. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of revenue, assets, and liabilities of discontinued operations

The following table summarizes the operating results of the discontinued operations for the fiscal quarter ended August 31, 2015: 

	Ed Tech			All Other			Total
Revenues	$	—		$	0.1		$	0.1
Operating costs and expenses	0.6			0.4			1.0
Earnings (loss) before income taxes	$	(0.6	)	$	(0.3	)	$	(0.9	)
Provision (benefit) for income taxes	(0.3		)	(0.1		)	(0.4		)
Earnings (loss) from discontinued operations, net of tax	$	(0.3	)	$	(0.2	)	$	(0.5	)

The following table summarizes the operating results of the discontinued operations for the fiscal quarter ended August 31, 2014: 

	Ed Tech		All Other			Total
Revenues	$	90.2	$	3.1		$	93.3
Operating costs and expenses (1)	55.9		4.0			59.9
Earnings (loss) before income taxes	$	34.3	$	(0.9	)	$	33.4
Provision (benefit) for income taxes	13.9		(0.3		)	13.6
Earnings (loss) from discontinued operations, net of tax	$	20.4	$	(0.6	)	$	19.8

(1) Operating costs and expenses included costs related to unabsorbed overhead burden associated with the Ed Tech business of $3.9.

The following table sets forth the assets and liabilities of the discontinued operations included in the condensed consolidated balance sheets of the Company:

	August 31, 2015		May 31, 2015		August 31, 2014
Accounts receivable, net	$	0.4	$	2.5	$	82.8
Inventories, net	0.1		0.1		14.2
Prepaid expenses and other current assets	0.4		0.5		1.5
Current assets of discontinued operations	$	0.9	$	3.1	$	98.5
Property, plant and equipment, net	—		—		1.3
Prepublication costs, net	—		—		88.5
Royalty advances, net	—		—		1.1
Goodwill	—		—		22.7
Other intangibles, net	—		—		4.2
Other assets and deferred charges	—		—		0.4
Noncurrent assets of discontinued operations	$	—	$	—	$	118.2
Accounts payable	0.1		0.1		13.1
Accrued royalties	0.7		0.7		4.6
Deferred revenue	0.1		0.1		51.0
Other accrued expenses	2.1		13.2		12.5
Current liabilities of discontinued operations	$	3.0	$	14.1	$	81.2