Investments

6 Months Ended

Nov. 30, 2025

Equity Method And Cost Method Investments [Abstract]

INVESTMENTS

Investments are included in Other assets and deferred charges on the Condensed Consolidated Balance Sheets. The following table summarizes the Company’s investments as of the dates indicated:


	November 30, 2025		May 31, 2025		November 30, 2024		Segment
Equity method investments	$	33.3	$	33.6	$	32.1	International
Equity method and other investments		6.1		6.4		6.5	Entertainment
Total Investments	$	39.4	$	40.0	$	38.6

The Company’s 26.2% equity interest in a children’s book publishing business located in the UK is accounted for using the equity method of accounting. Equity method income from this investment is reported in the International segment.

The Company has a 4.6% ownership interest in a financing and production company that makes film, television, and digital programming designed for the youth market. This equity investment does not have a readily determinable fair value and the Company has elected to apply the measurement alternative and report the investment at cost, less impairment on the Company's Condensed Consolidated Balance Sheets. There have been no impairments or adjustments to the carrying value of the investment. This investment is included in the Entertainment segment.

During fiscal 2025, the Company acquired investments of $0.9 as part of the 9 Story acquisition which are included in the Entertainment segment. These acquired investments include a 50% ownership interest in certain animated television production companies. These joint venture investments are accounted for using the equity method of accounting. There have been no impairments or adjustments to the carrying value of these investments. The acquired investments also include a 12% ownership interest in a children's book publishing business located in the UK. This investment is accounted for at cost, less impairment on the Company's Condensed Consolidated Balance Sheets. During the second quarter of fiscal 2026, the Company determined the investment was not recoverable and recognized an impairment charge for the carrying value of $0.3. Refer to Note 5, "Asset Write Down," for further details.

Income (loss) from equity investments is reported in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. For the three and six months ended November 30, 2025, the Company recognized income of $0.4 and $0.3, respectively. For the three and six months ended November 30, 2024, the Company recognized income of $0.6 and $0.8, respectively. The Company did not receive any dividends in the six months ended November 30, 2025 and November 30, 2024.