DISCONTINUED OPERATIONS

12 Months Ended

May 31, 2011

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. DISCONTINUED OPERATIONS

The Company monitors the expected cash proceeds to be realized from the disposition of discontinued operations’ assets, and adjusts asset values accordingly. The Company continuously evaluates its portfolio of businesses for both impairment and economic viability. The Company did not cease any additional operations or classify any additional operations as “held for sale” during the fiscal year ended May 31, 2011. During the first quarter of fiscal 2011, the Company determined that the Danbury Facility was no longer “held for sale.” Accordingly, the assets, liabilities and results of operations of the Danbury Facility are included in continuing operations for all periods presented.

During the fiscal year ended May 31, 2011, the Company completed the settlement of the pension plan of Grolier Limited, a Canadian entity in the continuities business. Losses related to the recognition of prior service costs are reflected in the table below. See Note 12, “Employee Benefit Plans,” for further details pertaining to the settlement.

The following table summarizes the operating results of the discontinued operations for the fiscal years ended May 31:

	2011		2010			2009
Revenues	$	—	$	2.4		$	74.2
Gain (loss) on sale		0.3		(0.9	)		32.0
Non-cash impairment charge and loss on operations		4.9		2.1			52.6
Loss before income taxes		4.6		3.0			20.6
Income tax benefit (provision)		0.4		0.4			(0.7	)
Loss from discontinued operations, net of tax	$	4.2	$	2.6		$	21.3

The following table sets forth the assets and liabilities of the discontinued operations included in the Consolidated Balance Sheets of the Company as of May 31:

	2011		2010
Accounts receivable, net	$	0.1	$	3.7
Other assets		9.2		9.2
Current assets of discontinued operations	$	9.3	$	12.9
Accrued expenses and other current liabilities		0.6		2.9
Current liabilities of discontinued operations	$	0.6	$	2.9