Discontinued Operations

6 Months Ended

Nov. 30, 2011

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

2. Discontinued Operations

The Company continuously evaluates its portfolio of businesses for both impairment and economic viability. The Company monitors the expected cash proceeds to be realized from the disposition of discontinued operations assets, and adjusts asset values accordingly. In the first quarter of fiscal 2012, the Company ceased operations in its direct-to-home catalog business specializing in toys. This business was a separate reporting unit included in the Media, Licensing and Advertising segment.

The following table summarizes the operating results of the discontinued operations for the periods indicated:

	Three months ended November 30,						Six months ended November 30,
	2011			2010			2011			2010
Revenues	$	—		$	7.8		$	0.1		$	8.3
Non-cash impairment		—			—			0.9			—
Loss before income taxes		(0.7	)		(2.5	)		(3.3	)		(4.4	)
Income tax benefit		0.2			0.3			0.8			0.9
Loss from discontinued operations, net of tax	$	(0.5	)	$	(2.2	)	$	(2.5	)	$	(3.5	)

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

	November 30, 2011			May 31, 2011			November 30, 2010
Accounts receivable, net		$	0.1		$	0.1		$	0.2
Inventories, net			—			1.2			3.7
Other assets			9.2			9.2			14.3
Current assets of discontinued operations		$	9.3		$	10.5		$	18.2
Accounts payable		$	0.1		$	0.2		$	1.9
Accrued expenses and other current liabilities			0.6			0.6			1.8
Current liabilities of discontinued operations		$	0.7		$	0.8		$	3.7