Investments

9 Months Ended

Feb. 29, 2012

Equity Method And Cost Method Investments [Text Block]

10. Investments

Included in “Other assets and deferred charges” on the Company’s condensed consolidated balance sheets were investments of $21.0, $20.4 and $23.2 at February 29, 2012, May 31, 2011 and February 28, 2011, respectively.

The Company owns a non-controlling interest in a book distribution business located in the United Kingdom. In fiscal 2011, the Company determined that these assets were other than temporarily impaired. The Company employed Level 3 fair value measures, including discounted cash flow projections, and recognized an impairment loss of $3.6. The carrying value of these assets was $5.7 as of February 29, 2012.

The Company maintains an investment in an entity that produces and distributes educational children’s television programming. The Company’s investment, which consists of a 14.0% equity interest, is accounted for using the equity method of accounting. The carrying value of this investment at February 29, 2012 was $1.3.

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 at February 29, 2012 was $14.0.

Income from equity joint ventures totaled $1.9 for the nine months ended February 29, 2012 and $1.2 for the nine months ended February 28, 2011.

The following table summarizes the Company’s investments as of the dates indicated:

	February 29, 2012		May 31, 2011		February 28, 2011
Cost method investments:
UK - based	$	5.7	$	5.7	$	9.1
Total cost method investments	$	5.7	$	5.7	$	9.1
Equity method investments:
UK - based	$	14.0	$	13.4	$	13.4
U.S. - based		1.3		1.3		0.7
Total equity method investments	$	15.3	$	14.7	$	14.1
Total	$	21.0	$	20.4	$	23.2