Severance and Exit Costs

9 Months Ended

Feb. 29, 2012

Severance Disclosure [Text Block]

13. Severance and Exit Costs

The Company implemented certain new cost reduction initiatives, notably a voluntary retirement program, in the current fiscal year and incurred severance expense of $9.3 related to this program. The table below provides information regarding the severance cost reported in the Company’s condensed consolidated statements of operations, including the costs related to this program.

Accrued severance of $1.2, $1.9 and $1.5 as of February 29, 2012, May 31, 2011 and February 28, 2011, respectively, is included in “Other accrued expenses” on the Company’s condensed consolidated balance sheets.

	Nine months ended February 29, 2012				Twelve months ended May 31, 2011				Nine months ended February 28, 2011
Beginning balance		$	1.9			$	3.4			$	3.4
Accruals			12.2				6.7				4.3
Payments			(12.9	)			(8.2	)			(6.2	)
Ending balance		$	1.2			$	1.9			$	1.5

Additionally, consistent with the Company’s efforts to reduce costs and realign resources, during the current fiscal year, the Company entered into sublease arrangements for certain leased properties in lower Manhattan. These subleases enable the Company to reduce utilized space, effectively reducing net rental costs prospectively. The sublease arrangements provide for rents to be paid to the Company from unrelated subtenants for the remainder of the Company’s lease terms through 2018. The net rents to be received from the subtenants are less than the Company’s lease commitments for these properties over the remaining term of the leases. Accordingly, the Company recognized a loss on these subleases of $6.2 in the fiscal quarter ended November 30, 2011.