Discontinued Operations

3 Months Ended

Aug. 31, 2012

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.

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

	Three months ended
	August 31, 2012			August 31, 2011
Revenues	$	0.0		$	0.1
Non-cash impairment		—			0.9
Earnings (loss) before income taxes		(0.1	)		(2.6	)
Income tax benefit (expense)		0.0			0.6
Earnings (loss) from discontinued operations, net of tax	$	(0.1	)	$	(2.0	)

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:

	August 31, 2012			May 31, 2012			August 31, 2011
Accounts receivable, net		$	0.0		$	0.0		$	0.1
Inventories, net			0.0			0.0			0.3
Other assets			7.0			7.0			9.2
Current assets of discontinued operations		$	7.0		$	7.0		$	9.6
Accounts payable		$	0.0		$	0.0		$	0.1
Accrued expenses and other current liabilities			2.0			2.1			1.1
Current liabilities of discontinued operations		$	2.0		$	2.1		$	1.2