v2.3.0.11
Discontinued Operations
 3 Months Ended
Aug. 31, 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 current fiscal period, 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 August 31,

 

 

 

2011

 

2010

 

Revenues

 

$

0.1

 

$

0.6

 

 

Asset impairments

 

 

0.9

 

 

—

 

Loss before income taxes

 

 

2.6

 

 

1.8

 

Income tax benefit

 

 

0.6

 

 

0.5

 

 

 

 

 

 

 

 

 

Loss from discontinued operations, net of tax

 

$

2.0

 

$

1.3

 


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, 2011

 

May 31, 2011

 

August 31, 2010

 

Accounts receivable, net

 

 

$

0.1

 

 

 

$

0.1

 

 

 

$

3.4

 

 

Inventory

 

 

 

0.3

 

 

 

 

1.2

 

 

 

 

3.2

 

 

Other assets

 

 

 

9.2

 

 

 

 

9.2

 

 

 

 

11.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets of discontinued operations

 

 

$

9.6

 

 

 

$

10.5

 

 

 

$

18.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

$

0.1

 

 

 

$

0.2

 

 

 

$

1.1

 

 

Accrued expenses and other liabilities

 

 

 

1.1

 

 

 

 

0.6

 

 

 

 

2.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities of discontinued operations

 

 

$

1.2

 

 

 

$

0.8

 

 

 

$

3.9