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Goodwill and Other Intangibles
 12 Months Ended
May. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles
GOODWILL AND OTHER INTANGIBLES
 
In fiscal 2015, the Company recognized an impairment of $5.4 of goodwill associated with a reporting unit within the former Media, Licensing and Advertising segment now included in the Children’s Book Publishing and Distribution segment. In the fourth quarter of fiscal 2015, the Company completed a restructuring of the businesses comprising its former Media, Licensing and Advertising segment, resulting in an impairment indicator. Future revenue and earnings expectations were revised based on the restructuring activities, resulting in a determination that the reporting unit's fair value was less than its carrying value. Future earnings expectations were determined to be de minimis, and accordingly, little fair value was attributed to the remaining operations.

In fiscal 2014, the Company recognized an impairment of $13.4 of goodwill associated with the book clubs reporting unit in the Children’s Book Publishing and Distribution segment. In fiscal 2014, expected revenues for the reporting unit declined, resulting in an impairment indicator. As of November 30, 2013, the fair value of the reporting unit was approximately $13.0 less than the carrying value of $66.9. The Company used forecasted cash flows, which were adjusted from those used in the latest annual valuation to reflect the revised outlook for the reporting unit, in determining its fair value. Management revised its outlook for the reporting unit as revenues did not meet expectations during the period, and future revenue expectations were revised consistent with the current period decline. A discount rate of 15.5% and a perpetual growth rate of 3.0% were employed for the discounted cash flow analysis. The reporting unit is dependent upon internally developed intangible assets including trade names and customer lists which have no carrying value, but have substantial fair value. The Company determined that the fair value of the reporting unit's inventory and internally developed intangible assets rendered 100% of the goodwill impaired.

The following table summarizes the activity in Goodwill for the fiscal years ended May 31: 
 
2015
 
2014
Gross beginning balance
$
156.0

 
$
156.0

Accumulated impairment
(34.2
)
 
(20.8
)
Beginning balance
121.8

 
135.2

Impairment charge
(5.4
)
 
(13.4
)
Foreign currency translation
(0.1
)
 
0.0

Gross ending balance
155.9

 
156.0

Accumulated impairment
(39.6
)
 
(34.2
)
Ending balance
$
116.3

 
$
121.8


 
The following table summarizes Other intangibles as of May 31: 
 
2015
 
2014
Other intangibles subject to amortization - beginning balance
$
5.8

 
$
8.0

Additions due to acquisition
0.8

 
—

Amortization expense
(1.9
)
 
(2.0
)
Other
—

 
(0.2
)
Total other intangibles subject to amortization, net accumulated amortization of $17.3 and $15.4, respectively
$
4.7

 
$
5.8

 
 
 
 
Total other intangibles not subject to amortization
$
2.1

 
$
2.2

Total other intangibles
$
6.8

 
$
8.0


 
Amortization expense for Other intangibles totaled $1.9, $2.0 and $2.1 for the fiscal years ended May 31, 2015, 2014 and 2013, respectively.
 
The following table reflects the estimated amortization expense for intangibles for the next five fiscal years ending May 31: 
2016
$
1.9

2017
1.9

2018
0.2

2019
0.2

2020
0.1


 
Intangible assets with definite lives consist principally of customer lists, covenants not to compete and trademarks. Intangible assets with definite lives are amortized over their estimated useful lives. The weighted-average remaining useful lives of all amortizable intangible assets is approximately 4 years.