Goodwill and Other Intangibles

12 Months Ended

May 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

The following table summarizes the activity in Goodwill for the fiscal years ended May 31:



	2016			2015
Gross beginning balance	$	155.9		$	156.0
Accumulated impairment	(39.6		)	(34.2		)
Beginning balance	116.3			121.8
Impairment charge ⁽¹⁾	—			(5.4		)
Foreign currency translation	(0.1		)	(0.1		)
Gross ending balance	155.8			155.9
Accumulated impairment	(39.6		)	(39.6		)
Ending balance	$	116.2		$	116.3

(1) 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.

The following table summarizes Other intangibles for the fiscal years ended May 31:



	2016			2015
Other intangibles subject to amortization - beginning balance	$	4.7		$	5.8
Additions due to acquisition	2.4			0.8
Amortization expense	(2.2		)	(1.9		)
Foreign currency translation	(0.2		)	—
Total other intangibles subject to amortization, net accumulated amortization of $19.5 and $17.3, respectively	$	4.7		$	4.7

Total other intangibles not subject to amortization	$	2.1		$	2.1
Total other intangibles	$	6.8		$	6.8

In fiscal 2016, the Company purchased a U.S. based book fair business and a UK based book fair business resulting in the Company recognizing $0.5 and $1.9 of amortizable intangible assets, respectively.

Amortization expense for Other intangibles totaled $2.2, $1.9 and $2.0 for the fiscal years ended May 31, 2016, 2015 and 2014, respectively.

The following table reflects the estimated amortization expense for intangibles for the next five fiscal years ending May 31:



2017	$	2.4
2018	0.7
2019	0.6
2020	0.6
2021	0.1

Intangible assets with definite lives consist principally of customer lists, trademark and tradename rights and other agreements. 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.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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