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Discontinued Operations
 3 Months Ended
Aug. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
DISCONTINUED OPERATIONS

The Company continuously evaluates its portfolio of businesses for both impairment and economic viability, as well as for possible strategic dispositions. The Company monitors the expected cash proceeds to be realized from the disposition of discontinued operations’ assets, and adjusts asset values accordingly.

During the three month period ended August 31, 2016, the Company did not dispose any new components of the business that would meet the criteria for discontinued operations reporting.

On May 29, 2015, the Company completed the sale of substantially all of the assets comprising its former educational technology and services (“Ed Tech”) business and categorized this business as a discontinued operation. In connection with the sale of the Ed Tech business to the purchaser, the Company entered into a transition services agreement whereby the Company provided administrative, distribution and other services to the purchaser. Transition service fees under this agreement were recorded as a reduction to Selling, general and administrative expenses. All services under the transition services agreement were terminated on August 1, 2016.

As of August 31, 2016, the Company had adequately fulfilled all service requirements and $4.9 had been released from Restricted cash held in escrow in accordance with a related escrow agreement between the purchaser and the Company. $5.0 of the remainder of the escrow is subject to release barring any disputes for breaches of representations and warranties within the next 3 months. The remaining escrow amount is presented as Restricted cash held in escrow on the Consolidated Balance Sheets.

The following table summarizes the operating results of the discontinued operations:
 
 
Three months ended
 
 
August 31,
 
August 31,

 
 
2016
 
2015
Revenues
 
$
0.1

 
$
0.1

Operating costs and expenses
 
0.3

 
1.0

Interest income (expense)
 
0.0

 
0.0

Earnings (loss) before income taxes
 
$
(0.2
)
 
$
(0.9
)
Provision (benefit) for income taxes
 
(0.1
)
 
(0.4
)
Earnings (loss) from discontinued operations, net of tax
 
$
(0.1
)
 
$
(0.5
)


The following table sets forth the assets and liabilities of the discontinued operations included in the condensed consolidated balance sheets of the Company:
 
August 31, 2016
 
May 31, 2016
 
August 31, 2015
Accounts receivable, net
$
0.0

 
$
0.0

 
$
0.4

Inventories, net
—

 
—

 
0.1

Prepaid expenses and other current assets
0.5

 
0.5

 
0.4

Current assets of discontinued operations
$
0.5

 
$
0.5

 
$
0.9

 


 


 


Accounts payable
0.0

 
0.0

 
0.1

Accrued royalties
0.0

 
0.0

 
0.7

Deferred revenue
—

 
—

 
0.1

Other accrued expenses
0.3

 
1.2

 
2.1

Current liabilities of discontinued operations
$
0.3

 
$
1.2

 
$
3.0



As of August 31, 2016, May 31, 2016 and August 31, 2015, assets and liabilities of discontinued operations primarily related to insignificant continuing cash flows from passive activities.