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Discontinued Operations
 6 Months Ended
Nov. 30, 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 six month period ended November 30, 2016, the Company did not dispose of 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 November 30, 2016, the Company had adequately fulfilled all service requirements and there were no hold backs from the escrow for breaches of representations and warranties or other claims. Accordingly, the remaining $5.0 was released in the second quarter of fiscal 2017 from Restricted cash held in escrow in accordance with the escrow agreement between the purchaser and the Company.
The following table summarizes the operating results of the discontinued operations:
 
 
Three months ended 
 November 30,
 
Six months ended 
 November 30,
 
 
2016
 
2015
 
2016
 
2015
Revenues
 
$
0.1

 
$
0.2

 
$
0.2

 
$
0.3

Operating costs and expenses
 
0.1

 
0.6

 
0.4

 
1.6

Interest income (expense)
 
0.0

 
0.1

 
0.0

 
0.1

Earnings (loss) before income taxes
 
$
0.0

 
$
(0.3
)
 
$
(0.2
)
 
$
(1.2
)
Provision (benefit) for income taxes
 
(0.0
)
 
(0.0
)
 
(0.1
)
 
(0.4
)
Earnings (loss) from discontinued operations, net of tax
 
$
0.0

 
$
(0.3
)
 
$
(0.1
)
 
$
(0.8
)


The following table sets forth the assets and liabilities of the discontinued operations included in the condensed consolidated balance sheets of the Company:
 
November 30, 2016
 
May 31, 2016
 
November 30, 2015
Accounts receivable, net
$
0.0

 
$
0.0

 
$
0.1

Prepaid expenses and other current assets
0.4

 
0.5

 
0.5

Current assets of discontinued operations
$
0.4

 
$
0.5

 
$
0.6

 


 


 


Accounts payable
—

 
0.0

 
—

Accrued royalties
0.0

 
0.0

 
0.1

Deferred revenue
—

 
—

 
0.1

Other accrued expenses
0.1

 
1.2

 
1.4

Current liabilities of discontinued operations
$
0.1

 
$
1.2

 
$
1.6



As of November 30, 2016, May 31, 2016 and November 30, 2015, assets and liabilities of discontinued operations primarily related to insignificant continuing cash flows from passive activities.