Goodwill and Other Intangibles

12 Months Ended

May 31, 2023

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:


	2023		2022
Gross beginning balance	$	164.9	$	165.9
Accumulated impairment		(39.6)		(39.6)
Beginning balance	$	125.3	$	126.3
Additions		7.6		—

Foreign currency translation		(0.2)		(1.0)

Gross ending balance		172.3		164.9
Accumulated impairment		(39.6)		(39.6)
Ending balance	$	132.7	$	125.3

In fiscal 2023, the Company acquired Learning Ovations, Inc, a U.S.-based education technology business, which resulted in the recognition of $7.6 of Goodwill included in the Education Solutions segment. Refer to Note 10, Acquisitions, for further details regarding the acquisition.

There were no impairment charges related to Goodwill in any of the periods presented. The Company performed a qualitative assessment for the fiscal 2023 annual impairment test and concluded that goodwill is not impaired.

The following table presents Goodwill by segment as of May 31:


	2023		2022
Children's Book Publishing and Distribution	$	46.9	$	47.0
Education Solutions		75.8		68.3
International		10.0		10.0
Total	$	132.7	$	125.3

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


	2023		2022
Other intangibles subject to amortization - beginning balance	$	6.0	$	8.4
Additions		4.1		—

Amortization expense		(2.2)		(2.0)
Foreign currency translation		(0.1)		(0.4)


Total other intangibles subject to amortization, net of accumulated amortization of $36.5 and $34.3, respectively	$	7.8	$	6.0

Total other intangibles not subject to amortization		2.1		2.1
Total other intangibles	$	9.9	$	8.1

In fiscal 2023, the Company acquired Learning Ovations, Inc., a U.S.-based education technology business, which resulted in the recognition of $4.1 of amortizable intangible assets. These intangible assets are amortized over the estimated useful life of 7 years. Refer to Note 10, Acquisitions, for further details regarding the acquisition.

There were no additions to intangible assets for the fiscal year ended May 31, 2022.

Amortization expense for Other intangibles totaled $2.2, $2.0 and $2.2 for the fiscal years ended May 31, 2023, 2022 and 2021, respectively.

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


2024	$	2.1
2025		1.8
2026		0.9
2027		0.9
2028		0.9
Thereafter		1.2

Intangible assets with indefinite lives consist principally of trademark and tradename rights. Intangible assets with definite lives consist principally of customer lists, intellectual property, tradenames, technology/know-how 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 5.1 years.

There were no impairment charges related to Intangible assets in any of the periods presented.