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Investment in Film and Television Programs
 12 Months Ended
May 31, 2025
Investments, All Other Investments [Abstract]  
Investment in Film and Television Programs INVESTMENT IN FILM AND TELEVISION PROGRAMS
The Company predominantly monetizes film and television programs on an individual film basis. The following table summarizes investment in film and television programs at May 31:

2025
Released, net of accumulated amortization$26.2 
Completed and not released— 
In production6.8 
In development5.2 
Acquired library content (1)
3.6 
Other (2)
0.3 
Investment in Film and Television Programs, net (3)
$42.1 
(1) Acquired library content is monetized individually and amortized on a straight-line basis. At May 31, 2025, the weighted-average remaining amortization period was approximately 7 years.
(2) Other primarily consists of third party distribution rights.
(3) Production tax credits reduced total investment in films and television programs by $5.8 as of May 31, 2025 and resulted in a reduction of Cost of goods sold related to the amortization of investment in films and television programs of approximately $9.5 for the fiscal year ended May 31, 2025.

Amortization of film and television programs was $9.9 for the fiscal year ended May 31, 2025 which was included in Cost of goods sold in the Consolidated Statement of Operations.

The following table summarizes estimated future amortization expense for the Company’s investment in film and television programs as of May 31, 2025:

Fiscal year ending May 31,
202620272028
Estimated future amortization expense:
Released, net of accumulated amortization$4.1 
$
3.3 
$
2.7 
Acquired library content0.7 0.5 0.5 

Investment in film and television programs, net includes write-downs to fair value which are included in Cost of goods sold in the Consolidated Statement of Operations. During the fiscal year ended May 31, 2025, the Company recognized write-downs of $0.2 related to programs in development.

Participation costs represent amounts payable to parties associated with the film or television program and are based on the performance of the film or television program. The Company estimates participation costs based on the contractual participation percentage on the revenue recognized to date, less participation payments made to date. As of May 31, 2025, accrued participation costs were $7.0 and were included in Accrued royalties on the Company’s Consolidated Balance Sheet.