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INVESTMENTS IN AFFILIATES | 12 Months Ended
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Jun. 30, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
INVESTMENTS IN AND LOANS TO AFFILIATES | Investment in Empire Education Group, Inc. The Company accounts for its 54.6% ownership interest in EEG as an equity method investment under the voting interest model. As EEG is a significant subsidiary for the fiscal year 2016 financial statements, the separate financial statements of EEG are included subsequent to the Company's financial statements. The table below summarizes financial information recorded by the Company:
|  | Fiscal Year
|  | 2016 |  | 2015 |  | 2014
|  | (Dollars in thousands)
Equity losses (1) |  | $ | (1,832 | ) |  | $ | (8,958 | ) |  | $ | (14,701 | )
Other than temporary impairment |  | (12,954 | ) |  | (4,654 | ) |  | — |
Total losses related to EEG |  | $ | (14,786 | ) |  | $ | (13,612 | ) |  | $ | (14,701 | )
Investment balance |  | $ | — |  |  | $ | 14,786 |  |  | $ | 28,398 |
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(1) | For fiscal year 2015, includes $6.9 million of expense for a non-cash deferred tax valuation allowance related to EEG. For fiscal year 2014, includes $21.2 million of pretax non-cash impairment charges related to EEG for goodwill and fixed and intangible asset impairments.
The other than temporary impairment charges resulted from EEG's significantly lower financial projections in fiscal years 2016 and 2015 due to continued declines in enrollment, revenue and profitability. The full impairment of the investment follows previous non-cash impairment charges, EEG's impairment of goodwill and its establishment of a deferred tax valuation allowance in prior quarters. While the Company could be responsible for certain liabilities associated with this venture, the Company does not currently expect them to have a material impact on the Company's financial position. Investment in MY Style The Company accounts for its 27.1% ownership interest in MY Style as a cost method investment. During fiscal year 2014, MY Style's parent company, Yamano Holdings Corporation (Yamano), redeemed its Class A and Class B Preferred Stock for $3.1 million. The Company had previously estimated the fair values of the Yamano Class A and Class B Preferred Stock to be negligible and recorded an other than temporary non-cash impairment. The Company reported the gain associated with Yamano's redemption within equity in loss of affiliated companies on the Consolidated Statement of Operations.

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010 + Details
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