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INVESTMENTS IN AFFILIATES | 12 Months Ended
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Jun. 30, 2017
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 was 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 related to its investment in EEG:
|  | Fiscal Year
|  | 2017 |  | 2016 |  | 2015
|  | (Dollars in thousands)
Equity losses (1) |  | $ | — |  |  | $ | (1,832 | ) |  | $ | (8,958 | )
Other than temporary impairment |  | — |  |  | (12,954 | ) |  | (4,654 | )
Total losses related to EEG |  | $ | — |  |  | $ | (14,786 | ) |  | $ | (13,612 | )
Investment balance |  | $ | — |  |  | $ | — |  |  | $ | 14,786 |
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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.
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 followed previous non-cash impairment charges, EEG's impairment of goodwill and its establishment of a deferred tax valuation allowance in prior quarters. The Company has not recorded any equity income or losses related to its investment in EEG subsequent to the impairment. The Company will record equity income related to the Company's investment in EEG once EEG's cumulative income exceeds its cumulative losses, measured from the date of impairment. 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 During fiscal year 2017, the Company sold its 27.1% ownership interest in MY Style to MY Style's parent company, Yamano Holdings Corporation for $0.5 million. This ownership interest was previously accounted for as a cost method investment. Associated with the sale, foreign currency translation loss of $0.4 million previously classified within accumulated other comprehensive income was recognized in earnings. The Company also reported a $0.2 million gain associated with the sale within interest income and other, net 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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