Acquisitions

12 Months Ended

May 31, 2011

Acquisitions

Acquisitions

7. Acquisitions

        On April 7, 2010, we acquired Aviation Worldwide Services, now known as Airlift, a leading provider of expeditionary airlift services and aircraft modifications to the U.S. and foreign government customers. Airlift operates as part of our Government and Defense Services segment. The purchase price was approximately $200,000 and was paid in cash.

        Our cost to acquire Airlift has been allocated to the assets and liabilities acquired based on fair values. The purchase price allocation is as follows:

Cash	$	12,300
Accounts receivable		41,700
Inventory		26,400
Rotable assets		14,000
Prepaid expenses		4,300
Property, plant and equipment		90,600
Identifiable intangibles		20,800
Goodwill		24,200
Accounts payable		(16,000	)
Accrued liabilities		(12,100	)