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Other Noncurrent Assets
12 Months Ended
May 31, 2012
Other Noncurrent Assets  
Other Noncurrent Assets

14. Other Noncurrent Assets

        At May 31, 2012 and 2011, other noncurrent assets consisted of the following:

 
  May 31,  
 
  2012   2011  

Capitalized program development costs

  $ 91,942   $ 69,413  

Costs in excess of billings

    27,872     19,404  

Notes receivable

    18,869     2,443  

Assets under deferred compensation plan

    16,315     16,421  

Cash surrender value of life insurance

    15,632     15,164  

Licenses fees

    15,072      

Debt issuance costs

    10,025     5,281  

Other

    13,185     14,012  
           

 

  $ 208,912   $ 142,138  
           

Program Development Costs

        In June 2005, we announced that our Cargo Systems business in our Structures and Systems segment was selected to provide cargo handling systems for the new Airbus A400M Military Transport Aircraft ("A400M"). Our portion of the revenue from this program is expected to exceed $300,000 through fiscal 2021, based on sales projections of the A400M. As of May 31, 2012, we have capitalized, net of reimbursements, $91,942 of costs associated with the engineering and development of the cargo system. Sales and related cost of sales will be recognized on the units of delivery method.

License Fees

        In June 2011, we entered into a ten-year agreement with Unison Industries to be the exclusive worldwide aftermarket distributor for Unison's electrical components, sensors, switches and other systems for aircraft and industrial uses. The agreement is expected to generate approximately $600,000 in revenues for us over its ten-year term. In connection with the agreement, we agreed to pay Unison Industries $20,000 for the exclusive distribution rights with $7,000 paid in June 2011, and $1,300 payable by January 31 of each calendar year beginning in January 2012 through 2021.

        As of May 31, 2012, the unamortized balance of the license is $15,072 and is being amortized over a ten-year period. The current portion of the deferred payments of $1,160 is recorded in Accrued liabilities and the long-term portion of $7,607 is included in Other liabilities and deferred income on the consolidated balance sheet.