Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2020

New Accounting Pronouncements or Change in Accounting Principle

Schedule of favorable and unfavorable cumulative catch-up adjustments

	May 31,
	2020		2019		2018
Favorable cumulative catch-up adjustments	$	6.1	$	8.0	$	11.6
Unfavorable cumulative catch-up adjustments		(2.2)		(2.1)		(8.0)
Net cumulative catch-up adjustments	$	3.9	$	5.9	$	3.6

Schedule of net contract assets and liabilities

	May 31,
	2020		2019		Change
Contract assets – current	$	49.3	$	59.2	$	(9.9)
Contract assets – non-current		22.4		17.0		5.4
Deferred revenue – current		(11.2)		(12.6)		1.4
Deferred revenue on long-term contracts		(88.0)		(83.8)		(4.2)
Net contract assets (liabilities)	$	(27.5)	$	(20.2)	$	(7.3)

Schedule of changes in deferred revenue, after adoption of ASC 606

Changes in our deferred revenue, after adoption of ASC 606 on June 1, 2018, were as follows:

	Year ended May 31,
	2020		2019
Deferred revenue at beginning of period	$	(96.4)	$	(44.1)
Revenue deferred		(417.2)		(364.7)
Revenue recognized		410.5		306.6
Other		3.9		5.8
Deferred revenue at end of period	$	(99.2)	$	(96.4)

Schedule of composition of accounts receivable

	May 31,
	2020		2019
U.S. Government contracts:
Trade receivables	$	33.9	$	28.7
Unbilled receivables		27.4		31.7
		61.3		60.4
All other customers:
Trade receivables		81.7		92.5
Unbilled receivables		28.9		44.9
		110.6		137.4
	$	171.9	$	197.8

Schedule of change in our allowance for doubtful accounts

The change in our allowance for doubtful accounts was as follows:

	May 31,
	2020		2019		2018
Balance, beginning of year	$	16.0	$	7.5	$	4.9
Provision charged to operations		5.4		15.8		0.5
Recoveries, deductions for accounts written off and other reclassifications		0.7		(7.3)		2.1
Balance, end of year	$	22.1	$	16.0	$	7.5

Schedule of goodwill by reportable segment

	Aviation		Expeditionary
	Services		Services		Total
Balance as of May 31, 2018	$	99.4	$	19.3	$	118.7
Finalization of purchase price allocation		(1.0)		—		(1.0)
Foreign currency translation adjustments		(1.5)		—		(1.5)
Balance as of May 31, 2019		96.9		19.3		116.2
Foreign currency translation adjustments		(0.5)		—		(0.5)
Balance as of May 31, 2020	$	96.4	$	19.3	$	115.7

Schedule of intangible assets, other than goodwill

	May 31, 2020
			Accumulated
Amortizable intangible assets:	Gross		Amortization		Net
Customer relationships	$	21.4	$	(16.5)	$	4.9
Unamortized intangible assets:
Trademarks		1.1		—		1.1
	$	22.5	$	(16.5)	$	6.0

	May 31, 2019
			Accumulated
Amortizable intangible assets:	Gross		Amortization		Net
Customer relationships	$	25.5	$	(15.6)	$	9.9
Lease agreements		22.5		(14.0)		8.5
Other		3.4		(0.7)		2.7
		51.4		(30.3)		21.1
Unamortized intangible assets:
Trademarks		1.1		—		1.1
	$	52.5	$	(30.3)	$	22.2

Summary of inventories

	May 31,
	2020		2019
Aircraft and engine parts, components and finished goods	$	556.6	$	467.9
Raw materials and parts		45.9		41.8
Work-in-process		20.6		14.0
	$	623.1	$	523.7

Schedule of supplemental information on cash flows

	For the Year Ended
	May 31,
	2020		2019		2018
Interest paid	$	8.6	$	8.8	$	7.2
Income taxes paid		14.3		7.0		17.0
Income tax refunds and interest received		7.0		6.4		0.1

ASC 842

New Accounting Pronouncements or Change in Accounting Principle

Schedule of impact of the adoption of new ASC

	As of		ASC 842		As of
	May 31, 2019		Adjustments		June 1, 2019
Assets of discontinued operations	$	29.2	$	26.6	$	55.8
Other current assets		36.2		(0.5)		35.7
Intangible assets, net		22.2		(8.5)		13.7
Operating lease ROU assets		—		96.6		96.6
Other non-current assets		77.5		(1.8)		75.7
Accrued liabilities		140.5		10.0		150.5
Liabilities of discontinued operations		29.2		25.3		54.5
Operating lease liabilities		—		77.7		77.7
Other liabilities		28.3		(3.1)		25.2
Retained earnings		709.8		2.5		712.3