Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2021

Summary of Significant Accounting Policies

Schedule of favorable and unfavorable cumulative catch-up adjustments

	May 31,
	2021		2020		2019
Favorable cumulative catch-up adjustments	$	16.1	$	6.1	$	8.0
Unfavorable cumulative catch-up adjustments		(4.1)		(2.2)		(2.1)
Net cumulative catch-up adjustments	$	12.0	$	3.9	$	5.9

Schedule of net contract assets and liabilities

	May 31,
	2021		2020		Change
Contract assets – current	$	71.9	$	49.3	$	22.6
Contract assets – non-current		21.6		22.4		(0.8)
Contract liabilities – current		(25.9)		(11.2)		(14.7)
Deferred revenue on long-term contracts		(5.4)		(88.0)		82.6
Net contract assets (liabilities)	$	62.2	$	(27.5)	$	89.7

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

	Year ended May 31,
	2021		2020
Deferred revenue at beginning of period	$	(99.2)	$	(96.4)
Revenue deferred		(251.4)		(417.2)
Revenue recognized		318.2		410.5
Other		1.1		3.9
Deferred revenue at end of period	$	(31.3)	$	(99.2)

Schedule of composition of accounts receivable

	May 31,
	2021		2020
U.S. Government contracts:
Trade receivables	$	24.1	$	33.9
Unbilled receivables		25.2		27.4
		49.3		61.3
All other customers:
Trade receivables		104.9		81.7
Unbilled receivables		12.5		28.9
		117.4		110.6
	$	166.7	$	171.9

Schedule of change in our allowance for doubtful accounts

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

	May 31,
	2021		2020		2019
Balance, beginning of year	$	22.1	$	16.0	$	7.5
Provision charged to operations		8.5		5.4		15.8
Recoveries, deductions for accounts written off and other reclassifications		(14.2)		0.7		(7.3)
Balance, end of year	$	16.4	$	22.1	$	16.0

Schedule of goodwill by reportable segment

	Aviation		Expeditionary
	Services		Services		Total
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
Sale of Composites		—		(0.5)		(0.5)
Foreign currency translation adjustments		4.1		—		4.1
Balance as of May 31, 2021	$	100.5	$	18.8	$	119.3

Schedule of finite-lived intangible assets, other than goodwill

	May 31, 2021
			Accumulated
Amortizable intangible assets:	Gross		Amortization		Net
Customer relationships	$	23.0	$	(19.7)	$	3.3
Unamortized intangible assets:
Trademarks		1.2		—		1.2
	$	24.2	$	(19.7)	$	4.5

	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

Summary of inventories

	May 31,
	2021		2020
Aircraft and engine parts, components and finished goods	$	468.4	$	556.6
Raw materials and parts		53.0		45.9
Work-in-process		19.2		20.6
	$	540.6	$	623.1

Schedule of supplemental information on cash flows

	For the Year Ended
	May 31,
	2021		2020		2019
Interest paid	$	4.3	$	8.6	$	8.8
Income taxes paid		8.2		14.3		7.0
Income tax refunds and interest received		8.3		7.0		6.4