Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2022

Summary of Significant Accounting Policies

Schedule of favorable and unfavorable cumulative catch-up adjustments

	May 31,
	2022		2021		2020
Favorable cumulative catch-up adjustments	$	15.0	$	16.1	$	6.1
Unfavorable cumulative catch-up adjustments		(5.0)		(4.1)		(2.2)
Net cumulative catch-up adjustments	$	10.0	$	12.0	$	3.9

Schedule of net contract assets and liabilities

	May 31,
	2022	2021		Change
Contract assets – current	73.6	$	71.9	$	1.7
Contract assets – non-current	22.5		21.6		0.9
Contract liabilities – current	(20.5)		(25.9)		5.4
Deferred revenue on long-term contracts	(10.1)		(5.4)		(4.7)
Net contract assets	65.5	$	62.2	$	3.3

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

	Year ended May 31,
	2022		2021
Deferred revenue at beginning of period	$	(31.3)	$	(99.2)
Revenue deferred		(259.0)		(251.4)
Revenue recognized		242.3		318.2
Other		17.4		1.1
Deferred revenue at end of period	$	(30.6)	$	(31.3)

Schedule of composition of accounts receivable

	May 31,
	2022		2021
U.S. Government contracts:
Trade receivables	$	31.6	$	24.1
Unbilled receivables		25.9		25.2
		57.5		49.3
All other customers:
Trade receivables		136.8		104.9
Unbilled receivables		19.7		12.5
		156.5		117.4
	$	214.0	$	166.7

Schedule of change in our allowance for doubtful accounts

The change in our allowance for credit losses was as follows:

	May 31,
	2022		2021		2020
Balance, beginning of year	$	16.4	$	22.1	$	16.0
Provision charged to operations		1.2		8.5		5.4
Recoveries, deductions for accounts written off and other reclassifications		0.3		(14.2)		0.7
Balance, end of year	$	17.9	$	16.4	$	22.1

Schedule of goodwill by reportable segment

	Aviation		Expeditionary
	Services		Services		Total
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
Foreign currency translation adjustments		(2.9)		—		(2.9)
Balance as of May 31, 2022	$	97.6	$	18.8	$	116.4

Schedule of finite-lived intangible assets, other than goodwill

	May 31, 2022
			Accumulated
Amortizable intangible assets:	Gross		Amortization		Net
Customer relationships	$	11.3	$	(9.1)	$	2.2
Unamortized intangible assets:
Trademarks		1.1		—		1.1
	$	12.4	$	(9.1)	$	3.3

	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

Summary of inventories

	May 31,
	2022		2021
Aircraft and engine parts, components and finished goods	$	465.9	$	468.4
Raw materials and parts		62.2		53.0
Work-in-process		22.4		19.2
	$	550.5	$	540.6

Schedule of supplemental information on cash flows

	For the Year Ended
	May 31,
	2022		2021		2020
Interest paid	$	2.1	$	4.3	$	8.6
Income taxes paid		23.9		8.2		14.3
Income tax refunds and interest received		3.8		8.3		7.0