Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2024

Summary of Significant Accounting Policies

Schedule of favorable and unfavorable cumulative catch-up adjustments

	May 31,
	2024		2023		2022
Favorable cumulative catch-up adjustments	$	12.1	$	12.6	$	15.0
Unfavorable cumulative catch-up adjustments		(9.1)		(4.3)		(5.0)
Net cumulative catch-up adjustments	$	3.0	$	8.3	$	10.0

Schedule of net contract assets and liabilities

	May 31,
	2024		2023		Change
Contract assets – current	$	123.2	$	86.9	$	36.3
Contract assets – non-current		24.6		27.5		(2.9)
Contract liabilities:
Deferred revenue – current		(14.7)		(19.7)		5.0
Deferred revenue on long-term contracts		(7.2)		(12.7)		5.5
Net contract assets	$	125.9	$	82.0	$	43.9

Schedule of changes in deferred revenue

	Year ended May 31,
	2024		2023
Deferred revenue at beginning of period	$	(32.4)	$	(30.6)
Revenue deferred		(311.1)		(267.0)
Revenue recognized		319.9		257.8
Other (1)		1.7		7.4
Deferred revenue at end of period	$	(21.9)	$	(32.4)

⁽¹⁾ Other includes cumulative catch-up adjustments, foreign currency translation, acquisitions, and other adjustments.

Schedule of composition of accounts receivable

	May 31,
	2024		2023
U.S. Government contracts:
Trade receivables	$	34.4	$	13.1
Unbilled receivables		9.4		18.9
		43.8		32.0
All other customers:
Trade receivables		216.1		179.7
Unbilled receivables		27.3		29.6
		243.4		209.3
	$	287.2	$	241.3

Schedule of change in our allowance for doubtful accounts

	May 31,
	2024		2023		2022
Balance, beginning of year	$	13.4	$	17.9	$	16.4
Provision charged to operations, net of recoveries		0.7		2.6		1.2
Deductions for accounts written off and other reclassifications		—		(7.1)		0.3
Balance, end of year	$	14.1	$	13.4	$	17.9

Schedule of goodwill by reportable segment

Changes in the carrying amount of goodwill by segment for fiscal 2024 are as follows:

	Parts		Repair &		Integrated			Expeditionary
	Supply		Engineering		Solutions		Services		Total
Balance as of May 31, 2023	$	38.9	$	41.4	$	76.7	$	18.8	$	175.8
Triumph acquisition		—		375.2		—		—		375.2
Trax acquisition		—		—		3.3		—		3.3
Foreign currency translation adjustments		—		—		0.5		—		0.5
Balance as of May 31, 2024	$	38.9	$	416.6	$	80.5	$	18.8	$	554.8

Schedule of intangible assets, other than goodwill

Intangible assets, other than goodwill, are comprised of the following:

	May 31, 2024
			Accumulated
	Gross		Amortization		Net
Amortizable intangible assets:
Customer relationships	$	136.2	$	(11.0)	$	125.2
Developed technology		105.3		(2.3)		103.0
		241.5		(13.3)		228.2
Unamortized intangible assets:
Trademarks		7.2		—		7.2
	$	248.7	$	(13.3)	$	235.4

	May 31, 2023
			Accumulated
	Gross		Amortization		Net
Amortizable intangible assets:
Customer relationships	$	40.5	$	(5.8)	$	34.7
Developed technology		22.0		(0.2)		21.8
		62.5		(6.0)		56.5
Unamortized intangible assets:
Trademarks		7.2		—		7.2
	$	69.7	$	(6.0)	$	63.7

Schedule of inventories

	May 31,
	2024		2023
Aircraft and engine parts, components and finished goods	$	580.3	$	488.9
Raw materials and parts		114.1		59.6
Work-in-process		38.7		25.6
	$	733.1	$	574.1

Schedule of supplemental cash flow information

	For the Year Ended
	May 31,
	2024		2023		2022
Interest paid	$	31.9	$	11.1	$	2.1
Income taxes paid		42.4		35.7		23.9
Income tax refunds		0.6		1.3		3.8