Revenue Recognition (Tables)

9 Months Ended

Feb. 28, 2026

Revenue Recognition

Schedule of net contract assets and liabilities

	February 28,		May 31,
	2026		2025		Change
Contract assets – current	$	142.3	$	140.3	$	2.0
Contract assets – non-current		43.7		28.4		15.3
Contract liabilities:
Deferred revenue – current		(63.2)		(40.3)		(22.9)
Deferred revenue on long-term contracts		(24.5)		(6.4)		(18.1)
Net contract assets	$	98.3	$	122.0	$	(23.7)

Schedule of changes in deferred revenue

	Three Months Ended				Nine Months Ended
	February 28,				February 28,
	2026		2025		2026		2025
Deferred revenue at beginning of period	$	(45.8)	$	(29.6)	$	(46.7)	$	(21.9)
Revenue deferred		(205.5)		(101.8)		(373.2)		(271.8)
Revenue recognized		168.1		81.8		344.4		243.5
Other(1)		(4.5)		(1.6)		(12.2)		(1.0)
Deferred revenue at end of period	$	(87.7)	$	(51.2)	$	(87.7)	$	(51.2)

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

Schedule of sales across the major customer markets for each of our operating segments

	Three Months Ended				Nine Months Ended
	February 28,				February 28,
	2026		2025		2026		2025
Parts Supply:
Commercial	$	300.0	$	220.9	$	822.6	$	652.1
Government and defense		92.5		49.8		241.3		142.0
	$	392.5	$	270.7	$	1,063.9	$	794.1
Repair & Engineering:
Commercial	$	245.8	$	193.6	$	665.6	$	591.5
Government and defense		19.5		22.3		58.8		70.8
	$	265.3	$	215.9	$	724.4	$	662.3
Integrated Solutions:
Commercial	$	68.7	$	69.4	$	214.1	$	211.4
Government and defense		99.1		93.5		314.5		283.8
	$	167.8	$	162.9	$	528.6	$	495.2
Expeditionary Services:
Commercial	$	1.3	$	1.6	$	3.2	$	3.6
Government and defense		18.2		27.1		59.9		70.8
	$	19.5	$	28.7	$	63.1	$	74.4

Schedule of sales by geographic region

	Three Months Ended				Nine Months Ended
	February 28,				February 28,
	2026		2025		2026		2025
U.S./Canada	$	594.7	$	494.8	$	1,691.1	$	1,468.6
Europe/Africa		144.7		98.7		345.4		316.3
Asia/South Pacific		92.3		75.0		284.7		204.6
Other		13.4		9.7		58.8		36.5
	$	845.1	$	678.2	$	2,380.0	$	2,026.0