Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2026

Summary of Significant Accounting Policies

Schedule of favorable and unfavorable cumulative catch-up adjustments

	May 31,
	2026		2025		2024
Favorable cumulative catch-up adjustments	$	—	$	3.8	$	12.1
Unfavorable cumulative catch-up adjustments		(2.7)		(6.6)		(9.1)
Net cumulative catch-up adjustments	$	(2.7)	$	(2.8)	$	3.0

Schedule of net contract assets and liabilities

	May 31,
	2026		2025		Change
Contract assets – current	$	148.4	$	140.3	$	8.1
Contract assets – non-current		42.9		28.4		14.5
Contract liabilities:
Deferred revenue – current		(50.3)		(40.3)		(10.0)
Deferred revenue on long-term contracts		(6.9)		(6.4)		(0.5)
Net contract assets	$	134.1	$	122.0	$	12.1

Schedule of changes in deferred revenue

	Year ended May 31,
	2026		2025
Deferred revenue at beginning of period	$	(46.7)	$	(21.9)
Revenue deferred		(490.0)		(321.9)
Revenue recognized		498.3		307.6
Other (1)		(18.8)		(10.5)
Deferred revenue at end of period	$	(57.2)	$	(46.7)

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

Schedule of composition of accounts receivable

	May 31,
	2026		2025
U.S. government contracts:
Trade receivables	$	32.5	$	26.6
Unbilled receivables		8.8		13.4
		41.3		40.0
All other customers:
Trade receivables		318.5		283.4
Unbilled receivables		27.0		31.4
		345.5		314.8
	$	386.8	$	354.8

Schedule of change in allowance for credit losses, including product return reserves

	May 31,
	2026		2025		2024
Balance, beginning of year	$	10.7	$	14.1	$	13.4
Provision charged to operations, net of recoveries		2.1		0.2		0.7
Deductions for accounts written off and other reclassifications		1.4		(3.6)		—
Balance, end of year	$	14.2	$	10.7	$	14.1

Schedule of inventories

	May 31,
	2026		2025
Aircraft and engine parts, components and finished goods	$	737.2	$	659.4
Raw materials and parts		185.7		119.9
Work-in-process		56.1		29.9
	$	979.0	$	809.2