Revenue Recognition (Tables)

6 Months Ended

Nov. 30, 2024

Revenue Recognition

Schedule of net contract assets and liabilities

	November 30,		May 31,
	2024		2024		Change
Contract assets – current	$	150.2	$	123.2	$	27.0
Contract assets – non-current		27.6		24.6		3.0
Contract liabilities:
Deferred revenue – current		(25.7)		(14.7)		(11.0)
Deferred revenue on long-term contracts		(3.9)		(7.2)		3.3
Net contract assets	$	148.2	$	125.9	$	22.3

Schedule of changes in deferred revenue after adoption of ASC 606

	Three Months Ended				Six Months Ended
	November 30,				November 30,
	2024		2023		2024		2023
Deferred revenue at beginning of period	$	(28.2)	$	(37.1)	$	(21.9)	$	(32.4)
Revenue deferred		(85.6)		(69.4)		(170.0)		(136.2)
Revenue recognized		87.5		81.3		161.7		142.4
Other(1)		(3.3)		(1.2)		0.6		(0.2)
Deferred revenue at end of period	$	(29.6)	$	(26.4)	$	(29.6)	$	(26.4)

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

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

	Three Months Ended				Six Months Ended
	November 30,				November 30,
	2024		2023		2024		2023
Parts Supply:
Commercial	$	220.8	$	189.4	$	431.2	$	395.4
Government and defense		52.9		38.2		92.2		69.0
	$	273.7	$	227.6	$	523.4	$	464.4
Repair & Engineering:
Commercial	$	206.7	$	130.9	$	397.9	$	252.5
Government and defense		22.1		14.5		48.5		30.4
	$	228.8	$	145.4	$	446.4	$	282.9
Integrated Solutions:
Commercial	$	72.0	$	63.4	$	142.0	$	126.2
Government and defense		91.4		93.2		190.3		186.7
	$	163.4	$	156.6	$	332.3	$	312.9
Expeditionary Services:
Commercial	$	0.7	$	1.5	$	2.0	$	3.6
Government and defense		19.5		14.3		43.7		31.3
	$	20.2	$	15.8	$	45.7	$	34.9

Schedule of sales by geographic region

	Three Months Ended				Six Months Ended
	November 30,				November 30,
	2024		2023		2024		2023
U.S./Canada	$	500.4	$	405.4	$	973.8	$	814.3
Europe/Africa		108.8		81.8		217.6		173.2
Asia/South Pacific		65.6		44.9		129.6		86.1
Other		11.3		13.3		26.8		21.5
	$	686.1	$	545.4	$	1,347.8	$	1,095.1