Revenue Recognition (Tables)

9 Months Ended

Feb. 28, 2025

Revenue Recognition

Schedule of net contract assets and liabilities

	February 28,		May 31,
	2025		2024		Change
Contract assets – current	$	153.3	$	123.2	$	30.1
Contract assets – non-current		31.2		24.6		6.6
Contract liabilities:
Deferred revenue – current		(41.5)		(14.7)		(26.8)
Deferred revenue on long-term contracts		(9.7)		(7.2)		(2.5)
Net contract assets	$	133.3	$	125.9	$	7.4

Schedule of changes in deferred revenue after adoption of ASC 606

	Three Months Ended				Nine Months Ended
	February 28/29,				February 28/29,
	2025		2024		2025		2024
Deferred revenue at beginning of period	$	(29.6)	$	(26.4)	$	(21.9)	$	(32.4)
Revenue deferred		(101.8)		(86.4)		(271.8)		(222.6)
Revenue recognized		81.8		85.6		243.5		228.0
Other(1)		(1.6)		4.9		(1.0)		4.7
Deferred revenue at end of period	$	(51.2)	$	(22.3)	$	(51.2)	$	(22.3)

(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				Nine Months Ended
	February 28/29,				February 28/29,
	2025		2024		2025		2024
Parts Supply:
Commercial	$	220.9	$	200.2	$	652.1	$	595.6
Government and defense		49.8		42.1		142.0		111.1
	$	270.7	$	242.3	$	794.1	$	706.7
Repair & Engineering:
Commercial	$	193.6	$	128.2	$	591.5	$	380.7
Government and defense		22.3		12.6		70.8		43.0
	$	215.9	$	140.8	$	662.3	$	423.7
Integrated Solutions:
Commercial	$	69.4	$	69.1	$	211.4	$	195.3
Government and defense		93.5		96.4		283.8		283.1
	$	162.9	$	165.5	$	495.2	$	478.4
Expeditionary Services:
Commercial	$	1.6	$	1.7	$	3.6	$	5.3
Government and defense		27.1		17.0		70.8		48.3
	$	28.7	$	18.7	$	74.4	$	53.6

Schedule of sales by geographic region

	Three Months Ended				Nine Months Ended
	February 28/29,				February 28/29,
	2025		2024		2025		2024
U.S./Canada	$	494.8	$	422.2	$	1,468.6	$	1,236.5
Europe/Africa		98.7		90.4		316.3		263.6
Asia/South Pacific		75.0		47.5		204.6		133.6
Other		9.7		7.2		36.5		28.7
	$	678.2	$	567.3	$	2,026.0	$	1,662.4