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Other Non-current Assets | 6 Months Ended
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Nov. 30, 2023
Other Non-current Assets |
Other Non-current Assets | Note 10 – Other Non-current Assets ​ Investment in Indian Joint Venture ​ Our investments in joint ventures include $10.0 million for our 40% ownership interest in a joint venture in India to operate an airframe maintenance facility. The facility received certain regulatory approvals and commenced airframe maintenance operations in the second quarter of fiscal 2022. ​ We guarantee 40% of the Indian joint venture’s debt and have recognized a guarantee liability of $9.5 million as of November 30, 2023. Each of the partners in the Indian joint venture also has a loan to the joint venture proportionate to its equity ownership. In addition to the net equity investment of $6.5 million, our investment in the Indian joint venture includes $3.5 million for our loan to the joint venture as of November 30, 2023. We account for our share of the earnings or losses of the Indian joint venture using the equity method with a reporting lag of two months, as the financial statements of the Indian joint venture are not completed on a timely basis that is sufficient for us to apply the equity method on a current basis. Our share of the Indian joint venture’s income (losses) for the three-month periods ended November 30, 2023 and 2022 were $0.7 million and $(0.6) million, respectively. Our share of the income (losses) for the six-month periods ended November 30, 2023 and 2022 were $0.1 million and $(0.8) million, respectively. We are currently evaluating a potential exit from our investment in the Indian joint venture.

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