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v3.25.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2025
Summary of Significant Accounting Policies |
Schedule of favorable and unfavorable cumulative catch-up adjustments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 31,
​ |  | 2025 |  | 2024 |  | 2023
Favorable cumulative catch-up adjustments | ​ | $ | 3.8 | ​ | $ | 12.1 | ​ | $ | 12.6
Unfavorable cumulative catch-up adjustments | ​ |  | (6.6) | ​ |  | (9.1) | ​ |  | (4.3)
Net cumulative catch-up adjustments | ​ | $ | (2.8) | ​ | $ | 3.0 | ​ | $ | 8.3
Schedule of net contract assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | May 31, |  | ​ | ​
​ | ​ | 2025 |  | 2024 |  | Change
Contract assets – current | ​ | $ | 140.3 | ​ | $ | 123.2 | ​ | $ | 17.1
Contract assets – non-current | ​ |  | 28.4 | ​ |  | 24.6 | ​ |  | 3.8
Contract liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deferred revenue – current | ​ | ​ | (40.3) | ​ | ​ | (14.7) | ​ | ​ | (25.6)
Deferred revenue on long-term contracts | ​ |  | (6.4) | ​ |  | (7.2) | ​ |  | 0.8
Net contract assets | ​ | $ | 122.0 | ​ | $ | 125.9 | ​ | $ | (3.9)
Schedule of changes in deferred revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended May 31,
​ |  | 2025 |  | 2024
Deferred revenue at beginning of period | ​ | $ | (21.9) | ​ | $ | (32.4)
Revenue deferred | ​ |  | (321.9) | ​ |  | (311.1)
Revenue recognized | ​ |  | 307.6 | ​ |  | 319.9
Other (1) | ​ |  | (10.5) | ​ |  | 1.7
Deferred revenue at end of period | ​ | $ | (46.7) | ​ | $ | (21.9)
(1) | Other includes cumulative catch-up adjustments, foreign currency translation, acquisitions, and other adjustments.
Schedule of composition of accounts receivable | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | May 31,
​ | ​ | 2025 |  | 2024
U.S. Government contracts: |  | ​ | ​ | ​ | ​ | ​
Trade receivables | ​ | $ | 26.6 | ​ | $ | 34.4
Unbilled receivables | ​ |  | 13.4 | ​ |  | 9.4
​ | ​ |  | 40.0 | ​ |  | 43.8
All other customers: | ​ |  | ​ | ​ |  | ​
Trade receivables | ​ |  | 283.4 | ​ |  | 216.1
Unbilled receivables | ​ |  | 31.4 | ​ |  | 27.3
​ | ​ |  | 314.8 | ​ |  | 243.4
​ | ​ | $ | 354.8 | ​ | $ | 287.2
Schedule of change in our allowance for doubtful accounts | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 31,
​ |  | 2025 |  | 2024 |  | 2023
Balance, beginning of year | ​ | $ | 14.1 | ​ | $ | 13.4 | ​ | $ | 17.9
Provision charged to operations, net of recoveries | ​ |  | 0.2 | ​ |  | 0.7 | ​ |  | 2.6
Deductions for accounts written off and other reclassifications | ​ |  | (3.6) | ​ |  | — | ​ |  | (7.1)
Balance, end of year | ​ | $ | 10.7 | ​ | $ | 14.1 | ​ | $ | 13.4
Schedule of inventories | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 31,
​ |  | 2025 |  | 2024
Aircraft and engine parts, components and finished goods | ​ | $ | 659.4 | ​ | $ | 580.3
Raw materials and parts | ​ | ​ | 119.9 | ​ | ​ | 114.1
Work-in-process | ​ |  | 29.9 | ​ |  | 38.7
​ | ​ | $ | 809.2 | ​ | $ | 733.1
Schedule of supplemental cash flow information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended
​ | ​ | May 31,
​ |  | 2025 |  | 2024 |  | 2023
Interest paid | ​ | $ | 74.4 | ​ | $ | 31.9 | ​ | $ | 11.1
Income taxes paid | ​ |  | 24.2 | ​ |  | 42.4 | ​ |  | 35.7
Income tax refunds | ​ |  | 0.5 | ​ |  | 0.6 | ​ |  | 1.3

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