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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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