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Business Segment Information (Tables)

12 Months Ended

May 31, 2025

Business Segment Information

Schedule of selected financial information for each segment

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For the Year Ended May 31, 2025

​

​

Parts

​

Repair &

​

Integrated

​

Expeditionary

​

Supply

Engineering

Solutions

Services

Sales

​

$

1,099.6

​

$

884.9

​

$

695.3

​

$

100.7

Cost of sales

​

868.8

​

705.8

​

592.0

​

83.7

Selling, general and administrative

​

​

76.2

​

​

101.0

​

​

66.4

​

​

6.9

Other segment items

​

(2.2)

​

(3.1)

​

0.5

​

—

Operating income

​

$

156.8

​

$

81.2

​

$

36.4

​

$

10.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended May 31, 2024

​

​

Parts

​

Repair &

​

Integrated

​

Expeditionary

​

Supply

​

Engineering

​

Solutions

​

Services

Sales

​

$

967.0

$

640.1

$

641.9

$

69.9

Cost of sales

​

758.4

​

520.1

​

540.2

​

57.9

Selling, general and administrative

​

​

98.3

​

​

68.2

​

​

77.8

​

​

8.5

Other segment items

​

0.5

​

(0.7)

​

—

​

—

Operating income

​

$

109.8

​

$

52.5

​

$

23.9

​

$

3.5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended May 31, 2023

​

​

Parts

​

Repair &

​

Integrated

​

Expeditionary

​

Supply

Engineering

Solutions

Services

Sales

​

$

818.4

​

$

533.4

​

$

546.9

​

$

91.8

Cost of sales

​

644.3

​

438.1

​

461.2

​

76.8

Selling, general and administrative

​

​

79.9

​

​

58.8

​

​

55.2

​

​

7.3

Other segment items

​

0.5

​

1.2

​

—

​

—

Operating income

​

$

93.7

​

$

35.3

​

$

30.5

​

$

7.7

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​	​	​	​	​	​	​	​	​	​
​		For the Year Ended May 31, 2025
​	​	Third-Party			Inter-segment			Total
​	​	Sales		​	Sales		​	Sales
Parts Supply	​	$	1,099.6	​	$	19.8	​	$	1,119.4
Repair & Engineering		​	884.9	​		90.3	​		975.2
Integrated Solutions		​	695.3	​		2.1	​		697.4
Expeditionary Services		​	100.7	​		—	​		100.7
​	​	$	2,780.5	​	$	112.2	​	$	2,892.7

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​	​	​	​	​	​	​	​	​	​
​		For the Year Ended May 31, 2024
​	​	Third-Party			Inter-segment			Total
​	​	Sales		​	Sales		​	Sales
Parts Supply	​	$	967.0	​	$	8.6	​	$	975.6
Repair & Engineering		​	640.1	​		87.8	​		727.9
Integrated Solutions		​	641.9	​		0.9	​		642.8
Expeditionary Services		​	69.9	​		—	​		69.9
​	​	$	2,318.9	​	$	97.3	​	$	2,416.2

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​	​	​	​	​	​	​	​	​	​
​		For the Year Ended May 31, 2023
​	​	Third-Party			Inter-segment			Total
​	​	Sales		​	Sales		​	Sales
Parts Supply	​	$	818.4	​	$	19.3	​	$	837.7
Repair & Engineering		​	533.4	​		79.8	​		613.2
Integrated Solutions		​	546.9	​		0.2	​		547.1
Expeditionary Services		​	91.8	​		—	​		91.8
​	​	$	1,990.5	​	$	99.3	​	$	2,089.8

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​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended May 31,
​		2025			2024			2023
​	​	​	​	​	​	​	​	​	​
Segment operating income:	​	​	​	​	​	​	​	​	​
Parts Supply	​	$	156.8	​	$	109.8	​	$	93.7
Repair & Engineering	​	​	81.2	​	​	52.5	​	​	35.3
Integrated Solutions	​		36.4	​		23.9	​		30.5
Expeditionary Services	​	​	10.1	​	​	3.5	​	​	7.7
​	​	​	284.5	​	​	189.7	​	​	167.2
Corporate and other	​	​	(99.3)	​	​	(60.5)	​	​	(33.3)
Operating income	​	​	185.2	​	​	129.2	​	​	133.9
Pension settlement charge	​	​	—	​	​	(26.7)	​	​	—
Losses related to sale and exit of business	​		(72.4)	​		(2.8)	​		(0.7)
Other expense, net	​		(0.3)	​		(0.4)	​		(0.8)
Interest expense	​	​	(75.4)	​	​	(43.2)	​	​	(12.2)
Interest income	​	​	1.8	​	​	2.2	​	​	1.0
Income from continuing operations before income taxes	​	$	38.9	​	$	58.3	​	$	121.2

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​	​	​	​	​	​	​
​	​	May 31,
​		2025			2024
Total assets:	​	​	​	​	​	​
Parts Supply	​	$	818.8	​	$	732.8
Repair & Engineering	​	​	1,155.2	​	​	1,235.4
Integrated Solutions	​	​	620.8	​	​	542.1
Expeditionary Services	​	​	79.0	​	​	79.1
Corporate and discontinued operations	​	​	170.8	​	​	180.6
​	​	$	2,844.6	​	$	2,770.0

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​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended May 31,
​		2025			2024			2023
Capital expenditures:	​	​	​	​	​	​	​	​	​
Parts Supply	​	$	0.2	​	$	0.8	​	$	2.2
Repair & Engineering	​	​	20.9	​	​	11.9	​	​	15.1
Integrated Solutions	​	​	5.7	​	​	5.2	​	​	5.7
Expeditionary Services	​	​	6.1	​	​	8.5	​	​	6.1
Corporate and other	​	​	1.8	​	​	3.3	​	​	0.4
​	​	$	34.7	​	$	29.7	​	$	29.5

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​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended May 31,
​		2025			2024			2023
Depreciation and amortization:1	​	​	​	​	​	​	​	​	​
Parts Supply	​	$	9.7	​	$	8.4	​	$	6.2
Repair & Engineering	​	​	26.4	​	​	12.2	​	​	7.6
Integrated Solutions	​	​	18.3	​	​	17.4	​	​	11.9
Expeditionary Services	​	​	1.6	​	​	1.5	​	​	1.5
Corporate	​	​	19.1	​	​	17.0	​	​	13.5
​	​	$	75.1	​	$	55.5	​	$	40.7

1 Includes amortization of stock-based compensation.

Schedule of sales to the U.S. department of defense, other U.S. government agencies and their contractors by segment

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​	​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended May 31,
​		2025			2024			2023
Parts Supply	​	$	143.3	​	$	99.3	​	$	111.0	​
Repair & Engineering	​	​	81.6	​	​	61.0	​	​	48.5	​
Integrated Solutions	​	​	372.1	​	​	356.6	​	​	340.2	​
Expeditionary Services	​		90.6	​		59.2	​		77.3	​
​	​	$	687.6	​	$	576.1	​	$	577.0	​
Percentage of total sales	​		24.7	%		24.8	%		29.0	%

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

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​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended May 31,
​		2025			2024			2023
Parts Supply:	​	​	​	​	​	​	​	​	​
Commercial	​	$	879.2	​	$	800.6	​	$	645.0
Government and defense	​		220.4	​		166.4	​		173.4
​	​	$	1,099.6	​	$	967.0	​	$	818.4
Repair & Engineering:	​	​	​	​	​	​	​	​	​
Commercial	​	$	795.4	​	$	574.1	​	$	478.5
Government and defense	​		89.5	​		66.0	​		54.9
​	​	$	884.9	​	$	640.1	​	$	533.4
Integrated Solutions:	​	​	​	​	​	​	​	​	​
Commercial	​	$	297.5	​	$	257.1	​	$	197.0
Government and defense	​		397.8	​		384.8	​		349.9
​	​	$	695.3	​	$	641.9	​	$	546.9
Expeditionary Services:	​			​			​
Commercial	​	$	4.0	​	$	6.1	​	$	8.3
Government and defense	​		96.7	​		63.8	​		83.5
​	​	$	100.7	​	$	69.9	​	$	91.8

Schedule of sales by geographic data

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​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended May 31,
​		2025			2024			2023
Parts Supply:	​	​	​	​	​	​	​	​	​
North America	​	$	631.6	​	$	532.1	​	$	493.3
Europe/Africa	​	​	263.2	​	​	252.9	​	​	190.8
Asia	​		166.1	​		146.4	​		108.9
Other	​		38.7	​		35.6	​		25.4
​	​	$	1,099.6	​	$	967.0	​	$	818.4
Repair & Engineering:	​	​	​	​	​	​	​	​	​
North America	​	$	715.8	​	$	572.1	​	$	488.6
Europe/Africa	​		89.6	​		40.6	​		25.2
Asia	​	​	75.8	​	​	24.6	​	​	12.0
Other	​		3.7	​		2.8	​		7.6
​	​	$	884.9	​	$	640.1	​	$	533.4
Integrated Solutions:	​	​	​	​	​	​	​	​	​
North America	​	$	581.3	​	$	536.0	​	$	461.7
Europe/Africa	​		78.0	​		78.0	​		51.4
Other	​		36.0	​		27.9	​		33.8
​	​	$	695.3	​	$	641.9	​	$	546.9
Expeditionary Services:	​			​			​
North America	​	$	99.4	​	$	68.6	​	$	89.6
Other	​		1.3	​		1.3	​		2.2
​	​	$	100.7	​	$	69.9	​	$	91.8

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​	​	​	​	​	​	​
​	​	May 31,
​		2025			2024
Long-lived assets:	​	​		​	​
United States	​	$	1,110.8	​	$	1,174.6
Europe	​		93.8	​		90.9
Other	​		129.4	​		114.9
​	​	$	1,334.0	​	$	1,380.4

​

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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