Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2023

Summary of Significant Accounting Policies

Schedule of favorable and unfavorable cumulative catch-up adjustments

	May 31,
	2023		2022		2021
Favorable cumulative catch-up adjustments	$	12.6	$	15.0	$	16.1
Unfavorable cumulative catch-up adjustments		(4.3)		(5.0)		(4.1)
Net cumulative catch-up adjustments	$	8.3	$	10.0	$	12.0

Schedule of net contract assets and liabilities

	May 31,
	2023		2022		Change
Contract assets – current	$	86.9	$	73.6	$	13.3
Contract assets – non-current		27.5		22.5		5.0
Contract liabilities:
Deferred revenue – current		(19.7)		(20.5)		0.8
Deferred revenue on long-term contracts		(12.7)		(10.1)		(2.6)
Net contract assets	$	82.0	$	65.5	$	16.5

Schedule of changes in deferred revenue

	Year ended May 31,
	2023		2022
Deferred revenue at beginning of period	$	(30.6)	$	(31.3)
Revenue deferred		(267.0)		(259.0)
Revenue recognized		257.8		242.3
Other (1)		7.4		17.4
Deferred revenue at end of period	$	(32.4)	$	(30.6)

⁽¹⁾ Other includes cumulative catch-up adjustments, foreign currency translation, acquisitions, and other adjustments.

Schedule of composition of accounts receivable

	May 31,
	2023		2022
U.S. Government contracts:
Trade receivables	$	13.1	$	31.6
Unbilled receivables		18.9		25.9
		32.0		57.5
All other customers:
Trade receivables		179.7		136.8
Unbilled receivables		29.6		19.7
		209.3		156.5
	$	241.3	$	214.0

Schedule of change in our allowance for doubtful accounts

	May 31,
	2023		2022		2021
Balance, beginning of year	$	17.9	$	16.4	$	22.1
Provision charged to operations, net of recoveries		2.6		1.2		8.5
Deductions for accounts written off and other reclassifications		(7.1)		0.3		(14.2)
Balance, end of year	$	13.4	$	17.9	$	16.4

Schedule of goodwill by reportable segment

	Aviation		Expeditionary
	Services		Services		Total
Balance as of May 31, 2021	$	100.5	$	18.8	$	119.3
Foreign currency translation adjustments		(2.9)		—		(2.9)
Balance as of May 31, 2022		97.6		18.8		116.4
Trax acquisition (1)		60.5		—		48.5
Foreign currency translation adjustments		(1.1)		—		(1.1)
Balance as of May 31, 2023	$	157.0	$	18.8	$	175.8

⁽¹⁾ See Note 15 for the accounting treatment for the Trax acquisition, including the preliminary fair values allocated to goodwill and identifiable intangible assets.

Schedule of finite-lived intangible assets, other than goodwill

	May 31, 2023
			Accumulated
	Gross		Amortization		Net
Amortizable intangible assets:
Customer relationships	$	40.5	$	(5.8)	$	34.7
Developed technology		22.0		(0.2)		21.8
		62.5		(6.0)		56.5
Unamortized intangible assets:
Trademarks		7.2		—		7.2
	$	69.7	$	(6.0)	$	63.7

	May 31, 2022
			Accumulated
	Gross		Amortization		Net
Amortizable intangible assets:
Customer relationships	$	11.3	$	(9.1)	$	2.2
Unamortized intangible assets:
Trademarks		1.1		—		1.1
	$	12.4	$	(9.1)	$	3.3

Schedule of inventories

	May 31,
	2023		2022
Aircraft and engine parts, components and finished goods	$	488.9	$	465.9
Raw materials and parts		59.6		62.2
Work-in-process		25.6		22.4
	$	574.1	$	550.5

Schedule of supplemental cash flow information

	For the Year Ended
	May 31,
	2023		2022		2021
Interest paid	$	11.1	$	2.1	$	4.3
Income taxes paid		35.7		23.9		8.2
Income tax refunds		1.3		3.8		8.3