v3.26.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
May 31, 2026
Summary of Significant Accounting Policies  
Schedule of favorable and unfavorable cumulative catch-up adjustments

May 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2024

Favorable cumulative catch-up adjustments

$

$

3.8

$

12.1

Unfavorable cumulative catch-up adjustments

 

(2.7)

 

(6.6)

 

(9.1)

Net cumulative catch-up adjustments

$

(2.7)

$

(2.8)

$

3.0

Schedule of net contract assets and liabilities

  ​ ​ ​

May 31, 

  ​ ​ ​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

Change

Contract assets – current

$

148.4

$

140.3

$

8.1

Contract assets – non-current

 

42.9

 

28.4

 

14.5

Contract liabilities:

 

 

 

Deferred revenue – current

(50.3)

(40.3)

(10.0)

Deferred revenue on long-term contracts

 

(6.9)

 

(6.4)

 

(0.5)

Net contract assets

$

134.1

$

122.0

$

12.1

Schedule of changes in deferred revenue

Year ended May 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Deferred revenue at beginning of period

$

(46.7)

$

(21.9)

Revenue deferred

 

(490.0)

 

(321.9)

Revenue recognized

 

498.3

 

307.6

Other (1)

 

(18.8)

 

(10.5)

Deferred revenue at end of period

$

(57.2)

$

(46.7)

(1)

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

Schedule of composition of accounts receivable

  ​ ​ ​

May 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

U.S. government contracts:

 

Trade receivables

$

32.5

$

26.6

Unbilled receivables

 

8.8

 

13.4

 

41.3

 

40.0

All other customers:

 

 

Trade receivables

 

318.5

 

283.4

Unbilled receivables

 

27.0

 

31.4

 

345.5

 

314.8

$

386.8

$

354.8

Schedule of change in allowance for credit losses, including product return reserves

May 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2024

Balance, beginning of year

$

10.7

$

14.1

$

13.4

Provision charged to operations, net of recoveries

 

2.1

 

0.2

 

0.7

Deductions for accounts written off and other reclassifications

 

1.4

 

(3.6)

 

Balance, end of year

$

14.2

$

10.7

$

14.1

Schedule of inventories

May 31, 

  ​ ​ ​

2026

  ​ ​ ​ ​

2025

Aircraft and engine parts, components and finished goods

$

737.2

$

659.4

Raw materials and parts

185.7

119.9

Work-in-process

 

56.1

 

29.9

$

979.0

$

809.2