Business Segment Information (Tables)
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12 Months Ended |
May 31, 2026 |
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| Business Segment Information |
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| Schedule of Significant expenses for each segment |
| | | | | | | | | | | | | | | | | | Year Ended May 31, 2026 | | | | | | | | | Selling, | | Other | | | | | | | | | Cost of | | General and | | Segment | | Operating | | | Sales | | Sales | | Administrative | | Items | | Income | Parts Supply | | $ | 1,487.7 | | $ | 1,192.9 | | $ | 116.0 | | $ | (7.4) | | $ | 186.2 | Repair, Engineering, and Software | | | 1,080.8 | | | 862.8 | | | 132.7 | | | 0.7 | | | 84.6 | Government Solutions | | | 502.3 | | | 405.8 | | | 39.8 | | | — | | | 56.7 | Legacy Commercial Programs | | | 237.2 | | | 224.3 | | | 13.2 | | | (0.3) | | | — | | | $ | 3,308.0 | | $ | 2,685.8 | | $ | 301.7 | | $ | (7.0) | | $ | 327.5 | Corporate and other | | | | | | | | | | | | | | | (49.7) | | | | | | | | | | | | | | | | 277.8 | Bargain purchase gain | | | | | | | | | | | | | | | 29.5 | Gain on sale of headquarters building | | | | | | | | | | | | | | | 9.8 | Gain related to sale and exit of business | | | | | | | | | | | | | | | 1.4 | Other expense, net | | | | | | | | | | | | | | | (2.1) | Interest expense | | | | | | | | | | | | | | | (72.1) | Interest income | | | | | | | | | | | | | | | 1.6 | Income before income taxes | | | | | | | | | | | | | | $ | 245.9 |
| | | | | | | | | | | | | | | | | | Year Ended May 31, 2025 | | | | | | | | | Selling, | | Other | | | | | | | | Cost of | | General and | | Segment | | Operating | | | Sales | | Sales | | Administrative | | Items | | Income | Parts Supply | | $ | 1,099.6 | | $ | 868.8 | | $ | 76.2 | | $ | (2.2) | | $ | 156.8 | Repair, Engineering, and Software | | | 931.0 | | | 724.9 | | | 124.8 | | | (2.7) | | | 84.0 | Government Solutions | | | 495.4 | | | 424.1 | | | 36.2 | | | — | | | 35.1 | Legacy Commercial Programs | | | 254.5 | | | 232.5 | | | 13.2 | | | 0.2 | | | 8.6 | | | $ | 2,780.5 | | $ | 2,250.3 | | $ | 250.4 | | $ | (4.7) | | $ | 284.5 | Corporate and other | | | | | | | | | | | | | | | (99.3) | | | | | | | | | | | | | | | | 185.2 | Losses related to sale and exit of businesses | | | | | | | | | | | | | | | (72.4) | Other expense, net | | | | | | | | | | | | | | | (0.3) | Interest expense | | | | | | | | | | | | | | | (75.4) | Interest income | | | | | | | | | | | | | | | 1.8 | Income before income taxes | | | | | | | | | | | | | | $ | 38.9 |
| | | | | | | | | | | | | | | | | | Year Ended May 31, 2024 | | | | | | | Selling, | | Other | | | | | | | Cost of | | General and | | Segment | | Operating | | | Sales | | Sales | | Administrative | | Items | | Income | Parts Supply | | $ | 967.0 | | $ | 758.4 | | $ | 98.3 | | $ | 0.5 | | $ | 109.8 | Repair, Engineering, and Software | | | 681.3 | | | 534.7 | | | 99.1 | | | (0.4) | | | 47.9 | Government Solutions | | | 451.7 | | | 386.9 | | | 40.6 | | | (0.6) | | | 24.8 | Legacy Commercial Programs | | | 218.9 | | | 196.8 | | | 15.0 | | | (0.1) | | | 7.2 | | | $ | 2,318.9 | | $ | 1,876.8 | | $ | 253.0 | | $ | (0.6) | | $ | 189.7 | Corporate and other | | | | | | | | | | | | | | | (60.5) | | | | | | | | | | | | | | | | 129.2 | Pension settlement charge | | | | | | | | | | | | | | | (26.7) | Gain related to sale and exit of businesses, net | | | | | | | | | | | | | | | (2.8) | Other expense, net | | | | | | | | | | | | | | | (0.4) | Interest expense | | | | | | | | | | | | | | | (43.2) | Interest income | | | | | | | | | | | | | | | 2.2 | Income before income taxes | | | | | | | | | | | | | | $ | 58.3 |
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| Schedule of financial information for each segment |
| | | | | | | | | | | | For the Year Ended May 31, 2026 | | | Third-Party | | Inter-segment | | Total | | | Sales | | Sales | | Sales | Parts Supply | | $ | 1,487.7 | | $ | 32.6 | | $ | 1,520.3 | Repair, Engineering, and Software | | | 1,080.8 | | | 72.7 | | | 1,153.5 | Government Solutions | | | 502.3 | | | 4.2 | | | 506.5 | Legacy Commercial Programs | | | 237.2 | | | 3.7 | | | 240.9 | | | $ | 3,308.0 | | $ | 113.2 | | $ | 3,421.2 |
| | | | | | | | | | | | 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, and Software | | | 931.0 | | | 90.2 | | | 1,021.2 | Government Solutions | | | 495.4 | | | 1.3 | | | 496.7 | Legacy Commercial Programs | | | 254.5 | | | 0.5 | | | 255.0 | | | $ | 2,780.5 | | $ | 111.8 | | $ | 2,892.3 |
| | | | | | | | | | | | 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, and Software | | | 681.3 | | | 87.7 | | | 769.0 | Government Solutions | | | 451.7 | | | 0.9 | | | 452.6 | Legacy Commercial Programs | | | 218.9 | | | — | | | 218.9 | | | $ | 2,318.9 | | $ | 97.2 | | $ | 2,416.1 |
| | | | | | | | | May 31, | | | 2026 | | 2025 | Total assets: | | | | | | | Parts Supply | | $ | 1,099.9 | | $ | 818.8 | Repair, Engineering, and Software | | | 1,598.2 | | | 1,328.0 | Government Solutions | | | 282.8 | | | 253.2 | Legacy Commercial Programs | | | 250.2 | | | 273.8 | Corporate and other | | | 124.8 | | | 170.8 | | | $ | 3,355.9 | | $ | 2,844.6 |
| | | | | | | | | | | | For the Year Ended May 31, | | | 2026 | | 2025 | | 2024 | Capital expenditures: | | | | | | | | | | Parts Supply | | $ | 0.9 | | $ | 0.2 | | $ | 0.8 | Repair, Engineering, and Software | | | 25.6 | | | 23.9 | | | 14.2 | Government Solutions | | | 7.5 | | | 8.7 | | | 11.0 | Legacy Commercial Programs | | | — | | | 0.1 | | | 0.4 | Corporate and other | | | 2.6 | | | 1.8 | | | 3.3 | | | $ | 36.6 | | $ | 34.7 | | $ | 29.7 |
| | | | | | | | | | | | For the Year Ended May 31, | | | 2026 | | 2025 | | 2024 | Depreciation and amortization:1 | | | | | | | | | | Parts Supply | | $ | 24.0 | | $ | 9.7 | | $ | 8.4 | Repair, Engineering, and Software | | | 35.7 | | | 32.5 | | | 17.3 | Government Solutions | | | 7.1 | | | 6.4 | | | 3.8 | Legacy Commercial Programs | | | 7.2 | | | 7.5 | | | 10.0 | Corporate | | | 15.9 | | | 19.0 | | | 16.0 | | | $ | 89.9 | | $ | 75.1 | | $ | 55.5 |
| 1 | Includes amortization of stock-based compensation. |
| | | | | | | | | | | | For the Year Ended May 31, | | | 2026 | | 2025 | | 2024 | Earnings (Loss) from joint ventures: | | | | | | | | | | Parts Supply | | $ | 7.3 | | $ | 2.0 | | $ | (0.5) | Repair, Engineering, and Software | | | (0.1) | | | 3.4 | | | 0.3 | | | $ | 7.2 | | $ | 5.4 | | $ | (0.2) |
| | | | | | | | | May 31, | | | 2026 | | 2025 | Investments in joint ventures: | | | | | | | Parts Supply | | $ | 15.8 | | $ | 8.4 | Repair, Engineering, and Software | | | 33.2 | | | 23.9 | | | $ | 49.0 | | $ | 32.3 |
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| Schedule of sales to the DoW, DoS, other U.S. government agencies and their contractors by segment |
| | | | | | | | | | | | | For the Year Ended May 31, | | | | 2026 | | 2025 | | 2024 | | Parts Supply | | $ | 253.3 | | $ | 143.3 | | $ | 99.3 | | Repair, Engineering, and Software | | | 79.5 | | | 82.2 | | | 62.0 | | Government Solutions | | | 455.0 | | | 462.1 | | | 414.8 | | | | $ | 787.8 | | $ | 687.6 | | $ | 576.1 | | Percentage of total sales | | | 23.8 | % | | 24.7 | % | | 24.8 | % |
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| Schedule of sales across the major customer markets for each of our operating segments |
| | | | | | | | | | | | For the Year Ended May 31, | | | 2026 | | 2025 | | 2024 | Parts Supply: | | | | | | | | | | Commercial | | $ | 1,153.4 | | $ | 879.2 | | $ | 800.6 | Government and defense | | | 334.3 | | | 220.4 | | | 166.4 | | | $ | 1,487.7 | | $ | 1,099.6 | | $ | 967.0 | Repair, Engineering, and Software: | | | | | | | | | | Commercial | | $ | 990.2 | | $ | 838.4 | | $ | 612.3 | Government and defense | | | 90.6 | | | 92.6 | | | 69.0 | | | $ | 1,080.8 | | $ | 931.0 | | $ | 681.3 | Government Solutions: | | | | | | | | | | Commercial | | $ | 3.3 | | $ | 4.0 | | $ | 6.1 | Government and defense | | | 499.0 | | | 491.4 | | | 445.6 | | | $ | 502.3 | | $ | 495.4 | | $ | 451.7 | Legacy Commercial Programs: | | | | | | | | | | Commercial | | $ | 237.2 | | $ | 254.5 | | $ | 218.9 |
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| Schedule of sales by type of product/service for each of our operating segments |
| | | | | | | | | | | | For the Year Ended May 31, | | | 2026 | | 2025 | | 2024 | Government Solutions: | | | | | | | | | | Government programs | | $ | 409.2 | | $ | 394.7 | | $ | 381.8 | Mobility Systems | | | 93.1 | | | 100.7 | | | 69.9 | | | $ | 502.3 | | $ | 495.4 | | $ | 451.7 | | | | | | | | | | | Legacy Commercial Programs: | | | | | | | | | | Component repair programs | | $ | 210.4 | | $ | 225.1 | | $ | 185.1 | Distribution of C&E inventory | | | 26.8 | | | 29.4 | | | 33.8 | | | $ | 237.2 | | $ | 254.5 | | $ | 218.9 |
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| Schedule of sales by geographic data |
| | | | | | | | | | | | For the Year Ended May 31, | | | 2026 | | 2025 | | 2024 | Parts Supply: | | | | | | | | | | North America | | $ | 840.6 | | $ | 631.6 | | $ | 532.1 | Europe/Africa | | | 331.4 | | | 263.2 | | | 252.9 | Asia | | | 250.4 | | | 166.1 | | | 146.4 | Other | | | 65.3 | | | 38.7 | | | 35.6 | | | $ | 1,487.7 | | $ | 1,099.6 | | $ | 967.0 | Repair, Engineering, and Software: | | | | | | | | | | North America | | $ | 881.1 | | $ | 735.9 | | $ | 589.1 | Europe/Africa | | | 99.7 | | | 100.1 | | | 55.0 | Asia | | | 94.4 | | | 86.8 | | | 31.1 | Other | | | 5.6 | | | 8.2 | | | 6.1 | | | $ | 1,080.8 | | $ | 931.0 | | $ | 681.3 | Government Solutions: | | | | | | | | | | North America | | $ | 499.9 | | $ | 493.1 | | $ | 440.1 | Europe/Africa | | | 2.1 | | | 2.1 | | | 11.3 | Asia | | | 0.3 | | | 0.2 | | | 0.3 | | | $ | 502.3 | | $ | 495.4 | | $ | 451.7 | Legacy Commercial Programs: | | | | | | | | | | North America | | $ | 140.6 | | $ | 167.6 | | $ | 147.4 | Europe | | | 73.4 | | | 66.4 | | | 53.4 | Asia | | | 23.2 | | | 20.5 | | | 18.1 | | | $ | 237.2 | | $ | 254.5 | | $ | 218.9 |
| | | | | | | | | May 31, | | | 2026 | | 2025 | Long-lived assets: | | | | | | | United States | | $ | 1,370.3 | | $ | 1,110.8 | Europe | | | 96.7 | | | 93.8 | Other | | | 146.8 | | | 129.4 | | | $ | 1,613.8 | | $ | 1,334.0 |
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