1. Summary of Significant Accounting Policies
Description of Business
AAR CORP. (the \u201cCompany\u201d) is a diversified provider of services and products to the worldwide commercial aviation and government and defense markets. Services and products include: aviation supply chain and parts support programs; customer fleet management and operations; maintenance, repair and overhaul (\u201cMRO\u201d) of airframes, landing gear, and certain other airframe components; design and manufacture of specialized pallets, shelters, and containers; aircraft modifications and aircraft and engine sales and leasing. We serve commercial, government and defense aircraft fleet operators, original equipment manufacturers, and independent service providers around the world, and various other domestic and foreign military customers.
Principles of Consolidation
The accompanying Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany accounts and transactions.
Certain reclassifications have been made to the prior year presentation to conform to the 2023 presentation.
New Accounting Pronouncements Adopted
In November 2021, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The ASU increases transparency of government assistance by focusing on the types of assistance given, an entity\u2019s accounting for the assistance, and the effect of the assistance on the entity\u2019s financial statements to allow for more comparable information for investors and other financial statement users. This ASU is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. We adopted this ASU in fiscal 2023. See Note 13 for further information on the Company\u2019s treatment of government assistance received.
In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Generally, this ASU results in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in accordance with acquisition accounting. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We early adopted this standard in fiscal 2023 and it did not have a material impact on our consolidated financial statements.
Revenue Recognition
Revenue is measured based on the consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer.
Our unit of accounting for revenue recognition is a performance obligation included in our customer contracts. A performance obligation reflects the distinct good or service that we must transfer to a customer. At contract inception, we evaluate if the contract should be accounted for as a single performance obligation or if the contract contains multiple performance obligations. In some cases, our contract with the customer is considered one performance obligation as it includes factors such as whether the good or service being provided is significantly integrated with other promises in the contract, whether the service provided significantly modifies or customizes another good or service or whether the good or service is highly interdependent or interrelated. If the contract has more than one performance obligation, we determine the standalone price of each distinct good or service underlying each performance obligation and allocate the transaction price based on their relative standalone selling prices.
The transaction price of a contract, which can include both fixed and variable amounts, is allocated to each performance obligation identified. Some contracts contain variable consideration, which could include incremental fees or penalty provisions related to performance. Variable consideration that can be reasonably estimated based on current assumptions and historical information is included in the transaction price at the inception of the contract but limited to the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Variable consideration that cannot be reasonably estimated is recorded when known.
Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. The majority of our sales from products typically represent distinct performance obligations and are recognized at a point in time upon transfer of control to the customer, which generally occurs upon shipment. In connection with certain sales of products, we also provide logistics services, which include inventory management, replenishment, and other related services. The price of such services is generally included in the price of the products delivered to the customer, and revenues are recognized upon delivery of the product, at which point the customer has obtained control of the product. We do not account for these services separate from the related product sales as the services are inputs required to fulfill part orders received from customers.
For our performance obligations that are satisfied over time, we measure progress in a manner that depicts the performance of transferring control to the customer. As such, we utilize the input method of cost-to-cost to recognize revenue over time as this depicts when control of the promised goods or services are transferred to the customer. Revenue is recognized based on the relationship of actual costs incurred to date to the estimated total cost at completion of the performance obligation.
We are required to make certain judgments and estimates, including estimated revenues and costs, as well as inflation and the overall profitability of the arrangement. Key assumptions involved can include customer volume, future labor costs and efficiencies, repair or overhaul costs, overhead costs, and ultimate timing of product delivery. Differences may occur between the judgments and estimates made by management and actual program results. For contracts that are deemed to be loss contracts, we establish forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known.
We utilize the portfolio approach to estimate the amount of revenue to recognize for certain contracts which require over-time revenue recognition. Such contracts are grouped together either by revenue stream, customer or product line with each portfolio of contracts grouped together based on having similar characteristics. The portfolio approach is utilized only when the result of the accounting is not expected to be materially different than if applied to individual contracts.
We also may enter into offset agreements or conditions as part of obtaining orders for our products and services from certain government customers in foreign countries. These agreements are designed to enhance the social and economic environment of the foreign country by requiring the contractor to promote investment in the country. These agreements also may be satisfied through our use of cash or other means of providing financial support for in-country projects with local companies. The amounts ultimately applied against our offset agreements are based on negotiations with the customer and satisfaction of our offset obligations are included in the estimates of our total costs to complete the contract.
When contracts are modified, we consider whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original goods or services provided, are accounted for as if they were part of that existing contract with the effect of the contract modification recognized as an adjustment to revenue on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct, they are accounted for as a new contract and performance obligation, which are recognized prospectively.
Certain contracts with customers have options for the customer to acquire additional goods or services. In most cases, the pricing of these options is reflective of the standalone selling price of the good or service. These options do not provide the customer with a material right and are accounted for only when the customer exercises the option to purchase the additional goods or services. If the option on the customer contract was not indicative of the standalone selling price of the good or service, the material right would be accounted for as a separate performance obligation.
Under most of our U.S. government contracts, if the contract is terminated for convenience, we are entitled to payment for items delivered and fair compensation for work performed, the costs of settling and paying other claims, and a reasonable profit on the costs incurred or committed.
In the ordinary course of business, agencies of the U.S. and other governments audit our claimed indirect costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether our operations are conducted in accordance with these requirements and the terms of the relevant contracts. U.S. government agencies, including the Defense Contract Audit Agency (\u201cDCAA\u201d), routinely audit our claimed indirect costs, for compliance with the Cost Accounting Standards and the Federal Acquisition Regulations. These agencies also conduct reviews and investigations and make inquiries regarding our accounting and other systems in connection with our performance and business practices with respect to our government contracts and subcontracts.
Costs to fulfill and obtain a contract are considered for capitalization based on contract specific facts and circumstances. The incremental costs to fulfill a contract, including setup and implementation costs prior to beginning the period of performance, are capitalized when expenses are incurred prior to the start of satisfying a performance obligation. The capitalized costs are subsequently expensed over the contract\u2019s period of performance.
We have elected to use certain practical expedients permitted under ASC 606. Shipping and handling fees and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of sales on our Consolidated Statements of Income, and are not considered a performance obligation to our customers. Our reported sales on our Consolidated Statements of Income include sales and related non-income taxes. We also utilize the \u201cas invoiced\u201d practical expedient in certain cases where performance obligations are satisfied over time and the invoiced amount corresponds directly with the value we are providing to the customer.
Cumulative Catch-up Adjustments
Changes in estimates and assumptions related to our arrangements accounted for using the cost-to-cost method are recorded using the cumulative catch-up method of accounting. These changes are primarily adjustments to the estimated profitability for our long-term programs where we provide component inventory management, supply chain logistics programs, and/or repair services.
Favorable and unfavorable cumulative catch-up adjustments were as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Favorable cumulative catch-up adjustments | $ | 12.6 | $ | 15.0 | $ | 16.1 | |||
Unfavorable cumulative catch-up adjustments | \u00a0 | (4.3) | \u00a0 | (5.0) | \u00a0 | (4.1) | |||
Net cumulative catch-up adjustments | $ | 8.3 | $ | 10.0 | $ | 12.0 |
Contract Assets and Liabilities
The timing of revenue recognition, customer billings, and cash collections results in a contract asset or contract liability at the end of each reporting period. For instances where we recognize revenue prior to having an unconditional right to payment, we record a contract asset or liability. When an unconditional right to consideration exists, we reduce our contract asset or liability and recognize an unbilled or trade receivable. When amounts are dependent on factors other than the passage of time in order for payment from a customer to be due, we record a contract asset which consists of costs incurred where revenue recognized over time using the cost-to-cost model exceeds the amounts billed to customers. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to the satisfaction of our performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied, either over time as costs are incurred or at a point in time when deliveries are made. Contract assets and contract liabilities are determined on a contract-by-contract basis.
Net contract assets and liabilities are as follows:
\u00a0\u00a0\u00a0\u00a0 | May\u00a031,\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | Change | |||||
Contract assets \u2013 current | $ | 86.9 | $ | 73.6 | $ | 13.3 | |||
Contract assets \u2013 non-current | \u00a0 | 27.5 | \u00a0 | 22.5 | \u00a0 | 5.0 | |||
Contract liabilities: | \u00a0 | \u00a0 | \u00a0 | ||||||
Deferred revenue \u2013 current | (19.7) | (20.5) | 0.8 | ||||||
Deferred revenue on long-term contracts | \u00a0 | (12.7) | \u00a0 | (10.1) | \u00a0 | (2.6) | |||
Net contract assets | $ | 82.0 | $ | 65.5 | $ | 16.5 |
Contract assets \u2013 non-current is reported within Other non-current assets, deferred revenue \u2013 current is reported within Accrued Liabilities, and deferred revenue on long-term contracts is reported within Other liabilities on our Consolidated Balance Sheets. Changes in contract assets and contract liabilities primarily result from the timing difference between our performance of services and payments from customers.
During fiscal 2022 and 2021, certain commercial power-by-the-hour (\u201cPBH\u201d) customer contracts were terminated or restructured resulting in charges of $5.2 million and $5.7 million, respectively.
To support our PBH customer contracts, we previously entered into an agreement with a component repair facility to outsource a portion of the component repair and overhaul services. The agreement included certain minimum repair volume guarantees, which we have not met. During fiscal 2023, 2022 and 2021, we recognized charges of $1.9 million, $1.7 million and $4.5 million, respectively, to reflect our estimated obligation over the remainder of the agreement for not achieving the minimum volume guarantees. As of May 31, 2023, our Consolidated Balance Sheet included remaining loss reserves of $5.1 million with $4.3 million classified as current in Accrued liabilities and $0.8 million classified as long-term in Other liabilities.
Changes in our deferred revenue were as follows:
Year ended May\u00a031,\u00a0 | ||||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Deferred revenue at beginning of period | $ | (30.6) | $ | (31.3) | ||
Revenue deferred | \u00a0 | (267.0) | \u00a0 | (259.0) | ||
Revenue recognized | \u00a0 | 257.8 | \u00a0 | 242.3 | ||
Other (1) | \u00a0 | 7.4 | \u00a0 | 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. |
Remaining Performance Obligations
As of May 31, 2023, we had approximately $740 million of remaining performance obligations, also referred to as firm backlog, which excludes unexercised contract options and potential orders under our indefinite-delivery, indefinite-quantity contracts. We expect that approximately 45% of this backlog will be recognized as revenue over the next 12 months and approximately 75% will be recognized over the next three years. The amount of remaining performance obligations that are expected to be recognized as revenue beyond 12 months, primarily relates to our long-term programs where we provide component inventory management, supply chain logistics programs, and/or repair services.
Financial Instruments and Concentrations of Market or Credit Risk
Financial instruments that potentially subject us to concentrations of market or credit risk consist principally of trade receivables. While our trade receivables are diverse and represent a number of entities and geographic regions, the majority are with the U.S. government and its contractors and entities in the aviation industry. The composition of our accounts receivable is as follows:
\u00a0\u00a0\u00a0\u00a0 | May\u00a031,\u00a0 | |||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
U.S. Government contracts: | \u00a0 | |||||
Trade receivables | $ | 13.1 | $ | 31.6 | ||
Unbilled receivables | \u00a0 | 18.9 | \u00a0 | 25.9 | ||
\u00a0 | 32.0 | \u00a0 | 57.5 | |||
All other customers: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Trade receivables | \u00a0 | 179.7 | \u00a0 | 136.8 | ||
Unbilled receivables | \u00a0 | 29.6 | \u00a0 | 19.7 | ||
\u00a0 | 209.3 | \u00a0 | 156.5 | |||
$ | 241.3 | $ | 214.0 |
The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value because of the short-term maturity of these instruments. The carrying value of long-term debt approximates fair value because of it bearing a variable interest rate.
Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
Allowance for Credit Losses
We maintain an allowance for credit losses to reflect the expected uncollectibility of accounts receivable based on past collection history and specific risks identified among uncollected accounts. In determining the required allowance, we consider factors such as general and industry-specific economic conditions, customer credit history, and our customers\u2019 current and expected future financial performance. The majority of our customers are recurring customers with an established payment history. Certain customers are required to undergo an extensive credit check prior to delivery of products or services.
Our allowance for credit losses also includes reserves for estimated product returns based on historical return rates. The reserve for estimated product returns is recognized as a reduction to sales with a corresponding reduction to cost of sales for the estimated cost of inventory that is expected to be returned.
We perform regular evaluations of customer payment experience, current financial condition, and risk analysis. We may require collateral in the form of security interests in assets, letters of credit, and/or obligation guarantees from financial institutions for transactions executed on other than normal trade terms. We also maintain trade credit insurance for certain customers to provide coverage, up to a certain limit, in the event of insolvency of some customers.
The change in our allowance for credit losses was as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Balance, beginning of year | $ | 17.9 | $ | 16.4 | $ | 22.1 | |||
Provision charged to operations, net of recoveries | \u00a0 | 2.6 | \u00a0 | 1.2 | \u00a0 | 8.5 | |||
Deductions for accounts written off and other reclassifications | \u00a0 | (7.1) | \u00a0 | 0.3 | \u00a0 | (14.2) | |||
Balance, end of year | $ | 13.4 | $ | 17.9 | $ | 16.4 |
Goodwill and Other Intangible Assets
In accordance with ASC 350, Intangibles\u2013Goodwill and Other, goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. We review and evaluate our goodwill and indefinite life intangible assets for potential impairment at a minimum annually, on May\u00a031, or more frequently if circumstances indicate that impairment is possible.
As of May 31, 2023, we had three reporting units, which included two in our Aviation Services segment (Aviation Supply Chain and MRO) and one comprised of our Expeditionary Services segment. We utilized the qualitative assessment approach for all reporting units which considers general economic conditions, industry specific performance, changes in reporting unit carrying values, and assumptions used in the most recent fair value calculation. We concluded it was more likely than not that the fair value of each reporting unit exceeded its carrying value at May 31, 2023, and thus no impairment charges were recorded.
Changes in the carrying amount of goodwill by segment for fiscal 2023 and 2022 are as follows:
Aviation | Expeditionary | ||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance as of May\u00a031,\u00a02021 | $ | 100.5 | $ | 18.8 | $ | 119.3 | |||
Foreign currency translation adjustments | (2.9) | \u00a0 | \u2014 | \u00a0 | (2.9) | ||||
Balance as of May 31, 2022 | 97.6 | 18.8 | 116.4 | ||||||
Trax acquisition (1) | 60.5 | \u2014 | 48.5 | ||||||
Foreign currency translation adjustments | (1.1) | \u2014 | (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. |
Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. Intangible assets, other than goodwill, are comprised of the following:
May\u00a031,\u00a02023 | |||||||||
Accumulated | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | ||||
Amortizable\u00a0intangible\u00a0assets: | |||||||||
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 | \u00a0 | 7.2 | \u00a0 | \u2014 | \u00a0 | 7.2 | |||
$ | 69.7 | $ | (6.0) | $ | 63.7 |
May\u00a031,\u00a02022 | |||||||||
Accumulated | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | ||||
Amortizable\u00a0intangible\u00a0assets: | |||||||||
Customer relationships | $ | 11.3 | $ | (9.1) | $ | 2.2 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.1 | \u00a0 | \u2014 | \u00a0 | 1.1 | |||
$ | 12.4 | $ | (9.1) | $ | 3.3 |
Customer relationships are being amortized over -20 years and developed technology is being amortized over 20 years. Amortization expense recorded during fiscal 2023, 2022 and 2021 was $1.3 million, $1.1\u00a0million, and $1.8\u00a0million, respectively. The estimated aggregate amount of amortization expense for intangible assets in each of the next five fiscal is $4.4\u00a0 .
Foreign Currency
Our foreign subsidiaries utilize the local currency as their functional currency. All balance sheet accounts of foreign subsidiaries transacting business in currencies other than the U.S. dollar are translated at year-end exchange rates. Revenues and expenses are translated at average exchange rates during the year. Translation adjustments are excluded from the results of operations and are recorded in stockholders\u2019 equity as a component of accumulated other comprehensive loss until such subsidiaries are liquidated. Income and losses from foreign currency transactions re-measurements are included in Selling, general and administrative expenses.
Business Combinations
Transaction costs related to business combinations are expensed as incurred. Assets acquired and liabilities assumed are measured and recognized based on their estimated fair values at the acquisition date, any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired is recorded as goodwill.
If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, the business combination is recorded and disclosed on a preliminary basis. Subsequent to the acquisition date, and not later than one year from the acquisition date, adjustments to the initial preliminary recognized amounts are recorded to the extent new information is obtained about the measurement of assets and liabilities that existed as of the date of the acquisition.
Cash
Cash and cash equivalents consist of highly liquid instruments which have original maturities of three months or less when purchased. Restricted cash represents cash on hand that is legally restricted as to withdrawal or usage. Restricted cash includes $12.1 million on deposit with an escrow agent related to our acquisition of Trax USA Corp. (\u201cTrax\u201d) in March 2023 and $1.3 million required to be set aside by a contractual agreement related to receivable securitization arrangements.
The restrictions related to our Trax acquisition lapse at the time of resolution of certain contingencies including, but not limited to, the finalization of working capital adjustments, indebtedness adjustments, and other contingencies. The restrictions related to the receivable securitization arrangements lapse at the time we remit the customer payments collected by us as servicer of previously sold customer receivables to the purchaser.
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost is determined by the specific identification, average cost, or first-in, first-out methods. From time-to-time, we purchase aircraft and engines for disassembly to individual parts and components. Costs are assigned to these individual parts and components utilizing list prices from original equipment manufacturers and recent sales history. Expenditures for the repair of parts and components are capitalized as inventory.
The following is a summary of inventories:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Aircraft and engine parts, components and finished goods | $ | 488.9 | $ | 465.9 | ||
Raw materials and parts | 59.6 | 62.2 | ||||
Work-in-process | \u00a0 | 25.6 | \u00a0 | 22.4 | ||
$ | 574.1 | $ | 550.5 |
Rotable Assets and Equipment under Leases
The cost of the asset under lease is the original purchase price plus overhaul costs. Depreciation is computed using the straight-line method over the estimated service life of the equipment. The balance sheet classification of equipment under lease is generally based on lease term, with fixed-term leases less than twelve months generally classified as short-term and all others generally classified as long-term.
Equipment on short-term lease includes aircraft engines and parts on or available for lease to satisfy customers\u2019 immediate short-term requirements. The leases are renewable with fixed terms, which generally vary from to twelve months.
Property, Plant and Equipment and Other Non-Current Assets
We record property, plant and equipment at cost. Depreciation is computed on the straight-line method over useful lives of 10-40\u00a0years for buildings and improvements and 3-10 years for equipment, and , and . Leasehold improvements are amortized over the shorter of the estimated useful life or the term of the applicable lease.
Repair and maintenance expenditures are expensed as incurred. Upon sale or disposal, cost and accumulated depreciation are removed from the accounts, and related gains and losses are included in results of operations.
Rotable assets supporting long-term programs consist of rotable component parts used to support long-term supply chain programs. The assets are being depreciated on a straight-line basis over their estimated useful lives.
In accordance with ASC 360, Property, Plant and Equipment, we are required to test for impairment of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable from its undiscounted cash flows. We utilize certain assumptions to estimate future undiscounted cash flows, including demand for our services, future market conditions and trends, business development pipeline of opportunities, current and future lease rates, lease terms, and residual values.
During fiscal 2021, we evaluated future cash flows related to certain rotable assets supporting long-term PBH programs in light of declines in commercial airline volumes and commercial program contract terminations. In our Aviation Services segment, we recognized asset impairment charges of $5.8 million related to these rotable assets in fiscal 2021. In conjunction with the termination of a PBH contract, we evaluated future cash flows related to the rotable assets supporting that fleet type and recognized asset impairment charges of $2.3 million in fiscal 2022.
In conjunction with the decision to exit certain product lines, we recognized rotable asset impairment charges of $1.0 million and $1.4 million in fiscal 2022 and 2021, respectively, in conjunction with reclassifying the rotable assets as inventory held for sale.
In our Expeditionary Services segment, we consolidated manufacturing facilities and recognized impairment and related charges of $2.6 million during fiscal 2021.
Future rent due to us under long-term leases during each of the next five fiscal years is $17.7 million in 2024, $17.8 million in 2025, $15.6 million in 2026, $10.4 million in 2027, and $7.5 million in 2028.
Investments
Investments where we have the ability to exercise significant influence, but do not control the entity, are accounted for under the equity method of accounting. Significant influence generally exists if we have a 20% to 50% ownership interest in the investee. Our share of the net earnings or loss of our investees is included in operating income on our Consolidated Statements of Income since the activities of the investees are closely aligned with our operations.
Equity investments in entities over which we do not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost less impairment, if any, adjusted for changes resulting from qualifying observable price changes for the identical investment of the same issuer should they occur. During fiscal 2023, we recognized a gain of $0.9 million related to an observable price increase for one of our investments.
We evaluate our investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an investment is determined to be other than temporary, a loss is recorded in earnings in the current period. During fiscal 2023, we recognized an impairment loss of $1.0 million related to the recoverability for one of our investments over which we do not have the ability to exercise significant influence.
Our investments are classified in Other non-current assets on our Consolidated Balance Sheets. Distributions from joint ventures are classified as operating or investing activities in the Consolidated Statements of Cash Flows based upon an evaluation of the specific facts and circumstances of each distribution.
Restructuring and Other Exit Costs
We recognize charges for restructuring and other exit costs such as product line exits and facility closures at their fair value when incurred. In cases where employees are required to render service until they are terminated in order to receive the termination benefits and will be retained beyond the minimum retention period, we recognize the expense ratably over the future service period.
During fiscal 2021, we incurred severance and furlough-related costs of $9.0 million which were included as a component of Cost of sales and services and Selling, general and administrative on our Consolidated Statements of Income.
Income Taxes
We are subject to income taxes in the U.S., state, and several foreign jurisdictions. In the ordinary course of business, there can be transactions and calculations where the ultimate tax determination is uncertain. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns in accordance with
applicable accounting guidance for accounting for income taxes, using currently enacted tax rates in effect for the year in which the differences are expected to reverse.
We record a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Both positive and negative evidence are considered in forming our judgment as to whether a valuation allowance is appropriate, and more weight is given to evidence that can be objectively verified. Valuation allowances are reassessed whenever there are changes in circumstances that may cause a change in judgment.
The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition of tax positions taken or expected to be taken in a tax return. Where necessary, we record a liability for the difference between the benefit recognized for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made.
Supplemental Information on Cash Flows
Supplemental information on cash flows is as follows:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Interest paid | $ | 11.1 | $ | 2.1 | $ | 4.3 | |||
Income taxes paid | \u00a0 | 35.7 | \u00a0 | 23.9 | \u00a0 | 8.2 | |||
Income tax refunds | \u00a0 | 1.3 | \u00a0 | 3.8 | \u00a0 | 8.3 |
During fiscal 2023, treasury stock increased $28.7 million reflecting the repurchase of 1.2 million common shares for $50.1 million partially offset by restricted stock activity of $2.2 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $19.2 million.
During fiscal 2022, treasury stock increased $15.0 million reflecting the repurchase of 1.0 million common shares for $42.4 million partially offset by restricted stock activity of $8.1 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $19.3 million.
During fiscal 2021, treasury stock decreased $8.6 million reflecting restricted stock activity of $5.6 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $3.0 million.
Use of Estimates
We have made estimates and utilized certain assumptions relating to the reporting of assets and liabilities and the disclosures of contingent liabilities to prepare these Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-423","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Principles of Consolidation
The accompanying Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany accounts and transactions.
Certain reclassifications have been made to the prior year presentation to conform to the 2023 presentation.
"}]},{"name":"rpt:f-424","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"New Accounting Pronouncements Adopted
In November 2021, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The ASU increases transparency of government assistance by focusing on the types of assistance given, an entity\u2019s accounting for the assistance, and the effect of the assistance on the entity\u2019s financial statements to allow for more comparable information for investors and other financial statement users. This ASU is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. We adopted this ASU in fiscal 2023. See Note 13 for further information on the Company\u2019s treatment of government assistance received.
In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Generally, this ASU results in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in accordance with acquisition accounting. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We early adopted this standard in fiscal 2023 and it did not have a material impact on our consolidated financial statements.
"}]},{"name":"rpt:f-425","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Revenue Recognition
Revenue is measured based on the consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer.
Our unit of accounting for revenue recognition is a performance obligation included in our customer contracts. A performance obligation reflects the distinct good or service that we must transfer to a customer. At contract inception, we evaluate if the contract should be accounted for as a single performance obligation or if the contract contains multiple performance obligations. In some cases, our contract with the customer is considered one performance obligation as it includes factors such as whether the good or service being provided is significantly integrated with other promises in the contract, whether the service provided significantly modifies or customizes another good or service or whether the good or service is highly interdependent or interrelated. If the contract has more than one performance obligation, we determine the standalone price of each distinct good or service underlying each performance obligation and allocate the transaction price based on their relative standalone selling prices.
The transaction price of a contract, which can include both fixed and variable amounts, is allocated to each performance obligation identified. Some contracts contain variable consideration, which could include incremental fees or penalty provisions related to performance. Variable consideration that can be reasonably estimated based on current assumptions and historical information is included in the transaction price at the inception of the contract but limited to the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Variable consideration that cannot be reasonably estimated is recorded when known.
Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. The majority of our sales from products typically represent distinct performance obligations and are recognized at a point in time upon transfer of control to the customer, which generally occurs upon shipment. In connection with certain sales of products, we also provide logistics services, which include inventory management, replenishment, and other related services. The price of such services is generally included in the price of the products delivered to the customer, and revenues are recognized upon delivery of the product, at which point the customer has obtained control of the product. We do not account for these services separate from the related product sales as the services are inputs required to fulfill part orders received from customers.
For our performance obligations that are satisfied over time, we measure progress in a manner that depicts the performance of transferring control to the customer. As such, we utilize the input method of cost-to-cost to recognize revenue over time as this depicts when control of the promised goods or services are transferred to the customer. Revenue is recognized based on the relationship of actual costs incurred to date to the estimated total cost at completion of the performance obligation.
We are required to make certain judgments and estimates, including estimated revenues and costs, as well as inflation and the overall profitability of the arrangement. Key assumptions involved can include customer volume, future labor costs and efficiencies, repair or overhaul costs, overhead costs, and ultimate timing of product delivery. Differences may occur between the judgments and estimates made by management and actual program results. For contracts that are deemed to be loss contracts, we establish forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known.
We utilize the portfolio approach to estimate the amount of revenue to recognize for certain contracts which require over-time revenue recognition. Such contracts are grouped together either by revenue stream, customer or product line with each portfolio of contracts grouped together based on having similar characteristics. The portfolio approach is utilized only when the result of the accounting is not expected to be materially different than if applied to individual contracts.
We also may enter into offset agreements or conditions as part of obtaining orders for our products and services from certain government customers in foreign countries. These agreements are designed to enhance the social and economic environment of the foreign country by requiring the contractor to promote investment in the country. These agreements also may be satisfied through our use of cash or other means of providing financial support for in-country projects with local companies. The amounts ultimately applied against our offset agreements are based on negotiations with the customer and satisfaction of our offset obligations are included in the estimates of our total costs to complete the contract.
When contracts are modified, we consider whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original goods or services provided, are accounted for as if they were part of that existing contract with the effect of the contract modification recognized as an adjustment to revenue on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct, they are accounted for as a new contract and performance obligation, which are recognized prospectively.
Certain contracts with customers have options for the customer to acquire additional goods or services. In most cases, the pricing of these options is reflective of the standalone selling price of the good or service. These options do not provide the customer with a material right and are accounted for only when the customer exercises the option to purchase the additional goods or services. If the option on the customer contract was not indicative of the standalone selling price of the good or service, the material right would be accounted for as a separate performance obligation.
Under most of our U.S. government contracts, if the contract is terminated for convenience, we are entitled to payment for items delivered and fair compensation for work performed, the costs of settling and paying other claims, and a reasonable profit on the costs incurred or committed.
In the ordinary course of business, agencies of the U.S. and other governments audit our claimed indirect costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether our operations are conducted in accordance with these requirements and the terms of the relevant contracts. U.S. government agencies, including the Defense Contract Audit Agency (\u201cDCAA\u201d), routinely audit our claimed indirect costs, for compliance with the Cost Accounting Standards and the Federal Acquisition Regulations. These agencies also conduct reviews and investigations and make inquiries regarding our accounting and other systems in connection with our performance and business practices with respect to our government contracts and subcontracts.
Costs to fulfill and obtain a contract are considered for capitalization based on contract specific facts and circumstances. The incremental costs to fulfill a contract, including setup and implementation costs prior to beginning the period of performance, are capitalized when expenses are incurred prior to the start of satisfying a performance obligation. The capitalized costs are subsequently expensed over the contract\u2019s period of performance.
We have elected to use certain practical expedients permitted under ASC 606. Shipping and handling fees and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of sales on our Consolidated Statements of Income, and are not considered a performance obligation to our customers. Our reported sales on our Consolidated Statements of Income include sales and related non-income taxes. We also utilize the \u201cas invoiced\u201d practical expedient in certain cases where performance obligations are satisfied over time and the invoiced amount corresponds directly with the value we are providing to the customer.
Cumulative Catch-up Adjustments
Changes in estimates and assumptions related to our arrangements accounted for using the cost-to-cost method are recorded using the cumulative catch-up method of accounting. These changes are primarily adjustments to the estimated profitability for our long-term programs where we provide component inventory management, supply chain logistics programs, and/or repair services.
Favorable and unfavorable cumulative catch-up adjustments were as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Favorable cumulative catch-up adjustments | $ | 12.6 | $ | 15.0 | $ | 16.1 | |||
Unfavorable cumulative catch-up adjustments | \u00a0 | (4.3) | \u00a0 | (5.0) | \u00a0 | (4.1) | |||
Net cumulative catch-up adjustments | $ | 8.3 | $ | 10.0 | $ | 12.0 |
Contract Assets and Liabilities
The timing of revenue recognition, customer billings, and cash collections results in a contract asset or contract liability at the end of each reporting period. For instances where we recognize revenue prior to having an unconditional right to payment, we record a contract asset or liability. When an unconditional right to consideration exists, we reduce our contract asset or liability and recognize an unbilled or trade receivable. When amounts are dependent on factors other than the passage of time in order for payment from a customer to be due, we record a contract asset which consists of costs incurred where revenue recognized over time using the cost-to-cost model exceeds the amounts billed to customers. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to the satisfaction of our performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied, either over time as costs are incurred or at a point in time when deliveries are made. Contract assets and contract liabilities are determined on a contract-by-contract basis.
Net contract assets and liabilities are as follows:
\u00a0\u00a0\u00a0\u00a0 | May\u00a031,\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | Change | |||||
Contract assets \u2013 current | $ | 86.9 | $ | 73.6 | $ | 13.3 | |||
Contract assets \u2013 non-current | \u00a0 | 27.5 | \u00a0 | 22.5 | \u00a0 | 5.0 | |||
Contract liabilities: | \u00a0 | \u00a0 | \u00a0 | ||||||
Deferred revenue \u2013 current | (19.7) | (20.5) | 0.8 | ||||||
Deferred revenue on long-term contracts | \u00a0 | (12.7) | \u00a0 | (10.1) | \u00a0 | (2.6) | |||
Net contract assets | $ | 82.0 | $ | 65.5 | $ | 16.5 |
Contract assets \u2013 non-current is reported within Other non-current assets, deferred revenue \u2013 current is reported within Accrued Liabilities, and deferred revenue on long-term contracts is reported within Other liabilities on our Consolidated Balance Sheets. Changes in contract assets and contract liabilities primarily result from the timing difference between our performance of services and payments from customers.
During fiscal 2022 and 2021, certain commercial power-by-the-hour (\u201cPBH\u201d) customer contracts were terminated or restructured resulting in charges of $5.2 million and $5.7 million, respectively.
To support our PBH customer contracts, we previously entered into an agreement with a component repair facility to outsource a portion of the component repair and overhaul services. The agreement included certain minimum repair volume guarantees, which we have not met. During fiscal 2023, 2022 and 2021, we recognized charges of $1.9 million, $1.7 million and $4.5 million, respectively, to reflect our estimated obligation over the remainder of the agreement for not achieving the minimum volume guarantees. As of May 31, 2023, our Consolidated Balance Sheet included remaining loss reserves of $5.1 million with $4.3 million classified as current in Accrued liabilities and $0.8 million classified as long-term in Other liabilities.
Changes in our deferred revenue were as follows:
Year ended May\u00a031,\u00a0 | ||||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Deferred revenue at beginning of period | $ | (30.6) | $ | (31.3) | ||
Revenue deferred | \u00a0 | (267.0) | \u00a0 | (259.0) | ||
Revenue recognized | \u00a0 | 257.8 | \u00a0 | 242.3 | ||
Other (1) | \u00a0 | 7.4 | \u00a0 | 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. |
Remaining Performance Obligations
As of May 31, 2023, we had approximately $740 million of remaining performance obligations, also referred to as firm backlog, which excludes unexercised contract options and potential orders under our indefinite-delivery, indefinite-quantity contracts. We expect that approximately 45% of this backlog will be recognized as revenue over the next 12 months and approximately 75% will be recognized over the next three years. The amount of remaining performance obligations that are expected to be recognized as revenue beyond 12 months, primarily relates to our long-term programs where we provide component inventory management, supply chain logistics programs, and/or repair services.
"}]},{"name":"rpt:f-426","factDimensions":{"xbrl:concept":"air:ScheduleOfFavorableAndUnfavorableCumulativeCatchUpAdjustmentsTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Favorable cumulative catch-up adjustments | $ | 12.6 | $ | 15.0 | $ | 16.1 | |||
Unfavorable cumulative catch-up adjustments | \u00a0 | (4.3) | \u00a0 | (5.0) | \u00a0 | (4.1) | |||
Net cumulative catch-up adjustments | $ | 8.3 | $ | 10.0 | $ | 12.0 |
\u00a0\u00a0\u00a0\u00a0 | May\u00a031,\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | Change | |||||
Contract assets \u2013 current | $ | 86.9 | $ | 73.6 | $ | 13.3 | |||
Contract assets \u2013 non-current | \u00a0 | 27.5 | \u00a0 | 22.5 | \u00a0 | 5.0 | |||
Contract liabilities: | \u00a0 | \u00a0 | \u00a0 | ||||||
Deferred revenue \u2013 current | (19.7) | (20.5) | 0.8 | ||||||
Deferred revenue on long-term contracts | \u00a0 | (12.7) | \u00a0 | (10.1) | \u00a0 | (2.6) | |||
Net contract assets | $ | 82.0 | $ | 65.5 | $ | 16.5 |
Year ended May\u00a031,\u00a0 | ||||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Deferred revenue at beginning of period | $ | (30.6) | $ | (31.3) | ||
Revenue deferred | \u00a0 | (267.0) | \u00a0 | (259.0) | ||
Revenue recognized | \u00a0 | 257.8 | \u00a0 | 242.3 | ||
Other (1) | \u00a0 | 7.4 | \u00a0 | 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. |
Financial Instruments and Concentrations of Market or Credit Risk
Financial instruments that potentially subject us to concentrations of market or credit risk consist principally of trade receivables. While our trade receivables are diverse and represent a number of entities and geographic regions, the majority are with the U.S. government and its contractors and entities in the aviation industry. The composition of our accounts receivable is as follows:
\u00a0\u00a0\u00a0\u00a0 | May\u00a031,\u00a0 | |||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
U.S. Government contracts: | \u00a0 | |||||
Trade receivables | $ | 13.1 | $ | 31.6 | ||
Unbilled receivables | \u00a0 | 18.9 | \u00a0 | 25.9 | ||
\u00a0 | 32.0 | \u00a0 | 57.5 | |||
All other customers: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Trade receivables | \u00a0 | 179.7 | \u00a0 | 136.8 | ||
Unbilled receivables | \u00a0 | 29.6 | \u00a0 | 19.7 | ||
\u00a0 | 209.3 | \u00a0 | 156.5 | |||
$ | 241.3 | $ | 214.0 |
The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value because of the short-term maturity of these instruments. The carrying value of long-term debt approximates fair value because of it bearing a variable interest rate.
Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
"}]},{"name":"rpt:f-478","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | May\u00a031,\u00a0 | |||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
U.S. Government contracts: | \u00a0 | |||||
Trade receivables | $ | 13.1 | $ | 31.6 | ||
Unbilled receivables | \u00a0 | 18.9 | \u00a0 | 25.9 | ||
\u00a0 | 32.0 | \u00a0 | 57.5 | |||
All other customers: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Trade receivables | \u00a0 | 179.7 | \u00a0 | 136.8 | ||
Unbilled receivables | \u00a0 | 29.6 | \u00a0 | 19.7 | ||
\u00a0 | 209.3 | \u00a0 | 156.5 | |||
$ | 241.3 | $ | 214.0 |
Allowance for Credit Losses
We maintain an allowance for credit losses to reflect the expected uncollectibility of accounts receivable based on past collection history and specific risks identified among uncollected accounts. In determining the required allowance, we consider factors such as general and industry-specific economic conditions, customer credit history, and our customers\u2019 current and expected future financial performance. The majority of our customers are recurring customers with an established payment history. Certain customers are required to undergo an extensive credit check prior to delivery of products or services.
Our allowance for credit losses also includes reserves for estimated product returns based on historical return rates. The reserve for estimated product returns is recognized as a reduction to sales with a corresponding reduction to cost of sales for the estimated cost of inventory that is expected to be returned.
We perform regular evaluations of customer payment experience, current financial condition, and risk analysis. We may require collateral in the form of security interests in assets, letters of credit, and/or obligation guarantees from financial institutions for transactions executed on other than normal trade terms. We also maintain trade credit insurance for certain customers to provide coverage, up to a certain limit, in the event of insolvency of some customers.
The change in our allowance for credit losses was as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Balance, beginning of year | $ | 17.9 | $ | 16.4 | $ | 22.1 | |||
Provision charged to operations, net of recoveries | \u00a0 | 2.6 | \u00a0 | 1.2 | \u00a0 | 8.5 | |||
Deductions for accounts written off and other reclassifications | \u00a0 | (7.1) | \u00a0 | 0.3 | \u00a0 | (14.2) | |||
Balance, end of year | $ | 13.4 | $ | 17.9 | $ | 16.4 |
"}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Balance, beginning of year | $ | 17.9 | $ | 16.4 | $ | 22.1 | |||
Provision charged to operations, net of recoveries | \u00a0 | 2.6 | \u00a0 | 1.2 | \u00a0 | 8.5 | |||
Deductions for accounts written off and other reclassifications | \u00a0 | (7.1) | \u00a0 | 0.3 | \u00a0 | (14.2) | |||
Balance, end of year | $ | 13.4 | $ | 17.9 | $ | 16.4 |
Goodwill and Other Intangible Assets
In accordance with ASC 350, Intangibles\u2013Goodwill and Other, goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. We review and evaluate our goodwill and indefinite life intangible assets for potential impairment at a minimum annually, on May\u00a031, or more frequently if circumstances indicate that impairment is possible.
As of May 31, 2023, we had three reporting units, which included two in our Aviation Services segment (Aviation Supply Chain and MRO) and one comprised of our Expeditionary Services segment. We utilized the qualitative assessment approach for all reporting units which considers general economic conditions, industry specific performance, changes in reporting unit carrying values, and assumptions used in the most recent fair value calculation. We concluded it was more likely than not that the fair value of each reporting unit exceeded its carrying value at May 31, 2023, and thus no impairment charges were recorded.
Changes in the carrying amount of goodwill by segment for fiscal 2023 and 2022 are as follows:
Aviation | Expeditionary | ||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance as of May\u00a031,\u00a02021 | $ | 100.5 | $ | 18.8 | $ | 119.3 | |||
Foreign currency translation adjustments | (2.9) | \u00a0 | \u2014 | \u00a0 | (2.9) | ||||
Balance as of May 31, 2022 | 97.6 | 18.8 | 116.4 | ||||||
Trax acquisition (1) | 60.5 | \u2014 | 48.5 | ||||||
Foreign currency translation adjustments | (1.1) | \u2014 | (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. |
Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. Intangible assets, other than goodwill, are comprised of the following:
May\u00a031,\u00a02023 | |||||||||
Accumulated | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | ||||
Amortizable\u00a0intangible\u00a0assets: | |||||||||
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 | \u00a0 | 7.2 | \u00a0 | \u2014 | \u00a0 | 7.2 | |||
$ | 69.7 | $ | (6.0) | $ | 63.7 |
May\u00a031,\u00a02022 | |||||||||
Accumulated | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | ||||
Amortizable\u00a0intangible\u00a0assets: | |||||||||
Customer relationships | $ | 11.3 | $ | (9.1) | $ | 2.2 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.1 | \u00a0 | \u2014 | \u00a0 | 1.1 | |||
$ | 12.4 | $ | (9.1) | $ | 3.3 |
Customer relationships are being amortized over -20 years and developed technology is being amortized over 20 years. Amortization expense recorded during fiscal 2023, 2022 and 2021 was $1.3 million, $1.1\u00a0million, and $1.8\u00a0million, respectively. The estimated aggregate amount of amortization expense for intangible assets in each of the next five fiscal is $4.4\u00a0 .
"}]},{"name":"rpt:f-508","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"air:item"},"factValues":[{"value":"3"}]},{"name":"rpt:f-509","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"air:item","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"2"}]},{"name":"rpt:f-510","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"air:item","us-gaap:StatementBusinessSegmentsAxis":"air:ExpeditionaryServicesMember"},"factValues":[{"value":"1"}]},{"name":"rpt:f-511","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-512","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Aviation | Expeditionary | ||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance as of May\u00a031,\u00a02021 | $ | 100.5 | $ | 18.8 | $ | 119.3 | |||
Foreign currency translation adjustments | (2.9) | \u00a0 | \u2014 | \u00a0 | (2.9) | ||||
Balance as of May 31, 2022 | 97.6 | 18.8 | 116.4 | ||||||
Trax acquisition (1) | 60.5 | \u2014 | 48.5 | ||||||
Foreign currency translation adjustments | (1.1) | \u2014 | (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. |
May\u00a031,\u00a02023 | |||||||||
Accumulated | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | ||||
Amortizable\u00a0intangible\u00a0assets: | |||||||||
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 | \u00a0 | 7.2 | \u00a0 | \u2014 | \u00a0 | 7.2 | |||
$ | 69.7 | $ | (6.0) | $ | 63.7 |
May\u00a031,\u00a02022 | |||||||||
Accumulated | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | ||||
Amortizable\u00a0intangible\u00a0assets: | |||||||||
Customer relationships | $ | 11.3 | $ | (9.1) | $ | 2.2 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.1 | \u00a0 | \u2014 | \u00a0 | 1.1 | |||
$ | 12.4 | $ | (9.1) | $ | 3.3 |
Foreign Currency
Our foreign subsidiaries utilize the local currency as their functional currency. All balance sheet accounts of foreign subsidiaries transacting business in currencies other than the U.S. dollar are translated at year-end exchange rates. Revenues and expenses are translated at average exchange rates during the year. Translation adjustments are excluded from the results of operations and are recorded in stockholders\u2019 equity as a component of accumulated other comprehensive loss until such subsidiaries are liquidated. Income and losses from foreign currency transactions re-measurements are included in Selling, general and administrative expenses.
"}]},{"name":"rpt:f-558","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationsPolicy","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Business Combinations
Transaction costs related to business combinations are expensed as incurred. Assets acquired and liabilities assumed are measured and recognized based on their estimated fair values at the acquisition date, any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired is recorded as goodwill.
If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, the business combination is recorded and disclosed on a preliminary basis. Subsequent to the acquisition date, and not later than one year from the acquisition date, adjustments to the initial preliminary recognized amounts are recorded to the extent new information is obtained about the measurement of assets and liabilities that existed as of the date of the acquisition.
"}]},{"name":"rpt:f-559","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Cash
Cash and cash equivalents consist of highly liquid instruments which have original maturities of three months or less when purchased. Restricted cash represents cash on hand that is legally restricted as to withdrawal or usage. Restricted cash includes $12.1 million on deposit with an escrow agent related to our acquisition of Trax USA Corp. (\u201cTrax\u201d) in March 2023 and $1.3 million required to be set aside by a contractual agreement related to receivable securitization arrangements.
The restrictions related to our Trax acquisition lapse at the time of resolution of certain contingencies including, but not limited to, the finalization of working capital adjustments, indebtedness adjustments, and other contingencies. The restrictions related to the receivable securitization arrangements lapse at the time we remit the customer payments collected by us as servicer of previously sold customer receivables to the purchaser.
"}]},{"name":"rpt:f-560","factDimensions":{"xbrl:concept":"air:EscrowDepositCurrent","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12100000","decimals":-5}]},{"name":"rpt:f-561","factDimensions":{"xbrl:concept":"us-gaap:RestrictedInvestmentsCurrent","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1300000","decimals":-5}]},{"name":"rpt:f-562","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Inventories
Inventories are valued at the lower of cost or net realizable value. Cost is determined by the specific identification, average cost, or first-in, first-out methods. From time-to-time, we purchase aircraft and engines for disassembly to individual parts and components. Costs are assigned to these individual parts and components utilizing list prices from original equipment manufacturers and recent sales history. Expenditures for the repair of parts and components are capitalized as inventory.
The following is a summary of inventories:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Aircraft and engine parts, components and finished goods | $ | 488.9 | $ | 465.9 | ||
Raw materials and parts | 59.6 | 62.2 | ||||
Work-in-process | \u00a0 | 25.6 | \u00a0 | 22.4 | ||
$ | 574.1 | $ | 550.5 |
"}]},{"name":"rpt:f-563","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Aircraft and engine parts, components and finished goods | $ | 488.9 | $ | 465.9 | ||
Raw materials and parts | 59.6 | 62.2 | ||||
Work-in-process | \u00a0 | 25.6 | \u00a0 | 22.4 | ||
$ | 574.1 | $ | 550.5 |
Rotable Assets and Equipment under Leases
The cost of the asset under lease is the original purchase price plus overhaul costs. Depreciation is computed using the straight-line method over the estimated service life of the equipment. The balance sheet classification of equipment under lease is generally based on lease term, with fixed-term leases less than twelve months generally classified as short-term and all others generally classified as long-term.
Equipment on short-term lease includes aircraft engines and parts on or available for lease to satisfy customers\u2019 immediate short-term requirements. The leases are renewable with fixed terms, which generally vary from to twelve months.
"}]},{"name":"rpt:f-573","factDimensions":{"xbrl:concept":"air:PeriodOfShortTermOperatingLeases","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-574","factDimensions":{"xbrl:concept":"air:PropertyPlantAndEquipmentAndOtherNonCurrentAssetsPolicyPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Property, Plant and Equipment and Other Non-Current Assets
We record property, plant and equipment at cost. Depreciation is computed on the straight-line method over useful lives of 10-40\u00a0years for buildings and improvements and 3-10 years for equipment, and , and . Leasehold improvements are amortized over the shorter of the estimated useful life or the term of the applicable lease.
Repair and maintenance expenditures are expensed as incurred. Upon sale or disposal, cost and accumulated depreciation are removed from the accounts, and related gains and losses are included in results of operations.
Rotable assets supporting long-term programs consist of rotable component parts used to support long-term supply chain programs. The assets are being depreciated on a straight-line basis over their estimated useful lives.
In accordance with ASC 360, Property, Plant and Equipment, we are required to test for impairment of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable from its undiscounted cash flows. We utilize certain assumptions to estimate future undiscounted cash flows, including demand for our services, future market conditions and trends, business development pipeline of opportunities, current and future lease rates, lease terms, and residual values.
During fiscal 2021, we evaluated future cash flows related to certain rotable assets supporting long-term PBH programs in light of declines in commercial airline volumes and commercial program contract terminations. In our Aviation Services segment, we recognized asset impairment charges of $5.8 million related to these rotable assets in fiscal 2021. In conjunction with the termination of a PBH contract, we evaluated future cash flows related to the rotable assets supporting that fleet type and recognized asset impairment charges of $2.3 million in fiscal 2022.
In conjunction with the decision to exit certain product lines, we recognized rotable asset impairment charges of $1.0 million and $1.4 million in fiscal 2022 and 2021, respectively, in conjunction with reclassifying the rotable assets as inventory held for sale.
In our Expeditionary Services segment, we consolidated manufacturing facilities and recognized impairment and related charges of $2.6 million during fiscal 2021.
Future rent due to us under long-term leases during each of the next five fiscal years is $17.7 million in 2024, $17.8 million in 2025, $15.6 million in 2026, $10.4 million in 2027, and $7.5 million in 2028.
"}]},{"name":"rpt:f-575","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MinimumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingAndBuildingImprovementsMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-576","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingAndBuildingImprovementsMember"},"factValues":[{"value":"P40Y"}]},{"name":"rpt:f-577","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MinimumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:EquipmentMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-578","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:EquipmentMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-579","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sic:Z3720","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"5800000","decimals":-5}]},{"name":"rpt:f-580","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sic:Z3720","us-gaap:RestructuringCostAndReserveAxis":"us-gaap:ContractTerminationMember"},"factValues":[{"value":"2300000","decimals":-5}]},{"name":"rpt:f-581","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sic:Z3720","us-gaap:RestructuringCostAndReserveAxis":"air:ProductLineExitCostsMember"},"factValues":[{"value":"1000000.0","decimals":-5}]},{"name":"rpt:f-582","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sic:Z3720","us-gaap:RestructuringCostAndReserveAxis":"air:ProductLineExitCostsMember"},"factValues":[{"value":"1400000","decimals":-5}]},{"name":"rpt:f-583","factDimensions":{"xbrl:concept":"air:ImpairmentAndOtherRelatedCharges","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ManufacturingFacilityMember","us-gaap:StatementBusinessSegmentsAxis":"air:ExpeditionaryServicesMember"},"factValues":[{"value":"2600000","decimals":-5}]},{"name":"rpt:f-584","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17700000","decimals":-5}]},{"name":"rpt:f-585","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedTwoYears","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17800000","decimals":-5}]},{"name":"rpt:f-586","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedThreeYears","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15600000","decimals":-5}]},{"name":"rpt:f-587","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedFourYears","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10400000","decimals":-5}]},{"name":"rpt:f-588","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedFiveYears","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7500000","decimals":-5}]},{"name":"rpt:f-589","factDimensions":{"xbrl:concept":"us-gaap:InvestmentPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Investments
Investments where we have the ability to exercise significant influence, but do not control the entity, are accounted for under the equity method of accounting. Significant influence generally exists if we have a 20% to 50% ownership interest in the investee. Our share of the net earnings or loss of our investees is included in operating income on our Consolidated Statements of Income since the activities of the investees are closely aligned with our operations.
Equity investments in entities over which we do not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost less impairment, if any, adjusted for changes resulting from qualifying observable price changes for the identical investment of the same issuer should they occur. During fiscal 2023, we recognized a gain of $0.9 million related to an observable price increase for one of our investments.
We evaluate our investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an investment is determined to be other than temporary, a loss is recorded in earnings in the current period. During fiscal 2023, we recognized an impairment loss of $1.0 million related to the recoverability for one of our investments over which we do not have the ability to exercise significant influence.
Our investments are classified in Other non-current assets on our Consolidated Balance Sheets. Distributions from joint ventures are classified as operating or investing activities in the Consolidated Statements of Cash Flows based upon an evaluation of the specific facts and circumstances of each distribution.
"}]},{"name":"rpt:f-590","factDimensions":{"xbrl:concept":"air:GainOnInvestmentsRelatedToObservablePriceIncrease","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"900000","decimals":-5}]},{"name":"rpt:f-591","factDimensions":{"xbrl:concept":"air:InvestmentsOtherThanTemporaryImpairment","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000.0","decimals":-5}]},{"name":"rpt:f-592","factDimensions":{"xbrl:concept":"us-gaap:CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Restructuring and Other Exit Costs
We recognize charges for restructuring and other exit costs such as product line exits and facility closures at their fair value when incurred. In cases where employees are required to render service until they are terminated in order to receive the termination benefits and will be retained beyond the minimum retention period, we recognize the expense ratably over the future service period.
During fiscal 2021, we incurred severance and furlough-related costs of $9.0 million which were included as a component of Cost of sales and services and Selling, general and administrative on our Consolidated Statements of Income.
"}]},{"name":"rpt:f-593","factDimensions":{"xbrl:concept":"us-gaap:SeveranceCosts1","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"air:CostOfSalesAndServicesSellingGeneralAndAdministrativeMember"},"factValues":[{"value":"9000000.0","decimals":-5}]},{"name":"rpt:f-594","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Income Taxes
We are subject to income taxes in the U.S., state, and several foreign jurisdictions. In the ordinary course of business, there can be transactions and calculations where the ultimate tax determination is uncertain. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns in accordance with
applicable accounting guidance for accounting for income taxes, using currently enacted tax rates in effect for the year in which the differences are expected to reverse.
We record a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Both positive and negative evidence are considered in forming our judgment as to whether a valuation allowance is appropriate, and more weight is given to evidence that can be objectively verified. Valuation allowances are reassessed whenever there are changes in circumstances that may cause a change in judgment.
The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition of tax positions taken or expected to be taken in a tax return. Where necessary, we record a liability for the difference between the benefit recognized for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made.
"}]},{"name":"rpt:f-595","factDimensions":{"xbrl:concept":"air:SupplementalInformationOnCashFlowsPolicyTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Supplemental Information on Cash Flows
Supplemental information on cash flows is as follows:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Interest paid | $ | 11.1 | $ | 2.1 | $ | 4.3 | |||
Income taxes paid | \u00a0 | 35.7 | \u00a0 | 23.9 | \u00a0 | 8.2 | |||
Income tax refunds | \u00a0 | 1.3 | \u00a0 | 3.8 | \u00a0 | 8.3 |
During fiscal 2023, treasury stock increased $28.7 million reflecting the repurchase of 1.2 million common shares for $50.1 million partially offset by restricted stock activity of $2.2 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $19.2 million.
During fiscal 2022, treasury stock increased $15.0 million reflecting the repurchase of 1.0 million common shares for $42.4 million partially offset by restricted stock activity of $8.1 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $19.3 million.
During fiscal 2021, treasury stock decreased $8.6 million reflecting restricted stock activity of $5.6 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $3.0 million.
"}]},{"name":"rpt:f-596","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Interest paid | $ | 11.1 | $ | 2.1 | $ | 4.3 | |||
Income taxes paid | \u00a0 | 35.7 | \u00a0 | 23.9 | \u00a0 | 8.2 | |||
Income tax refunds | \u00a0 | 1.3 | \u00a0 | 3.8 | \u00a0 | 8.3 |
Use of Estimates
We have made estimates and utilized certain assumptions relating to the reporting of assets and liabilities and the disclosures of contingent liabilities to prepare these Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-620","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:DisposalGroupClassificationAxis":"us-gaap:DiscontinuedOperationsDisposedOfBySaleMember","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"air:ContractorOwnedContractorOperatedMember"},"factValues":[{"value":"2. Discontinued Operations
During the third quarter of fiscal 2018, we decided to pursue the sale of our Contractor-Owned, Contractor-Operated (\u201cCOCO\u201d) business previously included in our Expeditionary Services segment. Due to this strategic shift, the assets, liabilities, and results of
operations of our COCO business have been reported as discontinued operations for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to our continuing operations.
Following the sale of the last operating contract of the COCO business in 2020, our continuing involvement in the COCO business is limited to the lease of certain aircraft which is an obligation of the acquirer of the COCO business. The assets and liabilities of our discontinued operations are primarily comprised of right-of-use (\u201cROU\u201d) assets and lease-related liabilities.
"}]},{"name":"rpt:f-621","factDimensions":{"xbrl:concept":"air:SaleOfReceivableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
3. Sale of Receivables
On February 23, 2018, we entered into a Purchase Agreement with Citibank N.A. (\u201cPurchaser\u201d) for the sale, from time to time, of certain accounts receivable due from certain customers (the \u201cPurchase Agreement\u201d). Under the Purchase Agreement, the maximum amount of receivables sold is limited to $150 million and Purchaser may, but is not required to, purchase the eligible receivables we offer to sell. The term of the Purchase Agreement runs through February 22, 2024, but, the Purchase Agreement may be terminated earlier under certain circumstances. The term of the Purchase Agreement is automatically extended for annual terms unless either party provides advance notice that they do not intend to extend the term.
We have no retained interests in the sold receivables, other than limited recourse obligations in certain circumstances, and only perform collection and administrative functions for the Purchaser. We account for these receivable transfers as sales under ASC 860, Transfers and Servicing, and de-recognize the sold receivables from our Consolidated Balance Sheets.
Receivables sold under the Purchase Agreement during fiscal 2023, 2022, and 2021 were $ 171.6 million, $ 283.3 million, and $440.6 million, respectively. Amounts remitted to the Purchaser on its behalf during fiscal 2023, 2022, and 2021 were $ 173.8 million, $ 306.9 million, and $476.3 million, respectively. As of May 31, 2023 and May 31, 2022, we had collected cash of $1.3 million and $5.4 million, respectively, which was not yet remitted to the Purchaser as of those dates and was classified as Restricted cash on our Consolidated Balance Sheets.
We recognize discounts on the sale of our receivables and other fees related to the Purchase Agreement in Other expense, net on our Consolidated Statements of Income. During fiscal 2023, 2022 and 2021, we incurred discounts on the sale of our receivables and other fees of $ 0.6 million, $ 0.3 million and $0.4 million, respectively.
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Debt Outstanding
A summary of the carrying amount of our debt is as follows:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Revolving Credit Facility with interest payable monthly | $ | 272.0 | $ | 100.0 | ||
Debt issuance costs, net | (2.3) | (1.1) | ||||
Long-term debt | $ | 269.7 | $ | 98.9 |
At May 31, 2023, our variable rate debt had a fair value that approximates its carrying value and is classified as Level 2 in the fair value hierarchy.
On October 18, 2017, we entered into a Credit Agreement with the Canadian Imperial Bank of Commerce, as lender (the \u201cCredit Agreement\u201d). The Credit Agreement provided a Canadian $31 million term loan with the proceeds used to fund the acquisition of two MRO facilities in Canada from Premier Aviation. The term loan was paid in full at the expiration of the Credit Agreement on November 1, 2021.
On December 14, 2022, we entered into a new credit agreement with various financial institutions as lenders and Wells Fargo Bank, N.A. as administrative agent for the lenders (the \u201cCredit Agreement\u201d). The Credit Agreement provides for a $620 million unsecured revolving credit facility (the \u201cRevolving Credit Facility\u201d) that we can draw upon for working capital and general corporate purposes. Under certain circumstances, we may request an increase to the lending commitments under the Credit Agreement by an aggregate amount of up to $300 million, not to exceed $920 million in total. The Credit Agreement expires on December 14, 2027. Borrowings under the Credit Agreement bear interest at a variable rate based on the secured overnight financing rate, or SOFR, plus 112.5 to 200 basis points based on certain financial measurements if a SOFR loan, or at the offered fluctuating Base Rate plus 12.5 to 100 basis points based on certain financial measurements if a Base Rate loan.
On December 14, 2022, and in connection with our entry into the Credit Agreement, we terminated our revolving credit facility under the credit agreement dated April 12, 2011, as amended, (the \u201c2011 Credit Agreement\u201d) with the outstanding borrowings under the 2011 Credit Agreement at the date of its termination rolled over to the Credit Agreement.
Borrowings outstanding under the Revolving Credit Facility at May 31, 2023 were $272.0 million and there were approximately $11.1 million of outstanding letters of credit, which reduced the availability of this facility to $336.9 million.
Our financing arrangements require us to comply with leverage and interest coverage ratios and comply with certain affirmative and negative covenants, including those relating to financial reporting and notification, compliance with applicable laws, and limitations on additional liens, indebtedness, acquisitions, investments and disposition of assets. Our Credit Agreement also requires our significant domestic subsidiaries to provide a guarantee of payment under the Credit Agreement. At May 31, 2023, we were in compliance with the financial and other covenants in our financing agreements.
Borrowing activity under the Credit Agreement during fiscal 2023, 2022 and 2021 is as follows:
For the Year Ended May\u00a031,\u00a0 | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | ||||
Maximum amount borrowed | $ | 350.0 | $ | 124.5 | $ | 579.5 | ||||
Average daily borrowings | \u00a0 | 210.2 | \u00a0 | 105.9 | \u00a0 | 257.5 | ||||
Average interest rate during the year | \u00a0 | 5.11 | %\u00a0\u00a0 | \u00a0 | 1.09 | %\u00a0\u00a0 | \u00a0 | 1.20 | % |
We also have $9.2\u00a0million available under foreign lines of credit as of May 31, 2023.
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\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Revolving Credit Facility with interest payable monthly | $ | 272.0 | $ | 100.0 | ||
Debt issuance costs, net | (2.3) | (1.1) | ||||
Long-term debt | $ | 269.7 | $ | 98.9 |
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For the Year Ended May\u00a031,\u00a0 | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | ||||
Maximum amount borrowed | $ | 350.0 | $ | 124.5 | $ | 579.5 | ||||
Average daily borrowings | \u00a0 | 210.2 | \u00a0 | 105.9 | \u00a0 | 257.5 | ||||
Average interest rate during the year | \u00a0 | 5.11 | %\u00a0\u00a0 | \u00a0 | 1.09 | %\u00a0\u00a0 | \u00a0 | 1.20 | % |
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5. Equity
Stock-Based Compensation
We grant stock-based awards under the AAR CORP. 2013 Stock Plan, as Amended and Restated Effective July 13, 2020 (the \u201c2013 Stock Plan\u201d) which has been approved by our stockholders. Under the 2013 Stock Plan, we are authorized to issue stock options to employees and non-employee directors that allow the grant recipients to purchase shares of common stock at a price not less than the fair market value of the common stock on the date of grant. Generally, stock options awarded expire ten years from the date of grant and are exercisable in three annual increments commencing one year after the date of grant. In addition to stock options, the 2013 Stock Plan also provides for the grant of time-based restricted stock awards and performance-based restricted stock awards. The 2013 Stock Plan also provides for the grant of stock appreciation units and restricted stock units; however, to date, no such awards have been granted.
Restricted stock grants (whether time-based or performance-based) are designed, among other things, to align employee interests with the interests of stockholders and to encourage the recipient to build a career with us. Restricted stock typically vests over periods of to three years from the date of grant. Restricted stock grants may be performance-based with vesting to generally occur over a period of three years. All restricted stock that has been granted and, if performance-based, earned according to performance criteria carries full dividend and voting rights, regardless of whether it has vested.
Substantially all stock options and restricted stock are subject to forfeiture prior to vesting if the employee\u2019s employment terminates for any reason other than death, disability or retirement. Under the 2013 Stock Plan, we have granted a total of 5,957,965 shares and there were 866,307 shares available for grant as of May 31, 2023.
Stock Options
During fiscal 2023, 2022, and 2021, we granted stock options with respect to 221,900\u00a0shares, 144,815 shares and 936,170 shares, respectively. The weighted average fair value per share of stock options granted during fiscal 2023, 2022 and 2021 was $17.61, $13.42 and $5.89, respectively. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:
Stock\u00a0Options\u00a0Granted In\u00a0Fiscal\u00a0Year | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | |
Risk-free interest rate | 3.1 | %\u00a0\u00a0 | 0.8 | %\u00a0\u00a0\u00a0 | 0.4 | %\u00a0 | |
Expected volatility of common stock | \u00a0 | 42.2 | %\u00a0\u00a0 | 41.6 | %\u00a0\u00a0 | 40.2 | % |
Dividend yield | \u00a0 | 0.0 | %\u00a0\u00a0 | 0.8 | %\u00a0\u00a0 | 1.6 | % |
Expected option term in years | \u00a0 | 5.2 | 5.3 | 4.8 |
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on historical volatility of our common stock, and the expected option term represents the period of time that the stock options granted are expected to be outstanding based on historical exercise trends. The dividend yield represents our anticipated cash dividends at the grant date over the expected option term.
A summary of stock option activity for the three years ended May 31, 2023 consisted of the following (shares in thousands):
2023 | 2022 | 2021 | |||||||||||||
Weighted | Weighted | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Exercise Price | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | \u00a0Exercise Price | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Exercise\u00a0Price | ||||
Outstanding at beginning of year | 2,045 | $ | 29.86 | 2,612 | $ | 28.34 | 1,851 | $ | 32.74 | ||||||
Granted | \u00a0 | 222 | 41.88 | \u00a0 | 145 | 37.84 | \u00a0 | 936 | 18.94 | ||||||
Exercised | \u00a0 | (631) | 25.31 | \u00a0 | (686) | 25.53 | \u00a0 | (110) | 23.93 | ||||||
Cancelled | \u00a0 | (63) | 33.25 | \u00a0 | (26) | 36.17 | \u00a0 | (65) | 25.59 | ||||||
Outstanding at end of year | \u00a0 | 1,573 | $ | 33.24 | \u00a0 | 2,045 | $ | 29.86 | \u00a0 | 2,612 | $ | 28.34 | |||
Options exercisable at end of year | \u00a0 | 1,018 | $ | 35.09 | \u00a0 | 1,189 | $ | 33.57 | \u00a0 | 1,371 | $ | 31.56 |
The weighted-average remaining term (in years) for options outstanding at the end of the year was 6.2 years, 6.7 years, and 7.1 years at May 31, 2023, 2022, and 2021, respectively. The weighted-average remaining term (in years) for options exercisable at the end of the year was 5.2 years, 5.7 years, and 5.5 years at May 31, 2023, 2022, and 2021, respectively.
The total fair value of stock options that vested during fiscal 2023, 2022, and 2021 was $3.6 million, $4.3 million, and $3.9\u00a0million, respectively. The total intrinsic value of stock options exercised during fiscal 2023, 2022, and 2021 was $15.5 million, $14.4\u00a0million, and $1.5 million, respectively. The aggregate intrinsic value of options outstanding was $26.6 million and $37.6\u00a0million as of May 31, 2023 and 2022, respectively.
Expense recognized in Selling, general and administrative expenses for stock options during fiscal 2023, 2022, and 2021 was $3.5 million, $3.8\u00a0million, and $4.0\u00a0million, respectively. As of May 31, 2023, we had $3.1 million of unrecognized compensation expense related to stock options that will be expensed over an average period of 1.6 years.
Restricted Stock
We provide executives and other key employees an opportunity to be awarded performance-based and time-based restricted stock. The fair value of restricted shares is the market value of our common stock on the date of grant. The performance-based awards are contingent upon the achievement of certain objectives, which generally include cumulative income, average return on capital, and relative total shareholder return over a three-year performance period. Performance-based restricted shares of 74,660 and 43,010 were granted to executives and key employees during fiscal 2023 and 2022, respectively. No performance-based restricted shares were granted in fiscal 2021. Time-based restricted shares of 93,450, 260,742, and 144,255 were granted to executives and key employees during fiscal 2023, 2022, and 2021, respectively. We also award time-based restricted stock to our non-employee directors as part of their annual compensation. Time-based restricted shares of 28,851, 32,307, and 72,021 were granted to members of the Board of Directors during fiscal 2023, 2022, and 2021, respectively.
Restricted share activity during fiscal 2023 was as follows (shares in thousands):
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average | |||
Number\u00a0of | Fair\u00a0Value | ||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | on\u00a0Grant\u00a0Date | ||
Nonvested at May\u00a031,\u00a02022 | \u00a0 | 554 | $ | 38.95 | |
Granted | \u00a0 | 197 | 42.01 | ||
Vested | \u00a0 | (97) | 39.43 | ||
Forfeited | \u00a0 | (82) | 36.33 | ||
Nonvested at May\u00a031,\u00a02023 | \u00a0 | 572 | 43.92 |
Expense recognized in Selling, general and administrative expenses for all restricted share programs during fiscal 2023, 2022, and 2021 was $10.0 million, $4.4 million, and $5.2 million, respectively. As of May 31, 2023 we had $14.3 million of unearned compensation related to restricted shares that will be expensed over a weighted average period of 1.8 years.
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\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | |
Risk-free interest rate | 3.1 | %\u00a0\u00a0 | 0.8 | %\u00a0\u00a0\u00a0 | 0.4 | %\u00a0 | |
Expected volatility of common stock | \u00a0 | 42.2 | %\u00a0\u00a0 | 41.6 | %\u00a0\u00a0 | 40.2 | % |
Dividend yield | \u00a0 | 0.0 | %\u00a0\u00a0 | 0.8 | %\u00a0\u00a0 | 1.6 | % |
Expected option term in years | \u00a0 | 5.2 | 5.3 | 4.8 |
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A summary of stock option activity for the three years ended May 31, 2023 consisted of the following (shares in thousands):
2023 | 2022 | 2021 | |||||||||||||
Weighted | Weighted | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Exercise Price | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | \u00a0Exercise Price | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Exercise\u00a0Price | ||||
Outstanding at beginning of year | 2,045 | $ | 29.86 | 2,612 | $ | 28.34 | 1,851 | $ | 32.74 | ||||||
Granted | \u00a0 | 222 | 41.88 | \u00a0 | 145 | 37.84 | \u00a0 | 936 | 18.94 | ||||||
Exercised | \u00a0 | (631) | 25.31 | \u00a0 | (686) | 25.53 | \u00a0 | (110) | 23.93 | ||||||
Cancelled | \u00a0 | (63) | 33.25 | \u00a0 | (26) | 36.17 | \u00a0 | (65) | 25.59 | ||||||
Outstanding at end of year | \u00a0 | 1,573 | $ | 33.24 | \u00a0 | 2,045 | $ | 29.86 | \u00a0 | 2,612 | $ | 28.34 | |||
Options exercisable at end of year | \u00a0 | 1,018 | $ | 35.09 | \u00a0 | 1,189 | $ | 33.57 | \u00a0 | 1,371 | $ | 31.56 |
The weighted-average remaining term (in years) for options outstanding at the end of the year was 6.2 years, 6.7 years, and 7.1 years at May 31, 2023, 2022, and 2021, respectively. The weighted-average remaining term (in years) for options exercisable at the end of the year was 5.2 years, 5.7 years, and 5.5 years at May 31, 2023, 2022, and 2021, respectively.
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share activity during fiscal 2023 was as follows (shares in thousands):
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average | |||
Number\u00a0of | Fair\u00a0Value | ||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | on\u00a0Grant\u00a0Date | ||
Nonvested at May\u00a031,\u00a02022 | \u00a0 | 554 | $ | 38.95 | |
Granted | \u00a0 | 197 | 42.01 | ||
Vested | \u00a0 | (97) | 39.43 | ||
Forfeited | \u00a0 | (82) | 36.33 | ||
Nonvested at May\u00a031,\u00a02023 | \u00a0 | 572 | 43.92 |
"}]},{"name":"rpt:f-759","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"554000","decimals":-3}]},{"name":"rpt:f-760","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"38.95","decimals":2}]},{"name":"rpt:f-761","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"197000","decimals":-3}]},{"name":"rpt:f-762","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"42.01","decimals":2}]},{"name":"rpt:f-763","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"97000","decimals":-3}]},{"name":"rpt:f-764","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"39.43","decimals":2}]},{"name":"rpt:f-765","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"82000","decimals":-3}]},{"name":"rpt:f-766","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"36.33","decimals":2}]},{"name":"rpt:f-767","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"572000","decimals":-3}]},{"name":"rpt:f-768","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"43.92","decimals":2}]},{"name":"rpt:f-769","factDimensions":{"xbrl:concept":"air:ExcessTaxBenefitRecognizedFromShareBasedCompensationOperatingActivities","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"10000000.0","decimals":-5}]},{"name":"rpt:f-770","factDimensions":{"xbrl:concept":"air:ExcessTaxBenefitRecognizedFromShareBasedCompensationOperatingActivities","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"4400000","decimals":-5}]},{"name":"rpt:f-771","factDimensions":{"xbrl:concept":"air:ExcessTaxBenefitRecognizedFromShareBasedCompensationOperatingActivities","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"5200000","decimals":-5}]},{"name":"rpt:f-772","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"14300000","decimals":-5}]},{"name":"rpt:f-773","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"P1Y9M18D"}]},{"name":"rpt:f-774","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxDisclosureTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
6. Income Taxes
The provision for income tax on income from continuing operations includes the following components:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Current: | |||||||||
Federal | $ | 25.9 | $ | 11.0 | $ | 5.2 | |||
State | \u00a0 | 2.9 | \u00a0 | 2.6 | \u00a0 | 1.2 | |||
Foreign | \u00a0 | 4.8 | \u00a0 | 4.3 | \u00a0 | 3.4 | |||
\u00a0 | 33.6 | \u00a0 | 17.9 | \u00a0 | 9.8 | ||||
Deferred | \u00a0 | (2.2) | \u00a0 | 8.7 | 8.4 | ||||
$ | 31.4 | $ | 26.6 | $ | 18.2 |
The reconciliation from the U.S. federal statutory income tax rate of 21.0% to our effective income tax rate is as follows:
For the Year Ended | \u00a0 | |||||||||
May\u00a031,\u00a0 | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | ||||
Provision for income tax at the federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||
Tax expense (benefit) from stock-based compensation | (2.0) | (2.0) | 1.1 | |||||||
Non-deductible compensation | 2.8 | 1.1 | 1.2 | |||||||
State income taxes, net of federal benefit | 2.6 | 4.9 | 3.8 | |||||||
Other | \u00a0 | 1.5 | \u00a0 | 0.3 | \u00a0 | 1.1 | ||||
Effective income tax rate | 25.9 | % | 25.3 | % | 28.2 | % |
Income before provision for income taxes includes the following components:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Domestic | $ | 87.7 | $ | 77.1 | $ | 43.7 | |||
Foreign | \u00a0 | 33.5 | \u00a0 | 28.0 | \u00a0 | 20.8 | |||
$ | 121.2 | $ | 105.1 | $ | 64.5 |
Our foreign earnings are comprised primarily of the results of our operations in Canada and Europe.
Deferred tax assets and liabilities result primarily from the differences in the timing of the recognition of transactions for financial reporting and income tax purposes. Our deferred tax assets and liabilities consist of the following components:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Deferred tax assets: | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||
Operating lease liabilities | $ | 17.8 | $ | 21.0 | ||
Employee and retirement benefits | 8.0 | 7.6 | ||||
State net operating losses | 6.9 | 8.0 | ||||
Other | \u00a0 | 4.4 | \u00a0 | 1.9 | ||
Total deferred tax assets | 37.1 | 38.5 | ||||
Deferred tax liabilities: | ||||||
Intangible assets | (27.3) | (10.3) | ||||
Tangible assets | (19.5) | (21.7) | ||||
ROU operating lease assets | \u00a0 | (18.6) | \u00a0 | (22.1) | ||
Other | \u00a0 | (5.3) | \u00a0 | (4.4) | ||
Total deferred tax liabilities | (70.7) | (58.5) | ||||
Net deferred tax liabilities | $ | (33.6) | $ | (20.0) |
As of May 31, 2023, we have determined that the realization of our deferred tax assets is more likely than not and that a valuation allowance is not required. Our net operating losses have carry forward periods that range from 5 to 20 years. Our history of operating earnings, our expectations for continued future earnings, the nature of certain of our deferred tax assets and the scheduled reversal of deferred tax liabilities, primarily related to depreciation, support the recoverability of the majority of the deferred tax assets.
Income tax receivable was $6.8 and $2.7 million at May 31, 2023 and 2022, respectively, and was included in Prepaid expenses and other current assets on the Consolidated Balance Sheet.
Our federal income tax returns for fiscal years 2020 and subsequent are open for examination. Various states and foreign jurisdictions also remain open subject to their applicable statute of limitations.
"}]},{"name":"rpt:f-775","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Current: | |||||||||
Federal | $ | 25.9 | $ | 11.0 | $ | 5.2 | |||
State | \u00a0 | 2.9 | \u00a0 | 2.6 | \u00a0 | 1.2 | |||
Foreign | \u00a0 | 4.8 | \u00a0 | 4.3 | \u00a0 | 3.4 | |||
\u00a0 | 33.6 | \u00a0 | 17.9 | \u00a0 | 9.8 | ||||
Deferred | \u00a0 | (2.2) | \u00a0 | 8.7 | 8.4 | ||||
$ | 31.4 | $ | 26.6 | $ | 18.2 |
For the Year Ended | \u00a0 | |||||||||
May\u00a031,\u00a0 | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | ||||
Provision for income tax at the federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||
Tax expense (benefit) from stock-based compensation | (2.0) | (2.0) | 1.1 | |||||||
Non-deductible compensation | 2.8 | 1.1 | 1.2 | |||||||
State income taxes, net of federal benefit | 2.6 | 4.9 | 3.8 | |||||||
Other | \u00a0 | 1.5 | \u00a0 | 0.3 | \u00a0 | 1.1 | ||||
Effective income tax rate | 25.9 | % | 25.3 | % | 28.2 | % |
"}]},{"name":"rpt:f-796","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.210","decimals":3}]},{"name":"rpt:f-797","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.210","decimals":3}]},{"name":"rpt:f-798","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.210","decimals":3}]},{"name":"rpt:f-799","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.020","decimals":3}]},{"name":"rpt:f-800","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.020","decimals":3}]},{"name":"rpt:f-801","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"-0.011","decimals":3}]},{"name":"rpt:f-802","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.028","decimals":3}]},{"name":"rpt:f-803","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.011","decimals":3}]},{"name":"rpt:f-804","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.012","decimals":3}]},{"name":"rpt:f-805","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.026","decimals":3}]},{"name":"rpt:f-806","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.049","decimals":3}]},{"name":"rpt:f-807","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.038","decimals":3}]},{"name":"rpt:f-808","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.015","decimals":3}]},{"name":"rpt:f-809","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.003","decimals":3}]},{"name":"rpt:f-810","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.011","decimals":3}]},{"name":"rpt:f-811","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.259","decimals":3}]},{"name":"rpt:f-812","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.253","decimals":3}]},{"name":"rpt:f-813","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"0.282","decimals":3}]},{"name":"rpt:f-814","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Domestic | $ | 87.7 | $ | 77.1 | $ | 43.7 | |||
Foreign | \u00a0 | 33.5 | \u00a0 | 28.0 | \u00a0 | 20.8 | |||
$ | 121.2 | $ | 105.1 | $ | 64.5 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Deferred tax assets: | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||
Operating lease liabilities | $ | 17.8 | $ | 21.0 | ||
Employee and retirement benefits | 8.0 | 7.6 | ||||
State net operating losses | 6.9 | 8.0 | ||||
Other | \u00a0 | 4.4 | \u00a0 | 1.9 | ||
Total deferred tax assets | 37.1 | 38.5 | ||||
Deferred tax liabilities: | ||||||
Intangible assets | (27.3) | (10.3) | ||||
Tangible assets | (19.5) | (21.7) | ||||
ROU operating lease assets | \u00a0 | (18.6) | \u00a0 | (22.1) | ||
Other | \u00a0 | (5.3) | \u00a0 | (4.4) | ||
Total deferred tax liabilities | (70.7) | (58.5) | ||||
Net deferred tax liabilities | $ | (33.6) | $ | (20.0) |
7. Earnings Per Share
The computation of basic earnings per share is based on the weighted average number of common shares outstanding during each period. The computation of diluted earnings per share is based on the weighted average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to stock options and shares issuable upon vesting of restricted stock awards.
In accordance with ASC 260-10-45, Share-Based Payment Arrangements and Participating Securities and the Two-Class Method, our unvested restricted stock awards are deemed participating securities since these shares are entitled to participate in dividends declared on common shares. During periods of net income, the calculation of earnings per share for common stock excludes income attributable to unvested restricted stock awards from the numerator and excludes the dilutive impact of those shares from the denominator. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.
The following tables provide a reconciliation of the computations of basic and diluted earnings per share information for each of the years in the three-year period ended May 31, 2023 (shares in millions).
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Basic and Diluted EPS: | |||||||||
Income from continuing operations | $ | 89.8 | $ | 78.5 | $ | 46.3 | |||
Less income attributable to participating shares | \u00a0 | (1.1) | \u00a0 | (0.6) | \u00a0 | (0.4) | |||
Income from continuing operations attributable to common stockholders | 88.7 | 77.9 | 45.9 | ||||||
Income (Loss) from discontinued operations attributable to common stockholders | 0.4 | 0.2 | (10.5) | ||||||
Net income attributable to common stockholders for earnings per share | 89.1 | 78.1 | 35.4 | ||||||
Weighted average common shares outstanding \u2013 basic | \u00a0 | 34.7 | \u00a0 | 35.6 | \u00a0 | 35.0 | |||
Additional shares from assumed exercise of stock options | 0.4 | 0.4 | 0.3 | ||||||
Weighted average common shares outstanding \u2013 diluted | 35.1 | 36.0 | 35.3 | ||||||
Earnings per share \u2013 basic: | |||||||||
Earnings from continuing operations | $ | 2.55 | $ | 2.19 | $ | 1.31 | |||
Income (Loss) from discontinued operations | \u00a0 | 0.01 | \u00a0 | 0.01 | \u00a0 | (0.30) | |||
Earnings per share - basic | $ | 2.56 | $ | 2.20 | $ | 1.01 | |||
Earnings per share \u2013 diluted: | |||||||||
Earnings from continuing operations | $ | 2.52 | $ | 2.16 | $ | 1.30 | |||
Income (Loss) from discontinued operations | \u00a0 | 0.01 | \u00a0 | 0.01 | \u00a0 | (0.30) | |||
Earnings per share - diluted | $ | 2.53 | $ | 2.17 | $ | 1.00 |
At May 31, 2023, 2022 and 2021 respectively, outstanding options to purchase 197,300, 229,800 and 1,054,400 shares of common stock were not included in the computation of diluted earnings per share, because the exercise price of these options was greater than the average market price of the common shares for the year then ended.
"}]},{"name":"rpt:f-852","factDimensions":{"xbrl:concept":"air:ImpactOfNetLossOnParticipatingSecurities","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-853","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"The following tables provide a reconciliation of the computations of basic and diluted earnings per share information for each of the years in the three-year period ended May 31, 2023 (shares in millions).
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Basic and Diluted EPS: | |||||||||
Income from continuing operations | $ | 89.8 | $ | 78.5 | $ | 46.3 | |||
Less income attributable to participating shares | \u00a0 | (1.1) | \u00a0 | (0.6) | \u00a0 | (0.4) | |||
Income from continuing operations attributable to common stockholders | 88.7 | 77.9 | 45.9 | ||||||
Income (Loss) from discontinued operations attributable to common stockholders | 0.4 | 0.2 | (10.5) | ||||||
Net income attributable to common stockholders for earnings per share | 89.1 | 78.1 | 35.4 | ||||||
Weighted average common shares outstanding \u2013 basic | \u00a0 | 34.7 | \u00a0 | 35.6 | \u00a0 | 35.0 | |||
Additional shares from assumed exercise of stock options | 0.4 | 0.4 | 0.3 | ||||||
Weighted average common shares outstanding \u2013 diluted | 35.1 | 36.0 | 35.3 | ||||||
Earnings per share \u2013 basic: | |||||||||
Earnings from continuing operations | $ | 2.55 | $ | 2.19 | $ | 1.31 | |||
Income (Loss) from discontinued operations | \u00a0 | 0.01 | \u00a0 | 0.01 | \u00a0 | (0.30) | |||
Earnings per share - basic | $ | 2.56 | $ | 2.20 | $ | 1.01 | |||
Earnings per share \u2013 diluted: | |||||||||
Earnings from continuing operations | $ | 2.52 | $ | 2.16 | $ | 1.30 | |||
Income (Loss) from discontinued operations | \u00a0 | 0.01 | \u00a0 | 0.01 | \u00a0 | (0.30) | |||
Earnings per share - diluted | $ | 2.53 | $ | 2.17 | $ | 1.00 |
8. Employee Benefit Plans
Defined Benefit Plans
Prior to January 1, 2000, the pension plan for substantially all domestic salaried and non-union hourly employees (\u201cU.S. Retirement Plan\u201d) had a benefit formula based primarily on years of service and compensation. Effective January 1, 2000, we converted the U.S. Retirement Plan to a cash balance pension plan with the retirement benefit expressed as a dollar amount in an account that grows with annual pay-based credits and interest on the account balance. The interest crediting rate under the U.S. Retirement Plan is determined quarterly and is equal to 100% of the average treasury rate for the second month preceding the applicable quarter published by the Internal Revenue Service. The average interest crediting rate under our cash balance plan for the fiscal year ended May 31, 2023 was 4.46%. Effective June 1, 2005, the U.S. Retirement Plan was frozen and the annual pay-based credits were discontinued.
Prior to May 31, 2022, our domestic plans also include a defined benefit pension plan for certain union hourly employees in which benefits are based primarily on a fixed amount per year of service (\u201cUnion Plan\u201d). The Union Plan was frozen in fiscal 2018.
Effective May 31, 2022, our Union and U.S. Retirement Plans were merged (collectively, the \u201cMerged U.S. Plan\u201d). We are planning to terminate the Merged U.S. Plan in the first half of fiscal 2024 upon the anticipated transfer of the Merged U.S. Plan\u2019s obligations to a third-party. The Merged U.S. Plan is in an overfunded position of $8.7 million and we do not anticipate making any contributions to the Merged U.S. Plan in conjunction with the termination. We expect to recognize a non-cash pension settlement charge related to the actuarial losses in Accumulated other comprehensive loss, upon settlement of the obligations of the Merged U.S. Plan. This charge is expected to occur in fiscal 2024, with the specific timing and final amounts dependent upon several factors.
We also have a defined benefit pension plan covering certain employees in the Netherlands (\u201cNetherlands Plan\u201d). Benefit formulas are generally based on years of service and compensation. Effective January 1, 2022, the Netherlands Plan was frozen and any benefits subsequent to that date are earned by participants in a multi-employer defined contribution plan with the premiums charged to us determined by the third-party pension fund who administers the multi-employer plan. Pension expense in fiscal 2023 and 2022 for this defined contribution plan was $1.2 million and $0.5 million, respectively.
The change to our projected benefit obligation and the fair value of our plan assets for our pension plans for the year ended May 31, 2023 was as follows:
Merged | Other U.S. | Netherlands | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | U.S. Plan | Plans | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||||
Change in projected benefit obligation: | ||||||||||||
Projected benefit obligation at beginning of year | $ | 60.1 | $ | 3.7 | $ | 56.4 | $ | 120.2 | ||||
Service cost | \u00a0 | 0.3 | \u00a0 | \u2014 | \u00a0 | 0.2 | \u00a0 | 0.5 | ||||
Interest cost | \u00a0 | 1.7 | \u00a0 | 0.1 | \u00a0 | 1.5 | \u00a0 | 3.3 | ||||
Net actuarial gain | \u00a0 | (4.4) | \u00a0 | (0.5) | \u00a0 | (4.6) | \u00a0 | (9.5) | ||||
Benefits and administrative payments | \u00a0 | (4.0) | \u00a0 | (0.3) | \u00a0 | (1.5) | \u00a0 | (5.8) | ||||
Foreign currency translation adjustment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (0.7) | \u00a0 | (0.7) | ||||
Projected benefit obligation at end of year | $ | 53.7 | $ | 3.0 | $ | 51.3 | $ | 108.0 | ||||
Change in the fair value of plan assets: | ||||||||||||
Fair value of plan assets at beginning of year | $ | 69.0 | $ | \u2014 | $ | 57.2 | $ | 126.2 | ||||
Actual return on plan assets | \u00a0 | (2.6) | \u00a0 | \u2014 | \u00a0 | (4.8) | \u00a0 | (7.4) | ||||
Employer contributions | \u00a0 | \u2014 | \u00a0 | 0.3 | \u00a0 | \u2014 | \u00a0 | 0.3 | ||||
Benefits and administrative payments | \u00a0 | (4.0) | \u00a0 | (0.3) | \u00a0 | (1.5) | \u00a0 | (5.8) | ||||
Foreign currency translation adjustment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (0.7) | \u00a0 | (0.7) | ||||
Fair value of plan assets at end of year | $ | 62.4 | $ | \u2014 | $ | 50.2 | $ | 112.6 | ||||
Funded status at end of year | $ | 8.7 | $ | (3.0) | $ | (1.1) | $ | 4.6 | ||||
Accumulated other comprehensive loss | $ | 25.7 | $ | 0.1 | $ | 6.3 | $ | 32.1 |
The change to our projected benefit obligation and the fair value of our plan assets for our pension plans for the year ended May 31, 2022 was as follows:
\u00a0\u00a0\u00a0\u00a0 | Merged | \u00a0\u00a0\u00a0\u00a0 | Other\u00a0U.S. | \u00a0\u00a0\u00a0\u00a0 | Netherlands | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | U.S.\u00a0Plan | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Change in projected benefit obligation: | ||||||||||||
Projected benefit obligation at beginning of year | $ | 70.9 | $ | 4.4 | $ | 83.7 | $ | 159.0 | ||||
Service cost | \u00a0 | 0.3 | \u00a0 | \u2014 | \u00a0 | 1.2 | \u00a0 | 1.5 | ||||
Interest cost | \u00a0 | 2.0 | \u00a0 | 0.1 | \u00a0 | 1.0 | \u00a0 | 3.1 | ||||
Participant contributions | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.1 | \u00a0 | 0.1 | ||||
Net actuarial loss | \u00a0 | (7.6) | \u00a0 | (0.4) | \u00a0 | (17.0) | \u00a0 | (25.0) | ||||
Benefits and administrative payments | \u00a0 | (3.0) | \u00a0 | (0.4) | \u00a0 | (1.7) | \u00a0 | (5.1) | ||||
Settlements | \u00a0 | (2.5) | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (2.5) | ||||
Curtailment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (2.0) | \u00a0 | (2.0) | ||||
Foreign currency translation adjustment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (8.9) | \u00a0 | (8.9) | ||||
Projected benefit obligation at end of year | $ | 60.1 | $ | 3.7 | $ | 56.4 | $ | 120.2 | ||||
Change in the fair value of plan assets: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Fair value of plan assets at beginning of year | $ | 81.3 | $ | \u2014 | $ | 77.1 | $ | 158.4 | ||||
Actual return on plan assets | \u00a0 | (6.8) | \u00a0 | \u2014 | \u00a0 | (9.9) | \u00a0 | (16.7) | ||||
Employer contributions | \u00a0 | \u2014 | \u00a0 | 0.4 | \u00a0 | 0.1 | \u00a0 | 0.5 | ||||
Participant contributions | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.1 | \u00a0 | 0.1 | ||||
Benefits and administrative payments, including settlements | \u00a0 | (5.5) | \u00a0 | (0.4) | \u00a0 | (1.7) | \u00a0 | (7.6) | ||||
Foreign currency translation adjustment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (8.5) | \u00a0 | (8.5) | ||||
Fair value of plan assets at end of year | $ | 69.0 | $ | \u2014 | $ | 57.2 | $ | 126.2 | ||||
Funded status at end of year | $ | 8.9 | $ | (3.7) | $ | 0.8 | $ | 6.0 | ||||
Accumulated other comprehensive loss | $ | 26.2 | $ | 0.7 | $ | 3.9 | $ | 30.9 |
Amounts recognized in the Consolidated Balance Sheets consisted of the following:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Other non-current assets | $ | 8.7 | $ | 9.7 | ||
Accrued liabilities | (0.2) | (0.3) | ||||
Other liabilities | (3.9) | (3.4) | ||||
Funded status at end of year | $ | 4.6 | $ | 6.0 |
The following tables provide the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for all pension plans with a projected benefit obligation or accumulated benefit obligation in excess of plan assets:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Projected benefit obligation in excess of plan assets | ||||||
Projected benefit obligation | $ | 54.3 | $ | 3.7 | ||
Fair value of plan assets | \u00a0 | 50.2 | \u00a0 | \u2014 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Accumulated benefit obligation in excess of plan assets | ||||||
Projected benefit obligation | $ | 54.3 | $ | 3.7 | ||
Accumulated benefit obligation | \u00a0 | 51.6 | \u00a0 | 3.7 | ||
Fair value of plan assets | \u00a0 | 50.2 | \u00a0 | \u2014 |
The accumulated benefit obligation for all pension plans was $105.3 million and $116.5 million at May 31, 2023 and 2022, respectively.
Net Periodic Benefit Cost
Pension expense (benefit) charged to the Consolidated Statements of Income includes the following components:
For the Year Ended May\u00a031,\u00a02023 | ||||||||||||
Merged | Other U.S. | Netherlands | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | U.S. Plan | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Service cost | $ | 0.3 | $ | \u2014 | $ | 0.2 | $ | 0.5 | ||||
\u00a0 | 1.7 | 0.1 | \u00a0 | 1.5 | \u00a0 | 3.3 | ||||||
\u00a0 | (2.0) | \u2014 | \u00a0 | (2.1) | \u00a0 | (4.1) | ||||||
\u00a0 | 0.8 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.8 | ||||||
$ | 0.8 | $ | 0.1 | $ | (0.4) | $ | 0.5 |
For\u00a0the\u00a0Year\u00a0Ended\u00a0May\u00a031,\u00a02022 | ||||||||||||
Merged | Other\u00a0U.S. | Netherlands | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | U.S.\u00a0Plan | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Service cost | $ | 0.3 | $ | \u2014 | $ | 1.2 | $ | 1.5 | ||||
\u00a0 | 2.0 | \u00a0 | 0.1 | \u00a0 | 1.0 | \u00a0 | 3.1 | |||||
\u00a0 | (5.0) | \u00a0 | \u2014 | \u00a0 | (2.5) | \u00a0 | (7.5) | |||||
\u00a0 | 1.4 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 1.4 | |||||
\u00a0 | 1.2 | \u00a0 | 0.1 | \u00a0 | 0.2 | \u00a0 | 1.5 | |||||
$ | (0.1) | $ | 0.2 | $ | (0.1) | $ | \u2014 |
For\u00a0the\u00a0Year\u00a0Ended\u00a0May\u00a031,\u00a02021 | ||||||||||||
Merged | Other\u00a0U.S. | Netherlands | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | U.S.\u00a0Plan | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Service cost | $ | 0.3 | $ | \u2014 | $ | 2.2 | $ | 2.5 | ||||
\u00a0 | 2.1 | \u00a0 | 0.1 | \u00a0 | 0.9 | \u00a0 | 3.1 | |||||
\u00a0 | (4.8) | \u00a0 | \u2014 | \u00a0 | (1.8) | \u00a0 | (6.6) | |||||
\u00a0 | 0.9 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.9 | |||||
\u00a0 | 1.5 | \u00a0 | 0.1 | \u00a0 | 0.7 | \u00a0 | 2.3 | |||||
$ | \u2014 | $ | 0.2 | $ | 2.0 | $ | 2.2 |
The non-service cost components above are classified in Other income (expense), net on the Statements of Income.
Assumptions
The assumptions used in accounting for our plans are estimates of factors including, among other things, the amount and timing of future benefit payments. The following table presents the weighted-average discount rate assumptions used in the measurement of our projected benefit obligations:
May\u00a031,\u00a0 | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0 | |
U.S. plans | \u00a0 | 5.59 | %\u00a0\u00a0 | 2.96 | % |
Netherlands plan | \u00a0 | 3.70 | 2.80 |
A summary of the weighted-average assumptions used to determine net periodic pension expense is as follows:
For the Year Ended | \u00a0 | ||||||
May\u00a031,\u00a0 | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | |
Discount rate: | |||||||
U.S. plans | \u00a0 | 2.96 | %\u00a0\u00a0 | 2.87 | %\u00a0\u00a0 | 2.83 | % |
Netherlands plan | \u00a0 | 2.80 | 1.20 | 1.20 | |||
Expected long-term rate on plan assets: | |||||||
U.S. plans | \u00a0 | 2.91 | %\u00a0\u00a0 | 7.25 | %\u00a0\u00a0 | 7.25 | % |
Netherlands plan | \u00a0 | 3.90 | 3.30 | 2.50 |
The discount rate was determined by discounting the expected future benefit payments and settlements for the projected benefit obligation, discounting those expected payments using a theoretical zero-coupon spot yield curve derived from a universe of high-quality bonds as of the measurement date and solving for the single equivalent discount rate that resulted in the same projected benefit obligation.
Plan Assets
The assets of U.S pension plans are invested in compliance with the Employee Retirement Income Security Act of 1974. Prior to the decision to terminate the Merged U.S. Plan, the investment goals were to provide a total return that, over the long term, optimizes the long-term return on plan assets at an acceptable risk, and to maintain a broad diversification across asset classes and among investment managers. The assets of the U.S. pension plans were invested primarily in equity and fixed income mutual funds, individual common stocks, and fund-of-funds hedge funds.
In conjunction with the decision to terminate the Merged U.S. Plan, our investment policy was amended and the asset allocations was significantly changed and invested primarily in cash and fixed income investments to hedge changes in interest rates and maintain the positive funded status of the Merged U.S. Plan while we complete the necessary steps to terminate the Merged U.S. Plan.
To develop our expected rate of return assumption on the Merged U.S. Plan, we use long-term historical return information for our targeted asset mix and current market conditions as of the measurement date. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on plan assets assumption.
The assets of the Netherlands Plan are primarily invested in funds-of-funds where each fund holds a portfolio of equity and fixed income mutual funds.
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May 31, 2023:
\u00a0\u00a0\u00a0\u00a0 | Level\u00a01(1) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a02(2) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a03(3) | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Fixed income: | ||||||||||||
Government securities and corporate bond mutual funds | $ | \u2014 | $ | 60.0 | $ | \u2014 | $ | 60.0 | ||||
Funds-of-funds | \u00a0 | \u2014 | \u00a0 | 39.9 | \u00a0 | \u2014 | \u00a0 | 39.9 | ||||
Insurance annuities | \u2014 | \u2014 | 10.4 | 10.4 | ||||||||
Cash and cash equivalents | \u00a0 | 2.3 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 2.3 | ||||
$ | 2.3 | $ | 99.9 | $ | 10.4 | $ | 112.6 |
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May\u00a031, 2022:
\u00a0\u00a0\u00a0\u00a0 | Level\u00a01(1) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a02(2) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a03(3) | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Fixed income: | ||||||||||||
Government securities and corporate bond mutual funds | $ | \u2014 | $ | 49.6 | $ | \u2014 | $ | 49.6 | ||||
Funds-of-funds | \u00a0 | \u2014 | 45.9 | \u00a0 | \u2014 | \u00a0 | 45.9 | |||||
Insurance annuities | \u2014 | \u2014 | 11.3 | 11.3 | ||||||||
Cash and cash equivalents | \u00a0 | 14.6 | \u2014 | \u00a0 | \u2014 | \u00a0 | 14.6 | |||||
$ | 14.6 | $ | 95.5 | $ | 11.3 | 121.4 | ||||||
Other investments measured at net asset value (4) | 4.8 | |||||||||||
Total pension plan assets | $ | 126.2 |
| (1) | Quoted prices in active markets for identical assets that we have the ability to access as of the reporting date. |
| (2) | Inputs other than quoted prices included within Level\u00a01 that are directly observable for the asset or indirectly observable through corroboration with observable market data. |
| (3) | Unobservable inputs, such as internally developed pricing models or third party valuations for the asset due to little or no market activity for the asset. |
| (4) | Other investments measured at net asset value included alternative investments, such as hedge funds, which are valued using the net asset value as a practical expedient. |
The following table presents the reconciliation of Level 3 pension assets and other investments measured at net asset value for the fiscal years ended May 31, 2023 and 2022:
\u00a0\u00a0\u00a0\u00a0 | Hedge | \u00a0\u00a0\u00a0\u00a0 | Fund-of- | \u00a0\u00a0\u00a0\u00a0 | Insurance | \u00a0\u00a0\u00a0\u00a0 | ||||||
Funds | funds | Annuities | Total | |||||||||
Balance as of May\u00a031,\u00a02021 | $ | 5.1 | $ | 11.0 | $ | 15.6 | $ | 31.7 | ||||
Sales | \u00a0 | \u2014 | (11.0) | (4.3) | (15.3) | |||||||
Return on plan assets related to assets still held at May 31, 2022 | (0.3) | \u2014 | \u2014 | (0.3) | ||||||||
Balance as of May\u00a031,\u00a02022 | \u00a0 | 4.8 | \u2014 | 11.3 | 16.1 | |||||||
Sales | (4.8) | \u2014 | \u2014 | (4.8) | ||||||||
Return on plan assets related to assets still held at May 31, 2023 | \u2014 | \u2014 | (0.9) | (0.9) | ||||||||
Balance as of May\u00a031,\u00a02023 | $ | \u2014 | $ | \u2014 | $ | 10.4 | $ | 10.4 |
Valuation Techniques Used to Determine Fair Value
Cash equivalents are investments with maturities of three months or less when purchased. The fair values are based on observable market prices and categorized as Level\u00a01.
With respect to individually held equity securities, including investments in U.S. and international securities, the trustees obtain prices from pricing services, whose prices are obtained from direct feeds from market exchanges, which we are able to independently corroborate. Equity securities held individually are primarily traded on exchanges that contain only actively traded securities, due to the volume trading requirements imposed by these exchanges. Equity securities are valued based on quoted prices in active markets and categorized as Level\u00a01.
Equity and fixed income mutual funds are maintained by investment companies that hold certain investments in accordance with a stated set of fund objectives, which are consistent with our overall investment strategy. The values of some of these funds are publicly quoted. For equity and fixed income mutual funds which are publicly quoted, the funds are valued based on quoted prices in active markets and have been categorized as Level\u00a01. As certain of our funds-of-funds investments are also derived from quoted prices in active markets, we have categorized certain funds-of-funds investments as Level\u00a02.
Insurance annuities require the utilization of unobservable inputs, including undiscounted cash flow techniques which results in Level 3 treatment in the fair value hierarchy.
Hedge fund investments include those seeking to maximize absolute returns using a broad range of strategies to enhance returns and provide additional diversification. The fair value of hedge funds was determined using net asset value or its equivalent subject to certain restrictions, such as a lock-up period and a redemption notice period.
Future Benefit Payments and Funding
The following table summarizes our estimated future pension payments by fiscal year:
Fiscal\u00a0Year | ||||||||||||||||||
2029\u00a0to | ||||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2026 | \u00a0\u00a0\u00a0\u00a0 | 2027 | \u00a0\u00a0\u00a0\u00a0 | 2028 | \u00a0\u00a0\u00a0\u00a0 | 2033 | |||||||
Estimated future pension payments | $ | 57.3 | $ | 2.7 | $ | 2.7 | $ | 2.7 | $ | 2.8 | $ | 12.3 |
The estimated payments in fiscal 2024 reflect the projected timing of the planned termination of the Merged U.S. Plan and transfer of its assets and obligations to a third party.
Our contribution policy for the domestic plans is to contribute annually, at a minimum, an amount which is deductible for federal income tax purposes and that is sufficient to meet actuarially computed pension benefits. For our Netherlands Plan, our policy is to fund at least the minimum amount required by the local laws and regulations. We anticipate contributing approximately $0.4\u00a0million to our pension plans during fiscal 2024.
U.S. Defined Contribution Plans
Our U.S. defined contribution plans are intended to qualify as a 401(k) plans under the Internal Revenue Code. Employees may contribute up to 75% of their pretax compensation, subject to applicable regulatory limits and we may make discretionary matching contributions up to 5% of employee compensation. Our contributions vest on a pro-rata basis during the first three years of employment. We also maintain a non-qualified retirement plan that makes up 401(k) benefits that would otherwise be lost as a result of Internal Revenue Code limits and provides additional employer contributions for certain executives and key employees to supplement the benefits provided by the defined contribution plans.
In response to the impact from COVID-19, we temporarily suspended our matching contributions to the defined contribution plans effective June 1, 2020 and reinstated the contributions effective December 1, 2020. Expense recognized in the Consolidated Statements of Income for our matching contributions during fiscal 2023, 2022, and 2021 was $7.5 million, $7.3 million, and $4.0 million, respectively.
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\u00a0\u00a0\u00a0\u00a0 | U.S. Plan | Plans | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||||
Change in projected benefit obligation: | ||||||||||||
Projected benefit obligation at beginning of year | $ | 60.1 | $ | 3.7 | $ | 56.4 | $ | 120.2 | ||||
Service cost | \u00a0 | 0.3 | \u00a0 | \u2014 | \u00a0 | 0.2 | \u00a0 | 0.5 | ||||
Interest cost | \u00a0 | 1.7 | \u00a0 | 0.1 | \u00a0 | 1.5 | \u00a0 | 3.3 | ||||
Net actuarial gain | \u00a0 | (4.4) | \u00a0 | (0.5) | \u00a0 | (4.6) | \u00a0 | (9.5) | ||||
Benefits and administrative payments | \u00a0 | (4.0) | \u00a0 | (0.3) | \u00a0 | (1.5) | \u00a0 | (5.8) | ||||
Foreign currency translation adjustment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (0.7) | \u00a0 | (0.7) | ||||
Projected benefit obligation at end of year | $ | 53.7 | $ | 3.0 | $ | 51.3 | $ | 108.0 | ||||
Change in the fair value of plan assets: | ||||||||||||
Fair value of plan assets at beginning of year | $ | 69.0 | $ | \u2014 | $ | 57.2 | $ | 126.2 | ||||
Actual return on plan assets | \u00a0 | (2.6) | \u00a0 | \u2014 | \u00a0 | (4.8) | \u00a0 | (7.4) | ||||
Employer contributions | \u00a0 | \u2014 | \u00a0 | 0.3 | \u00a0 | \u2014 | \u00a0 | 0.3 | ||||
Benefits and administrative payments | \u00a0 | (4.0) | \u00a0 | (0.3) | \u00a0 | (1.5) | \u00a0 | (5.8) | ||||
Foreign currency translation adjustment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (0.7) | \u00a0 | (0.7) | ||||
Fair value of plan assets at end of year | $ | 62.4 | $ | \u2014 | $ | 50.2 | $ | 112.6 | ||||
Funded status at end of year | $ | 8.7 | $ | (3.0) | $ | (1.1) | $ | 4.6 | ||||
Accumulated other comprehensive loss | $ | 25.7 | $ | 0.1 | $ | 6.3 | $ | 32.1 |
\u00a0\u00a0\u00a0\u00a0 | Merged | \u00a0\u00a0\u00a0\u00a0 | Other\u00a0U.S. | \u00a0\u00a0\u00a0\u00a0 | Netherlands | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | U.S.\u00a0Plan | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Change in projected benefit obligation: | ||||||||||||
Projected benefit obligation at beginning of year | $ | 70.9 | $ | 4.4 | $ | 83.7 | $ | 159.0 | ||||
Service cost | \u00a0 | 0.3 | \u00a0 | \u2014 | \u00a0 | 1.2 | \u00a0 | 1.5 | ||||
Interest cost | \u00a0 | 2.0 | \u00a0 | 0.1 | \u00a0 | 1.0 | \u00a0 | 3.1 | ||||
Participant contributions | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.1 | \u00a0 | 0.1 | ||||
Net actuarial loss | \u00a0 | (7.6) | \u00a0 | (0.4) | \u00a0 | (17.0) | \u00a0 | (25.0) | ||||
Benefits and administrative payments | \u00a0 | (3.0) | \u00a0 | (0.4) | \u00a0 | (1.7) | \u00a0 | (5.1) | ||||
Settlements | \u00a0 | (2.5) | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (2.5) | ||||
Curtailment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (2.0) | \u00a0 | (2.0) | ||||
Foreign currency translation adjustment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (8.9) | \u00a0 | (8.9) | ||||
Projected benefit obligation at end of year | $ | 60.1 | $ | 3.7 | $ | 56.4 | $ | 120.2 | ||||
Change in the fair value of plan assets: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Fair value of plan assets at beginning of year | $ | 81.3 | $ | \u2014 | $ | 77.1 | $ | 158.4 | ||||
Actual return on plan assets | \u00a0 | (6.8) | \u00a0 | \u2014 | \u00a0 | (9.9) | \u00a0 | (16.7) | ||||
Employer contributions | \u00a0 | \u2014 | \u00a0 | 0.4 | \u00a0 | 0.1 | \u00a0 | 0.5 | ||||
Participant contributions | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.1 | \u00a0 | 0.1 | ||||
Benefits and administrative payments, including settlements | \u00a0 | (5.5) | \u00a0 | (0.4) | \u00a0 | (1.7) | \u00a0 | (7.6) | ||||
Foreign currency translation adjustment | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (8.5) | \u00a0 | (8.5) | ||||
Fair value of plan assets at end of year | $ | 69.0 | $ | \u2014 | $ | 57.2 | $ | 126.2 | ||||
Funded status at end of year | $ | 8.9 | $ | (3.7) | $ | 0.8 | $ | 6.0 | ||||
Accumulated other comprehensive loss | $ | 26.2 | $ | 0.7 | $ | 3.9 | $ | 30.9 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Other non-current assets | $ | 8.7 | $ | 9.7 | ||
Accrued liabilities | (0.2) | (0.3) | ||||
Other liabilities | (3.9) | (3.4) | ||||
Funded status at end of year | $ | 4.6 | $ | 6.0 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Projected benefit obligation in excess of plan assets | ||||||
Projected benefit obligation | $ | 54.3 | $ | 3.7 | ||
Fair value of plan assets | \u00a0 | 50.2 | \u00a0 | \u2014 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Accumulated benefit obligation in excess of plan assets | ||||||
Projected benefit obligation | $ | 54.3 | $ | 3.7 | ||
Accumulated benefit obligation | \u00a0 | 51.6 | \u00a0 | 3.7 | ||
Fair value of plan assets | \u00a0 | 50.2 | \u00a0 | \u2014 |
"}]},{"name":"rpt:f-1025","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanFundingStatusAxis":"us-gaap:UnderfundedPlanMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"54300000","decimals":-5}]},{"name":"rpt:f-1026","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanFundingStatusAxis":"us-gaap:UnderfundedPlanMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"3700000","decimals":-5}]},{"name":"rpt:f-1027","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanFundingStatusAxis":"us-gaap:UnderfundedPlanMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"50200000","decimals":-5}]},{"name":"rpt:f-1028","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanFundingStatusAxis":"us-gaap:UnderfundedPlanMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"54300000","decimals":-5}]},{"name":"rpt:f-1029","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanFundingStatusAxis":"us-gaap:UnderfundedPlanMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"3700000","decimals":-5}]},{"name":"rpt:f-1030","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAccumulatedBenefitObligation","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanFundingStatusAxis":"us-gaap:UnderfundedPlanMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"51600000","decimals":-5}]},{"name":"rpt:f-1031","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAccumulatedBenefitObligation","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanFundingStatusAxis":"us-gaap:UnderfundedPlanMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"3700000","decimals":-5}]},{"name":"rpt:f-1032","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanFundingStatusAxis":"us-gaap:UnderfundedPlanMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"50200000","decimals":-5}]},{"name":"rpt:f-1033","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"105300000","decimals":-5}]},{"name":"rpt:f-1034","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"116500000","decimals":-5}]},{"name":"rpt:f-1035","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfNetBenefitCostsTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
For the Year Ended May\u00a031,\u00a02023 | ||||||||||||
Merged | Other U.S. | Netherlands | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | U.S. Plan | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Service cost | $ | 0.3 | $ | \u2014 | $ | 0.2 | $ | 0.5 | ||||
\u00a0 | 1.7 | 0.1 | \u00a0 | 1.5 | \u00a0 | 3.3 | ||||||
\u00a0 | (2.0) | \u2014 | \u00a0 | (2.1) | \u00a0 | (4.1) | ||||||
\u00a0 | 0.8 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.8 | ||||||
$ | 0.8 | $ | 0.1 | $ | (0.4) | $ | 0.5 |
For\u00a0the\u00a0Year\u00a0Ended\u00a0May\u00a031,\u00a02022 | ||||||||||||
Merged | Other\u00a0U.S. | Netherlands | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | U.S.\u00a0Plan | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Service cost | $ | 0.3 | $ | \u2014 | $ | 1.2 | $ | 1.5 | ||||
\u00a0 | 2.0 | \u00a0 | 0.1 | \u00a0 | 1.0 | \u00a0 | 3.1 | |||||
\u00a0 | (5.0) | \u00a0 | \u2014 | \u00a0 | (2.5) | \u00a0 | (7.5) | |||||
\u00a0 | 1.4 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 1.4 | |||||
\u00a0 | 1.2 | \u00a0 | 0.1 | \u00a0 | 0.2 | \u00a0 | 1.5 | |||||
$ | (0.1) | $ | 0.2 | $ | (0.1) | $ | \u2014 |
For\u00a0the\u00a0Year\u00a0Ended\u00a0May\u00a031,\u00a02021 | ||||||||||||
Merged | Other\u00a0U.S. | Netherlands | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | U.S.\u00a0Plan | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Plan | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Service cost | $ | 0.3 | $ | \u2014 | $ | 2.2 | $ | 2.5 | ||||
\u00a0 | 2.1 | \u00a0 | 0.1 | \u00a0 | 0.9 | \u00a0 | 3.1 | |||||
\u00a0 | (4.8) | \u00a0 | \u2014 | \u00a0 | (1.8) | \u00a0 | (6.6) | |||||
\u00a0 | 0.9 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.9 | |||||
\u00a0 | 1.5 | \u00a0 | 0.1 | \u00a0 | 0.7 | \u00a0 | 2.3 | |||||
$ | \u2014 | $ | 0.2 | $ | 2.0 | $ | 2.2 |
May\u00a031,\u00a0 | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0 | |
U.S. plans | \u00a0 | 5.59 | %\u00a0\u00a0 | 2.96 | % |
Netherlands plan | \u00a0 | 3.70 | 2.80 |
"}]},{"name":"rpt:f-1091","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:UsPlanMember"},"factValues":[{"value":"0.0559","decimals":4}]},{"name":"rpt:f-1092","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:UsPlanMember"},"factValues":[{"value":"0.0296","decimals":4}]},{"name":"rpt:f-1093","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:NetherlandsPlanMember"},"factValues":[{"value":"0.0370","decimals":4}]},{"name":"rpt:f-1094","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate","xbrl:period":"2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:NetherlandsPlanMember"},"factValues":[{"value":"0.0280","decimals":4}]},{"name":"rpt:f-1095","factDimensions":{"xbrl:concept":"air:ScheduleOfAssumptionsUsedToDetermineNetBenefitCostTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
For the Year Ended | \u00a0 | ||||||
May\u00a031,\u00a0 | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | |
Discount rate: | |||||||
U.S. plans | \u00a0 | 2.96 | %\u00a0\u00a0 | 2.87 | %\u00a0\u00a0 | 2.83 | % |
Netherlands plan | \u00a0 | 2.80 | 1.20 | 1.20 | |||
Expected long-term rate on plan assets: | |||||||
U.S. plans | \u00a0 | 2.91 | %\u00a0\u00a0 | 7.25 | %\u00a0\u00a0 | 7.25 | % |
Netherlands plan | \u00a0 | 3.90 | 3.30 | 2.50 |
"}]},{"name":"rpt:f-1096","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:UsPlanMember"},"factValues":[{"value":"0.0296","decimals":4}]},{"name":"rpt:f-1097","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:UsPlanMember"},"factValues":[{"value":"0.0287","decimals":4}]},{"name":"rpt:f-1098","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:UsPlanMember"},"factValues":[{"value":"0.0283","decimals":4}]},{"name":"rpt:f-1099","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:NetherlandsPlanMember"},"factValues":[{"value":"0.0280","decimals":4}]},{"name":"rpt:f-1100","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:NetherlandsPlanMember"},"factValues":[{"value":"0.0120","decimals":4}]},{"name":"rpt:f-1101","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:NetherlandsPlanMember"},"factValues":[{"value":"0.0120","decimals":4}]},{"name":"rpt:f-1102","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:UsPlanMember"},"factValues":[{"value":"0.0291","decimals":4}]},{"name":"rpt:f-1103","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:UsPlanMember"},"factValues":[{"value":"0.0725","decimals":4}]},{"name":"rpt:f-1104","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:UsPlanMember"},"factValues":[{"value":"0.0725","decimals":4}]},{"name":"rpt:f-1105","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:NetherlandsPlanMember"},"factValues":[{"value":"0.0390","decimals":4}]},{"name":"rpt:f-1106","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2021-06-01T00:00:00/2022-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:NetherlandsPlanMember"},"factValues":[{"value":"0.0330","decimals":4}]},{"name":"rpt:f-1107","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"air:NetherlandsPlanMember"},"factValues":[{"value":"0.0250","decimals":4}]},{"name":"rpt:f-1108","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAllocationOfPlanAssetsTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May 31, 2023:
\u00a0\u00a0\u00a0\u00a0 | Level\u00a01(1) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a02(2) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a03(3) | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Fixed income: | ||||||||||||
Government securities and corporate bond mutual funds | $ | \u2014 | $ | 60.0 | $ | \u2014 | $ | 60.0 | ||||
Funds-of-funds | \u00a0 | \u2014 | \u00a0 | 39.9 | \u00a0 | \u2014 | \u00a0 | 39.9 | ||||
Insurance annuities | \u2014 | \u2014 | 10.4 | 10.4 | ||||||||
Cash and cash equivalents | \u00a0 | 2.3 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 2.3 | ||||
$ | 2.3 | $ | 99.9 | $ | 10.4 | $ | 112.6 |
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May\u00a031, 2022:
\u00a0\u00a0\u00a0\u00a0 | Level\u00a01(1) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a02(2) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a03(3) | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Fixed income: | ||||||||||||
Government securities and corporate bond mutual funds | $ | \u2014 | $ | 49.6 | $ | \u2014 | $ | 49.6 | ||||
Funds-of-funds | \u00a0 | \u2014 | 45.9 | \u00a0 | \u2014 | \u00a0 | 45.9 | |||||
Insurance annuities | \u2014 | \u2014 | 11.3 | 11.3 | ||||||||
Cash and cash equivalents | \u00a0 | 14.6 | \u2014 | \u00a0 | \u2014 | \u00a0 | 14.6 | |||||
$ | 14.6 | $ | 95.5 | $ | 11.3 | 121.4 | ||||||
Other investments measured at net asset value (4) | 4.8 | |||||||||||
Total pension plan assets | $ | 126.2 |
| (1) | Quoted prices in active markets for identical assets that we have the ability to access as of the reporting date. |
| (2) | Inputs other than quoted prices included within Level\u00a01 that are directly observable for the asset or indirectly observable through corroboration with observable market data. |
| (3) | Unobservable inputs, such as internally developed pricing models or third party valuations for the asset due to little or no market activity for the asset. |
| (4) | Other investments measured at net asset value included alternative investments, such as hedge funds, which are valued using the net asset value as a practical expedient. |
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\u00a0\u00a0\u00a0\u00a0 | Hedge | \u00a0\u00a0\u00a0\u00a0 | Fund-of- | \u00a0\u00a0\u00a0\u00a0 | Insurance | \u00a0\u00a0\u00a0\u00a0 | ||||||
Funds | funds | Annuities | Total | |||||||||
Balance as of May\u00a031,\u00a02021 | $ | 5.1 | $ | 11.0 | $ | 15.6 | $ | 31.7 | ||||
Sales | \u00a0 | \u2014 | (11.0) | (4.3) | (15.3) | |||||||
Return on plan assets related to assets still held at May 31, 2022 | (0.3) | \u2014 | \u2014 | (0.3) | ||||||||
Balance as of May\u00a031,\u00a02022 | \u00a0 | 4.8 | \u2014 | 11.3 | 16.1 | |||||||
Sales | (4.8) | \u2014 | \u2014 | (4.8) | ||||||||
Return on plan assets related to assets still held at May 31, 2023 | \u2014 | \u2014 | (0.9) | (0.9) | ||||||||
Balance as of May\u00a031,\u00a02023 | $ | \u2014 | $ | \u2014 | $ | 10.4 | $ | 10.4 |
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Fiscal\u00a0Year | ||||||||||||||||||
2029\u00a0to | ||||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2026 | \u00a0\u00a0\u00a0\u00a0 | 2027 | \u00a0\u00a0\u00a0\u00a0 | 2028 | \u00a0\u00a0\u00a0\u00a0 | 2033 | |||||||
Estimated future pension payments | $ | 57.3 | $ | 2.7 | $ | 2.7 | $ | 2.7 | $ | 2.8 | $ | 12.3 |
9. Accumulated Other Comprehensive Loss
Changes in our accumulated other comprehensive loss (\u201cAOCL\u201d) by component for each of the years in the three-year period ended May 31, 2023 were as follows (all amounts are net of tax):
\u00a0\u00a0\u00a0\u00a0 | Currency | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||
Translation | |||||||||
Adjustments | Pension\u00a0Plans | Total | |||||||
Balance as of June 1, 2020 | $ | (2.0) | $ | (42.6) | $ | (44.6) | |||
Other comprehensive loss before reclassifications | \u00a0 | 5.9 | \u00a0 | 4.4 | \u00a0 | 10.3 | |||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 16.0 | \u00a0 | 16.0 | |||
Total other comprehensive loss | \u00a0 | 5.9 | \u00a0 | 20.4 | \u00a0 | 26.3 | |||
Balance as of May\u00a031,\u00a02021 | \u00a0 | 3.9 | \u00a0 | (22.2) | \u00a0 | (18.3) | |||
Other comprehensive income (loss) before reclassifications | \u00a0 | (6.7) | 4.6 | (2.1) | |||||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 0.8 | 0.8 | ||||
Total other comprehensive income (loss) | \u00a0 | (6.7) | \u00a0 | 5.4 | (1.3) | ||||
Balance as of May\u00a031,\u00a02022 | \u00a0 | (2.8) | (16.8) | (19.6) | |||||
Other comprehensive income before reclassifications | \u00a0 | (2.9) | 0.7 | (2.2) | |||||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | (1.7) | (1.7) | ||||
Total other comprehensive loss | \u00a0 | (2.9) | (1.0) | (3.9) | |||||
Balance as of May\u00a031,\u00a02023 | $ | (5.7) | $ | (17.8) | $ | (23.5) |
"}]},{"name":"rpt:f-1169","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | Currency | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||
Translation | |||||||||
Adjustments | Pension\u00a0Plans | Total | |||||||
Balance as of June 1, 2020 | $ | (2.0) | $ | (42.6) | $ | (44.6) | |||
Other comprehensive loss before reclassifications | \u00a0 | 5.9 | \u00a0 | 4.4 | \u00a0 | 10.3 | |||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 16.0 | \u00a0 | 16.0 | |||
Total other comprehensive loss | \u00a0 | 5.9 | \u00a0 | 20.4 | \u00a0 | 26.3 | |||
Balance as of May\u00a031,\u00a02021 | \u00a0 | 3.9 | \u00a0 | (22.2) | \u00a0 | (18.3) | |||
Other comprehensive income (loss) before reclassifications | \u00a0 | (6.7) | 4.6 | (2.1) | |||||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 0.8 | 0.8 | ||||
Total other comprehensive income (loss) | \u00a0 | (6.7) | \u00a0 | 5.4 | (1.3) | ||||
Balance as of May\u00a031,\u00a02022 | \u00a0 | (2.8) | (16.8) | (19.6) | |||||
Other comprehensive income before reclassifications | \u00a0 | (2.9) | 0.7 | (2.2) | |||||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | (1.7) | (1.7) | ||||
Total other comprehensive loss | \u00a0 | (2.9) | (1.0) | (3.9) | |||||
Balance as of May\u00a031,\u00a02023 | $ | (5.7) | $ | (17.8) | $ | (23.5) |
10. Other Non-current Assets
At May 31, 2023 and 2022, other non-current assets consisted of the following:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
License fees, net | $ | 39.6 | $ | 22.2 | ||
Contract assets | 27.5 | 22.5 | ||||
Investments in joint ventures | 16.6 | 20.0 | ||||
Assets\u00a0under\u00a0deferred\u00a0compensation\u00a0plan\u00a0 | \u00a0 | 15.2 | \u00a0 | 12.4 | ||
Debt and equity investments | 11.4 | 4.5 | ||||
Pension assets | 8.7 | 9.8 | ||||
Other | \u00a0 | 8.8 | \u00a0 | 6.4 | ||
$ | 127.8 | $ | 97.8 |
Investments in Aircraft Joint Ventures
Under the terms of servicing agreements with certain of our aircraft joint ventures, we provide administrative services and technical advisory services, including aircraft evaluations, oversight and logistical support of the maintenance process and records management. We also provide evaluation and inspection services prior to the purchase of an aircraft and remarketing services with respect to the divestiture of aircraft by the joint ventures. During fiscal 2023, 2022, and 2021, we were paid $1.0 million, $1.1 million, and $1.0 million, respectively, for such services.
In the fourth quarter of fiscal 2022, we acquired an aircraft and two engines from one of our aircraft joint ventures for $16.8 million, net of $0.2 million in remarketing fees earned on the purchase, and then sold the assets for $17.0 million.
Investment in Indian Joint Venture
Our investments in joint ventures include $9.8 million for our 40% ownership interest in a joint venture in India to operate an airframe maintenance facility. The facility received certain regulatory approvals and commenced airframe maintenance operations in the second quarter of fiscal 2022.
We guarantee 40% of the Indian joint venture\u2019s debt and have recognized a guarantee liability of $9.6 million as of May 31, 2023. Each of the partners in the Indian joint venture also has a loan to the joint venture proportionate to its equity ownership. In addition to the net equity investment of $6.4 million, our investment in the Indian joint venture includes $3.4 million for our loan to the joint venture as of May 31, 2023.
We account for our share of the earnings or losses of the Indian joint venture using the equity method with a reporting lag of two months, as the financial statements of the Indian joint venture are not completed on a timely basis that is sufficient for us to apply the equity method on a current basis. Our share of the Indian joint venture\u2019s losses for fiscal 2023, 2022, and 2021 were $2.7 million, $1.8 million, and $0 million, respectively.We are currently evaluating a potential exit from our investment in the Indian joint venture.
Investment in Malaysian Joint Venture
In the fourth quarter of fiscal 2020, we made the decision to exit our joint venture which operates a landing gear wheel and brake repair and overhaul facility in Malaysia. In conjunction with the decision to exit the joint venture, we recognized an impairment charge of $1.9 million reflecting the anticipated net proceeds from our investment. During fiscal 2022, we decided to pursue a shutdown of the joint venture and recognized additional impairment charges and related shutdown costs of $0.7 million which is reported in Loss from joint ventures on the Consolidated Statement of Income.
License Fees
In June 2011, we entered into a ten-year agreement with Unison Industries (\u201cUnison\u201d) to be the exclusive worldwide aftermarket distributor for Unison\u2019s electrical components, sensors, switches and other systems for aircraft and industrial uses. In June 2020, we entered into an extension and expansion of our agreement with Unison including a new termination date of December 31, 2031, an initial $25.0 million license fee paid in June 2020 to Unison, and annual license fees at a fixed percentage of our net sales of Unison products. The June 2020 payment of $25.0 million was capitalized and is being amortized on a straight-line basis over the term of the new agreement.
In September 2022, we entered into another amendment of our agreement with Unison to include a one-year extension of the termination date to December 31, 2032, an $18.0 million license fee paid in September 2022, and an increase to the fixed percentage of annual license fees for our net sales of Unison products. The September 2022 payment of $18.0 million relates to specific product lines and is being amortized on a straight-line basis over the non-cancellable license period applicable to these product lines. As of May 31, 2023, the unamortized balance of the license is $36.6 million.
Split-Dollar Life Insurance Arrangements
We previously entered into split-dollar life insurance agreements to benefit certain former executives and officers. Under the terms of the arrangements, we made premium payments on the individuals\u2019 behalf and we retained a collateral interest in the policies generally to the extent of the premiums we previously paid. As of May 31, 2023, our Consolidated Balance Sheet included $5.5 million in Other non-current assets for cumulative premiums paid and expected to be reimbursed upon termination of the policies.
During the second quarter of fiscal 2021, certain split-dollar life insurance agreements were terminated and we received $12.0 million for reimbursement of both the life insurance premiums we previously paid and a portion of our prior tax payments made on the individuals\u2019 behalf related to their imputed income on the policies. The reimbursement of the premiums paid of $10.0 million has been classified as cash flow from investing activities with the remainder included in cash flow from operating activities as it represents the reimbursement of a portion of the income taxes previously paid and expensed. In the second quarter of fiscal 2021, we recognized a benefit of $1.3 million in Selling, general and administrative expenses on the Consolidated Statement of Income for the net recovery of the taxes previously paid on behalf of the individuals.
"}]},{"name":"rpt:f-1208","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
License fees, net | $ | 39.6 | $ | 22.2 | ||
Contract assets | 27.5 | 22.5 | ||||
Investments in joint ventures | 16.6 | 20.0 | ||||
Assets\u00a0under\u00a0deferred\u00a0compensation\u00a0plan\u00a0 | \u00a0 | 15.2 | \u00a0 | 12.4 | ||
Debt and equity investments | 11.4 | 4.5 | ||||
Pension assets | 8.7 | 9.8 | ||||
Other | \u00a0 | 8.8 | \u00a0 | 6.4 | ||
$ | 127.8 | $ | 97.8 |
11. Leases
We lease facilities, offices, vehicles, and equipment. We determine at inception whether an arrangement that provides us control over the use of an asset is a lease. ROU assets and lease liabilities are recognized on the Consolidated Balance Sheets at lease commencement date based on the present value of the future minimum lease payments over the lease term. Our lease agreements do not provide a readily determinable implicit rate nor is it available to us from our lessors. We estimate our incremental borrowing rate based on information available at lease commencement in order to discount lease payments to present value.
Our lease costs are allocated over the remaining lease term on a straight-line basis unless another systematic or rational basis is more representative of the pattern in which the underlying asset is expected to be used. Variable lease costs are expensed in the period in which the obligation for those payments are incurred. ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets. We elected the practical expedients to not separate lease and non-lease components for both lessee and lessor relationships and to not apply the recognition requirements to leases with terms of twelve months or less.
Certain leases include options to renew or extend the terms of the lease, which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that the option will be exercised. Our leases may also include variable lease payments such as escalation clauses based on consumer price index rates, maintenance costs and utilities. Variable lease payments that depend on an index or a rate are included in the determination of ROU assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease payments that do not depend on an index or rate are recorded as lease expense in the period incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.
The summary of our operating lease cost is as follows:
\u00a0\u00a0\u00a0\u00a0 | For the Year Ended May\u00a031,\u00a0 | ||||||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||||
Operating lease cost | $ | 20.3 | $ | 20.8 | $ | 16.4 | |||
Short-term lease cost | \u00a0 | 5.9 | \u00a0 | 2.2 | \u00a0 | 1.7 | |||
Variable lease cost | \u00a0 | 3.2 | \u00a0 | 9.2 | \u00a0 | 3.5 | |||
$ | 29.4 | $ | 32.2 | $ | 21.6 |
With the exception of a land lease for one of our airframe maintenance facilities that expires in 2108, our operating leases expire at various dates through 2034. Maturities of our operating lease payments as of May 31, 2023 are as follows:
2024 | \u00a0\u00a0\u00a0\u00a0 | $ | 14.5 |
2025 | \u00a0 | 12.3 | |
2026 | \u00a0 | 9.1 | |
2027 | \u00a0 | 8.4 | |
2028 | \u00a0 | 7.8 | |
Thereafter | \u00a0 | 17.6 | |
Total undiscounted payments | \u00a0 | 69.7 | |
Less: Imputed interest | \u00a0 | (9.2) | |
\u00a0 | 60.5 | ||
\u00a0 | (12.3) | ||
Operating lease liabilities \u2013 non-current | $ | 48.2 |
The current portion of operating lease liabilities are presented within Accrued liabilities on our Consolidated Balance Sheets.
Excluding leases related to our discontinued operations, our weighted-average remaining lease term and weighted-average discount rate are as follows:
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | |||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||
Remaining lease term | \u00a0 | 6.9 years | \u00a0 | 7.6 years |
Discount rate | \u00a0 | 3.8%\u00a0\u00a0 | 3.7% |
Supplemental cash flow information related to leases was as follows:
\u00a0\u00a0\u00a0\u00a0 | For the Year Ended May\u00a031,\u00a0 | ||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 14.5 | $ | 14.1 | $ | 15.3 | |||
Operating lease liabilities arising from obtaining ROU assets | \u00a0 | 4.5 | \u00a0 | 9.5 | \u00a0 | 5.2 |
"}]},{"name":"rpt:f-1255","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2022-06-01T00:00:00/2023-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | For the Year Ended May\u00a031,\u00a0 | ||||||||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||||
Operating lease cost | $ | 20.3 | $ | 20.8 | $ | 16.4 | |||
Short-term lease cost | \u00a0 | 5.9 | \u00a0 | 2.2 | \u00a0 | 1.7 | |||
Variable lease cost | \u00a0 | 3.2 | \u00a0 | 9.2 | \u00a0 | 3.5 | |||
$ | 29.4 | $ | 32.2 | $ | 21.6 |
With the exception of a land lease for one of our airframe maintenance facilities that expires in 2108, our operating leases expire at various dates through 2034. Maturities of our operating lease payments as of May 31, 2023 are as follows:
2024 | \u00a0\u00a0\u00a0\u00a0 | $ | 14.5 |
2025 | \u00a0 | 12.3 | |
2026 | \u00a0 | 9.1 | |
2027 | \u00a0 | 8.4 | |
2028 | \u00a0 | 7.8 | |
Thereafter | \u00a0 | 17.6 | |
Total undiscounted payments | \u00a0 | 69.7 | |
Less: Imputed interest | \u00a0 | (9.2) | |
\u00a0 | 60.5 | ||
\u00a0 | (12.3) | ||
Operating lease liabilities \u2013 non-current | $ | 48.2 |
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | |||
2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||
Remaining lease term | \u00a0 | 6.9 years | \u00a0 | 7.6 years |
Discount rate | \u00a0 | 3.8%\u00a0\u00a0 | 3.7% |
\u00a0\u00a0\u00a0\u00a0 | For the Year Ended May\u00a031,\u00a0 | ||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 14.5 | $ | 14.1 | $ | 15.3 | |||
Operating lease liabilities arising from obtaining ROU assets | \u00a0 | 4.5 | \u00a0 | 9.5 | \u00a0 | 5.2 |
12. Commitments
We enter into purchase obligations, which arise in the ordinary course of business and represent a binding commitment to acquire inventory, including raw materials, parts and components, as well as equipment to support the operations of our business. The aggregate amount of purchase obligations due in each of the next five fiscal years is $406.1 million in 2024, $93.4 million in 2025, $34.6 million in 2026, $4.8 million in 2027 and none in 2028.
We routinely issue letters of credit and performance bonds in the ordinary course of our business. These instruments are typically issued in conjunction with insurance contracts or other business requirements. The total of these instruments outstanding at May 31, 2023 was approximately $22.7\u00a0million which includes $12.9 million related to a guarantee of 40% of the outstanding debt of our Indian joint venture. We have recognized a current liability of $9.6 million based on the fair value of our guarantee obligation.
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We receive grants from certain governments in exchange for compliance with certain conditions relating to our activities in a specific jurisdiction. Grants can be structured to encourage investment, job creation, job retention, employee training, and other related activities. We recognize government grants when there is reasonable assurance that we will comply with the conditions of the grant and the grant is received or is probable of receipt and the amount is determinable. Government grants are recorded as a reduction to the related expense to which the grant relates in our Consolidated Statement of Income.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (\u201cCARES Act\u201d) was enacted in the U.S. in response to the COVID-19 pandemic. The CARES Act includes provisions relating to refundable payroll tax credits, deferral of the employer portion of certain payroll taxes, net operating loss carrybacks, and other areas. The payroll tax deferral required that the deferred payroll taxes be paid over two years, with the first half, or $6.2 million, paid in December 2021 and the other half paid in December 2022.
During the three-month period ended August 31, 2020, we received $57.2 million from the U.S. Treasury Department through the Payroll Support Program under the CARES Act. This funding included a $48.5 million cash grant which was to be used exclusively for the continuation of payment of employee wages, salaries and benefits for employees of certain MRO facilities. In fiscal 2021, we recognized the full amount of the grant as contra-expense within Cost of sales and Selling, general and administrative expenses of $47.5 million and $1.0 million, respectively.
The remaining funding of $8.7 million was a low interest senior unsecured promissory note (\u201cPromissory Note\u201d) which included interest at a rate per annum equal to the sum of (i) 1.0% for the first five years, and the applicable secured overnight financing rate plus 2.0% in years six through ten plus (ii) in kind interest of 3.0% for the first five years and increasing by 1.0% each year over the remaining term. The Promissory Note was pre-payable at par at any time and we re-paid the Promissory Note in full during the fourth quarter of fiscal 2021. The restrictions previously applicable to us relating to dividends, stock repurchases, employee compensation, and certain workforce actions have lapsed.
Other countries have enacted legislation similar to the CARES Act to provide relief and stimulus measures to assist companies in mitigating the financial impact from COVID-19 and supporting their employees. In fiscal 2023, 2022, and 2021, our foreign subsidiaries recognized subsidies of $1.6 million, $4.9 million, and $7.9 million, respectively, from foreign governments which have been deducted from the related expenses on our Consolidated Statements of Income.
We have a government grant that is used to support job training and workforce development costs at one of our U.S. airframe maintenance facilities. For this grant, we recognized contra-expense within Cost of sales and Selling, general and administrative expenses of $2.4 million and $0.3 million, respectively in fiscal 2023.
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Sale of Composites Business
On August 31, 2020, we completed the sale of our aerostructures and aerospace products operations located in Clearwater, Florida and Sacramento, California (\u201cComposites\u201d). The Composites business was formerly included in our Expeditionary Services segment.
We recognized a loss on the sale of the Composites business of $19.5 million in the first quarter of fiscal 2021. In the fourth quarter of fiscal 2021, the post-closing working capital adjustment was finalized resulting in an additional loss of $0.7 million. The sale also included contingent consideration of up to $6.5 million based on the achievement of sales targets over a three-year period subsequent to the sale. We recognized a charge of $1.3 million in the three-month period ended November 30, 2021 to reflect the fair value of the contingent consideration at zero as it is unlikely the sales targets will be achieved.
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15. Acquisition
On March 20, 2023, we acquired the outstanding shares of Trax for a purchase price of $120.0 million plus contingent consideration of up to $20.0 million based on Trax\u2019s adjusted revenue in calendar years 2023 and 2024. Trax is a leading provider of aircraft MRO and fleet management software supporting a broad spectrum of maintenance activities for a diverse global customer base of airlines and MROs.
The purchase price was paid at closing except for $12.0 million which was placed on deposit with an escrow agent to secure potential indemnification obligations and fund any post-closing adjustments for working capital and indebtedness. The preliminary post-closing adjustments for working capital and indebtedness are estimated to be a reduction in the purchase price of $2.8 million.
The contingent consideration is based on an adjusted revenue target and requires certain of the former owners\u2019 continued employment through December 31, 2024, and is treated as compensation expense within Selling, general and administrative expenses. The adjusted revenue target is based on revenue recognized under U.S. GAAP adjusted for certain events related to deferred revenue, customer commitments, and other adjustments. We recognized compensation expense of $1.1 million in fiscal 2023.
We accounted for the acquisition using the acquisition method and included the results of Trax operations in our consolidated financial statements from the effective date of the acquisition. Trax is reported within our Aviation Services segment. The acquisition was funded using a combination of proceeds from our Revolving Credit Facility and cash on hand. Transaction costs associated with the acquisition of $4.9 million were expensed as incurred within Selling, general and administrative expenses in fiscal 2023.
The amounts recorded for certain assets and liabilities are preliminary in nature and are subject to adjustment as additional information is obtained about their acquisition date fair values. Since the acquisition was only recently completed, the allocation of the purchase price is preliminary and will likely change in future periods as fair value estimates of the assets acquired and liabilities assumed are finalized, including those related to working capital and income taxes. The final determination of the fair values will be completed within the one-year measurement period. The preliminary fair value of assets acquired and liabilities assumed is as follows:
Accounts receivable | \u00a0\u00a0\u00a0\u00a0 | $ | 8.8 |
Other assets | \u00a0 | 6.7 | |
Intangible assets | \u00a0 | 61.7 | |
Deferred revenue | (6.8) | ||
Deferred tax liabilities | (15.8) | ||
Other liabilities | \u00a0 | (2.6) | |
Net assets acquired | \u00a0 | 52.0 | |
Goodwill | \u00a0 | 60.5 | |
Purchase price, net of cash acquired | $ | 112.5 |
Acquired amortizable intangible assets include customer relationships of $33.6 million and developed technology of $22.0 million which are being amortized over 12 years and 20 years, respectively. Intangible assets also include tradenames of $6.1 million which are indefinite-lived. The goodwill associated with the Trax acquisition is not deductible for tax purposes and is primarily attributable to the benefits we expect to derive from expected synergies including complimentary products and services, cross-selling opportunities and intangible assets that do not qualify for separate recognition, such as their assembled workforce.
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Other assets | \u00a0 | 6.7 | |
Intangible assets | \u00a0 | 61.7 | |
Deferred revenue | (6.8) | ||
Deferred tax liabilities | (15.8) | ||
Other liabilities | \u00a0 | (2.6) | |
Net assets acquired | \u00a0 | 52.0 | |
Goodwill | \u00a0 | 60.5 | |
Purchase price, net of cash acquired | $ | 112.5 |
16. Business Segment Information
Segment Reporting
Our chief operating decision making officer (\u201cCODM\u201d) is our Chairman, President and Chief Executive Officer and consistent with how he evaluates performance and the way we are organized internally, we report our activities in two segments: Aviation Services comprised of supply chain and MRO activities and Expeditionary Services comprised of manufacturing activities.
The Aviation Services segment consists of aftermarket support and services offerings that provide spare parts and maintenance support for aircraft operated by our commercial and government/defense customers. Sales in the Aviation Services segment are derived from the sale and lease of a wide variety of new, overhauled and repaired engine and airframe parts and components to the commercial aviation and government and defense markets. We provide customized inventory supply chain management, performance-based logistics programs, customer fleet management and operations, and aircraft component repair management services. The segment also includes repair, maintenance and overhaul of aircraft, landing gear and components. Cost of sales consists principally of the cost of product, direct labor, and overhead.
The Expeditionary Services segment consists of primarily manufacturing operations with sales derived from the design and manufacture of pallets, shelters, and containers used to support the U.S. military\u2019s requirements for a mobile and agile force including engineering, design, and system integration services for specialized command and control systems. Cost of sales consists principally of the cost of material to manufacture products, direct labor and overhead.
The accounting policies for the segments are the same as those described in Note 1. Our CODM evaluates performance based on the operating segments and utilizes gross profit as a primary profitability measure. Gross profit is calculated by subtracting cost of sales from sales. The assets and certain expenses related to corporate activities are not allocated to the segments. Our operating segments are aligned principally around differences in products and services.
During the first quarter of fiscal 2024, our CODM implemented changes in how he evaluates the business, allocates resources, and assesses performance. Specifically, this new structure results in the separation of our Aviation Services segment into three new operating segments: Parts Supply, Repair & Engineering and Integrated Solutions. Beginning with the first quarter of fiscal 2024, we will report under this new structure using the following four operating segments:
| \u25cf | Parts Supply, primarily consisting of our sales of used serviceable engine and airframe parts and components and distribution of new parts; |
| \u25cf | Repair & Engineering, primarily consisting of our maintenance, repair, and overhaul services across airframes and components, including landing gear; |
| \u25cf | Integrated Solutions, primarily consisting of our fleet management and operations of customer-owned aircraft, customized performance-based supply chain logistics programs in support of the U.S. Department of Defense (\u201cDoD\u201d) and foreign governments, flight hour component inventory and repair programs for commercial airlines, and integrated software solutions including Trax; and |
| \u25cf | Expeditionary Services, primarily consisting of products and services supporting the movement of equipment and personnel by the U.S. and foreign governments and non-governmental organizations. |
In conjunction with the re-alignment, our CODM will evaluate each segment\u2019s performance based on operating income instead of gross profit as the CODM believes operating income is a more comprehensive profitability measure for each operating segment. These changes will be initially reflected in our condensed consolidated financial statements for the quarterly period ended August 31, 2023 and are not reflected herein.
Selected financial information for each segment is as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Net sales: | |||||||||
Aviation Services | $ | 1,898.7 | $ | 1,745.8 | $ | 1,553.7 | |||
Expeditionary Services | \u00a0 | 91.8 | \u00a0 | 74.2 | \u00a0 | 98.6 | |||
$ | 1,990.5 | $ | 1,820.0 | $ | 1,652.3 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Gross profit: | |||||||||
Aviation Services | $ | 355.1 | $ | 297.5 | $ | 263.2 | |||
Expeditionary Services | \u00a0 | 15.0 | \u00a0 | 15.7 | \u00a0 | 12.7 | |||
$ | 370.1 | $ | 313.2 | $ | 275.9 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Total assets: | ||||||
Aviation Services | $ | 1,617.1 | $ | 1,367.3 | ||
Expeditionary Services | \u00a0 | 67.0 | \u00a0 | 74.8 | ||
Corporate and discontinued operations | 149.0 | 131.8 | ||||
$ | 1,833.1 | $ | 1,573.9 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Capital expenditures: | |||||||||
Aviation Services | $ | 23.0 | $ | 16.2 | $ | 8.1 | |||
Expeditionary Services | \u00a0 | 6.1 | \u00a0 | 1.0 | \u00a0 | 3.1 | |||
Corporate | \u00a0 | 0.4 | \u00a0 | 0.1 | \u00a0 | 0.1 | |||
$ | 29.5 | $ | 17.3 | $ | 11.3 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Depreciation and amortization:1 | |||||||||
Aviation Services | $ | 25.7 | $ | 31.2 | $ | 33.7 | |||
Expeditionary Services | \u00a0 | 1.5 | \u00a0 | 1.6 | \u00a0 | 2.3 | |||
Corporate | \u00a0 | 14.2 | \u00a0 | 8.5 | \u00a0 | 9.5 | |||
$ | 41.4 | $ | 41.3 | $ | 45.5 |
| 1 | Includes amortization of stock-based compensation. |
Reconciliations of our segment gross profit to income from continuing operations before provision for income taxes is as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Segment gross profit | $ | 370.1 | $ | 313.2 | $ | 275.9 | |||
Provision for credit losses | (2.6) | (1.2) | (8.5) | ||||||
Selling, general and administrative | (230.4) | (202.2) | (182.4) | ||||||
Earnings (Loss) from joint ventures | \u00a0 | (3.2) | \u00a0 | (2.9) | \u00a0 | 0.2 | |||
Losses related to sale and exit of business | (0.7) | (1.7) | (20.2) | ||||||
Other income (expenses), net | (0.8) | 2.2 | 4.3 | ||||||
Interest expense | \u00a0 | (12.2) | \u00a0 | (2.4) | \u00a0 | (5.0) | |||
Interest income | \u00a0 | 1.0 | \u00a0 | 0.1 | \u00a0 | 0.2 | |||
Income from continuing operations before provision for income taxes | $ | 121.2 | $ | 105.1 | $ | 64.5 |
The U.S. Department of Defense, U.S. Department of State, other U.S. government agencies and their contractors are our only customers representing 10% or more of total sales in any of the last three fiscal years. Sales by segment for these customers are as follows:
For the Year Ended May\u00a031,\u00a0 | \u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | ||||
Aviation Services | $ | 499.7 | $ | 557.4 | $ | 657.0 | ||||
Expeditionary Services | \u00a0 | 77.3 | \u00a0 | 62.6 | \u00a0 | 81.8 | ||||
$ | 577.0 | $ | 620.0 | $ | 738.8 | |||||
Percentage of total sales | \u00a0 | 29.0 | %\u00a0\u00a0 | \u00a0 | 34.1 | %\u00a0\u00a0 | \u00a0 | 44.7 | % |
Sales across the major customer markets for each of our operating segments were as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Aviation Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Commercial | $ | 1,320.5 | $ | 1,081.6 | $ | 793.9 | |||
Government and defense | \u00a0 | 578.2 | \u00a0 | 664.2 | \u00a0 | 759.8 | |||
$ | 1,898.7 | $ | 1,745.8 | $ | 1,553.7 | ||||
Expeditionary Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Commercial | $ | 8.3 | $ | 2.2 | $ | 12.5 | |||
Government and defense | \u00a0 | 83.5 | \u00a0 | 72.0 | \u00a0 | 86.1 | |||
$ | 91.8 | $ | 74.2 | $ | 98.6 |
Sales by type of product/service was as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Aviation supply chain | $ | 1,365.3 | $ | 1,275.1 | $ | 1,172.7 | |||
Maintenance, repair and overhaul services | 533.4 | \u00a0 | 470.7 | \u00a0 | 381.0 | ||||
Mobility products | 91.8 | \u00a0 | 74.2 | \u00a0 | 98.6 | ||||
$ | 1,990.5 | $ | 1,820.0 | $ | 1,652.3 |
Geographic Data
Sales by geographic region for the fiscal years ended May 31, 2023, 2022 and 2021 were as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Aviation Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
North America | $ | 1,443.5 | $ | 1,346.2 | $ | 1,255.7 | |||
Europe/Africa | \u00a0 | 267.4 | \u00a0 | 223.7 | \u00a0 | 207.5 | |||
Other | \u00a0 | 187.8 | \u00a0 | 175.9 | \u00a0 | 90.5 | |||
$ | 1,898.7 | $ | 1,745.8 | $ | 1,553.7 | ||||
Expeditionary Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
North America | $ | 89.6 | $ | 74.0 | $ | 95.9 | |||
Other | \u00a0 | 2.2 | \u00a0 | 0.2 | \u00a0 | 2.7 | |||
$ | 91.8 | $ | 74.2 | $ | 98.6 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Long-lived assets: | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||
United States | $ | 559.9 | $ | 400.4 | ||
Europe | \u00a0 | 78.5 | \u00a0 | 74.3 | ||
Other | \u00a0 | 96.8 | \u00a0 | 92.0 | ||
$ | 735.2 | $ | 566.7 |
Sales to unaffiliated customers in foreign countries (including sales through foreign sales offices of domestic subsidiaries) were approximately $588.6 million (29.6% of sales), $484.5\u00a0million (26.6% of sales) and $370.5\u00a0million (22.4% of sales) in fiscal 2023, 2022 and 2021, respectively.
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\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Net sales: | |||||||||
Aviation Services | $ | 1,898.7 | $ | 1,745.8 | $ | 1,553.7 | |||
Expeditionary Services | \u00a0 | 91.8 | \u00a0 | 74.2 | \u00a0 | 98.6 | |||
$ | 1,990.5 | $ | 1,820.0 | $ | 1,652.3 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Gross profit: | |||||||||
Aviation Services | $ | 355.1 | $ | 297.5 | $ | 263.2 | |||
Expeditionary Services | \u00a0 | 15.0 | \u00a0 | 15.7 | \u00a0 | 12.7 | |||
$ | 370.1 | $ | 313.2 | $ | 275.9 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Total assets: | ||||||
Aviation Services | $ | 1,617.1 | $ | 1,367.3 | ||
Expeditionary Services | \u00a0 | 67.0 | \u00a0 | 74.8 | ||
Corporate and discontinued operations | 149.0 | 131.8 | ||||
$ | 1,833.1 | $ | 1,573.9 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Capital expenditures: | |||||||||
Aviation Services | $ | 23.0 | $ | 16.2 | $ | 8.1 | |||
Expeditionary Services | \u00a0 | 6.1 | \u00a0 | 1.0 | \u00a0 | 3.1 | |||
Corporate | \u00a0 | 0.4 | \u00a0 | 0.1 | \u00a0 | 0.1 | |||
$ | 29.5 | $ | 17.3 | $ | 11.3 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Depreciation and amortization:1 | |||||||||
Aviation Services | $ | 25.7 | $ | 31.2 | $ | 33.7 | |||
Expeditionary Services | \u00a0 | 1.5 | \u00a0 | 1.6 | \u00a0 | 2.3 | |||
Corporate | \u00a0 | 14.2 | \u00a0 | 8.5 | \u00a0 | 9.5 | |||
$ | 41.4 | $ | 41.3 | $ | 45.5 |
| 1 | Includes amortization of stock-based compensation. |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Segment gross profit | $ | 370.1 | $ | 313.2 | $ | 275.9 | |||
Provision for credit losses | (2.6) | (1.2) | (8.5) | ||||||
Selling, general and administrative | (230.4) | (202.2) | (182.4) | ||||||
Earnings (Loss) from joint ventures | \u00a0 | (3.2) | \u00a0 | (2.9) | \u00a0 | 0.2 | |||
Losses related to sale and exit of business | (0.7) | (1.7) | (20.2) | ||||||
Other income (expenses), net | (0.8) | 2.2 | 4.3 | ||||||
Interest expense | \u00a0 | (12.2) | \u00a0 | (2.4) | \u00a0 | (5.0) | |||
Interest income | \u00a0 | 1.0 | \u00a0 | 0.1 | \u00a0 | 0.2 | |||
Income from continuing operations before provision for income taxes | $ | 121.2 | $ | 105.1 | $ | 64.5 |
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For the Year Ended May\u00a031,\u00a0 | \u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | ||||
Aviation Services | $ | 499.7 | $ | 557.4 | $ | 657.0 | ||||
Expeditionary Services | \u00a0 | 77.3 | \u00a0 | 62.6 | \u00a0 | 81.8 | ||||
$ | 577.0 | $ | 620.0 | $ | 738.8 | |||||
Percentage of total sales | \u00a0 | 29.0 | %\u00a0\u00a0 | \u00a0 | 34.1 | %\u00a0\u00a0 | \u00a0 | 44.7 | % |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Aviation Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Commercial | $ | 1,320.5 | $ | 1,081.6 | $ | 793.9 | |||
Government and defense | \u00a0 | 578.2 | \u00a0 | 664.2 | \u00a0 | 759.8 | |||
$ | 1,898.7 | $ | 1,745.8 | $ | 1,553.7 | ||||
Expeditionary Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Commercial | $ | 8.3 | $ | 2.2 | $ | 12.5 | |||
Government and defense | \u00a0 | 83.5 | \u00a0 | 72.0 | \u00a0 | 86.1 | |||
$ | 91.8 | $ | 74.2 | $ | 98.6 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Aviation supply chain | $ | 1,365.3 | $ | 1,275.1 | $ | 1,172.7 | |||
Maintenance, repair and overhaul services | 533.4 | \u00a0 | 470.7 | \u00a0 | 381.0 | ||||
Mobility products | 91.8 | \u00a0 | 74.2 | \u00a0 | 98.6 | ||||
$ | 1,990.5 | $ | 1,820.0 | $ | 1,652.3 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||||
Aviation Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
North America | $ | 1,443.5 | $ | 1,346.2 | $ | 1,255.7 | |||
Europe/Africa | \u00a0 | 267.4 | \u00a0 | 223.7 | \u00a0 | 207.5 | |||
Other | \u00a0 | 187.8 | \u00a0 | 175.9 | \u00a0 | 90.5 | |||
$ | 1,898.7 | $ | 1,745.8 | $ | 1,553.7 | ||||
Expeditionary Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
North America | $ | 89.6 | $ | 74.0 | $ | 95.9 | |||
Other | \u00a0 | 2.2 | \u00a0 | 0.2 | \u00a0 | 2.7 | |||
$ | 91.8 | $ | 74.2 | $ | 98.6 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||
Long-lived assets: | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||
United States | $ | 559.9 | $ | 400.4 | ||
Europe | \u00a0 | 78.5 | \u00a0 | 74.3 | ||
Other | \u00a0 | 96.8 | \u00a0 | 92.0 | ||
$ | 735.2 | $ | 566.7 |
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17. Legal Proceedings and Other Matters
We are involved in various claims and legal actions, including environmental matters, arising in the ordinary course of business. We are not a party to any material pending legal proceeding (including any governmental or environmental proceeding) other than routine litigation incidental to our business except for the following:
Department of Justice Investigation
As previously reported, the U.S. Department of Justice (\u201cDoJ\u201d), acting through the U.S. Attorney\u2019s Office for the Southern District of Illinois, conducted an investigation of AAR Airlift Group, Inc. (\u201cAirlift\u201d), a wholly-owned subsidiary of AAR CORP., under the federal civil False Claims Act (\u201cFCA\u201d). The investigation related to Airlift\u2019s performance of several contracts awarded by the U.S. Transportation Command (\u201cTRANSCOM\u201d) concerning the operations and maintenance of rotary-wing and fixed-wing aircraft in Afghanistan and Africa, as well as several U.S. Navy contracts. In June 2018, the DoJ informed Airlift that part of the investigation was precipitated by a lawsuit filed under the qui tam provisions of the FCA by a former employee of Airlift.
In June 2021, Airlift and the DoJ reached an agreement to settle the FCA investigation and related matters for approximately $11.5 million which concluded the DoJ investigation into Airlift\u2019s contracts with TRANSCOM and the U.S. Navy. As part of the settlement, Airlift and AAR did not admit any wrongdoing.
We recognized charges of $11.0 million in discontinued operations in fiscal 2021 related to this agreement and related matters with payment for the entire matter made in the first quarter of fiscal 2022.
Self-Reporting of Potential Foreign Corrupt Practices Act Violations
The Company retained outside counsel to investigate possible violations of the Company\u2019s Code of Conduct, the U.S. Foreign Corrupt Practices Act, and other applicable laws, relating to the Company\u2019s activities in Nepal and South Africa. Based on these investigations, in fiscal 2019, we self-reported these matters to the DoJ, the U.S. Securities and Exchange Commission and the UK Serious Fraud Office. The Company is fully cooperating with the reviews by these agencies, although we are unable at this time to predict what action, if any, they may take.
Russian Bankruptcy Litigation
During calendar years 2016 and 2017, certain of the Company\u2019s subsidiaries purchased four engines from VIM-AVIA Airlines, LLC (\u201cVIM-AVIA\u201d), a company organized in Russia. Subsequent to the purchase of the engines, VIM-AVIA declared bankruptcy in Russian courts, and shortly thereafter the receiver of the VIM-AVIA bankruptcy estate and one of the major creditors of VIM-AVIA filed a claw-back action against our subsidiaries alleging that the contracts entered into with VIM-AVIA in the 2016-2017 timeframe are invalid. The clawback action alleged that our subsidiaries owe the VIM-AVIA bankruptcy estate approximately $13 million, the alleged fair market value of the four engines at the time of sale. In March 2022, the Russian court awarded a $1.8 million judgment against the Company relating to one engine, and dismissed all the other claims against the Company relating to the three remaining engines. The Company has appealed the $1.8 million judgment entered against it by the Russian court, and the receiver and the creditor have appealed that portion to the Russian court\u2019s judgment dismissing their claims relating to the remaining three engines. These appeals remain pending. The Company strongly disputes all claims asserted in the clawback action. However, with the developments in the Russia/Ukraine conflict, the U.S. and its North Atlantic Treaty Organization allies imposed a range of sanctions and export controls in February 2022 on Russian entities and individuals. These sanctions and export controls have resulted in heightened tensions between the United States and Russia and a hostile business and legal environment for foreign companies in Russia, which may negatively impact the Company\u2019s ability to defend a VIM-AVIA appeal of the judgments in the Company\u2019s favor. We have recognized a liability for the $1.8 million judgment in the three-month period ended February 28, 2023.
Performance Guarantee
In conjunction with the fiscal 2021 sale of our Composites business, we retained a performance guarantee to a customer of the Composites business (the \u201cCustomer\u201d) under an existing contract providing flap track fairings on the A220 aircraft (\u201cA220 Contract\u201d). The term of the A220 Contract and our performance guarantee extend for the duration that A220 aircraft are in service and the customer continues to maintain support for the A220 aircraft. The performance guarantee does not contain a financial cap.
In March 2022, the buyer of the Composites business (the \u201cBuyer\u201d) filed for bankruptcy and moved to have the bankruptcy court reject the A220 Contract. The Customer also notified us that it believes the Buyer has failed to timely deliver products in accordance with the terms of the A220 Contract and that the Customer has incurred losses related to the asserted non-compliance that the Customer believes is covered by our performance guarantee. To date, the Customer has provided us with limited details in support of the extent of the Customer\u2019s claimed losses with respect to the A220 Contract and its contention that we may be responsible under our performance guarantee to reimburse the Customer for any portion of its claimed losses. The Customer filed suit against us during the fourth quarter of fiscal 2023 claiming damages of at least $32 million.
In this regard, while we are continuing to seek additional detail around the facts and legal basis underlying the claim for losses the Customer attributed to the A220 Contract and the Customer\u2019s corresponding claim under the performance guarantee, we strongly disagree with the premise of the Customer\u2019s claim based on the information available and known to us at this time, and we believe that we have numerous defenses available against this claim that we will vigorously pursue. While it is reasonably possible that we will incur a loss from the claim under the performance guarantee, we are unable to estimate the range of loss on this claim. There can be no assurance that the Customer\u2019s claim under the performance guarantee will not have a material adverse effect on our operations, financial position and cash flows.
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