Note 1 \u2013 Basis of Presentation
AAR CORP. and its subsidiaries are referred to herein collectively as \u201cAAR,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour,\u201d unless the context indicates otherwise. The accompanying Condensed Consolidated Financial Statements include the accounts of AAR and its subsidiaries after elimination of intercompany accounts and transactions.
We have prepared these statements without audit, pursuant to the rules\u00a0and regulations of the United States Securities and Exchange Commission (\u201cSEC\u201d). The Condensed Consolidated Balance Sheet as of May 31, 2023 has been derived from audited financial statements. To prepare the financial statements in conformity with U.S. generally accepted accounting principles (\u201cGAAP\u201d), management has made a number of estimates and assumptions relating to the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Certain information and note disclosures, normally included in comprehensive financial statements prepared in accordance with GAAP, have been condensed or omitted pursuant to such rules\u00a0and regulations of the SEC. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form\u00a010-K for the fiscal year ended May 31, 2023.
In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments (which consist only of normal recurring adjustments) necessary to present fairly the Condensed Consolidated Balance Sheet of AAR CORP. and its subsidiaries as of February 29, 2024, the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income for the three- and nine-month periods ended February 29/28, 2024 and 2023, the Condensed Consolidated Statements of Cash Flows for the nine-month periods ended February 29/28, 2024 and 2023, and the Condensed Consolidated Statement of Changes in Equity for the three- and nine-month periods ended February 29/28, 2024 and 2023. The results of operations for such interim periods are not necessarily indicative of the results for the full year.
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Acquisition of Triumph Group\u2019s Product Support Business
On March 1, 2024, we completed the acquisition of Triumph Group, Inc.\u2019s Product Support Business (the \u201cProduct Support Business\u201d) for a purchase price of $725.0 million subject to customary post-closing adjustments for cash, working capital and indebtedness. The Product Support Business is a leading global provider of specialized maintenance, repair, and overhaul (\u201cMRO\u201d) capabilities for critical aircraft components in the commercial and defense markets, providing MRO services for structural components, engine and airframe accessories, interior refurbishment and wheels and brakes. The Product Support Business also designs proprietary designated engineering representative repairs and parts manufacturer approval parts.
The Product Support Business will be reported within our Repair & Engineering segment. The purchase price was paid at closing and was funded with debt financing. In connection with the acquisition, we secured commitments for a bridge financing facility (the \u201cBridge Facility\u201d). No amounts were drawn under the Bridge Facility, which was terminated on March 1, 2024 upon securing permanent debt financing and closing the acquisition. We expensed $6.1 million within Interest expense for the fees associated with the Bridge Facility. Transaction costs associated with the acquisition of $9.4 million were expensed as incurred within Selling, general and administrative expenses in the three-month period ended February 29, 2024.
Acquisition of Trax USA Corp.
On March 20, 2023, we acquired the outstanding shares of Trax USA Corp. (\u201cTrax\u201d) 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 post-closing adjustments for working capital and indebtedness. The post-closing adjustments for working capital and indebtedness were finalized in the three-month period ended November 30, 2023 resulting in a purchase price reduction of $1.8 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 $1.4 million and $4.2 million in the three- and nine-month periods ended February 29, 2024, respectively.
We accounted for the acquisition using the acquisition method and included the results of Trax\u2019s operations in our consolidated financial statements from the effective date of the acquisition. Trax\u2019s results are reported within our Integrated Solutions 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 $5.1 million were expensed as incurred.
The final fair value of assets acquired and liabilities assumed is as follows:
Accounts receivable | \u00a0\u00a0\u00a0\u00a0 | $ | 8.8 |
Other assets | \u00a0 | 3.0 | |
Intangible assets | \u00a0 | 61.7 | |
Deferred revenue | \u00a0 | (4.1) | |
Deferred tax liabilities | \u00a0 | (15.1) | |
Other liabilities | \u00a0 | (4.6) | |
Net assets acquired | \u00a0 | 49.7 | |
Goodwill | \u00a0 | 63.8 | |
Purchase price, net of cash acquired | $ | 113.5 |
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 | 3.0 | |
Intangible assets | \u00a0 | 61.7 | |
Deferred revenue | \u00a0 | (4.1) | |
Deferred tax liabilities | \u00a0 | (15.1) | |
Other liabilities | \u00a0 | (4.6) | |
Net assets acquired | \u00a0 | 49.7 | |
Goodwill | \u00a0 | 63.8 | |
Purchase price, net of cash acquired | $ | 113.5 |
Note 3 \u2013 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.
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Note 4 \u2013 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 are 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, may be 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 Accounting Standards Codification (\u201cASC\u201d) 606, Revenue from Contracts with Customers. 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 Condensed Consolidated Statements of Income and are not considered a performance obligation to our customers. Our reported sales on our Condensed Consolidated Statements of Income are net of any sales or 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.
For the three-month period ended February 29, 2024, we recognized favorable cumulative catch-up adjustments of $2.5 million. For the three-month period ended February 28, 2023, we recognized no cumulative catch-up adjustments.
For the nine-month period ended February 29, 2024, we recognized favorable and (unfavorable) cumulative catch-up adjustments of $9.5 million and $(6.8) million, respectively. For the nine-month period ended February 28, 2023, we recognized cumulative catch-up adjustments of $7.6 million and $(1.8) million, respectively. When considering these adjustments on a net basis, we recognized adjustments of $2.7 million and $5.8 million for the nine-month periods ended February 29/28, 2024 and 2023, respectively.
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:
February\u00a029,\u00a0 | May\u00a031,\u00a0 | ||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | Change\u00a0 | ||||
Contract assets \u2013 current | $ | 86.5 | $ | 86.9 | $ | (0.4) | |||
Contract assets \u2013 non-current | 33.5 | 27.5 | 6.0 | ||||||
Contract liabilities: | |||||||||
Deferred revenue \u2013 current | (16.2) | (19.7) | 3.5 | ||||||
Deferred revenue on long-term contracts | (6.1) | \u00a0 | (12.7) | \u00a0 | 6.6 | ||||
Net contract assets | $ | 97.7 | $ | 82.0 | $ | 15.7 |
Contract assets \u2013 non-current is reported within Other non-current assets, contract liabilities \u2013 current is reported within Accrued liabilities, and deferred revenue on long-term contracts is reported within Other liabilities on our Condensed Consolidated Balance Sheets. Changes in contract assets and contract liabilities primarily result from the timing difference between our performance of services and our invoicing to customers.
To support our power - by - the - hour 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 includes certain minimum repair volume guarantees, which, subject to the amendment noted below, we have historically not met. During the three-month period ended November 30, 2023, we amended the agreement to eliminate certain minimum repair volume guarantees, including all future guarantees, resulting in the de-recognition of $2.0 million from our remaining loss reserves.
Changes in our deferred revenue were as follows for the three- and nine-month periods ended February 29/28, 2024 and 2023:
\u00a0\u00a0\u00a0\u00a0 | Three Months Ended | \u00a0\u00a0\u00a0\u00a0 | Nine Months Ended | |||||||||
February 29/28, | February 29/28, | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||||
Deferred revenue at beginning of period | $ | (26.4) | $ | (28.8) | $ | (32.4) | $ | (30.6) | ||||
Revenue deferred | (86.4) | (81.0) | \u00a0 | (222.6) | \u00a0 | (208.1) | ||||||
Revenue recognized | 85.6 | 73.9 | \u00a0 | 228.0 | \u00a0 | 194.0 | ||||||
Other(1) | 4.9 | 1.7 | \u00a0 | 4.7 | \u00a0 | 10.5 | ||||||
Deferred revenue at end of period | $ | (22.3) | $ | (34.2) | $ | (22.3) | $ | (34.2) |
Remaining Performance Obligations
As of February 29, 2024, we had approximately $825 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 with approximately 55% of the remainder 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.
Disaggregation of Revenue
Third - party sales across the major customer markets for each of our operating segments for the three- and nine-month periods ended February 29/28, 2024 and 2023 were as follows:
Three Months Ended | Nine Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 29/28, | \u00a0\u00a0\u00a0\u00a0 | February 29/28, | |||||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||||
Parts Supply: | \u00a0 | \u00a0 | ||||||||||
Commercial | $ | 200.2 | $ | 179.7 | $ | 595.6 | $ | 451.0 | ||||
Government and defense | 42.1 | 47.9 | \u00a0 | 111.1 | \u00a0 | 128.8 | ||||||
$ | 242.3 | $ | 227.6 | $ | 706.7 | $ | 579.8 | |||||
\u00a0 | \u00a0 | |||||||||||
Repair & Engineering: | ||||||||||||
Commercial | $ | 128.2 | $ | 114.0 | $ | 380.7 | $ | 348.8 | ||||
Government and defense | 12.6 | 14.0 | \u00a0 | 43.0 | \u00a0 | 41.6 | ||||||
$ | 140.8 | $ | 128.0 | $ | 423.7 | $ | 390.4 | |||||
Integrated Solutions: | ||||||||||||
Commercial | $ | 69.1 | $ | 44.7 | $ | 195.3 | $ | 140.6 | ||||
Government and defense | 96.4 | 98.8 | \u00a0 | 283.1 | \u00a0 | 258.0 | ||||||
$ | 165.5 | $ | 143.5 | $ | 478.4 | $ | 398.6 | |||||
Expeditionary Services: | ||||||||||||
Commercial | $ | 1.7 | $ | 1.1 | $ | 5.3 | $ | 4.5 | ||||
Government and defense | 17.0 | 20.9 | \u00a0 | 48.3 | \u00a0 | 63.9 | ||||||
$ | 18.7 | $ | 22.0 | $ | 53.6 | $ | 68.4 |
Consolidated sales by geographic region for the three- and nine-month periods ended February 29/28, 2024 and 2023 were as follows:
Three Months Ended | Nine Months Ended | |||||||||||
February 29/28, | February 29/28, | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||||
U.S./Canada | \u00a0 | $ | 422.2 | $ | 385.8 | \u00a0 | $ | 1,236.5 | $ | 1,108.2 | ||
Europe/Africa | 90.4 | 71.0 | 263.6 | 186.3 | ||||||||
Asia/South Pacific | 47.5 | 34.8 | 133.6 | 98.2 | ||||||||
Other | 7.2 | 29.5 | 28.7 | 44.5 | ||||||||
$ | 567.3 | $ | 521.1 | $ | 1,662.4 | $ | 1,437.2 |
"}]},{"name":"rpt:f-442","factDimensions":{"xbrl:concept":"us-gaap:RevenuePracticalExpedientIncrementalCostOfObtainingContract","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"true"}]},{"name":"rpt:f-443","factDimensions":{"xbrl:concept":"air:RevenuePracticalExpedientInitialApplicationAndTransitionNondisclosureOfTransactionPriceAllocationToRemainingPerformanceObligation2TrueFalse","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"true"}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"air:ContractWithCustomerAssetCumulativeCatchUpFavorableAdjustmentToRevenueChangeInMeasureOfProgress","xbrl:period":"2023-12-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"air:ContractWithCustomerAssetCumulativeCatchUpFavorableAdjustmentToRevenueChangeInMeasureOfProgress","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9500000","decimals":-5}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"air:ContractWithCustomerAssetCumulativeCatchUpUnfavorableAdjustmentToRevenueChangeInMeasureOfProgress","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6800000","decimals":-5}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"air:ContractWithCustomerAssetCumulativeCatchUpFavorableAdjustmentToRevenueChangeInMeasureOfProgress","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7600000","decimals":-5}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"air:ContractWithCustomerAssetCumulativeCatchUpUnfavorableAdjustmentToRevenueChangeInMeasureOfProgress","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-449","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2700000","decimals":-5}]},{"name":"rpt:f-450","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5800000","decimals":-5}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
February\u00a029,\u00a0 | May\u00a031,\u00a0 | ||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | Change\u00a0 | ||||
Contract assets \u2013 current | $ | 86.5 | $ | 86.9 | $ | (0.4) | |||
Contract assets \u2013 non-current | 33.5 | 27.5 | 6.0 | ||||||
Contract liabilities: | |||||||||
Deferred revenue \u2013 current | (16.2) | (19.7) | 3.5 | ||||||
Deferred revenue on long-term contracts | (6.1) | \u00a0 | (12.7) | \u00a0 | 6.6 | ||||
Net contract assets | $ | 97.7 | $ | 82.0 | $ | 15.7 |
"}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetNetCurrent","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"86500000","decimals":-5}]},{"name":"rpt:f-453","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetNetCurrent","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"86900000","decimals":-5}]},{"name":"rpt:f-454","factDimensions":{"xbrl:concept":"air:IncreaseDecreaseInContractWithCustomerAssetCurrent","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-400000","decimals":-5}]},{"name":"rpt:f-455","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetNetNoncurrent","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33500000","decimals":-5}]},{"name":"rpt:f-456","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetNetNoncurrent","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"27500000","decimals":-5}]},{"name":"rpt:f-457","factDimensions":{"xbrl:concept":"air:IncreaseDecreaseInContractWithCustomerAssetNoncurrent","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6000000.0","decimals":-5}]},{"name":"rpt:f-458","factDimensions":{"xbrl:concept":"us-gaap:DeferredRevenueCurrent","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"16200000","decimals":-5}]},{"name":"rpt:f-459","factDimensions":{"xbrl:concept":"us-gaap:DeferredRevenueCurrent","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19700000","decimals":-5}]},{"name":"rpt:f-460","factDimensions":{"xbrl:concept":"air:IncreaseDecreaseInContractWithCustomerLiabilityCurrent","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-3500000","decimals":-5}]},{"name":"rpt:f-461","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityNoncurrent","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6100000","decimals":-5}]},{"name":"rpt:f-462","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityNoncurrent","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12700000","decimals":-5}]},{"name":"rpt:f-463","factDimensions":{"xbrl:concept":"air:IncreaseDecreaseInContractWithCustomerLiabilityNoncurrent","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-6600000","decimals":-5}]},{"name":"rpt:f-464","factDimensions":{"xbrl:concept":"air:ContractWithCustomerAssetLiabilityNet","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"97700000","decimals":-5}]},{"name":"rpt:f-465","factDimensions":{"xbrl:concept":"air:ContractWithCustomerAssetLiabilityNet","xbrl:period":"2023-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"82000000.0","decimals":-5}]},{"name":"rpt:f-466","factDimensions":{"xbrl:concept":"air:IncreaseDecreaseInContractWithCustomerAssetLiabilityNet","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15700000","decimals":-5}]},{"name":"rpt:f-467","factDimensions":{"xbrl:concept":"air:CommercialPowerByHourContractAmountDerecognizedFromRemainingLossReserves","xbrl:period":"2023-09-01T00:00:00/2023-12-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:MajorCustomersAxis":"air:CommercialPbhCustomerContractsMember"},"factValues":[{"value":"2000000.0","decimals":-5}]},{"name":"rpt:f-468","factDimensions":{"xbrl:concept":"air:ScheduleOfChangesInContractWithCustomerLiabilityTableTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | Three Months Ended | \u00a0\u00a0\u00a0\u00a0 | Nine Months Ended | |||||||||
February 29/28, | February 29/28, | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||||
Deferred revenue at beginning of period | $ | (26.4) | $ | (28.8) | $ | (32.4) | $ | (30.6) | ||||
Revenue deferred | (86.4) | (81.0) | \u00a0 | (222.6) | \u00a0 | (208.1) | ||||||
Revenue recognized | 85.6 | 73.9 | \u00a0 | 228.0 | \u00a0 | 194.0 | ||||||
Other(1) | 4.9 | 1.7 | \u00a0 | 4.7 | \u00a0 | 10.5 | ||||||
Deferred revenue at end of period | $ | (22.3) | $ | (34.2) | $ | (22.3) | $ | (34.2) |
Three Months Ended | Nine Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 29/28, | \u00a0\u00a0\u00a0\u00a0 | February 29/28, | |||||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||||
Parts Supply: | \u00a0 | \u00a0 | ||||||||||
Commercial | $ | 200.2 | $ | 179.7 | $ | 595.6 | $ | 451.0 | ||||
Government and defense | 42.1 | 47.9 | \u00a0 | 111.1 | \u00a0 | 128.8 | ||||||
$ | 242.3 | $ | 227.6 | $ | 706.7 | $ | 579.8 | |||||
\u00a0 | \u00a0 | |||||||||||
Repair & Engineering: | ||||||||||||
Commercial | $ | 128.2 | $ | 114.0 | $ | 380.7 | $ | 348.8 | ||||
Government and defense | 12.6 | 14.0 | \u00a0 | 43.0 | \u00a0 | 41.6 | ||||||
$ | 140.8 | $ | 128.0 | $ | 423.7 | $ | 390.4 | |||||
Integrated Solutions: | ||||||||||||
Commercial | $ | 69.1 | $ | 44.7 | $ | 195.3 | $ | 140.6 | ||||
Government and defense | 96.4 | 98.8 | \u00a0 | 283.1 | \u00a0 | 258.0 | ||||||
$ | 165.5 | $ | 143.5 | $ | 478.4 | $ | 398.6 | |||||
Expeditionary Services: | ||||||||||||
Commercial | $ | 1.7 | $ | 1.1 | $ | 5.3 | $ | 4.5 | ||||
Government and defense | 17.0 | 20.9 | \u00a0 | 48.3 | \u00a0 | 63.9 | ||||||
$ | 18.7 | $ | 22.0 | $ | 53.6 | $ | 68.4 |
Three Months Ended | Nine Months Ended | |||||||||||
February 29/28, | February 29/28, | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||||
U.S./Canada | \u00a0 | $ | 422.2 | $ | 385.8 | \u00a0 | $ | 1,236.5 | $ | 1,108.2 | ||
Europe/Africa | 90.4 | 71.0 | 263.6 | 186.3 | ||||||||
Asia/South Pacific | 47.5 | 34.8 | 133.6 | 98.2 | ||||||||
Other | 7.2 | 29.5 | 28.7 | 44.5 | ||||||||
$ | 567.3 | $ | 521.1 | $ | 1,662.4 | $ | 1,437.2 |
"}]},{"name":"rpt:f-544","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-12-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:U.s.CanadaMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"422200000","decimals":-5}]},{"name":"rpt:f-545","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-12-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:U.s.CanadaMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"385800000","decimals":-5}]},{"name":"rpt:f-546","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:U.s.CanadaMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"1236500000","decimals":-5}]},{"name":"rpt:f-547","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:U.s.CanadaMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"1108200000","decimals":-5}]},{"name":"rpt:f-548","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-12-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"srt:EuropeMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"90400000","decimals":-5}]},{"name":"rpt:f-549","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-12-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"srt:EuropeMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"71000000.0","decimals":-5}]},{"name":"rpt:f-550","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"srt:EuropeMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"263600000","decimals":-5}]},{"name":"rpt:f-551","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"srt:EuropeMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"186300000","decimals":-5}]},{"name":"rpt:f-552","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-12-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:AsiaSouthPacificMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"47500000","decimals":-5}]},{"name":"rpt:f-553","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-12-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:AsiaSouthPacificMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"34800000","decimals":-5}]},{"name":"rpt:f-554","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:AsiaSouthPacificMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"133600000","decimals":-5}]},{"name":"rpt:f-555","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:AsiaSouthPacificMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"98200000","decimals":-5}]},{"name":"rpt:f-556","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-12-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:OtherCountriesExceptNorthAmericaAndEuropeAfricaMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"7200000","decimals":-5}]},{"name":"rpt:f-557","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-12-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:OtherCountriesExceptNorthAmericaAndEuropeAfricaMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"29500000","decimals":-5}]},{"name":"rpt:f-558","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:OtherCountriesExceptNorthAmericaAndEuropeAfricaMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"28700000","decimals":-5}]},{"name":"rpt:f-559","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"air:OtherCountriesExceptNorthAmericaAndEuropeAfricaMember","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"44500000","decimals":-5}]},{"name":"rpt:f-560","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-12-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"567300000","decimals":-5}]},{"name":"rpt:f-561","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-12-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"521100000","decimals":-5}]},{"name":"rpt:f-562","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"1662400000","decimals":-5}]},{"name":"rpt:f-563","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"1437200000","decimals":-5}]},{"name":"rpt:f-564","factDimensions":{"xbrl:concept":"us-gaap:FinancingReceivablesTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
Note 5 \u2013 Accounts Receivable
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:
February\u00a029,\u00a0 | May\u00a031,\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
U.S. Government contracts: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Trade receivables | $ | 13.5 | $ | 13.1 | ||
Unbilled receivables | \u00a0 | 12.5 | \u00a0 | 18.9 | ||
\u00a0 | 26.0 | \u00a0 | 32.0 | |||
All other customers: | \u00a0 | \u00a0 | \u00a0\u00a0 | |||
Trade receivables | \u00a0 | 206.5 | \u00a0 | 179.7 | ||
Unbilled receivables | \u00a0 | 24.6 | \u00a0 | 29.6 | ||
\u00a0 | 231.1 | \u00a0 | 209.3 | |||
$ | 257.1 | $ | 241.3 |
"}]},{"name":"rpt:f-565","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
February\u00a029,\u00a0 | May\u00a031,\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
U.S. Government contracts: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Trade receivables | $ | 13.5 | $ | 13.1 | ||
Unbilled receivables | \u00a0 | 12.5 | \u00a0 | 18.9 | ||
\u00a0 | 26.0 | \u00a0 | 32.0 | |||
All other customers: | \u00a0 | \u00a0 | \u00a0\u00a0 | |||
Trade receivables | \u00a0 | 206.5 | \u00a0 | 179.7 | ||
Unbilled receivables | \u00a0 | 24.6 | \u00a0 | 29.6 | ||
\u00a0 | 231.1 | \u00a0 | 209.3 | |||
$ | 257.1 | $ | 241.3 |
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Note 6 \u2013 Accounting for Stock-Based Compensation
Restricted Stock
In the three-month period ended August 31, 2023, as part of our annual long-term stock incentive compensation, we granted 81,100 shares of performance-based restricted stock and 87,130 shares of time-based restricted stock to eligible employees. The grant date fair value per share for these shares was $58.27 (the closing price per share of our common stock on the grant date). We also granted 21,834 shares of time-based restricted stock to members of the Board of Directors with a grant date fair value per share of $51.51 (the closing price per share of our common stock on the grant date).
Expenses charged to operations for restricted stock during the three-month periods ended February 29/28, 2024 and 2023 was $2.9 million and $2.6 million, respectively, and during the nine-month periods ended February 29/28, 2024 and 2023 was $9.2 million and $7.5 million, respectively.
Stock Options
In July 2023, as part of our annual long-term stock incentive compensation, we granted 141,545 stock options to eligible employees at an exercise price per share of $58.27 and grant date fair value per share of $25.31. The fair value of stock options was estimated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate | \u00a0\u00a0\u00a0\u00a0 | 4.1 | % |
Expected volatility of common stock | \u00a0 | 42.3 | % |
Dividend yield | \u00a0 | 0.0 | % |
Expected option term in years | \u00a0 | 5.1 |
The total intrinsic value of stock options exercised during the nine-month periods ended February 29/28, 2024 and 2023 was $13.9 million and $8.6 million, respectively. Expenses charged to operations for stock options during the three-month periods ended February 29/28, 2024 and 2023 was $0.7 million and $0.9 million, respectively, and during the nine-month periods ended February 29/28, 2024 and 2023 was $2.3 million and $2.9 million, respectively.
"}]},{"name":"rpt:f-581","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2023-06-01T00:00:00/2023-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:PerformanceSharesMember"},"factValues":[{"value":"81100"}]},{"name":"rpt:f-582","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2023-06-01T00:00:00/2023-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:StockAppreciationRightsSARSMember"},"factValues":[{"value":"87130"}]},{"name":"rpt:f-583","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2023-06-01T00:00:00/2023-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:StockAppreciationRightsSARSMember"},"factValues":[{"value":"58.27","decimals":2}]},{"name":"rpt:f-584","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2023-06-01T00:00:00/2023-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","srt:TitleOfIndividualAxis":"srt:DirectorMember","us-gaap:AwardTypeAxis":"us-gaap:StockAppreciationRightsSARSMember"},"factValues":[{"value":"21834"}]},{"name":"rpt:f-585","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2023-06-01T00:00:00/2023-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","srt:TitleOfIndividualAxis":"srt:DirectorMember","us-gaap:AwardTypeAxis":"us-gaap:StockAppreciationRightsSARSMember"},"factValues":[{"value":"51.51","decimals":2}]},{"name":"rpt:f-586","factDimensions":{"xbrl:concept":"air:AllocatedShareBasedCompensationExpenseCredit","xbrl:period":"2023-12-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"2900000","decimals":-5}]},{"name":"rpt:f-587","factDimensions":{"xbrl:concept":"air:AllocatedShareBasedCompensationExpenseCredit","xbrl:period":"2022-12-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"2600000","decimals":-5}]},{"name":"rpt:f-588","factDimensions":{"xbrl:concept":"air:AllocatedShareBasedCompensationExpenseCredit","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"9200000","decimals":-5}]},{"name":"rpt:f-589","factDimensions":{"xbrl:concept":"air:AllocatedShareBasedCompensationExpenseCredit","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"7500000","decimals":-5}]},{"name":"rpt:f-590","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod","xbrl:period":"2023-07-01T00:00:00/2023-08-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"141545"}]},{"name":"rpt:f-591","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2023-07-01T00:00:00/2023-08-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"58.27","decimals":2}]},{"name":"rpt:f-592","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2023-07-01T00:00:00/2023-08-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"25.31","decimals":2}]},{"name":"rpt:f-593","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Risk-free interest rate | \u00a0\u00a0\u00a0\u00a0 | 4.1 | % |
Expected volatility of common stock | \u00a0 | 42.3 | % |
Dividend yield | \u00a0 | 0.0 | % |
Expected option term in years | \u00a0 | 5.1 |
Note 7 \u2013 Inventories
The summary of inventories is as follows:
February\u00a029,\u00a0 | \u00a0\u00a0\u00a0\u00a0 | May\u00a031,\u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Aircraft and engine parts, components and finished goods | $ | 590.2 | $ | 488.9 | ||
Raw materials and parts | \u00a0 | 56.7 | \u00a0 | 59.6 | ||
Work-in-process | 24.6 | 25.6 | ||||
$ | 671.5 | $ | 574.1 |
"}]},{"name":"rpt:f-605","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
February\u00a029,\u00a0 | \u00a0\u00a0\u00a0\u00a0 | May\u00a031,\u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Aircraft and engine parts, components and finished goods | $ | 590.2 | $ | 488.9 | ||
Raw materials and parts | \u00a0 | 56.7 | \u00a0 | 59.6 | ||
Work-in-process | 24.6 | 25.6 | ||||
$ | 671.5 | $ | 574.1 |
"}]},{"name":"rpt:f-606","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoodsNetOfReserves","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"590200000","decimals":-5}]},{"name":"rpt:f-607","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoodsNetOfReserves","xbrl:period":"2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"488900000","decimals":-5}]},{"name":"rpt:f-608","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterialsAndPurchasedPartsNetOfReserves","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"56700000","decimals":-5}]},{"name":"rpt:f-609","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterialsAndPurchasedPartsNetOfReserves","xbrl:period":"2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"59600000","decimals":-5}]},{"name":"rpt:f-610","factDimensions":{"xbrl:concept":"us-gaap:InventoryWorkInProcessNetOfReserves","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"24600000","decimals":-5}]},{"name":"rpt:f-611","factDimensions":{"xbrl:concept":"us-gaap:InventoryWorkInProcessNetOfReserves","xbrl:period":"2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"25600000","decimals":-5}]},{"name":"rpt:f-612","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"671500000","decimals":-5}]},{"name":"rpt:f-613","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"574100000","decimals":-5}]},{"name":"rpt:f-614","factDimensions":{"xbrl:concept":"us-gaap:CashFlowSupplementalDisclosuresTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
Note 8 \u2013 Supplemental Cash Flow Information
Nine Months Ended | ||||||
February\u00a029,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Interest paid | $ | 17.2 | $ | 6.3 | ||
Income taxes paid | \u00a0 | 33.6 | \u00a0 | 27.5 | ||
Income tax refunds received | 0.7 | 1.1 | ||||
Operating lease liabilities arising from obtaining or re-measuring ROU assets | 34.1 | 4.4 |
"}]},{"name":"rpt:f-615","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
Nine Months Ended | ||||||
February\u00a029,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Interest paid | $ | 17.2 | $ | 6.3 | ||
Income taxes paid | \u00a0 | 33.6 | \u00a0 | 27.5 | ||
Income tax refunds received | 0.7 | 1.1 | ||||
Operating lease liabilities arising from obtaining or re-measuring ROU assets | 34.1 | 4.4 |
"}]},{"name":"rpt:f-616","factDimensions":{"xbrl:concept":"us-gaap:InterestPaidNet","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17200000","decimals":-5}]},{"name":"rpt:f-617","factDimensions":{"xbrl:concept":"us-gaap:InterestPaidNet","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6300000","decimals":-5}]},{"name":"rpt:f-618","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxesPaid","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33600000","decimals":-5}]},{"name":"rpt:f-619","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxesPaid","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"27500000","decimals":-5}]},{"name":"rpt:f-620","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromIncomeTaxRefunds","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-621","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromIncomeTaxRefunds","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1100000","decimals":-5}]},{"name":"rpt:f-622","factDimensions":{"xbrl:concept":"us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"34100000","decimals":-5}]},{"name":"rpt:f-623","factDimensions":{"xbrl:concept":"us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability","xbrl:period":"2022-06-01T00:00:00/2023-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4400000","decimals":-5}]},{"name":"rpt:f-624","factDimensions":{"xbrl:concept":"air:SaleOfReceivableTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
Note 9 \u2013 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, 2025, but, the Purchase Agreement may also be terminated earlier under certain circumstances. The term of the Purchase Agreement shall be 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 Condensed Consolidated Balance Sheets. At February 29, 2024, we have utilized $8.7 million which reduced the availability under the Purchase Agreement to $141.3 million.
During the nine-month periods ended February 29/28, 2024 and 2023, we sold $109.7 million and $132.8 million, respectively, of receivables under the Purchase Agreement and remitted $108.8 million and $131.5 million, respectively, to the Purchaser on their behalf. As of February 29, 2024 and May 31, 2023, we had collected cash of $5.0 million and $1.3 million, respectively, which was not yet remitted to the Purchaser as of those dates and was classified as Restricted cash on our Condensed Consolidated Balance Sheets.
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Note 10 \u2013 Financing Arrangements
A summary of the carrying amount of our debt is as follows:
February\u00a029,\u00a0 | May\u00a031,\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Revolving Credit Facility with interest payable monthly | $ | 277.0 | $ | 272.0 | ||
Debt issuance costs, net | \u00a0 | (2.3) | \u00a0 | (2.3) | ||
Long-term debt | $ | 274.7 | $ | 269.7 |
At February 29, 2024, our debt had a fair value that approximates its carrying value and is classified as Level 2 in the fair value hierarchy. At February 29, 2024, we were in compliance with the financial and other covenants in our financing agreements.
Credit Agreement
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) that included an unsecured revolving credit facility (the \u201cRevolving Credit Facility\u201d) that we can draw upon for working capital and general corporate purposes. In conjunction with 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.
On March 1, 2024, we entered into an amendment (the \u201cRevolver Amendment\u201d) to our Credit Agreement, which governs the Company\u2019s existing revolving credit facility (the revolving credit facility as amended by the Revolver Amendment, the \u201cAmended Revolving Credit Facility\u201d). Among other things, the Revolver Amendment (i) increased the aggregate commitments under the Amended Revolving Credit Facility to $825.0 million from $620 million under the Revolving Credit Facility, (ii) increased the maximum leverage ratio permitted under the financial covenants applicable to the Amended Revolving Credit Facility and (iii) included an additional pricing level that will increase the applicable interest rate margins on the Amended Revolving Credit Facility to 250 basis points (in the case of secured overnight financing rate (\u201cSOFR\u201d)) and 150 basis points (in the case of Base Rate loans) if our adjusted total debt to EBITDA ratio exceeds :1.00.
In connection with the Revolver Amendment, we borrowed $186.2 million on March 1, 2024 under the Amended Revolving Credit Facility to fund a portion of the purchase price for the acquisition and transaction expenses of the Product Support Business.
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 $1,125 million in total. The Credit Agreement expires on December 14, 2027. Borrowings under the Credit Agreement bear interest at an applicable variable rate based on SOFR plus 112.5 to 250 basis points based on certain financial measurements plus 10 basis points if a SOFR loan, or at the offered fluctuating Base Rate plus 12.5 to 150 basis points based on certain financial measurements if a Base Rate loan.
Borrowings outstanding under the Revolving Credit Facility at February 29, 2024 were $277.0 million and there were approximately $11.0 million of outstanding letters of credit, which reduced the availability of this facility to $332.0 million.
Our Credit Agreement requires 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.
Senior Notes
On March 1, 2024, we issued $550.0 million aggregate principal amount of 6.75% Senior Notes due 2029 (the \u201cNotes\u201d) to fund a portion of the purchase price for the acquisition of the Product Support Business. The Notes were issued pursuant to an indenture (the \u201cBase Indenture\u201d), dated as of March 1, 2024, between us and Wilmington Trust, National Association (the \u201cTrustee\u201d), as trustee, and a First Supplemental Indenture, dated as of March 1, 2024 (the \u201cSupplemental Indenture\u201d and, together with the Base Indenture, the \u201cIndenture\u201d), among us, the Note Guarantors (as defined below) and the Trustee.
Our domestic subsidiaries that guarantee the Amended Revolving Credit Facility (collectively, the \u201cNote Guarantors\u201d) guaranteed (the \u201cNote Guarantees\u201d) all of the Company\u2019s obligations under the Notes and the Indenture. The Notes and the Note Guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d).
The Notes bear interest at a rate of 6.75% per year, payable semiannually in cash in arrears on March 15 and September 15 of each year, commencing September 15, 2024. The Notes will mature on March 15, 2029. At any time prior to March 15, 2026, the Company may redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus an applicable \u201cmake-whole\u201d premium. At any time prior to March 15, 2026, the Company may also redeem up to 40% of the Notes with net cash proceeds of certain equity offerings at a redemption price equal to 106.75% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after March 15, 2026, the Company may redeem the Notes, in whole or in part, at specified redemption prices if redeemed during the twelve-month period beginning on March 15 of the years indicated below:
2026 | \u00a0\u00a0\u00a0\u00a0 | 103.375 | % |
2027 | \u00a0 | 101.688 | % |
2028 and thereafter | \u00a0 | 100.000 | % |
The Notes are jointly and severally guaranteed by each of the Note Guarantors. The Notes and the Note Guarantees are the general unsecured obligations of us or each of the Note Guarantors and, as applicable, (i) rank equal in right of payment to all of our or such Note Guarantor\u2019s existing and future senior indebtedness, (ii) rank senior in right of payment to all of our or such Note Guarantor\u2019s obligations that are, by their terms expressly subordinated in right of payment to the Notes or the Note Guarantees, (iii) are effectively subordinated to all of our or such Note Guarantor\u2019s secured indebtedness, to the extent of the value of the assets securing such indebtedness and (iv) in the case of the Note Guarantees, are structurally subordinated to indebtedness and other liabilities of our subsidiaries that are not Note Guarantors.
The Indenture contains customary covenants, including limitations on the ability of us and our restricted subsidiaries to (i) incur debt, certain disqualified stock and preferred stock, (ii) create liens, (iii) pay dividends or distributions or redeem or repurchase equity, (iv) prepay subordinated debt or make certain investments, (v) transfer and sell assets, (vi) engage in consolidations, mergers or dispositions of all or substantially all of our or their assets, (vii) enter into agreements that restrict dividends, loans and other distributions from subsidiaries and (viii) enter into transactions with affiliates. These covenants are subject to a number of important exceptions and qualifications described in the Indenture. In addition, the Indenture contains a number of customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the Indenture or the Notes and certain provisions related to bankruptcy events.
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\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Revolving Credit Facility with interest payable monthly | $ | 277.0 | $ | 272.0 | ||
Debt issuance costs, net | \u00a0 | (2.3) | \u00a0 | (2.3) | ||
Long-term debt | $ | 274.7 | $ | 269.7 |
2026 | \u00a0\u00a0\u00a0\u00a0 | 103.375 | % |
2027 | \u00a0 | 101.688 | % |
2028 and thereafter | \u00a0 | 100.000 | % |
Note 11 \u2013 Joint Ventures
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 $9.4 million as of February 29, 2024. 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 $6.3 million, our investment in the Indian joint venture includes $3.5 million for our loan to the joint venture as of February 29, 2024.
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 the three-month periods ended February 29/28, 2024 and 2023 were $0.1 million and $1.2 million, respectively. There were no shared earnings or losses for the nine-month period ended February 29, 2024 and our share of the losses for the nine-month period ended February 28, 2023 was $2.0 million. We are currently evaluating a potential exit from our investment in the Indian joint venture.
Investment in AAR Sumisho Aviation Services (ASAS)
Our investments in joint ventures include a 50% ownership interest in a joint venture to provide aviation aftermarket supply chain solutions to Japanese defense and global commercial markets. Each of the partners in the ASAS joint venture have provided financial guarantees to third-parties to guarantee the payments for ASAS\u2019s financing arrangements, including inventory purchases. No liabilities have been recognized on the outstanding guarantees. We are unable to estimate our maximum exposure under these guarantees as they are largely dependent on the volume of inventory purchase orders outstanding.
Our sales to the ASAS JV, including service fees earned by us on providing support to the ASAS JV, were $3.5 million and $4.1 million during the three- and nine-month periods ended February 29, 2024, respectively, and $0.2 million and $0.7 million during the three- and nine-month periods ended February 28, 2023, respectively.
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. Our sales to joint ventures for these services were $0.3 million and $1.1 million during the three- and nine-month periods ended February 29, 2024, respectively, and $0.3 million and $0.6 million during the three- and nine-month periods ended February 28, 2023, respectively.
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12 \u2013 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.
A reconciliation of the computations of basic and diluted earnings per share information for the three- and nine-month periods ended February 29/28, 2024 and 2023 is as follows:
Three Months Ended | Nine Months Ended | |||||||||||
February 29/28, | February 29/28, | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||||
Basic and Diluted Earnings Per Share: | ||||||||||||
Income from continuing operations | $ | 14.0 | $ | 21.8 | $ | 37.2 | $ | 66.6 | ||||
Less income attributable to participating shares | (0.2) | (0.3) | \u00a0 | (0.4) | \u00a0 | (0.9) | ||||||
Income from continuing operations attributable to common shareholders | 13.8 | 21.5 | 36.8 | 65.7 | ||||||||
Income from discontinued operations attributable to common shareholders | \u2014 | \u2014 | \u2014 | 0.4 | ||||||||
Net income attributable to common shareholders for earnings per share | $ | 13.8 | $ | 21.5 | $ | 36.8 | $ | 66.1 | ||||
Weighted Average Shares: | ||||||||||||
Weighted average common shares outstanding \u2013 basic | 34.8 | 34.1 | \u00a0 | 34.9 | \u00a0 | 34.6 | ||||||
Additional shares from the assumed exercise of stock options | 0.4 | 0.5 | 0.4 | 0.4 | ||||||||
Weighted average common shares outstanding \u2013 diluted | 35.2 | 34.6 | 35.3 | 35.0 | ||||||||
Earnings per share \u2013 basic: | ||||||||||||
Earnings from continuing operations | $ | 0.40 | $ | 0.63 | $ | 1.05 | $ | 1.90 | ||||
Income from discontinued operations | \u2014 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.01 | ||||||
Earnings per share \u2013 basic | $ | 0.40 | $ | 0.63 | $ | 1.05 | $ | 1.91 | ||||
Earnings per share \u2013 diluted: | ||||||||||||
Earnings from continuing operations | $ | 0.39 | $ | 0.62 | $ | 1.04 | $ | 1.87 | ||||
Income from discontinued operations | \u2014 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.01 | ||||||
Earnings per share \u2013 diluted | $ | 0.39 | $ | 0.62 | $ | 1.04 | $ | 1.88 |
No stock options were determined to be anti-dilutive for the three- and nine-month periods ended February 29, 2024. The potential dilutive effect of 1,000 and 215,000 shares relating to stock options was excluded from the computation of weighted average common shares outstanding \u2013 diluted for the three- and nine-month periods ended February 28, 2023, respectively, as the shares would have been anti-dilutive.
"}]},{"name":"rpt:f-690","factDimensions":{"xbrl:concept":"us-gaap:UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-6}]},{"name":"rpt:f-691","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2023-06-01T00:00:00/2024-03-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Three Months Ended | Nine Months Ended | |||||||||||
February 29/28, | February 29/28, | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||||
Basic and Diluted Earnings Per Share: | ||||||||||||
Income from continuing operations | $ | 14.0 | $ | 21.8 | $ | 37.2 | $ | 66.6 | ||||
Less income attributable to participating shares | (0.2) | (0.3) | \u00a0 | (0.4) | \u00a0 | (0.9) | ||||||
Income from continuing operations attributable to common shareholders | 13.8 | 21.5 | 36.8 | 65.7 | ||||||||
Income from discontinued operations attributable to common shareholders | \u2014 | \u2014 | \u2014 | 0.4 | ||||||||
Net income attributable to common shareholders for earnings per share | $ | 13.8 | $ | 21.5 | $ | 36.8 | $ | 66.1 | ||||
Weighted Average Shares: | ||||||||||||
Weighted average common shares outstanding \u2013 basic | 34.8 | 34.1 | \u00a0 | 34.9 | \u00a0 | 34.6 | ||||||
Additional shares from the assumed exercise of stock options | 0.4 | 0.5 | 0.4 | 0.4 | ||||||||
Weighted average common shares outstanding \u2013 diluted | 35.2 | 34.6 | 35.3 | 35.0 | ||||||||
Earnings per share \u2013 basic: | ||||||||||||
Earnings from continuing operations | $ | 0.40 | $ | 0.63 | $ | 1.05 | $ | 1.90 | ||||
Income from discontinued operations | \u2014 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.01 | ||||||
Earnings per share \u2013 basic | $ | 0.40 | $ | 0.63 | $ | 1.05 | $ | 1.91 | ||||
Earnings per share \u2013 diluted: | ||||||||||||
Earnings from continuing operations | $ | 0.39 | $ | 0.62 | $ | 1.04 | $ | 1.87 | ||||
Income from discontinued operations | \u2014 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.01 | ||||||
Earnings per share \u2013 diluted | $ | 0.39 | $ | 0.62 | $ | 1.04 | $ | 1.88 |
Note 13 \u2013 Defined Benefit Pension Settlement
During the three-month period ended August 31, 2023, we settled all future obligations under our frozen U.S. defined benefit retirement plan (the \u201cU.S. Retirement Plan\u201d). The settlement included a combination of lump-sum payments to participants who elected to receive them and the transfer of the remaining benefit obligations to a third-party insurance company under group annuity contracts. The purchase of the group annuity contracts was funded directly by assets of the U.S. Retirement Plan and required no additional cash or asset contributions from us. As a result of the settlements, we recognized a non-cash, pre-tax pension settlement charge of $26.7 million ($16.1 million after-tax) related to the accelerated recognition of all unamortized net actuarial losses in Accumulated other comprehensive loss.
The remaining surplus plan assets are expected to be utilized to fund remaining U.S. Retirement Plan expenses as well as certain contributions associated with one of our qualified 401(k) plans. Surplus plan assets not used for these expenses or 401(k) contributions would be subject to a 20% excise tax upon withdrawal from the plan. As of February 29, 2004, our Condensed Consolidated Balance Sheet included $5.7 million of surplus plan assets reported in Other non-current assets.
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Changes in our accumulated other comprehensive loss (\u201cAOCL\u201d) by component for the three- and nine-month periods ended February 29/28, 2024 and 2023 were as follows:
Currency | |||||||||
Translation | Pension | ||||||||
\u00a0\u00a0\u00a0\u00a0 | Adjustments | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance at December 1, 2023 | $ | (5.6) | $ | (2.9) | $ | (8.5) | |||
Other comprehensive income before reclassifications | \u00a0 | (0.2) | \u00a0 | \u2014 | \u00a0 | (0.2) | |||
Total other comprehensive loss | \u00a0 | (0.2) | \u00a0 | \u2014 | \u00a0 | (0.2) | |||
Balance at February\u00a029,\u00a02024 | $ | (5.8) | $ | (2.9) | $ | (8.7) | |||
Balance at December 1, 2022 | $ | (6.4) | $ | (16.4) | $ | (22.8) | |||
Other comprehensive loss before reclassifications | \u00a0 | 0.7 | \u00a0 | \u2014 | \u00a0 | 0.7 | |||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 0.1 | \u00a0 | 0.1 | |||
Total other comprehensive income (loss) | \u00a0 | 0.7 | \u00a0 | 0.1 | \u00a0 | 0.8 | |||
Balance at February 28, 2023 | $ | (5.7) | $ | (16.3) | $ | (22.0) |
Currency | |||||||||
Translation | Pension | ||||||||
\u00a0\u00a0\u00a0\u00a0 | Adjustments | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance at June 1, 2023 | $ | (5.7) | $ | (17.8) | $ | (23.5) | |||
Other comprehensive income before reclassifications | (0.1) | \u2014 | (0.1) | ||||||
Amounts reclassified from AOCL | \u2014 | 14.9 | 14.9 | ||||||
Total other comprehensive income | (0.1) | 14.9 | 14.8 | ||||||
Balance at February\u00a029,\u00a02024 | $ | (5.8) | $ | (2.9) | $ | (8.7) | |||
Balance at June 1, 2022 | $ | (2.8) | $ | (16.8) | $ | (19.6) | |||
Other comprehensive loss before reclassifications | (2.9) | \u2014 | (2.9) | ||||||
Amounts reclassified from AOCL | \u2014 | 0.5 | 0.5 | ||||||
Total other comprehensive income (loss) | (2.9) | 0.5 | (2.4) | ||||||
Balance at February 28, 2023 | $ | (5.7) | $ | (16.3) | $ | (22.0) |
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Currency | |||||||||
Translation | Pension | ||||||||
\u00a0\u00a0\u00a0\u00a0 | Adjustments | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance at December 1, 2023 | $ | (5.6) | $ | (2.9) | $ | (8.5) | |||
Other comprehensive income before reclassifications | \u00a0 | (0.2) | \u00a0 | \u2014 | \u00a0 | (0.2) | |||
Total other comprehensive loss | \u00a0 | (0.2) | \u00a0 | \u2014 | \u00a0 | (0.2) | |||
Balance at February\u00a029,\u00a02024 | $ | (5.8) | $ | (2.9) | $ | (8.7) | |||
Balance at December 1, 2022 | $ | (6.4) | $ | (16.4) | $ | (22.8) | |||
Other comprehensive loss before reclassifications | \u00a0 | 0.7 | \u00a0 | \u2014 | \u00a0 | 0.7 | |||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 0.1 | \u00a0 | 0.1 | |||
Total other comprehensive income (loss) | \u00a0 | 0.7 | \u00a0 | 0.1 | \u00a0 | 0.8 | |||
Balance at February 28, 2023 | $ | (5.7) | $ | (16.3) | $ | (22.0) |
Currency | |||||||||
Translation | Pension | ||||||||
\u00a0\u00a0\u00a0\u00a0 | Adjustments | \u00a0\u00a0\u00a0\u00a0 | Plans | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance at June 1, 2023 | $ | (5.7) | $ | (17.8) | $ | (23.5) | |||
Other comprehensive income before reclassifications | (0.1) | \u2014 | (0.1) | ||||||
Amounts reclassified from AOCL | \u2014 | 14.9 | 14.9 | ||||||
Total other comprehensive income | (0.1) | 14.9 | 14.8 | ||||||
Balance at February\u00a029,\u00a02024 | $ | (5.8) | $ | (2.9) | $ | (8.7) | |||
Balance at June 1, 2022 | $ | (2.8) | $ | (16.8) | $ | (19.6) | |||
Other comprehensive loss before reclassifications | (2.9) | \u2014 | (2.9) | ||||||
Amounts reclassified from AOCL | \u2014 | 0.5 | 0.5 | ||||||
Total other comprehensive income (loss) | (2.9) | 0.5 | (2.4) | ||||||
Balance at February 28, 2023 | $ | (5.7) | $ | (16.3) | $ | (22.0) |
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Note 15 \u2013 Business Segment Information
During the first quarter of fiscal 2024, our chief operating decision maker (\u201cCODM\u201d) implemented changes in how he organizes the business, allocates resources, and assesses performance. Specifically, this new structure resulted in the separation of our former Aviation Services segment into three new operating segments: Parts Supply, Repair & Engineering, and Integrated Solutions.
In conjunction with the re-alignment, our CODM now evaluates each segment\u2019s performance based on operating income instead of gross profit as our CODM believes operating income is a more comprehensive profitability measure for each operating segment.
Our previously reported segment financial information has been recast to conform to our new segment structure. The change in our operating segments had no impact on our previously reported consolidated results of operations, financial condition, or cash flows.
Our operating segments are comprised of:
| \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, U.S. Department of State, 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 with sales derived from the engineering, design, integration, and manufacture of pallets, shelters, and containers. |
The accounting policies for the segments are the same as those described in Note 1 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended May 31, 2023. Cost of sales consists principally of the cost of products, including material used in manufacturing operations, direct labor, and overhead.
The Company has not aggregated operating segments for purposes of identifying reportable segments. Inter-segment sales are recorded at fair value, which results in intercompany profit on inter-segment sales that is eliminated in consolidation. Corporate selling, general and administrative expenses include centralized functions such as legal, finance, treasury and human resources with a portion of the costs allocated to our operating segments.
Selected financial information for each segment is as follows:
\u00a0\u00a0\u00a0\u00a0 | Three\u00a0Months\u00a0Ended\u00a0February\u00a029,\u00a02024 | ||||||||
Third-Party | \u00a0\u00a0\u00a0\u00a0 | Inter-segment | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Sales | Sales | Sales | |||||||
Parts Supply | \u00a0\u00a0\u00a0\u00a0 | $ | 242.3 | \u00a0\u00a0\u00a0\u00a0 | $ | 2.3 | \u00a0\u00a0\u00a0\u00a0 | $ | 244.6 |
Repair & Engineering | \u00a0 | 140.8 | \u00a0 | 23.6 | \u00a0 | 164.4 | |||
Integrated Solutions | \u00a0 | 165.5 | \u00a0 | 0.2 | \u00a0 | 165.7 | |||
Expeditionary Services | \u00a0 | 18.7 | \u00a0 | \u2014 | \u00a0 | 18.7 | |||
$ | 567.3 | $ | 26.1 | $ | 593.4 |
\u00a0\u00a0\u00a0\u00a0 | Three\u00a0Months\u00a0Ended\u00a0February\u00a028,\u00a02023 | ||||||||
Third-Party | \u00a0\u00a0\u00a0\u00a0 | Inter-segment | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Sales | Sales | Sales | |||||||
Parts Supply | \u00a0\u00a0\u00a0\u00a0 | $ | 227.6 | \u00a0\u00a0\u00a0\u00a0 | $ | 14.0 | \u00a0\u00a0\u00a0\u00a0 | $ | 241.6 |
Repair & Engineering | \u00a0 | 128.0 | \u00a0 | 19.8 | \u00a0 | 147.8 | |||
Integrated Solutions | \u00a0 | 143.5 | \u00a0 | 0.1 | \u00a0 | 143.6 | |||
Expeditionary Services | \u00a0 | 22.0 | \u00a0 | \u2014 | \u00a0 | 22.0 | |||
$ | 521.1 | $ | 33.9 | $ | 555.0 |
\u00a0\u00a0\u00a0\u00a0 | Nine\u00a0Months\u00a0Ended\u00a0February\u00a029,\u00a02024 | ||||||||
Third-Party | \u00a0\u00a0\u00a0\u00a0 | Inter-segment | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Sales | Sales | Sales | |||||||
Parts Supply | $ | 706.7 | $ | 4.9 | $ | 711.6 | |||
Repair & Engineering | \u00a0\u00a0\u00a0\u00a0 | \u00a0 | 423.7 | \u00a0\u00a0\u00a0\u00a0 | \u00a0 | 65.2 | \u00a0\u00a0\u00a0\u00a0 | \u00a0 | 488.9 |
Integrated Solutions | \u00a0 | 478.4 | \u00a0 | 0.6 | \u00a0 | 479.0 | |||
Expeditionary Services | \u00a0 | 53.6 | \u00a0 | \u2014 | \u00a0 | 53.6 | |||
$ | 1,662.4 | $ | 70.7 | $ | 1,733.1 |
\u00a0\u00a0\u00a0\u00a0 | Nine\u00a0Months\u00a0Ended\u00a0February\u00a028,\u00a02023 | ||||||||
Third-Party | \u00a0\u00a0\u00a0\u00a0 | Inter-segment | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Sales | Sales | Sales | |||||||
Parts Supply | \u00a0\u00a0\u00a0\u00a0 | $ | 579.8 | \u00a0\u00a0\u00a0\u00a0 | $ | 17.8 | \u00a0\u00a0\u00a0\u00a0 | $ | 597.6 |
Repair & Engineering | \u00a0 | 390.4 | \u00a0 | 58.4 | \u00a0 | 448.8 | |||
Integrated Solutions | \u00a0 | 398.6 | \u00a0 | 0.1 | \u00a0 | 398.7 | |||
Expeditionary Services | \u00a0 | 68.4 | \u00a0 | \u2014 | \u00a0 | 68.4 | |||
$ | 1,437.2 | $ | 76.3 | $ | 1,513.5 |
The following table reconciles segment operating income to income from continuing operations before income taxes:
Three Months Ended | Nine Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 29/28, | \u00a0\u00a0\u00a0\u00a0 | February 29/28, | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||||
Segment operating income: | ||||||||||||
Parts Supply | $ | 31.1 | $ | 25.1 | $ | 74.6 | $ | 64.7 | ||||
Repair & Engineering | 11.5 | 9.8 | 31.9 | 25.8 | ||||||||
Integrated Solutions | 8.6 | 7.0 | 22.7 | 22.4 | ||||||||
Expeditionary Services | 0.9 | 1.9 | 3.1 | 6.2 | ||||||||
52.1 | 43.8 | 132.3 | 119.1 | |||||||||
Corporate and other | (19.1) | (9.8) | (35.7) | (21.5) | ||||||||
Operating income | 33.0 | 34.0 | 96.6 | 97.6 | ||||||||
Pension settlement charge | \u2014 | \u2014 | (26.7) | \u2014 | ||||||||
Losses related to sale and exit of business | (1.0) | (0.4) | (2.6) | (0.5) | ||||||||
Other income (expense), net | (0.2) | (0.3) | (0.3) | 0.4 | ||||||||
Interest expense | (11.9) | (3.8) | (23.9) | (7.0) | ||||||||
Interest income | 0.6 | 0.3 | 1.6 | 0.5 | ||||||||
Income from continuing operations before income taxes | $ | 20.5 | $ | 29.8 | $ | 44.7 | $ | 91.0 |
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\u00a0\u00a0\u00a0\u00a0 | Three\u00a0Months\u00a0Ended\u00a0February\u00a029,\u00a02024 | ||||||||
Third-Party | \u00a0\u00a0\u00a0\u00a0 | Inter-segment | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Sales | Sales | Sales | |||||||
Parts Supply | \u00a0\u00a0\u00a0\u00a0 | $ | 242.3 | \u00a0\u00a0\u00a0\u00a0 | $ | 2.3 | \u00a0\u00a0\u00a0\u00a0 | $ | 244.6 |
Repair & Engineering | \u00a0 | 140.8 | \u00a0 | 23.6 | \u00a0 | 164.4 | |||
Integrated Solutions | \u00a0 | 165.5 | \u00a0 | 0.2 | \u00a0 | 165.7 | |||
Expeditionary Services | \u00a0 | 18.7 | \u00a0 | \u2014 | \u00a0 | 18.7 | |||
$ | 567.3 | $ | 26.1 | $ | 593.4 |
\u00a0\u00a0\u00a0\u00a0 | Three\u00a0Months\u00a0Ended\u00a0February\u00a028,\u00a02023 | ||||||||
Third-Party | \u00a0\u00a0\u00a0\u00a0 | Inter-segment | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Sales | Sales | Sales | |||||||
Parts Supply | \u00a0\u00a0\u00a0\u00a0 | $ | 227.6 | \u00a0\u00a0\u00a0\u00a0 | $ | 14.0 | \u00a0\u00a0\u00a0\u00a0 | $ | 241.6 |
Repair & Engineering | \u00a0 | 128.0 | \u00a0 | 19.8 | \u00a0 | 147.8 | |||
Integrated Solutions | \u00a0 | 143.5 | \u00a0 | 0.1 | \u00a0 | 143.6 | |||
Expeditionary Services | \u00a0 | 22.0 | \u00a0 | \u2014 | \u00a0 | 22.0 | |||
$ | 521.1 | $ | 33.9 | $ | 555.0 |
\u00a0\u00a0\u00a0\u00a0 | Nine\u00a0Months\u00a0Ended\u00a0February\u00a029,\u00a02024 | ||||||||
Third-Party | \u00a0\u00a0\u00a0\u00a0 | Inter-segment | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Sales | Sales | Sales | |||||||
Parts Supply | $ | 706.7 | $ | 4.9 | $ | 711.6 | |||
Repair & Engineering | \u00a0\u00a0\u00a0\u00a0 | \u00a0 | 423.7 | \u00a0\u00a0\u00a0\u00a0 | \u00a0 | 65.2 | \u00a0\u00a0\u00a0\u00a0 | \u00a0 | 488.9 |
Integrated Solutions | \u00a0 | 478.4 | \u00a0 | 0.6 | \u00a0 | 479.0 | |||
Expeditionary Services | \u00a0 | 53.6 | \u00a0 | \u2014 | \u00a0 | 53.6 | |||
$ | 1,662.4 | $ | 70.7 | $ | 1,733.1 |
\u00a0\u00a0\u00a0\u00a0 | Nine\u00a0Months\u00a0Ended\u00a0February\u00a028,\u00a02023 | ||||||||
Third-Party | \u00a0\u00a0\u00a0\u00a0 | Inter-segment | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Sales | Sales | Sales | |||||||
Parts Supply | \u00a0\u00a0\u00a0\u00a0 | $ | 579.8 | \u00a0\u00a0\u00a0\u00a0 | $ | 17.8 | \u00a0\u00a0\u00a0\u00a0 | $ | 597.6 |
Repair & Engineering | \u00a0 | 390.4 | \u00a0 | 58.4 | \u00a0 | 448.8 | |||
Integrated Solutions | \u00a0 | 398.6 | \u00a0 | 0.1 | \u00a0 | 398.7 | |||
Expeditionary Services | \u00a0 | 68.4 | \u00a0 | \u2014 | \u00a0 | 68.4 | |||
$ | 1,437.2 | $ | 76.3 | $ | 1,513.5 |
Three Months Ended | Nine Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 29/28, | \u00a0\u00a0\u00a0\u00a0 | February 29/28, | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||||
Segment operating income: | ||||||||||||
Parts Supply | $ | 31.1 | $ | 25.1 | $ | 74.6 | $ | 64.7 | ||||
Repair & Engineering | 11.5 | 9.8 | 31.9 | 25.8 | ||||||||
Integrated Solutions | 8.6 | 7.0 | 22.7 | 22.4 | ||||||||
Expeditionary Services | 0.9 | 1.9 | 3.1 | 6.2 | ||||||||
52.1 | 43.8 | 132.3 | 119.1 | |||||||||
Corporate and other | (19.1) | (9.8) | (35.7) | (21.5) | ||||||||
Operating income | 33.0 | 34.0 | 96.6 | 97.6 | ||||||||
Pension settlement charge | \u2014 | \u2014 | (26.7) | \u2014 | ||||||||
Losses related to sale and exit of business | (1.0) | (0.4) | (2.6) | (0.5) | ||||||||
Other income (expense), net | (0.2) | (0.3) | (0.3) | 0.4 | ||||||||
Interest expense | (11.9) | (3.8) | (23.9) | (7.0) | ||||||||
Interest income | 0.6 | 0.3 | 1.6 | 0.5 | ||||||||
Income from continuing operations before income taxes | $ | 20.5 | $ | 29.8 | $ | 44.7 | $ | 91.0 |
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Note 16 \u2013 Legal Proceedings
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:
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 U.S. Department of Justice, the SEC 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 subsidiaries of the Company 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 in the Arbitration Court of the Russian Republic of Tartarstan (the \u201cRussian Trial Court\u201d) 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 2023, the Russian Trial 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 recognized a corresponding charge of $1.8 million in the third quarter of fiscal 2023. The Company thereafter appealed the $1.8 million judgment entered against it by the Russian Trial Court. The receiver and the creditor thereafter appealed to the Russian Trial Court\u2019s judgment dismissing their claims relating to the remaining three engines.
On September 26, 2023, the Russian Eleventh Arbitration Court of Appeal (the \u201cRussian Appellate Court\u201d) issued an order (i) affirming the Russian Trial Court\u2019s adverse judgment against the Company relating to one of the four engines; (ii) reversing the Russian Trial Court\u2019s dismissal of the claims relating to the remaining three engines; and (iii) awarding a judgment against the Company in the total amount of $13.0 million. During the first quarter of fiscal 2024, the Company recognized a charge for $11.2 million representing the judgment against the Company for the remaining three engines.
On October 25, 2023, the Company petitioned the Russian Court of Cassation for leave to obtain the Russian Court of Cassation\u2019s appellate review of the Russian Appellate Court\u2019s order of September 26, 2023. On November 13, 2023, the Russian Court of Cassation granted the Company\u2019s petition. On January 31, 2024, the Russian Court of Cassation announced its decision reversing the Russian Appellate Court\u2019s order of September 26, 2023, vacating in its entirety the judgment that had been entered by the Russian Appellate Court, and remanding the clawback action to the Russian Appellate Court for further proceedings. Because the Russian Court of Cassation has yet to issue its written resolution specifying the basis for its decision, the particular nature and scope of further proceedings on remand before the Russian Appellate Court are not presently known.
The Company has strongly disputed and will continue to strongly dispute all claims asserted in the clawback action. The Company believes that the judgment announced on September 26, 2023 by the Russian Appellate Court - which was reversed and vacated by the Russian Court of Cassation on January 31, 2024 - was a result of, among other things, a hostile business and legal environment for foreign companies in Russia, which has been caused by developments in the Russia/Ukraine conflict, including the imposition of a range of sanctions and export controls on Russian entities and individuals by the U.S. and its North Atlantic Treaty Organization allies. An adverse judgment may be entered against the Company in further proceedings before the Russian courts, and the Company\u2019s ability to satisfy such judgment, in whole or in part, or to otherwise settle the receiver\u2019s claims may be restricted by the Company\u2019s obligation to comply with U.S. trade restrictions likely applicable to undisclosed creditors of the VIM-AVIA bankruptcy estate. Although there can be no assurances, the Company also believes it would have strong defenses to any attempt that may be made to recognize and enforce outside of Russia any adverse judgment that may be entered against it in further proceedings before the Russian courts. As of February 29, 2024, our Condensed Consolidated Balance Sheet included a total liability for the matter of $13.0 million classified as long-term in Other liabilities.
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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