AAR Corp
(NYSE:AIR)

AAR Corp. provides products and services to commercial aviation, government, and defense markets worldwide. The company operates in two segments, Aviation Services and Expeditionary Services. The Aviation Services segment offers aftermarket support and services; inventory management and distribution...

Website: http://www.aarcorp.com

Founded: 1951

Full Time Employees: 4,200

Sector: Industrials

Industry: Aerospace & Defense

Industrials

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Quarterly

Annual

Unit: USD	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-02-28	2020-11-30	2020-08-31	2020-05-31	2020-02-29	2019-11-30	2019-08-31	2019-02-28	2018-11-30	2018-08-31	2018-02-28	2017-11-30	2017-08-31	2017-02-28	2016-11-30	2016-08-31	2016-02-29	2015-11-30	2015-08-31	2015-02-28	2014-11-30	2014-08-31	2014-02-28	2013-11-30	2013-08-31	2013-02-28	2012-11-30	2012-08-31	2012-02-29	2011-11-30	2011-08-31	2011-02-28	2010-11-30	2010-08-31	2010-02-28	2009-11-30	2009-08-31	2009-02-28	2008-11-30	2008-08-31	2008-05-31	2008-02-29	2007-11-30	2007-08-31	2007-05-31	2007-02-28	2006-11-30	2006-08-31	2006-05-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-02-28	2004-11-30	2004-08-31	2004-05-31	2004-02-29	2003-11-30	2003-08-31	2003-05-31	2003-02-28	2002-11-30	2002-08-31	2002-05-31	2002-02-28	2001-11-30	2001-08-31

sales:
sales from products	539,500,000	509,300,000	487,800,000	476,800,000	416,600,000	401,900,000	376,600,000	380,700,000	329,900,000	320,200,000	337,500,000	347,300,000	327,600,000	298,600,000	265,200,000	289,100,000	275,100,000	252,000,000	262,100,000	238,400,000	227,100,000	233,100,000	236,300,000	227,100,000	294,800,000	293,000,000	275,100,000	292,400,000	264,800,000	257,300,000	275,100,000	253,900,000	244,700,000	243,300,000	231,300,000	213,900,000	220,100,000	237,100,000	204,000,000	213,900,000	307,700,000	294,700,000	279,800,000	328,900,000	305,500,000	289,700,000	291,800,000	327,500,000	363,978,000	315,047,000	327,898,000	308,349,000	317,593,000	287,709,000	250,458,000	269,346,000	272,529,000	276,101,000	287,241,000	295,318,000	205,822,750	319,772,000	253,307,000	250,212,000	157,268,000	226,216,000	205,476,000	197,383,000	202,556,000	185,473,000	179,817,000	165,562,000	176,188,000	168,474,000
sales from services	305,600,000	286,000,000	251,800,000	277,700,000	261,600,000	284,200,000	285,100,000	275,800,000	237,400,000	225,200,000	212,200,000	206,000,000	193,500,000	171,200,000	181,100,000	187,000,000	177,100,000	184,600,000	193,000,000	199,200,000	183,200,000	170,500,000	164,500,000	189,400,000	258,300,000	267,900,000	266,400,000	237,100,000	228,500,000	209,000,000	181,200,000	195,800,000	194,500,000	203,400,000	192,500,000	190,900,000	182,700,000	186,700,000	173,800,000	166,200,000	182,300,000	174,500,000	194,600,000	211,800,000	209,000,000	230,500,000	221,000,000	223,000,000	170,217,000	160,855,000	151,392,000	142,682,000	129,461,000	124,488,000	49,084,000	49,279,000	57,980,000	55,103,000	58,744,000	56,822,000	35,223,500	47,561,000	47,263,000	46,070,000	26,436,500	37,860,000	33,822,000	37,812,000	43,965,000	33,372,000	32,371,000	29,740,000	29,541,000	23,747,000	23,879,000	19,959,000	17,505,250	23,344,000	25,601,000	21,076,000	22,127,000	22,608,000
cost of sales:
cost of products	440,200,000	413,200,000	400,700,000	380,500,000	332,100,000	334,700,000	320,800,000	299,000,000	257,500,000	257,500,000	273,800,000	275,900,000	260,500,000	234,800,000	214,000,000	231,900,000	217,800,000	202,100,000	217,600,000	195,200,000	179,800,000	194,300,000	204,500,000	199,600,000	238,300,000	242,000,000	220,100,000	239,000,000	217,000,000	209,600,000	224,000,000	203,200,000	199,600,000	203,500,000	197,300,000	179,500,000	183,000,000	201,000,000	169,800,000	184,500,000	264,900,000	255,100,000	241,800,000	286,000,000	269,000,000	262,300,000	255,400,000	284,100,000	309,844,000	278,064,000	287,362,000	265,435,000	273,550,000	242,352,000	208,901,000	221,007,000	243,469,000	226,469,000	231,251,000	240,244,000	167,924,250	262,682,000	204,127,000	204,888,000	208,269,000	186,330,000	167,424,000	162,397,000	109,494,250	149,869,000	149,206,000	138,903,000	148,660,000	143,734,000
cost of services	250,200,000	225,200,000	205,200,000	223,800,000	214,400,000	222,800,000	223,700,000	230,200,000	199,500,000	184,500,000	174,600,000	169,300,000	166,300,000	149,200,000	150,400,000	154,400,000	154,000,000	156,100,000	172,900,000	170,600,000	144,500,000	139,800,000	147,700,000	180,500,000	249,500,000	233,000,000	239,800,000	205,200,000	198,000,000	185,500,000	154,700,000	174,000,000	175,100,000	174,200,000	160,300,000	163,800,000	161,500,000	162,900,000	153,500,000	145,500,000	146,600,000	138,800,000	153,900,000	163,700,000	160,800,000	181,700,000	170,000,000	176,100,000	137,393,000	120,682,000	117,088,000	107,823,000	99,328,000	98,957,000	38,515,000	42,369,000	40,411,000	44,197,000	49,180,000	48,566,000	29,178,250	39,406,000	38,702,000	38,605,000	36,585,000	32,705,000	28,716,000	32,439,000	35,648,000	28,354,000	26,770,000	22,549,000	22,624,000	18,019,000	19,206,000	15,589,000	14,902,750	20,388,000	21,228,000	17,995,000	20,006,000	18,374,000
gross profit	154,700,000	156,900,000	133,700,000	150,200,000	131,700,000	128,600,000	117,200,000	127,300,000	110,300,000	103,400,000	101,300,000
yoy	17.46%	22.01%	14.08%	17.99%	19.40%	24.37%	15.70%
qoq	-1.40%	17.35%	-10.99%	14.05%	2.41%	9.73%	-7.93%	15.41%	6.67%	2.07%
provision for (recovery of) credit losses	500,000	1,100,000		-75,000	-200,000	-300,000								-100,000
selling, general and administrative	89,800,000	88,700,000		77,400,000	61,300,000	133,100,000		94,800,000	77,000,000	65,700,000		70,800,000	56,700,000	52,800,000		56,900,000	48,900,000	47,100,000	49,300,000	48,800,000	44,900,000	43,400,000	45,300,000	47,300,000	58,100,000	57,100,000	58,100,000	54,800,000	49,100,000	48,800,000	53,400,000	52,200,000	48,000,000	47,400,000	46,300,000	44,800,000	42,600,000	42,500,000	39,400,000	41,700,000	47,100,000	44,900,000	45,600,000	51,100,000	47,700,000	41,800,000	50,800,000	53,300,000	51,342,000	43,134,000	41,730,000	42,527,000	43,334,000	42,705,000	35,972,000
earnings from joint ventures	1,400,000	-100,000	3,000,000	700,000	500,000	1,900,000	2,300,000			600,000																														600,000	700,000	600,000	600,000	800,000	1,200,000	3,200,000	1,200,000	1,400,000	129,000	259,000	205,000	56,000	2,529,000	28,000	56,000	11,000	83,000	1,401,000	4,364,000	1,448,000
operating income	65,800,000	67,000,000	64,900,000	73,000,000	71,100,000	-2,300,000	43,400,000	32,600,000	33,000,000	38,300,000	25,300,000	36,300,000	34,000,000	32,400,000	31,200,000	31,400,000	30,300,000	30,100,000	15,100,000	20,700,000	39,700,000	21,600,000	3,200,000	-14,900,000	5,300,000	28,100,000	22,800,000	29,800,000	16,800,000	22,400,000	24,200,000		16,500,000	21,400,000	19,900,000	16,700,000	15,700,000	17,300,000	14,800,000	9,000,000	32,100,000	31,000,000	33,700,000	40,700,000	38,200,000	37,600,000	37,800,000	38,400,000	35,745,000	34,281,000	33,315,000	35,302,000	33,371,000	28,211,000	23,009,000	26,280,000	17,214,000	29,447,000	14,968,000	31,788,000	24,059,500	37,966,000	31,374,000	26,898,000	28,183,000	25,488,000	23,422,000	17,510,000	20,283,000	17,926,000	14,962,000	10,986,000	9,014,000	9,751,000	7,953,000	6,168,000	3,224,250	5,801,000	5,628,000	1,468,000	1,495,000	5,509,000
yoy	-7.45%	-3013.04%	49.54%	123.93%	115.45%	-106.01%	71.54%	-10.19%	-2.94%	18.21%	-18.91%	15.61%	12.21%	7.64%	106.62%	51.69%	-23.68%	39.35%	371.88%	-238.93%	649.06%	-23.13%	-85.96%	-150.00%	-68.45%	25.45%	-5.79%		1.82%	4.67%	21.61%		5.10%	23.70%	34.46%	85.56%	-51.09%	-44.19%	-56.08%	-77.89%	-15.97%	-17.55%	-10.85%	5.99%	6.87%	9.68%	13.46%	8.78%	7.11%	21.52%	44.79%	34.33%	93.86%	-4.20%	53.72%	-17.33%	-28.45%	-22.44%	-52.29%	18.18%	-14.63%	48.96%	33.95%	53.62%	38.95%	42.18%	56.54%	59.38%	125.02%	83.84%	88.13%	78.11%	179.57%	68.09%	41.31%	320.16%	115.67%	5.30%
qoq	-1.79%	3.24%	-11.10%	2.67%	-3191.30%	-105.30%	33.13%	-1.21%	-13.84%	51.38%	-30.30%	6.76%	4.94%	3.85%	-0.64%	3.63%	0.66%	99.34%	-27.05%	-47.86%	83.80%	575.00%	-121.48%	-381.13%	-81.14%	23.25%	-23.49%	77.38%	-25.00%	-7.44%			-22.90%	7.54%	19.16%	6.37%	-9.25%	16.89%	64.44%	-71.96%	3.55%	-8.01%	-17.20%	6.54%	1.60%	-0.53%	-1.56%	7.43%	4.27%	2.90%	-5.63%	5.79%	18.29%	22.61%	-12.45%	52.67%	-41.54%	96.73%	-52.91%	32.12%	-36.63%	21.01%	16.64%	-4.56%	10.57%	8.82%	33.76%	-13.67%	13.15%	19.81%	36.19%	21.88%	-7.56%	22.61%	28.94%	91.30%	-44.42%	3.07%	283.38%	-1.81%	-72.86%
bargain purchase gain	35,700,000
gain on sale of headquarters building	9,800,000
gain related to sale and exit of business	-400,000	-100,000
other expense	-700,000	-200,000	-100,000	100,000	-100,000	-200,000	-100,000																	-1,500,000	-200,000
interest expense	-17,500,000	-19,100,000	-18,800,000	-18,800,000	-18,500,000	-19,300,000	-18,800,000	-19,300,000	-11,900,000	-6,200,000	-5,800,000	-5,200,000	-3,800,000	-2,100,000	-1,100,000	-600,000	-600,000	-500,000	-700,000	-900,000	-1,100,000	-1,300,000	-1,700,000	-2,800,000	-2,400,000	-1,900,000	-2,200,000
interest income	400,000	500,000	300,000	400,000	400,000	500,000	500,000	600,000	600,000	600,000	400,000	500,000	300,000	100,000	100,000			100,000			100,000		100,000	200,000	100,000	100,000	100,000	200,000	100,000	500,000		100,000		100,000	100,000		100,000		100,000		100,000	100,000	300,000	300,000	300,000	400,000	300,000	400,000	419,000	335,000	104,000	62,000	76,000	160,000	146,000	290,000	316,000			366,000				583,000	983,000	1,293,000	1,300,000	1,339,000	1,425,000	849,000	503,000	459,000	399,000	438,000	382,000	283,000	300,000	284,000	541,000	375,000	787,000	296,000
income before income taxes	93,100,000	48,100,000	47,000,000				24,900,000
income tax expense	25,100,000	13,500,000	12,600,000	13,600,000	-2,200,000	8,100,000	6,900,000	4,500,000	6,500,000	7,900,000	-6,900,000
net income	68,000,000	34,600,000	34,400,000	34,000,000	-8,900,000	-30,600,000	18,000,000	9,100,000	14,000,000	23,800,000	-600,000	23,200,000	21,800,000	22,500,000	22,700,000	23,900,000	22,500,000	20,800,000	11,500,000	14,000,000	28,100,000	8,200,000	-14,500,000	-16,500,000	2,300,000	14,200,000	4,400,000	-37,400,000	7,000,000	15,100,000	15,500,000	-22,600,000	10,600,000	13,700,000	12,100,000	9,500,000														17,532,000	16,649,000							20,024,000	19,734,000	18,400,000	13,275,750	20,095,000	17,855,000	15,153,000	17,847,000	15,261,000	13,768,000	11,784,000	12,899,000	9,130,000	7,876,000	5,258,000	5,733,000	2,595,000	4,839,000	2,286,000	233,000	2,012,000	916,000	-1,996,000	-7,519,000	651,000
yoy	-864.04%	-213.07%	91.11%	273.63%	-163.57%	-228.57%	-3100.00%	-60.78%	-35.78%	5.78%	-102.64%	-2.93%	-3.11%	8.17%	97.39%	70.71%	-19.93%	153.66%	-179.31%	-184.85%	1121.74%	-42.25%	-429.55%	-55.88%	-67.14%	-5.96%	-71.61%	65.49%	-33.96%	10.22%	28.10%	-337.89%																										-0.35%	10.52%	21.43%	-25.61%	31.68%	29.68%	28.59%	38.36%	67.15%	74.81%	124.12%	125.00%	251.83%	62.76%	130.01%	2360.52%	28.98%	428.28%	-214.53%	-103.10%	209.06%
qoq	96.53%	0.58%	1.18%	-482.02%	-70.92%	-270.00%	97.80%	-35.00%	-41.18%	-4066.67%	-102.59%	6.42%	-3.11%	-0.88%	-5.02%	6.22%	8.17%	80.87%	-17.86%	-50.18%	242.68%	-156.55%	-12.12%	-817.39%	-83.80%	222.73%	-111.76%	-634.29%	-53.64%	-2.58%	-168.58%	-313.21%	-22.63%	13.22%	27.37%															5.30%								1.47%	7.25%	38.60%	-33.94%	12.55%	17.83%	-15.09%	16.95%	10.84%	16.84%	-8.64%	41.28%	15.92%	49.79%	-8.29%	120.92%	-46.37%	111.68%	881.12%	-88.42%	119.65%	-145.89%	-73.45%	-1254.99%
earnings per share – basic	1.72	0.91		0.96	-0.25	-0.87		0.25	0.4	0.67	-0.02	0.65	0.63	0.65	0.64	0.65	0.64	0.59	0.33	0.39	0.79	0.23	-0.42																		0.38													0.36			0.27		0.52	0.48
earnings per share – diluted	1.71	0.9	0.95	0.96	-0.25	-0.87		0.25	0.39	0.67	-0.02	0.65	0.62	0.64	0.63	0.64	0.63	0.58	0.32	0.39	0.79	0.23	-0.42																		0.38													0.35			0.27		0.47	0.44
share data used for earnings per share:
weighted-average shares outstanding – basic	39.3	37.8	35.7		35.4
weighted-average shares outstanding – diluted	39.5	38.1	35.9		35.4
provision for credit losses			600,000				200,000	200,000	100,000		400,000	800,000	1,900,000
selling, general, and administrative			71,200,000				75,900,000				74,700,000				50,100,000
gains related to sale and exit of businesses			700,000
earnings per share - basic			0.96																					-0.48	0.07	0.41	0.12																																		0.36	0.54	0.49		0.28	0.42	0.38	0.33	0.17	0.27	0.24	0.16	0.075	0.08
cost and operating expenses:
pension settlement charge											-26,700,000
losses related to sale and exit of business				-16,325,000	-64,000,000	-1,200,000	-100,000	-200,000	-1,000,000	-900,000	-700,000	-200,000	-400,000	-100,000
income from continuing operations before income taxes				-2,175,000	-11,100,000	-22,500,000		11,175,000	20,500,000	31,700,000	-7,500,000
earnings per share – basic and diluted							0.5
loss from joint ventures								300,000	-200,000		-900,000	-750,000	-1,700,000	-700,000	-600,000	-425,000	-1,100,000	-400,000	-200,000	-50,000		-100,000	-100,000
other income								-100,000	-200,000	-100,000		-1,200,000	-300,000	500,000	200,000	100,000	1,100,000	300,000	700,000				200,000			-200,000	-200,000			400,000
income from continuing operations								9,100,000	14,000,000	23,800,000	-600,000	23,200,000	21,800,000	22,500,000	22,300,000	23,900,000	22,600,000	20,800,000	11,200,000	14,700,000	31,100,000	14,400,000	-13,900,000	-15,000,000	2,600,000	20,100,000	17,100,000	27,400,000	11,200,000	18,900,000	31,300,000		10,600,000	13,100,000	12,100,000	9,900,000														17,519,000	16,963,000	18,304,000			9,785,000	13,193,000	9,158,000	20,024,000	21,352,000	18,731,000	13,357,000	20,285,000	17,888,000	15,255,000	17,717,000	15,519,000	13,768,000	11,946,000	12,899,000	9,130,000	7,876,000	5,258,000	5,828,000	5,185,000
income from discontinued operations, net of tax															400,000		-100,000		300,000
earnings per share – basic:
earnings from continuing operations								0.25	0.4	0.67	-0.02	0.65	0.63	0.65	0.63	0.65	0.64	0.59	0.32	0.41	0.88	0.41	-0.4	-0.43	0.08	0.58	0.49	0.79	0.32	0.54	0.91	-0.66	0.31	0.39	0.35	0.29	0.31	0.3	0.23	0.05										0.44	0.42	0.48			0.26	0.35	0.27	0.53	0.56	0.49	0.36	0.54	0.49	0.41	0.48	0.43	0.38	0.33	0.37	0.27	0.24	0.16	0.19	0.16
earnings from discontinued operations												0.003			0.01				0.01															0.02					0.42
earnings per share – diluted:
income from discontinued operations																																		600,000					14,700,000
income from continuing operations before provision for income taxes												30,200,000	29,800,000	30,800,000	30,400,000	30,500,000	30,800,000	28,700,000	15,100,000	19,500,000	43,100,000	19,600,000	-17,700,000	-19,000,000	2,800,000	26,100,000	20,500,000	26,800,000	14,200,000	21,200,000	21,500,000		14,800,000	20,000,000	18,800,000	15,400,000	14,100,000	15,700,000	12,600,000	2,600,000										26,747,000	25,901,000	27,769,000			14,755,000	20,107,000	11,886,000	27,425,000	32,581,000	28,591,000	20,423,750	31,201,000	27,351,000
provision for income taxes												7,000,000	8,000,000	8,300,000	8,100,000	6,600,000	8,200,000	7,900,000	3,900,000	4,800,000	12,000,000	5,200,000	-3,800,000	-4,000,000	200,000	6,000,000	3,400,000		3,000,000	2,300,000			4,200,000	6,900,000	6,700,000	5,500,000	3,400,000	5,300,000	4,400,000	700,000	7,400,000	7,000,000	5,300,000	10,500,000	9,500,000	9,300,000	9,300,000	9,700,000	4,818,000	9,228,000	8,938,000	9,465,000	9,054,000	7,363,000	4,970,000	6,914,000	2,728,000	7,401,000	11,229,000	9,860,000	7,066,750	10,916,000	9,463,000	7,888,000	8,632,000	7,694,000	6,217,000	5,164,000	1,523,750	948,000		2,065,000	2,090,000	841,000					492,000
provision for doubtful accounts																225,000	100,000	800,000		2,700,000	1,400,000	4,400,000		2,100,000	1,900,000	700,000	700,000	700,000	12,400,000
loss on sale of business																-325,000		-1,300,000		-700,000			-19,500,000
other income (expenses)																				975,000	4,400,000
loss from discontinued operations, net of tax																				-700,000	-3,000,000	-6,200,000	-600,000				-12,700,000
loss from discontinued operations																				-0.02	-0.09	-0.18	-0.02	18,899,999.41	-300,000	-5,900,000	-0.37																								-0.01
other expenses																						-700,000
earnings per share - basic:
earnings per share - diluted:
earnings per share - diluted																								0.148	0.06	0.4	0.13																																		0.313	0.47	0.42		0.245	0.36	0.33	0.29	0.155	0.24	0.22	0.15	0.073	0.08
earnings per share — basic:
earnings per share — basic																												-1.08	0.2	0.43	0.45	-0.66	0.31	0.41	0.35	0.28	0.14	0.23	0.65	-0.89		0.36	0.45	0.51	0.45	0.47	0.45	0.46	0.51	0.44	0.41	0.47	0.44		0.26	0.35								0.41
earnings per share — diluted:
earnings per share — diluted																												-1.08	0.2	0.43	0.44	-0.66	0.31	0.4	0.35	0.28	0.14	0.23	0.65	-0.89		0.36	0.45	0.5	0.45	0.46	0.44	0.45	0.5	0.43	0.41	0.44	0.42		0.26	0.34								0.36
cash dividends declared per common share																												0.075
other income (expense)
cost of services — impairments and other charges																																51,600,000
selling, general and administrative — impairments																																2,600,000
loss on extinguishment of debt
discontinued operations:
gain from contingent consideration																																							27,700,000
income from continuing operations attributable to aar																																					10,700,000	10,400,000	8,200,000	1,900,000
impairment charge
income attributable to noncontrolling interest from discontinued operations
income from discontinued operations attributable to aar																																							14,700,000
net income attributable to aar																																					4,800,000	8,000,000	22,900,000	-34,500,000	15,200,000	14,400,000	17,900,000	20,000,000	17,900,000	18,400,000	17,800,000	18,200,000	20,663,000			17,918,000	16,814,000	13,674,000	9,912,000	13,312,000	10,204,000
provision for income tax
income before provision for income taxes																																									22,600,000	21,500,000	23,300,000	30,500,000	27,500,000	27,800,000	27,200,000	28,000,000	25,653,000				25,868,000	21,037,000										23,143,000	26,349,000	23,213,000	19,985,000	17,110,000	17,137,000	10,078,000	10,958,000	7,323,000	7,918,000	6,026,000	4,076,000			1,365,000	1,408,000			1,002,000
net income attributable to aar and noncontrolling interest																																									15,200,000	14,500,000	18,000,000	20,000,000	18,000,000	18,500,000	17,900,000	18,300,000	20,835,000			17,918,000	16,814,000	13,674,000	9,785,000	13,193,000	9,158,000
income attributable to noncontrolling interest																																														100,000	100,000
(loss) on extinguishment of debt
loss attributable to noncontrolling interest																																																							127,000	119,000	1,046,000
costs and operating expenses:
gain on extinguishment of debt																																																						97,000				2,109,000	22,098,000	1,110,000								2,927,000
discontinued operations, net of tax																																																		13,000
loss on investment
weighted-average common shares outstanding — basic																																																				38,361	38,301		38,217									36,836
weighted-average common shares outstanding — diluted																																																				43,713	43,230		43,108									43,789
weighted average common shares outstanding – basic																																																						38,411			38,090
weighted average common shares outstanding – diluted																																																						42,854			42,574
sales from leasing																																																							10,065,000	10,059,000	11,014,000	7,588,000	7,587,000	7,764,000	7,262,000	9,293,000	10,077,000	9,678,000	7,586,000	6,902,000	6,769,000	7,003,000	6,959,000	7,141,000	6,042,000	4,286,000	4,197,000	5,480,000
cost of leasing																																																							3,266,000	1,448,000	3,620,000	3,501,000	3,299,000	3,956,000	4,407,000	4,233,000	7,468,000	5,927,000	5,225,000	4,668,000	4,068,000	4,618,000	3,923,000	4,304,000	4,264,000	3,454,000	3,548,000	5,213,000
cost of sales — impairment charge
discontinued operations, net of tax:
loss on disposal
selling, general and administrative and other																																																								37,591,000	36,892,000	36,579,000	38,205,000	36,798,000	23,902,500	34,007,000	30,941,000	30,662,000	28,582,000	24,770,000	26,198,000	25,981,000	28,009,000	25,795,000	23,621,000	23,901,000	26,442,000	21,182,000	20,625,000	20,447,000	14,980,500	20,772,000	19,502,000	19,648,000	19,605,000	19,016,000
weighted average common shares outstanding — basic																																																								38,143
weighted average common shares outstanding — diluted																																																								42,869
gain (loss) on extinguishment of debt																																																									913,000
cost of sales – impairment charge
interest income and other																																																										308,000	496,000		442,500	184,000	1,003,000
earnings per share – basic.																																																										0.53
earnings per share – diluted.																																																										0.48
weighted-average common shares outstanding – basic																																																										38,043	38,079	38,074
weighted-average common shares outstanding – diluted																																																										42,570	42,802	42,849
cost of sales-impairment charge																																																											21,033,000
operating loss, net of tax
cost of sales-impairment charges																																																																				7,652,000
gain on sale of product line																																																																				5,358,000
earnings from aircraft joint ventures																																																													1,163,250	1,668,000	1,965,000	1,020,000	1,167,000	2,983,000	3,761,000
earnings per share-basic:
earnings per share-diluted:
weighted-average common shares outstanding - basic																																																														37,228	36,841			36,534	36,250	36,076			33,048	32,961		32,258	32,246			32,168	31,979			31,846
weighted-average common shares outstanding - diluted																																																														43,819	43,732			43,496	43,145	42,893			37,137	37,040		36,417	32,808			32,732	32,263			31,849
equity in earnings of joint ventures																																																																				3,041,000	442,000	262,000
loss on disposal, net of tax
weighted average common shares outstanding - basic																																																																						33,709						32,243				31,850
weighted average common shares outstanding - diluted																																																																						39,150						32,594				31,850
equity in earnings of aircraft joint ventures																																																																							593,000	205,000	362,000	198,000
provision (benefit) for income taxes																																																																							3,082,000					665,000						351,000
sales from products and leasing																																																																											154,776,000	146,094,000	100,690,750	137,807,000	133,918,000	131,038,000	123,002,000	134,384,000
cost of products and leasing																																																																											130,871,000	123,849,000	85,088,500	114,190,000	113,161,000	113,003,000	85,195,000	114,093,000
earnings per share of common stock - basic																																																																											0.15		0.008	0.06			-0.038	0.02
earnings per share of common stock - diluted																																																																											0.15		0.008	0.06			-0.038	0.02
income (loss) before provision for income taxes																																																																												2,951,000
earnings (loss) per share of common stock - basic																																																																												0.07
earnings (loss) per share of common stock - diluted																																																																												0.07
dividends paid and declared per share of common stock																																																																																	0.006
income per share of common stock - basic																																																																															0.03
income per share of common stock - diluted																																																																															0.03
loss before provision for income tax benefit
income tax benefit
loss per share of common stock - basic																																																																																-0.06
loss per share of common stock - diluted																																																																																-0.06
special charges

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-02-28	2020-11-30	2020-08-31	2020-05-31	2020-02-29	2019-11-30	2019-08-31	2019-02-28	2018-11-30	2018-08-31	2018-02-28	2017-11-30	2017-08-31	2017-02-28	2016-11-30	2016-08-31	2016-02-29	2015-11-30	2015-08-31	2015-02-28	2014-11-30	2014-08-31	2014-02-28	2013-11-30	2013-08-31	2013-02-28	2012-11-30	2012-08-31	2012-02-29	2011-11-30	2011-08-31	2011-02-28	2010-11-30	2010-08-31	2010-02-28	2009-11-30	2009-08-31	2009-02-28	2008-11-30	2008-08-31	2008-02-29	2007-11-30	2007-08-31	2007-05-31	2007-02-28	2006-11-30	2006-08-31	2006-05-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-02-28	2004-11-30	2004-08-31	2004-02-29	2003-11-30	2003-08-31	2003-05-31	2003-02-28

current assets:
cash and cash equivalents	78,500,000	75,600,000	80,000,000	96,500,000	84,400,000	61,700,000	49,300,000	85,800,000	69,200,000	65,100,000	70,300,000	68,400,000	52,700,000	49,000,000	44,300,000	53,500,000	40,600,000	42,700,000	48,800,000	51,800,000	99,200,000	110,000,000	107,700,000	404,700,000	37,000,000	38,200,000	39,900,000	28,900,000	25,700,000	22,700,000	23,900,000	27,100,000	15,100,000	10,100,000	23,000,000	7,900,000	50,400,000	62,800,000	28,700,000	67,000,000	92,600,000	81,800,000							59,294,000	27,870,000	35,523,000	54,716,000	49,320,000	52,155,000	117,526,000	105,703,000	122,840,000	93,742,000	121,764,000	75,988,000	119,157,000	28,369,000	58,021,000	83,317,000	105,111,000	117,192,000	119,131,000	121,738,000	104,813,000	13,805,000	14,445,000	40,508,000	32,091,000	19,667,000	26,802,000	48,885,000	39,198,000	31,929,000	29,154,000	35,572,000
restricted cash	21,600,000	20,600,000	11,600,000	12,700,000	16,500,000	20,800,000	13,800,000	10,300,000	14,400,000	10,400,000	19,900,000	13,400,000	1,400,000	2,200,000	4,100,000	5,400,000	2,400,000	3,700,000	3,800,000	8,400,000	13,400,000	3,000,000	6,400,000	20,000,000	27,900,000	14,500,000	18,100,000	21,500,000	15,000,000	22,100,000	10,700,000																																							9,276,000	9,966,000	9,830,000
accounts receivable, less allowances	426,200,000	401,900,000	363,500,000		312,500,000	320,400,000	310,900,000		257,100,000	246,400,000	280,600,000		237,700,000	225,300,000	220,800,000		209,300,000	192,100,000	180,800,000		186,800,000	169,800,000	166,700,000		225,700,000	208,500,000	197,300,000	237,600,000	218,600,000	191,000,000	203,400,000	258,400,000	264,700,000	264,600,000	276,500,000	238,000,000	249,900,000	252,600,000	270,600,000	249,600,000	319,300,000	294,900,000	310,100,000	319,800,000	285,700,000	302,400,000	285,100,000	282,800,000	331,478,000	294,012,000	296,382,000	300,030,000	257,354,000	245,096,000	208,275,000	199,946,000	202,799,000	228,012,000	203,182,000	202,207,000	218,877,000	176,422,000	169,046,000		158,499,000	148,885,000	142,442,000		153,035,000	120,728,000	119,771,000		120,082,000	107,968,000	97,306,000	110,376,000	66,769,000	69,438,000		81,396,000
contract assets	142,300,000	152,600,000	146,700,000	140,300,000	153,300,000	150,200,000	147,900,000	123,200,000	86,500,000	99,300,000	99,300,000	86,900,000	91,700,000	82,500,000	87,500,000	73,600,000	68,800,000	68,500,000	74,600,000	71,900,000	62,100,000	52,800,000	45,200,000	49,300,000	64,700,000	62,200,000	62,000,000	54,900,000	63,000,000	48,800,000
inventories	958,200,000	910,800,000	861,500,000	809,200,000	775,700,000	790,000,000	748,200,000	733,100,000	671,500,000	645,900,000	614,200,000	574,100,000	570,700,000	595,000,000	575,800,000	550,500,000	535,200,000	531,700,000	525,800,000	540,600,000	564,200,000	585,000,000	597,700,000	623,100,000	621,600,000	580,400,000	553,600,000	514,700,000	495,000,000	467,700,000	472,100,000	479,400,000	473,000,000	465,600,000	459,500,000	450,900,000	458,100,000	462,100,000	478,600,000	451,000,000	554,800,000	532,000,000	506,800,000	463,800,000	473,300,000	488,300,000	483,300,000	466,000,000	477,467,000	426,051,000	402,740,000	385,436,000	387,175,000	378,171,000	332,384,000	340,979,000	344,591,000	365,742,000	326,557,000	303,212,000	290,511,000	275,336,000	238,314,000	244,661,000	246,052,000	262,000,000	245,880,000	259,570,000	238,819,000	230,663,000	227,164,000		199,279,000	212,867,000	209,052,000	197,898,000	200,373,000	207,873,000	219,894,000	231,133,000
prepaid expenses and other current assets	136,900,000	128,800,000	103,600,000	52,600,000	74,700,000	81,400,000	77,400,000	58,600,000	56,700,000	60,500,000	58,600,000	49,700,000			33,800,000	40,400,000			39,600,000	27,700,000
total current assets	1,763,700,000	1,690,300,000	1,566,900,000	1,510,600,000	1,534,800,000	1,498,000,000	1,426,900,000	1,389,600,000	1,240,700,000	1,194,400,000	1,207,200,000	1,097,900,000	1,067,800,000	1,060,300,000	1,035,200,000	1,007,200,000	977,200,000	946,700,000	944,900,000	937,000,000	1,028,400,000	1,041,700,000	1,074,200,000	1,438,700,000	1,158,100,000	1,072,200,000	1,021,600,000	993,400,000	1,040,700,000	982,400,000	933,600,000	892,200,000	904,700,000	893,100,000	901,800,000	849,400,000	970,700,000	996,200,000	997,300,000	1,494,900,000	1,214,800,000	1,155,900,000	1,126,900,000	1,082,500,000	1,051,000,000	1,076,100,000	1,046,800,000	1,033,600,000	1,065,389,000	955,053,000	944,247,000	927,839,000	881,764,000	872,263,000	802,915,000	794,590,000	825,047,000	874,809,000	837,808,000	763,710,000	803,894,000	666,125,000	615,927,000		645,483,000	655,057,000	634,345,000	624,454,000	592,875,000	471,535,000	462,526,000	474,542,000	441,165,000	426,439,000	415,203,000	437,750,000	383,765,000	387,141,000	396,412,000	431,556,000
property, plant, and equipment, net of accumulated depreciation of 274.7 and 278.7, respectively	163,200,000
other assets:
goodwill	552,300,000	552,200,000	543,100,000	530,800,000	528,400,000	543,200,000	552,600,000	554,800,000	179,400,000	176,000,000	177,400,000	175,800,000												115,700,000	116,500,000	116,800,000	115,800,000	117,400,000	116,600,000	118,100,000	119,600,000	128,900,000	115,500,000	114,600,000	114,700,000	115,500,000	115,200,000	123,100,000	123,600,000	123,600,000	252,100,000	258,000,000	262,600,000	260,700,000	257,000,000	256,400,000	257,000,000	253,800,000																	55,528,000	44,453,000	44,440,000	44,432,000	44,397,000	44,392,000	44,408,000	44,416,000	44,443,000	44,440,000	44,408,000	46,007,000	45,975,000	45,935,000	45,951,000	45,935,000
intangible assets, net of accumulated amortization of 46.7 and 29.5, respectively	288,600,000
rotable assets supporting long-term programs	188,000,000	211,300,000	173,400,000	172,400,000	183,800,000	174,000,000	170,800,000	166,300,000	177,900,000	177,400,000	176,800,000	178,100,000	173,800,000	170,700,000	167,700,000	166,600,000	171,100,000	173,600,000	178,000,000	184,300,000	192,300,000	200,500,000	201,900,000	211,700,000	225,300,000	225,600,000	225,200,000	209,400,000	202,500,000	187,600,000	183,600,000	180,400,000	167,700,000
lease right-of-use assets	192,800,000	105,100,000
other non-current assets	183,900,000	171,300,000	167,500,000	159,400,000	156,100,000	149,300,000	146,800,000	155,600,000	139,800,000	133,300,000	132,100,000	127,800,000	126,600,000	117,200,000	97,100,000	97,800,000	102,600,000	105,900,000	108,000,000	98,800,000	98,400,000	96,200,000	101,800,000	81,500,000	80,900,000	89,600,000	81,800,000	67,500,000	85,800,000	90,700,000	111,900,000
liabilities and equity
current liabilities:
accounts payable	324,000,000	341,800,000	313,500,000	303,100,000	278,900,000	291,800,000	257,500,000	238,000,000	230,300,000	209,700,000	222,200,000	158,500,000	158,700,000	156,500,000	194,500,000	156,400,000	140,800,000	124,300,000	144,200,000	127,200,000	182,600,000	198,300,000	179,800,000	191,600,000	295,100,000	231,400,000	212,800,000																160,500,000	144,500,000	148,200,000								129,789,000	130,112,000	93,896,000	82,291,000	94,343,000	100,533,000	108,076,000	93,171,000		98,803,000	94,894,000	110,239,000	91,869,000	95,090,000	95,034,000	97,002,000	91,960,000	97,668,000	94,426,000	77,015,000	65,349,000	59,621,000	59,078,000	60,159,000	54,251,000	54,359,000	51,485,000	63,951,000
accrued liabilities	329,000,000	252,400,000	225,000,000	245,800,000	236,700,000	258,800,000	200,800,000	219,300,000	187,400,000	159,000,000	158,900,000	179,600,000	158,500,000	151,900,000	147,200,000	174,600,000	157,400,000	143,100,000	159,800,000	174,200,000	168,800,000	153,100,000	145,000,000	161,600,000	149,800,000	133,200,000	128,700,000	115,000,000	114,400,000	110,800,000	123,200,000	138,900,000	133,800,000	146,200,000	164,400,000	152,900,000	162,000,000	173,400,000	181,800,000	125,000,000	146,000,000	141,200,000	142,300,000	141,100,000	128,400,000	162,200,000	139,200,000	131,900,000	144,759,000	106,991,000	104,912,000	102,534,000	106,118,000	103,243,000	79,259,000	76,073,000	77,211,000	80,223,000	68,730,000	87,235,000		80,366,000	70,350,000	72,022,000	86,916,000	81,119,000	75,679,000	88,497,000	83,042,000	83,336,000	69,692,000	79,265,000	60,720,000	66,094,000	63,795,000	64,232,000	64,064,000	55,112,000	59,834,000	37,671,000
total current liabilities	653,000,000	594,200,000	538,500,000	554,700,000	545,200,000	558,300,000	466,900,000	466,900,000	428,200,000	380,100,000	393,500,000	351,500,000	331,600,000	323,700,000	357,900,000	348,200,000	343,100,000	320,200,000	324,200,000	336,800,000	387,700,000	408,200,000	394,300,000	383,100,000	485,300,000	406,500,000	396,400,000	359,600,000	344,200,000	315,100,000	326,600,000	336,500,000	312,100,000	342,800,000	350,900,000	314,400,000	359,700,000	363,400,000	378,100,000	390,800,000	399,900,000	416,300,000	390,600,000	372,900,000	363,400,000	362,800,000	419,700,000	416,600,000	560,986,000	374,944,000	350,085,000	419,182,000	351,806,000	349,233,000	177,663,000	182,901,000	226,076,000	269,521,000	266,271,000	203,427,000	234,942,000	273,987,000	241,885,000	256,506,000	233,009,000	206,828,000	203,661,000	187,788,000	177,101,000	199,614,000	166,398,000	160,025,000	159,874,000	160,659,000	158,475,000	131,977,000	171,299,000	187,861,000	203,575,000	223,411,000
long-term debt	888,300,000	952,700,000	1,022,100,000	968,000,000	1,022,300,000	986,700,000	981,000,000	985,400,000	274,700,000	275,000,000	304,800,000	269,700,000	185,600,000	197,200,000	114,100,000	98,900,000	103,300,000	103,200,000	127,600,000	133,700,000	206,000,000	220,300,000	255,100,000	600,000,000	206,000,000	196,100,000	202,200,000	177,200,000
lease liabilities	91,400,000	91,600,000
deferred tax liabilities	18,000,000	21,200,000	21,500,000	18,400,000	25,300,000	23,500,000	24,000,000	23,900,000	37,000,000	39,800,000	39,700,000	33,600,000	14,200,000	19,700,000	20,100,000	20,000,000													10,500,000	11,000,000	13,700,000	15,600,000	37,700,000	28,700,000	28,300,000	34,000,000	79,800,000	104,100,000	101,100,000	139,100,000	169,000,000	163,000,000	143,200,000	153,500,000	146,800,000	161,200,000	126,600,000	122,600,000	111,490,000	102,609,000	99,871,000	69,127,000	59,341,000	58,138,000	57,534,000	57,428,000	57,485,000	38,599,000	37,258,000	28,625,000	19,426,000	41,573,000	40,471,000	40,121,000	37,637,000	35,430,000	29,384,000	25,357,000	20,718,000	24,268,000	21,408,000	18,089,000	19,270,000	19,084,000	17,331,000	21,458,000	22,472,000	22,495,000	22,601,000	28,354,000
other liabilities	38,400,000	21,600,000	20,400,000	12,300,000	16,100,000	21,200,000	22,300,000	23,700,000	40,900,000	42,000,000	43,000,000	31,000,000	22,200,000	19,100,000	16,000,000	14,900,000	30,000,000	38,700,000	30,000,000	29,500,000	37,400,000	43,800,000	35,600,000	34,400,000	26,900,000	24,100,000	24,700,000	21,300,000
equity:
preferred stock, 1.00 par value, authorized 250,000 shares; none issued
common stock	48,800,000	48,800,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,300,000	45,200,000	45,200,000	45,200,000	45,100,000	45,000,000	45,100,000	45,000,000	45,000,000	45,000,000	44,700,000	44,700,000	44,700,000	44,700,000	44,700,000	44,800,000	44,896,000	44,899,000	44,934,000	44,989,000	44,989,000	45,262,000	44,407,000	44,290,000	44,285,000	43,990,000	43,955,000	43,963,000	43,897,000	42,672,000	42,555,000	42,230,000	41,729,000	41,186,000	40,877,000	40,789,000	40,426,000	36,664,000	36,522,000	35,853,000	34,647,000	34,563,000	34,528,000	34,516,000	33,742,000		33,543,000	33,543,000
capital surplus	784,500,000	778,200,000	503,500,000	505,200,000	501,000,000	495,500,000	490,400,000	493,900,000	489,300,000	485,700,000	481,800,000	484,500,000	481,200,000	479,000,000	476,800,000	477,500,000	481,400,000	481,500,000	479,900,000	479,800,000	477,400,000	475,100,000	473,100,000	478,600,000	481,500,000	478,700,000	476,000,000	474,800,000	470,800,000	469,800,000	464,100,000	462,300,000	460,300,000	457,300,000	454,700,000	453,100,000	447,800,000	445,700,000	443,900,000	442,200,000	439,900,000	438,300,000	433,800,000	431,600,000	429,300,000	428,500,000	425,100,000	423,400,000	421,762,000	418,143,000	412,924,000	421,308,000	417,725,000	419,577,000	413,228,000	409,530,000	407,257,000	329,253,000	326,208,000	325,743,000	322,540,000	302,955,000	298,944,000	289,673,000	282,932,000	273,330,000	269,323,000	274,211,000	265,034,000	199,431,000	197,809,000	189,617,000	175,338,000	172,917,000	172,674,000	172,597,000	165,823,000	164,651,000	164,651,000	164,651,000
retained earnings	1,106,400,000	1,038,400,000	1,003,800,000	969,400,000	935,400,000	944,300,000	974,900,000	956,900,000	947,800,000	933,800,000	910,000,000	910,600,000	887,400,000	865,600,000	843,100,000	820,400,000	796,500,000	774,000,000	753,200,000	741,700,000	727,700,000	699,600,000	691,400,000	706,000,000	725,100,000	725,400,000	713,800,000	689,600,000	729,600,000	725,200,000	723,800,000	710,700,000	735,900,000	709,200,000	698,000,000	688,500,000	672,200,000	670,000,000	664,600,000	632,200,000	669,600,000	657,400,000	631,800,000	616,800,000	599,800,000	587,300,000	571,700,000	557,000,000	531,906,000	514,259,000	499,745,000	467,693,000	449,775,000	432,961,000	408,087,000	398,175,000	384,863,000	389,354,000	369,330,000	349,596,000	309,155,000	289,059,000	271,205,000	256,052,000	238,206,000	222,944,000	209,177,000	197,392,000	184,493,000	175,364,000	167,487,000	162,229,000	156,496,000	153,902,000	149,063,000	144,204,000	142,192,000	141,277,000	143,272,000	150,792,000
treasury stock	-291,600,000	-297,800,000	-298,100,000	-302,700,000	-287,000,000	-292,900,000	-293,100,000	-297,500,000	-305,700,000	-300,800,000	-307,100,000	-317,800,000	-324,200,000	-331,800,000	-306,000,000	-289,100,000	-285,400,000	-271,600,000	-271,600,000	-274,100,000	-275,600,000	-276,300,000	-276,100,000	-282,700,000	-282,600,000	-287,700,000	-284,800,000
accumulated other comprehensive loss	-4,700,000	-6,400,000	-5,200,000	-5,600,000	-12,100,000	-10,600,000	-7,300,000	-8,800,000	-8,700,000	-8,500,000	-8,100,000	-23,500,000	-22,000,000	-22,800,000	-22,700,000	-19,600,000	-20,100,000	-22,200,000	-18,600,000	-18,300,000	-42,400,000	-43,000,000	-43,100,000	-44,600,000	-39,900,000	-40,000,000	-40,800,000
total equity	1,643,400,000	1,561,200,000	1,249,300,000	1,211,600,000	1,182,600,000	1,181,600,000	1,210,200,000	1,189,800,000	1,168,000,000	1,155,500,000	1,121,900,000	1,099,100,000	1,067,700,000	1,035,300,000	1,036,500,000	1,034,500,000	1,017,700,000	1,007,000,000	988,200,000	974,400,000	932,400,000	900,700,000	890,600,000	902,600,000	929,400,000	921,700,000	909,500,000	899,400,000	935,600,000	929,100,000	915,200,000	906,500,000	924,700,000	885,700,000	872,400,000	858,500,000	858,300,000	862,500,000	857,000,000	941,800,000	1,002,100,000	1,004,500,000	988,100,000	967,200,000	939,400,000	924,700,000	903,400,000	882,100,000	891,319,000	863,392,000	849,129,000	804,596,000	780,892,000	759,659,000	736,575,000	724,777,000	708,584,000
property, plant, and equipment, net of accumulated depreciation of 255.3 and 278.7, respectively		216,800,000
intangible assets, net of accumulated amortization of 39.8 and 29.5, respectively		295,500,000
property, plant, and equipment, net of accumulated depreciation of 285.1 and 278.7, respectively			161,900,000
intangible assets, net of accumulated amortization of 33.6 and 29.5, respectively			225,900,000
operating lease right-of-use assets			91,000,000	93,300,000	79,000,000	90,500,000	93,400,000	96,600,000	89,500,000	90,400,000	67,300,000	63,700,000	67,600,000	67,200,000	69,900,000	73,000,000	73,200,000	76,300,000	73,600,000	75,800,000	76,900,000	83,300,000	85,800,000	89,700,000	99,400,000	103,800,000	93,000,000
operating lease liabilities			77,900,000	79,600,000	67,600,000	78,000,000	78,900,000	80,300,000	73,000,000	73,200,000	51,500,000	48,200,000	52,000,000	51,900,000	54,300,000	57,400,000	57,900,000	60,500,000	58,000,000	59,900,000	60,800,000	66,000,000	68,000,000	70,900,000	80,000,000	84,000,000	74,700,000
accounts receivable				354,800,000				287,200,000				241,300,000				214,000,000				166,700,000				171,900,000																																								181,691,000				136,272,000				127,121,000							66,322,000
rotable assets and equipment on or available for short-term lease				38,300,000	30,100,000	65,500,000	70,400,000	81,500,000	74,500,000	55,100,000	51,700,000	50,600,000	51,700,000	52,300,000	52,800,000	53,600,000	53,600,000	53,900,000	52,300,000	50,400,000	52,000,000	59,400,000	66,900,000	69,600,000	69,000,000	69,100,000	62,500,000	68,300,000	80,500,000	80,900,000
assets of discontinued operations				6,200,000	7,100,000	8,000,000	9,000,000	9,900,000	10,800,000	11,700,000	12,600,000	13,500,000	14,400,000	15,300,000	16,100,000	16,200,000	17,000,000	17,900,000	19,200,000	19,500,000	20,300,000	21,200,000	22,000,000	22,900,000	26,300,000	27,400,000	41,700,000	28,200,000	109,900,000	114,700,000							10,300,000	7,900,000	12,200,000	529,300,000
property, plant and equipment, at cost:
land				9,200,000				9,500,000				3,300,000				3,300,000				3,300,000				4,500,000																																								4,828,000				4,828,000				4,828,000							6,367,000
buildings and improvements				118,300,000				118,100,000				95,900,000				94,700,000				114,700,000				112,400,000																																								69,564,000				57,842,000				53,921,000							68,040,000
equipment and furniture and fixtures				309,700,000				324,100,000				295,700,000				269,900,000				262,200,000				265,300,000
accumulated depreciation				-278,700,000				-280,000,000				-268,800,000				-258,300,000				-260,200,000				-246,500,000
intangible assets				219,600,000				235,400,000				63,700,000												6,000,000																								164,700,000
liabilities of discontinued operations				5,800,000	6,800,000	7,700,000	8,600,000	9,600,000	10,500,000	11,400,000	12,400,000	13,400,000	14,400,000	15,300,000	16,200,000	17,200,000	18,100,000	19,200,000	20,200,000	35,400,000	36,300,000	33,200,000	28,700,000	29,900,000	40,400,000	41,900,000	54,900,000	26,000,000	24,600,000	24,700,000	26,500,000									57,300,000
assets held for sale					80,500,000
property, plant, and equipment, net of accumulated depreciation of 271.0 and 280.0, respectively					153,400,000
intangible assets, net of accumulated amortization of 25.5 and 13.3, respectively					223,600,000
liabilities held for sale					22,800,000
property, plant, and equipment, net of accumulated depreciation of 289.8 and 280.0, respectively						167,000,000
intangible assets, net of accumulated amortization of 21.4 and 13.3, respectively						227,300,000
property, plant, and equipment, net of accumulated depreciation of 285.9 and 280.0, respectively							161,500,000
intangible assets, net of accumulated amortization of 17.4 and 13.3, respectively							231,300,000
property, plant, and equipment, net of accumulated depreciation of 278.2 and 268.8, respectively									134,100,000
intangible assets, net of accumulated amortization of 9.3 and 6.0, respectively									60,400,000
property, plant, and equipment, net of accumulated depreciation of 276.7 and 268.8, respectively										132,600,000
intangible assets, net of accumulated amortization of 8.2 and 6.0, respectively										61,500,000
property, plant, and equipment, net of accumulated depreciation of 272.8 and 268.8, respectively											131,000,000
intangible assets, net of accumulated amortization of 7.1 and 6.0, respectively											62,600,000
other current assets													47,500,000	38,700,000			50,300,000	36,200,000			30,400,000	40,500,000	61,600,000	77,200,000	85,900,000	71,900,000	46,500,000	39,300,000	33,000,000	34,500,000	32,400,000
property, plant and equipment, net of accumulated depreciation													119,800,000	113,900,000			106,900,000	106,200,000	109,100,000		123,600,000	125,000,000	127,000,000		136,700,000	134,300,000	132,700,000	134,400,000	133,400,000	132,500,000	135,300,000	195,300,000	198,100,000	211,900,000	213,900,000	231,400,000	222,400,000	205,100,000	214,400,000	247,400,000	288,500,000	287,900,000	336,000,000	344,400,000	351,200,000	363,800,000	373,100,000	374,300,000	357,139,000	345,128,000	335,269,000	318,857,000	263,752,000	250,492,000	129,560,000	130,020,000	128,935,000	155,446,000	149,753,000	148,844,000	109,720,000	94,540,000	90,935,000		81,816,000	78,910,000	74,541,000
goodwill and intangible assets													117,700,000	117,600,000	117,600,000	119,700,000	121,000,000	120,900,000	122,100,000	123,800,000	123,200,000	122,600,000	123,100,000
property, plant, and equipment, net of accumulated depreciation of 259.7 and 258.3 respectively															111,400,000
deferred revenue																	26,800,000	33,600,000
deferred revenue on long-term programs																			7,700,000		18,500,000	30,300,000	70,200,000		101,300,000
deferred revenue on long-term contracts																				5,400,000				88,000,000		122,500,000	75,600,000	89,000,000
payroll support program deferred credit																						23,600,000	40,800,000
intangible assets, net of accumulated amortization of 18.2 and 30.3, respectively																									12,000,000
intangible assets, net of accumulated amortization of 17.8 and 30.3, respectively																										12,600,000
intangible assets, net of accumulated amortization of 16.7 and 30.3, respectively																											13,000,000
intangible assets, net of accumulated amortization of 30.7 and 33.3, respectively																												24,400,000
accounts and trade notes payable																												218,600,000	205,200,000	179,600,000	176,800,000	195,900,000	176,300,000	194,600,000	179,500,000	154,500,000	162,000,000	154,700,000	151,800,000	164,600,000	207,600,000	196,600,000				178,400,000	173,900,000	176,500,000	194,481,000	190,759,000	168,791,000	200,656,000
intangible assets, net of accumulated amortization of 29.5 and 33.3, respectively																													25,200,000
long-term debt, less current maturities																													218,900,000	209,100,000	194,300,000	215,800,000	189,000,000	168,700,000	154,100,000	142,800,000	160,000,000	135,000,000	135,000,000	599,400,000	589,000,000	548,600,000	626,600,000	593,500,000	615,400,000	700,600,000	672,300,000	679,400,000	599,321,000	426,780,000	414,700,000	313,671,000	313,408,000	313,191,000	301,604,000	298,668,000	295,830,000	403,098,000	409,648,000	466,258,000	453,358,000	232,762,000	232,811,000	232,863,000	252,913,000	289,154,000	292,609,000	293,263,000	296,534,000	197,228,000	201,287,000	199,919,000	200,204,000	207,219,000	207,708,000	229,598,000	167,499,000	174,735,000	164,658,000	161,362,000
other liabilities and deferred income																													95,000,000	73,500,000	62,400,000	69,900,000	68,200,000	76,200,000	80,900,000	77,300,000	64,200,000	69,600,000	76,000,000	62,700,000	67,700,000	73,000,000	64,600,000	68,800,000	64,200,000	67,700,000	67,300,000	69,600,000	57,071,000	53,739,000	35,824,000	32,880,000	34,551,000	34,604,000	29,410,000	30,856,000	32,319,000	19,747,000	20,237,000	20,974,000	21,381,000	17,600,000	20,034,000	23,152,000	17,589,000	18,368,000	18,587,000	24,381,000	24,140,000	22,392,000	21,407,000
intangible assets, net of accumulated amortization of 34.1 and 33.3, respectively																														26,500,000
assets
rotable spares and equipment on or available for short-term lease																															68,400,000	99,600,000	118,200,000	124,800,000	113,100,000	118,900,000	119,100,000	115,700,000	111,600,000	139,900,000	139,900,000	137,300,000	116,700,000	122,700,000	122,600,000	133,500,000	133,400,000	140,100,000	134,604,000	144,015,000	146,189,000	138,028,000	137,373,000	141,830,000
assets of discontinued operations — current																															122,700,000
intangible assets, net of accumulated amortization of 32.7 and 27.6, respectively																															28,200,000
assets of discontinued operations — non-current
current maturities of long-term debt																															100,000	1,700,000	2,000,000	2,000,000	7,000,000	7,000,000	35,700,000	35,300,000	44,500,000	43,900,000	46,300,000	78,500,000	87,800,000	87,300,000	86,800,000	21,600,000	106,000,000	107,600,000	20,072,000	20,586,000	19,208,000	53,295,000	53,252,000	53,278,000	158,000	200,000	200,000	200,000	200,000	200,000	20,200,000	51,366,000	51,367,000	51,366,000	31,366,000	200,000	200,000	200,000	200,000	200,000	200,000	713,000	703,000	1,906,000	1,872,000	5,707,000	6,374,000	24,454,000	24,000,000	50,898,000
deposits, prepaids and other																																27,700,000	33,700,000	28,000,000	29,700,000	33,700,000	35,200,000	36,800,000	37,300,000	39,600,000	77,700,000	79,300,000	67,300,000	59,700,000	60,500,000	61,100,000	53,600,000	55,000,000	44,186,000	39,522,000	39,830,000	28,134,000	29,047,000	33,516,000	14,242,000	15,800,000	14,823,000	18,158,000	17,384,000	23,789,000	18,329,000	12,538,000	22,533,000	12,607,000	18,704,000	11,512,000	12,506,000	12,986,000	15,345,000	18,472,000	13,440,000	13,934,000	13,877,000	18,869,000	14,858,000	15,466,000	14,345,000	13,562,000	13,692,000
intangible assets, net of accumulated amortization of 31.3 and 29.8, respectively																																30,200,000
other																																117,300,000	114,000,000	90,500,000	86,100,000	88,400,000	77,700,000	76,700,000	76,200,000	91,800,000	102,500,000	100,100,000	104,800,000	104,900,000	107,400,000	257,100,000	230,300,000	224,800,000	226,458,000	192,050,000	173,151,000	101,153,000	96,582,000	91,583,000	85,993,000	80,163,000	78,922,000	83,587,000	99,133,000	98,460,000	93,565,000	83,176,000	81,074,000		78,151,000	68,417,000	64,178,000	68,055,000	61,111,000	65,285,000	64,285,000	62,901,000	58,727,000	62,424,000	59,512,000	60,130,000	57,187,000	55,582,000	50,103,000	50,205,000
intangible assets, net of accumulated amortization of 30.9 and 29.8, respectively																																	31,700,000
intangible assets, net of accumulated amortization of 28.4 and 26.5, respectively																																		30,700,000
equipment on or available for long-term lease																																		148,600,000	124,000,000	96,000,000	81,000,000	80,700,000	82,100,000	110,800,000	105,900,000	102,600,000
investment in joint ventures																																		12,700,000	14,400,000	14,100,000	17,300,000	18,000,000	17,400,000	27,300,000	29,400,000	29,800,000	30,600,000	31,100,000	31,100,000	36,000,000	49,600,000	49,400,000	48,768,000	44,390,000	44,256,000	47,274,000	48,016,000	47,744,000	48,598,000	48,746,000	45,866,000	43,987,000	43,496,000	43,731,000	41,743,000	40,671,000	40,894,000		23,583,000	27,773,000	26,874,000	28,498,000	27,781,000
intangible assets, net of accumulated amortization of 27.4 and 26.5, respectively																																			31,700,000
intangible assets, net of accumulated amortization of 26.3 and 26.5, respectively																																				32,200,000
deferred tax assets																																					47,700,000	58,300,000	58,300,000	18,500,000	30,500,000	30,600,000	11,300,000	18,000,000	18,000,000	43,400,000	22,200,000	22,000,000	18,360,000	23,583,000	23,583,000	21,495,000	21,495,000	21,495,000	18,227,000	18,227,000	18,227,000	19,244,000	19,987,000	18,303,000	25,513,000	25,513,000	25,513,000	25,513,000	24,489,000	29,489,000	29,489,000	29,866,000	27,672,000	27,672,000	27,672,000	27,672,000	28,621,000	27,574,000	27,574,000	26,923,000	27,142,000	28,476,000	27,290,000
intangible assets, net of accumulated amortization of 24.9 and 22.5, respectively																																					37,700,000
intangible assets, net of accumulated amortization of 24.5 and 22.5, respectively																																						34,800,000
intangible assets, net of accumulated amortization of 23.7 and 22.5, respectively																																							36,200,000
intangible assets, net of accumulated amortization of 21.6 and 36.2, respectively																																								38,000,000
capitalized program development costs																																									84,300,000	111,400,000	113,400,000	111,200,000	109,300,000
total aar stockholders’ equity																																								940,900,000	1,001,300,000	1,003,800,000	987,000,000	966,200,000	938,300,000
noncontrolling interest																																								900,000	800,000	700,000	1,100,000	1,000,000	1,100,000	700,000	600,000	1,500,000	1,239,000
intangible assets, net of accumulated amortization of 38.7 and 36.2, respectively																																									150,200,000
intangible assets, net of accumulated amortization of 38.4 and 36.2, respectively																																										159,700,000
assets:
cash																																											114,700,000	98,500,000	90,900,000	47,400,000	69,200,000	67,700,000
intangible assets, net of accumulated amortization of 33.8 and 25.1, respectively																																											170,400,000
equipment on long-term lease																																											68,400,000	61,900,000	64,500,000	66,500,000	67,700,000	69,700,000	74,168,000	69,690,000	76,304,000	101,813,000	105,596,000	104,920,000	110,213,000	115,796,000	116,368,000	119,572,000	124,727,000	166,947,000	166,543,000	178,871,000	174,024,000		126,288,000	126,421,000	134,425,000	140,743,000	140,420,000	125,438,000	102,906,000	67,663,000	70,605,000	86,824,000	89,515,000	84,691,000	86,029,000	70,950,000	72,732,000	71,950,000
liabilities and equity:
intangible assets, net of accumulated amortization of 30.9 and 25.1, respectively																																												159,200,000
intangible assets, net of accumulated depreciation of 27.8 and 25.1, respectively																																													157,700,000
intangible assets, net of accumulated amortization of 43.6 and 34.1, respectively																																														161,100,000
short-term debt																																														600,000	600,000	600,000	201,589,000	50,000,000	50,000,000	60,000,000	60,000,000	60,000,000		20,053,000	50,108,000	75,219,000	75,749,000	1,362,000					64,000		1,814,000	161,000		16,539,000	237,000	1,410,000	1,606,000	1,372,000	1,896,000	1,153,000	5,940,000	9,885,000	24,000,000	36,600,000
total aar shareholders’ equity																																														924,000,000	902,800,000	880,600,000	890,080,000	863,948,000	849,685,000	805,152,000	781,448,000	760,215,000	737,031,000	725,285,000	709,040,000
intangible assets, net of accumulated amortization of 40.3 and 34.1, respectively																																															164,800,000
goodwill and other intangible assets																																																	448,371,000	215,301,000	179,145,000	159,055,000	161,517,000	165,731,000	147,473,000	148,391,000	149,327,000	121,955,000	127,096,000	129,070,000	117,989,000	73,907,000	74,122,000	74,267,000
current maturities of non-recourse long-term debt																																																		6,545,000	840,000	806,000	789,000	773,000	2,600,000	2,557,000	2,509,000	11,755,000	11,941,000	19,893,000	11,229,000	42,018,000	23,869,000	22,879,000	22,794,000	30,419,000	30,934,000	1,928,000	1,899,000	1,871,000	1,843,000	1,622,000	31,496,000	31,666,000	31,834,000	726,000
current maturities of long-term capital lease obligations																																																	85,000	63,000	6,334,000	1,891,000	1,858,000	1,827,000	1,750,000	1,727,000	1,705,000	1,591,000	1,575,000	1,566,000
non-recourse debt																																																			2,615,000	11,244,000	11,452,000	11,655,000	14,767,000	15,429,000	16,085,000	17,367,000	18,131,000	18,594,000	29,122,000	29,935,000	20,920,000	20,748,000				25,313,000	25,805,000	26,291,000	26,770,000					31,406,000	32,141,000	32,322,000	32,527,000	32,832,000
capital lease obligations																																																	106,000	148,000	148,000	5,291,000	5,777,000	6,253,000	7,199,000	7,647,000	8,086,000	9,266,000	9,674,000	9,941,000
preferred stock, 1.00 par value, authorized 250 shares; none issued
equipment on or available for short-term lease																																																							112,261,000	113,935,000	121,767,000	149,911,000	148,934,000	140,211,000	131,507,000	147,947,000	102,500,000	97,932,000	92,628,000	85,979,000	84,897,000	64,022,000	53,191,000	50,919,000	50,068,000	50,487,000	47,215,000	39,494,000	39,611,000	38,202,000	35,938,000	35,863,000	40,060,000	46,975,000
liabilities and stockholders’ equity:
stockholders’ equity:
current maturities of long-term capital lease obligation																																																													1,463,000	1,434,000	1,405,000
accounts payable and other																																																													112,811,000
accrued liabilities.																																																													89,239,000
capital lease obligation																																																													10,729,000	11,106,000	11,475,000
total current assets.																																																																645,721,000
equipment, furniture and fixtures.																																																																159,313,000
equipment on long-term lease.																																																																171,980,000
investment in joint ventures.																																																																17,824,000
other.																																																																69,654,000
unearned restricted stock awards
accumulated other comprehensive loss.
accumulated other comprehensive loss—
cumulative translation adjustments																																																																									487,000	545,000
minimum pension liability
accumulated other comprehensive loss -
equipment, furniture and fixtures																																																																				139,863,000				128,792,000							124,321,000
property, plant and equipment																																																																					71,567,000	72,665,000	72,565,000		72,380,000	81,540,000	81,473,000	83,188,000	83,836,000	91,322,000		95,548,000
retirement benefit obligation																																																																					654,000	654,000	654,000	653,000	683,000	683,000	683,000	799,000	799,000	799,000	799,000	799,000
investment in aircraft joint ventures																																																																						19,466,000	11,136,000		10,811,000
accumulated other comprehensive income -
inventories.																																																																								204,990,000
investment in aircraft joint venture																																																																								11,234,000
non-recourse debt.																																																																								27,240,000
deferred income and other																																																																								11,560,000	12,027,000	12,153,000	11,905,000	9,557,000	9,288,000
investments in leveraged leases																																																																									9,336,000	9,260,000	9,193,000	9,463,000	9,386,000	25,415,000	27,394,000	27,825,000
liabilities and stockholders’ equity
accrued taxes on income
accumulated other comprehensive income (loss) -
notes payable																																																																													8,529,000	11,729,000	11,729,000	1,459,000
accumulated other comprehensive income:
liabilites and stockholders’ equity
preferred stock, 1.00 par value, authorized 250 shares;
none issued
issued 33,543																																																																														33,543,000
accumulated other comprehensive income —
deferred tax assets, deposits and other																																																																																36,480,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-02-28	2020-11-30	2020-08-31	2020-05-31	2020-02-29	2019-11-30	2019-08-31	2019-02-28	2018-11-30	2018-08-31	2018-02-28	2017-11-30	2017-08-31	2017-02-28	2016-11-30	2016-08-31	2016-02-29	2015-11-30	2015-08-31	2015-02-28	2014-11-30	2014-08-31	2014-02-28	2013-11-30	2013-08-31	2013-02-28	2012-11-30	2012-08-31	2012-05-31	2012-02-29	2011-11-30	2011-08-31	2011-05-31	2011-02-28	2010-11-30	2010-08-31	2010-02-28	2009-11-30	2009-08-31	2009-02-28	2008-11-30	2008-08-31	2008-02-29	2007-11-30	2007-08-31	2007-05-31	2007-02-28	2006-11-30	2006-08-31	2006-05-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-02-28	2004-11-30	2004-08-31	2004-02-29	2003-11-30	2003-08-31	2003-05-31

cash flows from operating activities:
net income	68,000,000	34,600,000	34,400,000	34,000,000	-8,900,000	-30,600,000	18,000,000	9,100,000	14,000,000	23,800,000	-600,000	23,200,000	21,800,000	22,500,000	22,700,000	23,900,000	22,500,000	20,800,000	11,500,000	14,000,000	28,100,000	8,200,000	-14,500,000	-16,500,000	2,300,000	14,200,000	4,400,000	-37,400,000	7,000,000	15,100,000	15,600,000	-22,600,000	10,600,000	13,700,000	12,100,000	9,500,000															17,532,000	16,649,000								20,024,000	19,734,000	18,400,000	20,095,000	17,855,000	15,153,000	17,847,000	15,261,000	13,768,000	11,784,000	12,899,000	9,130,000			5,733,000	2,595,000	4,839,000	2,286,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	20,200,000	17,100,000	13,800,000	13,700,000	12,700,000	14,600,000	14,200,000	15,300,000			8,400,000																															17,100,000	20,000,000	19,900,000	19,300,000	19,800,000	20,300,000	20,300,000		21,560,000	18,240,000	16,699,000		14,359,000	14,437,000	14,367,000	9,131,000	8,781,000	8,697,000	9,691,000	10,485,000	11,001,000	10,411,000	9,785,000	9,606,000	8,110,000	7,929,000	7,861,000	8,299,000	7,666,000	7,640,000	7,825,000	6,091,000	6,838,000	7,421,000	6,906,000	6,785,000	6,654,000	6,399,000	6,768,000	6,502,000
amortization of financing costs	800,000	900,000	700,000	600,000
stock-based compensation expense	3,700,000	4,300,000	5,300,000	4,300,000	5,600,000	5,000,000	5,000,000
impairment charge																																																												0
bargain purchase gain
gain on sale of building
earnings from joint ventures	-1,400,000	100,000	-3,000,000
provision for (recovery of) credit losses	500,000
gain on sale of business	0	0	-1,000,000
changes in certain assets and liabilities, net of acquisitions:
accounts receivable	-24,500,000	-2,100,000	-8,500,000	-40,600,000	-8,900,000	-9,600,000	-23,700,000	12,000,000	-11,000,000	34,200,000	-40,500,000	8,300,000	-14,400,000	-4,300,000	-7,700,000	-4,900,000	-17,900,000	-11,700,000	-14,500,000	18,000,000	-17,700,000	-7,500,000	2,700,000	49,400,000	-23,600,000	-10,400,000	-600,000									9,700,000														9,571,000																						-1,142,000	6,223,000				9,195,000
contract assets	10,500,000	10,100,000	-6,400,000	11,200,000	-10,600,000	-2,700,000	-24,500,000	-17,600,000	12,900,000	-100,000	-12,300,000	4,800,000	-9,200,000	4,900,000	-14,200,000	-4,800,000	-300,000	6,000,000	-2,800,000	-9,600,000	-9,300,000	-7,400,000	-100,000	15,300,000	-2,600,000	-100,000	-2,700,000			900,000
inventories	-47,200,000	33,500,000	-51,800,000	-32,700,000	-19,200,000	-42,600,000	-14,800,000	6,900,000	-25,800,000	-31,700,000	-39,800,000	-3,400,000	24,600,000	-18,800,000	-26,000,000	-15,000,000	-3,400,000	-6,400,000	14,400,000	23,700,000	21,000,000	11,400,000	18,800,000	3,500,000	-41,200,000	-26,800,000	-30,000,000						10,800,000			3,000,000																					8,632,000	3,921,000	3,046,000						6,393,000		70,000	-767,000	4,319,000									2,842,000	8,491,000	11,201,000	9,462,000
prepaid expenses and other current assets	-1,000,000	-21,000,000	3,500,000	6,400,000	-6,300,000	-2,100,000	-8,500,000	-9,200,000	-1,100,000	-1,400,000	-8,800,000	200,000	-8,700,000	-6,700,000	6,600,000	12,500,000	-14,000,000	-3,800,000	-4,900,000
rotable assets supporting long-term programs	19,000,000	-41,100,000	-3,500,000	300,000	-12,100,000	-5,600,000	-6,500,000	9,400,000	-2,900,000	-3,000,000	-1,000,000	-6,100,000	-5,100,000	-5,000,000	-3,100,000	1,600,000	-400,000	900,000	900,000	4,900,000	5,100,000	-1,900,000	1,000,000	1,600,000	-4,600,000	-5,300,000	-13,800,000
accounts payable	-17,900,000	-9,600,000	10,000,000	18,800,000	-2,500,000	34,800,000	19,400,000	-14,300,000	20,900,000	-11,400,000	64,200,000				38,400,000	15,300,000	16,400,000	-19,600,000	17,300,000	-55,500,000	-15,900,000	18,700,000	-9,900,000	-103,000,000	64,600,000	17,700,000	24,800,000													-17,700,000														28,238,000	-407,000	15,221,000				-7,260,000										4,552,000	-5,777,000	3,445,000	17,515,000	12,235,000	5,322,000	120,000	1,567,000
accrued and other liabilities	71,600,000	-2,300,000	-26,700,000	21,100,000	-28,600,000	59,300,000	-10,900,000	-2,900,000	25,400,000	4,400,000	-10,000,000	9,500,000	5,300,000	6,000,000	-27,200,000	-13,600,000	2,200,000	15,300,000	-14,400,000	4,700,000	12,200,000	15,400,000	-15,200,000	10,100,000	8,300,000	1,900,000	-19,800,000																			8,900,000
other	17,900,000	-12,000,000	-12,300,000	9,400,000	-6,400,000	10,700,000	15,700,000	-6,000,000	3,400,000	-3,900,000	-1,500,000	7,000,000	-8,100,000	-17,800,000	-100,000	400,000	600,000	-1,600,000	-2,400,000	-44,600,000	18,000,000	27,900,000	-7,200,000	10,200,000	-36,500,000	15,500,000	-25,100,000	14,100,000	18,000,000	2,600,000						200,000																																				1,105,000	545,000	0							1,000
net cash from operating activities	74,700,000	13,600,000	-44,900,000	51,400,000	-18,700,000	22,000,000	-18,600,000	24,500,000	20,400,000	17,400,000	-18,700,000	45,200,000	17,400,000							22,600,000	17,100,000	26,600,000	38,900,000	-27,200,000	9,000,000	14,500,000	-32,400,000																							13,432,000				30,090,000	22,594,000	7,218,000	36,511,000	24,014,000	34,122,000						2,060,000									22,909,000			5,552,000	-32,777,000	25,139,000	9,035,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0							0	0	0	0	0	0	0	0																							0				0	0	0	0	0	0						0									0			0	0	0	0
free cash flows	74,700,000	13,600,000	-44,900,000	51,400,000	-18,700,000	22,000,000	-18,600,000	24,500,000	20,400,000	17,400,000	-18,700,000	45,200,000	17,400,000							22,600,000	17,100,000	26,600,000	38,900,000	-27,200,000	9,000,000	14,500,000	-32,400,000																							13,432,000				30,090,000	22,594,000	7,218,000	36,511,000	24,014,000	34,122,000						2,060,000									22,909,000			5,552,000	-32,777,000	25,139,000	9,035,000
cash flows from investing activities:
property, plant, and equipment expenditures	-8,500,000	-7,400,000	-8,700,000		-8,500,000	-8,300,000	-7,900,000		-5,800,000	-7,300,000	-9,100,000				-6,700,000
acquisitions, net of cash acquired	-400,000	-209,700,000	-11,900,000
proceeds from sale of building
hangar expansion activity
net cash from investing activities	-14,700,000	-213,300,000	-23,800,000	27,600,000	-3,700,000							-110,700,000	-9,000,000										-1,700,000	-4,800,000	-8,300,000	-8,200,000	-3,500,000																																																			-3,258,000
cash flows from financing activities:
proceeds from equity offering	0
proceeds from long - term borrowings	0
short-term borrowings (repayments)	-65,000,000	-70,000,000	-97,000,000				-5,000,000																											15,000,000	12,000,000	7,000,000	30,000,000	0	55,000,000
financing costs	0	0	-2,500,000	0				-9,500,000																	0
stock compensation activity	8,900,000	400,000	-2,400,000	-5,600,000	5,900,000	300,000	-4,100,000	9,200,000	100,000	6,600,000	3,700,000	9,200,000	6,400,000	1,700,000	400,000	12,200,000	5,000,000	100,000	-500,000	1,400,000	700,000	0	-1,500,000	0	4,100,000	1,300,000	-4,300,000
net cash from financing activities	-56,100,000	204,300,000	51,100,000	-70,700,000	40,800,000							93,200,000	-5,500,000				-15,200,000						-347,900,000	391,900,000																										304,406,000					-3,167,000	4,382,000									12,583,000				7,448,000	479,000
increase in cash, cash equivalents, and restricted cash							-33,000,000				8,400,000
cash, cash equivalents, and restricted cash at beginning of period	0	0	109,200,000		0	0	96,100,000		0	0	81,800,000		0	0	58,900,000		0	0	60,200,000		0	0	424,700,000		0	0	41,100,000	0	0	41,600,000
cash, cash equivalents, and restricted cash at end of period	3,900,000	4,600,000	91,600,000		18,400,000	19,400,000	63,100,000		8,100,000	-14,700,000	90,200,000		2,900,000	2,800,000	48,400,000		-3,400,000	-6,200,000	52,600,000		-400,000	-1,100,000	114,100,000		12,200,000	-5,300,000	58,000,000	9,700,000	-4,100,000	44,800,000
decrease in cash, cash equivalents, and restricted cash		4,600,000	-17,600,000
provision for credit losses			600,000
changes in certain assets and liabilities:
proceeds from long-term borrowings			153,000,000																												0
less: income from discontinued operations													0	0	-400,000											5,900,000	12,700,000	64,800,000	4,200,000	3,800,000
income from continuing operations								9,100,000	14,000,000	23,800,000	-600,000	23,200,000	21,800,000	22,500,000	22,300,000	23,900,000	22,600,000	20,800,000	11,200,000	14,700,000	31,100,000	14,400,000	-13,900,000	-15,000,000	2,600,000	20,100,000	17,100,000	27,400,000	11,200,000	18,900,000			10,600,000	13,100,000	12,100,000	9,900,000
adjustments to reconcile income to net cash from operating activities:
pension settlement charges
deferred tax benefit				-4,900,000							-4,600,000
loss (earnings) from joint ventures				-700,000	-500,000	-1,900,000	-2,300,000																														0	100,000	300,000
loss on sale of business																	0			700,000	0	0	19,500,000
impairment charges																0	0	600,000	2,300,000	2,100,000	0	1,200,000	5,800,000																																											0	0	0	7,652,000
net cash from operating activities–continuing operations
net cash from operating activities–discontinued operations
property, plant and equipment expenditures												-7,000,000	-9,700,000			-7,100,000	-4,200,000	-3,800,000	-2,200,000	-2,700,000	-2,600,000	-2,700,000	-3,300,000	-5,300,000	-8,100,000	-5,700,000	-4,500,000
proceeds from sale of business																																																												767,000
joint venture and other investment activity
purchase of treasury stock								0				0	0	-28,200,000	-21,900,000	-22,200,000								0	0
effect of exchange rate changes on cash												0	0	0	-100,000	-100,000	100,000	-100,000	-100,000	100,000	100,000	0	100,000		0														100,000				500,000	600,000	100,000	0	600,000	700,000		374,000				22,000	-11,000	13,000			41,000					115,000	101,000													-34,000	30,000	32,000
increase in cash and cash equivalents																				-52,400,000	-400,000	-1,100,000	-310,600,000	359,800,000	12,200,000	-5,300,000	16,900,000			3,200,000		12,000,000	4,800,000										16,200,000	7,600,000	15,600,000																									16,925,000								9,687,000	7,269,000	2,775,000
cash, cash equivalents, and restricted cash at beginning of year
cash, cash equivalents, and restricted cash at end of year
pension settlement charge									0	0	26,700,000
deferred revenue on long-term programs					2,300,000	-6,500,000	100,000	10,000,000	-4,100,000	-5,200,000	-4,300,000	-6,200,000	-6,000,000	1,700,000	6,500,000	1,300,000	1,800,000	2,700,000	-2,000,000	-10,400,000	-12,200,000	-42,500,000	-17,900,000	-15,700,000
net cash from operating activities – continuing operations					-18,700,000	22,000,000	-18,600,000			17,400,000	-18,500,000		17,400,000										39,800,000		9,700,000	19,900,000	-30,100,000
net cash from operating activities – discontinued operations																							-900,000
acquisition					0	0	2,900,000
short-term borrowings																	0	0	-5,000,000				-355,000,000		10,000,000	-5,000,000	60,000,000	-42,000,000	10,000,000	57,000,000	-21,000,000	3,000,000	34,000,000							15,000,000
adjustments to reconcile net income to net cash from used in operating activities:
benefit from (recovery of) credit losses
deferred tax provision																10,200,000	-1,400,000	-300,000	200,000	11,100,000	-3,700,000	-400,000	1,400,000	-1,000,000	600,000	-500,000	1,400,000		-500,000	1,900,000			200,000								7,800,000	800,000	-4,400,000	5,000,000	4,100,000	13,300,000	4,100,000	5,600,000		9,924,000	2,811,000	2,779,000		9,785,000	1,203,000	1,352,000							1,139,000	1,101,000	351,000		7,207,000	6,045,000	4,405,000
cash flows used in investing activities:
cash flows used in operating activities:
benefit from credit losses							200,000				400,000
net cash from operating activities - discontinued operations											-200,000		0	-200,000	-200,000		-300,000	400,000	-14,600,000
net cash from investing activities – continuing operations							-5,300,000		-6,500,000	-8,700,000	-11,600,000				-10,700,000						-3,300,000	7,300,000	-1,700,000		-8,300,000	-8,200,000	-3,500,000
net cash from financing activities – continuing operations							-9,100,000		-5,800,000	-23,400,000	38,700,000				-6,500,000								-347,900,000
loss from joint ventures																					0	100,000	100,000
proceeds from asset sales
repayments on long-term borrowings
adjustments to reconcile income from continuing operations to net cash from operating activities:
stock-based compensation									3,600,000	3,600,000	4,300,000		3,500,000	2,800,000	4,100,000		1,100,000	1,600,000	3,100,000		2,300,000	1,800,000	2,700,000								3,300,000	2,800,000	2,600,000																					3,639,000
income from joint ventures									200,000	-600,000	900,000		1,700,000	700,000	600,000		1,100,000	400,000	200,000
deferred taxes									-200,000
rotable assets and equipment on or available for short-term lease																												12,000,000	300,000	6,300,000
net cash from operating activities - continuing operations
short-term borrowings on revolving credit facility									0	-30,000,000	35,000,000
depreciation and intangible amortization													6,900,000	6,500,000	6,800,000	7,600,000	7,700,000	8,900,000	8,900,000	9,200,000	8,900,000	9,200,000	9,000,000	10,900,000	11,000,000	11,000,000	10,800,000	10,800,000	10,400,000	10,100,000	2,900,000	13,900,000	14,600,000	14,700,000	11,900,000	12,400,000	12,000,000	12,300,000	12,700,000	17,700,000
less: loss from discontinued operations																				-700,000	-16,600,000	6,200,000	600,000	-1,500,000
customer contract termination and restructuring costs																								6,600,000
losses on sale and exit of business												200,000	400,000
payment for acquisition of trax, net of cash acquired
proceeds from termination of life insurance policies																				0	0
proceeds from asset disposals																	0														0	0	1,300,000	0	15,000,000	3,000,000	0	0	6,500,000
joint venture and other investments													700,000
short-term borrowings (repayments) on revolving credit facility													-10,000,000	83,000,000	15,000,000
repayment of long-term borrowings																	0
decrease in cash and cash equivalents													2,900,000	2,800,000	-10,500,000		-3,400,000	-6,200,000	-7,600,000
cash flows provided from operating activities:
adjustments to reconcile income from continuing operations to net cash provided from operating activities:
net cash provided from operating activities - continuing operations															7,000,000		16,200,000	15,900,000	17,500,000
net cash provided from operating activities															6,800,000		15,900,000	16,300,000	2,900,000																					-22,000,000	16,000,000	15,000,000		38,800,000	27,500,000	27,500,000																					-3,505,000
cash flows used in financing activities:
cash flows provided from (used in) operating activities:
less: loss (income) from discontinued operations
adjustments to reconcile income to net cash provided from (used in) operating activities:
net cash provided from (used in) operating activities–continuing operations
net cash provided from (used in) operating activities																																																33,200,000
cash flows provided from (used in) financing activities:
cash dividends																				0	0	0	-100,000	-2,600,000	-2,600,000	-2,600,000	-2,900,000
net cash provided from (used in) financing activities																																					15,100,000	-15,400,000	16,300,000
less: (income) income from discontinued operations																	100,000	0	-300,000																0	400,000
benefit from doubtful accounts																	100,000									700,000	700,000	700,000
customer contract termination costs																							2,200,000
cash flows provided from (used in) investing activities:
investments in joint ventures																	0
net cash provided from (used in) investing activities																	-4,200,000																					1,900,000	21,300,000
proceeds from payroll support program note																					0	0	8,700,000
payroll support program deferred credit																						-17,200,000	40,800,000
net cash from investing activities - continuing operations																			-4,900,000
net cash from financing activities - continuing operations																			-5,500,000
provision for doubtful accounts																				2,700,000	1,400,000			2,100,000
net cash from operating activities—continuing operations
net cash from operating activities—discontinued operations
net cash from investing activities–continuing operations
net cash from investing activities—discontinued operations
cash flows provided from financing activities:
net cash from financing activities—continuing operations
net cash from financing activities—discontinued operations
contract termination and restructuring costs																					0
net cash from operating activities — continuing operations																					17,600,000
net cash from operating activities — discontinued operations																					-500,000
cash flows provided from investing activities:
net cash from financing activities — continuing operations																					-14,300,000
short-term borrowings
net cash from investing activities – discontinued operations
net cash from financing activities – discontinued operations
amortization of stock-based compensation																								-3,000,000	3,200,000	2,800,000	4,300,000	3,600,000	1,200,000	4,000,000				2,700,000	2,400,000	2,500,000	2,300,000	1,900,000	2,000,000	2,400,000	2,100,000	2,000,000	2,300,000	2,400,000	1,600,000	3,200,000	1,900,000	2,900,000		3,789,000	3,508,000	2,617,000
rotable spares and equipment on or available for short-term lease																								-600,000	200,000	-6,700,000	2,800,000				0											200,000	-1,300,000	700,000	6,600,000	-100,000				9,310,000
payments for acquisitions
net cash from investing activities—continuing operations
proceeds (repayments) on long-term borrowings
net cash provided from (used in) operating activities – discontinued operations
net cash provided from financing activities – continuing operations																										-11,700,000	52,800,000
net cash provided from financing activities																										-11,700,000	52,800,000		8,900,000	35,300,000																						46,059,000								-4,588,000			154,385,000
net cash provided from operating activities – discontinued operations																											-2,300,000
accounts and trade notes payable																												12,300,000	25,300,000	10,100,000	-6,200,000			15,100,000			8,400,000	2,400,000	9,700,000			26,200,000								-11,452,000	15,867,000	4,993,000																										5,580,000	-533,000	3,265,000
net cash provided from operating activities — continuing operations
net cash provided from operating activities — discontinued operations																												2,400,000	-200,000	5,900,000
proceeds from aircraft joint ventures																															0							0	2,500,000											19,000				348,000	4,096,000	598,000	0	0	37,000	330,000			0
net cash from investing activities — continuing operations
net cash from investing activities — discontinued operations
stock option exercises																												100,000	1,700,000	6,500,000	800,000	2,700,000	6,500,000	1,400,000				100,000	1,400,000	600,000	0	200,000	0	0	5,200,000					38,000	0	2,897,000		1,038,000	300,000	47,000	1,149,000	142,000	323,000	443,000	11,000	141,000	1,727,000	1,348,000	3,090,000
net cash provided from (used in) financing activities — continuing operations																																	32,300,000				15,100,000	-15,400,000	16,300,000
net cash from financing activities — discontinued operations
net cash provided from financing activities — continuing operations																													9,100,000	35,800,000
income from discontinued operations																															51,900,000
adjustments to reconcile net income to net cash provided from (used in) operating activities:
gain on asset disposal
net cash provided from (used in) operating activities — continuing operations
net cash provided from (used in) investing activities — discontinued operations																																					-200,000	-200,000	27,300,000
reduction in long-term borrowings
asset impairments and other charges
amortization of overhaul costs																																1,700,000	3,000,000	3,900,000	6,100,000	4,500,000	6,400,000	5,200,000	4,700,000	4,500,000	4,000,000	6,200,000	8,600,000	8,800,000	8,700,000	7,900,000	6,800,000	5,900,000
equipment supporting long-term programs
other, primarily program and overhaul costs																																									2,700,000	1,500,000			4,500,000
cash and cash equivalents, beginning of period																																0	10,300,000	0	0	31,200,000	0	0	54,700,000	0	0	89,200,000	0	0	75,300,000	0	0	67,700,000		0	0	57,433,000		0	0	79,370,000	0	0	112,505,000	0	0	109,391,000	0	0	83,317,000		0	0	121,738,000		0	0	50,338,000		0	0	41,010,000	0	0	29,154,000
cash and cash equivalents, end of period																																12,000,000	15,100,000	-12,900,000	15,100,000	7,900,000	-12,400,000	34,100,000	28,700,000	-25,600,000	10,800,000	81,800,000	16,200,000	7,600,000	90,900,000	-21,800,000	1,500,000	67,700,000		31,424,000	-7,653,000	35,523,000		5,396,000	-2,835,000	52,155,000	11,823,000	-17,137,000	122,840,000	-28,022,000	45,776,000	75,988,000	90,788,000	-29,652,000	58,021,000		-12,081,000	-1,939,000	119,131,000		81,732,000	-1,330,000	24,411,000		12,424,000	-7,135,000	26,802,000	9,687,000	7,269,000	31,929,000
investment in aircraft joint ventures
gain on sale of product line
equipment on or available for long-term lease
proceeds from sale-leaseback																																					19,300,000
payment for acquisition
net cash provided from investing activities — discontinued operations
adjustments to reconcile net income to net cash provided from(used in) operating activities:
net cash provided from (used in) operating activities — discontinued operations																																					-1,600,000	100,000	1,700,000
proceeds from (investment in) aircraft joint ventures
net income attributable to aar and noncontrolling interest																																					4,800,000	8,000,000	22,900,000	-34,400,000	15,200,000	14,500,000	18,000,000	20,000,000	18,000,000	18,500,000	17,900,000	18,300,000						17,918,000	16,814,000	13,674,000			9,158,000
income from continuing operations attributable to aar																																					10,700,000	10,400,000	8,200,000
amortization of debt discount																																					300,000	400,000	600,000	600,000	700,000	700,000	1,600,000	1,500,000	1,500,000	2,400,000	2,800,000	2,900,000		3,363,000	3,282,000	3,220,000		3,099,000	3,040,000	3,011,000	2,944,000	2,888,000	2,867,000
loss on extinguishment of debt																																					0	100,000	300,000									200,000
reduction in capital lease obligations
tax benefits from exercise of stock options																																							100,000	0	0	600,000	0	200,000	800,000					0	0	765,000		131,000	14,000	1,000	0	34,000	189,000	113,000	3,000	55,000	2,448,000	275,000	1,909,000
adjustments to reconcile net income attributable to aar and noncontrolling interest to net cash provided from operating activities:
amortization of program development costs																																								13,500,000
proceeds from sale of equipment																																								0			0			300,000	500,000	11,000,000
reduction in equity due to convertible bond repurchases
reduction in borrowings
adjustments to reconcile net income attributable to aar and noncontrolling interest to net cash from operating activities:
accounts and notes receivable																																													12,000,000	-17,700,000	-1,500,000	20,700,000
equipment on long-term lease																																														-500,000	0	1,300,000		-6,559,000	4,660,000	19,446,000				2,076,000	3,739,000	-1,184,000	2,407,000	2,866,000														1,525,000	14,801,000	1,269,000	2,361,000	183,000	334,000	146,000
proceeds from borrowings																																																		165,827,000										-313,000	75,159,000	405,000	243,823,000	20,805,000	1,881,000	21,375,000	64,000	0	8,916,000	0	133,697,000	16,303,000	11,000,000					75,000,000	0	13,959,000
cash flows (used in) provided from financing activities:
proceeds from borrowing																																														12,300,000	0	20,000,000
reduction in borrowing
net cash (used in) provided from financing activities
sales:
aviation supply chain
maintenance, repair and overhaul
structures and systems
aircraft sales and leasing
gross profit:
on balance sheet:
debt
non-recourse debt
interest
off balance sheet:
aviation equipment operating leases
facilities and equipment operating leases
garden city operating lease
purchase obligations
pension contribution
gain on extinguishment of debt
proceeds from disposal of assets																																																						0	6,000	15,000	30,000	24,000	30,000	0	0	16,000				0	50,000			181,000	10,000	4,000	10,000	0	0	3,000	4,000	16,000	7,000	20,000	0
companies acquired, net of cash
change in short-term borrowings																																																		150,000,000	0	50,000,000		0	0	14,991,000
adjustments to reconcile net income to net cash provided from operating activities:
company acquired, net of cash
other, primarily deposits and program costs																																																										-2,488,000	3,008,000
bank borrowings
aviation equipment
operating leases
facilities and equipment
loss on investment
proceeds from sale of available for sale securities																																																															1,856,000
proceeds from leveraged leases																																																									0	0	5,220,000
contributions from noncontrolling interest
accrued liabilities
other liabilities																																																								109,000			87,000
increase (decrease) in cash and cash equivalents																																																											10,335,000
loss on disposal of business, net of tax																																																												0
accounts and trade notes receivable																																																									-8,012,000	5,702,000	24,469,000			566,000		-4,009,000	13,703,000				581,000
equipment on or available for short-term lease																																																									916,000	7,618,000	7,795,000																			-2,523,000	133,000	4,137,000	4,201,000
accrued liabilities and taxes on income																																																															8,137,000							11,585,000	-798,000
proceeds from sale of product line																																																																		0	0	0	6,567,000
proceeds from short-term borrowings																																																									0	0	103,000
reduction in equity due to convertible bond repurchase
net income attributable to aar and noncontrolling inerest
deferred tax provision — continuing operations
contributions from noncontrolling inerest																																																										0	231,000
net cash from (used in) financing activities
(gain) loss on extinguishment of debt
gain on sale of investment
company acquired
investment in available for sale securities
proceeds from capital lease obligations
proceeds from sale of warrants
purchase of convertible note hedge
deferred tax provision – continuing operations
other, deposits and program costs
investment in leveraged leases																																																														99,000		-91,000	718,000		-97,000	-86,000	428,000	-92,000	-85,000	-75,000	435,000	-83,000	-76,000			-77,000	-544,000	944,000	431,000
deferred tax provision–continuing operations																																																														956,000
earnings from aircraft joint ventures
changes in certain assets and liabilities, net of effects of acquisitions:
companies acquired
proceeds from capital lease obligation																																																															0	0	12,880,000
reduction in capital lease obligation
purchase of convertible note hedges
financing costs.
deferred tax provision - continuing operations																																																																							398,000	2,861,000	3,319,000
excess tax benefits from exercise of stock options
accounts and trade notes receivable.
accounts payable.
other liabilities.
other.
net cash from (used in) operating activities.
proceeds from disposal of business
investment in available for sale securities.
investment in leveraged leases.
reduction in borrowings.
other, primarily stock option exercises																																																																		2,014,000	3,625,000	2,270,000	667,000	4,278,000
increase in cash and cash equivalents.
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
equity in earnings of joint ventures
other, primarily investment in aircraft joint ventures																																																																									161,000
deferred tax provision—continuing operations
long-term liabilities																																																																						110,000	0	794,000	9,589,000
other, primarily deposits and pension contributions																																																																						511,000
proceeds from sale of facilities																																																																														0
net income.																																																																									5,258,000
other, primarily pension contributions and prepaids																																																																									1,555,000
increase (decrease) in cash and cash equivalents.
loss on sale of business, net of tax
changes in specific assets and liabilities:
other, primarily prepaids
net cash provided from investing activities
leveraged leases																																																																													348,000
reduction in debt
net loss																																																																															916,000	-1,996,000
adjustments to reconcile net loss to net cash from operating activities:
impairment and other special charges, net of tax
changes in certain assets and liabilities, excluding effects of acquired businesses:
business acquisition
proceeds from sale of business and facility
proceeds from stock offering
purchases of treasury stock
proceeds from sale of facility

AAR Corp(NYSE:AIR)

AAR Corp
(NYSE:AIR)