Balance Sheet Accounts (Tables)

9 Months Ended

Aug. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Fair Value of Financial Instruments

The following are measured at fair value:

			Fair value measurement at August 31, 2014
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Money market funds	$	147.2	$	147.2	$	—	$	—
			Fair value measurement at November 30, 2013
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Money market funds	$	174.4	$	174.4	$	—	$	—

Summary of Cash and Cash Equivalents and Grantor Trust by Investment Type

As of August 31, 2014, a summary of cash and cash equivalents and the grantor trust by investment type is as follows:

	Total		Cash and Cash Equivalents		Money Market Funds
	(In millions)
Cash and cash equivalents	$	154.9	$	19.2	$	135.7
Grantor trust (included as a component of other current and noncurrent assets)	11.5		—		11.5
	$	166.4	$	19.2	$	147.2

Estimated Fair Value and Principal Amount of Outstanding Debt

The estimated fair value and principal amount for the Company’s outstanding debt is presented below:

	Fair Value				Principal Amount
	August 31, 2014		November 30, 2013		August 31, 2014		November 30, 2013
	(In millions)
Term loan	$	100.0	$	45.0	$	100.0	$	45.0
7.125% Second-Priority Senior Secured Notes due 2021 (the “7 1/8% Notes”)	495.9		494.5		460.0		460.0
4 1/16% Debentures	275.2		398.1		133.6		193.2
Delayed draw term loan	89.0		—		89.0		—
Other debt	0.9		1.0		0.9		1.0
	$	961.0	$	938.6	$	783.5	$	699.2

Schedule of Accounts Receivable

Accounts Receivable

	August 31, 2014			November 30, 2013
	(In millions)
Billed	$	78.4		$	96.3
Unbilled	153.3			138.0
Reserve for overhead rate disallowance	(17.4		)	(20.5		)
Total receivables under long-term contracts	214.3			213.8
Other receivables	0.4			0.3
Accounts receivable	$	214.7		$	214.1

Components of Inventories

Inventories

	August 31, 2014			November 30, 2013
	(In millions)
Long-term contracts at average cost	$	426.9		$	347.7
Progress payments	(296.0		)	(242.4		)
Total long-term contract inventories	130.9			105.3
Total other inventories	1.4			0.6
Inventories	$	132.3		$	105.9

Schedule of Property, Plant and Equipment, Net

Property, Plant and Equipment, net

	August 31, 2014			November 30, 2013
	(In millions)
Land	$	67.2		$	67.2
Buildings and improvements	275.4			219.5
Machinery and equipment	474.0			464.7
Construction-in-progress	37.0			76.1
	853.6			827.5
Less: accumulated depreciation	(483.0		)	(452.8		)
Property, plant and equipment, net	$	370.6		$	374.7

Schedule of Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill since November 30, 2013 were as follows (in millions):

November 30, 2013	$	159.6
Purchase accounting adjustments related to Rocketdyne Business acquisition	4.8
August 31, 2014	$	164.4

Schedule of Other Noncurrent Assets, Net

Other Noncurrent Assets, net

	August 31, 2014		November 30, 2013
	(In millions)
Recoverable from the U.S. government for restructuring costs	$	34.9	$	13.3
Deferred financing costs	19.3		18.3
Recoverable from the U.S. government for conditional asset retirement obligations	17.1		15.6
Grantor trust	11.6		11.4
Indemnification receivable from UTC	6.8		10.0
Other	2.4		4.1
Other noncurrent assets, net	$	92.1	$	72.7

Schedule of Other Current Liabilities

Other Current Liabilities

	August 31, 2014		November 30, 2013
	(In millions)
Accrued compensation and employee benefits	$	102.4	$	97.4
Payable to UTC primarily for Transition Service Agreements	12.0		20.4
Interest payable	20.3		12.3
Contract loss provisions	15.0		10.5
Other	66.7		65.4
Other current liabilities	$	216.4	$	206.0

Schedule of Other Noncurrent Liabilities

Other Noncurrent Liabilities

	August 31, 2014		November 30, 2013
	(In millions)
Conditional asset retirement obligations	$	23.9	$	22.9
Pension benefits, non-qualified	17.0		17.2
Deferred compensation	11.7		9.8
Deferred revenue	7.6		8.0
Other	19.1		15.9
Other noncurrent liabilities	$	79.3	$	73.8

Schedule of Accumulated Other Comprehensive Loss, Net of Income Taxes

Changes in accumulated other comprehensive loss by components, net of $14.8 million of income taxes, related to the Company’s retirement benefit plans are as follows:

	Actuarial Losses, Net			Prior Service Credits, Net			Total
	(In millions)
November 30, 2013	$	(226.2	)	$	3.8		$	(222.4	)
Amortization of actuarial losses and prior service credits, net of income taxes	23.1			(0.4		)	22.7
August 31, 2014	$	(203.1	)	$	3.4		$	(199.7	)