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Retirement Benefits
 6 Months Ended
May. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Retirement Benefits
Retirement Benefits
Pension Benefits
The Company's defined benefit pension plan future benefit accrual was discontinued in fiscal 2009. As of the last measurement date at November 30, 2014, the Company’s total defined benefit pension plan assets, total projected benefit obligations, and unfunded pension obligation for the tax-qualified pension plan were approximately $1,163.1 million, $1,666.3 million, and $482.8 million, respectively.
The Company does not expect to make any significant cash contributions to its tax-qualified defined benefit pension plan until fiscal 2016. The Company estimates that approximately 86% of its unfunded pension obligation as of November 30, 2014 is related to Aerojet Rocketdyne which will be recoverable through its U.S. government contracts.
The funded status of the Company's tax-qualified pension plan may be adversely affected by the investment experience of the plan's assets, by any changes in U.S. law and by changes in the statutory interest rates used by tax-qualified pension plans in the U.S. to calculate funding requirements. Accordingly, if the performance of the Company’s plan's assets does not meet assumptions, if there are changes to the Internal Revenue Service regulations or other applicable law or if other actuarial assumptions are modified, future contributions to the underfunded pension plans could be higher than the Company expects.
Medical and Life Insurance Benefits
The Company provides medical and life insurance benefits to certain eligible retired employees, with varied coverage by employee group. Generally, employees hired after January 1, 1997 are not eligible for retiree medical and life insurance benefits. The medical benefit plan provides for cost sharing between the Company and its retirees in the form of retiree contributions, deductibles, and coinsurance. Medical and life insurance benefit obligations are unfunded. Medical and life insurance benefit cash payments for eligible retired employees are recoverable under the Company’s U.S. government contracts.
Components of retirement benefit expense (income) are: 
 
Pension Benefits
 
Postretirement Medical and Life
Insurance Benefits
 
Three months ended May 31,
 
2015
 
2014
 
2015
 
2014
 
(In millions)
Service cost
$
2.7

 
$
2.2

 
$
—

 
$
—

Interest cost on benefit obligation
15.9

 
16.7

 
0.5

 
0.7

Assumed return on plan assets
(22.1
)
 
(23.2
)
 
—

 
—

Amortization of prior service credits
—

 
—

 
(0.2
)
 
(0.2
)
Recognized net actuarial losses (gains)
20.9

 
13.5

 
(0.9
)
 
(0.8
)
Retirement benefit expense (income)
$
17.4

 
$
9.2

 
$
(0.6
)
 
$
(0.3
)

 
Pension Benefits
 
Postretirement Medical and Life
Insurance Benefits
 
Six months ended May 31,
 
2015
 
2014
 
2015
 
2014
 
(In millions)
Service cost
$
5.4

 
$
4.4

 
$
—

 
$
—

Interest cost on benefit obligation
31.8

 
33.5

 
1.0

 
1.3

Assumed return on plan assets
(44.2
)
 
(46.4
)
 
—

 
—

Amortization of prior service credits
—

 
—

 
(0.5
)
 
(0.4
)
Recognized net actuarial losses (gains)
41.7

 
26.9

 
(1.8
)
 
(1.5
)
Retirement benefit expense (income)
$
34.7

 
$
18.4

 
$
(1.3
)
 
$
(0.6
)