Balance Sheet Accounts (Tables)

6 Months Ended

May. 31, 2015

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 May 31, 2015
	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	$	203.4	$	203.4	$	—	$	—
			Fair value measurement at November 30, 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	$	233.4	$	233.4	$	—	$	—

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

As of May 31,2015, 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	$	253.5	$	60.6	$	192.9
Grantor trust (included as a component of other current and noncurrent assets)	10.5		—		10.5
	$	264.0	$	60.6	$	203.4

Schedule of 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
	May 31, 2015		November 30, 2014		May 31, 2015		November 30, 2014
	(In millions)
Term loan	$	96.3	$	98.8	$	96.3	$	98.8
7.125% Second-Priority Senior Secured Notes (“7 1/8% Notes”)	494.5		483.6		460.0		460.0
4 1/16% Debentures	224.5		248.2		97.8		133.6
Delayed draw term loan	63.0		89.0		63.0		89.0
Other debt	0.7		0.8		0.8		0.8
	$	879.0	$	920.4	$	717.9	$	782.2

Schedule of Accounts Receivable

Accounts Receivable

	May 31, 2015			November 30, 2014
	(In millions)
Billed	$	94.7		$	69.3
Unbilled	109.9			126.1
Reserve for overhead rate disallowance	(31.6		)	(22.9		)
Total receivables under long-term contracts	173.0			172.5
Other receivables	0.7			0.4
Accounts receivable	$	173.7		$	172.9

Schedule of Inventories

Inventories

	May 31, 2015			November 30, 2014
	(In millions)
Long-term contracts at average cost	$	527.1		$	434.6
Progress payments	(378.0		)	(296.9		)
Total long-term contract inventories	149.1			137.7
Total other inventories	1.2			1.3
Inventories	$	150.3		$	139.0

Schedule of Other Current Assets, net

Other Current Assets, net

	May 31, 2015		November 30, 2014
	(In millions)
Recoverable from the U.S. government for Rocketdyne Business integration costs (see Note 4(f))	$	10.5	$	10.5
Prepaid expenses	9.5		11.3
Recoverable from the U.S. government for Competitive Improvement Program severance obligations (see Note 9)	1.1		—
Receivables, net	15.5		4.5
Income taxes	1.4		2.1
Indemnification receivable from UTC	0.7		0.9
Other	6.7		8.7
Other current assets, net	$	45.4	$	38.0

Schedule of Property, Plant and Equipment, net

Property, Plant and Equipment, net

	May 31, 2015			November 30, 2014
	(In millions)
Land	$	67.2		$	67.2
Buildings and improvements	285.4			276.9
Machinery and equipment	500.7			474.7
Construction-in-progress	17.1			41.2
	870.4			860.0
Less: accumulated depreciation	(514.1		)	(492.5		)
Property, plant and equipment, net	$	356.3		$	367.5

Schedule of Other Noncurrent Assets, net

Other Noncurrent Assets, net

	May 31, 2015		November 30, 2014
	(In millions)
Recoverable from the U.S. government for Rocketdyne Business integration costs	$	31.3	$	28.0
Deferred financing costs	16.4		18.5
Recoverable from the U.S. government for Competitive Improvement Program severance obligations (see Note 9)	9.6		—
Recoverable from the U.S. government for conditional asset retirement obligations	15.9		17.7
Grantor trust	11.8		11.2
Indemnification receivable from UTC, net	7.0		7.5
Notes receivable, net	9.0		—
Other	8.8		8.7
Other noncurrent assets, net	$	109.8	$	91.6

Summary of Impact of Land Sale

A summary of the impact of the land sale on the unaudited condensed consolidated statement of operations for the second quarter and first half of fiscal 2015 is as follows (in millions):

Net sales from land sale	$	42.0
Cost of sales from land sale	11.4
Income from continuing operations before income taxes from land sale	30.6
Income tax provision related to land sale	12.7
Net income from land sale	$	17.9

Summarized financial information for discontinued operations is set forth below:

	Three months ended May 31,					Six months ended May 31,
	2015		2014			2015		2014
	(In millions)
Net sales	$	—	$	—		$	—	$	—
(Loss) income before income taxes (1)	—		(1.4		)	0.3		(1.4		)
Income tax provision	—		0.6			0.1		0.6
Net (loss) income from discontinued operations	—		(0.8		)	0.2		(0.8		)

_______

(1) Includes foreign currency transaction gains of $0.2 million in the first half of fiscal 2015.

Schedule of Other Current Liabilities

Other Current Liabilities

	May 31, 2015		November 30, 2014
	(In millions)
Accrued compensation and employee benefits	$	94.6	$	96.1
Income taxes	16.0		14.1
Payable to UTC primarily for Transition Service Agreements	1.3		11.9
Interest payable	12.8		14.6
Contract loss provisions	14.1		13.4
Other	59.7		71.6
Other current liabilities	$	198.5	$	221.7

Schedule of Other Noncurrent Liabilities

Other Noncurrent Liabilities

	May 31, 2015		November 30, 2014
	(In millions)
Conditional asset retirement obligations	$	27.7	$	24.4
Pension benefits, non-qualified	18.9		19.1
Deferred compensation	12.5		11.1
Deferred revenue	14.1		7.4
Competitive improvement program obligations (see Note 9)	9.6		—
Other	16.2		17.7
Other noncurrent liabilities	$	99.0	$	79.7

Schedule of Accumulated Other Comprehensive Loss, Net of Income Taxes

Changes in accumulated other comprehensive loss by components, net of $15.1 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, 2014	$	(337.5	)	$	3.3		$	(334.2	)
Amortization of actuarial losses and prior service credits, net of income taxes	24.7			(0.3		)	24.4
May 31, 2015	$	(312.8	)	$	3.0		$	(309.8	)