Condensed Consolidating Financial Information (Tables)

6 Months Ended

May. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Unaudited Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)

Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

Three months ended May 31, 2015	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net sales	$	—		$	442.2		$	14.7		$	—		$	456.9
Cost of sales (exclusive of items shown separately below)	—			363.9			8.8			(0.2		)	372.5
Selling, general and administrative	5.4			6.7			0.5			—			12.6
Depreciation and amortization	—			15.9			0.2			—			16.1
Interest expense	12.7			0.5			—			—			13.2
Other, net	6.4			(3.2		)	(0.6		)	0.2			2.8
(Loss) income from continuing operations before income taxes	(24.5		)	58.4			5.8			—			39.7
Income tax (benefit) provision	(6.8		)	24.5			3.6			—			21.3
(Loss) income before equity income of subsidiaries	(17.7		)	33.9			2.2			—			18.4
Equity income of subsidiaries	36.1			—			—			(36.1		)	—
Net income	$	18.4		$	33.9		$	2.2		$	(36.1	)	$	18.4
Comprehensive income	$	30.6		$	43.0		$	2.2		$	(45.2	)	$	30.6

Three months ended May 31, 2014	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net sales	$	—		$	397.7	$	6.8		$	—		$	404.5
Cost of sales (exclusive of items shown separately below)	—			362.3		7.2			(0.1		)	369.4
Selling, general and administrative	3.4			5.5		0.3			—			9.2
Depreciation and amortization	0.1			15.3		0.3			—			15.7
Interest expense	11.9			0.7		—			—			12.6
Other, net	44.6			4.0		(0.4		)	0.1			48.3
(Loss) income from continuing operations before income taxes	(60.0		)	9.9		(0.6		)	—			(50.7		)
Income tax (benefit) provision	(5.0		)	4.7		(0.3		)	—			(0.6		)
(Loss) income from continuing operations	(55.0		)	5.2		(0.3		)	—			(50.1		)
Loss from discontinued operations	(0.8		)	—		—			—			(0.8		)
(Loss) income before equity income of subsidiaries	(55.8		)	5.2		(0.3		)	—			(50.9		)
Equity income of subsidiaries	4.9			—		—			(4.9		)	—
Net (loss) income	$	(50.9	)	$	5.2	$	(0.3	)	$	(4.9	)	$	(50.9	)
Comprehensive (loss) income	$	(43.2	)	$	10.4	$	(0.3	)	$	(10.1	)	$	(43.2	)

Six months ended May 31, 2015	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net sales	$	—		$	755.5		$	20.0		$	—		$	775.5
Cost of sales (exclusive of items shown separately below)	—			643.0			12.6			(0.3		)	655.3
Selling, general and administrative	14.6			12.5			1.0			—			28.1
Depreciation and amortization	—			31.6			0.5			—			32.1
Interest expense	25.6			1.0			—			—			26.6
Other, net	8.4			(3.0		)	(1.3		)	0.3			4.4
(Loss) income from continuing operations before income taxes	(48.6		)	70.4			7.2			—			29.0
Income tax (benefit) provision	(16.0		)	26.9			3.8			—			14.7
(Loss) income from continuing operations	(32.6		)	43.5			3.4			—			14.3
Income from discontinued operations	0.2			—			—			—			0.2
(Loss) income before equity income of subsidiaries	(32.4		)	43.5			3.4			—			14.5
Equity income of subsidiaries	46.9									(46.9		)	—
Net income	$	14.5		$	43.5		$	3.4		$	(46.9	)	$	14.5
Comprehensive income	$	38.9		$	61.7		$	3.4		$	(65.1	)	$	38.9

Six months ended May 31, 2014	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net sales	$	—		$	723.2	$	13.4		$	—		$	736.6
Cost of sales (exclusive of items shown separately below)	—			645.3		12.9			(0.3		)	657.9
Selling, general and administrative	5.6			12.0		0.8			—			18.4
Depreciation and amortization	0.1			30.0		0.5			—			30.6
Interest expense	23.6			1.4		—			—			25.0
Other, net	49.5			7.2		(1.1		)	0.3			55.9
(Loss) income from continuing operations before income taxes	(78.8		)	27.3		0.3			—			(51.2		)
Income tax (benefit) provision	(9.8		)	10.9		0.1			—			1.2
(Loss) income from continuing operations	(69.0		)	16.4		0.2			—			(52.4		)
Loss from discontinued operations	(0.8		)	—		—			—			(0.8		)
(Loss) income before equity income of subsidiaries	(69.8		)	16.4		0.2			—			(53.2		)
Equity income of subsidiaries	16.6			—		—			(16.6		)	—
Net (loss) income	$	(53.2	)	$	16.4	$	0.2		$	(16.6	)	$	(53.2	)
Comprehensive (loss) income	$	(38.0	)	$	26.7	$	0.2		$	(26.9	)	$	(38.0	)

Schedule of Unaudited Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

(Unaudited)

May 31, 2015	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
	(In millions)
Cash and cash equivalents	$	255.8		$	—	$	0.7	$	(3.0	)	$	253.5
Accounts receivable	—			169.8		3.9		—			173.7
Inventories	—			144.0		6.3		—			150.3
Recoverable from the U.S. government, Northrop, and other third parties for environmental remediation costs	0.1			29.6		—		—			29.7
Other current assets, net	20.7			40.4		1.2		(16.9		)	45.4
Deferred income taxes	5.6			18.4		0.8		—			24.8
Total current assets	282.2			402.2		12.9		(19.9		)	677.4
Property, plant and equipment, net	4.7			346.0		5.6		—			356.3
Recoverable from the U.S. government and other third parties for environmental remediation costs	0.7			76.1		—		—			76.8
Deferred income taxes	59.5			169.1		16.7		—			245.3
Goodwill	—			164.4		—		—			164.4
Intercompany receivable	—			115.7		32.6		(148.3		)	—
Investments in subsidiaries	568.2			—		—		(568.2		)	—
Other noncurrent assets and intangibles, net	26.8			294.0		57.1		—			377.9
Total assets	$	942.1		$	1,567.5	$	124.9	$	(736.4	)	$	1,898.1
Short-term borrowings and current portion of long-term debt	$	5.0		$	0.3	$	—	$	—		$	5.3
Accounts payable	1.6			85.0		4.0		(3.0		)	87.6
Reserves for environmental remediation costs	1.2			37.5		—		—			38.7
Other current liabilities and advance payments on contracts	32.6			373.8		6.3		(16.9		)	395.8
Postretirement medical and life insurance benefits	5.0			1.4		—		—			6.4
Total current liabilities	45.4			498.0		10.3		(19.9		)	533.8
Long-term debt	712.4			0.2		—		—			712.6
Reserves for environmental remediation costs	4.3			118.5		—		—			122.8
Pension benefits	69.7			405.7		—		—			475.4
Intercompany payable	148.3			—		—		(148.3		)	—
Postretirement medical and life insurance benefits	36.3			13.8		—		—			50.1
Other noncurrent liabilities	21.3			66.0		11.7		—			99.0
Total liabilities	1,037.7			1,102.2		22.0		(168.2		)	1,993.7
Commitments and contingencies (Note 7)
Redeemable common stock	0.1			—		—		—			0.1
Total stockholders’ (deficit) equity	(95.7		)	465.3		102.9		(568.2		)	(95.7		)
Total liabilities, redeemable common stock, and stockholders’ (deficit) equity	$	942.1		$	1,567.5	$	124.9	$	(736.4	)	$	1,898.1

November 30, 2014	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
	(In millions)
Cash and cash equivalents	$	271.6		$	—	$	—	$	(5.7	)	$	265.9
Accounts receivable	—			170.4		2.5		—			172.9
Inventories	—			133.6		5.4		—			139.0
Recoverable from the U.S. government, Northrop, and other third parties for environmental remediation costs	0.1			25.3		—		—			25.4
Other current assets, net	3.5			31.6		0.8		—			35.9
Income taxes	31.0			1.8		—		(30.7		)	2.1
Deferred income taxes	5.6			18.8		0.9		—			25.3
Total current assets	311.8			381.5		9.6		(36.4		)	666.5
Property, plant and equipment, net	4.7			356.9		5.9		—			367.5
Recoverable from the U.S. government and other third parties for environmental remediation costs	0.7			80.5		—		—			81.2
Deferred income taxes	57.7			183.4		17.9		—			259.0
Goodwill	—			164.4		—		—			164.4
Intercompany receivable	—			97.7		29.2		(126.9		)	—
Investments in subsidiaries	503.0			—		—		(503.0		)	—
Other noncurrent assets and intangibles, net	28.1			298.9		56.0		—			383.0
Total assets	$	906.0		$	1,563.3	$	118.6	$	(666.3	)	$	1,921.6
Short-term borrowings and current portion of long-term debt	$	5.0		$	0.3	$	—	$	—		$	5.3
Accounts payable	1.5			103.1		4.6		(5.7		)	103.5
Reserves for environmental remediation costs	1.0			30.9		—		—			31.9
Other current liabilities and advance payments on contracts	31.5			415.9		3.5		(30.7		)	420.2
Postretirement medical and life insurance benefits	5.0			1.4		—		—			6.4
Total current liabilities	44.0			551.6		8.1		(36.4		)	567.3
Long-term debt	776.6			0.3		—		—			776.9
Reserves for environmental remediation costs	4.8			129.3		—		—			134.1
Pension benefits	67.0			415.8		—		—			482.8
Intercompany payable	126.9			—		—		(126.9		)	—
Postretirement medical and life insurance benefits	37.7			14.0		—		—			51.7
Other noncurrent liabilities	19.9			48.2		11.6		—			79.7
Total liabilities	1,076.9			1,159.2		19.7		(163.3		)	2,092.5
Commitments and contingencies (Note 7)
Redeemable common stock	1.6			—		—		—			1.6
Total stockholders’ (deficit) equity	(172.5		)	404.1		98.9		(503.0		)	(172.5		)
Total liabilities, redeemable common stock, and stockholders’ (deficit) equity	$	906.0		$	1,563.3	$	118.6	$	(666.3	)	$	1,921.6

Schedule of Unaudited Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows

(Unaudited)

Six months ended May 31, 2015	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net cash (used in) provided by operating activities	$	(5.9	)	$	27.4		$	4.2		$	2.7		$	28.4
Cash flows from investing activities:
Capital expenditures	—			(9.3		)	(0.1		)	—			(9.4		)
Net cash used in investing activities	—			(9.3		)	(0.1		)	—			(9.4		)
Cash flows from financing activities:
Debt repayments / repurchases	(28.4		)	(0.1		)	—			—			(28.5		)
Net transfers from (to) parent	21.4			(18.0		)	(3.4		)	—			—
Other financing activities	(2.9		)	—			—			—			(2.9		)
Net cash used in financing activities	(9.9		)	(18.1		)	(3.4		)	—			(31.4		)
Net (decrease) increase in cash and cash equivalents	(15.8		)	—			0.7			2.7			(12.4		)
Cash and cash equivalents at beginning of year	271.6			—			—			(5.7		)	265.9
Cash and cash equivalents at end of period	$	255.8		$	—		$	0.7		$	(3.0	)	$	253.5

Six months ended May 31, 2014	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net cash used in operating activities	$	(12.5	)	$	(4.7	)	$	(0.5	)	$	(4.6	)	$	(22.3	)
Cash flows from investing activities:
Capital expenditures	(0.1		)	(18.0		)	(0.4		)	—			(18.5		)
Net cash used in investing activities	(0.1		)	(18.0		)	(0.4		)	—			(18.5		)
Cash flows from financing activities:
Debt repayments / repurchases	(145.8		)	—			—			—			(145.8		)
Proceeds from issuance of debt	179.0			—			—			—			179.0
Debt issuance costs	(4.1		)	—			—			—			(4.1		)
Net transfers (to) from parent	(19.0		)	17.8			1.2			—			—
Other financing activities	(65.2		)	—			—			—			(65.2		)
Net cash (used in) provided by financing activities	(55.1		)	17.8			1.2			—			(36.1		)
Net (decrease) increase in cash and cash equivalents	(67.7		)	(4.9		)	0.3			(4.6		)	(76.9		)
Cash and cash equivalents at beginning of year	192.7			4.9			—			—			197.6
Cash and cash equivalents at end of period	$	125.0		$	—		$	0.3		$	(4.6	)	$	120.7