Operating Segments and Related Disclosures, (As Restated for fiscal 2014 and 2013)

12 Months Ended

Nov. 30, 2015

Segment Reporting [Abstract]

Operating Segments and Related Disclosures, (As Restated for fiscal 2014 and 2013)

Operating Segments and Related Disclosures, (As Restated for fiscal 2014 and 2013)

The Company’s operations are organized into two operating segments based on different products and customer bases: Aerospace and Defense, and Real Estate. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies (see Note 1).

The Company evaluates its operating segments based on several factors, of which the primary financial measure is segment performance. Segment performance represents net sales from continuing operations less applicable costs, expenses and unusual items relating to the segment operations. Segment performance excludes corporate income and expenses, legacy income or expenses, unusual items not related to the segment operations, interest expense, interest income, and income taxes.

Customers that represented more than 10% of net sales for the periods presented are as follows:

	Year Ended
	2015		2014		2013
Lockheed Martin	29	%	28	%	23	%
Raytheon	20		17		33
ULA	19		25		18
NASA	11		11		*

________

 * Less than 10%

Selected financial information for each reportable segment is as follows:

	Year Ended
	2015			2014			2013
	(In millions)
Net Sales:
Aerospace and Defense	$	1,660.0		$	1,596.0		$	1,372.4
Real Estate	48.3			6.2			5.7
Total Net Sales	$	1,708.3		$	1,602.2		$	1,378.1
Segment Performance:
Aerospace and Defense	$	165.7		$	148.6		$	138.1
Environmental remediation provision adjustments	(16.6		)	(8.8		)	(4.6		)
Retirement benefit expense	(50.2		)	(25.2		)	(44.2		)
Unusual items	(50.0		)	(0.9		)	(1.6		)
Aerospace and Defense Total	48.9			113.7			87.7
Real Estate	34.4			4.2			3.8
Total Segment Performance	$	83.3		$	117.9		$	91.5
Reconciliation of segment performance to loss from continuing operations before income taxes:
Segment performance	$	83.3		$	117.9		$	91.5
Interest expense	(50.4		)	(52.7		)	(48.7		)
Interest income	0.3			0.1			0.2
Stock-based compensation expense	(8.6		)	(5.7		)	(14.1		)
Corporate retirement benefit expense	(17.4		)	(11.3		)	(20.8		)
Corporate and other	(22.1		)	(20.5		)	(20.9		)
Unusual items	(1.9		)	(60.8		)	(22.9		)
Loss from continuing operations before income taxes	$	(16.8	)	$	(33.0	)	$	(35.7	)
Aerospace and Defense	$	36.8		$	43.1		$	63.2
Real Estate	—			—			—
Corporate	—			0.3			—
Capital Expenditures	$	36.8		$	43.4		$	63.2
Aerospace and Defense	$	64.4		$	63.0		$	42.8
Real Estate	0.7			0.7			0.7
Corporate	—			—			—
Depreciation and Amortization	$	65.1		$	63.7		$	43.5

	As of November 30,
	2015		2014
	(In millions)
Assets:
Aerospace and Defense (1)	$	1,580.2	$	1,432.1
Real Estate	124.4		120.5
Identifiable assets	1,704.6		1,552.6
Corporate	330.3		366.0
Total Assets	$	2,034.9	$	1,918.6

 _________

(1) The Aerospace and Defense operating segment had $158.1 million of goodwill as of November 30, 2015 and 2014. In addition, as of November 30, 2015 and 2014 intangible assets balances (other than goodwill) were $108.8 million and $122.2 million, respectively, in the Aerospace and Defense operating segment.