Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016
	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	$	114.3	$	114.3	$	—	$	—
			Fair value measurement at December 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	$	141.8	$	141.8	$	—	$	—
			Fair value measurement at November 30, 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	$	187.2	$	187.2	$	—	$	—

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

As of March 31,2016, 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	$	155.5	$	50.3	$	105.2
Grantor trust (included as a component of other current and noncurrent assets)	9.1		—		9.1
	$	164.6	$	50.3	$	114.3

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
	March 31, 2016		December 31, 2015		November 30, 2015		March 31, 2016		December 31, 2015		November 30, 2015
	(In millions)
Term loan	$	91.3	$	92.5	$	93.8	$	91.3	$	92.5	$	93.8
7.125% Second-Priority Senior Secured Notes (“7 1/8% Notes”)	479.6		479.6		480.1		460.0		460.0		460.0
4 1/16% Debentures	153.6		149.5		164.0		84.6		84.6		84.6
Delayed draw term loan	—		13.0		13.0		—		13.0		13.0
Other debt	0.5		0.6		0.6		0.4		0.5		0.6
	$	725.0	$	735.2	$	751.5	$	636.3	$	650.6	$	652.0

Schedule of Accounts Receivable

Accounts Receivable

	March 31, 2016		December 31, 2015		November 30, 2015
	(In millions)
Billed	$	123.8	$	114.1	$	90.4
Unbilled	58.0		54.8		80.6
Total receivables under long-term contracts	181.8		168.9		171.0
Other receivables	0.5		0.6		0.5
Accounts receivable	$	182.3	$	169.5	$	171.5

Schedule of Inventories

Inventories

	March 31, 2016			December 31, 2015			November 30, 2015
	(In millions)
Long-term contracts at average cost	$	629.2		$	543.5		$	505.8
Progress payments	(459.8		)	(388.5		)	(349.6		)
Total long-term contract inventories	169.4			155.0			156.2
Total other inventories	1.2			1.2			1.3
Inventories	$	170.6		$	156.2		$	157.5

Schedule of Other Current Assets, net

Other Current Assets, net

	March 31, 2016		December 31, 2015		November 30, 2015
	(In millions)
Recoverable from the U.S. government for Rocketdyne Business integration costs (see Note 4(f))	$	11.9	$	11.9	$	11.9
Prepaid expenses	10.7		11.9		10.7
Recoverable from the U.S. government for Competitive Improvement Program severance obligations (see Note 9)	10.0		9.1		9.5
Receivables, net	14.4		10.6		7.2
Income taxes receivable	1.6		1.6		2.9
Indemnification receivable from UTC	15.7		15.7		15.7
Other	6.5		8.4		6.5
Other current assets, net	$	70.8	$	69.2	$	64.4

Schedule of Property, Plant and Equipment, net

Property, Plant and Equipment, net

	March 31, 2016			December 31, 2015			November 30, 2015
	(In millions)
Land	$	71.4		$	71.4		$	71.3
Buildings and improvements	291.6			290.1			287.6
Machinery and equipment	513.4			510.6			509.8
Construction-in-progress	35.0			32.5			34.9
	911.4			904.6			903.6
Less: accumulated depreciation	(552.0		)	(541.3		)	(537.8		)
Property, plant and equipment, net	$	359.4		$	363.3		$	365.8

Schedule of Other Noncurrent Assets, net

Other Noncurrent Assets, net

	March 31, 2016		December 31, 2015		November 30, 2015
	(In millions)
Recoverable from the U.S. government for Rocketdyne Business integration costs	$	18.7	$	21.2	$	22.4
Deferred financing costs	2.0		2.1		2.3
Recoverable from the U.S. government for Competitive Improvement Program severance obligations (see Note 9)	1.7		3.2		2.8
Recoverable from the U.S. government for conditional asset retirement obligations	18.5		17.8		17.5
Grantor trusts	10.2		10.3		10.7
Income taxes receivable	7.9		7.9		7.9
Notes receivable, net	9.0		9.0		9.0
Other	11.1		10.1		9.4
Other noncurrent assets, net	$	79.1	$	81.6	$	82.0

Schedule of Other Current Liabilities

Other Current Liabilities

	March 31, 2016		December 31, 2015		November 30, 2015
	(In millions)
Accrued compensation and employee benefits	$	70.1	$	90.4	$	90.6
Income taxes	14.8		20.3		15.5
Competitive improvement program obligations (see Note 9)	10.5		9.4		10.7
Payable to UTC primarily for Transition Service Agreements	1.1		1.9		1.9
Interest payable	5.4		12.9		11.7
Contract loss provisions	8.4		9.1		9.3
Other	70.2		59.1		61.6
Other current liabilities	$	180.5	$	203.1	$	201.3

Schedule of Other Noncurrent Liabilities

Other Noncurrent Liabilities

	March 31, 2016		December 31, 2015		November 30, 2015
	(In millions)
Conditional asset retirement obligations	$	29.8	$	29.5	$	29.3
Pension benefits, non-qualified	17.5		17.6		17.9
Deferred compensation	12.0		11.5		11.9
Deferred revenue	13.7		13.8		13.9
Competitive improvement program obligations (see Note 9)	2.0		3.2		3.1
Other	19.0		19.6		18.3
Other noncurrent liabilities	$	94.0	$	95.2	$	94.4

Schedule of Changes in Accumulated Other Comprehensive Loss by Components, Net of Income Taxes

Changes in accumulated other comprehensive loss by components related to the Company’s retirement benefit plans are as follows:

	Actuarial Losses, Net			Prior Service Credits, Net			Total
	(In millions)
November 30, 2015	$	(342.6	)	$	0.9		$	(341.7	)
Actuarial losses, net of $4.6 million of income taxes	(8.6		)	—			(8.6		)
Amortization of actuarial losses and prior service credits, net of $1.7 million of income taxes	3.4			(0.1		)	3.3
December 31, 2015	(347.8		)	0.8			(347.0		)
Amortization of actuarial losses and prior service credits, net of $5.8 million of income taxes	9.3			(0.2		)	9.1
March 31, 2016	$	(338.5	)	$	0.6		$	(337.9	)