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Operating Segments and Related Disclosures
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Operating Segments and Related Disclosures
Operating Segments and Related Disclosures
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.
Selected financial information for each reportable segment:

 
Year Ended
 
One month ended
 
December 31,
 
November 30,
 
November 30,
 
December 31,
 
2016
 
2015
 
2014
 
2015
 
(In millions)
Net Sales:
 
 
 
 
 
 
 
Aerospace and Defense
$
1,753.9

 
$
1,660.0

 
$
1,596.0

 
$
95.8

Real Estate
7.4

 
48.3

 
6.2

 
0.5

Total Net Sales
$
1,761.3

 
$
1,708.3

 
$
1,602.2

 
$
96.3

Segment Performance:
 
 
 
 
 
 
 
Aerospace and Defense
$
184.1

 
$
165.7

 
$
148.6

 
$
19.6

Environmental remediation provision adjustments
(18.3
)
 
(16.6
)
 
(8.8
)
 
0.1

Retirement benefit expense, net (1)
(22.5
)
 
(50.2
)
 
(25.2
)
 
(4.1
)
Unusual items
—

 
(50.0
)
 
(0.9
)
 
(0.4
)
Aerospace and Defense Total
143.3

 
48.9

 
113.7

 
15.2

Real Estate
4.3

 
34.4

 
4.2

 
0.2

Total Segment Performance
$
147.6

 
$
83.3

 
$
117.9

 
$
15.4

Reconciliation of segment performance to income (loss) from continuing operations before income taxes:
 
 
 
 
 
 
 
Segment performance
$
147.6

 
$
83.3

 
$
117.9

 
$
15.4

Interest expense
(32.5
)
 
(50.4
)
 
(52.7
)
 
(3.8
)
Interest income
0.6

 
0.3

 
0.1

 
—

Stock-based compensation expense
(12.9
)
 
(8.6
)
 
(5.7
)
 
0.4

Corporate retirement benefit expense
(18.9
)
 
(17.4
)
 
(11.3
)
 
(1.5
)
Corporate and other
(20.1
)
 
(22.1
)
 
(20.5
)
 
(1.5
)
Unusual items
(34.5
)
 
(1.9
)
 
(60.8
)
 
—

Income (loss) from continuing operations before income taxes
$
29.3

 
$
(16.8
)
 
$
(33.0
)
 
$
9.0

Aerospace and Defense
$
46.4

 
$
36.8

 
$
43.1

 
$
1.2

Real Estate
—

 
—

 
—

 
—

Corporate
1.2

 
—

 
0.3

 
—

Capital Expenditures
$
47.6

 
$
36.8

 
$
43.4

 
$
1.2

Aerospace and Defense
$
64.2

 
$
64.4

 
$
63.0

 
$
5.0

Real Estate
0.6

 
0.7

 
0.7

 
0.1

Corporate
0.1

 
—

 
—

 
—

Depreciation and Amortization
$
64.9

 
$
65.1

 
$
63.7

 
$
5.1

________
(1) Retirement benefit plan expense is net of cash funding to the Company's tax-qualified defined benefit pension plan which are recoverable costs under the Company's U.S. government contracts. The Company funded $27.5 million to its tax-qualified defined benefit pension plan in fiscal 2016 that was recoverable in the Company's fiscal 2016 U.S. government contracts.
 
As of December 31,
 
2016
 
2015
 
(In millions)
Assets:
 
 
 
Aerospace and Defense (1)
$
1,571.3

 
$
1,591.3

Real Estate
128.7

 
124.5

Operating segment assets
1,700.0

 
1,715.8

Corporate
549.5

 
309.7

Total Assets
$
2,249.5

 
$
2,025.5

 _________
(1)
The Aerospace and Defense operating segment had $158.1 million of goodwill as of December 31, 2016 and 2015. In addition, as of December 31, 2016 and 2015 intangible assets balances (other than goodwill) were $94.4 million and $107.7 million, respectively, in the Aerospace and Defense operating segment.