Basis of Presentation and Nature of Operations (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

AR1 Inception to Date Project Costs

The AR1 inception to date project costs were as follows (in millions):

AR1 R&D costs incurred	$	205.9
Less amounts funded by the U.S. Air Force	(119.1		)
Less amounts funded by ULA	(5.4		)
AR1 R&D costs net of reimbursements	81.4
AR1 R&D costs expensed and not applied to contracts	(32.1		)
Net AR1 R&D costs applied to contracts	$	49.3

Summary of Impact from the Aerospace and Defense Segment Net Sales

The following table summarizes the impact of the change in significant contract accounting estimates on the Company’s Aerospace and Defense segment net sales accounted for under the percentage-of-completion method of accounting:

	Three months ended March 31,
	2017		2016 (1)
	(In millions, except per share amounts)
Favorable effect of the changes in contract estimates on income before income taxes	$	3.4	$	—
Favorable effect of the changes in contract estimates on net income	2.0		—
Favorable effect of the changes in contract estimates on basic and diluted net income per share	0.03		—

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(1) The impact of all changes in estimates and assumptions related to the status of certain long-term contracts since fiscal year-end 2015 were reflected in the month ended December 31, 2015 as a result of the Company's change in fiscal year-end from November 30 of each year to December 31 of each year.