Balance Sheet Accounts (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 2017
	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	$	122.1	$	122.1	$	—	$	—
			Fair value measurement at December 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	$	328.5	$	328.5	$	—	$	—

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

As of September 30,2017, the carrying amounts 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	$	392.5	$	277.3	$	115.2
Grantor trust (included as a component of other current and noncurrent assets)	6.9		—		6.9
	$	399.4	$	277.3	$	122.1

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
	September 30, 2017		December 31, 2016		September 30, 2017		December 31, 2016
	(In millions)
Term loan	$	375.0	$	390.0	$	375.0	$	390.0
2 1/4% Notes	446.0		294.9		300.0		300.0
4 1/16% Debentures (1)	—		70.8		—		35.6
	$	821.0	$	755.7	$	675.0	$	725.6

_______

(1) In December 2016, the Company notified holders of its 4 ¹/₁₆% Debentures that the Company would redeem, on February 3, 2017, all of their 4 ¹/₁₆% Debentures at a purchase price equal to 100% of the principal amount of the 4 ¹/₁₆% Debentures to be redeemed, plus any accrued and unpaid interest. In January 2017, $35.6 million of the 4 ¹/₁₆% Debentures (the entire amount outstanding as of December 31, 2016) were converted to 3.9 million shares of common stock.

Schedule of Accounts Receivable

Accounts Receivable

	September 30, 2017			December 31, 2016
	(In millions)
Billed	$	145.4		$	55.7
Unbilled	177.6			124.1
Reserve for overhead rate disallowance	(40.8		)	(44.5		)
Total receivables under long-term contracts	282.2			135.3
Other receivables	0.9			1.1
Accounts receivable	$	283.1		$	136.4

Schedule of Inventories

Inventories

	September 30, 2017			December 31, 2016
	(In millions)
Long-term contracts at average cost	$	605.0		$	551.9
Progress payments	(445.5		)	(368.2		)
Total long-term contract inventories	159.5			183.7
Total other inventories	1.3			1.4
Inventories	$	160.8		$	185.1

Schedule of Other Current Assets, net

Other Current Assets, net

	September 30, 2017		December 31, 2016
	(In millions)
Recoverable from the U.S. government for acquisition related integration costs	$	11.9	$	11.9
Recoverable from the U.S. government for competitive improvement program obligations (see Note 10)	20.7		7.6
Prepaid expenses	17.0		16.5
Cost-share and other receivables, net	10.7		17.8
Income taxes receivable	5.1		26.8
Indemnification receivable from United Technologies Corporation, net	0.2		5.5
Other	5.4		5.6
Other current assets, net	$	71.0	$	91.7

Schedule of Property, Plant and Equipment, net

Property, Plant and Equipment, net

	September 30, 2017			December 31, 2016
	(In millions)
Land	$	71.2		$	71.4
Buildings and improvements	317.0			304.2
Machinery and equipment	542.7			540.8
Construction-in-progress	20.5			30.4
	951.4			946.8
Less: accumulated depreciation	(601.8		)	(580.8		)
Property, plant and equipment, net	$	349.6		$	366.0

Schedule of Other Noncurrent Assets, net

Other Noncurrent Assets, net

	September 30, 2017		December 31, 2016
	(In millions)
Recoverable from the U.S. government for conditional asset retirement obligations	$	21.1	$	20.3
Recoverable from the U.S. government for restructuring costs	27.1		12.8
Recoverable from the U.S. government for acquisition related integration costs	2.0		10.9
Recoverable from the U.S. government for competitive improvement program obligations (see Note 10)	22.9		1.3
Deferred financing costs	2.8		3.4
Grantor trusts	26.6		16.6
Income taxes receivable	10.7		10.8
Notes receivable, net	9.0		9.0
Other	4.5		5.1
Other noncurrent assets, net	$	126.7	$	90.2

Schedule of Other Current Liabilities

Other Current Liabilities

	September 30, 2017		December 31, 2016
	(In millions)
Accrued compensation and employee benefits	$	102.5	$	105.7
Contract related liabilities	47.4		24.7
Competitive improvement program obligations (see Note 10)	21.3		7.6
Income taxes payable	0.3		2.1
Interest payable	2.2		4.1
Contract loss provisions	4.5		6.8
Other	14.4		16.8
Other current liabilities	$	192.6	$	167.8

Schedule of Other Noncurrent Liabilities

Other Noncurrent Liabilities

	September 30, 2017		December 31, 2016
	(In millions)
Conditional asset retirement obligations	$	40.3	$	30.6
Pension benefits, non-qualified	17.1		17.5
Deferred compensation	31.1		19.8
Deferred revenue	12.8		13.3
Competitive improvement program obligations (see Note 10)	22.9		1.3
Uncertain income tax positions	24.4		28.4
Other	13.4		13.1
Other noncurrent liabilities	$	162.0	$	124.0

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

Changes in accumulated other comprehensive loss by components, net of income taxes:

	Actuarial Losses, Net			Prior Service Credits, Net		Total
	(In millions)
December 31, 2016	$	(303.2	)	$	0.2	$	(303.0	)
Amortization of actuarial losses and prior service credits, net of $18.5 million of income taxes	29.1			—		29.1
September 30, 2017	$	(274.1	)	$	0.2	$	(273.9	)