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Operating Segments and Related Disclosures
 12 Months Ended
Dec. 31, 2017
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. Sales to significant customers and other concentrations information is presented in Note 1(u). 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 less applicable costs, expenses and unusual items relating to the segment operations. Segment performance excludes corporate income and 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,
 
December 31,
 
November 30,
 
December 31,
 
2017
 
2016
 
2015
 
2015
 
(In millions)
Net Sales:
 
 
 
 
 
 
 
Aerospace and Defense
$
1,870.8

 
$
1,753.9

 
$
1,660.0

 
$
95.8

Real Estate
6.4

 
7.4

 
48.3

 
0.5

Total Net Sales
$
1,877.2

 
$
1,761.3

 
$
1,708.3

 
$
96.3

Segment Performance:
 
 
 
 
 
 
 
Aerospace and Defense
$
202.9

 
$
184.1

 
$
165.7

 
$
19.6

Environmental remediation provision adjustments
(7.5
)
 
(18.3
)
 
(16.6
)
 
0.1

Retirement benefits, net (1)
(19.5
)
 
(22.5
)
 
(50.2
)
 
(4.1
)
Unusual items
2.0

 
—

 
(50.0
)
 
(0.4
)
Aerospace and Defense Total
177.9

 
143.3

 
48.9

 
15.2

Real Estate
2.5

 
4.3

 
34.4

 
0.2

Total Segment Performance
$
180.4

 
$
147.6

 
$
83.3

 
$
15.4

Reconciliation of segment performance to income (loss) before income taxes:
 
 
 
 
 
 
 
Segment performance
$
180.4

 
$
147.6

 
$
83.3

 
$
15.4

Interest expense
(30.9
)
 
(32.5
)
 
(50.4
)
 
(3.8
)
Interest income
3.5

 
0.6

 
0.3

 
—

Stock-based compensation
(22.0
)
 
(12.9
)
 
(8.6
)
 
0.4

Corporate retirement benefits
(20.0
)
 
(18.9
)
 
(17.4
)
 
(1.5
)
Corporate and other
(23.1
)
 
(20.1
)
 
(22.1
)
 
(1.5
)
Unusual items
(1.0
)
 
(34.5
)
 
(1.9
)
 
—

Income (loss) before income taxes
$
86.9

 
$
29.3

 
$
(16.8
)
 
$
9.0

Aerospace and Defense
$
29.3

 
$
46.4

 
$
36.8

 
$
1.2

Real Estate
—

 
—

 
—

 
—

Corporate
0.1

 
1.2

 
—

 
—

Capital Expenditures
$
29.4

 
$
47.6

 
$
36.8

 
$
1.2

Aerospace and Defense
$
71.6

 
$
64.2

 
$
64.4

 
$
5.0

Real Estate
0.7

 
0.6

 
0.7

 
0.1

Corporate
0.3

 
0.1

 
—

 
—

Depreciation and Amortization
$
72.6

 
$
64.9

 
$
65.1

 
$
5.1

________
(1) Retirement benefits are net of cash funding to the Company's tax-qualified defined benefit pension plan which are recoverable costs under its U.S. government contracts. The Company's recoverable tax-qualified pension costs in fiscal 2017 and 2016 totaled $33.7 million and $27.5 million, respectively.

 
As of December 31,
 
2017
 
2016
 
(In millions)
Assets:
 
 
 
Aerospace and Defense (1)
$
1,477.8

 
$
1,571.3

Real Estate
125.9

 
128.7

Operating segment assets
1,603.7

 
1,700.0

Corporate
655.0

 
549.5

Total Assets
$
2,258.7

 
$
2,249.5

 _________
(1)
The Aerospace and Defense operating segment had $161.3 million and $158.1 million of goodwill as of December 31, 2017 and 2016, respectively. In addition, as of December 31, 2017 and 2016, intangible assets balances (other than goodwill) were $85.5 million and $94.4 million, respectively, in the Aerospace and Defense operating segment.