Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Summary of Impact of Contracts in Progress on Statement of Operations

The following table summarizes the impact of the changes in significant contract accounting estimates on the Company’s Aerospace and Defense segment operating results:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
	(In millions, except per share amounts)
Net favorable effect of the changes in contract estimates on net sales	$	26.2	$	9.6	$	18.8	$	13.5
Net favorable effect of the changes in contract estimates on income before income taxes	22.0		10.3		14.1		13.7
Net favorable effect of the changes in contract estimates on net income	16.3		6.2		10.4		8.2
Net favorable effect of the changes in contract estimates on basic net income per share	0.22		0.08		0.14		0.11
Net favorable effect of the changes in contract estimates on diluted net income per share	0.21		0.08		0.14		0.11

Schedule of Contract Asset and Liability

A summary of the contract assets and liabilities is as follows:

	June 30, 2018			December 31, 2017
	(In millions)
Contract assets	$	296.3		$	310.9
Reserve for overhead rate disallowance	(43.2		)	(42.8		)
Contract assets, net of reserve	253.1			268.1
Contract liabilities	185.3			276.8
Net contract assets (liabilities), net of reserve	$	67.8		$	(8.7	)

Schedules of Percentage of Net Sales by Contract and Customer Type

The following are percentages of net sales by contract type:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
Fixed-price	58	%	58	%	59	%	57	%
Cost-reimbursable	39		37		38		39
Other	3		5		3		4

The following are percentages of net sales by customer type:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018			2017
U.S. government	93	%	93	%	93	%		93	%
Non U.S. government customers	7		7		7		7	7