Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020		2019
	(In millions, except per share amounts)
Net favorable effect of the changes in contract estimates on net sales	$	2.1	$	13.0
Net favorable effect of the changes in contract estimates on income before income taxes	2.5		13.4
Net favorable effect of the changes in contract estimates on net income	1.9		9.7
Net favorable effect of the changes in contract estimates on basic and diluted EPS	0.02		0.12

Schedule of Contract Asset and Liability

The following table summarizes contract assets and liabilities:

	March 31, 2020			December 31, 2019
	(In millions)
Contract assets	$	298.7		$	243.5
Reserve for overhead rate disallowance	(19.8		)	(19.4		)
Contract assets, net of reserve	278.9			224.1
Contract liabilities	288.6			262.3
Net contract liabilities, net of reserve	$	(9.7	)	$	(38.2	)

Schedules of Percentage of Net Sales by Contract and Customer Type

The following table summarizes the percentages of net sales by contract type:

	Three months ended March 31,
	2020		2019
Fixed-price	61	%	62	%
Cost-reimbursable	39		37
Other	—		1

The following table summarizes the percentages of net sales by principal end user:

	Three months ended March 31,
	2020		2019
U.S. government	96	%	95	%
Non U.S. government	4		5