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Balance Sheet Accounts (Tables)
3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Fair Value of Financial Instruments
 
 
 
Fair value measurement as of March 31, 2020
 
Total
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 

Other
Observable
Inputs
(Level 2)
 

Unobservable
Inputs
(Level 3)
 
(In millions)
Money market funds
$
652.9

 
$
652.9

 
$

 
$

Registered investment companies
3.3

 
3.3

 

 

Commercial paper
15.0

 

 
15.0

 

Total
$
671.2

 
$
656.2

 
$
15.0

 
$

 
 
 
Fair value measurement as of December 31, 2019
 
Total
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 

Other
Observable
Inputs
(Level 2)
 

Unobservable
Inputs
(Level 3)
 
(In millions)
Money market funds
$
626.0

 
$
626.0

 
$

 
$

Registered investment companies
3.7

 
3.7

 

 

Commercial paper
99.9

 

 
99.9

 
 
Total
$
729.6

 
$
629.7

 
$
99.9

 
$


Schedule of Estimated Fair Value and Principal Amount of Outstanding Debt
The following table summarizes the estimated fair value and principal amount for outstanding debt obligations excluding finance lease obligations:
 
Fair Value
 
Principal Amount
 
March 31, 2020
 
December 31, 2019
 
March 31, 2020
 
December 31, 2019
 
(In millions)
Term loan
$
299.9

 
$
328.1

 
$
323.8

 
$
328.1

21/4% Notes
488.2

 
546.0

 
300.0

 
300.0

Total
$
788.1

 
$
874.1

 
$
623.8

 
$
628.1


Schedule of Accounts Receivable Accounts Receivable, net

March 31, 2020

December 31, 2019
 
(In millions)
Billed receivables under long-term contracts
$
152.5


$
122.9

Reserve on billed trade receivables
(1.0
)
 
(10.6
)
Other trade receivables
0.2


0.2

Accounts receivable, net
$
151.7


$
112.5


Schedule of Other Current Assets, net Other Current Assets, net
 
March 31, 2020
 
December 31, 2019
 
(In millions)
Deferred costs recoverable from the U.S. government
$
46.9

 
$
47.1

Income taxes receivable
36.2

 
43.4

Inventories
18.0

 
24.0

Prepaid expenses
13.4

 
13.9

Other
22.9

 
17.4

Other current assets, net
$
137.4

 
$
145.8


Schedule of Property, Plant and Equipment, net Property, Plant and Equipment, net
 
March 31, 2020
 
December 31, 2019
 
(In millions)
Land
$
71.2


$
71.2

Buildings and improvements
436.2


434.9

Machinery and equipment, including capitalized software
459.4


488.2

Construction-in-progress
67.1


70.2


1,033.9


1,064.5

Less: accumulated depreciation
(630.7
)

(654.6
)
Property, plant and equipment, net
$
403.2


$
409.9


Schedule of Other Noncurrent Assets, net Other Noncurrent Assets, net

March 31, 2020

December 31, 2019
 
(In millions)
Real estate held for entitlement and leasing
$
100.4

 
$
100.3

Deferred costs recoverable from the U.S. government
55.9

 
54.8

Receivable from Northrop Grumman Corporation for environmental remediation costs
45.0

 
46.5

Other
50.2


54.0

Other noncurrent assets, net
$
251.5


$
255.6


Schedule of Other Current Liabilities Other Current Liabilities
 
March 31, 2020
 
December 31, 2019
 
(In millions)
Accrued compensation and employee benefits
$
90.0


$
103.1

Other
44.4


52.4

Other current liabilities
$
134.4


$
155.5