Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(In millions, except per share amounts)
Net favorable effect of the changes in contract estimates on net sales	$	15.1	$	25.8	$	17.2	$	38.8
Net favorable effect of the changes in contract estimates on income before income taxes	15.7		25.6		18.2		39.0
Net favorable effect of the changes in contract estimates on net income	11.4		19.0		13.3		28.7
Net favorable effect of the changes in contract estimates on basic EPS	0.15		0.24		0.17		0.37
Net favorable effect of the changes in contract estimates on diluted EPS	0.14		0.23		0.16		0.35

Schedule of Contract Asset and Liability

The following table summarizes contract assets and liabilities:

	June 30, 2020			December 31, 2019
	(In millions)
Contract assets	$	299.1		$	243.5
Reserve for overhead rate disallowance	(11.2		)	(19.4		)
Contract assets, net of reserve	287.9			224.1
Contract liabilities	295.7			262.3
Net contract liabilities, net of reserve	$	(7.8	)	$	(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 June 30,				Six months ended June 30,
	2020		2019		2020		2019
Fixed-price	61	%	59	%	61	%	61	%
Cost-reimbursable	39		41		39		39

The principal end user customers are primarily agencies of the U.S. government as illustrated in the following table:

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
U.S. government	96	%	94	%	96	%	94	%
Non U.S. government	4		6		4		6