Balance Sheet Accounts and Supplemental Disclosures

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Accounts and Supplemental Disclosures

Balance Sheet Accounts and Supplemental Disclosures

a.  Accounts Receivable, net

	As of December 31,
	2020		2019
	(In millions)
Billed	$	75.3	$	122.9
Reserve on billed trade receivables	—		(10.6)
Other trade receivables	0.3		0.2
Accounts receivable, net	$	75.6	$	112.5

During 2020, the Company wrote-off $10.6 million of billed receivables that had previously been reserved.

b.  Other Current Assets, net

	As of December 31,
	2020		2019
	(In millions)
Deferred costs recoverable from the U.S. government	$	41.0	$	47.1
Income tax receivable	46.9		43.4
Prepaid expenses	18.0		13.9
Inventories	10.0		24.0
Other	20.6		17.4
Other current assets, net	$	136.5	$	145.8

The income tax receivable balance at December 31, 2020 and 2019, includes amounts the Company expects to receive from amended returns and refund claims, and overpayment associated with tax returns.

c.  Property, Plant and Equipment, net

	As of December 31,
	2020		2019
	(In millions)
Land	$	71.2	$	71.2
Buildings and improvements	433.4		434.9
Machinery and equipment, including capitalized software	471.3		488.2
Construction-in-progress	105.5		70.2
	1,081.4		1,064.5
Less: accumulated depreciation	(658.3)		(654.6)
Property, plant and equipment, net	$	423.1	$	409.9

Depreciation expense for 2020, 2019, and 2018 was $49.2 million, $58.1 million, and $56.1 million, respectively. The Company had $8.6 million of property, plant and equipment additions included in accounts payable as of December 31, 2020.

d.  Goodwill.

The goodwill balance as of December 31, 2020 and 2019, relates to the Company’s Aerospace and Defense segment. The change of $0.1 million in the carrying amount of goodwill in 2019 was due to the 3D Material Technologies ("3DMT") acquisition.

e.  Intangible Assets

	As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In millions)
Customer related	$	87.2	$	75.3	$	11.9
Intellectual property\trade secrets	34.2		19.7		14.5
Trade name	21.0		5.4		15.6
Acquired technology	19.2		16.4		2.8
Intangible assets	$	161.6	$	116.8	$	44.8

	As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In millions)
Customer related	$	87.2	$	65.9	$	21.3
Intellectual property\trade secrets	34.2		17.1		17.1
Trade name	21.0		4.6		16.4
Acquired technology	19.2		15.8		3.4
Intangible assets	$	161.6	$	103.4	$	58.2

The intangible asset balances as of December 31, 2020 and 2019, relates to the Company’s Aerospace and Defense segment. Amortization expense related to intangible assets was $13.4 million, $13.6 million, and $13.7 million in 2020, 2019, and 2018, respectively.

Future amortization expense for the five succeeding years is estimated to be as follows:

Year Ending December 31,	Future Amortization Expense
	(In millions)
2021	$	9.9
2022	6.6
2023	6.1
2024	4.8
2025	3.7
	$	31.1

f.  Other Noncurrent Assets, net

	As of December 31,
	2020		2019
	(In millions)
Real estate held for entitlement and leasing	$	101.8	$	100.3
Receivable from Northrop Grumman Corporation for environmental remediation costs	40.5		46.5
Deferred costs recoverable from the U.S. government	54.7		54.8
Other	57.8		54.0
Other noncurrent assets, net	$	254.8	$	255.6

g.  Other Current Liabilities

	As of December 31,
	2020		2019
	(In millions)
Accrued compensation and employee benefits	$	118.0	$	103.1
Other	43.9		52.4
Other current liabilities	$	161.9	$	155.5

h. Treasury Stock

During 2020, the Company repurchased 1.3 million of its common shares at a cost of $51.7 million. The Company reflects stock repurchases in its financial statements on a "settlement" basis.

i.  Accumulated Other Comprehensive Loss, Net of Income Taxes

The following table presents the changes in accumulated other comprehensive loss by components, net of income taxes:

	Actuarial Losses, Net		Prior Service Credits (Costs), Net		Total
	(In millions)
December 31, 2018	$	(239.4)	$	—	$	(239.4)
Actuarial losses, net of income taxes	(26.5)		—		(26.5)
Amortization of net actuarial losses and prior service credits, net of income taxes	29.5		(0.1)		29.4
December 31, 2019	(236.4)		(0.1)		(236.5)
Actuarial losses, net of income taxes	(31.5)		—		(31.5)
Amortization of net actuarial losses and prior service costs, net of income taxes	40.3		0.1		40.4
December 31, 2020	$	(227.6)	$	—	$	(227.6)