Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2021

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 September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(In millions, except per share amounts)
Net favorable effect of the changes in contract estimates on net sales	$	11.4	$	3.2	$	35.2	$	20.4
Net favorable effect of the changes in contract estimates on income before income taxes	10.8		3.2		32.4		21.4
Net favorable effect of the changes in contract estimates on net income	8.0		2.7		24.1		16.0
Net favorable effect of the changes in contract estimates on basic EPS	0.10		0.03		0.30		0.20
Net favorable effect of the changes in contract estimates on diluted EPS	0.10		0.03		0.29		0.19

Schedule of Contract Asset and Liability

The following table summarizes contract assets and liabilities:

	September 30, 2021		December 31, 2020
	(In millions)
Contract assets	$	332.2	$	294.3
Reserve for overhead rate disallowance	(4.5)		(5.7)
Contract assets, net of reserve	327.7		288.6
Contract liabilities	342.2		407.2
Net contract liabilities, net of reserve	$	(14.5)	$	(118.6)

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 September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Fixed-price	57	%	60	%	56	%	61	%
Cost-reimbursable	43		40		44		39

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

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
U.S. government	96	%	96	%	97	%	96	%
Non U.S. government	4		4		3		4