Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
	(In millions, except per share amounts)
Net (unfavorable) favorable effect of the changes in contract estimates on net sales	$	(2.7)	$	11.4	$	(18.9)	$	35.2
Net favorable (unfavorable) effect of the changes in contract estimates on income before income taxes	—		10.8		(32.2)		32.4
Net favorable (unfavorable) effect of the changes in contract estimates on net income	—		8.0		(20.9)		24.1
Net favorable (unfavorable) effect of the changes in contract estimates on basic EPS	—		0.10		(0.26)		0.30
Net favorable (unfavorable) effect of the changes in contract estimates on diluted EPS	—		0.10		(0.26)		0.29

Schedule of Contract Asset and Liability

The following table summarizes contract assets and liabilities:

	September 30, 2022		December 31, 2021
	(In millions)
Contract assets	$	412.6	$	359.6
Reserve for overhead rate disallowance	(9.3)		(5.4)
Contract assets, net of reserve	403.3		354.2
Contract liabilities	351.1		366.5
Net contract assets (liabilities), net of reserve	$	52.2	$	(12.3)

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,
	2022		2021		2022		2021
Fixed-price	56	%	57	%	56	%	56	%
Cost-reimbursable	44		43		44		44

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,
	2022		2021		2022		2021
U.S. government	95	%	96	%	95	%	97	%
Non U.S. government	5		4		5		3