Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023		2022
	(In millions, except per share amounts)
Net unfavorable effect of the changes in contract estimates on net sales	$	(15.5)	$	(0.2)
Net unfavorable effect of the changes in contract estimates on income before income taxes	(16.5)		(2.7)
Net unfavorable effect of the changes in contract estimates on net income	(13.6)		(2.0)
Net unfavorable effect of the changes in contract estimates on basic and diluted EPS	(0.17)		(0.02)

Schedule of Contract Asset and Liability

The following table summarizes contract assets and liabilities:

	March 31, 2023		December 31, 2022
	(In millions)
Contract assets	$	421.5	$	458.3
Reserve for overhead rate disallowance	(4.5)		(7.2)
Contract assets, net of reserve	417.0		451.1
Contract liabilities	307.6		334.7
Net contract assets, net of reserve	$	109.4	$	116.4

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 March 31,
	2023		2022
Fixed-price	54	%	56	%
Cost-reimbursable	46		44

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

	Three months ended March 31,
	2023		2022
U.S. government	96	%	95	%
Non U.S. government	4		5