Operating Segments and Related Disclosures

12 Months Ended

Nov. 30, 2011

Operating Segments and Related Disclosures [Abstract]

Operating Segments and Related Disclosures

10. Operating Segments and Related Disclosures

The Company’s operations are organized into two operating segments based on different products and customer bases: Aerospace and Defense, and Real Estate. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies (see Note 1).

The Company evaluates its operating segments based on several factors, of which the primary financial measure is segment performance. Segment performance represents net sales from continuing operations less applicable costs, expenses and provisions for unusual items relating to the segment operations. Segment performance excludes corporate income and expenses, legacy income or expenses, provisions for unusual items not related to the segment operations, interest expense, interest income, and income taxes.

Selected financial information for each reportable segment was as follows:

	Year Ended
	2011			2010			2009
	(In millions)
Net Sales:
Aerospace and Defense	$	909.7		$	850.7		$	787.2
Real Estate		8.4			7.2			8.2
Total	$	918.1		$	857.9		$	795.4
Segment Performance:
Aerospace and Defense	$	108.6		$	99.6		$	84.4
Environmental remediation provision adjustments		(8.9	)		(0.2	)		(0.7	)
Retirement benefit plan (expense) benefit		(21.0	)		(29.3	)		7.9
Unusual items (see Note 13)		(4.1	)		(2.8	)		(1.3	)
Aerospace and Defense Total		74.6			67.3			90.3
Real Estate		5.6			5.3			4.4
Total	$	80.2		$	72.6		$	94.7
Reconciliation of segment performance to income from continuing operations before income taxes:
Segment Performance	$	80.2		$	72.6		$	94.7
Interest expense		(30.8	)		(37.0	)		(38.6	)
Interest income		1.0			1.6			1.9
Stock-based compensation		(3.7	)		(0.4	)		(2.9	)
Corporate retirement benefit plan (expense) benefit		(25.4	)		(12.6	)		4.0
Corporate and other expenses		(10.8	)		(21.5	)		(14.5	)
Corporate unusual items (see Note 13)		(1.5	)		(0.6	)		(3.3	)
Income from continuing operations before income taxes	$	9.0		$	2.1		$	41.3
Aerospace and Defense	$	21.1		$	18.2		$	14.3
Real Estate		—			—			—
Corporate		—			4.4			—
Capital Expenditures, cash and non-cash	$	21.1		$	22.6		$	14.3
Aerospace and Defense	$	24.3		$	27.6		$	25.1
Real Estate		0.3			0.3			0.6
Corporate		—			—			—
Depreciation and Amortization	$	24.6		$	27.9		$	25.7

	As of November 30,
	2011		2010
	(In millions)
Aerospace and Defense(1)	$	622.8	$	647.0
Real Estate		79.1		76.2
Identifiable assets		701.9		723.2
Corporate		237.6		268.3
Assets	$	939.5	$	991.5

(1) The Aerospace and Defense operating segment had $94.9 million of goodwill as of November 30, 2011 and 2010. In addition, as of November 30, 2011 and 2010 intangible assets balances were $15.4 million and $16.9 million, respectively, for the Aerospace and Defense operating segment.

The Company’s continuing operations are located in the United States. Inter-area sales are not significant to the total sales of any geographic area. Unusual items included in segment performance pertained only to the United States.