Condensed Consolidating Financial Information

12 Months Ended

Nov. 30, 2011

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

14. Condensed Consolidating Financial Information

The Company is providing condensed consolidating financial information for its material domestic subsidiaries that have guaranteed the 9 ¹/2 % Notes, and for those subsidiaries that have not guaranteed the 9 ¹/ 2% Notes. These 100% owned subsidiary guarantors have, jointly and severally, fully and unconditionally guaranteed the 9  ¹/2% Notes subject to release under the following circumstances (i) in the event of a sale or other disposition of all or substantially all of the assets of any guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the capital stock of any guarantor and (ii) in the event that the Company attains investment grade status. The subsidiary guarantees are senior subordinated obligations of each subsidiary guarantor and rank (i) junior in right of payment with all senior indebtedness, (ii) equal in right of payment with all senior subordinated indebtedness, and (iii) senior in right of payment to all subordinated indebtedness, in each case, of that subsidiary guarantor. The subsidiary guarantees will also be effectively subordinated to any collateralized indebtedness of the subsidiary guarantor with respect to the assets collateralizing that indebtedness. Absent both default and notice as specified in the Company’s Senior Credit Facility and agreements governing the Company’s outstanding convertible notes and the 9  ¹/2% Notes, there are no restrictions on the Company’s ability to obtain funds from its 100% owned subsidiary guarantors by dividend or loan.

The Company has not presented separate financial and narrative information for each of the subsidiary guarantors, because it believes that such financial and narrative information would not provide investors with any additional information that would be material in evaluating the sufficiency of the guarantees. Therefore, the following condensed consolidating financial information summarizes the financial position, results of operations, and cash flows for the Company’s guarantor and non-guarantor subsidiaries.

Condensed Consolidating Statements of Operations

November 30, 2011 (In millions):		Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	918.1	$	—	$	—		$	918.1
Cost of sales (exclusive of items shown separately below)		(0.5	)		799.8		—		—			799.3
Selling, general and administrative		27.1			13.8		—		—			40.9
Depreciation and amortization		—			24.6		—		—			24.6
Interest expense		25.6			5.2		—		—			30.8
Other, net		12.5			1.0		—		—			13.5
(Loss) income from continuing operations before income taxes		(64.7	)		73.7		—		—			9.0
Income tax (benefit) provision		(25.5	)		31.6		—		—			6.1
(Loss) income from continuing operations		(39.2	)		42.1		—		—			2.9
Income from discontinued operations		—			—		—		—			—
(Loss) income before equity earnings of subsidiaries		(39.2	)		42.1		—		—			2.9
Equity earnings of subsidiaries		42.1			—		—		(42.1	)		—
Net income	$	2.9		$	42.1	$	—	$	(42.1	)	$	2.9

November 30, 2010 (In millions):	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	857.9	$	—	$	—		$	857.9
Cost of sales (exclusive of items shown separately below)		—			753.9		—		—			753.9
Selling, general and administrative		13.0			13.7		—		—			26.7
Depreciation and amortization		—			27.9		—		—			27.9
Interest expense		31.7			5.3		—		—			37.0
Other, net		8.8			1.5		—		—			10.3
(Loss) income from continuing operations before income taxes		(53.5	)		55.6		—		—			2.1
Income tax (benefit) provision		(9.2	)		5.3		—		—			(3.9	)
(Loss) income from continuing operations		(44.3	)		50.3		—		—			6.0
Income from discontinued operations		0.8			—		—		—			0.8
(Loss) income before equity earnings of subsidiaries		(43.5	)		50.3		—		—			6.8
Equity earnings of subsidiaries		50.3			—		—		(50.3	)		—
Net income	$	6.8		$	50.3	$	—	$	(50.3	)	$	6.8

November 30, 2009 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	795.4		$	—		$	—		$	795.4
Cost of sales (exclusive of items shown separately below)		—			674.0			—			—			674.0
Selling, general and administrative		(2.2	)		12.4			—			—			10.2
Depreciation and amortization		—			25.7			—			—			25.7
Interest expense		33.1			5.5			—			—			38.6
Other, net		7.2			(1.6	)		—			—			5.6
(Loss) income from continuing operations before income taxes		(38.1	)		79.4			—			—			41.3
Income tax (benefit) provision		(63.0	)		45.4			—			—			(17.6	)
Income from continuing operations		24.9			34.0			—			—			58.9
Loss from discontinued operations		(2.9	)		—			(3.8	)		—			(6.7	)
Income (loss) before equity earnings (losses) of subsidiaries		22.0			34.0			(3.8	)		—			52.2
Equity earnings (losses) of subsidiaries		30.2			—			—			(30.2	)		—
Net income (loss)	$	52.2		$	34.0		$	(3.8	)	$	(30.2	)	$	52.2

Condensed Consolidating Balance Sheets

November 30, 2011 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash and cash equivalents	$	204.7		$	(16.7	)	$	—		$	—		$	188.0
Accounts receivable		—			107.0			—			—			107.0
Inventories		—			49.5			—			—			49.5
Recoverable from the U.S. government and other third parties for environmental remediation costs and other		0.1			29.5			—			—			29.6
Grantor trust		0.9			0.4			—			—			1.3
Other receivables, prepaid expenses and other		7.2			13.0			—			—			20.2
Income taxes		39.4			(34.1	)		—			—			5.3
Total current assets		252.3			148.6			—			—			400.9
Property, plant and equipment, net		4.7			122.2			—			—			126.9
Recoverable from the U.S. government and other third parties for environmental remediation costs and other		0.3			113.8			—			—			114.1
Grantor trust		9.2			4.1			—			—			13.3
Goodwill		—			94.9			—			—			94.9
Intercompany (payable) receivable, net		(279.2	)		294.0			(14.8	)		—			—
Other noncurrent assets and intangibles, net		272.2			178.8			—			(261.6	)		189.4
Total assets	$	259.5		$	956.4		$	(14.8	)	$	(261.6	)	$	939.5
Short-term borrowings and current portion of long-term debt	$	2.5		$	0.3		$	—		$	—		$	2.8
Accounts payable		0.6			33.2			—			—			33.8
Reserves for environmental remediation costs		4.2			36.5			—			—			40.7
Other current liabilities, advance payments on contracts, and postretirement medical and life insurance benefits		31.4			191.1			—			—			222.5
Total current liabilities		38.7			261.1			—			—			299.8
Long-term debt		322.7			0.9			—			—			323.6
Reserves for environmental remediation costs		5.0			144.9			—			—			149.9
Pension benefits		32.3			204.1			—			—			236.4
Other noncurrent liabilities		68.0			69.0			—			—			137.0
Total liabilities		466.7			680.0			—			—			1,146.7
Commitments and contingencies (Note 7)
Redeemable common stock (Note 8)		4.4			—			—			—			4.4
Total shareholders’ (deficit) equity		(211.6	)		276.4			(14.8	)		(261.6	)		(211.6	)
Total liabilities, redeemable common stock, and shareholders’ equity (deficit)	$	259.5		$	956.4		$	(14.8	)	$	(261.6	)	$	939.5

November 30, 2010 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash and cash equivalents	$	197.3		$	(15.8	)	$	—		$	—		$	181.5
Marketable securities		26.7			—			—			—			26.7
Accounts receivable		—			106.7			—			—			106.7
Inventories		—			51.1			—			—			51.1
Recoverable from the U.S. government and other third parties for environmental remediation costs and other		0.1			31.9			—			—			32.0
Grantor trust		1.4			0.4			—			—			1.8
Other receivables, prepaid expenses and other		11.5			13.8			—			—			25.3
Income taxes		9.9			(2.4	)		—			—			7.5
Total current assets		246.9			185.7			—			—			432.6
Property, plant and equipment, net		4.8			121.6			—			—			126.4
Recoverable from the U.S. government and other third parties for environmental remediation costs and other		0.2			140.6			—			—			140.8
Grantor trust		10.1			4.4			—			—			14.5
Goodwill		—			94.9			—			—			94.9
Intercompany (payable) receivable, net		(178.5	)		198.2			(19.7	)		—			—
Other noncurrent assets and intangibles, net		242.0			173.6			9.9			(243.2	)		182.3
Total assets	$	325.5		$	919.0		$	(9.8	)	$	(243.2	)	$	991.5
Short-term borrowings and current portion of long-term debt	$	65.8		$	0.2		$	—		$	—		$	66.0
Accounts payable		0.6			26.5			—			—			27.1
Reserves for environmental remediation costs		3.3			37.4			—			—			40.7
Other current liabilities, advance payments on contracts, and postretirement medical and life insurance benefits		36.8			190.6			—			—			227.4
Total current liabilities		106.5			254.7			—			—			361.2
Long-term debt		325.6			1.1			—			—			326.7
Reserves for environmental remediation costs		8.3			168.7			—			—			177.0
Pension benefits		17.0			158.5			—			—			175.5
Other noncurrent liabilities		63.2			83.0			—			—			146.2
Total liabilities		520.6			666.0			—			—			1,186.6
Commitments and contingencies (Note 7)
Redeemable common stock (Note 8)		5.1			—			—			—			5.1
Total shareholders’ (deficit) equity		(200.2	)		253.0			(9.8	)		(243.2	)		(200.2	)
Total liabilities, redeemable common stock, and shareholders’ equity (deficit)	$	325.5		$	919.0		$	(9.8	)	$	(243.2	)	$	991.5

Condensed Consolidating Statements of Cash Flows

November 30, 2011 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(33.2	)	$	105.1		$	4.9		$	—	$	76.8
Net transfers from (to) parent		87.9			(83.0	)		(4.9	)		—		—
Net cash provided by operating activities		54.7			22.1			—			—		76.8
Cash flows from investing activities:
Capital expenditures		—			(21.1	)		—			—		(21.1	)
Other investing activities		26.7			—			—			—		26.7
Net cash provided by (used in) investing activities		26.7			(21.1	)		—			—		5.6
Cash flows from financing activities:
Repayments on debt		(70.0	)		(0.1	)		—			—		(70.1	)
Debt issuance costs		(4.2	)		—			—			—		(4.2	)
Other financing activities		0.2			(1.8	)		—			—		(1.6	)
Net cash used in financing activities		(74.0	)		(1.9	)		—			—		(75.9	)
Net increase (decrease) in cash and cash equivalents		7.4			(0.9	)		—			—		6.5
Cash and cash equivalents at beginning of year		197.3			(15.8	)		—			—		181.5
Cash and cash equivalents at end of year	$	204.7		$	(16.7	)	$	—		$	—	$	188.0

November 30, 2010 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	4.7		$	143.5		$	(0.1	)	$	—	$	148.1
Net transfers from (to) parent		101.0			(101.0	)		—			—		—
Net cash provided by (used in) operating activities		105.7			42.5			(0.1	)		—		148.1
Cash flows from investing activities:
Capital expenditures		—			(16.9	)		—			—		(16.9	)
Other investing activities		(26.6	)		—			—			—		(26.6	)
Net cash used in investing activities		(26.6	)		(16.9	)		—			—		(43.5	)
Cash flows from financing activities:
Repayments on debt		(240.1	)		(0.1	)		—			—		(240.2	)
Proceeds from issuance of debt, net of issuance costs		192.3			—			—			—		192.3
Other financing activities		—			(1.5	)		—			—		(1.5	)
Net cash used in financing activities		(47.8	)		(1.6	)		—			—		(49.4	)
Net increase (decrease) in cash and cash equivalents		31.3			24.0			(0.1	)		—		55.2
Cash and cash equivalents at beginning of year		166.0			(39.8	)		0.1			—		126.3
Cash and cash equivalents at end of year	$	197.3		$	(15.8	)	$	—		$	—	$	181.5

November 30, 2009 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(0.2	)	$	55.3		$	(4.8	)	$	—	$	50.3
Net transfers from (to) parent		64.3			(69.0	)		4.7			—		—
Net cash provided by (used in) operating activities		64.1			(13.7	)		(0.1	)		—		50.3
Cash flows from investing activities:
Capital expenditures		—			(14.3	)		—			—		(14.3	)
Net cash used in investing activities		—			(14.3	)		—			—		(14.3	)
Cash flows from financing activities:
Repayments on debt		(1.4	)		(0.6	)		—			—		(2.0	)
Other financing activities		(0.4	)		—			—			—		(0.4	)
Net cash used in financing activities		(1.8	)		(0.6	)		—			—		(2.4	)
Net increase (decrease) in cash and cash equivalents		62.3			(28.6	)		(0.1	)		—		33.6
Cash and cash equivalents at beginning of year		103.7			(11.2	)		0.2			—		92.7
Cash and cash equivalents at end of year	$	166.0		$	(39.8	)	$	0.1		$	—	$	126.3