Note 3.

Balance Sheet Accounts and Supplemental Disclosures

a. Accounts Receivable


	As of November 30,
	2013			2012
	(In millions)
Billed	$	96.3		$	49.4
Unbilled		138.0			69.0
Reserve on overhead rate disallowance		(20.5	)		(7.0	)

Total receivables under long-term contracts		213.8			111.4

Other receivables		0.3			0.1

Accounts receivable	$	214.1		$	111.5

The unbilled receivable amounts as of November 30, 2013 expected to be collected after one year is $51.0 million. Such amounts are billed either upon delivery of completed units or settlement of contracts.

b. Inventories


	As of November 30,
	2013			2012
	(In millions)
Long-term contracts at average cost	$	347.7		$	256.4
Progress payments		(242.4	)		(209.9	)

Total long-term contract inventories		105.3			46.5

Other inventories		0.6			0.4

Inventories	$	105.9		$	46.9

As of November 30, 2013 and 2012, long-term contract inventories included $5.2 million and $6.4 million, respectively, of deferred costs related to the qualification of a Standard Missile program. Realization of the deferred costs at November 30, 2013 is dependent upon receipt of future firm orders. The Company believes recovery of these costs to be probable and specifically identifiable to future contracts. In addition, long-term contract inventories included an allocation of general and administrative costs incurred throughout fiscal 2013 and fiscal 2012 to be $222.8 million and $151.1 million, respectively, and the cumulative amount of general and administrative costs in long-term contract inventories is estimated to be $15.4 million and $4.4 million at November 30, 2013 and 2012, respectively.

c. Property, Plant and Equipment, net


	As of November 30,
	2013			2012
	(In millions)
Land	$	67.2		$	29.6
Buildings and improvements		219.5			158.5
Machinery and equipment		464.7			343.5
Construction-in-progress		76.1			36.9

		827.5			568.5
Less: accumulated depreciation		(452.8	)		(424.6	)

Property, plant and equipment, net	$	374.7		$	143.9

Depreciation expense for fiscal 2013, 2012, and 2011 was $35.8 million, $19.3 million, and $21.8 million, respectively.

d. Goodwill

The goodwill balance at November 30, 2013 and 2012 relates to the Company’s Aerospace and Defense segment. The changes in the carrying amount of goodwill since November 30, 2011 were as follows (in millions):


Balance as of November 30, 2012 and 2011	$	94.9
Purchase of the Rocketdyne Business (see Note 4)		64.7

Balance as of November 30, 2013	$	159.6

e. Intangible Assets


As of November 30, 2013	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In millions)
Customer related	$	83.8	$	9.4	$	74.4
Intellectual property\trade secrets		34.2		1.1		33.1
Non-Compete Agreements		0.5		0.1		0.4
Trade name		20.5		0.3		20.2
Acquired technology		18.3		10.7		7.6

Intangible assets	$	157.3	$	21.6	$	135.7


As of November 30, 2012	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In millions)
Customer related	$	10.7	$	5.4	$	5.3
Acquired technology		18.3		9.7		8.6

Intangible assets	$	29.0	$	15.1	$	13.9

Amortization expense related to intangible assets was $6.5 million in fiscal 2013. Amortization expense related to intangible assets was $1.5 million in fiscal 2012 and 2011.

Future amortization expense for the five succeeding years is estimated to be as follows:


Year Ending November 30,	Future Amortization Expense
	(In millions)
2014	$	13.5
2015		13.4
2016		13.3
2017		13.1
2018		13.1

	$	66.4

f. Other Noncurrent Assets, net


	As of November 30,
	2013		2012
	(In millions)
Deferred financing costs	$	18.3	$	7.0
Recoverable from the U.S. government for conditional asset retirement obligations		15.6		13.8
Indemnification receivable from UTC		10.0		—
Grantor trust		11.4		12.1
Other		17.4		18.2

Other noncurrent assets, net	$	72.7	$	51.1

The Company amortizes deferred financing costs over the estimated life of the related debt. Amortization of deferred financing costs was $4.5 million, $2.9 million, and $3.2 million in fiscal 2013, 2012, and 2011, respectively.

g. Other Current Liabilities


	As of November 30,
	2013		2012
	(In millions)
Accrued compensation and employee benefits	$	97.4	$	49.6
Payable to UTC for Transition Service Agreements		20.4		—
Interest payable		12.3		6.3
Contract loss provisions		10.5		5.7
Legal settlements		2.4		7.0
Other		63.0		34.7

Other current liabilities	$	206.0	$	103.3

h. Other Noncurrent Liabilities


	As of November 30,
	2013		2012
	(In millions)
Conditional asset retirement obligations	$	22.9	$	20.8
Pension benefits, non-qualified		17.2		18.9
Deferred compensation		9.8		8.4
Deferred revenue		8.0		8.6
Legal settlements		0.3		2.3
Other		15.6		9.5

Other noncurrent liabilities	$	73.8	$	68.5

i. Accumulated Other Comprehensive Loss, Net of Income Taxes

Changes in accumulated other comprehensive loss by components, net of income taxes, related to the Company’s retirement benefit plans are as follows:


	Actuarial Losses, Net			Prior Service Credits, Net			Total
	(In millions)
November 30, 2011	$	(304.2	)	$	4.8		$	(299.4	)
Other comprehensive income before reclassification		(245.7	)		—			(245.7	)
Amounts reclassified from accumulated other comprehensive loss		58.9			(0.1	)		58.8

November 30, 2012		(491.0	)		4.7			(486.3	)
Other comprehensive income before reclassification		173.5			—			173.5
Amounts reclassified from accumulated other comprehensive loss		91.3			(0.9	)		90.4

November 30, 2013	$	(226.2	)	$	3.8		$	(222.4	)

The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit expense in fiscal 2014 are as follows:


	Pension Benefits		Medical and Life Insurance Benefits
	(In millions)
Actuarial losses (gains), net	$	53.8	$	(2.9	)
Prior service credits, net		—		(0.9	)

	$	53.8	$	(3.8	)