Operating Segments and Related Disclosures

12 Months Ended

Nov. 30, 2013

Segment Reporting [Abstract]

Operating Segments and Related Disclosures

Note 11. 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
	2013			2012			2011
	(In millions)
Net Sales:
Aerospace and Defense	$	1,377.4		$	986.1		$	909.7
Real Estate		5.7			8.8			8.4
Total	$	1,383.1		$	994.9		$	918.1
Segment Performance:
Aerospace and Defense	$	147.6		$	115.5		$	108.6
Environmental remediation provision adjustments		(4.6	)		(11.4	)		(8.9	)
Retirement benefit plan expense		(44.2	)		(18.9	)		(21.0	)
Unusual items (see Note 15)		(1.6	)		(0.7	)		(4.1	)
Aerospace and Defense Total		97.2			84.5			74.6
Real Estate		3.8			3.7			5.6
Total	$	101.0		$	88.2		$	80.2
Reconciliation of segment performance to (loss) income from continuing operations before income taxes:
Segment Performance	$	101.0		$	88.2		$	80.2
Interest expense		(48.7	)		(22.3	)		(30.8	)
Interest income		0.2			0.6			1.0
Stock-based compensation		(14.1	)		(6.5	)		(3.7	)
Corporate retirement benefit plan expense		(20.8	)		(22.1	)		(25.4	)
Corporate and other expenses		(20.9	)		(12.7	)		(10.8	)
Corporate unusual items (see Note 15)		(22.9	)		(12.0	)		(1.5	)
(Loss) income from continuing operations before income taxes	$	(26.2	)	$	13.2		$	9.0
Aerospace and Defense	$	63.2		$	37.2		$	21.1
Real Estate		—			—			—
Corporate		—			—			—
Capital Expenditures	$	63.2		$	37.2		$	21.1
Aerospace and Defense	$	43.1		$	21.7		$	24.3
Real Estate		0.7			0.6			0.3
Corporate		—			—			—
Depreciation and Amortization	$	43.8		$	22.3		$	24.6

	As of November 30,
	2013		2012
	(In millions)
Aerospace and Defense(1)	$	1,349.1	$	637.6
Real Estate		109.3		82.3
Identifiable assets		1,458.4		719.9
Corporate		296.9		199.4
Assets	$	1,755.3	$	919.3

(1) The Aerospace and Defense operating segment had $159.6 million and $94.9 million of goodwill as of November 30, 2013 and 2012, respectively. In addition, as of November 30, 2013 and 2012 intangible assets balances were $135.7 million and $13.9 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.