Acquisition (Tables)

12 Months Ended

Nov. 30, 2013

Business Combinations [Abstract]

Components of Estimated Purchase Price

The components of the estimated purchase price to UTC are as follows (in millions):

Purchase Price	$	495.0
Advance payments on contracts adjustment		(57.3	)
Capital expenditures adjustment		(29.8	)
Target net asset adjustment		3.3
Cash payment to UTC	$	411.2

Substantial Expenses in Connection with Acquisition

The Company incurred substantial expenses in connection with the Acquisition. A summary of the expenses related to the Acquisition recorded in fiscal 2012 ($11.6 million) and fiscal 2013 ($20.0 million) is as follows (in millions):

Legal expenses	$	16.4
Professional fees and consulting		8.9
Internal labor		3.4
Costs related to the previously planned divestiture of the LDACS business, including $0.3 million of internal labor		1.7
Other		1.2
	$	31.6

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in millions):

Current assets	$	105.3
Property, plant and equipment, net		202.7
Other non-current assets		10.0
Total tangible assets acquired		318.0
Intangible assets acquired		128.3
Deferred income taxes		12.9
Total assets acquired		459.2
Liabilities assumed, current		(105.5	)
Liabilities assumed, non-current		(7.2	)
Total identifiable net assets acquired		346.5
Goodwill	$	64.7

Summary of Intangible Assets Acquired

Intangible assets acquired in connection with the Rocketdyne Business included the following:

	Gross Carrying Amount (In millions)		Weighted Average Amortization Period (years)
Customer related	$	73.1		8.7
Intellectual property\trade secrets		34.2		13.0
Non-Compete Agreements		0.5		3.0
Trade name		20.5		30.0
Total intangible assets	$	128.3

Summary of Pro Forma Information Related to Results of Operations

The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the Acquisition been consummated as of that time or that may result in the future.

	Year Ended
	2013		2012			2011
	(In millions, except per share amounts)
Net sales:
As reported	$	1,383.1	$	994.9		$	918.1
Pro forma	$	1,762.7	$	1,694.0		$	1,572.7
Net income (loss):
As reported	$	167.9	$	(2.6	)	$	2.9
Pro forma	$	30.7	$	38.2		$	(142.1	)
Basic EPS:
Income (loss) per share:
As reported	$	2.76	$	(0.04	)	$	0.05
Pro forma	$	0.50	$	0.64		$	(2.42	)
Diluted EPS:
Income (loss) per share:
As reported	$	2.11	$	(0.04	)	$	0.05
Pro forma	$	0.47	$	0.56		$	(2.42	)