Condensed Consolidating Financial Information (Tables)

3 Months Ended

Feb. 28, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Statements of Operations and Comprehensive Income

Condensed Consolidating Statements of Operations and Comprehensive Income

(Unaudited)

Three Months Ended February 28, 2014 (In millions):	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	323.1	$	6.6		$	—		$	329.7
Cost of sales (exclusive of items shown separately below)		—			280.5		5.7			(0.2	)		286.0
Selling, general and administrative		2.2			6.5		0.5			—			9.2
Depreciation and amortization		—			14.6		0.2			—			14.8
Interest expense		11.7			0.7		—			—			12.4
Other, net		4.9			3.0		(0.7	)		0.2			7.4
(Loss) income from continuing operations before income taxes		(18.8	)		17.8		0.9			—			(0.1	)
Income tax (benefit) provision		(4.8	)		6.4		0.4						2.0
(Loss) income from continuing operations		(14.0	)		11.4		0.5			—			(2.1	)
Income from discontinued operations		—			—		—			—			—
(Loss) income before equity income of subsidiaries		(14.0	)		11.4		0.5			—			(2.1	)
Equity income of subsidiaries		11.9			—		—			(11.9	)		—
Net (loss) income	$	(2.1	)	$	11.4	$	0.5		$	(11.9	)	$	(2.1	)
Comprehensive income	$	5.4		$	16.5	$	0.5		$	(17.0	)	$	5.4

Three Months Ended February 28, 2013 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	237.7		$	6.0		$	—		$	243.7
Cost of sales (exclusive of items shown separately below)		—			212.9			4.8			(0.2	)		217.5
Selling, general and administrative		8.3			3.9			0.1			—			12.3
Depreciation and amortization		—			5.8			0.3			—			6.1
Interest expense		10.6			0.6			—			—			11.2
Other, net		10.5			(4.4	)		(0.5	)		0.2			5.8
(Loss) income from continuing operations before income taxes		(29.4	)		18.9			1.3			—			(9.2	)
Income tax (benefit) provision		(6.4	)		12.3			(1.0	)		—			4.9
(Loss) income from continuing operations		(23.0	)		6.6			2.3			—			(14.1	)
Income from discontinued operations		0.1			—			—			—			0.1
(Loss) income before equity income of subsidiaries		(22.9	)		6.6			2.3			—			(14.0	)
Equity income of subsidiaries		8.9			—			—			(8.9	)		—
Net (loss) income	$	(14.0	)	$	6.6		$	2.3		$	(8.9	)	$	(14.0	)
Comprehensive income	$	8.9		$	22.7		$	2.3		$	(25.0	)	$	8.9

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

February 28, 2014 (In millions):	Parent		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
Cash and cash equivalents	$	143.8	$	—	$	0.3	$	—		$	144.1
Accounts receivable		—		195.9		3.3		—			199.2
Inventories		—		133.8		5.4		—			139.2
Recoverable from the U.S. government, Northrop, and other third parties for environmental remediation costs		0.1		28.3		—		—			28.4
Other receivables, prepaid expenses and other		3.4		18.1		1.0		—			22.5
Income taxes		17.0		—		—		(11.2	)		5.8
Deferred income taxes		11.2		6.3		1.1		—			18.6
Total current assets		175.5		382.4		11.1		(11.2	)		557.8
Property, plant and equipment, net		4.7		362.2		5.8		—			372.7
Recoverable from the U.S. government and other third parties for environmental remediation costs		0.7		85.8		—		—			86.5
Deferred income taxes		48.3		108.2		19.4		—			175.9
Goodwill		—		159.4		—		—			159.4
Intercompany receivable		152.8		—		31.2		(184.0	)		—
Investments in subsidiaries		551.2		—		—		(551.2	)		—
Other noncurrent assets and intangibles, net		26.6		290.6		45.1		—			362.3
Total assets	$	959.8	$	1,388.6	$	112.6	$	(746.4	)	$	1,714.6
Short-term borrowings and current portion of long-term debt	$	2.7	$	0.3	$	—	$	—		$	3.0
Accounts payable		2.2		94.9		0.9		—			98.0
Reserves for environmental remediation costs		2.1		35.9		—		—			38.0
Income taxes		—		11.2		—		(11.2	)		—
Other current liabilities, advance payments on contracts, and postretirement medical and life insurance benefits		131.0		180.7		2.8		—			314.5
Total current liabilities		138.0		323.0		3.7		(11.2	)		453.5
Long-term debt		690.6		0.5		—		—			691.1
Reserves for environmental remediation costs		4.5		127.9		—		—			132.4
Pension benefits		22.4		234.8		—		—			257.2
Intercompany payable		—		184.0		—		(184.0	)		—
Other noncurrent liabilities		56.5		64.3		11.8		—			132.6
Total liabilities		912.0		934.5		15.5		(195.2	)		1,666.8
Commitments and contingencies (Note 8)
Redeemable common stock		0.1		—		—		—			0.1
Total shareholders’ equity		47.7		454.1		97.1		(551.2	)		47.7
Total liabilities, redeemable common stock, and shareholders’ equity	$	959.8	$	1,388.6	$	112.6	$	(746.4	)	$	1,714.6

November 30, 2013 (In millions):	Parent		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
Cash and cash equivalents	$	192.7	$	4.9	$	—	$	—		$	197.6
Accounts receivable		—		211.4		2.7		—			214.1
Inventories		—		100.5		5.4		—			105.9
Recoverable from the U.S. government, Northrop, and other third parties for environmental remediation costs		0.4		26.0		—		—			26.4
Other receivables, prepaid expenses and other		2.6		18.8		1.0		—			22.4
Income taxes		30.1		—		—		(17.5	)		12.6
Deferred income taxes		10.9		4.9		1.2		—			17.0
Total current assets		236.7		366.5		10.3		(17.5	)		596.0
Property, plant and equipment, net		4.7		364.4		5.6		—			374.7
Recoverable from the U.S. government and other third parties for environmental remediation costs		0.4		88.3		—		—			88.7
Deferred income taxes		48.8		107.2		19.7		—			175.7
Goodwill		—		159.6		—		—			159.6
Intercompany receivable		71.5		—		32.2		(103.7	)		—
Investments in subsidiaries		534.5		—		—		(534.5	)		—
Other noncurrent assets and intangibles, net		27.7		289.0		43.9		—			360.6
Total assets	$	924.3	$	1,375.0	$	111.7	$	(655.7	)	$	1,755.3
Short-term borrowings and current portion of long-term debt	$	2.7	$	0.2	$	—	$	—		$	2.9
Accounts payable		2.2		119.1		1.2		—			122.5
Reserves for environmental remediation costs		3.8		32.8		—		—			36.6
Income taxes payable		—		16.9		0.6		(17.5	)		—
Other current liabilities, advance payments on contracts, and postretirement medical and life insurance benefits		85.2		229.7		2.8		—			317.7
Total current liabilities		93.9		398.7		4.6		(17.5	)		479.7
Long-term debt		695.7		0.6		—		—			696.3
Reserves for environmental remediation costs		4.3		130.4		—		—			134.7
Pension benefits		23.6		238.1		—		—			261.7
Intercompany payable		—		103.7		—		(103.7	)		—
Other noncurrent liabilities		57.0		64.6		11.5		—			133.1
Total liabilities		874.5		936.1		16.1		(121.2	)		1,705.5
Commitments and contingencies (Note 8)
Redeemable common stock		0.2		—		—		—			0.2
Total shareholders’ equity		49.6		438.9		95.6		(534.5	)		49.6
Total liabilities, redeemable common stock, and shareholders’ equity	$	924.3	$	1,375.0	$	111.7	$	(655.7	)	$	1,755.3

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows

Three Months Ended February 28, 2014 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	51.2		$	(76.2	)	$	(0.3	)	$	—	$	(25.3	)
Cash flows from investing activities:		—
Capital expenditures		—			(8.9	)		(0.4	)		—		(9.3	)
Net cash used in investing activities		—			(8.9	)		(0.4	)		—		(9.3	)
Cash flows from financing activities:								—
Repayments on debt		(10.0	)		—			—			—		(10.0	)
Net transfers (to) from parent		(81.2	)		80.2			1.0			—		—
Other financing activities		(8.9	)		—			—			—		(8.9	)
Net cash (used in) provided by financing activities		(100.1	)		80.2			1.0			—		(18.9	)
Net (decrease) increase in cash and cash equivalents		(48.9	)		(4.9	)		0.3			—		(53.5	)
Cash and cash equivalents at beginning of year		192.7			4.9			—			—		197.6
Cash and cash equivalents at end of period	$	143.8		$	—		$	0.3		$	—	$	144.1

Three Months Ended February 28, 2013 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	13.0		$	(11.0	)	$	—		$	4.9		$	6.9
Cash flows from investing activities:
Capital expenditures		—			(9.0	)		(0.1	)		—			(9.1	)
Other investing activities		(466.1	)		(0.4	)		—			—			(466.5	)
Net cash used in investing activities		(466.1	)		(9.4	)		(0.1	)		—			(475.6	)
Cash flows from financing activities:
Repayments on debt		(0.6	)		—			—			—			(0.6	)
Proceeds from issuance of debt		460.0			—			—			—			460.0
Debt issuance costs		(12.3	)		—			—			—			(12.3	)
Net transfers (to) from parent		(20.5	)		20.4			0.1			—			—
Other financing activities		0.2			—			—			—			0.2
Net cash provided by financing activities		426.8			20.4			0.1			—			447.3
Net (decrease) increase in cash and cash equivalents		(26.3	)		—			—			4.9			(21.4	)
Cash and cash equivalents at beginning of year		172.4			—			—			(10.3	)		162.1
Cash and cash equivalents at end of period	$	146.1		$	—		$	—		$	(5.4	)		140.7