Condensed Consolidating Financial Information (Tables)

6 Months Ended

May 31, 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 May 31, 2014 (In millions):	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	396.3	$	6.8		$	—		$	403.1
Cost of sales (exclusive of items shown separately below)		—			359.9		7.2			(0.1	)		367.0
Selling, general and administrative		3.4			5.5		0.3			—			9.2
Depreciation and amortization		0.1			15.0		0.3			—			15.4
Interest expense		11.9			0.7		—			—			12.6
Other, net		44.6			4.2		(0.4	)		0.1			48.5
(Loss) income from continuing operations before income taxes		(60.0	)		11.0		(0.6	)		—			(49.6	)
Income tax (benefit) provision		(5.0	)		5.1		(0.3	)		—			(0.2	)
(Loss) income from continuing operations		(55.0	)		5.9		(0.3	)		—			(49.4	)
Loss from discontinued operations		(0.8	)		—		—			—			(0.8	)
(Loss) income before equity income of subsidiaries		(55.8	)		5.9		(0.3	)		—			(50.2	)
Equity income of subsidiaries		5.6			—		—			(5.6	)		—
Net (loss) income	$	(50.2	)	$	5.9	$	(0.3	)	$	(5.6	)	$	(50.2	)
Comprehensive (loss) income	$	(42.5	)	$	11.1	$	(0.3	)	$	(10.8	)	$	(42.5	)

Three Months Ended May 31, 2013 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	279.7		$	6.9		$	—		$	286.6
Cost of sales (exclusive of items shown separately below)		—			249.4			5.2			(0.2	)		254.4
Selling, general and administrative		8.3			5.0			0.2			—			13.5
Depreciation and amortization		—			5.0			0.3			—			5.3
Interest expense		12.0			0.6			—			—			12.6
Other, net		12.2			(1.3	)		(0.7	)		0.2			10.4
(Loss) income from continuing operations before income taxes		(32.5	)		21.0			1.9			—			(9.6	)
Income tax (benefit) provision		(5.7	)		8.5			(0.7	)		—			2.1
(Loss) income from continuing operations		(26.8	)		12.5			2.6			—			(11.7	)
Loss from discontinued operations		(0.1	)		—			—			—			(0.1	)
(Loss) income before equity income of subsidiaries		(26.9	)		12.5			2.6			—			(11.8	)
Equity income of subsidiaries		15.1			—			—			(15.1	)		—
Net (loss) income	$	(11.8	)	$	12.5		$	2.6		$	(15.1	)	$	(11.8	)
Comprehensive income	$	11.1		$	28.7		$	2.6		$	(31.3	)	$	11.1

Six Months Ended May 31, 2014 (In millions):	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	719.4	$	13.4		$	—		$	732.8
Cost of sales (exclusive of items shown separately below)		—			640.4		12.9			(0.3	)		653.0
Selling, general and administrative		5.6			12.0		0.8			—			18.4
Depreciation and amortization		0.1			29.6		0.5			—			30.2
Interest expense		23.6			1.4		—			—			25.0
Other, net		49.5			7.2		(1.1	)		0.3			55.9
(Loss) income from continuing operations before income taxes		(78.8	)		28.8		0.3			—			(49.7	)
Income tax (benefit) provision		(9.8	)		11.5		0.1			—			1.8
(Loss) income from continuing operations		(69.0	)		17.3		0.2			—			(51.5	)
Loss from discontinued operations		(0.8	)		—		—			—			(0.8	)
(Loss) income before equity income of subsidiaries		(69.8	)		17.3		0.2			—			(52.3	)
Equity income of subsidiaries		17.5			—		—			(17.5	)		—
Net (loss) income	$	(52.3	)	$	17.3	$	0.2		$	(17.5	)	$	(52.3	)
Comprehensive (loss) income	$	(37.1	)	$	27.6	$	0.2		$	(27.8	)	$	(37.1	)

Six Months Ended May 31, 2013 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	517.4		$	12.9		$	—		$	530.3
Cost of sales (exclusive of items shown separately below)		—			462.2			10.0			(0.3	)		471.9
Selling, general and administrative		16.6			8.8			0.4			—			25.8
Depreciation and amortization		—			10.9			0.5			—			11.4
Interest expense		22.6			1.2			—			—			23.8
Other, net		22.7			(5.5	)		(1.3	)		0.3			16.2
(Loss) income from continuing operations before income taxes		(61.9	)		39.8			3.3			—			(18.8	)
Income tax (benefit) provision		(12.1	)		20.8			(1.7	)		—			7.0
(Loss) income from continuing operations		(49.8	)		19.0			5.0			—			(25.8	)
Income from discontinued operations		—			—			—			—			—
(Loss) income before equity income of subsidiaries		(49.8	)		19.0			5.0			—			(25.8	)
Equity income of subsidiaries		24.0			—			—			(24.0	)		—
Net (loss) income	$	(25.8	)	$	19.0		$	5.0		$	(24.0	)	$	(25.8	)
Comprehensive income	$	20.0		$	51.4		$	5.0		$	(56.4	)	$	20.0

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

May 31, 2014 (In millions):	Parent			Guarantor Subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
Cash and cash equivalents	$	125.0		$	—	$	0.3	$	(4.6	)	$	120.7
Accounts receivable		—			189.6		2.1		—			191.7
Inventories		—			126.1		5.8		—			131.9
Recoverable from the U.S. government, Northrop, and other third parties for environmental remediation costs		0.1			26.9		—		—			27.0
Other receivables, prepaid expenses and other		4.5			14.5		0.6		—			19.6
Income taxes		22.1			—		0.5		(11.9	)		10.7
Deferred income taxes		11.4			3.6		1.2		—			16.2
Total current assets		163.1			360.7		10.5		(16.5	)		517.8
Property, plant and equipment, net		4.7			360.0		5.9		—			370.6
Recoverable from the U.S. government and other third parties for environmental remediation costs		0.7			80.8		—		—			81.5
Deferred income taxes		47.6			103.5		19.1		—			170.2
Goodwill		—			164.4		—		—			164.4
Intercompany receivable		234.2			—		31.0		(265.2	)		—
Investments in subsidiaries		561.9			—		—		(561.9	)		—
Other noncurrent assets and intangibles, net		30.2			294.9		46.0		—			371.1
Total assets	$	1,042.4		$	1,364.3	$	112.5	$	(843.6	)	$	1,675.6
Short-term borrowings and current portion of long-term debt	$	3.9		$	0.3	$	—	$	—		$	4.2
Accounts payable		2.5			95.6		1.0		(4.6	)		94.5
Reserves for environmental remediation costs		2.3			33.7		—		—			36.0
Income taxes		—			11.9		—		(11.9	)		—
Other current liabilities and advance payments on contracts		216.4			70.3		2.5		—			289.2
Postretirement medical and life insurance benefits		5.5			1.7		—		—			7.2
Total current liabilities		230.6			213.5		3.5		(16.5	)		431.1
Long-term debt		778.2			0.6		—		—			778.8
Reserves for environmental remediation costs		4.3			123.4		—		—			127.7
Pension benefits		21.8			230.9		—		—			252.7
Intercompany payable		—			265.2		—		(265.2	)		—
Postretirement medical and life insurance benefits		38.4			19.1		—		—			57.5
Other noncurrent liabilities		18.1			46.7		12.0		—			76.8
Total liabilities		1,091.4			899.4		15.5		(281.7	)		1,724.6
Commitments and contingencies (Note 8)
Redeemable common stock		0.1			—		—		—			0.1
Total shareholders’ (deficit) equity		(49.1	)		464.9		97.0		(561.9	)		(49.1	)
Total liabilities, redeemable common stock, and shareholders’ (deficit) equity	$	1,042.4		$	1,364.3	$	112.5	$	(843.6	)	$	1,675.6

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	)		—
Postretirement medical and life insurance benefits		5.5		1.8							7.3
Other current liabilities and advance payments on contracts		79.7		227.9		2.8		—			310.4
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	)		—
Postretirement medical and life insurance benefits		39.8		19.5							59.3
Other noncurrent liabilities		17.2		45.1		11.5		—			73.8
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

Six Months Ended May 31, 2014 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	131.2		$	(148.4	)	$	(0.5	)	$	(4.6	)	$	(22.3	)
Cash flows from investing activities:
Capital expenditures		(0.1	)		(18.0	)		(0.4	)		—			(18.5	)
Net cash used in investing activities		(0.1	)		(18.0	)		(0.4	)		—			(18.5	)
Cash flows from financing activities:
Debt repayments \ repurchases		(145.8	)		—			—			—			(145.8	)
Proceeds from issuance of debt		179.0			—			—			—			179.0
Debt issuance costs		(4.1	)		—			—			—			(4.1	)
Net transfers (to) from parent		(162.7	)		161.5			1.2			—			—
Other financing activities		(65.2	)		—			—			—			(65.2	)
Net cash (used in) provided by financing activities		(198.8	)		161.5			1.2			—			(36.1	)
Net (decrease) increase in cash and cash equivalents		(67.7	)		(4.9	)		0.3			(4.6	)		(76.9	)
Cash and cash equivalents at beginning of year		192.7			4.9			—			—			197.6
Cash and cash equivalents at end of period	$	125.0		$	—		$	0.3		$	(4.6	)	$	120.7

Six Months Ended May 31, 2013 (In millions):	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net cash (used in) provided by operating activities	$	(1.8	)	$	11.6		$	0.1		$	9.0		$	18.9
Cash flows from investing activities:
Purchase of restricted cash investment		(470.0	)		—			—			—			(470.0	)
Capital expenditures		—			(21.6	)		(0.1	)		—			(21.7	)
Purchase of investments		—			(0.5	)		—			—			(0.5	)
Net cash used in investing activities		(470.0	)		(22.1	)		(0.1	)		—			(492.2	)
Cash flows from financing activities:
Debt repayments		(1.2	)		(0.1	)		—			—			(1.3	)
Proceeds from issuance of debt		460.0			—			—			—			460.0
Debt issuance costs		(13.1	)		—			—			—			(13.1	)
Net transfers (to) from parent		(10.6	)		10.6			—			—			—
Other financing activities		0.2			—			—			—			0.2
Net cash provided by financing activities		435.3			10.5			—			—			445.8
Net (decrease) increase in cash and cash equivalents		(36.5	)		—			—			9.0			(27.5	)
Cash and cash equivalents at beginning of year		172.4			—			—			(10.3	)		162.1
Cash and cash equivalents at end of period	$	135.9		$	—		$	—		$	(1.3	)	$	134.6