Organization, Consolidation and Presentation of Financial Statements [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable | | | | | | | | | | | As of December 31, |
| 2016 | | 2015 | | (In millions) | Billed | $ | 55.7 |
|
| $ | 114.1 |
| Unbilled | 124.1 |
|
| 91.6 |
| Reserve for overhead rate disallowance | (44.5 | ) | | (36.8 | ) | Total receivables under long-term contracts | 135.3 |
|
| 168.9 |
| Other receivables | 1.1 |
|
| 0.6 |
| Accounts receivable | $ | 136.4 |
|
| $ | 169.5 |
|
|
Schedule of Inventories | | | | | | | | | | | As of December 31, |
| 2016 |
| 2015 | | (In millions) | Long-term contracts at average cost | $ | 551.9 |
|
| $ | 543.5 |
| Progress payments | (368.2 | ) |
| (388.5 | ) | Total long-term contract inventories | 183.7 |
|
| 155.0 |
| Total other inventories | 1.4 |
|
| 1.2 |
| Inventories | $ | 185.1 |
|
| $ | 156.2 |
|
|
Schedule of Other Current Assets, net | | | | | | | | | | | As of December 31, | | 2016 |
| 2015 | | (In millions) | Recoverable from the U.S. government for Rocketdyne Business integration costs (see Note 3(f)) | $ | 11.9 |
| | $ | 11.9 |
| Prepaid expenses | 16.5 |
| | 11.9 |
| Receivables, net | 17.8 |
| | 10.6 |
| Indemnification receivable from UTC, net | 5.5 |
| | 15.7 |
| Recoverable from the U.S. government for competitive improvement program obligations (see Note 10) | 7.6 |
| | 9.1 |
| Income tax receivable | 26.8 |
| | 1.6 |
| Other | 5.6 |
| | 8.4 |
| Other current assets, net | $ | 91.7 |
| | $ | 69.2 |
|
|
Schedule of Property, Plant and Equipment, net | | | | | | | | | | | As of December 31, | | 2016 | | 2015 | | (In millions) | Land | $ | 71.4 |
|
| $ | 71.4 |
| Buildings and improvements | 304.2 |
|
| 290.1 |
| Machinery and equipment | 540.8 |
|
| 510.6 |
| Construction-in-progress | 30.4 |
|
| 32.5 |
|
| 946.8 |
|
| 904.6 |
| Less: accumulated depreciation | (580.8 | ) |
| (541.3 | ) | Property, plant and equipment, net | $ | 366.0 |
|
| $ | 363.3 |
|
|
Schedule of Intangible Assets | | | | | | | | | | | | | | | As of December 31, 2016 | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | (In millions) | Customer related | $ | 83.8 |
| | $ | 37.4 |
| | $ | 46.4 |
| Intellectual property\trade secrets | 34.2 |
| | 9.2 |
| | 25.0 |
| Non-compete agreements | 0.5 |
| | 0.5 |
| | — |
| Trade name | 20.5 |
| | 2.4 |
| | 18.1 |
| Acquired technology | 18.3 |
| | 13.4 |
| | 4.9 |
| Intangible assets | $ | 157.3 |
| | $ | 62.9 |
| | $ | 94.4 |
|
| | | | | | | | | | | | | | As of December 31, 2015 | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | (In millions) | Customer related | $ | 83.8 |
| | $ | 28.3 |
| | $ | 55.5 |
| Intellectual property\trade secrets | 34.2 |
| | 6.6 |
| | 27.6 |
| Non-compete agreements | 0.5 |
| | 0.4 |
| | 0.1 |
| Trade name | 20.5 |
| | 1.7 |
| | 18.8 |
| Acquired technology | 18.3 |
| | 12.6 |
| | 5.7 |
| Intangible assets | $ | 157.3 |
| | $ | 49.6 |
| | $ | 107.7 |
|
|
Schedule of Future Amortization Expense for Intangible Assets | Future amortization expense for the five succeeding years was estimated to be as follows: | | | | | Year Ending December 31, | Future Amortization Expense | | (In millions) |
| 2017 | $ | 13.1 |
| 2018 | 13.1 |
| 2019 | 13.0 |
| 2020 | 12.8 |
| 2021 | 9.3 |
| | $ | 61.3 |
|
|
Schedule of Other Noncurrent Assets, net | | | | | | | | | | | As of December 31, |
| 2016 | | 2015 | | (In millions) | Recoverable from the U.S. government for Rocketdyne Business integration costs | $ | 10.9 |
|
| $ | 21.2 |
| Deferred financing costs | 3.4 |
|
| 2.1 |
| Recoverable from the U.S. government for conditional asset retirement obligations | 20.3 |
|
| 17.8 |
| Grantor trust | 16.6 |
|
| 10.3 |
| Note receivable, net | 9.0 |
| | 9.0 |
| Recoverable from the U.S. government for competitive improvement program obligations (see Note 10) | 1.3 |
| | 3.2 |
| Recoverable from the U.S. government for restructuring costs | 12.8 |
| | 3.3 |
| Income tax receivable | 10.8 |
| | 7.9 |
| Other | 5.1 |
|
| 6.8 |
| Other noncurrent assets, net | $ | 90.2 |
|
| $ | 81.6 |
|
|
Summary of Impact from Land Sale | A summary of the impact of the land sale on the consolidated statement of operations for fiscal 2015 was as follows (in millions): | | | | | Net sales from land sale | $ | 42.0 |
| Cost of sales from land sale | 11.4 |
| Income from continuing operations before income taxes from land sale | 30.6 |
| Income tax provision related to land sale | 12.7 |
| Net income from land sale | $ | 17.9 |
|
|
Schedule of Other Current Liabilities | | | | | | | | | | | As of December 31, | | 2016 | | 2015 | | (In millions) | Accrued compensation and employee benefits | $ | 105.7 |
|
| $ | 90.4 |
| Income taxes | 2.1 |
| | 20.3 |
| Competitive improvement program obligations (see Note 10) | 7.6 |
| | 9.4 |
| Payable to UTC for Transition Service Agreements | 1.3 |
|
| 1.9 |
| Interest payable | 4.1 |
|
| 12.9 |
| Contract loss provisions | 6.8 |
|
| 9.1 |
| Other | 40.2 |
|
| 59.1 |
| Other current liabilities | $ | 167.8 |
|
| $ | 203.1 |
|
|
Schedule of Other Noncurrent Liabilities | | | | | | | | | | | As of December 31, | | 2016 | | 2015 | | (In millions) | Conditional asset retirement obligations | $ | 30.6 |
|
| $ | 29.5 |
| Pension benefits, non-qualified | 17.5 |
|
| 17.6 |
| Deferred compensation | 19.8 |
|
| 11.5 |
| Deferred revenue | 13.3 |
|
| 13.8 |
| Competitive improvement program obligations (see Note 10) | 1.3 |
| | 3.2 |
| Uncertain income tax positions | 28.4 |
| | 7.0 |
| Other | 13.1 |
|
| 12.6 |
| Other noncurrent liabilities | $ | 124.0 |
|
| $ | 95.2 |
|
|
Schedule of Accumulated Other Comprehensive Loss, Net of Income Taxes | Changes in accumulated other comprehensive loss by components, net of income taxes: | | | | | | | | | | | | |
| Actuarial Losses, Net |
| Prior Service Credits, Net |
| Total | | (In millions) | November 30, 2014 | $ | (337.0 | ) | | $ | 3.3 |
| | $ | (333.7 | ) | Actuarial losses arising during the period, net of income taxes | (55.0 | ) | | (1.6 | ) | | (56.6 | ) | Amortization of actuarial losses and prior service credits, net of income taxes | 49.4 |
| | (0.8 | ) | | 48.6 |
| November 30, 2015 | (342.6 | ) | | 0.9 |
| | (341.7 | ) | Actuarial losses arising during the period, net of income taxes | (8.6 | ) | | — |
| | (8.6 | ) | Amortization of actuarial losses and prior service credits, net of income taxes | 3.4 |
| | (0.1 | ) | | 3.3 |
| December 31, 2015 | (347.8 | ) |
| 0.8 |
|
| (347.0 | ) | Actuarial gains arising during the period, net of income taxes | 7.5 |
| | — |
| | 7.5 |
| Amortization of actuarial losses and prior service credits, net of income taxes | 37.1 |
| | (0.6 | ) | | 36.5 |
| December 31, 2016 | $ | (303.2 | ) |
| $ | 0.2 |
|
| $ | (303.0 | ) |
|
Schedule of Estimated Amounts to be Amortized from Other Comprehensive Loss to Net Periodic Benefit Expense | The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit expense in fiscal 2017: | | | | | | | | | | Pension Benefits | | Medical and Life Insurance Benefits | | (In millions) | Actuarial losses (gains), net | $ | 67.8 |
| | $ | (4.1 | ) | Prior service costs (credits), net | 0.1 |
| | (0.2 | ) | | $ | 67.9 |
| | $ | (4.3 | ) |
|