Rendering
Component: (Network and Table) |
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Network | 2304301 - Disclosure - Income Taxes (Tables) (http://gencorp.com/role/IncomeTaxesTables) |
Table | (Implied) |
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis] | 0000040888 (http://www.sec.gov/CIK) |
Income Tax Disclosure [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Income Tax Disclosure [Abstract] | |
Summary of Components of Company's Income Tax Provision (Benefit) from Continuing Operations | The components of the Company’s income tax provision from continuing operations: | | | | | | | | | | | | | | | | | | Year Ended | | One month ended | | December 31, | | November 30, | | November 30, | | December 31, | | 2016 | | 2015 | | 2014 | | 2015 | | (In millions) | Current | | | | | | | | U.S. federal | $ | 3.2 |
| | $ | 33.0 |
| | $ | 19.0 |
| | $ | 7.9 |
| State and local | 3.2 |
| | 3.4 |
| | 4.1 |
| | 1.2 |
| | 6.4 |
| | 36.4 |
| | 23.1 |
| | 9.1 |
| Deferred | | | | | | | | U.S. federal | 2.8 |
| | (41.2 | ) | | (5.5 | ) | | (6.2 | ) | State and local | 2.0 |
| | 5.1 |
| | (1.3 | ) | | (0.9 | ) | | 4.8 |
| | (36.1 | ) | | (6.8 | ) | | (7.1 | ) | Income tax provision | $ | 11.2 |
| | $ | 0.3 |
| | $ | 16.3 |
| | $ | 2.0 |
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Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate on Earnings | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate on earnings from continuing operations was as follows: | | | | | | | | | | | | | | Year Ended | | One month ended | | December 31, | | November 30, | | November 30, | | December 31, | | 2016 | | 2015 | | 2014 | | 2015 | Statutory U.S. federal income tax rate - provision (benefit) | 35.0 | % | | (35.0 | )% | | (35.0 | )% | | 35.0 | % | State and local income taxes, net of U.S. federal income tax effect | (2.3 | ) | | 16.2 |
| | 11.4 |
| | 4.8 |
| Changes in state income tax rates | 13.4 |
| | 19.0 |
| | (0.7 | ) | | 0.1 |
| Reserve adjustments | (1.0 | ) | | 2.2 |
| | (0.8 | ) | | (0.3 | ) | Valuation allowance adjustments | — |
| | — |
| | 0.3 |
| | — |
| Rescindable common stock interest and realized losses | — |
| | — |
| | 0.9 |
| | — |
| Non-deductible convertible subordinated notes interest | 2.9 |
| | 8.0 |
| | 7.0 |
| | 1.2 |
| Non-deductible premiums on repurchase of convertible subordinated notes | — |
| | — |
| | 64.1 |
| | — |
| R&D credits | (14.1 | ) | | — |
| | 4.0 |
| | (2.8 | ) | Retroactive change in federal tax law | — |
| | (11.6 | ) | | — |
| | (19.4 | ) | Benefit of manufacturing deductions | 1.5 |
| | (5.8 | ) | | (4.3 | ) | | (7.0 | ) | Lobbying costs | 2.7 |
| | 3.6 |
| | 1.0 |
| | 0.4 |
| Deferred tax adjustment | (1.3 | ) | | — |
| | — |
| | 7.8 |
| Other, net | 1.4 |
| | 5.2 |
| | 1.5 |
| | 2.4 |
| Effective income tax rate - provision | 38.2 | % | | 1.8 | % | | 49.4 | % | | 22.2 | % |
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Schedule of Reconciliation of Change in Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits consisted of the following: | | | | | | | | | | | | | | | | | | Year Ended | | One month ended | | December 31, | | November 30, | | November 30, | | December 31, | | 2016 | | 2015 | | 2014 | | 2015 | | (In millions) | Balances at beginning of fiscal year | $ | 7.1 |
| | $ | 6.8 |
| | $ | 7.9 |
| | $ | 6.7 |
| Increases based on tax positions in prior years | 25.8 |
| | 1.0 |
| | 0.6 |
| | 0.6 |
| Decreases based on tax position in prior years | (1.2 | ) | | (1.8 | ) | | (1.3 | ) | | (0.2 | ) | Increases based on tax positions in current year | 0.7 |
| | 0.7 |
| | — |
| | — |
| Lapse of statute of limitations | (2.9 | ) | | — |
| | (0.4 | ) | | — |
| Balances at end of fiscal year | $ | 29.5 |
| | $ | 6.7 |
| | $ | 6.8 |
| | $ | 7.1 |
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Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were as follows: | | | | | | | | | | As of December 31, | | 2016 | | 2015 | | (In millions) | Deferred Tax Assets | | | | Accrued estimated costs | $ | 89.1 |
| | $ | 113.3 |
| Basis difference in assets and liabilities | 8.5 |
| | 6.0 |
| Tax losses and credit carryforwards | 6.5 |
| | 3.8 |
| Net cumulative defined benefit pension plan losses | 212.9 |
| | 227.8 |
| Retiree medical and life insurance benefits | 16.2 |
| | 19.6 |
| Valuation allowance | (1.7 | ) | | (1.2 | ) | Total deferred tax assets | 331.5 |
| | 369.3 |
| Deferred Tax Liabilities | | | | Revenue recognition differences | 21.7 |
| | 30.7 |
| Basis differences in intangible assets | 17.3 |
| | 13.8 |
| Total deferred tax liabilities | 39.0 |
| | 44.5 |
| Total net deferred tax assets | $ | 292.5 |
| | $ | 324.8 |
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Summary of Changes in Valuation Allowance | The changes in the Company's valuation allowance by period was as follows: | | | | | | | | | | | | | | | Balance at Beginning of Period | Tax Valuation Allowance Charged to Income Tax Provision | Tax Valuation Allowance Credited to Income Tax Provision | Balance at End of Period | | (In millions) | Fiscal 2016 | $ | 1.2 |
| $ | 0.5 |
| $ | — |
| $ | 1.7 |
| One month ended December 31, 2015 | 1.7 |
| — |
| (0.5 | ) | 1.2 |
| Fiscal 2015 | 2.6 |
| 0.6 |
| (1.5 | ) | 1.7 |
| Fiscal 2014 | 2.6 |
| — |
| — |
| 2.6 |
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