Rendering

Component: (Network and Table)
Network
2304301 - Disclosure - Income Taxes (Tables)
(http://gencorp.com/role/IncomeTaxesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Income Tax Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
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

 
 
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
 %
 
 
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

 
 
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

 
 
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