Loss on Divestiture of Programs (Notes)

12 Months Ended

Dec. 31, 2015

Disposal Groups [Abstract]

Loss on divestiture of programs [Text Block]

.   Loss on Divestiture of Programs

On December 9, 2014, the Company entered into an agreement to transfer the Gulfstream programs at the Company’s Tulsa, Oklahoma site to Triumph. The transaction closed on December 30, 2014. Pursuant to the agreement, the Company paid Triumph $160.0 in cash at closing. In accordance with FASB ASU 2014-08, the divestiture of Gulfstream programs were considered an individually significant component that did not qualify for discontinued operations reporting and therefore the loss on the divestiture of Gulfstream programs and the results of its operations are included in continuing operations and disclosure requirements related to pretax profit or loss are described below.

The pre-tax loss from the divestiture totaled ($471.1), resulting in a tax benefit of $273.9, including a valuation allowance release related to the divestiture of $118.1, and after tax loss of ($197.2) for the period ended December 31, 2014. The pre-tax (loss) income of the Gulfstream programs was $1.3 and ($530.2) for the twelve months ended December 31, 2014 and December 31, 2013, respectively.