B/E Aerospace (BEAV) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 24, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Registrant Name	B/E AEROSPACE INC
Entity Central Index Key	861,361
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		106,225,815

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 326.3	$ 292.5
Accounts receivable – trade, less allowance for doubtful accounts	378.8	288.3
Inventories	1,026.2	924.3
Deferred income taxes	13	19.2
Other current assets	63.3	131.3
Total current assets	1,807.6	1,655.6
Property and equipment, net of accumulated depreciation ($337.9 at June 30, 2015 and $312.0 at December 31, 2014)	408.7	397.6
Goodwill	823.5	840.4
Identifiable intangible assets, net of accumulated amortization	241.3	250.7
Other assets	51.4	47.8
Total assets	3,332.5	3,192.1
Current liabilities:
Accounts payable	296.2	275
Accrued liabilities	512.2	491.2
Current maturities of long-term debt	17.3	17.4
Total current liabilities	825.7	783.6
Long-term debt	2,138.7	2,147.3
Deferred income taxes	123.6	129.4
Other non-current liabilities	122.4	121.7
Stockholders' equity:
Common stock, $0.01 par value; 200.0 shares authorized; 107.0 shares issued as of June 30, 2015 and 106.7 shares issued as of December 31, 2014	1.1	1.1
Additional paid-in capital	(864.9)	(884.6)
Treasury stock; .7 shares at June 30, 2015 and December 31, 2014	(29.1)	(28.6)
Retained earnings	1,143.7	1,027.6
Accumulated other comprehensive loss	(128.7)	(105.4)
Total stockholders' equity	122.1	10.1
Total liabilities and equity	$ 3,332.5	$ 3,192.1

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 337.9	$ 312
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1	1
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200	200
Common stock, shares issued	107	106.7
Treasury stock	0.7	0.7

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues	$ 700.6	$ 662.8	$ 1,390.6	$ 1,307.4
Cost of sales	420.1	387.2	821.7	770.1
Selling, general and administrative	86.2	93	173.3	173.9
Research, development and engineering	67	71	142.6	141.7
Operating earnings	$ 127.3	$ 111.6	$ 253	$ 221.7
Operating earnings, as percentage of revenues	18.20%	16.80%	18.20%	17.00%
Interest expense	$ 24.1	$ 31.7	$ 48.4	$ 62.3
Earnings from continuing operations before income taxes	103.2	79.9	204.6	159.4
Income tax expense	24.3	17.6	48.1	33.9
Net earnings from continuing operations	78.9	62.3	156.5	125.5
Net earnings from discontinued operations, net of income taxes		46.3		92.1
Net earnings	78.9	108.6	156.5	217.6
Other comprehensive income (loss):
Foreign currency translation adjustment and other	27.3	5.4	(23.3)	9.3
Comprehensive income	$ 106.2	$ 114	$ 133.2	$ 226.9
Basic net earnings per share - Continuing operations (in dollars per share)	$ 0.76	$ 0.60	$ 1.50	$ 1.21
Basic net earnings per share - Discontinued operations (in dollars per share)		0.45		0.88
Basic net earnings per share (in dollars per share)	0.76	1.05	1.50	2.09
Diluted net earnings per share - Continuing operations (in dollars per share)	0.75	0.60	1.49	1.20
Diluted net earnings per share - Discontinued operations (in dollars per share)		0.44		0.88
Diluted net earnings per share (in dollars per share)	0.75	$ 1.04	1.49	$ 2.08
Dividends declared per share (in dollars per share)	$ 0.19		$ 0.38
Basic weighted average common shares	104.5	103.9	104.5	103.9
Diluted weighted average common shares	105	104.5	105	104.4

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 156.5	$ 217.6
Adjustments to reconcile net earnings to net cash flows provided by operating activities, net of effects from acquisitions:
Depreciation and amortization	41.3	63
Deferred income taxes	5.5	7.3
Non-cash compensation	14.3	14.2
Provision for doubtful accounts	0.2	0.6
Loss on disposal of property and equipment	0.2	0.1
Tax benefits realized from prior exercises of employee stock options and restricted stock	(2.4)	(4.8)
Changes in operating assets and liabilities:
Accounts receivable	(95.6)	(128.1)
Inventories	(107.1)	(158.6)
Other current and non-current assets	62.3	(30.3)
Accounts payable and accrued liabilities	34.7	86.7
Net cash provided by operating activities	109.9	67.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(48)	(122.7)
Acquisitions, net of cash acquired	4.3	(1,042.7)
Other	(5.1)
Net cash used in investing activities	(48.8)	(1,165.4)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock issued	3.1	3.7
Purchase of treasury stock	(0.4)	(0.1)
Tax benefits realized from prior exercises of employee stock options and restricted stock	2.4	4.8
Borrowings on line of credit		668
Debt origination costs		(1.9)
Principal payments on long-term debt	(11)
Payments of Dividends	19.9
Net cash (used in) provided by financing activities	(25.8)	674.5
Effect of foreign exchange rate changes on cash and cash equivalents	(1.5)	1.9
Net increase (decrease) in cash and cash equivalents	33.8	(421.3)
Cash and cash equivalents, beginning of period	292.5	637.8
Cash and cash equivalents, end of period	326.3	216.5
Cash paid (refunded) during period for:
Interest	37.4	57.5
Income taxes		93.7
Income taxes (refunded)	(30)
Supplemental schedule of non-cash activities:
Accrued property additions	$ 5.5	9.4
Contingent consideration		$ 102

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. All adjustments which, in the opinion of management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full fiscal year or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in the B/E Aerospace, Inc. (the “Company”) Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 2. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which updated the guidance in Accounting Standards Codification (“ASC”) Topic 835, Interest . The updated guidance is effective retrospectively for annual periods and interim periods within the annual periods beginning after December 15, 2015. Early adoption is permitted, including early adoption in an interim period. The amendment requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The Company adopted ASU 2015-03 effective January 1, 2015 and has presented debt issuance costs of $22.8 and $24.4 as of June 30, 2015 and December 31, 2014, respectively, as a direct deduction from the carrying amounts of its debt liabilities. These amounts were previously recorded in other assets. In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (“ASU 2014-12”), which updated the guidance in ASC Topic 718, Compensation – Stock Compensation (“ASC Topic 718”) . The update is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC Topic 718 F-12 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. The guidance permits two implementation approaches, either prospectively to all awards granted or modified after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which updated the guidance in ASC Topic 606, Revenue Recognition . The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted as of one year prior to the current effective date. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The Company is currently evaluating the impact this guidance will have on its consolidated financial condition, results of operations, cash flows and disclosures and is currently unable to estimate the impact of adopting this guidance. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (ASC Topic 205) and Property, Plant and Equipment (“ASU 2014-08”) , which updated the guidance in ASC Topic 360, Property, Plant and Equipment. The updated guidance is effective prospectively for years beginning on or after December 15, 2014, with early application permitted. The amendments in this update change the requirements for reporting discontinued operations in ASC Subtopic 205-20, Presentation of Financial Statements-Discontinued Operations . Under this updated guidance, a discontinued operation will include a disposal of a major part of an entity’s operations and financial results such as a separate major line of business or a separate major geographical area of operations. The guidance raises the threshold to be a major operation but no longer precludes discontinued operations presentation where there is significant continuing involvement or cash flows with a disposed component of an entity. The guidance expands disclosures to include cash flows where there is significant continuing involvement with a discontinued operation and the pre-tax profit or loss of disposal transactions not reported as discontinued operations. The adoption of ASU 2014-08 did not have a material impact on the Company’s condensed consolidated financial statements.

Divestures and Business Combina

Divestures and Business Combinations	6 Months Ended
	Jun. 30, 2015
Divestitures and Business Combination [Abstract]
Divestitures and Business Combination	Note 3. Divestitures and Business Combinations Spin-off of KLX Inc. On June 10, 2014, we announced a plan to spin-off our Consumables Management Segment into a separate publicly traded company. To accomplish the spin-off, we formed KLX Inc. (“KLX”). On December 16, 2014 (the “Distribution Date”), we completed the spin-off of KLX by means of the transfer of our Consumables Management Segment to KLX and the subsequent distribution of all the outstanding KLX common stock to our stockholders. We retained our commercial aircraft and business jet segments. On the Distribution Date, each of our stockholders of record received one share of KLX common stock for every two shares of our common stock held as of the record date. The distribution was structured to be tax free to our U.S. stockholders for U.S. federal income tax purposes. The divested KLX is presented as a discontinued operation on the condensed consolidated statements of earnings and comprehensive income for all periods presented. The cash flows of KLX are included within our condensed consolidated statement of cash flows for the six months ended June 30, 2014. In connection with the spin-off, we entered into certain agreements with KLX relating to transition services and information technology (“IT”) services for a period of approximately 24 months fo llowing the distribution. In addition, we entered into an employee matters agreement and a tax sharing and indemnification agreement with KLX in connection with the spin-off. During the three and six month periods ended June 30, 2014, KLX generated revenues of $426.7 and $793.3 , earnings before income taxes of $73.7 and $146.6 , and net earnings of $46.3 and $92.1 , respectively, which have been presented as net earnings from discontinued operations in the accompanying condensed consolidated statements of earnings and comprehensive income for the three and six month periods ended June 30, 2014. The results of the KLX discontinued operation exclude certain corporate and group allocations which were historically allocated to our Consumables Management Segment. These costs include primarily corporate overhead and information systems. Acquisitions During the second quarter of 2014, the Company acquired the outstanding shares of the Emteq, Inc. group of companies (“EMTEQ”), a domestic provider of aircraft interior and exterior lighting systems, as well as aircraft cabin management and power systems for a purchase price of $253.2 , net of cash acquired. The Company also acquired the outstanding shares of the F+E Fischer + Entwicklungen GmbH & Co. KG group of companies (“Fischer”), a leading Europe-based manufacturer of seating products for civilian helicopters for a purchase price of $211.7 , net of cash acquired. The Company also acquired the outstanding shares of Wessex Advanced Switching Products Ltd. (“WASP”), which is engaged in the production of lighting, control units and switches and is based in Europe, for a purchase price of $63.0 , net of cash acquired. These acquisitions are included in the business jet segment and collectively referred to as the “2014 Acquisitions.” For the 2014 Acquisitions, based on our purchase price allocation, the excess of the purchase price over the fair value of the identifiable assets acquired approximated $530.5 , of which $137.0 was allocated to identified intangible assets, consisting of customer contracts and relationships, developed technologies, trade names and covenants not to compete, and $393.5 is included in goodwill. The useful life assigned to the customer contracts and relationships and developed technologies is 20 years, the useful life assigned to trade names is five to 20 years, and the covenants not to compete are being amortized over their contractual periods of three to five years. The 2014 Acquisitions were accounted for as purchases under ASC Topic 805, Business Combinations (“ASC Topic 805”). The assets purchased and liabilities assumed for the 2014 Acquisitions have been reflected in the accompanying condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014, and the results of operations for the 2014 Acquisitions are included in the accompanying condensed consolidated statements of earnings from their respective dates of acquisition. The Company completed its evaluation and allocation of the purchase price for the EMTEQ and Fischer acquisitions during the six months ended June 30, 2015. The Company completed its evaluation and allocation of the purchase price for the WASP acquisition during the three months ended March 31, 2015. The Company recorded measurement period adjustments to previous purchase accounting estimates for the 2014 Acquisitions, which were primarily related to the finalization of the valuation of intangible assets. The adjustments primarily consisted of an increase in identifiable intangible assets and deferred income tax liability of $32.5 and $10.5 , respectively, and a decrease in goodwill of $19.1 . These adjustments were applied retrospectively to the acquisition date. Accordingly, the Company's consolidated balance sheet as of December 31, 2014 has been adjusted to reflect the effects of the measurement period adjustments. There was no material impact of the measurement period adjustments on the retrospective period statement of earnings and comprehensive income. The following table summarizes the fair values of assets acquired and liabilities assumed in the 2014 Acquisitions in accordance with ASC Topic 805, which are recorded based on management’s estimates as follows: Domestic Foreign Accounts receivable-trade $ $ Inventories Other current and non-current assets Property and equipment Goodwill Identified intangibles Accounts payable Other current and non-current liabilities Total purchase price $ $ The majority of the goodwill and intangible assets related to the 2014 Acquisitions are not expected to be deductible for tax purposes. Consolidated unaudited pro forma revenues, net earnings, and diluted net earnings per share from continuing operations for the three and six month periods ended June 30, 2014, giving effect to the 2014 Acquisitions as if they had occurred on January 1, 2013 were $691.6 , $64.9 , and $0.62 , and $1,376.4 , $130.4 and $1.25 , respectively.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Note 4. Inventories Inventories are stated at the lower of cost or market. Cost is determined using FIFO or the weighted average cost method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. In accordance with industry practice, costs in inventory include amounts relating to long-term contracts with long production cycles, some of which are not expected to be realized within one year. Work-in-process inventories include costs and estimated earnings in excess of billings on uncompleted contracts of $115.6 and $127.9 and capitalized development costs on long-term seller furnished equipment contracts of $381.6 and $320.6 as of June 30, 2015 and December 31, 2014, respectively. Inventories consist of the following: June 30, December 31, 2015 2014 Purchased materials and component parts $ $ Work-in-process Finished goods $ $

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 5. Goodwill and Intangible Assets The table below sets forth the intangible assets by major asset class, all of which were acquired through business purchase transactions: June 30, 2015 Useful Net Life Original Accumulated Book (Years) Cost Amortization Value Customer contracts and relationships 8 - 30 $ $ $ Acquired technologies and other 5 - 34 Trademarks and patents 3 - 20 Covenants not to compete 4 - 5 Trade names 5 - 20 $ $ $ Amortization expense associated with identifiable intangible assets within continuing operations was approximately $4.2 and $3.0 for the three month periods ended June 30, 2015 and 2014, respectively, and $8.5 and $5.9 for the six month periods ended June 30, 2015 and 2014, respectively. The Company currently expects to recognize amortization expense of approximately $17 in each of the next five fiscal years . The future amortization amounts are estimates. Actual future amortization expense may be different due to future acquisitions, impairments, changes in amortization periods or other factors such as changes in exchange rates for assets acquired outside the United States. The Company expenses costs to renew or extend the term of a recognized intangible asset . Goodwill decreased $16.9 during the six months ended June 30, 2015 due to foreign currency translations.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
LONG-TERM DEBT	Note 6. Long-Term Debt In connection with the KLX spin-off, the Company entered into a credit agreement dated as of December 16, 2014 (as amended, the “Credit Agreement”) governing its senior secured bank credit facilities, consisting of (a) a five -year, $600.0 revolving credit facility (the “Revolving Credit Facility”) and (b) a seven -year, $2,200.0 term loan facility (the “Term Loan Facility”). Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to the London interbank offered rate (“LIBOR”) plus 200 basis points or ABR (as defined therein) plus 100 basis points . There were no amounts outstanding under the Revolving Credit Facility as of June 30, 2015 or December 31, 2014. Borrowings under the Term Loan Facility bear interest at an annual rate equal to LIBOR plus 325 basis points (LIBOR shall not be less than 75 basis points per annum) or ABR (as defined therein) plus 225 basis points ( 4.0% at June 30, 2015). Outstanding l ong-term debt as of June 30, 2015 consisted of $2,189.0 outstanding under the Term Loan Facility, of which $22.0 was current. In addition, the Company has a $600.0 Revolving Credit Facility of which there were no amounts outstanding as of June 30, 2015. On a net basis, after taking into consideration unamortized original issue discount and debt issue costs for the Term Loan Facility, net long-term debt was $2,156.0 , consisting of $2,138.7 of long-term debt a nd $17.3 of current maturities of long-term debt. In connection with the KLX spin-off, during December 2014, the Company redeemed $1,300.0 of its 5.25% Notes due 2022 and $650.0 of its 6.875% Notes due 2020. The Company incurred a loss on debt extinguishment of $243.6 related to unamortized debt issue costs and fees and expenses related to the repurchase of its 5.25% and 6.875% Notes during December 2014. Letters of credit outstanding under the Revolving Credit Facility aggregated $8.5 at June 30, 2015 ( $7.7 at December 31, 2014). The Revolving Credit Facility contains an interest coverage ratio financial covenant (as defined therein) that must be maintained at a level greater than 3.0 to 1 and a total leverage ratio covenant (as defined therein) which limits gross debt to a 5.25 to 1 multiple of EBITDA (as defined therein). The Credit Agreement is collateralized by substantially all of the Company’s assets and contains customary affirmative covenants, negative covenants, restrictions on the payment of dividends and the repurchase of our stock, and conditions precedent for borrowings, all of which were met as of June 30, 2015.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7. Fair Value Measurements All short-term financial instruments are generally carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations. Level 1 – quoted prices in active markets for identical assets and liabilities. Level 2 – quoted prices for identical assets and liabilities in markets that are not active, or observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. The carrying amounts of cash and cash equivalents (which the Company classifies as Level 1 assets), accounts receivable – trade and accounts payable represent their respective fair values due to their short- term nature. There was no debt outstanding under the Revolving Credit Facility as of June 30, 2015 or December 31, 2014. The carrying value of the Term Loan Facility approximates fair value due to the recent debt refinancing (which the Company classifies as Level 2). The fair value information presented herein is based on pertinent information available to management at June 30, 2015 and December 31, 2014, respectively.

Commitments, Contingencies and

Commitments, Contingencies and Off-Balance Sheet Arrangements	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments, Contingencies and Off-Balance Sheet Arrangements	Note 8. Commitments, Contingencies and Off-Balance Sheet Arrangements Lease Commitments – The Company finances its use of certain facilities and equipment under committed lease arrangements provided by various institutions. Since the terms of these arrangements meet the accounting definition of operating lease arrangements, the aggregate sum of future minimum lease payments is not reflected on the condensed consolidated balance sheets. At June 30, 2015, future minimum lease payments under t hese arrangements approximated $192.6 , the majority of which related to long-term real estate leases. Litigation – The Company is a defendant in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate, are likely to result in a material adverse effect on the Company’s condensed consolidated financial statements. Indemnities, Commitments and Guarantees – During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include non-infringement of patents and intellectual property indemnities to the Company’s customers in connection with the design, manufacture, sale and delivery of its products, indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, and indemnities to other parties to certain acquisition agreements. The duration of these indemnities, commitments and guarantees varies, and in certain cases is indefinite. Many of these indemnities, commitments and guarantees provide for limitations on the maximum potential future payments the Company could be obligated to make. However, the Company is unable to estimate the maximum amount of liability related to its indemnities, commitments and guarantees because such liabilities are contingent upon the occurrence of events that are not reasonably determinable. Management believes that any liability for these indemnities, commitments and guarantees would not be material to the accompanying condensed consolidated financial statements. Accordingly, no significant amounts have been accrued for indemnities, commitments and guarantees. Product Warranty Costs – Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various relevant factors, including the Company’s stated warranty policies and practices, the historical frequency of claims and the cost to replace or repair its products under warranty.

Accounting for Stock-Based Comp

Accounting for Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EMPLOYEE STOCK PURCHASE PLAN	Note 9. Accounting for Stock-Based Compensation The Company has a Long-Term Incentive Plan (“LTIP”) under which the Company’s Compensation Committee has the authority to grant stock options, stock appreciation rights, restricted stock, restricted stock units or other forms of equity-based or equity-related awards. Compensation cost generally is recognized on a straight-line basis over the vesting period of the shares. Share-based compensation of $7.2 and $13.5 , and $7.0 and $13.4 was recognized during the three and six month periods ended June 30, 2015 and 2014, respectively, related to the equity grants made pursuant to the LTIP. Unrecognized compensation expense related to equity grants, including the estimated impact of any future forfeitures, was $60.6 at June 30, 2015. The Company has established a qualified Employee Stock Purchase Plan which allows qualified employees (as defined therein) to purchase shares of the Company’s common stock at a price equal to 85% of the closing price at the end of each semi-annual stock purchase period. Compensation cost for this plan was not material to any of the periods presented.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Note 10. Segment Reporting The Company is organized based on the products and services it offers. The Company’s reportable segments, which are also its operating segments, are comprised of commercial aircraft and business jet. Each segment regularly reports its results of operations and makes requests for capital expenditures and acquisition funding to the Company’s chief operational decision-making group (“CODM”). This group is comprised of the Executive Chairman of the Board of Directors, the President and Chief Executive Officer and the Vice President and Chief Financial Officer. Each operating segment has separate management teams and infrastructures dedicated to providing a full range of products and services to their commercial, business jet, military, maintenance, repair and overhaul providers, aircraft leasing and aircraft manufacturing customers. The Company has not included product line information due to the similarity of commercial aircraft segment product offerings. The Company is currently evaluating the appropriate structure and reporting classification of its business segments and reporting units in light of the Company’s spin-off of KLX and changes in the members of the CODM and depending on the results of this evaluation our reportable segments and reporting units may change in the future. The following table presents revenues and operating earnings by reportable segment: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Revenues: Commercial aircraft $ $ $ $ Business jet $ $ $ $ Operating earnings (1) Commercial aircraft $ $ $ $ Business jet Corporate allocations related to discontinued operations - - Operating earnings Interest expense Earnings from continuing operations before income taxes $ $ $ $ (1) Operating earnings includes an allocation of corporate IT costs, employee benefits and general and administrative costs based on the proportion of each segment’s systems users, number of employees and sales, respectively. The following table presents capital expenditures (1) by reportable segment: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Commercial aircraft $ $ $ $ Business jet Discontinued operations - - $ $ $ $ (1) Corporate capital expenditures have been allocated to the above segments in a manner consistent with our corporate expense allocations. The following table presents goodwill by reportable segment: June 30, December 31, 2015 2014 Commercial aircraft $ $ Business jet $ $ The following table presents total assets (1) by reportable segment: June 30, December 31, 2015 2014 Commercial aircraft $ $ Business jet $ $ (1) Corporate assets (including cash and cash equivalents) of $521.4 and $566.8 at June 30, 2015 and December 31, 2014, respectively, have been allocated to the above segments in a manner consistent with our corporate expense allocations.

Net Earnings Per Common Share

Net Earnings Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Earnings Per Common Share	Note 11. Net Earnings Per Common Share Basic net earnings per common share is computed using the weighted average common shares outstanding during the period. Diluted net earnings per common share is computed by using the weighted average common shares outstanding including the dilutive effect of shares issued under the Employee Stock Purchase Plan and restricted shares based on an average share price during the period. For the three month periods ended June 30, 2015 and 2014, approximately 0.4 and 0.0 shares and for the six month periods ended June 30, 2015 and 2014, approximately 0.6 and 0.0 shares of the Company’s common stock, respectively, were excluded from the determination of diluted earnings per common share because their effect would have been anti-dilutive. The computations of basic and diluted earnings per share for the three and six month periods ended June 30, 2015 and 2014, respectively, are as follows: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Net earnings $ $ $ $ Basic weighted average common shares Effect of employee stock purchase plan shares - - Effect of restricted shares issued Diluted weighted average common shares Basic net earnings per share: Continuing operations $ $ $ $ Discontinued operations - - Basic net earnings per share $ $ $ $ Diluted net earnings per share: Continuing operations $ $ $ $ Discontinued operations - - Diluted net earnings per share $ $ $ $

Accounting for Uncertainty in I

Accounting for Uncertainty in Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	Note 12. Accounting for Uncertainty in Income Taxes In accordance with ASC Topic 740, Income Taxes , the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. As of June 30, 2015 and December 31, 2014, the Company had $74.2 and $73.2 , respectively, of net unrecognized tax benefits. This liability, if recognized, would affect the Company’s effective tax rate. The Company is currently open to audit by the tax authorities for the eight tax years ended December 31, 2014. There are currently no material income tax audits in progress. The Company classifies interest and penalties related to income tax as income tax expense. The amount included in the Company’s liability for unrecognized tax benefits for interest and penalties was less than $2.0 as of June 30, 2015 and December 31, 2014.

Divestutures and Business Combi

Divestutures and Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2015
Divestitures and Business Combination [Abstract]
Preliminary Estimates of Fair Values of Assets Acquired and Liabilities Assumed	Domestic Foreign Accounts receivable-trade $ $ Inventories Other current and non-current assets Property and equipment Goodwill Identified intangibles Accounts payable Other current and non-current liabilities Total purchase price $ $

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets by Major Asset Class	June 30, 2015 Useful Net Life Original Accumulated Book (Years) Cost Amortization Value Customer contracts and relationships 8 - 30 $ $ $ Acquired technologies and other 5 - 34 Trademarks and patents 3 - 20 Covenants not to compete 4 - 5 Trade names 5 - 20 $ $ $

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Revenues and Operating Earnings by Reportable Segment	Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Revenues: Commercial aircraft $ $ $ $ Business jet $ $ $ $ Operating earnings (1) Commercial aircraft $ $ $ $ Business jet Corporate allocations related to discontinued operations - - Operating earnings Interest expense Earnings from continuing operations before income taxes $ $ $ $
Capital Expenditures by Reportable Segment	Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Commercial aircraft $ $ $ $ Business jet Discontinued operations - - $ $ $ $
Goodwill by Reportable Segment	June 30, December 31, 2015 2014 Commercial aircraft $ $ Business jet $ $
Total Assets by Reportable Segment	June 30, December 31, 2015 2014 Commercial aircraft $ $ Business jet $ $

Recent Accounting Pronounceme21

Recent Accounting Pronouncements - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Debt issuance costs	$ 22.8	$ 1.9	$ 24.4

Divestitures and Business Combi

Divestitures and Business Combinations (Details) - Spinoff [Member] - KLX Inc [Member] - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] $ in Millions	Dec. 16, 2014	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Jun. 30, 2014USD ($)
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Ratio of shares of common stock to be distributed to shareholders	0.5
Revenues		$ 426.7		$ 793.3
Earnings before income taxes			$ 73.7	146.6
Earnings from discontinued operations, net of income taxes			$ 46.3	$ 92.1

Divestitures and Business Com23

Divestitures and Business Combinations (Details 2)	Dec. 16, 2014
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | KLX Inc [Member]
Transtiional services
Term of transition services maximum	24 months

Divestitures and Business Com24

Divestitures and Business Combinations (Details 3) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Acquisitions [Line Items]
Goodwill	$ 823.5	$ 840.4
2014 Acquisitions
Acquisitions [Line Items]
Goodwill increase	$ 19.1
Minimum | Customer contracts and relationships
Acquisitions [Line Items]
Useful life (years)	8 years
Minimum | Covenants not to compete
Acquisitions [Line Items]
Useful life (years)	4 years
Maximum | Customer contracts and relationships
Acquisitions [Line Items]
Useful life (years)	30 years
Maximum | Covenants not to compete
Acquisitions [Line Items]
Useful life (years)	5 years

Divestitures and Business Com25

Divestitures and Business Combinations (Details 4) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price, net of cash acquired		$ (4.3)	$ 1,042.7
Goodwill		823.5		$ 840.4
EMTEQ, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price, net of cash acquired	$ 253.2
F+E Fischer + Entwicklungen GmbH and Co. KG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price, net of cash acquired	211.7
Smaller business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price, net of cash acquired	63
2014 Acquisitions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Identifiable intangible assets		32.5
Deferred income taxes		10.5
Adjustment to preliminary estimate of goodwill		19.1
Unaudited pro forma revenues had business acquisitions occurred at the beginning of the period	691.6		1,376.4
Unaudited pro forma net earnings had business acquisitions occurred at the beginning of the period	$ 64.9		$ 130.4
Unaudited pro forma diluted net earnings per share had business acquisitions occurred at the beginning of the period	$ 0.62		$ 1.25
Manufacturing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Identified intangible assets including goodwill		530.5
Identified intangibles		137
Goodwill		$ 393.5
Manufacturing | Customer contracts and relationships and developed technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		20 years
Minimum | Customer contracts and relationships
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		8 years
Minimum | Trademarks and patents
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		3 years
Minimum | Trade names
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		5 years
Minimum | Manufacturing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		3 years
Minimum | Manufacturing | Trade names
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		5 years
Maximum | Customer contracts and relationships
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		30 years
Maximum | Trademarks and patents
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		20 years
Maximum | Trade names
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		20 years
Maximum | Manufacturing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		5 years
Maximum | Manufacturing | Trade names
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Useful life (years)		20 years

Divestitures and Business Com26

Divestitures and Business Combinations (Details 5) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill			$ 823.5	$ 840.4
Domestic
Business Combination, Separately Recognized Transactions [Line Items]
Accounts receivable-trade			12.5
Inventories			12.3
Other current and non-current assets			2.5
Property and equipment			6.5
Goodwill			194
Identified intangibles			45.7
Accounts payable			(4.2)
Other current and non-current liabilities			(16.1)
Total purchase price			253.2
2014 Acquisitions
Business Combination, Separately Recognized Transactions [Line Items]
Unaudited pro forma revenues had business acquisitions occurred at the beginning of the period	$ 691.6	$ 1,376.4
Unaudited pro forma net earnings had business acquisitions occurred at the beginning of the period	$ 64.9	$ 130.4
Unaudited pro forma diluted net earnings per share had business acquisitions occurred at the beginning of the period	$ 0.62	$ 1.25
2014 Acquisitions | Foreign
Business Combination, Separately Recognized Transactions [Line Items]
Accounts receivable-trade			12
Inventories			7.9
Other current and non-current assets			1.2
Property and equipment			7.1
Goodwill			199.5
Identified intangibles			91.3
Accounts payable			(3.6)
Other current and non-current liabilities			(40.7)
Total purchase price			274.7
Manufacturing
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill			393.5
Identified intangibles			$ 137

Inventories (Details)

Inventories (Details) - Work-in-process inventories - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
Inventory [Line Items]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 115.6	$ 127.9
Excess over average costs on long-term contracts	$ 381.6	$ 320.6

Inventories (Details 2)

Inventories (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Purchased materials and component parts	$ 303.3	$ 257.4
Work-in-process	677.5	605.9
Finished goods	45.4	61
Inventories	$ 1,026.2	$ 924.3

Goodwill and Intangible Asset29

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Line Items]
Finite lived intangible assets, original cost	$ 358
Accumulated Amortization	116.7
Intangible assets, net book value	241.3	$ 250.7
Customer contracts and relationships
Goodwill and Intangible Assets Disclosure [Line Items]
Finite lived intangible assets, original cost	131.7
Accumulated Amortization	17.1
Intangible assets, net book value	$ 114.6
Customer contracts and relationships | Minimum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	8 years
Customer contracts and relationships | Maximum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	30 years
Acquired technologies
Goodwill and Intangible Assets Disclosure [Line Items]
Finite lived intangible assets, original cost	$ 167.3
Accumulated Amortization	78.9
Intangible assets, net book value	$ 88.4
Acquired technologies | Minimum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	5 years
Acquired technologies | Maximum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	34 years
Trademarks and patents
Goodwill and Intangible Assets Disclosure [Line Items]
Finite lived intangible assets, original cost	$ 27.7
Accumulated Amortization	17.1
Intangible assets, net book value	$ 10.6
Trademarks and patents | Minimum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	3 years
Trademarks and patents | Maximum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	20 years
Covenants not to compete
Goodwill and Intangible Assets Disclosure [Line Items]
Finite lived intangible assets, original cost	$ 2
Accumulated Amortization	0.5
Intangible assets, net book value	$ 1.5
Covenants not to compete | Minimum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	4 years
Covenants not to compete | Maximum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	5 years
Trade names
Goodwill and Intangible Assets Disclosure [Line Items]
Finite lived intangible assets, original cost	$ 29.3
Accumulated Amortization	3.1
Intangible assets, net book value	$ 26.2
Trade names | Minimum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	5 years
Trade names | Maximum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful life (years)	20 years

Goodwill and Intangible Asset30

Goodwill and Intangible Assets (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense on identifiable intangible assets	$ 4.2	$ 3	$ 8.5	$ 5.9
Expected amortization expenses in year one	17		17
Expected amortization expenses in year two	16		16
Expected amortization expenses in year three	16		16
Expected amortization expenses in year four	16		16
Expected amortization expenses in year five	$ 16		16
Goodwill decrease during period			$ (16.9)

Long-Term debt (Details)

Long-Term debt (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 2,156
Less current portion of long-term debt	17.3	$ 17.4
Long-term debt, net of current maturities	2,138.7	$ 2,147.3
Term Loan Facility
Debt Instrument [Line Items]
Outstanding long-term debt	2,189
Outstanding long-term debt, current	$ 22

Long-Term Debt (Details 2)

Long-Term Debt (Details 2) - USD ($) $ in Millions	Dec. 16, 2014	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2015
Debt Instrument [Line Items]
Principal payments on long-term debt				$ 11
Loss on extinguishment of debt		$ 243.6
Outstanding letter of credit amount		7.7	$ 8.5	8.5
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt, interest rate	0.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term	5 years
Revolving credit facility	$ 600
Amount outstanding		0	$ 0	$ 0
Revolving credit facility agreement				Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to the London interbank offered rate ("LIBOR") plus 200 basis points or ABR (as defined therein) plus 100 basis points.
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread percentage	2.00%
Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread percentage	1.00%
Term Loan Facility
Debt Instrument [Line Items]
Debt instrument term	7 years
Revolving credit facility agreement				Borrowings under the Term Loan Facility bear interest at an annual rate equal to LIBOR plus 325 basis points (LIBOR shall not be less than 75 basis points per annum) or ABR (as defined therein) plus 225 basis points
Aggregate principal amount	$ 2,200
Term Loan Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread percentage	3.25%
Term Loan Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread percentage	2.25%
Debt, interest rate				4.00%
Senior Unsecured Notes 5.25 Percent Due 2022
Debt Instrument [Line Items]
Principal payments on long-term debt		$ 1,300
Interest rate (as a percent)		5.25%
Senior Unsecured Notes 6.875 Percent Due 2020
Debt Instrument [Line Items]
Principal payments on long-term debt		$ 650
Interest rate (as a percent)		6.875%
Covenant Requirement | Minimum
Debt Instrument [Line Items]
Interest coverage ratio			300.00%	300.00%
Covenant Requirement | Maximum
Debt Instrument [Line Items]
Total leverage ratio			525.00%

Commitments, Contingencies an33

Commitments, Contingencies and Off-Balance Sheet Arrangements (Details) $ in Millions	Jun. 30, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating lease, future minimum lease payments	$ 192.6

Accounting for Stock-Based Co34

Accounting for Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of discounted closing price for Employee Stock Purchase Plan			85.00%
Long Term Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation	$ 7.2	$ 7	$ 13.5	$ 13.4
Unrecognized compensation cost			$ 60.6

Revenues and Operating Earnings

Revenues and Operating Earnings by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 700.6	$ 662.8	$ 1,390.6	$ 1,307.4
Operating earnings before corporate allocations related to discontinued operations	127.3	114.2	253	228.4
Corporate allocations related to discontinued operations		(2.6)		(6.7)
Operating earnings	127.3	111.6	253	221.7
Interest expense	24.1	31.7	48.4	62.3
Earnings from continuing operations before income taxes	103.2	79.9	204.6	159.4
Commercial Aircraft
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	539.3	541.1	1,065.4	1,064.5
Operating earnings	99.7	98.3	198.1	191.4
Business Jet
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	161.3	121.7	325.2	242.9
Operating earnings	$ 27.6	$ 15.9	$ 54.9	$ 37

Capital Expenditures by Reporta

Capital Expenditures by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 22.7	$ 66.5	$ 48	$ 122.7
Commercial Aircraft
Property, Plant and Equipment [Line Items]
Capital expenditures	13.3	21.2	36.5	47.6
Business Jet
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 9.4	7.9	$ 11.5	14.1
Discontinued Operations [Member]
Property, Plant and Equipment [Line Items]
Capital expenditures		$ 37.4		$ 61

Goodwill by Reportable Segment

Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Goodwill	$ 823.5	$ 840.4
Commercial Aircraft
Goodwill [Line Items]
Goodwill	375.1	379.8
Business Jet
Goodwill [Line Items]
Goodwill	$ 448.4	$ 460.6

Total Assets by Reportable Segm

Total Assets by Reportable Segment (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,332.5	$ 3,192.1
Commercial Aircraft
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,212.6	2,112.4
Business Jet
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,119.9	$ 1,079.7

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 3,332.5	$ 3,192.1
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total assets	$ 521.4	$ 566.8

Net Earnings Per Common Share -

Net Earnings Per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from determination of diluted earnings per common share	0.4	0	0.6	0

Computations of Basic and Dilut

Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net earnings	$ 78.9	$ 108.6	$ 156.5	$ 217.6
Basic weighted average common shares	104.5	103.9	104.5	103.9
Effect of dilutive stock options and employee stock purchase plan shares		0.1		0.1
Effect of restricted shares issued	0.5	0.5	0.5	0.4
Diluted weighted average common shares	105	104.5	105	104.4
Basic net earnings per share - Continuing operations (in dollars per share)	$ 0.76	$ 0.60	$ 1.50	$ 1.21
Basic net earnings per share - Discontinued operations (in dollars per share)		0.45		0.88
Basic net earnings per share (in dollars per share)	0.76	1.05	1.50	2.09
Diluted net earnings per share - Continuing operations (in dollars per share)	0.75	0.60	1.49	1.20
Diluted net earnings per share - Discontinued operations (in dollars per share)		0.44		0.88
Diluted net earnings per share (in dollars per share)	$ 0.75	$ 1.04	$ 1.49	$ 2.08

Accounting for Uncertainty in42

Accounting for Uncertainty in Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Deferred Taxes Classification [Line Items]
Liability for unrecognized tax benefits that would affect effective tax rate, if recognized	$ 73.2	$ 74.2
Number of tax years the company is currently open to audit by tax authorities	8 years
Maximum
Deferred Taxes Classification [Line Items]
Liability for unrecognized tax benefits for interest and penalties	$ 2	$ 2