Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Apr. 02, 2015 | Apr. 23, 2015 | |
Class Of Stock [Line Items] | ||
Entity Registrant Name | Spirit AeroSystems Holdings, Inc. | |
Entity Central Index Key | 1364885 | |
Document Type | 10-Q | |
Document Period End Date | 2-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Amendment Flag | FALSE | |
Trading Symbol | SPR | |
Class A [Member] | ||
Class Of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 141,629,393 | |
Class B [Member] | ||
Class Of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 121 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Revenues [Abstract] | ||
Net revenues | $1,742.20 | $1,728.50 |
Operating costs and expenses | ||
Cost of sales | 1,448.30 | 1,467.30 |
Selling, general and administrative | 51.6 | 60.5 |
Research and development | 7 | 6.3 |
Total operating costs and expenses | 1,506.90 | 1,534.10 |
Operating income | 235.3 | 194.4 |
Interest expense and financing fee amortization | -17.9 | -35.4 |
Other (expense) income, net | -6.4 | 1.3 |
Income before income taxes and equity in net income of affiliate | 211 | 160.3 |
Income tax provision | -29.4 | -6.9 |
Income before equity in net income of affiliate | 181.6 | 153.4 |
Equity in net income of affiliate | 0.3 | 0.2 |
Net income | $181.90 | $153.60 |
Earnings per share | ||
Basic (in dollars per share) | $1.31 | $1.08 |
Diluted (in dollars per share) | $1.30 | $1.07 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $181.90 | $153.60 |
Changes in other comprehensive (loss) income, net of tax: | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1.1 | 0 |
Foreign currency translation adjustments | -12.7 | 0.4 |
Unrealized foreign exchange loss on intercompany loan, net of tax effect of $0.6 and $0.1 for the three months ended, respectively | -2.4 | -0.2 |
Total other comprehensive (loss) income | -14 | 0.2 |
Total comprehensive income | $167.90 | $153.80 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $0 | $0 |
Unrealized exchange (loss) on intercompany loan, tax | $0.60 | $0.10 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Apr. 02, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $749.50 | $377.90 |
Accounts receivable, net | 601 | 605.6 |
Inventory, net | 1,702.40 | 1,753 |
Deferred tax asset - current | 39 | 53.2 |
Other current assets | 69.1 | 262.4 |
Total current assets | 3,161 | 3,052.10 |
Property, plant and equipment, net | 1,776.70 | 1,783.60 |
Pension assets | 210.5 | 203.4 |
Other assets | 124.5 | 123.6 |
Total assets | 5,272.70 | 5,162.70 |
Current liabilities | ||
Accounts payable | 679.2 | 611.2 |
Accrued expenses | 256.9 | 329.1 |
Profit sharing | 20.5 | 111.8 |
Current portion of long-term debt | 30.2 | 9.4 |
Advance payments, short-term | 145.5 | 118.6 |
Deferred revenue, short-term | 39.3 | 23.4 |
Deferred grant income liability - current | 10.3 | 10.2 |
Other current liabilities | 45.9 | 45.1 |
Total current liabilities | 1,227.80 | 1,258.80 |
Liabilities Noncurrent | ||
Long-term debt | 1,115.10 | 1,144.10 |
Advance payments, long-term | 643.3 | 680.4 |
Pension/OPEB obligation | 74.7 | 73 |
Deferred grant income liability - non-current | 91.9 | 96.1 |
Deferred revenue and other deferred credits | 67.3 | 27.5 |
Other liabilities | 258.2 | 260.8 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par value $0.01, 10,000,000 shares authorized, no shares issued | 0 | 0 |
Additional Paid in Capital [Abstract] | ||
Additional paid-in capital | 1,040.10 | 1,035.60 |
AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract | ||
Accumulated other comprehensive loss | -167.8 | -153.8 |
Retained Earnings Accumulated Deficit [Abstract] | ||
Retained earnings | 1,049.40 | 867.5 |
Treasury Stock, Value | -129.2 | 129.2 |
Total shareholders’ equity | 1,793.90 | 1,621.50 |
Noncontrolling interest | 0.5 | 0.5 |
Total equity | 1,794.40 | 1,622 |
Total liabilities and equity | 5,272.70 | 5,162.70 |
Class A [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common stock | 1.4 | 1.4 |
Class B [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common stock | $0 | $0 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Apr. 02, 2015 | Dec. 31, 2014 |
Shareholders' equity | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury Stock, Shares | 4,000,000 | 4,000,000 |
Class A [Member] | ||
Shareholders' equity | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 141,678,165 | 141,084,378 |
Class B [Member] | ||
Shareholders' equity | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 121 | 4,745 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Operating activities | ||
Net income | $181.90 | $153.60 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation expense | 43.6 | 41.3 |
Amortization expense | 0.5 | 4.7 |
Amortization of deferred financing fees | 4.2 | 15.7 |
Accretion of customer supply agreement | 0.4 | 0.1 |
Employee stock compensation expense | 6.9 | 3.7 |
Excess tax benefit of share-based payment arrangements | 0 | -0.5 |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | -0.5 | 0 |
Loss (gain) from hedge contracts | 1.6 | -0.6 |
Loss from foreign currency transactions | 6.4 | 1.8 |
Deferred taxes | 1.2 | -0.3 |
Increase (Decrease) in Pension and Postretirement Obligations | -6.1 | -8 |
Grant income | -2.6 | -2 |
Equity in net income of affiliate | -0.3 | -0.2 |
Changes in assets and liabilities | ||
Accounts receivable | 0.3 | -196.7 |
Inventory, net | 33.8 | -51.6 |
Accounts payable and accrued liabilities | -10.2 | 50.6 |
Profit sharing/deferred compensation | -91.1 | -21.7 |
Advance payments | -10.2 | -30.6 |
Income taxes receivable/payable | 198 | 72.5 |
Deferred revenue and other deferred credits | 56.7 | 4.8 |
Other | 8.7 | 8.4 |
Net cash provided by operating activities | 423.7 | 45 |
Investing activities | ||
Purchase of property, plant and equipment | -40.3 | -53 |
Proceeds from sale of assets | 0 | 0.1 |
Net cash used in investing activities | -40.3 | -52.9 |
Proceeds from Issuance of Long-term Debt | 535 | 0 |
Financing activities | ||
Proceeds from issuance of bonds | 0 | 300 |
Principal payments of debt | -7.5 | -9.5 |
Repayments of Debt | -534.9 | 0 |
Payments on bonds | 0 | 227.2 |
Excess tax benefit of share-based payment arrangements | 0 | 0.5 |
Debt issuance and financing costs | -4.7 | -19.2 |
Increase (Decrease) in Restricted Cash | 0 | 72.8 |
Net cash used in financing activities | -12.1 | -28.2 |
Effect of exchange rate changes on cash and cash equivalents | 0.3 | -2.5 |
Net increase (decrease) in cash and cash equivalents for the period | 371.6 | -38.6 |
Cash and cash equivalents, beginning of period | 377.9 | 420.7 |
Cash and cash equivalents, end of period | $749.50 | $382.10 |
Organization_and_Basis_of_Inte
Organization and Basis of Interim Presentation | 3 Months Ended |
Apr. 02, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Interim Presentation | Organization and Basis of Interim Presentation |
Spirit AeroSystems Holdings, Inc. ("Holdings" or the "Company") was incorporated in the state of Delaware on February 7, 2005, and commenced operations on June 17, 2005 through the acquisition of Boeing's operations in Wichita, Kansas; Tulsa, Oklahoma; and McAlester, Oklahoma (the "Boeing Acquisition") by an investor group led by Onex Partners LP and Onex Corporation (together with its affiliates, "Onex"). Holdings provides manufacturing and design expertise in a wide range of fuselage, propulsion and wing products and services for aircraft original equipment manufacturers ("OEM") and operators through its subsidiary, Spirit AeroSystems, Inc. ("Spirit"). The Company has its headquarters in Wichita, Kansas, with manufacturing facilities in Tulsa and McAlester, Oklahoma; Prestwick, Scotland; Wichita, Kansas; Kinston, North Carolina and Subang, Malaysia. The Company has assembly facilities in Saint-Nazaire, France, and Chanute, Kansas. | |
The Company is the majority participant in the Kansas Industrial Energy Supply Company ("KIESC"), a tenancy-in-common with other Wichita companies established to purchase natural gas. | |
The Company participates in a joint venture, Taikoo Spirit AeroSystems Composite Co. Ltd. ("TSACCL"), of which Spirit's ownership interest is 31.5%. TSACCL was formed to develop and implement a state of the art composite and metal bond component repair station in the Asia-Pacific region. | |
In August 2014, Onex sold its remaining investment in the Company in a secondary offering of the Company's class A common stock. | |
In December 2014, Spirit divested its G280 and G650 programs, consisting of the design, manufacture and support of structural components for the Gulfstream G280 and G650 aircraft in Spirit’s facilities in Tulsa, Oklahoma, to Triumph Aerostructures - Tulsa, LLC, a wholly-owned subsidiary of Triumph Group Inc. ("Triumph"). | |
The accompanying unaudited interim condensed consolidated financial statements include the Company’s financial statements and the financial statements of its majority-owned or controlled subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the instructions to Form 10-Q and Article 10 of Regulation S-X. The Company's fiscal quarters are 13 weeks in length. Because the Company's fiscal year ends on December 31, the number of days in the Company's first and fourth quarters varies slightly from year to year. The year-end condensed balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. The Company's investment in TSACCL, in which the Company does not have a controlling interest, is accounted for under the equity method. KIESC is fully consolidated as the Company owns 77.8% of the entity’s equity. All intercompany balances and transactions have been eliminated in consolidation. The Company’s U.K. subsidiary uses local currency, the British pound, as its functional currency; the Malaysian subsidiary uses the British pound and the Singapore subsidiary uses the Singapore dollar. All other foreign subsidiaries and branches use the U.S. dollar as their functional currency. | |
As part of the monthly consolidation process, the Company's international entities that have functional currencies other than the U.S. dollar are translated to U.S. dollars using the end-of-month translation rate for balance sheet accounts and average period currency translation rates for revenue and income accounts. | |
In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of operations for the interim periods. The results of operations for the three months ended April 2, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Certain reclassifications have been made to the prior year financial statements and notes to conform to the 2015 presentation. | |
In connection with the preparation of the condensed consolidated financial statements, the Company evaluated subsequent events through the date the financial statements were issued. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company's 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2015 and subsequently amended on Form 10-K/A filed with the SEC on March 6, 2015 (the "2014 Form 10-K"). |
Changes_in_Estimates
Changes in Estimates | 3 Months Ended | ||||||
Apr. 02, 2015 | |||||||
Changes in Estimates [Abstract] | |||||||
Change In Estimate [Text Block] | 3. Changes in Estimates | ||||||
The Company has a Company-wide quarterly Estimate at Completion (EAC) process in which management assesses the progress and performance of the Company's contracts. This process requires management to review each program’s progress towards completion by evaluating the program schedule, changes to identified risks and opportunities, changes to estimated contract revenues and estimated contract costs over the current contract block, and any outstanding contract matters. Risks and opportunities include management's judgment about the cost associated with a program’s ability to achieve the schedule, technical requirements (e.g., a newly-developed product versus a mature product), and any other contract requirements. The majority of the Company's fixed priced contracts are life of aircraft program contracts. Due to the span of years it may take to complete a contract block and the scope and nature of the work required to be performed on those contracts, the estimation of total revenue and costs at completion is complicated and subject to many variables and, accordingly, is subject to change. When adjustments in estimated total contract block revenue or estimated total cost are required, any changes from prior estimates for delivered units are recognized in the current period as a cumulative catch-up adjustment for the inception-to-date effect of such changes. Cumulative catch-up adjustments are driven by several factors including improved production efficiencies, assumed rate of production, the rate of overhead absorption, changes to scope of work and contract modifications. When estimates of total costs to be incurred on a contract block exceed estimates of total revenue to be earned, a provision for the entire loss on the contract block is recorded in the period in which the loss is determined. Changes in estimates are summarized below: | |||||||
For the Three Months Ended | |||||||
Changes in Estimates | 2-Apr-15 | 3-Apr-14 | |||||
Favorable Cumulative Catch-up Adjustment by Segment | |||||||
Fuselage | $ | 2.7 | $ | 9 | |||
Propulsion | 9.3 | 4.8 | |||||
Wing | — | 2.8 | |||||
Total Favorable Cumulative Catch-up Adjustment | $ | 12 | $ | 16.6 | |||
Changes in Estimates on Loss Programs and (Forward Loss) | |||||||
Fuselage | |||||||
Boeing - All other platforms | $ | 2.9 | $ | — | |||
Other Platforms | — | (0.9 | ) | ||||
Total Fuselage Change in Estimate on Loss Programs and (Forward Loss) | $ | 2.9 | $ | (0.9 | ) | ||
Wing | |||||||
Other Platforms | $ | — | $ | (0.3 | ) | ||
Total Wing Forward Loss | $ | — | $ | (0.3 | ) | ||
Total Change in Estimate on Loss Programs and (Forward Loss) | $ | 2.9 | $ | (1.2 | ) | ||
Total Change in Estimate | $ | 14.9 | $ | 15.4 | |||
EPS Impact (diluted per share based upon statutory rates) | $ | 0.07 | $ | 0.07 | |||
The Company is currently working on several new and maturing programs which are in various stages of development, including the B787, A350 XWB and Rolls-Royce BR725 programs. These programs carry risks associated with design responsibility, development of production tooling, production inefficiencies during the initial phases of production, hiring and training of qualified personnel, increased capital and funding commitments, supplier performance, delivery schedules and unique customer requirements. The Company has previously recorded forward loss charges on these programs. If the risks related to these programs are not mitigated, then the Company could record additional forward loss charges. |
Accounts_Receivable_net
Accounts Receivable, net | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Accounts Receivable, Net, Current [Abstract] | ||||||||
Accounts Receivable, net | Accounts Receivable, net | |||||||
Accounts receivable, net consists of the following: | ||||||||
April 2, | December 31, | |||||||
2015 | 2014 | |||||||
Trade receivables(1)(2) | $ | 589.7 | $ | 598.4 | ||||
Other | 11.8 | 7.7 | ||||||
Less: allowance for doubtful accounts | (0.5 | ) | (0.5 | ) | ||||
Accounts receivable, net | $ | 601 | $ | 605.6 | ||||
-1 | Includes unbilled receivables of $26.0 at both April 2, 2015 and December 31, 2014. | |||||||
-2 | Includes $135.1 held in retainage by a customer at December 31, 2014. | |||||||
Accounts receivable, net includes unbilled receivables on long-term aerospace contracts, comprised principally of revenue recognized on contracts for which amounts were earned but not contractually billable as of the balance sheet date, or amounts earned for which the recovery will occur over the term of the contract, which could exceed one year. |
Inventory
Inventory | 3 Months Ended | |||||||||||||||||||||||
Apr. 02, 2015 | ||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||
Inventory | Inventory | |||||||||||||||||||||||
Inventories are summarized as follows: | ||||||||||||||||||||||||
April 2, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Raw materials | $ | 246.1 | $ | 254.5 | ||||||||||||||||||||
Work-in-process | 841.7 | 885.7 | ||||||||||||||||||||||
Finished goods | 51.6 | 46.7 | ||||||||||||||||||||||
Product inventory | 1,139.40 | 1,186.90 | ||||||||||||||||||||||
Capitalized pre-production | 223 | 223.4 | ||||||||||||||||||||||
Deferred production | 1,239.20 | 1,244.30 | ||||||||||||||||||||||
Forward loss provision | (899.2 | ) | (901.6 | ) | ||||||||||||||||||||
Total inventory, net | $ | 1,702.40 | $ | 1,753.00 | ||||||||||||||||||||
Capitalized pre-production costs include certain contract costs, including applicable overhead, incurred before a product is manufactured on a recurring basis. Significant statement of work changes considered not reimbursable by the customer can also cause pre-production costs to be incurred. These costs are typically amortized over a certain number of shipset deliveries. | ||||||||||||||||||||||||
Deferred production includes costs for the excess of production costs over the estimated average cost per shipset, and credit balances for favorable variances on contracts between actual costs incurred and the estimated average cost per shipset for units delivered under the current production blocks. Recovery of excess-over-average deferred production costs is dependent on the number of shipsets ultimately sold and the ultimate selling prices and lower production costs associated with future production under these contract blocks. The Company believes these amounts will be fully recovered. Sales significantly under estimates or costs significantly over estimates could result in losses on these contracts in future periods. | ||||||||||||||||||||||||
Provisions for anticipated losses on contract blocks are recorded in the period in which they become evident (“forward losses”) and included in inventory with any remaining amount reflected in accrued contract liabilities. | ||||||||||||||||||||||||
Non-recurring production costs include design and engineering costs and test articles. | ||||||||||||||||||||||||
Inventories are summarized by platform and costs below: | ||||||||||||||||||||||||
April 2, 2015 | ||||||||||||||||||||||||
Product Inventory | ||||||||||||||||||||||||
Inventory | Non-Recurring | Capitalized Pre- | Deferred | Forward Loss | Total Inventory, | |||||||||||||||||||
Production | Production | Provision | net April 2, 2015 | |||||||||||||||||||||
B787 | 228.4 | 0.1 | 87 | 528.2 | (606.0 | ) | 237.7 | |||||||||||||||||
Boeing - All other platforms(1) | 476.7 | 11.9 | 6.3 | (15.1 | ) | (36.8 | ) | 443 | ||||||||||||||||
A350 XWB | 131 | 54.6 | 96.4 | 629.3 | (119.7 | ) | 791.6 | |||||||||||||||||
Airbus - All other platforms | 74 | — | — | 5.6 | — | 79.6 | ||||||||||||||||||
Rolls-Royce BR725(2) | 16.5 | — | 33.3 | 86.9 | (136.7 | ) | — | |||||||||||||||||
Aftermarket | 48.6 | — | — | — | — | 48.6 | ||||||||||||||||||
Other platforms | 87.3 | 10.3 | — | 4.3 | — | 101.9 | ||||||||||||||||||
Total | $ | 1,062.50 | $ | 76.9 | $ | 223 | $ | 1,239.20 | $ | (899.2 | ) | $ | 1,702.40 | |||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Product Inventory | ||||||||||||||||||||||||
Inventory | Non-Recurring | Capitalized Pre- | Deferred | Forward Loss | Total Inventory, | |||||||||||||||||||
Production | Production | Provision | net December 31, | |||||||||||||||||||||
2014 | ||||||||||||||||||||||||
B787 | 227.9 | — | 102.7 | 551.6 | (606.0 | ) | 276.2 | |||||||||||||||||
Boeing - All other platforms(1) | 497.4 | 7.7 | 7.4 | (8.9 | ) | (38.8 | ) | 464.8 | ||||||||||||||||
A350 XWB | 148.7 | 35.6 | 76.4 | 607.6 | (120.1 | ) | 748.2 | |||||||||||||||||
Airbus - All other platforms | 82.1 | — | — | 5.6 | — | 87.7 | ||||||||||||||||||
Rolls-Royce BR725(2) | 17.5 | — | 35.4 | 83.8 | (136.7 | ) | — | |||||||||||||||||
Aftermarket | 45.2 | 0.2 | — | — | — | 45.4 | ||||||||||||||||||
Other platforms | 113.5 | 11.1 | 1.5 | 4.6 | — | 130.7 | ||||||||||||||||||
Total | $ | 1,132.30 | $ | 54.6 | $ | 223.4 | $ | 1,244.30 | $ | (901.6 | ) | $ | 1,753.00 | |||||||||||
-1 | Forward loss charges recorded in prior periods on a program within Boeing - All other platforms exceeded the total inventory balance. The excess of the charge over program inventory is classified as a contract liability and reported in other current liabilities on the Condensed Consolidated Balance Sheet. The total contract liability was $1.1 and $2.1 as of April 2, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||
-2 | Forward loss charges recorded in prior periods on the Rolls-Royce BR725 program exceeded the total inventory balance. The excess of the charge over program inventory is classified as a contract liability and reported in other current liabilities on the Condensed Consolidated Balance Sheet. The total contract liability was $12.2 as of both April 2, 2015 and December 31, 2014. | |||||||||||||||||||||||
The following is a roll forward of the capitalized pre-production costs included in the inventory balance at April 2, 2015: | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 223.4 | ||||||||||||||||||||||
Charges to costs and expenses | (21.5 | ) | ||||||||||||||||||||||
Capitalized costs | 21.1 | |||||||||||||||||||||||
Balance, April 2, 2015 | $ | 223 | ||||||||||||||||||||||
The following is a roll forward of the deferred production costs included in the inventory balance at April 2, 2015: | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 1,244.30 | ||||||||||||||||||||||
Charges to costs and expenses | (163.6 | ) | ||||||||||||||||||||||
Capitalized costs | 167.5 | |||||||||||||||||||||||
Exchange rate | (9.0 | ) | ||||||||||||||||||||||
Balance, April 2, 2015 | $ | 1,239.20 | ||||||||||||||||||||||
Significant amortization of capitalized pre-production and deferred production inventory will occur over the following contract blocks: | ||||||||||||||||||||||||
Model | Contract Block | Orders(1) | ||||||||||||||||||||||
Quantity | ||||||||||||||||||||||||
B787 | 500 | 847 | ||||||||||||||||||||||
A350 XWB | 400 | 780 | ||||||||||||||||||||||
Rolls-Royce BR725 | 350 | 196 | ||||||||||||||||||||||
-1 | Orders are from the published firm-order backlogs of Airbus and Boeing. For all other programs, orders represent purchase orders received from OEMs and are not reflective of OEM sales backlog. Orders reported are total block orders, including delivered units. | |||||||||||||||||||||||
Current block deliveries are as follows: | ||||||||||||||||||||||||
Model | Current Block | |||||||||||||||||||||||
Deliveries | ||||||||||||||||||||||||
B787 | 314 | |||||||||||||||||||||||
A350 XWB | 33 | |||||||||||||||||||||||
Rolls-Royce BR725 | 148 | |||||||||||||||||||||||
Contract block quantities are projected to fully absorb the balance of deferred production inventory. Capitalized pre-production and deferred production inventories are at risk to the extent that the Company does not achieve the orders in the forecasted blocks or if future actual costs exceed current projected estimates, as those categories of inventory are recoverable over future deliveries. In the case of capitalized pre-production this may be over multiple blocks. Should orders not materialize in future periods to fulfill the block, potential forward loss charges may be necessary to the extent the final delivered quantity does not absorb deferred inventory costs. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment, net | Property, Plant and Equipment, net | |||||||
Property, plant and equipment, net consists of the following: | ||||||||
April 2, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 16.5 | $ | 17.1 | ||||
Buildings (including improvements) | 570.3 | 572.9 | ||||||
Machinery and equipment | 1,138.00 | 1,125.50 | ||||||
Tooling | 854.4 | 841.2 | ||||||
Capitalized software | 214.7 | 208.3 | ||||||
Construction-in-progress | 142.3 | 138.3 | ||||||
Total | 2,936.20 | 2,903.30 | ||||||
Less: accumulated depreciation | (1,159.5 | ) | (1,119.7 | ) | ||||
Property, plant and equipment, net | $ | 1,776.70 | $ | 1,783.60 | ||||
Interest costs associated with construction-in-progress are capitalized until the assets are completed and ready for use. Capitalized interest was $1.3 and $1.0 for the three months ended April 2, 2015 and April 3, 2014, respectively. Repair and maintenance costs are expensed as incurred. The Company recognized repair and maintenance costs of $30.3 and $23.9 for the three months ended April 2, 2015 and April 3, 2014, respectively. | ||||||||
The Company capitalizes certain costs, such as software coding, installation and testing, that are incurred to purchase or to create and implement internal-use computer software. Depreciation expense related to capitalized software was $4.2 and $4.0 for the three months ended April 2, 2015 and April 3, 2014, respectively. | ||||||||
The Company reviews capital and amortizing intangible assets (long-lived assets) for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company evaluated its long-lived assets at its locations and determined no impairment was necessary for the period ended April 2, 2015. |
Other_Assets
Other Assets | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Other Assets, Noncurrent [Abstract] | ||||||||
Other Assets | Other Assets | |||||||
Other assets are summarized as follows: | ||||||||
April 2, | December 31, | |||||||
2015 | 2014 | |||||||
Intangible assets | ||||||||
Patents | $ | 1.9 | $ | 1.9 | ||||
Favorable leasehold interests | 6.3 | 6.3 | ||||||
Total intangible assets | 8.2 | 8.2 | ||||||
Less: Accumulated amortization - patents | (1.5 | ) | (1.5 | ) | ||||
Accumulated amortization - favorable leasehold interest | (3.6 | ) | (3.5 | ) | ||||
Intangible assets, net | 3.1 | 3.2 | ||||||
Deferred financing | ||||||||
Deferred financing costs | 105.9 | 101.2 | ||||||
Less: Accumulated amortization - deferred financing costs(1) | (83.7 | ) | (79.5 | ) | ||||
Deferred financing costs, net | 22.2 | 21.7 | ||||||
Other | ||||||||
Goodwill - Europe | 2.7 | 2.9 | ||||||
Equity in net assets of affiliates | 2.2 | 1.9 | ||||||
Customer supply agreement(2) | 32.7 | 34.3 | ||||||
Restricted Cash | 19.9 | 19.9 | ||||||
Other | 41.7 | 39.7 | ||||||
Total | $ | 124.5 | $ | 123.6 | ||||
-1 | Includes charges related to debt extinguishment of $3.1 and $15.1 for the periods ended April 2, 2015 and December 31, 2014, respectively. | |||||||
-2 | Under an agreement with the Company's customer Airbus, certain payments accounted for as consideration given by the Company to Airbus are being amortized as a reduction to net revenues. |
Advance_Payments_and_Deferred_
Advance Payments and Deferred Revenue/Credits | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Advance Payments And Deferred Revenue Credits [Abstract] | ||||||||
Advance Payments And Deferred Revenue Credits | Advance Payments and Deferred Revenue/Credits | |||||||
Advance payments. Advance payments are those payments made to Spirit by customers in contemplation of the future performance of services, receipt of goods, incurrence of expenditures, or for other assets to be provided by Spirit under a contract and are repayable if such obligation is not satisfied. The amount of advance payments to be recovered against production units expected to be delivered within a year is classified as a short-term liability on the Company's consolidated balance sheet, with the balance of the unliquidated advance payments classified as a long-term liability. | ||||||||
On April 8, 2014, the Company signed a memorandum of agreement with Boeing which suspended advance repayments related to the B787 program for a period of twelve months beginning April 1, 2014. Repayment recommenced on April 1, 2015 and any repayments which otherwise would have become due during such twelve-month period will be offset against the purchase price for shipset 1,001 and beyond. | ||||||||
Deferred revenue/credits. Deferred revenue/credits generally consist of nonrefundable amounts received in advance of revenue being earned for specific contractual deliverables or amounts that could be required to be refunded if certain performance obligations or conditions are not met. These payments are classified as deferred revenue/credits on the Company's Condensed Consolidated Balance Sheet when received and recognized as revenue as the production units are delivered or performance obligations or conditions are met. | ||||||||
Advance payments and deferred revenue/credits are summarized by platform as follows: | ||||||||
April 2, | December 31, | |||||||
2015 | 2014 | |||||||
B787 | $ | 637 | $ | 581.1 | ||||
Boeing - All other platforms | 15.8 | 16.4 | ||||||
A350 XWB | 219.6 | 224.3 | ||||||
Airbus — All other platforms | 3.6 | 4.1 | ||||||
Other | 19.4 | 24 | ||||||
Total advance payments and deferred revenue/credits | $ | 895.4 | $ | 849.9 | ||||
Government_Grants
Government Grants | 3 Months Ended | |||
Apr. 02, 2015 | ||||
Government Grants [Abstract] | ||||
Government Grants | Government Grants | |||
The Company received grants in the form of government funding for a portion of the site construction and other specific capital asset costs at the Company's Kinston, North Carolina and Subang, Malaysia sites. Deferred grant income is being amortized as a reduction to production cost. This amortization is based on specific terms associated with the different grants. In North Carolina, the deferred grant income related to the capital investment criteria, which represents half of the grant, is being amortized over the lives of the assets purchased to satisfy the capital investment performance criteria. The other half of the deferred grant income is being amortized over a ten-year period, which began in 2010, in a manner consistent with the job performance criteria. In Malaysia, the deferred grant income is being amortized based on the estimated lives of the eligible assets constructed with the grant funds as there are no performance criteria. The assets related to deferred grant income are consolidated within property, plant, and equipment. | ||||
Deferred grant income liability, net consists of the following: | ||||
Balance, December 31, 2014 | $ | 106.3 | ||
Grant liability amortized | (0.7 | ) | ||
Grant income recognized | (1.9 | ) | ||
Exchange rate | (1.5 | ) | ||
Total asset value related to deferred grant income, April 2, 2015 | $ | 102.2 | ||
The asset related to the deferred grant income consists of the following: | ||||
Balance, December 31, 2014 | $ | 113.2 | ||
Amortization | (1.3 | ) | ||
Exchange rate | (1.4 | ) | ||
Total asset value related to deferred grant income, April 2, 2015 | $ | 110.5 | ||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Apr. 02, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||
FASB’s authoritative guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance discloses three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||||||
Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market. | |||||||||||||||||||||||
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Observable inputs, such as current and forward interest rates and foreign exchange rates, are used in determining the fair value of the interest rate swaps and foreign currency hedge contracts. | ||||||||||||||||||||||||
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets and liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
2-Apr-15 | At April 2, 2015 using | |||||||||||||||||||||||
Description | Total Carrying | Assets | Liabilities | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Amount in | Measured at | Measured at Fair | Active Markets | Other | Unobservable | |||||||||||||||||||
Balance Sheet | Fair Value | Value | for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Money Market Fund | $ | 205.4 | $ | 205.4 | $ | — | $ | 205.4 | $ | — | $ | — | ||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
31-Dec-14 | At December 31, 2014 using | |||||||||||||||||||||||
Description | Total Carrying | Assets | Liabilities | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Amount in | Measured at | Measured at Fair | Active Markets | Other | Unobservable | |||||||||||||||||||
Balance Sheet | Fair Value | Value | for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Money Market Fund | $ | 88.3 | $ | 88.3 | $ | — | $ | 88.3 | $ | — | $ | — | ||||||||||||
Interest Rate Swaps | $ | (1.1 | ) | $ | — | $ | (1.1 | ) | $ | — | $ | (1.1 | ) | $ | — | |||||||||
The fair value of the interest rate swaps is determined by using mark-to-market reports generated for each derivative and evaluated for counterparty risk. In the case of the interest rate swaps, the Company evaluated its counterparty risk using credit default swaps, historical default rates and credit spreads. | ||||||||||||||||||||||||
The Company’s long-term debt includes a senior secured term loan, senior unsecured notes and the Malaysian term loan. The estimated fair value of the Company's debt obligations is based on the quoted market prices for such obligations or the historical default rate for debt with similar credit ratings. The following table presents the carrying amount and estimated fair value of long-term debt: | ||||||||||||||||||||||||
2-Apr-15 | 31-Dec-14 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||
Senior secured term loan A (including current portion) | $ | 528.3 | $ | 525 | -2 | $ | — | $ | — | |||||||||||||||
Senior secured term loan B (including current portion) | — | — | -1 | $ | 534.4 | $ | 527.1 | -1 | ||||||||||||||||
Senior unsecured notes due 2020 | 300 | 319.1 | -1 | 300 | 320.3 | -1 | ||||||||||||||||||
Senior unsecured notes due 2022 | 299.5 | 313 | -1 | 299.5 | 304.7 | -1 | ||||||||||||||||||
Malaysian loan | 5.7 | 5 | -2 | 6.7 | 5.8 | -2 | ||||||||||||||||||
Total | $ | 1,133.50 | $ | 1,162.10 | $ | 1,140.60 | $ | 1,157.90 | ||||||||||||||||
-1 | Level 1 Fair Value hierarchy | |||||||||||||||||||||||
-2 | Level 2 Fair Value hierarchy |
Derivative_and_Hedging_Activit
Derivative and Hedging Activities | 3 Months Ended | ||||||||||||||||||
Apr. 02, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative and Hedging Activities | Derivative and Hedging Activities | ||||||||||||||||||
The Company has historically entered into interest rate swap agreements to reduce its exposure to the variable rate portion of its long-term debt. On the inception date, the Company designates a derivative contract as either a fair value or cash flow hedge and links the contract to either a specific asset or liability on the balance sheet, or to forecasted commitments or transactions. The Company assesses, both at the hedges' inception and on a quarterly basis, whether the derivative item is effective in offsetting changes in fair value or cash flows. Any gains or losses on hedges are included in earnings when the underlying transaction that was hedged occurs. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. | |||||||||||||||||||
The Company has historically entered into derivative instruments covered by master netting arrangements whereby, in the event of a default as defined by the senior secured credit facility or termination event, the non-defaulting party has the right to offset any amounts payable against any obligation of the defaulting party under the same counterparty agreement. All assets of the Company are pledged as collateral for both the term loan and the revolving credit facility under the Company’s senior secured credit facility. See Note 12, Debt for discussion of the Company's senior secured credit facilities. | |||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||
During the first quarter of 2015, as a result of Amendment No. 5 to its Credit Agreement, the Company unwound its interest rate swap agreements which had a notional amount of $250.0. The company recognized a loss of $0.4 as a result of unwinding these interest rate swaps. This loss on derivatives not designated as hedging instruments is included in Other Expense on the Consolidated Statement of Operations for the three months ended April 2, 2015. In total, the Company paid $2.0 as a result of the settlement of the interest rate swap agreements. | |||||||||||||||||||
As of April 2, 2015, the Company had no outstanding interest rate swap agreements. At December 31, 2014, the fair value of interest rate swaps designated as hedging instruments was a liability of $1.1. | |||||||||||||||||||
The impact on other comprehensive income ("OCI") and earnings from cash flow hedges for the three months ended April 2, 2015 and April 3, 2014 was as follows: | |||||||||||||||||||
Location of Gain (Loss) Reclassified from Accumulated | Amount of Gain (Loss) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||||||
OCI into Income | Reclassified from | ||||||||||||||||||
(Effective Portion) | Accumulated OCI | ||||||||||||||||||
into Income | |||||||||||||||||||
(Effective Portion) | |||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||
2-Apr-15 | 3-Apr-14 | 2-Apr-15 | 3-Apr-14 | ||||||||||||||||
Interest expense | $ | (0.5 | ) | $ | — | Other (expense) income | $ | (1.6 | ) | $ | (0.1 | ) | |||||||
Total | $ | (0.5 | ) | $ | — | Total | $ | (1.6 | ) | $ | (0.1 | ) | |||||||
Debt
Debt | 3 Months Ended | |||||||||||||
Apr. 02, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt | Debt | |||||||||||||
Total debt shown on the balance sheet is comprised of the following: | ||||||||||||||
2-Apr-15 | 31-Dec-14 | |||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||
Senior secured term loan A | $ | 26.8 | $ | 501.5 | $ | — | $ | — | ||||||
Senior secured term loan B | — | — | 5.5 | 528.9 | ||||||||||
Senior notes due 2020 | — | 300 | — | 300 | ||||||||||
Senior notes due 2022 | — | 299.5 | — | 299.5 | ||||||||||
Malaysian term loan | 2.5 | 3.2 | 3 | 3.7 | ||||||||||
Present value of capital lease obligations | 0.9 | 10.9 | 0.9 | 12 | ||||||||||
Total | $ | 30.2 | $ | 1,115.10 | $ | 9.4 | $ | 1,144.10 | ||||||
Senior Secured Credit Facilities | ||||||||||||||
On March 18, 2015, Spirit AeroSystems, Inc., as borrower, Spirit AeroSystems Holdings, Inc., as parent guarantor, and certain of its subsidiaries entered into Amendment No. 5 (the “Amendment”) to the Company's senior secured Credit Agreement, dated as of April 18, 2012, as amended by Amendment No. 1, dated as of October 26, 2012, Amendment No. 2, dated as of August 2, 2013, Amendment No. 3, dated as of March 18, 2014 and Amendment No. 4, dated as of June 3, 2014 (the "Credit Agreement"). The Amendment provided for a new $535.0 senior secured term loan A (the “Term Loan”) with a maturity date of March 18, 2020, which replaces the term loan B which had an amount outstanding of approximately $534.9 (the “Term Loan B”) that was scheduled to mature on September 15, 2020. The Term Loan bears interest, at Spirit’s option, at either LIBOR plus 1.75% or a defined “base rate” plus 0.75%, subject to adjustment to amounts between and including LIBOR plus 1.75% and LIBOR plus 2.50% (or amounts between and including base rate plus 0.75% and base rate plus 1.50%, as applicable) based on changes to Spirit’s debt-to-EBITDA ratio. The principal obligations under the Term Loan are to be repaid in equal quarterly installments of $6.7, with the remaining balance due at maturity of the Term Loan. The Amendment maintained substantially the same prepayment requirements and covenant structure under the Credit Agreement, and provided the Company with some additional flexibility with respect to certain activities. Spirit used the proceeds of the Term Loan to pay off the Term Loan B and to pay a portion of the fees and expenses payable in connection with the Amendment. | ||||||||||||||
Substantially all of Spirit's assets, including inventory and property, plant and equipment, continue to be pledged as collateral for both the Term Loan and the revolving credit facility. As of April 2, 2015, the outstanding balance of the Term Loan was $528.3. As a result of extinguishment of the Term Loan B, the Company recognized a loss on extinguishment of debt of $3.6. Of this total charge, $3.1 is reflected within amortization of deferred financing fees and $0.5 is reflected within amortization expense on the Condensed Consolidated Statement of Cash Flows for the three months ended April 2, 2015. | ||||||||||||||
Senior Notes | ||||||||||||||
In November 2010, the Company issued $300.0 in aggregate principal amount of 6.75% Senior Notes due December 15, 2020 (the “2020 Notes”), with interest payable, in cash in arrears, on June 15 and December 15 of each year, beginning June 15, 2011. The 2020 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and Spirit’s existing and future domestic subsidiaries that guarantee Spirit’s obligations under Spirit’s senior secured credit facility. The carrying value of the 2020 Notes was $300.0 as of April 2, 2015. | ||||||||||||||
In March 2014, the Company issued $300.0 in aggregate principal amount of 5.25% Senior Notes due March 15, 2022 (the "2022 Notes") with interest payable, in cash in arrears, on March 15 and September 15 of each year, beginning September 15, 2014. The 2022 Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by the Company and its existing and future domestic subsidiaries that guarantee Spirit's obligations under its amended senior secured credit facility. The carrying value of the 2022 Notes was $299.5 as of April 2, 2015. | ||||||||||||||
Malaysian Facility Agreement | ||||||||||||||
In June 2008, the Company’s wholly-owned subsidiary, Spirit AeroSystems Malaysia SDN BHD entered into a Facility Agreement for a term loan facility for Ringgit Malaysia (“RM”) 69.2 (approximately USD $20.0 equivalent) (the “Malaysia Facility”), with the Malaysian Export-Import Bank. The Malaysia Facility requires quarterly principal repayments of RM3.3 (approximately USD $1.0 equivalent) from September 2011 through May 2017 and quarterly interest payments payable at a fixed interest rate of 3.50% per annum. As of April 2, 2015, the Malaysia Facility loan balance was $5.7. | ||||||||||||||
French Factory Capital Lease Agreement | ||||||||||||||
In July 2009, the Company’s indirect wholly-owned subsidiary, Spirit AeroSystems France SARL entered into a capital lease agreement for €9.0 (approximately USD $13.1 equivalent) with a subsidiary of BNP Paribas Bank to be used towards the construction of the Company's aerospace-related component assembly plant in Saint-Nazaire, France. Lease payments under the capital lease agreement are variable, subject to the three-month Euribor rate plus 2.20%. Lease payments are due quarterly through April 2025. As of April 2, 2015, the Saint-Nazaire capital lease balance was $7.8. | ||||||||||||||
Nashville Design Center Capital Lease Agreement | ||||||||||||||
In September 2012, the Company entered into a capital lease agreement for $2.6 for a portion of an office building in Nashville, Tennessee to be used for design of aerospace components. Lease payments under the capital lease agreement are due monthly, and are subject to yearly rate increases until the end of the lease term of 124 months. As of April 2, 2015, the Nashville Design Center capital lease balance was $2.2. |
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefits | 3 Months Ended | ||||||||
Apr. 02, 2015 | |||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits | ||||||||
Defined Benefit Plans | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
Components of Net Periodic Pension | April 2, | April 3, | |||||||
Income | 2015 | 2014 | |||||||
Service cost | $ | 0.3 | $ | — | |||||
Interest cost | 12 | 12.9 | |||||||
Expected return on plan assets | (20.7 | ) | (22.3 | ) | |||||
Amortization of net loss | 1 | — | |||||||
Net periodic pension income | $ | (7.4 | ) | $ | (9.4 | ) | |||
Other Benefits | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
Components of Other Benefit Expense | April 2, | April 3, | |||||||
2015 | 2014 | ||||||||
Service cost | $ | 0.7 | $ | 0.7 | |||||
Interest cost | 0.6 | 0.7 | |||||||
Net periodic other benefit expense | $ | 1.3 | $ | 1.4 | |||||
Employer Contributions | |||||||||
The Company expects to contribute zero dollars to the U.S. qualified pension plan and a combined total of approximately $5.8 for the Supplemental Executive Retirement Plan (SERP) and post-retirement medical plans in 2015. The Company's projected contributions to the U.K. pension plan for 2015 are zero. The entire amount contributed can vary based on exchange rate fluctuations. |
Stock_Compensation
Stock Compensation | 3 Months Ended | |
Apr. 02, 2015 | ||
Share-based Compensation [Abstract] | ||
Stock Compensation | Stock Compensation | |
Holdings has established various stock compensation plans which include restricted share grants and stock purchase plans. Compensation values are based on the value of Holdings' common stock at the grant date. The common stock value is added to equity and charged to period expense or included in inventory and cost of sales. | ||
The Executive Incentive Plan, Short-Term Incentive Plan ("STIP"), Long-Term Incentive Plan ("LTIP") and Director Stock Plan (collectively referred to as "Prior Plans") were replaced by the Omnibus Incentive Plan (the "Omnibus Plan") in 2014. No new awards will be granted under such Prior Plans. Outstanding awards under the Prior Plans will continue to be governed by the terms of such plans until exercised, expired, or otherwise terminated or canceled. | ||
The Omnibus Plan provides for a Long-Term Incentive Award ("LTIA") for the 2014 plan year and forward. The LTIAs provide both time and performance based incentives. | ||
• | 75% of the LTIA is service-based restricted stock that will vest in equal installments over a three-year period. | |
• | 25% of the LTIA is market-based restricted stock that will vest in the third year contingent upon total shareholder return ("TSR") compared to the Company’s peers. | |
For the three months ended April 2, 2015, the Company recognized a net total of $6.9 of stock compensation expense, which is net of stock forfeitures, and includes expense for the Prior Plans and the LTIA under the Omnibus Plan. For the three months ended April 3, 2014, the Company recognized $3.7 of stock compensation expense, net of forfeitures. The entire stock compensation expense of $6.9 and $3.7, for the three months ended April 2, 2015 and April 3, 2014, respectively, was recorded as selling, general and administrative. | ||
During the first quarter ended April 2, 2015, 428,758 shares of class A common stock with an aggregate grant date fair value of $20.9 were granted under the service-based portion of the Company's LTIA. In addition, 93,640 shares of class A common stock with an aggregate grant date fair value of $6.0 were granted under the market-based portion of the Company's LTIA under the Omnibus Plan and such shares are eligible to vest on the three-year anniversary of the grant date depending on total shareholder return compared to the Company's peers. Additionally, 12,293 shares of class A common stock with an aggregate grant date fair value of $0.6 awarded under the Company's LTIP vested during the quarter ended April 2, 2015. |
Income_Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The process for calculating the Company's income tax expense involves estimating actual current taxes due plus assessing temporary differences arising from differing treatment for tax and accounting purposes that are recorded as deferred tax assets and liabilities. Deferred tax assets are periodically evaluated to determine their recoverability. The total net deferred tax liability at April 2, 2015 and December 31, 2014 was $5.0, resulting in no change in the period ended April 2, 2015. | |
The Company files income tax returns in all jurisdictions in which it operates. The Company establishes reserves to provide for additional income taxes that may be due upon audit. These reserves are established based on management’s assessment as to the potential exposure attributable to permanent tax adjustments and associated interest. All tax reserves are analyzed quarterly and adjustments made as events occur that warrant modification. | |
In general, the Company records income tax expense each quarter based on its best estimate as to the full year’s effective tax rate. Certain items, however, are given discrete period treatment and the tax effects for such items are therefore reported in the quarter that an event arises. Events or items that give rise to discrete recognition may include finalizing amounts in income tax returns filed, finalizing audit examinations for open tax years, expiration of statutes of limitations and changes in tax law. | |
However, the Company has determined that a calculation of an annual effective tax rate would not represent a reliable estimate for its U.S. operations due to historical differences between forecasted and actual U.S. pre-tax earnings and the effect of the Company's U.S. deferred tax valuation allowance, which create results with significant variations in the customary relationship between income tax expense and pre-tax income for the interim periods. Under the discrete method, the Company determines tax expense based upon actual results as if the interim period were an annual period. The discrete method was used for the Company's U.S. pre-tax income and an annual effective rate was used for its international pre-tax income. | |
A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, management assesses all available positive and negative evidence. This evidence includes, but is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses. | |
Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company's prior earnings history including the forward losses previously recognized in the U.S., management determined that it was necessary to continue to maintain a valuation allowance against nearly all of its net U.S. deferred tax assets as of April 2, 2015. At each reporting date, management considers all available positive and negative evidence, both new and historical, that could impact the future realization of deferred tax assets. Management will consider a release of the valuation allowance once there is sufficient positive evidence that it is more likely than not that the deferred tax assets will be realized, or when it is clearly demonstrated that the underlying deferred tax asset has been realized due to positive taxable income in the period the temporary difference was reversed. Any release of the valuation allowance will be recorded as a tax benefit increasing net income or other comprehensive income. | |
The net valuation allowance was decreased by $42.0 for the three months ended April 2, 2015. The reduction reflects the realization of certain deferred tax assets within the Company’s discrete method taxable income calculation and changes in deferred tax assets associated with certain state income tax credits for the three months ended April 2, 2015. To the extent that the Company generates positive taxable income and expects, with reasonable certainty, to continue to generate positive income the Company may release additional valuation allowance in future periods. This release would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period such release is recorded. The release of all or a portion of the valuation allowance may have a significant effect on the Company's tax expense in the period it is released. | |
The Company's income tax expense for 2015 does not reflect any benefit of the U.S. Federal Research Tax Credit attributable to 2015 as the legislation has not been extended beyond December, 2014. Should the legislation be extended during the year, the Company may record additional tax benefits for 2015 Research Tax Credit. | |
The 13.9% effective tax rate for the three months ended April 2, 2015 differs from the 4.3% effective tax rate for the same period of 2014 primarily due to higher U.S. net deferred tax asset valuation allowance decrease in 2015 netted against the release of the Malaysia tax reserve and deferred tax liabilities in the first quarter of 2014 as a result of formal approval of the tax holiday by the Malaysian tax authorities. | |
The Company is participating in the Internal Revenue Service’s Compliance Assurance Process (“CAP”) program for its 2014 tax year. Additionally, the Company has been selected for the Compliance Maintenance phase of the CAP program for its 2015 tax year. The CAP program’s objective is to resolve issues in a timely, contemporaneous manner and eliminate the need for a lengthy post-filing examination. The HM Revenue & Customs completed its examination of the Company's 2009-2011 U.K. income tax returns and the statute of limitations has lapsed on the 2012 tax return. The Directorate General of Public Finance is currently examining the Company's 2011-2013 France income tax returns. While a change could result from the ongoing examinations, the Company expects no material change in its recorded unrecognized tax benefit liability in the next 12 months. |
Equity
Equity | 3 Months Ended | |||||||||||||||||||||
Apr. 02, 2015 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||
Earnings per Share Calculation | ||||||||||||||||||||||
Basic net income per share is computed using the weighted-average number of outstanding shares of common stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the measurement period. | ||||||||||||||||||||||
Subject to preferences that may apply to shares of preferred stock outstanding at the time, holders of the Company’s outstanding common stock are entitled to any dividend declared by the Board of Directors out of funds legally available for this purpose. The Company did not pay any cash dividends in 2014. The Company's future dividend policy will depend on the requirements of financing agreements to which the Company may be a party. Any future determination to pay dividends will be at the discretion of the Company's Board of Directors and will depend upon, among other factors, the Company's results of operations, financial condition, capital requirements and contractual restrictions. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of April 2, 2015, no treasury shares have been reissued or retired. | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||
2-Apr-15 | 3-Apr-14 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic EPS | ||||||||||||||||||||||
Income available to common shareholders | $ | 181.7 | 138.9 | $ | 1.31 | $ | 152.4 | 141.6 | $ | 1.08 | ||||||||||||
Income allocated to participating securities | 0.2 | 0.1 | 1.2 | 1.1 | ||||||||||||||||||
Net income | $ | 181.9 | $ | 153.6 | ||||||||||||||||||
Diluted potential common shares | 1.4 | 1 | ||||||||||||||||||||
Diluted EPS | ||||||||||||||||||||||
Net income | $ | 181.9 | 140.4 | $ | 1.3 | $ | 153.6 | 143.7 | $ | 1.07 | ||||||||||||
The balance of outstanding common shares presented in the Condensed Consolidated Balance Sheets was 141.7 million and 144.7 million at April 2, 2015 and April 3, 2014, respectively. Included in the outstanding common shares were 2.8 million and 3.0 million of issued but unvested shares at April 2, 2015 and April 3, 2014, respectively, which are excluded from the basic EPS calculation. | ||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Accumulated Other Comprehensive Loss is summarized by component as follows: | ||||||||||||||||||||||
As of | As of | |||||||||||||||||||||
April 2, 2015 | 31-Dec-14 | |||||||||||||||||||||
Pension | $ | (129.9 | ) | $ | (130.0 | ) | ||||||||||||||||
Interest rate swaps | — | (1.1 | ) | |||||||||||||||||||
SERP/Retiree medical | 2.1 | 2.1 | ||||||||||||||||||||
Foreign currency impact on long term intercompany loan | (8.1 | ) | (5.7 | ) | ||||||||||||||||||
Currency translation adjustment | (31.9 | ) | (19.1 | ) | ||||||||||||||||||
Total accumulated other comprehensive loss | $ | (167.8 | ) | $ | (153.8 | ) | ||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||||
The balance of noncontrolling interest presented in the consolidated balance sheet as of April 2, 2015 remained unchanged from December 31, 2014 at $0.5. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Apr. 02, 2015 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Related Party Transactions | Related Party Transactions |
In August 2014, in a secondary offering of the Company's class A common stock, Onex sold its remaining shares of the Company's common stock and no longer holds any investment in the Company. For the three months ended April 3, 2014, when Onex was a related party, the Company paid $0.1 to a subsidiary of Onex for services rendered. | |
In December 2014, Onex acquired approximately a 40% interest in Advanced Integration Technologies (“AIT”), a provider of automation and tooling, maintenance services and aircraft components to the aerospace industry and a supplier to the Company. For the three months ended April 2, 2015, sales from AIT to the Company and its subsidiaries were $5.9. The amounts owed to AIT and recorded as accrued liabilities were $1.5 and $3.9 as of April 2, 2015 and December 31, 2014, respectively. Tawfiq Popatia, a former director of Spirit Holdings, is a Managing Director of Onex Corporation. |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 3 Months Ended | |||
Apr. 02, 2015 | ||||
Commitments Contingencies And Guarantees [Abstract] | ||||
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees | |||
Litigation | ||||
From time to time the Company is subject to, and is presently involved in, litigation or other legal proceedings arising in the ordinary course of business. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the meritorious legal defenses available, it is the opinion of the Company that none of these items, when finally resolved, will have a material adverse effect on the Company’s long-term financial position or liquidity. The Company had outstanding obligations in respect of litigation or other legal proceedings of $55.5 and $96.3 as of April 2, 2015 and December 31, 2014, respectively. However, an unexpected adverse resolution of one or more of these items could have a material adverse effect on the results of operations and cash flows in a particular quarter or fiscal year. | ||||
From time to time, in the ordinary course of business and similar to others in the industry, the Company receives requests for information from government agencies in connection with their regulatory or investigational authority. Such requests can include subpoenas or demand letters for documents to assist the government in audits or investigations. The Company reviews such requests and notices and take appropriate action. The Company has been subject to certain requests for information and investigations in the past and could be subject to such requests for information and investigations in the future. Additionally, the Company is subject to federal and state requirements for protection of the environment, including those for disposal of hazardous waste and remediation of contaminated sites. As a result, the Company is required to participate in certain government investigations regarding environmental remediation actions. | ||||
On December 5, 2014, The Boeing Company (“Boeing”) filed a complaint in Delaware Superior Court, Complex Commercial Litigation Division, entitled The Boeing Co. v. Spirit AeroSystems, Inc., No. N14C-12-055 (EMD). Boeing seeks indemnification from Spirit for (a) damages assessed against Boeing in International Union, United Automobile, Aerospace and Agricultural Workers of America v. Boeing Co., AAA Case No. 54 300 00795 07 (the “UAW Arbitration”), which was brought on behalf of certain former Boeing employees in Tulsa and McAlester, Oklahoma, and (b) claims that Boeing allegedly settled in Society of Professional Engineering Employees in Aerospace v. Boeing Co., Nos. 05-1251-MLB, 07-1043-MLB (D. Kan.) (the “Harkness Class Action”). Spirit Holdings, Spirit and certain Spirit retirement plan entities were parties to the Harkness Class Action, but all claims against the Spirit entities were subsequently dismissed. Boeing’s Complaint asserts that the damages assessed against Boeing in the UAW Arbitration and the claims settled by Boeing in the Harkness Class Action are liabilities that Spirit assumed under an Asset Purchase Agreement between Boeing and Spirit, dated February 22, 2005 (the “APA”). Boeing asserts claims for breach of contract and declaratory judgment regarding its indemnification rights under the APA. Boeing alleges that, under the UAW Arbitration decision, Boeing has paid more than $13.0 of a liability Boeing estimates to have a net present value of $39.0. The amount of Boeing’s settlement of the Harkness Class Action has not yet been publicly disclosed and will require court approval. In addition, Boeing seeks indemnification for more than $10.0 in attorneys’ fees it alleges it expended to defend the UAW Arbitration and Harkness Class Action. On December 24, 2014, the parties filed a joint stipulation extending Spirit’s deadline to move, answer or otherwise respond to Boeing’s complaint until February 12, 2015. Spirit timely moved to dismiss the complaint. Spirit intends to defend vigorously against the allegations in this lawsuit. Management believes the resolution of this matter will not materially affect the Company’s financial position, results of operations or liquidity. | ||||
On June 3, 2013, a putative class action lawsuit was commenced against the Company, Jeffrey L. Turner, and Philip D. Anderson in the U.S. District Court for the District of Kansas. The court-appointed lead plaintiffs - two pension funds that claim to represent a class of investors in the Company's stock - filed an amended complaint on April 7, 2014, naming as additional defendants Spirit's Vice President of the B787 Program Terry J. George and former Senior Vice President of Oklahoma Operations Alexander K. Kummant. The amended complaint alleges that defendants engaged in a scheme to artificially inflate the market price of the Company's stock by making false statements and omissions about certain programs' performance and costs. It contends that the alleged scheme was revealed by the Company’s accrual of $590.0 in forward loss charges on October 25, 2012. The lead plaintiffs seek certification of a class of all persons other than defendants who purchased Holdings securities between May 5, 2011 and October 24, 2012, and seek an unspecified amount of damages on behalf of the putative class. In June 2014, the defendants filed a motion to dismiss the claims set forth in the amended complaint. The parties have fully briefed the defendants’ motion, presented oral arguments before the court on February 6, 2015 and are currently awaiting a decision by the district judge. The Company intends to vigorously defend against these allegations, and management believes the resolution of this matter will not materially affect the Company’s financial position, results of operations or liquidity. | ||||
Guarantees | ||||
Outstanding guarantees were $20.5 and $21.6 at April 2, 2015 and December 31, 2014, respectively. | ||||
Restricted Cash | ||||
The Company was required to maintain $19.9 of restricted cash as of both April 2, 2015 and December 31, 2014 related to certain collateral requirements for obligations under its workers’ compensation programs. These collateral requirements were previously supported by letters of credit that were replaced in October 2014. Restricted cash is included in “Other assets” in the Company's Condensed Consolidated Balance Sheets. | ||||
Indemnification | ||||
The Company has entered into customary indemnification agreements with each of its Directors, and some of its executive employment agreements include indemnification provisions. Under those agreements, the Company agrees to indemnify each of these individuals against claims arising out of events or occurrences related to that individual’s service as the Company’s agent or the agent of any of its subsidiaries to the fullest extent legally permitted. | ||||
Service and Product Warranties and Extraordinary Rework | ||||
Provisions for estimated expenses related to service and product warranties and certain extraordinary rework are made at the time products are sold. These costs are accrued at the time of the sale and are recorded to unallocated cost of goods sold. These estimates are established using historical information on the nature, frequency and average cost of warranty claims, including the experience of industry peers. In the case of new development products or new customers, Spirit considers other factors including the experience of other entities in the same business and management judgment, among others. Service warranty and extraordinary work is reported in other liabilities on the Condensed Consolidated Balance Sheet. | ||||
The following is a roll forward of the service warranty and extraordinary rework balance at April 2, 2015: | ||||
Balance, December 31, 2014 | $ | 119.9 | ||
Charges to costs and expenses | 10.5 | |||
Payouts | (0.4 | ) | ||
Exchange rate | (0.1 | ) | ||
Balance, April 2, 2015 | $ | 129.9 | ||
Other_Income_Expense_Net
Other Income (Expense), Net | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||
Other Income (Expense), Net | Other (Expense) Income, Net | |||||||
Other (expense) income, net is summarized as follows: | ||||||||
For the Three Months Ended | ||||||||
April 2, | April 3, | |||||||
2015 | 2014 | |||||||
KDFA bond | $ | 1.2 | $ | 1 | ||||
Rental and miscellaneous (expense)(1) | (1.9 | ) | — | |||||
Interest income | 0.2 | 0.1 | ||||||
Foreign currency (loss) gain | (5.9 | ) | 0.2 | |||||
Total | $ | (6.4 | ) | $ | 1.3 | |||
-1 | Includes $2.0 of losses related to the settlement of interest rate swap agreements as further detailed in Note 11, Derivative and Hedging Activities. | |||||||
Foreign currency (loss) gain is due to the impact of movement in foreign currency exchange rates on an intercompany revolver and long-term contractual rights/obligations, as well as trade and intercompany receivables/payables which are denominated in a currency other than the entity’s functional currency. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
The Company operates in three principal segments: Fuselage Systems, Propulsion Systems and Wing Systems. Substantially all revenues in the three principal segments are from Boeing, with the exception of Wing Systems, which includes revenues from Airbus and other customers. Approximately 95% of the Company’s net revenues for the three months ended April 2, 2015 came from the Company's two largest customers, Boeing and Airbus. All other activities fall within the All Other segment, principally made up of sundry sales of miscellaneous services, tooling contracts and sales of natural gas through a tenancy-in-common with other companies that have operations in Wichita, Kansas. The Company's primary profitability measure to review a segment’s operating performance is segment operating income before corporate selling, general and administrative expenses, research and development and unallocated cost of sales. | ||||||||
Corporate selling, general and administrative expenses include centralized functions such as accounting, treasury and human resources that are not specifically related to the Company's operating segments and are not allocated in measuring the operating segments’ profitability and performance and net profit margins. Research and development includes research and development efforts that benefit the Company as a whole and are not unique to a specific segment. Unallocated cost of sales includes general costs not directly attributable to segment operations, such as warranty, early retirement and other incentives. All of these items are not specifically related to the Company's operating segments and are not utilized in measuring the operating segments’ profitability and performance. | ||||||||
The Company’s Fuselage Systems segment includes development, production and marketing of forward, mid and rear fuselage sections and systems, primarily to aircraft OEMs (OEM refers to aircraft original equipment manufacturer), as well as related spares and maintenance, repairs and overhaul (MRO) services. The Fuselage Systems segment manufactures products at our facilities in Wichita, Kansas and Kinston, North Carolina. The Fuselage Systems segment also includes an assembly plant for the A350 XWB aircraft in Saint-Nazaire, France. | ||||||||
The Company’s Propulsion Systems segment includes development, production and marketing of struts/pylons, nacelles (including thrust reversers) and related engine structural components primarily to aircraft or engine OEMs, as well as related spares and MRO services. The Propulsion Systems segment manufactures products at our facilities in Wichita and Chanute, Kansas. | ||||||||
The Company’s Wing Systems segment includes development, production and marketing of wings and wing components (including flight control surfaces) as well as other miscellaneous structural parts primarily to aircraft OEMs, as well as related spares and MRO services. These activities take place at the Company’s facilities in Tulsa and McAlester, Oklahoma; Kinston, North Carolina; Prestwick, Scotland; and Subang, Malaysia. | ||||||||
The Company’s segments are consistent with the organization and responsibilities of management reporting to the chief operating decision-maker for the purpose of assessing performance. The Company’s definition of segment operating income differs from net profit margin as presented in its primary financial statements and a reconciliation of the segment and consolidated results is provided in the table set forth below. | ||||||||
While some working capital accounts are maintained on a segment basis, much of the Company’s assets are not managed or maintained on a segment basis. Property, plant and equipment, including tooling, is used in the design and production of products for each of the segments and, therefore, is not allocated to any individual segment. In addition, cash, prepaid expenses, other assets and deferred taxes are managed and maintained on a consolidated basis and generally do not pertain to any particular segment. Raw materials and certain component parts are used in the production of aerostructures across all segments. Work-in-process inventory is identifiable by segment, but is managed and evaluated at the program level. As there is no segmentation of the Company’s productive assets, depreciation expense (included in fixed manufacturing costs and selling, general and administrative expenses) and capital expenditures, no allocation of these amounts has been made solely for purposes of segment disclosure requirements. | ||||||||
The following table shows segment revenues and operating income for the three months ended April 2, 2015 and April 3, 2014: | ||||||||
Three Months Ended | ||||||||
April 2, | April 3, | |||||||
2015 | 2014 | |||||||
Segment Revenues | ||||||||
Fuselage Systems | $ | 916.8 | $ | 858.3 | ||||
Propulsion Systems | 446 | 450.2 | ||||||
Wing Systems(1) | 376.7 | 414.2 | ||||||
All Other | 2.7 | 5.8 | ||||||
$ | 1,742.20 | $ | 1,728.50 | |||||
Segment Operating Income (Loss) | ||||||||
Fuselage Systems | $ | 164.5 | $ | 142 | ||||
Propulsion Systems | 95.7 | 80.2 | ||||||
Wing Systems | 45.2 | 50 | ||||||
All Other | (0.3 | ) | 0.1 | |||||
305.1 | 272.3 | |||||||
Corporate SG&A | (51.6 | ) | (60.5 | ) | ||||
Research and development | (7.0 | ) | (6.3 | ) | ||||
Unallocated cost of sales (2) | (11.2 | ) | (11.1 | ) | ||||
Total operating income | $ | 235.3 | $ | 194.4 | ||||
-1 | In December 2014, Spirit divested the Gulfstream G280 and G650 wing work packages to Triumph. | |||||||
-2 | Includes $10.4 and $11.1 of warranty reserve for the three months ended April 2, 2015 and April 3, 2014, respectively. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||
Apr. 02, 2015 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information | |||||||||||||||||||||||
The 2020 Notes and the 2022 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the Company and its 100% owned domestic subsidiaries, other than Spirit (the “Subsidiary Guarantors”). | ||||||||||||||||||||||||
The following condensed consolidating financial information, which has been prepared in accordance with the requirements for presentation of Rule 3-10(d) of Regulation S-X promulgated under the Securities Act, presents the condensed consolidating financial information separately for: | ||||||||||||||||||||||||
(i) | Holdings, as the parent company and parent guarantor to the Credit Agreement, as further detailed in Note 12, Debt; | |||||||||||||||||||||||
(ii) | Spirit, as the subsidiary issuer of the 2020 Notes and the 2022 Notes; | |||||||||||||||||||||||
(iii) | The Subsidiary Guarantors, on a combined basis, as guarantors of the 2020 Notes and the 2022 Notes; | |||||||||||||||||||||||
(iv) | The Company’s subsidiaries, other than the Subsidiary Guarantors, which are not guarantors of the 2020 Notes and the 2022 Notes (the “Subsidiary Non-Guarantors”), on a combined basis; | |||||||||||||||||||||||
(v) | Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Holdings, the Subsidiary Guarantors and the Subsidiary Non-Guarantors, (b) eliminate the investments in the Company’s subsidiaries and (c) record consolidating entries; and | |||||||||||||||||||||||
(vi) | Holdings and its subsidiaries on a consolidated basis. | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
For the Three Months Ended April 2, 2015 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Net revenues | $ | — | $ | 1,619.00 | $ | 58.1 | $ | 186.2 | $ | (121.1 | ) | $ | 1,742.20 | |||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of sales | — | 1,352.00 | 54.8 | 162.6 | (121.1 | ) | 1,448.30 | |||||||||||||||||
Selling, general and administrative | 2.6 | 45.2 | 1.3 | 2.5 | — | 51.6 | ||||||||||||||||||
Research and development | — | 6.3 | — | 0.7 | — | 7 | ||||||||||||||||||
Total operating costs and expenses | 2.6 | 1,403.50 | 56.1 | 165.8 | (121.1 | ) | 1,506.90 | |||||||||||||||||
Operating (loss) income | (2.6 | ) | 215.5 | 2 | 20.4 | — | 235.3 | |||||||||||||||||
Interest expense and financing fee amortization | — | (17.8 | ) | — | (2.0 | ) | 1.9 | (17.9 | ) | |||||||||||||||
Other income (expense), net | — | 1.4 | 0.1 | (6.0 | ) | (1.9 | ) | (6.4 | ) | |||||||||||||||
(Loss) income before income taxes and equity in net income of affiliate and subsidiaries | (2.6 | ) | 199.1 | 2.1 | 12.4 | — | 211 | |||||||||||||||||
Income tax benefit (provision) | 0.3 | (27.1 | ) | (0.8 | ) | (1.8 | ) | — | (29.4 | ) | ||||||||||||||
(Loss) income before equity in net income of affiliate and subsidiaries | (2.3 | ) | 172 | 1.3 | 10.6 | — | 181.6 | |||||||||||||||||
Equity in net income of affiliate | 0.3 | — | — | 0.3 | (0.3 | ) | 0.3 | |||||||||||||||||
Equity in net income of subsidiaries | 183.9 | 11.9 | — | — | (195.8 | ) | — | |||||||||||||||||
Net income | 181.9 | 183.9 | 1.3 | 10.9 | (196.1 | ) | 181.9 | |||||||||||||||||
Other comprehensive (loss) income | (14.0 | ) | 1.1 | — | (15.1 | ) | 14 | (14.0 | ) | |||||||||||||||
Comprehensive income (loss) | $ | 167.9 | $ | 185 | $ | 1.3 | $ | (4.2 | ) | $ | (182.1 | ) | $ | 167.9 | ||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
For the Three Months Ended April 3, 2014 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Net revenues | $ | — | $ | 1,613.60 | $ | 87 | $ | 205.8 | $ | (177.9 | ) | $ | 1,728.50 | |||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of sales | — | 1,377.80 | 84.9 | 182.5 | (177.9 | ) | 1,467.30 | |||||||||||||||||
Selling, general and administrative | 1.5 | 53.9 | 0.6 | 4.5 | — | 60.5 | ||||||||||||||||||
Research and development | — | 5.7 | — | 0.6 | — | 6.3 | ||||||||||||||||||
Total operating costs and expenses | 1.5 | 1,437.40 | 85.5 | 187.6 | (177.9 | ) | 1,534.10 | |||||||||||||||||
Operating (loss) income | (1.5 | ) | 176.2 | 1.5 | 18.2 | — | 194.4 | |||||||||||||||||
Interest expense and financing fee amortization | — | (35.2 | ) | — | (2.8 | ) | 2.6 | (35.4 | ) | |||||||||||||||
Other income, net | — | 3.5 | — | 0.4 | (2.6 | ) | 1.3 | |||||||||||||||||
(Loss) income before income taxes and equity in net income of affiliate and subsidiaries | (1.5 | ) | 144.5 | 1.5 | 15.8 | — | 160.3 | |||||||||||||||||
Income tax (provision) benefit | (0.1 | ) | (16.6 | ) | (0.5 | ) | 10.3 | — | (6.9 | ) | ||||||||||||||
(Loss) income before equity in net income of affiliate and subsidiaries | (1.6 | ) | 127.9 | 1 | 26.1 | — | 153.4 | |||||||||||||||||
Equity in net income of affiliate | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | |||||||||||||||||
Equity in net income of subsidiaries | 155 | 27 | — | — | (182.0 | ) | — | |||||||||||||||||
Net income | 153.6 | 154.9 | 1 | 26.3 | (182.2 | ) | 153.6 | |||||||||||||||||
Other comprehensive income | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | |||||||||||||||||
Comprehensive income | $ | 153.8 | $ | 154.9 | $ | 1 | $ | 26.5 | $ | (182.4 | ) | $ | 153.8 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
2-Apr-15 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 723.6 | $ | — | $ | 25.9 | $ | — | $ | 749.5 | ||||||||||||
Accounts receivable, net | — | 725 | 23.4 | 207.1 | (354.5 | ) | 601 | |||||||||||||||||
Inventory, net | — | 1,188.20 | 175 | 339.2 | — | 1,702.40 | ||||||||||||||||||
Deferred tax asset - current | — | 35.8 | — | 3.2 | — | 39 | ||||||||||||||||||
Other current assets | — | 66.9 | — | 2.2 | — | 69.1 | ||||||||||||||||||
Total current assets | — | 2,739.50 | 198.4 | 577.6 | (354.5 | ) | 3,161.00 | |||||||||||||||||
Property, plant and equipment, net | — | 1,259.40 | 340.7 | 176.6 | — | 1,776.70 | ||||||||||||||||||
Pension assets, net | — | 195.4 | — | 15.1 | — | 210.5 | ||||||||||||||||||
Investment in subsidiary | 912.2 | 281.4 | — | — | (1,193.6 | ) | — | |||||||||||||||||
Equity in net assets of subsidiaries | 882.2 | 207.3 | — | — | (1,089.5 | ) | — | |||||||||||||||||
Other assets | — | 356 | 80 | 22.6 | (334.1 | ) | 124.5 | |||||||||||||||||
Total assets | $ | 1,794.40 | $ | 5,039.00 | $ | 619.1 | $ | 791.9 | $ | (2,971.7 | ) | $ | 5,272.70 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 627.8 | $ | 236.3 | $ | 169.6 | $ | (354.5 | ) | $ | 679.2 | |||||||||||
Accrued expenses | — | 229.8 | 0.8 | 26.3 | — | 256.9 | ||||||||||||||||||
Profit sharing | — | 19.9 | — | 0.6 | — | 20.5 | ||||||||||||||||||
Current portion of long-term debt | — | 27 | — | 3.2 | — | 30.2 | ||||||||||||||||||
Advance payments, short-term | — | 145.5 | — | — | — | 145.5 | ||||||||||||||||||
Deferred revenue, short-term | — | 37.7 | — | 1.6 | — | 39.3 | ||||||||||||||||||
Deferred grant income liability - current | — | — | 9.1 | 1.2 | — | 10.3 | ||||||||||||||||||
Other current liabilities | — | 41.8 | — | 4.1 | — | 45.9 | ||||||||||||||||||
Total current liabilities | — | 1,129.50 | 246.2 | 206.6 | (354.5 | ) | 1,227.80 | |||||||||||||||||
Long-term debt | — | 1,103.10 | — | 266 | (254.0 | ) | 1,115.10 | |||||||||||||||||
Advance payments, long-term | — | 643.3 | — | — | — | 643.3 | ||||||||||||||||||
Pension/OPEB obligation | — | 74.7 | — | — | — | 74.7 | ||||||||||||||||||
Deferred grant income liability - non-current | — | — | 64.2 | 27.7 | — | 91.9 | ||||||||||||||||||
Deferred revenue and other deferred credits | — | 61.6 | — | 5.7 | — | 67.3 | ||||||||||||||||||
Other liabilities | — | 312.4 | — | 25.8 | (80.0 | ) | 258.2 | |||||||||||||||||
Total equity | 1,794.40 | 1,714.40 | 308.7 | 260.1 | (2,283.2 | ) | 1,794.40 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,794.40 | $ | 5,039.00 | $ | 619.1 | $ | 791.9 | $ | (2,971.7 | ) | $ | 5,272.70 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 354.6 | $ | — | $ | 23.3 | $ | — | $ | 377.9 | ||||||||||||
Accounts receivable, net | — | 730.6 | 33.3 | 211.9 | (370.2 | ) | 605.6 | |||||||||||||||||
Inventory, net | — | 1,238.10 | 168.1 | 346.8 | — | 1,753.00 | ||||||||||||||||||
Deferred tax asset-current | — | 49.8 | — | 3.4 | — | 53.2 | ||||||||||||||||||
Other current assets | — | 260.3 | — | 2.1 | — | 262.4 | ||||||||||||||||||
Total current assets | — | 2,633.40 | 201.4 | 587.5 | (370.2 | ) | 3,052.10 | |||||||||||||||||
Property, plant and equipment, net | — | 1,263.70 | 337.9 | 182 | — | 1,783.60 | ||||||||||||||||||
Pension assets, net | — | 187.8 | — | 15.6 | — | 203.4 | ||||||||||||||||||
Investment in subsidiary | 907.7 | 281.4 | — | — | (1,189.1 | ) | — | |||||||||||||||||
Equity in net assets of subsidiaries | 714.3 | 210.4 | — | — | (924.7 | ) | — | |||||||||||||||||
Other assets | — | 352.7 | 80 | 22.9 | (332.0 | ) | 123.6 | |||||||||||||||||
Total assets | $ | 1,622.00 | $ | 4,929.40 | $ | 619.3 | $ | 808 | $ | (2,816.0 | ) | $ | 5,162.70 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 573.4 | $ | 235.5 | $ | 172.5 | $ | (370.2 | ) | $ | 611.2 | |||||||||||
Accrued expenses | — | 302.3 | 0.8 | 26 | — | 329.1 | ||||||||||||||||||
Profit sharing | — | 105.1 | — | 6.7 | — | 111.8 | ||||||||||||||||||
Current portion of long-term debt | — | 5.7 | — | 3.7 | — | 9.4 | ||||||||||||||||||
Advance payments, short-term | — | 118.6 | — | — | — | 118.6 | ||||||||||||||||||
Deferred revenue, short-term | — | 21.7 | — | 1.7 | — | 23.4 | ||||||||||||||||||
Deferred grant income liability - current | — | — | 9 | 1.2 | — | 10.2 | ||||||||||||||||||
Other current liabilities | — | 40.5 | — | 4.6 | — | 45.1 | ||||||||||||||||||
Total current liabilities | — | 1,167.30 | 245.3 | 216.4 | (370.2 | ) | 1,258.80 | |||||||||||||||||
Long-term debt | — | 1,130.40 | — | 265.6 | (251.9 | ) | 1,144.10 | |||||||||||||||||
Advance payments, long-term | — | 680.4 | — | — | — | 680.4 | ||||||||||||||||||
Pension/OPEB obligation | — | 73 | — | — | — | 73 | ||||||||||||||||||
Deferred grant income liability - non-current | — | — | 66.7 | 29.4 | — | 96.1 | ||||||||||||||||||
Deferred revenue and other deferred credits | — | 21.2 | — | 6.3 | — | 27.5 | ||||||||||||||||||
Other liabilities | — | 315 | — | 25.8 | (80.0 | ) | 260.8 | |||||||||||||||||
Total equity | 1,622.00 | 1,542.10 | 307.3 | 264.5 | (2,113.9 | ) | 1,622.00 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,622.00 | $ | 4,929.40 | $ | 619.3 | $ | 808 | $ | (2,816.0 | ) | $ | 5,162.70 | |||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Three Months Ended April 2, 2015 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 408.4 | $ | 9.7 | $ | 5.6 | $ | — | $ | 423.7 | ||||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | (26.1 | ) | (9.7 | ) | (4.5 | ) | — | (40.3 | ) | ||||||||||||||
Net cash used in investing activities | — | (26.1 | ) | (9.7 | ) | (4.5 | ) | — | (40.3 | ) | ||||||||||||||
Financing activities | ||||||||||||||||||||||||
Proceeds from issuance of debt | — | 535 | — | — | — | 535 | ||||||||||||||||||
Principal payments of debt | — | (6.7 | ) | — | (0.8 | ) | — | (7.5 | ) | |||||||||||||||
Payments on term loan | — | (534.9 | ) | — | — | — | (534.9 | ) | ||||||||||||||||
(Decrease) increase in intercompany debt | — | (2.0 | ) | — | 2 | — | — | |||||||||||||||||
Debt issuance and financing costs | — | (4.7 | ) | — | — | — | (4.7 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | — | (13.3 | ) | — | 1.2 | — | (12.1 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Net increase in cash and cash equivalents for the period | — | 369 | — | 2.6 | — | 371.6 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | 354.6 | — | 23.3 | — | 377.9 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 723.6 | $ | — | $ | 25.9 | $ | — | $ | 749.5 | ||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Three Months Ended April 3, 2014 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 153.6 | $ | 59.6 | $ | 9.2 | $ | (23.8 | ) | $ | (153.6 | ) | $ | 45 | ||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | (42.8 | ) | (9.2 | ) | (1.0 | ) | — | (53.0 | ) | ||||||||||||||
Proceeds from the sale of assets | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Equity in net assets of subsidiaries | (153.6 | ) | — | — | — | 153.6 | — | |||||||||||||||||
Net cash used in investing activities | (153.6 | ) | (42.7 | ) | (9.2 | ) | (1.0 | ) | 153.6 | (52.9 | ) | |||||||||||||
Financing activities | ||||||||||||||||||||||||
Proceeds from issuance of bonds | — | 300 | — | — | — | 300 | ||||||||||||||||||
Principal payments of debt | — | (8.6 | ) | — | (0.9 | ) | — | (9.5 | ) | |||||||||||||||
Increase (decrease) in intercompany debt | — | 7 | — | (7.0 | ) | — | — | |||||||||||||||||
Payments on bonds | — | (227.2 | ) | — | — | — | (227.2 | ) | ||||||||||||||||
Debt issuance and financing costs | — | (19.2 | ) | — | — | — | (19.2 | ) | ||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | 0.5 | — | — | — | 0.5 | ||||||||||||||||||
Change in restricted cash | — | (72.8 | ) | — | — | — | (72.8 | ) | ||||||||||||||||
Net cash used in financing activities | — | (20.3 | ) | — | (7.9 | ) | — | (28.2 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (2.5 | ) | — | (2.5 | ) | ||||||||||||||||
Net decrease in cash and cash equivalents for the period | — | (3.4 | ) | — | (35.2 | ) | — | (38.6 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 359.2 | — | 61.5 | — | 420.7 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 355.8 | $ | — | $ | 26.3 | $ | — | $ | 382.1 | ||||||||||||
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policies) | 3 Months Ended |
Apr. 02, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 2. New Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU ") No. 2015-03, Interest-Imputation of Interest, (FASB ASU 2015-03) which 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, consistent with debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. FASB ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and requires the Company to apply the new guidance on a retrospective basis upon adoption. The adoption of FASB ASU 2015-03 is not expected to have a material impact on the Company’s consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation: Amendments to the Consolidation Analysis (FASB ASU 2015-02). FASB ASU 2015-02 amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. FASB ASU 2015-02 is effective for the annual period ending after December 15, 2015, and for annual periods and interim periods thereafter. Early adoption is permitted, including adoption in an interim period. The adoption of FASB ASU 2015-02 is not expected to have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition (FASB ASU 2014-09). This update is based on the principle that revenue is recognized to depict the transfer of 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. FASB ASU 2014-09 is effective in annual periods beginning after December 15, 2016 and for interim and annual reporting periods thereafter. Early application is not permitted for public entities. In April 2015, the FASB proposed a one-year delay in the effective date of the standard to January 1, 2018, with an option that would permit companies to adopt the standard as early as the original effective date. Early adoption prior to the original effective date is not permitted. A final decision on the effective date is expected in 2015. The Company is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements. | |
ASU 2015-03 Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs [Policy Text Block] | In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU ") No. 2015-03, Interest-Imputation of Interest, (FASB ASU 2015-03) which 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, consistent with debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. FASB ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and requires the Company to apply the new guidance on a retrospective basis upon adoption. The adoption of FASB ASU 2015-03 is not expected to have a material impact on the Company’s consolidated financial statements. |
ASU 2015-02 Amendments to the Consolidation Analysis [Policy Text Block] | In February 2015, the FASB issued ASU No. 2015-02, Consolidation: Amendments to the Consolidation Analysis (FASB ASU 2015-02). FASB ASU 2015-02 amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. FASB ASU 2015-02 is effective for the annual period ending after December 15, 2015, and for annual periods and interim periods thereafter. Early adoption is permitted, including adoption in an interim period. The adoption of FASB ASU 2015-02 is not expected to have a material impact on the Company's consolidated financial statements. |
Revenue from contracts with customers [Policy Text Block] | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition (FASB ASU 2014-09). This update is based on the principle that revenue is recognized to depict the transfer of 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. FASB ASU 2014-09 is effective in annual periods beginning after December 15, 2016 and for interim and annual reporting periods thereafter. Early application is not permitted for public entities. In April 2015, the FASB proposed a one-year delay in the effective date of the standard to January 1, 2018, with an option that would permit companies to adopt the standard as early as the original effective date. Early adoption prior to the original effective date is not permitted. A final decision on the effective date is expected in 2015. The Company is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements. |
Changes_in_Estimates_Changes_i
Changes in Estimates Changes in Estimates (Tables) | 3 Months Ended | ||||||
Apr. 02, 2015 | |||||||
Accounting Changes and Error Corrections [Abstract] | |||||||
Schedule of Change in Accounting Estimate [Table Text Block] | |||||||
For the Three Months Ended | |||||||
Changes in Estimates | 2-Apr-15 | 3-Apr-14 | |||||
Favorable Cumulative Catch-up Adjustment by Segment | |||||||
Fuselage | $ | 2.7 | $ | 9 | |||
Propulsion | 9.3 | 4.8 | |||||
Wing | — | 2.8 | |||||
Total Favorable Cumulative Catch-up Adjustment | $ | 12 | $ | 16.6 | |||
Changes in Estimates on Loss Programs and (Forward Loss) | |||||||
Fuselage | |||||||
Boeing - All other platforms | $ | 2.9 | $ | — | |||
Other Platforms | — | (0.9 | ) | ||||
Total Fuselage Change in Estimate on Loss Programs and (Forward Loss) | $ | 2.9 | $ | (0.9 | ) | ||
Wing | |||||||
Other Platforms | $ | — | $ | (0.3 | ) | ||
Total Wing Forward Loss | $ | — | $ | (0.3 | ) | ||
Total Change in Estimate on Loss Programs and (Forward Loss) | $ | 2.9 | $ | (1.2 | ) | ||
Total Change in Estimate | $ | 14.9 | $ | 15.4 | |||
EPS Impact (diluted per share based upon statutory rates) | $ | 0.07 | $ | 0.07 | |||
The Company is currently working on several new and maturing programs which are in various stages of development, including the B787, A350 XWB and Rolls-Royce BR725 programs. These programs carry risks associated with design responsibility, development of production tooling, production inefficiencies during the initial phases of production, hiring and training of qualified personnel, increased capital and funding commitments, supplier performance, delivery schedules and unique customer requirements. The Company has previously recorded forward loss charges on these programs. If the risks related to these programs are not mitigated, then the Company could record additional forward loss charges. |
Accounts_Receivable_net_Tables
Accounts Receivable, net (Tables) | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Accounts Receivable, Net, Current [Abstract] | ||||||||
Accounts Receivable, Net | Accounts receivable, net consists of the following: | |||||||
April 2, | December 31, | |||||||
2015 | 2014 | |||||||
Trade receivables(1)(2) | $ | 589.7 | $ | 598.4 | ||||
Other | 11.8 | 7.7 | ||||||
Less: allowance for doubtful accounts | (0.5 | ) | (0.5 | ) | ||||
Accounts receivable, net | $ | 601 | $ | 605.6 | ||||
-1 | Includes unbilled receivables of $26.0 at both April 2, 2015 and December 31, 2014. | |||||||
-2 | Includes $135.1 held in retainage by a customer at December 31, 2014. |
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 02, 2015 | ||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||
Summary Of Inventories | Inventories are summarized as follows: | |||||||||||||||||||||||
April 2, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Raw materials | $ | 246.1 | $ | 254.5 | ||||||||||||||||||||
Work-in-process | 841.7 | 885.7 | ||||||||||||||||||||||
Finished goods | 51.6 | 46.7 | ||||||||||||||||||||||
Product inventory | 1,139.40 | 1,186.90 | ||||||||||||||||||||||
Capitalized pre-production | 223 | 223.4 | ||||||||||||||||||||||
Deferred production | 1,239.20 | 1,244.30 | ||||||||||||||||||||||
Forward loss provision | (899.2 | ) | (901.6 | ) | ||||||||||||||||||||
Total inventory, net | $ | 1,702.40 | $ | 1,753.00 | ||||||||||||||||||||
Summary Of Inventories By Platform | Inventories are summarized by platform and costs below: | |||||||||||||||||||||||
April 2, 2015 | ||||||||||||||||||||||||
Product Inventory | ||||||||||||||||||||||||
Inventory | Non-Recurring | Capitalized Pre- | Deferred | Forward Loss | Total Inventory, | |||||||||||||||||||
Production | Production | Provision | net April 2, 2015 | |||||||||||||||||||||
B787 | 228.4 | 0.1 | 87 | 528.2 | (606.0 | ) | 237.7 | |||||||||||||||||
Boeing - All other platforms(1) | 476.7 | 11.9 | 6.3 | (15.1 | ) | (36.8 | ) | 443 | ||||||||||||||||
A350 XWB | 131 | 54.6 | 96.4 | 629.3 | (119.7 | ) | 791.6 | |||||||||||||||||
Airbus - All other platforms | 74 | — | — | 5.6 | — | 79.6 | ||||||||||||||||||
Rolls-Royce BR725(2) | 16.5 | — | 33.3 | 86.9 | (136.7 | ) | — | |||||||||||||||||
Aftermarket | 48.6 | — | — | — | — | 48.6 | ||||||||||||||||||
Other platforms | 87.3 | 10.3 | — | 4.3 | — | 101.9 | ||||||||||||||||||
Total | $ | 1,062.50 | $ | 76.9 | $ | 223 | $ | 1,239.20 | $ | (899.2 | ) | $ | 1,702.40 | |||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Product Inventory | ||||||||||||||||||||||||
Inventory | Non-Recurring | Capitalized Pre- | Deferred | Forward Loss | Total Inventory, | |||||||||||||||||||
Production | Production | Provision | net December 31, | |||||||||||||||||||||
2014 | ||||||||||||||||||||||||
B787 | 227.9 | — | 102.7 | 551.6 | (606.0 | ) | 276.2 | |||||||||||||||||
Boeing - All other platforms(1) | 497.4 | 7.7 | 7.4 | (8.9 | ) | (38.8 | ) | 464.8 | ||||||||||||||||
A350 XWB | 148.7 | 35.6 | 76.4 | 607.6 | (120.1 | ) | 748.2 | |||||||||||||||||
Airbus - All other platforms | 82.1 | — | — | 5.6 | — | 87.7 | ||||||||||||||||||
Rolls-Royce BR725(2) | 17.5 | — | 35.4 | 83.8 | (136.7 | ) | — | |||||||||||||||||
Aftermarket | 45.2 | 0.2 | — | — | — | 45.4 | ||||||||||||||||||
Other platforms | 113.5 | 11.1 | 1.5 | 4.6 | — | 130.7 | ||||||||||||||||||
Total | $ | 1,132.30 | $ | 54.6 | $ | 223.4 | $ | 1,244.30 | $ | (901.6 | ) | $ | 1,753.00 | |||||||||||
-1 | Forward loss charges recorded in prior periods on a program within Boeing - All other platforms exceeded the total inventory balance. The excess of the charge over program inventory is classified as a contract liability and reported in other current liabilities on the Condensed Consolidated Balance Sheet. The total contract liability was $1.1 and $2.1 as of April 2, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||
-2 | Forward loss charges recorded in prior periods on the Rolls-Royce BR725 program exceeded the total inventory balance. The excess of the charge over program inventory is classified as a contract liability and reported in other current liabilities on the Condensed Consolidated Balance Sheet. The total contract liability was $12.2 as of both April 2, 2015 and December 31, 2014. | |||||||||||||||||||||||
Capitalized Pre Production Included In Inventory | The following is a roll forward of the capitalized pre-production costs included in the inventory balance at April 2, 2015: | |||||||||||||||||||||||
Balance, December 31, 2014 | $ | 223.4 | ||||||||||||||||||||||
Charges to costs and expenses | (21.5 | ) | ||||||||||||||||||||||
Capitalized costs | 21.1 | |||||||||||||||||||||||
Balance, April 2, 2015 | $ | 223 | ||||||||||||||||||||||
Deferred Production Included In The Inventory | The following is a roll forward of the deferred production costs included in the inventory balance at April 2, 2015: | |||||||||||||||||||||||
Balance, December 31, 2014 | $ | 1,244.30 | ||||||||||||||||||||||
Charges to costs and expenses | (163.6 | ) | ||||||||||||||||||||||
Capitalized costs | 167.5 | |||||||||||||||||||||||
Exchange rate | (9.0 | ) | ||||||||||||||||||||||
Balance, April 2, 2015 | $ | 1,239.20 | ||||||||||||||||||||||
Block and Orders | Significant amortization of capitalized pre-production and deferred production inventory will occur over the following contract blocks: | |||||||||||||||||||||||
Model | Contract Block | Orders(1) | ||||||||||||||||||||||
Quantity | ||||||||||||||||||||||||
B787 | 500 | 847 | ||||||||||||||||||||||
A350 XWB | 400 | 780 | ||||||||||||||||||||||
Rolls-Royce BR725 | 350 | 196 | ||||||||||||||||||||||
-1 | Orders are from the published firm-order backlogs of Airbus and Boeing. For all other programs, orders represent purchase orders received from OEMs and are not reflective of OEM sales backlog. Orders reported are total block orders, including delivered units. | |||||||||||||||||||||||
Current block deliveries are as follows: | ||||||||||||||||||||||||
Model | Current Block | |||||||||||||||||||||||
Deliveries | ||||||||||||||||||||||||
B787 | 314 | |||||||||||||||||||||||
A350 XWB | 33 | |||||||||||||||||||||||
Rolls-Royce BR725 | 148 | |||||||||||||||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment, net | Property, plant and equipment, net consists of the following: | |||||||
April 2, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 16.5 | $ | 17.1 | ||||
Buildings (including improvements) | 570.3 | 572.9 | ||||||
Machinery and equipment | 1,138.00 | 1,125.50 | ||||||
Tooling | 854.4 | 841.2 | ||||||
Capitalized software | 214.7 | 208.3 | ||||||
Construction-in-progress | 142.3 | 138.3 | ||||||
Total | 2,936.20 | 2,903.30 | ||||||
Less: accumulated depreciation | (1,159.5 | ) | (1,119.7 | ) | ||||
Property, plant and equipment, net | $ | 1,776.70 | $ | 1,783.60 | ||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Other Assets, Noncurrent [Abstract] | ||||||||
Other Assets | Other assets are summarized as follows: | |||||||
April 2, | December 31, | |||||||
2015 | 2014 | |||||||
Intangible assets | ||||||||
Patents | $ | 1.9 | $ | 1.9 | ||||
Favorable leasehold interests | 6.3 | 6.3 | ||||||
Total intangible assets | 8.2 | 8.2 | ||||||
Less: Accumulated amortization - patents | (1.5 | ) | (1.5 | ) | ||||
Accumulated amortization - favorable leasehold interest | (3.6 | ) | (3.5 | ) | ||||
Intangible assets, net | 3.1 | 3.2 | ||||||
Deferred financing | ||||||||
Deferred financing costs | 105.9 | 101.2 | ||||||
Less: Accumulated amortization - deferred financing costs(1) | (83.7 | ) | (79.5 | ) | ||||
Deferred financing costs, net | 22.2 | 21.7 | ||||||
Other | ||||||||
Goodwill - Europe | 2.7 | 2.9 | ||||||
Equity in net assets of affiliates | 2.2 | 1.9 | ||||||
Customer supply agreement(2) | 32.7 | 34.3 | ||||||
Restricted Cash | 19.9 | 19.9 | ||||||
Other | 41.7 | 39.7 | ||||||
Total | $ | 124.5 | $ | 123.6 | ||||
-1 | Includes charges related to debt extinguishment of $3.1 and $15.1 for the periods ended April 2, 2015 and December 31, 2014, respectively. | |||||||
-2 | Under an agreement with the Company's customer Airbus, certain payments accounted for as consideration given by the Company to Airbus are being amortized as a reduction to net revenues. |
Advance_Payments_and_Deferred_1
Advance Payments and Deferred Revenue/Credits (Tables) | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Advance Payments And Deferred Revenue Credits [Abstract] | ||||||||
Advance Payments And Deferred Revenue Credits Summarized | Advance payments and deferred revenue/credits are summarized by platform as follows: | |||||||
April 2, | December 31, | |||||||
2015 | 2014 | |||||||
B787 | $ | 637 | $ | 581.1 | ||||
Boeing - All other platforms | 15.8 | 16.4 | ||||||
A350 XWB | 219.6 | 224.3 | ||||||
Airbus — All other platforms | 3.6 | 4.1 | ||||||
Other | 19.4 | 24 | ||||||
Total advance payments and deferred revenue/credits | $ | 895.4 | $ | 849.9 | ||||
Government_Grants_Tables
Government Grants (Tables) | 3 Months Ended | |||
Apr. 02, 2015 | ||||
Government Grants [Abstract] | ||||
Deferred Grant Income Liability Net | Deferred grant income liability, net consists of the following: | |||
Balance, December 31, 2014 | $ | 106.3 | ||
Grant liability amortized | (0.7 | ) | ||
Grant income recognized | (1.9 | ) | ||
Exchange rate | (1.5 | ) | ||
Total asset value related to deferred grant income, April 2, 2015 | $ | 102.2 | ||
Asset Related To Deferred Grant Income Net | The asset related to the deferred grant income consists of the following: | |||
Balance, December 31, 2014 | $ | 113.2 | ||
Amortization | (1.3 | ) | ||
Exchange rate | (1.4 | ) | ||
Total asset value related to deferred grant income, April 2, 2015 | $ | 110.5 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 02, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
2-Apr-15 | At April 2, 2015 using | |||||||||||||||||||||||
Description | Total Carrying | Assets | Liabilities | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Amount in | Measured at | Measured at Fair | Active Markets | Other | Unobservable | |||||||||||||||||||
Balance Sheet | Fair Value | Value | for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Money Market Fund | $ | 205.4 | $ | 205.4 | $ | — | $ | 205.4 | $ | — | $ | — | ||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
31-Dec-14 | At December 31, 2014 using | |||||||||||||||||||||||
Description | Total Carrying | Assets | Liabilities | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Amount in | Measured at | Measured at Fair | Active Markets | Other | Unobservable | |||||||||||||||||||
Balance Sheet | Fair Value | Value | for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Money Market Fund | $ | 88.3 | $ | 88.3 | $ | — | $ | 88.3 | $ | — | $ | — | ||||||||||||
Interest Rate Swaps | $ | (1.1 | ) | $ | — | $ | (1.1 | ) | $ | — | $ | (1.1 | ) | $ | — | |||||||||
Carrying Amount And Estimated Fair Value Of Long Term Debt | The following table presents the carrying amount and estimated fair value of long-term debt: | |||||||||||||||||||||||
2-Apr-15 | 31-Dec-14 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||
Senior secured term loan A (including current portion) | $ | 528.3 | $ | 525 | -2 | $ | — | $ | — | |||||||||||||||
Senior secured term loan B (including current portion) | — | — | -1 | $ | 534.4 | $ | 527.1 | -1 | ||||||||||||||||
Senior unsecured notes due 2020 | 300 | 319.1 | -1 | 300 | 320.3 | -1 | ||||||||||||||||||
Senior unsecured notes due 2022 | 299.5 | 313 | -1 | 299.5 | 304.7 | -1 | ||||||||||||||||||
Malaysian loan | 5.7 | 5 | -2 | 6.7 | 5.8 | -2 | ||||||||||||||||||
Total | $ | 1,133.50 | $ | 1,162.10 | $ | 1,140.60 | $ | 1,157.90 | ||||||||||||||||
-1 | Level 1 Fair Value hierarchy | |||||||||||||||||||||||
-2 | Level 2 Fair Value hierarchy |
Derivative_and_Hedging_Activit1
Derivative and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||
Apr. 02, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Interest rate swaps | During the first quarter of 2015, as a result of Amendment No. 5 to its Credit Agreement, the Company unwound its interest rate swap agreements which had a notional amount of $250.0. The company recognized a loss of $0.4 as a result of unwinding these interest rate swaps. This loss on derivatives not designated as hedging instruments is included in Other Expense on the Consolidated Statement of Operations for the three months ended April 2, 2015. In total, the Company paid $2.0 as a result of the settlement of the interest rate swap agreements. | ||||||||||||||||||
As of April 2, 2015, the Company had no outstanding interest rate swap agreements. At December 31, 2014, the fair value of interest rate swaps designated as hedging instruments was a liability of $1.1. | |||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | |||||||||||||||||||
Location of Gain (Loss) Reclassified from Accumulated | Amount of Gain (Loss) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||||||
OCI into Income | Reclassified from | ||||||||||||||||||
(Effective Portion) | Accumulated OCI | ||||||||||||||||||
into Income | |||||||||||||||||||
(Effective Portion) | |||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||
2-Apr-15 | 3-Apr-14 | 2-Apr-15 | 3-Apr-14 | ||||||||||||||||
Interest expense | $ | (0.5 | ) | $ | — | Other (expense) income | $ | (1.6 | ) | $ | (0.1 | ) | |||||||
Total | $ | (0.5 | ) | $ | — | Total | $ | (1.6 | ) | $ | (0.1 | ) | |||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||||
Apr. 02, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long Term Debt And Capital Lease Obligations Current And Non Current | Total debt shown on the balance sheet is comprised of the following: | |||||||||||||
2-Apr-15 | 31-Dec-14 | |||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||
Senior secured term loan A | $ | 26.8 | $ | 501.5 | $ | — | $ | — | ||||||
Senior secured term loan B | — | — | 5.5 | 528.9 | ||||||||||
Senior notes due 2020 | — | 300 | — | 300 | ||||||||||
Senior notes due 2022 | — | 299.5 | — | 299.5 | ||||||||||
Malaysian term loan | 2.5 | 3.2 | 3 | 3.7 | ||||||||||
Present value of capital lease obligations | 0.9 | 10.9 | 0.9 | 12 | ||||||||||
Total | $ | 30.2 | $ | 1,115.10 | $ | 9.4 | $ | 1,144.10 | ||||||
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefits (Tables) | 3 Months Ended | ||||||||
Apr. 02, 2015 | |||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||
Change in projected benefit obligations | |||||||||
Defined Benefit Plans | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
Components of Net Periodic Pension | April 2, | April 3, | |||||||
Income | 2015 | 2014 | |||||||
Service cost | $ | 0.3 | $ | — | |||||
Interest cost | 12 | 12.9 | |||||||
Expected return on plan assets | (20.7 | ) | (22.3 | ) | |||||
Amortization of net loss | 1 | — | |||||||
Net periodic pension income | $ | (7.4 | ) | $ | (9.4 | ) | |||
Other Benefits | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
Components of Other Benefit Expense | April 2, | April 3, | |||||||
2015 | 2014 | ||||||||
Service cost | $ | 0.7 | $ | 0.7 | |||||
Interest cost | 0.6 | 0.7 | |||||||
Net periodic other benefit expense | $ | 1.3 | $ | 1.4 | |||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||||||||||||
Apr. 02, 2015 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||
Basic and Diluted Earnings per share | The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||
2-Apr-15 | 3-Apr-14 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic EPS | ||||||||||||||||||||||
Income available to common shareholders | $ | 181.7 | 138.9 | $ | 1.31 | $ | 152.4 | 141.6 | $ | 1.08 | ||||||||||||
Income allocated to participating securities | 0.2 | 0.1 | 1.2 | 1.1 | ||||||||||||||||||
Net income | $ | 181.9 | $ | 153.6 | ||||||||||||||||||
Diluted potential common shares | 1.4 | 1 | ||||||||||||||||||||
Diluted EPS | ||||||||||||||||||||||
Net income | $ | 181.9 | 140.4 | $ | 1.3 | $ | 153.6 | 143.7 | $ | 1.07 | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss is summarized by component as follows: | |||||||||||||||||||||
As of | As of | |||||||||||||||||||||
April 2, 2015 | 31-Dec-14 | |||||||||||||||||||||
Pension | $ | (129.9 | ) | $ | (130.0 | ) | ||||||||||||||||
Interest rate swaps | — | (1.1 | ) | |||||||||||||||||||
SERP/Retiree medical | 2.1 | 2.1 | ||||||||||||||||||||
Foreign currency impact on long term intercompany loan | (8.1 | ) | (5.7 | ) | ||||||||||||||||||
Currency translation adjustment | (31.9 | ) | (19.1 | ) | ||||||||||||||||||
Total accumulated other comprehensive loss | $ | (167.8 | ) | $ | (153.8 | ) |
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended | |||
Apr. 02, 2015 | ||||
Commitments Contingencies And Guarantees [Abstract] | ||||
Service warranty roll forward | The following is a roll forward of the service warranty and extraordinary rework balance at April 2, 2015: | |||
Balance, December 31, 2014 | $ | 119.9 | ||
Charges to costs and expenses | 10.5 | |||
Payouts | (0.4 | ) | ||
Exchange rate | (0.1 | ) | ||
Balance, April 2, 2015 | $ | 129.9 | ||
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||
Other Income Expense Net | Other (expense) income, net is summarized as follows: | |||||||
For the Three Months Ended | ||||||||
April 2, | April 3, | |||||||
2015 | 2014 | |||||||
KDFA bond | $ | 1.2 | $ | 1 | ||||
Rental and miscellaneous (expense)(1) | (1.9 | ) | — | |||||
Interest income | 0.2 | 0.1 | ||||||
Foreign currency (loss) gain | (5.9 | ) | 0.2 | |||||
Total | $ | (6.4 | ) | $ | 1.3 | |||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Apr. 02, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | The following table shows segment revenues and operating income for the three months ended April 2, 2015 and April 3, 2014: | |||||||
Three Months Ended | ||||||||
April 2, | April 3, | |||||||
2015 | 2014 | |||||||
Segment Revenues | ||||||||
Fuselage Systems | $ | 916.8 | $ | 858.3 | ||||
Propulsion Systems | 446 | 450.2 | ||||||
Wing Systems(1) | 376.7 | 414.2 | ||||||
All Other | 2.7 | 5.8 | ||||||
$ | 1,742.20 | $ | 1,728.50 | |||||
Segment Operating Income (Loss) | ||||||||
Fuselage Systems | $ | 164.5 | $ | 142 | ||||
Propulsion Systems | 95.7 | 80.2 | ||||||
Wing Systems | 45.2 | 50 | ||||||
All Other | (0.3 | ) | 0.1 | |||||
305.1 | 272.3 | |||||||
Corporate SG&A | (51.6 | ) | (60.5 | ) | ||||
Research and development | (7.0 | ) | (6.3 | ) | ||||
Unallocated cost of sales (2) | (11.2 | ) | (11.1 | ) | ||||
Total operating income | $ | 235.3 | $ | 194.4 | ||||
-1 | In December 2014, Spirit divested the Gulfstream G280 and G650 wing work packages to Triumph. | |||||||
-2 | Includes $10.4 and $11.1 of warranty reserve for the three months ended April 2, 2015 and April 3, 2014, respectively. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 02, 2015 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Condensed Income Statement | Condensed Consolidating Statements of Operations | |||||||||||||||||||||||
For the Three Months Ended April 2, 2015 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Net revenues | $ | — | $ | 1,619.00 | $ | 58.1 | $ | 186.2 | $ | (121.1 | ) | $ | 1,742.20 | |||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of sales | — | 1,352.00 | 54.8 | 162.6 | (121.1 | ) | 1,448.30 | |||||||||||||||||
Selling, general and administrative | 2.6 | 45.2 | 1.3 | 2.5 | — | 51.6 | ||||||||||||||||||
Research and development | — | 6.3 | — | 0.7 | — | 7 | ||||||||||||||||||
Total operating costs and expenses | 2.6 | 1,403.50 | 56.1 | 165.8 | (121.1 | ) | 1,506.90 | |||||||||||||||||
Operating (loss) income | (2.6 | ) | 215.5 | 2 | 20.4 | — | 235.3 | |||||||||||||||||
Interest expense and financing fee amortization | — | (17.8 | ) | — | (2.0 | ) | 1.9 | (17.9 | ) | |||||||||||||||
Other income (expense), net | — | 1.4 | 0.1 | (6.0 | ) | (1.9 | ) | (6.4 | ) | |||||||||||||||
(Loss) income before income taxes and equity in net income of affiliate and subsidiaries | (2.6 | ) | 199.1 | 2.1 | 12.4 | — | 211 | |||||||||||||||||
Income tax benefit (provision) | 0.3 | (27.1 | ) | (0.8 | ) | (1.8 | ) | — | (29.4 | ) | ||||||||||||||
(Loss) income before equity in net income of affiliate and subsidiaries | (2.3 | ) | 172 | 1.3 | 10.6 | — | 181.6 | |||||||||||||||||
Equity in net income of affiliate | 0.3 | — | — | 0.3 | (0.3 | ) | 0.3 | |||||||||||||||||
Equity in net income of subsidiaries | 183.9 | 11.9 | — | — | (195.8 | ) | — | |||||||||||||||||
Net income | 181.9 | 183.9 | 1.3 | 10.9 | (196.1 | ) | 181.9 | |||||||||||||||||
Other comprehensive (loss) income | (14.0 | ) | 1.1 | — | (15.1 | ) | 14 | (14.0 | ) | |||||||||||||||
Comprehensive income (loss) | $ | 167.9 | $ | 185 | $ | 1.3 | $ | (4.2 | ) | $ | (182.1 | ) | $ | 167.9 | ||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
For the Three Months Ended April 3, 2014 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Net revenues | $ | — | $ | 1,613.60 | $ | 87 | $ | 205.8 | $ | (177.9 | ) | $ | 1,728.50 | |||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of sales | — | 1,377.80 | 84.9 | 182.5 | (177.9 | ) | 1,467.30 | |||||||||||||||||
Selling, general and administrative | 1.5 | 53.9 | 0.6 | 4.5 | — | 60.5 | ||||||||||||||||||
Research and development | — | 5.7 | — | 0.6 | — | 6.3 | ||||||||||||||||||
Total operating costs and expenses | 1.5 | 1,437.40 | 85.5 | 187.6 | (177.9 | ) | 1,534.10 | |||||||||||||||||
Operating (loss) income | (1.5 | ) | 176.2 | 1.5 | 18.2 | — | 194.4 | |||||||||||||||||
Interest expense and financing fee amortization | — | (35.2 | ) | — | (2.8 | ) | 2.6 | (35.4 | ) | |||||||||||||||
Other income, net | — | 3.5 | — | 0.4 | (2.6 | ) | 1.3 | |||||||||||||||||
(Loss) income before income taxes and equity in net income of affiliate and subsidiaries | (1.5 | ) | 144.5 | 1.5 | 15.8 | — | 160.3 | |||||||||||||||||
Income tax (provision) benefit | (0.1 | ) | (16.6 | ) | (0.5 | ) | 10.3 | — | (6.9 | ) | ||||||||||||||
(Loss) income before equity in net income of affiliate and subsidiaries | (1.6 | ) | 127.9 | 1 | 26.1 | — | 153.4 | |||||||||||||||||
Equity in net income of affiliate | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | |||||||||||||||||
Equity in net income of subsidiaries | 155 | 27 | — | — | (182.0 | ) | — | |||||||||||||||||
Net income | 153.6 | 154.9 | 1 | 26.3 | (182.2 | ) | 153.6 | |||||||||||||||||
Other comprehensive income | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | |||||||||||||||||
Comprehensive income | $ | 153.8 | $ | 154.9 | $ | 1 | $ | 26.5 | $ | (182.4 | ) | $ | 153.8 | |||||||||||
Condensed Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||
2-Apr-15 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 723.6 | $ | — | $ | 25.9 | $ | — | $ | 749.5 | ||||||||||||
Accounts receivable, net | — | 725 | 23.4 | 207.1 | (354.5 | ) | 601 | |||||||||||||||||
Inventory, net | — | 1,188.20 | 175 | 339.2 | — | 1,702.40 | ||||||||||||||||||
Deferred tax asset - current | — | 35.8 | — | 3.2 | — | 39 | ||||||||||||||||||
Other current assets | — | 66.9 | — | 2.2 | — | 69.1 | ||||||||||||||||||
Total current assets | — | 2,739.50 | 198.4 | 577.6 | (354.5 | ) | 3,161.00 | |||||||||||||||||
Property, plant and equipment, net | — | 1,259.40 | 340.7 | 176.6 | — | 1,776.70 | ||||||||||||||||||
Pension assets, net | — | 195.4 | — | 15.1 | — | 210.5 | ||||||||||||||||||
Investment in subsidiary | 912.2 | 281.4 | — | — | (1,193.6 | ) | — | |||||||||||||||||
Equity in net assets of subsidiaries | 882.2 | 207.3 | — | — | (1,089.5 | ) | — | |||||||||||||||||
Other assets | — | 356 | 80 | 22.6 | (334.1 | ) | 124.5 | |||||||||||||||||
Total assets | $ | 1,794.40 | $ | 5,039.00 | $ | 619.1 | $ | 791.9 | $ | (2,971.7 | ) | $ | 5,272.70 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 627.8 | $ | 236.3 | $ | 169.6 | $ | (354.5 | ) | $ | 679.2 | |||||||||||
Accrued expenses | — | 229.8 | 0.8 | 26.3 | — | 256.9 | ||||||||||||||||||
Profit sharing | — | 19.9 | — | 0.6 | — | 20.5 | ||||||||||||||||||
Current portion of long-term debt | — | 27 | — | 3.2 | — | 30.2 | ||||||||||||||||||
Advance payments, short-term | — | 145.5 | — | — | — | 145.5 | ||||||||||||||||||
Deferred revenue, short-term | — | 37.7 | — | 1.6 | — | 39.3 | ||||||||||||||||||
Deferred grant income liability - current | — | — | 9.1 | 1.2 | — | 10.3 | ||||||||||||||||||
Other current liabilities | — | 41.8 | — | 4.1 | — | 45.9 | ||||||||||||||||||
Total current liabilities | — | 1,129.50 | 246.2 | 206.6 | (354.5 | ) | 1,227.80 | |||||||||||||||||
Long-term debt | — | 1,103.10 | — | 266 | (254.0 | ) | 1,115.10 | |||||||||||||||||
Advance payments, long-term | — | 643.3 | — | — | — | 643.3 | ||||||||||||||||||
Pension/OPEB obligation | — | 74.7 | — | — | — | 74.7 | ||||||||||||||||||
Deferred grant income liability - non-current | — | — | 64.2 | 27.7 | — | 91.9 | ||||||||||||||||||
Deferred revenue and other deferred credits | — | 61.6 | — | 5.7 | — | 67.3 | ||||||||||||||||||
Other liabilities | — | 312.4 | — | 25.8 | (80.0 | ) | 258.2 | |||||||||||||||||
Total equity | 1,794.40 | 1,714.40 | 308.7 | 260.1 | (2,283.2 | ) | 1,794.40 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,794.40 | $ | 5,039.00 | $ | 619.1 | $ | 791.9 | $ | (2,971.7 | ) | $ | 5,272.70 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 354.6 | $ | — | $ | 23.3 | $ | — | $ | 377.9 | ||||||||||||
Accounts receivable, net | — | 730.6 | 33.3 | 211.9 | (370.2 | ) | 605.6 | |||||||||||||||||
Inventory, net | — | 1,238.10 | 168.1 | 346.8 | — | 1,753.00 | ||||||||||||||||||
Deferred tax asset-current | — | 49.8 | — | 3.4 | — | 53.2 | ||||||||||||||||||
Other current assets | — | 260.3 | — | 2.1 | — | 262.4 | ||||||||||||||||||
Total current assets | — | 2,633.40 | 201.4 | 587.5 | (370.2 | ) | 3,052.10 | |||||||||||||||||
Property, plant and equipment, net | — | 1,263.70 | 337.9 | 182 | — | 1,783.60 | ||||||||||||||||||
Pension assets, net | — | 187.8 | — | 15.6 | — | 203.4 | ||||||||||||||||||
Investment in subsidiary | 907.7 | 281.4 | — | — | (1,189.1 | ) | — | |||||||||||||||||
Equity in net assets of subsidiaries | 714.3 | 210.4 | — | — | (924.7 | ) | — | |||||||||||||||||
Other assets | — | 352.7 | 80 | 22.9 | (332.0 | ) | 123.6 | |||||||||||||||||
Total assets | $ | 1,622.00 | $ | 4,929.40 | $ | 619.3 | $ | 808 | $ | (2,816.0 | ) | $ | 5,162.70 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 573.4 | $ | 235.5 | $ | 172.5 | $ | (370.2 | ) | $ | 611.2 | |||||||||||
Accrued expenses | — | 302.3 | 0.8 | 26 | — | 329.1 | ||||||||||||||||||
Profit sharing | — | 105.1 | — | 6.7 | — | 111.8 | ||||||||||||||||||
Current portion of long-term debt | — | 5.7 | — | 3.7 | — | 9.4 | ||||||||||||||||||
Advance payments, short-term | — | 118.6 | — | — | — | 118.6 | ||||||||||||||||||
Deferred revenue, short-term | — | 21.7 | — | 1.7 | — | 23.4 | ||||||||||||||||||
Deferred grant income liability - current | — | — | 9 | 1.2 | — | 10.2 | ||||||||||||||||||
Other current liabilities | — | 40.5 | — | 4.6 | — | 45.1 | ||||||||||||||||||
Total current liabilities | — | 1,167.30 | 245.3 | 216.4 | (370.2 | ) | 1,258.80 | |||||||||||||||||
Long-term debt | — | 1,130.40 | — | 265.6 | (251.9 | ) | 1,144.10 | |||||||||||||||||
Advance payments, long-term | — | 680.4 | — | — | — | 680.4 | ||||||||||||||||||
Pension/OPEB obligation | — | 73 | — | — | — | 73 | ||||||||||||||||||
Deferred grant income liability - non-current | — | — | 66.7 | 29.4 | — | 96.1 | ||||||||||||||||||
Deferred revenue and other deferred credits | — | 21.2 | — | 6.3 | — | 27.5 | ||||||||||||||||||
Other liabilities | — | 315 | — | 25.8 | (80.0 | ) | 260.8 | |||||||||||||||||
Total equity | 1,622.00 | 1,542.10 | 307.3 | 264.5 | (2,113.9 | ) | 1,622.00 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,622.00 | $ | 4,929.40 | $ | 619.3 | $ | 808 | $ | (2,816.0 | ) | $ | 5,162.70 | |||||||||||
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||
For the Three Months Ended April 2, 2015 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 408.4 | $ | 9.7 | $ | 5.6 | $ | — | $ | 423.7 | ||||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | (26.1 | ) | (9.7 | ) | (4.5 | ) | — | (40.3 | ) | ||||||||||||||
Net cash used in investing activities | — | (26.1 | ) | (9.7 | ) | (4.5 | ) | — | (40.3 | ) | ||||||||||||||
Financing activities | ||||||||||||||||||||||||
Proceeds from issuance of debt | — | 535 | — | — | — | 535 | ||||||||||||||||||
Principal payments of debt | — | (6.7 | ) | — | (0.8 | ) | — | (7.5 | ) | |||||||||||||||
Payments on term loan | — | (534.9 | ) | — | — | — | (534.9 | ) | ||||||||||||||||
(Decrease) increase in intercompany debt | — | (2.0 | ) | — | 2 | — | — | |||||||||||||||||
Debt issuance and financing costs | — | (4.7 | ) | — | — | — | (4.7 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | — | (13.3 | ) | — | 1.2 | — | (12.1 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Net increase in cash and cash equivalents for the period | — | 369 | — | 2.6 | — | 371.6 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | 354.6 | — | 23.3 | — | 377.9 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 723.6 | $ | — | $ | 25.9 | $ | — | $ | 749.5 | ||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Three Months Ended April 3, 2014 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 153.6 | $ | 59.6 | $ | 9.2 | $ | (23.8 | ) | $ | (153.6 | ) | $ | 45 | ||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | (42.8 | ) | (9.2 | ) | (1.0 | ) | — | (53.0 | ) | ||||||||||||||
Proceeds from the sale of assets | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Equity in net assets of subsidiaries | (153.6 | ) | — | — | — | 153.6 | — | |||||||||||||||||
Net cash used in investing activities | (153.6 | ) | (42.7 | ) | (9.2 | ) | (1.0 | ) | 153.6 | (52.9 | ) | |||||||||||||
Financing activities | ||||||||||||||||||||||||
Proceeds from issuance of bonds | — | 300 | — | — | — | 300 | ||||||||||||||||||
Principal payments of debt | — | (8.6 | ) | — | (0.9 | ) | — | (9.5 | ) | |||||||||||||||
Increase (decrease) in intercompany debt | — | 7 | — | (7.0 | ) | — | — | |||||||||||||||||
Payments on bonds | — | (227.2 | ) | — | — | — | (227.2 | ) | ||||||||||||||||
Debt issuance and financing costs | — | (19.2 | ) | — | — | — | (19.2 | ) | ||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | 0.5 | — | — | — | 0.5 | ||||||||||||||||||
Change in restricted cash | — | (72.8 | ) | — | — | — | (72.8 | ) | ||||||||||||||||
Net cash used in financing activities | — | (20.3 | ) | — | (7.9 | ) | — | (28.2 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (2.5 | ) | — | (2.5 | ) | ||||||||||||||||
Net decrease in cash and cash equivalents for the period | — | (3.4 | ) | — | (35.2 | ) | — | (38.6 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 359.2 | — | 61.5 | — | 420.7 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 355.8 | $ | — | $ | 26.3 | $ | — | $ | 382.1 | ||||||||||||
Organization_and_Basis_of_Inte1
Organization and Basis of Interim Presentation (Details) | 3 Months Ended |
Apr. 02, 2015 | |
ship_set | |
Variable Interest Entity [Line Items] | |
KIESC Ownership Percentage | 77.80% |
Boeing Advance Payment ShipSet | 1,001 |
TSACCL [Member] | |
Variable Interest Entity [Line Items] | |
Ownership interest in VIE's | 31.50% |
Changes_in_Estimates_Details
Changes in Estimates (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Change In Estimate [Line Items] | ||
Current Period Forward Loss Recorded | ($1.20) | |
Cumulative Catch Up Adjustment | 12 | 16.6 |
Changes in Contract Estimates, aggregate, Affecting earnings from Continuing Operations, per Share diluted | $0.07 | $0.07 |
Change In Accounting Estimate, aggregate | 14.9 | 15.4 |
Reduction In Previously Reported Forward-Loss | 2.9 | |
Boeing - all other platforms [Member] | ||
Change In Estimate [Line Items] | ||
Reduction In Previously Reported Forward-Loss | 2.9 | 0 |
Fuselage Systems [Member] | ||
Change In Estimate [Line Items] | ||
Current Period Forward Loss Recorded | -0.9 | |
Cumulative Catch Up Adjustment | 2.7 | 9 |
Reduction In Previously Reported Forward-Loss | 2.9 | |
Fuselage Systems [Member] | Bell V280 [Member] | ||
Change In Estimate [Line Items] | ||
Current Period Forward Loss Recorded | 0 | -0.9 |
Wing Systems [Member] | ||
Change In Estimate [Line Items] | ||
Current Period Forward Loss Recorded | 0 | -0.3 |
Cumulative Catch Up Adjustment | 0 | 2.8 |
Wing Systems [Member] | G280 [Member] | ||
Change In Estimate [Line Items] | ||
Current Period Forward Loss Recorded | 0 | -0.3 |
Propulsion Systems [Member] | ||
Change In Estimate [Line Items] | ||
Cumulative Catch Up Adjustment | $9.30 | $4.80 |
Accounts_Receivable_net_Detail
Accounts Receivable, net (Details) (USD $) | Apr. 02, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Accounts Receivable, Net, Current [Abstract] | ||
Trade receivables | $589.70 | $598.40 |
Other | 11.8 | 7.7 |
Less: allowance for doubtful accounts | -0.5 | -0.5 |
Accounts receivable, net | 601 | 605.6 |
Unbilled Contracts Receivable | 26 | 26 |
Accounts receivable held in retainage by customer | $135.10 |
Inventory_Details
Inventory (Details) (USD $) | Apr. 02, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Summary Of Inventories [Abstract] | ||
Raw materials | $246.10 | $254.50 |
Work-in-process | 841.7 | 885.7 |
Finished goods | 51.6 | 46.7 |
Product inventory | 1,139.40 | 1,186.90 |
Capitalized pre-production | 223 | 223.4 |
Deferred Production Costs | 1,239.20 | 1,244.30 |
Forward loss provision | -899.2 | -901.6 |
Total inventory, net | $1,702.40 | $1,753 |
Inventory_Details_1
Inventory (Details 1) (USD $) | 3 Months Ended | |
Apr. 02, 2015 | Dec. 31, 2014 | |
Inventory By Platform [Abstract] | ||
Inventory | $1,062,500,000 | $1,132,300,000 |
Non Recurring Production Costs Included In Inventory [Abstract] | ||
Nonrecurring production cost included in inventory | 76,900,000 | 54,600,000 |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ||
Capitalized pre-production | 223,000,000 | 223,400,000 |
Deferred Production Costs | 1,239,200,000 | 1,244,300,000 |
Forward loss provision | -899,200,000 | -901,600,000 |
Total inventory, net | 1,702,400,000 | 1,753,000,000 |
Reduction In Previously Reported Forward-Loss | 2,900,000 | |
B787 [Member] | ||
Inventory By Platform [Abstract] | ||
Inventory | 228,400,000 | 227,900,000 |
Non Recurring Production Costs Included In Inventory [Abstract] | ||
Nonrecurring production cost included in inventory | 100,000 | 0 |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ||
Capitalized pre-production | 87,000,000 | 102,700,000 |
Deferred Production Costs | 528,200,000 | 551,600,000 |
Forward loss provision | -606,000,000 | -606,000,000 |
Total inventory, net | 237,700,000 | 276,200,000 |
Airbus Three Hundred Fifty XWB [Member] | ||
Inventory By Platform [Abstract] | ||
Inventory | 131,000,000 | 148,700,000 |
Non Recurring Production Costs Included In Inventory [Abstract] | ||
Nonrecurring production cost included in inventory | 54,600,000 | 35,600,000 |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ||
Capitalized pre-production | 96,400,000 | 76,400,000 |
Deferred Production Costs | 629,300,000 | 607,600,000 |
Forward loss provision | -119,700,000 | -120,100,000 |
Total inventory, net | 791,600,000 | 748,200,000 |
Airbus - All other platforms [Member] | ||
Inventory By Platform [Abstract] | ||
Inventory | 74,000,000 | 82,100,000 |
Non Recurring Production Costs Included In Inventory [Abstract] | ||
Nonrecurring production cost included in inventory | 0 | 0 |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ||
Capitalized pre-production | 0 | 0 |
Deferred Production Costs | 5,600,000 | 5,600,000 |
Forward loss provision | 0 | 0 |
Total inventory, net | 79,600,000 | 87,700,000 |
Rolls-Royce | ||
Inventory By Platform [Abstract] | ||
Inventory | 16,500,000 | 17,500,000 |
Non Recurring Production Costs Included In Inventory [Abstract] | ||
Nonrecurring production cost included in inventory | 0 | 0 |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ||
Capitalized pre-production | 33,300,000 | 35,400,000 |
Deferred Production Costs | 86,900,000 | 83,800,000 |
Forward loss provision | -136,700,000 | -136,700,000 |
Total inventory, net | 0 | 0 |
Contract Liability | 12,200,000 | 12.2 |
Aftermarket [Member] | ||
Inventory By Platform [Abstract] | ||
Inventory | 48,600,000 | 45,200,000 |
Non Recurring Production Costs Included In Inventory [Abstract] | ||
Nonrecurring production cost included in inventory | 0 | 200,000 |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ||
Capitalized pre-production | 0 | 0 |
Deferred Production Costs | 0 | 0 |
Forward loss provision | 0 | 0 |
Total inventory, net | 48,600,000 | 45,400,000 |
Other platforms [Member] | ||
Inventory By Platform [Abstract] | ||
Inventory | 87,300,000 | 113,500,000 |
Non Recurring Production Costs Included In Inventory [Abstract] | ||
Nonrecurring production cost included in inventory | 10,300,000 | 11,100,000 |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ||
Capitalized pre-production | 0 | 1,500,000 |
Deferred Production Costs | 4,300,000 | 4,600,000 |
Forward loss provision | 0 | 0 |
Total inventory, net | 101,900,000 | 130,700,000 |
Boeing - All other platforms [Member] | ||
Inventory By Platform [Abstract] | ||
Inventory | 476,700,000 | 497,400,000 |
Non Recurring Production Costs Included In Inventory [Abstract] | ||
Nonrecurring production cost included in inventory | 11,900,000 | 7,700,000 |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ||
Capitalized pre-production | 6,300,000 | 7,400,000 |
Deferred Production Costs | -15,100,000 | -8,900,000 |
Forward loss provision | -36,800,000 | -38,800,000 |
Total inventory, net | 443,000,000 | 464,800,000 |
Contract Liability | $1,100,000 | $2.10 |
Inventory_Details_2
Inventory (Details 2) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 02, 2015 |
Capitalized Pre Production Inventory [Abstract] | |
Total capitalized pre-production, Beginning Balance | $223.40 |
Charges To Costs And Expenses Pre Production Inventory | -21.5 |
Capitalized Costs Pre Production Inventory | 21.1 |
Total capitalized pre-production, Ending Balance | $223 |
Inventory_Details_3
Inventory (Details 3) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 02, 2015 |
Deferred Production Inventory [Abstract] | |
Deferred Production Costs | $1,244.30 |
Charges To Costs And Expenses Deferred Production Inventory | -163.6 |
Capitalized Costs Deferred Production Inventory | 167.5 |
Exchange Rate Deferred Production Inventory | -9 |
Deferred Production Costs | $1,239.20 |
Inventory_Details_4
Inventory (Details 4) | 3 Months Ended |
Apr. 02, 2015 | |
B787 [Member] | |
Block And Order Detail [Abstract] | |
Contract Block Quantity | 500 |
Orders | 847 |
Contract Block Deliveries | 314 |
Airbus Three Hundred Fifty XWB [Member] | |
Block And Order Detail [Abstract] | |
Contract Block Quantity | 400 |
Orders | 780 |
Contract Block Deliveries | 33 |
Rolls-Royce | |
Block And Order Detail [Abstract] | |
Contract Block Quantity | 350 |
Orders | 196 |
Other Inventory [Member] | |
Block And Order Detail [Abstract] | |
Contract Block Deliveries | 148 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Apr. 02, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property, plant and equipment, net | ||
Land | $16.50 | $17.10 |
Buildings (including improvements) | 570.3 | 572.9 |
Machinery and equipment | 1,138 | 1,125.50 |
Tooling | 854.4 | 841.2 |
Capitalized software | 214.7 | 208.3 |
Construction-in-progress | 142.3 | 138.3 |
Total | 2,936.20 | 2,903.30 |
Less: accumulated depreciation | -1,159.50 | -1,119.70 |
Property, plant and equipment, net | $1,776.70 | $1,783.60 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Property Plant And Equipment Textuals [Abstract] | ||
Capitalized interest related to construction-in-progress | $1.30 | $1 |
Repair and maintenance costs | 30.3 | 23.9 |
Depreciation expense related to capitalized software | $4.20 | $4 |
Other_Assets_Details
Other Assets (Details) (USD $) | Apr. 02, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Intangible assets | ||
Total intangible assets | $8.20 | $8.20 |
Intangible assets, net | 3.1 | 3.2 |
Deferred financing costs | 105.9 | 101.2 |
Less: Accumulated amortization-deferred financing costs | -83.7 | -79.5 |
Deferred financing costs, net | 22.2 | 21.7 |
Goodwill - Europe | 2.7 | 2.9 |
Equity in net assets of affiliates | 2.2 | 1.9 |
Customer Supply Agreement | 32.7 | 34.3 |
Restricted Cash and Investments, Noncurrent | 19.9 | 19.9 |
Other | 41.7 | 39.7 |
Total | 124.5 | 123.6 |
Patents [Member] | ||
Intangible assets | ||
Total intangible assets | 1.9 | 1.9 |
Less: Accumulated amortization | -1.5 | -1.5 |
Favorable Leasehold Interests [Member] | ||
Intangible assets | ||
Total intangible assets | 6.3 | 6.3 |
Less: Accumulated amortization | ($3.60) | ($3.50) |
Other_Assets_Details_Textuals
Other Assets (Details Textuals) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 02, 2015 | Dec. 31, 2014 |
Other Assets, Noncurrent [Abstract] | ||
Deferred Finance Charge Debt Extinguishment | $3.10 | $15.10 |
Advance_Payments_and_Deferred_2
Advance Payments and Deferred Revenue/Credits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Dec. 31, 2014 |
ship_set | ||
Advance Payments And Deferred Revenue Credits [Abstract] | ||
Boeing Advance Payment ShipSet | 1,001 | |
Advance payments and deferred revenue/credits summarized | ||
Advance Payments And Deferred Revenue Credits | $895.40 | $849.90 |
B737 [Member] | ||
Advance payments and deferred revenue/credits summarized | ||
Advance Payments And Deferred Revenue Credits | 15.8 | 16.4 |
B787 [Member] | ||
Advance payments and deferred revenue/credits summarized | ||
Advance Payments And Deferred Revenue Credits | 637 | 581.1 |
Airbus Three Hundred Fifty XWB [Member] | ||
Advance payments and deferred revenue/credits summarized | ||
Advance Payments And Deferred Revenue Credits | 219.6 | 224.3 |
Airbus - All other platforms [Member] | ||
Advance payments and deferred revenue/credits summarized | ||
Advance Payments And Deferred Revenue Credits | 3.6 | 4.1 |
Other Inventory [Member] | ||
Advance payments and deferred revenue/credits summarized | ||
Advance Payments And Deferred Revenue Credits | $19.40 | $24 |
Government_Grants_Details
Government Grants (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 02, 2015 |
Deferred Grant Income Liability Net [Abstract] | |
Deferred Grant Income Liability | $106.30 |
Grant Liability Recorded | -0.7 |
Grant Income Recognized | -1.9 |
Deferred Grant Income Liability | 102.2 |
Exchange Rate Effect On Deferred Grant Income Liability | ($1.50) |
Government_Grants_Details_1
Government Grants (Details 1) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 02, 2015 |
Asset Related To Deferred Grant Income Net [Abstract] | |
Asset Related To Deferred Grant Income Beginning Balance | $113.20 |
Amortization | -1.3 |
Exchange rate | -1.4 |
Asset Related To Deferred Grant Income Ending Balance | $110.50 |
Government_Grants_Details_Text
Government Grants (Details Textuals) | 3 Months Ended |
Apr. 02, 2015 | |
Government Grants Textuals [Abstract] | |
Deferred Grant Income Amortization Period | 10 years |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Apr. 02, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Carrying amount and estimated fair value of long term debt | ||
Carrying Amount | $1,133.50 | $1,140.60 |
Fair Value | 1,162.10 | 1,157.90 |
Secured Debt Term A [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt, Current | 26.8 | 0 |
Secured Long-term Debt, Noncurrent | 501.5 | 0 |
Carrying amount and estimated fair value of long term debt | ||
Carrying Amount | 528.3 | 0 |
Fair Value | 525 | 0 |
Secured Debt Term B [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt, Current | 0 | 5.5 |
Secured Long-term Debt, Noncurrent | 0 | 528.9 |
Carrying amount and estimated fair value of long term debt | ||
Carrying Amount | 0 | 534.4 |
Fair Value | 0 | 527.1 |
Senior Unsecured Notes Due 2020 [Member] | ||
Carrying amount and estimated fair value of long term debt | ||
Carrying Amount | 300 | 300 |
Fair Value | 319.1 | 320.3 |
Senior unsecured notes due 2022 [Member] | ||
Carrying amount and estimated fair value of long term debt | ||
Carrying Amount | 299.5 | 299.5 |
Fair Value | 313 | 304.7 |
Malaysian loan [Member] | ||
Carrying amount and estimated fair value of long term debt | ||
Carrying Amount | 5.7 | 6.7 |
Fair Value | 5 | 5.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Fund [Member] | ||
Fair Value Measurements | ||
Money Market Fund | 205.4 | 88.3 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swaps [Member] | ||
Fair Value Measurements | ||
Fair value liabilities measured on recurring basis | -1.1 | |
Reported Value Measurement [Member] | Interest Rate Swaps [Member] | ||
Fair Value Measurements | ||
Fair value liabilities measured on recurring basis | -1.1 | |
Reported Value Measurement [Member] | Money Market Fund [Member] | ||
Fair Value Measurements | ||
Money Market Fund | 205.4 | 88.3 |
Assets Measured At Fair Value [Member] | Interest Rate Swaps [Member] | ||
Fair Value Measurements | ||
Fair value liabilities measured on recurring basis | 0 | |
Assets Measured At Fair Value [Member] | Money Market Fund [Member] | ||
Fair Value Measurements | ||
Money Market Fund | 205.4 | 88.3 |
Liabilities Measured At Fair Value [Member] | Interest Rate Swaps [Member] | ||
Fair Value Measurements | ||
Fair value liabilities measured on recurring basis | -1.1 | |
Liabilities Measured At Fair Value [Member] | Money Market Fund [Member] | ||
Fair Value Measurements | ||
Money Market Fund | $0 | $0 |
Derivative_and_Hedging_Activit2
Derivative and Hedging Activities (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 02, 2015 | Dec. 31, 2014 | Sep. 15, 2017 |
Derivative [Line Items] | |||
Interest Rate Swaps [Table Text Block] | During the first quarter of 2015, as a result of Amendment No. 5 to its Credit Agreement, the Company unwound its interest rate swap agreements which had a notional amount of $250.0. The company recognized a loss of $0.4 as a result of unwinding these interest rate swaps. This loss on derivatives not designated as hedging instruments is included in Other Expense on the Consolidated Statement of Operations for the three months ended April 2, 2015. In total, the Company paid $2.0 as a result of the settlement of the interest rate swap agreements. | ||
As of April 2, 2015, the Company had no outstanding interest rate swap agreements. At December 31, 2014, the fair value of interest rate swaps designated as hedging instruments was a liability of $1.1. | |||
Interest Rate Swaps | |||
Derivative Instruments Not Designated as Hedging Instruments, Loss | $0.40 | ||
Derivative Liability, Fair Value, Gross Liability | 1.1 | ||
Interest Swap Agreements Five [Member] | |||
Interest Rate Swaps | |||
Notional Amount | $250 |
Derivative_and_Hedging_Activit3
Derivative and Hedging Activities (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | ($0.50) | $0 | ||
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | -1.6 | -0.1 | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 0 | -1.1 | ||
Fair value of outstanding derivatives | ||||
Derivative Fair Value Of Derivative Liability | 1.1 | |||
Interest Expense [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | -0.5 | 0 | ||
Other Expense [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | ($1.60) | ($0.10) |
Derivative_and_Hedging_Activit4
Derivative and Hedging Activities (Details Textual) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 02, 2015 | Dec. 31, 2014 | Sep. 15, 2017 |
Derivatives Fair Value [Line Items] | |||
Total payment of swap settlement | $2 | ||
LIBOR floor | 0.75% | ||
Derivative Liability, Fair Value, Gross Liability | 1.1 | ||
Interest Swap Agreements Five [Member] | |||
Derivatives Fair Value [Line Items] | |||
Derivative, Notional Amount, Unwound swap | $250 |
Debt_Details
Debt (Details) (USD $) | Apr. 02, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ||
Loans Payable to Bank, Current | $2.50 | $3 |
Loans Payable to Bank, Noncurrent | 3.2 | 3.7 |
Capital Lease Obligations, Current | 0.9 | 0.9 |
Capital Lease Obligations, Noncurrent | 10.9 | 12 |
Long-term Debt and Capital Lease Obligations, Current | 30.2 | 9.4 |
Long-term Debt and Capital Lease Obligations | 1,115.10 | 1,144.10 |
Secured Debt Term A [Member] | ||
Debt Disclosure [Abstract] | ||
Secured Debt, Current | 26.8 | 0 |
Secured Long-term Debt, Noncurrent | 501.5 | 0 |
Secured Debt Term B [Member] | ||
Debt Disclosure [Abstract] | ||
Secured Debt, Current | 0 | 5.5 |
Secured Long-term Debt, Noncurrent | 0 | 528.9 |
Senior Unsecured Notes Due 2020 [Member] | ||
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ||
Senior Notes, Current | 0 | 0 |
Senior Notes, Noncurrent | 300 | 300 |
Senior unsecured notes due 2022 [Member] | ||
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ||
Senior Notes, Current | 0 | 0 |
Senior Notes, Noncurrent | $299.50 | $299.50 |
Debt_Details_Textual
Debt (Details Textual) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Apr. 02, 2015 | Mar. 18, 2015 | Nov. 18, 2010 | Apr. 02, 2015 | Apr. 02, 2015 | Sep. 21, 2012 | Apr. 02, 2015 | Jul. 17, 2009 | Jul. 17, 2009 | Mar. 18, 2014 | Apr. 02, 2015 | Jun. 02, 2008 | Jun. 02, 2008 | Apr. 02, 2015 | Apr. 02, 2015 | Mar. 18, 2015 | Apr. 02, 2015 | Mar. 18, 2015 |
Senior Unsecured Notes Due 2020 [Member] | Senior Unsecured Notes Due 2020 [Member] | Capital Lease Agreement [Member] | Capital Lease Agreement [Member] | Saint Nazaire [Member] | Saint Nazaire [Member] | Saint Nazaire [Member] | Senior unsecured notes due 2022 [Member] | Senior unsecured notes due 2022 [Member] | Malaysian Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Amendment Three Term Loan Due 2020 [Member] | Amendment Three Term Loan Due 2020 [Member] | Amendment Five Term Loan Due 2020 [Member] | Amendment Five Term Loan Due 2020 [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | MYR | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $300 | $300 | $534.90 | $535 | ||||||||||||||
Maturity Date 2012 Senior Secured Credit Facility Term | 15-Sep-20 | 18-Mar-20 | ||||||||||||||||
Credit Agreement Margin on LIBOR | 0.0175 | |||||||||||||||||
Senior Secured Credit Facility Term Libor Floor | 0.75% | |||||||||||||||||
Margin On Base Rate Borrowing Term Loan | 0.75% | |||||||||||||||||
MinimumAdjustmentMarginOnLibor | 1.75% | |||||||||||||||||
MaximumAdjustmentMarginOnLibor | 2.50% | |||||||||||||||||
Minimum Adjustment Margin on Base Rate | 0.75% | |||||||||||||||||
Maximum Adjustment Margin on Base Rate | 1.50% | |||||||||||||||||
Outstanding Balance Term Loan | 528.3 | |||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 3.6 | |||||||||||||||||
Extinguishment Included In Cash Flow Deferred Financing Fees | 3.1 | |||||||||||||||||
Extinguishment Included In Cash Flow Amortization Expense | 0.5 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 5.25% | 3.50% | 3.50% | ||||||||||||||
MaturityDatefor2020Notes | 15-Dec-20 | |||||||||||||||||
Senior Notes | 0 | 299.5 | ||||||||||||||||
Maturity Date 2022 Notes | 15-Mar-22 | |||||||||||||||||
Maximum Borrowing Capacity | 13.1 | 9 | 20 | 69.2 | ||||||||||||||
Debt Instrument, Periodic Payment, Principal | 1 | 3.3 | 6.7 | |||||||||||||||
Loans Payable to Bank | 5.7 | |||||||||||||||||
Margin Over Euribor On Capital Lease Repayment | 2.20% | 2.20% | ||||||||||||||||
Capital Lease Obligations | $2.20 | $2.60 | $7.80 | |||||||||||||||
Capital Lease term - Nashville | 124 months |
Pension_and_Other_Post_Retirem
Pension and Other Post Retirement Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Defined Benefit Plans [Member] | ||
Pension and Other Post-Retirement Benefits | ||
Service cost | $0.30 | $0 |
Interest cost | 12 | 12.9 |
Expected return on plan assets | -20.7 | -22.3 |
Amortization of net loss | 1 | 0 |
Net periodic pension income | -7.4 | -9.4 |
Other Benefits [Member] | ||
Pension and Other Post-Retirement Benefits | ||
Service cost | 0.7 | 0.7 |
Interest cost | 0.6 | 0.7 |
Net periodic pension income | 1.3 | 1.4 |
U.K. pension plan [Member] | ||
Pension And Other Post Retirement Benefits Textuals [Abstract] | ||
Expected UK Pension Plan Contribution For The Year | 0 | |
Supplemental Executive Retirement Plan [Member] | ||
Pension And Other Post Retirement Benefits Textuals [Abstract] | ||
Defined Benefit Plan Estimated Future Employer Contributions Remainder Of Year | $5.80 |
Stock_Compensation_Details
Stock Compensation (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 | Apr. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service Based Portion of LTIA | 75.00% | ||
Market Based Portion of LTIA | 25.00% | ||
Company recognized total stock compensation expense, net of forfeitures | $6.90 | $3.70 | |
Service Based LTIP Vesting Period | 3 years | ||
LTIA AND Prior Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Company recognized total stock compensation expense, net of forfeitures | 6.9 | 3.7 | |
Class A [Member] | Service Based LTIA [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 428,758 | ||
Grant date value of shares vested | 20.9 | ||
Class A [Member] | Market Based LTIA [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 93,640 | ||
Grant date value of shares vested | 6 | ||
Class A [Member] | Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Vested | 12,293 | ||
Grant date value of shares vested | 0.6 | ||
Selling General And Administrative Expense [Member] | LTIA AND Prior Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Company recognized total stock compensation expense, net of forfeitures | $6.90 | $3.70 |
Income_Tax_details
Income Tax (details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Income Taxes Textuals [Abstract] | ||
Deferred tax assets net total | $5 | |
Valuation allowance, change in amount | $42 | |
Effective tax rate | 13.90% | 4.30% |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 26, 2013 |
Derivatives, Fair Value [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $0 | ($1.10) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -167.8 | -153.8 | |||
Basic EPS | |||||
Income available to common shareholders | 181.7 | 152.4 | |||
Income available to common shareholders, shares | 138.9 | 141.6 | |||
Income available to common shareholders, per share amount | $1.31 | $1.08 | |||
Income allocated to participating securities | 0.2 | 1.2 | |||
Income allocated to participating securities, shares | 0.1 | 1.1 | |||
Net income | 181.9 | 153.6 | |||
Diluted potential common shares | 1.4 | 1 | |||
Diluted EPS | |||||
Net income | 181.9 | 153.6 | |||
Shares | 140.4 | 143.7 | |||
Per share amount | $1.30 | $1.07 | |||
Equity Textuals [Abstract] | |||||
Common shares, outstanding | 141.7 | 144.7 | |||
Common shares outstanding issued but unvested | 2.8 | 3 | |||
Noncontrolling interest | 0.5 | 0.5 | |||
Pension [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -129.9 | -130 | |||
SERP and Retiree medical [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2.1 | 2.1 | |||
Foreign currency impact on long term intercompany loan [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -8.1 | -5.7 | |||
Currency translation adjustment [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($31.90) | ($19.10) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 | Dec. 31, 2014 | Sep. 26, 2013 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||
Amount paid for services rendered ($0.1 and less than $0.1 respectively) | $5.90 | $0.10 | ||
Amounts owed to supplier and recorded as accrued liabilities | $1.50 | $3.90 | $0.10 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Guarantees (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 | Dec. 31, 2014 |
Commitments Contingencies And Guarantees [Abstract] | |||
Loss Contingency Accrual | $55.50 | $96.30 | |
Current Period Forward Loss Recorded | -1.2 | ||
Service warranty roll forward | |||
Product Warranty And Extraordinary Rework | 119.9 | ||
Charges to costs and expenses | 10.5 | ||
Product Warranty Accrual, Payments | -0.4 | ||
Product Warranty And Extraordinary Rework | 129.9 | ||
Product Warranty Extraordinary Rework Accrual Currency Translation Increase Decrease | -0.1 | ||
Commitments Contingencies And Guarantees Textuals [Abstract] | |||
Outstanding amount of letter of credit | 19.9 | ||
Outstanding amount of guarantees | 20.5 | 21.6 | |
Restricted Cash and Investments, Noncurrent | $19.90 | $19.90 |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
Other Nonoperating Income (Expense) [Abstract] | ||
KDFA bond | $1.20 | $1 |
Rental and miscellaneous (expense)(1) | -1.9 | 0 |
Interest Income, Other | 0.2 | 0.1 |
Foreign currency (loss) gain | -5.9 | 0.2 |
Total | -6.4 | 1.3 |
Loss on Derivative Settlement | $2 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 |
segment | ||
customer | ||
Segment Revenues | ||
Revenues | $1,742.20 | $1,728.50 |
Segment Operating Income | ||
Business Segment Operating Income | 305.1 | 272.3 |
Segment Information Unallocated Corporate Selling General And Administrative | -51.6 | -60.5 |
Segment Information Unallocated Research And Development | -7 | -6.3 |
Segment Information Unallocated Cost Of Sales | -11.2 | -11.1 |
Operating income | 235.3 | 194.4 |
Segment Reporting Information, Additional Information [Abstract] | ||
Forward Loss Recorded For The Period | -1.2 | |
Reduction In Previously Reported Forward-Loss | 2.9 | |
Number Of Principal Segments | 3 | |
Percentage Of Net Revenue Derived From Two Largest Customers | 95.00% | |
Number Of Largest Customers | 2 | |
Cumulative Catch Up Adjustment | 12 | 16.6 |
Product Warranty Expense | 10.4 | 11.1 |
Fuselage Systems [Member] | ||
Segment Revenues | ||
Segment Revenues | 916.8 | 858.3 |
Segment Operating Income | ||
Business Segment Operating Income | 164.5 | 142 |
Segment Reporting Information, Additional Information [Abstract] | ||
Forward Loss Recorded For The Period | -0.9 | |
Reduction In Previously Reported Forward-Loss | 2.9 | |
Cumulative Catch Up Adjustment | 2.7 | 9 |
Propulsion Systems [Member] | ||
Segment Revenues | ||
Segment Revenues | 446 | 450.2 |
Segment Operating Income | ||
Business Segment Operating Income | 95.7 | 80.2 |
Segment Reporting Information, Additional Information [Abstract] | ||
Cumulative Catch Up Adjustment | 9.3 | 4.8 |
Wing Systems [Member] | ||
Segment Revenues | ||
Segment Revenues | 376.7 | 414.2 |
Segment Operating Income | ||
Business Segment Operating Income | 45.2 | 50 |
Segment Reporting Information, Additional Information [Abstract] | ||
Forward Loss Recorded For The Period | 0 | -0.3 |
Cumulative Catch Up Adjustment | 0 | 2.8 |
Other Systems [Member] | ||
Segment Revenues | ||
Segment Revenues | 2.7 | 5.8 |
Segment Operating Income | ||
Business Segment Operating Income | -0.3 | 0.1 |
G280 [Member] | Wing Systems [Member] | ||
Segment Reporting Information, Additional Information [Abstract] | ||
Forward Loss Recorded For The Period | 0 | -0.3 |
Bell V280 [Member] | Fuselage Systems [Member] | ||
Segment Reporting Information, Additional Information [Abstract] | ||
Forward Loss Recorded For The Period | $0 | ($0.90) |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Apr. 02, 2015 | Apr. 03, 2014 | Dec. 31, 2014 | Sep. 26, 2013 | Dec. 31, 2012 |
Condensed Consolidating Statements of Operations [Abstract] | |||||
Net revenues | $1,742.20 | $1,728.50 | |||
Operating costs and expenses | |||||
Cost of sales | 1,448.30 | 1,467.30 | |||
Selling, general and administrative | 51.6 | 60.5 | |||
Research and development | 7 | 6.3 | |||
Total operating costs and expenses | 1,506.90 | 1,534.10 | |||
Operating income | 235.3 | 194.4 | |||
Interest expense and financing fee amortization | -17.9 | -35.4 | |||
Other (expense) income, net | -6.4 | 1.3 | |||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 211 | 160.3 | |||
Income tax provision | -29.4 | -6.9 | |||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 181.6 | 153.4 | |||
Equity in net income of affiliate | 0.3 | 0.2 | |||
Equity in net income of subsidiaries | 0 | ||||
Net income | 181.9 | 153.6 | |||
Total other comprehensive income (loss) | -14 | 0.2 | |||
Comprehensive Income, Net of Tax, Attributable to Parent | 167.9 | 153.8 | |||
Current assets | |||||
Cash and cash equivalents | 749.5 | 382.1 | 382.1 | 420.7 | |
Accounts receivable, net | 601 | 605.6 | |||
Inventory | 1,702.40 | 1,753 | |||
Deferred tax asset - current | 39 | 53.2 | |||
Other current assets | 69.1 | 262.4 | |||
Total current assets | 3,161 | 3,052.10 | |||
Property, plant and equipment, net | 1,776.70 | 1,783.60 | |||
Pension assets | 210.5 | 203.4 | |||
Other assets | 124.5 | 123.6 | |||
Total assets | 5,272.70 | 5,162.70 | |||
Current liabilities | |||||
Accounts payable | 679.2 | 611.2 | |||
Accrued expenses | 256.9 | 329.1 | |||
Profit sharing | 20.5 | 111.8 | |||
Current portion of long-term debt | 30.2 | 9.4 | |||
Advance payments, short-term | 145.5 | 118.6 | |||
Deferred revenue, short-term | 39.3 | 23.4 | |||
Deferred grant income liability - current | 10.3 | 10.2 | |||
Other current liabilities | 45.9 | 45.1 | |||
Total current liabilities | 1,227.80 | 1,258.80 | |||
Long-term debt | 1,115.10 | 1,144.10 | |||
Advance payments, long-term | 643.3 | 680.4 | |||
Pension/OPEB obligation | 74.7 | 73 | |||
Deferred grant income liability - non-current | 91.9 | 96.1 | |||
Deferred revenue and other deferred credits | 67.3 | 27.5 | |||
Other liabilities | 258.2 | 260.8 | |||
Total equity | 1,794.40 | 1,622 | |||
Total liabilities and equity | 5,272.70 | 5,162.70 | |||
Operating activities | |||||
Net cash (used in) operating activities | 423.7 | 45 | |||
Investing activities | |||||
Purchase of property, plant and equipment | -40.3 | -53 | |||
Proceeds from sale of assets | 0 | 0.1 | |||
Net cash used in investing activities | -40.3 | -52.9 | |||
Financing activities | |||||
Proceeds from issuance of bonds | 0 | 300 | |||
Principal payments of debt | -7.5 | -9.5 | |||
Repayments of Debt | -534.9 | 0 | |||
Payments on bonds | 0 | 227.2 | |||
Debt issuance and financing costs | -4.7 | -19.2 | |||
Excess tax benefit of share-based payment arrangements | 0 | 0.5 | |||
Increase (Decrease) in Restricted Cash | 0 | -72.8 | |||
Net cash used in financing activities | -12.1 | -28.2 | |||
Effect of exchange rate changes on cash and cash equivalents | 0.3 | -2.5 | |||
Net increase (decrease) in cash and cash equivalents for the period | 371.6 | -38.6 | |||
Cash and cash equivalents, beginning of period | 377.9 | 420.7 | 382.1 | 420.7 | |
Cash and cash equivalents, end of period | 749.5 | 382.1 | 382.1 | 420.7 | |
Holdings [Member] | |||||
Operating costs and expenses | |||||
Selling, general and administrative | 2.6 | 1.5 | |||
Total operating costs and expenses | 2.6 | 1.5 | |||
Operating income | -2.6 | -1.5 | |||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | -2.6 | -1.5 | |||
Income tax provision | 0.3 | -0.1 | |||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | -2.3 | -1.6 | |||
Equity in net income of affiliate | 0.3 | 0.2 | |||
Equity in net income of subsidiaries | 183.9 | 155 | |||
Net income | 181.9 | 153.6 | |||
Total other comprehensive income (loss) | -14 | 0.2 | |||
Comprehensive Income, Net of Tax, Attributable to Parent | 167.9 | 153.8 | |||
Current assets | |||||
Investment in subsidiary | 912.2 | 907.7 | |||
Equity In Net Assets Of Subsidiaries | 882.2 | 714.3 | |||
Total assets | 1,794.40 | 1,622 | |||
Current liabilities | |||||
Total equity | 1,794.40 | 1,622 | |||
Total liabilities and equity | 1,794.40 | 1,622 | |||
Operating activities | |||||
Net cash (used in) operating activities | 153.6 | ||||
Investing activities | |||||
Equity in net assets of subsidiaries | -153.6 | ||||
Net cash used in investing activities | -153.6 | ||||
Financing activities | |||||
Repayments of Debt | 0 | ||||
Payments on bonds | 0 | ||||
Increase (Decrease) in Restricted Cash | 0 | ||||
Spirit [Member] | |||||
Condensed Consolidating Statements of Operations [Abstract] | |||||
Net revenues | 1,619 | 1,613.60 | |||
Operating costs and expenses | |||||
Cost of sales | 1,352 | 1,377.80 | |||
Selling, general and administrative | 45.2 | 53.9 | |||
Research and development | 6.3 | 5.7 | |||
Total operating costs and expenses | 1,403.50 | 1,437.40 | |||
Operating income | 215.5 | 176.2 | |||
Interest expense and financing fee amortization | -17.8 | -35.2 | |||
Other (expense) income, net | 1.4 | 3.5 | |||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 199.1 | 144.5 | |||
Income tax provision | -27.1 | -16.6 | |||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 172 | 127.9 | |||
Equity in net income of subsidiaries | 11.9 | 27 | |||
Net income | 183.9 | 154.9 | |||
Total other comprehensive income (loss) | 1.1 | ||||
Comprehensive Income, Net of Tax, Attributable to Parent | 185 | 154.9 | |||
Current assets | |||||
Cash and cash equivalents | 723.6 | 355.8 | |||
Accounts receivable, net | 725 | 730.6 | |||
Inventory | 1,188.20 | 1,238.10 | |||
Deferred tax asset - current | 35.8 | 49.8 | |||
Other current assets | 66.9 | 260.3 | |||
Total current assets | 2,739.50 | 2,633.40 | |||
Property, plant and equipment, net | 1,259.40 | 1,263.70 | |||
Pension assets | 195.4 | 187.8 | |||
Investment in subsidiary | 281.4 | 281.4 | |||
Equity In Net Assets Of Subsidiaries | 207.3 | 210.4 | |||
Other assets | 356 | 352.7 | |||
Total assets | 5,039 | 4,929.40 | |||
Current liabilities | |||||
Accounts payable | 627.8 | 573.4 | |||
Accrued expenses | 229.8 | 302.3 | |||
Profit sharing | 19.9 | 105.1 | |||
Current portion of long-term debt | 27 | 5.7 | |||
Advance payments, short-term | 145.5 | 118.6 | |||
Deferred revenue, short-term | 37.7 | 21.7 | |||
Other current liabilities | 41.8 | 40.5 | |||
Total current liabilities | 1,129.50 | 1,167.30 | |||
Long-term debt | 1,103.10 | 1,130.40 | |||
Advance payments, long-term | 643.3 | 680.4 | |||
Pension/OPEB obligation | 74.7 | 73 | |||
Deferred revenue and other deferred credits | 61.6 | 21.2 | |||
Other liabilities | 312.4 | 315 | |||
Total equity | 1,714.40 | 1,542.10 | |||
Total liabilities and equity | 5,039 | 4,929.40 | |||
Operating activities | |||||
Net cash (used in) operating activities | 408.4 | 59.6 | |||
Investing activities | |||||
Purchase of property, plant and equipment | -26.1 | -42.8 | |||
Proceeds from sale of assets | 0.1 | ||||
Net cash used in investing activities | -26.1 | -42.7 | |||
Financing activities | |||||
Proceeds from issuance of bonds | 300 | ||||
Principal payments of debt | -6.7 | -8.6 | |||
Repayments of Debt | -534.9 | ||||
Collection on (repayment of) intercompany debt | -2 | 7 | |||
Payments on bonds | 227.2 | ||||
Debt issuance and financing costs | -4.7 | -19.2 | |||
Excess tax benefit of share-based payment arrangements | 0.5 | ||||
Increase (Decrease) in Restricted Cash | -72.8 | ||||
Net cash used in financing activities | -13.3 | -20.3 | |||
Net increase (decrease) in cash and cash equivalents for the period | 369 | -3.4 | |||
Cash and cash equivalents, beginning of period | 354.6 | 359.2 | |||
Cash and cash equivalents, end of period | 723.6 | 355.8 | |||
Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Ownership percentage in domestic subsidiaries | 100.00% | ||||
Condensed Consolidating Statements of Operations [Abstract] | |||||
Net revenues | 58.1 | 87 | |||
Operating costs and expenses | |||||
Cost of sales | 54.8 | 84.9 | |||
Selling, general and administrative | 1.3 | 0.6 | |||
Total operating costs and expenses | 56.1 | 85.5 | |||
Operating income | 2 | 1.5 | |||
Other (expense) income, net | 0.1 | ||||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 2.1 | 1.5 | |||
Income tax provision | -0.8 | -0.5 | |||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 1.3 | 1 | |||
Net income | 1.3 | 1 | |||
Comprehensive Income, Net of Tax, Attributable to Parent | 1.3 | 1 | |||
Current assets | |||||
Accounts receivable, net | 23.4 | 33.3 | |||
Inventory | 175 | 168.1 | |||
Total current assets | 198.4 | 201.4 | |||
Property, plant and equipment, net | 340.7 | 337.9 | |||
Other assets | 80 | 80 | |||
Total assets | 619.1 | 619.3 | |||
Current liabilities | |||||
Accounts payable | 236.3 | 235.5 | |||
Accrued expenses | 0.8 | 0.8 | |||
Deferred grant income liability - current | 9.1 | 9 | |||
Total current liabilities | 246.2 | 245.3 | |||
Deferred grant income liability - non-current | 64.2 | 66.7 | |||
Total equity | 308.7 | 307.3 | |||
Total liabilities and equity | 619.1 | 619.3 | |||
Operating activities | |||||
Net cash (used in) operating activities | 9.7 | 9.2 | |||
Investing activities | |||||
Purchase of property, plant and equipment | -9.7 | -9.2 | |||
Net cash used in investing activities | -9.7 | -9.2 | |||
Financing activities | |||||
Repayments of Debt | 0 | ||||
Payments on bonds | 0 | ||||
Increase (Decrease) in Restricted Cash | 0 | ||||
Non-Guarantor Subsidiaries [Member] | |||||
Condensed Consolidating Statements of Operations [Abstract] | |||||
Net revenues | 186.2 | 205.8 | |||
Operating costs and expenses | |||||
Cost of sales | 162.6 | 182.5 | |||
Selling, general and administrative | 2.5 | 4.5 | |||
Research and development | 0.7 | 0.6 | |||
Total operating costs and expenses | 165.8 | 187.6 | |||
Operating income | 20.4 | 18.2 | |||
Interest expense and financing fee amortization | -2 | -2.8 | |||
Other (expense) income, net | -6 | 0.4 | |||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 12.4 | 15.8 | |||
Income tax provision | -1.8 | 10.3 | |||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 10.6 | 26.1 | |||
Equity in net income of affiliate | 0.3 | 0.2 | |||
Net income | 10.9 | 26.3 | |||
Total other comprehensive income (loss) | -15.1 | 0.2 | |||
Comprehensive Income, Net of Tax, Attributable to Parent | -4.2 | 26.5 | |||
Current assets | |||||
Cash and cash equivalents | 25.9 | 26.3 | |||
Accounts receivable, net | 207.1 | 211.9 | |||
Inventory | 339.2 | 346.8 | |||
Deferred tax asset - current | 3.2 | 3.4 | |||
Other current assets | 2.2 | 2.1 | |||
Total current assets | 577.6 | 587.5 | |||
Property, plant and equipment, net | 176.6 | 182 | |||
Pension assets | 15.1 | 15.6 | |||
Other assets | 22.6 | 22.9 | |||
Total assets | 791.9 | 808 | |||
Current liabilities | |||||
Accounts payable | 169.6 | 172.5 | |||
Accrued expenses | 26.3 | 26 | |||
Profit sharing | 0.6 | 6.7 | |||
Current portion of long-term debt | 3.2 | 3.7 | |||
Deferred revenue, short-term | 1.6 | 1.7 | |||
Deferred grant income liability - current | 1.2 | 1.2 | |||
Other current liabilities | 4.1 | 4.6 | |||
Total current liabilities | 206.6 | 216.4 | |||
Long-term debt | 266 | 265.6 | |||
Deferred grant income liability - non-current | 27.7 | 29.4 | |||
Deferred revenue and other deferred credits | 5.7 | 6.3 | |||
Other liabilities | 25.8 | 25.8 | |||
Total equity | 260.1 | 264.5 | |||
Total liabilities and equity | 791.9 | 808 | |||
Operating activities | |||||
Net cash (used in) operating activities | 5.6 | -23.8 | |||
Investing activities | |||||
Purchase of property, plant and equipment | -4.5 | -1 | |||
Net cash used in investing activities | -4.5 | -1 | |||
Financing activities | |||||
Principal payments of debt | -0.8 | -0.9 | |||
Repayments of Debt | 0 | ||||
Collection on (repayment of) intercompany debt | 2 | -7 | |||
Payments on bonds | 0 | ||||
Increase (Decrease) in Restricted Cash | 0 | ||||
Net cash used in financing activities | 1.2 | -7.9 | |||
Effect of exchange rate changes on cash and cash equivalents | 0.3 | -2.5 | |||
Net increase (decrease) in cash and cash equivalents for the period | 2.6 | -35.2 | |||
Cash and cash equivalents, beginning of period | 23.3 | 61.5 | |||
Cash and cash equivalents, end of period | 25.9 | 26.3 | |||
Consolidating Adjustments [Member] | |||||
Condensed Consolidating Statements of Operations [Abstract] | |||||
Net revenues | -121.1 | -177.9 | |||
Operating costs and expenses | |||||
Cost of sales | -121.1 | -177.9 | |||
Total operating costs and expenses | -121.1 | -177.9 | |||
Interest expense and financing fee amortization | 1.9 | 2.6 | |||
Other (expense) income, net | -1.9 | -2.6 | |||
Equity in net income of affiliate | -0.3 | -0.2 | |||
Equity in net income of subsidiaries | -195.8 | -182 | |||
Net income | -196.1 | -182.2 | |||
Total other comprehensive income (loss) | 14 | -0.2 | |||
Comprehensive Income, Net of Tax, Attributable to Parent | -182.1 | -182.4 | |||
Current assets | |||||
Accounts receivable, net | -354.5 | -370.2 | |||
Total current assets | -354.5 | -370.2 | |||
Investment in subsidiary | -1,193.60 | -1,189.10 | |||
Equity In Net Assets Of Subsidiaries | -1,089.50 | -924.7 | |||
Other assets | -334.1 | -332 | |||
Total assets | -2,971.70 | -2,816 | |||
Current liabilities | |||||
Accounts payable | -354.5 | -370.2 | |||
Total current liabilities | -354.5 | -370.2 | |||
Long-term debt | -254 | -251.9 | |||
Other liabilities | -80 | -80 | |||
Total equity | -2,283.20 | -2,113.90 | |||
Total liabilities and equity | -2,971.70 | -2,816 | |||
Operating activities | |||||
Net cash (used in) operating activities | -153.6 | ||||
Investing activities | |||||
Equity in net assets of subsidiaries | 153.6 | ||||
Net cash used in investing activities | 153.6 | ||||
Financing activities | |||||
Repayments of Debt | 0 | ||||
Payments on bonds | 0 | ||||
Increase (Decrease) in Restricted Cash | $0 |