Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 26, 2019 | Oct. 24, 2019 | |
Cover page. | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | Class A common stock, par value $0.01 per share | |
Entity Address, Postal Zip Code | 67210 | |
City Area Code | 316 | |
Local Phone Number | 526-9000 | |
Entity Address, State or Province | KS | |
Entity Address, City or Town | Wichita | |
Entity Address, Address Line One | 3801 South Oliver | |
Entity Tax Identification Number | 20-2436320 | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-33160 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Registrant Name | Spirit AeroSystems Holdings, Inc. | |
Entity Central Index Key | 0001364885 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 26, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Amendment Flag | false | |
Trading Symbol | SPR | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 103,517,451 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,919.9 | $ 1,813.7 | $ 5,903.8 | $ 5,386.7 |
Operating costs and expenses | ||||
Cost of sales | 1,647.6 | 1,543.1 | 5,029.1 | 4,601.3 |
Selling, general and administrative | 53.6 | 37.3 | 173.6 | 154.5 |
Research and development | 12.6 | 10.8 | 36 | 31.3 |
Total operating costs and expenses | 1,713.8 | 1,591.2 | 5,238.7 | 4,787.1 |
Operating income | 206.1 | 222.5 | 665.1 | 599.6 |
Interest expense and financing fee amortization | (23.6) | (24.2) | (66.1) | (60.3) |
Other (expense) income, net | 9.5 | (7.4) | 11.9 | 0.8 |
Income before income taxes and equity in net income of affiliate | 173 | 205.7 | 587.1 | 538.5 |
Income tax provision | (41.7) | (36.9) | (124.7) | (99.7) |
Income before equity in net income of affiliate | 131.3 | 168.8 | 462.4 | 438.8 |
Equity in net income of affiliate | 0 | 0 | 0 | 0.6 |
Net income | $ 131.3 | $ 168.8 | $ 462.4 | $ 439.4 |
Earnings per share | ||||
Earnings Per Share, Basic | $ 1.27 | $ 1.61 | $ 4.46 | $ 4.02 |
Diluted (in dollars per share) | $ 1.26 | $ 1.59 | $ 4.41 | $ 3.98 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 131.3 | $ 168.8 | $ 462.4 | $ 439.4 |
Foreign currency translation adjustments | (12.8) | 0 | (16.7) | (13.4) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 36.9 | (0.6) | 36.2 | (1.8) |
Unrealized foreign exchange loss on intercompany loan, net of tax effect of $0.2 and zero for the three months ended, respectively, and $0.3 and $0.3 for the nine months ended, respectively | (1.1) | 0 | (1.3) | (1.3) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (1.5) | (1.5) | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | (2) | 0 | 0 | |
Total other comprehensive gain (loss) | 21.5 | (0.6) | 16.7 | (16.5) |
Total comprehensive income | $ 152.8 | $ 168.2 | $ 479.1 | $ 422.9 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (11.4) | $ 0.1 | $ (11.2) | $ 0.3 |
Unrealized exchange (loss) on intercompany loan, tax | 0.2 | 0 | 0.3 | 0.3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ (0.3) | $ 0 | $ (0.3) | $ 0 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 26, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 1,477.3 | $ 773.6 |
Restricted Cash, Current | 0.3 | 0.3 |
Accounts receivable, net | 708.6 | 545.1 |
Unbilled Receivables, Current | 579 | 469.4 |
Inventory, net | 1,015.2 | 1,012.6 |
Other current assets | 58.3 | 48.3 |
Total current assets | 3,838.7 | 2,849.3 |
Property, plant and equipment, net | 2,199.8 | 2,167.6 |
Operating Lease, Right-of-Use Asset | 49.7 | 0 |
Unbilled Receivable, Non Current | 9.7 | 54.1 |
Pension assets | 385.3 | 326.7 |
Other assets | 218.4 | 288.2 |
Total assets | 6,701.6 | 5,685.9 |
Liabilities | ||
Accounts payable | 1,140.5 | 902.6 |
Accrued expenses | 319.8 | 313.1 |
Profit sharing | 55.9 | 68.3 |
Current portion of long-term debt | 37.6 | 31.4 |
Operating Lease, Liability, Current | 6.2 | |
Advance payments, short-term | 19.8 | 2.2 |
Billings in Excess of Cost, Current | 170.5 | 157.9 |
Provision for Loss on Contracts | 37.2 | 12.4 |
Deferred revenue and other deferred credits, short-term | 17.2 | 20 |
Deferred grant income liability - current | 5.6 | 16 |
Other current liabilities | 55.4 | 58.2 |
Total current liabilities | 1,865.7 | 1,582.1 |
Liabilities Noncurrent | ||
Long-term debt | 2,132.2 | 1,864 |
Operating Lease, Liability, Noncurrent | 43.6 | |
Advance payments, long-term | 335.1 | 231.9 |
Pension/OPEB obligation | 32.6 | 34.6 |
Billings in Excess of Cost, Noncurrent | 340.4 | 369.8 |
Provision for Loss on Contacts, Non Current | 161.9 | 170.6 |
Deferred grant income liability - non-current | 28 | 28 |
Deferred revenue and other deferred credits | 32.4 | 31.2 |
Other liabilities | 112.7 | 135.6 |
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 | 1,113.4 | 1,100.9 |
AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract | ||
Accumulated other comprehensive loss | (188.1) | (196.6) |
Retained Earnings Accumulated Deficit [Abstract] | ||
Retained earnings | 3,146.2 | 2,713.2 |
Treasury Stock, Value | (2,456) | (2,381) |
Total stockholders’ equity | 1,616.5 | 1,237.6 |
Noncontrolling interest | 0.5 | 0.5 |
Total equity | 1,617 | 1,238.1 |
Total liabilities and equity | 6,701.6 | 5,685.9 |
Class A [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common stock | $ 1 | $ 1.1 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 26, 2019 | Dec. 31, 2018 |
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 | 41,515,847 | 40,719,438 |
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 | 104,888,051 | 105,461,817 |
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 | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 26, 2019 | Sep. 27, 2018 | |
Operating activities | ||
Net income | $ 462.4 | $ 439.4 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation expense | 186.9 | 171.3 |
Amortization expense | 0.1 | 0.4 |
Amortization of deferred financing fees | 2.6 | 17.3 |
Accretion of customer supply agreement | 3.3 | 3 |
Employee stock compensation expense | 22.6 | 19.9 |
Loss on Derivative Instruments, Pretax | 8.1 | 3.4 |
Gain from foreign currency transactions | 17.2 | 0.8 |
Gain (Loss) on Disposition of Property Plant Equipment | 0.7 | 1.7 |
Deferred taxes | 29.4 | (37.8) |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (9.7) | (25.1) |
Grant liability amortization | (13.8) | (15.9) |
Equity in net income of affiliate | 0 | (0.6) |
Increase (Decrease) in Forward Provision | (7.5) | (134) |
Changes in assets and liabilities | ||
Accounts receivable | (167.8) | (122.3) |
Inventory, net | (3.3) | 26.7 |
Increase (Decrease) in Unbilled Receivables | (67.5) | (50.4) |
Accounts payable and accrued liabilities | 149.3 | 279.9 |
Profit sharing/deferred compensation | (12.2) | (67.4) |
Advance payments | 120.8 | (73.2) |
Income taxes receivable/payable | 4.9 | (28.3) |
Increase (Decrease) in Billing in Excess of Cost of Earnings | (16.7) | 188 |
Deferred revenue and other deferred credits | 6.2 | (1.1) |
Other | 2.6 | (28.3) |
Net cash provided by operating activities | 718.6 | 567.4 |
Investing activities | ||
Purchase of property, plant and equipment | (118.8) | (170.9) |
Payments for (Proceeds from) Other Investing Activities | 0.1 | 2.8 |
Net cash used in investing activities | (118.7) | (168.1) |
Financing activities | ||
Proceeds from Lines of Credit | 100 | 0 |
Proceeds from Issuance of Debt | 250 | |
Proceeds from Issuance of Senior Long-term Debt | 1,300 | |
Principal payments of debt | (8.5) | (4.9) |
Repayments of Debt | (5.2) | (256.3) |
Repayments of Lines of Credit | (100) | 0 |
Early Repayment of Senior Debt | 0 | (300) |
Payments Related to Tax Withholding for Share-based Compensation | (12.1) | (15.5) |
Proceeds from Stock Plans | 1.3 | 0 |
Debt issuance and financing costs | 0 | (23.2) |
Payments for Repurchase of Common Stock | (75) | (805.8) |
Payments of Dividends | (37.8) | (35.4) |
Proceeds from (Payments for) Other Financing Activities | 0.8 | 0 |
Net cash provided by (used in) financing activities | 113.5 | (141.1) |
Effect of exchange rate changes on cash and cash equivalents | (13.5) | 0.2 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 699.9 | 258.4 |
Cash, cash equivalents, and restricted cash, beginning of period | 794.1 | 445.5 |
Cash, cash equivalents, and restricted cash, end of period | 1,477.3 | 683.4 |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash [Abstract] | ||
Restricted Cash, Current | 0.3 | 0.3 |
Restricted Cash, Noncurrent | $ 16.4 | $ 20.2 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity Statement - USD ($) | Total | Class A [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Stockholders' Equity, Total [Member] |
Stockholders' Equity Attributable to Parent at Dec. 31, 2017 | $ 1,801,000,000 | |||||||
Common Stock, Shares, Outstanding at Dec. 31, 2017 | 114,447,605 | |||||||
Common Stock, Value, Outstanding at Dec. 31, 2017 | $ 1,100,000 | |||||||
Additional Paid in Capital, Common Stock at Dec. 31, 2017 | $ 1,086,900,000 | |||||||
Treasury Stock, Value at Dec. 31, 2017 | $ (1,580,900,000) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Dec. 31, 2017 | $ (128,500,000) | |||||||
Retained Earnings (Accumulated Deficit) at Dec. 31, 2017 | $ 2,422,400,000 | |||||||
Net Income (Loss) Attributable to Parent | 270,600,000 | 270,600,000 | ||||||
Impact on Retained Earnings, Adoption of ASC 606 | (276,300,000) | (276,300,000) | ||||||
Dividends, Common Stock, Cash | (24,200,000) | (24,200,000) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 412,247 | |||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 0 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 13,600,000 | 13,600,000 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (41,135) | |||||||
Stock Granted, Value, Share-based Compensation, Forfeited | $ 0 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | (15,400,000) | (15,400,000) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | (173,799) | |||||||
Treasury Stock, Shares, Acquired | (8,157,287) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | (691,400,000) | (800,000,000) | |||||
Other Comprehensive Income (Loss), Net of Tax | (15,900,000) | (15,900,000) | ||||||
Stockholders' Equity Attributable to Parent at Jun. 28, 2018 | 954,200,000 | |||||||
Common Stock, Shares, Outstanding at Jun. 28, 2018 | 106,498,050 | |||||||
Additional Paid in Capital, Common Stock at Jun. 28, 2018 | 977,300,000 | |||||||
Treasury Stock, Value at Jun. 28, 2018 | (2,272,300,000) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Jun. 28, 2018 | (144,400,000) | |||||||
Retained Earnings (Accumulated Deficit) at Jun. 28, 2018 | 2,392,500,000 | |||||||
Common Stock, Value, Outstanding at Jun. 28, 2018 | $ 1,100,000 | |||||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2017 | 1,801,000,000 | |||||||
Common Stock, Shares, Outstanding at Dec. 31, 2017 | 114,447,605 | |||||||
Common Stock, Value, Outstanding at Dec. 31, 2017 | $ 1,100,000 | |||||||
Additional Paid in Capital, Common Stock at Dec. 31, 2017 | 1,086,900,000 | |||||||
Treasury Stock, Value at Dec. 31, 2017 | (1,580,900,000) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Dec. 31, 2017 | (128,500,000) | |||||||
Retained Earnings (Accumulated Deficit) at Dec. 31, 2017 | 2,422,400,000 | |||||||
Net Income (Loss) Attributable to Parent | $ 439,400,000 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | 15,500,000 | |||||||
Other Comprehensive Income (Loss), Net of Tax | (16,500,000) | |||||||
Stockholders' Equity Attributable to Parent at Sep. 27, 2018 | 1,115,900,000 | |||||||
Common Stock, Shares, Outstanding at Sep. 27, 2018 | 106,493,926 | |||||||
Additional Paid in Capital, Common Stock at Sep. 27, 2018 | 983,400,000 | |||||||
Treasury Stock, Value at Sep. 27, 2018 | (2,272,300,000) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Sep. 27, 2018 | (145,000,000) | |||||||
Retained Earnings (Accumulated Deficit) at Sep. 27, 2018 | 2,548,700,000 | |||||||
Common Stock, Value, Outstanding at Sep. 27, 2018 | $ 1,100,000 | |||||||
Stockholders' Equity Attributable to Parent at Jun. 28, 2018 | 954,200,000 | |||||||
Common Stock, Shares, Outstanding at Jun. 28, 2018 | 106,498,050 | |||||||
Additional Paid in Capital, Common Stock at Jun. 28, 2018 | 977,300,000 | |||||||
Treasury Stock, Value at Jun. 28, 2018 | (2,272,300,000) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Jun. 28, 2018 | (144,400,000) | |||||||
Retained Earnings (Accumulated Deficit) at Jun. 28, 2018 | 2,392,500,000 | |||||||
Net Income (Loss) Attributable to Parent | 168,800,000 | 168,800,000 | 168,800,000 | |||||
Dividends, Common Stock, Cash | (12,600,000) | (12,600,000) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,409 | |||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 0 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 6,300,000 | 6,300,000 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (3,378) | |||||||
Stock Granted, Value, Share-based Compensation, Forfeited | $ 0 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | (200,000) | (200,000) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | (2,155) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (600,000) | (600,000) | (600,000) | |||||
Stockholders' Equity Attributable to Parent at Sep. 27, 2018 | 1,115,900,000 | |||||||
Common Stock, Shares, Outstanding at Sep. 27, 2018 | 106,493,926 | |||||||
Additional Paid in Capital, Common Stock at Sep. 27, 2018 | 983,400,000 | |||||||
Treasury Stock, Value at Sep. 27, 2018 | (2,272,300,000) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Sep. 27, 2018 | (145,000,000) | |||||||
Retained Earnings (Accumulated Deficit) at Sep. 27, 2018 | 2,548,700,000 | |||||||
Common Stock, Value, Outstanding at Sep. 27, 2018 | $ 1,100,000 | |||||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2018 | 1,237,600,000 | 1,237,600,000 | ||||||
Common Stock, Shares, Outstanding at Dec. 31, 2018 | 105,461,817 | |||||||
Common Stock, Value, Outstanding at Dec. 31, 2018 | $ 1,100,000 | $ 1,100,000 | ||||||
Additional Paid in Capital, Common Stock at Dec. 31, 2018 | 1,100,900,000 | 1,100,900,000 | ||||||
Treasury Stock, Value at Dec. 31, 2018 | 2,381,000,000 | (2,381,000,000) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Dec. 31, 2018 | (196,600,000) | (196,600,000) | ||||||
Retained Earnings (Accumulated Deficit) at Dec. 31, 2018 | 2,713,200,000 | 2,713,200,000 | ||||||
Net Income (Loss) Attributable to Parent | 331,100,000 | 331,100,000 | ||||||
Reclassification of Stranded tax effects related to TCJA | 8,300,000 | (8,300,000) | 0 | |||||
Dividends, Common Stock, Cash | (25,300,000) | (25,300,000) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 392,933 | |||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 0 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 15,100,000 | 15,100,000 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (97,154) | |||||||
Stock Granted, Value, Share-based Compensation, Forfeited | $ 0 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | (11,800,000) | (11,800,000) | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,617 | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1,300,000 | 1,300,000 | ||||||
Supplemental Retirement Plan Shares Issued | 6,214 | |||||||
Shares Paid for Tax Withholding for Share Based Compensation | (126,808) | |||||||
Treasury Stock, Shares, Acquired | (796,409) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (100,000) | (75,000,000) | (75,100,000) | |||||
Other Comprehensive Income (Loss), Net of Tax | (4,700,000) | (4,700,000) | ||||||
Stockholders' Equity Attributable to Parent at Jun. 27, 2019 | 1,468,200,000 | |||||||
Common Stock, Shares, Outstanding at Jun. 27, 2019 | 104,855,210 | |||||||
Additional Paid in Capital, Common Stock at Jun. 27, 2019 | 1,105,500,000 | |||||||
Treasury Stock, Value at Jun. 27, 2019 | (2,456,000,000) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Jun. 27, 2019 | (209,600,000) | |||||||
Retained Earnings (Accumulated Deficit) at Jun. 27, 2019 | 3,027,300,000 | |||||||
Common Stock, Value, Outstanding at Jun. 27, 2019 | $ 1,000,000 | |||||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2018 | 1,237,600,000 | 1,237,600,000 | ||||||
Common Stock, Shares, Outstanding at Dec. 31, 2018 | 105,461,817 | |||||||
Common Stock, Value, Outstanding at Dec. 31, 2018 | $ 1,100,000 | $ 1,100,000 | ||||||
Additional Paid in Capital, Common Stock at Dec. 31, 2018 | 1,100,900,000 | 1,100,900,000 | ||||||
Treasury Stock, Value at Dec. 31, 2018 | 2,381,000,000 | (2,381,000,000) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Dec. 31, 2018 | (196,600,000) | (196,600,000) | ||||||
Retained Earnings (Accumulated Deficit) at Dec. 31, 2018 | 2,713,200,000 | 2,713,200,000 | ||||||
Net Income (Loss) Attributable to Parent | 462,400,000 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 12,100,000 | |||||||
Treasury Stock, Shares, Acquired | (800,000) | |||||||
Other Comprehensive Income (Loss), Net of Tax | $ 16,700,000 | |||||||
Stockholders' Equity Attributable to Parent at Sep. 26, 2019 | 1,616,500,000 | 1,616,500,000 | ||||||
Common Stock, Shares, Outstanding at Sep. 26, 2019 | 104,888,051 | |||||||
Additional Paid in Capital, Common Stock at Sep. 26, 2019 | 1,113,400,000 | 1,113,400,000 | ||||||
Treasury Stock, Value at Sep. 26, 2019 | 2,456,000,000 | (2,456,000,000) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Sep. 26, 2019 | (188,100,000) | (188,100,000) | ||||||
Retained Earnings (Accumulated Deficit) at Sep. 26, 2019 | 3,146,200,000 | 3,146,200,000 | ||||||
Common Stock, Value, Outstanding at Sep. 26, 2019 | $ 1,000,000 | |||||||
Stockholders' Equity Attributable to Parent at Jun. 27, 2019 | 1,468,200,000 | |||||||
Common Stock, Shares, Outstanding at Jun. 27, 2019 | 104,855,210 | |||||||
Additional Paid in Capital, Common Stock at Jun. 27, 2019 | 1,105,500,000 | |||||||
Treasury Stock, Value at Jun. 27, 2019 | (2,456,000,000) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Jun. 27, 2019 | (209,600,000) | |||||||
Retained Earnings (Accumulated Deficit) at Jun. 27, 2019 | 3,027,300,000 | |||||||
Net Income (Loss) Attributable to Parent | 131,300,000 | 131,300,000 | 131,300,000 | |||||
Dividends, Common Stock, Cash | (12,400,000) | (12,400,000) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 37,841 | |||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 0 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 8,200,000 | 8,200,000 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (2,568) | |||||||
Stock Granted, Value, Share-based Compensation, Forfeited | $ 0 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | (300,000) | (300,000) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | (2,432) | |||||||
Other Comprehensive Income (Loss), Net of Tax | 21,500,000 | 21,500,000 | 21,500,000 | |||||
Stockholders' Equity Attributable to Parent at Sep. 26, 2019 | 1,616,500,000 | $ 1,616,500,000 | ||||||
Common Stock, Shares, Outstanding at Sep. 26, 2019 | 104,888,051 | |||||||
Additional Paid in Capital, Common Stock at Sep. 26, 2019 | 1,113,400,000 | $ 1,113,400,000 | ||||||
Treasury Stock, Value at Sep. 26, 2019 | 2,456,000,000 | $ (2,456,000,000) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Sep. 26, 2019 | (188,100,000) | $ (188,100,000) | ||||||
Retained Earnings (Accumulated Deficit) at Sep. 26, 2019 | $ 3,146,200,000 | $ 3,146,200,000 | ||||||
Common Stock, Value, Outstanding at Sep. 26, 2019 | $ 1,000,000 |
Organization and Basis of Inter
Organization and Basis of Interim Presentation | 9 Months Ended |
Sep. 26, 2019 | |
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”) 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's headquarters are in Wichita, Kansas, with manufacturing and assembly facilities in Tulsa and McAlester, Oklahoma; Prestwick, Scotland; Wichita, Kansas; Kinston, North Carolina; Subang, Malaysia; Saint-Nazaire, France; and San Antonio, Texas. 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. Since 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. All intercompany balances and transactions have been eliminated in consolidation. 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. The U.K. and Malaysian subsidiaries use the British pound as their functional currency. All other foreign subsidiaries and branches use the U.S. dollar as their functional currency. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments and elimination of intercompany balances and transactions) considered necessary to fairly present the results of operations for the interim period. The results of operations for the nine months ended September 26, 2019 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . 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 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 8, 2019 (the “2018 Form 10-K”). |
Changes in Estimates
Changes in Estimates | 9 Months Ended |
Sep. 26, 2019 | |
Changes in Estimates [Abstract] | |
Change In Estimate [Text Block] | . Changes in Estimates The Company has a periodic forecasting process in which management assesses the progress and performance of the Company’s programs. This process requires management to review each program’s progress by evaluating the program schedule, changes to identified risks and opportunities, changes to estimated revenues and costs for the accounting contracts (and options if applicable), and any outstanding contract matters. Risks and opportunities include but are not limited to management’s judgment about the cost associated with the Company’s ability to achieve the schedule, technical requirements (e.g., a newly-developed product versus a mature product), and any other program requirements. Due to the span of years it may take to completely satisfy the performance obligations for the accounting contracts (and options, if any) and the scope and nature of the work required to be performed on those contracts, the estimation of total revenue and costs is subject to many variables and, accordingly, is subject to change based upon judgment. When adjustments in estimated total consideration or estimated total cost are required, any changes from prior estimates for fully satisfied performance obligations 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 production efficiencies, assumed rate of production, the rate of overhead absorption, changes to scope of work, and contract modifications. The quarterly and year-to-date forward losses relate primarily to negative changes in estimates on the B787 program due to Boeing's publicly announced rate reduction from 14 aircraft per month to 12 aircraft per month on October 23, 2019 . Changes in estimates are summarized below: For the Three Months Ended For the Nine Months Ended Changes in Estimates September 26, 2019 September 27, 2018 September 26, 2019 September 27, 2018 (Unfavorable) Favorable Cumulative Catch-up Adjustment by Segment Fuselage $ (14.4 ) $ (12.0 ) $ (2.0 ) $ (3.0 ) Propulsion 1.8 (2.4 ) (1.5 ) 0.9 Wing (0.4 ) 1.4 1.7 0.9 Total (Unfavorable) Favorable Cumulative Catch-up Adjustment $ (13.0 ) $ (13.0 ) $ (1.8 ) $ (1.2 ) Changes in Estimates on Loss Programs (Forward Loss) by Segment Fuselage $ (18.8 ) $ — $ (13.8 ) $ (1.5 ) Propulsion (4.0 ) (0.8 ) (3.1 ) — Wing (6.0 ) 0.3 (4.9 ) (0.2 ) Total Changes in Estimates (Forward Loss) on Loss Programs $ (28.8 ) $ (0.5 ) $ (21.8 ) $ (1.7 ) Total Change in Estimate $ (41.8 ) $ (13.5 ) $ (23.6 ) $ (2.9 ) EPS Impact (diluted per share based upon statutory rates) $ (0.31 ) $ (0.10 ) $ (0.18 ) $ (0.02 ) |
Accounts Receivable, net
Accounts Receivable, net | 9 Months Ended |
Sep. 26, 2019 | |
Accounts Receivable, Net, Current [Abstract] | |
Accounts Receivable, net | . Accounts Receivable, net Accounts receivable represent the Company’s unconditional rights to consideration, subject to the payment terms of the contract, for which only the passage of time is required before payment. Unbilled receivables are reflected under contract assets on the balance sheet. The Company determines an allowance for doubtful accounts based on a review of outstanding receivables that are charged off against the allowance after the potential for recovery is considered remote. Accounts receivable, net consists of the following: September 26, December 31, Trade receivables $ 680.3 $ 527.9 Other 29.2 17.9 Less: allowance for doubtful accounts (0.9 ) (0.7 ) Accounts receivable, net $ 708.6 $ 545.1 The Company has entered into agreements (the “Receivable Sales Agreements”) to sell, on a revolving basis, certain trade accounts receivable balances to a third party financial institution. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being de-recognized from the balance sheet. The Receivable Sales Agreements provide for the continuing sale of certain receivables on a revolving basis until terminated by any involved party. The receivables under the Receivable Sales Agreements are sold without recourse to the third party financial institution. During 2019, $4,378.3 of accounts receivable have been sold via these arrangements. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows. The recorded net loss on sale of receivables is $18.7 for the nine months ended September 26, 2019 and is included in Other income and expense. See Note 21, Other Income (Expense), Net . |
Contract with customer, asset a
Contract with customer, asset and liability (Notes) | 9 Months Ended |
Sep. 26, 2019 | |
Revenue from Contract with Customer [Abstract] | |
contract with customer, asset and liability [Text Block] | . Contract Assets and Contract Liabilities Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Contract assets, current are those that are expected to be billed to our customer within 12 months. Contract assets, long-term are those that are expected to be billed to our customer over periods greater than 12 months. No impairments to contract assets were recorded for the period ended September 26, 2019 . Contract liabilities are established for cash received that is in excess of revenues recognized and are contingent upon the satisfaction of performance obligations. Contract liabilities primarily consist of cash received on contracts for which revenue has been deferred since the receipts are in excess of transaction price resulting from the allocation of consideration based on relative standalone selling price to future units (including those under option that the Company believes are likely to be exercised) with prices that are lower than standalone selling price. These contract liabilities will be recognized earlier if the options are not fully exercised, or immediately, if the contract is terminated prior to the options being fully exercised. December 31, 2018 September 26, 2019 Change Contract assets $ 523.5 $ 588.7 $ 65.2 Contract liabilities (527.7 ) (510.9 ) 16.8 Net contract assets (liabilities) $ (4.2 ) $ 77.8 $ 82.0 The increase in contract assets reflects the net impact of additional revenue recognized in excess of billed revenues during the period. The decrease in contract liabilities reflects the net impact of less deferred revenue recorded in excess of revenue recognized during the period. For the period ended September 26, 2019 , the Company recognized $109.7 of revenue that was included in the contract liability balance at the beginning of the period. |
Contract with Customer, Asset and Liability [Table Text Block] | December 31, 2018 September 26, 2019 Change Contract assets $ 523.5 $ 588.7 $ 65.2 Contract liabilities (527.7 ) (510.9 ) 16.8 Net contract assets (liabilities) $ (4.2 ) $ 77.8 $ 82.0 |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Sep. 26, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time, based upon major customer, and based upon the location where products and services are transferred to the customer. Additionally, the Company’s principal operating segments and related revenue are noted in Note 22, Segment Information . The following tables show disaggregated revenues for the three and nine months ended September 26, 2019 and September 27, 2018 : For the Three Months Ended For the Nine Revenue September 26, September 27, September 26, September 27, Contracts with performance obligations satisfied over time $ 1,466.9 $ 1,456.7 $ 4,491.8 $ 4,212.6 Contracts with performance obligations satisfied at a point in time 453.0 357.0 1,412.0 1,174.1 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 The following table disaggregates revenue by major customer: For the Three Months Ended For the Nine Customer September 26, September 27, September 26, September 27, Boeing $ 1,542.0 $ 1,465.5 $ 4,705.1 $ 4,262.2 Airbus 284.1 263.8 934.0 869.0 Other 93.8 84.4 264.7 255.5 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 The following table disaggregates revenue based upon the location where control of products are transferred to the customer: For the Three Months Ended For the Nine Location September 26, 2019 September 27, 2018 September 26, 2019 September 27, 2018 United States $ 1,620.6 $ 1,534.0 $ 4,935.8 $ 4,460.8 International United Kingdom 177.4 184.4 577.6 574.1 Other 121.9 95.3 390.4 351.8 Total International 299.3 279.7 968.0 925.9 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 Remaining Performance Obligations Unsatisfied, or partially unsatisfied, performance obligations that are expected to be recognized in the future are noted in the table below. The Company expects options to be exercised in addition to the amounts presented below: Remaining in 2019 2020 2021 2022 and After Unsatisfied performance obligations $ 1,728.6 $ 6,344.5 $ 5,933.8 $ 1,002.7 |
Inventory
Inventory | 9 Months Ended |
Sep. 26, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consists of raw materials used in the production process, work-in-process, which is direct material, direct labor, overhead and purchases, and capitalized preproduction costs. Raw materials are stated at lower of cost (principally on an actual or average cost basis) or net realizable value. Capitalized pre-production costs include certain contract costs, including applicable overhead, incurred before a product is manufactured on a recurring basis. These costs are typically amortized over a period that is consistent with the satisfaction of the underlying performance obligations to which these relate. September 26, December 31, Raw materials $ 242.4 $ 240.4 Work-in-process (1) 731.9 727.8 Finished goods 11.0 7.1 Product inventory 985.3 975.3 Capitalized pre-production 29.9 37.3 Total inventory, net $ 1,015.2 $ 1,012.6 (1) Work-in-process inventory includes direct labor, direct material, overhead and purchases on contracts for which revenue is recognized at a point in time as well as sub-assembly parts that have not been issued to production on contracts for which revenue is recognized using the input method. For the periods ended September 26, 2019 and December 31, 2018 , work-in-process inventory includes $149.0 and $151.6 , respectively, of costs incurred in anticipation of specific contracts and no impairments were recorded in the period. Product inventory, summarized in the table above, is shown net of valuation reserves of $36.3 and $55.2 as of September 26, 2019 and December 31, 2018 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 26, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Property, plant and equipment, net consists of the following: September 26, December 31, Land $ 14.7 $ 15.0 Buildings (including improvements) 905.0 822.7 Machinery and equipment 1,888.8 1,697.0 Tooling 1,047.1 1,032.3 Capitalized software 275.5 269.2 Construction-in-progress 144.8 227.8 Total 4,275.9 4,064.0 Less: accumulated depreciation (2,076.1 ) (1,896.4 ) Property, plant and equipment, net $ 2,199.8 $ 2,167.6 Repair and maintenance costs are expensed as incurred. The Company recognized repair and maintenance costs of $32.9 and $31.3 for the three months ended September 26, 2019 and September 27, 2018 , respectively, and $102.7 and $99.0 for the nine months ended September 26, 2019 and September 27, 2018 , 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 $4.3 and $4.1 for the three months ended September 26, 2019 and September 27, 2018 , respectively, and $13.3 and $12.7 for the nine months ended September 26, 2019 and September 27, 2018 , 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 September 26, 2019 . |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 26, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | The Company determines if an arrangement is a lease at the inception of a signed agreement. Operating leases are included in ROU assets (long-term), short-term operating lease liabilities, and long-term operating lease liabilities on the Company’s consolidated balance sheet. Finance leases are included in Property, Plant and Equipment, current maturities of long-term debt, and long-term debt. ROU assets represent the right of the Company to use an underlying asset for the length of the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of lease payments, the Company uses its estimated incremental borrowing rate or the implicit rate, if readily determinable. The estimated incremental borrowing rate is based on information available at the lease commencement date, including any recent debt issuances and publicly available data for instruments with similar characteristics. The ROU asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease and, when it is reasonably certain that an option will be exercised, those options are included in the net present value calculation. Leases with a term of 12 months or less, which are primarily related to automobiles and manufacturing equipment, are not recorded on the balance sheet. The aggregate amount of lease cost for leases with a term of 12 months or less is not material. The Company has lease agreements that include lease and non-lease components, which are generally accounted for separately. For certain leases (primarily related to IT equipment), the Company does account for the lease and non-lease components as a single lease component. A portfolio approach is applied to effectively account for the ROU assets and liabilities for those specific leases referenced above. The Company does not have any material leases containing variable lease payments or residual value guarantees. The Company also does not have any material subleases. The Company currently has operating and finance leases for items such as manufacturing facilities, corporate offices, manufacturing equipment, transportation equipment, and vehicles. The Company's active leases have remaining lease terms that range between less than one year to 18 years, some of which include options to extend the leases for up to 30 years, and some of which include options to terminate the leases within one year. Comparable information presented in the financial statements for periods prior to January 1, 2019 represent legacy GAAP treatment of leases. For more information on the effective date and transition approach for implementation, see Note 2, Adoption of New Accounting Standards. For the three months ended September 26, 2019, total net lease cost was $6.0 . This was comprised of $2.4 of operating lease costs, $2.9 amortization of assets related to finance leases, and $0.7 interest on finance lease liabilities. For the nine months ended September 26, 2019, total net lease cost was $15.5 . This was comprised of $6.7 of operating lease costs, $7.1 amortization of assets related to finance leases, and $1.7 interest on finance lease liabilities. Supplemental cash flow information related to leases was as follows: For the Three Months Ended For the Nine Months Ended September 26, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2.4 $ 6.7 Operating cash flows from finance leases $ 0.8 $ 1.7 Financing cash flows from finance leases $ 3.4 $ 7.2 ROU assets obtained in exchange for lease obligations: Operating leases $ 0.9 $ 1.6 Finance leases $ — $ — Supplemental balance sheet information related to leases: September 26, 2019 Finance leases: Property and equipment, gross $ 90.2 Accumulated amortization (17.5 ) Property and equipment, net $ 72.7 The weighted average remaining lease term as of September 26, 2019 for operating and finance leases was 10.31 years and 7.35 years, respectively. The weighted average discount rate as of September 26, 2019 for operating and finance leases was 5.6% and 4.5% , respectively. See Note 15, Debt , for current and non-current finance lease obligations. As of September 26, 2019 , remaining maturities of lease liabilities were as follows: 2019 2020 2021 2022 2023 2024 and thereafter Total Lease Payments Less: Imputed Interest Total Lease Obligations Operating Leases $ 2.3 $ 8.6 $ 7.3 $ 7.0 $ 5.9 $ 35.2 $ 66.3 $ (16.5 ) $ 49.8 Financing Leases $ 3.8 $ 15.2 $ 14.9 $ 11.4 $ 9.5 $ 28.6 $ 83.4 $ (11.9 ) $ 71.5 As of September 26, 2019 , the Company had additional operating and financing lease commitments that have not yet commenced of approximately $2.6 and $151.8 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 26, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Other Assets | . Other Assets Other assets are summarized as follows: September 26, December 31, Intangible assets Patents $ 2.0 $ 2.0 Favorable leasehold interests 6.3 6.2 Total intangible assets 8.3 8.2 Less: Accumulated amortization - patents (1.9 ) (1.9 ) Accumulated amortization - favorable leasehold interest (5.1 ) (4.9 ) Intangible assets, net 1.3 1.4 Deferred financing Deferred financing costs 41.7 41.7 Less: Accumulated amortization - deferred financing costs (36.6 ) (35.6 ) Deferred financing costs, net 5.1 6.1 Other Goodwill - Europe 2.3 2.4 Supply agreements (1) 11.8 14.6 Restricted cash - collateral requirements 16.4 20.2 Deferred tax asset - non-current 146.7 205.0 Other 34.8 38.5 Total $ 218.4 $ 288.2 (1) Certain payments accounted for as consideration paid by the Company to a customer are being amortized as reductions to net revenues. |
Advance Payments and Deferred R
Advance Payments and Deferred Revenue/Credits | 9 Months Ended |
Sep. 26, 2019 | |
Advance Payments And Deferred Revenue Credits [Abstract] | |
Advance Payments And Deferred Revenue Credits | Advance Payments Advances on the B787 Program. Boeing has made advance payments to Spirit under the B787 Special Business Provisions and General Terms Agreement (collectively, the “B787 Supply Agreement”), that are required to be repaid to Boeing by way of offset against the purchase price for future shipset deliveries. Advance repayments were initially scheduled to be spread evenly over the remainder of the first 1,000 B787 shipsets delivered to Boeing. On April 8, 2014, the Company signed a memorandum of agreement with Boeing that 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 that otherwise would have become due during such twelve-month period will offset the purchase price for shipsets 1,001 through 1,120. On December 21, 2018, the Company signed the 2018 MOA with Boeing that again suspended the advance repayments beginning with line unit 818. The advance repayments will resume at a lower rate of $450,319 per shipset, in whole dollars, at line number 1135 and continue through line number 1605. In the event Boeing does not take delivery of a sufficient number of shipsets to repay the full amount of advances prior to the termination of the B787 program or the B787 Supply Agreement, any advances not then repaid will be applied against any outstanding payments then due by Boeing to us, and any remaining balance will be repaid in annual installments of $42.0 due on December 15th of each year until the advance payments have been fully recovered by Boeing. As of September 26, 2019, the amount of advance payments received by us from Boeing under the B787 Supply Agreement and not yet repaid was approximately $231.9 . Advances on the B737 Program. On April 12, 2019, Boeing and the Company executed a Memorandum of Agreement (the “MOA”) relating to Spirit's production of aircraft with respect to the B737 program. In an effort to minimize the disruption to Spirit's operations and its supply chain, the MOA included the terms and conditions for an advance payment to be made from Boeing to Spirit in the amount of $123.0 , which was received during the third quarter. Advance repayment will occur over deliveries in future years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 26, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The 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 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. The Company’s long-term debt includes a senior unsecured term loan and senior unsecured notes. 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: September 26, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Senior unsecured term loan A (including current portion) $ 449.8 $ 450.7 (2) $ 204.7 $ 197.8 (2) Floating Rate Notes 298.9 299.0 (1) 298.5 292.9 (1) Senior unsecured notes due 2023 298.2 309.0 (1) 297.9 297.5 (1) Senior unsecured notes due 2026 297.7 306.0 (1) 297.5 274.5 (1) Senior unsecured notes due 2028 693.9 750.3 (1) 693.5 663.0 (1) Total $ 2,038.5 $ 2,115.0 $ 1,792.1 $ 1,725.7 (1) Level 1 Fair Value hierarchy (2) |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 9 Months Ended |
Sep. 26, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities The Company has traditionally entered into interest rate swap agreements to reduce its exposure to the variable rate portion of its long-term debt. 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 2018 Credit Agreement (as defined below) 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. See Note 15, Debt , for more information. Derivatives Not Accounted for as Hedges Interest Rate Swaps On March 15, 2017, the Company entered into an interest rate swap agreement, with an effective date of March 31, 2017. The swaps have a notional value of $250.0 and fix the variable portion of the Company’s floating rate debt at 1.815% . The fair value of the interest rate swaps, using Level 2 inputs, was a liability of $0.1 as of September 26, 2019 and an asset of $2.2 as of December 31, 2018. The Company recorded a loss related to swap activity of $0.3 and $2.3 for the three and nine months ended September 26, 2019, respectively. Foreign Currency Forward Contract On May 1, 2018, the Company and its wholly-owned subsidiary Spirit AeroSystems Belgium Holdings BVBA (“Spirit Belgium”) entered into a definitive agreement (as amended, the “Purchase Agreement”) with certain private sellers pursuant to which Spirit Belgium will purchase all of the issued and outstanding equity of S.R.I.F. N.V., the parent company of Asco Industries N.V. (“Asco”), subject to certain customary closing adjustments, including foreign currency adjustments. A significant portion of the purchase price in the Asco acquisition is payable in Euros and, accordingly, movements in the Euro exchange rate could cause the purchase price to fluctuate, affecting our cash flows. To minimize the risk of currency exchange rate movements on the Company's cash flows, the Company entered into foreign currency forward contracts; however the Company has not designated these forward contracts as a hedge and has not applied hedge accounting to them. During the second quarter of 2018, to reduce the Euro exchange rate exposure of the purchase of Asco, the Company entered into a foreign currency forward contract in the amount of $580.0; this foreign currency forward contract was net settled in the third quarter of 2018 and a new contract was entered into in the amount of $568.3; this contract was net settled and a third contract was entered into with a settlement date in the first quarter of 2019 in the amount of $547.7. The third contract was net settled at the end of the first quarter of 2019 and a fourth contract was entered into in the amount of $542.1 and settled early in the second quarter of 2019. There is no remaining asset or liability as of September 26, 2019 related to the foreign currency forward contract. The Company recorded a net loss related to foreign currency forward contract activity of $16.7 for the nine months ended September 26, 2019. Derivatives Accounted for as Hedges Cash Flow Hedges During the third quarter of 2019 the Company entered into two interest rate swap agreements with a combined notional value of $450.0. These derivatives have been designated as cash flow hedges by the Company. The fair value of these hedges was a liability of $2.0 as of September 26, 2019. Changes in the fair value of cash flow hedges are recorded in Accumulated Other Comprehensive Income ("AOCI") and recorded in earnings in the period in which the hedged transaction occurs. The loss recognized in AOCI was $2.0 for both the three and nine months ended September 26, 2019. For the three and nine months ended September 26, 2019, nothing was reclassified from AOCI to earnings. Within the next 12 months, the Company does not expect to recognize earnings related to these hedged contracts. As of September 26, 2019, the maximum term of hedged forecasted transactions was 3 years. |
Debt
Debt | 9 Months Ended |
Sep. 26, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Total debt shown on the balance sheet is comprised of the following: September 26, 2019 December 31, 2018 Current Noncurrent Current Noncurrent Senior unsecured term loan A $ 22.7 $ 427.1 $ 22.7 $ 182.0 Floating Rate Notes — 298.9 — 298.5 Senior notes due 2023 — 298.2 — 297.9 Senior notes due 2026 — 297.7 — 297.5 Senior notes due 2028 — 693.9 — 693.5 Present value of capital lease obligations 13.2 58.3 7.1 35.3 Other 1.7 58.1 1.6 59.3 Total $ 37.6 $ 2,132.2 $ 31.4 $ 1,864.0 2018 Credit Agreement On July 12, 2018, the Company entered into a $1,260.0 senior unsecured Second Amended and Restated Credit Agreement among Spirit, as borrower, the Company, as parent guarantor, the lenders party thereto, Bank of America, N.A., as administrative agent, and the other agents named therein (the “2018 Credit Agreement”), consisting of a $800.0 revolving credit facility (the “2018 Revolver”), a $206.0 term loan A facility (the “2018 Term Loan”) and a $250.0 delayed draw term loan facility (the “Delayed Draw Term Loan”). Each of the 2018 Revolver, the 2018 Term Loan and the Delayed Draw Term Loan matures July 12, 2023, and bears interest, at Spirit’s option, at either LIBOR plus 1.375% or a defined “base rate” plus 0.375%, subject to adjustment to between LIBOR plus 1.125% and LIBOR plus 1.875% (or between base rate plus 0.125% and base rate plus 0.875%, as applicable) based on changes to Spirit’s senior unsecured debt rating provided by Standard & Poor’s Financial Services LLC and/or Moody’s Investors Service, Inc. The principal obligations under the 2018 Term Loan are to be repaid in equal quarterly installments of $2.6 , commencing with the fiscal quarter ending March 31, 2019, and with the balance due at maturity of the 2018 Term Loan. The principal obligations under the Delayed Draw Term Loan are to be repaid in equal quarterly installments of $3.1, subject to adjustments for any extension of the availability period of the Delayed Draw Term Loan, commencing with the fiscal quarter ending June 27, 2019, and with the balance due at maturity of the Delayed Draw Term Loan. In March 2019 the Company drew $250.0 on the Delayed Draw Term Loan and $100.0 on the 2018 Revolver. During the second quarter of 2019, the $100.0 drawn on the 2018 Revolver was repaid, resulting in a remaining unutilized amount of $800.0 as of September 26, 2019. The 2018 Credit Agreement also contains an accordion feature that provides Spirit with the option to increase the 2018 Revolver commitments and/or institute one or more additional term loans by an amount not to exceed $750.0 in the aggregate, subject to the satisfaction of certain conditions and the participation of the lenders. The 2018 Credit Agreement contains customary affirmative and negative covenants, including certain financial covenants that are tested on a quarterly basis. Spirit’s obligations under the 2018 Credit Agreement may be accelerated upon an event of default, which includes non-payment of principal or interest, material breach of a representation or warranty, material breach of a covenant, cross-default to material indebtedness, material judgments, ERISA events, change in control, bankruptcy and invalidity of the guarantee of Spirit’s obligations under the 2018 Credit Agreement made by the Company. As of September 26, 2019, the outstanding balance of the 2018 Term Loan was $451.1 and the carrying value was $449.8 . Senior Notes Floating Rate, 2023, and 2028 Notes On May 30, 2018, Spirit entered into an Indenture (the “Indenture”) by and among Spirit, the Company and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), as trustee in connection with Spirit’s offering of $300.0 aggregate principal amount of its Senior Floating Rate Notes due 2021 (the “Floating Rate Notes”), $300.0 aggregate principal amount of its 3.950% Senior Notes due 2023 (the “2023 Notes”) and $700.0 aggregate principal amount of its 4.600% Senior Notes due 2028 (the “2028 Notes” and, together with the Floating Rate Notes and the 2023 Notes, the “New Notes”). The Company guaranteed Spirit’s obligations under the New Notes on a senior unsecured basis (the “Guarantees”). The Floating Rate Notes bear interest at a rate per annum equal to three-month LIBOR, as determined in the case of the initial interest period, on May 25, 2018, and thereafter at the beginning of each quarterly period as described herein, plus 80 basis points and mature on June 15, 2021. Interest on the Floating Rate Notes is payable on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2018. The 2023 Notes bear interest at a rate of 3.950% per annum and mature on June 15, 2023. The 2028 Notes bear interest at a rate of 4.600% per annum and mature on June 15, 2028. Interest on the 2023 Notes and 2028 Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2018. The outstanding balance of the Floating Rate Notes, 2023 Notes, and 2028 Notes was $300.0, $300.0, and $700.0 as of September 26, 2019, respectively. The carrying value of the Floating Rate Notes, 2023 Notes, and 2028 Notes was $298.9 , $298.2 , and $693.9 as of September 26, 2019, respectively. The Indenture contains covenants that limit Spirit’s, the Company’s and certain of the Company’s subsidiaries’ ability, subject to certain exceptions and qualifications, to create liens without granting equal and ratable liens to the holders of the New Notes and enter into sale and leaseback transactions. These covenants are subject to a number of qualifications and limitations. In addition, the Indenture provides for customary events of default. 2026 Notes In June 2016, the Company issued $300.0 in aggregate principal amount of 3.850% Senior Notes due June 15, 2026 (the “2026 Notes”) with interest payable, in cash in arrears, on June 15 and December 15 of each year, beginning December 15, 2016. As of September 26, 2019, the outstanding balance of the 2026 Notes was $300.0 and the carrying value was $297.7 . The Company guarantees Spirit's obligations under the 2026 Notes on a senior unsecured basis. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 26, 2019 | |
Defined Benefit Plan [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits Defined Benefit Plans For the Three Months Ended For the Nine Months Ended Components of Net Periodic Pension Expense/(Income) September 26, September 27, September 26, September 27, Service cost $ 0.3 $ 0.2 $ 1.0 $ 0.6 Interest cost 10.0 9.2 30.0 27.4 Expected return on plan assets (16.6 ) (17.4 ) (50.0 ) (52.3 ) Amortization of net loss 0.1 — 0.5 — Curtailment gain — — (0.1 ) — Special termination benefits (1) (5.5 ) — 9.7 — Net periodic pension (income) expense $ (11.7 ) $ (8.0 ) $ (8.9 ) $ (24.3 ) (1) Special termination benefits for the three and nine months ending September 26, 2019 is a combination of pension value plan, postretirement medical plan, and settlement accounting changes offset by a reduction in the Company's net benefit obligation. Due to settlement accounting, the Company remeasured the pension assets and obligations which resulted in a $48.8 impact to OCI that is included in the Company’s Condensed Consolidated Statements of Comprehensive Income. The Company expects to record an additional change during the fourth quarter of 2019 related to settlement accounting tied to cash payments made. Other Benefits For the Three Months Ended For the Nine Months Ended Components of Other Benefit Expense September 26, September 27, September 26, September 27, Service cost $ 0.2 $ 0.3 $ 0.7 $ 0.8 Interest cost 0.3 0.3 1.0 0.8 Amortization of prior service cost (0.2 ) (0.2 ) (0.7 ) (0.7 ) Amortization of net gain (0.6 ) (0.6 ) (1.8 ) (1.7 ) Net periodic other benefit (income) expense $ (0.3 ) $ (0.2 ) $ (0.8 ) $ (0.8 ) Employer Contributions The Company expects to contribute zero dollars to the U.S. qualified pension plan and a combined total of approximately $6.9 for the Supplemental Executive Retirement Plan (“SERP”) and post-retirement medical plans in 2019. The Company’s projected contributions to the U.K. pension plan for 2019 are $1.7 . The entire amount contributed can vary based on exchange rate fluctuations. |
Stock Compensation
Stock Compensation | 9 Months Ended |
Sep. 26, 2019 | |
Share-based Compensation [Abstract] | |
Stock Compensation | Stock Compensation The Company recognized a net total of $7.5 and $6.3 of stock compensation expense for the three months ended September 26, 2019 and September 27, 2018, respectively, and a net total of $22.6 and $19.9 of stock compensation expense, for the nine months ended September 26, 2019 and September 27, 2018, respectively. During the nine months ended September 26, 2019, 287,174 shares, 55,882 shares, and 71,920 shares of class A common stock (the “Common Stock”) with aggregate grant date fair values of $25.9 , $6.8 and $6.5 were granted under the service-based, market-based, and performance based portions of the Company’s LTIAs, respectively. During the nine months ended September 26, 2019, 15,798 shares of Common Stock with aggregate grant date fair values of $1.4 were granted to the Board of Directors. Additionally, 383,121 shares of Common Stock with an aggregate grant date fair value of $23.2 that were LTIAs vested during the nine months ended September 26, 2019. |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 26, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 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 asset at September 26, 2019 , and December 31, 2018, was $134.4 and $204.2 , respectively. The difference is primarily due to the creation of deductible temporary differences and utilization of taxable temporary differences within the current year. 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 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 may give rise to discrete recognition include excess tax benefits with respect to share-based compensation, finalizing amounts in income tax returns filed, finalizing audit examinations for open tax years and expiration of statutes of limitations, and changes in tax law. The 21.2% effective tax rate for the nine months ended September 26, 2019 differs from the 18.5% effective tax rate for the same period of 2018 primarily due to the current year impact of a reduction in state tax credits, a reduction in the federal R&D tax credit, decreased benefit for share based compensation excess tax benefit , offset by a decreased impact for Global Intangible Low-Taxed Income (“GILTI”), Additionally , there were discrete items reported in the quarter resulting in additional income tax in the current year related to the finalization of the 2018 amounts related to GILTI and the federal R&D tax credit reported in the tax return as agreed upon with the Internal Revenue Service (“IRS”) in the course of the Company’s participation in the IRS’s Compliance Assurance Process (“CAP”) program. |
Equity
Equity | 9 Months Ended |
Sep. 26, 2019 | |
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. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of September 26, 2019 , no treasury shares have been reissued or retired. During the nine month period ended September 26, 2019 , the Company repurchased 0.8 million shares of its Common Stock for $75.0 . As a result, the total authorization amount remaining under the current share repurchase program is approximately $925.0. The following table sets forth the computation of basic and diluted earnings per share: For the Three Months Ended September 26, 2019 September 27, 2018 Income Shares Per Share Amount Income Shares Per Share Amount Basic EPS Income available to common stockholders $ 131.2 103.5 $ 1.27 $ 168.7 105.1 $ 1.61 Income allocated to participating securities 0.1 0.1 0.1 0.1 Net income $ 131.3 $ 168.8 Diluted potential common shares 1.0 0.9 Diluted EPS Net income $ 131.3 104.6 $ 1.26 $ 168.8 106.1 $ 1.59 For the Nine Months Ended September 26, 2019 September 27, 2018 Income Shares Per Share Amount Income Shares Per Share Amount Basic EPS Income available to common stockholders $ 462.1 103.6 $ 4.46 $ 439.1 109.3 $ 4.02 Income allocated to participating securities 0.3 0.1 0.3 0.1 Net income $ 462.4 $ 439.4 Diluted potential common shares 1.1 0.9 Diluted EPS Net income $ 462.4 104.8 $ 4.41 $ 439.4 110.3 $ 3.98 Included in the outstanding common shares were 1.4 million of issued but unvested shares at September 26, 2019 and September 27, 2018 , 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 September 26, 2019 December 31, 2018 Pension (1) $ (90.7 ) $ (116.7 ) Hedges (1.5 ) — SERP/Retiree medical (1) 19.0 17.2 Foreign currency impact on long term intercompany loan (18.6 ) (17.4 ) Currency translation adjustment (96.3 ) (79.7 ) Total accumulated other comprehensive loss $ (188.1 ) $ (196.6 ) (1) September 26, 2019 balances include the reclass of the stranded tax effects related to Pension and SERP/Retiree medical to retained earnings of $12.0 and ($3.7), respectively, as a result of adopting ASU 2018-02. See Note 2, Adoption of New Accounting Standards. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 9 Months Ended |
Sep. 26, 2019 | |
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, legal proceedings, or other claims 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, the Company believes that, on a basis of information presently available, none of these items, when finally resolved, will have a material adverse effect on the Company’s long-term financial position or liquidity. 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 takes appropriate action. 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. Customer and Vendor Claims From time to time the Company receives, or is subject to, customer and vendor claims arising in the ordinary course of business, including, but not limited to, those related to product quality and late delivery. The Company accrues for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration multiple factors including without limitation our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood of an unfavorable outcome, and the severity of any potential loss. Any accruals deemed necessary are reevaluated at least quarterly and updated as matters progress over time. While the final outcome of these types of matters cannot be predicted with certainty, considering, among other things, the factual and legal defenses available, it is the opinion of the Company that, when finally resolved, no current claims will have a material adverse effect on the Company’s long-term financial position or liquidity. However, it is possible that the Company’s results of operations in a period could be materially affected by one or more of these other matters. Guarantees Outstanding guarantees were $20.6 and $27.3 at September 26, 2019 and December 31, 2018 , respectively. Restricted Cash - Collateral Requirements The Company was required to maintain $16.4 and $20.2 of restricted cash as of September 26, 2019 and December 31, 2018 , respectively, related to certain collateral requirements for obligations under its workers’ compensation programs. The 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 its non-employee 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. The Company has agreed to indemnify parties for specified liabilities incurred, or that may be incurred, in connection with transactions they have entered into with the Company. The Company is unable to assess the potential number of future claims that may be asserted under these indemnities, nor the amounts thereof (if any). As a result, the Company cannot estimate the maximum potential amount of future payments under these indemnities and therefore, no liability has been recorded. Service and Product Warranties and Extraordinary Rework Provisions for estimated expenses related to service and product warranties and certain extraordinary rework are evaluated on a quarterly basis. These costs are accrued 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 rework is reported in current liabilities and other liabilities on the balance sheet. The warranty balance presented in the table below includes unresolved warranty claims that are in dispute in regards to their value as well as their contractual liability. The Company estimated the total costs related to some of these claims, however, there is significant uncertainty surrounding the disposition of these disputed claims and as such, the ultimate determination of the provision’s adequacy requires significant management judgment. The amount of the specific provisions recorded against disputed warranty claims was $8.1 and $41.0 as of September 26, 2019 , and December 31, 2018 , respectively. These specific provisions represent the Company’s best estimate of probable warranty claims. Should the Company incur higher than expected warranty costs and/or discover new or additional information related to these warranty provisions, the Company may incur additional charges that exceed these recorded provisions. The Company utilized available information to make appropriate assessments, however, the Company recognizes that data on actual claims experience is of limited duration and therefore, claims projections are subject to significant judgment. The amount of the reasonably possible disputed warranty claims in excess of the specific warranty provision was $12.1 as of September 26, 2019 , and $34.0 as of December 31, 2018 . The following is a roll forward of the service warranty and extraordinary rework balance at September 26, 2019 : Balance, December 31, 2018 $ 104.8 Charges to costs and expenses (9.9 ) Payouts (1.1 ) Impact of TGI Settlement (1) (25.0 ) Exchange rate (0.3 ) Balance, September 26, 2019 $ 68.5 (1) Due to a settlement on outstanding warranty issues in the first quarter of 2019, $25.0 of warranty provision was reclassified to accounts payable and was paid in the second quarter of 2019. |
Other Income (Expense), Net
Other Income (Expense), Net | 9 Months Ended |
Sep. 26, 2019 | |
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 For the Nine Months Ended September 26, September 27, September 26, September 27, Kansas Development Finance Authority bond $ 0.8 $ 0.8 $ 2.8 $ 2.9 Rental and miscellaneous income — 0.6 0.1 (0.7 ) Interest income 2.6 2.1 8.8 5.0 Foreign currency losses (1) (17.9 ) (1.8 ) (9.9 ) (3.3 ) Loss on foreign currency contract and interest rate swaps (0.5 ) 1.1 (18.3 ) (18.1 ) Litigation settlement — — 13.5 — Loss on sale of accounts receivable (6.5 ) (4.0 ) (18.7 ) (12.3 ) Pension income (2) 12.0 8.6 9.8 25.7 Total $ (9.5 ) $ 7.4 $ (11.9 ) $ (0.8 ) (1) Foreign currency gains and losses are due to the impact of movement in foreign currency exchange rates on an intercompany revolver and long-term contractual rights/obligations, as well as cash and both trade and intercompany receivables/payables that are denominated in a currency other than the entity’s functional currency. (2) Pension expense for the three and nine months ended September 26, 2019 includes $5.5 and $(9.7) of income/(expenses), respectively, related to a voluntary retirement program offered by the Company in the second quarter of 2019. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 26, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company operates in three principal segments: Fuselage Systems, Propulsion Systems, and Wing Systems. Revenue from Boeing represents a substantial portion of the Company's revenues in all segments. Wing Systems also includes significant revenues from Airbus. Approximately 95% of the Company's net revenues for the three months ended September 26, 2019 , 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 the Company's facilities in Wichita, Kansas; Kinston, North Carolina; St. Nazaire, France; and Subang, Malaysia. 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 the Company's facility in Wichita, Kansas. The Company’s Wing Systems segment includes development, production and marketing of wings and wing components (including flight control surfaces), and 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 aerostructure production 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 and nine months ended September 26, 2019 and September 27, 2018 : Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Segment Revenues Fuselage Systems $ 1,005.3 $ 991.0 $ 3,171.7 $ 2,983.4 Propulsion Systems 520.9 442.4 1,525.5 1,259.6 Wing Systems 391.0 378.6 1,197.4 1,138.6 All Other 2.7 1.7 9.2 5.1 $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 Segment Operating Income (Loss) Fuselage Systems $ 105.8 $ 134.8 $ 380.5 $ 417.7 Propulsion Systems 111.7 76.2 304.9 203.9 Wing Systems 53.9 58.6 177.1 166.1 All Other 1.3 1.3 2.5 0.3 272.7 270.9 865.0 788.0 SG&A (53.6 ) (37.3 ) (173.6 ) (154.5 ) Research and development (12.6 ) (10.8 ) (36.0 ) (31.3 ) Unallocated cost of sales (0.4 ) (0.3 ) 9.7 (2.6 ) Total operating income $ 206.1 $ 222.5 $ 665.1 $ 599.6 |
Acquisition (Notes)
Acquisition (Notes) | 9 Months Ended |
Sep. 26, 2019 | |
Business Combinations [Abstract] | |
Business Acquisition, Description of Acquired Entity | 23. Asco Acquisition On May 1, 2018, the Company and Spirit Belgium entered into the Purchase Agreement pursuant to which Spirit Belgium will purchase all of the issued and outstanding equity of Asco, a leading supplier of high lift wing structures, mechanical assemblies and major functional components to major OEMs and Tier I suppliers in the global commercial aerospace and military markets subject to certain customary closing adjustments, including foreign currency adjustments (the “Acquisition”). The Purchase Agreement is subject to customary closing conditions, including regulatory approvals.On October 28, 2019, the Company and Spirit Belgium entered into an agreement to amend and restate (the “Amendment”) the Purchase Agreement. The Amendment incorporates amendments to the Purchase Agreement agreed among the Parties to date. The Amendment was primarily entered into in order to extend the long-stop date (the date upon which the Purchase Agreement will automatically terminate in the event that conditions to the Acquisition are not satisfied or waived) from October 29, 2019 to April 4, 2020 and to further address the previously disclosed large-scale ransomware attack that disabled Asco’s IT systems and forced a substantial portion of Asco’s production to be suspended (the “Cyberattack”). In addition to extending the long-stop date to April 4, 2020, the Amendment reduces the purchase price for the Acquisition from $604 million to $420 million, reduces the Sellers’ indemnification obligations under the Purchase Agreement to $80 million (except with respect to damages resulting or arising from the termination of certain commercial agreements), provides that closing will occur on April 3, 2020, and removes the closing condition precedent that a “Material Adverse Change” in Asco’s business has not occurred since May 1, 2018. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as an exhibit hereto. Acquisition-related expenses were $8.4 for the nine months ended September 26, 2019 and are included in selling, general and administrative costs on the condensed and consolidated statements of operations. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 26, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The Floating Rate Notes, 2023 Notes, 2026 Notes, and 2028 Notes (collectively, the "Notes") are fully and unconditionally guaranteed on a senior unsecured basis by Holdings. No subsidiaries are guarantors to any of the Notes. 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 guarantor of the Notes, as further detailed in Note 15, Debt ; (ii) Spirit, as issuer of the Notes; (iii) The Company’s subsidiaries (the “Non-Guarantor Subsidiaries”), on a combined basis; (iv) Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Holdings and the Non-Guarantor Subsidiaries, (b) eliminate the investments in the Company’s subsidiaries, and (c) record consolidating entries; and (v) Holdings and its subsidiaries on a consolidated basis. Condensed Consolidating Statements of Operations For the Three Months Ended September 26, 2019 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenue $ — $ 1,747.5 $ 314.7 $ (142.3 ) $ 1,919.9 Operating costs and expenses Cost of sales — 1,511.6 278.3 (142.3 ) 1,647.6 Selling, general and administrative 2.6 46.4 4.6 — 53.6 Research and development — 11.0 1.6 — 12.6 Total operating costs and expenses 2.6 1,569.0 284.5 (142.3 ) 1,713.8 Operating (loss) income (2.6 ) 178.5 30.2 — 206.1 Interest expense and financing fee amortization — (23.6 ) (0.9 ) 0.9 (23.6 ) Other income (expense), net — (12.1 ) 3.5 (0.9 ) (9.5 ) (Loss) income before income taxes and equity in net income of affiliate and subsidiaries (2.6 ) 142.8 32.8 — 173.0 Income tax benefit (provision) 0.6 (36.9 ) (5.4 ) — (41.7 ) (Loss) income before equity in net income of affiliate and subsidiaries (2.0 ) 105.9 27.4 — 131.3 Equity in net income of affiliate — — — — — Equity in net income of subsidiaries 133.3 27.4 — (160.7 ) — Net income 131.3 133.3 27.4 (160.7 ) 131.3 Other comprehensive (loss) income 21.5 21.5 (13.9 ) (7.6 ) 21.5 Comprehensive income (loss) $ 152.8 $ 154.8 $ 13.5 $ (168.3 ) $ 152.8 Condensed Consolidating Statements of Operations For the Three Months Ended September 27, 2018 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenue $ — $ 1,636.1 $ 305.6 $ (128.0 ) $ 1,813.7 Operating costs and expenses Cost of sales — 1,395.9 275.2 (128.0 ) 1,543.1 Selling, general and administrative 2.3 31.4 3.6 — 37.3 Research and development — 9.2 1.6 — 10.8 Total operating costs and expenses 2.3 1,436.5 280.4 (128.0 ) 1,591.2 Operating (loss) income (2.3 ) 199.6 25.2 — 222.5 Interest expense and financing fee amortization — (24.2 ) (1.2 ) 1.2 (24.2 ) Other income (expense), net — 9.6 (1.0 ) (1.2 ) 7.4 (Loss) income before income taxes and equity in net income of affiliate and subsidiaries (2.3 ) 185.0 23.0 — 205.7 Income tax benefit (provision) 0.4 (33.7 ) (3.6 ) — (36.9 ) (Loss) income before equity in net income of affiliate and subsidiaries (1.9 ) 151.3 19.4 — 168.8 Equity in net income of affiliate — — — — — Equity in net income of subsidiaries 170.7 19.4 — (190.1 ) — Net income 168.8 170.7 19.4 (190.1 ) 168.8 Other comprehensive (loss) income (0.6 ) (0.6 ) 0.1 0.5 (0.6 ) Comprehensive income (loss) $ 168.2 $ 170.1 $ 19.5 $ (189.6 ) $ 168.2 Condensed Consolidating Statements of Operations For the Nine Months Ended September 26, 2019 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenue $ — $ 5,346.5 $ 1,062.2 $ (504.9 ) $ 5,903.8 Operating costs and expenses Cost of sales — 4,592.5 941.5 (504.9 ) 5,029.1 Selling, general and administrative 9.6 149.5 14.5 — 173.6 Research and development — 31.3 4.7 — 36.0 Total operating costs and expenses 9.6 4,773.3 960.7 (504.9 ) 5,238.7 Operating (loss) income (9.6 ) 573.2 101.5 — 665.1 Interest expense and financing fee amortization — (65.9 ) (3.0 ) 2.8 (66.1 ) Other income (expense), net — (13.7 ) 4.6 (2.8 ) (11.9 ) (Loss) income before income taxes and equity in net income of affiliate and subsidiaries (9.6 ) 493.6 103.1 — 587.1 Income tax benefit (provision) 2.2 (110.2 ) (16.7 ) — (124.7 ) (Loss) income before equity in net income of affiliate and subsidiaries (7.4 ) 383.4 86.4 — 462.4 Equity in net income of affiliate — — — — — Equity in net income of subsidiaries 469.8 86.4 — (556.2 ) — Net income 462.4 469.8 86.4 (556.2 ) 462.4 Other comprehensive (loss) income 16.7 16.7 (18.0 ) 1.3 16.7 Comprehensive income (loss) $ 479.1 $ 486.5 $ 68.4 $ (554.9 ) $ 479.1 Condensed Consolidating Statements of Operations For the Nine Months Ended September 27, 2018 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenue $ — $ 4,831.3 $ 1,017.6 $ (462.2 ) $ 5,386.7 Operating costs and expenses Cost of sales — 4,147.8 915.7 (462.2 ) 4,601.3 Selling, general and administrative 8.0 133.1 13.4 — 154.5 Research and development — 27.8 3.5 — 31.3 Total operating costs and expenses 8.0 4,308.7 932.6 (462.2 ) 4,787.1 Operating (loss) income (8.0 ) 522.6 85.0 — 599.6 Interest expense and financing fee amortization — (60.1 ) (4.0 ) 3.8 (60.3 ) Other income (expense), net — 6.6 (3.6 ) (3.8 ) (0.8 ) (Loss) income before income taxes and equity in net income of affiliate and subsidiaries (8.0 ) 469.1 77.4 — 538.5 Income tax benefit (provision) 1.5 (88.6 ) (12.6 ) — (99.7 ) (Loss) income before equity in net income of affiliate and subsidiaries (6.5 ) 380.5 64.8 — 438.8 Equity in net income of affiliate 0.6 — 0.6 (0.6 ) 0.6 Equity in net income of subsidiaries 445.3 64.8 — (510.1 ) — Net income 439.4 445.3 65.4 (510.7 ) 439.4 Other comprehensive (loss) income (16.5 ) (16.5 ) (14.7 ) 31.2 (16.5 ) Comprehensive income (loss) $ 422.9 $ 428.8 $ 50.7 $ (479.5 ) $ 422.9 Condensed Consolidating Balance Sheet September 26, 2019 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 1,343.5 $ 133.8 $ — $ 1,477.3 Restricted cash — 0.3 — — 0.3 Accounts receivable, net 711.5 316.1 (319.0 ) 708.6 Contract assets, short-term — 519.9 59.1 — 579.0 Inventory, net — 704.0 311.2 — 1,015.2 Other current assets — 46.4 11.9 — 58.3 Total current assets — 3,325.6 832.1 (319.0 ) 3,838.7 Property, plant and equipment, net — 1,724.7 475.1 — 2,199.8 Right of use assets — 42.6 7.1 — 49.7 Contract assets, long-term — 9.7 — — 9.7 Pension assets, net — 365.3 20.0 — 385.3 Investment in subsidiary 1,617.0 766.7 — (2,383.7 ) — Other assets — 299.4 110.3 (191.3 ) 218.4 Total assets $ 1,617.0 $ 6,534.0 $ 1,444.6 $ (2,894.0 ) $ 6,701.6 Liabilities Accounts payable $ — $ 1,053.1 $ 407.8 $ (320.4 ) $ 1,140.5 Accrued expenses — 292.3 26.1 1.4 319.8 Profit sharing — 51.7 4.2 — 55.9 Current portion of long-term debt — 36.5 1.1 — 37.6 Operating lease liabilities, short-term — 5.4 0.8 — 6.2 Advance payments, short-term — 19.8 — — 19.8 Contract liabilities, short-term — 170.5 — — 170.5 Forward loss provision, long-term — 37.2 — — 37.2 Deferred revenue and other deferred credits, short-term — 16.9 0.3 — 17.2 Deferred grant income liability - current — — 5.6 — 5.6 Other current liabilities — 48.8 6.6 — 55.4 Total current liabilities — 1,732.2 452.5 (319.0 ) 1,865.7 Long-term debt — 2,125.3 97.6 (90.7 ) 2,132.2 Operating lease liabilities, long-term — 37.3 6.3 — 43.6 Advance payments, long-term — 335.1 — — 335.1 Pension/OPEB obligation — 32.6 — — 32.6 Contract liabilities, long-term — 340.4 — — 340.4 Forward loss provision, long-term — 161.9 — — 161.9 Deferred grant income liability - non-current — 9.4 18.6 — 28.0 Deferred revenue and other deferred credits — 30.1 2.3 — 32.4 Other liabilities — 192.8 20.5 (100.6 ) 112.7 Total equity 1,617.0 1,536.9 846.8 (2,383.7 ) 1,617.0 Total liabilities and stockholders’ equity $ 1,617.0 $ 6,534.0 $ 1,444.6 $ (2,894.0 ) $ 6,701.6 Condensed Consolidating Balance Sheet December 31, 2018 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 705.0 $ 68.6 $ — $ 773.6 Restricted cash — 0.3 — — 0.3 Accounts receivable, net — 593.0 310.2 (358.1 ) 545.1 Inventory, net — 696.0 316.6 — 1,012.6 Contract assets, short-term — 420.8 48.6 — 469.4 Other current assets — 45.3 3.0 — 48.3 Total current assets — 2,460.4 747.0 (358.1 ) 2,849.3 Property, plant and equipment, net — 1,670.8 496.8 — 2,167.6 Contract assets, long-term — 54.1 — — 54.1 Pension assets, net — 307.0 19.7 — 326.7 Investment in subsidiary 1,238.0 699.0 — (1,937.0 ) — Other assets — 357.1 127.5 (196.4 ) 288.2 Total assets $ 1,238.0 $ 5,548.4 $ 1,391.0 $ (2,491.5 ) $ 5,685.9 Liabilities Accounts payable $ — $ 855.2 $ 405.6 $ (358.2 ) $ 902.6 Accrued expenses — 276.7 36.3 0.1 313.1 Profit sharing — 62.6 5.7 — 68.3 Current portion of long-term debt — 30.5 0.9 — 31.4 Advance payments, short-term — 2.2 — — 2.2 Contract liabilities, short-term — 157.3 0.6 — 157.9 Forward loss provision, long-term — 12.4 — — 12.4 Deferred revenue and other deferred credits, short-term — 19.5 0.5 — 20.0 Deferred grant income liability - current — — 16.0 — 16.0 Other current liabilities — 52.4 5.8 — 58.2 Total current liabilities — 1,468.8 471.4 (358.1 ) 1,582.1 Long-term debt 1,856.6 103.2 (95.8 ) 1,864.0 Advance payments, long-term — 231.9 — — 231.9 Pension/OPEB obligation — 34.6 — — 34.6 Contract liabilities, long-term — 369.8 — — 369.8 Forward loss provision, long-term — 170.6 — — 170.6 Deferred grant income liability - non-current — 5.9 22.1 — 28.0 Deferred revenue and other deferred credits — 28.8 2.4 — 31.2 Other liabilities — 223.3 12.9 (100.6 ) 135.6 Total equity 1,238.0 1,158.1 779.0 (1,937.0 ) 1,238.1 Total liabilities and stockholders’ equity $ 1,238.0 $ 5,548.4 $ 1,391.0 $ (2,491.5 ) $ 5,685.9 Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 26, 2019 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Operating activities Net cash provided by operating activities $ — $ 571.3 $ 147.3 $ — $ 718.6 Investing activities Purchase of property, plant and equipment — (94.0 ) (24.8 ) — (118.8 ) Other — 0.1 — — 0.1 Net cash used in investing activities — (93.9 ) (24.8 ) — (118.7 ) Financing activities Proceeds from issuance of debt — 250.0 — — 250.0 Proceeds from revolving credit facility — 100.0 — — 100.0 Principal payments of debt — (7.8 ) (0.7 ) — (8.5 ) Payments on term loan — (5.2 ) (5.2 ) Payments on revolving credit facility — (100.0 ) (100.0 ) Proceeds (payments) from intercompany debt — 56.1 (56.1 ) — — Taxes paid related to net share settlement of awards — (12.1 ) — — (12.1 ) Proceeds (payments) from subsidiary for purchase of treasury stock 75.0 (75.0 ) — — — Purchase of treasury stock (75.0 ) — — — (75.0 ) Proceeds (payments) from subsidiary for dividends paid 37.8 (37.6 ) (0.2 ) — — Dividends Paid (37.8 ) — — — (37.8 ) Proceeds from issuance of ESPP stock — 1.3 — — 1.3 Other — 0.8 — — 0.8 Net cash provided by (used in) financing activities — 170.5 (57.0 ) — 113.5 Effect of exchange rate changes on cash and cash equivalents — (13.2 ) (0.3 ) — (13.5 ) Net increase in cash and cash equivalents for the period — 634.7 65.2 — 699.9 Cash, cash equivalents, and restricted cash, beginning of period — 725.5 68.6 — 794.1 Cash, cash equivalents, and restricted cash, end of period $ — $ 1,360.2 $ 133.8 $ — $ 1,494.0 Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 27, 2018 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Operating activities Net cash provided by operating activities — 486.1 81.3 — 567.4 Investing activities Purchase of property, plant and equipment — (142.9 ) (28.0 ) — (170.9 ) Other — 2.3 0.5 — 2.8 Net cash used in investing activities — (140.6 ) (27.5 ) — (168.1 ) Financing activities Proceeds from issuance of bonds — 1,300.0 — — 1,300.0 Principal payments of debt — (4.3 ) (0.6 ) — (4.9 ) Payments on term loan — (256.3 ) — — (256.3 ) Payments on bonds — (300.0 ) — — (300.0 ) Proceeds (payments) from intercompany debt — 49.7 (49.7 ) — — Debt issuance and financing costs — (23.2 ) — — (23.2 ) Taxes paid related to net share settlement of awards — (15.5 ) — — (15.5 ) Proceeds (payments) from subsidiary for purchase of treasury stock 805.8 (805.8 ) — — — Purchase of treasury stock (805.8 ) — — — (805.8 ) Proceeds (payments) from subsidiary for dividends paid 35.4 (35.4 ) — — — Dividends Paid (35.4 ) — — — (35.4 ) Net cash provided by (used in) financing activities — (90.8 ) (50.3 ) — (141.1 ) Effect of exchange rate changes on cash and cash equivalents — — 0.2 — 0.2 Net increase in cash and cash equivalents for the period — 254.7 3.7 — 258.4 Cash, cash equivalents, and restricted cash, beginning of period — 387.3 58.2 — 445.5 Cash, cash equivalents, and restricted cash, end of period — 642.0 61.9 — 703.9 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Sep. 26, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | On October 31, 2019, Spirit and Spirit AeroSystems Global Holdings Limited, a wholly owned indirect subsidiary of the Company (“Spirit UK”), entered into a definitive agreement (the “Purchase Agreement”) with Bombardier Inc., Bombardier Aerospace Limited, Bombardier Finance Inc. and Bombardier Services Corporation (collectively, the “Sellers”) pursuant to which, subject to the satisfaction or waiver of certain conditions, Spirit UK will acquire the outstanding equity of Short Brothers plc (“Shorts”) and Bombardier Aerospace North Africa SAS, and Spirit will acquire substantially all the assets of the maintenance, repair and overhaul business in Dallas, Texas (collectively, the “Acquired Business”) for cash consideration of $500 million (the “Acquisition”). The Company, acting through certain of its subsidiaries, has agreed to procure payment of a special contribution of £100 million (approximately $130 million) to the Shorts pension scheme at the time of closing and will assume additional net pension liabilities of approximately $170 million. In addition, Shorts is a party to a repayable investment agreement with the Department for Business, Energy and Industrial Strategy of the Government of the United Kingdom, and Spirit will, at closing, assume, directly or indirectly, Shorts’ financial payment obligations under this agreement, which are approximately $290 million. The Acquisition, which is expected to close in the first half of 2020, is subject to certain consents, regulatory approvals and customary closing conditions. Closing conditions include, but are not limited to, (i) the absence of certain legal impediments to the consummation of the Acquisition, (ii) the receipt of specified third party consents and approvals, including consents from Airbus SE and its subsidiaries, (iii) the receipt of applicable regulatory approvals, and (iv) the absence of a material adverse change to the Acquired Business. The Purchase Agreement contains customary representations, warranties and covenants among the parties, including, among others, certain covenants by the Sellers regarding the operation of the Acquired Business during the interim period between the execution of the Purchase Agreement and the consummation of the Acquisition. The Acquisition is not conditioned upon the Company’s receipt of debt financing. The Purchase Agreement provides Spirit, Spirit UK and the Sellers with certain termination rights, including if the consummation of the Acquisition has not occurred on or prior to October 31, 2020. The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for 2019. The representations and warranties and covenants set forth in the Purchase Agreement have been made only for the purposes of the Purchase Agreement and solely for the benefit of the parties to the Purchase Agreement, may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures made between the parties, and may be subject to standards of materiality applicable to the parties that differ from those applicable to investors. In addition, such representations and warranties were made only as of the dates specified in the Purchase Agreement. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 26, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | . New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”), which modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. Certain disclosures in ASU 2018-13 are required to be applied on a retrospective basis and others on a prospective basis. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit losses (Topic 326) ( “ASU 2016-13”), which requires the immediate recognition of management's estimates of current expected credit losses. ASU 2016-13 is effective for fiscal years and interim reporting periods within those years beginning after December 15, 2019. Early adoption is permitted after fiscal years beginning December 15, 2018. The Company does not expect the adoption of this standard to have a material effect to the Company's consolidated financial statements. |
Leases (Policies)
Leases (Policies) | 9 Months Ended |
Sep. 26, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | The Company determines if an arrangement is a lease at the inception of a signed agreement. Operating leases are included in ROU assets (long-term), short-term operating lease liabilities, and long-term operating lease liabilities on the Company’s consolidated balance sheet. Finance leases are included in Property, Plant and Equipment, current maturities of long-term debt, and long-term debt. ROU assets represent the right of the Company to use an underlying asset for the length of the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of lease payments, the Company uses its estimated incremental borrowing rate or the implicit rate, if readily determinable. The estimated incremental borrowing rate is based on information available at the lease commencement date, including any recent debt issuances and publicly available data for instruments with similar characteristics. The ROU asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease and, when it is reasonably certain that an option will be exercised, those options are included in the net present value calculation. Leases with a term of 12 months or less, which are primarily related to automobiles and manufacturing equipment, are not recorded on the balance sheet. The aggregate amount of lease cost for leases with a term of 12 months or less is not material. |
Changes in Estimates Changes in
Changes in Estimates Changes in Estimates (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Change in Accounting Estimate [Table Text Block] | Changes in estimates are summarized below: For the Three Months Ended For the Nine Months Ended Changes in Estimates September 26, 2019 September 27, 2018 September 26, 2019 September 27, 2018 (Unfavorable) Favorable Cumulative Catch-up Adjustment by Segment Fuselage $ (14.4 ) $ (12.0 ) $ (2.0 ) $ (3.0 ) Propulsion 1.8 (2.4 ) (1.5 ) 0.9 Wing (0.4 ) 1.4 1.7 0.9 Total (Unfavorable) Favorable Cumulative Catch-up Adjustment $ (13.0 ) $ (13.0 ) $ (1.8 ) $ (1.2 ) Changes in Estimates on Loss Programs (Forward Loss) by Segment Fuselage $ (18.8 ) $ — $ (13.8 ) $ (1.5 ) Propulsion (4.0 ) (0.8 ) (3.1 ) — Wing (6.0 ) 0.3 (4.9 ) (0.2 ) Total Changes in Estimates (Forward Loss) on Loss Programs $ (28.8 ) $ (0.5 ) $ (21.8 ) $ (1.7 ) Total Change in Estimate $ (41.8 ) $ (13.5 ) $ (23.6 ) $ (2.9 ) EPS Impact (diluted per share based upon statutory rates) $ (0.31 ) $ (0.10 ) $ (0.18 ) $ (0.02 ) |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Accounts Receivable, Net, Current [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net consists of the following: September 26, December 31, Trade receivables $ 680.3 $ 527.9 Other 29.2 17.9 Less: allowance for doubtful accounts (0.9 ) (0.7 ) Accounts receivable, net $ 708.6 $ 545.1 |
Revenue (Tables)
Revenue (Tables) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,919.9 | $ 1,813.7 | $ 5,903.8 | $ 5,386.7 |
Boeing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,542 | 1,465.5 | 4,705.1 | 4,262.2 |
Airbus [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 284.1 | 263.8 | 934 | 869 |
Other Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 93.8 | 84.4 | 264.7 | 255.5 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,620.6 | 1,534 | 4,935.8 | 4,460.8 |
UNITED KINGDOM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 177.4 | 184.4 | 577.6 | 574.1 |
Other International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 121.9 | 95.3 | 390.4 | 351.8 |
Total International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 299.3 | $ 279.7 | $ 968 | $ 925.9 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Inventory Disclosure [Abstract] | |
Summary Of Inventories | Work-in-process inventory includes direct labor, direct material, overhead and purchases on contracts for which revenue is recognized at a point in time as well as sub-assembly parts that have not been issued to production on contracts for which revenue is recognized using the input method. For the periods ended September 26, 2019 and December 31, 2018 , work-in-process inventory includes $149.0 and $151.6 , respectively, of costs incurred in anticipation of specific contracts and no impairments were recorded in the period. Product inventory, summarized in the table above, is shown net of valuation reserves of $36.3 and $55.2 as of September 26, 2019 and December 31, 2018 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Property, plant and equipment, net consists of the following: September 26, December 31, Land $ 14.7 $ 15.0 Buildings (including improvements) 905.0 822.7 Machinery and equipment 1,888.8 1,697.0 Tooling 1,047.1 1,032.3 Capitalized software 275.5 269.2 Construction-in-progress 144.8 227.8 Total 4,275.9 4,064.0 Less: accumulated depreciation (2,076.1 ) (1,896.4 ) Property, plant and equipment, net $ 2,199.8 $ 2,167.6 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Other Assets | Other assets are summarized as follows: September 26, December 31, Intangible assets Patents $ 2.0 $ 2.0 Favorable leasehold interests 6.3 6.2 Total intangible assets 8.3 8.2 Less: Accumulated amortization - patents (1.9 ) (1.9 ) Accumulated amortization - favorable leasehold interest (5.1 ) (4.9 ) Intangible assets, net 1.3 1.4 Deferred financing Deferred financing costs 41.7 41.7 Less: Accumulated amortization - deferred financing costs (36.6 ) (35.6 ) Deferred financing costs, net 5.1 6.1 Other Goodwill - Europe 2.3 2.4 Supply agreements (1) 11.8 14.6 Restricted cash - collateral requirements 16.4 20.2 Deferred tax asset - non-current 146.7 205.0 Other 34.8 38.5 Total $ 218.4 $ 288.2 (1) Certain payments accounted for as consideration paid by the Company to a customer are being amortized as reductions to net revenues. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 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. |
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: September 26, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Senior unsecured term loan A (including current portion) $ 449.8 $ 450.7 (2) $ 204.7 $ 197.8 (2) Floating Rate Notes 298.9 299.0 (1) 298.5 292.9 (1) Senior unsecured notes due 2023 298.2 309.0 (1) 297.9 297.5 (1) Senior unsecured notes due 2026 297.7 306.0 (1) 297.5 274.5 (1) Senior unsecured notes due 2028 693.9 750.3 (1) 693.5 663.0 (1) Total $ 2,038.5 $ 2,115.0 $ 1,792.1 $ 1,725.7 (1) Level 1 Fair Value hierarchy (2) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
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: September 26, 2019 December 31, 2018 Current Noncurrent Current Noncurrent Senior unsecured term loan A $ 22.7 $ 427.1 $ 22.7 $ 182.0 Floating Rate Notes — 298.9 — 298.5 Senior notes due 2023 — 298.2 — 297.9 Senior notes due 2026 — 297.7 — 297.5 Senior notes due 2028 — 693.9 — 693.5 Present value of capital lease obligations 13.2 58.3 7.1 35.3 Other 1.7 58.1 1.6 59.3 Total $ 37.6 $ 2,132.2 $ 31.4 $ 1,864.0 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in projected benefit obligations | . Pension and Other Post-Retirement Benefits Defined Benefit Plans For the Three Months Ended For the Nine Months Ended Components of Net Periodic Pension Expense/(Income) September 26, September 27, September 26, September 27, Service cost $ 0.3 $ 0.2 $ 1.0 $ 0.6 Interest cost 10.0 9.2 30.0 27.4 Expected return on plan assets (16.6 ) (17.4 ) (50.0 ) (52.3 ) Amortization of net loss 0.1 — 0.5 — Curtailment gain — — (0.1 ) — Special termination benefits (1) (5.5 ) — 9.7 — Net periodic pension (income) expense $ (11.7 ) $ (8.0 ) $ (8.9 ) $ (24.3 ) (1) Special termination benefits for the three and nine months ending September 26, 2019 is a combination of pension value plan, postretirement medical plan, and settlement accounting changes offset by a reduction in the Company's net benefit obligation. Due to settlement accounting, the Company remeasured the pension assets and obligations which resulted in a $48.8 impact to OCI that is included in the Company’s Condensed Consolidated Statements of Comprehensive Income. The Company expects to record an additional change during the fourth quarter of 2019 related to settlement accounting tied to cash payments made. Other Benefits For the Three Months Ended For the Nine Months Ended Components of Other Benefit Expense September 26, September 27, September 26, September 27, Service cost $ 0.2 $ 0.3 $ 0.7 $ 0.8 Interest cost 0.3 0.3 1.0 0.8 Amortization of prior service cost (0.2 ) (0.2 ) (0.7 ) (0.7 ) Amortization of net gain (0.6 ) (0.6 ) (1.8 ) (1.7 ) Net periodic other benefit (income) expense $ (0.3 ) $ (0.2 ) $ (0.8 ) $ (0.8 ) |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
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 September 26, 2019 September 27, 2018 Income Shares Per Share Amount Income Shares Per Share Amount Basic EPS Income available to common stockholders $ 131.2 103.5 $ 1.27 $ 168.7 105.1 $ 1.61 Income allocated to participating securities 0.1 0.1 0.1 0.1 Net income $ 131.3 $ 168.8 Diluted potential common shares 1.0 0.9 Diluted EPS Net income $ 131.3 104.6 $ 1.26 $ 168.8 106.1 $ 1.59 For the Nine Months Ended September 26, 2019 September 27, 2018 Income Shares Per Share Amount Income Shares Per Share Amount Basic EPS Income available to common stockholders $ 462.1 103.6 $ 4.46 $ 439.1 109.3 $ 4.02 Income allocated to participating securities 0.3 0.1 0.3 0.1 Net income $ 462.4 $ 439.4 Diluted potential common shares 1.1 0.9 Diluted EPS Net income $ 462.4 104.8 $ 4.41 $ 439.4 110.3 $ 3.98 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss is summarized by component as follows: As of As of September 26, 2019 December 31, 2018 Pension (1) $ (90.7 ) $ (116.7 ) Hedges (1.5 ) — SERP/Retiree medical (1) 19.0 17.2 Foreign currency impact on long term intercompany loan (18.6 ) (17.4 ) Currency translation adjustment (96.3 ) (79.7 ) Total accumulated other comprehensive loss $ (188.1 ) $ (196.6 ) |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Commitments Contingencies And Guarantees [Abstract] | |
Service warranty roll forward | The following is a roll forward of the service warranty and extraordinary rework balance at September 26, 2019 : Balance, December 31, 2018 $ 104.8 Charges to costs and expenses (9.9 ) Payouts (1.1 ) Impact of TGI Settlement (1) (25.0 ) Exchange rate (0.3 ) Balance, September 26, 2019 $ 68.5 (1) Due to a settlement on outstanding warranty issues in the first quarter of 2019, $25.0 of warranty provision was reclassified to accounts payable and was paid in the second quarter of 2019. |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income Expense Net | Other (expense) income, net is summarized as follows: For the Three Months Ended For the Nine Months Ended September 26, September 27, September 26, September 27, Kansas Development Finance Authority bond $ 0.8 $ 0.8 $ 2.8 $ 2.9 Rental and miscellaneous income — 0.6 0.1 (0.7 ) Interest income 2.6 2.1 8.8 5.0 Foreign currency losses (1) (17.9 ) (1.8 ) (9.9 ) (3.3 ) Loss on foreign currency contract and interest rate swaps (0.5 ) 1.1 (18.3 ) (18.1 ) Litigation settlement — — 13.5 — Loss on sale of accounts receivable (6.5 ) (4.0 ) (18.7 ) (12.3 ) Pension income (2) 12.0 8.6 9.8 25.7 Total $ (9.5 ) $ 7.4 $ (11.9 ) $ (0.8 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | The following table shows segment revenues and operating income for the three and nine months ended September 26, 2019 and September 27, 2018 : Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Segment Revenues Fuselage Systems $ 1,005.3 $ 991.0 $ 3,171.7 $ 2,983.4 Propulsion Systems 520.9 442.4 1,525.5 1,259.6 Wing Systems 391.0 378.6 1,197.4 1,138.6 All Other 2.7 1.7 9.2 5.1 $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 Segment Operating Income (Loss) Fuselage Systems $ 105.8 $ 134.8 $ 380.5 $ 417.7 Propulsion Systems 111.7 76.2 304.9 203.9 Wing Systems 53.9 58.6 177.1 166.1 All Other 1.3 1.3 2.5 0.3 272.7 270.9 865.0 788.0 SG&A (53.6 ) (37.3 ) (173.6 ) (154.5 ) Research and development (12.6 ) (10.8 ) (36.0 ) (31.3 ) Unallocated cost of sales (0.4 ) (0.3 ) 9.7 (2.6 ) Total operating income $ 206.1 $ 222.5 $ 665.1 $ 599.6 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Income Statement | Condensed Consolidating Statements of Operations For the Three Months Ended September 26, 2019 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenue $ — $ 1,747.5 $ 314.7 $ (142.3 ) $ 1,919.9 Operating costs and expenses Cost of sales — 1,511.6 278.3 (142.3 ) 1,647.6 Selling, general and administrative 2.6 46.4 4.6 — 53.6 Research and development — 11.0 1.6 — 12.6 Total operating costs and expenses 2.6 1,569.0 284.5 (142.3 ) 1,713.8 Operating (loss) income (2.6 ) 178.5 30.2 — 206.1 Interest expense and financing fee amortization — (23.6 ) (0.9 ) 0.9 (23.6 ) Other income (expense), net — (12.1 ) 3.5 (0.9 ) (9.5 ) (Loss) income before income taxes and equity in net income of affiliate and subsidiaries (2.6 ) 142.8 32.8 — 173.0 Income tax benefit (provision) 0.6 (36.9 ) (5.4 ) — (41.7 ) (Loss) income before equity in net income of affiliate and subsidiaries (2.0 ) 105.9 27.4 — 131.3 Equity in net income of affiliate — — — — — Equity in net income of subsidiaries 133.3 27.4 — (160.7 ) — Net income 131.3 133.3 27.4 (160.7 ) 131.3 Other comprehensive (loss) income 21.5 21.5 (13.9 ) (7.6 ) 21.5 Comprehensive income (loss) $ 152.8 $ 154.8 $ 13.5 $ (168.3 ) $ 152.8 Condensed Consolidating Statements of Operations For the Three Months Ended September 27, 2018 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenue $ — $ 1,636.1 $ 305.6 $ (128.0 ) $ 1,813.7 Operating costs and expenses Cost of sales — 1,395.9 275.2 (128.0 ) 1,543.1 Selling, general and administrative 2.3 31.4 3.6 — 37.3 Research and development — 9.2 1.6 — 10.8 Total operating costs and expenses 2.3 1,436.5 280.4 (128.0 ) 1,591.2 Operating (loss) income (2.3 ) 199.6 25.2 — 222.5 Interest expense and financing fee amortization — (24.2 ) (1.2 ) 1.2 (24.2 ) Other income (expense), net — 9.6 (1.0 ) (1.2 ) 7.4 (Loss) income before income taxes and equity in net income of affiliate and subsidiaries (2.3 ) 185.0 23.0 — 205.7 Income tax benefit (provision) 0.4 (33.7 ) (3.6 ) — (36.9 ) (Loss) income before equity in net income of affiliate and subsidiaries (1.9 ) 151.3 19.4 — 168.8 Equity in net income of affiliate — — — — — Equity in net income of subsidiaries 170.7 19.4 — (190.1 ) — Net income 168.8 170.7 19.4 (190.1 ) 168.8 Other comprehensive (loss) income (0.6 ) (0.6 ) 0.1 0.5 (0.6 ) Comprehensive income (loss) $ 168.2 $ 170.1 $ 19.5 $ (189.6 ) $ 168.2 Condensed Consolidating Statements of Operations For the Nine Months Ended September 26, 2019 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenue $ — $ 5,346.5 $ 1,062.2 $ (504.9 ) $ 5,903.8 Operating costs and expenses Cost of sales — 4,592.5 941.5 (504.9 ) 5,029.1 Selling, general and administrative 9.6 149.5 14.5 — 173.6 Research and development — 31.3 4.7 — 36.0 Total operating costs and expenses 9.6 4,773.3 960.7 (504.9 ) 5,238.7 Operating (loss) income (9.6 ) 573.2 101.5 — 665.1 Interest expense and financing fee amortization — (65.9 ) (3.0 ) 2.8 (66.1 ) Other income (expense), net — (13.7 ) 4.6 (2.8 ) (11.9 ) (Loss) income before income taxes and equity in net income of affiliate and subsidiaries (9.6 ) 493.6 103.1 — 587.1 Income tax benefit (provision) 2.2 (110.2 ) (16.7 ) — (124.7 ) (Loss) income before equity in net income of affiliate and subsidiaries (7.4 ) 383.4 86.4 — 462.4 Equity in net income of affiliate — — — — — Equity in net income of subsidiaries 469.8 86.4 — (556.2 ) — Net income 462.4 469.8 86.4 (556.2 ) 462.4 Other comprehensive (loss) income 16.7 16.7 (18.0 ) 1.3 16.7 Comprehensive income (loss) $ 479.1 $ 486.5 $ 68.4 $ (554.9 ) $ 479.1 |
Condensed Balance Sheet | Condensed Consolidating Balance Sheet September 26, 2019 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 1,343.5 $ 133.8 $ — $ 1,477.3 Restricted cash — 0.3 — — 0.3 Accounts receivable, net 711.5 316.1 (319.0 ) 708.6 Contract assets, short-term — 519.9 59.1 — 579.0 Inventory, net — 704.0 311.2 — 1,015.2 Other current assets — 46.4 11.9 — 58.3 Total current assets — 3,325.6 832.1 (319.0 ) 3,838.7 Property, plant and equipment, net — 1,724.7 475.1 — 2,199.8 Right of use assets — 42.6 7.1 — 49.7 Contract assets, long-term — 9.7 — — 9.7 Pension assets, net — 365.3 20.0 — 385.3 Investment in subsidiary 1,617.0 766.7 — (2,383.7 ) — Other assets — 299.4 110.3 (191.3 ) 218.4 Total assets $ 1,617.0 $ 6,534.0 $ 1,444.6 $ (2,894.0 ) $ 6,701.6 Liabilities Accounts payable $ — $ 1,053.1 $ 407.8 $ (320.4 ) $ 1,140.5 Accrued expenses — 292.3 26.1 1.4 319.8 Profit sharing — 51.7 4.2 — 55.9 Current portion of long-term debt — 36.5 1.1 — 37.6 Operating lease liabilities, short-term — 5.4 0.8 — 6.2 Advance payments, short-term — 19.8 — — 19.8 Contract liabilities, short-term — 170.5 — — 170.5 Forward loss provision, long-term — 37.2 — — 37.2 Deferred revenue and other deferred credits, short-term — 16.9 0.3 — 17.2 Deferred grant income liability - current — — 5.6 — 5.6 Other current liabilities — 48.8 6.6 — 55.4 Total current liabilities — 1,732.2 452.5 (319.0 ) 1,865.7 Long-term debt — 2,125.3 97.6 (90.7 ) 2,132.2 Operating lease liabilities, long-term — 37.3 6.3 — 43.6 Advance payments, long-term — 335.1 — — 335.1 Pension/OPEB obligation — 32.6 — — 32.6 Contract liabilities, long-term — 340.4 — — 340.4 Forward loss provision, long-term — 161.9 — — 161.9 Deferred grant income liability - non-current — 9.4 18.6 — 28.0 Deferred revenue and other deferred credits — 30.1 2.3 — 32.4 Other liabilities — 192.8 20.5 (100.6 ) 112.7 Total equity 1,617.0 1,536.9 846.8 (2,383.7 ) 1,617.0 Total liabilities and stockholders’ equity $ 1,617.0 $ 6,534.0 $ 1,444.6 $ (2,894.0 ) $ 6,701.6 Condensed Consolidating Balance Sheet December 31, 2018 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 705.0 $ 68.6 $ — $ 773.6 Restricted cash — 0.3 — — 0.3 Accounts receivable, net — 593.0 310.2 (358.1 ) 545.1 Inventory, net — 696.0 316.6 — 1,012.6 Contract assets, short-term — 420.8 48.6 — 469.4 Other current assets — 45.3 3.0 — 48.3 Total current assets — 2,460.4 747.0 (358.1 ) 2,849.3 Property, plant and equipment, net — 1,670.8 496.8 — 2,167.6 Contract assets, long-term — 54.1 — — 54.1 Pension assets, net — 307.0 19.7 — 326.7 Investment in subsidiary 1,238.0 699.0 — (1,937.0 ) — Other assets — 357.1 127.5 (196.4 ) 288.2 Total assets $ 1,238.0 $ 5,548.4 $ 1,391.0 $ (2,491.5 ) $ 5,685.9 Liabilities Accounts payable $ — $ 855.2 $ 405.6 $ (358.2 ) $ 902.6 Accrued expenses — 276.7 36.3 0.1 313.1 Profit sharing — 62.6 5.7 — 68.3 Current portion of long-term debt — 30.5 0.9 — 31.4 Advance payments, short-term — 2.2 — — 2.2 Contract liabilities, short-term — 157.3 0.6 — 157.9 Forward loss provision, long-term — 12.4 — — 12.4 Deferred revenue and other deferred credits, short-term — 19.5 0.5 — 20.0 Deferred grant income liability - current — — 16.0 — 16.0 Other current liabilities — 52.4 5.8 — 58.2 Total current liabilities — 1,468.8 471.4 (358.1 ) 1,582.1 Long-term debt 1,856.6 103.2 (95.8 ) 1,864.0 Advance payments, long-term — 231.9 — — 231.9 Pension/OPEB obligation — 34.6 — — 34.6 Contract liabilities, long-term — 369.8 — — 369.8 Forward loss provision, long-term — 170.6 — — 170.6 Deferred grant income liability - non-current — 5.9 22.1 — 28.0 Deferred revenue and other deferred credits — 28.8 2.4 — 31.2 Other liabilities — 223.3 12.9 (100.6 ) 135.6 Total equity 1,238.0 1,158.1 779.0 (1,937.0 ) 1,238.1 Total liabilities and stockholders’ equity $ 1,238.0 $ 5,548.4 $ 1,391.0 $ (2,491.5 ) $ 5,685.9 |
Condensed Cash Flow Statement | Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 705.0 $ 68.6 $ — $ 773.6 Restricted cash — 0.3 — — 0.3 Accounts receivable, net — 593.0 310.2 (358.1 ) 545.1 Inventory, net — 696.0 316.6 — 1,012.6 Contract assets, short-term — 420.8 48.6 — 469.4 Other current assets — 45.3 3.0 — 48.3 Total current assets — 2,460.4 747.0 (358.1 ) 2,849.3 Property, plant and equipment, net — 1,670.8 496.8 — 2,167.6 Contract assets, long-term — 54.1 — — 54.1 Pension assets, net — 307.0 19.7 — 326.7 Investment in subsidiary 1,238.0 699.0 — (1,937.0 ) — Other assets — 357.1 127.5 (196.4 ) 288.2 Total assets $ 1,238.0 $ 5,548.4 $ 1,391.0 $ (2,491.5 ) $ 5,685.9 Liabilities Accounts payable $ — $ 855.2 $ 405.6 $ (358.2 ) $ 902.6 Accrued expenses — 276.7 36.3 0.1 313.1 Profit sharing — 62.6 5.7 — 68.3 Current portion of long-term debt — 30.5 0.9 — 31.4 Advance payments, short-term — 2.2 — — 2.2 Contract liabilities, short-term — 157.3 0.6 — 157.9 Forward loss provision, long-term — 12.4 — — 12.4 Deferred revenue and other deferred credits, short-term — 19.5 0.5 — 20.0 Deferred grant income liability - current — — 16.0 — 16.0 Other current liabilities — 52.4 5.8 — 58.2 Total current liabilities — 1,468.8 471.4 (358.1 ) 1,582.1 Long-term debt 1,856.6 103.2 (95.8 ) 1,864.0 Advance payments, long-term — 231.9 — — 231.9 Pension/OPEB obligation — 34.6 — — 34.6 Contract liabilities, long-term — 369.8 — — 369.8 Forward loss provision, long-term — 170.6 — — 170.6 Deferred grant income liability - non-current — 5.9 22.1 — 28.0 Deferred revenue and other deferred credits — 28.8 2.4 — 31.2 Other liabilities — 223.3 12.9 (100.6 ) 135.6 Total equity 1,238.0 1,158.1 779.0 (1,937.0 ) 1,238.1 Total liabilities and stockholders’ equity $ 1,238.0 $ 5,548.4 $ 1,391.0 $ (2,491.5 ) $ 5,685.9 Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 26, 2019 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Operating activities Net cash provided by operating activities $ — $ 571.3 $ 147.3 $ — $ 718.6 Investing activities Purchase of property, plant and equipment — (94.0 ) (24.8 ) — (118.8 ) Other — 0.1 — — 0.1 Net cash used in investing activities — (93.9 ) (24.8 ) — (118.7 ) Financing activities Proceeds from issuance of debt — 250.0 — — 250.0 Proceeds from revolving credit facility — 100.0 — — 100.0 Principal payments of debt — (7.8 ) (0.7 ) — (8.5 ) Payments on term loan — (5.2 ) (5.2 ) Payments on revolving credit facility — (100.0 ) (100.0 ) Proceeds (payments) from intercompany debt — 56.1 (56.1 ) — — Taxes paid related to net share settlement of awards — (12.1 ) — — (12.1 ) Proceeds (payments) from subsidiary for purchase of treasury stock 75.0 (75.0 ) — — — Purchase of treasury stock (75.0 ) — — — (75.0 ) Proceeds (payments) from subsidiary for dividends paid 37.8 (37.6 ) (0.2 ) — — Dividends Paid (37.8 ) — — — (37.8 ) Proceeds from issuance of ESPP stock — 1.3 — — 1.3 Other — 0.8 — — 0.8 Net cash provided by (used in) financing activities — 170.5 (57.0 ) — 113.5 Effect of exchange rate changes on cash and cash equivalents — (13.2 ) (0.3 ) — (13.5 ) Net increase in cash and cash equivalents for the period — 634.7 65.2 — 699.9 Cash, cash equivalents, and restricted cash, beginning of period — 725.5 68.6 — 794.1 Cash, cash equivalents, and restricted cash, end of period $ — $ 1,360.2 $ 133.8 $ — $ 1,494.0 Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 27, 2018 Holdings Spirit Non-Guarantor Subsidiaries Consolidating Adjustments Total Operating activities Net cash provided by operating activities — 486.1 81.3 — 567.4 Investing activities Purchase of property, plant and equipment — (142.9 ) (28.0 ) — (170.9 ) Other — 2.3 0.5 — 2.8 Net cash used in investing activities — (140.6 ) (27.5 ) — (168.1 ) Financing activities Proceeds from issuance of bonds — 1,300.0 — — 1,300.0 Principal payments of debt — (4.3 ) (0.6 ) — (4.9 ) Payments on term loan — (256.3 ) — — (256.3 ) Payments on bonds — (300.0 ) — — (300.0 ) Proceeds (payments) from intercompany debt — 49.7 (49.7 ) — — Debt issuance and financing costs — (23.2 ) — — (23.2 ) Taxes paid related to net share settlement of awards — (15.5 ) — — (15.5 ) Proceeds (payments) from subsidiary for purchase of treasury stock 805.8 (805.8 ) — — — Purchase of treasury stock (805.8 ) — — — (805.8 ) Proceeds (payments) from subsidiary for dividends paid 35.4 (35.4 ) — — — Dividends Paid (35.4 ) — — — (35.4 ) Net cash provided by (used in) financing activities — (90.8 ) (50.3 ) — (141.1 ) Effect of exchange rate changes on cash and cash equivalents — — 0.2 — 0.2 Net increase in cash and cash equivalents for the period — 254.7 3.7 — 258.4 Cash, cash equivalents, and restricted cash, beginning of period — 387.3 58.2 — 445.5 Cash, cash equivalents, and restricted cash, end of period — 642.0 61.9 — 703.9 |
Adoption of New Standard (Detai
Adoption of New Standard (Details) $ in Millions | 3 Months Ended |
Mar. 28, 2019USD ($) | |
Item Effected [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 52.7 |
Reclassification of Stranded tax effects related to TCJA | $ 8.3 |
Changes in Estimates (Details)
Changes in Estimates (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Change In Estimate [Line Items] | ||||
Changes in Contract Estimates, aggregate, Affecting earnings from Continuing Operations, per Share diluted | $ (0.31) | $ (0.10) | $ (0.18) | $ (0.02) |
Change In Accounting Estimate, aggregate | $ (41.8) | $ (13.5) | $ (23.6) | $ (2.9) |
Cumulative catch-up adjustment [Member] | ||||
Change In Estimate [Line Items] | ||||
Change in Accounting Estimate - Contract Accounting | (13) | (13) | (1.8) | (1.2) |
Forward Loss [Member] | ||||
Change In Estimate [Line Items] | ||||
Change in Accounting Estimate - Contract Accounting | (28.8) | (0.5) | (21.8) | (1.7) |
Fuselage Systems [Member] | Cumulative catch-up adjustment [Member] | ||||
Change In Estimate [Line Items] | ||||
Change in Accounting Estimate - Contract Accounting | (14.4) | (12) | (2) | (3) |
Fuselage Systems [Member] | Forward Loss [Member] | ||||
Change In Estimate [Line Items] | ||||
Change in Accounting Estimate - Contract Accounting | (18.8) | 0 | (13.8) | (1.5) |
Wing Systems [Member] | Cumulative catch-up adjustment [Member] | ||||
Change In Estimate [Line Items] | ||||
Change in Accounting Estimate - Contract Accounting | (0.4) | 1.4 | 1.7 | 0.9 |
Wing Systems [Member] | Forward Loss [Member] | ||||
Change In Estimate [Line Items] | ||||
Change in Accounting Estimate - Contract Accounting | (6) | 0.3 | (4.9) | (0.2) |
Propulsion Systems [Member] | Cumulative catch-up adjustment [Member] | ||||
Change In Estimate [Line Items] | ||||
Change in Accounting Estimate - Contract Accounting | 1.8 | (2.4) | (1.5) | 0.9 |
Propulsion Systems [Member] | Forward Loss [Member] | ||||
Change In Estimate [Line Items] | ||||
Change in Accounting Estimate - Contract Accounting | $ (4) | $ (0.8) | $ (3.1) | $ 0 |
Accounts Receivable, net (Detai
Accounts Receivable, net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | Dec. 31, 2018 | |
Accounts Receivable, Net, Current [Abstract] | |||||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 4,378.3 | $ 4,378.3 | |||
Trade receivables | 680.3 | 680.3 | $ 527.9 | ||
Other | 29.2 | 29.2 | 17.9 | ||
Less: allowance for doubtful accounts | (0.9) | (0.9) | (0.7) | ||
Accounts receivable, net | 708.6 | 708.6 | $ 545.1 | ||
Gain (Loss) on Sale of Accounts Receivable | $ 6.5 | $ 4 | $ 18.7 | $ 12.3 |
Contract with customer, asset_2
Contract with customer, asset and liability (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 1,919.9 | $ 1,813.7 | $ 5,903.8 | $ 5,386.7 | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time, based upon major customer, and based upon the location where products and services are transferred to the customer. Additionally, the Company’s principal operating segments and related revenue are noted in Note 22, Segment Information . The following tables show disaggregated revenues for the three and nine months ended September 26, 2019 and September 27, 2018 : For the Three Months Ended For the Nine Revenue September 26, September 27, September 26, September 27, Contracts with performance obligations satisfied over time $ 1,466.9 $ 1,456.7 $ 4,491.8 $ 4,212.6 Contracts with performance obligations satisfied at a point in time 453.0 357.0 1,412.0 1,174.1 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 The following table disaggregates revenue by major customer: For the Three Months Ended For the Nine Customer September 26, September 27, September 26, September 27, Boeing $ 1,542.0 $ 1,465.5 $ 4,705.1 $ 4,262.2 Airbus 284.1 263.8 934.0 869.0 Other 93.8 84.4 264.7 255.5 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 The following table disaggregates revenue based upon the location where control of products are transferred to the customer: For the Three Months Ended For the Nine Location September 26, 2019 September 27, 2018 September 26, 2019 September 27, 2018 United States $ 1,620.6 $ 1,534.0 $ 4,935.8 $ 4,460.8 International United Kingdom 177.4 184.4 577.6 574.1 Other 121.9 95.3 390.4 351.8 Total International 299.3 279.7 968.0 925.9 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 | ||||
Contract with Customer, Liability, Revenue Recognized | $ 109.7 | ||||
Contract with Customer, Asset, Gross | 588.7 | 588.7 | $ 523.5 | ||
change in contract asset | 65.2 | ||||
Contract with Customer, Liability | (510.9) | (510.9) | (527.7) | ||
change in contract liability | 16.8 | ||||
Contract with Customer, Asset, Net | (77.8) | (77.8) | $ (4.2) | ||
change in net contract asset | 82 | ||||
Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,466.9 | 1,456.7 | 4,491.8 | 4,212.6 | |
Transferred at Point in Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 453 | $ 357 | $ 1,412 | $ 1,174.1 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time, based upon major customer, and based upon the location where products and services are transferred to the customer. Additionally, the Company’s principal operating segments and related revenue are noted in Note 22, Segment Information . The following tables show disaggregated revenues for the three and nine months ended September 26, 2019 and September 27, 2018 : For the Three Months Ended For the Nine Revenue September 26, September 27, September 26, September 27, Contracts with performance obligations satisfied over time $ 1,466.9 $ 1,456.7 $ 4,491.8 $ 4,212.6 Contracts with performance obligations satisfied at a point in time 453.0 357.0 1,412.0 1,174.1 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 The following table disaggregates revenue by major customer: For the Three Months Ended For the Nine Customer September 26, September 27, September 26, September 27, Boeing $ 1,542.0 $ 1,465.5 $ 4,705.1 $ 4,262.2 Airbus 284.1 263.8 934.0 869.0 Other 93.8 84.4 264.7 255.5 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 The following table disaggregates revenue based upon the location where control of products are transferred to the customer: For the Three Months Ended For the Nine Location September 26, 2019 September 27, 2018 September 26, 2019 September 27, 2018 United States $ 1,620.6 $ 1,534.0 $ 4,935.8 $ 4,460.8 International United Kingdom 177.4 184.4 577.6 574.1 Other 121.9 95.3 390.4 351.8 Total International 299.3 279.7 968.0 925.9 Total Revenue $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7 | |||
Revenues | $ 1,919.9 | $ 1,813.7 | $ 5,903.8 | $ 5,386.7 |
Remaining in Current Year [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Amount | 1,728.6 | 1,728.6 | ||
2020 [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Amount | 6,344.5 | 6,344.5 | ||
2021 [Member] [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Amount | 5,933.8 | 5,933.8 | ||
2021 and after [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Amount | 1,002.7 | 1,002.7 | ||
Transferred over Time [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenues | 1,466.9 | 1,456.7 | 4,491.8 | 4,212.6 |
Transferred at Point in Time [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenues | $ 453 | $ 357 | $ 1,412 | $ 1,174.1 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Sep. 26, 2019 | Dec. 31, 2018 |
Summary Of Inventories [Abstract] | ||
Raw materials | $ 242.4 | $ 240.4 |
Work-in-process | 731.9 | 727.8 |
Finished goods | 11 | 7.1 |
Product inventory | 985.3 | 975.3 |
Capitalized pre-production | 29.9 | 37.3 |
Total inventory, net | 1,015.2 | 1,012.6 |
Inventory Valuation Reserves | 36.3 | 55.2 |
Costs Incurred in Anticipation of Contracts | $ 149 | $ 151.6 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 26, 2019 | Dec. 31, 2018 |
Property, plant and equipment, net | ||
Land | $ 14.7 | $ 15 |
Buildings (including improvements) | 905 | 822.7 |
Machinery and equipment | 1,888.8 | 1,697 |
Tooling | 1,047.1 | 1,032.3 |
Capitalized software | 275.5 | 269.2 |
Construction-in-progress | 144.8 | 227.8 |
Total | 4,275.9 | 4,064 |
Less: accumulated depreciation | (2,076.1) | (1,896.4) |
Property, plant and equipment, net | $ 2,199.8 | $ 2,167.6 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Property Plant And Equipment Textuals [Abstract] | ||||
Repair and maintenance costs | $ 32.9 | $ 31.3 | $ 102.7 | $ 99 |
Depreciation expense related to capitalized software | $ 4.3 | $ 4.1 | $ 13.3 | $ 12.7 |
Leases (Details)
Leases (Details) | 3 Months Ended | 9 Months Ended |
Sep. 26, 2019USD ($) | Sep. 26, 2019USD ($) | |
Lessee Disclosure [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 10 years 3 months 21 days | 10 years 3 months 21 days |
Finance Lease, Weighted Average Remaining Lease Term | 7 years 4 months 6 days | 7 years 4 months 6 days |
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Liability, Current | $ 6,200,000 | $ 6,200,000 |
Operating Lease, Liability, Noncurrent | 43,600,000 | 43,600,000 |
Operating Lease, Liability | 49,800,000 | 49,800,000 |
Finance Lease, RIght-of-Use Asset, Gross | 90,200,000 | 90,200,000 |
Finance Lease, RIght-of-Use Asset, Accumulated Amortization | (17,500,000) | (17,500,000) |
Finance Lease, Right-of-Use Asset | 72,700,000 | 72,700,000 |
Finance Lease, Liability | 71,500,000 | 71,500,000 |
Lessee, Operating Lease, Lease Not yet Commenced, Description | 2,600,000 | 2,600,000 |
Lessee, Finance Lease, Lease Not yet Commenced, Description | $ 151,800,000 | $ 151,800,000 |
Operating Lease, Weighted Average Discount Rate, Percent | 5.60% | 5.60% |
Finance Lease, Weighted Average Discount Rate, Percent | 4.50% | 4.50% |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | $ 3,800,000 | $ 3,800,000 |
Finance Lease, Liability, Payments, Due Year Two | 15,200,000 | 15,200,000 |
Finance Lease, Liability, Payments, Due Year Three | 14,900,000 | 14,900,000 |
Finance Lease, Liability, Payments, Due Year Four | 11,400,000 | 11,400,000 |
Finance Lease, Liability, Payments, Due Year Five | 9,500,000 | 9,500,000 |
Finance Lease, Liability, Payments, Due after Year Five | 28,600,000 | 28,600,000 |
Finance Lease, Liability, Payments, Due | 83,400,000 | 83,400,000 |
Lease Imputed Interest Due- Financing | (11,900,000) | (11,900,000) |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating lease cost | 2,400,000 | 6,700,000 |
Finance Lease, Interest Payment on Liability | 800,000 | 1,700,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 900,000 | 1,600,000 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 0 | 0 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 2,300,000 | 2,300,000 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 8,600,000 | 8,600,000 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7,300,000 | 7,300,000 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7,000,000 | 7,000,000 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5,900,000 | 5,900,000 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 35,200,000 | 35,200,000 |
Lessee, Operating Lease, Liability, Payments, Due | 66,300,000 | 66,300,000 |
Lease Imputed Interest Due- Operating | (16,500,000) | (16,500,000) |
Lease, Cost [Abstract] | ||
Operating Lease, Cost | 2,400,000 | 6,700,000 |
Finance Lease, Right-of-Use Asset, Amortization | 2,900,000 | 7,100,000 |
Finance Lease, Interest Expense | 700,000 | 1,700,000 |
Lease, Cost | 6,000,000 | 15,500,000 |
Cash Flow, Financing Activities, Lessee [Abstract] | ||
Finance Lease, Principal Payments | $ 3,400,000 | $ 7,200,000 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Sep. 26, 2019 | Dec. 31, 2018 | Sep. 27, 2018 | Dec. 31, 2017 |
Intangible assets | ||||
Intangible assets, net | $ 1.3 | $ 1.4 | ||
Deferred financing costs, net | 5.1 | 6.1 | ||
Goodwill - Europe | 2.3 | 2.4 | ||
Customer Supply Agreement | 11.8 | 14.6 | ||
Restricted Cash, Noncurrent | 16.4 | 20.2 | $ 20.2 | $ 20 |
Deferred Tax Assets, Net, Noncurrent | 146.7 | 205 | ||
Other | 34.8 | 38.5 | ||
Total | 218.4 | 288.2 | ||
Patents [Member] | ||||
Intangible assets | ||||
Total intangible assets | 2 | 2 | ||
Less: Accumulated amortization | (1.9) | (1.9) | ||
Favorable Leasehold Interests [Member] | ||||
Intangible assets | ||||
Total intangible assets | 6.3 | 6.2 | ||
Less: Accumulated amortization | (5.1) | (4.9) | ||
Total finite-lived intangible assets [Member] | ||||
Intangible assets | ||||
Total intangible assets | 8.3 | 8.2 | ||
Debt issuance costs [Member] | ||||
Intangible assets | ||||
Deferred financing costs | 41.7 | 41.7 | ||
Less: Accumulated amortization-deferred financing costs | $ (36.6) | $ (35.6) |
Advance Payments and Deferred_2
Advance Payments and Deferred Revenue/Credits (Details) $ in Millions | Sep. 26, 2019USD ($) |
Deferred Revenue Arrangement [Line Items] | |
Customer advances | $ 231.9 |
Customer advances- B737 program | $ 123 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 26, 2019 | Dec. 31, 2018 |
Carrying amount and estimated fair value of long term debt | ||
Carrying Amount | $ 2,038.5 | $ 1,792.1 |
Fair Value | 2,115 | 1,725.7 |
Secured Debt Term A [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt, Current | 22.7 | 22.7 |
Secured Long-term Debt, Noncurrent | 427.1 | 182 |
Carrying amount and estimated fair value of long term debt | ||
Carrying Amount | 449.8 | 204.7 |
Fair Value | 450.7 | 197.8 |
Senior unsecured notes due 2022 [Member] | ||
Carrying amount and estimated fair value of long term debt | ||
Fair Value | 299 | 292.9 |
Senior Notes, Noncurrent | 298.9 | 298.5 |
Senior Unsecured Notes Due 2023 [Domain] | ||
Carrying amount and estimated fair value of long term debt | ||
Fair Value | 309 | 297.5 |
Senior Notes, Noncurrent | 298.2 | 297.9 |
Senior Unsecured Notes Due 2026 [Member] | ||
Carrying amount and estimated fair value of long term debt | ||
Fair Value | 306 | 274.5 |
Senior Notes, Noncurrent | 297.7 | 297.5 |
SeniorUnsecuredNotesDue 2028 [Member] [Member] | ||
Carrying amount and estimated fair value of long term debt | ||
Fair Value | 750.3 | 663 |
Senior Notes, Noncurrent | $ 693.9 | $ 693.5 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 27, 2018 | Jun. 27, 2019 | |
Derivative [Line Items] | ||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ 2 | |||
Maximum Length of Time Hedged in Cash Flow Hedge | 3 years | |||
Derivatives, Fair Value [Line Items] | ||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 2 | $ 0 | $ 0 | |
Interest Rate Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 1.815% |
Derivative and Hedging Activi_3
Derivative and Hedging Activities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 26, 2019 | Sep. 26, 2019 | Dec. 31, 2018 | |
Derivatives Fair Value [Line Items] | |||
Derivative, Fair Value, Net | $ (0.1) | $ (0.1) | $ 2.2 |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 0.3 | 2.3 | |
Derivative, Gain (Loss) on Derivative, Net | $ (16.7) |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Sep. 26, 2019 | Dec. 31, 2018 |
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ||
Capital Lease Obligations, Current | $ 13.2 | $ 7.1 |
Capital Lease Obligations, Noncurrent | 58.3 | 35.3 |
Other Long-term Debt, Current | 1.7 | 1.6 |
Other Long-term Debt, Noncurrent | 58.1 | 59.3 |
Long-term Debt and Capital Lease Obligations, Current | 37.6 | 31.4 |
Long-term Debt and Capital Lease Obligations | 2,132.2 | 1,864 |
Secured Debt Term A [Member] | ||
Debt Disclosure [Abstract] | ||
Secured Debt, Current | 22.7 | 22.7 |
Secured Long-term Debt, Noncurrent | 427.1 | 182 |
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 | 298.9 | 298.5 |
Senior Unsecured Notes Due 2023 [Domain] | ||
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ||
Senior Notes, Current | 0 | 0 |
Senior Notes, Noncurrent | 298.2 | 297.9 |
Senior Unsecured Notes Due 2026 [Member] | ||
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ||
Senior Notes, Current | 0 | 0 |
Senior Notes, Noncurrent | 297.7 | 297.5 |
Senior Unsecured Notes Due 2028 [Member] | ||
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ||
Senior Notes, Current | 0 | 0 |
Senior Notes, Noncurrent | 693.9 | 693.5 |
Total Debt [Member] | ||
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ||
Long-term Debt and Capital Lease Obligations, Current | 37.6 | 31.4 |
Long-term Debt and Capital Lease Obligations | $ 2,132.2 | $ 1,864 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Proceeds from (Payments for) Other Financing Activities | $ 0.8 | $ 0 | |
Optional Revolver Commitment | 750 | ||
Restricted Cash and Cash Equivalents | 0.3 | $ 0.3 | |
Proceeds from Issuance of Senior Long-term Debt | 1,300 | ||
Proceeds from Lines of Credit | 100 | 0 | |
Repayments of Lines of Credit | 100 | $ 0 | |
Long-term Debt | 2,038.5 | 1,792.1 | |
2018 Amended Restated Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,260 | ||
Senior unsecured notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes, Noncurrent | 298.9 | 298.5 | |
Senior Notes, Current | 0 | 0 | |
Senior Unsecured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes, Noncurrent | 297.7 | 297.5 | |
Senior Notes, Current | 0 | 0 | |
2018 Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 800 | ||
Proceeds from Lines of Credit | 100 | ||
Repayments of Lines of Credit | 100 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 800 | ||
2018 Term Loan A [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 206 | ||
Delayed Draw Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 250 | ||
Proceeds from Issuance of Senior Long-term Debt | $ 250 | ||
2018 Revolver, 2018 Term Loan, Delayed Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate Terms | Each of the 2018 Revolver, the 2018 Term Loan and the Delayed Draw Term Loan matures July 12, 2023, and bears interest, at Spirit’s option, at either LIBOR plus 1.375% or a defined “base rate” plus 0.375%, subject to adjustment to between LIBOR plus 1.125% and LIBOR plus 1.875% (or between base rate plus 0.125% and base rate plus 0.875%, as applicable) based on changes to Spirit’s senior unsecured debt rating provided by Standard & Poor’s Financial Services LLC and/or Moody’s Investors Service, Inc. | ||
Debt Instrument, Payment Terms | The principal obligations under the Delayed Draw Term Loan are to be repaid in equal quarterly installments of $3.1, subject to adjustments for any extension of the availability period of the Delayed Draw Term Loan, commencing with the fiscal quarter ending June 27, 2019, and with the balance due at maturity of the Delayed Draw Term Loan. | ||
Senior unsecured term loan A [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Balance Term Loan | $ 451.1 | ||
Debt Instrument, Periodic Payment, Principal | 2.6 | ||
Secured Debt Term A [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 449.8 | $ 204.7 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Pension And Other Post Retirement Benefits Textuals [Abstract] | ||||
Defined Benefit Plan Estimated Future Employer Contributions Remainder Of Year | $ 6.9 | |||
Expected UK Pension Plan Contribution For The Year | 1.7 | |||
Defined Benefit Plans [Member] | ||||
Pension and Other Post-Retirement Benefits | ||||
Service cost | $ (0.3) | $ (0.2) | (1) | $ (0.6) |
Interest cost | (10) | (9.2) | (30) | (27.4) |
Expected return on plan assets | (16.6) | (17.4) | (50) | (52.3) |
Amortization of net loss | 0.1 | 0 | 0.5 | 0 |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | (5.5) | 0 | 9.7 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (0.1) | |||
Net periodic pension income | (11.7) | (8) | (8.9) | (24.3) |
Other Benefits [Member] | ||||
Pension and Other Post-Retirement Benefits | ||||
Service cost | (0.2) | (0.3) | (0.7) | (0.8) |
Interest cost | (0.3) | (0.3) | (1) | (0.8) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.2) | (0.2) | (0.7) | (0.7) |
Amortization of net loss | (0.6) | (0.6) | (1.8) | (1.7) |
Net periodic pension income | $ (0.3) | $ (0.2) | $ (0.8) | $ (0.8) |
Stock Compensation (Details)
Stock Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Company recognized total stock compensation expense, net of forfeitures | $ 22.6 | $ 19.9 | ||
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 | $ 7.5 | $ 6.3 | $ 22.6 | $ 19.9 |
Class A [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 383,121 | |||
Grant date value of shares vested | $ 23.2 | |||
Class A [Member] | Board of Directors Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 15,798 | |||
Fair Value Of Shares Granted | $ 1.4 | |||
Class A [Member] | Market Based LTIA [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 55,882 | |||
Fair Value Of Shares Granted | $ 6.8 | |||
Class A [Member] | Service Based LTIA [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 287,174 | |||
Fair Value Of Shares Granted | $ 25.9 | |||
Class A [Member] | Performance Based LTIA [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 71,920 | |||
Fair Value Of Shares Granted | $ 6.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Net | $ 134.4 | $ 204.2 | |
Effective Income Tax Rate Reconciliation, Percent | 21.20% | 18.50% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 26, 2019 | Jun. 27, 2019 | Sep. 27, 2018 | Jun. 28, 2018 | Mar. 29, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||||||||
Treasury Stock, Shares, Acquired | 0.8 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.12 | $ 0.12 | $ 0.10 | |||||
Stock Repurchased During Period, Value | $ 75 | |||||||
Basic EPS | ||||||||
Income available to common shareholders | $ 131.2 | $ 168.7 | $ 462.1 | $ 439.1 | ||||
Income available to common shareholders, shares | 103.5 | 105.1 | 103.6 | 109.3 | ||||
Income available to common shareholders, per share amount | $ 1.27 | $ 1.61 | $ 4.46 | $ 4.02 | ||||
Income allocated to participating securities | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.3 | ||||
Income allocated to participating securities, shares | 0.1 | 0.1 | 0.1 | 0.1 | ||||
Net income | $ 131.3 | $ 168.8 | $ 462.4 | $ 439.4 | ||||
Diluted potential common shares | 1 | 0.9 | 1.1 | 0.9 | ||||
Diluted EPS | ||||||||
Net income | $ 131.3 | $ 168.8 | $ 462.4 | $ 439.4 | ||||
Shares | 104.6 | 106.1 | 104.8 | 110.3 | ||||
Diluted (in dollars per share) | $ 1.26 | $ 1.59 | $ 4.41 | $ 3.98 | ||||
Equity Textuals [Abstract] | ||||||||
Common shares outstanding issued but unvested | 1.4 | 1.4 | ||||||
Noncontrolling interest | $ 0.5 | $ 0.5 | $ 0.5 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (188.1) | (188.1) | (196.6) | |||||
Pension [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (90.7) | (90.7) | (116.7) | |||||
SERP and Retiree medical [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 19 | 19 | 17.2 | |||||
Foreign currency impact on long term intercompany loan [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (18.6) | (18.6) | (17.4) | |||||
Currency translation adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (96.3) | $ (96.3) | $ (79.7) |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 26, 2019 | Dec. 31, 2018 | Sep. 27, 2018 | Dec. 31, 2017 | |
Commitments Contingencies And Guarantees [Abstract] | ||||
Restricted Cash, Noncurrent | $ 16,400,000 | $ 20,200,000 | $ 20,200,000 | $ 20,000,000 |
Service warranty roll forward | ||||
Product Warranty And Extraordinary Rework | 104,800,000 | |||
Charges to costs and expenses | 9,900,000 | |||
Product Warranty Accrual, Payments | (1,100,000) | |||
TGI Warranty Settlement | (25,000,000) | |||
Product Warranty And Extraordinary Rework | 68,500,000 | 104,800,000 | ||
Product Warranty Extraordinary Rework Accrual Currency Translation Increase Decrease | (300,000) | |||
Commitments Contingencies And Guarantees Textuals [Abstract] | ||||
Outstanding amount of guarantees | 20,600,000 | 27,300,000 | ||
Product Liability Accrual, Component Amount | 8,100,000 | 41,000,000 | ||
Product Liability Contingency, Loss Exposure in Excess of Accrual, Best Estimate | $ 12,100,000 | $ 34,000,000 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Kansas Development Finance Authority bond | $ 0.8 | $ 0.8 | $ 2.8 | $ 2.9 |
Rental and miscellaneous income | 0 | 0.6 | 0.1 | (0.7) |
Interest Income, Other | 2.6 | 2.1 | 8.8 | 5 |
Foreign currency losses (1) | (17.9) | (1.8) | (9.9) | (3.3) |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (0.5) | 1.1 | (18.3) | (18.1) |
Gain (Loss) Related to Litigation Settlement | 0 | 13.5 | ||
Gain (Loss) on Sale of Accounts Receivable | (6.5) | (4) | (18.7) | (12.3) |
Pension Income (Expense) without Service Cost | 12 | 8.6 | 9.8 | 25.7 |
Total | $ (9.5) | $ 7.4 | $ (11.9) | $ (0.8) |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019USD ($) | Sep. 27, 2018USD ($) | Sep. 26, 2019USD ($)segment | Sep. 27, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Cost of Goods and Services Sold | $ 1,647.6 | $ 1,543.1 | $ 5,029.1 | $ 4,601.3 |
Segment Revenues | ||||
Segment Revenues | 1,919.9 | 1,813.7 | 5,903.8 | 5,386.7 |
Segment Operating Income | ||||
Business Segment Operating Income | 272.7 | 270.9 | 865 | 788 |
Segment Information Unallocated Corporate Selling General And Administrative | (53.6) | (37.3) | (173.6) | (154.5) |
Segment Information Unallocated Research And Development | (12.6) | (10.8) | (36) | (31.3) |
Segment Information Unallocated Cost Of Sales | (0.4) | (0.3) | 9.7 | (2.6) |
Operating income | 206.1 | 222.5 | $ 665.1 | 599.6 |
Segment Reporting Information, Additional Information [Abstract] | ||||
Number Of Principal Segments | segment | 3 | |||
Percentage Of Net Revenue Derived From Two Largest Customers | 95.00% | |||
Fuselage Systems [Member] | ||||
Segment Revenues | ||||
Segment Revenues | 1,005.3 | 991 | $ 3,171.7 | 2,983.4 |
Segment Operating Income | ||||
Business Segment Operating Income | 105.8 | 134.8 | 380.5 | 417.7 |
Propulsion Systems [Member] | ||||
Segment Revenues | ||||
Segment Revenues | 520.9 | 442.4 | 1,525.5 | 1,259.6 |
Segment Operating Income | ||||
Business Segment Operating Income | 111.7 | 76.2 | 304.9 | 203.9 |
Wing Systems [Member] | ||||
Segment Revenues | ||||
Segment Revenues | 391 | 378.6 | 1,197.4 | 1,138.6 |
Segment Operating Income | ||||
Business Segment Operating Income | 53.9 | 58.6 | 177.1 | 166.1 |
Other Systems [Member] | ||||
Segment Revenues | ||||
Segment Revenues | 2.7 | 1.7 | 9.2 | 5.1 |
Segment Operating Income | ||||
Business Segment Operating Income | $ 1.3 | $ 1.3 | $ 2.5 | $ 0.3 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | $ 1,919.9 | $ 1,813.7 | $ 5,903.8 | $ 5,386.7 | ||
Operating costs and expenses | ||||||
Cost of sales | 1,647.6 | 1,543.1 | 5,029.1 | 4,601.3 | ||
Selling, general and administrative | 53.6 | 37.3 | 173.6 | 154.5 | ||
Research and development | 12.6 | 10.8 | 36 | 31.3 | ||
Total operating costs and expenses | 1,713.8 | 1,591.2 | 5,238.7 | 4,787.1 | ||
Operating income | 206.1 | 222.5 | 665.1 | 599.6 | ||
Interest expense and financing fee amortization | (23.6) | (24.2) | (66.1) | (60.3) | ||
Other expense, net | (9.5) | 7.4 | (11.9) | (0.8) | ||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 173 | 205.7 | 587.1 | 538.5 | ||
Income tax provision | (41.7) | (36.9) | (124.7) | (99.7) | ||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 131.3 | 168.8 | 462.4 | 438.8 | ||
Equity in net income of affiliate | 0 | 0 | 0 | 0.6 | ||
Equity in net income of subsidiaries | 0 | 0 | 0 | |||
Net income | 131.3 | 168.8 | 462.4 | 439.4 | ||
Total other comprehensive income (loss) | 21.5 | (0.6) | 16.7 | (16.5) | ||
Comprehensive Income, Net of Tax, Attributable to Parent | 152.8 | 168.2 | 479.1 | 422.9 | ||
Assets | ||||||
Cash and cash equivalents | 1,494 | 703.9 | 1,494 | 703.9 | $ 794.1 | $ 445.5 |
Restricted Cash and Cash Equivalents | 0.3 | 0.3 | 0.3 | |||
Accounts receivable, net | 708.6 | 708.6 | 545.1 | |||
Unbilled Receivables, Current | 579 | 579 | 469.4 | |||
Inventory | 1,015.2 | 1,015.2 | 1,012.6 | |||
Other current assets | 58.3 | 58.3 | 48.3 | |||
Total current assets | 3,838.7 | 3,838.7 | 2,849.3 | |||
Property, plant and equipment, net | 2,199.8 | 2,199.8 | 2,167.6 | |||
Operating Lease, Right-of-Use Asset | 49.7 | 49.7 | 0 | |||
Unbilled Receivable, Non Current | 9.7 | 9.7 | 54.1 | |||
Pension assets | 385.3 | 385.3 | 326.7 | |||
Other assets | 218.4 | 218.4 | 288.2 | |||
Total assets | 6,701.6 | 6,701.6 | 5,685.9 | |||
Liabilities | ||||||
Accounts payable | 1,140.5 | 1,140.5 | 902.6 | |||
Accrued expenses | 319.8 | 319.8 | 313.1 | |||
Profit sharing | 55.9 | 55.9 | 68.3 | |||
Current portion of long-term debt | 37.6 | 37.6 | 31.4 | |||
Operating Lease, Liability, Current | 6.2 | 6.2 | ||||
Advance payments, short-term | 19.8 | 19.8 | 2.2 | |||
Billings in Excess of Cost, Noncurrent | 340.4 | 340.4 | 369.8 | |||
Billings in Excess of Cost, Current | 170.5 | 170.5 | 157.9 | |||
Provision for Loss on Contracts | 37.2 | 37.2 | 12.4 | |||
Deferred revenue and other deferred credits, short-term | 17.2 | 17.2 | 20 | |||
Deferred grant income liability - current | 5.6 | 5.6 | 16 | |||
Other current liabilities | 55.4 | 55.4 | 58.2 | |||
Total current liabilities | 1,865.7 | 1,865.7 | 1,582.1 | |||
Long-term debt | 2,132.2 | 2,132.2 | 1,864 | |||
Operating Lease, Liability, Noncurrent | 43.6 | 43.6 | ||||
Advance payments, long-term | 335.1 | 335.1 | 231.9 | |||
Pension/OPEB obligation | 32.6 | 32.6 | 34.6 | |||
Provision for Loss on Contacts, Non Current | 161.9 | 161.9 | 170.6 | |||
Deferred grant income liability - non-current | 28 | 28 | 28 | |||
Deferred revenue and other deferred credits | 32.4 | 32.4 | 31.2 | |||
Other liabilities | 112.7 | 112.7 | 135.6 | |||
Total equity | 1,617 | 1,617 | 1,238.1 | |||
Total liabilities and equity | 6,701.6 | 6,701.6 | 5,685.9 | |||
Operating activities | ||||||
Net cash (used in) operating activities | 718.6 | 567.4 | ||||
Investing activities | ||||||
Purchase of property, plant and equipment | (118.8) | (170.9) | ||||
Payments for (Proceeds from) Other Investing Activities | (0.1) | (2.8) | ||||
Net cash used in investing activities | (118.7) | (168.1) | ||||
Proceeds from Issuance of Debt | 250 | |||||
Proceeds from Lines of Credit | 100 | 0 | ||||
Proceeds from Issuance of Senior Long-term Debt | 1,300 | |||||
Financing activities | ||||||
Principal payments of debt | (8.5) | (4.9) | ||||
Repayments of Debt | (5.2) | (256.3) | ||||
Repayments of Lines of Credit | (100) | 0 | ||||
Early Repayment of Senior Debt | 0 | (300) | ||||
Payments Related to Tax Withholding for Share-based Compensation | (12.1) | (15.5) | ||||
Proceeds (payments) from subsidiary for purchase of treasury stock | 0 | |||||
Debt issuance and financing costs | 0 | (23.2) | ||||
Proceeds from (Payments for) Other Financing Activities | (0.8) | 0 | ||||
Payments for Repurchase of Common Stock | (75) | (805.8) | ||||
Proceeds from subsidiary (payments to Parent) to pay dividends | 0 | 0 | ||||
Payments of Dividends | (37.8) | (35.4) | ||||
Proceeds from Stock Plans | 1.3 | 0 | ||||
Net cash provided by (used in) financing activities | 113.5 | (141.1) | ||||
Effect of exchange rate changes on cash and cash equivalents | (13.5) | 0.2 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 699.9 | 258.4 | ||||
Cash and cash equivalents, beginning of period | 773.6 | 423.3 | ||||
Cash, cash equivalents, and restricted cash, end of period | 1,477.3 | 683.4 | 1,477.3 | 683.4 | ||
Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | (142.3) | (128) | (504.9) | (462.2) | ||
Operating costs and expenses | ||||||
Cost of sales | (142.3) | (128) | (504.9) | (462.2) | ||
Selling, general and administrative | 0 | |||||
Research and development | 0 | |||||
Total operating costs and expenses | (142.3) | (128) | (504.9) | (462.2) | ||
Interest expense and financing fee amortization | 0.9 | 1.2 | 2.8 | 3.8 | ||
Other expense, net | (0.9) | (1.2) | (2.8) | (3.8) | ||
Equity in net income of affiliate | (0.6) | |||||
Equity in net income of subsidiaries | (160.7) | (190.1) | (556.2) | (510.1) | ||
Net income | (160.7) | (190.1) | (556.2) | (510.7) | ||
Total other comprehensive income (loss) | (7.6) | 0.5 | 1.3 | 31.2 | ||
Comprehensive Income, Net of Tax, Attributable to Parent | (168.3) | (189.6) | (554.9) | (479.5) | ||
Assets | ||||||
Restricted Cash and Cash Equivalents | 0 | 0 | 0 | |||
Accounts receivable, net | (319) | (319) | (358.1) | |||
Unbilled Receivables, Current | 0 | 0 | 0 | |||
Inventory | 0 | |||||
Total current assets | (319) | (319) | (358.1) | |||
Operating Lease, Right-of-Use Asset | 0 | 0 | ||||
Unbilled Receivable, Non Current | 0 | 0 | 0 | |||
Investment in subsidiary | (2,383.7) | (2,383.7) | (1,937) | |||
Other assets | (191.3) | (191.3) | (196.4) | |||
Total assets | (2,894) | (2,894) | (2,491.5) | |||
Liabilities | ||||||
Accounts payable | (320.4) | (320.4) | (358.2) | |||
Accrued expenses | 1.4 | 1.4 | 0.1 | |||
Operating Lease, Liability, Current | 0 | 0 | ||||
Billings in Excess of Cost, Noncurrent | 0 | 0 | 0 | |||
Billings in Excess of Cost, Current | 0 | 0 | 0 | |||
Provision for Loss on Contracts | 0 | 0 | 0 | |||
Total current liabilities | (319) | (319) | (358.1) | |||
Long-term debt | (90.7) | (90.7) | (95.8) | |||
Operating Lease, Liability, Noncurrent | 0 | 0 | ||||
Provision for Loss on Contacts, Non Current | 0 | 0 | 0 | |||
Other liabilities | (100.6) | (100.6) | (100.6) | |||
Total equity | (2,383.7) | (2,383.7) | (1,937) | |||
Total liabilities and equity | (2,894) | (2,894) | (2,491.5) | |||
Investing activities | ||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||||
Proceeds from Issuance of Debt | 0 | |||||
Proceeds from Lines of Credit | 0 | |||||
Financing activities | ||||||
Principal payments of debt | 0 | |||||
Repayments of Debt | 0 | |||||
Early Repayment of Senior Debt | 0 | |||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||||
Proceeds (payments) from subsidiary for purchase of treasury stock | 0 | |||||
Debt issuance and financing costs | 0 | |||||
Proceeds from (Payments for) Other Financing Activities | 0 | |||||
Payments for Repurchase of Common Stock | 0 | |||||
Proceeds from subsidiary (payments to Parent) to pay dividends | 0 | 0 | ||||
Payments of Dividends | 0 | 0 | ||||
Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Operating costs and expenses | ||||||
Cost of sales | 0 | |||||
Selling, general and administrative | 2.6 | 2.3 | 9.6 | 8 | ||
Research and development | 0 | |||||
Total operating costs and expenses | 2.6 | 2.3 | 9.6 | 8 | ||
Operating income | (2.6) | (2.3) | (9.6) | (8) | ||
Interest expense and financing fee amortization | 0 | |||||
Other expense, net | 0 | |||||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | (2.6) | (2.3) | (9.6) | (8) | ||
Income tax provision | 0.6 | 0.4 | 2.2 | 1.5 | ||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | (2) | (1.9) | (7.4) | (6.5) | ||
Equity in net income of affiliate | 0.6 | |||||
Equity in net income of subsidiaries | 133.3 | 170.7 | 469.8 | 445.3 | ||
Net income | 131.3 | 168.8 | 462.4 | 439.4 | ||
Total other comprehensive income (loss) | 21.5 | (0.6) | 16.7 | (16.5) | ||
Comprehensive Income, Net of Tax, Attributable to Parent | 152.8 | 168.2 | 479.1 | 422.9 | ||
Assets | ||||||
Restricted Cash and Cash Equivalents | 0 | 0 | 0 | |||
Accounts receivable, net | ||||||
Unbilled Receivables, Current | 0 | 0 | 0 | |||
Inventory | 0 | |||||
Operating Lease, Right-of-Use Asset | 0 | 0 | ||||
Unbilled Receivable, Non Current | 0 | 0 | 0 | |||
Investment in subsidiary | 1,617 | 1,617 | 1,238 | |||
Total assets | 1,617 | 1,617 | 1,238 | |||
Liabilities | ||||||
Billings in Excess of Cost, Noncurrent | 0 | 0 | 0 | |||
Billings in Excess of Cost, Current | 0 | 0 | ||||
Provision for Loss on Contracts | 0 | 0 | 0 | |||
Long-term debt | ||||||
Provision for Loss on Contacts, Non Current | 0 | 0 | 0 | |||
Total equity | 1,617 | 1,617 | 1,238 | |||
Total liabilities and equity | 1,617 | 1,617 | 1,238 | |||
Investing activities | ||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||||
Financing activities | ||||||
Repayments of Debt | 0 | |||||
Early Repayment of Senior Debt | 0 | |||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||||
Proceeds (payments) from subsidiary for purchase of treasury stock | (75) | |||||
Debt issuance and financing costs | 0 | |||||
Proceeds from (Payments for) Other Financing Activities | 805.8 | |||||
Payments for Repurchase of Common Stock | (75) | (805.8) | ||||
Proceeds from subsidiary (payments to Parent) to pay dividends | 37.8 | 35.4 | ||||
Payments of Dividends | (37.8) | (35.4) | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | 314.7 | 305.6 | 1,062.2 | 1,017.6 | ||
Operating costs and expenses | ||||||
Cost of sales | 278.3 | 275.2 | 941.5 | 915.7 | ||
Selling, general and administrative | 4.6 | 3.6 | 14.5 | 13.4 | ||
Research and development | 1.6 | 1.6 | 4.7 | 3.5 | ||
Total operating costs and expenses | 284.5 | 280.4 | 960.7 | 932.6 | ||
Operating income | 30.2 | 25.2 | 101.5 | 85 | ||
Interest expense and financing fee amortization | (0.9) | (1.2) | (3) | (4) | ||
Other expense, net | 3.5 | (1) | 4.6 | (3.6) | ||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 32.8 | 23 | 103.1 | 77.4 | ||
Income tax provision | (5.4) | (3.6) | (16.7) | (12.6) | ||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 27.4 | 19.4 | 86.4 | 64.8 | ||
Equity in net income of affiliate | 0.6 | |||||
Equity in net income of subsidiaries | 0 | |||||
Net income | 27.4 | 19.4 | 86.4 | 65.4 | ||
Total other comprehensive income (loss) | (13.9) | 0.1 | (18) | (14.7) | ||
Comprehensive Income, Net of Tax, Attributable to Parent | 13.5 | 19.5 | 68.4 | 50.7 | ||
Assets | ||||||
Cash and cash equivalents | 133.8 | 61.9 | 133.8 | 61.9 | 68.6 | 58.2 |
Restricted Cash and Cash Equivalents | 0 | 0 | 0 | |||
Accounts receivable, net | 316.1 | 316.1 | 310.2 | |||
Unbilled Receivables, Current | 59.1 | 59.1 | 48.6 | |||
Inventory | 311.2 | 311.2 | 316.6 | |||
Other current assets | 11.9 | 11.9 | 3 | |||
Total current assets | 832.1 | 832.1 | 747 | |||
Property, plant and equipment, net | 475.1 | 475.1 | 496.8 | |||
Operating Lease, Right-of-Use Asset | 7.1 | 7.1 | ||||
Unbilled Receivable, Non Current | 0 | 0 | 0 | |||
Pension assets | 20 | 20 | 19.7 | |||
Other assets | 110.3 | 110.3 | 127.5 | |||
Total assets | 1,444.6 | 1,444.6 | 1,391 | |||
Liabilities | ||||||
Accounts payable | 407.8 | 407.8 | 405.6 | |||
Accrued expenses | 26.1 | 26.1 | 36.3 | |||
Profit sharing | 4.2 | 4.2 | 5.7 | |||
Current portion of long-term debt | 1.1 | 1.1 | 0.9 | |||
Operating Lease, Liability, Current | 0.8 | 0.8 | ||||
Billings in Excess of Cost, Noncurrent | 0 | 0 | 0 | |||
Billings in Excess of Cost, Current | 0 | 0 | 0.6 | |||
Provision for Loss on Contracts | 0 | 0 | 0 | |||
Deferred revenue and other deferred credits, short-term | 0.3 | 0.3 | 0.5 | |||
Deferred grant income liability - current | 5.6 | 5.6 | 16 | |||
Other current liabilities | 6.6 | 6.6 | 5.8 | |||
Total current liabilities | 452.5 | 452.5 | 471.4 | |||
Long-term debt | 97.6 | 97.6 | 103.2 | |||
Operating Lease, Liability, Noncurrent | 6.3 | 6.3 | ||||
Provision for Loss on Contacts, Non Current | 0 | 0 | 0 | |||
Deferred grant income liability - non-current | 18.6 | 18.6 | 22.1 | |||
Deferred revenue and other deferred credits | 2.3 | 2.3 | 2.4 | |||
Other liabilities | 20.5 | 20.5 | 12.9 | |||
Total equity | 846.8 | 846.8 | 779 | |||
Total liabilities and equity | 1,444.6 | 1,444.6 | 1,391 | |||
Operating activities | ||||||
Net cash (used in) operating activities | 147.3 | 81.3 | ||||
Investing activities | ||||||
Purchase of property, plant and equipment | (24.8) | (28) | ||||
Payments for (Proceeds from) Other Investing Activities | 0 | (0.5) | ||||
Net cash used in investing activities | (24.8) | (27.5) | ||||
Proceeds from Issuance of Debt | 0 | |||||
Proceeds from Lines of Credit | 0 | |||||
Financing activities | ||||||
Principal payments of debt | (0.7) | 0.6 | ||||
Repayments of Debt | 0 | |||||
Early Repayment of Senior Debt | 0 | |||||
Collection on (repayment of) intercompany debt | (56.1) | (49.7) | ||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||||
Proceeds (payments) from subsidiary for purchase of treasury stock | 0 | |||||
Debt issuance and financing costs | 0 | |||||
Proceeds from (Payments for) Other Financing Activities | 0 | |||||
Payments for Repurchase of Common Stock | 0 | |||||
Proceeds from subsidiary (payments to Parent) to pay dividends | (0.2) | 0 | ||||
Payments of Dividends | 0 | 0 | ||||
Net cash provided by (used in) financing activities | (57) | (50.3) | ||||
Effect of exchange rate changes on cash and cash equivalents | (0.3) | 0.2 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 65.2 | 3.7 | ||||
Cash and cash equivalents, beginning of period | 68.6 | |||||
Cash, cash equivalents, and restricted cash, end of period | 133.8 | 133.8 | ||||
Subsidiary Issuer [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | 1,747.5 | 1,636.1 | 5,346.5 | 4,831.3 | ||
Operating costs and expenses | ||||||
Cost of sales | 1,511.6 | 1,395.9 | 4,592.5 | 4,147.8 | ||
Selling, general and administrative | 46.4 | 31.4 | 149.5 | 133.1 | ||
Research and development | 11 | 9.2 | 31.3 | 27.8 | ||
Total operating costs and expenses | 1,569 | 1,436.5 | 4,773.3 | 4,308.7 | ||
Operating income | 178.5 | 199.6 | 573.2 | 522.6 | ||
Interest expense and financing fee amortization | (23.6) | (24.2) | (65.9) | (60.1) | ||
Other expense, net | (12.1) | 9.6 | (13.7) | 6.6 | ||
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 142.8 | 185 | 493.6 | 469.1 | ||
Income tax provision | (36.9) | (33.7) | (110.2) | (88.6) | ||
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 105.9 | 151.3 | 383.4 | 380.5 | ||
Equity in net income of affiliate | 0 | |||||
Equity in net income of subsidiaries | 27.4 | 19.4 | 86.4 | 64.8 | ||
Net income | 133.3 | 170.7 | 469.8 | 445.3 | ||
Total other comprehensive income (loss) | 21.5 | (0.6) | 16.7 | (16.5) | ||
Comprehensive Income, Net of Tax, Attributable to Parent | 154.8 | 170.1 | 486.5 | 428.8 | ||
Assets | ||||||
Cash and cash equivalents | 1,360.2 | $ 642 | 1,360.2 | 642 | 725.5 | $ 387.3 |
Restricted Cash and Cash Equivalents | 0.3 | 0.3 | 0.3 | |||
Accounts receivable, net | 711.5 | 711.5 | 593 | |||
Unbilled Receivables, Current | 519.9 | 519.9 | 420.8 | |||
Inventory | 704 | 704 | 696 | |||
Other current assets | 46.4 | 46.4 | 45.3 | |||
Total current assets | 3,325.6 | 3,325.6 | 2,460.4 | |||
Property, plant and equipment, net | 1,724.7 | 1,724.7 | 1,670.8 | |||
Operating Lease, Right-of-Use Asset | 42.6 | 42.6 | ||||
Unbilled Receivable, Non Current | 9.7 | 9.7 | 54.1 | |||
Pension assets | 365.3 | 365.3 | 307 | |||
Investment in subsidiary | 766.7 | 766.7 | 699 | |||
Other assets | 299.4 | 299.4 | 357.1 | |||
Total assets | 6,534 | 6,534 | 5,548.4 | |||
Liabilities | ||||||
Accounts payable | 1,053.1 | 1,053.1 | 855.2 | |||
Accrued expenses | 292.3 | 292.3 | 276.7 | |||
Profit sharing | 51.7 | 51.7 | 62.6 | |||
Current portion of long-term debt | 36.5 | 36.5 | 30.5 | |||
Operating Lease, Liability, Current | 5.4 | 5.4 | ||||
Advance payments, short-term | 19.8 | 19.8 | 2.2 | |||
Billings in Excess of Cost, Noncurrent | 340.4 | 340.4 | 369.8 | |||
Billings in Excess of Cost, Current | 170.5 | 170.5 | 157.3 | |||
Provision for Loss on Contracts | 37.2 | 37.2 | 12.4 | |||
Deferred revenue and other deferred credits, short-term | 16.9 | 16.9 | 19.5 | |||
Other current liabilities | 48.8 | 48.8 | 52.4 | |||
Total current liabilities | 1,732.2 | 1,732.2 | 1,468.8 | |||
Long-term debt | 2,125.3 | 2,125.3 | 1,856.6 | |||
Operating Lease, Liability, Noncurrent | 37.3 | 37.3 | ||||
Advance payments, long-term | 335.1 | 335.1 | 231.9 | |||
Pension/OPEB obligation | 32.6 | 32.6 | 34.6 | |||
Provision for Loss on Contacts, Non Current | 161.9 | 161.9 | 170.6 | |||
Deferred grant income liability - non-current | 9.4 | 9.4 | 5.9 | |||
Deferred revenue and other deferred credits | 30.1 | 30.1 | 28.8 | |||
Other liabilities | 192.8 | 192.8 | 223.3 | |||
Total equity | 1,536.9 | 1,536.9 | 1,158.1 | |||
Total liabilities and equity | 6,534 | 6,534 | $ 5,548.4 | |||
Operating activities | ||||||
Net cash (used in) operating activities | 571.3 | 486.1 | ||||
Investing activities | ||||||
Purchase of property, plant and equipment | (94) | (142.9) | ||||
Payments for (Proceeds from) Other Investing Activities | 0.1 | (2.3) | ||||
Net cash used in investing activities | (93.9) | (140.6) | ||||
Proceeds from Issuance of Debt | 250 | |||||
Proceeds from Lines of Credit | 100 | |||||
Proceeds from Issuance of Senior Long-term Debt | (1,300) | |||||
Financing activities | ||||||
Principal payments of debt | (7.8) | 4.3 | ||||
Repayments of Debt | (5.2) | (256.3) | ||||
Repayments of Lines of Credit | 100 | |||||
Early Repayment of Senior Debt | (300) | |||||
Collection on (repayment of) intercompany debt | 56.1 | 49.7 | ||||
Payments Related to Tax Withholding for Share-based Compensation | (12.1) | (15.5) | ||||
Proceeds (payments) from subsidiary for purchase of treasury stock | 75 | |||||
Debt issuance and financing costs | 23.2 | |||||
Proceeds from (Payments for) Other Financing Activities | (0.8) | 805.8 | ||||
Proceeds from subsidiary (payments to Parent) to pay dividends | (37.6) | (35.4) | ||||
Payments of Dividends | 0 | 0 | ||||
Proceeds from Stock Plans | 1.3 | |||||
Net cash provided by (used in) financing activities | 170.5 | (90.8) | ||||
Effect of exchange rate changes on cash and cash equivalents | (13.2) | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 634.7 | $ 254.7 | ||||
Cash and cash equivalents, beginning of period | 705 | |||||
Cash, cash equivalents, and restricted cash, end of period | $ 1,343.5 | $ 1,343.5 |