Spirit AeroSystems Holdings, Inc.
Historical Segment Revenues and Segment Operating Income and Changes in Estimates for the Periods Ended 2019
As restated to conform to new segment presentation (effective October 1, 2021)
(unaudited)
| | | | | | | | | | | | | | | | | |
| | For the Quarter Ended |
| ($ in millions) | | March 28, 2019 | June 27, 2019 | September 26, 2019 | December 31, 2019 |
| Segment Revenues | | | | | |
| Commercial | | 1,807.8 | | 1,849.9 | 1,741.8 | 1,770.1 |
| Defense & Space | | 126.2 | | 123.0 | 123.1 | 135.2 |
| Aftermarket | | 33.8 | | 43.2 | 55.0 | 54.0 |
| Total Segment Revenues | | $ | 1,967.8 | | $ | 2,016.1 | | $ | 1,919.9 | | $ | 1,959.3 | |
| | | | | |
Segment Operating Income(1) | | | | | |
| Commercial | | 282.2 | | 267.7 | | 239.3 | | 179.2 | |
| Defense & Space | | 19.1 | | 16.1 | | 20.2 | | 18.1 | |
| Aftermarket | | 8.2 | | 9.1 | | 12.8 | | 4.7 | |
| Total Segment Operating Income | | $ | 309.5 | | $ | 292.9 | | $ | 272.3 | | $ | 202.0 | |
| | | | | |
| Corporate SG&A | | (63.6) | | (56.4) | | (53.6) | | (87.8) | |
| Research and development | | (12.9) | | (10.5) | | (12.6) | | (18.5) | |
| Total Operating Income | | $ | 233.0 | | $ | 226.0 | | $ | 206.1 | | $ | 95.7 | |
(1)Inclusive of forward losses, changes in estimate on loss programs and cumulative catch-up adjustments. These changes in estimates are further detailed in the table below.
| | | | | | | | | | | | | | | | | |
| ($ in millions) | | For the Quarter Ended |
| Changes in Estimates | | March 28, 2019 | June 27, 2019 | September 26, 2019 | December 31, 2019 |
| (Unfavorable) Favorable Cumulative Catch-up Adjustments by Segment | | | |
| Commercial | | (4.3) | | (10.6) | | (15.5) | | (13.8) | |
| Defense & Space | | 0.1 | | (2.6) | | 2.5 | | 0.3 | |
| Aftermarket | | — | | — | | — | | — | |
| Total (Unfavorable) Favorable Cumulative Catch-up Adjustment | | $ | (4.2) | | $ | (13.2) | | $ | (13.0) | | $ | (13.5) | |
| | | | | |
| (Forward Loss) and Changes in Estimates on Loss Programs by Segment | | | |
| Commercial | | 4.7 | | 2.3 | | (28.8) | | (41.7) | |
| Defense & Space | | — | | — | | — | | — | |
| Aftermarket | | — | | — | | — | | — | |
| Total (Forward Loss) and Change in Estimate on Loss Program | | $ | 4.7 | | $ | 2.3 | | $ | (28.8) | | $ | (41.7) | |
| | | | | |
| Total Change in Estimate | | $ | 0.5 | | $ | (10.9) | | $ | (41.8) | | $ | (55.2) | |
| EPS Impact (diluted per share based on statutory tax rate) | | $ | — | | $ | (0.08) | | $ | (0.31) | | $ | (0.42) | |
Spirit AeroSystems Holdings, Inc.
Historical Segment Revenues and Segment Operating Income and Changes in Estimates for the Periods Ended 2020
As restated to conform to new segment presentation (effective October 1, 2021)
(unaudited)
| | | | | | | | | | | | | | | | | |
| | For the Quarter Ended |
| ($ in millions) | | April 2, 2020 | July 2, 2020 | October 1, 2020 | December 31, 2020 |
| Segment Revenues | | | | | |
| Commercial | | 884.8 | | 486.4 | 650.2 | 689.9 |
| Defense & Space | | 110.9 | | 113.2 | 130.2 | 137.0 |
| Aftermarket | | 81.6 | | 45.0 | 25.9 | 49.7 |
| Total Segment Revenues | | $ | 1,077.3 | | $ | 644.6 | | $ | 806.3 | | $ | 876.6 | |
| | | | | |
Segment Operating (Loss) Income(1) | | | | | |
Commercial(2) | | (101.0) | | (328.2) | | (131.7) | | (59.7) | |
Defense & Space(3) | | 9.9 | | 8.6 | | 9.7 | | 18.8 | |
Aftermarket(4) | | 13.3 | | 9.9 | | 5.4 | | 8.4 | |
| Total Segment Operating (Loss) Income | | $ | (77.8) | | $ | (309.7) | | $ | (116.6) | | $ | (32.5) | |
| | | | | |
| Corporate SG&A | | (77.4) | | (49.0) | | (52.8) | | (58.2) | |
| Research and development | | (12.3) | | (8.3) | | (7.5) | | (10.7) | |
| Total Operating Loss | | $ | (167.5) | | $ | (367.0) | | $ | (176.9) | | $ | (101.4) | |
(1)Inclusive of forward losses, changes in estimate on loss programs and cumulative catch-up adjustments. These changes in estimates are further detailed in the table below.
(2)Commercial: For the quarters ended April 2, 2020, July 2, 2020, October 1, 2020 and December 31, 2020: includes excess capacity costs of $70.0 million, $78.6 million, $69.7 million, and $47.2 million, respectively; restructuring costs of $36.3 million, $5.6 million, $17.8 million and $4.2 million, respectively, and temporary workforce adjustment costs as a result of the COVID-19 pandemic net of U.S. employee retention credit and U.K. government subsidies of $25.4 million, $19.3 million, ($10.9) million and ($0.1) million, respectively.
(3)Defense & Space: For the quarters ended April 2, 2020, July 2, 2020, October 1, 2020 and December 31, 2020: includes excess capacity costs of $3.4 million, $4.2 million, $2.9 million, and $2.9 million, respectively; and restructuring costs of $2.1 million, $0.4 million, $1.2 million and $0.3 million, respectively.
(4)Aftermarket: For the quarters ended April 2, 2020, July 2, 2020, October 1, 2020 and December 31, 2020: includes restructuring costs of $4.2 million, $0.3 million, $0.5 million and $0.1 million, respectively.
| | | | | | | | | | | | | | | | | |
| ($ in millions) | | For the Quarter Ended |
| Changes in Estimates | | April 2, 2020 | July 2, 2020 | October 1, 2020 | December 31, 2020 |
| (Unfavorable) Favorable Cumulative Catch-up Adjustments by Segment | | | |
| Commercial | | (8.3) | | (34.8) | | 6.3 | | (3.4) | |
| Defense & Space | | 0.1 | | (2.9) | | (1.7) | | 0.7 | |
| Aftermarket | | — | | — | | — | | — | |
| Total (Unfavorable) Favorable Cumulative Catch-up Adjustment | | $ | (8.2) | | $ | (37.7) | | $ | 4.6 | | $ | (2.7) | |
| | | | | |
| (Forward Loss) and Changes in Estimates on Loss Programs by Segment | | | |
| Commercial | | (19.7) | | (193.2) | | (124.3) | | (29.7) | |
| Defense & Space | | — | | (0.9) | | (4.1) | | 1.6 | |
| Aftermarket | | — | | — | | — | | — | |
| Total (Forward Loss) and Change in Estimate on Loss Program | | $ | (19.7) | | $ | (194.1) | | $ | (128.4) | | $ | (28.1) | |
| | | | | |
| Total Change in Estimate | | $ | (27.9) | | $ | (231.8) | | $ | (123.8) | | $ | (30.8) | |
| EPS Impact (diluted per share based on statutory tax rate) | | $ | (0.17) | | $ | (1.45) | | $ | (0.77) | | $ | (0.24) | |
Spirit AeroSystems Holdings, Inc.
Historical Segment Revenues and Segment Operating Income and Changes in Estimates for the Periods Ended 2021
As restated to conform to new segment presentation (effective October 1, 2021)
(unaudited)
| | | | | | | | | | | | | | | | | |
| | For the Quarter Ended |
| ($ in millions) | | April 1, 2021 | July 1, 2021 | September 30, 2021 | December 31, 2021 |
| Segment Revenues | | | | | |
| Commercial | | 696.1 | | 803.6 | 784.1 | 844.3 |
| Defense & Space | | 153.4 | | 141.8 | 137.8 | 152.0 |
| Aftermarket | | 51.3 | | 56.7 | 58.1 | 73.8 |
| Total Segment Revenues | | $ | 900.8 | | $ | 1,002.1 | | $ | 980.0 | | $ | 1,070.1 | |
| | | | | |
Segment Operating (Loss) Income(1) | | | | | |
Commercial(2) | | (82.9) | | (44.7) | | (72.8) | | (20.2) | |
Defense & Space(3) | | 12.0 | | 12.4 | | 7.9 | | 12.0 | |
Aftermarket(4) | | 10.8 | | 14.8 | | 7.9 | | 16.8 | |
| Total Segment Operating (Loss) Income | | $ | (60.1) | | $ | (17.5) | | $ | (57.0) | | $ | 8.6 | |
| | | | | |
| Corporate SG&A | | (57.6) | | (66.9) | | (86.8) | | (68.6) | |
| Research and development | | (8.2) | | (13.3) | | (12.8) | | (19.0) | |
| Total Operating Loss | | $ | (125.9) | | $ | (97.7) | | $ | (156.6) | | $ | (79.0) | |
(1)Inclusive of forward losses, changes in estimate on loss programs and cumulative catch-up adjustments. These changes in estimates are further detailed in the table below.
(2)Commercial: For the quarters ended April 1, 2021, July 1, 2021, September 30, 2021 and December 31, 2021: includes excess capacity costs of $63.1 million, $45.5 million, $54.8 million and $43.3 million, respectively; restructuring costs of $1.1 million, $4.9 million, $0.7 million and $0.1 million, respectively; temporary workforce adjustment costs as a result of the COVID-19 pandemic net of U.S. employee retention credit and U.K government subsidies of $2.1 million, $2.4 million, $2.6 million and $4.9 million, respectively; and other costs, including partial offset related to the Aviation Manufacturing Jobs Protection Program grant (AMJP), of $0.0 million, $0.0 million, $0.2 million and ($28.8) million, respectively.
(3)Defense & Space: For the quarters ended April 1, 2021, July 1, 2021, September 30, 2021 and December 31, 2021: includes excess capacity costs of $4.5 million, $2.0 million, $2.3 million and $2.0 million, respectively; restructuring costs of $0.9 million, $0.2 million, $0.1 million and $0.0 million, respectively; and other costs, including partial offset related to AMJP, of $0.0 million, $0.0 million, ($0.3) million and ($2.7) million, respectively.
(4)Aftermarket: For the quarters ended April 1, 2021, July 1, 2021, September 30, 2021 and December 31, 2021: includes restructuring costs of $0.1 million, $0.1 million, $0.0 million and $0.0 million respectively; and other costs, including partial offset related to AMJP, of $0.0 million, $0.0 million, ($0.2) million and ($2.0) million, respectively.
| | | | | | | | | | | | | | | | | |
| ($ in millions) | | For the Quarter Ended |
| Changes in Estimates | | April 1, 2021 | July 1, 2021 | September 30, 2021 | December 31, 2021 |
| (Unfavorable) Favorable Cumulative Catch-up Adjustments by Segment | | | |
| Commercial | | (7.6) | | 10.5 | | (3.4) | | (1.9) | |
| Defense & Space | | 1.8 | | (0.6) | | 0.6 | | (1.6) | |
| Aftermarket | | — | | — | | — | | — | |
| Total (Unfavorable) Favorable Cumulative Catch-up Adjustment | | $ | (5.8) | | $ | 9.9 | | $ | (2.8) | | $ | (3.5) | |
| | | | | |
| (Forward Loss) and Changes in Estimates on Loss Programs by Segment | | | |
| Commercial | | (67.6) | | (51.2) | | (61.5) | | (47.0) | |
| Defense & Space | | (4.8) | | (1.0) | | (8.9) | | 0.5 | |
| Aftermarket | | — | | — | | — | | — | |
| Total (Forward Loss) and Change in Estimate on Loss Program | | $ | (72.4) | | $ | (52.2) | | $ | (70.4) | | $ | (46.5) | |
| | | | | |
| Total Change in Estimate | | $ | (78.2) | | $ | (42.3) | | $ | (73.2) | | $ | (50.0) | |
| EPS Impact (diluted per share based on statutory tax rate) | | $ | (0.74) | | $ | (0.42) | | $ | (0.69) | | $ | (0.46) | |
