XML 29 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
3 Months Ended
Mar. 28, 2013
Related Party Transactions [Abstract]  
Related Party Transactions

19. Related Party Transactions

 

On May 3, 2012, Hawker Beechcraft, Inc. (“Hawker”) filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code and emerged from bankruptcy on February 19, 2013 as Beechcraft Corporation. The Company's remaining balance of its $3.5 receivable from Hawker was written off as of March 28, 2013. The Company's Prestwick facility provided wing components for the Hawker 800 Series manufactured by Hawker. For the three months ended March 28, 2013 and March 29, 2012, sales to Hawker were zero and $1.2, respectively.

 

The Company paid less than $0.1 to a subsidiary of Onex for services rendered for each of the three month periods ended March 28, 2013 and March 29, 2012. Management believes the amounts charged were reasonable in relation to the services provided.

 

A director (and former executive) of the Company is a member of the Board of Directors of Rockwell Collins, Inc., a supplier of manufacturing parts to the Company. Under the commercial terms of the arrangement with the supplier, Spirit paid less than $0.1 for each of the three month periods ended March 28, 2013 and March 29, 2012. The amounts owed to Rockwell Collins and recorded as accrued liabilities were less than $0.1 as of March 28, 2013 and March 29, 2012.

 

A director (and former executive) of the Company is a member of the Board of Directors of a Wichita, Kansas bank that provides banking services to Spirit. In connection with the banking services provided to Spirit, the Company pays fees consistent with commercial terms that would be available to unrelated third parties. Such fees are not material to the Company.