Condensed Consolidating Financial Information

3 Months Ended

Mar. 28, 2013

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

24. Condensed Consolidating Financial Information

On November 18, 2010, Spirit completed an offering of $300.0 aggregate principal amount of its 2020 Notes. On September 30, 2009, Spirit completed an offering of $300.0 aggregate principal amount of its 2017 Notes. Both the 2017 Notes and the 2020 Notes were sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States only to non-U.S. persons pursuant to Regulation S promulgated under the Securities Act.

In connection with the initial sales of the 2017 Notes and the 2020 Notes, the Company entered into Registration Rights Agreements with the initial purchasers of the 2017 Notes and the 2020 Notes, respectively, pursuant to which the Company, Spirit and the Subsidiary Guarantors (as defined below) agreed to file (x) a registration statement with respect to an offer to exchange original 2017 Notes for a new issue of substantially identical notes registered under the Securities Act (the “2017 Notes Exchange Offer”) and (y) a registration statement with respect to an offer to exchange the original 2020 Notes for a new issue of substantially identical notes registered under the Securities Act (the “2020 Notes Exchange Offer”). The 2017 Notes Exchange Offer was consummated on May 26, 2010. The 2020 Notes Exchange Offer was consummated on January 31, 2011. The 2017 Notes and 2020 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the Company and its 100% owned domestic subsidiaries, other than Spirit (the “Subsidiary Guarantors”).

The following condensed consolidating financial information, which has been prepared in accordance with the requirements for presentation of Rule 3-10(d) of Regulation S-X promulgated under the Securities Act, presents the condensed consolidating financial information separately for:

(i) Holdings, as the parent company;

(ii) Spirit, as the subsidiary issuer of the 2017 Notes and the 2020 Notes;

(iii) The Subsidiary Guarantors, on a combined basis, as guarantors of the 2017 Notes and the 2020 Notes;

(iv) The Company's subsidiaries, other than the Subsidiary Guarantors, which are not guarantors of the 2017 Notes and the 2020 Notes (the “Subsidiary Non-Guarantors”), on a combined basis;

(v) Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Holdings, the Subsidiary Guarantors and the Subsidiary Non-Guarantors, (b) eliminate the investments in the Company's subsidiaries and (c) record consolidating entries; and

(vi) Holdings and its subsidiaries on a consolidated basis.



Condensed Consolidating Statements of Operations
For the Three Months Ended March 28, 2013

		Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total

Net Revenues		$	-	$	1,312.1	$	48.5	$	165.7	$	(84.1)	$	1,442.2
Operating costs and expenses
Cost of sales			-		1,125.8		45.2		150.2		(84.1)		1,237.1
Selling, general and administrative			1.0		37.5		0.9		4.9		-		44.3
Impact from severe weather event			-		8.8		-		-		-		8.8
Research and development			-		7.0		-		0.5		-		7.5
	Total operating costs and expenses		1.0		1,179.1		46.1		155.6		(84.1)		1,297.7
	Operating (loss) income		(1.0)		133.0		2.4		10.1		-		144.5
Interest expense and financing fee amortization			-		(17.4)		-		(2.6)		2.4		(17.6)
Interest income			-		2.5		-		-		(2.4)		0.1
Other income (expense), net			-		0.8		0.1		(10.8)		-		(9.9)
	(Loss) income before income taxes and equity in net (loss) income of affiliates and subsidiaries		(1.0)		118.9		2.5		(3.3)		-		117.1
Income tax benefit (provision)			-		(35.1)		(1.0)		0.4		-		(35.7)
	(Loss) income before equity in net (loss) income of affiliates and subsidiaries		(1.0)		83.8		1.5		(2.9)		-		81.4
Equity in net (loss) income of affiliates			(0.2)		-		-		(0.2)		0.2		(0.2)
Equity in net (loss) income of subsidiaries			82.4		(1.4)		-		-		(81.0)		-
	Net (loss) income		81.2		82.4		1.5		(3.1)		(80.8)		81.2
	Other comprehensive (loss) income		(13.5)		0.2		-		(13.7)		13.5		(13.5)
	Comprehensive (loss) income	$	67.7	$	82.6	$	1.5	$	(16.8)	$	(67.3)	$	67.7




Condensed Consolidating Statements of Operations
For the Three Months Ended March 29, 2012

		Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total

Net Revenues		$	-	$	1,149.0	$	55.4	$	136.6	$	(75.2)	$	1,265.8
Operating costs and expenses
Cost of sales			-		996.3		49.3		120.7		(75.2)		1,091.1
Selling, general and administrative			1.1		38.8		0.5		4.6		-		45.0
Research and development			-		7.0		-		0.4		-		7.4
	Total operating costs and expenses		1.1		1,042.1		49.8		125.7		(75.2)		1,143.5
	Operating (loss) income		(1.1)		106.9		5.6		10.9		-		122.3
Interest expense and financing fee amortization			-		(18.0)		-		(2.2)		1.9		(18.3)
Interest income			-		1.9		-		-		(1.9)		-
Other income, net			-		1.2		-		2.3		-		3.5
	(Loss) income before income taxes and equity in net (loss) income of affiliates and subsidiaries		(1.1)		92.0		5.6		11.0		-		107.5
Income tax benefit (provision)			0.4		(30.2)		(2.1)		(1.7)		-		(33.6)
	(Loss) income before equity in net (loss) income of affiliates and subsidiaries		(0.7)		61.8		3.5		9.3		-		73.9
Equity in net (loss) income of affiliates			(0.3)		(0.4)		-		0.1		0.3		(0.3)
Equity in net (loss) income of subsidiaries			74.6		12.8		-		-		(87.4)		-
	Net (loss) income		73.6		74.2		3.5		9.4		(87.1)		73.6
	Other comprehensive (loss) income		5.1		-		-		5.1		(5.1)		5.1
	Comprehensive (loss) income	$	78.7	$	74.2	$	3.5	$	14.5	$	(92.2)	$	78.7

Condensed Consolidating Balance Sheet
March 28, 2013

	Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Current assets
Cash and cash equivalents	$	-	$	255.0	$	-	$	58.1	$	-	$	313.1
Accounts receivable, net		-		637.4		8.5		172.8		(231.4)		587.3
Inventory, net		-		2,084.9		168.1		239.9		-		2,492.9
Deferred tax asset-current		-		60.5		-		1.0		-		61.5
Other current assets		-		20.5		-		3.8		-		24.3
Total current assets		-		3,058.3		176.6		475.6		(231.4)		3,479.1
Property, plant and equipment, net		-		1,250.5		286.5		180.9		-		1,717.9
Property, plant and equipment related to Variable Interest Entity, net		-		-		-		0.1		-		0.1
Pension assets		-		76.1		-		8.4		-		84.5
Investment in subsidiary		1,016.5		281.4		-		-		(1,297.9)		-
Equity in net assets of subsidiaries		1,055.8		57.9		-		1.4		(1,113.7)		1.4
Deferred tax asset- non-current, net		-		169.0		-		(0.3)		-		168.7
Other assets		-		402.0		80.0		21.5		(421.5)		82.0
Total assets	$	2,072.3	$	5,295.2	$	543.1	$	687.6	$	(3,064.5)	$	5,533.7
Current liabilities
Accounts payable	$	-	$	612.6	$	154.0	$	162.4	$	(230.9)	$	698.1
Accounts payable related to Variable Interest Entity		-		-		-		0.5		-		0.5
Accrued expenses		-		208.7		1.3		23.5		-		233.5
Accrued expenses to Variable Interest Entity		-		-		-		0.7		-		0.7
Profit sharing		-		17.2		-		1.0		-		18.2
Current portion of long-term debt		-		6.4		-		3.7		-		10.1
Advance payments, short-term		-		87.6		-		-		-		87.6
Deferred revenue, short-term		-		16.3		-		1.6		-		17.9
Deferred grant income liability - current		-		-		6.4		1.1		-		7.5
Other current liabilities		-		59.8		-		2.5		-		62.3
Total current liabilities		-		1,008.6		161.7		197.0		(230.9)		1,136.4
Long-term debt		-		1,141.7		80.0		283.1		(341.5)		1,163.3
Advance payments, long-term		-		804.7		-		-		-		804.7
Pension/OPEB obligation		-		76.6		-		-		-		76.6
Deferred grant income liability - non-current		-		-		81.2		30.8		-		112.0
Deferred revenue and other deferred credits		-		20.5		-		8.9		-		29.4
Other liabilities		-		198.8		-		20.2		(80.0)		139.0
Total equity		2,072.3		2,044.3		220.2		147.6		(2,412.1)		2,072.3
Total liabilities and shareholders’ equity	$	2,072.3	$	5,295.2	$	543.1	$	687.6	$	(3,064.5)	$	5,533.7

Condensed Consolidating Balance Sheet
December 31, 2012

	Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Current assets
Cash and cash equivalents	$	-	$	369.1	$	-	$	71.6	$	-	$	440.7
Accounts receivable, net		-		513.2		13.7		171.7		(277.9)		420.7
Inventory, net		-		2,006.9		164.3		239.7		(0.1)		2,410.8
Deferred tax asset-current		-		57.1		-		-		-		57.1
Other current assets		-		22.2		-		3.9		-		26.1
Total current assets		-		2,968.5		178.0		486.9		(278.0)		3,355.4
Property, plant and equipment, net		-		1,221.1		289.3		188.1		-		1,698.5
Property, plant and equipment related to Variable Interest Entity, net		-		-		-		-		-		-
Pension assets		-		69.9		-		8.5		-		78.4
Investment in subsidiary		1,013.7		281.4		-		-		(1,295.1)		-
Equity in net assets of subsidiaries		983.2		58.2		-		-		(1,041.4)		-
Deferred tax asset- non-current, net		-		192.3		-		(0.3)		-		192.0
Other assets		-		405.0		80.0		27.5		(421.5)		91.0
Total assets	$	1,996.9	$	5,196.4	$	547.3	$	710.7	$	(3,036.0)	$	5,415.3
Current liabilities
Accounts payable	$	-	$	616.3	$	157.2	$	163.4	$	(277.9)	$	659.0
Accounts payable related to Variable Interest Entity		-		-		-		-		-		-
Accrued expenses		-		188.4		2.6		25.3		-		216.3
Accrued expenses related to Variable Interest Entity		-		-		-		-		-		-
Profit sharing		-		25.9		-		2.4		-		28.3
Current portion of long-term debt		-		6.6		-		3.7		-		10.3
Advance payments, short-term		-		70.7		-		-		-		70.7
Deferred revenue, short-term		-		16.6		-		1.8		-		18.4
Deferred grant income liability - current		-		-		5.7		1.2		-		6.9
Other current liabilities		-		52.6		-		4.5		-		57.1
Total current liabilities		-		977.1		165.5		202.3		(277.9)		1,067.0
Long-term debt		-		1,142.9		80.0		284.5		(341.5)		1,165.9
Advance payments, long-term		-		833.6		-		-		-		833.6
Pension/OPEB obligation		-		75.6		-		-		-		75.6
Deferred grant income liability - non-current		-		-		83.3		33.3		-		116.6
Deferred revenue and other deferred credits		-		21.1		-		9.7		-		30.8
Other liabilities		-		189.3		-		19.6		(80.0)		128.9
Total equity		1,996.9		1,956.8		218.5		161.3		(2,336.6)		1,996.9
Total liabilities and shareholders’ equity	$	1,996.9	$	5,196.4	$	547.3	$	710.7	$	(3,036.0)	$	5,415.3

Condensed Consolidating Statements of Cash Flows
For the Three Months Ended March 28, 2013

			Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Operating activities
		Net cash provided by (used in) operating activities	$	81.2	$	(42.1)	$	2.5	$	(5.8)	$	(81.2)	$	(45.4)
Investing activities
	Purchase of property, plant and equipment			-		(68.0)		(2.5)		(3.9)		-		(74.4)
	Purchase of property, plant and equipment - severe weather event			-		(5.8)		-		-		-		(5.8)
	Proceeds from sale of assets			-		0.1		-		-		-		0.1
	Consolidation of Variable Interest Entity			-		-		-		2.1		-		2.1
	Equity in net assets of subsidiaries			(81.2)		-		-		-		81.2		-
	Other			-		3.4		-		(3.4)		-		-
		Net cash provided by (used in) investing activities		(81.2)		(70.3)		(2.5)		(5.2)		81.2		(78.0)
Financing activities
	Principal payments of debt			-		(1.7)		-		(0.9)		-		(2.6)
		Net cash provided by (used in) financing activities		-		(1.7)		-		(0.9)		-		(2.6)
	Effect of exchange rate changes on cash
	and cash equivalents			-		-		-		(1.6)		-		(1.6)
		Net (decrease) in cash and cash equivalents for the period		-		(114.1)		-		(13.5)		-		(127.6)
	Cash and cash equivalents, beginning of period			-		369.1		-		71.6		-		440.7
	Cash and cash equivalents, end of period		$	-	$	255.0	$	-	$	58.1	$	-	$	313.1

Condensed Consolidating Statements of Cash Flows
For the Three Months Ended March 29, 2012

			Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total

Operating activities
		Net cash provided by (used in) operating activities	$	73.9	$	45.6	$	1.6	$	(35.6)	$	(73.9)	$	11.6
Investing activities
	Purchase of property, plant and equipment			-		(42.6)		(1.6)		(10.0)		-		(54.2)
	Insurance proceeds for investing purposes - severe weather event			-		-		-		-		-		-
	Proceeds from the sale of assets			-		-		-		1.3		-		1.3
	Consolidation of Variable Interest Entity			-		-		-		-		-		-
	Equity in net assets of subsidiaries			(73.9)		-		-		-		73.9		-
	Other			-		(0.4)		-		(0.3)		-		(0.7)
		Net cash provided by (used in) investing activities		(73.9)		(43.0)		(1.6)		(9.0)		73.9		(53.6)
Financing activities
	Proceeds from revolving credit facility			-		120.0		-		-		-		120.0
	Payments on revolving credit facility			-		(120.0)		-		-		-		(120.0)
	Principal payments of debt			-		(1.7)		-		(0.8)		-		(2.5)
	Collection on (repayment of) intercompany debt			-		(19.5)		-		19.5		-		-
	Excess tax benefits from share-based payment arrangements			-		0.1		-		-		-		0.1
		Net cash provided by (used in) financing activities		-		(21.1)		-		18.7		-		(2.4)
	Effect of exchange rate changes on cash
	and cash equivalents			-		-		-		0.7		-		0.7
		Net (decrease) in cash and cash equivalents for the period		-		(18.5)		-		(25.2)		-		(43.7)
	Cash and cash equivalents, beginning of period			-		106.7		-		71.1		-		177.8
	Cash and cash equivalents, end of period		$	-	$	88.2	$	-	$	45.9	$	-	$	134.1

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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