Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 28, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Income Statement

Condensed Consolidating Statements of Operations

For the Three Months Ended September 28, 2017

	Holdings			Spirit			Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Net revenues	$	—		$	1,573.0		$	311.8		$	(136.6	)	$	1,748.2
Operating costs and expenses
Cost of sales	—			1,331.1			284.0			(136.6		)	1,478.5
Selling, general and administrative	3.9			41.3			3.6			—			48.8
Research and development	—			8.8			0.7			—			9.5
Total operating costs and expenses	3.9			1,381.2			288.3			(136.6		)	1,536.8
Operating (loss) income	(3.9		)	191.8			23.5			—			211.4
Interest expense and financing fee amortization	—			(10.5		)	(1.3		)	1.4			(10.4		)
Other income (expense), net	—			4.0			(0.7		)	(1.4		)	1.9
(Loss) income before income taxes and equity in net income of affiliate and subsidiaries	(3.9		)	185.3			21.5			—			202.9
Income tax benefit (provision)	0.8			(53.0		)	(3.7		)	—			(55.9		)
(Loss) income before equity in net income of affiliate and subsidiaries	(3.1		)	132.3			17.8			—			147.0
Equity in net income of affiliate	0.2			—			0.2			(0.2		)	0.2
Equity in net income of subsidiaries	150.1			17.7			—			(167.8		)	—
Net income	147.2			150.0			18.0			(168.0		)	147.2
Other comprehensive income (loss)	13.8			13.8			14.3			(28.1		)	13.8
Comprehensive income (loss)	$	161.0		$	163.8		$	32.3		$	(196.1	)	$	161.0

Condensed Consolidating Statements of Operations

For the Three Months Ended September 29, 2016

	Holdings			Spirit			Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Net revenues	$	—		$	1,549.3		$	308.7		$	(146.6	)	$	1,711.4
Operating costs and expenses
Cost of sales	—			1,298.8			287.2			(146.6		)	1,439.4
Selling, general and administrative	2.2			46.6			3.4			—			52.2
Research and development	—			5.0			0.4			—			5.4
Total operating costs and expenses	2.2			1,350.4			291.0			(146.6		)	1,497.0
Operating (loss) income	(2.2		)	198.9			17.7			—			214.4
Interest expense and financing fee amortization	—			(12.1		)	(1.9		)	1.8			(12.2		)
Other income (expense), net	—			4.0			(2.5		)	(1.8		)	(0.3		)
(Loss) income before income taxes and equity in net income of affiliate and subsidiaries	(2.2		)	190.8			13.3			—			201.9
Income tax benefit (provision)	0.6			(55.8		)	(2.1		)	—			(57.3		)
(Loss) income before equity in net income of affiliate and subsidiaries	(1.6		)	135.0			11.2			—			144.6
Equity in net income of affiliate	0.5			—			0.5			(0.5		)	0.5
Equity in net income of subsidiaries	146.2			11.2			—			(157.4		)	—
Net income	145.1			146.2			11.7			(157.9		)	145.1
Other comprehensive (loss) income	(8.5		)	(8.5		)	(17.7		)	26.2			(8.5		)
Comprehensive income (loss)	$	136.6		$	137.7		$	(6.0	)	$	(131.7	)	$	136.6

Condensed Balance Sheet

Condensed Consolidating Statements of Operations

For the Nine Months Ended September 28, 2017

	Holdings			Spirit			Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Net revenues	$	—		$	4,701.1		$	1,025.4		$	(458.1	)	$	5,268.4
Operating costs and expenses
Cost of sales	—			4,282.9			913.5			(458.1		)	4,738.3
Selling, general and administrative	8.8			127.3			10.7			—			146.8
Impact of severe weather event	—			19.9			—			—			19.9
Research and development	—			19.4			1.8			—			21.2
Total operating costs and expenses	8.8			4,449.5			926.0			(458.1		)	4,926.2
Operating (loss) income	(8.8		)	251.6			99.4			—			342.2
Interest expense and financing fee amortization	—			(30.1		)	(4.5		)	4.5			(30.1		)
Other income (expense), net	—			9.8			(0.7		)	(4.5		)	4.6
(Loss) income before income taxes and equity in net income of affiliate and subsidiaries	(8.8		)	231.3			94.2			—			316.7
Income tax benefit (provision)	2.7			(70.2		)	(17.4		)	—			(84.9		)
(Loss) income before equity in net income of affiliate and subsidiaries	(6.1		)	161.1			76.8			—			231.8
Equity in net income of affiliate	0.3			—			0.3			(0.3		)	0.3
Equity in net income of subsidiaries	237.9			76.8			—			(314.7		)	—
Net income	232.1			237.9			77.1			(315.0		)	232.1
Other comprehensive (loss) income	33.6			33.6			35.0			(68.6		)	33.6
Comprehensive income (loss)	$	265.7		$	271.5		$	112.1		$	(383.6	)	$	265.7

Condensed Consolidating Statements of Operations

For the Nine Months Ended September 29, 2016

	Holdings			Spirit			Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Net revenues	$	—		$	4,711.7		$	984.5		$	(473.3	)	$	5,222.9
Operating costs and expenses
Cost of sales	—			4,047.0			896.7			(473.3		)	4,470.4
Selling, general and administrative	6.0			154.4			12.0			—			172.4
Research and development	—			14.4			1.5			—			15.9
Total operating costs and expenses	6.0			4,215.8			910.2			(473.3		)	4,658.7
Operating (loss) income	(6.0		)	495.9			74.3			—			564.2
Interest expense and financing fee amortization	—			(47.2		)	(6.0		)	5.7			(47.5		)
Other income (expense), net	—			11.5			(14.5		)	(5.7		)	(8.7		)
(Loss) income before income taxes and equity in net income of affiliate and subsidiaries	(6.0		)	460.2			53.8			—			508.0
Income tax benefit (provision)	1.8			(140.1		)	(9.5		)	—			(147.8		)
(Loss) income before equity in net income of affiliate and subsidiaries	(4.2		)	320.1			44.3			—			360.2
Equity in net income of affiliate	1.3			—			1.3			(1.3		)	1.3
Equity in net income of subsidiaries	364.4			44.3			—			(408.7		)	—
Net income	361.5			364.4			45.6			(410.0		)	361.5
Other comprehensive (loss) income	(42.9		)	(42.9		)	(44.5		)	87.4			(42.9		)
Comprehensive income (loss)	$	318.6		$	321.5		$	1.1		$	(322.6	)	$	318.6

Condensed Consolidating Balance Sheet

September 28, 2017

	Holdings		Spirit		Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets
Cash and cash equivalents	$	—	$	687.8	$	38.8	$	—		$	726.6
Restricted cash	—		3.2		—		—			3.2
Accounts receivable, net	—		876.9		330.4		(355.6		)	851.7
Inventory, net	—		925.1		438.1		—			1,363.2
Other current assets	—		63.7		3.6		—			67.3
Total current assets	—		2,556.7		810.9		(355.6		)	3,012.0
Property, plant and equipment, net	—		1,499.4		519.3		—			2,018.7
Pension assets, net	—		293.8		15.4		—			309.2
Investment in subsidiary	1,759.4		677.0		—		(2,436.4		)	—
Other assets	—		333.6		121.1		(257.4		)	197.3
Total assets	$	1,759.4	$	5,360.5	$	1,466.7	$	(3,049.4	)	$	5,537.2
Liabilities
Accounts payable	$	—	$	685.9	$	431.8	$	(355.6	)	$	762.1
Accrued expenses	—		231.8		26.5		—			258.3
Profit sharing	—		63.0		2.7		—			65.7
Current portion of long-term debt	—		27.1		0.8		—			27.9
Advance payments, short-term	—		131.0		—		—			131.0
Deferred revenue and other deferred credits, short-term	—		66.8		1.5		—			68.3
Deferred grant income liability - current	—		—		21.0		—			21.0
Other current liabilities	—		597.2		4.5		—			601.7
Total current liabilities	—		1,802.8		488.8		(355.6		)	1,936.0
Long-term debt	—		1,052.4		165.3		(156.8		)	1,060.9
Advance payments, long-term	—		255.6		—		—			255.6
Pension/OPEB obligation	—		40.3		—		—			40.3
Deferred grant income liability - non-current	—		—		44.9		—			44.9
Deferred revenue and other deferred credits	—		163.6		2.9		—			166.5
Other liabilities	—		366.3		7.9		(100.6		)	273.6
Total equity	1,759.4		1,679.5		756.9		(2,436.4		)	1,759.4
Total liabilities and stockholders’ equity	$	1,759.4	$	5,360.5	$	1,466.7	$	(3,049.4	)	$	5,537.2

Condensed Consolidating Balance Sheet

December 31, 2016

	Holdings		Spirit		Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets
Cash and cash equivalents	$	—	$	680.1	$	17.6	$	—		$	697.7
Accounts receivable, net	—		785.0		249.4		(373.9		)	660.5
Inventory, net	—		1,058.8		456.5		—			1,515.3
Other current assets	—		29.0		7.9		—			36.9
Total current assets	—		2,552.9		731.4		(373.9		)	2,910.4
Property, plant and equipment, net	—		1,462.3		529.3		—			1,991.6
Pension assets, net	—		268.1		14.2		—			282.3
Investment in subsidiary	1,928.8		544.4		—		(2,473.2		)	—
Other assets	—		398.9		101.4		(279.4		)	220.9
Total assets	$	1,928.8	$	5,226.6	$	1,376.3	$	(3,126.5	)	$	5,405.2
Liabilities
Accounts payable	$	—	$	527.0	$	426.6	$	(373.9	)	$	579.7
Accrued expenses	—		192.8		23.4		—			216.2
Profit sharing	—		97.2		4.2		—			101.4
Current portion of long-term debt	—		25.1		1.6		—			26.7
Advance payments, short-term	—		199.3		—		—			199.3
Deferred revenue and other deferred credits, short-term	—		310.8		1.3		—			312.1
Deferred grant income liability - current	—		—		14.4		—			14.4
Other current liabilities	—		94.2		0.2		—			94.4
Total current liabilities	—		1,446.4		471.7		(373.9		)	1,544.2
Long-term debt	—		1,052.5		206.9		(199.4		)	1,060.0
Advance payments, long-term	—		342.0		—		—			342.0
Pension/OPEB obligation	—		43.9		—		—			43.9
Deferred grant income liability - non-current	—		—		63.4		—			63.4
Deferred revenue and other deferred credits	—		143.4		3.4		—			146.8
Other liabilities	—		349.5		6.6		(80.0		)	276.1
Total equity	1,928.8		1,848.9		624.3		(2,473.2		)	1,928.8
Total liabilities and stockholders’ equity	$	1,928.8	$	5,226.6	$	1,376.3	$	(3,126.5	)	$	5,405.2

Condensed Cash Flow Statement

	Holdings		Spirit		Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets
Cash and cash equivalents	$	—	$	680.1	$	17.6	$	—		$	697.7
Accounts receivable, net	—		785.0		249.4		(373.9		)	660.5
Inventory, net	—		1,058.8		456.5		—			1,515.3
Other current assets	—		29.0		7.9		—			36.9
Total current assets	—		2,552.9		731.4		(373.9		)	2,910.4
Property, plant and equipment, net	—		1,462.3		529.3		—			1,991.6
Pension assets, net	—		268.1		14.2		—			282.3
Investment in subsidiary	1,928.8		544.4		—		(2,473.2		)	—
Other assets	—		398.9		101.4		(279.4		)	220.9
Total assets	$	1,928.8	$	5,226.6	$	1,376.3	$	(3,126.5	)	$	5,405.2
Liabilities
Accounts payable	$	—	$	527.0	$	426.6	$	(373.9	)	$	579.7
Accrued expenses	—		192.8		23.4		—			216.2
Profit sharing	—		97.2		4.2		—			101.4
Current portion of long-term debt	—		25.1		1.6		—			26.7
Advance payments, short-term	—		199.3		—		—			199.3
Deferred revenue and other deferred credits, short-term	—		310.8		1.3		—			312.1
Deferred grant income liability - current	—		—		14.4		—			14.4
Other current liabilities	—		94.2		0.2		—			94.4
Total current liabilities	—		1,446.4		471.7		(373.9		)	1,544.2
Long-term debt	—		1,052.5		206.9		(199.4		)	1,060.0
Advance payments, long-term	—		342.0		—		—			342.0
Pension/OPEB obligation	—		43.9		—		—			43.9
Deferred grant income liability - non-current	—		—		63.4		—			63.4
Deferred revenue and other deferred credits	—		143.4		3.4		—			146.8
Other liabilities	—		349.5		6.6		(80.0		)	276.1
Total equity	1,928.8		1,848.9		624.3		(2,473.2		)	1,928.8
Total liabilities and stockholders’ equity	$	1,928.8	$	5,226.6	$	1,376.3	$	(3,126.5	)	$	5,405.2

Condensed Consolidating Statements of Cash Flows

For the Nine Months EndedSeptember 28, 2017

	Holdings			Spirit			Non-Guarantor Subsidiaries			Consolidating Adjustments		Total
Operating activities
Net cash provided by operating activities	$	—		$	525.7		$	98.9		$	—	$	624.6
Investing activities
Purchase of property, plant and equipment	—			(122.1		)	(16.6		)	—		(138.7		)
Proceeds from sale of assets	—			0.3			—			—		0.3
Net cash used in investing activities	—			(121.8		)	(16.6		)	—		(138.4		)
Financing activities
Principal payments of debt	—			(0.7		)	(1.6		)	—		(2.3		)
Payment on term loan	—			(12.5		)	—			—		(12.5		)
Proceeds (payments) from intercompany debt	—			65.1			(65.1		)	—		—
Taxes paid related to net share settlement of awards	—			(13.8		)	—			—		(13.8		)
Debt issuance and financing costs	—			(0.9		)	—			—		(0.9		)
Proceeds from financing under the New Markets Tax Credit Program	—			7.6			—			—		7.6
Proceeds (payments) from subsidiary for purchase of treasury stock	402.1			(402.1		)	—			—		—
Purchase of treasury stock	(402.1		)	—			—			—		(402.1		)
Change in restricted cash	—			(3.2		)	—			—		(3.2		)
Proceeds (payments) from subsidiary for dividends paid	35.7			(35.7		)	—			—		—
Dividends paid	(35.7		)				—			—		(35.7		)
Net cash used in financing activities	—			(396.2		)	(66.7		)	—		(462.9		)
Effect of exchange rate changes on cash and cash equivalents	—			—			5.6			—		5.6
Net increase in cash and cash equivalents for the period	—			7.7			21.2			—		28.9
Cash and cash equivalents, beginning of period	—			680.1			17.6			—		697.7
Cash and cash equivalents, end of period	$	—		$	687.8		$	38.8		$	—	$	726.6

Condensed Consolidating Statements of Cash Flows

For the Nine Months EndedSeptember 29, 2016

	Holdings			Spirit			Non-Guarantor Subsidiaries			Consolidating Adjustments		Total
Operating activities
Net cash provided by operating activities	$	—		$	481.3		$	93.1		$	—	$	574.4
Investing activities
Purchase of property, plant and equipment	—			(121.4		)	(35.4		)	—		(156.8		)
Proceeds from sale of assets	—			0.6			—			—		0.6
Other	—			0.4			(0.4		)	—		—
Net cash used in investing activities	—			(120.4		)	(35.8		)	—		(156.2		)
Financing activities
Proceeds from issuance of bonds	—			299.8			—			—		299.8
Principal payments of debt	—			(14.4		)	(2.3		)	—		(16.7		)
Payments on bonds	—			(300.0		)	—			—		(300.0		)
Excess tax benefits from share-based payment arrangements	—			(0.1		)	—			—		(0.1		)
Proceeds (payments) from intercompany debt	—			51.0			(51.0		)	—		—
Debt issuance and financing costs	—			(17.2		)	—			—		(17.2		)
Taxes paid related to net share settlement of awards	—			(15.2		)	—			—		(15.2		)
Proceeds (payments) from subsidiary for purchase of treasury stock	649.6			(649.6		)	—			—		—
Purchase of treasury stock	(649.6		)	—			—			—		(649.6		)
Net cash used in financing activities	—			(645.7		)	(53.3		)	—		(699.0		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(6.1		)	—		(6.1		)
Net decrease in cash and cash equivalents for the period	—			(284.8		)	(2.1		)	—		(286.9		)
Cash and cash equivalents, beginning of period	—			894.2			63.1			—		957.3
Cash and cash equivalents, end of period	$	—		$	609.4		$	61.0		$	—	$	670.4