Condensed Consolidating Financial Information (Tables)

3 Months Ended

Apr. 02, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Income Statement

Condensed Consolidating Statements of Operations

For the Three Months Ended April 2, 2020

	Holdings			Spirit			Spirit NC			Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Revenue	$	—		$	899.2		$	111.2		$	230.9		$	(164.0	)	$	1,077.3
Operating costs and expenses
Cost of sales	—			962.7			107.4			206.4			(164.0		)	1,112.5
Selling, general and administrative	3.5			68.1			0.8			5.0			—			77.4
Restructuring cost	—			42.6			—			—			—			42.6
Research and development	—			11.6			0.1			0.6			—			12.3
Total operating costs and expenses	3.5			1,085.0			108.3			212.0			(164.0		)	1,244.8
Operating (loss) income	(3.5		)	(185.8		)	2.9			18.9			—			(167.5		)
Interest expense and financing fee amortization	—			(32.1		)	—			(0.9		)	0.8			(32.2		)
Other (expense) income, net	—			(54.3		)	—			6.1			(0.8		)	(49.0		)
(Loss) income before income taxes and equity in net (loss) income of affiliate and subsidiaries	(3.5		)	(272.2		)	2.9			24.1			—			(248.7		)
Income tax benefit (provision)	1.2			90.3			(0.7		)	(3.6		)	—			87.2
(Loss) income before equity in net (loss) income of affiliate and subsidiaries	(2.3		)	(181.9		)	2.2			20.5			—			(161.5		)
Equity in net (loss) income of affiliate	—			—			—			(1.5		)	—			(1.5		)
Equity in net (loss) income of subsidiaries	(160.7		)	21.2			—			—			139.5			—
Net (loss) income	(163.0		)	(160.7		)	2.2			19.0			139.5			(163.0		)
Other comprehensive (loss) income	(141.7		)	(141.7		)	—			24.5			117.2			(141.7		)
Comprehensive (loss) income	$	(304.7	)	$	(302.4	)	$	2.2		$	43.5		$	256.7		$	(304.7	)

Condensed Consolidating Statements of Operations

For the Three Months Ended March 28, 2019

	Holdings			Spirit			Spirit NC		Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Revenue	$	—		$	1,765.2		116.4		$	256.8		$	(170.6	)	$	1,967.8
Operating costs and expenses
Cost of sales	—			1,500.3			112.7		215.9			(170.6		)	1,658.3
Selling, general and administrative	2.3			56.5			0.8		4.0			—			63.6
Research and development	—			11.4			0.4		1.1			—			12.9
Total operating costs and expenses	2.3			1,568.2			113.9		221.0			(170.6		)	1,734.8
Operating income (loss)	(2.3		)	197.0			2.5		35.8			—			233.0
Interest expense and financing fee amortization	—			(18.8		)	—		(1.0		)	1.0			(18.8		)
Other (expense) income, net	—			(8.4		)	—		(1.6		)	(1.0		)	(11.0		)
Income (loss) before income taxes and equity in net income of affiliate and subsidiaries	(2.3		)	169.8			2.5		33.2			—			203.2
Income tax (provision) benefit	0.5			(34.7		)	(0.6	)	(5.3		)	—			(40.1		)
Income (loss) before equity in net income of affiliate and subsidiaries	(1.8		)	135.1			1.9		27.9			—			163.1
Equity in net income of affiliate	—			—			—		—			—			—
Equity in net income of subsidiaries	164.9			29.8			—		—			(194.7		)	—
Net income	163.1			164.9			1.9		27.9			(194.7		)	163.1
Other comprehensive income (loss)	10.0			10.0			—		10.4			(20.4		)	10.0
Comprehensive income (loss)	$	173.1		$	174.9		1.9		$	38.3		$	(215.1	)	$	173.1

Condensed Balance Sheet

Condensed Consolidating Balance Sheet

April 2, 2020

	Holdings		Spirit		Spirit NC		Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets
Cash and cash equivalents	$	—	$	1,717.0	$	—	$	116.6	$	—		$	1,833.6
Restricted cash	—		0.3		—		—		—			0.3
Accounts receivable, net	—		480.1		52.6		301.2		(325.3		)	508.6
Contract assets, short-term	—		328.2		—		52.7		—			380.9
Inventory, net	—		832.8		145.0		190.9		—			1,168.7
Other current assets	—		129.7		—		4.3		—			134.0
Total current assets	—		3,488.1		197.6		665.7		(325.3		)	4,026.1
Property, plant and equipment, net	—		1,773.9		295.7		183.6		—			2,253.2
Right of use assets	—		40.0		7.3		0.2		—			47.5
Contract assets, long-term	—		3.6		—		6.8		—			10.4
Pension assets, net	—		259.0		—		23.6		—			282.6
Deferred income taxes	—		192.4		—		0.2		—			192.6
Goodwill	—		76.2		—		2.3		—			78.5
Intangible assets, net	—		30.6		—		—		—			30.6
Investment in subsidiary	1,456.4		821.0		—		—		(2,277.4		)	—
Other assets	—		152.7		—		113.7		(186.8		)	79.6
Total assets	$	1,456.4	$	6,837.5	$	500.6	$	996.1	$	(2,789.5	)	$	7,001.1
Liabilities
Accounts payable	$	—	$	660.4	$	225.6	$	180.0	$	(325.3	)	$	740.7
Accrued expenses	—		251.0		1.1		34.0		—			286.1
Profit sharing	—		15.4		—		2.2		—			17.6
Current portion of long-term debt	—		50.8		0.2		1.7		—			52.7
Operating lease liabilities, short-term	—		5.3		0.6		—		—			5.9
Advance payments, short-term	—		17.8		—		—		—			17.8
Contract liabilities, short-term	—		166.9		—		—		—			166.9
Forward loss provision, long-term	—		91.5		—		—		—			91.5
Deferred revenue and other deferred credits, short-term	—		17.6		—		0.3		—			17.9
Other current liabilities	—		27.2		—		9.8		—			37.0
Total current liabilities	—		1,303.9		227.5		228.0		(325.3		)	1,434.1
Long-term debt	—		2,968.9		0.8		94.7		(86.2		)	2,978.2
Operating lease liabilities, long-term	—		34.9		6.7		0.1		—			41.7
Advance payments, long-term	—		327.3		—		—		—			327.3
Pension/OPEB obligation	—		50.9		—		—		—			50.9
Contract liabilities, long-term	—		388.9		—		—		—			388.9
Forward loss provision, long-term	—		146.9		—		—		—			146.9
Deferred grant income liability - non-current	—		9.1		—		18.3		—			27.4
Deferred revenue and other deferred credits	—		31.4		—		5.4		—			36.8
Deferred income taxes	—		—		—		8.2		—			8.2
Other liabilities	—		199.0		—		5.9		(100.6		)	104.3
Total equity	1,456.4		1,376.3		265.6		635.5		(2,277.4		)	1,456.4
Total liabilities and stockholders’ equity	$	1,456.4	$	6,837.5	$	500.6	$	996.1	$	(2,789.5	)	$	7,001.1

Condensed Consolidating Balance Sheet

December 31, 2019

	Holdings		Spirit		Spirit NC		Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets
Cash and cash equivalents	$	—	$	2,193.3	$	—	$	157.2	$	—		$	2,350.5
Restricted cash	—		0.3		—		—		—			0.3
Accounts receivable, net	—		565.4		50.5		250.7		(320.2		)	546.4
Inventory, net	—		786.8		136.8		195.2		—			1,118.8
Contract assets, short-term	—		458.8		—		69.5		—			528.3
Other current assets	—		93.5		—		5.2		—			98.7
Total current assets	—		4,098.1		187.3		677.8		(320.2		)	4,643.0
Property, plant and equipment, net	—		1,773.0		306.3		192.4		—			2,271.7
Right of use assets	—		41.2		7.5		0.2		—			48.9
Contract assets, long-term	—		6.4		—		—		—			6.4
Pension assets, net	—		424.2		—		24.9		—			449.1
Deferred income taxes	—		106.3		—		0.2		—			106.5
Goodwill	—		—		—		2.4		—			2.4
Intangible assets, net	—		1.2		—		—		—			1.2
Investment in subsidiary	1,761.9		838.4		—		—		(2,600.3		)	—
Other assets	—		147.6		—		116.0		(186.8		)	76.8
Total assets	$	1,761.9	$	7,436.4	$	501.1	$	1,013.9	$	(3,107.3	)	$	7,606.0
Liabilities
Accounts payable	$	—	$	977.1	$	226.3	$	175.1	$	(320.2	)	$	1,058.3
Accrued expenses	—		210.0		0.8		29.4		—			240.2
Profit sharing	—		76.9		—		7.6		—			84.5
Current portion of long-term debt	—		48.4		0.2		1.6		—			50.2
Operating lease liabilities, short-term	—		5.3		0.6		0.1		—			6.0
Advance payments, short-term	—		21.6		—		—		—			21.6
Contract liabilities, short-term	—		158.3		—		—		—			158.3
Forward loss provision, long-term	—		83.9		—		—		—			83.9
Deferred revenue and other deferred credits, short-term	—		14.5		—		0.3		—			14.8
Other current liabilities	—		29.3		2.1		11.5		—			42.9
Total current liabilities	—		1,625.3		230.0		225.6		(320.2		)	1,760.7
Long-term debt	—		2,974.7		0.9		94.7		(86.2		)	2,984.1
Operating lease liabilities, long-term	—		36.0		6.9		0.1		—			43.0
Advance payments, long-term	—		333.3		—		—		—			333.3
Pension/OPEB obligation	—		35.7		—		—		—			35.7
Contract liabilities, long-term	—		356.3		—		—		—			356.3
Forward loss provision, long-term	—		163.5		—		—		—			163.5
Deferred grant income liability - non-current	—		9.2		—		19.8		—			29.0
Deferred revenue and other deferred credits	—		30.4		—		4.0		—			34.4
Deferred income taxes	—		—		—		8.3		—			8.3
Other liabilities	—		190.1		—		6.3		(100.6		)	95.8
Total equity	1,761.9		1,681.9		263.3		655.1		(2,600.3		)	1,761.9
Total liabilities and stockholders’ equity	$	1,761.9	$	7,436.4	$	501.1	$	1,013.9	$	(3,107.3	)	$	7,606.0

Condensed Cash Flow Statement

	Holdings		Spirit		Spirit NC		Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets
Cash and cash equivalents	$	—	$	2,193.3	$	—	$	157.2	$	—		$	2,350.5
Restricted cash	—		0.3		—		—		—			0.3
Accounts receivable, net	—		565.4		50.5		250.7		(320.2		)	546.4
Inventory, net	—		786.8		136.8		195.2		—			1,118.8
Contract assets, short-term	—		458.8		—		69.5		—			528.3
Other current assets	—		93.5		—		5.2		—			98.7
Total current assets	—		4,098.1		187.3		677.8		(320.2		)	4,643.0
Property, plant and equipment, net	—		1,773.0		306.3		192.4		—			2,271.7
Right of use assets	—		41.2		7.5		0.2		—			48.9
Contract assets, long-term	—		6.4		—		—		—			6.4
Pension assets, net	—		424.2		—		24.9		—			449.1
Deferred income taxes	—		106.3		—		0.2		—			106.5
Goodwill	—		—		—		2.4		—			2.4
Intangible assets, net	—		1.2		—		—		—			1.2
Investment in subsidiary	1,761.9		838.4		—		—		(2,600.3		)	—
Other assets	—		147.6		—		116.0		(186.8		)	76.8
Total assets	$	1,761.9	$	7,436.4	$	501.1	$	1,013.9	$	(3,107.3	)	$	7,606.0
Liabilities
Accounts payable	$	—	$	977.1	$	226.3	$	175.1	$	(320.2	)	$	1,058.3
Accrued expenses	—		210.0		0.8		29.4		—			240.2
Profit sharing	—		76.9		—		7.6		—			84.5
Current portion of long-term debt	—		48.4		0.2		1.6		—			50.2
Operating lease liabilities, short-term	—		5.3		0.6		0.1		—			6.0
Advance payments, short-term	—		21.6		—		—		—			21.6
Contract liabilities, short-term	—		158.3		—		—		—			158.3
Forward loss provision, long-term	—		83.9		—		—		—			83.9
Deferred revenue and other deferred credits, short-term	—		14.5		—		0.3		—			14.8
Other current liabilities	—		29.3		2.1		11.5		—			42.9
Total current liabilities	—		1,625.3		230.0		225.6		(320.2		)	1,760.7
Long-term debt	—		2,974.7		0.9		94.7		(86.2		)	2,984.1
Operating lease liabilities, long-term	—		36.0		6.9		0.1		—			43.0
Advance payments, long-term	—		333.3		—		—		—			333.3
Pension/OPEB obligation	—		35.7		—		—		—			35.7
Contract liabilities, long-term	—		356.3		—		—		—			356.3
Forward loss provision, long-term	—		163.5		—		—		—			163.5
Deferred grant income liability - non-current	—		9.2		—		19.8		—			29.0
Deferred revenue and other deferred credits	—		30.4		—		4.0		—			34.4
Deferred income taxes	—		—		—		8.3		—			8.3
Other liabilities	—		190.1		—		6.3		(100.6		)	95.8
Total equity	1,761.9		1,681.9		263.3		655.1		(2,600.3		)	1,761.9
Total liabilities and stockholders’ equity	$	1,761.9	$	7,436.4	$	501.1	$	1,013.9	$	(3,107.3	)	$	7,606.0

Condensed Consolidating Statements of Cash Flows

For the Three Months Ended April 2, 2020

	Holdings			Spirit			Spirit NC			Non-Guarantor Subsidiaries			Consolidating Adjustments		Total
Operating activities
Net cash used in operating activities	$	—		$	(312.5	)	$	9.8		$	(28.6	)			$	(331.3	)
Investing activities
Purchase of property, plant and equipment	—			(23.4		)	(0.4		)	(7.2		)	—		(31.0		)
Acquisition, net of cash acquired	—			(118.1		)	—			—			—		(118.1		)
Other	—			0.3			—			1.5			—		1.8
Net cash used in investing activities	—			(141.2		)	(0.4		)	(5.7		)	—		(147.3		)
Financing activities
Customer financing	—			10.0			—			—			—		10.0
Principal payments of debt	—			(7.0		)	—			(0.3		)	—		(7.3		)
Payments on term loan	—			(5.7		)	—			—			—		(5.7		)
Proceeds (payments) from intercompany debt	—			9.1			(9.4		)	0.3			—		—
Taxes paid related to net share settlement of awards	—			(13.1		)	—			—			—		(13.1		)
Proceeds (payments) from subsidiary for dividends paid	12.4			(12.4		)	—			—			—		—
Dividends Paid	(12.4		)	—			—			—			—		(12.4		)
Proceeds from issuance of ESPP stock	—			1.3			—			—			—		1.3
Debt issuance costs	—			(4.8		)	—			—			—		(4.8		)
Net cash provided by (used in) financing activities	—			(22.6		)	(9.4		)	—			—		(32.0		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(6.2		)			(6.2		)
Net decrease in cash and cash equivalents for the period	—			(476.3		)	—			(40.5		)	—		(516.8		)
Cash, cash equivalents, and restricted cash, beginning of period	—			2,210.0			—			157.2			—		2,367.2
Cash, cash equivalents, and restricted cash, end of period	$	—		$	1,733.7		$	—		$	116.7		$	—	$	1,850.4

Condensed Consolidating Statements of Cash Flows

For the Three Months Ended March 28, 2019

	Holdings			Spirit			Spirit NC			Non-Guarantor Subsidiaries			Consolidating Adjustments		Total
Operating activities
Net cash provided by operating activities	$	—		$	197.4		$	3.3		$	41.5		$	—	$	242.2
Investing activities
Purchase of property, plant and equipment	—			(29.3		)	(3.3		)	(8.2		)	—		(40.8		)
Acquisition, net of cash acquired	—			—			—			—			—		—
Other	—			0.1			—			—			—		0.1
Net cash used in investing activities	—			(29.2		)	(3.3		)	(8.2		)	—		(40.7		)
Financing activities
Proceeds from issuance of debt	—			250.0			—			—			—		250.0
Proceeds from revolving credit facility	—			100.0			—			—			—		100.0
Principal payments of debt	—			(2.4		)	—			(0.2		)	—		(2.6		)
Proceeds (payments) from intercompany debt	—			34.0			—			(34.0		)	—		—
Taxes paid related to net share settlement of awards	—			(10.0		)	—			—			—		(10.0		)
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	12.7			(12.7		)	—			—			—		—
Dividends Paid	(12.7		)	—			—			—			—		(12.7		)
Net cash provided by (used in) financing activities	—			283.9			—			(34.2		)	—		249.7
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(0.3		)	—		(0.3		)
Net increase (decrease) in cash and cash equivalents for the period	—			452.1			—			(1.2		)	—		450.9
Cash, cash equivalents, and restricted cash, beginning of period	—			725.5			—			68.6			—		794.1
Cash, cash equivalents, and restricted cash, end of period	—			1,177.6			—			67.4			—		1,245.0