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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment and Geographical Information
The Company operates in three principal segments: Commercial, Defense & Space and Aftermarket. Approximately 80% of the Company’s net revenues for the twelve months ended December 31, 2024 came from the Company’s two largest customers, Boeing and Airbus. Boeing represents a substantial portion of the Company’s revenues across segments. Airbus also represents a substantial portion of revenues in the Commercial segment. The Company’s primary profitability measure to review a segment’s operating performance is segment operating income before corporate selling, general and administrative expenses, research and development and unallocated cost of sales.
Corporate selling, general and administrative expenses include centralized functions such as accounting, treasury and human resources that are not specifically related to the Company’s operating segments and are not allocated in measuring the operating segments’ profitability and performance and net profit margins. Research and development includes research and development efforts that benefit the Company as a whole and are not unique to a specific segment. All of these items are not specifically related to the Company’s operating segments and are not utilized in measuring the operating segments’ profitability and performance.

The Company’s Commercial segment includes design and manufacturing of forward, mid and rear fuselage sections and systems, struts/pylons, nacelles (including thrust reversers) and related engine structural components, wings and wing components (including flight control surfaces), as well as other miscellaneous structural parts for large commercial aircraft and/or business/regional jets. Sales from this segment are primarily to the aircraft OEMs or engine OEMs of large commercial aircraft and/or business/regional jet programs. Approximately 66%, 70%, and 65% of Commercial segment net revenues came from the Company’s contracts with Boeing for the twelve months ended December 31, 2024, 2023, and 2022, respectively. Approximately 27%, 23%, and 27% of Commercial segment net revenues came from the Company’s contracts with Airbus for the twelve months ended December 31, 2024, 2023, and 2022, respectively. The Commercial segment manufactures products at the Company’s facilities in Wichita, Kansas; Tulsa, Oklahoma; Kinston, North Carolina; Prestwick, Scotland; Casablanca, Morocco; Belfast, Northern Ireland; and Subang, Malaysia. The Commercial segment also includes an assembly plant for the A350 XWB aircraft in Saint-Nazaire, France.

The Company’s Defense & Space segment includes design and manufacturing of fuselage, strut, nacelle, and wing aerostructures (primarily) for U.S. Government defense programs, including Boeing P-8, C40, and KC-46 Tanker, which are commercial aircraft that are modified for military use. The segment also includes fabrication, bonding, assembly, testing tooling, processing, engineering analysis, and training on fixed wing aircraft aerostructures, missiles and hypersonics work, including solid rocket motor throats and nozzles and re-entry vehicle thermal protections systems, and forward cockpit and cabin, and fuselage work on rotorcraft aerostructures. Sales from this segment are primarily to the prime contractors on various U.S. Government defense program contracts for which the Company is a sub-contractor. A significant portion of the Defense & Space segment revenues are represented by defense business that is classified by the U.S. Government and cannot be specifically described. Approximately 22%, 34%, and 34% of Defense & Space segment net revenues came from the Company’s contracts with an individual customer for the twelve months ended December 31, 2024, 2023, and 2022, respectively. In addition, a customer accounted for approximately 28%, 26%, and 30% of Defense & Space segment net revenues for the twelve months ended December 31, 2024, 2023, and 2022, respectively. The Defense & Space segment manufactures products at the Company’s facilities in Wichita, KS; Tulsa, OK; Biddeford, ME; Woonsocket, RI; Belfast, Northern Ireland; and Prestwick, Scotland.

On November 17, 2024, the Company entered into a definitive agreement to sell our Fiber Materials, Inc. (“FMI”) business, a fully owned subsidiary of Spirit AeroSystems, Inc., for $165.0, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. FMI is located at the facilities in Biddeford, ME ad Woonsocket, RI and was included in the Defense & Space segment as of December 31, 2024. The transaction closed on January 13, 2025. For additional information, see Note 30, Acquisitions and Dispositions.

The Company’s Aftermarket segment includes design, manufacturing, and marketing of spare parts and maintenance, repair, and overhaul (“MRO”) services, repairs for flight control surfaces and nacelles, radome repairs, rotable assets, engineering services, and advanced composite repair. Approximately 54%, 47%, and 48% of Aftermarket segment net revenues came from the Company’s contracts with a single customer for the twelve months ended December 31, 2024, 2023, and 2022, respectively. The Aftermarket segment manufactures products at the Company's facilities in Wichita, KS; Tulsa, OK; Dallas, TX; Prestwick, Scotland; Casablanca, Morocco; and Belfast, Northern Ireland.

 The Company’s segments are consistent with the organization and responsibilities of management reporting to the chief executive officer, the chief operating decision-maker for the purpose of assessing performance. The chief operating decision maker uses both gross profit and segment operating income for each segment primarily in the evaluation of periodic performance and for the forecasting process. He considers forecast-to-actual variances on a quarterly basis for both measures when making decisions about the allocation of operating resources to each segment. The Company’s definition of segment operating income differs from Operating income as presented in its primary financial statements and a reconciliation of the segment and consolidated results is provided in the table set forth below.
 While some working capital accounts are maintained on a segment basis, much of the Company’s assets are not managed or maintained on a segment basis. Property, plant and equipment, including tooling, is used in the design and production of products for each of the segments and, therefore, is not allocated to any individual segment. In addition, cash, prepaid expenses, other assets, and deferred taxes are managed and maintained on a consolidated basis and generally do not pertain to any particular segment. Raw materials and certain component parts are used in aerostructure production across all segments. Work-in-process inventory is identifiable by segment, but is managed and evaluated at the program level. As there is no segmentation of the Company’s productive assets, depreciation expense (included in fixed manufacturing costs and selling, general and administrative expenses) and capital expenditures, no allocation of these amounts has been made solely for purposes of segment disclosure requirements.

The following tables show segment revenues, segment gross profit and segment operating income for the twelve months ended December 31, 2024, 2023 and 2022:

Twelve Months Ended December 31, 2024
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,927.4 $975.2 $414.0 $— $6,316.6 
Cost of sales
(6,263.3)(870.5)(358.7)— (7,492.5)
Excess capacity costs
(186.5)(10.0)— — (196.5)
Segment gross (loss) profit$(1,522.4)$94.7 $55.3 $— $(1,372.4)
Restructuring costs
(0.7)— — — (0.7)
Segment operating (loss) income (1)
$(1,523.1)$94.7 $55.3 $— $(1,373.1)
Selling, general and administrative
— — — (365.5)(365.5)
Research and development
— — — (47.5)(47.5)
Operating (loss) income$(1,523.1)$94.7 $55.3 $(413.0)$(1,786.1)
Interest expense and financing fee amortization
— — — (353.5)(353.5)
Other expense, net— — — (2.0)(2.0)
(Loss) income before income taxes and equity in net income of affiliates$(1,523.1)$94.7 $55.3 $(768.5)$(2,141.6)

Twelve Months Ended December 31, 2023
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,885.0 $789.0 $373.9 $— $6,047.9 
Cost of sales
(4,627.3)(736.4)(293.9)— (5,657.6)
Excess capacity costs
(177.3)(6.8)— — (184.1)
Segment gross profit$80.4 $45.8 $80.0 $— $206.2 
Restructuring costs
(6.3)(0.9)— — (7.2)
Other operating (expense) income (2)
(8.1)(0.2)2.4 — (5.9)
Segment operating income (1)
$66.0 $44.7 $82.4 $— $193.1 
Selling, general and administrative
— — — (281.9)(281.9)
Research and development
— — — (45.4)(45.4)
Operating income (loss)$66.0 $44.7 $82.4 $(327.3)$(134.2)
Interest expense and financing fee amortization
— — — (318.7)(318.7)
Other expense, net— — — (140.4)(140.4)
Income (loss) before income taxes and equity in net loss of affiliates$66.0 $44.7 $82.4 $(786.4)$(593.3)
Twelve Months Ended December 31, 2022
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,068.4 $649.8 $311.4 $— $5,029.6 
Cost of sales
(3,993.0)(571.5)(250.4)— (4,814.9)
Excess capacity costs
(149.5)(7.8)— — (157.3)
Other segment items (3)
(8.6)2.3 (2.5)— (8.8)
Segment gross (loss) profit$(82.7)$72.8 $58.5 $— $48.6 
Restructuring costs
(0.2)— — — (0.2)
Segment operating (loss) income (1)
$(82.9)$72.8 $58.5 $— $48.4 
Selling, general and administrative
— — — (279.2)(279.2)
Research and development
— — — (50.4)(50.4)
Operating (loss) income$(82.9)$72.8 $58.5 $(329.6)$(281.2)
Interest expense and financing fee amortization
— — — (244.1)(244.1)
Other expense, net— — — (14.1)(14.1)
(Loss) income before income taxes and equity in net loss of affiliates$(82.9)$72.8 $58.5 $(587.8)$(539.4)

(1)Inclusive of forward losses, changes in estimates on loss programs and cumulative catch-up adjustments. These changes in estimates for the periods ended December 31, 2024, 2023, and 2022 are further detailed in Note 6, Changes in Estimates.
(2)The twelve months ended December 31, 2023 includes charges of $8.1 and $0.2 related to the temporary production pause for the Commercial and Defense & Space Segments, respectively, and ($2.4) of benefit related to related to the settlement of a contingent consideration obligation related to a prior year acquisition for the Aftermarket Segment.
(3)The twelve months ended December 31, 2022 includes charges of $9.6 for workforce adjustments as a result of the COVID-19 production pause for the Commercial Segment, net of U.S. employee retention credit and U.K. government subsidies, $24.7 and $4.4 in relation to the suspension of activities in Russia for the Commercial and Aftermarket Segments, respectively, and net offsets of ($25.7), ($2.3), and ($1.9) for the Commercial, Defense & Space, and Aftermarket Segments, respectively, related to the AMJPP and other costs.

Most of the Company’s revenue is obtained from sales inside the U.S. However, the Company does generate international sales, primarily from sales to Airbus. The following chart illustrates the split between domestic and foreign revenues:

 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Revenue Source(1)
Net RevenuesPercent of
Total
Net Revenues		Net RevenuesPercent of
Total
Net Revenues		Net RevenuesPercent of
Total
Net Revenues
United States$4,811.0 76 %$4,667.1 77 %$3,814.5 76 %
International 
United Kingdom649.7 10 %582.5 10 %632.8 13 %
Other855.9 14 %798.3 13 %582.3 11 %
Total International1,505.6 24 %1,380.8 23 %1,215.1 24 %
Total Revenues$6,316.6 100 %$6,047.9 100 %$5,029.6 100 %

(1)Net Revenues are attributable to countries based on destination where goods are delivered.

As of December 31, 2024, most of the Company’s property, plant and equipment are located within the U.S. Approximately 18% of the Company’s property, plant and equipment based on book value are located in the U.K., with approximately another 5% of the Company’s total property, plant and equipment located in countries outside the U.S. and the U.K. The following chart illustrates the split between domestic and foreign assets:
 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Asset LocationTotal
PPE		Percent of
PPE		Total
PPE		Percent of
Total
PPE		Total
PPE		Percent of
Total
PPE
United States$1,497.7 77 %$1,605.0 77 %$1,708.2 78 %
International 
United Kingdom356.6 18 %384.0 18 %404.1 18 %
Other93.6 5 %95.2 5 %93.6 4 %
Total International450.2 23 %479.2 23 %497.7 22 %
Total Property, Plant & Equipment$1,947.9 100 %$2,084.2 100 %$2,205.9 100 %
.