Acquisitions (Notes)

12 Months Ended

Dec. 31, 2024

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

Acquisitions and Dispositions

Acquisitions

T.E.A.M., Inc.

On November 23, 2022, Spirit AeroSystems Textiles, LLC (“Spirit Textiles”), a fully owned subsidiary of Spirit AeroSystems, Inc. closed its purchase of substantially all of the assets and all of the liabilities of T.E.A.M., Inc., a Rhode Island corporation, which is engaged in the business of manufacturing and engineering textiles, composites, and textile and composite products, for cash consideration of $31.3. The acquisition was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. The purchase price has been allocated among assets acquired and liabilities assumed at fair value based on information currently available, with the excess purchase price recorded as goodwill, which is fully allocated to the Defense & Space segment. As of December 31, 2022, the Company had preliminarily concluded, but not finalized, its

assessment and purchase price allocation of the acquisition. The final fair value determination is subject to a contractual post-closing working capital true-up, which the Company concluded in the first quarter of 2023. The final purchase price allocation resulted in $0.6 adjustments to the assets acquired and the liabilities assumed that were recorded as of the acquisition date, which were included in the Consolidated Balance Sheet as of December 31, 2022. The adjusted assets acquired and the liabilities assumed included $8.3 of property, plant and equipment, $1.7 of working capital, $13.5 of intangible assets and $7.7 allocated to goodwill, which is expected to be deductible for tax purposes. Operating income is immaterial and reported within the Defense & Space segment.

There were no acquisition-related expenses for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

Dispositions

Fiber Materials, Inc.

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. which operated in the Company’s Defense & Space segment, for $165.0, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. The transaction closed on January 13, 2025.

The carrying amounts of the assets and liabilities of FMI classified as held for sale in our Consolidated Balance Sheets as of December 31, 2024 were as follows:


	December 31, 2024
	($ in millions)
Assets
Accounts receivable, net	$	9.8
Contract assets, short-term	24.6
Inventory, net	7.3
Other current assets	1.3
Property, plant and equipment, net	22.6
Right of use assets	2.4
Goodwill	1.1
Intangible assets, net	31.5

Total assets held for sale	$	100.6
Liabilities
Accounts payable	$	1.2
Accrued expenses	3.5
Profit sharing	2.2
Operating lease liabilities, short-term	0.2
Contract liabilities, short-term	6.4
Operating lease liabilities, long-term	2.3
Deferred income taxes	3.0
Total liabilities held for sale	$	18.8

T.E.A.M., Inc. Acquisition

T.E.A.M., Inc.

There were no acquisition-related expenses for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

FMI disposition text block

Fiber Materials, Inc.

The carrying amounts of the assets and liabilities of FMI classified as held for sale in our Consolidated Balance Sheets as of December 31, 2024 were as follows:


	December 31, 2024
	($ in millions)
Assets
Accounts receivable, net	$	9.8
Contract assets, short-term	24.6
Inventory, net	7.3
Other current assets	1.3
Property, plant and equipment, net	22.6
Right of use assets	2.4
Goodwill	1.1
Intangible assets, net	31.5

Total assets held for sale	$	100.6
Liabilities
Accounts payable	$	1.2
Accrued expenses	3.5
Profit sharing	2.2
Operating lease liabilities, short-term	0.2
Contract liabilities, short-term	6.4
Operating lease liabilities, long-term	2.3
Deferred income taxes	3.0
Total liabilities held for sale	$	18.8