Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 29, 2011

Condensed Consolidating Financial Information Tables [Abstract]

Condensed Consolidating Financial Information

Condensed Consolidating Statements of Operations
For the Three Months Ended September 29, 2011
		Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Net Revenues		$	-	$	1,014.6	$	9.4	$	130.2	$	(24.5)	$	1,129.7
Operating costs and expenses
Cost of sales			-		859.3		7.3		120.9		(24.5)		963.0
Selling, general and administrative			-		33.0		0.5		4.9		-		38.4
Research and development			-		7.6		-		0.2		-		7.8
	Total operating costs and expenses		-		899.9		7.8		126.0		(24.5)		1,009.2
	Operating income		-		114.7		1.6		4.2		-		120.5
Interest expense and financing fee amortization			-		(18.6)		-		(1.9)		1.5		(19.0)
Interest income			-		1.5		-		-		(1.5)		-
Other income (expense), net			-		1.1		-		(2.7)		-		(1.6)
	Income (loss) before income taxes and
	equity in net loss of affiliates		-		98.7		1.6		(0.4)		-		99.9
Income tax benefit (provision)			-		(28.0)		(0.6)		(3.8)		-		(32.4)
	Income (loss) before equity in net loss of affiliates		-		70.7		1.0		(4.2)		-		67.5
Equity in net income (loss) of affiliates			-		(0.3)		-		0.1		-		(0.2)
	Net income (loss)	$	-	$	70.4	$	1.0	$	(4.1)	$	-	$	67.3
Condensed Consolidating Statements of Operations
For the Three Months Ended September 30, 2010
		Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Net Revenues		$	-	$	911.6	$	0.5	$	111.7	$	(21.8)	$	1,002.0
Operating costs and expenses
Cost of sales			-		788.7		0.5		101.2		(21.9)		868.5
Selling, general and administrative			-		32.8		0.8		4.9		-		38.5
Research and development			-		11.9		-		0.7		-		12.6
	Total operating costs and expenses		-		833.4		1.3		106.8		(21.9)		919.6
	Operating income (loss)		-		78.2		(0.8)		4.9		0.1		82.4
Interest expense and financing fee amortization			-		(12.6)		-		(1.0)		0.8		(12.8)
Interest income			-		0.8		-		-		(0.8)		-
Other income, net			-		1.2		-		1.3		-		2.5
	Income (loss) before income taxes and
	equity in net loss of affiliates		-		67.6		(0.8)		5.2		0.1		72.1
Income tax benefit (provision)			-		(22.6)		0.3		(3.1)		-		(25.4)
	Income (loss) before equity in net loss of affiliates		-		45.0		(0.5)		2.1		0.1		46.7
Equity in net loss of affiliates			-		-		-		(0.3)		-		(0.3)
	Net income (loss)	$	-	$	45.0	$	(0.5)	$	1.8	$	0.1	$	46.4
Condensed Consolidating Statements of Operations
For the Nine Months Ended September 29, 2011
		Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Net Revenues		$	-	$	3,320.3	$	21.3	$	376.5	$	(73.2)	$	3,644.9
Operating costs and expenses
Cost of sales			-		2,953.6		16.8		348.4		(73.2)		3,245.6
Selling, general and administrative			-		102.2		1.9		14.4		-		118.5
Research and development			-		26.6		-		0.5		-		27.1
	Total operating costs and expenses		-		3,082.4		18.7		363.3		(73.2)		3,391.2
	Operating income		-		237.9		2.6		13.2		-		253.7
Interest expense and financing fee amortization			-		(60.6)		-		(5.0)		4.0		(61.6)
Interest income			-		4.2		-		-		(4.0)		0.2
Other income (expense), net			-		3.2		-		(3.2)		-		-
	Income before income taxes and
	equity in net loss of affiliates		-		184.7		2.6		5.0		-		192.3
Income tax benefit (provision)			-		(55.7)		(1.0)		(2.9)		-		(59.6)
	Income before equity in net loss of affiliates		-		129.0		1.6		2.1		-		132.7
Equity in net loss of affiliates			-		(0.4)		-		(0.3)		-		(0.7)
	Net income	$	-	$	128.6	$	1.6	$	1.8	$	-	$	132.0
Condensed Consolidating Statements of Operations
For the Nine Months Ended September 30, 2010
		Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Net Revenues		$	-	$	2,797.8	$	1.0	$	358.9	$	(56.4)	$	3,101.3
Operating costs and expenses
Cost of sales			-		2,420.3		1.0		324.4		(56.5)		2,689.2
Selling, general and administrative			-		100.3		2.7		12.9		-		115.9
Research and development			-		33.4		-		1.7		-		35.1
	Total operating costs and expenses		-		2,554.0		3.7		339.0		(56.5)		2,840.2
	Operating income (loss)		-		243.8		(2.7)		19.9		0.1		261.1
Interest expense and financing fee amortization			-		(40.1)		-		(3.0)		2.5		(40.6)
Interest income			-		2.7		-		-		(2.5)		0.2
Other income (expense), net			-		3.1		-		(3.4)		-		(0.3)
	Income (loss) before income taxes and
	equity in net loss of affiliates		-		209.5		(2.7)		13.5		0.1		220.4
Income tax benefit (provision)			-		(59.8)		1.0		(4.0)		-		(62.8)
	Income (loss) before equity in net loss of affiliates		-		149.7		(1.7)		9.5		0.1		157.6
Equity in net loss of affiliates			-		-		-		(0.6)		-		(0.6)
	Net income (loss)	$	-	$	149.7	$	(1.7)	$	8.9	$	0.1	$	157.0

Condensed Consolidating Balance Sheet
September 29, 2011
	Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Current assets
Cash and cash equivalents	$	-	$	89.8	$	-	$	48.5	$	-	$	138.3
Accounts receivable, net		-		367.7		6.6		133.0		(174.1)		333.2
Inventory, net		-		2,320.1		77.6		174.2		-		2,571.9
Deferred tax asset-current		-		63.3		-		1.3		-		64.6
Other current assets		-		31.6		0.3		2.0		-		33.9
Total current assets		-		2,872.5		84.5		359.0		(174.1)		3,141.9
Property, plant and equipment, net		-		1,053.0		323.3		166.1		-		1,542.4
Pension assets		-		186.0		-		5.5		-		191.5
Investment in subsidiary		-		279.9		-		-		(279.9)		-
Deferred tax asset- non-current, net		-		18.4		-		-		-		18.4
Other assets		-		332.4		80.0		31.6		(346.4)		97.6
Total assets	$	-	$	4,742.2	$	487.8	$	562.2	$	(800.4)	$	4,991.8
Current liabilities
Accounts payable	$	-	$	464.8	$	92.7	$	138.3	$	(174.1)	$	521.7
Accrued expenses		-		176.5		0.9		25.4		-		202.8
Profit sharing		-		31.1		-		2.1		-		33.2
Current portion of long-term debt		-		6.8		5.6		2.3		-		14.7
Advance payments, short-term		-		7.8		-		-		-		7.8
Deferred revenue, short-term		-		29.6		-		1.3		-		30.9
Deferred grant income liability - current		-		-		4.7		1.2		-		5.9
Other current liabilities		-		2.8		-		3.7		-		6.5
Total current liabilities		-		719.4		103.9		174.3		(174.1)		823.5
Long-term debt		-		1,160.7		80.0		215.3		(266.4)		1,189.6
Advance payments, long-term		-		658.1		-		-		-		658.1
Pension/OPEB obligation		-		77.6		-		-		-		77.6
Deferred grant income liability - non-current		-		-		90.3		33.5		-		123.8
Deferred revenue and other deferred credits		-		24.5		-		9.3		-		33.8
Other liabilities		-		188.4		-		21.6		(80.0)		130.0
Equity
Preferred stock, par value $0.01, 10,000,000 shares
authorized, no shares issued		-		-		-		-		-		-
Common stock, Class A par value $0.01, 200,000,000
shares authorized, 118,507,150 shares issued		-		1.2		-		-		-		1.2
Common stock, Class B par value $0.01, 150,000,000
shares authorized, 24,371,445 shares issued		-		0.2		-		-		-		0.2
Additional paid-in capital		-		993.3		210.7		69.2		(279.9)		993.3
Accumulated other comprehensive loss		-		(60.4)		-		(12.1)		-		(72.5)
Retained earnings		-		979.2		2.9		50.6		-		1,032.7
Total shareholders' equity		-		1,913.5		213.6		107.7		(279.9)		1,954.9
Noncontrolling interest		-		-		-		0.5		-		0.5
Total equity		-		1,913.5		213.6		108.2		(279.9)		1,955.4
Total liabilities and shareholders’ equity	$	-	$	4,742.2	$	487.8	$	562.2	$	(800.4)	$	4,991.8

Condensed Consolidating Balance Sheet
December 31, 2010
	Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Current assets
Cash and cash equivalents	$	-	$	416.1	$	-	$	65.5	$	-	$	481.6
Accounts receivable, net		-		180.6		6.6		96.4		(83.4)		200.2
Inventory, net		-		2,368.0		15.9		124.0		-		2,507.9
Deferred tax asset-current		-		46.7		-		0.9		-		47.6
Other current assets		-		55.0		-		2.4		-		57.4
Total current assets		-		3,066.4		22.5		289.2		(83.4)		3,294.7
Property, plant and equipment, net		-		1,018.0		302.0		150.0		-		1,470.0
Pension assets		-		169.5		-		2.9		-		172.4
Investment in subsidiary		-		279.9		-		-		(279.9)		-
Deferred tax asset- non-current, net		-		55.0		-		-		-		55.0
Other assets		-		285.4		80.0		34.7		(290.2)		109.9
Total assets	$	-	$	4,874.2	$	404.5	$	476.8	$	(653.5)	$	5,102.0
Current liabilities
Accounts payable	$	-	$	394.1	$	14.4	$	118.4	$	(83.4)	$	443.5
Accrued expenses		-		169.9		-		20.8		-		190.7
Profit sharing		-		26.6		-		2.3		-		28.9
Current portion of long-term debt		-		7.2		-		2.3		-		9.5
Advance payments, short-term		-		169.4		-		-		-		169.4
Deferred revenue, short-term		-		295.6		-		7.0		-		302.6
Deferred grant income liability - current		-		-		3.9		1.2		-		5.1
Other current liabilities		-		9.7		-		4.7		-		14.4
Total current liabilities		-		1,072.5		18.3		156.7		(83.4)		1,164.1
Long-term debt		-		1,157.3		80.0		160.2		(210.2)		1,187.3
Advance payments, long-term		-		655.2		-		-		-		655.2
Pension/OPEB obligation		-		72.5		-		-		-		72.5
Deferred grant income liability - non-current		-		-		94.2		34.2		-		128.4
Deferred revenue and other deferred credits		-		26.4		-		2.6		-		29.0
Other liabilities		-		116.8		-		17.8		(80.0)		54.6
Equity
Preferred stock, par value $0.01, 10,000,000 shares
authorized, no shares issued		-		-		-		-		-		-
Common stock, Class A par value $0.01, 200,000,000
shares authorized, 107,201,314 shares issued		-		1.1		-		-		-		1.1
Common stock, Class B par value $0.01, 150,000,000
shares authorized, 34,897,388 shares issued		-		0.3		-		-		-		0.3
Additional paid-in capital		-		983.6		210.7		69.2		(279.9)		983.6
Accumulated other comprehensive loss		-		(62.1)		-		(13.2)		-		(75.3)
Retained earnings		-		850.6		1.3		48.8		-		900.7
Total shareholders' equity		-		1,773.5		212.0		104.8		(279.9)		1,810.4
Noncontrolling interest		-		-		-		0.5		-		0.5
Total equity		-		1,773.5		212.0		105.3		(279.9)		1,810.9
Total liabilities and shareholders’ equity	$	-	$	4,874.2	$	404.5	$	476.8	$	(653.5)	$	5,102.0

Condensed Consolidating Statements of Cash Flows
For the Nine Months Ended September 29, 2011
			Holidngs		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Operating activities
		Net cash provided by (used in) operating activities	$	-	$	(162.6)	$	26.9	$	(40.1)	$	-	$	(175.8)
Investing activities
	Purchase of property, plant and equipment			-		(104.9)		(26.9)		(32.4)		-		(164.2)
	Proceeds from sale of assets			-		0.2		-		0.2		-		0.4
		Net cash (used in) investing activities		-		(104.7)		(26.9)		(32.2)		-		(163.8)
Financing activities
	Principal payments of debt			-		(4.0)		-		(1.3)		-		(5.3)
	Collection on (repayment of) intercompany debt			-		(56.2)		-		56.2		-		-
	Excess tax benefits from share-based payment arrangements			-		1.2		-		-		-		1.2
		Net cash provided by (used in) financing activities		-		(59.0)		-		54.9		-		(4.1)
	Effect of exchange rate changes on cash
	and cash equivalents			-		-		-		0.4		-		0.4
		Net (decrease) in cash and cash equivalents for the period		-		(326.3)		-		(17.0)		-		(343.3)
	Cash and cash equivalents, beginning of period			-		416.1		-		65.5		-		481.6
	Cash and cash equivalents, end of period		$	-	$	89.8	$	-	$	48.5	$	-	$	138.3

Condensed Consolidating Statements of Cash Flows
For the Nine Months Ended September 30, 2010
			Holdings		Spirit		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Operating activities
		Net cash (used in) operating activities	$	-	$	(213.0)	$	(8.9)	$	(17.1)	$	-	$	(239.0)
Investing activities
	Purchase of property, plant and equipment			-		(60.9)		(112.6)		(9.5)		-		(183.0)
	Proceeds from the sale of assets			-		0.1		-		0.2		-		0.3
	Investment in subsidiary			-		(124.9)		-		-		124.9		-
	Other			-		-		-		(0.8)		-		(0.8)
		Net cash provided by (used in) investing activities		-		(185.7)		(112.6)		(10.1)		124.9		(183.5)
Financing activities
	Proceeds from revolving credit facility			-		125.0		-		-		-		125.0
	Principal payments of debt			-		(7.7)		-		(0.3)		-		(8.0)
	Collection on (repayment of) intercompany debt			-		5.6		-		(5.6)		-		-
	Proceeds from parent company contribution			-		-		121.5		3.4		(124.9)		-
	Debt issuance and financing costs			-		(0.2)		-		-		-		(0.2)
	Excess tax benefits from share-based payment arrangements			-		4.9		-		-		-		4.9
		Net cash provided by (used in) financing activities		-		127.6		121.5		(2.5)		(124.9)		121.7
	Effect of exchange rate changes on cash
	and cash equivalents			-		-		-		(1.9)		-		(1.9)
		Net (decrease) in cash and cash equivalents for the period		-		(271.1)		-		(31.6)		-		(302.7)
	Cash and cash equivalents, beginning of period			-		317.1		-		51.9		-		369.0
	Cash and cash equivalents, end of period		$	-	$	46.0	$	-	$	20.3	$	-	$	66.3