Condensed Consolidating Financial Information (Tables)

9 Months Ended

Oct. 01, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Income Statement

Condensed Consolidating Statements of Operations

For the Three Months Ended October 1, 2020

	Holdings		Spirit		Spirit NC		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenue	$	—	$	705.5	$	56.7	$	130.0	$	(85.9)	$	806.3
Operating costs and expenses
Cost of sales	—		812.0		54.7		122.6		(85.9)		903.4
Selling, general and administrative	3.3		43.8		0.7		5.0		—		52.8
Restructuring cost	—		10.9		0.2		8.4		—		19.5
Research and development	—		6.2		0.1		1.2		—		7.5
Loss on disposal of assets	—		—		—		—		—		—
Total operating costs and expenses	3.3		872.9		55.7		137.2		(85.9)		983.2
Operating (loss) income	(3.3)		(167.4)		1.0		(7.2)		—		(176.9)
Interest expense and financing fee amortization	—		(53.0)		—		(0.4)		0.4		(53.0)
Other (expense) income, net	—		(6.2)		(0.1)		(3.3)		(0.4)		(10.0)
(Loss) income before income taxes and equity in net (loss) income of affiliate and subsidiaries	(3.3)		(226.6)		0.9		(10.9)		—		(239.9)
Income tax benefit (provision)	1.2		82.8		(0.2)		1.4		—		85.2
(Loss) income before equity in net (loss) income of affiliate and subsidiaries	(2.1)		(143.8)		0.7		(9.5)		—		(154.7)
Equity in net (loss) income of affiliate	—		—		—		(0.8)		—		(0.8)
Equity in net (loss) income of subsidiaries	(153.4)		(9.6)		—		—		163.0		—
Net (loss) income	(155.5)		(153.4)		0.7		(10.3)		163.0		(155.5)
Other comprehensive (loss) income	51.7		51.7		—		18.7		(70.4)		51.7
Comprehensive (loss) income	$	(103.8)	$	(101.7)	$	0.7	$	8.4	$	92.6	$	(103.8)

Condensed Consolidating Statements of Operations

For the Three Months Ended September 26, 2019

	Holdings		Spirit		Spirit NC		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenue	$	—	$	1,747.5	96.4		$	218.3	$	(142.3)	$	1,919.9
Operating costs and expenses
Cost of sales	—		1,511.6		93.3		185.0		(142.3)		1,647.6
Selling, general and administrative	2.6		46.4		0.7		3.9		—		53.6
Research and development	—		11.0		0.2		1.4		—		12.6
Total operating costs and expenses	2.6		1,569.0		94.2		190.3		(142.3)		1,713.8
Operating income (loss)	(2.6)		178.5		2.2		28.0		—		206.1
Interest expense and financing fee amortization	—		(23.6)		—		(0.9)		0.9		(23.6)
Other income (expense), net	—		(12.1)		—		3.5		(0.9)		(9.5)
Income (loss) before income taxes and equity in net income of affiliate and subsidiaries	(2.6)		142.8		2.2		30.6		—		173.0
Income tax (provision) benefit	0.6		(36.9)		(0.5)		(4.9)		—		(41.7)
Income (loss) before equity in net income of affiliate and subsidiaries	(2.0)		105.9		1.7		25.7		—		131.3
Equity in net income of affiliate	—		—		—		—		—		—
Equity in net income (loss) of subsidiaries	133.3		27.4		—		—		(160.7)		—
Net income	131.3		133.3		1.7		25.7		(160.7)		131.3
Other comprehensive income (loss)	21.5		21.5		—		(13.9)		(7.6)		21.5
Comprehensive income (loss)	$	152.8	$	154.8	$	1.7	$	11.8	$	(168.3)	$	152.8

Condensed Balance Sheet

Condensed Consolidating Balance Sheet

October 1, 2020

	Holdings		Spirit		Spirit NC		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Assets
Cash and cash equivalents	$	—	$	1,258.7	$	—	$	182.6	$	—	$	1,441.3
Restricted cash	—		1.3		—		—		—		1.3
Accounts receivable, net	—		517.9		66.1		182.4		(377.6)		388.8
Contract assets, short-term	—		279.0		—		54.6		—		333.6
Inventory, net	—		816.1		161.8		205.4		—		1,183.3
Other current assets	—		251.9		—		7.7		—		259.6
Total current assets	—		3,124.9		227.9		632.7		(377.6)		3,607.9
Property, plant and equipment, net	—		1,683.6		273.8		190.0		—		2,147.4
Right of use assets	—		37.3		7.0		0.1		—		44.4
Contract assets, long-term	—		4.1		—		—		—		4.1
Pension assets, net	—		378.9		—		25.3		—		404.2
Deferred income taxes	—		136.6		—		0.1		—		136.7
Goodwill	—		76.0		—		2.4		—		78.4
Intangible assets, net	—		29.5		—		—		—		29.5
Investment in subsidiary	1,172.0		818.8		—		—		(1,990.8)		—
Other assets	—		226.1		—		112.5		(186.8)		151.8
Total assets	$	1,172.0	$	6,515.8	$	508.7	$	963.1	$	(2,555.2)	$	6,604.4
Liabilities
Accounts payable	$	—	$	503.5	$	234.8	$	122.7	$	(377.9)	$	483.1
Accrued expenses	—		240.9		1.7		46.9		0.3		289.8
Profit sharing	—		33.9		—		4.2		—		38.1
Current portion of long-term debt	—		333.5		0.2		1.8		—		335.5
Operating lease liabilities, short-term	—		4.9		0.6		—		—		5.5
Advance payments, short-term	—		20.1		—		—		—		20.1
Contract liabilities, short-term	—		100.9		—		—		—		100.9
Forward loss provision, long-term	—		163.4		—		6.5		—		169.9
Deferred revenue and other deferred credits, short-term	—		15.4		—		0.3		—		15.7
Other current liabilities	—		25.6		—		12.1		—		37.7
Total current liabilities	—		1,442.1		237.3		194.5		(377.6)		1,496.3
Long-term debt	—		2,650.2		0.6		94.4		(86.2)		2,659.0
Operating lease liabilities, long-term	—		32.7		6.4		—		—		39.1
Advance payments, long-term	—		325.0		—		—		—		325.0
Pension/OPEB obligation	—		47.0		—		—		—		47.0
Contract liabilities, long-term	—		371.7		—		—		—		371.7
Forward loss provision, long-term	—		303.8		—		—		—		303.8
Deferred grant income liability - non-current	—		8.9		—		18.5		—		27.4
Deferred revenue and other deferred credits	—		28.2		—		5.4		—		33.6
Deferred income taxes	—		—		—		10.0		—		10.0
Other liabilities	—		214.2		—		5.9		(100.6)		119.5
Total equity	1,172.0		1,092.0		264.4		634.4		(1,990.8)		1,172.0
Total liabilities and stockholders’ equity	$	1,172.0	$	6,515.8	$	508.7	$	963.1	$	(2,555.2)	$	6,604.4

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 Nine Months Ended October 1, 2020

	Holdings		Spirit		Spirit NC		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Operating activities
Net cash used in operating activities	$	—	$	(634.9)	$	(16.2)	$	38.3	$	—	$	(612.8)
Investing activities
Purchase of property, plant and equipment	—		(53.4)		(1.3)		(15.7)		—		(70.4)
Acquisition, net of cash acquired	—		(117.9)		—		—		—		(117.9)
Other	—		0.4		—		4.5		—		4.9
Net cash used in investing activities	—		(170.9)		(1.3)		(11.2)		—		(183.4)
Financing activities
Proceeds from issuance of debt	—		1,200.0		—		—		—		1,200.0
Proceeds from revolving credit facility	—		—		—		—		—		—
Customer financing	—		10.0		—		—		—		10.0
Principal payments of debt	—		(21.2)		(0.2)		(1.3)		—		(22.7)
Payments on term loans	—		(439.7)		—		—		—		(439.7)
Payments on revolving credit facility	—		(800.0)		—		—		—		(800.0)
Proceeds (payments) from intercompany debt	—		(20.9)		17.7		3.2		—		—
Taxes paid related to net share settlement of awards	—		(14.0)		—		—		—		(14.0)
Proceeds (payments) from subsidiary for purchase of treasury stock	(0.1)		0.1		—		—		—		—
Purchase of treasury stock	0.1		—		—		—		—		0.1
Proceeds (payments) from subsidiary for dividends paid	14.4		(14.4)		—		—		—		—
Dividends paid	(14.4)		—		—		—		—		(14.4)
Proceeds from issuance of ESPP stock	—		2.6		—		—		—		2.6
Debt issuance costs	—		(27.6)		—		—		—		(27.6)
Other			—		—		0.1		—		0.1
Net cash (used in) provided by financing activities	—		(125.1)		17.5		2.0		—		(105.6)
Effect of exchange rate changes on cash and cash equivalents	—		0.5		—		(3.8)		—		(3.3)
Net (decrease) increase in cash and cash equivalents for the period	—		(930.4)		—		25.3		—		(905.1)
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	$	—	$	1,279.6	$	—	$	182.5	$	—	$	1,462.1

Condensed Consolidating Statements of Cash Flows

For the Nine Months Ended September 26, 2019

	Holdings		Spirit		Spirit NC		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Operating activities
Net cash provided by operating activities	$	—	$	571.3	$	53.3	$	94.0	$	—	$	718.6
Investing activities
Purchase of property, plant and equipment	—		(94.0)		(7.7)		(17.1)		—		(118.8)
Other	—		0.1		—		—		—		0.1
Net cash used in investing activities	—		(93.9)		(7.7)		(17.1)		—		(118.7)
Financing activities
Proceeds from issuance of debt	—		250.0		—		—		—		250.0
Proceeds from revolving credit facility	—		100.0		—		—		—		100.0
Principal payments of debt	—		(7.8)		(0.2)		(0.5)		—		(8.5)
Payments on term loans	—		(5.2)		—		—		—		(5.2)
Payments on revolving credit facility	—		(100.0)		—		—		—		(100.0)
Proceeds (payments) from intercompany debt	—		56.1		(45.4)		(10.7)		—		—
Taxes paid related to net share settlement of awards	—		(12.1)		—		—		—		(12.1)
Proceeds (payments) from subsidiary for dividends paid	37.8		(37.6)		—		(0.2)		—		—
Dividends paid	(37.8)		—		—		—		—		(37.8)
Proceeds (payments) from subsidiary for purchase of treasury stock	75.0		(75.0)		—		—		—		—
Purchase of treasury stock	(75.0)		—		—		—		—		(75.0)
Proceeds from issuance of ESPP stock	—		1.3		—		—		—		1.3
Other	—		0.8		—		—		—		0.8
Net cash provided by (used in) financing activities	—		170.5		(45.6)		(11.4)		—		113.5
Effect of exchange rate changes on cash and cash equivalents	—		(13.2)		—		(0.3)				(13.5)
Net increase in cash and cash equivalents for the period	—		634.7		—		65.2		—		699.9
Cash, cash equivalents, and restricted cash, beginning of period	—		725.5		—		68.6		—		794.1
Cash, cash equivalents, and restricted cash, end of period	—		1,360.2		—		133.8		—		1,494.0