Company: SPR
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037839
Chunk: 76

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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 3, 2025 and June 27, 2024, respectively. Repair and maintenance costs are expensed as incurred. The Company recognized repair and maintenance costs of $47.1 and $53.6 for the three months ended July 3, 2025 and June 27, 2024, respectively, and $93.7 and $97.7 for the six months ended July 3, 2025 and June 27, 2024, respectively. The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. Depreciation expense related to capitalized software was $1.4 and $4.6 for the three months ended July 3, 2025 and June 27, 2024, respectively, and $3.2 and $9.0 for the six months ended July 3, 2025 and June 27, 2024, respectively. 

The Company reviews capital and amortizing intangible assets (long-lived assets) for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the period ended July 3, 2025, there were no events which would require the Company to update its impairment analysis. The Company recorded $0.0 and $5.4 of fixed asset impairment charges during the three and six months ended July 3, 2025, respectively. The Company recorded no asset impairment charges during the six months ended June 27, 2024. For additional information on intangible asset impairment charges, see Note 11 Other Assets, Goodwill, and Intangible Assets. 

10. Leases

The Company determines if an arrangement is a lease at the inception of a signed agreement. Operating leases are included in right-of-use (“ROU”) assets (long-term), short-term operating lease liabilities, and long-term operating lease liabilities on the Company’s Condensed Consolidated Balance Sheets. Finance leases are included in Property, Plant and Equipment, current maturities of long-term debt, and long-term debt.ROU assets represent the right of the Company to use an underlying asset for the length of the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.To determine the present