Company: SPR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001364885-25-000011
Chunk: 79

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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 period ended September 26, 2024, the increase in contract assets reflects the net impact of more over time revenue recognition in relation to billed revenues during the period as well as the impact of changes implemented by Boeing in March 2024 to introduce a new product verification process in Wichita, KS. This change in business process delayed delivery acceptances and caused a buildup of undelivered units in Wichita, KS. The increase in contract liabilities reflects the net impact of more deferred revenues recorded in excess of revenue recognized during the period and was primarily driven by receipts in both the Commercial and Defense & Space segments related to funding for specific program expenditures. The Company recognized $41.3 of revenue that was included in the contract liability balance at the beginning of the period.

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Table of ContentsSpirit AeroSystems Holdings, Inc. Notes to the Condensed Consolidated Financial Statements (unaudited)(U.S. Dollars in millions other than per share amounts)

7.  Revenue Disaggregation and Outstanding Performance Obligations

Disaggregation of RevenueThe Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time, based upon the location where products and services are transferred to the customer, and based upon major customer. The Company’s principal operating segments and related revenue are noted in Note 23 Segment Information.The following tables show disaggregated revenues for the periods ended October 2, 2025, and September 26, 2024: For the Three Months EndedFor the NineMonths EndedRevenueOctober 2,2025September 26,2024October 2,2025September 26,2024Contracts with performance obligations satisfied over time$1,091.1 $1,057.6 $3,278.4 $3,392.8 Contracts with performance obligations satisfied at a point in time494.3 413.0 1,463.9 1,272.5 Total Revenue$1,585.4 $1,470.6 $4,742.3 $4,665.3 The following table disaggregates revenue by major customer:For the Three Months EndedFor the NineMonths EndedCustomerOctober 2,2025September 26,2024October 2,2025September 26,2024Boeing$951.7 $850.7 $2,802.0 $2,801.6 Airbus