Company: SPR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001628280-25-009088
Chunk: 13

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 13
---
 Industries, Inc. (“TAI”), and Latecoere S.A.

The Company continues to build a larger presence in the defense aerostructures market. The Company’s competition in defense aerostructures includes Boeing, Lockheed Martin, Northrop Grumman, Collins Aerospace, Leonardo, GKN, Triumph, BAE Systems, Albany Engineered Composites, Korea Aerospace Industries, and TAI.

10

Expected Backlog

As of December 31, 2024, our expected backlog associated with large commercial aircraft, business and regional jets, and military equipment deliveries, calculated based on contractual and historical product prices and expected delivery volumes, was approximately $46.6 billion, a decrease of $2.0 billion from our corresponding estimate as of December 31, 2023. The decrease is primarily driven by decreases to the expected backlog of the B737 and A220 programs. A significant majority of our backlog is on programs in our Commercial segment. The B737 program backlog is approximately 52% of our total backlog. The A320 program backlog is approximately 11% of our total backlog. Backlog is calculated based on Boeing’s and Airbus’ announced backlog on our supply agreements (which are based on orders from customers), and the number of units the Company is under contract to produce on our fixed quantity contracts. The number of units may be subject to cancellation or delay by the customer prior to shipment, depending on contractual terms. For example, our contract with Boeing for the B737 MAX program is a requirements contract, and Boeing can reduce the purchase volume at any time. The level of unfilled orders at any given date during the year may be materially affected by the timing of our receipt of firm orders and additional airplane orders, and the speed with which those orders are filled. Accordingly, our expected backlog as of December 31, 2024 may not necessarily represent the actual amount of deliveries or sales for any future period. For additional information on backlog, please see Item 1A. “Risk Factors – Risks Related to Our Industry and Overall Business – Our backlog is subject to change, potentially with short notice.”

Of our expected backlog of $46.6 billion as of December 31, 2024, approximately $130.5 million was attributable to FMI. See “Assets Held for Sale” under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of this annual report for additional information. 

Suppliers and Materials

The principal raw materials used in our manufacturing operations are aluminum