Company: SPR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001364885-25-000011
Chunk: 170

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 170
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 inflow of $258.8 million, compared to a net cash inflow of $764.8 million for the same period in the prior year. The decrease in net cash inflow was primarily driven by the prior borrowing of $350 million under the Bridge Credit Agreement partially offset by higher receipts from customer financing as compared to prior year. During the nine month periods ended October 2, 2025 and September 26, 2024, we did not pay any dividends. There were no repurchases of Holdings Common Stock under our share repurchase program during either the nine months ended October 2, 2025 or September 26, 2024. 

Pension and Other Post-Retirement Benefit Obligations

 Effective October 1, 2021, we spun off a portion of the existing Pension Value Plan (“PVP A”), to a new plan called PVP B (“PVP B”). As part of the PVP B plan termination process, a lump sum offering was provided during 2021 for PVP B participants and the final asset distribution was completed in the first quarter of 2022. At October 2, 2025 and December 31, 2023, an excess pension plan asset reversion of $6.4 million and $41.2 million, respectively, is recorded on the Restricted plan assets line item on the Company’s Condensed Consolidated Balance Sheets. Restricted plan assets are expected to be reduced over four years as they are distributed to employees under a qualified benefit program. 

Separately, during the nine months ended September 28, 2023, we received an excess plan asset reversion of $179.5 million of cash from PVP A. This transaction was accounted for as a negative contribution and is included on the Pension plans employer contributions line item on the Consolidated Statements of Cash Flows for the nine months ended September 28, 2023. Excise tax of $35.9 million related to the reversion of excess plan assets was separately recorded to the Other income (expense), net line item on the Consolidated Statements of Operations for the nine months ended September 28, 2023. See also Note 21 Other Income (Expense), Net to our condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report for more information.

As disclosed in the Company’s 2022 Form 10-K, in July 2022, the Company adopted and communicated to participants a plan to terminate PVP A. In the