Company: SPR
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037839
Chunk: 75

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 that have not been issued to production on contracts for which revenue is recognized over time using an input method. For the periods ended July 3, 2025 and December 31, 2024, work-in-process inventory includes $508.1 and $491.8, respectively, of costs incurred in anticipation of specific contracts and no impairments were recorded in the periods.Product inventory, summarized in the table above, is shown net of valuation reserves of $152.9 and $161.5 as of July 3, 2025 and December 31, 2024, respectively.  Excess capacity and abnormal production costs are excluded from inventory and recognized as expense in the period incurred. Cost of sales for the three and six months ended July 3, 2025 includes period expense of $44.2 and $90.9, respectively, for excess capacity production costs related to temporary B737 MAX and A220 production schedule changes. Cost of sales for the three and six months ended June 27, 2024 includes period expense of $46.3 and $72.4, respectively, for excess capacity production costs related to temporary B737 MAX and A220 production schedule changes, and $0.8 of restructuring costs.

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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)

9.  Property, Plant and Equipment, net

 Property, plant and equipment, net consists of the following:  July 3,2025December 31,2024Land$10.7 $28.8 Buildings (including improvements)1,003.4 1,315.7 Machinery and equipment2,077.3 2,513.3 Tooling810.8 1,033.3 Capitalized software339.9 341.5 Construction-in-progress168.5 154.5 Total4,410.6 5,387.1 Less: accumulated depreciation(2,913.8)(3,439.2)Property, plant and equipment, net$1,496.8 $1,947.9  Capitalized interest was $2.5 and $1.6 for the three months ended July 3, 2025 and June 27, 2024, respectively, and $5.0 and $2.8 for the six months ended July