Company: SPR
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037839
Chunk: 80

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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Inc. Notes to the Condensed Consolidated Financial Statements (unaudited)(U.S. Dollars in millions other than per share amounts)

The total goodwill value includes no accumulated impairment loss in any of the periods presented. The Company assesses goodwill for impairment annually or more frequently if events or circumstances indicate that the fair value of a reporting unit that includes goodwill may be lower than its carrying value. For the period ended July 3, 2025, there were no events or circumstances which would require the Company to update its goodwill impairment analysis.  

Intangible assets are summarized as follows:July 3,2025December 31,2024Intangible assets  Favorable leasehold interests$2.8 $2.8 Developed technology asset62.0 62.0 Customer relationships intangible asset137.2 137.2 Total intangible assets202.0 202.0 Less: Accumulated amortization - favorable leasehold interest(2.3)(2.2)         Accumulated amortization - developed technology asset(19.3)(17.2)         Accumulated amortization - customer relationship(60.3)(33.1)Intangible assets, net$120.1 $149.5  

Amortization expense was $3.1 and $3.8 for the for the three months ended July 3, 2025 and June 27, 2024, respectively, and $6.2 and $7.6 for the six months ended July 3, 2025 and June 27, 2024, respectively. During the six months ended July 3, 2025, as a result of entering into the Purchase Agreement with Airbus in April 2025, the Company recorded $23.2 of intangible asset impairment charges on the customer relationship intangible assets attributed to Airbus. This charge was recorded to Selling, general and administrative expense on the Company’s Condensed Consolidated Statements of Operations. 

The amortization for each of the five succeeding years relating to intangible assets currently recorded in the Condensed Consolidated Balance Sheets and the weighted average amortization is estimated to be the following as of July 3, 2025:  

YearCustomer relationshipsFavorable leasehold interestDeveloped technologyTotalremaining in 2025$3.2 $0.1 $2.1 $5.4 20266.3 0.1 4.1