Company: SPR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001628280-25-009088
Chunk: 2

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 2
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•Classified programs. 

On November 17, 2024, the Company entered into a definitive agreement to sell our Fiber Materials, Inc. (“FMI”) business, a fully owned subsidiary of Spirit AeroSystems, Inc., for $165.0 million, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. The transaction closed on January 13, 2025. For additional information, 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. 

Net revenue in the Defense & Space segment amounted to $975.2 million, $789.0 million, and $649.8 million in 2024, 2023, and 2022, respectively.

Aftermarket. The Aftermarket segment includes development, production, and marketing of the following: 

•Maintenance, Repair and Overhaul (MRO) services related to Commercial and Defense & Space programs;

•Fuselage, strut, nacelle, and wing aerostructures spare parts;

•Repairs for flight control surfaces and nacelles;

•Radome repairs;

•Rotable assets trading and leasing;

•Engineering services;

•Advanced composite repair; and

•Other MRO services.

Net revenue in the Aftermarket segment amounted to $414.0 million, $373.9 million, and $311.4 million in 2024, 2023, and 2022, respectively.

Our largest customer, Boeing, represents a substantial portion of our revenues in the Commercial segment. Our second largest customer, Airbus, also represents a substantial portion of revenues in the Commercial segment. Approximately 66%, 70%, and 65% of Commercial segment net revenues came from the Company’s contracts with Boeing for the twelve months ended December 31, 2024, 2023, and 2022, respectively. Approximately 27%, 23%, and 27% of Commercial segment net revenues came from the Company’s contracts with Airbus for the twelve months ended December 31, 2024, 2023, and 2022, respectively. A material portion of Defense & Space segment revenue is subject to renegotiation of profits or termination of contracts or subcontracts at the election of the U.S. Government. A substantial portion of our Defense & Space segment revenues are represented by defense business that is classified by the U.S. Government and cannot be specifically described. A significant portion of the Company’s Defense