Company: SPR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001628280-25-009088
Chunk: 177

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 177
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2)Adjustments to reconcile net income 1,126.3 203.9 286.7 Changes in working capital(108.2)186.4 (135.1)Net cash used in operating activities(1,120.9)(225.8)(394.6)Net cash used in investing activities(152.4)(147.8)(155.5)Net cash provided by (used in) financing activities994.5 531.6 (261.0)Effect of exchange rate change on cash and cash equivalents(0.6)9.5 (8.9)Net (decrease) increase in cash, cash equivalents, and restricted cash for the period(279.4)167.5 (820.0)Cash, cash equivalents, and restricted cash, beginning of period845.9 678.4 1,498.4 Cash, cash equivalents, and restricted cash, end of period$566.5 $845.9 $678.4 

Twelve Months Ended December 31, 2024 as Compared to Twelve Months Ended December 31, 2023

Operating Activities

For the twelve months ended December 31, 2024, we had a net cash outflow of $1,120.9 million from operating activities, an increase in net outflow of $895.1 million compared to a net cash outflow of $225.8 million for the prior year. The increase in net cash outflow was driven primarily by the use of cash related to negative program performance year-over-year and the buildup of contract assets due to the significant reduction in shipments of Boeing end items due to changes implemented by Boeing in March 2024 to introduce a new product verification process in Wichita, KS. This change in business process has delayed delivery acceptances and caused a buildup of undelivered units in Wichita, KS. Additionally, the prior year was impacted by the excess pension plan asset reversion as discussed in Note 15 Pension and Other Post-Retirement Benefits to our consolidated financial statements included in Item 8 of this Annual Report.

Investing Activities  

For the twelve months ended December 31, 2024, we had a net cash outflow of $152.4 million from investing activities, compared to a net cash outflow of $147.8 million for the prior year. This increase in net cash outflow was primarily driven by slightly increased capital expenditures.  

Financing Activities   

For