Company: SPR
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037839
Chunk: 14

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 14
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7 million, primarily due to the $23.2 million impairment charge on the customer relationship intangible assets related to Airbus, and certain employee retention-related expenditures outlined in the Merger Agreement of $5.0 million. Research and development expenses decreased for the three months ended July 3, 2025, as compared to the same period in the prior year primarily due to reduced project spending year-over-year.  

Restructuring Costs.  There were no restructuring costs recorded during the three months ended July 3, 2025. Restructuring costs of $0.8 million were recorded during the three months ended June 27, 2024, driven by a reduction in hourly production workforce due to high inventory levels. 

Operating (Loss) Income.  Operating loss for the three months ended July 3, 2025 was ($480.8) million, an increase of $149.5 million, compared to operating loss of ($331.3) million for the same period in the prior year. The variance reflects primarily the $132.5 million charge recorded in Loss on dispositions of businesses, net representing the difference between the current carrying value of the Airbus Business held for sale group and its estimated fair value as well as the $23.2 million impairment charge on the customer relationship intangible assets related to Airbus recorded in Selling, general and administrative expense.

Interest Expense and Financing Fee Amortization.  Interest expense and financing fee amortization for the three months ended July 3, 2025 increased $17.1 million compared to the same period in the prior year, driven by the addition of the Boeing $350.0 million advance agreement and the Amended and Restated Bridge Credit Agreement. The three months ended July 3, 2025 includes $90.8 million of interest and fees paid or accrued in connection with long-term debt and $5.5 million in amortization of deferred financing costs and original issue discount, compared to $76.1 million of interest and fees paid or accrued in connection with long-term debt and $2.8 million in amortization of deferred financing costs and original issue discount for the same period in the prior year. See also Note 15 Debt to our condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report.

Other Income (Expense), net.  Other expense, net for the three months ended July 3, 2025 was ($24.3) million, compared to other income of $0.4 million for the