Company: SPR
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037839
Chunk: 111

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 111
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 $152.0), which shall be used solely and exclusively in relation to Airbus programs. See Note 27 Subsequent Events.Advances on the A350 Program.  During the twelve months ended December 31, 2023, the Company received an advance payment from Airbus of $100.0 under an agreement between Airbus S.A.S. and Spirit AeroSystems (Europe) Limited (“Spirit Europe”) signed on June 23, 2023 (the “A350 Agreement”). The A350 Agreement provides for up to $100.0 of advances that were originally required to be repaid along with a nominal fee to Airbus by way of offset against the purchase price of certain A350 FLE shipset deliveries in 2025. To the extent actual deliveries in 2025 were insufficient to offset the advance amount, any amount not offset against deliveries would have been due and payable to Airbus per the terms of the Purchase Agreement. However, per the terms of the Purchase Agreement, these payments will not be offset against deliveries but instead be due at the closing of the divestiture of the Airbus businesses. As of July 3, 2025, we had $102.5 outstanding under this agreement, including $2.5 of capitalized interest. In connection with the A350 Agreement, Spirit Europe has pledged certain program assets including work in process inventories and raw materials at Spirit’s Scotland facility in an amount sufficient to cover the advances. See also the disclosure under the heading “Stock and Asset Purchase Agreement with Airbus” in Note 1 Organization, Basis of Interim Presentation and Recent Developments.  

Given these terms, $511.9 of the advances is included in the Customer financing, short-term line item and $502.3 of the advances is included in the Customer financing, long-term line item on the Company’s Condensed Consolidated Balance Sheet as of July 3, 2025. These balances reflect the impact of held-for-sale treatment of $385.1 of Airbus advances related to the Airbus Purchase Agreement. See Note 26 Dispositions. 

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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)

23.  Segment Information

 The Company operates in three principal segments: Commercial, Defense & Space and Aftermarket. Approximately 82% of the Company’s net revenues for the six months ended July 3, 2025 came from the Company’s two largest customers