Company: SPR
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037839
Chunk: 21

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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 2025, compared to the same period in the prior year.

Restructuring Costs.  There were no restructuring costs recorded for the six months ended July 3, 2025. Restructuring costs of $0.8 million were recorded during the six 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 six months ended July 3, 2025 was ($967.8) million, an increase of $108.9 million, compared to operating loss of ($858.9) million for the same period in the prior year. The increase primarily reflects the $132.5 million charge recorded in the second quarter of 2025 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, the $23.2 million customer relationship intangible impairment charge also recorded in the second quarter of 2025 reflected in Selling, general and administrative expense, the reduction in Boeing program production and margins, higher excess capacity costs, and the specific warranty charge recorded in the first quarter of 2025, partially offset by the gain recorded on the sale of FMI, lower negative cumulative catch-up adjustments and lower forward losses detailed above. 

Interest Expense and Financing Fee Amortization.  Interest expense and financing fee amortization for the six months ended July 3, 2025 increased $36.4 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 six months ended July 3, 2025 includes $175.7 million of interest and fees paid or accrued in connection with long-term debt and $16.9 million in amortization of deferred financing costs and original issue discount, compared to $149.9 million of interest and fees paid or accrued in connection with long-term debt and $5.7 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 six months ended July 3, 2025 was ($44.2) million, compared to other income of $2.7 million for the same period in the