Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 11, 2021 | Jul. 02, 2020 | |
Class of Stock [Line Items] | |||
Entity Incorporation, State or Country Code | DE | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Common Stock, Shares Outstanding | 105,420,191 | ||
Entity File Number | 001-33160 | ||
Entity Tax Identification Number | 20-2436320 | ||
Entity Address, Address Line One | 3801 South Oliver | ||
Entity Address, City or Town | Wichita | ||
Entity Address, State or Province | KS | ||
Entity Address, Postal Zip Code | 67210 | ||
City Area Code | 316 | ||
Local Phone Number | 526-9000 | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Shell Company | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Current Reporting Status | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Registrant Name | Spirit AeroSystems Holdings, Inc. | ||
Entity Central Index Key | 0001364885 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 2,466,868,099 | ||
Class A common stock, par value $0.01 per share [Member] | |||
Class of Stock [Line Items] | |||
Title of 12(b) Security | Class A common stock, par value $0.01 per share | ||
Security Exchange Name | NYSE | ||
Trading Symbol | SPR | ||
Trading Symbol | SPR | ||
Stock Purchase Rights [Member] | |||
Class of Stock [Line Items] | |||
Title of 12(b) Security | Stock Purchase Rights | ||
Security Exchange Name | NYSE | ||
Trading Symbol | SPR | ||
Trading Symbol | SPR |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||||||||||
Net revenues | $ 876.6 | $ 806.3 | $ 644.6 | $ 1,077.3 | $ 1,959.3 | $ 1,919.9 | $ 2,016.1 | $ 1,967.8 | $ 3,404.8 | $ 7,863.1 | $ 7,222 |
Operating costs and expenses | |||||||||||
Cost of sales | 3,845.5 | 6,786.4 | 6,135.9 | ||||||||
Selling, general and administrative | 237.4 | 261.4 | 210.4 | ||||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | 0 | 0 | (10) | ||||||||
Restructuring Charges | 4.6 | 19.5 | 6.3 | 42.6 | 73 | 0 | 0 | ||||
Research and development | 38.8 | 54.5 | 42.5 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | (22.9) | 22.9 | 0 | 0 | |||||||
Total operating costs and expenses | 4,217.6 | 7,102.3 | 6,378.8 | ||||||||
Operating (loss) income | (101.4) | (176.9) | (367) | (167.5) | 95.7 | 206.1 | 226 | 233 | (812.8) | 760.8 | 843.2 |
Interest expense and financing fee amortization | (195.3) | (91.9) | (80) | ||||||||
Other expense, net | 77.8 | 5.8 | 7 | ||||||||
(Loss) income before income taxes and equity in net (loss) income of affiliates | (1,085.9) | 663.1 | 756.2 | ||||||||
Income tax benefit (provision) | 220.2 | (132.8) | (139.8) | ||||||||
(Loss) income before equity in net (loss) income of affiliates | (865.7) | 530.3 | 616.4 | ||||||||
Equity in net (loss) income of affiliates | (4.6) | (0.2) | 0.6 | ||||||||
Net (loss) income | $ (295.9) | $ (155.5) | $ (255.9) | $ (163) | $ 67.7 | $ 131.3 | $ 168 | $ 163.1 | $ (870.3) | $ 530.1 | $ 617 |
(Loss) earnings per share | |||||||||||
Basic (in dollars per share) | $ (2.85) | $ (1.50) | $ (2.46) | $ (1.57) | $ 0.65 | $ 1.27 | $ 1.62 | $ 1.57 | $ (8.38) | $ 5.11 | $ 5.71 |
Earnings Per Share, Diluted | (2.85) | (1.50) | (2.46) | (1.57) | 0.65 | 1.26 | 1.61 | 1.55 | (8.38) | 5.06 | 5.65 |
Common Stock, Dividends, Per Share, Declared | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.04 | $ 0.48 | $ 0.46 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net (loss) income | $ (870.3) | $ 530.1 | $ 617 |
Other comprehensive (loss) income, net of tax: | |||
Pension, SERP and Retiree medical adjustments, net of tax | (61.5) | 71.7 | (41) |
Unrealized foreign exchange gain (loss) on intercompany loan, net of effect | 1.3 | 4.3 | (3.2) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (10.9) | (0.6) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 10.7 | 0 | |
Foreign currency translation adjustments | 15.5 | 20.3 | (23.9) |
Total other comprehensive (loss) income, net of tax | (44.9) | 95.7 | (68.1) |
Total comprehensive (loss) income | $ (915.2) | $ 625.8 | $ 548.9 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension, SERP and Retiree medical adjustments, tax | $ (8.6) | $ (21.9) | $ 12.7 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 3.4 | 0.2 | 0 |
Unrealized foreign exchange gain (loss) on intercompany loan, tax | (0.4) | 2.1 | 0.8 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ (3.3) | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 1,873.3 | $ 2,350.5 |
Restricted Cash, Current | 0.3 | 0.3 |
Accounts receivable, net | 484.4 | 546.4 |
Unbilled Receivables, Current | 368.4 | 528.3 |
Inventory, net | 1,422.3 | 1,118.8 |
Other current assets | 336.3 | 98.7 |
Total current assets | 4,485 | 4,643 |
Property, plant and equipment, net | 2,503.8 | 2,271.7 |
Operating Lease, Right-of-Use Asset | 70.6 | 48.9 |
Unbilled Receivable, Non Current | 4.4 | 6.4 |
Pension assets | 455.9 | 449.1 |
Deferred tax asset-non-current, net | 0.1 | 106.5 |
Other assets | 83.6 | 76.8 |
Total assets | 8,383.9 | 7,606 |
Liabilities | ||
Accounts payable | 558.9 | 1,058.3 |
Accrued expenses | 365.6 | 240.2 |
Profit sharing | 57 | 84.5 |
Current portion of long-term debt | 340.7 | 50.2 |
Operating Lease, Liability, Current | 5.5 | 6 |
Advance payments, short-term | 18.9 | 21.6 |
Contract with Customer, Liability, Current | 97.6 | 158.3 |
Provision for Loss on Contracts | 184.6 | 83.9 |
Deferred revenue and other deferred credits, short-term | 22.2 | 14.8 |
Deferred grant income liability — current | 0 | 3.6 |
Other current liabilities | 58.4 | 39.3 |
Total current liabilities | 1,709.4 | 1,760.7 |
Long-term debt | 3,532.9 | 2,984.1 |
Operating Lease, Liability, Noncurrent | 66.6 | 43 |
Advance payments, long-term | 327.4 | 333.3 |
Pension/OPEB obligation | 440.2 | 35.7 |
Contract with Customer, Liability, Noncurrent | 372 | 356.3 |
Provision for Loss on Contacts, Non Current | 561.4 | 163.5 |
Deferred grant income liability — non-current | 28.1 | 29 |
Deferred Tax Liabilities, Net, Noncurrent | 13 | 8.3 |
Deferred revenue and other deferred credits | 38.9 | 34.4 |
Other non-current liabilities | 437 | 95.8 |
Stockholders’ Equity | ||
Preferred stock, par value $0.01, 10,000,000 shares authorized, no shares issued | 0 | 0 |
Additional paid-in capital | 1,139.8 | 1,125 |
Accumulated other comprehensive loss | (154.1) | (109.2) |
Retained earnings | 2,326.4 | 3,201.3 |
Treasury Stock, Value | (2,456.7) | (2,456.8) |
Total stockholders' equity | 856.5 | 1,761.4 |
Noncontrolling interest | 0.5 | 0.5 |
Total equity | 857 | 1,761.9 |
Total liabilities and equity | 8,383.9 | 7,606 |
Goodwill | 565.3 | 2.4 |
Intangible Assets, Net (Excluding Goodwill) | 215.2 | 1.2 |
Class A [Member] | ||
Stockholders’ Equity | ||
Common stock | $ 1.1 | $ 1.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Shareholders' equity | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury Stock, Shares | 41,523,470 | 41,523,470 |
Class A [Member] | ||
Shareholders' equity | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 105,542,162 | 104,882,379 |
Class B [Member] | ||
Shareholders' equity | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 0 | 0 |
Common stock, shares issued | 0 | 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Stockholders' Equity, Total [Member] | Treasury Stock, Common [Member] | AOCI Including Portion Attributable to Noncontrolling Interest |
Treasury Stock, Value | $ (1,580.9) | |||||||
Balance, shares at Dec. 31, 2017 | 114,447,605 | |||||||
Balance at Dec. 31, 2017 | $ 1.1 | $ 1,086.9 | $ (128.5) | $ 2,422.4 | $ 1,801 | |||
Net (loss) income | 617 | 617 | ||||||
Impact on Retained Earnings, Adoption of ASC 606 | (277) | (277) | ||||||
Dividends, Common Stock, Cash | (49.2) | (49.2) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 466,719 | |||||||
Employee equity awards, value | 27.4 | 27.4 | ||||||
Stock forfeitures, shares | 47,962 | |||||||
Net shares settled | 177,812 | |||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 15.6 | (15.6) | 15.6 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 24,996 | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2.1 | 2.1 | ||||||
Treasury Stock, Shares, Acquired | (9,251,729) | |||||||
Treasury Stock, Value, Acquired, Cost Method | 0.1 | (800) | $ (800.1) | |||||
Other Comprehensive Income | (68.1) | (68.1) | (68.1) | |||||
Balance, shares at Dec. 31, 2018 | 105,461,817 | |||||||
Balance at Dec. 31, 2018 | $ 1.1 | 1,100.9 | (196.6) | 2,713.2 | 1,237.6 | |||
Treasury Stock, Value | (2,381) | |||||||
Net (loss) income | 530.1 | 530.1 | 530.1 | |||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 8.3 | 0 | $ (8.3) | |||||
Dividends, Common Stock, Cash | (50.3) | (50.3) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 448,594 | |||||||
Employee equity awards, value | 34.4 | 34.4 | ||||||
Stock forfeitures, shares | 125,055 | |||||||
Net shares settled | 137,500 | |||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 12.9 | 12.9 | 12.9 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 32,341 | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2.6 | 2.6 | ||||||
Treasury Stock, Shares, Acquired | (804,032) | |||||||
SERP shares issued | 6,214 | |||||||
Supplemental Retirement Plan Shares Issued Value | 0 | 0 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 0 | (75.8) | ||||||
Stock Repurchased During Period, Value | (75.8) | |||||||
Other Comprehensive Income | 95.7 | 95.7 | $ 95.7 | |||||
Balance, shares at Dec. 31, 2019 | 104,882,379 | |||||||
Balance at Dec. 31, 2019 | 1,761.4 | $ 1.1 | 1,125 | (109.2) | 3,201.3 | 1,761.4 | ||
Treasury Stock, Value | (2,456.8) | |||||||
Net (loss) income | (870.3) | (870.3) | (870.3) | |||||
Dividends, Common Stock, Cash | (4.4) | (4.4) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 952,392 | |||||||
Employee equity awards, value | 26.7 | 26.7 | ||||||
Stock forfeitures, shares | 192,111 | |||||||
Net shares settled | 224,964 | |||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 14.5 | 14.5 | 14.5 | |||||
Treasury Stock, Shares, Acquired | 0 | |||||||
SERP shares issued | 124,466 | |||||||
Supplemental Retirement Plan Shares Issued Value | 2.6 | 2.6 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 0 | $ 0.1 | ||||||
Stock Repurchased During Period, Value | 0.1 | |||||||
Other Comprehensive Income | (44.9) | (44.9) | ||||||
Balance, shares at Dec. 31, 2020 | 105,542,162 | |||||||
Balance at Dec. 31, 2020 | 856.5 | $ 1.1 | $ 1,139.8 | $ (154.1) | 2,326.4 | 856.5 | ||
Other retained earnings | $ (0.2) | $ (0.2) | ||||||
Treasury Stock, Value | $ (2,456.7) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating activities | |||
Net (loss) income | $ (870.3) | $ 530.1 | $ 617 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | |||
Depreciation and amortization expense | 277.6 | 251.7 | 231 |
Amortization of deferred financing fees | 20.4 | 3.5 | 17.9 |
Accretion of customer supply agreement | 2 | 4.3 | 4.1 |
Employee stock compensation expense | 24.2 | 36.1 | 27.4 |
Loss (gain) from derivative instruments | 0 | 8.1 | (7.2) |
Loss (gain) from foreign currency transactions | 25 | 1.6 | (0.3) |
Loss on disposition of assets | 26.4 | 4.9 | 1.8 |
Deferred taxes | 94 | 86.1 | (38) |
Long term income tax payable | 1.5 | ||
Pension and other post-retirement benefits, net | 44.5 | (20) | (33.4) |
Grant liability amortization | (3.5) | (16.2) | (21.6) |
Equity in net loss (income) of affiliates | 4.6 | 0.2 | (0.6) |
Increase (Decrease) in Forward Position | 216.5 | 40.7 | (170.9) |
Changes in assets and liabilities | |||
Accounts receivable, net | 168.3 | 12.8 | (47.9) |
Inventory, net | (39.5) | (95.4) | (61.3) |
Increase (Decrease) in Contract with Customer, Asset | 168.2 | (5.2) | (8.5) |
Accounts payable and accrued liabilities | (592.7) | 34.6 | 244.5 |
Profit sharing/deferred compensation | (28.2) | 16 | (40.9) |
Advance payments | (21) | 120.8 | (98.3) |
Income taxes receivable/payable | (246.3) | (59.6) | (28.4) |
Increase (Decrease) in Contract with Customer, Liability | (49.5) | (13) | 208.3 |
Deferred revenue and other deferred credits | 9.2 | 6.2 | 16.9 |
Other | 23.7 | (25.6) | (41.7) |
Net cash provided (used in) by operating activities | (744.9) | 922.7 | 769.9 |
Investing activities | |||
Purchase of property, plant and equipment | (118.9) | (232.2) | (271.2) |
Payments to Acquire Businesses, Net of Cash Acquired | (388.5) | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | (7.9) | |
Other Investing Activities | (5.4) | 7.7 | (3.4) |
Payments for (Proceeds from) Other Investing Activities | (5.4) | (0.2) | (3.4) |
Net cash used in investing activities | (502) | (239.9) | (267.8) |
Proceeds from Issuance of Secured Debt | 400 | ||
Financing activities | |||
Proceeds from Issuance of Senior Long-term Debt | 1,700 | 250 | 1,300 |
Proceeds from revolving credit facility | 0 | 900 | 0 |
Payments on revolving credit facility | (800) | (100) | 0 |
Principal payments of debt | (31.6) | (13.4) | (6.7) |
Repayments of Debt | (439.7) | (16.6) | (256.3) |
Early Repayment of Senior Debt | 0 | 0 | (300) |
Payment, Tax Withholding, Share-based Payment Arrangement | (14.5) | (12.9) | (15.6) |
Proceeds from Stock Plans | 2.6 | 2.6 | 2.1 |
Debt issuance and financing costs | (41.9) | 0 | (23.2) |
Payments for Repurchase of Common Stock | (0.1) | (75.8) | (805.8) |
Payments of Dividends | (15.4) | (50.4) | (48) |
Proceeds from (Payments for) Other Financing Activities | (0.1) | 0.9 | |
Net cash provided by (used in) financing activities | 769.5 | 884.4 | (153.5) |
Effect of exchange rate changes on cash and cash equivalents | 3.3 | 5.9 | 0 |
Net (decrease) increase in cash, cash equivalents, and restricted cash for the period | (474.1) | 1,573.1 | 348.6 |
Cash, cash equivalents, and restricted cash, end of period | 1,873.3 | 2,350.5 | 773.6 |
Restricted Cash, Current | 0.3 | 0.3 | 0.3 |
Restricted Cash and Investments, Noncurrent | 19.5 | 16.4 | 20.2 |
Supplemental information | |||
Interest paid | 146.6 | 93.2 | 70.4 |
Proceeds from Income Tax Refunds | (62.5) | ||
Income taxes paid | 105 | 202.3 | |
Property acquired through capital leases | 26.3 | 120.3 | 26.8 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,893.1 | $ 2,367.2 | $ 794.1 |
Proceeds from (Repayments of) Other Debt | $ 10 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Spirit AeroSystems Holdings, Inc. and its consolidated subsidiaries (the “Company”) provides manufacturing and design expertise in a wide range of fuselage, propulsion, and wing products and services for aircraft original equipment manufacturers (“OEM”) and operators through its subsidiaries, including Spirit AeroSystems, Inc. (“Spirit”). As used herein, “Company” refer to Spirit AeroSystems Holdings, Inc. and its consolidated subsidiaries. References to “Spirit” refer only to our subsidiary, Spirit AeroSystems, Inc., and references to “Spirit Holdings” or “Holdings” refer only to Spirit AeroSystems Holdings, Inc. The Company's headquarters are in Wichita, Kansas, with manufacturing and assembly facilities in Tulsa and McAlester, Oklahoma; Prestwick, Scotland; Wichita, Kansas; Kinston, North Carolina; Subang, Malaysia; Saint-Nazaire, France; San Antonio, Texas; Biddeford, Maine; Belfast, Northern Ireland; Morroco, Casablanca; and Dallas, Texas. The Company has previously announced site consolidation activities, including the McAlester, Oklahoma and San Antonio, Texas sites. The work transfer and closure activities for these sites are planned to primarily take place over the first half of 2021. The Company largely supports commercial aerostructures customers, and the Company's financial results and prospects are almost entirely dependent on global aviation demand and the resulting production rates of the Company's customers. In response to COVID-19 impacts, the Company's customers, including Boeing and Airbus, have decreased production rates across many programs and may further adjust production rates or suspend production in the future. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Item Effected [Line Items] | |
Accounting Standards Update and Change in Accounting Principle | Adoption of New Accounting Standards Adoption of ASU 2016-02 In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). This update requires recognition of lease assets and lease liabilities on the balance sheet of lessees. ASU 2016-02 is effective for fiscal years and interim reporting periods within those years beginning after December 15, 2018. The Company adopted ASU 2016-02 and related updates as of January 1, 2019 using the modified retrospective transition approach, with the cumulative effect of the initial application recognized at the date of adoption. Under this effective date method, financial results reported prior to the first quarter of 2019 are unchanged. The Company also chose to adopt the package of practical expedients. The Company has reviewed all of its current active leases and has implemented the necessary processes and systems to comply with the requirements of ASU 2016-02. Upon adoption of ASU 2016-02, the Company recognized a Right of Use (“ROU”) asset on its books for the net present value of all of its active leases with terms greater than 12 months, with an offsetting lease liability. The ROU asset and corresponding lease liability will be amortized over the course of the lease term, which includes all options that the Company expects it will exercise. The Consolidated Balance Sheet impact of the adoption of ASU 2016-02 was an increase to both assets and liabilities of $52.7. The adoption of ASU 2016-02 did not have any material impact to net income or cash flows. Adoption of ASU 2018-02 In February 2018, the FASB issued ASU No. 2018-02 (“ASU 2018-02”), Income Statement - Reporting Comprehensive Income (Topic 220). The guidance in ASU 2018-02 allows an entity to elect to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act of 2017, as amended ("TCJA"), from accumulated other comprehensive income into retained earnings. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. As a result of the adoption of ASU 2018-02 in the first quarter of 2019, the Company reclassified $8.3 from accumulated other comprehensive income into retained earnings on the condensed consolidated balance sheet. Adoption of ASU 2016-13 In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, (“ASU 2016-13”), which requires the immediate recognition of management's estimates of current expected credit losses. ASU 2016-13 is effective for fiscal years and interim reporting periods within those years beginning after December 15, 2019. Early adoption is permitted after fiscal years beginning December 15, 2018. The Company adopted ASU 2016-13 as of January 1, 2020 by means of the modified retrospective method and required cumulative-effect adjustment to the opening retained earnings as of that date. The cumulative-effect adjustment to the opening retained earnings as of January 1, 2020 was not material. All credit losses in accordance with ASU 2016-13 were on receivables and/or contract assets arising from the Company’s contracts with customers including the cumulative-effect adjustment to the opening retained earnings. There is no significant impact to our operating results due to the adoption of ASU 2016-13. See Note 6 Accounts Receivable, net for more information on ASC 326 allowance for credit losses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 4. New Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12”) which modifies FASB Accounting Standards Codification 740 to simplify the accounting for income taxes. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company has not elected early adoption and implementation of this guidance for its December 31, 2020 consolidated financial statements. The guidance will be adopted and implemented for its fiscal year beginning January 1, 2021. The adoption is not expected to have a material impact to our financial position or results of operations. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reportin g (“ASU 2020-04”), which provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022, and an entity may elect to apply ASU 2020-04 for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements but has not elected to adopt as of December 31, 2020. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the Company’s financial statements and the financial statements of its majority owned or controlled subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and Regulation S-X. All intercompany balances and transactions have been eliminated in consolidation. Spirit is the majority participant in the Kansas Industrial Energy Supply Company ("KIESC"), a tenancy-in-common with other Wichita companies established to purchase natural gas. KIESC is fully consolidated as the Company owns 77.8% of the entity’s equity. The Company’s U.K. subsidiary in Prestwick uses local currency, the British pound, as its functional currency, and the Malaysian subsidiary uses the British pound. All other foreign subsidiaries and branches use the U.S. dollar as their functional currency. As part of the monthly consolidation process, the functional currencies of the Company’s international subsidiaries are translated to U.S. dollars using the end-of-month translation rate for assets and liabilities and average period currency translation rates for revenue and income accounts. Use of Estimates The preparation of the Company's financial statements in conformity with GAAP requires management to use estimates and assumptions. The results of these estimates form the basis for making judgments that may affect the reported amounts of assets and liabilities, including the impacts of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Management may make significant judgments when assessing estimated amounts of variable consideration and related constraints, the number of options likely to be exercised, and the standalone selling prices of the Company’s products and services. The Company also estimates the cost of satisfying the performance obligations in its contracts and options that may extend over many years. Cost estimates reflect currently available information and the impact of any changes to cost estimates, based upon the facts and circumstances, are recorded in the period in which they become known. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s contracts with customers are typically for products and services to be provided at fixed stated prices but may also include variable consideration. Variable consideration may include, but is not limited to, unpriced contract modifications, cost sharing provisions, incentives and awards, non-warranty claims and assertions, provisions for non-conformance and rights to return, or other payments to, or receipts from, customers. The Company estimates the variable consideration using the expected value or the most likely amount based upon the facts and circumstances, available data and trends and the history of resolving variability with specific customers and suppliers. The Company regularly commences work and incorporates customer-directed changes prior to negotiating pricing terms for engineering work, product modifications, and other statements of work. The Company's contractual terms typically provide for price negotiations after certain customer-directed changes have been accepted by the Company. Prices are estimated until they are contractually agreed upon with the customer. When a contract is modified, the Company evaluates whether additional distinct products and services have been promised at standalone selling prices, in which case the modification is treated as a separate contract. If not, depending on whether the remaining performance obligations are distinct from the goods or services transferred on or before the modification, the modification is either treated prospectively as if it were a termination of the existing contract and the creation of a new contract, treated as if it were a part of the existing contract, or treated as some combination. The Company allocates the consideration for a contract to the performance obligations on the basis of their relative standalone selling price. The Company estimates the likelihood of the amount of options that the customer is going to exercise when assessing the impact of loss contracts. The Company typically provides warranties on all the Company's products and services. Generally, warranties are not priced separately because customers cannot purchase them independently of the products or services under contract so they do not create performance obligations. The Company's warranties generally provide assurance to the Company's customers that the products or services meet the specifications in the contract. In the event that there is a warranty claim because of a covered design, material or workmanship issue, the Company may be required to redesign or modify the product, offer concessions, and/or pay the customer for repairs or perform the repair. Provisions for estimated expenses related to design, service, and product warranties and certain extraordinary rework are made at the time products are sold. These costs are accrued at the time of the sale and are recorded as unallocated cost of sales. These estimates are established using historical information on the nature, frequency, and the cost experience of warranty claims, including the experience of industry peers. In the case of new development products or new customers, the Company also considers factors including the warranty experience of other entities in the same business, management judgment, and the type and nature of the new product or new customer, among others. Actual results could differ from those estimates and assumptions. Revenues and Profit Recognition Substantially all of the Company’s revenues are from long-term supply agreements with Boeing, Airbus, and other aerospace manufacturers. The Company participates in its customers’ programs by providing design, development, manufacturing, fabrication, and support services for major aerostructures in the fuselage, propulsion, and wing segments. During the early stages of a program, this frequently involves nonrecurring design and development services, including tooling. As the program matures, the Company provides recurring manufacturing of products in accordance with customer design and schedule requirements. Many contracts include clauses that provide sole supplier status to the Company for the duration of the program’s life (including derivatives). The Company's long-term supply agreements typically include fixed price volume-based terms and require the satisfaction of performance obligations for the duration of the program’s life. The identification of an accounting contract with a customer and the related promises require an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. In general, these long-term supply agreements are legally governed by master supply agreements (or general terms agreements) together with special business provisions (or work package agreements), which define specific program requirements. Purchase orders (or authorizations to proceed) are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. The units for accounting purposes (“accounting contract”) are typically determined by the purchase orders. Revenue is recognized when the Company has a contract with presently enforceable rights and obligations, including an enforceable right to payment for work performed. These agreements may lead to continuing sales for more than twenty years. Customers generally contract with the Company for requirements in a segment relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured structural components, as well as spare parts and repairs for OEMs. A single program may result in multiple contracts for accounting purposes, and within the respective contracts, non-recurring work elements and recurring work elements may result in multiple performance obligations. The Company generally contracts directly with its customers and is the principal in all current contracts. Management considers a number of factors when determining the existence of an accounting contract and the related performance obligations that include, but are not limited to, the nature and substance of the business exchange, the contractual terms and conditions, the promised products and services, the termination provisions in the contract, including the presently enforceable rights and obligations of the parties to the contract, the nature and execution of the customer’s ordering process and how the Company is authorized to perform work, whether the promised products and services are distinct or capable of being distinct within the context of the contract, as well as how and when products and services are transferred to the customer. Revenue is recognized when, or as, control of promised products or services transfers to a customer and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is recognized over time as work progresses when the Company is entitled to the reimbursement of costs plus a reasonable profit for work performed for which the Company has no alternate use. For these performance obligations that are satisfied over time, the Company generally recognizes revenue using an input method with revenue amounts being recognized proportionately as costs are incurred relative to the total expected costs to satisfy the performance obligation. The Company believes that costs incurred as a portion of total estimated costs is an appropriate measure of progress towards satisfaction of the performance obligation since this measure reasonably depicts the progress of the work effort. When the Company experiences abnormal production costs such as excess capacity costs the Company will expense the costs in the period incurred separately from the costs incurred for satisfaction of the performance obligations under the Company's contracts with customers. Revenue for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer (which is generally upon delivery). For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of, and obtain the benefits from, the products and services. Shipping and handling costs are not considered performance obligations and are included in cost of sales as incurred. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s current contracts do not include any significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. Additionally, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Company's contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 120 days of delivery. The total transaction price is allocated to each of the identified performance obligations using the relative standalone selling price to reflect the amount the Company expects to be entitled for transferring the promised products and services to the customer. A majority of the Company’s agreements with customers include options for future purchases. For the purposes of allocating transaction price, the Company assesses, based upon the facts and circumstances of the business arrangement, the amount of options to be exercised that may result in deferral of revenue to future contracts and options. Deferred revenues are recognized as, or when, the underlying future performance obligations are satisfied. Standalone selling price is the price at which the Company would sell a promised good or service separately to a customer. Standalone selling prices are established at contract inception and subsequent changes in transaction price are allocated on the same basis as at contract inception. Standalone selling prices for the Company’s products and services are generally not observable and the Company uses the “Expected Cost plus a Margin” approach to determine standalone selling price. Expected costs are typically derived from the available periodic forecast information. If a contract modification changes the overall transaction price of an existing contract, the Company allocates the new transaction price on the basis of the relative standalone selling prices of the performance obligations and cumulative adjustments, if any, are recorded in the current period. The Company also identifies and estimates variable consideration for contractual provisions such as unpriced contract modifications, cost sharing provisions, incentives and awards, non-warranty claims and assertions, provisions for non-conformance and rights to return, or other payments to, or receipts from, customers and suppliers. The timing of satisfaction of performance obligations and actual receipt of payment from a customer may differ and affects the balances of the contract assets and liabilities. For contracts that are deemed to be loss contracts, the Company establishes forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known. These reserves are based on estimates for accounting contracts, plus options that the Company believes are likely to be exercised. The Company records forward loss reserves for all performance obligations in the aggregate for the accounting contract. Research and Development Research and development includes costs incurred for experimentation, design, and testing that are expensed as incurred. Cash and Cash Equivalents Cash and cash equivalents represent all highly liquid investments with original maturities of three months or less. Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. Unbilled receivables are recorded on the balance sheet as contract assets, as per ASC 606 guidance. Beginning January 1, 2020, management assesses and records an allowance for credit losses on financial assets within the scope of ASU 2016-13 using the CECL model. Prior periods allowance for credit losses were based on a review of outstanding receivables that are charged off against the allowance after the potential for recovery is considered remote in accordance with legacy GAAP. The amount necessary to adjust the allowance for credit losses to management’s current estimate, as of the reporting date, on these assets is recorded in net income as credit loss expense. All credit losses reported in accordance with ASU 2016-13 were on trade receivables and/or contract assets arising from the Company’s contracts with customers. See Note 6, Accounts Receivable, net , for more information. The Company has two agreements to sell, on a revolving basis, certain trade accounts receivable balances with Boeing and Airbus to a third party financial institution. These programs were primarily entered into as a result of Boeing and Airbus seeking payment term extensions with the Company and continue to allow the Company to monetize prior to the payment date for the receivables, subject to payment of a discount. No guarantees are delivered under the agreements. The Company's ability to continue using such agreements is primarily dependent upon the strength of Boeing’s and Airbus’s financial condition. Transfers under this agreement are accounted for as sales of receivables resulting in the receivables being de-recognized from the Company's balance sheet. For additional information on the sale of receivables see Note 6, Accounts Receivable, net . Inventory Raw materials are stated at lower of cost (principally on an actual or average cost basis) or net realizable value. Production costs for contracts, including costs expected to be recovered on specific anticipated contracts (work that has commenced because the Company expects the customer to exercise options), are classified as work-in-process and include direct material, labor, overhead, and purchases. Typically, anticipated contracts materialize and the related performance obligations are satisfied within 6-12 months. These costs are evaluated for impairment periodically and capitalized costs for which anticipated contracts do not materialize are written off in the period in which it becomes known. Revenue and related cost of sales are recognized as the performance obligations are satisfied. When the Company experiences abnormal production costs such as excess capacity costs the Company will expense the costs in the period incurred excluded from inventoriable costs. Valuation reserves for excess, obsolete, and slow-moving inventory are estimated by evaluating inventory of individual raw materials and parts against both historical usage rates and forecasted production requirements. See Note 9, Inventory . Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table: Estimated Useful Life Land improvements 20 years Buildings 45 years Machinery and equipment 3-20 years Tooling — Airplane program — B787, Rolls-Royce 5-20 years Tooling — Airplane program — all others 2-10 years Capitalized software 3-7 years The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 10, Property, Plant and Equipment Net. Impairment or Disposal of Long-Lived Assets The Company reviews capital and amortizing intangible assets (long-lived assets) for impairment whenever events or changes in circumstances indicate that the recorded amount may not be recoverable. Assets are classified as either held-for-use or available-for-sale. For held-for-use assets, if indicators are present, we perform a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset group in question to its carrying amount. If the undiscounted cash flows used in the recoverability test are less than the long-lived asset group’s carrying amount, we determine the fair value of the long-lived asset group and recognize an impairment loss if the carrying amount of the long-lived asset group exceeds its fair value. For assets available-for-sale, a loss is recognized when the recorded amount exceeds the fair value less cost to sell. Business Combinations and Goodwill The Company accounts for business combinations in accordance with ASC Topic 805, Business Combinations. Transaction costs related to business combinations are expensed as incurred. Assets acquired and liabilities assumed are measured and recognized based on their estimated fair values at the acquisition date, any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. In some cases, the Company uses discounted cash flow analyses, which are based on estimates of future sales, earnings and cash flows after considering such factors as general market conditions, customer budgets, existing firm and future orders, changes in working capital, long term business plans and recent operating performance. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, the business combination is recorded and disclosed on a preliminary basis. Subsequent to the acquisition date, and not later than one year from the acquisition date, adjustments to the initial preliminary recognized amounts are recorded to the extent new information is obtained about the measurement of assets and liabilities that existed as of the date of the acquisition. The Company assesses goodwill for impairment annually as of the first day of the fourth quarter or more frequently if events or circumstances indicate that the fair value of a reporting unit that includes goodwill may be lower than its carrying value. The Company tests goodwill for impairment by performing a qualitative assessment or quantitative test at the reporting unit level. In performing a qualitative assessment, the Company evaluates company-specific, market and industry, economic, and other relevant factors that may impact the fair value of reporting units or the carrying value of the net assets of the respective reporting unit. If it is determined that it is more likely than not that the carrying value of the net assets is more than the fair value of the respective reporting unit, then a quantitative test is performed. Where the quantitative test is used, the Company compares the carrying value of net assets to the estimated fair value of the respective reporting unit. If the fair value is determined to be less than carrying value, a goodwill impairment loss is recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Deferred Financing Costs Costs relating to long-term debt are deferred and included in other long-term assets. These costs are amortized over the term of the related debt or debt facilities and are included as a component of interest expense. Derivative Instruments and Hedging Activity The Company uses derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates and interest rates. Derivative financial instruments are recognized on the balance sheet as either assets or liabilities and are measured at fair value. Changes in fair value of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of a hedge transaction, and if it is, the type of hedge transaction. Gains and losses on derivative instruments reported in other comprehensive income are subsequently included in earnings in the periods in which earnings are affected by the hedged item or when the hedge is no longer effective. Cash flows associated with the Company’s derivatives are presented as a component of the operating section of the statement of cash flows. The use of derivatives has generally been limited to interest rate swaps and foreign currency forward contracts. The Company enters into foreign currency forward contracts to reduce the risks associated with the changes in foreign exchange rates on sales and cost of sales denominated in currencies other than the entities’ functional currency. See Note 15, Derivative and Hedging Activities. Fair Value of Financial Instruments Financial instruments are measured in accordance with FASB authoritative guidance related to fair value measurements. This guidance clarifies the definition of fair value, prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about fair value measurements. See Note 14, Fair Value Measurements . Income Taxes Income taxes are accounted for in accordance with FASB authoritative guidance on accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Tax rate changes impacting these assets and liabilities are recognized in the period during which the rate change occurs. Deferred tax assets are periodically evaluated to determine their recoverability and whether or not a valuation allowance is necessary. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. This assessment is completed on a taxing jurisdiction and entity filing basis. Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company’s prior earnings history including the forward losses previously recognized in the U.S. and UK, management determined that it was necessary to establish a valuation allowance against nearly all of its net U.S. and UK deferred tax assets at December 31, 2020. This determination was made as the Company anticipates it will enter into a U.S. cumulative loss position during the first half of 2021, as prior period positive earnings fall outside of the three-year measurement period. Additionally, segments of the UK operations are in cumulative loss positions after the inclusion of 2020 losses. Once a company anticipates a cumulative three year loss position, there is a presumption that a company should no longer rely solely on projected future income in determining whether the deferred tax asset is more likely than not to be realized. The Company records income tax provision or benefit based on the net income earned or net loss incurred in each tax jurisdiction and the tax rate applicable to that income or loss. In the ordinary course of business, there are transactions for which the ultimate tax outcome is uncertain. These uncertainties are accounted for in accordance with FASB authoritative guidance on accounting for the uncertainty in income taxes. The final tax outcome for these matters may be different than management's original estimates made in determining the income tax provision. A change to these estimates could impact the effective tax rate and net income or loss in subsequent periods. The Company uses the flow-through accounting method for tax credits. Under this method, tax credits reduce income tax expense. See Note 20 to the Consolidated Financial Statements, Income Taxes , for further discussion. Stock-Based Compensation and Other Share-Based Payments Many of the Company’s employees are participants in the Omnibus Incentive Plan of 2014 (as amended, the “Omnibus Plan”). The expense attributable to the Company’s employees is recognized over the period the amounts are earned and vested, as described in Note 19, Stock Compensation . The expense includes an estimate of expected forfeitures, based on historical forfeiture trends. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 4. New Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12”) which modifies FASB Accounting Standards Codification 740 to simplify the accounting for income taxes. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company has not elected early adoption and implementation of this guidance for its December 31, 2020 consolidated financial statements. The guidance will be adopted and implemented for its fiscal year beginning January 1, 2021. The adoption is not expected to have a material impact to our financial position or results of operations. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reportin g (“ASU 2020-04”), which provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022, and an entity may elect to apply ASU 2020-04 for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements but has not elected to adopt as of December 31, 2020. |
Accounts Receivable, net
Accounts Receivable, net | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable represent the Company’s unconditional rights to consideration, subject to the payment terms of the contract, for which only the passage of time is required before payment. Unbilled receivables are reflected under contract assets on the balance sheet. Beginning January 1, 2020, management assesses and records an allowance for credit losses using a current expected credit loss ("CECL") model. See Allowance for Credit Losses, below . Prior periods allowance for credit losses were based on legacy GAAP. Accounts receivable, net consists of the following: December 31, December 31, Trade receivables $ 458.9 $ 515.2 Other 31.1 32.6 Less: allowance for credit losses (5.6) (1.4) Accounts receivable, net $ 484.4 $ 546.4 _______________________________________ The Company has two agreements to sell, on a revolving basis, certain trade accounts receivable balances with Boeing and Airbus to third party financial institutions. These programs were primarily entered into as a result of Boeing and Airbus seeking payment term extensions with the Company and they continue to allow the Company to monetize the receivables prior to their payment date, subject to payment of a discount. No guarantees are delivered under the agreements. The Company's ability to continue using such agreements is primarily dependent upon the strength of Boeing’s and Airbus’s financial condition. Transfers under this agreement are accounted for as sales of receivables resulting in the receivables being derecognized from the Company's balance sheet. For the twelve months ended December 31, 2020, $2,011.7 of accounts receivable have been sold via this arrangement. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows. The recorded net loss on sale of receivables is $8.9 for the year ended December 31, 2020 and is included in Other (expense) income. See Note 23, Other Income (Expense), net . |
Revenue Disaggregation and Outs
Revenue Disaggregation and Outstanding Performance Obligations (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue, Performance Obligation [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 8. Revenue Disaggregation and Outstanding Performance Obligations Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based upon the location where products and services are transferred to the customer, and based upon major customer. The Company’s principal operating segments and related revenue are noted in Note 26, Segment and Geographical Information . The following table disaggregates revenues by the method of performance obligation satisfaction: For the Twelve Months Ended Revenue December 31, December 31, Contracts with performance obligations satisfied over time $ 2,188.4 $ 5,963.5 Contracts with performance obligations satisfied at a point in time 1,216.4 1,899.6 Total Revenue $ 3,404.8 $ 7,863.1 The following table disaggregates revenue by major customer: For the Twelve Months Ended Customer December 31, December 31, Boeing $ 2,043.8 $ 6,237.2 Airbus 773.3 1,250.6 Other 587.7 375.3 Total net revenues $ 3,404.8 $ 7,863.1 The following table disaggregates revenue based upon the location where control of products are transferred to the customer: For the Twelve Months Ended Location December 31, December 31, United States $ 2,637.6 $ 6,566.3 International United Kingdom 433.5 771.9 Other 333.7 524.9 Total International 767.2 1,296.8 Total Revenue $ 3,404.8 $ 7,863.1 Remaining Performance Obligations Unsatisfied, or partially unsatisfied, performance obligations currently under contract that are expected to be recognized to revenue in the future are noted in the table below. The Company expects options to be exercised in addition to the amounts presented below. 2021 2022 2023 2024 and After Unsatisfied performance obligations $2,726.2 $3,661.8 $4,406.4 $3,206.8 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | InventoryInventory consists of raw materials used in the production process, work-in-process, which is direct material, direct labor, overhead and purchases, and capitalized preproduction costs. Raw materials are stated at lower of cost (principally on an actual or average cost basis) or net realizable value. Capitalized pre-production costs include certain contract costs, including applicable overhead, incurred before a product is manufactured on a recurring basis. These costs are typically amortized over a period that is consistent with the satisfaction of the underlying performance obligations to which these relate. See Note 3, Summary of Significant Accounting Policies - Inventory . December 31, 2020 December 31, 2019 Raw materials $ 337.3 $ 253.1 Work-in-process (1) 1,000.6 822.8 Finished goods 58.1 14.5 Product inventory 1,396.0 1,090.4 Capitalized pre-production 26.3 28.4 Total inventory, net $ 1,422.3 $ 1,118.8 _______________________________________ Product inventory, summarized in the table above, is shown net of valuation reserves of $56.8 and $39.0 as of December 31, 2020 and December 31, 2019, respectively. The valuation reserve increase is primarily due to the Bombardier Acquisition. (as defined below) (1) Work-in-process inventory includes direct labor, direct material, overhead, and purchases on contracts for which revenue is recognized at a point in time, as well as sub-assembly parts that have not been issued to production on contracts for which revenue is recognized using the input method. For the period ended December 31, 2020, and December 31, 2019, work-in-process inventory includes $351.2 and $157.2, respectively, of costs incurred in anticipation of specific contracts and no impairments were recorded in the period. Excess capacity and abnormal production costs are excluded from inventory and recognized as expense in the period incurred. Cost of sales for the twelve months ended December 31, 2020 includes $278.9 of excess capacity production costs related to temporary B737 MAX, A220, and A320 production schedule changes. Cost of sales also includes costs of $33.7 related to temporary workforce adjustments as a result of COVID-19 production pause, net of the U.S. employee retention credit and U.K. government subsidies of approximately $21.4 for the twelve months ended December 31, 2020. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | The Company determines if an arrangement is a lease at the inception of a signed agreement. Operating leases are included in ROU assets (long-term), short-term operating lease liabilities, and long-term operating lease liabilities on the Company’s consolidated balance sheet. Finance leases are included in Property, Plant and Equipment, current portion of long-term debt, and long-term debt. ROU assets represent the right of the Company to use an underlying asset for the length of the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of lease payments, the Company uses its estimated incremental borrowing rate or the implicit rate, if readily determinable. The estimated incremental borrowing rate is based on information available at the lease commencement date, including any recent debt issuances and publicly available data for instruments with similar characteristics. The ROU asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease and, when it is reasonably certain that an option will be exercised, those options are included in the net present value calculation. Leases with a term of 12 months or less, which are primarily related to automobiles and manufacturing equipment, are not recorded on the balance sheet. The aggregate amount of lease cost for leases with a term of 12 months or less is not material. The Company has lease agreements that include lease and non-lease components, which are generally accounted for separately. For certain leases (primarily related to IT equipment), the Company does account for the lease and non-lease components as a single lease component. A portfolio approach is applied to effectively account for the ROU assets and liabilities for those specific leases referenced above. The Company does not have any material leases containing variable lease payments or residual value guarantees. The Company also does not have any material subleases. The Company currently has operating and finance leases for items such as manufacturing facilities, corporate offices, manufacturing equipment, transportation equipment, and vehicles. Majority of the Company's active leases have remaining lease terms that range between less than o ne year to 18 years, some of which i nclude options to extend the leases for up to 30 years, and some of which include options to terminate the leases within one year. Comparable information presented in the financial statements for periods prior to January 1, 2019 represent legacy GAAP treatment of leases. For more information on the effective date and transition approach for implementation, see Note 2, Adoption of New Accounting Standards. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Assets | Other current assets are summarized as follows: December 31, December 31, Prepaid expenses 16.3 19.3 Income tax receivable (1) 315.3 74.2 Other assets- short term 4.7 5.2 Total other current assets $ 336.3 $ 98.7 Other assets are summarized as follows: December 31, December 31, Deferred financing Deferred financing costs 0.9 41.7 Less: Accumulated amortization-deferred financing costs (0.5) (36.9) Deferred financing costs, net 0.4 4.8 Other Supply agreements (2) 11.4 11.5 Equity in net assets of affiliates 3.1 7.7 Restricted cash - collateral requirements 19.5 16.4 Other 49.2 36.4 Total $ 83.6 $ 76.8 _______________________________________ (1) Increase in income tax receivable expected to be received within 12 months and is an increase over the prior year as a result of the carryback provisions included in the CARES Act. (2) Certain payments accounted for as consideration paid by the Company to a customer are being amortized as reductions to net revenues. |
Goodwill Disclosure | Goodwill is summarized as follows: December 31, December 31, Goodwill (1) (2) 565.3 2.4 (1) The acquisition of Fiber Materials Inc. ("FMI") on January 10, 2020 resulted in the establishment of $76.0 goodwill. (2) The Bombardier Acquisition (as defined below) on October 30, 2020 resulted in the establishment of 486.8 of goodwill. See also Note 29, Acquisitions , as of December 31, 2020, given the preliminary nature of the Bombardier Acquisition purchase price allocation, the Company has not yet allocated goodwill to the relevant reportable segments. The balance of goodwill by reportable segment as of December 31, 2020, excluding that noted above as resulting from the Bombardier Acquisition, is $42.9 for the Fuselage Systems segment, $33.1 for the Propulsion Systems segment, and $2.5 for the Wing Systems segment. The goodwill balance as of December 31, 2019 of $2.4 is allocated to the Wing Systems segment. The change in value from December 31, 2019 to December 31, 2020 for the Wing Systems segment goodwill item, noted above, reflects net exchange differences arising during the period. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The FASB’s authoritative guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance discloses three levels of inputs that may be used to measure fair value: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Observable inputs, such as current and forward interest rates and foreign exchange rates, are used in determining the fair value of the interest rate swaps and foreign currency hedge contracts. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the fair value of assets and liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company’s long-term debt includes a senior secured term loan and senior notes. The estimated fair value of the Company’s debt obligations is based on the quoted market prices for such obligations or the historical default rate for debt with similar credit ratings. The following table presents the carrying amount and estimated fair value of long-term debt: December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Senior unsecured term loan A (including current portion) $ — $ — $ 438.5 $ 440.1 (2) Revolver — — 800.0 800.0 (2) Senior secured term loan B (including current portion) 389.6 395.0 (2) — — Floating rate notes 299.7 297.5 (1) 299.1 298.4 (1) Senior notes due 2023 298.8 293.8 (1) 298.3 307.2 (1) Senior secured first lien notes due 2025 493.9 521.2 (1) — — Senior secured second lien notes due 2025 1,184.2 1,279.1 (1) — — Senior notes due 2026 298.1 313.9 (1) 297.8 305.6 (1) Senior notes due 2028 694.6 689.2 (1) 694.1 734.4 (1) Total $ 3,658.9 $ 3,789.7 $ 2,827.8 $ 2,885.7 _______________________________________ (1) Level 1 Fair Value hierarchy (2) Level 2 Fair Value hierarchy |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Pension and Other Post-Retirement Benefit Plans [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Multi-employer Pension Plan In connection with the collective bargaining agreement signed with the International Association of Machinists and Aerospace Workers (“IAM”), the Company contributes to a multi-employer defined benefit pension plan (“IAM National Pension Fund”). As of July 1, 2015, the level of contribution, as specified in the bargaining agreement was, in whole dollars, $1.75 per hour of employee service. The IAM bargaining agreement provided for a $0.05 per hour increase, in whole dollars, effective July 1 of each year through 2019. Effective July 1, 2019 the level of employer contribution increased to $1.95 per hour and will remain at $1.95 per hour through contract expiration. The IAM contract expires June 24, 2023. The collective bargaining agreement with the United Automobile, Aerospace and Agricultural Workers of America (“UAW”) requires the Company to contribute a specified amount per hour of service to the IAM National Pension Fund. The specified amount was $1.70 per hour in 2019. Per the negotiated UAW collective bargaining agreement, the pension contributions, in whole dollars, was $1.70 per hour effective January 1, 2019 and will be $1.75 per hour effective January 1, 2020 through year 2025. The risk of this multi-employer plan is different from single-employer plans in the following aspects: 1. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. 2. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. 3. If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The following table summarizes the multi-employer plan to which the Company contributes. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2019 and 2020 is for the plan's year-end at December 31, 2019, and December 31, 2020, respectively. The zone status is based on information received from the plan. Pension Protection Act Zone Status Expiration FIP/RP Contributions of the Company EIN/Pension Surcharge Pension Fund 2019 2020 2018 2019 2020 IAM National Pension Fund 51-60321295 Red Red Yes $ 35.0 $ 40.7 $ 30.1 Yes IAM June 24, 2023 Pension Fund Year Company Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan ’ s Year-End) IAM National Pension Fund 2018, 2019, 2020 Defined Contribution Plans The Company contributes to a defined contribution plan available to all U.S. employees, excluding IAM and UAW represented employees. Under the plan, the Company makes a matching contribution of 75% of the employee contribution to a maximum 8% of eligible individual employee compensation. In addition, non-matching contributions based on an employee’s age and years of service are paid at the end of each calendar year for certain employee groups. The Company recorded $32.5, $35.9, and $35.1 in contributions to these plans for the twelve months ended December 31, 2020, 2019, and 2018, respectively. On April 1, 2006, as part of the acquisition of BAE Aerostructures, the Company established a defined contribution pension plan for those employees who are hired after the date of acquisition. Under the plan, the Company contributes 8% of base salary while participating employees are required to contribute 4% of base salary. The Company recorded $4.1 in contributions to this plan for the twelve months ended December 31, 2020, $4.1 in contributions for the twelve months ended December 31, 2019 and $6.8 in contributions for the twelve months ended December 31, 2018. On October 30, 2020, as part of the Bombardier Acquisition, the Company acquired a further defined contribution plan for certain employees at the Belfast location. Under the plan, the company contributes up to 8% of base salary, matching employee contributions up to this level. The company recorded $0.03 in contributions to this plan for the two months from October 30, 2020 to December 31, 2020. Defined Benefit Pension Plans Effective June 17, 2005, pension assets and liabilities were spun-off from three Boeing qualified plans into four qualified Spirit plans for each Spirit employee who did not retire from Boeing by August 1, 2005. Effective December 31, 2005, all four qualified plans were merged together. In addition, Spirit has one nonqualified plan providing supplemental benefits to executives who transferred from a Boeing nonqualified plan to a Spirit plan and elected to keep their benefits in this plan. Both plans are frozen as of the date of the Boeing Acquisition (i.e., no future service benefits are being earned in these plans). The Company intends to fund its qualified pension plan through a trust. Pension assets are placed in trust solely for the benefit of the pension plans’ participants and are structured to maintain liquidity that is sufficient to pay benefit obligations. On April 1, 2006, as part of the acquisition of BAE Aerostructures, the Company established a U.K. defined benefit pension plan for those employees based in Prestwick that had pension benefits remaining in BAE Systems’ pension plan. Effective December 31, 2013, this Prestwick pension plan was closed and benefits were frozen and thereafter subject only to statutory pension revaluation. On October 30, 2020, as part of the Bombardier Acquisition, the Company acquired two further defined benefit plans for current and former employees at the Belfast location. These plans are currently open to the future accrual of benefits but closed to new hires. In accordance with legislation, each of the U.K. plans and their assets are managed by independent trustee companies. The investment strategies adopted by the trustees are documented in Statement of Investment Principles in line with U.K. legislation. The principles for the investment strategies are to maximize the long-term rate of return on plan assets within an acceptable level of risk while maintaining adequate funding levels. The trustees have invested the plan assets in pooled arrangements with authorized investment companies that were selected to be consistent with the overall investment principles and strategy. Other Post-Retirement Benefit Plans The Company also has post-retirement health care coverage for eligible U.S. retirees and qualifying dependents prior to age 65. Eligibility for employer-provided benefits is limited to those employees who were employed at the date of the Boeing Acquisition and retire on or after attainment of age 62 and 10 years of service. Employees who do not satisfy these eligibility requirements can retire with post-retirement medical benefits at age 55 and 10 years of service, but they must pay the full cost of medical benefits provided. On October 30, 2020, as part of the Bombardier Acquisition, the Company acquired a post-retirement medical plan for the employees at the Belfast location. Obligations and Funded Status The following tables reconcile the funded status of both pension and post-retirement medical benefits to the balance on the balance sheets for the fiscal years 2020 and 2019. Benefit obligation balances presented in the tables reflect the projected benefit obligation and accumulated benefit obligation for the Company’s pension plans, and accumulated post-retirement benefit obligations for the Company’s post-retirement medical plan. The Company uses an end of fiscal year measurement date of December 31 for the Company's U.S. pension and post-retirement medical plans. Special termination benefits for the periods ending December 31, 2020 and December 31, 2019 are related to a voluntary retirement programs offered by the Company in 2020 and 2019, respectively. The projected benefit obligation of the US based defined benefit plans as of December 31, 2020 remained largely flat compared to that as of December 31, 2019, reflecting offsetting underlying impacts. Voluntary retirement programs offered by the Company drove a net decrease to the projected benefit obligation through changes to plan settlements, special termination benefits, and curtailment loss. This was offset by an increase in liabilities that was driven by a decrease in the effective discount rate utilized in the actuarial valuation of the plans. Voluntary retirement programs offered by the Company drove a net increase to the projected benefit obligation of the US based Other Post-Retirement benefit plans through changes to special termination benefits and curtailment loss. The projected benefit obligation of the U.K. Prestwick Plan increased, driven by a decrease in the effective discount rate utilized in the actuarial valuation of the plan. The projected benefit obligation of the U.K. Belfast plans was acquired on October 30, 2020, as part of the Bombardier Acquisition. Pension Benefits Other Post-Retirement Periods Ended December 31, Periods Ended December 31, U.S. Plans 2020 2019 2020 2019 Change in projected benefit obligation: Beginning balance $ 1,096.6 $ 997.0 $ 41.8 $ 40.3 Service cost — — 0.8 0.9 Employee contributions — — 1.2 0.9 Interest cost 24.4 36.5 1.0 1.2 Actuarial losses (gains) 124.8 141.1 (1.8) 1.8 Special termination benefits 31.0 5.2 12.0 3.9 Plan Curtailment 33.9 — 2.3 Plan Settlements (175.5) (49.9) — — Benefits paid (36.1) (33.3) (7.8) (7.2) Projected benefit obligation at the end of the period $ 1,099.1 $ 1,096.6 $ 49.5 $ 41.8 Assumptions used to determine benefit obligation: Discount rate 2.31 % 3.19 % 1.26 % 2.55 % Rate of compensation increase N/A N/A N/A N/A Medical assumptions: Trend assumed for the year N/A N/A 5.56 % 5.90 % Ultimate trend rate N/A N/A 4.50 % 4.50 % Year that ultimate trend rate is reached N/A N/A 2038 2038 Change in fair value of plan assets: Beginning balance $ 1,519.5 $ 1,302.8 $ — $ — Actual return (loss) on assets 218.4 299.7 — — Employer contributions to plan 0.1 0.1 6.6 6.3 Employee contributions to plan — — 1.2 0.9 Plan Settlements (175.5) (49.9) — — Benefits paid (36.2) (33.2) (7.8) (7.2) Expenses paid — — — — Ending balance $ 1,526.3 $ 1,519.5 $ — $ — Reconciliation of funded status to net amounts recognized: Funded status (deficit) $ 427.3 $ 422.9 $ (49.5) $ (41.8) Net amounts recognized $ 427.3 $ 422.9 $ (49.5) $ (41.8) Amounts recognized in the balance sheet: Noncurrent assets $ 428.7 $ 424.2 — — Current liabilities (0.1) (0.1) (10.3) (7.3) Noncurrent liabilities (1.3) (1.2) (39.2) (34.5) Net amounts recognized $ 427.3 $ 422.9 $ (49.5) $ (41.8) Amounts not yet reflected in net periodic benefit cost and included in AOCI: Accumulated other comprehensive (loss) income $ (6.5) $ (46.0) $ 19.3 $ 22.6 Cumulative employer contributions in excess of net periodic benefit cost 433.8 468.9 (68.8) (64.4) Net amount recognized in the balance sheet $ 427.3 $ 422.9 $ (49.5) $ (41.8) Information for pension plans with benefit obligations in excess of plan assets: Projected benefit obligation $ 1.4 $ 1.3 $ 49.5 $ 41.8 Accumulated benefit obligation 1.4 1.3 — — The US based defined benefit plans utilize a cash balance based formula for a subset of the plan participants. The weighted-average interest crediting rates used to determine the benefit obligation and net periodic benefit cost for all future years is 5.25%. Pension Benefits Periods Ended December 31, U.K. Prestwick Plan 2020 2019 Change in projected benefit obligation: Beginning balance $ 66.7 $ 59.9 Service cost 0.9 0.9 Interest cost 1.2 1.6 Actuarial loss (gain) 12.2 5.5 Benefits paid (0.8) (0.8) Expense paid (0.9) (0.9) Plan settlements (5.9) (2.1) Exchange rate changes 2.5 2.6 Projected benefit obligation at the end of the period $ 75.9 $ 66.7 Assumptions used to determine benefit obligation: Discount rate 1.45 % 2.10 % Rate of compensation increase 3.10 % 3.15 % Change in fair value of plan assets: Beginning balance $ 91.6 $ 79.6 Actual return (loss) on assets 15.1 11.1 Company contributions 1.7 1.7 Plan settlements (6.9) (2.6) Expenses paid (0.9) (0.9) Benefits paid (0.8) (0.8) Exchange rate changes 3.3 3.5 Ending balance $ 103.1 $ 91.6 Reconciliation of funded status to net amounts recognized: Funded status 27.2 24.9 Net amounts recognized $ 27.2 $ 24.9 Amounts recognized in the balance sheet: Noncurrent assets $ 27.2 $ 24.9 Noncurrent liabilities — — Net amounts recognized $ 27.2 $ 24.9 Amounts not yet reflected in net periodic benefit cost and included in AOCI: Accumulated other comprehensive income (loss) 5.8 5.9 Prepaid pension cost 21.4 19.0 Net amount recognized in the balance sheet $ 27.2 $ 24.9 Information for pension plans with benefit obligations in excess of plan assets: Projected benefit obligation $ — $ — Accumulated benefit obligation — — Fair value of assets $ — $ — Pension Benefits Other Periods Ended December 31, Periods Ended December 31, U.K Belfast Plans 2020 2019 2020 2019 Change in projected benefit obligation: Beginning balance $ — $ — $ — $ — Net transfer in/(out) (including the effect of any business combination divestitures) 2,311.8 — 0.7 — Service cost 6.3 — — — Employee contributions — — — — Interest cost 6.0 — — — Actuarial losses (gains) 183.9 — — — Special termination benefits — — — — Exchange rate changes 161.6 — 0.1 — Benefits paid (8.2) — — — Projected benefit obligation at the end of the period $ 2,661.4 $ — $ 0.8 $ — Assumptions used to determine benefit obligation: Discount rate 1.45 % — % 1.45 % — % Rate of compensation increase 2.90 % — % N/A — % Medical assumptions: Trend assumed for the year N/A N/A 5.50 % — % Ultimate trend rate N/A N/A 5.50 % — % Year that ultimate trend rate is reached N/A N/A NA NA Change in fair value of plan assets: Beginning balance $ — $ — $ — $ — Net transfer in/(out) (including the effect of any business combination divestitures) 2,003.7 — — — Actual (loss) return on assets 125.9 — — — Employer contributions to plan 3.8 — — — Employee contributions to plan 0.1 — — — Benefits paid (8.2) — — — Expenses paid 137.4 — — — Ending balance $ 2,262.7 $ — $ — $ — Reconciliation of funded status to net amounts recognized: Funded status (deficit) $ (398.8) $ — $ (0.8) $ — Net amounts recognized $ (398.8) $ — $ (0.8) $ — Amounts recognized in the balance sheet: Noncurrent liabilities (398.8) — (0.8) — Net amounts recognized $ (398.8) $ — $ (0.8) $ — Amounts not yet reflected in net periodic benefit cost and included in AOCI: Accumulated other comprehensive (loss) income $ (404.7) $ — $ (0.8) $ — Cumulative employer contributions in excess of net periodic benefit cost 5.9 — — — Net amount recognized in the balance sheet $ (398.8) $ — $ (0.8) $ — Information for pension plans with benefit obligations in excess of plan assets: Projected benefit obligation $ 2,661.5 $ — $ — $ — Accumulated benefit obligation 2,594.5 — — — Fair value of assets 2,262.7 — — — Annual Expense The components of pension and other post-retirement benefit plans expense for the U.S. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2020, 2019, and 2018 are as follows: Pension Benefits Other Periods Ended Periods Ended U.S. Plans 2020 2019 2018 2020 2019 2018 Components of net periodic benefit cost (income): Service cost $ — $ — $ — $ 0.8 $ 0.9 $ 1.1 Interest cost 24.4 36.5 34.7 1.0 1.2 1.1 Expected return on plan assets (64.2) (66.7) (66.9) — — — Amortization of net (gain) loss 0.2 0.5 — (1.7) (2.2) (2.3) Amortization of prior service costs — — — (0.9) (0.9) (0.9) Settlement (gain) loss recognized (1) 9.8 3.4 — — — — Curtailment loss/(gain) (2) 33.9 — — (0.2) — — Special termination benefits (2) 31.0 5.2 — 12.0 3.9 — Net periodic benefit (income) cost 35.1 (21.1) (32.2) 11.0 2.9 (1.0) Other changes recognized in OCI: Total recognized in other OCI (income) loss $ (39.4) $ (95.9) $ 52.3 $ 1.0 $ 4.9 $ 0.8 Total recognized in other net periodic benefit and OCI (income) loss $ (4.3) $ (117.0) $ 20.1 $ 12.0 $ 7.8 $ (0.2) Assumptions used to determine net periodic benefit costs: Discount rate 3.19 % 4.21 % 3.59 % 2.55 % 3.74 % 3.03 % Expected return on plan assets 4.50 % 5.00 % 4.80 % N/A N/A N/A Salary increases N/A N/A N/A N/A N/A N/A Medical Assumptions: Trend assumed for the year N/A N/A N/A 5.90 % 6.24 % 6.59 % Ultimate trend rate N/A N/A N/A 4.50 % 4.50 % 4.50 % Year that ultimate trend rate is reached N/A N/A N/A 2038 2038 2038 (1) Due to settlement accounting, the Company remeasured the pension assets and obligations which resulted in a $39.4 and $95.9, respectively, impact to OCI that is included in the Company's Consolidated Statements of Comprehensive Income and a charge of $9.8 and $3.4, respectively, that was recorded to Other income (expense). (2) Special termination benefits and curtailment loss as of December 31, 2020 and December 31, 2019 is a combination of pension value plan, post-retirement medical plan, offset by a reduction in the Company's net benefit obligation. The increase is due to 2020 voluntary retirement plan. The adoption of ASU 2017-07 in 2018 requires the Company to record only the service component of net periodic benefit cost in operating profit and the non-service components of net periodic benefit cost (i.e., interest cost, expected return on plan assets, amortization of prior service cost, special termination benefits, and net actuarial gains or losses) as part of non-operating income. The components of the pension benefit plan expense for the U.K. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2020, 2019, and 2018 are as follows: Pension Benefits Periods Ended U.K. Prestwick Plan 2020 2019 2018 Components of net periodic benefit cost (income): Service cost $ 0.9 $ 0.9 $ 1.3 Interest cost 1.2 1.7 1.7 Expected return on plan assets (1.7) (2.4) (2.8) Settlement gain (0.4) (0.2) (0.4) Net periodic benefit cost (income) $ — $ — $ (0.2) Other changes recognized in OCI: Total (income) recognized in OCI $ (0.9) $ (3.2) $ (0.5) Total recognized in net periodic benefit cost and OCI $ (0.9) $ (3.2) $ (0.7) Assumptions used to determine net periodic benefit costs: Discount rate 2.10 % 3.00 % 2.60 % Expected return on plan assets 2.00 % 3.10 % 3.10 % Salary increases 3.15 % 3.40 % 3.35 % The estimated net (gain) loss that will be amortized from other comprehensive income into net periodic benefit cost over the next fiscal year for the U.K. plan is zero. The components of the pension benefit plan expense for the Belfast plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2020, 2019, and 2018 are as follows: Pension Benefits Periods Ended U.K. Belfast Plans 2020 2019 2018 Components of net periodic benefit cost (income): Service cost $ 6.3 $ — $ — Interest cost 5.9 — — Expected return on plan assets (14.0) — — Net periodic benefit cost (income) $ (1.8) $ — $ — Other changes recognized in OCI: Total (income) recognized in OCI $ 96.6 $ — $ — Total recognized in net periodic benefit cost and OCI $ 94.8 $ — $ — Assumptions used to determine net periodic benefit costs: Discount rate 1.75 % — % — % Expected return on plan assets 4.20 % — % — % Salary increases 2.75 % — % — % Assumptions The Company sets the discount rate assumption annually for each of its retirement-related benefit plans as of the measurement date, based on a review of projected cash flow and a long-term high-quality corporate bond yield curve. The discount rate determined on each measurement date is used to calculate the benefit obligation as of that date, and is also used to calculate the net periodic benefit (income)/cost for the upcoming plan year. During 2015, the mortality assumption for the U.S. plans was updated to Mercer’s MRP-2007 generational mortality tables for non-annuitants and Mercer’s MILES-2010 generational tables for the Auto, Industrial Goods and Transportation group for annuitants both reflecting Mercer’s MMP-2007 improvement scale. In 2018, the Company incorporated the MMP-2018 improvement scale. MMP-2018 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2018 scale, but with different parameters and adjustments for actual experience since 2006. In 2019, the Company incorporated the MMP-2019 improvement scale which was utilized in 2020. MMP-2019 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2019 scale, but with different parameters and adjustments for actual experience since 2006. A blue collar adjustment is reflected for the hourly union participants and a white collar adjustment is reflected for all other participants. Actuarial gains and losses are amortized using the corridor method over the average working lifetimes of active participants/membership. The pension expected return on assets assumption is derived from the long-term expected returns based on the investment allocation by class specified in the Company's investment policy. The expected return on plan assets determined on each measurement date is used to calculate the net periodic benefit (income)/cost of the upcoming plan year. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. To determine the health care cost trend rates the Company considers national health trends and adjusts for its specific plan design and locations. The trend and aging assumptions were updated during 2016 to reflect more current trends. These assumptions were reviewed in 2020, and it was determined they were still reasonable and therefore were unchanged. U.S. Plans The Company’s investment objective is to achieve long-term growth of capital, with exposure to risk set at an appropriate level. This objective shall be accomplished through the utilization of a diversified asset mix consisting of equities (domestic and international) and taxable fixed income securities. The allowable asset allocation range is: Equities 20 - 50% Fixed income 50 - 80% Real estate 0 - 7% Investment guidelines include that no security, except issues of the U.S. Government, shall comprise more than 5% of total Plan assets and further, no individual portfolio shall hold more than 7% of its assets in the securities of any single entity, except issues of the U.S. Government. The following derivative transactions are prohibited — leverage, unrelated speculation and “exotic” collateralized mortgage obligations or CMOs. Investments in hedge funds, private placements, oil and gas and venture capital must be specifically approved by the Company in advance of their purchase. The Company’s plans have asset allocations for the U.S., as of December 31, 2020 and December 31, 2019, as follows: 2020 2019 Asset Category — U.S. Equity securities — U.S. 26 % 25 % Equity securities — International 3 % 4 % Debt securities 69 % 69 % Real estate 2 % 2 % Total 100 % 100 % U.K. Prestwick Plan The Trustee’s investment objective is to ensure that they can meet their obligation to the beneficiaries of the Plan. An additional objective is to achieve a return on the total Plan, which is compatible with the level of risk considered appropriate. The overall benchmark allocation of the Plan’s assets is: Equity securities 19 - 20% Debt securities 80% Property 1% The Plan has asset allocations as of December 31, 2020 and December 31, 2019, as follows: 2020 2019 Asset Category — U.K. Prestwick Equity securities 15 % 15 % Debt securities 80 % 80 % Other 5 % 5 % Total 100 % 100 % U.K. Belfast Plans The Trustees' investment objective is to ensure that they can meet their obligation to the beneficiaries of the Plans. An additional objective is to achieve a return on the total Plan, which is compatible with the level of risk considered appropriate. The overall benchmark allocation of the Plan’s assets is: Equity securities 32% Fixed Income 36% Indexed-Linked Gilts 15% Real Return Assets 15% Money Market 2% The Plans have asset allocations as of December 31, 2020 and December 31, 2019, as follows: 2020 2019 Asset Category — U.K. Belfast Equity securities 32% — % Fixed Income 36% — % Indexed-Linked Gilts 15% — % Real Return Assets 13% — % Money Market 4% — % Total 100 % — % Projected contributions and benefit payments Required U.S. pension contributions under Employee Retirement Income Security Act (ERISA) regulations are expected to be zero in 2021 and discretionary contributions are not expected in 2021. SERP and post-retirement medical plan contributions in 2021 are expected to be $10.3. Expected contributions to the U.K. Prestwick plan for 2021 are $1.8. Expected contributions to the U.K. (Belfast) plans for 2021 are $180.2, including a one-time contribution of £100 agreed as part of the acquisition of the Short Brothers plc. The Company monitors its defined benefit pension plan asset investments on a quarterly basis and believes that the Company is not exposed to any significant credit risk in these investments. The total benefits expected to be paid over the next ten years from the plans' assets or the assets of the Company, by country, are as follows: U.S. Pension Plans Other 2021 $ 41.3 $ 10.3 2022 $ 43.6 $ 9.5 2023 $ 45.4 $ 8.0 2024 $ 47.6 $ 5.7 2025 $ 49.5 $ 3.9 2026-2030 $ 269.5 $ 11.8 U.K. Prestwick Pension Plans 2021 $ 0.9 2022 $ 0.9 2023 $ 0.9 2024 $ 0.9 2025 $ 1.0 2026-2030 $ 5.1 U.K. Belfast Pension Plans Other 2021 $ 61.1 $ 0.1 2022 $ 62.2 $ 0.1 2023 $ 63.2 $ 0.1 2024 $ 64.3 $ 0.1 2025 $ 65.4 $ 0.1 2026-2030 $ 344.2 $ 5.0 Fair Value Measurements The pension plan assets are valued at fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Temporary Cash Investments — These investments consist of U.S. dollars and foreign currencies held in master trust accounts. Foreign currencies held are reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. These temporary cash investments are classified as level 1 investments. Collective Investment Trusts — These investments are public investment vehicles valued using market prices and performance of the fund. The trust allocates notional units to the policy holder based on the underlying notional unit buy (offer) price using the middle market price plus transaction costs. These investments are classified within level 2 of the valuation hierarchy. In addition, the collective investment trust includes a real estate fund, which is classified within level 3 of the valuation hierarchy. Commingled Equity and Bond Funds — These investments are valued at the closing price reported by the Plan Trustee. These investments are not being traded in an active market, but are backed by various investment securities managed by the Bank of New York. Fair value is being calculated using inputs that rely on the Bank of New York’s own assumptions, which are based on underlying investments that are traded on an active market and classified within level 2 of the valuation hierarchy. As of December 31, 2020 and December 31, 2019, the pension plan assets measured at fair value on a recurring basis were as follows: At December 31, 2020 Using Description December 31, 2020 Total Quoted Prices in Significant Significant Temporary Cash Investments $ 6.4 $ 6.4 $ — $ — Collective Investment Trusts 102.4 — 99.0 3.4 Commingled Equity and Bond Funds 3,735 — 3,735.0 — $ 3,843.8 $ 6.4 $ 3,834.0 $ 3.4 At December 31, 2019 Using Description December 31, 2019 Total Quoted Prices in Significant Significant Temporary Cash Investments $ 0.7 $ 0.7 $ — $ — Collective Investment Trusts 91.6 — 87.6 3.4 Commingled Equity and Bond Funds 1,519.5 — 1,519.5 — $ 1,611.8 $ 0.7 $ 1,607.1 $ 3.4 The increase in pension plan assets was primarily driven by the Bombardier Acquisition. The table below sets forth a summary of changes in the fair value of the Plan’s level 3 investment assets and liabilities for the years ended December 31, 2020 and December 31, 2019: December 31, 2020 Description Beginning Purchases Gain (Loss) Sales, Exchange Ending Fair Collective Investment Trusts $ 3.4 $ — $ (0.1) $ — $ 0.1 $ 3.4 $ 3.4 $ — $ (0.1) $ — $ 0.1 $ 3.4 December 31, 2019 Description Beginning Purchases Gain (Loss) Sales, Exchange Ending Fair Collective Investment Trusts $ 3.2 $ — $ 0.1 $ — $ 0.1 $ 3.4 $ 3.2 $ — $ 0.1 $ — $ 0.1 $ 3.4 |
Pension and Other Post Retirement Benefits Plans U.K. Belfast Asset Category | The Plans have asset allocations as of December 31, 2020 and December 31, 2019, as follows: 2020 2019 Asset Category — U.K. Belfast Equity securities 32% — % Fixed Income 36% — % Indexed-Linked Gilts 15% — % Real Return Assets 13% — % Money Market 4% — % Total 100 % — % |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2020 | |
Class of Stock Disclosures [Abstract] | |
Capital Stock | Capital Stock Holdings has authorized 210,000,000 shares of stock. Of that, 200,000,000 shares are Common Stock, par value $0.01 per share, one vote per share and 10,000,000 shares are preferred stock, par value $0.01 per share. In association with the Boeing Acquisition, Spirit executives with balances in Boeing’s Supplemental Executive Retirement Plan (“SERP”) were authorized to purchase a fixed number of units of Holdings “phantom stock” at $3.33 per unit based on the present value of their SERP balances. Any payment on account of units may be made in cash or shares of Common Stock at the sole discretion of Holdings. The balance of SERP units was 28,950, 38,754 and 47,487 as of December 31, 2020, 2019, and 2018, respectively. Repurchases of Common Stock |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Compensation | Stock Compensation Holdings has established the stockholder-approved 2014 Omnibus Incentive Plan, as amended (the “Omnibus Plan”) to grant cash and equity awards to certain individuals. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense. The Company’s Omnibus Plan was amended in October 2019 to allow for participants to make tax elections with respect to their equity awards. Holdings has recognized a net total of $24.2, $36.1, and $27.4 of stock compensation expense for the twelve months ended December 31, 2020, 2019, and 2018, respectively. Stock compensation expense is charged in its entirety directly to selling, general and administrative expense. Short-Term Incentive Plan The Short-Term Incentive Program under the Omnibus Plan enables eligible employees to receive incentive benefits in the form of cash as determined by the Compensation Committee. Board of Directors Stock Awards The Company’s Omnibus Plan provides non-employee directors the opportunity to receive grants of restricted shares of Common Stock, or Restricted Stock Units (“RSUs”) or a combination of both Common Stock and RSUs. The Common Stock grants and RSU grants vest one year from the grant date subject to the directors compliance with the one-year service condition; however, the RSU grants are not payable until the director’s separation from service. The Board of Directors is authorized to make discretionary grants of shares or RSUs from time to time. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense or included in inventory and cost of sales. The Company expensed a net amount of $1.4, $1.4, and $1.3 for the restricted shares of Common Stock and RSUs for the twelve months ended December 31, 2020, 2019, and 2018, respectively. The Company’s unamortized stock compensation related to these restricted shares of Common Stock and RSUs is $0.4, which will be recognized over a weighted average remaining period of 4 months. The intrinsic value of the unvested restricted shares of Common Stock and RSUs, based on the value of the Company's stock at December 31, 2020, was $2.5, based on the value of the Company’s Common Stock and the number of unvested shares of restricted Common Stock and RSUs. The following table summarizes grants of restricted Common Stock and RSUs to members of the Company’s Board of Directors for the twelve months ended December 31, 2020, 2019, and 2018: Shares Value (1) Class A Class A (Thousands) Board of Directors Stock Grants Nonvested at December 31, 2017 24 $ 1.2 Granted during period 17 1.4 Vested during period (19) (1.0) Forfeited during period — — Nonvested at December 31, 2018 22 1.6 Granted during period 17 1.5 Vested during period (22) (1.7) Forfeited during period — — Nonvested at December 31, 2019 17 1.4 Granted during period 65 1.3 Vested during period (17) (1.5) Forfeited during period — — Nonvested at December 31, 2020 65 $ 1.2 _______________________________________ (1) Value represents grant date fair value. Long-Term Incentive Awards Holdings has established the Long-Term Incentive Plan (the “LTIP”) under the Omnibus Plan to grant equity awards to certain employees. Generally, specified employees are entitled to receive a long-term incentive award that, for the 2020 year, consisted of the following: • 60% of the award consisted of time-based, service-condition restricted Common Stock that vests in equal installments over a three-year period (the “RS Award”). Values for these awards are based on the value of Common Stock on the grant date. • 20% of the award consisted of performance-based, market-condition restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon TSR compared to the Company’s peers (the “TSR Award”). Values for these awards are initially measured on the grant date using estimated payout levels derived from a Monte Carlo valuation model. • 20% of the award consisted of performance-based, (performance-condition) restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon the Company’s cumulative three-year free cash flow as a percentage of the Company’s cumulative three-year revenues meeting certain pre-established goals (the “FCF Percentage Award”). Values for these awards are based on the dividend adjusted value of Common Stock on the grant date. For the twelve months ended December 31, 2020, 515,788 shares of Common Stock with an aggregate grant date fair value of $21.0 were granted as RS Awards under the Company's LTIP. In addition, 385,887 shares of Common Stock with an aggregate grant date fair value of $16.1 were granted as TSR Awards and FCF Percentage Awards under the Company’s LTIP. For the twelve months ended December 31, 2019, 303,638 shares of Common Stock with an aggregate grant date fair value of $27.3 were granted as RS Awards under the Company's LTIP. In addition, 127,802 shares of Common Stock with an aggregate grant date fair value of $13.4 were granted as TSR Awards under the Company’s LTIP. For the twelve months ended December 31, 2018, 295,482 shares of Common Stock with an aggregate grant date fair value of $25.6 were granted as RS Awards under the Company’s LTIP. In addition, 156,279 shares of Common Stock with an aggregate grant date fair value of $14.1 were granted as TSR Awards under the Company’s LTIP. The Company expensed a net total of $22.8, $32.2, and $26.1 for share of Common Stock issued under the LTIP for the twelve month periods ended December 31, 2020, 2019, and 2018, respectively. The Company’s unamortized stock compensation related to these unvested shares of Common Stock is $22.9, which will be recognized over a weighted average remaining period of 1.6 years. The intrinsic value of the unvested shares of Common Stock issued under the LTIP at December 31, 2020 was $34.5, based on the value of the Company’s Common Stock and the number of unvested shares. The following table summarizes the activity of the restricted shares under the LTIP for the twelve month periods ended December 31, 2020, 2019, and 2018: Shares Value (1) Common Stock Common Stock (Thousands) Long-Term Incentive Plan/Long-Term Incentive Award under Omnibus Plan Nonvested at December 31, 2017 1,453 $ 73.4 Granted during period 451 39.7 Vested during period (465) (24.1) Forfeited during period (48) (3.0) Nonvested at December 31, 2018 1,391 86.0 Granted during period 431 40.6 Vested during period (393) (24.2) Forfeited during period (125) (8.4) Nonvested at December 31, 2019 1,304 94.0 Granted during period 940 39.6 Vested during period (573) (39.1) Forfeited during period (192) (14.0) Nonvested at December 31, 2020 1,479 $ 80.5 _______________________________________ (1) Value represents grant date fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes Income Before Income Taxes: The sources of income before income taxes are: 2020 2019 2018 U.S. $ (1,046.7) $ 552.4 $ 655.0 International (39.2) 110.7 101.2 Total (before equity earnings) $ (1,085.9) $ 663.1 $ 756.2 Income taxes are accounted for in accordance with FASB authoritative guidance on accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Tax rate changes impacting these assets and liabilities are recognized in the period during which the rate change occurs. We record an income tax expense or benefit based on the income earned or loss incurred in each tax jurisdiction and the tax rate applicable to that income or loss. In the ordinary course of business, there are transactions for which the ultimate tax outcome is uncertain. These uncertainties are accounted for in accordance with FASB authoritative guidance on accounting for the uncertainty in income taxes. The final tax outcome for these matters may be different than management's original estimates made in determining the income tax provision. A change to these estimates could impact the effective tax rate and net income or loss in subsequent periods. We use the flow-through accounting method for tax credits. Under this method, tax credits reduce income tax expense. Provision for Income Tax Taxes: The income Tax expense (benefit) contains the following components: 2020 2019 2018 Current Federal $ (301.0) $ 57.8 $ 159.4 State (5.5) 0.7 4.1 Foreign (8.1) (12.8) 11.4 Total current $ (314.6) $ 45.7 $ 174.9 Deferred Federal $ (16.2) $ 71.8 $ (27.8) State 106.9 (11.4) (12.8) Foreign 3.7 26.7 5.5 Total deferred 94.4 87.1 (35.1) Total income tax provision $ (220.2) $ 132.8 $ 139.8 Reconciliation of Effective Income Tax Rate: The income tax provision from operations differs from the tax provision computed at the U.S. federal statutory income tax rate due to the following: 2020 2019 2018 Tax at U.S. Federal statutory rate $ (228.1) 21.0 % $ 139.3 21.0 % $ 158.8 21.0 % State income taxes, net of Federal benefit (28.1) 2.6 14.9 2.3 18.1 2.4 State income tax credits, net of Federal benefit (17.4) 1.6 (22.6) (3.4) (22.7) (3.0) Foreign rate differences (3.3) 0.3 (7.1) (1.1) (6.2) (0.8) Research and experimentation (0.1) — 0.7 0.1 (5.4) (0.7) Excess tax benefits 0.1 — (2.5) (0.4) (4.0) (0.5) Non-deductible expenses 10.5 (1.0) 4.0 0.6 4.6 0.6 Transition tax — — 1.6 0.2 (5.4) (0.7) Re-measurement of Deferred Taxes 1.7 (0.2) (2.0) (0.3) — — Global Intangible Low-Taxed Income (GILTI) Tax 3.9 (0.4) 7.1 1.1 1.8 0.2 Valuation Allowance 150.2 (13.8) — — — — NOL Utilized at 35% vs 21% (104.8) 9.7 — — — — Other (4.8) 0.5 (0.6) (0.1) 0.2 — Total income tax provision $ (220.2) 20.3 % $ 132.8 20.0 % $ 139.8 18.5 % The income tax provision for the twelve months ended December 31, 2020, was ($220.2) compared to $132.8 for the prior year. The 2020 effective tax rate was 20.3% as compared to 20.0% for 2019. In 2019, an amended tax return was filed in a foreign jurisdiction for one of the Company’s foreign subsidiaries impacting the amount of undistributed earnings included in the transition tax liability enacted by TCJA. The increase to the transition tax in 2019 is $1.6 which has been included as a component of income tax expense from continuing operations. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year the tax is incurred. As of December 31, 2020, there was $3.9 of GILTI tax expense due a U.K. NOL carryback to 2019 that will result in an increase to US GILTI tax. As of December 31, 2019 there was $7.1 of GILTI tax expense resulting from $0.6 of income tax expense related to activity in 2019 and $6.5 of income tax expense related to the finalization of the 2018 amounts related to GILTI reported in the tax return as agreed upon with the IRS in the course of the Company’s participation in the Internal Revenue Service’s Compliance Assurance Process (“CAP”) program. As of December 31, 2018 there was $1.8 of GILTI tax expense. The 2020 U.S. Net Operating Loss will be carried back to 2015 and 2016. The tax rate in the carryback years is 35% compared to the current tax rate of 21%. The impact of this rate difference is included in the current year tax provision. The CARES Act allows net operating losses to be carried back to the previous five years, when the federal tax rate was 35%. As of December 31, 2020 the Company will report a net operating loss when it files its fiscal year 2020 tax return. Management will continue to monitor potential legislation as well as market conditions which may materially alter the anticipated value of this net operating loss. The Company had $315.3 and $74.2 of income tax receivable as of December 31, 2020 and December 31, 2019, respectively, which is reflected within other current assets on the balance sheet as well as $0.0 and $6.3 of income tax payable as of December 31, 2020 and December 31, 2019, respectively, which is reflected within other current liabilities on the balance sheet. The Company had $1.5 and $5.3 of non-current income tax payable as of December 31, 2020 and December 31, 2019, respectively, which is reflected within other liabilities on the balance sheet. Additionally, as allowed by the CARES Act, the Company has deferred $32.9 of employer payroll taxes, of which 50% is required to be deposited by December 2021 and the remaining 50% by December 2022. The Company has estimated it will be eligible for a pre-tax employee retention credit of approximately $16. The Company will continue to evaluate its eligibility for this credit through June 2021. In addition, as of December 31, 2020, the Company has recorded a deferral of $31.5 of VAT payments with the option to pay in smaller payments through the end of March 31, 2022 interest free under the United Kingdom deferral scheme. Oklahoma follows the CARES Act and also allows net operating losses to be carried back to the previous five years. The estimated state income tax refund is recorded as an income tax receivable along with the estimated federal income tax receivable as mentioned above. Deferred Income Taxes: Significant tax effected temporary differences comprising the net deferred tax asset are as follows: 2020 2019 Depreciation and amortization $ (174.3) $ (117.8) Long-term contracts 165.7 107.5 State income tax credits 122.8 108.3 Net operating loss carryforward 98.6 0.4 Accruals and reserves 50.3 40.3 Employee compensation accruals 36.2 39.2 Pension and other employee benefit plans (15.3) (88.5) Interest expense limitation 22.7 — Post retirement benefits other than pensions 11.8 9.8 Other 8.0 8.6 Inventory 1.2 0.4 Interest swap contracts 0.3 0.2 Net deferred tax asset before valuation allowance 328.0 108.4 Valuation allowance (340.9) (10.2) Net deferred tax (liability) (12.9) 98.2 Deferred tax detail above is included in the balance sheet and supplemental information as follows: 2020 2019 Non-current deferred tax assets 0.1 106.5 Non-current deferred tax liabilities (13.0) (8.3) Net non-current deferred tax asset (liability) $ (12.9) $ 98.2 Total deferred tax asset (liability) $ (12.9) $ 98.2 The following is a roll forward of the deferred tax valuation allowance at December 31, 2020, 2019, and 2018: 2020 2019 2018 Balance at January 1 $ 10.2 $ 13.2 $ 15.0 Bombardier Acquisition opening balance sheet 163.6 — — State income tax credits 110.1 (3.2) (2.2) Net operating losses 20.7 — — Depreciation and amortization — 0.2 0.1 Other 19.4 — 0.3 Other comprehensive income adjustment 16.9 — — Balance at December 31 $ 340.9 $ 10.2 $ 13.2 Deferred tax assets are periodically evaluated to determine their recoverability and whether or not a valuation allowance is necessary. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses. Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company’s prior earnings history including the forward losses previously recognized in the U.S., Management determined that it was necessary to establish a valuation allowance against nearly all of its net U.S. deferred tax assets at December 31, 2020. This determination was made as the Company will enter into a U.S. cumulative loss position once anticipated 2021 results are included in the threshold. Once a company anticipates a cumulative three year loss position, there is a presumption that a company should no longer rely solely on projected future income in determining whether the deferred tax asset is more likely than not to be realized. As of December 31, 2020, the total net U.S. deferred tax asset was $149.5. The net U.S. deferred tax liability after recording valuation allowances is $0.6. Valuation allowances recorded against the consolidated net U.S. deferred tax asset in the current year were $140.7 for a total valuation allowance of $150.1 for the US. The Company has determined a valuation allowance on certain U.K. deferred tax assets is needed based upon cumulative losses generated in the U.K. Additionally, with the recording of the Bombardier Acquisition, a $163.6 valuation allowance was recorded against U.K. deferred tax assets as part of the opening balance sheet. The Company recorded a portion of the increase in the valuation allowance to income tax expense in continuing operations $9.5 and a portion to OCI $16.9. Valuation allowances recorded against UK deferred tax assets in the current year were $26.4 for a total valuation allowance of $190.8 for the U.K. Included in the deferred tax assets at December 31, 2020 are $105.7 in Kansas High Performance Incentive Program ("HPIP") Credit, $11.4 in Kansas Research & Development ("R&D") Credit and $0.4 in Kansas Qualified Vendor (“QV”) Credit, totaling $117.5 in gross Kansas state income tax credit carryforwards, net of federal benefit. The HPIP Credit provides a 10% investment tax credit for qualified business facilities located in Kansas. This credit can be carried forward 16 years. The Kansas R&D Credit provides a credit for qualified research and development expenditures conducted within Kansas. This credit can be carried forward indefinitely. The QV Credit is equal to 15% of the amount for approved expenditures of goods and services purchased from a qualified vendor, not to exceed $0.5 per qualified vendor per tax year. The QV Credit can be carried forward 4 years. Certain provisions within the TCJA effectively transition the U.S. to a territorial system and eliminates deferral on U.S. taxation for certain amounts of income which is not taxed at a minimum level. At this time, the Company continues to maintain that earnings of all foreign operating subsidiaries are indefinitely invested outside the U.S. on the basis of estimates that future domestic cash generation, inclusive of management actions and plans associated with the 737MAX production halt and slowdown, will be sufficient to meet future domestic cash needs and the Company's specific plans for reinvestment of those subsidiary earnings to fund working capital requirements, service existing obligations, execute M&A transactions, and invest in efforts to secure future business. As a result, no additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities. To the extent cash in excess of the needs identified above are generated from a key international operating subsidiary and a dividend is declared, the Company has completed analysis regarding potential dividend withholding taxes and anticipate that any associated withholding taxes would be immaterial based upon current law. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable at this time. Unrecognized Tax Benefits: The beginning and ending unrecognized tax benefits reconciliation is as follows: 2020 2019 2018 Beginning balance at January 1 $ 5.4 $ 7.2 $ 6.7 Bombardier Acquisition opening balance sheet 14.0 — — Gross increases related to current period tax positions 0.4 0.4 — Gross increases related to prior period tax positions — — 0.5 Gross decreases related to prior period tax positions — (2.2) — Statute of limitations' expiration (3.3) — — Settlements — — — Ending balance at December 31 $ 16.5 $ 5.4 $ 7.2 Included in the December 31 , 2020 balance was $16.5 in unrecognized tax benefits of which $15.3 would reduce the Company's effective tax rate if ultimately recognized. The Company reports interest and penalties, if any, related to unrecognized tax benefits in the income tax provision. As of December 31, 2020, 2019, and December 31, 2018, there was no accrued interest on the unrecognized tax benefit liability included in the balance sheets and there was no impact of interest on the Company’s unrecognized tax benefit liability during 2020, 2019 and 2018. The Company files income tax returns in all jurisdictions in which it operates. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Employee Stock Purchase Plan The Company maintains the Spirit AeroSystems Holdings, Inc. Employee Stock Purchase Plan (the “ESPP”), which became effective on October 1, 2017 and was amended and restated on January 21, 2020. The ESPP is implemented over consecutive six-month offering periods, beginning on April 1 and October 1 of each year and ending on the last day of September and March, respectively. Shares are issued on the last trading day of each six-month offering period. Generally, any person who is employed by the Company, Spirit or by a subsidiary or affiliate of the Company that has been designated by the Compensation Committee may participate in the ESPP. As of December 31, 2020, the number of remaining ESPP shares available for future issuances was 818,197. The maximum number of shares of the Company's Common Stock that may be purchased under the ESPP will be 1,000,000 shares, subject to adjustment for stock dividends, stock splits or combinations of shares of the Company's stock. The per-share purchase price for the Company's Common Stock purchased under the ESPP is 95% of the fair market value of a share of such stock on the last day of the offering period. Dividends On February 6, 2020, the Company paid a quarterly cash dividend to shareholders of record on December 16, 2019 of $0.12 per share. On February 6, 2020, the Company announced that its Board of Directors reduced its quarterly dividend to a penny per share to preserve liquidity. For the remaining three quarter in 2020, the Company paid a quarterly dividend to shareholders of $0.01 per share. The total amount of dividends paid during 2020 was $15.4. The Board regularly evaluates the Company's capital allocation strategy and dividend policy. Any future determination to continue to pay dividends will be at the discretion of the Company's Board of Directors and will depend upon, among other factors, the Company's results of operations, financial condition, capital requirements and contractual restrictions, including the requirements of financing agreements to which the Company may be a party. No assurance can be given that cash dividends will continue to be declared and paid at historical levels or at all. Earnings per Share Calculation Basic net income per share is computed using the weighted-average number of outstanding shares of Common Stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of Common Stock and, when dilutive, potential outstanding shares of Common Stock during the measurement period. The following table sets forth the computation of basic and diluted earnings per share: For the Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2018 Income Shares Per Income Shares Per Loss Shares Per Basic EPS (Loss) income available to common shareholders $ (870.3) 103.9 $ (8.38) $ 529.7 103.6 $ 5.11 $ 616.5 108.0 $ 5.71 Income allocated to participating securities — — 0.4 0.1 0.5 0.1 Net (loss) income $ (870.3) $ 530.1 $ 617.0 Diluted potential common shares 1.0 1.0 Diluted EPS Net (loss) income $ (870.3) 103.9 $ (8.38) $ 530.1 104.7 $ 5.06 $ 617.0 109.1 $ 5.65 Included in the outstanding common shares were 1.5 million, 1.4 million and 1.4 million of issued but unvested shares at December 31, 2020, 2019 and 2018, respectively, which are excluded from the basic EPS calculation. Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss, net of tax, is summarized by component as follows: December 31, 2020 December 31, 2019 Interest swaps $ (0.9) $ (0.6) Pension (1) (112.0) (53.1) SERP/ Retiree medical 14.5 17.1 Foreign currency impact on long term intercompany loan (11.8) (13.1) Currency translation adjustment (43.9) (59.5) Total accumulated other comprehensive loss $ (154.1) $ (109.2) (1) The pension impact to Accumulated Other Comprehensive Income is primarily due to the Bombardier Acquisition. Amortization or settlement cost recognition of the pension plans’ net gain/(loss) reclassified from accumulated other comprehensive loss and realized into costs of sales and selling, general and administrative on the consolidated statements of operations was ($9.5), ($3.7) and $0.3 for the twelve months ended December 31, 2020, 2019 and 2018, respectively. Non-controlling Interest Non-controlling interest at December 31, 2020 remained unchanged from the prior year at $0.5. Repurchases of Common Stock The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of December 31, 2020, no treasury shares have been reissued or retired. During the twelve month ended December 31, 2019, the Company repurchased 0.8 million shares of its Common Stock for $75.8. During the twelve month ended December 31, 2020 the Company purchased zero shares of its Common Stock under this share repurchase program. As a result, the total authorization amount remaining under the current share repurchase program is approximately $925.0. Share repurchases are currently on hold due to the impacts of the B737 MAX grounding and the COVID-19 pandemic. The Credit Agreement imposes additional restrictions on the Company’s ability to repurchase shares. During the 3 months ended December 31, 2020, 15,578 shares were transferred to us from employees in satisfaction of tax withholding obligations associated with the vesting of restricted stock awards under the Omnibus Plan. Rights Plan |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees On February 10, 2020, February 24, 2020, and March 24, 2020, three separate private securities class action lawsuits were filed against the Company in the U.S. District Court for the Northern District of Oklahoma, its Chief Executive Officer, Tom Gentile III, former chief financial officer, Jose Garcia, and former controller (principal accounting officer), John Gilson. On April 20, 2020, the Class Actions were consolidated by the court (the “Consolidated Class Action”), and on July 20, 2020, the plaintiffs filed a Consolidated Class Action Complaint which added Shawn Campbell, the Company’s former Vice President for the 737NG and 737 Max program, as a defendant. Allegations in the Consolidated Class Action include (i) violations of Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Rule 10b-5 promulgated thereunder against the Company and Messrs. Gentile, Garcia and Gilson, (ii) violations of Section 20(a) of the Exchange Act against the individual defendants, and (iii) violations of Section 10(b) of the Exchange Act and Rule 10b-5(a) and (c) promulgated thereunder against all defendants. On June 11, 2020, a shareholder derivative lawsuit (the “Derivative Action 1”) was filed against the Company (as nominal defendant), all members of the Company’s Board of Directors, and Messrs. Garcia and Gilson in the U.S. District Court for the Northern District of Oklahoma. Allegations in the Derivative Action 1 include (i) breach of fiduciary duty, (ii) abuse of control, and (iii) gross mismanagement. On October 5, 2020, a shareholder derivative lawsuit (the “Derivative Action 2” and, together with Derivative Action 1, the “Derivative Actions”) was filed against the Company (as nominal defendant), all members of the Company’s Board of Directors, and Messrs. Garcia and Gilson in the Eighteenth Judicial District, District Court of Sedgwick County, Kansas. Allegations in the Derivative Action 2 include (i) breach of fiduciary duty, (ii) waste of corporate assets, and (iii) unjust enrichment. The facts underlying the Consolidated Class Action and Derivative Actions relate to the accounting process compliance independent review (the “Accounting Review”) discussed in the Company’s January 30, 2020 press release and described under Management's Discussion and Analysis of Financial Condition and Results of Operations - Accounting Review of the Annual Report on Form 10-K for the year ended December 31, 2019, and its resulting conclusions. The Company voluntarily reported to the SEC the determination that, with respect to the third quarter of 2019, the Company did not comply with its established accounting processes related to potential third quarter contingent liabilities received after the quarter-end. On March 24, 2020, the Staff of the SEC Enforcement Division informed the Company that it had determined to close its inquiry without recommending any enforcement action against the Company. In addition, the facts underlying the Consolidated Class Action and Derivative Actions relate to the Company’s disclosures regarding the B737 MAX grounding and Spirit’s production rate (and related matters) after the grounding. On September 18, 2020, the Company and individual defendants filed a motion to dismiss the Consolidated Class Action. That motion is pending. The Derivative Actions have been stayed pending a decision on the Consolidated Class Action. The Company and the individual defendants deny the allegations in the Consolidated Class Action and the Derivative Action. The Company is also involved in a lawsuit filed by a former executive officer for benefits withheld in connection with a disputed violation of restrictive covenants within his retirement agreement. While the Company believes it is not probable that the former executive will succeed in the lawsuit, based upon the executive’s selection of cash as the sole remedy in the third quarter of 2020, the lawsuit could result in a loss up to $40 including pre-trial interest and any other relief, including an estimated offset by retaining previously vested shares. Factors underlying this estimated range of loss may change from time to time, and actual results may vary significantly from this estimate. From time to time, in the ordinary course of business and similar to others in the industry, the Company receives requests for information from government agencies in connection with their regulatory or investigational authority. Such requests can include subpoenas or demand letters for documents to assist the government in audits or investigations. The Company reviews such requests and notices and takes appropriate action. Additionally, the Company is subject to federal and state requirements for protection of the environment, including those for disposal of hazardous waste and remediation of contaminated sites. As a result, the Company is required to participate in certain government investigations regarding environmental remediation actions. In addition to the items addressed above, from time to time, the Company is subject to, and is presently involved in, litigation, legal proceedings, or other claims arising in the ordinary course of business. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the meritorious legal defenses available, the Company believes that, on a basis of information presently available, none of these items, when finally resolved, will have a material adverse effect on the Company’s long-term financial position or liquidity. Customer and Vendor Claims From time to time the Company receives, or is subject to, customer and vendor claims arising in the ordinary course of business, including, but not limited to, those related to product quality and late delivery. The Company accrues for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, the Company takes into consideration multiple factors including without limitation the Company's historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood of an unfavorable outcome, and the severity of any potential loss. Any accruals deemed necessary are reevaluated at least quarterly and updated as matters progress over time. While the final outcome of these types of matters cannot be predicted with certainty, considering, among other things, the factual and legal defenses available, it is the opinion of the Company that, when finally resolved, no current claims will have a material adverse effect on the Company’s long-term financial position or liquidity. However, it is possible that the Company’s results of operations in a period could be materially affected by one or more of these other matters. Commitments The Company's future aggregate capital commitments totaled $103.8 and $119.9 at December 31, 2020 and December 31, 2019, respectively. Guarantees Contingent liabilities in the form of letters of guarantee have been provided by the Company. Outstanding guarantees were $19.6 and $21.5 at December 31, 2020 and December 31, 2019, respectively. Restricted Cash - Collateral Requirements The Company was required to maintain $19.5 and $16.4 of restricted cash as of December 31, 2020 and December 31, 2018, respectively, related to certain collateral requirements for obligations under its workers’ compensation programs. Restricted cash is included in "Other assets" in the Company's Consolidated Balance Sheet. Indemnification The Company has entered into customary indemnification agreements with its non-employee directors, and its bylaws and certain executive employment agreements include indemnification and advancement provisions. Pursuant to the terms of the bylaws and, with respect to Jose Garcia, his employment agreement, the Company is providing Messrs. Garcia and Gilson and all other individual defendants with defense costs and provisional indemnity with respect to the Consolidated Class Action and Derivative Actions, as appropriate. Under the bylaws and any applicable agreements, the Company agrees to indemnify each of these individuals against claims arising out of events or occurrences related to that individual’s service as the Company’s agent or the agent of any of its subsidiaries to the fullest extent legally permitted. The Company has agreed to indemnify parties for specified liabilities incurred, or that may be incurred, in connection with transactions they have entered into with the Company. The Company is unable to assess the potential number of future claims that may be asserted under these indemnities, nor the amounts thereof (if any). As a result, the Company cannot estimate the maximum potential amount of future payments under these indemnities and therefore, no liability has been recorded. Service and Product Warranties and Extraordinary Rework Provisions for estimated expenses related to service and product warranties and certain extraordinary rework are evaluated on a quarterly basis. These costs are accrued and are recorded to unallocated cost of goods sold. These estimates are established using historical information on the nature, frequency, and average cost of warranty claims, including the experience of industry peers. In the case of new development products or new customers, the Company considers other factors including the experience of other entities in the same business and management judgment, among others. Service warranty and extraordinary work is reported in current liabilities and other liabilities on the balance sheet. The warranty balance presented in the table below includes unresolved warranty claims that are in dispute in regards to their value as well as their contractual liability. The Company estimated the total costs related to some of these claims, however there is significant uncertainty surrounding the disposition of these disputed claims and as such, the ultimate determination of the provision’s adequacy requires significant management judgment. The amount of the specific provisions recorded against disputed warranty claims was $8.1 as of December 31, 2020 and December 31, 2019, respectively. These specific provisions represent the Company’s best estimate of probable warranty claims. Should the Company incur higher than expected warranty costs and/or discover new or additional information related to these warranty provisions, the Company may incur additional charges that exceed these recorded provisions. The Company utilized available information to make appropriate assessments, however the Company recognizes that data on actual claims experience is of limited duration and therefore, claims projections are subject to significant judgment. The amount of the reasonably possible disputed warranty claims in excess of the specific warranty provision was $12.1 as of December 31, 2020 and December 31, 2019, respectively. The following is a roll forward of the service warranty and extraordinary rework balance at December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance, January 1 $ 64.7 $ 104.8 $ 166.4 Charges to costs and expenses 3.3 (13.9) 3.2 Payouts (1.9) (1.7) (1.2) Impact of 2018 MOA (1) — — (63.8) Impact of TGI Settlement (2) — (25.0) — Bombardier Acquisition (3) 10.3 — — Exchange rate 0.5 0.5 0.2 Balance, December 31 $ 76.9 $ 64.7 $ 104.8 _______________________________________ (1) As part of the 2018 MOA, $63.8 of warranty provision was released, settled against previously held Accounts Receivable, net with no impact to earnings. (2) Due to a settlement on outstanding warranty issues in the first quarter of 2019, $25.0 of warranty provision was reclassified to accounts payable and was paid in the second quarter of 2019. (3) Warranty liabilities acquired in the Bombardier acquisition. Bonds Since its incorporation, Spirit has periodically utilized City of Wichita issued Industrial Revenue Bonds (“IRBs”) to finance self-constructed and purchased real property at its Wichita site. Tax benefits associated with IRBs include provisions for a ten-year complete property tax abatement and a Kansas Department of Revenue sales tax exemption on all IRB funded purchases. Spirit purchased these IRBs so they are bondholders and debtor / lessee for the property purchased with the IRB proceeds. Spirit recorded the property net of a finance lease obligation to repay the IRB proceeds on its balance sheet. Gross assets and liabilities associated with these IRBs were $380.2 and $376.2 as of December 31, 2020 and December 31, 2019, respectively. |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income (Expense), Net | Other (Expense) Income, Net Other (expense) income, net is summarized as follows: For the Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2018 Kansas Development Finance Authority bond $ 3.0 $ 3.7 $ 3.8 Rental and miscellaneous income 0.2 0.2 0.2 Pension (loss) income (36.8) 19.5 34.3 Interest income 10.0 12.9 8.0 Loss on foreign currency forward contract and interest rate swaps (10.5) (19.0) (35.3) Loss on sale of accounts receivable (8.9) (24.7) (16.5) ASC 326 credit loss reserve (4.7) — — Foreign currency losses (27.0) (12.3) (1.9) Litigation settlement — 13.5 — Other (3.1) 0.4 0.4 Total Other (Expense) Income, net $ (77.8) $ (5.8) $ (7.0) Foreign currency losses are due to the impact of movement in foreign currency exchange rates on an intercompany revolver and long-term contractual rights/obligations, as well as trade and intercompany receivables/payables that are denominated in a currency other than the entity’s functional currency. |
Significant Concentration of Ri
Significant Concentration of Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Significant Concentration Risk | Significant Concentrations of Risk Economic Dependence The Company’s largest customer (Boeing) accounted for approximately 60%, 79%, and 79% of the revenues for the periods ended December 31, 2020, 2019, and 2018, respectively. Approximately 16%, 40%, and 36% of the Company's accounts receivable balance at December 31, 2020, 2019, and 2018, respectively, was attributable to Boeing. The Company’s second largest customer (Airbus) accounted for approximately 23%, 16%, and 16% of the revenues for the periods ended December 31, 2020, 2019, and 2018, respectively. Approximately 37%, 41%, and 48% of the Company's accounts receivable balance at December 31, 2020, 2019, and 2018, respectively, was attributable to Airbus. Employees As of December 31, 2020, the Company had approximately 14,500 employees: 9,700 located in the Company's five U.S. facilities, 3,800 located at the U.K. facilities, 700 located in the Malaysia facility, 200 in Morocco, and 100 located in the France facility. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Accrued expenses and other liabilities consist of the following: December 31, 2020 December 31, 2019 Accrued expenses Accrued wages and bonuses $ 41.1 $ 35.2 Accrued fringe benefits 103.0 125.5 Accrued interest 29.1 3.5 Workers' compensation 7.7 8.7 Property and sales tax 47.2 24.1 Warranty/extraordinary rework reserve — current 2.1 0.5 Other (1) 135.4 42.7 Total $ 365.6 $ 240.2 Other liabilities Repayable investment agreement (2) $ 307.2 $ — Warranty/extraordinary rework reserve - non-current 74.8 64.3 Other (3) 55.0 31.5 Total $ 437.0 $ 95.8 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment and Geographical Information The Company operates in three principal segments: Fuselage Systems, Propulsion Systems and Wing Systems. Revenue from Boeing represents a substantial portion of the Company's revenues in all segments. Wing Systems also includes significant revenues from Airbus. Approximately 83% of the Company's net revenues for the twelve months ended December 31, 2020 came from the Company's two largest customers, Boeing and Airbus. All other activities fall within the All Other segment, principally made up of sundry sales from ventilator production, miscellaneous other services, tooling contracts and sales of natural gas through a tenancy-in-common with other companies that have operations in Wichita, Kansas. The Company's primary profitability measure to review a segment’s operating performance is segment operating income before corporate selling, general and administrative expenses, research and development and unallocated cost of sales. Corporate selling, general and administrative expenses include centralized functions such as accounting, treasury and human resources that are not specifically related to the Company's operating segments and are not allocated in measuring the operating segments’ profitability and performance and net profit margins. Research and development includes research and development efforts that benefit the Company as a whole and are not unique to a specific segment. Unallocated cost of sales includes general costs not directly attributable to segment operations, such as warranty, early retirement and other incentives. All of these items are not specifically related to the Company’s operating segments and are not utilized in measuring the operating segments’ profitability and performance. The Company’s Fuselage Systems segment includes development, production and marketing of forward, mid and rear fuselage sections and systems, primarily to aircraft OEMs (OEM refers to aircraft original equipment manufacturer). The Fuselage Systems segment manufactures products at the Company's facilities in Wichita, Kansas; Tulsa and McAlester, Oklahoma; San Antonio, Texas; Kinston, North Carolina; Biddeford, Maine; Casablanca, Morocco; and Subang, Malaysia. The Fuselage Systems segment also includes an assembly plant for the A350 XWB aircraft in Saint-Nazaire, France. The Company’s Propulsion Systems segment includes development, production and marketing of struts/pylons, nacelles (including thrust reversers) and related engine structural components primarily to aircraft or engine OEMs, as well as related spares and MRO services. The Propulsion Systems segment manufactures products at the Company's facility in Wichita, Kansas; Dallas, Texas; Biddeford, Maine; Belfast, Northern Ireland; and San Antonio, Texas. The Company’s Wing Systems segment includes development, production and marketing of wings and wing components (including flight control surfaces) as well as other miscellaneous structural parts primarily to aircraft OEMs. These activities take place at the Company’s facilities in Tulsa and McAlester, Oklahoma; San Antonio, Texas; Kinston, North Carolina; Prestwick, Scotland; Belfast, Northern Ireland; Casablanca, Morocco; and Subang, Malaysia. The Company’s segments are consistent with the organization and responsibilities of management reporting to the chief operating decision-maker for the purpose of assessing performance. The Company’s definition of segment operating income differs from Operating income as presented in its primary financial statements and a reconciliation of the segment and consolidated results is provided in the table set forth below. While some working capital accounts are maintained on a segment basis, much of the Company’s assets are not managed or maintained on a segment basis. Property, plant and equipment, including tooling, is used in the design and production of products for each of the segments and, therefore, is not allocated to any individual segment. In addition, cash, prepaid expenses, other assets, and deferred taxes are managed and maintained on a consolidated basis and generally do not pertain to any particular segment. Raw materials and certain component parts are used in aerostructure production across all segments. Work-in-process inventory is identifiable by segment, but is managed and evaluated at the program level. As there is no segmentation of the Company’s productive assets, depreciation expense (included in fixed manufacturing costs and selling, general and administrative expenses) and capital expenditures, no allocation of these amounts has been made solely for purposes of segment disclosure requirements. The following table shows segment revenues and operating income for the twelve months ended December 31, 2020, 2019 and 2018: Twelve Months Ended December 31, 2020 Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018 Segment Revenues Fuselage Systems $ 1,725.9 $ 4,206.2 $ 4,000.8 Propulsion Systems 784.5 2,057.8 1,702.5 Wing Systems 798.6 1,588.3 1,513.0 All Other 95.8 10.8 5.7 $ 3,404.8 $ 7,863.1 $ 7,222.0 Segment Operating (loss) income (1) Fuselage Systems (2) $ (454.5) $ 440.8 $ 576.1 Propulsion Systems (3) (36.8) 404.6 283.5 Wing Systems (4) (68.1) 216.0 226.4 All Other 34.7 3.4 0.3 (524.7) 1,064.8 1,086.3 Corporate SG&A (237.4) (261.4) (210.4) Unallocated impact of severe weather event — — 10.0 Research and development (38.8) (54.5) (42.5) Unallocated cost of sales (5) (11.9) 11.9 (0.2) Total operating (loss) income $ (812.8) $ 760.8 $ 843.2 _______________________________________ (1) Inclusive of forward losses, changes in estimate on loss programs and cumulative catch-up adjustments. These changes in estimates for the periods ended December 31, 2020, 2019, and 2018 are further detailed in Note 5, Changes in Estimates . (2) The year ended December 31, 2020 includes excess capacity production costs of $175.0 related to the temporary B737 MAX production schedule changes, temporary workforce costs of $19.0 as a result of COVID-19 production pause net of U.S. employee retention credit, $41.3 of restructuring costs and $22.5 from loss on the disposition of assets. (3) The year ended December 31, 2020 includes excess capacity production costs of $61.1 related to the temporary B737 MAX production schedule changes, temporary workforce costs of $7.2 as a result of COVID-19 production paus e net of U.S employee retention credit and $15.2 of restructuring costs. (4) The year ended December 31, 2020 includes excess capacity production costs of $42.9 related to the temporary B737 MAX and A320 production schedule changes, temporary workforce costs of $7.5 as a result of COVID-19, net of U.S employee retention credit and U.K government subsidies, $16.5 of restructuring costs and $0.4 from loss on the disposition of assets. (5) Includes $(3.3), $13.9 and $(1.1) related to warranty reserves for the periods ended December 31, 2020, 2019 and 2018, respectively. Included in unallocated for December 31, 2020 is write off of excess material of ($8.1). Most of the Company’s revenue is obtained from sales inside the U.S. However, the Company does generate international sales, primarily from sales to Airbus. The following chart illustrates the split between domestic and foreign revenues: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Revenue Source (1) Net Revenues Percent of Net Revenues Percent of Net Revenues Percent of United States $ 2,637.6 77 % $ 6,566.3 84 % $ 5,967.1 83 % International United Kingdom 433.5 13 % 771.9 10 % 763.3 10 % Other 333.7 10 % 524.9 6 % 491.6 7 % Total International 767.2 23 % 1,296.8 16 % 1,254.9 17 % Total Revenues $ 3,404.8 100 % $ 7,863.1 100 % $ 7,222.0 100 % _______________________________________ (1) Net Revenues are attributable to countries based on destination where goods are delivered. Most of the Company’s property, plant and equipment are located within the U.S. Approximately 19% of the Company's property, plant and equipment based on book value are located in the U.K. with approximately another 4% of the Company's total property, plant and equipment located in countries outside the U.S. and the U.K. The following chart illustrates the split between domestic and foreign assets: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Asset Location Total Percent of Total Percent of Total Percent of United States $ 1,931.0 77 % $ 2,079.4 92 % $ 2,003.9 92 % International United Kingdom 466.2 19 % 112.4 5 % 82.1 4 % Other 106.6 4 % 79.9 3 % 81.6 4 % Total International 572.8 23 % 192.3 8 % 163.7 8 % Total Property, Plant & Equipment $ 2,503.8 100 % $ 2,271.7 100 % $ 2,167.6 100 % |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Data (Unaudited) Quarter Ended December 31, 2020 (1) October 1, 2020 (2) July 2, 2020 (3) April 2, 2020 (4) Net revenues $ 876.6 $ 806.3 $ 644.6 $ 1,077.3 Gross (loss) profit $ (27.9) $ (97.1) $ (280.5) $ (35.2) Operating (loss) income $ (101.4) $ (176.9) $ (367.0) $ (167.5) Net (loss) income $ (295.9) $ (155.5) $ (255.9) $ (163.0) (Loss) earnings per share, basic $ (2.85) $ (1.50) $ (2.46) $ (1.57) (Loss) earnings per share, diluted $ (2.85) $ (1.50) $ (2.46) $ (1.57) Dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 Quarter Ended December 31, 2019 (5) September 26, 2019 (6) June 27, 2019 (7) March 28, 2019 (8) Net revenues $ 1,959.3 $ 1,919.9 $ 2,016.1 $ 1,967.8 Gross profit $ 202.0 $ 272.3 $ 292.9 $ 309.5 Operating income $ 95.7 $ 206.1 $ 226.0 $ 233.0 Net income $ 67.7 $ 131.3 $ 168.0 $ 163.1 Earnings per share, basic $ 0.65 $ 1.27 $ 1.62 $ 1.57 Earnings per share, diluted $ 0.65 $ 1.26 $ 1.61 $ 1.55 Dividends declared per common share $ 0.12 $ 0.12 $ 0.12 $ 0.12 ______________________________________ (1) Fourth quarter 2020 earnings include the impact of net unfavorable changes in estimate of $400.7, restructuring costs of $4.6, deferred tax allowance of $150.2, and excess capacity costs and temporary workforce costs net of government subsidies of $50.1 and ($0.1), respectively. (2) Third quarter 2020 earnings include the impact of net unfavorable changes in estimate of $123.8, restructuring costs of $19.5, and excess capacity costs and temporary workforce costs net of government subsidies of $72.6 and $(10.9), respectively. (3) Second quarter 2020 earnings include the impact of net unfavorable changes in estimate of $231.8, restructuring costs of $6.3, loss on disposal of assets of $22.9, and excess capacity costs and temporary workforce costs net of government subsidies of $82.8 and $19.3, respectively. (4) First quarter 2020 earnings include the impact of net unfavorable changes in estimate of $27.9, restructuring costs of $42.6, and excess capacity costs and temporary workforce costs net of government subsidies of $73.4 and $25.4, respectively. (5) Fourth quarter 2019 earnings include the impact of net unfavorable changes in estimate of $55.2. (6) Third quarter 2019 earnings include the impact of net unfavorable changes in estimate of $41.8. (7) Second quarter 2019 earnings include the impact of net unfavorable changes in estimate of $10.9. (8) First quarter 2019 earnings include the impact of net favorable changes in estimate of $0.5. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The Floating Rate Notes, 2023 Notes, and 2028 Notes (collectively, the "Unsecured Notes") are fully and unconditionally guaranteed on a senior unsecured basis by Holdings. The 2026 Notes and First Lien 2025 Notes are fully and unconditionally guaranteed on a senior secured first lien basis by Holdings and Spirit NC. The Second Lien 2025 Notes are fully and unconditionally guaranteed on a senior secured second lien basis by Holdings and Spirit NC. Together, the Floating Rate Notes, 2023 Notes, Second Lien 2025 Notes, First Lien 2025 Notes, 2026 Notes, and 2028 Notes shall be referred to as the “Existing Notes.” The following condensed consolidating financial information, which has been prepared in accordance with the requirements for presentation of Rule 3-10(d) of Regulation S-X promulgated under the Securities Act, presents the condensed consolidating financial information separately for: (i) Holdings, as the parent guarantor of the Existing Notes, as further detailed in Note 15, Debt ; (ii) Spirit, as issuer of the Existing Notes; (iii) Spirit NC, as a guarantor of the 2026 Notes and First Lien 2025 Notes on a senior secured first lien basis and the Second Lien 2025 Notes on a senior secured second lien basis; (iv) The Company’s other subsidiaries (the “Non-Guarantor Subsidiaries”), on a combined basis; (v) Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Holdings, Spirit NC, and the Non-Guarantor Subsidiaries, (b) eliminate the investments in the Company’s subsidiaries, and (c) record consolidating entries; and (vi) Holdings and its subsidiaries on a consolidated basis. Condensed Consolidating Statements of Operations and Comprehensive Income For the Twelve Months Ended December 31, 2020 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Net revenues $ — $ 2,859.7 $ 281.7 $ 689.0 $ (425.6) $ 3,404.8 Operating costs and expenses Cost of sales — 3,339.4 267.9 663.8 (425.6) 3,845.5 Selling, general and administrative 13.9 200.9 2.7 19.9 — 237.4 Restructuring costs — 61.2 1.3 10.5 — 73.0 Research and development — 32.0 0.3 6.5 — 38.8 Loss on disposal of assets — 19.2 3.7 — — 22.9 Total operating costs and expenses 13.9 3,652.7 275.9 700.7 (425.6) 4,217.6 Operating (loss) income (13.9) (793.0) 5.8 (11.7) — (812.8) Interest expense and financing fee amortization — (191.5) (0.1) (5.8) 2.1 (195.3) Other (expense) income, net — (55.5) (0.2) (20.0) (2.1) (77.8) Income (loss) before income taxes and equity in net income of affiliates and subsidiaries (13.9) (1,040.0) 5.5 (37.5) — (1,085.9) Income tax benefit (provision) 2.9 214.2 (1.4) 4.5 — 220.2 Income (loss) before equity in net income of affiliates and subsidiaries (11.0) (825.8) 4.1 (33.0) — (865.7) Equity in net (loss) income of affiliates — — — (4.6) — (4.6) Equity in net (loss) income of subsidiaries (859.3) (33.5) — — 892.8 — Net (loss) income (870.3) (859.3) 4.1 (37.6) 892.8 (870.3) Other comprehensive (loss) income (44.9) (44.9) — (72.2) 117.1 (44.9) Comprehensive (loss) income $ (915.2) $ (904.2) $ 4.1 $ (109.8) $ 1,009.9 $ (915.2) Condensed Consolidating Statements of Operations and Comprehensive Income For the Twelve Months Ended December 31, 2019 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Net revenues $ — $ 7,116.7 $ 455.0 $ 965.5 $ (674.1) $ 7,863.1 Operating costs and expenses Cost of sales — 6,197.0 439.8 823.7 (674.1) 6,786.4 Selling, general and administrative 18.1 223.3 3.2 16.8 — 261.4 Research and development — 47.0 1.1 6.4 — 54.5 Total operating costs and expenses 18.1 6,467.3 444.1 846.9 (674.1) 7,102.3 Operating income (loss) (18.1) 649.4 10.9 118.6 — 760.8 Interest expense and financing fee amortization — (91.6) — (3.9) 3.6 (91.9) Other (expense) income, net — 0.5 — (2.7) (3.6) (5.8) Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries (18.1) 558.3 10.9 112.0 — 663.1 Income tax benefit (provision) 3.9 (120.2) (2.6) (13.9) — (132.8) Income (loss) before equity in net income of affiliates and subsidiaries (14.2) 438.1 8.3 98.1 — 530.3 Equity in net income of affiliates (0.2) — — (0.2) 0.2 (0.2) Equity in net income of subsidiaries 544.5 106.4 — — (650.9) — Net income (loss) 530.1 544.5 8.3 97.9 (650.7) 530.1 Other comprehensive income (loss) 95.7 95.7 — 24.5 (120.2) 95.7 Comprehensive income (loss) $ 625.8 $ 640.2 $ 8.3 $ 122.4 $ (770.9) $ 625.8 Condensed Consolidating Statements of Operations and Comprehensive Loss For the Twelve Months Ended December 31, 2018 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Net revenues $ — $ 6,487.3 $ 441.9 $ 919.3 $ (626.5) $ 7,222.0 Operating costs and expenses Cost of sales — 5,541.4 428.3 792.7 (626.5) 6,135.9 Selling, general and administrative 10.4 182.6 2.1 15.3 — 210.4 Impact of severe weather event (10.0) (10.0) Research and development — 37.5 0.8 4.2 — 42.5 Total operating costs and expenses 10.4 5,751.5 431.2 812.2 (626.5) 6,378.8 Operating income (loss) (10.4) 735.8 10.7 107.1 — 843.2 Interest expense and financing fee amortization — (79.7) — (5.2) 4.9 (80.0) Other (expense) income, net — — — (2.1) (4.9) (7.0) Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries (10.4) 656.1 10.7 99.8 — 756.2 Income tax benefit (provision) 1.9 (122.3) (2.5) (16.9) — (139.8) Income (loss) before equity in net income of affiliates and subsidiaries (8.5) 533.8 8.2 82.9 — 616.4 Equity in net income of affiliates 0.6 — — 0.6 (0.6) 0.6 Equity in net income of subsidiaries 624.9 91.0 — — (715.9) — Net income (loss) 617.0 624.8 8.2 83.5 (716.5) 617.0 Other comprehensive (loss) income (68.1) (68.1) — (26.3) 94.4 (68.1) Comprehensive income (loss) $ 548.9 $ 556.7 $ 8.2 $ 57.2 $ (622.1) $ 548.9 Condensed Consolidating Balance Sheet December 31, 2020 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Assets Cash and cash equivalents $ — $ 1,664.5 $ — $ 208.8 $ — $ 1,873.3 Restricted cash — 0.3 — — — 0.3 Accounts receivable, net — 486.4 82.7 329.1 (413.8) 484.4 Contract assets, short-term — 319.8 — 48.6 — 368.4 Inventory, net — 828.4 156.8 437.1 — 1,422.3 Other current assets — 318.5 — 17.8 — 336.3 Total current assets — 3,617.9 239.5 1,041.4 (413.8) 4,485.0 Property, plant and equipment, net — 1,666.7 264.3 572.8 — 2,503.8 Right of use assets — 36.7 6.9 27.0 — 70.6 Contract assets, long-term — 4.4 — — — 4.4 Pension assets, net — 428.7 — 27.2 — 455.9 Deferred income taxes — — — 0.1 — 0.1 Goodwill — 100.4 — 464.9 — 565.3 Intangible assets, net — 29.0 — 186.2 — 215.2 Investment in subsidiary 856.9 1,040.8 — — (1,897.7) — Other assets — 140.7 — 128.7 (185.8) 83.6 Total assets $ 856.9 $ 7,065.3 $ 510.7 $ 2,448.3 $ (2,497.3) $ 8,383.9 Liabilities Accounts payable $ — $ 514.6 $ 235.1 $ 222.7 $ (413.5) $ 558.9 Accrued expenses — 233.7 0.4 131.8 (0.3) 365.6 Profit sharing — 50.8 — 6.2 — 57.0 Current portion of long-term debt — 337.7 0.2 2.8 — 340.7 Operating lease liabilities, short-term — 4.8 0.6 0.1 — 5.5 Advance payments, short-term — 17.6 — 1.3 — 18.9 Contract liabilities, short-term — 96.8 — 0.8 — 97.6 Forward loss provision, long-term — 162.1 — 22.5 — 184.6 Deferred revenue and other deferred credits, short-term — 12.7 — 9.5 — 22.2 Other current liabilities — 24.0 — 34.4 — 58.4 Total current liabilities — 1,454.8 236.3 432.1 (413.8) 1,709.4 Long-term debt — 3,522.7 0.6 94.8 (85.2) 3,532.9 Operating lease liabilities, long-term — 32.1 6.3 28.2 — 66.6 Advance payments, long-term — 327.4 — — — 327.4 Pension/OPEB obligation — 40.6 — 399.6 — 440.2 Contract liabilities, long-term — 371.0 — 1.0 — 372.0 Forward loss provision, long-term — 299.0 — 262.4 — 561.4 Deferred grant income liability - non-current — 8.7 — 19.4 — 28.1 Deferred revenue and other deferred credits — 31.5 — 7.4 — 38.9 Deferred income taxes — 0.7 — 12.3 — 13.0 Other liabilities — 199.8 — 337.8 (100.6) 437.0 Total equity 856.9 777.0 267.5 853.3 (1,897.7) 857.0 Total liabilities and stockholders’ equity $ 856.9 $ 7,065.3 $ 510.7 $ 2,448.3 $ (2,497.3) $ 8,383.9 Condensed Consolidating Balance Sheet December 31, 2019 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Assets Cash and cash equivalents $ — $ 2,193.3 $ — $ 157.2 $ — $ 2,350.5 Restricted cash — 0.3 — — — 0.3 Accounts receivable, net — 565.4 50.5 250.7 (320.2) 546.4 Inventory, net — 786.8 136.8 195.2 — 1,118.8 Contract assets, short-term — 458.8 — 69.5 — 528.3 Other current assets — 93.5 — 5.2 — 98.7 Total current assets — 4,098.1 187.3 677.8 (320.2) 4,643.0 Property, plant and equipment, net — 1,773.0 306.3 192.4 — 2,271.7 Right of use assets — 41.2 7.5 0.2 — 48.9 Contract assets, long-term — 6.4 — — — 6.4 Pension assets, net — 424.2 — 24.9 — 449.1 Deferred income taxes — 106.3 — 0.2 — 106.5 Goodwill — — — 2.4 — 2.4 Intangible assets, net — 1.2 — — — 1.2 Investment in subsidiary 1,761.9 838.4 — — (2,600.3) — Other assets — 147.6 — 116.0 (186.8) 76.8 Total assets $ 1,761.9 $ 7,436.4 $ 501.1 $ 1,013.9 $ (3,107.3) $ 7,606.0 Liabilities Accounts payable $ — $ 977.1 $ 226.3 $ 175.1 $ (320.2) $ 1,058.3 Accrued expenses — 210.0 0.8 29.4 — 240.2 Profit sharing — 76.9 — 7.6 — 84.5 Current portion of long-term debt — 48.4 0.2 1.6 — 50.2 Operating lease liabilities, short-term — 5.3 0.6 0.1 — 6.0 Advance payments, short-term — 21.6 — — — 21.6 Contract liabilities, short-term — 158.3 — — — 158.3 Forward loss provision, long-term — 83.9 — — — 83.9 Deferred revenue and other deferred credits, short-term — 14.5 — 0.3 — 14.8 Deferred grant income liability — current — 0.5 2.1 1.0 — 3.6 Other current liabilities — 28.8 — 10.5 — 39.3 Total current liabilities — 1,625.3 230.0 225.6 (320.2) 1,760.7 Long-term debt — 2,974.7 0.9 94.7 (86.2) 2,984.1 Operating lease liabilities, long-term — 36.0 6.9 0.1 — 43.0 Advance payments, long-term — 333.3 — — — 333.3 Pension/OPEB obligation — 35.7 — — — 35.7 Contract liabilities, long-term — 356.3 — — — 356.3 Forward loss provision, long-term — 163.5 — — — 163.5 Deferred grant income liability - non-current — 9.2 — 19.8 — 29.0 Deferred revenue and other deferred credits — 30.4 — 4.0 — 34.4 Deferred income taxes — — — 8.3 — 8.3 Other liabilities — 190.1 — 6.3 (100.6) 95.8 Total equity 1,761.9 1,681.9 263.3 655.1 (2,600.3) 1,761.9 Total liabilities and stockholders’ equity $ 1,761.9 $ 7,436.4 $ 501.1 $ 1,013.9 $ (3,107.3) $ 7,606.0 Condensed Consolidating Statements of Cash Flows For the Twelve Months Ended December 31, 2020 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Operating activities Net cash used in operating activities $ — $ (720.1) $ (8.6) $ (16.2) $ (744.9) Investing activities Purchase of property, plant and equipment — (92.3) (2.2) (24.4) — (118.9) Acquisition, net of cash acquired — (160.9) — (227.6) — (388.5) Other — 0.5 — 4.9 — 5.4 Net cash used in investing activities $ — $ (252.7) $ (2.2) $ (247.1) $ — $ (502.0) Financing activities Proceeds from issuance of long term bonds — 1,700.0 — — — 1,700.0 Proceeds from issuance of debt — 400.0 — — — 400.0 Customer financing — 10.0 — — — 10.0 Principal payments of debt — (29.4) (0.2) (2.0) — (31.6) Payments on term loan — (439.7) — — — (439.7) Payments on revolving credit facility — (800.0) — — — (800.0) Proceeds (payments) from intercompany debt — (325.0) 11.0 314.0 — — Taxes paid related to net share settlement of awards — (14.5) — — (14.5) Proceeds (payments) from subsidiary for purchase of treasury stock (0.1) 0.1 — — — — Purchase of treasury stock 0.1 — — — — 0.1 Proceeds (payments) from subsidiary for dividends paid 15.4 (15.4) — — — — Dividends paid (15.4) — — — — (15.4) Proceeds from issuance of ESPP stock — 2.6 — — — 2.6 Debt issuance costs — (41.9) — — — (41.9) Other (0.1) — — — (0.1) Net cash provided by financing activities $ — $ 446.7 $ 10.8 $ 312.0 $ — $ 769.5 Effect of exchange rate changes on cash and cash equivalents — 0.5 — 2.8 — 3.3 Net (decrease) increase in cash, cash equivalents, and restricted cash for the period — (525.6) — 51.5 — (474.1) Cash, cash equivalents, and restricted cash, beginning of period — 2,210.0 — 157.2 — 2,367.2 Cash, cash equivalents, and restricted cash, end of period $ — $ 1,684.4 $ — $ 208.7 $ — $ 1,893.1 Condensed Consolidating Statements of Cash Flows For the Twelve Months Ended December 31, 2019 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Operating activities Net cash provided by operating activities $ — $ 733.3 $ 11.4 $ 178.0 $ — $ 922.7 Investing activities Purchase of property, plant and equipment — (184.0) (11.2) (37.0) — (232.2) Other — 0.2 — (7.9) — (7.7) Net cash used in investing activities — (183.8) (11.2) (44.9) — (239.9) Financing activities Proceeds from issuance of debt — 250.0 — — — 250.0 Proceeds from revolving credit facility — 900.0 — — — 900.0 Principal payments of debt — (12.5) (0.2) (0.7) — (13.4) Payments on term loans — (16.6) — — — (16.6) Payments on revolving credit facility — (100.0) — — — (100.0) Proceeds (payments) from intercompany debt — 49.4 — (49.4) — — Taxes paid related to net share settlement of awards — (12.9) — — — (12.9) Proceeds (payments) from subsidiary for purchase of treasury stock 75.8 (75.8) — — — — Purchase of treasury stock (75.8) — — — — (75.8) Proceeds (payments) from subsidiary for dividends paid 50.4 (50.1) — (0.3) — — Dividends paid (50.4) — — — — (50.4) Proceeds from issuance of ESPP stock — 2.6 — — — 2.6 Other 0.9 — — — 0.9 Net cash provided by (used in) financing activities — 935.0 (0.2) (50.4) — 884.4 Effect of exchange rate changes on cash and cash equivalents — — — 5.9 — 5.9 Net increase (decrease) in cash, cash equivalents, and restricted cash for the period — 1,484.5 — 88.6 — 1,573.1 Cash, cash equivalents, and restricted cash, beginning of period — 725.5 — 68.6 — 794.1 Cash, cash equivalents, and restricted cash, end of period $ — $ 2,210.0 $ — $ 157.2 $ — $ 2,367.2 Condensed Consolidating Statements of Cash Flows For the Twelve Months Ended December 31, 2018 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Operating activities Net cash provided by operating activities $ — $ 643.1 $ 18.3 $ 108.5 $ — $ 769.9 Investing activities Purchase of property, plant and equipment — (230.5) (18.6) (22.1) — (271.2) Other — 2.3 0.5 0.6 — 3.4 Net cash used in investing activities — (228.2) (18.1) (21.5) — (267.8) Financing activities Proceeds from issuance of debt — 1,300.0 — — — 1,300.0 Principal payments of debt — (5.8) (0.2) (0.7) — (6.7) Proceeds (payments) from intercompany debt — 75.9 — (75.9) — — Payments on term loan — (256.3) — — — (256.3) Payments on bonds — (300.0) — — — (300.0) Debt issuance costs — (23.2) — — — (23.2) Taxes paid related to net share settlement of awards — (15.6) — — — (15.6) Proceeds from issuance of ESPP stock — 2.1 — — — 2.1 Proceeds (payments) from subsidiary for purchase of treasury stock 805.8 (805.8) — — — — Purchase of treasury stock (805.8) — — — — (805.8) Proceeds (payments) from subsidiary for dividends paid 48.0 (48.0) — — — — Dividends paid (48.0) — — — — (48.0) Net cash used in financing activities — (76.7) (0.2) (76.6) — (153.5) Effect of exchange rate changes on cash and cash equivalents — — — — — — Net increase (decrease) in cash, cash equivalents, and restricted cash for the period — 338.2 — 10.4 — 348.6 Cash, cash equivalents, and restricted cash, beginning of period — 387.3 — 58.2 — 445.5 Cash, cash equivalents, and restricted cash, end of period $ — $ 725.5 $ — $ 68.6 $ — $ 794.1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Long-term Contracts [Policy Text Block] | Revenues and Profit Recognition Substantially all of the Company’s revenues are from long-term supply agreements with Boeing, Airbus, and other aerospace manufacturers. The Company participates in its customers’ programs by providing design, development, manufacturing, fabrication, and support services for major aerostructures in the fuselage, propulsion, and wing segments. During the early stages of a program, this frequently involves nonrecurring design and development services, including tooling. As the program matures, the Company provides recurring manufacturing of products in accordance with customer design and schedule requirements. Many contracts include clauses that provide sole supplier status to the Company for the duration of the program’s life (including derivatives). The Company's long-term supply agreements typically include fixed price volume-based terms and require the satisfaction of performance obligations for the duration of the program’s life. The identification of an accounting contract with a customer and the related promises require an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. In general, these long-term supply agreements are legally governed by master supply agreements (or general terms agreements) together with special business provisions (or work package agreements), which define specific program requirements. Purchase orders (or authorizations to proceed) are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. The units for accounting purposes (“accounting contract”) are typically determined by the purchase orders. Revenue is recognized when the Company has a contract with presently enforceable rights and obligations, including an enforceable right to payment for work performed. These agreements may lead to continuing sales for more than twenty years. Customers generally contract with the Company for requirements in a segment relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured structural components, as well as spare parts and repairs for OEMs. A single program may result in multiple contracts for accounting purposes, and within the respective contracts, non-recurring work elements and recurring work elements may result in multiple performance obligations. The Company generally contracts directly with its customers and is the principal in all current contracts. Management considers a number of factors when determining the existence of an accounting contract and the related performance obligations that include, but are not limited to, the nature and substance of the business exchange, the contractual terms and conditions, the promised products and services, the termination provisions in the contract, including the presently enforceable rights and obligations of the parties to the contract, the nature and execution of the customer’s ordering process and how the Company is authorized to perform work, whether the promised products and services are distinct or capable of being distinct within the context of the contract, as well as how and when products and services are transferred to the customer. Revenue is recognized when, or as, control of promised products or services transfers to a customer and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is recognized over time as work progresses when the Company is entitled to the reimbursement of costs plus a reasonable profit for work performed for which the Company has no alternate use. For these performance obligations that are satisfied over time, the Company generally recognizes revenue using an input method with revenue amounts being recognized proportionately as costs are incurred relative to the total expected costs to satisfy the performance obligation. The Company believes that costs incurred as a portion of total estimated costs is an appropriate measure of progress towards satisfaction of the performance obligation since this measure reasonably depicts the progress of the work effort. When the Company experiences abnormal production costs such as excess capacity costs the Company will expense the costs in the period incurred separately from the costs incurred for satisfaction of the performance obligations under the Company's contracts with customers. Revenue for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer (which is generally upon delivery). For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of, and obtain the benefits from, the products and services. Shipping and handling costs are not considered performance obligations and are included in cost of sales as incurred. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s current contracts do not include any significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. Additionally, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Company's contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 120 days of delivery. The total transaction price is allocated to each of the identified performance obligations using the relative standalone selling price to reflect the amount the Company expects to be entitled for transferring the promised products and services to the customer. A majority of the Company’s agreements with customers include options for future purchases. For the purposes of allocating transaction price, the Company assesses, based upon the facts and circumstances of the business arrangement, the amount of options to be exercised that may result in deferral of revenue to future contracts and options. Deferred revenues are recognized as, or when, the underlying future performance obligations are satisfied. Standalone selling price is the price at which the Company would sell a promised good or service separately to a customer. Standalone selling prices are established at contract inception and subsequent changes in transaction price are allocated on the same basis as at contract inception. Standalone selling prices for the Company’s products and services are generally not observable and the Company uses the “Expected Cost plus a Margin” approach to determine standalone selling price. Expected costs are typically derived from the available periodic forecast information. If a contract modification changes the overall transaction price of an existing contract, the Company allocates the new transaction price on the basis of the relative standalone selling prices of the performance obligations and cumulative adjustments, if any, are recorded in the current period. The Company also identifies and estimates variable consideration for contractual provisions such as unpriced contract modifications, cost sharing provisions, incentives and awards, non-warranty claims and assertions, provisions for non-conformance and rights to return, or other payments to, or receipts from, customers and suppliers. The timing of satisfaction of performance obligations and actual receipt of payment from a customer may differ and affects the balances of the contract assets and liabilities. For contracts that are deemed to be loss contracts, the Company establishes forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known. These reserves are based on estimates for accounting contracts, plus options that the Company believes are likely to be exercised. The Company records forward loss reserves for all performance obligations in the aggregate for the accounting contract. |
Property, Plant and Equipment [Line Items] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the Company's financial statements in conformity with GAAP requires management to use estimates and assumptions. The results of these estimates form the basis for making judgments that may affect the reported amounts of assets and liabilities, including the impacts of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Management may make significant judgments when assessing estimated amounts of variable consideration and related constraints, the number of options likely to be exercised, and the standalone selling prices of the Company’s products and services. The Company also estimates the cost of satisfying the performance obligations in its contracts and options that may extend over many years. Cost estimates reflect currently available information and the impact of any changes to cost estimates, based upon the facts and circumstances, are recorded in the period in which they become known. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s contracts with customers are typically for products and services to be provided at fixed stated prices but may also include variable consideration. Variable consideration may include, but is not limited to, unpriced contract modifications, cost sharing provisions, incentives and awards, non-warranty claims and assertions, provisions for non-conformance and rights to return, or other payments to, or receipts from, customers. The Company estimates the variable consideration using the expected value or the most likely amount based upon the facts and circumstances, available data and trends and the history of resolving variability with specific customers and suppliers. The Company regularly commences work and incorporates customer-directed changes prior to negotiating pricing terms for engineering work, product modifications, and other statements of work. The Company's contractual terms typically provide for price negotiations after certain customer-directed changes have been accepted by the Company. Prices are estimated until they are contractually agreed upon with the customer. When a contract is modified, the Company evaluates whether additional distinct products and services have been promised at standalone selling prices, in which case the modification is treated as a separate contract. If not, depending on whether the remaining performance obligations are distinct from the goods or services transferred on or before the modification, the modification is either treated prospectively as if it were a termination of the existing contract and the creation of a new contract, treated as if it were a part of the existing contract, or treated as some combination. The Company allocates the consideration for a contract to the performance obligations on the basis of their relative standalone selling price. The Company estimates the likelihood of the amount of options that the customer is going to exercise when assessing the impact of loss contracts. The Company typically provides warranties on all the Company's products and services. Generally, warranties are not priced separately because customers cannot purchase them independently of the products or services under contract so they do not create performance obligations. The Company's warranties generally provide assurance to the Company's customers that the products or services meet the specifications in the contract. In the event that there is a warranty claim because of a covered design, material or workmanship issue, the Company may be required to redesign or modify the product, offer concessions, and/or pay the customer for repairs or perform the repair. Provisions for estimated expenses related to design, service, and product warranties and certain extraordinary rework are made at the time products are sold. These costs are accrued at the time of the sale and are recorded as unallocated cost of sales. These estimates are established using historical information on the nature, frequency, and the cost experience of warranty claims, including the experience of industry peers. In the case of new development products or new customers, the Company also considers factors including the warranty experience of other entities in the same business, management judgment, and the type and nature of the new product or new customer, among others. Actual results could differ from those estimates and assumptions. |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation The accompanying consolidated financial statements include the Company’s financial statements and the financial statements of its majority owned or controlled subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and Regulation S-X. All intercompany balances and transactions have been eliminated in consolidation. Spirit is the majority participant in the Kansas Industrial Energy Supply Company ("KIESC"), a tenancy-in-common with other Wichita companies established to purchase natural gas. KIESC is fully consolidated as the Company owns 77.8% of the entity’s equity. The Company’s U.K. subsidiary in Prestwick uses local currency, the British pound, as its functional currency, and the Malaysian subsidiary uses the British pound. All other foreign subsidiaries and branches use the U.S. dollar as their functional currency. As part of the monthly consolidation process, the functional currencies of the Company’s international subsidiaries are translated to U.S. dollars using the end-of-month translation rate for assets and liabilities and average period currency translation rates for revenue and income accounts. |
Research and Development | Research and Development Research and development includes costs incurred for experimentation, design, and testing that are expensed as incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent all highly liquid investments with original maturities of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. Unbilled receivables are recorded on the balance sheet as contract assets, as per ASC 606 guidance. Beginning January 1, 2020, management assesses and records an allowance for credit losses on financial assets within the scope of ASU 2016-13 using the CECL model. Prior periods allowance for credit losses were based on a review of outstanding receivables that are charged off against the allowance after the potential for recovery is considered remote in accordance with legacy GAAP. The amount necessary to adjust the allowance for credit losses to management’s current estimate, as of the reporting date, on these assets is recorded in net income as credit loss expense. All credit losses reported in accordance with ASU 2016-13 were on trade receivables and/or contract assets arising from the Company’s contracts with customers. See Note 6, Accounts Receivable, net , for more information. The Company has two agreements to sell, on a revolving basis, certain trade accounts receivable balances with Boeing and Airbus to a third party financial institution. These programs were primarily entered into as a result of Boeing and Airbus seeking payment term extensions with the Company and continue to allow the Company to monetize prior to the payment date for the receivables, subject to payment of a discount. No guarantees are delivered under the agreements. The Company's ability to continue using such agreements is primarily dependent upon the strength of Boeing’s and Airbus’s financial condition. Transfers under this agreement are accounted for as sales of receivables resulting in the receivables being de-recognized from the Company's balance sheet. For additional information on the sale of receivables see Note 6, Accounts Receivable, net |
Inventory | Inventory Raw materials are stated at lower of cost (principally on an actual or average cost basis) or net realizable value. Production costs for contracts, including costs expected to be recovered on specific anticipated contracts (work that has commenced because the Company expects the customer to exercise options), are classified as work-in-process and include direct material, labor, overhead, and purchases. Typically, anticipated contracts materialize and the related performance obligations are satisfied within 6-12 months. These costs are evaluated for impairment periodically and capitalized costs for which anticipated contracts do not materialize are written off in the period in which it becomes known. Revenue and related cost of sales are recognized as the performance obligations are satisfied. When the Company experiences abnormal production costs such as excess capacity costs the Company will expense the costs in the period incurred excluded from inventoriable costs. Valuation reserves for excess, obsolete, and slow-moving inventory are estimated by evaluating inventory of individual raw materials and parts against both historical usage rates and forecasted production requirements. See Note 9, Inventory |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table: Estimated Useful Life Land improvements 20 years Buildings 45 years Machinery and equipment 3-20 years Tooling — Airplane program — B787, Rolls-Royce 5-20 years Tooling — Airplane program — all others 2-10 years Capitalized software 3-7 years The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 10, Property, Plant and Equipment Net. |
Impairment or Disposal of Long-Lived Assets, and Goodwill | Impairment or Disposal of Long-Lived Assets The Company reviews capital and amortizing intangible assets (long-lived assets) for impairment whenever events or changes in circumstances indicate that the recorded amount may not be recoverable. Assets are classified as either held-for-use or available-for-sale. For held-for-use assets, if indicators are present, we perform a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset group in question to its carrying amount. If the undiscounted cash flows used in the recoverability test are less than the long-lived asset group’s carrying amount, we determine the fair value of the long-lived asset group and recognize an impairment loss if the carrying amount of the long-lived asset group exceeds its fair value. |
Deferred Financing Costs | Deferred Financing Costs Costs relating to long-term debt are deferred and included in other long-term assets. These costs are amortized over the term of the related debt or debt facilities and are included as a component of interest expense. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activity The Company uses derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates and interest rates. Derivative financial instruments are recognized on the balance sheet as either assets or liabilities and are measured at fair value. Changes in fair value of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of a hedge transaction, and if it is, the type of |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments are measured in accordance with FASB authoritative guidance related to fair value measurements. This guidance clarifies the definition of fair value, prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about fair value measurements. See Note 14, Fair Value Measurements . |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with FASB authoritative guidance on accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Tax rate changes impacting these assets and liabilities are recognized in the period during which the rate change occurs. Deferred tax assets are periodically evaluated to determine their recoverability and whether or not a valuation allowance is necessary. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. This assessment is completed on a taxing jurisdiction and entity filing basis. Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company’s prior earnings history including the forward losses previously recognized in the U.S. and UK, management determined that it was necessary to establish a valuation allowance against nearly all of its net U.S. and UK deferred tax assets at December 31, 2020. This determination was made as the Company anticipates it will enter into a U.S. cumulative loss position during the first half of 2021, as prior period positive earnings fall outside of the three-year measurement period. Additionally, segments of the UK operations are in cumulative loss positions after the inclusion of 2020 losses. Once a company anticipates a cumulative three year loss position, there is a presumption that a company should no longer rely solely on projected future income in determining whether the deferred tax asset is more likely than not to be realized. The Company records income tax provision or benefit based on the net income earned or net loss incurred in each tax jurisdiction and the tax rate applicable to that income or loss. In the ordinary course of business, there are transactions for which the ultimate tax outcome is uncertain. These uncertainties are accounted for in accordance with FASB authoritative guidance on accounting for the uncertainty in income taxes. The final tax outcome for these matters may be different than management's original estimates made in determining the income tax provision. A change to these estimates could impact the effective tax rate and net income or loss in subsequent periods. The Company uses the flow-through accounting method for tax credits. Under this method, tax credits reduce income tax expense. See Note 20 to the Consolidated Financial Statements, Income Taxes , for further discussion. |
Stock-Based Compensation and Other Share-based Payments | Stock-Based Compensation and Other Share-Based Payments Many of the Company’s employees are participants in the Omnibus Incentive Plan of 2014 (as amended, the “Omnibus Plan”). The expense attributable to the Company’s employees is recognized over the period the amounts are earned and vested, as described in Note 19, Stock Compensation |
Business Combinations Policy | The Company accounts for business combinations in accordance with ASC Topic 805, Business Combinations. Transaction costs related to business combinations are expensed as incurred. Assets acquired and liabilities assumed are measured and recognized based on their estimated fair values at the acquisition date, any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. In some cases, the Company uses discounted cash flow analyses, which are based on estimates of future sales, earnings and cash flows after considering such factors as general market conditions, customer budgets, existing firm and future orders, changes in working capital, long term business plans and recent operating performance. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, the business combination is recorded and disclosed on a preliminary basis. Subsequent to the acquisition date, and not later than one year from the acquisition date, adjustments to the initial preliminary recognized amounts are recorded to the extent new information is obtained about the measurement of assets and liabilities that existed as of the date of the acquisition. |
Goodwill and Intangible Assets, Goodwill, Policy | The Company assesses goodwill for impairment annually as of the first day of the fourth quarter or more frequently if events or circumstances indicate that the fair value of a reporting unit that includes goodwill may be lower than its carrying value. The Company tests goodwill for impairment by performing a qualitative assessment or quantitative test at the reporting unit level. In performing a qualitative assessment, the Company evaluates company-specific, market and industry, economic, and other relevant factors that may impact the fair value of reporting units or the carrying value of the net assets of the respective reporting unit. If it is determined that it is more likely than not that the carrying value of the net assets is more than the fair value of the respective reporting unit, then a quantitative test is performed. Where the quantitative test is used, the Company compares the carrying value of net assets to the estimated fair value of the respective reporting unit. If the fair value is determined to be less than carrying value, a goodwill impairment loss is recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table: Estimated Useful Life Land improvements 20 years Buildings 45 years Machinery and equipment 3-20 years Tooling — Airplane program — B787, Rolls-Royce 5-20 years Tooling — Airplane program — all others 2-10 years Capitalized software 3-7 years The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 10, Property, Plant and Equipment Net. |
Changes in Estimates Changes in
Changes in Estimates Changes in Estimate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Change in Accounting Estimate [Line Items] | |
Schedule of Change in Accounting Estimate [Table Text Block] | Changes in Estimates December 31, 2020 December 31, 2019 December 31, 2018 (Unfavorable) Favorable Cumulative Catch-up Adjustments by Segment Fuselage (17.5) (1.3) (5.3) Propulsion (7.8) (1.2) (0.2) Wing (5.1) 0.5 1.7 Total (Unfavorable) Favorable Cumulative Catch-up Adjustment (30.4) (2.0) (3.8) (Forward Loss) and Changes in Estimates on Loss Programs by Segment Fuselage (274.3) (37.9) 3.4 Propulsion (36.9) (15.1) (0.7) Wing (59.1) (10.5) 1.2 Total (Forward Loss) and Change in Estimate on Loss Program (370.3) (63.5) 3.9 Total Change in Estimate (400.7) (65.5) 0.1 EPS Impact (diluted per share based on statutory tax rate) (3.07) $ (0.50) — |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net consists of the following: December 31, December 31, Trade receivables $ 458.9 $ 515.2 Other 31.1 32.6 Less: allowance for credit losses (5.6) (1.4) Accounts receivable, net $ 484.4 $ 546.4 _______________________________________ |
Revenue Disaggregation and Ou_2
Revenue Disaggregation and Outstanding Performance Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates revenues by the method of performance obligation satisfaction: For the Twelve Months Ended Revenue December 31, December 31, Contracts with performance obligations satisfied over time $ 2,188.4 $ 5,963.5 Contracts with performance obligations satisfied at a point in time 1,216.4 1,899.6 Total Revenue $ 3,404.8 $ 7,863.1 The following table disaggregates revenue by major customer: For the Twelve Months Ended Customer December 31, December 31, Boeing $ 2,043.8 $ 6,237.2 Airbus 773.3 1,250.6 Other 587.7 375.3 Total net revenues $ 3,404.8 $ 7,863.1 The following table disaggregates revenue based upon the location where control of products are transferred to the customer: For the Twelve Months Ended Location December 31, December 31, United States $ 2,637.6 $ 6,566.3 International United Kingdom 433.5 771.9 Other 333.7 524.9 Total International 767.2 1,296.8 Total Revenue $ 3,404.8 $ 7,863.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 8. Revenue Disaggregation and Outstanding Performance Obligations Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based upon the location where products and services are transferred to the customer, and based upon major customer. The Company’s principal operating segments and related revenue are noted in Note 26, Segment and Geographical Information . The following table disaggregates revenues by the method of performance obligation satisfaction: For the Twelve Months Ended Revenue December 31, December 31, Contracts with performance obligations satisfied over time $ 2,188.4 $ 5,963.5 Contracts with performance obligations satisfied at a point in time 1,216.4 1,899.6 Total Revenue $ 3,404.8 $ 7,863.1 The following table disaggregates revenue by major customer: For the Twelve Months Ended Customer December 31, December 31, Boeing $ 2,043.8 $ 6,237.2 Airbus 773.3 1,250.6 Other 587.7 375.3 Total net revenues $ 3,404.8 $ 7,863.1 The following table disaggregates revenue based upon the location where control of products are transferred to the customer: For the Twelve Months Ended Location December 31, December 31, United States $ 2,637.6 $ 6,566.3 International United Kingdom 433.5 771.9 Other 333.7 524.9 Total International 767.2 1,296.8 Total Revenue $ 3,404.8 $ 7,863.1 Remaining Performance Obligations Unsatisfied, or partially unsatisfied, performance obligations currently under contract that are expected to be recognized to revenue in the future are noted in the table below. The Company expects options to be exercised in addition to the amounts presented below. 2021 2022 2023 2024 and After Unsatisfied performance obligations $2,726.2 $3,661.8 $4,406.4 $3,206.8 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Summary Of Inventories | December 31, 2020 December 31, 2019 Raw materials $ 337.3 $ 253.1 Work-in-process (1) 1,000.6 822.8 Finished goods 58.1 14.5 Product inventory 1,396.0 1,090.4 Capitalized pre-production 26.3 28.4 Total inventory, net $ 1,422.3 $ 1,118.8 _______________________________________ Product inventory, summarized in the table above, is shown net of valuation reserves of $56.8 and $39.0 as of December 31, 2020 and December 31, 2019, respectively. The valuation reserve increase is primarily due to the Bombardier Acquisition. (as defined below) (1) Work-in-process inventory includes direct labor, direct material, overhead, and purchases on contracts for which revenue is recognized at a point in time, as well as sub-assembly parts that have not been issued to production on contracts for which revenue is recognized using the input method. For the period ended December 31, 2020, and December 31, 2019, work-in-process inventory includes $351.2 and $157.2, respectively, of costs incurred in anticipation of specific contracts and no impairments were recorded in the period. Excess capacity and abnormal production costs are excluded from inventory and recognized as expense in the period incurred. Cost of sales for the twelve months ended December 31, 2020 includes $278.9 of excess capacity production costs related to temporary B737 MAX, A220, and A320 production schedule changes. Cost of sales also includes costs of $33.7 related to temporary workforce adjustments as a result of COVID-19 production pause, net of the U.S. employee retention credit and U.K. government subsidies of approximately $21.4 for the twelve months ended December 31, 2020. |
Property, Plant and Equipment,
Property, Plant and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consists of the following: December 31, 2020 December 31, 2019 Land $ 30.8 $ 15.9 Buildings (including improvements) 1,166.7 924.0 Machinery and equipment 2,120.5 1,941.5 Tooling 1,036.1 1,047.4 Capitalized software 282.5 277.8 Construction-in-progress 220.0 192.8 Total 4,856.6 4,399.4 Less: accumulated depreciation (2,352.8) (2,127.7) Property, plant and equipment, net $ 2,503.8 $ 2,271.7 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets are summarized as follows: December 31, December 31, Intangible assets Patents $ 2.0 $ 2.0 Favorable leasehold interests 2.8 2.8 Developed technology asset (1) (2) 94.0 — Customer relationships intangible assets (2) 124.1 — Total intangible assets 222.9 4.8 Less: Accumulated amortization - patents (2.0) (1.9) Accumulated amortization - favorable leasehold interest (1.8) (1.7) Accumulated amortization - developed technology asset (2.6) — Accumulated amortization - customer contracts asset (1.3) — Intangible assets, net 215.2 1.2 (1) The acquisition of FMI on January 10, 2020 resulted in the establishment of a $30.0 intangible asset for developed technology. (2) The Bombardier acquisition on October 30, 2020 resulted in the establishment of a $64.0 intangible asset for developed technology and a $124.1 intangible asset for customer relationships. The amortization for each of the five succeeding years relating to intangible assets currently recorded in the Condensed Consolidated Balance sheet and the weighted average amortization is estimated to be the following as of December 31, 2020: Year Favorable leasehold interest Developed Technology Customer Contracts Total 2021 0.1 6.3 6.9 13.3 2022 0.1 6.3 6.9 13.3 2023 0.1 6.3 6.9 13.3 2024 0.1 6.3 6.9 13.3 2025 0.1 6.3 6.9 13.3 Weighted average amortization period 8.5 14.6 17.8 16.4 |
Other Assets | Other current assets are summarized as follows: December 31, December 31, Prepaid expenses 16.3 19.3 Income tax receivable (1) 315.3 74.2 Other assets- short term 4.7 5.2 Total other current assets $ 336.3 $ 98.7 Other assets are summarized as follows: December 31, December 31, Deferred financing Deferred financing costs 0.9 41.7 Less: Accumulated amortization-deferred financing costs (0.5) (36.9) Deferred financing costs, net 0.4 4.8 Other Supply agreements (2) 11.4 11.5 Equity in net assets of affiliates 3.1 7.7 Restricted cash - collateral requirements 19.5 16.4 Other 49.2 36.4 Total $ 83.6 $ 76.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount And Estimated Fair Value Of Long Term Debt | December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Senior unsecured term loan A (including current portion) $ — $ — $ 438.5 $ 440.1 (2) Revolver — — 800.0 800.0 (2) Senior secured term loan B (including current portion) 389.6 395.0 (2) — — Floating rate notes 299.7 297.5 (1) 299.1 298.4 (1) Senior notes due 2023 298.8 293.8 (1) 298.3 307.2 (1) Senior secured first lien notes due 2025 493.9 521.2 (1) — — Senior secured second lien notes due 2025 1,184.2 1,279.1 (1) — — Senior notes due 2026 298.1 313.9 (1) 297.8 305.6 (1) Senior notes due 2028 694.6 689.2 (1) 694.1 734.4 (1) Total $ 3,658.9 $ 3,789.7 $ 2,827.8 $ 2,885.7 _______________________________________ (1) Level 1 Fair Value hierarchy (2) Level 2 Fair Value hierarchy |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long Term Debt And Capital Lease Obligations Current And Non Current | Total debt shown on the balance sheet is comprised of the following: |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Contribution Plan Disclosure [Line Items] | |
Multiemployer Plan Table | Multi-employer Pension Plan In connection with the collective bargaining agreement signed with the International Association of Machinists and Aerospace Workers (“IAM”), the Company contributes to a multi-employer defined benefit pension plan (“IAM National Pension Fund”). As of July 1, 2015, the level of contribution, as specified in the bargaining agreement was, in whole dollars, $1.75 per hour of employee service. The IAM bargaining agreement provided for a $0.05 per hour increase, in whole dollars, effective July 1 of each year through 2019. Effective July 1, 2019 the level of employer contribution increased to $1.95 per hour and will remain at $1.95 per hour through contract expiration. The IAM contract expires June 24, 2023. The collective bargaining agreement with the United Automobile, Aerospace and Agricultural Workers of America (“UAW”) requires the Company to contribute a specified amount per hour of service to the IAM National Pension Fund. The specified amount was $1.70 per hour in 2019. Per the negotiated UAW collective bargaining agreement, the pension contributions, in whole dollars, was $1.70 per hour effective January 1, 2019 and will be $1.75 per hour effective January 1, 2020 through year 2025. The risk of this multi-employer plan is different from single-employer plans in the following aspects: 1. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. 2. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. 3. If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The following table summarizes the multi-employer plan to which the Company contributes. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2019 and 2020 is for the plan's year-end at December 31, 2019, and December 31, 2020, respectively. The zone status is based on information received from the plan. Pension Protection Act Zone Status Expiration FIP/RP Contributions of the Company EIN/Pension Surcharge Pension Fund 2019 2020 2018 2019 2020 IAM National Pension Fund 51-60321295 Red Red Yes $ 35.0 $ 40.7 $ 30.1 Yes IAM June 24, 2023 Pension Fund Year Company Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan ’ s Year-End) IAM National Pension Fund 2018, 2019, 2020 |
Change in projected benefit obligations | Obligations and Funded Status The following tables reconcile the funded status of both pension and post-retirement medical benefits to the balance on the balance sheets for the fiscal years 2020 and 2019. Benefit obligation balances presented in the tables reflect the projected benefit obligation and accumulated benefit obligation for the Company’s pension plans, and accumulated post-retirement benefit obligations for the Company’s post-retirement medical plan. The Company uses an end of fiscal year measurement date of December 31 for the Company's U.S. pension and post-retirement medical plans. Special termination benefits for the periods ending December 31, 2020 and December 31, 2019 are related to a voluntary retirement programs offered by the Company in 2020 and 2019, respectively. The projected benefit obligation of the US based defined benefit plans as of December 31, 2020 remained largely flat compared to that as of December 31, 2019, reflecting offsetting underlying impacts. Voluntary retirement programs offered by the Company drove a net decrease to the projected benefit obligation through changes to plan settlements, special termination benefits, and curtailment loss. This was offset by an increase in liabilities that was driven by a decrease in the effective discount rate utilized in the actuarial valuation of the plans. Voluntary retirement programs offered by the Company drove a net increase to the projected benefit obligation of the US based Other Post-Retirement benefit plans through changes to special termination benefits and curtailment loss. The projected benefit obligation of the U.K. Prestwick Plan increased, driven by a decrease in the effective discount rate utilized in the actuarial valuation of the plan. The projected benefit obligation of the U.K. Belfast plans was acquired on October 30, 2020, as part of the Bombardier Acquisition. Pension Benefits Other Post-Retirement Periods Ended December 31, Periods Ended December 31, U.S. Plans 2020 2019 2020 2019 Change in projected benefit obligation: Beginning balance $ 1,096.6 $ 997.0 $ 41.8 $ 40.3 Service cost — — 0.8 0.9 Employee contributions — — 1.2 0.9 Interest cost 24.4 36.5 1.0 1.2 Actuarial losses (gains) 124.8 141.1 (1.8) 1.8 Special termination benefits 31.0 5.2 12.0 3.9 Plan Curtailment 33.9 — 2.3 Plan Settlements (175.5) (49.9) — — Benefits paid (36.1) (33.3) (7.8) (7.2) Projected benefit obligation at the end of the period $ 1,099.1 $ 1,096.6 $ 49.5 $ 41.8 Assumptions used to determine benefit obligation: Discount rate 2.31 % 3.19 % 1.26 % 2.55 % Rate of compensation increase N/A N/A N/A N/A Medical assumptions: Trend assumed for the year N/A N/A 5.56 % 5.90 % Ultimate trend rate N/A N/A 4.50 % 4.50 % Year that ultimate trend rate is reached N/A N/A 2038 2038 Change in fair value of plan assets: Beginning balance $ 1,519.5 $ 1,302.8 $ — $ — Actual return (loss) on assets 218.4 299.7 — — Employer contributions to plan 0.1 0.1 6.6 6.3 Employee contributions to plan — — 1.2 0.9 Plan Settlements (175.5) (49.9) — — Benefits paid (36.2) (33.2) (7.8) (7.2) Expenses paid — — — — Ending balance $ 1,526.3 $ 1,519.5 $ — $ — Reconciliation of funded status to net amounts recognized: Funded status (deficit) $ 427.3 $ 422.9 $ (49.5) $ (41.8) Net amounts recognized $ 427.3 $ 422.9 $ (49.5) $ (41.8) Amounts recognized in the balance sheet: Noncurrent assets $ 428.7 $ 424.2 — — Current liabilities (0.1) (0.1) (10.3) (7.3) Noncurrent liabilities (1.3) (1.2) (39.2) (34.5) Net amounts recognized $ 427.3 $ 422.9 $ (49.5) $ (41.8) Amounts not yet reflected in net periodic benefit cost and included in AOCI: Accumulated other comprehensive (loss) income $ (6.5) $ (46.0) $ 19.3 $ 22.6 Cumulative employer contributions in excess of net periodic benefit cost 433.8 468.9 (68.8) (64.4) Net amount recognized in the balance sheet $ 427.3 $ 422.9 $ (49.5) $ (41.8) Information for pension plans with benefit obligations in excess of plan assets: Projected benefit obligation $ 1.4 $ 1.3 $ 49.5 $ 41.8 Accumulated benefit obligation 1.4 1.3 — — The US based defined benefit plans utilize a cash balance based formula for a subset of the plan participants. The weighted-average interest crediting rates used to determine the benefit obligation and net periodic benefit cost for all future years is 5.25%. Pension Benefits Periods Ended December 31, U.K. Prestwick Plan 2020 2019 Change in projected benefit obligation: Beginning balance $ 66.7 $ 59.9 Service cost 0.9 0.9 Interest cost 1.2 1.6 Actuarial loss (gain) 12.2 5.5 Benefits paid (0.8) (0.8) Expense paid (0.9) (0.9) Plan settlements (5.9) (2.1) Exchange rate changes 2.5 2.6 Projected benefit obligation at the end of the period $ 75.9 $ 66.7 Assumptions used to determine benefit obligation: Discount rate 1.45 % 2.10 % Rate of compensation increase 3.10 % 3.15 % Change in fair value of plan assets: Beginning balance $ 91.6 $ 79.6 Actual return (loss) on assets 15.1 11.1 Company contributions 1.7 1.7 Plan settlements (6.9) (2.6) Expenses paid (0.9) (0.9) Benefits paid (0.8) (0.8) Exchange rate changes 3.3 3.5 Ending balance $ 103.1 $ 91.6 Reconciliation of funded status to net amounts recognized: Funded status 27.2 24.9 Net amounts recognized $ 27.2 $ 24.9 Amounts recognized in the balance sheet: Noncurrent assets $ 27.2 $ 24.9 Noncurrent liabilities — — Net amounts recognized $ 27.2 $ 24.9 Amounts not yet reflected in net periodic benefit cost and included in AOCI: Accumulated other comprehensive income (loss) 5.8 5.9 Prepaid pension cost 21.4 19.0 Net amount recognized in the balance sheet $ 27.2 $ 24.9 Information for pension plans with benefit obligations in excess of plan assets: Projected benefit obligation $ — $ — Accumulated benefit obligation — — Fair value of assets $ — $ — Pension Benefits Other Periods Ended December 31, Periods Ended December 31, U.K Belfast Plans 2020 2019 2020 2019 Change in projected benefit obligation: Beginning balance $ — $ — $ — $ — Net transfer in/(out) (including the effect of any business combination divestitures) 2,311.8 — 0.7 — Service cost 6.3 — — — Employee contributions — — — — Interest cost 6.0 — — — Actuarial losses (gains) 183.9 — — — Special termination benefits — — — — Exchange rate changes 161.6 — 0.1 — Benefits paid (8.2) — — — Projected benefit obligation at the end of the period $ 2,661.4 $ — $ 0.8 $ — Assumptions used to determine benefit obligation: Discount rate 1.45 % — % 1.45 % — % Rate of compensation increase 2.90 % — % N/A — % Medical assumptions: Trend assumed for the year N/A N/A 5.50 % — % Ultimate trend rate N/A N/A 5.50 % — % Year that ultimate trend rate is reached N/A N/A NA NA Change in fair value of plan assets: Beginning balance $ — $ — $ — $ — Net transfer in/(out) (including the effect of any business combination divestitures) 2,003.7 — — — Actual (loss) return on assets 125.9 — — — Employer contributions to plan 3.8 — — — Employee contributions to plan 0.1 — — — Benefits paid (8.2) — — — Expenses paid 137.4 — — — Ending balance $ 2,262.7 $ — $ — $ — Reconciliation of funded status to net amounts recognized: Funded status (deficit) $ (398.8) $ — $ (0.8) $ — Net amounts recognized $ (398.8) $ — $ (0.8) $ — Amounts recognized in the balance sheet: Noncurrent liabilities (398.8) — (0.8) — Net amounts recognized $ (398.8) $ — $ (0.8) $ — Amounts not yet reflected in net periodic benefit cost and included in AOCI: Accumulated other comprehensive (loss) income $ (404.7) $ — $ (0.8) $ — Cumulative employer contributions in excess of net periodic benefit cost 5.9 — — — Net amount recognized in the balance sheet $ (398.8) $ — $ (0.8) $ — Information for pension plans with benefit obligations in excess of plan assets: Projected benefit obligation $ 2,661.5 $ — $ — $ — Accumulated benefit obligation 2,594.5 — — — Fair value of assets 2,262.7 — — — |
Annual Expense | Annual Expense The components of pension and other post-retirement benefit plans expense for the U.S. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2020, 2019, and 2018 are as follows: Pension Benefits Other Periods Ended Periods Ended U.S. Plans 2020 2019 2018 2020 2019 2018 Components of net periodic benefit cost (income): Service cost $ — $ — $ — $ 0.8 $ 0.9 $ 1.1 Interest cost 24.4 36.5 34.7 1.0 1.2 1.1 Expected return on plan assets (64.2) (66.7) (66.9) — — — Amortization of net (gain) loss 0.2 0.5 — (1.7) (2.2) (2.3) Amortization of prior service costs — — — (0.9) (0.9) (0.9) Settlement (gain) loss recognized (1) 9.8 3.4 — — — — Curtailment loss/(gain) (2) 33.9 — — (0.2) — — Special termination benefits (2) 31.0 5.2 — 12.0 3.9 — Net periodic benefit (income) cost 35.1 (21.1) (32.2) 11.0 2.9 (1.0) Other changes recognized in OCI: Total recognized in other OCI (income) loss $ (39.4) $ (95.9) $ 52.3 $ 1.0 $ 4.9 $ 0.8 Total recognized in other net periodic benefit and OCI (income) loss $ (4.3) $ (117.0) $ 20.1 $ 12.0 $ 7.8 $ (0.2) Assumptions used to determine net periodic benefit costs: Discount rate 3.19 % 4.21 % 3.59 % 2.55 % 3.74 % 3.03 % Expected return on plan assets 4.50 % 5.00 % 4.80 % N/A N/A N/A Salary increases N/A N/A N/A N/A N/A N/A Medical Assumptions: Trend assumed for the year N/A N/A N/A 5.90 % 6.24 % 6.59 % Ultimate trend rate N/A N/A N/A 4.50 % 4.50 % 4.50 % Year that ultimate trend rate is reached N/A N/A N/A 2038 2038 2038 (1) Due to settlement accounting, the Company remeasured the pension assets and obligations which resulted in a $39.4 and $95.9, respectively, impact to OCI that is included in the Company's Consolidated Statements of Comprehensive Income and a charge of $9.8 and $3.4, respectively, that was recorded to Other income (expense). (2) Special termination benefits and curtailment loss as of December 31, 2020 and December 31, 2019 is a combination of pension value plan, post-retirement medical plan, offset by a reduction in the Company's net benefit obligation. The increase is due to 2020 voluntary retirement plan. The adoption of ASU 2017-07 in 2018 requires the Company to record only the service component of net periodic benefit cost in operating profit and the non-service components of net periodic benefit cost (i.e., interest cost, expected return on plan assets, amortization of prior service cost, special termination benefits, and net actuarial gains or losses) as part of non-operating income. The components of the pension benefit plan expense for the U.K. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2020, 2019, and 2018 are as follows: Pension Benefits Periods Ended U.K. Prestwick Plan 2020 2019 2018 Components of net periodic benefit cost (income): Service cost $ 0.9 $ 0.9 $ 1.3 Interest cost 1.2 1.7 1.7 Expected return on plan assets (1.7) (2.4) (2.8) Settlement gain (0.4) (0.2) (0.4) Net periodic benefit cost (income) $ — $ — $ (0.2) Other changes recognized in OCI: Total (income) recognized in OCI $ (0.9) $ (3.2) $ (0.5) Total recognized in net periodic benefit cost and OCI $ (0.9) $ (3.2) $ (0.7) Assumptions used to determine net periodic benefit costs: Discount rate 2.10 % 3.00 % 2.60 % Expected return on plan assets 2.00 % 3.10 % 3.10 % Salary increases 3.15 % 3.40 % 3.35 % The estimated net (gain) loss that will be amortized from other comprehensive income into net periodic benefit cost over the next fiscal year for the U.K. plan is zero. The components of the pension benefit plan expense for the Belfast plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2020, 2019, and 2018 are as follows: Pension Benefits Periods Ended U.K. Belfast Plans 2020 2019 2018 Components of net periodic benefit cost (income): Service cost $ 6.3 $ — $ — Interest cost 5.9 — — Expected return on plan assets (14.0) — — Net periodic benefit cost (income) $ (1.8) $ — $ — Other changes recognized in OCI: Total (income) recognized in OCI $ 96.6 $ — $ — Total recognized in net periodic benefit cost and OCI $ 94.8 $ — $ — Assumptions used to determine net periodic benefit costs: Discount rate 1.75 % — % — % Expected return on plan assets 4.20 % — % — % Salary increases 2.75 % — % — % Assumptions The Company sets the discount rate assumption annually for each of its retirement-related benefit plans as of the measurement date, based on a review of projected cash flow and a long-term high-quality corporate bond yield curve. The discount rate determined on each measurement date is used to calculate the benefit obligation as of that date, and is also used to calculate the net periodic benefit (income)/cost for the upcoming plan year. During 2015, the mortality assumption for the U.S. plans was updated to Mercer’s MRP-2007 generational mortality tables for non-annuitants and Mercer’s MILES-2010 generational tables for the Auto, Industrial Goods and Transportation group for annuitants both reflecting Mercer’s MMP-2007 improvement scale. In 2018, the Company incorporated the MMP-2018 improvement scale. MMP-2018 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2018 scale, but with different parameters and adjustments for actual experience since 2006. In 2019, the Company incorporated the MMP-2019 improvement scale which was utilized in 2020. MMP-2019 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2019 scale, but with different parameters and adjustments for actual experience since 2006. A blue collar adjustment is reflected for the hourly union participants and a white collar adjustment is reflected for all other participants. Actuarial gains and losses are amortized using the corridor method over the average working lifetimes of active participants/membership. The pension expected return on assets assumption is derived from the long-term expected returns based on the investment allocation by class specified in the Company's investment policy. The expected return on plan assets determined on each measurement date is used to calculate the net periodic benefit (income)/cost of the upcoming plan year. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. To determine the health care cost trend rates the Company considers national health trends and adjusts for its specific plan design and locations. The trend and aging assumptions were updated during 2016 to reflect more current trends. These assumptions were reviewed in 2020, and it was determined they were still reasonable and therefore were unchanged. |
U.S. Plans Investment Objectives | The Company’s investment objective is to achieve long-term growth of capital, with exposure to risk set at an appropriate level. This objective shall be accomplished through the utilization of a diversified asset mix consisting of equities (domestic and international) and taxable fixed income securities. The allowable asset allocation range is: Equities 20 - 50% Fixed income 50 - 80% Real estate 0 - 7% |
Asset Category U.S. | The Company’s plans have asset allocations for the U.S., as of December 31, 2020 and December 31, 2019, as follows: 2020 2019 Asset Category — U.S. Equity securities — U.S. 26 % 25 % Equity securities — International 3 % 4 % Debt securities 69 % 69 % Real estate 2 % 2 % Total 100 % 100 % |
U.K. Plans Investment Objecives | U.K. Prestwick Plan The Trustee’s investment objective is to ensure that they can meet their obligation to the beneficiaries of the Plan. An additional objective is to achieve a return on the total Plan, which is compatible with the level of risk considered appropriate. The overall benchmark allocation of the Plan’s assets is: Equity securities 19 - 20% Debt securities 80% Property 1% |
Asset Category U.K. | The Plan has asset allocations as of December 31, 2020 and December 31, 2019, as follows: 2020 2019 Asset Category — U.K. Prestwick Equity securities 15 % 15 % Debt securities 80 % 80 % Other 5 % 5 % Total 100 % 100 % |
Total Benefits Expected To Be Paid Over Next Ten Years | The total benefits expected to be paid over the next ten years from the plans' assets or the assets of the Company, by country, are as follows: U.S. Pension Plans Other 2021 $ 41.3 $ 10.3 2022 $ 43.6 $ 9.5 2023 $ 45.4 $ 8.0 2024 $ 47.6 $ 5.7 2025 $ 49.5 $ 3.9 2026-2030 $ 269.5 $ 11.8 U.K. Prestwick Pension Plans 2021 $ 0.9 2022 $ 0.9 2023 $ 0.9 2024 $ 0.9 2025 $ 1.0 2026-2030 $ 5.1 U.K. Belfast Pension Plans Other 2021 $ 61.1 $ 0.1 2022 $ 62.2 $ 0.1 2023 $ 63.2 $ 0.1 2024 $ 64.3 $ 0.1 2025 $ 65.4 $ 0.1 2026-2030 $ 344.2 $ 5.0 |
Pension Plan Assets Measured at Fair Value on a Recurring Basis | Fair Value Measurements The pension plan assets are valued at fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Temporary Cash Investments — These investments consist of U.S. dollars and foreign currencies held in master trust accounts. Foreign currencies held are reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. These temporary cash investments are classified as level 1 investments. Collective Investment Trusts — These investments are public investment vehicles valued using market prices and performance of the fund. The trust allocates notional units to the policy holder based on the underlying notional unit buy (offer) price using the middle market price plus transaction costs. These investments are classified within level 2 of the valuation hierarchy. In addition, the collective investment trust includes a real estate fund, which is classified within level 3 of the valuation hierarchy. Commingled Equity and Bond Funds — These investments are valued at the closing price reported by the Plan Trustee. These investments are not being traded in an active market, but are backed by various investment securities managed by the Bank of New York. Fair value is being calculated using inputs that rely on the Bank of New York’s own assumptions, which are based on underlying investments that are traded on an active market and classified within level 2 of the valuation hierarchy. As of December 31, 2020 and December 31, 2019, the pension plan assets measured at fair value on a recurring basis were as follows: At December 31, 2020 Using Description December 31, 2020 Total Quoted Prices in Significant Significant Temporary Cash Investments $ 6.4 $ 6.4 $ — $ — Collective Investment Trusts 102.4 — 99.0 3.4 Commingled Equity and Bond Funds 3,735 — 3,735.0 — $ 3,843.8 $ 6.4 $ 3,834.0 $ 3.4 At December 31, 2019 Using Description December 31, 2019 Total Quoted Prices in Significant Significant Temporary Cash Investments $ 0.7 $ 0.7 $ — $ — Collective Investment Trusts 91.6 — 87.6 3.4 Commingled Equity and Bond Funds 1,519.5 — 1,519.5 — $ 1,611.8 $ 0.7 $ 1,607.1 $ 3.4 The increase in pension plan assets was primarily driven by the Bombardier Acquisition. The table below sets forth a summary of changes in the fair value of the Plan’s level 3 investment assets and liabilities for the years ended December 31, 2020 and December 31, 2019: December 31, 2020 Description Beginning Purchases Gain (Loss) Sales, Exchange Ending Fair Collective Investment Trusts $ 3.4 $ — $ (0.1) $ — $ 0.1 $ 3.4 $ 3.4 $ — $ (0.1) $ — $ 0.1 $ 3.4 December 31, 2019 Description Beginning Purchases Gain (Loss) Sales, Exchange Ending Fair Collective Investment Trusts $ 3.2 $ — $ 0.1 $ — $ 0.1 $ 3.4 $ 3.2 $ — $ 0.1 $ — $ 0.1 $ 3.4 |
Pension and Other Post Retirement Benefits Plans Belfast Investment Objectives | The Trustees' investment objective is to ensure that they can meet their obligation to the beneficiaries of the Plans. An additional objective is to achieve a return on the total Plan, which is compatible with the level of risk considered appropriate. The overall benchmark allocation of the Plan’s assets is: Equity securities 32% Fixed Income 36% Indexed-Linked Gilts 15% Real Return Assets 15% Money Market 2% |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 19. Stock Compensation Holdings has established the stockholder-approved 2014 Omnibus Incentive Plan, as amended (the “Omnibus Plan”) to grant cash and equity awards to certain individuals. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense. The Company’s Omnibus Plan was amended in October 2019 to allow for participants to make tax elections with respect to their equity awards. Holdings has recognized a net total of $24.2, $36.1, and $27.4 of stock compensation expense for the twelve months ended December 31, 2020, 2019, and 2018, respectively. Stock compensation expense is charged in its entirety directly to selling, general and administrative expense. Short-Term Incentive Plan The Short-Term Incentive Program under the Omnibus Plan enables eligible employees to receive incentive benefits in the form of cash as determined by the Compensation Committee. Board of Directors Stock Awards The Company’s Omnibus Plan provides non-employee directors the opportunity to receive grants of restricted shares of Common Stock, or Restricted Stock Units (“RSUs”) or a combination of both Common Stock and RSUs. The Common Stock grants and RSU grants vest one year from the grant date subject to the directors compliance with the one-year service condition; however, the RSU grants are not payable until the director’s separation from service. The Board of Directors is authorized to make discretionary grants of shares or RSUs from time to time. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense or included in inventory and cost of sales. The Company expensed a net amount of $1.4, $1.4, and $1.3 for the restricted shares of Common Stock and RSUs for the twelve months ended December 31, 2020, 2019, and 2018, respectively. The Company’s unamortized stock compensation related to these restricted shares of Common Stock and RSUs is $0.4, which will be recognized over a weighted average remaining period of 4 months. The intrinsic value of the unvested restricted shares of Common Stock and RSUs, based on the value of the Company's stock at December 31, 2020, was $2.5, based on the value of the Company’s Common Stock and the number of unvested shares of restricted Common Stock and RSUs. Shares Value (1) Class A Class A (Thousands) Board of Directors Stock Grants Nonvested at December 31, 2017 24 $ 1.2 Granted during period 17 1.4 Vested during period (19) (1.0) Forfeited during period — — Nonvested at December 31, 2018 22 1.6 Granted during period 17 1.5 Vested during period (22) (1.7) Forfeited during period — — Nonvested at December 31, 2019 17 1.4 Granted during period 65 1.3 Vested during period (17) (1.5) Forfeited during period — — Nonvested at December 31, 2020 65 $ 1.2 _______________________________________ (1) Value represents grant date fair value. Shares Value (1) Common Stock Common Stock (Thousands) Long-Term Incentive Plan/Long-Term Incentive Award under Omnibus Plan Nonvested at December 31, 2017 1,453 $ 73.4 Granted during period 451 39.7 Vested during period (465) (24.1) Forfeited during period (48) (3.0) Nonvested at December 31, 2018 1,391 86.0 Granted during period 431 40.6 Vested during period (393) (24.2) Forfeited during period (125) (8.4) Nonvested at December 31, 2019 1,304 94.0 Granted during period 940 39.6 Vested during period (573) (39.1) Forfeited during period (192) (14.0) Nonvested at December 31, 2020 1,479 $ 80.5 _______________________________________ (1) Value represents grant date fair value. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2020 2019 2018 U.S. $ (1,046.7) $ 552.4 $ 655.0 International (39.2) 110.7 101.2 Total (before equity earnings) $ (1,085.9) $ 663.1 $ 756.2 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 Current Federal $ (301.0) $ 57.8 $ 159.4 State (5.5) 0.7 4.1 Foreign (8.1) (12.8) 11.4 Total current $ (314.6) $ 45.7 $ 174.9 Deferred Federal $ (16.2) $ 71.8 $ (27.8) State 106.9 (11.4) (12.8) Foreign 3.7 26.7 5.5 Total deferred 94.4 87.1 (35.1) Total income tax provision $ (220.2) $ 132.8 $ 139.8 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Tax at U.S. Federal statutory rate $ (228.1) 21.0 % $ 139.3 21.0 % $ 158.8 21.0 % State income taxes, net of Federal benefit (28.1) 2.6 14.9 2.3 18.1 2.4 State income tax credits, net of Federal benefit (17.4) 1.6 (22.6) (3.4) (22.7) (3.0) Foreign rate differences (3.3) 0.3 (7.1) (1.1) (6.2) (0.8) Research and experimentation (0.1) — 0.7 0.1 (5.4) (0.7) Excess tax benefits 0.1 — (2.5) (0.4) (4.0) (0.5) Non-deductible expenses 10.5 (1.0) 4.0 0.6 4.6 0.6 Transition tax — — 1.6 0.2 (5.4) (0.7) Re-measurement of Deferred Taxes 1.7 (0.2) (2.0) (0.3) — — Global Intangible Low-Taxed Income (GILTI) Tax 3.9 (0.4) 7.1 1.1 1.8 0.2 Valuation Allowance 150.2 (13.8) — — — — NOL Utilized at 35% vs 21% (104.8) 9.7 — — — — Other (4.8) 0.5 (0.6) (0.1) 0.2 — Total income tax provision $ (220.2) 20.3 % $ 132.8 20.0 % $ 139.8 18.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Depreciation and amortization $ (174.3) $ (117.8) Long-term contracts 165.7 107.5 State income tax credits 122.8 108.3 Net operating loss carryforward 98.6 0.4 Accruals and reserves 50.3 40.3 Employee compensation accruals 36.2 39.2 Pension and other employee benefit plans (15.3) (88.5) Interest expense limitation 22.7 — Post retirement benefits other than pensions 11.8 9.8 Other 8.0 8.6 Inventory 1.2 0.4 Interest swap contracts 0.3 0.2 Net deferred tax asset before valuation allowance 328.0 108.4 Valuation allowance (340.9) (10.2) Net deferred tax (liability) (12.9) 98.2 |
Schedule of Unrecognized Tax Benefits Roll Forward | 2020 2019 2018 Beginning balance at January 1 $ 5.4 $ 7.2 $ 6.7 Bombardier Acquisition opening balance sheet 14.0 — — Gross increases related to current period tax positions 0.4 0.4 — Gross increases related to prior period tax positions — — 0.5 Gross decreases related to prior period tax positions — (2.2) — Statute of limitations' expiration (3.3) — — Settlements — — — Ending balance at December 31 $ 16.5 $ 5.4 $ 7.2 |
Equity (Tables)
Equity (Tables) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Loss, net of tax, is summarized by component as follows: December 31, 2020 December 31, 2019 Interest swaps $ (0.9) $ (0.6) Pension (1) (112.0) (53.1) SERP/ Retiree medical 14.5 17.1 Foreign currency impact on long term intercompany loan (11.8) (13.1) Currency translation adjustment (43.9) (59.5) Total accumulated other comprehensive loss $ (154.1) $ (109.2) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | $ (9.5) | $ (3.7) | $ 0.3 |
Accumulated Other Comprehensive Income (Loss) | $ (154.1) | (109.2) | |
Schedule Of Earnings Per Share, Basic And Diluted | Earnings per Share Calculation Basic net income per share is computed using the weighted-average number of outstanding shares of Common Stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of Common Stock and, when dilutive, potential outstanding shares of Common Stock during the measurement period. The following table sets forth the computation of basic and diluted earnings per share: For the Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2018 Income Shares Per Income Shares Per Loss Shares Per Basic EPS (Loss) income available to common shareholders $ (870.3) 103.9 $ (8.38) $ 529.7 103.6 $ 5.11 $ 616.5 108.0 $ 5.71 Income allocated to participating securities — — 0.4 0.1 0.5 0.1 Net (loss) income $ (870.3) $ 530.1 $ 617.0 Diluted potential common shares 1.0 1.0 Diluted EPS Net (loss) income $ (870.3) 103.9 $ (8.38) $ 530.1 104.7 $ 5.06 $ 617.0 109.1 $ 5.65 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | $ (112) | (53.1) | |
Accumulated SERP And Retiree Medical [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | 14.5 | 17.1 | |
Foreign Currency Impact On Long Term Intercompany Loan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | (11.8) | (13.1) | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | (43.9) | (59.5) | |
Accumulated Interest Rate Swaps | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | $ (0.9) | $ (0.6) |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Service Warranty Roll Forward | The following is a roll forward of the service warranty and extraordinary rework balance at December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance, January 1 $ 64.7 $ 104.8 $ 166.4 Charges to costs and expenses 3.3 (13.9) 3.2 Payouts (1.9) (1.7) (1.2) Impact of 2018 MOA (1) — — (63.8) Impact of TGI Settlement (2) — (25.0) — Bombardier Acquisition (3) 10.3 — — Exchange rate 0.5 0.5 0.2 Balance, December 31 $ 76.9 $ 64.7 $ 104.8 _______________________________________ (1) As part of the 2018 MOA, $63.8 of warranty provision was released, settled against previously held Accounts Receivable, net with no impact to earnings. (2) Due to a settlement on outstanding warranty issues in the first quarter of 2019, $25.0 of warranty provision was reclassified to accounts payable and was paid in the second quarter of 2019. |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income Expense Net | Other (expense) income, net is summarized as follows: For the Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2018 Kansas Development Finance Authority bond $ 3.0 $ 3.7 $ 3.8 Rental and miscellaneous income 0.2 0.2 0.2 Pension (loss) income (36.8) 19.5 34.3 Interest income 10.0 12.9 8.0 Loss on foreign currency forward contract and interest rate swaps (10.5) (19.0) (35.3) Loss on sale of accounts receivable (8.9) (24.7) (16.5) ASC 326 credit loss reserve (4.7) — — Foreign currency losses (27.0) (12.3) (1.9) Litigation settlement — 13.5 — Other (3.1) 0.4 0.4 Total Other (Expense) Income, net $ (77.8) $ (5.8) $ (7.0) |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following: December 31, 2020 December 31, 2019 Accrued expenses Accrued wages and bonuses $ 41.1 $ 35.2 Accrued fringe benefits 103.0 125.5 Accrued interest 29.1 3.5 Workers' compensation 7.7 8.7 Property and sales tax 47.2 24.1 Warranty/extraordinary rework reserve — current 2.1 0.5 Other (1) 135.4 42.7 Total $ 365.6 $ 240.2 Other liabilities Repayable investment agreement (2) $ 307.2 $ — Warranty/extraordinary rework reserve - non-current 74.8 64.3 Other (3) 55.0 31.5 Total $ 437.0 $ 95.8 (1) Includes $53.9 of general and production material accruals, $23.7 of accrued payroll taxes, $31.7 of 777 and 787 program liabilities, and $12.5 of accrued severance and deferred compensation. (2) As a result of the acquisition of the acquired Bombardier Business, Spirit assumed financial obligations related to a repayable investment agreement with the Department for Business, Energy and Industrial Strategy of the Government of the United Kingdom. The balance above is the long term portion. Current portion of $17.3 as of December 31, 2020 is within Other Liabilities – Short Term on the Balance Sheet. See note 29, Acquisitions (3) Includes $8.2 of deferred grant in Morocco, $9.6 NC R&D Tax Credit Offset, $9.1 of estimated workers compensation liability, $5.9 of deferred compensation, $16.3 of accrued employer payroll taxes due in 2022 (CARES act). |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | The following table shows segment revenues and operating income for the twelve months ended December 31, 2020, 2019 and 2018: Twelve Months Ended December 31, 2020 Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018 Segment Revenues Fuselage Systems $ 1,725.9 $ 4,206.2 $ 4,000.8 Propulsion Systems 784.5 2,057.8 1,702.5 Wing Systems 798.6 1,588.3 1,513.0 All Other 95.8 10.8 5.7 $ 3,404.8 $ 7,863.1 $ 7,222.0 Segment Operating (loss) income (1) Fuselage Systems (2) $ (454.5) $ 440.8 $ 576.1 Propulsion Systems (3) (36.8) 404.6 283.5 Wing Systems (4) (68.1) 216.0 226.4 All Other 34.7 3.4 0.3 (524.7) 1,064.8 1,086.3 Corporate SG&A (237.4) (261.4) (210.4) Unallocated impact of severe weather event — — 10.0 Research and development (38.8) (54.5) (42.5) Unallocated cost of sales (5) (11.9) 11.9 (0.2) Total operating (loss) income $ (812.8) $ 760.8 $ 843.2 _______________________________________ (1) Inclusive of forward losses, changes in estimate on loss programs and cumulative catch-up adjustments. These changes in estimates for the periods ended December 31, 2020, 2019, and 2018 are further detailed in Note 5, Changes in Estimates . (2) The year ended December 31, 2020 includes excess capacity production costs of $175.0 related to the temporary B737 MAX production schedule changes, temporary workforce costs of $19.0 as a result of COVID-19 production pause net of U.S. employee retention credit, $41.3 of restructuring costs and $22.5 from loss on the disposition of assets. (3) The year ended December 31, 2020 includes excess capacity production costs of $61.1 related to the temporary B737 MAX production schedule changes, temporary workforce costs of $7.2 as a result of COVID-19 production paus e net of U.S employee retention credit and $15.2 of restructuring costs. (4) The year ended December 31, 2020 includes excess capacity production costs of $42.9 related to the temporary B737 MAX and A320 production schedule changes, temporary workforce costs of $7.5 as a result of COVID-19, net of U.S employee retention credit and U.K government subsidies, $16.5 of restructuring costs and $0.4 from loss on the disposition of assets. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following chart illustrates the split between domestic and foreign revenues: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Revenue Source (1) Net Revenues Percent of Net Revenues Percent of Net Revenues Percent of United States $ 2,637.6 77 % $ 6,566.3 84 % $ 5,967.1 83 % International United Kingdom 433.5 13 % 771.9 10 % 763.3 10 % Other 333.7 10 % 524.9 6 % 491.6 7 % Total International 767.2 23 % 1,296.8 16 % 1,254.9 17 % Total Revenues $ 3,404.8 100 % $ 7,863.1 100 % $ 7,222.0 100 % _______________________________________ (1) Net Revenues are attributable to countries based on destination where goods are delivered. Most of the Company’s property, plant and equipment are located within the U.S. Approximately 19% of the Company's property, plant and equipment based on book value are located in the U.K. with approximately another 4% of the Company's total property, plant and equipment located in countries outside the U.S. and the U.K. The following chart illustrates the split between domestic and foreign assets: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Asset Location Total Percent of Total Percent of Total Percent of United States $ 1,931.0 77 % $ 2,079.4 92 % $ 2,003.9 92 % International United Kingdom 466.2 19 % 112.4 5 % 82.1 4 % Other 106.6 4 % 79.9 3 % 81.6 4 % Total International 572.8 23 % 192.3 8 % 163.7 8 % Total Property, Plant & Equipment $ 2,503.8 100 % $ 2,271.7 100 % $ 2,167.6 100 % |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarterly Financial Data (Unaudited) Quarter Ended December 31, 2020 (1) October 1, 2020 (2) July 2, 2020 (3) April 2, 2020 (4) Net revenues $ 876.6 $ 806.3 $ 644.6 $ 1,077.3 Gross (loss) profit $ (27.9) $ (97.1) $ (280.5) $ (35.2) Operating (loss) income $ (101.4) $ (176.9) $ (367.0) $ (167.5) Net (loss) income $ (295.9) $ (155.5) $ (255.9) $ (163.0) (Loss) earnings per share, basic $ (2.85) $ (1.50) $ (2.46) $ (1.57) (Loss) earnings per share, diluted $ (2.85) $ (1.50) $ (2.46) $ (1.57) Dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 Quarter Ended December 31, 2019 (5) September 26, 2019 (6) June 27, 2019 (7) March 28, 2019 (8) Net revenues $ 1,959.3 $ 1,919.9 $ 2,016.1 $ 1,967.8 Gross profit $ 202.0 $ 272.3 $ 292.9 $ 309.5 Operating income $ 95.7 $ 206.1 $ 226.0 $ 233.0 Net income $ 67.7 $ 131.3 $ 168.0 $ 163.1 Earnings per share, basic $ 0.65 $ 1.27 $ 1.62 $ 1.57 Earnings per share, diluted $ 0.65 $ 1.26 $ 1.61 $ 1.55 Dividends declared per common share $ 0.12 $ 0.12 $ 0.12 $ 0.12 ______________________________________ (1) Fourth quarter 2020 earnings include the impact of net unfavorable changes in estimate of $400.7, restructuring costs of $4.6, deferred tax allowance of $150.2, and excess capacity costs and temporary workforce costs net of government subsidies of $50.1 and ($0.1), respectively. (2) Third quarter 2020 earnings include the impact of net unfavorable changes in estimate of $123.8, restructuring costs of $19.5, and excess capacity costs and temporary workforce costs net of government subsidies of $72.6 and $(10.9), respectively. (3) Second quarter 2020 earnings include the impact of net unfavorable changes in estimate of $231.8, restructuring costs of $6.3, loss on disposal of assets of $22.9, and excess capacity costs and temporary workforce costs net of government subsidies of $82.8 and $19.3, respectively. (4) First quarter 2020 earnings include the impact of net unfavorable changes in estimate of $27.9, restructuring costs of $42.6, and excess capacity costs and temporary workforce costs net of government subsidies of $73.4 and $25.4, respectively. (5) Fourth quarter 2019 earnings include the impact of net unfavorable changes in estimate of $55.2. (6) Third quarter 2019 earnings include the impact of net unfavorable changes in estimate of $41.8. (7) Second quarter 2019 earnings include the impact of net unfavorable changes in estimate of $10.9. (8) First quarter 2019 earnings include the impact of net favorable changes in estimate of $0.5. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Acquisition [Abstract] [Abstract] | |
Asco Acquisition [Text Block] | Asco Acquisition On May 1, 2018, the Company and its wholly-owned subsidiary Spirit AeroSystems Belgium Holdings BVBA (“Spirit Belgium”) entered into a definitive agreement (as amended, the “Asco Purchase Agreement”) with certain private sellers providing for the purchase by Spirit Belgium of all of the issued and outstanding equity of S.R.I.F. N.V., the parent company of Asco Industries N.V. (“Asco”), subject to certain customary closing adjustments, including foreign currency adjustments (the “Asco Acquisition”). On September 25, 2020, the Company, Spirit Belgium and the Sellers entered into an amendment to the Asco Purchase Agreement (the “Termination Agreement”) pursuant to which the parties agreed to terminate the Asco Purchase Agreement, including all schedules and annexes thereto (other than certain confidentiality agreements) (collectively with the Asco Purchase Agreement, the “Transaction Documents”), effective as of September 25, 2020. Under the Termination Agreement, the parties also agreed to release each other from any and all claims, rights of action, howsoever arising, of every kind and nature, in connection with, arising out of, based upon or related to, directly or indirectly, the Transaction Documents, including any breach, non-performance, action or failure to act under the Transaction Documents. Acquisition-related expenses were $20.0 for the twelve months ended December 31, 2020 and $12.7 for the twelve months ended December 31, 2019, and are included in selling, general and administrative costs on the condensed and consolidated statement of operations. |
FMI Acquisition [Text Block] | FMI On January 10, 2020, Spirit completed the acquisition of 100% of the outstanding equity of FMI using cash on hand. The acquisition-date fair value of consideration transferred was $121.4, which included cash payment to the seller, payment of closing indebtedness, and payment of selling expenses. Acquiring FMI aligns with the Company's strategic growth objectives to diversify its customer base and expand the current defense business. FMI is an industry-leader in the design and manufacture of complex composite solutions that are primarily used in aerospace applications. FMI's main operations focus on multidirectional reinforced composites that enable high-temperature applications such as thermal protection systems, re-entry vehicle nose tips, and rocket motor throats and nozzles. Acquisition-related expenses were $0.5 for the twelve months ended December 31, 2020, and are included in selling, general and administrative costs on the condensed and consolidated statement of operations . The purchase price has been allocated among assets acquired and liabilities assumed at fair value, with the excess purchase price recorded as goodwill. The Company has recorded purchase accounting entries, which the Company concluded were final as of the quarter ended October 1, 2020: At January 10, 2020 Cash and cash equivalents $ 3.5 Accounts receivable 5.3 Inventory 1.9 Contract Assets, short-term 5.6 Prepaid and other current assets 0.5 Equipment and leasehold improvements 12.3 Intangible assets 30.0 Goodwill 76.0 Other noncurrent assets 0.2 Total assets acquired $ 135.3 Accounts payable and accrued liabilities 1.8 Income Tax Payable 1.4 Contract liabilities, short-term 2.2 Accrued payroll and employee benefits 0.6 Other current liabilities 0.2 Deferred income taxes, non-current 7.5 Other noncurrent liabilities 0.2 Total liabilities assumed 13.9 Net assets acquired $ 121.4 The intangible assets included above consist of the following: Amount Amortization Period (in years) Developed technology asset $ 30.0 15 Total intangible assets $ 30.0 15 FMI has developed proprietary know-how over the past 50 years related to its densification and weaving processes. FMI's densification and weaving processes are used to develop specialized composites which can withstand high temperatures and meet the structural requirements set forth by FMI's customers. FMI has developed proprietary designs for 3D and 4D weaving of uncrimped carbon fibers. The densification process utilizes proprietary formulas of heat, pressure, materials, and time to create high density composite solutions at scale. FMI's developed technology results in high strength to weight composites with unmatched density, stability, and heat resistance, which are essential for the mission critical markets it serves. This developed technology is the primary driver of FMI's longstanding, competitive advantage in the markets. FMI is typically engaged with government agencies through purchase orders and does not have any life of program commitments from customers. As a result of FMI’s existing developed technology and incumbent position on previous purchase orders, FMI is positioned to capture future government programs. As such, the developed technology and contract assets were subsumed into one consolidated intangible asset (collectively referred to as the developed technology asset). The developed technology intangible asset is deemed to be the primary revenue-generating identifiable intangible asset acquired in the Transaction. The multi-period excess earnings method was used as the approach for estimating the fair value of the developed technology intangible asset which utilizes significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. The principle behind this method is that the value of the intangible asset is equal to the present value of the after-tax cash flows attributable to the intangible asset only. The analysis included assumptions for projections of revenues and expenses, contributory asset charges, discount rates, and a tax impacts. The goodwill amount of $76.0 recognized is attributable primarily to expected revenue synergies generated by the integration of the Company's products and technologies with those of FMI and intangible assets that do not qualify for separate recognition, such as the assembled workforce of FMI. None of the goodwill is expected to be deductible for income tax purposes. The goodwill is allocated $42.9 to the Fuselage Systems segment and $33.1 to the Propulsion Systems segment. This allocation was based upon the fair value of the projected earnings as of the acquisition date. The recognized goodwill was adjusted from $76.2 to $76.0 resulting from settlement of net working capital in second quarter of 2020. See Note 12, Other Assets, Goodwill, and Intangible Assets for more information on goodwill. The Company’s consolidated income statement from the acquisition date to the period ending December 31, 2020 includes revenue and earnings of FMI of $58.8 and $7.7, respectively. The following summary, prepared on a pro forma basis, presents the unaudited consolidated results of operations for the twelve months ended December 31, 2020 and December 31, 2019 as if the acquisition of FMI had been completed as of the beginning of fiscal 2019, after including any post-acquisition adjustments directly attributable to the acquisition, and after including the impact of adjustments such as amortization of intangible assets, and interest expense on related borrowings and, in each case, the related income tax effects. These amounts have been calculated after substantively applying the Company’s accounting policies. This pro forma presentation does not include any impact of transaction synergies. The pro forma results are not necessarily indicative of the Company's results of operations had the Company owned FMI for the entire periods presented, nor does it purport to represent results for any future periods. For the Twelve Months Ended December 31, December 31, Revenue - as reported $ 3,404.8 $ 7,863.1 Revenue - pro forma 3,405.6 7,913.8 Net (loss) income - as reported $ (870.3) $ 530.1 Net (loss) income - pro forma (870.2) 534.9 Earnings Per Share - Diluted - as reported $ (8.38) $ 5.06 Earnings Per Share - Diluted - pro forma (8.38) 5.11 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations and Comprehensive Income For the Twelve Months Ended December 31, 2020 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Net revenues $ — $ 2,859.7 $ 281.7 $ 689.0 $ (425.6) $ 3,404.8 Operating costs and expenses Cost of sales — 3,339.4 267.9 663.8 (425.6) 3,845.5 Selling, general and administrative 13.9 200.9 2.7 19.9 — 237.4 Restructuring costs — 61.2 1.3 10.5 — 73.0 Research and development — 32.0 0.3 6.5 — 38.8 Loss on disposal of assets — 19.2 3.7 — — 22.9 Total operating costs and expenses 13.9 3,652.7 275.9 700.7 (425.6) 4,217.6 Operating (loss) income (13.9) (793.0) 5.8 (11.7) — (812.8) Interest expense and financing fee amortization — (191.5) (0.1) (5.8) 2.1 (195.3) Other (expense) income, net — (55.5) (0.2) (20.0) (2.1) (77.8) Income (loss) before income taxes and equity in net income of affiliates and subsidiaries (13.9) (1,040.0) 5.5 (37.5) — (1,085.9) Income tax benefit (provision) 2.9 214.2 (1.4) 4.5 — 220.2 Income (loss) before equity in net income of affiliates and subsidiaries (11.0) (825.8) 4.1 (33.0) — (865.7) Equity in net (loss) income of affiliates — — — (4.6) — (4.6) Equity in net (loss) income of subsidiaries (859.3) (33.5) — — 892.8 — Net (loss) income (870.3) (859.3) 4.1 (37.6) 892.8 (870.3) Other comprehensive (loss) income (44.9) (44.9) — (72.2) 117.1 (44.9) Comprehensive (loss) income $ (915.2) $ (904.2) $ 4.1 $ (109.8) $ 1,009.9 $ (915.2) Condensed Consolidating Statements of Operations and Comprehensive Income For the Twelve Months Ended December 31, 2019 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Net revenues $ — $ 7,116.7 $ 455.0 $ 965.5 $ (674.1) $ 7,863.1 Operating costs and expenses Cost of sales — 6,197.0 439.8 823.7 (674.1) 6,786.4 Selling, general and administrative 18.1 223.3 3.2 16.8 — 261.4 Research and development — 47.0 1.1 6.4 — 54.5 Total operating costs and expenses 18.1 6,467.3 444.1 846.9 (674.1) 7,102.3 Operating income (loss) (18.1) 649.4 10.9 118.6 — 760.8 Interest expense and financing fee amortization — (91.6) — (3.9) 3.6 (91.9) Other (expense) income, net — 0.5 — (2.7) (3.6) (5.8) Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries (18.1) 558.3 10.9 112.0 — 663.1 Income tax benefit (provision) 3.9 (120.2) (2.6) (13.9) — (132.8) Income (loss) before equity in net income of affiliates and subsidiaries (14.2) 438.1 8.3 98.1 — 530.3 Equity in net income of affiliates (0.2) — — (0.2) 0.2 (0.2) Equity in net income of subsidiaries 544.5 106.4 — — (650.9) — Net income (loss) 530.1 544.5 8.3 97.9 (650.7) 530.1 Other comprehensive income (loss) 95.7 95.7 — 24.5 (120.2) 95.7 Comprehensive income (loss) $ 625.8 $ 640.2 $ 8.3 $ 122.4 $ (770.9) $ 625.8 Condensed Consolidating Statements of Operations and Comprehensive Loss For the Twelve Months Ended December 31, 2018 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Net revenues $ — $ 6,487.3 $ 441.9 $ 919.3 $ (626.5) $ 7,222.0 Operating costs and expenses Cost of sales — 5,541.4 428.3 792.7 (626.5) 6,135.9 Selling, general and administrative 10.4 182.6 2.1 15.3 — 210.4 Impact of severe weather event (10.0) (10.0) Research and development — 37.5 0.8 4.2 — 42.5 Total operating costs and expenses 10.4 5,751.5 431.2 812.2 (626.5) 6,378.8 Operating income (loss) (10.4) 735.8 10.7 107.1 — 843.2 Interest expense and financing fee amortization — (79.7) — (5.2) 4.9 (80.0) Other (expense) income, net — — — (2.1) (4.9) (7.0) Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries (10.4) 656.1 10.7 99.8 — 756.2 Income tax benefit (provision) 1.9 (122.3) (2.5) (16.9) — (139.8) Income (loss) before equity in net income of affiliates and subsidiaries (8.5) 533.8 8.2 82.9 — 616.4 Equity in net income of affiliates 0.6 — — 0.6 (0.6) 0.6 Equity in net income of subsidiaries 624.9 91.0 — — (715.9) — Net income (loss) 617.0 624.8 8.2 83.5 (716.5) 617.0 Other comprehensive (loss) income (68.1) (68.1) — (26.3) 94.4 (68.1) Comprehensive income (loss) $ 548.9 $ 556.7 $ 8.2 $ 57.2 $ (622.1) $ 548.9 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet December 31, 2020 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Assets Cash and cash equivalents $ — $ 1,664.5 $ — $ 208.8 $ — $ 1,873.3 Restricted cash — 0.3 — — — 0.3 Accounts receivable, net — 486.4 82.7 329.1 (413.8) 484.4 Contract assets, short-term — 319.8 — 48.6 — 368.4 Inventory, net — 828.4 156.8 437.1 — 1,422.3 Other current assets — 318.5 — 17.8 — 336.3 Total current assets — 3,617.9 239.5 1,041.4 (413.8) 4,485.0 Property, plant and equipment, net — 1,666.7 264.3 572.8 — 2,503.8 Right of use assets — 36.7 6.9 27.0 — 70.6 Contract assets, long-term — 4.4 — — — 4.4 Pension assets, net — 428.7 — 27.2 — 455.9 Deferred income taxes — — — 0.1 — 0.1 Goodwill — 100.4 — 464.9 — 565.3 Intangible assets, net — 29.0 — 186.2 — 215.2 Investment in subsidiary 856.9 1,040.8 — — (1,897.7) — Other assets — 140.7 — 128.7 (185.8) 83.6 Total assets $ 856.9 $ 7,065.3 $ 510.7 $ 2,448.3 $ (2,497.3) $ 8,383.9 Liabilities Accounts payable $ — $ 514.6 $ 235.1 $ 222.7 $ (413.5) $ 558.9 Accrued expenses — 233.7 0.4 131.8 (0.3) 365.6 Profit sharing — 50.8 — 6.2 — 57.0 Current portion of long-term debt — 337.7 0.2 2.8 — 340.7 Operating lease liabilities, short-term — 4.8 0.6 0.1 — 5.5 Advance payments, short-term — 17.6 — 1.3 — 18.9 Contract liabilities, short-term — 96.8 — 0.8 — 97.6 Forward loss provision, long-term — 162.1 — 22.5 — 184.6 Deferred revenue and other deferred credits, short-term — 12.7 — 9.5 — 22.2 Other current liabilities — 24.0 — 34.4 — 58.4 Total current liabilities — 1,454.8 236.3 432.1 (413.8) 1,709.4 Long-term debt — 3,522.7 0.6 94.8 (85.2) 3,532.9 Operating lease liabilities, long-term — 32.1 6.3 28.2 — 66.6 Advance payments, long-term — 327.4 — — — 327.4 Pension/OPEB obligation — 40.6 — 399.6 — 440.2 Contract liabilities, long-term — 371.0 — 1.0 — 372.0 Forward loss provision, long-term — 299.0 — 262.4 — 561.4 Deferred grant income liability - non-current — 8.7 — 19.4 — 28.1 Deferred revenue and other deferred credits — 31.5 — 7.4 — 38.9 Deferred income taxes — 0.7 — 12.3 — 13.0 Other liabilities — 199.8 — 337.8 (100.6) 437.0 Total equity 856.9 777.0 267.5 853.3 (1,897.7) 857.0 Total liabilities and stockholders’ equity $ 856.9 $ 7,065.3 $ 510.7 $ 2,448.3 $ (2,497.3) $ 8,383.9 Condensed Consolidating Balance Sheet December 31, 2019 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Assets Cash and cash equivalents $ — $ 2,193.3 $ — $ 157.2 $ — $ 2,350.5 Restricted cash — 0.3 — — — 0.3 Accounts receivable, net — 565.4 50.5 250.7 (320.2) 546.4 Inventory, net — 786.8 136.8 195.2 — 1,118.8 Contract assets, short-term — 458.8 — 69.5 — 528.3 Other current assets — 93.5 — 5.2 — 98.7 Total current assets — 4,098.1 187.3 677.8 (320.2) 4,643.0 Property, plant and equipment, net — 1,773.0 306.3 192.4 — 2,271.7 Right of use assets — 41.2 7.5 0.2 — 48.9 Contract assets, long-term — 6.4 — — — 6.4 Pension assets, net — 424.2 — 24.9 — 449.1 Deferred income taxes — 106.3 — 0.2 — 106.5 Goodwill — — — 2.4 — 2.4 Intangible assets, net — 1.2 — — — 1.2 Investment in subsidiary 1,761.9 838.4 — — (2,600.3) — Other assets — 147.6 — 116.0 (186.8) 76.8 Total assets $ 1,761.9 $ 7,436.4 $ 501.1 $ 1,013.9 $ (3,107.3) $ 7,606.0 Liabilities Accounts payable $ — $ 977.1 $ 226.3 $ 175.1 $ (320.2) $ 1,058.3 Accrued expenses — 210.0 0.8 29.4 — 240.2 Profit sharing — 76.9 — 7.6 — 84.5 Current portion of long-term debt — 48.4 0.2 1.6 — 50.2 Operating lease liabilities, short-term — 5.3 0.6 0.1 — 6.0 Advance payments, short-term — 21.6 — — — 21.6 Contract liabilities, short-term — 158.3 — — — 158.3 Forward loss provision, long-term — 83.9 — — — 83.9 Deferred revenue and other deferred credits, short-term — 14.5 — 0.3 — 14.8 Deferred grant income liability — current — 0.5 2.1 1.0 — 3.6 Other current liabilities — 28.8 — 10.5 — 39.3 Total current liabilities — 1,625.3 230.0 225.6 (320.2) 1,760.7 Long-term debt — 2,974.7 0.9 94.7 (86.2) 2,984.1 Operating lease liabilities, long-term — 36.0 6.9 0.1 — 43.0 Advance payments, long-term — 333.3 — — — 333.3 Pension/OPEB obligation — 35.7 — — — 35.7 Contract liabilities, long-term — 356.3 — — — 356.3 Forward loss provision, long-term — 163.5 — — — 163.5 Deferred grant income liability - non-current — 9.2 — 19.8 — 29.0 Deferred revenue and other deferred credits — 30.4 — 4.0 — 34.4 Deferred income taxes — — — 8.3 — 8.3 Other liabilities — 190.1 — 6.3 (100.6) 95.8 Total equity 1,761.9 1,681.9 263.3 655.1 (2,600.3) 1,761.9 Total liabilities and stockholders’ equity $ 1,761.9 $ 7,436.4 $ 501.1 $ 1,013.9 $ (3,107.3) $ 7,606.0 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows For the Twelve Months Ended December 31, 2020 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Operating activities Net cash used in operating activities $ — $ (720.1) $ (8.6) $ (16.2) $ (744.9) Investing activities Purchase of property, plant and equipment — (92.3) (2.2) (24.4) — (118.9) Acquisition, net of cash acquired — (160.9) — (227.6) — (388.5) Other — 0.5 — 4.9 — 5.4 Net cash used in investing activities $ — $ (252.7) $ (2.2) $ (247.1) $ — $ (502.0) Financing activities Proceeds from issuance of long term bonds — 1,700.0 — — — 1,700.0 Proceeds from issuance of debt — 400.0 — — — 400.0 Customer financing — 10.0 — — — 10.0 Principal payments of debt — (29.4) (0.2) (2.0) — (31.6) Payments on term loan — (439.7) — — — (439.7) Payments on revolving credit facility — (800.0) — — — (800.0) Proceeds (payments) from intercompany debt — (325.0) 11.0 314.0 — — Taxes paid related to net share settlement of awards — (14.5) — — (14.5) Proceeds (payments) from subsidiary for purchase of treasury stock (0.1) 0.1 — — — — Purchase of treasury stock 0.1 — — — — 0.1 Proceeds (payments) from subsidiary for dividends paid 15.4 (15.4) — — — — Dividends paid (15.4) — — — — (15.4) Proceeds from issuance of ESPP stock — 2.6 — — — 2.6 Debt issuance costs — (41.9) — — — (41.9) Other (0.1) — — — (0.1) Net cash provided by financing activities $ — $ 446.7 $ 10.8 $ 312.0 $ — $ 769.5 Effect of exchange rate changes on cash and cash equivalents — 0.5 — 2.8 — 3.3 Net (decrease) increase in cash, cash equivalents, and restricted cash for the period — (525.6) — 51.5 — (474.1) Cash, cash equivalents, and restricted cash, beginning of period — 2,210.0 — 157.2 — 2,367.2 Cash, cash equivalents, and restricted cash, end of period $ — $ 1,684.4 $ — $ 208.7 $ — $ 1,893.1 Condensed Consolidating Statements of Cash Flows For the Twelve Months Ended December 31, 2019 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Operating activities Net cash provided by operating activities $ — $ 733.3 $ 11.4 $ 178.0 $ — $ 922.7 Investing activities Purchase of property, plant and equipment — (184.0) (11.2) (37.0) — (232.2) Other — 0.2 — (7.9) — (7.7) Net cash used in investing activities — (183.8) (11.2) (44.9) — (239.9) Financing activities Proceeds from issuance of debt — 250.0 — — — 250.0 Proceeds from revolving credit facility — 900.0 — — — 900.0 Principal payments of debt — (12.5) (0.2) (0.7) — (13.4) Payments on term loans — (16.6) — — — (16.6) Payments on revolving credit facility — (100.0) — — — (100.0) Proceeds (payments) from intercompany debt — 49.4 — (49.4) — — Taxes paid related to net share settlement of awards — (12.9) — — — (12.9) Proceeds (payments) from subsidiary for purchase of treasury stock 75.8 (75.8) — — — — Purchase of treasury stock (75.8) — — — — (75.8) Proceeds (payments) from subsidiary for dividends paid 50.4 (50.1) — (0.3) — — Dividends paid (50.4) — — — — (50.4) Proceeds from issuance of ESPP stock — 2.6 — — — 2.6 Other 0.9 — — — 0.9 Net cash provided by (used in) financing activities — 935.0 (0.2) (50.4) — 884.4 Effect of exchange rate changes on cash and cash equivalents — — — 5.9 — 5.9 Net increase (decrease) in cash, cash equivalents, and restricted cash for the period — 1,484.5 — 88.6 — 1,573.1 Cash, cash equivalents, and restricted cash, beginning of period — 725.5 — 68.6 — 794.1 Cash, cash equivalents, and restricted cash, end of period $ — $ 2,210.0 $ — $ 157.2 $ — $ 2,367.2 Condensed Consolidating Statements of Cash Flows For the Twelve Months Ended December 31, 2018 Holdings Spirit Spirit NC Non-Guarantor Consolidating Total Operating activities Net cash provided by operating activities $ — $ 643.1 $ 18.3 $ 108.5 $ — $ 769.9 Investing activities Purchase of property, plant and equipment — (230.5) (18.6) (22.1) — (271.2) Other — 2.3 0.5 0.6 — 3.4 Net cash used in investing activities — (228.2) (18.1) (21.5) — (267.8) Financing activities Proceeds from issuance of debt — 1,300.0 — — — 1,300.0 Principal payments of debt — (5.8) (0.2) (0.7) — (6.7) Proceeds (payments) from intercompany debt — 75.9 — (75.9) — — Payments on term loan — (256.3) — — — (256.3) Payments on bonds — (300.0) — — — (300.0) Debt issuance costs — (23.2) — — — (23.2) Taxes paid related to net share settlement of awards — (15.6) — — — (15.6) Proceeds from issuance of ESPP stock — 2.1 — — — 2.1 Proceeds (payments) from subsidiary for purchase of treasury stock 805.8 (805.8) — — — — Purchase of treasury stock (805.8) — — — — (805.8) Proceeds (payments) from subsidiary for dividends paid 48.0 (48.0) — — — — Dividends paid (48.0) — — — — (48.0) Net cash used in financing activities — (76.7) (0.2) (76.6) — (153.5) Effect of exchange rate changes on cash and cash equivalents — — — — — — Net increase (decrease) in cash, cash equivalents, and restricted cash for the period — 338.2 — 10.4 — 348.6 Cash, cash equivalents, and restricted cash, beginning of period — 387.3 — 58.2 — 445.5 Cash, cash equivalents, and restricted cash, end of period $ — $ 725.5 $ — $ 68.6 $ — $ 794.1 |
Accounting Changes and Error _2
Accounting Changes and Error Corrections (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Item Effected [Line Items] | ||||||||||||
Cash and cash equivalents | $ 1,873.3 | $ 2,350.5 | $ 1,873.3 | $ 2,350.5 | $ 773.6 | $ 423.3 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,893.1 | 2,367.2 | 1,893.1 | 2,367.2 | 794.1 | 445.5 | ||||||
Restricted Cash, Current | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 2.2 | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 484.4 | 546.4 | 484.4 | 546.4 | ||||||||
Revenues | 876.6 | $ 806.3 | $ 644.6 | $ 1,077.3 | 1,959.3 | $ 1,919.9 | $ 2,016.1 | $ 1,967.8 | 3,404.8 | 7,863.1 | 7,222 | |
Cost of Goods and Services Sold | 3,845.5 | 6,786.4 | 6,135.9 | |||||||||
Income Tax Expense (Benefit) | 220.2 | (132.8) | (139.8) | |||||||||
Net income | $ (295.9) | $ (155.5) | $ (255.9) | $ (163) | $ 67.7 | $ 131.3 | $ 168 | $ 163.1 | $ (870.3) | $ 530.1 | $ 617 | |
Earnings Per Share, Basic | $ (2.85) | $ (1.50) | $ (2.46) | $ (1.57) | $ 0.65 | $ 1.27 | $ 1.62 | $ 1.57 | $ (8.38) | $ 5.11 | $ 5.71 | |
Earnings Per Share, Diluted | $ (2.85) | $ (1.50) | $ (2.46) | $ (1.57) | $ 0.65 | $ 1.26 | $ 1.61 | $ 1.55 | $ (8.38) | $ 5.06 | $ 5.65 | |
Unbilled Receivables, Current | $ 368.4 | $ 528.3 | $ 368.4 | $ 528.3 | ||||||||
Total current assets | 1,422.3 | 1,118.8 | 1,422.3 | 1,118.8 | ||||||||
Other Assets, Current | 336.3 | 98.7 | 336.3 | 98.7 | ||||||||
Unbilled Receivable, Non Current | 4.4 | 6.4 | 4.4 | 6.4 | ||||||||
Other Assets, Noncurrent | 83.6 | 76.8 | 83.6 | 76.8 | ||||||||
Assets | 8,383.9 | 7,606 | 8,383.9 | 7,606 | ||||||||
Accrued Liabilities, Current | 365.6 | 240.2 | 365.6 | 240.2 | ||||||||
Billings in Excess of Cost, Current | 97.6 | 158.3 | 97.6 | 158.3 | ||||||||
Provision for Loss on Contracts | 184.6 | 83.9 | 184.6 | 83.9 | ||||||||
Deferred Revenue, Current | 22.2 | 14.8 | 22.2 | 14.8 | ||||||||
Other Liabilities, Current | 58.4 | 39.3 | 58.4 | 39.3 | ||||||||
Billings in Excess of Cost, Noncurrent | 372 | 356.3 | 372 | 356.3 | ||||||||
Provision for Loss on Contacts, Non Current | 561.4 | 163.5 | 561.4 | 163.5 | ||||||||
Deferred Revenue and Credits, Noncurrent | 38.9 | 34.4 | 38.9 | 34.4 | ||||||||
Retained Earnings (Accumulated Deficit) | 2,326.4 | 3,201.3 | 2,326.4 | 3,201.3 | ||||||||
Liabilities and Equity | 8,383.9 | 7,606 | 8,383.9 | 7,606 | ||||||||
Selling, General and Administrative Expense | 237.4 | 261.4 | $ 210.4 | |||||||||
Other Nonoperating Income (Expense) | (77.8) | (5.8) | (7) | |||||||||
Restricted Cash and Investments, Noncurrent | $ 19.5 | $ 16.4 | $ 19.5 | $ 16.4 | $ 20.2 | $ 20 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table: Estimated Useful Life Land improvements 20 years Buildings 45 years Machinery and equipment 3-20 years Tooling — Airplane program — B787, Rolls-Royce 5-20 years Tooling — Airplane program — all others 2-10 years Capitalized software 3-7 years The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 10, Property, Plant and Equipment Net. | ||
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Product Warranty And Extraordinary Rework, Beginning Balance | $ 64.7 | $ 104.8 | $ 166.4 |
Charges to costs and expenses | 3.3 | (13.9) | 3.2 |
Product Warranty Accrual, Payments | 1.9 | 1.7 | 1.2 |
Write-offs, net of recoveries | (25) | (63.8) | |
Exchange rate | 0.5 | 0.5 | 0.2 |
Product Warranty And Extraordinary Rework, Ending Balance | 76.9 | 64.7 | 104.8 |
Affiliates [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 110.1 | (3.2) | $ (2.2) |
Equity in net assets of affiliates | 3.1 | 11.5 | |
Deferred Tax Assets, Valuation Allowance | $ 340.9 | $ 10.2 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 45 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Tooling Airplane Program B787 Rolls Royce [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Tooling Airplane Program B787 Rolls Royce [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Tooling Airplane Program All Others [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Tooling Airplane Program All Others [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Capitalization Policy, Service Life | 1 year | ||
Capitalization Policy, Software, Acquisition Cost | $ 0.1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ 340.9 | $ 10.2 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 110.1 | $ (3.2) | $ (2.2) |
Changes in Estimates (Details)
Changes in Estimates (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change In Estimate [Line Items] | |||||||||||
Change In Accounting Estimate, aggregate, affecting earnings from continuing operations | $ 400.7 | $ 123.8 | $ (231.8) | $ 27.9 | $ 55.2 | $ 41.8 | $ 10.9 | $ 0.5 | $ (400.7) | $ (65.5) | $ 0.1 |
Changes in Accounting Estimates - Contract Accounting, aggregate, Affecting earnings from Continuing Operations, per Share diluted | $ (3.07) | $ (0.50) | $ 0 | ||||||||
Change in Accounting Estimate - Contract Accounting | $ (370.3) | $ (63.5) | $ 3.9 | ||||||||
Change in Accounting Estimate, Description | Changes in Estimates The Company has a periodic forecasting process in which management assesses the progress and performance of the Company’s programs. This process requires management to review each program’s progress by evaluating the program schedule, changes to identified risks and opportunities, changes to estimated revenues and costs for the accounting contracts (and options if applicable), and any outstanding contract matters. Risks and opportunities include but are not limited to management’s judgment about the cost associated with the Company’s ability to achieve the schedule, technical requirements (e.g., a newly-developed product versus a mature product), and any other program requirements. Due to the span of years it may take to completely satisfy the performance obligations for the accounting contracts (and options, if any) and the scope and nature of the work required to be performed on those contracts, the estimation of total revenue and costs is subject to many variables and, accordingly, is subject to change based upon judgment. When adjustments in estimated total consideration or estimated total cost are required, any changes from prior estimates for fully satisfied performance obligations are recognized in the current period as a cumulative catch-up adjustment for the inception-to-date effect of such changes. Cumulative catch-up adjustments are driven by several factors including production efficiencies, assumed rate of production, the rate of overhead absorption, changes to scope of work, and contract modifications. Cumulative catch-up adjustments are primarily related to changes in the estimated margin of contracts with performance obligations that are satisfied over time.Changes in estimates are summarized below:Changes in EstimatesDecember 31, 2020December 31, 2019December 31, 2018(Unfavorable) Favorable Cumulative Catch-up Adjustments by SegmentFuselage(17.5)(1.3)(5.3)Propulsion(7.8)(1.2)(0.2)Wing(5.1)0.5 1.7 Total (Unfavorable) Favorable Cumulative Catch-up Adjustment(30.4)(2.0)(3.8)(Forward Loss) and Changes in Estimates on Loss Programs by SegmentFuselage(274.3)(37.9)3.4 Propulsion(36.9)(15.1)(0.7)Wing(59.1)(10.5)1.2 Total (Forward Loss) and Change in Estimate on Loss Program(370.3)(63.5)3.9 Total Change in Estimate(400.7)(65.5)0.1 EPS Impact (diluted per share based on statutory tax rate)(3.07)$(0.50)— 2020 Changes in EstimatesDuring the twelve months ended December 31, 2020, the Company recognized net forward loss charges of $370.3 primarily driven by production rate changes on B787 and A350 from 10 aircraft per month to 5 aircraft per month and 9 aircraft per month to 4 aircraft per month, respectively. Unfavorable cumulative catch up adjustments of $30.4 were primarily driven by rate reduction across all overtime programs due to the COVID-19 pandemic.2019 Changes in EstimatesDuring the twelve months ended December 31, 2019, the Company recognized net forward loss charges of $65.5 primarily driven by the production rate change on B787 from 14 aircraft per month to 10 aircraft per month. 2018 Changes in EstimatesFavorable changes in estimates on loss programs were primarily driven by favorable performance on cost initiatives and mitigation of risks, partially offset by forward loss charges due to the adoption of ASU 2017-07 on the B787 program. Total unfavorable cumulative catch-up adjustments were driven by increased production costs incurred due to factory disruption challenges on the B737 program. | ||||||||||
Cumulative catch-up adjustment [Member] | |||||||||||
Change In Estimate [Line Items] | |||||||||||
Change in Accounting Estimate - Contract Accounting | $ (30.4) | (2) | (3.8) | ||||||||
Fuselage Systems [Member] | |||||||||||
Change In Estimate [Line Items] | |||||||||||
Change in Accounting Estimate - Contract Accounting | (274.3) | (37.9) | 3.4 | ||||||||
Fuselage Systems [Member] | Cumulative catch-up adjustment [Member] | |||||||||||
Change In Estimate [Line Items] | |||||||||||
Change in Accounting Estimate - Contract Accounting | (17.5) | (1.3) | (5.3) | ||||||||
Propulsion Systems [Member] | |||||||||||
Change In Estimate [Line Items] | |||||||||||
Change in Accounting Estimate - Contract Accounting | (36.9) | (15.1) | (0.7) | ||||||||
Propulsion Systems [Member] | Cumulative catch-up adjustment [Member] | |||||||||||
Change In Estimate [Line Items] | |||||||||||
Change in Accounting Estimate - Contract Accounting | (7.8) | (1.2) | (0.2) | ||||||||
Wing Systems [Member] | |||||||||||
Change In Estimate [Line Items] | |||||||||||
Change in Accounting Estimate - Contract Accounting | (59.1) | ||||||||||
Wing Systems [Member] | Cumulative catch-up adjustment [Member] | |||||||||||
Change In Estimate [Line Items] | |||||||||||
Change in Accounting Estimate - Contract Accounting | $ (5.1) | 0.5 | 1.7 | ||||||||
Wing Systems [Member] | Forward Loss [Member] | |||||||||||
Change In Estimate [Line Items] | |||||||||||
Change in Accounting Estimate - Contract Accounting | $ (10.5) | $ 1.2 |
Accounts Receivable, net (Detai
Accounts Receivable, net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 2,011.7 | ||
Accounts Receivable, Net | |||
Trade receivables | 458.9 | $ 515.2 | |
Other | 31.1 | 32.6 | |
Less: allowance for credit losses | (5.6) | (1.4) | |
Accounts receivable, net | 484.4 | 546.4 | |
Unbilled Contracts Receivable | 528.3 | ||
Gain (Loss) on Sale of Accounts Receivable | $ (8.9) | $ (24.7) | $ (16.5) |
Contract with customer, asset a
Contract with customer, asset and liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Asset, before Allowance for Credit Loss | $ 372.8 | $ 534.7 | $ 523.5 |
change in contract asset | (161.9) | 11.2 | |
Contract with Customer, Liability | (469.6) | (514.6) | (527.7) |
change in contract liability | 45 | 13.1 | |
Contract with Customer, Liability, Revenue Recognized | 118.2 | 139 | |
Contracts with Customers, Net Contract Asset (Liability) | (96.8) | 20.1 | $ (4.2) |
change in net contract asset | $ (116.9) | $ 24.3 |
Revenue Disaggregation and Ou_3
Revenue Disaggregation and Outstanding Performance Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | $ 876.6 | $ 806.3 | $ 644.6 | $ 1,077.3 | $ 1,959.3 | $ 1,919.9 | $ 2,016.1 | $ 1,967.8 | $ 3,404.8 | $ 7,863.1 | $ 7,222 |
Expected to be satisfied in next fiscal year | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenue, Remaining Performance Obligation, Amount | 2,726.2 | 2,726.2 | |||||||||
Expected to be satisfied in fiscal year +2 | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenue, Remaining Performance Obligation, Amount | 3,661.8 | 3,661.8 | |||||||||
Expected to be satisfied in fiscal year +3 | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenue, Remaining Performance Obligation, Amount | 4,406.4 | 4,406.4 | |||||||||
Expected to be satisfied in fiscal year +4 and thereafter | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 3,206.8 | 3,206.8 | |||||||||
Transferred over Time [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | 2,188.4 | 5,963.5 | |||||||||
Transferred at Point in Time [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | 1,216.4 | 1,899.6 | |||||||||
Location United States [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | 2,637.6 | 6,566.3 | |||||||||
Location United Kingdom [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | 433.5 | 771.9 | |||||||||
Other Countries [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | 333.7 | 524.9 | $ 491.6 | ||||||||
Disaggregation of revenue, total international locations [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | 767.2 | 1,296.8 | |||||||||
Boeing - all programs [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | 2,043.8 | 6,237.2 | |||||||||
Airbus [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | 773.3 | 1,250.6 | |||||||||
Other Customer [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||||||
Revenues | $ 587.7 | $ 375.3 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Inventories [Abstract] | ||||||
Raw materials | $ 337.3 | $ 337.3 | $ 253.1 | |||
Work-in-process(1) | 1,000.6 | 1,000.6 | 822.8 | |||
Finished goods | 58.1 | 58.1 | 14.5 | |||
Product inventory | 1,396 | 1,396 | 1,090.4 | |||
Capitalized pre-production | 26.3 | 26.3 | 28.4 | |||
Total inventory, net | 1,422.3 | 1,422.3 | $ 1,118.8 | |||
Inventory [Line Items] | ||||||
Excess Capacity Costs- B737MAX and A320 Production Schedules | 50.1 | $ 72.6 | $ 82.8 | $ 73.4 | 278.9 | |
Abnormal Costs- COVID19 production suspension | $ (0.1) | $ (10.9) | $ 19.3 | $ 25.4 | $ 33.7 |
Inventory (Details 1)
Inventory (Details 1) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory By Platform [Abstract] | ||
Total capitalized pre-production | $ 26.3 | $ 28.4 |
Forward loss provision(4) | (184.6) | (83.9) |
Total inventory, net | $ 1,422.3 | $ 1,118.8 |
Inventory (Details 2)
Inventory (Details 2) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Line Items] | ||
Inventory Valuation Reserves | $ 56.8 | $ 39 |
Costs Incurred in Anticipation of Contracts | $ 351.2 | $ 157.2 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Cost of Property Repairs and Maintenance | $ 119.7 | $ 142.2 | $ 136.2 |
Capitalized Computer Software, Amortization | 16.1 | 17.7 | 16.7 |
Property, plant and equipment, net | |||
Land | 30.8 | 15.9 | |
Buildings (including improvements) | 1,166.7 | 924 | |
Machinery and equipment | 2,120.5 | 1,941.5 | |
Tooling | 1,036.1 | 1,047.4 | |
Capitalized software | 282.5 | 277.8 | |
Construction-in-progress | 220 | 192.8 | |
Property, Plant and Equipment, Gross | 4,856.6 | 4,399.4 | |
Less: accumulated depreciation | (2,352.8) | (2,127.7) | |
Property, plant and equipment, net | $ 2,503.8 | $ 2,271.7 | $ 2,167.6 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment Textuals [Abstract] | |||
Capitalized Interest Related To Construction-In-Progress | $ 5 | $ 6.5 | $ 6.7 |
Repair And Maintenance Costs | 119.7 | 142.2 | 136.2 |
Depreciation Expense Related To Capitalized Software | 16.1 | $ 17.7 | $ 16.7 |
B-737 [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Gain (Loss) on Disposition of Assets | (19.2) | ||
A350 XWB recurring program [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Gain (Loss) on Disposition of Assets | $ (3.7) |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 8.9 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 8.6 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7.7 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7.2 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 6.6 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 167.8 | |
Lessee, Operating Lease, Liability, Payments, Due | 206.8 | |
Lessee Imputed Interest Due- Operating | (134.7) | |
Operating Lease, Liability | 72.1 | |
Finance Lease, Liability, Payments, Due Next Twelve Months | 41.1 | |
Finance Lease, Liability, Payments, Due Year Two | 37.2 | |
Finance Lease, Liability, Payments, Due Year Three | 32.2 | |
Finance Lease, Liability, Payments, Due Year Four | 25.4 | |
Finance Lease, Liability, Payments, Due Year Five | 15.5 | |
Finance Lease, Liability, Payments, Due after Year Five | 25.1 | |
Finance Lease, Liability, Payment, Due | 176.5 | |
Lessee Imputed Interest Due- Finance | (19.7) | |
finance lease, Right-of-Use Asset, gross | 214.2 | $ 165.5 |
Operating Lease, Payments | 8.7 | 8.9 |
Finance Lease, Interest Payment on Liability | 6.3 | 3 |
Lease, Cost | 36.8 | 25.1 |
Operating Lease, Cost | 9 | 9 |
Finance Lease, Right-of-Use Asset, Amortization | 21.5 | 13.1 |
Finance Lease, Interest Expense | 6.3 | 3 |
Finance Lease, Principal Payments | 30.1 | 12.1 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 28.5 | 2.3 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization Amount | (45.1) | (23.5) |
Finance Lease, Right-of-Use Asset | $ 169.1 | $ 142 |
Operating Lease, Weighted Average Remaining Lease Term | 42 years 3 months 18 days | 10 years 2 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 6 months | 6 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% | 5.60% |
Finance Lease, Weighted Average Discount Rate, Percent | 4.30% | 4.30% |
Finance Lease, Liability | $ 156.8 | |
Lessee, Finance Lease, Lease Not Yet Commenced, Commitment | $ 75.9 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | $ 222.9 | $ 4.8 | ||
Intangible Assets, Net (Excluding Goodwill) | 215.2 | 1.2 | ||
Other assets | ||||
Prepaid Expense, Current | 16.3 | 19.3 | ||
Income Taxes Receivable, Current | 315.3 | 74.2 | ||
Other Assets, Miscellaneous, Current | 4.7 | 5.2 | ||
Other Assets, Current | 336.3 | 98.7 | ||
Deferred financing costs | 0.9 | 41.7 | ||
Less: Accumulated amortization-deferred financing costs | (0.5) | (36.9) | ||
Deferred financing costs, net | 0.4 | 4.8 | ||
Equity in net assets of affiliates | 3.1 | 11.5 | ||
Equity in net assets of affiliates | 11.4 | 7.7 | ||
Restricted Cash and Investments, Noncurrent | 19.5 | 16.4 | $ 20.2 | $ 20 |
Other | 49.2 | 36.4 | ||
Goodwill | 565.3 | 2.4 | ||
Total | 83.6 | 76.8 | ||
Patents [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 2 | 2 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (2) | (1.9) | ||
Favorable Leasehold [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 2.8 | 2.8 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1.8) | (1.7) | ||
Developed Technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 94 | 0 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (2.6) | 0 | ||
Customer Contracts | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 124.1 | 0 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1.3) | $ 0 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2014 | $ 13.3 | |
2015 | 13.3 | |
2016 | 13.3 | |
2017 | 13.3 | |
2018 | 13.3 | |
Goodwill [Line Items] | ||
Goodwill | 565.3 | $ 2.4 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 222.9 | 4.8 |
Intangible Assets, Net (Excluding Goodwill) | 215.2 | 1.2 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 13.3 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 13.3 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 13.3 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 16 years 4 months 24 days | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | $ 13.3 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 13.3 | |
Fuselage Systems [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 42.9 | |
Propulsion Systems [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 33.1 | |
Wing Systems [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 2.5 | 2.4 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 2 | 2 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2) | (1.9) |
Favorable Leasehold [Member] | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2014 | 0.1 | |
2015 | 0.1 | |
2016 | 0.1 | |
2017 | 0.1 | |
2018 | 0.1 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 2.8 | 2.8 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1.8) | (1.7) |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 0.1 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 0.1 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 0.1 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | $ 0.1 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 0.1 | |
Developed Technology | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2014 | 6.3 | |
2015 | 6.3 | |
2016 | 6.3 | |
2017 | 6.3 | |
2018 | 6.3 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 94 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2.6) | 0 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 6.3 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 6.3 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 6.3 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 14 years 7 months 6 days | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | $ 6.3 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 6.3 | |
Customer Contracts | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2014 | 6.9 | |
2015 | 6.9 | |
2016 | 6.9 | |
2017 | 6.9 | |
2018 | 6.9 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 124.1 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1.3) | $ 0 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 6.9 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 6.9 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 6.9 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 17 years 9 months 18 days | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | $ 6.9 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 6.9 |
Advance Payments and Deferred R
Advance Payments and Deferred Revenue/Credits (Details) $ / ship_set in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / ship_set | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Deferred Revenue Arrangement [Line Items] | |||
Increase (Decrease) in Customer Advances | $ (21) | $ 120.8 | $ (98.3) |
Advance payments and deferred revenue/credits summarized | |||
Amortization Of Advances Per Ship Set (dollars per ship set) | $ / ship_set | 450 | ||
Customer advances- 787 program | $ 212.1 | ||
Customer advances- Irkut program | 1.2 | ||
customer advances- 737 program 2019 MOA | 123 | ||
customer advances- 737 program- 2020 MOA | $ 225 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | $ 3,658.9 | $ 2,827.8 |
Debt Instrument, Fair Value Disclosure | 3,789.7 | 2,885.7 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 3,658.9 | 2,827.8 |
Long-term Debt, Fair Value | 3,789.7 | 2,885.7 |
Senior Unsecured Notes Due 2021 [Member] [Domain] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 299.7 | 299.1 |
Debt Instrument, Fair Value Disclosure | 297.5 | 298.4 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 299.7 | 299.1 |
Long-term Debt, Fair Value | 297.5 | 298.4 |
Senior Unsecured Notes Due 2028 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 694.6 | 694.1 |
Debt Instrument, Fair Value Disclosure | 689.2 | 734.4 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 694.6 | 694.1 |
Long-term Debt, Fair Value | 689.2 | 734.4 |
Secured Debt Term A [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 0 | 438.5 |
Debt Instrument, Fair Value Disclosure | 0 | 440.1 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 0 | 438.5 |
Long-term Debt, Fair Value | 0 | 440.1 |
Senior Secured Notes Due 2026 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 298.1 | 297.8 |
Debt Instrument, Fair Value Disclosure | 313.9 | 305.6 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 298.1 | 297.8 |
Long-term Debt, Fair Value | 313.9 | 305.6 |
2018 Revolver [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 0 | 800 |
Debt Instrument, Fair Value Disclosure | 0 | 800 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 0 | 800 |
Long-term Debt, Fair Value | 0 | 800 |
Senior Unsecured Notes Due 2023 [Member] [Domain] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 298.8 | 298.3 |
Debt Instrument, Fair Value Disclosure | 293.8 | 307.2 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 298.8 | 298.3 |
Long-term Debt, Fair Value | 293.8 | 307.2 |
Secured Debt Term B [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 389.6 | 0 |
Debt Instrument, Fair Value Disclosure | 395 | 0 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 389.6 | 0 |
Long-term Debt, Fair Value | 395 | 0 |
Senior Secured Notes Due 2025 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 493.9 | 0 |
Debt Instrument, Fair Value Disclosure | 521.2 | 0 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 493.9 | 0 |
Long-term Debt, Fair Value | 521.2 | 0 |
Senior Secured Second Lien Notes Due 2025 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Long-term Debt | 1,184.2 | 0 |
Debt Instrument, Fair Value Disclosure | 1,279.1 | 0 |
Carrying amount and estimated fair value of long term debt | ||
Long-term Debt, Carrying Amount | 1,184.2 | 0 |
Long-term Debt, Fair Value | $ 1,279.1 | $ 0 |
Derivative and Hedging Activiti
Derivative and Hedging Activities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Swaps | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1.2 | |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | (14.3) | $ (0.8) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (3.6) | (0.1) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, before Tax | 10.4 | |
Cash Flow Hedging [Member] | ||
Interest Rate Swaps | ||
Derivative, Fair Value, Net | $ 1.2 | $ 0.1 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (10.5) | $ (19) | $ (35.3) |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | (14.3) | (0.8) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (3.6) | (0.1) | |
Maximum Length of Time Hedged in Cash Flow Hedge | 6 months | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1.2 | ||
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, Fair Value, Net | $ 1.2 | $ 0.1 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Capital Lease Obligations, Current | $ 35.3 | $ 25.8 |
Capital Lease Obligations, Noncurrent | 121.5 | 121.3 |
Other Long-term Debt, Current | 1.8 | 1.6 |
Other Long-term Debt, Noncurrent | 56.1 | 57.8 |
Long-term Debt and Lease Obligation, Current | 340.7 | 50.2 |
Long-term Debt and Lease Obligation | 3,532.9 | 2,984.1 |
Long-Term Debt, Maturity, Year One | 304 | |
Long-Term Debt, Maturity, Year Two | 4 | |
Long-Term Debt, Maturity, Year Three | 304 | |
Long-Term Debt, Maturity, Year Four | 4 | |
Long-Term Debt, Maturity, Year Five | 2,084 | |
2018 Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | 0 | 800 |
Long-term Debt | 0 | 0 |
Senior Unsecured Notes Due 2021 [Member] [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 299.7 | 0 |
Unsecured Long-term Debt, Noncurrent | $ 0 | 299.1 |
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR, as determined in the case of the initial interest period, on May 25, 2018, and thereafter at the beginning of each quarterly period as described herein, plus 0.80 basis points | |
Secured Debt Term B [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 385.7 | 0 |
Long-term Debt | $ 3.9 | 0 |
Senior Unsecured Notes Due 2023 [Member] [Domain] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |
Long-term Debt | $ 0 | 0 |
Unsecured Long-term Debt, Noncurrent | $ 298.8 | 298.3 |
Senior Unsecured Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | |
Long-term Debt | $ 0 | 0 |
Unsecured Long-term Debt, Noncurrent | 694.6 | 694.1 |
Senior Secured Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 298.1 | 297.8 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
Long-term Debt | $ 0 | 0 |
Secured Debt Term A [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | 0 | 415.7 |
Long-term Debt | 0 | 22.8 |
Senior Secured Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 493.9 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |
Long-term Debt | $ 0 | 0 |
Senior Secured Second Lien Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,184.2 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 750.00% | |
Long-term Debt | $ 0 | $ 0 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
2018 Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 0 | $ 800 |
Secured Debt Term A [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 0 | 415.7 |
Senior Unsecured Notes Due 2023 [Member] [Domain] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.95% | |
Senior Unsecured Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 4.60% | |
Senior Secured Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 298.1 | $ 297.8 |
Fixed interest rate | 3.85% |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)uSDollarPerHour | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
IAM Level of Contribution per hour until June 2019 | uSDollarPerHour | 1.75 | ||
Amounts recognized in balance sheet | |||
Noncurrent assets | $ 455,900,000 | $ 449,100,000 | |
Noncurrent liabilities | (440,200,000) | (35,700,000) | |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Multiemployer Plan, Employer Contribution, Cost | $ 30,100,000 | $ 40,700,000 | $ 35,000,000 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | Yes | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Red | Red | |
UNITED STATES | |||
Change in fair value of plan assets: | |||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | $ 0 | $ 0 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ (175,500,000) | (49,900,000) | |
UNITED STATES | Minimum [Member] | Defined Benefit Plan, Equity Securities | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||
UNITED STATES | Minimum [Member] | Defined Benefit Plan, Debt Security | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
UNITED STATES | Minimum [Member] | Defined Benefit Plan, Real Estate | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||
UNITED STATES | Maximum [Member] | Defined Benefit Plan, Equity Securities | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
UNITED STATES | Maximum [Member] | Defined Benefit Plan, Debt Security | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | ||
UNITED STATES | Maximum [Member] | Defined Benefit Plan, Real Estate | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 7.00% | ||
Belfast | |||
Change in fair value of plan assets: | |||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | $ 100,000 | 0 | |
Belfast | Defined Benefit Plan, Equity Securities | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3200.00% | ||
Belfast | Defined Benefit Plan, Debt Security | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3600.00% | ||
Belfast | Other Debt Obligations | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 1500.00% | ||
Belfast | Defined Benefit Plan, Real Assets | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 1500.00% | ||
Belfast | Money Market Fund [Member] | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 200.00% | ||
UNITED KINGDOM | Minimum [Member] | Defined Benefit Plan, Equity Securities | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 12.00% | ||
UNITED KINGDOM | Minimum [Member] | Defined Benefit Plan, Debt Security | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | ||
UNITED KINGDOM | Minimum [Member] | Defined Benefit Plan, Real Estate | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 6.00% | ||
UNITED KINGDOM | Maximum [Member] | Defined Benefit Plan, Equity Securities | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 14.00% | ||
UNITED KINGDOM | Maximum [Member] | Defined Benefit Plan, Debt Security | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | ||
UNITED KINGDOM | Maximum [Member] | Defined Benefit Plan, Real Estate | |||
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | ||
Other Benefits [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | $ 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 2,300,000 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 41,800,000 | 40,300,000 | |
Service cost | 800,000 | 900,000 | |
Interest cost | 1,000,000 | 1,200,000 | |
Actuarial loss (gain) | 1,800,000 | (1,800,000) | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 12,000,000 | 3,900,000 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 7,800,000 | 7,200,000 | |
Projected benefit obligation at the end of the period | 49,500,000 | 41,800,000 | 40,300,000 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 1,200,000 | $ 900,000 | |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 1.26% | 2.55% | |
Medical Assumptions: | |||
Trend assumed for the year | 5.56% | 5.90% | |
Ultimate trend rate | 4.50% | 4.50% | |
Year that ultimate trend rate is reached | 2038 | 2038 | |
Change in fair value of plan assets: | |||
Beginning balance | $ 0 | $ 0 | |
Company contributions | 6,600,000 | 6,300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 1,200,000 | 900,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 7,800,000 | 7,200,000 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Reconciliation of funded status to net amounts recognized: | |||
Funded status (deficit) | (49,500,000) | (41,800,000) | |
Net amounts recognized | (49,500,000) | (41,800,000) | |
Amounts recognized in balance sheet | |||
Noncurrent assets | 0 | 0 | |
Current liabilities | (10,300,000) | (7,300,000) | |
Noncurrent liabilities | (39,200,000) | (34,500,000) | |
Net amounts recognized | (49,500,000) | (41,800,000) | |
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | 19,300,000 | 22,600,000 | |
Accumulated other comprehensive income (AOCI) | 19,300,000 | 22,600,000 | |
Cumulative employer contributions in excess of net periodic benefit cost | (68,800,000) | (64,400,000) | |
Net amount recognized in the balance sheet | (49,500,000) | (41,800,000) | |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Projected benefit obligation | 49,500,000 | 41,800,000 | |
Accumulated benefit obligation | 0 | 0 | |
Other Benefits [Member] | Belfast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Service cost | 0 | 0 | |
Interest cost | 0 | 0 | |
Actuarial loss (gain) | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 700,000 | 0 | |
Exchange rate changes | 100,000 | 0 | |
Projected benefit obligation at the end of the period | 800,000 | 0 | 0 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 0 | $ 0 | |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 1.45% | 0.00% | |
Medical Assumptions: | |||
Trend assumed for the year | 5.50% | 0.00% | |
Ultimate trend rate | 5.50% | 0.00% | |
Change in fair value of plan assets: | |||
Beginning balance | $ 0 | $ 0 | |
Company contributions | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 0 | |
Reconciliation of funded status to net amounts recognized: | |||
Funded status (deficit) | (800,000) | 0 | |
Net amounts recognized | (800,000) | 0 | |
Amounts recognized in balance sheet | |||
Noncurrent liabilities | (800,000) | 0 | |
Net amounts recognized | (800,000) | 0 | |
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | (800,000) | 0 | |
Accumulated other comprehensive income (AOCI) | (800,000) | 0 | |
Cumulative employer contributions in excess of net periodic benefit cost | 0 | 0 | |
Net amount recognized in the balance sheet | (800,000) | 0 | |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Projected benefit obligation | 0 | 0 | |
Accumulated benefit obligation | 0 | 0 | |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 218,400,000 | 299,700,000 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 33,900,000 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 1,096,600,000 | 997,000,000 | |
Service cost | 0 | 0 | |
Interest cost | 24,400,000 | 36,500,000 | |
Actuarial loss (gain) | (124,800,000) | (141,100,000) | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 31,000,000 | 5,200,000 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (175,500,000) | (49,900,000) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 36,100,000 | 33,300,000 | |
Projected benefit obligation at the end of the period | 1,099,100,000 | 1,096,600,000 | 997,000,000 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 0 | $ 0 | |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 2.31% | 3.19% | |
Change in fair value of plan assets: | |||
Beginning balance | $ 1,519,500,000 | $ 1,302,800,000 | |
Company contributions | 100,000 | 100,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 36,200,000 | 33,200,000 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | 0 | |
Ending balance | 1,526,300,000 | 1,519,500,000 | 1,302,800,000 |
Reconciliation of funded status to net amounts recognized: | |||
Funded status (deficit) | 427,300,000 | 422,900,000 | |
Net amounts recognized | 427,300,000 | 422,900,000 | |
Amounts recognized in balance sheet | |||
Noncurrent assets | 428,700,000 | 424,200,000 | |
Current liabilities | (100,000) | (100,000) | |
Noncurrent liabilities | (1,300,000) | (1,200,000) | |
Net amounts recognized | 427,300,000 | 422,900,000 | |
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | (6,500,000) | (46,000,000) | |
Accumulated other comprehensive income (AOCI) | (6,500,000) | (46,000,000) | |
Cumulative employer contributions in excess of net periodic benefit cost | 433,800,000 | 468,900,000 | |
Net amount recognized in the balance sheet | 427,300,000 | 422,900,000 | |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Projected benefit obligation | 1,400,000 | 1,300,000 | |
Accumulated benefit obligation | 1,400,000 | 1,300,000 | |
Pension Plan [Member] | Belfast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 125,900,000 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Service cost | 6,300,000 | 0 | |
Interest cost | 6,000,000 | 0 | |
Actuarial loss (gain) | (183,900,000) | 0 | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 2,311,800,000 | 0 | |
Exchange rate changes | 161,600,000 | 0 | |
Projected benefit obligation at the end of the period | 2,661,400,000 | 0 | 0 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 0 | $ 0 | |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 1.45% | 0.00% | |
Salary increases | 2.90% | ||
Change in fair value of plan assets: | |||
Beginning balance | $ 0 | $ 0 | |
Company contributions | 3,800,000 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 8,200,000 | 0 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 137,400,000 | 0 | |
Ending balance | 2,262,700,000 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Business Combination | 2,003,700,000 | 0 | |
Reconciliation of funded status to net amounts recognized: | |||
Funded status (deficit) | (398,800,000) | 0 | |
Net amounts recognized | (398,800,000) | 0 | |
Amounts recognized in balance sheet | |||
Noncurrent liabilities | (398,800,000) | 0 | |
Net amounts recognized | (398,800,000) | 0 | |
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | (404,700,000) | 0 | |
Accumulated other comprehensive income (AOCI) | (404,700,000) | 0 | |
Cumulative employer contributions in excess of net periodic benefit cost | 5,900,000 | 0 | |
Net amount recognized in the balance sheet | (398,800,000) | 0 | |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Projected benefit obligation | 2,661,500,000 | 0 | |
Accumulated benefit obligation | 2,594,500,000 | 0 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Fair value of assets | 2,262,700,000 | ||
Pension Plan [Member] | UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 15,100,000 | 11,100,000 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | (5,900,000) | (2,100,000) | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 66,700,000 | 59,900,000 | |
Service cost | 900,000 | 900,000 | |
Interest cost | 1,200,000 | 1,600,000 | |
Actuarial loss (gain) | (12,200,000) | (5,500,000) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 800,000 | 800,000 | |
Expense paid | (900,000) | (900,000) | |
Exchange rate changes | 2,500,000 | 2,600,000 | |
Projected benefit obligation at the end of the period | $ 75,900,000 | $ 66,700,000 | 59,900,000 |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 1.45% | 2.10% | |
Salary increases | 3.10% | 3.15% | |
Change in fair value of plan assets: | |||
Beginning balance | $ 91,600,000 | $ 79,600,000 | |
Company contributions | 1,700,000 | 1,700,000 | |
Expense paid | (900,000) | (900,000) | |
Exchange rate changes | 3,300,000 | 3,500,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 800,000 | 800,000 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 900,000 | 900,000 | |
Ending balance | 103,100,000 | 91,600,000 | 79,600,000 |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (6,900,000) | (2,600,000) | |
Reconciliation of funded status to net amounts recognized: | |||
Funded status (deficit) | 27,200,000 | 24,900,000 | |
Net amounts recognized | 27,200,000 | 24,900,000 | |
Amounts recognized in balance sheet | |||
Noncurrent assets | 27,200,000 | 24,900,000 | |
Net amounts recognized | 27,200,000 | 24,900,000 | |
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | 5,800,000 | 5,900,000 | |
Accumulated other comprehensive income (AOCI) | 5,800,000 | 5,900,000 | |
Prepaid pension cost | 21,400,000 | 19,000,000 | |
Net amount recognized in the balance sheet | 27,200,000 | 24,900,000 | |
Annual Expense [Member] | Other Benefits [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | (1,700,000) | (2,200,000) | (2,300,000) |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 12,000,000 | (7,800,000) | 200,000 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | (200,000) | 0 | 0 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | 800,000 | 900,000 | 1,100,000 |
Interest cost | 1,000,000 | 1,200,000 | 1,100,000 |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | $ (12,000,000) | $ (3,900,000) | $ 0 |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 2.55% | 3.74% | 3.03% |
Medical Assumptions: | |||
Trend assumed for the year | 5.90% | 6.24% | 6.59% |
Ultimate trend rate | 4.50% | 4.50% | 4.50% |
Year that ultimate trend rate is reached | 2038 | 2038 | 2038 |
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | $ 1,000,000 | $ 4,900,000 | $ 800,000 |
Accumulated other comprehensive income (AOCI) | 1,000,000 | 4,900,000 | 800,000 |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 11,000,000 | 2,900,000 | (1,000,000) |
Annual Expense [Member] | Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (9,800,000) | (3,400,000) | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 200,000 | 500,000 | 0 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (4,300,000) | 117,000,000 | (20,100,000) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 33,900,000 | 0 | 0 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 24,400,000 | 36,500,000 | 34,700,000 |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | $ (31,000,000) | $ (5,200,000) | $ 0 |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 3.19% | 4.21% | 3.59% |
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | $ (39,400,000) | $ (95,900,000) | $ 52,300,000 |
Accumulated other comprehensive income (AOCI) | (39,400,000) | (95,900,000) | 52,300,000 |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (64,200,000) | (66,700,000) | (66,900,000) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 35,100,000 | $ (21,100,000) | $ (32,200,000) |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.50% | 5.00% | 4.80% |
Annual Expense [Member] | Pension Plan [Member] | Belfast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 94,800,000 | $ 0 | $ 0 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | 6,300,000 | 0 | 0 |
Interest cost | $ 5,900,000 | 0 | 0 |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 1.75% | ||
Salary increases | 2.75% | ||
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | $ 96,600,000 | 0 | 0 |
Accumulated other comprehensive income (AOCI) | 96,600,000 | 0 | 0 |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (14,000,000) | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (1,800,000) | 0 | 0 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.20% | ||
Annual Expense [Member] | Pension Plan [Member] | UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 400,000 | 200,000 | 400,000 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (900,000) | 3,200,000 | 700,000 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | 900,000 | 900,000 | 1,300,000 |
Interest cost | $ 1,200,000 | $ 1,700,000 | $ 1,700,000 |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 2.10% | 3.00% | 2.60% |
Salary increases | 3.15% | 3.40% | 3.35% |
Amounts not yet reflected in net periodic benefit cost and included in AOCI: | |||
Accumulated gain (loss) | $ (900,000) | $ (3,200,000) | $ (500,000) |
Accumulated other comprehensive income (AOCI) | (900,000) | (3,200,000) | (500,000) |
Information for pension plans with benefit obligations in excess of plan assets: | |||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1,700,000) | (2,400,000) | (2,800,000) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 0 | $ 0 | $ (200,000) |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 2.00% | 3.10% | 3.10% |
Pension and Other Post Retire_2
Pension and Other Post Retirement Benefits (Details 1) - uSDollarPerHour | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Multiemployer Plans [Line Items] | ||
IAM Level of Contribution per hour until June 2019 | 1.75 | |
IAM Level of Contribution per hour Effective July 2019 | 1.95 | |
EIN/Pensions plan number | 51-60321295 | |
FIP RP Status | Yes | |
Year Company Contributions Exceed 5 Percent | 2018, 2019, 2020 | |
2019 [Member] | ||
Multiemployer Plans [Line Items] | ||
UAW Level of Contribution per hour | 1.70 | |
2020 [Member] | ||
Multiemployer Plans [Line Items] | ||
UAW Level of Contribution per hour | 1.75 | |
Other Benefits [Member] | ||
Multiemployer Plans [Line Items] | ||
Description of Multiemployer Plan | Other Post-Retirement Benefit PlansThe Company also has post-retirement health care coverage for eligible U.S. retirees and qualifying dependents prior to age 65. Eligibility for employer-provided benefits is limited to those employees who were employed at the date of the Boeing Acquisition and retire on or after attainment of age 62 and 10 years of service. Employees who do not satisfy these eligibility requirements can retire with post-retirement medical benefits at age 55 and 10 years of service, but they must pay the full cost of medical benefits provided.On October 30, 2020, as part of the Bombardier Acquisition, the Company acquired a post-retirement medical plan for the employees at the Belfast location. |
Pension and Other Post Retire_3
Pension and Other Post Retirement Plans (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
UNITED STATES | Other Benefits [Member] | |||
Components of net periodic benefit cost (income): | |||
Service cost | $ 0.8 | $ 0.9 | |
Interest cost | 1 | 1.2 | |
Special termination benefits(2) | (12) | (3.9) | |
Other changes recognized in OCI: | |||
Accumulated gain (loss) | $ 19.3 | $ 22.6 | |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 1.26% | 2.55% | |
Medical Assumptions: | |||
Trend assumed for the year | 5.56% | 5.90% | |
Ultimate trend rate | 4.50% | 4.50% | |
Year that ultimate trend rate is reached | 2038 | 2038 | |
UNITED STATES | Other Benefits [Member] | Annual Expense [Member] | |||
Components of net periodic benefit cost (income): | |||
Service cost | $ 0.8 | $ 0.9 | $ 1.1 |
Interest cost | 1 | 1.2 | 1.1 |
Expected return on plan assets | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.9 | 0.9 | 0.9 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | (0.2) | 0 | 0 |
Special termination benefits(2) | 12 | 3.9 | 0 |
Net periodic benefit cost (income) | 11 | 2.9 | (1) |
Defined Benefit Plan, Amortization of Gain (Loss) | 1.7 | 2.2 | 2.3 |
Other changes recognized in OCI: | |||
Accumulated gain (loss) | 1 | 4.9 | 0.8 |
Total recognized in net periodic benefit cost and OCI | $ (12) | $ 7.8 | $ (0.2) |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 2.55% | 3.74% | 3.03% |
Medical Assumptions: | |||
Trend assumed for the year | 5.90% | 6.24% | 6.59% |
Ultimate trend rate | 4.50% | 4.50% | 4.50% |
Year that ultimate trend rate is reached | 2038 | 2038 | 2038 |
UNITED STATES | Pension Plan [Member] | |||
Components of net periodic benefit cost (income): | |||
Service cost | $ 0 | $ 0 | |
Interest cost | 24.4 | 36.5 | |
Special termination benefits(2) | (31) | (5.2) | |
Other changes recognized in OCI: | |||
Accumulated gain (loss) | $ (6.5) | $ (46) | |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 2.31% | 3.19% | |
UNITED STATES | Pension Plan [Member] | Annual Expense [Member] | |||
Components of net periodic benefit cost (income): | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 24.4 | 36.5 | 34.7 |
Expected return on plan assets | (64.2) | (66.7) | (66.9) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 9.8 | 3.4 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 33.9 | 0 | 0 |
Special termination benefits(2) | 31 | 5.2 | 0 |
Net periodic benefit cost (income) | 35.1 | (21.1) | (32.2) |
Defined Benefit Plan, Amortization of Gain (Loss) | (0.2) | (0.5) | 0 |
Other changes recognized in OCI: | |||
Accumulated gain (loss) | (39.4) | (95.9) | 52.3 |
Total recognized in net periodic benefit cost and OCI | $ 4.3 | $ (117) | $ 20.1 |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 3.19% | 4.21% | 3.59% |
Expected return on plan assets | 4.50% | 5.00% | 4.80% |
Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 0 | ||
UNITED KINGDOM | Pension Plan [Member] | |||
Components of net periodic benefit cost (income): | |||
Service cost | 0.9 | $ 0.9 | |
Interest cost | 1.2 | 1.6 | |
Other changes recognized in OCI: | |||
Accumulated gain (loss) | $ 5.8 | $ 5.9 | |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 1.45% | 2.10% | |
Salary increases | 3.10% | 3.15% | |
UNITED KINGDOM | Pension Plan [Member] | Annual Expense [Member] | |||
Components of net periodic benefit cost (income): | |||
Service cost | $ 0.9 | $ 0.9 | $ 1.3 |
Interest cost | 1.2 | 1.7 | 1.7 |
Expected return on plan assets | (1.7) | (2.4) | (2.8) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (0.4) | (0.2) | (0.4) |
Net periodic benefit cost (income) | 0 | 0 | (0.2) |
Other changes recognized in OCI: | |||
Accumulated gain (loss) | (0.9) | (3.2) | (0.5) |
Total recognized in net periodic benefit cost and OCI | $ 0.9 | $ (3.2) | $ (0.7) |
Total recognized in other net periodic benefit and OCI (income) loss | |||
Discount rate | 2.10% | 3.00% | 2.60% |
Expected return on plan assets | 2.00% | 3.10% | 3.10% |
Salary increases | 3.15% | 3.40% | 3.35% |
Pension and Other Post Retire_4
Pension and Other Post Retirement Plans (Details 3) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
UNITED STATES | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 41.3 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 43.6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 45.4 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 47.6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 49.5 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 269.5 | |
UNITED STATES | Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 10.3 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 9.5 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 8 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 5.7 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 3.9 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 11.8 | |
UNITED STATES | Defined Benefit Plan, Equity Securities, US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 26.00% | 25.00% |
UNITED STATES | Defined Benefit Plan, Equity Securities, US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3.00% | 4.00% |
UNITED STATES | Defined Benefit Plan, Debt Security | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 69.00% | 69.00% |
UNITED STATES | Defined Benefit Plan, Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 2.00% | 2.00% |
Belfast | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 61.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 62.2 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 63.2 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 64.3 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 65.4 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 344.2 | |
Belfast | Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 0.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 5 | |
Belfast | Defined Benefit Plan, Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3200.00% | |
Belfast | Defined Benefit Plan, Debt Security | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3600.00% | |
Belfast | Defined Benefit Plan, Real Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1300.00% | |
Belfast | Other Debt Obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1500.00% | |
Belfast | Money Market Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 400.00% | |
UNITED KINGDOM | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
UNITED KINGDOM | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 0.9 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0.9 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0.9 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0.9 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 5.1 | |
UNITED KINGDOM | Defined Benefit Plan, Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 15.00% | 15.00% |
UNITED KINGDOM | Defined Benefit Plan, Debt Security | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 80.00% | 80.00% |
UNITED KINGDOM | Defined Benefit Plan, Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 5.00% | 5.00% |
Pension and Other Post Retire_5
Pension and Other Post Retirement Plans (Details 4) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | Required U.S. pension contributions under Employee Retirement Income Security Act (ERISA) regulations are expected to be zero in 2021 and discretionary contributions are not expected in 2021. SERP and post-retirement medical plan contributions in 2021 are expected to be $10.3. Expected contributions to the U.K. Prestwick plan for 2021 are $1.8. Expected contributions to the U.K. (Belfast) plans for 2021 are $180.2, including a one-time contribution of £100 agreed as part of the acquisition of the Short Brothers plc. |
Pension Plan [Member] | UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 41.3 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 43.6 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 45.4 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 47.6 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 49.5 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 269.5 |
Pension Plan [Member] | UNITED KINGDOM | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 5.1 |
Pension Plan [Member] | Belfast | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 61.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 62.2 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 63.2 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 64.3 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 65.4 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 344.2 |
Other Benefits [Member] | UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 10.3 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 9.5 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 8 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 5.7 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 3.9 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 11.8 |
Other Benefits [Member] | Belfast | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 0.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 5 |
Pension and Other Post Retire_6
Pension and Other Post Retirement Plans (Details 5) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | $ 0.1 | $ 0.1 |
UNITED KINGDOM | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
Temporary Cash Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 6.4 | $ 0.7 |
Collective Investment Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 102.4 | 91.6 |
Commingled Equity Bond Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3,735 | 1,519.5 |
Total [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 1,611.8 | |
Ending Fair Value | 3,843.8 | 1,611.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Temporary Cash Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 6.4 | 0.7 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collective Investment Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commingled Equity Bond Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 0.7 | |
Ending Fair Value | 6.4 | 0.7 |
Significant Other Observable Inputs (Level 2) [Member] | Temporary Cash Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Collective Investment Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 99 | 87.6 |
Significant Other Observable Inputs (Level 2) [Member] | Commingled Equity Bond Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3,735 | 1,519.5 |
Significant Other Observable Inputs (Level 2) [Member] | Total [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 1,607.1 | |
Ending Fair Value | 3,834 | 1,607.1 |
Significant Unobservable Inputs (Level 3) [Member] | Temporary Cash Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Collective Investment Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3.4 | 3.4 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 3.4 | 3.2 |
Purchases | 0 | 0 |
Gain (loss) | (0.1) | 0.1 |
Ending Fair Value | 3.4 | 3.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Commingled Equity Bond Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Total [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 3.4 | 3.2 |
Purchases | 0 | 0 |
Gain (loss) | (0.1) | 0.1 |
Ending Fair Value | $ 3.4 | 3.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | $ 0 |
Pension and Other Post Retire_7
Pension and Other Post Retirement Plans (Details 6) - USD ($) $ in Thousands | Apr. 01, 2006 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 75.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 8.00% | 8.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | |||
Statement Defined Contribution Plans [Line Items] | ||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | IAM June 24, 2023UAW December 7, 2025 | |||
Multiple-Employer Plan Accounted for as Multiemployer Plan, Plan Name | IAM National Pension Fund | |||
U.S. [Member] | ||||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | ||||
Defined Contribution Plan, Cost | $ 32,500 | $ 35,900 | $ 35,100 | |
U.K. [Member] | ||||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | ||||
Defined Contribution Plan, Cost | 4,100 | $ 4,100 | $ 6,800 | |
U.K. - Belfast [Member] | ||||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | ||||
Defined Contribution Plan, Cost | $ 30 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | |||
Total Shares Authorized | 210,000,000 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Preferred Stock, Par Value | $ 0.01 | $ 0.01 | |
Phantom Stock Value Per Share | $ 3.33 | ||
SERP units | 28,950 | 38,754 | 47,487 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 925 | ||
Common Stock, Voting Rights | one vote per share | ||
Class A [Member] | |||
Class Of Stock [Line Items] | |||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |
Common Stock, Par Value | $ 0.01 | $ 0.01 | |
Class B [Member] | |||
Class Of Stock [Line Items] | |||
Common Stock, Shares Authorized | 0 | 0 | |
Common Stock, Par Value | $ 0 | $ 0 |
Stock Compensation (Details)
Stock Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Company recognized total stock compensation expense, net of forfeitures | $ 24.2 | $ 36.1 | $ 27.4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested, beginning balance | 1,400,000 | 1,400,000 | ||
Nonvested, ending balance | 1,500,000 | 1,400,000 | 1,400,000 | |
Director Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 1.4 | $ 1.4 | $ 1.3 | |
Intrinsic value of the unvested | $ 2,500,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 4 months | |||
Number of shares granted | 65,000 | 17,000 | 17,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 0.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested, beginning balance | 17,000 | 22,000 | 24,000 | |
Vested during period | (17,000) | (22,000) | (19,000) | |
Forfeited during period | 0 | 0 | 0 | |
Nonvested, ending balance | 65,000 | 17,000 | 22,000 | |
Restricted Share Activity [Roll Forward] | ||||
Nonvested, beginning balance, value | $ 1.4 | $ 1.6 | $ 1.2 | |
Granted during period, value | 1.3 | 1.5 | 1.4 | |
Vested during period, value | (1.5) | (1.7) | (1) | |
Forfeited during period, value | 0 | 0 | 0 | |
Nonvested, ending balance, value | $ 1.4 | $ 1.6 | $ 1.2 | $ 1.2 |
Market Based LTIA [Member] | Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 385,887 | 127,802 | 156,279 | |
Grant Date Of Fair Value Of Shares Granted | $ 16.1 | $ 13.4 | $ 14.1 | |
Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of the unvested | $ 34,500,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 22.9 | |||
Long Term Incentive Plan [Member] | Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 22.8 | $ 32.2 | $ 26.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested, beginning balance | 1,304,000 | 1,391,000 | 1,453,000 | |
Granted during period | 940,000 | 431,000 | 451,000 | |
Vested during period | (573,000) | (393,000) | (465,000) | |
Forfeited during period | (192,000) | (125,000) | (48,000) | |
Nonvested, ending balance | 1,479,000 | 1,304,000 | 1,391,000 | |
Restricted Share Activity [Roll Forward] | ||||
Nonvested, beginning balance, value | $ 94 | $ 86 | $ 73.4 | |
Granted during period, value | 39.6 | 40.6 | 39.7 | |
Vested during period, value | (39.1) | (24.2) | (24.1) | |
Forfeited during period, value | (14) | (8.4) | (3) | |
Nonvested, ending balance, value | $ 94 | $ 86 | $ 73.4 | $ 80.5 |
Service Based LTIA [Member] | Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 515,788 | 303,638 | 295,482 | |
Grant Date Of Fair Value Of Shares Granted | $ 21 | $ 27.3 | $ 25.6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | $ 163.6 | $ 0 | $ 0 | |||||
Summary Pretax Income [Abstract] | ||||||||
U.S. | (1,046.7) | 552.4 | 655 | |||||
International | (39.2) | 110.7 | 101.2 | |||||
(Loss) income before income taxes and equity in net (loss) income of affiliates | (1,085.9) | 663.1 | 756.2 | |||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 110.1 | (3.2) | (2.2) | |||||
Valuation Allowances and Reserves, Depreciation and Amortization | 0 | 0.2 | 0.1 | |||||
Valuation Allowances and Reserves, Other | 19.4 | 0 | 0.3 | |||||
Valuation Allowances and Reserves, Other comprehensive income adjustment | 16.9 | 0 | 0 | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 340.9 | $ 10.2 | $ 13.2 | $ 15 | ||||
Valuation Allowances and Reserves, Net operating losses | 20.7 | 0 | 0 | |||||
Current | ||||||||
Federal | (301) | 57.8 | 159.4 | |||||
State | (5.5) | 0.7 | 4.1 | |||||
Foreign | (8.1) | (12.8) | 11.4 | |||||
Total current | (314.6) | 45.7 | 174.9 | |||||
Deferred | ||||||||
Federal | (16.2) | 71.8 | (27.8) | |||||
State | 106.9 | (11.4) | (12.8) | |||||
Foreign | 3.7 | 26.7 | 5.5 | |||||
Total Deferred | 94.4 | 87.1 | (35.1) | |||||
Total income tax provision | (220.2) | 132.8 | 139.8 | |||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ||||||||
Tax at U.S. Federal statutory rate | (228.1) | 139.3 | 158.8 | |||||
State income taxes, net of Federal benefit | (28.1) | 14.9 | 18.1 | |||||
State income tax credits, net of Federal benefit | (17.4) | (22.6) | (22.7) | |||||
Foreign rate differences | (3.3) | (7.1) | (6.2) | |||||
Research and experimentation | (0.1) | 0.7 | (5.4) | |||||
Valuation Allowance - U.S. Deferred Tax Asset | $ 150.2 | $ 150.2 | ||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 9.70% | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (104.8) | |||||||
Other | (4.8) | (0.6) | 0.2 | |||||
Total income tax provision | $ (220.2) | $ 132.8 | $ 139.8 | |||||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||||||
Tax at U.S. Federal statutory rate | 21.00% | 21.00% | 21.00% | |||||
State income taxes, net of Federal benefit | 2.60% | 2.30% | 2.40% | |||||
State income tax credits, net of Federal benefit | 1.60% | (3.40%) | (3.00%) | |||||
Foreign rate differences | 0.30% | (1.10%) | (0.80%) | |||||
Research and experimentation | 0.00% | (0.10%) | 0.70% | |||||
Valuation Allowance - U.S. Deferred Tax Asset | (13.80%) | |||||||
Other | 0.50% | (0.10%) | 0.00% | |||||
Effective Income Tax Rate Reconciliation, Percent | 20.30% | 20.00% | 18.50% | |||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 1.7 | $ (2) | $ 0 | |||||
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (0.20%) | (0.30%) | 0.00% | |||||
Effective Tax Reconciliation- GILTI | $ 3.9 | $ 7.1 | $ 1.8 | |||||
Effective Income Tax Reconciliation, GILTI Tax, Percent | (0.40%) | 1.10% | 0.20% | |||||
Effective Income Tax Rate Reconciliation, Excess Tax Benefit | $ 0.1 | $ (2.5) | $ (4) | |||||
EffectiveTaxRateRecon, ExcessTaxBenefit, Percentage | 0.00% | (0.40%) | (0.50%) | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 10.5 | $ 4 | $ 4.6 | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | (1.00%) | 0.60% | 0.60% | |||||
Effective Income Tax Rate Reconciliation, Transition Tax, percent | 0.00% | 0.20% | (0.70%) | |||||
Effective Income Tax Rate Reconciliation, Transition Tax | $ 0 | $ 1.6 | $ (5.4) | |||||
Deferred Tax Assets, Tax Deferred Expense [Abstract] | ||||||||
Depreciation and amortization | 165.7 | 107.5 | ||||||
Net operating loss carryforward | 36.2 | 39.2 | ||||||
Deferred Tax Liabilities, Other Comprehensive Income | 15.3 | |||||||
Deferred Tax Liabilities, Other | (88.5) | |||||||
Accruals and reserves | (174.3) | (117.8) | ||||||
Employee compensation accruals | 1.2 | 0.4 | ||||||
Pension and other employee benefit plans | 98.6 | 0.4 | ||||||
Deferred Tax Asset, Interest Carryforward | 22.7 | 0 | ||||||
Deferred Tax Assets, State Taxes | 122.8 | 108.3 | ||||||
Interest expense limitation | 50.3 | 40.3 | ||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other | 11.8 | 9.8 | ||||||
Deferred Tax Assets, Tax Deferred Expense, Other | 8 | 8.6 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 0.3 | 0.2 | ||||||
Net deferred tax asset before valuation allowance | 328 | 108.4 | ||||||
Deferred Tax Liabilities, Net | (12.9) | |||||||
Net deferred tax (liability) | 98.2 | |||||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||||||
Non-current deferred tax assets | 0.1 | 106.5 | ||||||
Non-current deferred tax liabilities | (13) | (8.3) | ||||||
Net non-current deferred tax asset (liability) | 98.2 | |||||||
Total deferred tax asset (liability) | 98.2 | |||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||
Beginning Balance | 5.4 | 7.2 | 6.7 | |||||
Gross increases related to current period tax positions | 0.4 | 0.4 | 0 | |||||
Gross increases related to prior period tax positions | 0 | 0 | 0.5 | |||||
Gross decreases related to prior period tax positions | 0 | (2.2) | 0 | |||||
Statute of limitations' expiration | (3.3) | 0 | 0 | |||||
Settlements | 0 | 0 | 0 | |||||
Ending Balance | 16.5 | 16.5 | 5.4 | 7.2 | ||||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 14 | |||||||
Tax Credit Carryforward [Line Items] | ||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 15.3 | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||||
Unrecognized Tax Benefits | $ 16.5 | $ 16.5 | $ 7.2 | $ 7.2 | 16.5 | $ 5.4 | $ 7.2 | $ 6.7 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 15.3 |
Income Taxes (Details Textuals)
Income Taxes (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 15.3 | ||
Effective Income Tax Rate Reconciliation, Percent | 20.30% | 20.00% | 18.50% |
Deferred Tax Liabilities, Net | $ 12.9 | ||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (104.8) | ||
Deferred Tax Assets, Net | $ 98.2 | ||
Deferred Tax Assets, Gross | 328 | 108.4 | |
Deferred Tax Assets, Net of Valuation Allowance | 98.2 | ||
Deferred Tax Assets, Valuation Allowance | 340.9 | 10.2 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 110.1 | (3.2) | $ (2.2) |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 1.7 | $ (2) | $ 0 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 15.3 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||||||||||
Accumulated Other Comprehensive Income (Loss) | $ (154.1) | $ (109.2) | $ (154.1) | $ (109.2) | |||||||
Class of Stock [Line Items] | |||||||||||
Employee Stock Purchase Plan, Number of Allocated Shares | 1,000,000 | 1,000,000 | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.04 | $ 0.48 | $ 0.46 |
Issued But Unvested Shares (in shares) | 1,500,000 | 1,400,000 | 1,500,000 | 1,400,000 | 1,400,000 | ||||||
Noncontrolling interest | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | |||||||
Payments of Dividends | 15.4 | 50.4 | $ 48 | ||||||||
Basic EPS | |||||||||||
(Loss) income available to common shareholders | $ (870.3) | $ 529.7 | $ 616.5 | ||||||||
(Loss) income available to common shareholders (in shares) | 103,900,000 | 103,600,000 | 108,000,000 | ||||||||
Earnings Per Share, Basic | $ (2.85) | $ (1.50) | $ (2.46) | $ (1.57) | $ 0.65 | $ 1.27 | $ 1.62 | $ 1.57 | $ (8.38) | $ 5.11 | $ 5.71 |
Income allocated to participating securities | $ 0 | $ 0.4 | $ 0.5 | ||||||||
Income allocated to participating securities, shares | 0 | 100,000 | 100,000 | ||||||||
Net (loss) income | $ (295.9) | $ (155.5) | $ (255.9) | $ (163) | $ 67.7 | $ 131.3 | $ 168 | $ 163.1 | $ (870.3) | $ 530.1 | $ 617 |
Diluted potential common shares (in shares) | 1,000,000 | 1,000,000 | |||||||||
Diluted EPS | |||||||||||
Net income | $ (295.9) | $ (155.5) | $ (255.9) | $ (163) | $ 67.7 | $ 131.3 | $ 168 | $ 163.1 | $ (870.3) | $ 530.1 | $ 617 |
Shares | 103,900,000 | 104,700,000 | 109,100,000 | ||||||||
(Loss) earnings per share, diluted (in dollars per share) | $ (2.85) | $ (1.50) | $ (2.46) | $ (1.57) | $ 0.65 | $ 1.26 | $ 1.61 | $ 1.55 | $ (8.38) | $ 5.06 | $ 5.65 |
Common Class A [Member] | |||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Class B [Member] | |||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Common Stock, Shares Authorized | 0 | 0 | 0 | 0 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contingencies [Line Items] | ||||
Valuation allowance | $ (340.9) | $ (10.2) | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 110.1 | (3.2) | $ (2.2) | |
Service warranty roll forward | ||||
Charges to costs and expenses | 3.3 | (13.9) | 3.2 | |
Product Warranty Accrual, Payments | (1.9) | (1.7) | (1.2) | |
Write-offs, net of recoveries | (25) | (63.8) | ||
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition | 10.3 | |||
Exchange rate | 0.5 | 0.5 | 0.2 | |
Product Warranty And Extraordinary Rework, Ending Balance | 76.9 | 64.7 | 104.8 | |
Commitments Contingencies And Guarantees Textuals [Abstract] | ||||
Capital Commitments | 103.8 | 119.9 | ||
Outstanding Amount Of Guarantees | 19.6 | 21.5 | ||
Restricted Cash and Investments, Noncurrent | 19.5 | 16.4 | $ 20.2 | $ 20 |
Product Liability Accrual, Component Amount | 8.1 | |||
Product Liability Contingency, Loss Exposure in Excess of Accrual, Best Estimate | 12.1 | |||
Industrial Revenue Bond [Member] | ||||
Commitments Contingencies And Guarantees Textuals [Abstract] | ||||
Tax Exempt Bonds | $ 380.2 | $ 376.2 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Kansas Development Finance Authority bond | $ 3 | $ 3.7 | $ 3.8 |
Rental and miscellaneous income | 0.2 | 0.2 | 0.2 |
Pension Income (Expense) without Service Cost | (36.8) | 19.5 | 34.3 |
Interest Income, Other | 10 | 12.9 | 8 |
Other Income | (3.1) | 0.4 | 0.4 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (10.5) | (19) | (35.3) |
Gain (Loss) on Sale of Accounts Receivable | (8.9) | (24.7) | (16.5) |
Foreign currency losses | (27) | (12.3) | (1.9) |
Gain (Loss) Related to Litigation Settlement | 0 | 13.5 | |
Total Other (Expense) Income, net | (77.8) | $ (5.8) | $ (7) |
Accounts Receivable, Credit Loss Expense (Reversal) | $ (4.7) |
Significant Concentrations of R
Significant Concentrations of Risk (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Boeing [Member] | Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 60.00% | 79.00% | 79.00% |
Boeing [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 40.00% | 36.00% |
Airbus [Member] | Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.00% | 16.00% | 16.00% |
Airbus [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 37.00% | 41.00% | 48.00% |
Domestic Destination [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 9,700 | ||
percentage of represented workers | 83.00% | ||
U.K. [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 3,800 | ||
U.K. [Member] | Belfast | |||
Concentration Risk [Line Items] | |||
percentage of represented workers | 84.00% | ||
U.K. [Member] | Prestwick [Member] | |||
Concentration Risk [Line Items] | |||
percentage of represented workers | 57.00% | ||
Malaysia [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 700 | ||
France [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 100 | ||
Morocco [Member] | |||
Concentration Risk [Line Items] | |||
percentage of represented workers | 43.00% |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses other [Line Items] | ||
Other Accrued Liabilities, Current | $ 135.4 | $ 42.7 |
Accrued Liabilities, Current [Abstract] | ||
Accrued wages and bonuses | 41.1 | 35.2 |
Accrued fringe benefits | 103 | 125.5 |
Accrued interest | 29.1 | 3.5 |
Workers' compensation | 7.7 | 8.7 |
Property and sales tax | 47.2 | 24.1 |
Warranty/extraordinary rework reserve — current | 2.1 | 0.5 |
Other(1) | 135.4 | 42.7 |
Total | 365.6 | 240.2 |
Repayable Investment Agreement | 307.2 | |
Other Liabilities, Noncurrent [Abstract] | ||
Warranty/extraordinary rework reserve - non-current | 74.8 | 64.3 |
Other(3) | 55 | 31.5 |
Total | $ 437 | $ 95.8 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Oct. 01, 2020USD ($) | Jul. 02, 2020USD ($) | Apr. 02, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 26, 2019USD ($) | Jun. 27, 2019USD ($) | Mar. 28, 2019USD ($) | Dec. 31, 2020USD ($)customer | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Percentage Of Net Revenue Derived From Two Largest Customers | 83.00% | ||||||||||
Number Of Largest Customers | customer | 2 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of Goods and Services Sold | $ 3,845.5 | $ 6,786.4 | $ 6,135.9 | ||||||||
Segment Revenues | |||||||||||
Revenues | $ 876.6 | $ 806.3 | $ 644.6 | $ 1,077.3 | $ 1,959.3 | $ 1,919.9 | $ 2,016.1 | $ 1,967.8 | 3,404.8 | 7,863.1 | 7,222 |
Segment Operating Income | |||||||||||
Business Segment Operating Income | (524.7) | 1,064.8 | 1,086.3 | ||||||||
Corporate SG&A | (237.4) | (261.4) | (210.4) | ||||||||
Unallocated impact of severe weather event | 0 | 0 | 10 | ||||||||
Research and development | (38.8) | (54.5) | (42.5) | ||||||||
Unallocated cost of sales | (11.9) | 11.9 | (0.2) | ||||||||
Operating (loss) income | (101.4) | (176.9) | (367) | (167.5) | $ 95.7 | $ 206.1 | $ 226 | $ 233 | (812.8) | 760.8 | 843.2 |
Textuals [Abstract] | |||||||||||
Excess Capacity Costs- B737MAX and A320 Production Schedules | 50.1 | 72.6 | 82.8 | 73.4 | 278.9 | ||||||
Abnormal Costs- COVID19 production suspension | (0.1) | (10.9) | 19.3 | 25.4 | 33.7 | ||||||
Restructuring Charges | $ 4.6 | $ 19.5 | $ 6.3 | $ 42.6 | 73 | 0 | 0 | ||||
Product Warranty Expense | (3.3) | (13.9) | (1.1) | ||||||||
Fuselage Systems [Member] | |||||||||||
Segment Revenues | |||||||||||
Revenues | 1,725.9 | 4,206.2 | 4,000.8 | ||||||||
Segment Operating Income | |||||||||||
Business Segment Operating Income | (454.5) | 440.8 | 576.1 | ||||||||
Textuals [Abstract] | |||||||||||
Excess Capacity Costs- B737MAX and A320 Production Schedules | 175 | ||||||||||
Abnormal Costs- COVID19 production suspension | 19 | ||||||||||
Restructuring Charges | 41.3 | ||||||||||
Gain (Loss) on Disposition of Assets | (22.5) | ||||||||||
Propulsion Systems [Member] | |||||||||||
Segment Revenues | |||||||||||
Revenues | 784.5 | 2,057.8 | 1,702.5 | ||||||||
Segment Operating Income | |||||||||||
Business Segment Operating Income | (36.8) | 404.6 | 283.5 | ||||||||
Textuals [Abstract] | |||||||||||
Excess Capacity Costs- B737MAX and A320 Production Schedules | 61.1 | ||||||||||
Abnormal Costs- COVID19 production suspension | 7.2 | ||||||||||
Restructuring Charges | 15.2 | ||||||||||
Wing Systems [Member] | |||||||||||
Segment Revenues | |||||||||||
Revenues | 798.6 | 1,588.3 | 1,513 | ||||||||
Segment Operating Income | |||||||||||
Business Segment Operating Income | (68.1) | 216 | 226.4 | ||||||||
Textuals [Abstract] | |||||||||||
Excess Capacity Costs- B737MAX and A320 Production Schedules | 42.9 | ||||||||||
Abnormal Costs- COVID19 production suspension | 7.5 | ||||||||||
Restructuring Charges | 16.5 | ||||||||||
Gain (Loss) on Disposition of Assets | 0.4 | ||||||||||
Other Systems [Member] | |||||||||||
Segment Revenues | |||||||||||
Revenues | 95.8 | 10.8 | 5.7 | ||||||||
Segment Operating Income | |||||||||||
Business Segment Operating Income | 34.7 | $ 3.4 | $ 0.3 | ||||||||
A350 XWB recurring program [Member] | |||||||||||
Textuals [Abstract] | |||||||||||
Gain (Loss) on Disposition of Assets | $ 3.7 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 876.6 | $ 806.3 | $ 644.6 | $ 1,077.3 | $ 1,959.3 | $ 1,919.9 | $ 2,016.1 | $ 1,967.8 | $ 3,404.8 | $ 7,863.1 | $ 7,222 |
Total Percentage Revenues | 100.00% | 100.00% | 100.00% | ||||||||
Total Percentage Long Lived Assets | 100.00% | 100.00% | 100.00% | ||||||||
Property, plant and equipment, net | 2,503.8 | 2,271.7 | $ 2,503.8 | $ 2,271.7 | $ 2,167.6 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 6,566.3 | $ 5,967.1 | |||||||||
Percent of Total Net Revenues, United States | 77.00% | 84.00% | 83.00% | ||||||||
Long-Lived Assets | 1,931 | 2,079.4 | $ 1,931 | $ 2,079.4 | $ 2,003.9 | ||||||
United States | 77.00% | 92.00% | 92.00% | ||||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 771.9 | $ 763.3 | |||||||||
Percent of Total Net Revenues, International | 13.00% | 10.00% | 10.00% | ||||||||
Long-Lived Assets | 466.2 | 112.4 | $ 466.2 | $ 112.4 | $ 82.1 | ||||||
Disclosure on Geographic Areas, Long Lived Assets from External Customers Attributed to Foreign Countries | 19.00% | 5.00% | 4.00% | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 333.7 | $ 524.9 | $ 491.6 | ||||||||
Percent of Total Net Revenues, International | 10.00% | 6.00% | 7.00% | ||||||||
Long-Lived Assets | 106.6 | 79.9 | $ 106.6 | $ 79.9 | $ 81.6 | ||||||
Disclosure on Geographic Areas, Long Lived Assets from External Customers Attributed to Foreign Countries | 4.00% | 3.00% | 4.00% | ||||||||
Total International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 1,296.8 | $ 1,254.9 | |||||||||
Percent of Total Net Revenues, International | 23.00% | 16.00% | 17.00% | ||||||||
Long-Lived Assets | $ 572.8 | $ 192.3 | $ 572.8 | $ 192.3 | $ 163.7 | ||||||
Disclosure on Geographic Areas, Long Lived Assets from External Customers Attributed to Foreign Countries | 23.00% | 8.00% | 8.00% |
Restructuring and Related Activ
Restructuring and Related Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | $ 4.6 | $ 19.5 | $ 6.3 | $ 42.6 | $ 73 | $ 0 | $ 0 |
Employee Severance [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 51.4 | ||||||
Other Restructuring [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | $ 21.6 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 876.6 | $ 806.3 | $ 644.6 | $ 1,077.3 | $ 1,959.3 | $ 1,919.9 | $ 2,016.1 | $ 1,967.8 | $ 3,404.8 | $ 7,863.1 | $ 7,222 |
Gross Profit | (27.9) | (97.1) | (280.5) | (35.2) | 202 | 272.3 | 292.9 | 309.5 | |||
Operating income (loss) | (101.4) | (176.9) | (367) | (167.5) | 95.7 | 206.1 | 226 | 233 | (812.8) | 760.8 | 843.2 |
Net (loss) income | $ (295.9) | $ (155.5) | $ (255.9) | $ (163) | $ 67.7 | $ 131.3 | $ 168 | $ 163.1 | $ (870.3) | $ 530.1 | $ 617 |
Earnings Per Share, Basic | $ (2.85) | $ (1.50) | $ (2.46) | $ (1.57) | $ 0.65 | $ 1.27 | $ 1.62 | $ 1.57 | $ (8.38) | $ 5.11 | $ 5.71 |
(Loss) earnings per share, diluted (in dollars per share) | (2.85) | (1.50) | (2.46) | (1.57) | 0.65 | 1.26 | 1.61 | 1.55 | (8.38) | 5.06 | 5.65 |
Common Stock, Dividends, Per Share, Declared | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.04 | $ 0.48 | $ 0.46 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited)- Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Information [Line Items] | |||||||||||
Change In Accounting Estimate, aggregate, affecting earnings from continuing operations | $ 400.7 | $ 123.8 | $ (231.8) | $ 27.9 | $ 55.2 | $ 41.8 | $ 10.9 | $ 0.5 | $ (400.7) | $ (65.5) | $ 0.1 |
Provision For Loss On Contracts | 184.6 | $ 83.9 | 184.6 | 83.9 | |||||||
Restructuring Charges | 4.6 | 19.5 | 6.3 | 42.6 | 73 | 0 | 0 | ||||
Excess Capacity Costs- B737MAX and A320 Production Schedules | 50.1 | 72.6 | 82.8 | 73.4 | 278.9 | ||||||
Abnormal Costs- COVID19 production suspension | (0.1) | $ (10.9) | 19.3 | $ 25.4 | 33.7 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 22.9 | (22.9) | $ 0 | $ 0 | |||||||
Valuation Allowance - U.S. Deferred Tax Asset | $ 150.2 | $ 150.2 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Goodwill | $ 565.3 | $ 2.4 | $ 565.3 | $ 2.4 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||
Revenues | 876.6 | $ 806.3 | $ 644.6 | $ 1,077.3 | 1,959.3 | $ 1,919.9 | $ 2,016.1 | $ 1,967.8 | $ 3,404.8 | 7,863.1 | $ 7,222 |
Net income | $ (295.9) | $ (155.5) | $ (255.9) | $ (163) | $ 67.7 | $ 131.3 | $ 168 | $ 163.1 | $ (870.3) | $ 530.1 | $ 617 |
Earnings Per Share, Diluted | $ (2.85) | $ (1.50) | $ (2.46) | $ (1.57) | $ 0.65 | $ 1.26 | $ 1.61 | $ 1.55 | $ (8.38) | $ 5.06 | $ 5.65 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 24.4 | $ 24.4 | |||||||||
Provision for Loss on Contracts | 184.6 | $ 83.9 | $ 184.6 | $ 83.9 | |||||||
FMI Acquisition [Text Block] | FMI On January 10, 2020, Spirit completed the acquisition of 100% of the outstanding equity of FMI using cash on hand. The acquisition-date fair value of consideration transferred was $121.4, which included cash payment to the seller, payment of closing indebtedness, and payment of selling expenses. Acquiring FMI aligns with the Company's strategic growth objectives to diversify its customer base and expand the current defense business. FMI is an industry-leader in the design and manufacture of complex composite solutions that are primarily used in aerospace applications. FMI's main operations focus on multidirectional reinforced composites that enable high-temperature applications such as thermal protection systems, re-entry vehicle nose tips, and rocket motor throats and nozzles. Acquisition-related expenses were $0.5 for the twelve months ended December 31, 2020, and are included in selling, general and administrative costs on the condensed and consolidated statement of operations . The purchase price has been allocated among assets acquired and liabilities assumed at fair value, with the excess purchase price recorded as goodwill. The Company has recorded purchase accounting entries, which the Company concluded were final as of the quarter ended October 1, 2020: At January 10, 2020 Cash and cash equivalents $ 3.5 Accounts receivable 5.3 Inventory 1.9 Contract Assets, short-term 5.6 Prepaid and other current assets 0.5 Equipment and leasehold improvements 12.3 Intangible assets 30.0 Goodwill 76.0 Other noncurrent assets 0.2 Total assets acquired $ 135.3 Accounts payable and accrued liabilities 1.8 Income Tax Payable 1.4 Contract liabilities, short-term 2.2 Accrued payroll and employee benefits 0.6 Other current liabilities 0.2 Deferred income taxes, non-current 7.5 Other noncurrent liabilities 0.2 Total liabilities assumed 13.9 Net assets acquired $ 121.4 The intangible assets included above consist of the following: Amount Amortization Period (in years) Developed technology asset $ 30.0 15 Total intangible assets $ 30.0 15 FMI has developed proprietary know-how over the past 50 years related to its densification and weaving processes. FMI's densification and weaving processes are used to develop specialized composites which can withstand high temperatures and meet the structural requirements set forth by FMI's customers. FMI has developed proprietary designs for 3D and 4D weaving of uncrimped carbon fibers. The densification process utilizes proprietary formulas of heat, pressure, materials, and time to create high density composite solutions at scale. FMI's developed technology results in high strength to weight composites with unmatched density, stability, and heat resistance, which are essential for the mission critical markets it serves. This developed technology is the primary driver of FMI's longstanding, competitive advantage in the markets. FMI is typically engaged with government agencies through purchase orders and does not have any life of program commitments from customers. As a result of FMI’s existing developed technology and incumbent position on previous purchase orders, FMI is positioned to capture future government programs. As such, the developed technology and contract assets were subsumed into one consolidated intangible asset (collectively referred to as the developed technology asset). The developed technology intangible asset is deemed to be the primary revenue-generating identifiable intangible asset acquired in the Transaction. The multi-period excess earnings method was used as the approach for estimating the fair value of the developed technology intangible asset which utilizes significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. The principle behind this method is that the value of the intangible asset is equal to the present value of the after-tax cash flows attributable to the intangible asset only. The analysis included assumptions for projections of revenues and expenses, contributory asset charges, discount rates, and a tax impacts. The goodwill amount of $76.0 recognized is attributable primarily to expected revenue synergies generated by the integration of the Company's products and technologies with those of FMI and intangible assets that do not qualify for separate recognition, such as the assembled workforce of FMI. None of the goodwill is expected to be deductible for income tax purposes. The goodwill is allocated $42.9 to the Fuselage Systems segment and $33.1 to the Propulsion Systems segment. This allocation was based upon the fair value of the projected earnings as of the acquisition date. The recognized goodwill was adjusted from $76.2 to $76.0 resulting from settlement of net working capital in second quarter of 2020. See Note 12, Other Assets, Goodwill, and Intangible Assets for more information on goodwill. The Company’s consolidated income statement from the acquisition date to the period ending December 31, 2020 includes revenue and earnings of FMI of $58.8 and $7.7, respectively. The following summary, prepared on a pro forma basis, presents the unaudited consolidated results of operations for the twelve months ended December 31, 2020 and December 31, 2019 as if the acquisition of FMI had been completed as of the beginning of fiscal 2019, after including any post-acquisition adjustments directly attributable to the acquisition, and after including the impact of adjustments such as amortization of intangible assets, and interest expense on related borrowings and, in each case, the related income tax effects. These amounts have been calculated after substantively applying the Company’s accounting policies. This pro forma presentation does not include any impact of transaction synergies. The pro forma results are not necessarily indicative of the Company's results of operations had the Company owned FMI for the entire periods presented, nor does it purport to represent results for any future periods. For the Twelve Months Ended December 31, December 31, Revenue - as reported $ 3,404.8 $ 7,863.1 Revenue - pro forma 3,405.6 7,913.8 Net (loss) income - as reported $ (870.3) $ 530.1 Net (loss) income - pro forma (870.2) 534.9 Earnings Per Share - Diluted - as reported $ (8.38) $ 5.06 Earnings Per Share - Diluted - pro forma (8.38) 5.11 | ||||||||||
Propulsion Systems [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Goodwill | 33.1 | $ 33.1 | |||||||||
Revenues | 784.5 | 2,057.8 | $ 1,702.5 | ||||||||
Fuselage Systems [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Goodwill | 42.9 | 42.9 | |||||||||
Revenues | 1,725.9 | 4,206.2 | $ 4,000.8 | ||||||||
Asco [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Business Acquisition, Transaction Costs | 20 | 12.7 | 20 | 12.7 | |||||||
FMI [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Business Acquisition, Transaction Costs | $ 0.5 | $ 0.5 | |||||||||
Business Acquisition, Effective Date of Acquisition | Jan. 10, 2020 | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 10000.00% | 10000.00% | |||||||||
Business Acquisition, Name of Acquired Entity | FMI using cash on hand | ||||||||||
Business Combination, Consideration Transferred | $ 121.4 | ||||||||||
Business Acquisition, Description of Acquired Entity | FMI is an industry-leader in the design and manufacture of complex composite solutions that are primarily used in aerospace applications. FMI's main operations focus on multidirectional reinforced composites that enable high-temperature applications such as thermal protection systems, re-entry vehicle nose tips, and rocket motor throats and nozzles. | ||||||||||
Business Combination, Reason for Business Combination | Acquiring FMI aligns with the Company's strategic growth objectives to diversify its customer base and expand the current defense business. | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 3.5 | $ 3.5 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 5.3 | 5.3 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1.9 | 1.9 | |||||||||
business combination, recognized Identifiable Assets Acquired and Liabilities Assumed, Contract Assets | 5.6 | 5.6 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0.5 | 0.5 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12.3 | 12.3 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 30 | 30 | |||||||||
Goodwill | 76 | 76 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.2 | 0.2 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 135.3 | 135.3 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 1.8 | 1.8 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Tax Payable | 1.4 | 1.4 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contract Liabilities | 2.2 | 2.2 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Payroll and Employee Benefits | 0.6 | 0.6 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0.2 | 0.2 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 7.5 | 7.5 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0.2 | 0.2 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 13.9 | 13.9 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 121.4 | 121.4 | |||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 58.8 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 7.7 | ||||||||||
Business Acquisition, Pro Forma Revenue | 3,405.6 | 7,913.8 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ (870.2) | $ 534.9 | |||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ (8.38) | $ 5.11 | |||||||||
FMI [Member] | Propulsion Systems [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Goodwill | 33.1 | $ 33.1 | |||||||||
FMI [Member] | Fuselage Systems [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Goodwill | 42.9 | 42.9 | |||||||||
Bombardier Acquisition [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Business Acquisition, Transaction Costs | 11 | $ 19.6 | $ 11 | $ 19.6 | |||||||
Business Acquisition, Effective Date of Acquisition | Oct. 30, 2020 | ||||||||||
Business Combination, Consideration Transferred | $ 895 | ||||||||||
Business Acquisition, Description of Acquired Entity | The Bombardier Acquired Businesses are global leaders in aerostructures and fabrication, delivering composite and metallic wing components, nacelles, fuselages and tail assemblies, along with high-value mechanical assemblies made out of aluminum, titanium and steel. | ||||||||||
Business Combination, Reason for Business Combination | The acquisition is in line with the Company’s growth strategy of increasing Airbus content, developing low-cost country footprint, and growing the Company’s aftermarket business. | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4.4 | $ 4.4 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 94.1 | 94.1 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 252 | 252 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 11.1 | 11.1 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 373.6 | 373.6 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets, Right of Use | 27.7 | 27.7 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 188.1 | 188.1 | |||||||||
Goodwill | 486.8 | 486.8 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 11.7 | 11.7 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 1,449.5 | 1,449.5 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 90.4 | 90.4 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, forward loss provisions, short term | 19.2 | 19.2 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 31.5 | 31.5 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 262.4 | 262.4 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 313.4 | 313.4 | |||||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 27.5 | 27.5 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Retirement benefits | 316.3 | 316.3 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,174.5 | 1,174.5 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 275 | 275 | |||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 93.4 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (26.5) | ||||||||||
Business Acquisition, Pro Forma Revenue | 3,983.6 | 8,804.2 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ (883.2) | $ 596.3 | |||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ (8.50) | $ 5.70 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accrued payroll and employee benefits | 113.8 | $ 113.8 | |||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 316 | ||||||||||
Business Combination, Consideration Transferred, Other | 304 | ||||||||||
Payments to Acquire Businesses, Gross | 275 | ||||||||||
Bombardier Acquisition [Member] | Technology-Based Intangible Assets | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 64 | $ 64 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||
Bombardier Acquisition [Member] | Customer relationships [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 124.1 | $ 124.1 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Oct. 01, 2020 | Jul. 02, 2020 | Apr. 02, 2020 | Dec. 31, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Cash and cash equivalents | $ 1,873.3 | $ 2,350.5 | $ 1,873.3 | $ 2,350.5 | $ 773.6 | $ 423.3 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,893.1 | 2,367.2 | 1,893.1 | 2,367.2 | 794.1 | 445.5 | ||||||
Restricted Cash, Current | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 2.2 | ||||||
Condensed Consolidating Statements of Operations [Abstract] | ||||||||||||
Net revenues | 876.6 | $ 806.3 | $ 644.6 | $ 1,077.3 | 1,959.3 | $ 1,919.9 | $ 2,016.1 | $ 1,967.8 | 3,404.8 | 7,863.1 | 7,222 | |
Operating costs and expenses | ||||||||||||
Cost of sales | 3,845.5 | 6,786.4 | 6,135.9 | |||||||||
Selling, general and administrative | 237.4 | 261.4 | 210.4 | |||||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | 0 | 0 | (10) | |||||||||
Research and development | 38.8 | 54.5 | 42.5 | |||||||||
Total operating costs and expenses | 4,217.6 | 7,102.3 | 6,378.8 | |||||||||
Operating income (loss) | (101.4) | (176.9) | (367) | (167.5) | 95.7 | 206.1 | 226 | 233 | (812.8) | 760.8 | 843.2 | |
Interest expense and financing fee amortization | (195.3) | (91.9) | (80) | |||||||||
Other income, net | (77.8) | (5.8) | (7) | |||||||||
Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries | (1,085.9) | 663.1 | 756.2 | |||||||||
Income tax benefit (provision) | 220.2 | (132.8) | (139.8) | |||||||||
Income (loss) before equity in net income of affiliates and subsidiaries | (865.7) | 530.3 | 616.4 | |||||||||
Equity in net (loss) income of affiliates | (4.6) | (0.2) | 0.6 | |||||||||
Equity in net income of subsidiaries | 0 | 0 | 0 | |||||||||
Net (loss) income | (295.9) | (155.5) | (255.9) | (163) | 67.7 | $ 131.3 | $ 168 | $ 163.1 | (870.3) | 530.1 | 617 | |
Total other comprehensive income (loss) | (44.9) | 95.7 | (68.1) | |||||||||
Comprehensive income (loss) | (915.2) | 625.8 | 548.9 | |||||||||
Assets | ||||||||||||
Accounts receivable, net | 484.4 | 546.4 | 484.4 | 546.4 | ||||||||
Total current assets | 1,422.3 | 1,118.8 | 1,422.3 | 1,118.8 | ||||||||
Unbilled Contracts Receivable | 528.3 | 528.3 | ||||||||||
Unbilled Receivables, Current | 368.4 | 528.3 | 368.4 | 528.3 | ||||||||
Other current assets | 336.3 | 98.7 | 336.3 | 98.7 | ||||||||
Total current assets | 4,485 | 4,643 | 4,485 | 4,643 | ||||||||
Property, plant and equipment, net | 2,503.8 | 2,271.7 | 2,503.8 | 2,271.7 | 2,167.6 | |||||||
Operating Lease, Right-of-Use Asset | 70.6 | 48.9 | 70.6 | 48.9 | ||||||||
Unbilled Receivable, Non Current | 4.4 | 6.4 | 4.4 | 6.4 | ||||||||
Pension assets | 455.9 | 449.1 | 455.9 | 449.1 | ||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | ||||||||
Deferred tax asset-non-current, net | 0.1 | 106.5 | 0.1 | 106.5 | ||||||||
Goodwill | 565.3 | 2.4 | 565.3 | 2.4 | ||||||||
Other assets | 83.6 | 76.8 | 83.6 | 76.8 | ||||||||
Assets | 8,383.9 | 7,606 | 8,383.9 | 7,606 | ||||||||
Liabilities | ||||||||||||
Accounts payable | 558.9 | 1,058.3 | 558.9 | 1,058.3 | ||||||||
Accrued expenses | 365.6 | 240.2 | 365.6 | 240.2 | ||||||||
Profit sharing | 57 | 84.5 | 57 | 84.5 | ||||||||
Current portion of long-term debt | 340.7 | 50.2 | 340.7 | 50.2 | ||||||||
Operating Lease, Liability, Current | 5.5 | 6 | 5.5 | 6 | ||||||||
Advance payments, short-term | 18.9 | 21.6 | 18.9 | 21.6 | ||||||||
Billings in Excess of Cost, Current | 97.6 | 158.3 | 97.6 | 158.3 | ||||||||
Provision for Loss on Contracts | 184.6 | 83.9 | 184.6 | 83.9 | ||||||||
Deferred revenue and other deferred credits, short-term | 22.2 | 14.8 | 22.2 | 14.8 | ||||||||
Deferred grant income liability — current | 0 | 3.6 | 0 | 3.6 | ||||||||
Other current liabilities | 58.4 | 39.3 | 58.4 | 39.3 | ||||||||
Total current liabilities | 1,709.4 | 1,760.7 | 1,709.4 | 1,760.7 | ||||||||
Long-term debt | 3,532.9 | 2,984.1 | 3,532.9 | 2,984.1 | ||||||||
Operating Lease, Liability, Noncurrent | 66.6 | 43 | 66.6 | 43 | ||||||||
Advance payments, long-term | 327.4 | 333.3 | 327.4 | 333.3 | ||||||||
Pension/OPEB obligation | 440.2 | 35.7 | 440.2 | 35.7 | ||||||||
Billings in Excess of Cost, Noncurrent | 372 | 356.3 | 372 | 356.3 | ||||||||
Provision for Loss on Contacts, Non Current | 561.4 | 163.5 | 561.4 | 163.5 | ||||||||
Deferred grant income liability — non-current | 28.1 | 29 | 28.1 | 29 | ||||||||
Deferred revenue and other deferred credits | 38.9 | 34.4 | 38.9 | 34.4 | ||||||||
Deferred Tax Liabilities, Net, Noncurrent | 13 | 8.3 | 13 | 8.3 | ||||||||
Other non-current liabilities | 437 | 95.8 | 437 | 95.8 | ||||||||
Total equity | 857 | 1,761.9 | 857 | 1,761.9 | ||||||||
Total liabilities and equity | 8,383.9 | 7,606 | 8,383.9 | 7,606 | ||||||||
Operating activities | ||||||||||||
Net cash provided (used in) by operating activities | (744.9) | 922.7 | 769.9 | |||||||||
Investing activities | ||||||||||||
Purchase of property, plant and equipment | (118.9) | (232.2) | (271.2) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (388.5) | |||||||||||
Other | 5.4 | (7.7) | 3.4 | |||||||||
Net cash used in investing activities | (502) | (239.9) | (267.8) | |||||||||
Financing activities | ||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 1,700 | 250 | 1,300 | |||||||||
Proceeds from Lines of Credit | 0 | 900 | 0 | |||||||||
Proceeds from Issuance of Secured Debt | 400 | |||||||||||
Proceeds from (Repayments of) Other Debt | 10 | |||||||||||
Principal payments of debt | (31.6) | (13.4) | (6.7) | |||||||||
Payments on term loans | 0 | 0 | 0 | |||||||||
Repayments of Debt | (439.7) | (16.6) | (256.3) | |||||||||
Repayments of Unsecured Debt | (300) | |||||||||||
Repayments of Lines of Credit | (800) | (100) | 0 | |||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (14.5) | (12.9) | (15.6) | |||||||||
Proceeds from Stock Plans | 2.6 | 2.6 | 2.1 | |||||||||
Proceeds from (Payments for) Other Financing Activities | (0.1) | 0.9 | ||||||||||
Payments for Repurchase of Common Stock | (0.1) | (75.8) | (805.8) | |||||||||
Proceeds from subsidiary (payments to Parent) to pay dividends | 0 | 0 | 0 | |||||||||
Payments of Dividends | (15.4) | (50.4) | (48) | |||||||||
Other Financing Cash Flows | (0.1) | 0.9 | ||||||||||
Net cash provided by (used in) financing activities | 769.5 | 884.4 | (153.5) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 3.3 | 5.9 | 0 | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash for the period | (474.1) | 1,573.1 | 348.6 | |||||||||
Intangible Assets, Net (Excluding Goodwill) | 215.2 | 1.2 | 215.2 | 1.2 | ||||||||
Payments of Financing Costs | (41.9) | 0 | (23.2) | |||||||||
Restructuring Charges | 4.6 | $ 19.5 | 6.3 | $ 42.6 | 73 | 0 | 0 | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (22.9) | 22.9 | 0 | 0 | ||||||||
Proceeds (payments) from subsidiary for purchase of treasury stock | 0 | 0 | 0 | |||||||||
Parent Company [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Restricted Cash, Current | 0 | 0 | 0 | 0 | ||||||||
Condensed Consolidating Statements of Operations [Abstract] | ||||||||||||
Net revenues | 0 | 0 | 0 | |||||||||
Operating costs and expenses | ||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 13.9 | 18.1 | 10.4 | |||||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | ||||||||||||
Research and development | 0 | 0 | 0 | |||||||||
Total operating costs and expenses | 13.9 | 18.1 | 10.4 | |||||||||
Operating income (loss) | (13.9) | (18.1) | (10.4) | |||||||||
Interest expense and financing fee amortization | 0 | 0 | 0 | |||||||||
Other income, net | 0 | 0 | 0 | |||||||||
Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries | (13.9) | (18.1) | (10.4) | |||||||||
Income tax benefit (provision) | 2.9 | 3.9 | 1.9 | |||||||||
Income (loss) before equity in net income of affiliates and subsidiaries | (11) | (14.2) | (8.5) | |||||||||
Equity in net (loss) income of affiliates | 0 | (0.2) | 0.6 | |||||||||
Equity in net income of subsidiaries | (859.3) | 544.5 | 624.9 | |||||||||
Net (loss) income | (870.3) | 530.1 | 617 | |||||||||
Total other comprehensive income (loss) | (44.9) | 95.7 | (68.1) | |||||||||
Comprehensive income (loss) | (915.2) | 625.8 | 548.9 | |||||||||
Assets | ||||||||||||
Accounts receivable, net | 0 | 0 | 0 | 0 | ||||||||
Total current assets | 0 | 0 | 0 | 0 | ||||||||
Unbilled Contracts Receivable | 0 | 0 | ||||||||||
Unbilled Receivables, Current | 0 | 0 | ||||||||||
Other current assets | 0 | 0 | 0 | 0 | ||||||||
Total current assets | 0 | 0 | 0 | 0 | ||||||||
Property, plant and equipment, net | 0 | 0 | 0 | 0 | ||||||||
Operating Lease, Right-of-Use Asset | 0 | 0 | 0 | 0 | ||||||||
Unbilled Receivable, Non Current | 0 | 0 | 0 | 0 | ||||||||
Pension assets | 0 | 0 | 0 | 0 | ||||||||
Intangible assets, net | 856.9 | 1,761.9 | 856.9 | 1,761.9 | ||||||||
Deferred tax asset-non-current, net | 0 | 0 | 0 | 0 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | ||||||||
Other assets | 0 | 0 | 0 | 0 | ||||||||
Assets | 856.9 | 1,761.9 | 856.9 | 1,761.9 | ||||||||
Liabilities | ||||||||||||
Accounts payable | 0 | 0 | 0 | 0 | ||||||||
Accrued expenses | 0 | 0 | 0 | 0 | ||||||||
Profit sharing | 0 | 0 | 0 | 0 | ||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | ||||||||
Operating Lease, Liability, Current | 0 | 0 | 0 | 0 | ||||||||
Advance payments, short-term | 0 | 0 | 0 | 0 | ||||||||
Billings in Excess of Cost, Current | 0 | 0 | 0 | 0 | ||||||||
Provision for Loss on Contracts | 0 | 0 | 0 | 0 | ||||||||
Deferred revenue and other deferred credits, short-term | 0 | 0 | 0 | 0 | ||||||||
Deferred grant income liability — current | 0 | 0 | ||||||||||
Other current liabilities | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | 0 | 0 | 0 | 0 | ||||||||
Long-term debt | 0 | 0 | 0 | 0 | ||||||||
Operating Lease, Liability, Noncurrent | 0 | 0 | 0 | 0 | ||||||||
Advance payments, long-term | 0 | 0 | 0 | 0 | ||||||||
Pension/OPEB obligation | 0 | 0 | 0 | 0 | ||||||||
Billings in Excess of Cost, Noncurrent | 0 | 0 | 0 | 0 | ||||||||
Provision for Loss on Contacts, Non Current | 0 | 0 | 0 | 0 | ||||||||
Deferred grant income liability — non-current | 0 | 0 | 0 | 0 | ||||||||
Deferred revenue and other deferred credits | 0 | 0 | 0 | 0 | ||||||||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | 0 | 0 | ||||||||
Other non-current liabilities | 0 | 0 | 0 | 0 | ||||||||
Total equity | 856.9 | 1,761.9 | 856.9 | 1,761.9 | ||||||||
Total liabilities and equity | 856.9 | 1,761.9 | 856.9 | 1,761.9 | ||||||||
Operating activities | ||||||||||||
Net cash provided (used in) by operating activities | 0 | 0 | 0 | |||||||||
Investing activities | ||||||||||||
Purchase of property, plant and equipment | 0 | 0 | 0 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||||||||
Other | 0 | 0 | 0 | |||||||||
Net cash used in investing activities | 0 | 0 | 0 | |||||||||
Financing activities | ||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 0 | |||||||||
Proceeds from Lines of Credit | 0 | |||||||||||
Proceeds from Issuance of Secured Debt | 0 | |||||||||||
Proceeds from (Repayments of) Other Debt | 0 | |||||||||||
Principal payments of debt | 0 | 0 | 0 | |||||||||
Payments on term loans | 0 | 0 | 0 | |||||||||
Repayments of Debt | 0 | 0 | 0 | |||||||||
Repayments of Unsecured Debt | 0 | |||||||||||
Repayments of Lines of Credit | 0 | 0 | ||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | 0 | |||||||||
Proceeds from Stock Plans | 0 | 0 | 0 | |||||||||
Proceeds from (Payments for) Other Financing Activities | ||||||||||||
Payments for Repurchase of Common Stock | 0.1 | 75.8 | 805.8 | |||||||||
Proceeds from subsidiary (payments to Parent) to pay dividends | (15.4) | (50.4) | (48) | |||||||||
Payments of Dividends | 15.4 | 50.4 | 48 | |||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash for the period | 0 | 0 | 0 | |||||||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | 0 | 0 | ||||||||
Payments of Financing Costs | 0 | 0 | ||||||||||
Restructuring Charges | 0 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | |||||||||||
Proceeds (payments) from subsidiary for purchase of treasury stock | (0.1) | 75.8 | 805.8 | |||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Cash and cash equivalents | 208.8 | 157.2 | 208.8 | 157.2 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 208.7 | 157.2 | 208.7 | 157.2 | 68.6 | 58.2 | ||||||
Restricted Cash, Current | 0 | 0 | 0 | 0 | ||||||||
Condensed Consolidating Statements of Operations [Abstract] | ||||||||||||
Net revenues | 689 | 965.5 | 919.3 | |||||||||
Operating costs and expenses | ||||||||||||
Cost of sales | 663.8 | 823.7 | 792.7 | |||||||||
Selling, general and administrative | 19.9 | 16.8 | 15.3 | |||||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | ||||||||||||
Research and development | 6.5 | 6.4 | 4.2 | |||||||||
Total operating costs and expenses | 700.7 | 846.9 | 812.2 | |||||||||
Operating income (loss) | (11.7) | 118.6 | 107.1 | |||||||||
Interest expense and financing fee amortization | (5.8) | (3.9) | (5.2) | |||||||||
Other income, net | (20) | (2.7) | (2.1) | |||||||||
Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries | (37.5) | 112 | 99.8 | |||||||||
Income tax benefit (provision) | 4.5 | (13.9) | (16.9) | |||||||||
Income (loss) before equity in net income of affiliates and subsidiaries | (33) | 98.1 | 82.9 | |||||||||
Equity in net (loss) income of affiliates | (4.6) | (0.2) | 0.6 | |||||||||
Equity in net income of subsidiaries | 0 | 0 | 0 | |||||||||
Net (loss) income | (37.6) | 97.9 | 83.5 | |||||||||
Total other comprehensive income (loss) | (72.2) | 24.5 | (26.3) | |||||||||
Comprehensive income (loss) | (109.8) | 122.4 | 57.2 | |||||||||
Assets | ||||||||||||
Accounts receivable, net | 329.1 | 250.7 | 329.1 | 250.7 | ||||||||
Total current assets | 437.1 | 195.2 | 437.1 | 195.2 | ||||||||
Unbilled Contracts Receivable | 69.5 | 69.5 | ||||||||||
Unbilled Receivables, Current | 48.6 | 48.6 | ||||||||||
Other current assets | 17.8 | 5.2 | 17.8 | 5.2 | ||||||||
Total current assets | 1,041.4 | 677.8 | 1,041.4 | 677.8 | ||||||||
Property, plant and equipment, net | 572.8 | 192.4 | 572.8 | 192.4 | ||||||||
Operating Lease, Right-of-Use Asset | 27 | 0.2 | 27 | 0.2 | ||||||||
Unbilled Receivable, Non Current | 0 | 0 | 0 | 0 | ||||||||
Pension assets | 27.2 | 24.9 | 27.2 | 24.9 | ||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | ||||||||
Deferred tax asset-non-current, net | 0.1 | 0.2 | 0.1 | 0.2 | ||||||||
Goodwill | 464.9 | 2.4 | 464.9 | 2.4 | ||||||||
Other assets | 128.7 | 116 | 128.7 | 116 | ||||||||
Assets | 2,448.3 | 1,013.9 | 2,448.3 | 1,013.9 | ||||||||
Liabilities | ||||||||||||
Accounts payable | 222.7 | 175.1 | 222.7 | 175.1 | ||||||||
Accrued expenses | 131.8 | 29.4 | 131.8 | 29.4 | ||||||||
Profit sharing | 6.2 | 7.6 | 6.2 | 7.6 | ||||||||
Current portion of long-term debt | 2.8 | 1.6 | 2.8 | 1.6 | ||||||||
Operating Lease, Liability, Current | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||
Advance payments, short-term | 1.3 | 0 | 1.3 | 0 | ||||||||
Billings in Excess of Cost, Current | 0.8 | 0 | 0.8 | 0 | ||||||||
Provision for Loss on Contracts | 22.5 | 0 | 22.5 | 0 | ||||||||
Deferred revenue and other deferred credits, short-term | 9.5 | 0.3 | 9.5 | 0.3 | ||||||||
Deferred grant income liability — current | 1 | 1 | ||||||||||
Other current liabilities | 34.4 | 10.5 | 34.4 | 10.5 | ||||||||
Total current liabilities | 432.1 | 225.6 | 432.1 | 225.6 | ||||||||
Long-term debt | 94.8 | 94.7 | 94.8 | 94.7 | ||||||||
Operating Lease, Liability, Noncurrent | 28.2 | 0.1 | 28.2 | 0.1 | ||||||||
Advance payments, long-term | 0 | 0 | 0 | 0 | ||||||||
Pension/OPEB obligation | 399.6 | 0 | 399.6 | 0 | ||||||||
Billings in Excess of Cost, Noncurrent | 1 | 0 | 1 | 0 | ||||||||
Provision for Loss on Contacts, Non Current | 262.4 | 0 | 262.4 | 0 | ||||||||
Deferred grant income liability — non-current | 19.4 | 19.8 | 19.4 | 19.8 | ||||||||
Deferred revenue and other deferred credits | 7.4 | 4 | 7.4 | 4 | ||||||||
Deferred Tax Liabilities, Net, Noncurrent | 12.3 | 8.3 | 12.3 | 8.3 | ||||||||
Other non-current liabilities | 337.8 | 6.3 | 337.8 | 6.3 | ||||||||
Total equity | 853.3 | 655.1 | 853.3 | 655.1 | ||||||||
Total liabilities and equity | 2,448.3 | 1,013.9 | 2,448.3 | 1,013.9 | ||||||||
Operating activities | ||||||||||||
Net cash provided (used in) by operating activities | (16.2) | 178 | 108.5 | |||||||||
Investing activities | ||||||||||||
Purchase of property, plant and equipment | (24.4) | (37) | (22.1) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (227.6) | |||||||||||
Other | 4.9 | (7.9) | 0.6 | |||||||||
Net cash used in investing activities | (247.1) | (44.9) | (21.5) | |||||||||
Financing activities | ||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 0 | |||||||||
Proceeds from Lines of Credit | 0 | |||||||||||
Proceeds from Issuance of Secured Debt | 0 | |||||||||||
Proceeds from (Repayments of) Other Debt | 0 | |||||||||||
Principal payments of debt | 2 | (0.7) | (0.7) | |||||||||
Payments on term loans | 314 | (49.4) | (75.9) | |||||||||
Repayments of Debt | 0 | 0 | 0 | |||||||||
Repayments of Unsecured Debt | 0 | |||||||||||
Repayments of Lines of Credit | 0 | 0 | ||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | 0 | |||||||||
Proceeds from Stock Plans | 0 | 0 | 0 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||||||||||
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |||||||||
Proceeds from subsidiary (payments to Parent) to pay dividends | 0 | 0.3 | 0 | |||||||||
Payments of Dividends | 0 | 0 | 0 | |||||||||
Net cash provided by (used in) financing activities | 312 | (50.4) | (76.6) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 2.8 | 5.9 | 0 | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash for the period | 51.5 | 88.6 | 10.4 | |||||||||
Intangible Assets, Net (Excluding Goodwill) | 186.2 | 0 | 186.2 | 0 | ||||||||
Payments of Financing Costs | 0 | 0 | ||||||||||
Restructuring Charges | 10.5 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | |||||||||||
Proceeds (payments) from subsidiary for purchase of treasury stock | 0 | 0 | 0 | |||||||||
Subsidiary Issuer [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Cash and cash equivalents | 1,664.5 | 2,193.3 | 1,664.5 | 2,193.3 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,684.4 | 2,210 | 1,684.4 | 2,210 | 725.5 | 387.3 | ||||||
Restricted Cash, Current | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||
Condensed Consolidating Statements of Operations [Abstract] | ||||||||||||
Net revenues | 2,859.7 | 7,116.7 | 6,487.3 | |||||||||
Operating costs and expenses | ||||||||||||
Cost of sales | 3,339.4 | 6,197 | 5,541.4 | |||||||||
Selling, general and administrative | 200.9 | 223.3 | 182.6 | |||||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | 61.2 | (10) | ||||||||||
Research and development | 32 | 47 | 37.5 | |||||||||
Total operating costs and expenses | 3,652.7 | 6,467.3 | 5,751.5 | |||||||||
Operating income (loss) | (793) | 649.4 | 735.8 | |||||||||
Interest expense and financing fee amortization | (191.5) | (91.6) | (79.7) | |||||||||
Other income, net | (55.5) | 0.5 | 0 | |||||||||
Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries | (1,040) | 558.3 | 656.1 | |||||||||
Income tax benefit (provision) | 214.2 | (120.2) | (122.3) | |||||||||
Income (loss) before equity in net income of affiliates and subsidiaries | (825.8) | 438.1 | 533.8 | |||||||||
Equity in net (loss) income of affiliates | 0 | 0 | 0 | |||||||||
Equity in net income of subsidiaries | (33.5) | 106.4 | 91 | |||||||||
Net (loss) income | (859.3) | 544.5 | 624.8 | |||||||||
Total other comprehensive income (loss) | (44.9) | 95.7 | (68.1) | |||||||||
Comprehensive income (loss) | (904.2) | 640.2 | 556.7 | |||||||||
Assets | ||||||||||||
Accounts receivable, net | 486.4 | 565.4 | 486.4 | 565.4 | ||||||||
Total current assets | 828.4 | 786.8 | 828.4 | 786.8 | ||||||||
Unbilled Contracts Receivable | 458.8 | 458.8 | ||||||||||
Unbilled Receivables, Current | 319.8 | 319.8 | ||||||||||
Other current assets | 318.5 | 93.5 | 318.5 | 93.5 | ||||||||
Total current assets | 3,617.9 | 4,098.1 | 3,617.9 | 4,098.1 | ||||||||
Property, plant and equipment, net | 1,666.7 | 1,773 | 1,666.7 | 1,773 | ||||||||
Operating Lease, Right-of-Use Asset | 36.7 | 41.2 | 36.7 | 41.2 | ||||||||
Unbilled Receivable, Non Current | 4.4 | 6.4 | 4.4 | 6.4 | ||||||||
Pension assets | 428.7 | 424.2 | 428.7 | 424.2 | ||||||||
Intangible assets, net | 1,040.8 | 838.4 | 1,040.8 | 838.4 | ||||||||
Deferred tax asset-non-current, net | 0 | 106.3 | 0 | 106.3 | ||||||||
Goodwill | 100.4 | 0 | 100.4 | 0 | ||||||||
Other assets | 140.7 | 147.6 | 140.7 | 147.6 | ||||||||
Assets | 7,065.3 | 7,436.4 | 7,065.3 | 7,436.4 | ||||||||
Liabilities | ||||||||||||
Accounts payable | 514.6 | 977.1 | 514.6 | 977.1 | ||||||||
Accrued expenses | 233.7 | 210 | 233.7 | 210 | ||||||||
Profit sharing | 50.8 | 76.9 | 50.8 | 76.9 | ||||||||
Current portion of long-term debt | 337.7 | 48.4 | 337.7 | 48.4 | ||||||||
Operating Lease, Liability, Current | 4.8 | 5.3 | 4.8 | 5.3 | ||||||||
Advance payments, short-term | 17.6 | 21.6 | 17.6 | 21.6 | ||||||||
Billings in Excess of Cost, Current | 96.8 | 158.3 | 96.8 | 158.3 | ||||||||
Provision for Loss on Contracts | 162.1 | 83.9 | 162.1 | 83.9 | ||||||||
Deferred revenue and other deferred credits, short-term | 12.7 | 14.5 | 12.7 | 14.5 | ||||||||
Deferred grant income liability — current | 0.5 | 0.5 | ||||||||||
Other current liabilities | 24 | 28.8 | 24 | 28.8 | ||||||||
Total current liabilities | 1,454.8 | 1,625.3 | 1,454.8 | 1,625.3 | ||||||||
Long-term debt | 3,522.7 | 2,974.7 | 3,522.7 | 2,974.7 | ||||||||
Operating Lease, Liability, Noncurrent | 32.1 | 36 | 32.1 | 36 | ||||||||
Advance payments, long-term | 327.4 | 333.3 | 327.4 | 333.3 | ||||||||
Pension/OPEB obligation | 40.6 | 35.7 | 40.6 | 35.7 | ||||||||
Billings in Excess of Cost, Noncurrent | 371 | 356.3 | 371 | 356.3 | ||||||||
Provision for Loss on Contacts, Non Current | 299 | 163.5 | 299 | 163.5 | ||||||||
Deferred grant income liability — non-current | 8.7 | 9.2 | 8.7 | 9.2 | ||||||||
Deferred revenue and other deferred credits | 31.5 | 30.4 | 31.5 | 30.4 | ||||||||
Deferred Tax Liabilities, Net, Noncurrent | 0.7 | 0 | 0.7 | 0 | ||||||||
Other non-current liabilities | 199.8 | 190.1 | 199.8 | 190.1 | ||||||||
Total equity | 777 | 1,681.9 | 777 | 1,681.9 | ||||||||
Total liabilities and equity | 7,065.3 | 7,436.4 | 7,065.3 | 7,436.4 | ||||||||
Operating activities | ||||||||||||
Net cash provided (used in) by operating activities | (720.1) | 733.3 | 643.1 | |||||||||
Investing activities | ||||||||||||
Purchase of property, plant and equipment | (92.3) | (184) | (230.5) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (160.9) | |||||||||||
Other | 0.5 | 0.2 | 2.3 | |||||||||
Net cash used in investing activities | (252.7) | (183.8) | (228.2) | |||||||||
Financing activities | ||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 1,700 | 250 | 1,300 | |||||||||
Proceeds from Lines of Credit | 900 | |||||||||||
Proceeds from Issuance of Secured Debt | 400 | |||||||||||
Proceeds from (Repayments of) Other Debt | 10 | |||||||||||
Principal payments of debt | 29.4 | (12.5) | (5.8) | |||||||||
Payments on term loans | (325) | 49.4 | 75.9 | |||||||||
Repayments of Debt | 439.7 | 16.6 | 256.3 | |||||||||
Repayments of Unsecured Debt | 300 | |||||||||||
Repayments of Lines of Credit | 800 | 100 | ||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (14.5) | (12.9) | (15.6) | |||||||||
Proceeds from Stock Plans | 2.6 | 2.6 | 2.1 | |||||||||
Proceeds from (Payments for) Other Financing Activities | (0.1) | 0.9 | ||||||||||
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |||||||||
Proceeds from subsidiary (payments to Parent) to pay dividends | 15.4 | 50.1 | 48 | |||||||||
Payments of Dividends | 0 | 0 | 0 | |||||||||
Net cash provided by (used in) financing activities | 446.7 | 935 | (76.7) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0.5 | 0 | 0 | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash for the period | (525.6) | 1,484.5 | 338.2 | |||||||||
Intangible Assets, Net (Excluding Goodwill) | 29 | 1.2 | 29 | 1.2 | ||||||||
Payments of Financing Costs | 41.9 | 23.2 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 19.2 | |||||||||||
Proceeds (payments) from subsidiary for purchase of treasury stock | 0.1 | (75.8) | (805.8) | |||||||||
Guarantor Subsidiaries | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Restricted Cash, Current | 0 | 0 | 0 | 0 | ||||||||
Condensed Consolidating Statements of Operations [Abstract] | ||||||||||||
Net revenues | 281.7 | 455 | 441.9 | |||||||||
Operating costs and expenses | ||||||||||||
Cost of sales | 267.9 | 439.8 | 428.3 | |||||||||
Selling, general and administrative | 2.7 | 3.2 | 2.1 | |||||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | ||||||||||||
Research and development | 0.3 | 1.1 | 0.8 | |||||||||
Total operating costs and expenses | 275.9 | 444.1 | 431.2 | |||||||||
Operating income (loss) | 5.8 | 10.9 | 10.7 | |||||||||
Interest expense and financing fee amortization | (0.1) | 0 | 0 | |||||||||
Other income, net | (0.2) | 0 | 0 | |||||||||
Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries | 5.5 | 10.9 | 10.7 | |||||||||
Income tax benefit (provision) | (1.4) | (2.6) | (2.5) | |||||||||
Income (loss) before equity in net income of affiliates and subsidiaries | 4.1 | 8.3 | 8.2 | |||||||||
Equity in net (loss) income of affiliates | 0 | 0 | 0 | |||||||||
Equity in net income of subsidiaries | 0 | 0 | 0 | |||||||||
Net (loss) income | 4.1 | 8.3 | 8.2 | |||||||||
Total other comprehensive income (loss) | 0 | 0 | 0 | |||||||||
Comprehensive income (loss) | 4.1 | 8.3 | 8.2 | |||||||||
Assets | ||||||||||||
Accounts receivable, net | 82.7 | 50.5 | 82.7 | 50.5 | ||||||||
Total current assets | 156.8 | 136.8 | 156.8 | 136.8 | ||||||||
Unbilled Contracts Receivable | 0 | 0 | ||||||||||
Unbilled Receivables, Current | 0 | 0 | ||||||||||
Other current assets | 0 | 0 | 0 | 0 | ||||||||
Total current assets | 239.5 | 187.3 | 239.5 | 187.3 | ||||||||
Property, plant and equipment, net | 264.3 | 306.3 | 264.3 | 306.3 | ||||||||
Operating Lease, Right-of-Use Asset | 6.9 | 7.5 | 6.9 | 7.5 | ||||||||
Unbilled Receivable, Non Current | 0 | 0 | 0 | 0 | ||||||||
Pension assets | 0 | 0 | 0 | 0 | ||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | ||||||||
Deferred tax asset-non-current, net | 0 | 0 | 0 | 0 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | ||||||||
Other assets | 0 | 0 | 0 | 0 | ||||||||
Assets | 510.7 | 501.1 | 510.7 | 501.1 | ||||||||
Liabilities | ||||||||||||
Accounts payable | 235.1 | 226.3 | 235.1 | 226.3 | ||||||||
Accrued expenses | 0.4 | 0.8 | 0.4 | 0.8 | ||||||||
Profit sharing | 0 | 0 | 0 | 0 | ||||||||
Current portion of long-term debt | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||
Operating Lease, Liability, Current | 0.6 | 0.6 | 0.6 | 0.6 | ||||||||
Advance payments, short-term | 0 | 0 | 0 | 0 | ||||||||
Billings in Excess of Cost, Current | 0 | 0 | 0 | 0 | ||||||||
Provision for Loss on Contracts | 0 | 0 | 0 | 0 | ||||||||
Deferred revenue and other deferred credits, short-term | 0 | 0 | 0 | 0 | ||||||||
Deferred grant income liability — current | 2.1 | 2.1 | ||||||||||
Other current liabilities | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | 236.3 | 230 | 236.3 | 230 | ||||||||
Long-term debt | 0.6 | 0.9 | 0.6 | 0.9 | ||||||||
Operating Lease, Liability, Noncurrent | 6.3 | 6.9 | 6.3 | 6.9 | ||||||||
Advance payments, long-term | 0 | 0 | 0 | 0 | ||||||||
Pension/OPEB obligation | 0 | 0 | 0 | 0 | ||||||||
Billings in Excess of Cost, Noncurrent | 0 | 0 | 0 | 0 | ||||||||
Provision for Loss on Contacts, Non Current | 0 | 0 | 0 | 0 | ||||||||
Deferred grant income liability — non-current | 0 | 0 | 0 | 0 | ||||||||
Deferred revenue and other deferred credits | 0 | 0 | 0 | 0 | ||||||||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | 0 | 0 | ||||||||
Other non-current liabilities | 0 | 0 | 0 | 0 | ||||||||
Total equity | 267.5 | 263.3 | 267.5 | 263.3 | ||||||||
Total liabilities and equity | 510.7 | 501.1 | 510.7 | 501.1 | ||||||||
Operating activities | ||||||||||||
Net cash provided (used in) by operating activities | (8.6) | 11.4 | 18.3 | |||||||||
Investing activities | ||||||||||||
Purchase of property, plant and equipment | (2.2) | (11.2) | (18.6) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||||||||
Other | 0 | 0 | 0.5 | |||||||||
Net cash used in investing activities | (2.2) | (11.2) | (18.1) | |||||||||
Financing activities | ||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 0 | |||||||||
Proceeds from Lines of Credit | 0 | |||||||||||
Proceeds from Issuance of Secured Debt | 0 | |||||||||||
Proceeds from (Repayments of) Other Debt | 0 | |||||||||||
Principal payments of debt | 0.2 | (0.2) | (0.2) | |||||||||
Payments on term loans | 11 | 0 | 0 | |||||||||
Repayments of Debt | 0 | 0 | 0 | |||||||||
Repayments of Unsecured Debt | 0 | |||||||||||
Repayments of Lines of Credit | 0 | 0 | ||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | 0 | |||||||||
Proceeds from Stock Plans | 0 | 0 | 0 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||||||||||
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |||||||||
Proceeds from subsidiary (payments to Parent) to pay dividends | 0 | 0 | 0 | |||||||||
Payments of Dividends | 0 | 0 | 0 | |||||||||
Net cash provided by (used in) financing activities | 10.8 | (0.2) | (0.2) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash for the period | 0 | 0 | 0 | |||||||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | 0 | 0 | ||||||||
Payments of Financing Costs | 0 | 0 | ||||||||||
Restructuring Charges | 1.3 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 3.7 | |||||||||||
Proceeds (payments) from subsidiary for purchase of treasury stock | 0 | 0 | 0 | |||||||||
Consolidation, Eliminations [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||
Restricted Cash, Current | 0 | 0 | 0 | 0 | ||||||||
Condensed Consolidating Statements of Operations [Abstract] | ||||||||||||
Net revenues | (425.6) | (674.1) | (626.5) | |||||||||
Operating costs and expenses | ||||||||||||
Cost of sales | (425.6) | (674.1) | (626.5) | |||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | ||||||||||||
Research and development | 0 | 0 | 0 | |||||||||
Total operating costs and expenses | (425.6) | (674.1) | (626.5) | |||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||
Interest expense and financing fee amortization | 2.1 | 3.6 | 4.9 | |||||||||
Other income, net | (2.1) | (3.6) | (4.9) | |||||||||
Income (loss) before income taxes and equity in net income (loss) of affiliates and subsidiaries | 0 | 0 | 0 | |||||||||
Income tax benefit (provision) | 0 | 0 | 0 | |||||||||
Income (loss) before equity in net income of affiliates and subsidiaries | 0 | 0 | 0 | |||||||||
Equity in net (loss) income of affiliates | 0 | 0.2 | (0.6) | |||||||||
Equity in net income of subsidiaries | 892.8 | (650.9) | (715.9) | |||||||||
Net (loss) income | 892.8 | (650.7) | (716.5) | |||||||||
Total other comprehensive income (loss) | 117.1 | (120.2) | 94.4 | |||||||||
Comprehensive income (loss) | 1,009.9 | (770.9) | (622.1) | |||||||||
Assets | ||||||||||||
Accounts receivable, net | (413.8) | (320.2) | (413.8) | (320.2) | ||||||||
Total current assets | 0 | 0 | 0 | 0 | ||||||||
Unbilled Contracts Receivable | 0 | 0 | ||||||||||
Unbilled Receivables, Current | 0 | 0 | ||||||||||
Other current assets | 0 | 0 | 0 | 0 | ||||||||
Total current assets | (413.8) | (320.2) | (413.8) | (320.2) | ||||||||
Property, plant and equipment, net | 0 | 0 | 0 | 0 | ||||||||
Operating Lease, Right-of-Use Asset | 0 | 0 | 0 | 0 | ||||||||
Unbilled Receivable, Non Current | 0 | 0 | 0 | 0 | ||||||||
Pension assets | 0 | 0 | 0 | 0 | ||||||||
Intangible assets, net | (1,897.7) | (2,600.3) | (1,897.7) | (2,600.3) | ||||||||
Deferred tax asset-non-current, net | 0 | 0 | 0 | 0 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | ||||||||
Other assets | (185.8) | (186.8) | (185.8) | (186.8) | ||||||||
Assets | (2,497.3) | (3,107.3) | (2,497.3) | (3,107.3) | ||||||||
Liabilities | ||||||||||||
Accounts payable | (413.5) | (320.2) | (413.5) | (320.2) | ||||||||
Accrued expenses | (0.3) | 0 | (0.3) | 0 | ||||||||
Profit sharing | 0 | 0 | 0 | 0 | ||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | ||||||||
Operating Lease, Liability, Current | 0 | 0 | 0 | 0 | ||||||||
Advance payments, short-term | 0 | 0 | 0 | 0 | ||||||||
Billings in Excess of Cost, Current | 0 | 0 | 0 | 0 | ||||||||
Provision for Loss on Contracts | 0 | 0 | 0 | 0 | ||||||||
Deferred revenue and other deferred credits, short-term | 0 | 0 | 0 | 0 | ||||||||
Deferred grant income liability — current | 0 | 0 | ||||||||||
Other current liabilities | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | (413.8) | (320.2) | (413.8) | (320.2) | ||||||||
Long-term debt | (85.2) | (86.2) | (85.2) | (86.2) | ||||||||
Operating Lease, Liability, Noncurrent | 0 | 0 | 0 | 0 | ||||||||
Advance payments, long-term | 0 | 0 | 0 | 0 | ||||||||
Pension/OPEB obligation | 0 | 0 | 0 | 0 | ||||||||
Billings in Excess of Cost, Noncurrent | 0 | 0 | 0 | 0 | ||||||||
Provision for Loss on Contacts, Non Current | 0 | 0 | 0 | 0 | ||||||||
Deferred grant income liability — non-current | 0 | 0 | 0 | 0 | ||||||||
Deferred revenue and other deferred credits | 0 | 0 | 0 | 0 | ||||||||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | 0 | 0 | ||||||||
Other non-current liabilities | (100.6) | (100.6) | (100.6) | (100.6) | ||||||||
Total equity | (1,897.7) | (2,600.3) | (1,897.7) | (2,600.3) | ||||||||
Total liabilities and equity | (2,497.3) | (3,107.3) | (2,497.3) | (3,107.3) | ||||||||
Operating activities | ||||||||||||
Net cash provided (used in) by operating activities | 0 | 0 | ||||||||||
Investing activities | ||||||||||||
Purchase of property, plant and equipment | 0 | 0 | 0 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||||||||
Other | 0 | 0 | 0 | |||||||||
Net cash used in investing activities | 0 | 0 | 0 | |||||||||
Financing activities | ||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 0 | |||||||||
Proceeds from Lines of Credit | 0 | |||||||||||
Proceeds from Issuance of Secured Debt | 0 | |||||||||||
Proceeds from (Repayments of) Other Debt | 0 | |||||||||||
Principal payments of debt | 0 | 0 | 0 | |||||||||
Payments on term loans | 0 | 0 | 0 | |||||||||
Repayments of Debt | 0 | 0 | 0 | |||||||||
Repayments of Unsecured Debt | 0 | |||||||||||
Repayments of Lines of Credit | 0 | 0 | ||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | ||||||||||
Proceeds from Stock Plans | 0 | 0 | 0 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||||||||||
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |||||||||
Proceeds from subsidiary (payments to Parent) to pay dividends | 0 | 0 | 0 | |||||||||
Payments of Dividends | 0 | 0 | 0 | |||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash for the period | 0 | 0 | 0 | |||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 0 | $ 0 | 0 | 0 | ||||||||
Payments of Financing Costs | 0 | 0 | ||||||||||
Restructuring Charges | 0 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | |||||||||||
Proceeds (payments) from subsidiary for purchase of treasury stock | $ 0 | $ 0 | $ 0 |