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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/04/17 Spirit AeroSystems Holdings, Inc. 10-Q 6/29/17 88:11M Workiva Inc Wde… FA01/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 766K
2: EX-10.1 Material Contract HTML 42K
3: EX-10.2 Material Contract HTML 47K
4: EX-10.3 Material Contract HTML 69K
5: EX-31.1 Certification -- §302 - SOA'02 HTML 28K
6: EX-31.2 Certification -- §302 - SOA'02 HTML 28K
7: EX-32.1 Certification -- §906 - SOA'02 HTML 24K
8: EX-32.2 Certification -- §906 - SOA'02 HTML 24K
15: R1 Document and Entity Information HTML 53K
16: R2 Consolidated Statements of Operations (Unaudited) HTML 75K
17: R3 Consolidated Statements of Comprehensive Income HTML 42K
(Unaudited)
18: R4 Consolidated Statements of Comprehensive Income HTML 31K
(Unaudited) (Parentheticals)
19: R5 Consolidated Balance Sheets (Unaudited) HTML 134K
20: R6 Consolidated Balance Sheets (Unaudited) HTML 40K
(Parenthetical)
21: R7 Consolidated Statements of Cash Flows (Unaudited) HTML 126K
22: R8 Organization and Basis of Interim Presentation HTML 30K
23: R9 Changes in Estimates HTML 79K
24: R10 Accounts Receivable, net HTML 36K
25: R11 Inventory HTML 54K
26: R12 Property, Plant and Equipment HTML 45K
27: R13 Other Assets HTML 53K
28: R14 Advance Payments and Deferred Revenue/Credits HTML 40K
29: R15 Government Grants HTML 30K
30: R16 Fair Value Measurements HTML 55K
31: R17 Derivative and Hedging Activities HTML 28K
32: R18 Debt HTML 51K
33: R19 Pension and Other Post-Retirement Benefits HTML 78K
34: R20 Stock Compensation HTML 29K
35: R21 Income Taxes HTML 29K
36: R22 Equity HTML 114K
37: R23 Commitments, Contingencies and Guarantees HTML 50K
38: R24 Other Income (Expense), Net HTML 45K
39: R25 Segment Information HTML 90K
40: R26 Condensed Consolidating Financial Information HTML 656K
41: R27 New Market Tax Credit (Notes) HTML 33K
42: R28 Boeing MOU (Notes) HTML 32K
43: R29 New Accounting Pronouncements (Policies) HTML 36K
44: R30 Changes in Estimates Changes in Estimates (Tables) HTML 77K
45: R31 Accounts Receivable, net (Tables) HTML 32K
46: R32 Inventory (Tables) HTML 50K
47: R33 Property, Plant and Equipment (Tables) HTML 40K
48: R34 Other Assets (Tables) HTML 52K
49: R35 Advance Payments and Deferred Revenue/Credits HTML 35K
(Tables)
50: R36 Government Grants (Tables) HTML 28K
51: R37 Fair Value Measurements (Tables) HTML 52K
52: R38 Debt (Tables) HTML 42K
53: R39 Pension and Other Post-Retirement Benefits HTML 50K
(Tables)
54: R40 Equity (Tables) HTML 123K
55: R41 Commitments, Contingencies and Guarantees (Tables) HTML 30K
56: R42 Other Income (Expense), Net (Tables) HTML 43K
57: R43 Segment Information (Tables) HTML 83K
58: R44 Condensed Consolidating Financial Information HTML 751K
(Tables)
59: R45 Changes in Estimates (Details) HTML 63K
60: R46 Accounts Receivable, net (Details) HTML 32K
61: R47 Inventory (Details) HTML 41K
62: R48 Inventory (Details 1) HTML 44K
63: R49 Inventory (Details 2) HTML 33K
64: R50 Property, Plant and Equipment (Details) HTML 44K
65: R51 Property, Plant and Equipment (Details Textual) HTML 35K
66: R52 Other Assets (Details) HTML 58K
67: R53 Advance Payments and Deferred Revenue/Credits HTML 44K
(Details)
68: R54 Government Grants (Details) HTML 31K
69: R55 Government Grants (Details Textuals) HTML 24K
70: R56 Fair Value Measurements (Details) HTML 45K
71: R57 Derivative and Hedging Activities (Details) HTML 25K
72: R58 Derivative and Hedging Activities (Details 1) HTML 27K
73: R59 Derivative and Hedging Activities (Details HTML 32K
Textual)
74: R60 Debt (Details) HTML 56K
75: R61 Debt (Details Textual) HTML 81K
76: R62 Pension and Other Post Retirement Benefits HTML 55K
(Details)
77: R63 Stock Compensation (Details) HTML 47K
78: R64 Income Tax (Details) HTML 32K
79: R65 Equity (Details) HTML 81K
80: R66 Commitments, Contingencies and Guarantees HTML 54K
(Details)
81: R67 Other Income (Expense), Net (Details) HTML 34K
82: R68 Segment Information (Details) HTML 82K
83: R69 Condensed Consolidating Financial Information HTML 333K
(Details)
84: R70 New Market Tax Credit (Details) HTML 33K
85: R71 Boeing MOU (Details) HTML 29K
87: XML IDEA XML File -- Filing Summary XML 152K
86: EXCEL IDEA Workbook of Financial Reports XLSX 97K
9: EX-101.INS XBRL Instance -- spr-20170629 XML 3.69M
11: EX-101.CAL XBRL Calculations -- spr-20170629_cal XML 247K
12: EX-101.DEF XBRL Definitions -- spr-20170629_def XML 907K
13: EX-101.LAB XBRL Labels -- spr-20170629_lab XML 2.01M
14: EX-101.PRE XBRL Presentations -- spr-20170629_pre XML 1.22M
10: EX-101.SCH XBRL Schema -- spr-20170629 XSD 253K
88: ZIP XBRL Zipped Folder -- 0001628280-17-008135-xbrl Zip 297K
| Exhibit |
A. | The Parties have been in discussions regarding pricing and other terms and conditions pertaining to the 737NG, 737 MAX -7, -8, and -9, 747, 767, 777, and 787 programs (the “Programs”). |
B. | The Parties wish to memorialize their agreement on these
matters in this MOU, subject to negotiation and execution of definitive documentation reflecting the terms set forth below. |
1. | Capitalized terms. Capitalized terms used and not otherwise defined in this MOU will have the meanings ascribed thereto in SBP MS-65530-0016 (“Sustaining SBP”), SBP MS-65530-0019 (“787 SBP”), GTA BCA-65530-0016 (“Sustaining GTA”), GTA BCA-65520-0032 (“787 GTA), AA-65530-0010, 787 Interim Price Agreement MOA, AA-65520-0026,
as applicable (collectively, the “Contracts”). |
2. | Definitive Documentation. The Parties will negotiate and execute in good faith on or before September 29, 2017 such amendments to the Contracts and other agreements (the “Definitive Documentation”) as are necessary or desirable to implement the terms and conditions set forth in this agreement. The Definitive Documentation will supersede this
MOU in its entirety. |
3. | Payment Terms. Payment terms from Boeing to Spirit are [*****] for the Contracts effective no later than [*****] except as otherwise stated herein. Spirit will take commercially reasonable efforts to have supplier financing in place by [*****]. Should the Parties enter into an interim pricing period, payment terms [*****] remain in effect during interim pricing period, beginning [*****],
while the Parties negotiate follow-up pricing. |
4. | 787 Pricing and Other Terms and Conditions. |
a) | The 787 SBP Attachment 1 pricing for the applicable line units is set forth in Table 1 below: |
787
Pricing | |||
Minor Model | LN 501 to [*****] | LN [*****] | LN [*****] to 1405 |
787-8 | [*****] | [*****] | [*****] |
787-9 | [*****] | [*****] | [*****] |
787-10 | [*****] | [*****] | [*****] |
b) | The
pricing set forth in Table 1 is based upon the configuration of the applicable shipset as of July 1, 2017. |
c) | Pricing for line units 1406 and beyond will be negotiated by the Parties, and the Parties will begin negotiating twenty-four (24) months prior to the scheduled delivery date for line unit 1405. |
d) | [*****] |
e) | The
[*****] in 787 SBP Attachment 27 Section II.A will be amended to provide [*****] for 787 line units [*****]. 787 SBP Attachment 27 Section II.A will be updated to reflect 787 minor models -8, -9 and -10. |
f) | Boeing will assist Spirit regarding supply chain cost reduction opportunities on the 787 program, including providing Engineering resources as enablement. |
g) | Boeing
will provide champion factory performance metrics for 787 section 48. |
h) | Spirit will implement a 787 production rate of [*****] APM [*****] from when Boeing directs such a production increase following execution of Definitive Documentation. Boeing will pay Spirit [*****] within [*****] following issuance of such direction to increase rate. Boeing will accelerate deliveries of Boeing Furnished Material, also referred to as Partner Managed Inventory (“PMI”), as reasonably necessary to support Spirit’s start of [*****]
APM. |
i) | For 787 PMI, the Parties will work together in good faith to implement a scheduling and ordering method that aligns PMI delivery with the planned day of consumption as reflected in Spirit’s internal Master Schedule. Boeing and Spirit agree to work together to establish a mutually agreeable Supply Chain extract from ERP for PMI data. |
5. | 737NG and 737 MAX-7, -8, and -9 Pricing and Other Terms and Conditions (excludes P-8 Fuselage). |
a) | The
Recurring Shipset Price for the 737 NG and 737 MAX-7, -8, and -9 aircraft from [*****] through December 31, 2022 is determined as set forth in Table 2 below. Annual discounts shall take effect for deliveries after January 1st of each year. The discounts in Table 2 are not additive / cumulative and are tied to achieving rate [*****] in [*****] and rate [*****] in [*****] and holding. In the event Boeing does not achieve and hold rate [*****], the Table 2 [*****] discount shall apply until Boeing does so. In the event Boeing achieves and
holds rate [*****] but does not achieve and hold rate [*****], the Table 2 [*****] discount shall apply until Boeing does so. |
Program | [*****] | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
737
NG/MAX Annual Discount | [*****] | [*****] | [*****] | [*****] | [*****] | [*****] | [*****] |
b) | Pricing for 737NG and 737MAX-7, -8, -9 beyond January 1, 2023 will be negotiated by the Parties, and the Parties will begin negotiating twenty-four (24) months prior to January 1, 2023. Such pricing will take into account market dynamics, productivity improvements and other cost reductions resulting from increases in rate above [*****] APM, if Boeing is then producing
at such rates. |
• | Rates at or above [*****] APM: [*****] discount (starting January 1, 2023); then [*****] discount (starting [*****]) |
• | Rates
from [*****] APM and less than [*****] APM: [*****] discount (starting January 1, 2023); then [*****] discount (starting [*****]) |
• | Rates less than [*****] APM: [*****] discount (starting January 1, 2023) |
c) | The transfer price of the [*****] provided by Boeing to Spirit pursuant to Sustaining SBP Attachment 16 will be reduced by the values set forth above in Section 5 (b) during the pricing period and during the interim
pricing period if follow on pricing is not agreed by January 1, 2023. |
d) | The [*****] MAX delta price in Section 5(a) above reflects all changes through MAX configuration IWS “[*****]”. All 737-8 changes after [*****] approved through ATC will be negotiated collectively by [*****]. This delta price excludes the Composite Inner Wall (CIW) price adjustment. The 737 MAX -10, -8200 and other current and future Derivatives are excluded; the Parties will negotiate a delta price
separately for the MAX -10 based on the agreed-to MAX -9 configuration and price and the MAX -8200 based on the agreed-to MAX -8 configuration and price. |
e) | The Parties will reconcile the pricing set forth above in this Section 5 with the interim pricing paid by Boeing to Spirit for 737NG and 737 MAX-8 shipsets between [*****] through execution of the Definitive Documentation. The applicable Parties will make applicable payments within [*****] following execution of the Definitive Documentation. |
f) | [*****]
|
g) | [*****] |
h) | Upon
execution of the Definitive Documentation, Spirit will increase its production rate on the 737 program to [*****] and then [*****] APM in accordance with Boeing’s direction and in accordance with Sustaining SBP Section 7.5. |
6. | 747, 767 (excluding Tanker), and 777 Pricing. |
a) | The Recurring Shipset Price for the 747, 767,
and 777 aircraft from [*****] through December 31, 2022 is determined as set forth below. |
b) | The
Recurring Shipset Price for unsold units calculated pursuant to Section 6(a) above for 777-300 ER, 200LR, and 777 Freighter is reduced at the time of delivery to Boeing by [*****], and not to exceed [*****] in the aggregate, for the number of shipsets equal to the number of unsold aircraft as of the Effective Date. Boeing to provide an initial skyline view of the unsold aircraft to Spirit as of the Effective Date, to be updated semiannually. No price reductions will occur prior to [*****]. |
c) | The Parties will reconcile the pricing set forth above with the interim
pricing paid by Boeing to Spirit for 747, 767, and 777 shipsets between [*****] through execution of the Definitive Documentation. The applicable Party will make this payment within [*****] following execution of the Definitive Documentation. |
d) | 777X is excluded from this MOU. |
a) | Pricing for 747, 767 (excluding Tanker), and 777 beyond January
1, 2023 will be negotiated by the Parties, and the Parties will begin negotiating twenty-four (24) months prior to January 1, 2023. |
b) | At the conclusion of the pricing period, interim pricing shall be determined using the last buy pricing in 2022 as the baseline, and escalated or de-escalated based on the indices set forth in Sustaining SBP Section 4.1.1 as modified herein. |
7. | Labor Index. All references in the Sustaining SBP to BLS Labor Index [*****] will be |
8. | Material Index. All references in the Sustaining SBP to BLS Material Index [*****] will be amended to refer to BLS Material Index [*****] (or its replacement). |
9. | Advanced Aerostructures. The Parties will study
advanced aerostructures for future generation aircraft. To be announced publicly on a mutually agreeable basis. |
10. | Supply Chain Strategy / Transfer of Work (TOW). Boeing will not unreasonably withhold, condition, or delay approvals for Spirit TOW. |
11. | [*****] |
12. | Expiration. This
MOU will automatically expire and be null and void from its inception on September 29, 2017 if the Definitive Documentation has not then been executed. |
13. | Governing Law. This MOU will be governed by the laws of the state of Washington, exclusive of Washington’s conflict of laws principles. |
14. | Assignment. This MOU cannot be assigned in
whole or in part without the prior written consent of Boeing. |
15. | No Admission of Liability; No Precedential Value. The Parties acknowledge that this MOU reflects a compromise resolution by the Parties of certain claims and that nothing contained in this MOU constitutes or will be construed as an acknowledgement or admission of liability or absence of liability in any way on the part of the Parties, each of which expressly denies any liability or wrongdoing in connection with such claims, and the Parties agree not to issue any public statement or comment to the contrary. The Parties agree that this MOU and the |
16. | Confidential
Treatment. The information contained herein is confidential business information. The Parties will limit the disclosure of this MOU’s contents to employees with a need to know and who understand that they are not to disclose its contents to any other person or entity without the prior written consent of the other Party. Notwithstanding the above, the Parties may file this agreement with the SEC, if legally required to do so, but must give the other Party 24 hours advance notice and seek confidential treatment as appropriate after providing such Party the opportunity to provide comments. Nothing in this section shall prevent either Party from making reasonable disclosures during the course of its earnings calls. |
17. | Investigation. Each
Party has made such investigation of the facts pertaining to this MOU and of all the matters pertaining hereto as it deems necessary. Each Party has read this MOU and understands its contents. |
18. | Interpretation. Each Party has had the opportunity to draft, review, and edit this MOU. Accordingly, no presumption for or against either Party arising out of drafting all or any part of this MOU will be applied in any action relating to or arising from this MOU; and the Parties hereby waive the benefit of any statute or common law rule providing that in cases of uncertainty language of a contract
should be interpreted against the Party who caused the uncertainty to exist. |
BOEING | SELLER . |
The
Boeing Company | Spirit AeroSystems, Inc. |
Boeing Commercial Airplanes | |
/s/ Peter Johnson | |
Name: Peter
Johnson | Name: Thomas C. Gentile III |
Title: Director Supplier Management | Title: President and Chief Executive Officer |
Date: 1 August 2017 | Date: 1 August 2017 |
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/23 | ||||
| 1/1/23 | ||||
| 12/31/22 | ||||
| 9/29/17 | ||||
| Filed on: | 8/4/17 | 3, 4 | ||
| 8/1/17 | ||||
| 7/1/17 | ||||
| For Period end: | 6/29/17 | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/22/24 Spirit AeroSystems Holdings, Inc. 10-K 12/31/23 127:21M Workiva Inc Wde… FA01/FA 2/17/23 Spirit AeroSystems Holdings, Inc. 10-K 12/31/22 117:21M Workiva Inc Wde… FA01/FA 2/15/22 Spirit AeroSystems Holdings, Inc. 10-K 12/31/21 116:22M Workiva Inc Wde… FA01/FA 2/25/21 Spirit AeroSystems Holdings, Inc. 10-K 12/31/20 113:27M Workiva Inc Wde… FA01/FA |