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EQUITY AND STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 29, 2012
EQUITY AND STOCK-BASED COMPENSATION |
Schedule of weighted-average shares outstanding, used in the computation of basic and diluted income per share |
|  | Three months ended |  | Nine months ended |
|  | September 29, |  | October 1, |  | September 29, |  | October 1, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Weighted-average shares outstanding used in basic income per share |  | 49.958 |  | 50.618 |  | 50.174 |  | 50.480 |
Dilutive securities — employee stock options and restricted stock units |  | 0.080 |  | 0.186 |  | 0.625 |  | 0.559 |
Weighted-average number of common and dilutive securities used for calculating diluted income per share |  | 50.038 |  | 50.804 |  | 50.799 |  | 51.039 |
Schedule of assumptions in determining the fair value of restricted stock awards granted |
|  |  |  |  |  |  |  | Correlation |
|  |  |  |  |  |  |  | between total |
|  |  |  |  |  |  |  | shareholder |
|  | Annual expected |  |  |  |  |  | return for SPX |
|  | stock price |  | Annual expected |  |  |  | and S&P 500 |
|  | volatility |  | dividend yield |  | Risk-free interest rate |  | Composite Index |
January 2, 2012: |  |  |  |  |  |  |  |  |
SPX Corporation |  | 44.3 | % | 1.60 | % | 0.44 | % | 0.7365 |
S&P 500 Composite Index |  | 23.1 | % | n/a |  | 0.44 | % |  |
March 1, 2011: |  |  |  |  |  |  |  |  |
SPX Corporation |  | 61.0 | % | 1.27 | % | 1.03 | % | 0.7559 |
S&P 500 Composite Index |  | 30.3 | % | n/a |  | 1.03 | % |  |
Schedule of restricted stock and restricted stock unit activity |
|  |  |  | Weighted-Average |
|  | Unvested Restricted Stock |  | Grant-Date Fair |
|  | and Restricted Stock Units |  | Value Per Share |
Outstanding at December 31, 2011 |  | 1.440 |  | $ | 54.38 |
Granted |  | 0.807 |  | 50.33 |
Vested |  | (0.204 | ) | 35.03 |
Forfeited |  | (0.044 | ) | 55.20 |
Outstanding at September 29, 2012 |  | 1.999 |  | 54.73 |
Schedule of stock option activity |
|  |  |  | Weighted- |
|  |  |  | Average Exercise |
|  | Shares |  | Price |
Options outstanding and exercisable at December 31, 2011 |  | 0.364 |  | $ | 54.87 |
Exercised |  | (0.151 | ) | 39.73 |
Forfeited |  | (0.177 | ) | 69.42 |
Options outstanding and exercisable at September 29, 2012 |  | 0.036 |  | 46.93 |
Schedule of components of the balance sheet caption, accumulated other comprehensive loss |
|  | September 29, |  | December 31, |
|  | 2012 |  | 2011 |
Foreign currency translation adjustment |  | $ | 200.3 |  | $ | 199.7 |
Net unrealized losses on qualifying cash flow hedges, net of tax benefit of $2.3 and $2.9, respectively |  | (3.3 | ) | (4.4 | )
Net unrealized losses on available-for-sale securities |  | (3.0 | ) | (1.5 | )
Pension and postretirement liability adjustment and other, net of tax benefit of $266.7 and $274.3, respectively (1) |  | (427.1 | ) | (440.3 | )
Accumulated other comprehensive loss |  | $ | (233.1 | ) | $ | (246.5 | )
(1) | At both September 29, 2012 and December 31, 2011, includes $3.8 related to our share of the pension liability adjustment for EGS.
Schedule of changes in equity |
|  | September 29, 2012 |  | October 1, 2011 |
|  | SPX |  |  |  |  |  | SPX |  |  |  |  |
|  | Corporation |  |  |  |  |  | Corporation |  |  |  |  |
|  | Shareholders’ |  | Noncontrolling |  | Total |  | Shareholders’ |  | Noncontrolling |  | Total |
|  | Equity |  | Interest |  | Equity |  | Equity |  | Interest |  | Equity |
Equity, beginning of period |  | $ | 2,165.2 |  | $ | 10.1 |  | $ | 2,175.3 |  | $ | 2,287.4 |  | $ | 6.3 |  | $ | 2,293.7 |
Net income |  | 57.8 |  | 2.4 |  | 60.2 |  | 60.7 |  | 1.6 |  | 62.3 |
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $(0.3) and $1.0 for the three months ended September 29, 2012 and October 1, 2011, respectively |  | 0.5 |  | — |  | 0.5 |  | (1.2 | ) | — |  | (1.2 | )
Net unrealized loss on available-for-sale securities |  | (2.9 | ) | — |  | (2.9 | ) | (2.5 | ) | — |  | (2.5 | )
Pension liability adjustment, net of tax provision of $2.5 and $3.2 for the three months ended September 29, 2012 and October 1, 2011, respectively |  | 3.7 |  | — |  | 3.7 |  | 4.1 |  | — |  | 4.1 |
Foreign currency translation adjustments |  | 77.8 |  | 0.3 |  | 78.1 |  | (92.1 | ) | (0.7 | ) | (92.8 | )
Total comprehensive income (loss) |  | 136.9 |  | 2.7 |  | 139.6 |  | (31.0 | ) | 0.9 |  | (30.1 | )
Dividends declared |  | (12.7 | ) | — |  | (12.7 | ) | (12.7 | ) | — |  | (12.7 | )
Exercise of stock options and other incentive plan activity, including tax benefit of $0.1 and $0.2 for the three months ended September 29, 2012 and October 1, 2011, respectively |  | 4.6 |  | — |  | 4.6 |  | 5.1 |  | — |  | 5.1 |
Amortization of restricted stock and stock unit grants, including $0.4 and $0.6 relating to discontinued operations for the three months ended September 29, 2012 and October 1, 2011 respectively |  | 6.0 |  | — |  | 6.0 |  | 7.8 |  | — |  | 7.8 |
Dividends attributable to noncontrolling interest |  |  |  | (0.7 | ) | (0.7 | ) | — |  | — |  | — |
Equity, end of period |  | $ | 2,300.0 |  | $ | 12.1 |  | $ | 2,312.1 |  | $ | 2,256.6 |  | $ | 7.2 |  | $ | 2,263.8 |
|  | September 29, 2012 |  | October 1, 2011 |
|  | SPX |  |  |  |  |  | SPX |  |  |  |  |
|  | Corporation |  |  |  |  |  | Corporation |  |  |  |  |
|  | Shareholders’ |  | Noncontrolling |  | Total |  | Shareholders’ |  | Noncontrolling |  | Total |
|  | Equity |  | Interest |  | Equity |  | Equity |  | Interest |  | Equity |
Equity, beginning of period |  | $ | 2,227.3 |  | $ | 10.0 |  | $ | 2,237.3 |  | $ | 2,097.7 |  | $ | 6.3 |  | $ | 2,104.0 |
Net income |  | 118.7 |  | 2.5 |  | 121.2 |  | 118.1 |  | 4.0 |  | 122.1 |
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $(0.6) and $1.0 for the nine months ended September 29, 2012 and October 1, 2011, respectively |  | 1.1 |  | — |  | 1.1 |  | (1.5 | ) | — |  | (1.5 | )
Net unrealized loss on available-for-sale securities |  | (1.5 | ) | — |  | (1.5 | ) | (7.7 | ) | — |  | (7.7 | )
Pension liability adjustment, net of tax provision of $7.6 and $7.8 for the nine months ended September 29, 2012 and October 1, 2011, respectively |  | 13.2 |  | — |  | 13.2 |  | 11.1 |  | — |  | 11.1 |
Foreign currency translation adjustments |  | 0.6 |  | 0.3 |  | 0.9 |  | 29.8 |  | (0.1 | ) | 29.7 |
Total comprehensive income |  | 132.1 |  | 2.8 |  | 134.9 |  | 149.8 |  | 3.9 |  | 153.7 |
Dividends declared |  | (38.2 | ) | — |  | (38.2 | ) | (38.2 | ) | — |  | (38.2 | )
Exercise of stock options and other incentive plan activity, including tax benefit of $3.6 and $5.9 for the nine months ended September 29, 2012 and October 1, 2011, respectively |  | 23.2 |  | — |  | 23.2 |  | 29.4 |  | — |  | 29.4 |
Amortization of restricted stock and stock unit grants, including $1.0 and $1.6 relating to discontinued operations for the nine months ended September 29, 2012 and October 1, 2011, respectively |  | 34.9 |  | — |  | 34.9 |  | 34.5 |  | — |  | 34.5 |
Restricted stock and restricted stock unit vesting, net of tax withholdings |  | (4.3 | ) | — |  | (4.3 | ) | (16.6 | ) | — |  | (16.6 | )
Common stock repurchases |  | (75.0 | ) | — |  | (75.0 | ) | — |  | — |  | — |
Dividends attributable to noncontrolling interest |  | — |  | (0.7 | ) | (0.7 | ) | — |  | (4.1 | ) | (4.1 | )
Other changes in noncontrolling interest |  | — |  | — |  | — |  | — |  | 1.1 |  | 1.1 |
Equity, end of period |  | $ | 2,300.0 |  | $ | 12.1 |  | $ | 2,312.1 |  | $ | 2,256.6 |  | $ | 7.2 |  | $ | 2,263.8 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of restricted stock activity, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected annual volatility of the entity's shares, (c) expected annual dividend yields, (d) risk-free interest rate(s), and (e) correlation between total shareholder return for SPX and S&P 500 composite index. + References No definition available. + Details
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