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Acquisitions, Discontinued Operations and Formation of Shanghai Electric JV (Tables) | 12 Months Ended
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Dec. 31, 2012
Acquisitions, Discontinued Operations and Formation of Shanghai Electric JV |
Summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Clyde Union | The following is a summary of the recorded fair values of the assets acquired and liabilities assumed for Clyde Union at the date of acquistion, and reflects acquisition accounting adjustments recorded during 2012:
Assets acquired: |  |  |  |
Current assets, including cash and equivalents of $44.3 |  | $ | 354.1 |
Property, plant and equipment |  |  | 89.8 |
Goodwill |  |  | 377.2 |
Intangible assets |  |  | 374.6 |
Other assets |  |  | 25.1 |
Total assets acquired |  |  | 1,220.8 |
Liabilities assumed: |  |  |  |
Current liabilities |  |  | 287.0 |
Other long-term liabilities |  |  | 165.0 |
Total liabilities assumed |  |  | 452.0 |
Noncontrolling interest |  |  | 1.8 |
Net assets acquired |  | $ | 767.0 |
Schedule of unaudited pro forma information |
|  | December 31, Year Ended |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
Revenues |  | $ | 4,971.1 |  | $ | 4,502.2 |
Income from continuing operations attributable to SPX Corporation common shareholders |  |  | 158.5 |  |  | 195.3 |
Net income attributable to SPX Corporation common shareholders |  |  | 188.5 |  |  | 220.1 |
Income from continuing operations: |  |  |  |  |  |  |
Basic |  | $ | 3.14 |  | $ | 3.93 |
Diluted |  | $ | 3.11 |  | $ | 3.88 |
Net income attributable to SPX Corporation common shareholders: |  |  |  |  |  |  |
Basic |  | $ | 3.73 |  | $ | 4.43 |
Diluted |  | $ | 3.70 |  | $ | 4.37 |
Schedule of businesses sold showing quarter discontinued and quarter sold |
Business |  | Quarter Discontinued |  | Quarter Sale Closed |
--- | --- | --- | --- | --- | ---
TPS Tianyu Equipment Co., Ltd. ("Tianyu") |  |  | Q4 2012 |  |  | Q4 2012 |
Weil-McLain (Shandong) Cast-Iron-Boiler Co., Ltd. ("Weil-McLain Shandong") |  |  | Q4 2012 |  |  | Q4 2012 |
SPX Service Solutions ("Service Solutions") |  |  | Q1 2012 |  |  | Q4 2012 |
Cooling Spain Packaging business ("Cooling Spain") |  |  | Q4 2010 |  |  | Q4 2010 |
P.S.D., Inc. ("PSD") |  |  | Q2 2009 |  |  | Q1 2010 |
Schedule of income from discontinued operations and related income taxes |
|  | Year ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
Income from discontinued operations |  | $ | 600.0 |  | $ | 46.8 |  | $ | 19.9 |
Income tax (expense) benefit |  |  | (259.6 | ) |  | (16.8 | ) |  | 4.9 |
Income from discontinued operations, net |  | $ | 340.4 |  | $ | 30.0 |  | $ | 24.8 |
Schedule of results of operations of businesses reported as discontinued operations |
|  | Year ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
Revenues |  | $ | 825.0 |  | $ | 925.0 |  | $ | 793.9 |
Pre-tax income |  |  | 44.4 |  |  | 49.8 |  |  | 20.6 |
Schedule of major classes of assets and liabilities, excluding intercompany balances, of businesses reported as discontinued operations | The major classes of assets and liabilities, excluding intercompany balances, of the businesses reported as discontinued operations included in the accompanying December 31, 2011 consolidated balance sheet are shown below:
Assets: |  |  |  |
Accounts receivable, net |  | $ | 195.1 |
Inventories |  |  | 132.4 |
Other current assets |  |  | 10.4 |
Property, plant and equipment, net |  |  | 49.2 |
Goodwill and intangibles, net |  |  | 285.8 |
Other assets |  |  | 58.7 |
Assets of discontinued operations |  | $ | 731.6 |
Liabilities: |  |  |  |
Accounts payable |  | $ | 111.9 |
Accrued expenses |  |  | 114.1 |
Income taxes payable |  |  | 1.5 |
Deferred and other income taxes |  |  | 6.6 |
Other liabilities |  |  | 7.6 |
Liabilities of discontinued operations |  | $ | 241.7 |

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