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EQUITY AND STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 30, 2013
EQUITY AND STOCK-BASED COMPENSATION |
Schedule of weighted-average shares outstanding, used in the computation of basic and diluted earnings per share |
|  | Three months ended |
|  | March 30, |  | March 31, |
|  | 2013 |  | 2012 |
Weighted-average number of common shares used in basic earnings per share |  | 46.418 |  | 50.613 |
Dilutive securities — employee stock options, restricted stock shares and restricted stock units |  | 1.032 |  | 0.846 |
Weighted-average number of common shares and dilutive securities used in diluted earnings per share |  | 47.450 |  | 51.459 |
Schedule of assumptions in determining the fair value of restricted stock awards granted |
|  |  |  |  |  |  |  | Correlation between total |
|  | Annual expected |  |  |  |  |  | shareholder return for SPX |
|  | stock price |  | Annual expected |  | Risk-free |  | and the applicable S&P |
|  | volatility |  | dividend yield |  | interest rate |  | Composite Index |
January 2, 2013: |  |  |  |  |  |  |  |  |
SPX Corporation |  | 36.3 | % | 1.40 | % | 0.37 | % | 0.7778 |
S&P Composite 1500 Industrials Index |  | 22.4 | % | n/a |  | 0.37 | % |  |
January 3, 2012: |  |  |  |  |  |  |  |  |
SPX Corporation |  | 44.3 | % | 1.60 | % | 0.44 | % | 0.7365 |
S&P 500 Composite Index |  | 23.1 | % | n/a |  | 0.44 | % |  |
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, 2012 |  | 1.935 |  | $ | 54.70 |
Granted |  | 0.560 |  | 60.20 |
Vested |  | (0.688 | ) | 53.87 |
Forfeited |  | (0.243 | ) | 50.19 |
Outstanding at March 30, 2013 |  | 1.564 |  | 57.73 |
Schedule of stock option activity |
|  |  |  | Weighted- |
|  |  |  | Average Exercise |
|  | Shares |  | Price |
Options outstanding and exercisable at December 31, 2012 |  | 0.013 |  | $ | 62.45 |
Exercised |  | (0.001 | ) | 38.57 |
Terminated |  | (0.004 | ) | 85.36 |
Options outstanding and exercisable at March 30, 2013 |  | 0.008 |  | 52.00 |
Schedule of changes in the components of accumulated other comprehensive loss | The changes in the components of accumulated other comprehensive loss, net of tax, for the three months ended March 30, 2013 were as follows:
|  | Foreign Currency Translation Adjustment |  | Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges (1) |  | Net Unrealized Losses on Available- for-Sale Securities |  | Pension and Postretirement Liability Adjustment and Other (2) |  | Total |
Balance at beginning of period |  | $ | 298.1 |  | $ | (3.3 | ) | $ | (3.1 | ) | $ | (520.6 | ) | $ | (228.9 | )
Other comprehensive income (loss) before reclassifications |  | (87.2 | ) | 3.6 |  | (0.5 | ) | 2.0 |  | (82.1 | )
Amounts reclassified from accumulated other comprehensive loss |  | — |  | 0.4 |  | — |  | 6.5 |  | 6.9 |
Current-period other comprehensive loss |  | (87.2 | ) | 4.0 |  | (0.5 | ) | 8.5 |  | (75.2 | )
Balance at end of period |  | $ | 210.9 |  | $ | 0.7 |  | $ | (3.6 | ) | $ | (512.1 | ) | $ | (304.1 | )
(1) Net of tax benefit of $2.5 as of December 31, 2012. (2) Net of tax benefit of $315.0 and $318.5 as of March 30, 2013 and December 31, 2012, respectively. Includes $5.0 and $3.8 related to our share of the pension liability adjustment for EGS as of March 30, 2013 and December 31, 2012, respectively.
Schedule of amounts reclassified from each component of accumulated comprehensive loss | The following summarizes amounts reclassified from each component of accumulated comprehensive loss for the three months ended March 30, 2013:
|  | Amount Reclassified from AOCI |  | Affected Line Item in the Condensed Consolidated Statement of Operations |
Losses on qualifying cash flow hedges: |  |  |  |  |
FX forward contracts |  | $ | 0.6 |  | Cost of products sold |
Commodity contracts |  | — |  | Cost of products sold |
Pre-tax |  | 0.6 |  |  |
Income taxes |  | (0.2 | ) |  |
|  | $ | 0.4 |  |  |
Amortization of pension and postretirement items: |  |  |  |  |
Unrecognized losses and prior service credits |  | $ | 4.7 |  | Cost of products sold |
Unrecognized losses and prior service credits |  | 5.7 |  | Selling, general and administrative |
Pre-tax |  | 10.4 |  |  |
Income taxes |  | (3.9 | ) |  |
|  | $ | 6.5 |  |  |
Schedule of changes in equity |
|  | March 30, 2013 |  | March 31, 2012 |
|  | SPX |  |  |  |  |  | SPX |  |  |  |  |
|  | Corporation |  |  |  |  |  | Corporation |  |  |  |  |
|  | Shareholders’ |  | Noncontrolling |  | Total |  | Shareholders’ |  | Noncontrolling |  | Total |
|  | Equity |  | Interests |  | Equity |  | Equity |  | Interests |  | Equity |
Equity, beginning of period |  | $ | 2,268.7 |  | $ | 11.3 |  | $ | 2,280.0 |  | $ | 2,227.3 |  | $ | 10.0 |  | $ | 2,237.3 |
Net income (loss) |  | 2.3 |  | 1.3 |  | 3.6 |  | 13.5 |  | (0.7 | ) | 12.8 |
Net unrealized gains on qualifying cash flow hedges, net of tax provision of $2.5 and $0.5 for the three months ended March 30, 2013 and March 31, 2012, respectively |  | 4.0 |  | — |  | 4.0 |  | 0.6 |  | — |  | 0.6 |
Net unrealized gains (losses) on available-for-sale securities |  | (0.5 | ) | — |  | (0.5 | ) | 2.8 |  | — |  | 2.8 |
Pension liability adjustment, net of tax provision of $3.5 and $1.8 for the three months ended March 30, 2013 and March 31, 2012, respectively |  | 8.5 |  | — |  | 8.5 |  | 2.7 |  | — |  | 2.7 |
Foreign currency translation adjustments |  | (87.2 | ) | (0.6 | ) | (87.8 | ) | 58.8 |  | 0.3 |  | 59.1 |
Total comprehensive income (loss), net |  | (72.9 | ) | 0.7 |  | (72.2 | ) | 78.4 |  | (0.4 | ) | 78.0 |
Dividends declared |  | (11.4 | ) | — |  | (11.4 | ) | (12.8 | ) | — |  | (12.8 | )
Exercise of stock options and other incentive plan activity, including related tax benefit of $5.8 and $3.0 for the three months ended March 30, 2013 and March 31, 2012, respectively |  | 10.1 |  | — |  | 10.1 |  | 13.2 |  | — |  | 13.2 |
Amortization of restricted stock and restricted stock unit grants, including $0.5 relating to discontinued operations for the three months ended March 31, 2012 |  | 20.3 |  | — |  | 20.3 |  | 22.3 |  | — |  | 22.3 |
Restricted stock and restricted stock unit vesting, net of tax withholdings |  | (20.5 | ) | — |  | (20.5 | ) | (4.3 | ) | — |  | (4.3 | )
Common stock repurchases |  | (131.4 | ) | — |  | (131.4 | ) | (43.2 | ) | — |  | (43.2 | )
Other changes in noncontrolling interests |  | — |  | (0.2 | ) | (0.2 | ) | — |  | (0.1 | ) | (0.1 | )
Equity, end of period |  | $ | 2,062.9 |  | $ | 11.8 |  | $ | 2,074.7 |  | $ | 2,280.9 |  | $ | 9.5 |  | $ | 2,290.4 |

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