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EQUITY AND STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 28, 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 |  | Nine months ended |
|  | September 28, |  | September 29, |  | September 28, |  | September 29, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Weighted-average number of common shares used in basic income per share |  | 44.709 |  | 49.958 |  | 45.592 |  | 50.174 |
Dilutive securities — employee stock options, restricted stock shares and restricted stock units |  | 0.328 |  | 0.080 |  | 0.548 |  | 0.625 |
Weighted-average number of common shares and dilutive securities used in diluted income per share |  | 45.037 |  | 50.038 |  | 46.140 |  | 50.799 |
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 September 28, 2013 were as follows:
|  | Foreign Currency Translation Adjustment |  | Net Unrealized 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 |  | $ | 225.8 |  | $ | (4.4 | ) | $ | (3.8 | ) | $ | (505.4 | ) | $ | (287.8 | )
Other comprehensive gain (loss) before reclassifications |  | 70.1 |  | 0.5 |  | (0.8 | ) | (3.3 | ) | 66.5 |
Amounts reclassified from accumulated other comprehensive loss |  | — |  | 1.8 |  | — |  | 6.5 |  | 8.3 |
Current-period other comprehensive gain (loss) |  | 70.1 |  | 2.3 |  | (0.8 | ) | 3.2 |  | 74.8 |
Balance at end of period |  | $ | 295.9 |  | $ | (2.1 | ) | $ | (4.6 | ) | $ | (502.2 | ) | $ | (213.0 | )
(1) Net of tax benefit of $1.9 and $2.9 as of September 28, 2013 and June 29, 2013, respectively. (2) Net of tax benefit of $307.6 and $310.9 as of September 28, 2013 and June 29, 2013, respectively. Includes $5.0 related to our share of the pension liability adjustment for EGS as of September 28, 2013 and June 29, 2013. The changes in the components of accumulated other comprehensive loss, net of tax, for the nine months ended September 28, 2013 were as follows:
|  | Foreign Currency Translation Adjustment |  | Net Unrealized 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 loss before reclassifications |  | (2.2 | ) | (1.1 | ) | (1.5 | ) | (1.1 | ) | (5.9 | )
Amounts reclassified from accumulated other comprehensive loss |  | — |  | 2.3 |  | — |  | 19.5 |  | 21.8 |
Current-period other comprehensive gain (loss) |  | (2.2 | ) | 1.2 |  | (1.5 | ) | 18.4 |  | 15.9 |
Balance at end of period |  | $ | 295.9 |  | $ | (2.1 | ) | $ | (4.6 | ) | $ | (502.2 | ) | $ | (213.0 | )
(1) Net of tax benefit of $1.9 and $2.5 as of September 28, 2013 and December 31, 2012, respectively. (2) Net of tax benefit of $307.6 and $318.5 as of September 28, 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 September 28, 2013 and December 31, 2012, respectively.
Schedule of amounts reclassified from each component of accumulated comprehensive loss |
|  | Amount Reclassified from AOCI |  |  |
|  | Three months ended |  | Nine months ended |  | Affected Line Item in the |
|  | September 28, |  | September 28, |  | Condensed Consolidated Statement |
|  | 2013 |  | 2013 |  | of Operations |
Losses on qualifying cash flow hedges: |  |  |  |  |  |  |
FX forward contracts |  | $ | 2.2 |  | $ | 3.0 |  | Revenues |
Commodity contracts |  | 0.6 |  | 0.5 |  | Cost of products sold |
Pre-tax |  | 2.8 |  | 3.5 |  |  |
Income taxes |  | (1.0 | ) | (1.2 | ) |  |
|  | $ | 1.8 |  | $ | 2.3 |  |  |
Amortization of pension and postretirement items: |  |  |  |  |  |  |
Unrecognized losses and prior service credits |  | $ | 4.5 |  | $ | 14.2 |  | Cost of products sold |
Unrecognized losses and prior service credits |  | 5.9 |  | 16.9 |  | Selling, general and administrative |
Pre-tax |  | 10.4 |  | 31.1 |  |  |
Income taxes |  | (3.9 | ) | (11.6 | ) |  |
|  | $ | 6.5 |  | $ | 19.5 |  |  |
Schedule of changes in equity |
|  | September 28, 2013 |  | September 29, 2012 |
|  | SPX |  |  |  |  |  | SPX |  |  |  |  |
|  | Corporation |  |  |  |  |  | Corporation |  |  |  |  |
|  | Shareholders’ |  | Noncontrolling |  | Total |  | Shareholders’ |  | Noncontrolling |  | Total |
|  | Equity |  | Interests |  | Equity |  | Equity |  | Interests |  | Equity |
Equity, beginning of period |  | $ | 1,998.7 |  | $ | 12.9 |  | $ | 2,011.6 |  | $ | 2,165.2 |  | $ | 10.1 |  | $ | 2,175.3 |
Net income (loss) |  | 62.9 |  | (0.8 | ) | 62.1 |  | 57.8 |  | 2.4 |  | 60.2 |
Net unrealized gains on qualifying cash flow hedges, net of tax provision of $1.0 and $0.3 for the three months ended September 28, 2013 and September 29, 2012, respectively |  | 2.3 |  | — |  | 2.3 |  | 0.5 |  | — |  | 0.5 |
Net unrealized losses on available-for-sale securities |  | (0.8 | ) | — |  | (0.8 | ) | (2.9 | ) | — |  | (2.9 | )
Pension liability adjustment, net of tax provision of $3.3 and $2.5 for the three months ended September 28, 2013 and September 29, 2012, respectively |  | 3.2 |  | — |  | 3.2 |  | 3.7 |  | — |  | 3.7 |
Foreign currency translation adjustments |  | 70.1 |  | 0.7 |  | 70.8 |  | 77.8 |  | 0.3 |  | 78.1 |
Total comprehensive income (loss), net |  | 137.7 |  | (0.1 | ) | 137.6 |  | 136.9 |  | 2.7 |  | 139.6 |
Dividends declared |  | (11.4 | ) | — |  | (11.4 | ) | (12.7 | ) | — |  | (12.7 | )
Exercise of stock options and other incentive plan activity, including related tax benefit of $0.1 for the three months ended September 29, 2012 |  | 3.7 |  | — |  | 3.7 |  | 4.6 |  | — |  | 4.6 |
Amortization of restricted stock and restricted stock unit grants, including $0.4 relating to discontinued operations for the three months ended September 29, 2012 |  | 3.7 |  | — |  | 3.7 |  | 6.0 |  | — |  | 6.0 |
Restricted stock and restricted stock unit vesting, net of tax withholdings |  | (2.0 | ) | — |  | (2.0 | ) | — |  | — |  | — |
Dividends attributable to noncontrolling interests |  | — |  | — |  | — |  | — |  | (0.7 | ) | (0.7 | )
Other changes in noncontrolling interests |  | (3.0 | ) | 1.3 |  | (1.7 | ) | — |  | — |  | — |
Equity, end of period |  | $ | 2,127.4 |  | $ | 14.1 |  | $ | 2,141.5 |  | $ | 2,300.0 |  | $ | 12.1 |  | $ | 2,312.1 |
A summary of the changes in equity for the nine months ended September 28, 2013 and September 29, 2012 is provided below:
|  | September 28, 2013 |  | September 29, 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 |  | 104.0 |  | 2.5 |  | 106.5 |  | 118.7 |  | 2.5 |  | 121.2 |
Net unrealized gains on qualifying cash flow hedges, net of tax provision of $0.6 and $0.6 for the nine months ended September 28, 2013 and September 29, 2012, respectively |  | 1.2 |  | — |  | 1.2 |  | 1.1 |  | — |  | 1.1 |
Net unrealized losses on available-for-sale securities |  | (1.5 | ) | — |  | (1.5 | ) | (1.5 | ) | — |  | (1.5 | )
Pension liability adjustment, net of tax provision of $10.9 and $7.6 for the nine months ended September 28, 2013 and September 29, 2012, respectively |  | 18.4 |  | — |  | 18.4 |  | 13.2 |  | — |  | 13.2 |
Foreign currency translation adjustments |  | (2.2 | ) | (0.6 | ) | (2.8 | ) | 0.6 |  | 0.3 |  | 0.9 |
Total comprehensive income, net |  | 119.9 |  | 1.9 |  | 121.8 |  | 132.1 |  | 2.8 |  | 134.9 |
Dividends declared |  | (34.3 | ) | — |  | (34.3 | ) | (38.2 | ) | — |  | (38.2 | )
Exercise of stock options and other incentive plan activity, including tax benefit of $5.8 and $3.6 for the the nine months ended September 28, 2013 and September 29, 2012, respectively |  | 18.1 |  | — |  | 18.1 |  | 23.2 |  | — |  | 23.2 |
Amortization of restricted stock and stock unit grants, including $1.0 relating to discontinued operations for the nine months ended September 29, 2012 |  | 29.3 |  | — |  | 29.3 |  | 34.9 |  | — |  | 34.9 |
Restricted stock and restricted stock unit vesting, net of tax withholdings |  | (22.3 | ) | — |  | (22.3 | ) | (4.3 | ) | — |  | (4.3 | )
Common stock repurchases |  | (249.0 | ) | — |  | (249.0 | ) | (75.0 | ) | — |  | (75.0 | )
Dividends attributable to noncontrolling interest |  | — |  | — |  | — |  | — |  | (0.7 | ) | (0.7 | )
Other changes in noncontrolling interests |  | (3.0 | ) | 0.9 |  | (2.1 | ) | — |  | — |  | — |
Equity, end of period |  | $ | 2,127.4 |  | $ | 14.1 |  | $ | 2,141.5 |  | $ | 2,300.0 |  | $ | 12.1 |  | $ | 2,312.1 |

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