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EQUITY AND STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 28, 2013
EQUITY AND STOCK-BASED COMPENSATION |
EQUITY AND STOCK-BASED COMPENSATION | (12) EQUITY AND STOCK-BASED COMPENSATION Earnings Per Share The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income 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 |
All stock options were included in the computation of diluted income per share for the three and nine months ended September 28, 2013. The total number of stock options not included in the computation of diluted income per share because their exercise price was greater than the average market price of common shares was 0.003 for both the three and nine months ended September 29, 2012. For the three and nine months ended September 28, 2013, 0.857 and 0.758 of unvested restricted stock shares and restricted stock units, respectively, were excluded from the computation of diluted income per share because required market thresholds for vesting were not met, compared to 1.784 and 0.931 that were excluded for the three and nine months ended September 29, 2012, respectively. Stock-based Compensation Stock-based compensation awards may be granted to certain eligible employees or non-employee directors under the 2002 Stock Compensation Plan, as amended in 2006, 2011 and 2012, or to non-employee directors under the 2006 Non-Employee Directors’ Stock Incentive Plan. A detailed description of the awards granted under these plans is included in our 2012 Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the period ended March 30, 2013. Compensation expense within income from continuing operations related to share-based awards totaled $3.7 and $5.6 for the three months ended September 28, 2013 and September 29, 2012, respectively, and $29.3 and $33.9 for the nine months ended September 28, 2013 and September 29, 2012, respectively. The related tax benefit was $1.4 and $2.2 for the three months ended September 28, 2013 and September 29, 2012, respectively, and $10.7 and $12.9 for the nine months ended September 28, 2013 and September 29, 2012, respectively. 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. The following summarizes amounts reclassified from each component of accumulated comprehensive loss for the three and nine months ended September 28, 2013:
|  | 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 |  |  |
Common Stock in Treasury On February 16, 2012, we entered into a written trading plan under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, to facilitate the repurchase of up to $350.0 of shares of our common stock on or before February 14, 2013, in accordance with a share repurchase program authorized by our Board of Directors. During 2012, we repurchased 3.606 shares of our common stock under this plan for $245.6, including $75.0 of repurchases during the first nine months of 2012. During January of 2013, we repurchased 1.514 shares of our common stock, completing the repurchases under the trading plan, for $104.4. In addition, we repurchased 1.864 shares of our common stock on the open market for $144.6 during the first nine months of 2013. During the nine months ended September 28, 2013, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $14.1 and increased by $11.0 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements. During the nine months ended September 29, 2012, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $3.9 and increased by $1.8 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements. Dividends The dividends declared during each of the first three quarters of 2013 and 2012 were $0.25 per share and totaled $11.4, $11.5 and $11.4 during the first, second and third quarters of 2013, respectively, and $12.8, $12.7 and $12.7 during the first, second and third quarters of 2012, respectively. Third quarter dividends were paid on October 2, 2013 and October 3, 2012. Changes in Equity A summary of the changes in equity for the three 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 |  | $ | 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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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Also includes disclosure of compensation-related costs for equity-based compensation which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details, and employee stock purchase plan details. + References No definition available. + Details
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