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Reconciliation of Previously Reported Amounts to Amounts as Revised and Restated | 12 Months Ended
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Dec. 31, 2013
Reconciliation of Previously Reported Amounts to Amounts as Revised and Restated |
Reconciliation of Previously Reported Amounts to Amounts as Revised and Restated | (18) Reconciliation of Previously Reported Amounts to Amounts as Revised and Restated As described in Note 4, we have reported businesses which have been sold or for which operations have been terminated, as well as certain non-strategic businesses for which we have committed to a plan to divest, as discontinued operations for all periods presented in our consolidated financial statements. Furthermore, as described in Notes 1 and 11, we have identified certain misstatements within our income tax accounts associated with previously unidentified taxable earnings and have corrected these prior period misstatements in the accompanying consolidated financial statements. The impacts of these changes on selected financial statement amounts within our consolidated financial statements as of and for the years ended December 31, 2012 and 2011 are summarized below:
|  | 2012 |
--- | --- | --- | ---
|  | As Previously Reported(1) |  | Reclassification of Discontinued Operations(2) |  | Correction of Prior Period Misstatement(3) |  | As Revised and Restated(4) |
Consolidated Statement of Operations: |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 5,100.2 |  | $ | (269.2 | ) | $ | — |  | $ | 4,831.0 |
Operating income (loss) |  |  | 9.0 |  |  | (32.1 | ) |  | — |  |  | (23.1 | )
Loss from continuing operations before income taxes |  |  | (46.5 | ) |  | (32.1 | ) |  | — |  |  | (78.6 | )
Income tax provision |  |  | (31.9 | ) |  | 12.3 |  |  | (1.4 | ) |  | (21.0 | )
Loss from continuing operations |  |  | (78.4 | ) |  | (19.8 | ) |  | (1.4 | ) |  | (99.6 | )
Income from discontinued operations, net of tax |  |  | 340.4 |  |  | 19.8 |  |  | — |  |  | 360.2 |
Net income |  |  | 262.0 |  |  | — |  |  | (1.4 | ) |  | 260.6 |
Net income attributable to SPX Corporation common shareholders |  |  | 259.2 |  |  | — |  |  | (1.4 | ) |  | 257.8 |
Consolidated Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes payable |  | $ | 126.5 |  | $ | — |  | $ | 46.3 |  | $ | 172.8 |
Total current liabilities |  |  | 1,736.6 |  |  | — |  |  | 46.3 |  |  | 1,782.9 |
Deferred and other income taxes |  |  | 251.1 |  |  | — |  |  | (1.8 | ) |  | 249.3 |
Total long-term liabilities |  |  | 3,113.5 |  |  | — |  |  | (1.8 | ) |  | 3,111.7 |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 2,696.6 |  |  | — |  |  | (44.5 | ) |  | 2,652.1 |
Total SPX Corporation shareholders' equity |  |  | 2,268.7 |  |  | — |  |  | (44.5 | ) |  | 2,224.2 |
Total equity |  |  | 2,280.0 |  |  | — |  |  | (44.5 | ) |  | 2,235.5 |
Consolidated Statement of Cash Flows: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 262.0 |  | $ | — |  | $ | (1.4 | ) | $ | 260.6 |
Less: Income from discontinued operations, net of tax |  |  | 340.4 |  |  | 19.8 |  |  | — |  |  | 360.2 |
Loss from continuing operations |  |  | (78.4 | ) |  | (19.8 | ) |  | (1.4 | ) |  | (99.6 | )
Net cash from continuing operations |  |  | 84.7 |  |  | (35.4 | ) |  | — |  |  | 49.3 |
Net cash from (used in) discontinued operations |  |  | (14.9 | ) |  | 35.4 |  |  | — |  |  | 20.5 |
Cash flows from (used in) investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in continuing operations |  |  | (97.6 | ) |  | 2.7 |  |  | — |  |  | (94.9 | )
Net cash from discontinued operations |  |  | 1,128.3 |  |  | (2.7 | ) |  | — |  |  | 1,125.6 |
(1) Amounts as previously reported in our 2012 Annual Report on Form 10-K, as amended. (2) Reflects the effect of reclassifying businesses as discontinued operations for the year ended December 31, 2012, to conform to the current presentation. These businesses included Dielectric and Kayex, as well as certain non-strategic businesses previously reported in Industrial Products and Services and Other for which we committed to a plan to divest in the third quarter of 2013 (see Note 4). (3) Reflects the correction of certain misstatements identified within our income tax accounts as of and for the year ended December 31, 2012 (see Notes 1 and 11). (4) Selected "As Revised and Restated" amounts are presented in Note 19, as this Note reflects (i) the effects that our change in accounting methods for pension and postretirement benefit plans had on the "As Revised and Restated" amounts and (ii) the resulting amounts in the accompanying 2012 consolidated statement of operations, consolidated balance sheet, and consolidated statement of cash flows.
|  | 2011 |
--- | --- | --- | ---
|  | As Previously Reported(1) |  | Reclassification of Discontinued Operations(2) |  | Correction of Prior Period Misstatement(3) |  | As Revised and Restated(4) |
Consolidated Statement of Operations: |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 4,536.9 |  | $ | (264.0 | ) | $ | — |  | $ | 4,272.9 |
Operating income |  |  | 286.5 |  |  | (33.4 | ) |  | — |  |  | 253.1 |
Income from continuing operations before income taxes |  |  | 169.9 |  |  | (33.4 | ) |  | — |  |  | 136.5 |
Income tax (provision) benefit |  |  | (14.3 | ) |  | 11.8 |  |  | 10.7 |  |  | 8.2 |
Income from continuing operations |  |  | 155.6 |  |  | (21.6 | ) |  | 10.7 |  |  | 144.7 |
Income from discontinued operations, net of tax |  |  | 30.0 |  |  | 21.6 |  |  | — |  |  | 51.6 |
Net income |  |  | 185.6 |  |  | — |  |  | 10.7 |  |  | 196.3 |
Net income attributable to SPX Corporation common shareholders |  |  | 180.6 |  |  | — |  |  | 10.7 |  |  | 191.3 |
Consolidated Statement of Equity: |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings(5) |  | $ | 2,488.3 |  | $ | — |  | $ | (43.1 | ) | $ | 2,445.2 |
Total SPX Corporation shareholders' equity |  |  | 2,227.3 |  |  | — |  |  | (43.1 | ) |  | 2,184.2 |
Total equity |  |  | 2,237.3 |  |  | — |  |  | (43.1 | ) |  | 2,194.2 |
Consolidated Statement of Cash Flows: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 185.6 |  | $ | — |  | $ | 10.7 |  | $ | 196.3 |
Less: Income from discontinued operations, net of tax |  |  | 30.0 |  |  | 21.6 |  |  | — |  |  | 51.6 |
Income from continuing operations |  |  | 155.6 |  |  | (21.6 | ) |  | 10.7 |  |  | 144.7 |
Net cash from continuing operations |  |  | 252.5 |  |  | (46.3 | ) |  | — |  |  | 206.2 |
Net cash from discontinued operations |  |  | 70.1 |  |  | 46.3 |  |  | — |  |  | 116.4 |
Cash flows used in investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in continuing operations |  |  | (893.8 | ) |  | 1.8 |  |  | — |  |  | (892.0 | )
Net cash used in discontinued operations |  |  | (50.5 | ) |  | (1.8 | ) |  | — |  |  | (52.3 | )
(1) Amounts as previously reported in our 2012 Annual Report on Form 10-K, as amended. (2) Reflects the effect of reclassifying businesses as discontinued operations for the year ended December 31, 2011, to conform to the current presentation. These businesses included Dielectric and Kayex, as well as certain non-strategic businesses previously reported in Industrial Products and Services and Other for which we committed to a plan to divest in the third quarter of 2013 (see Note 4). (3) Reflects the correction of certain misstatements identified within our income tax accounts as of and for the year ended December 31, 2011 (see Notes 1 and 11). (4) Selected "As Revised and Restated" amounts are presented in Note 19, as this Note reflects (i) the effects that our change in accounting methods for pension and postretirement benefit plans had on the "As Revised and Restated" amounts and (ii) the resulting amounts in the accompanying 2011 consolidated statements of operations, equity, and cash flows. (5) The net reduction in retained earnings of $43.1 is comprised of the cumulative correction as of January 1, 2011 of $53.8, partially offset by a correction/reduction of the 2011 income tax provision of $10.7.

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