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Effect of Accounting Changes | 12 Months Ended
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Dec. 31, 2013
Effect of Accounting Changes |
Effect of Accounting Changes | (19) Effect of Accounting Changes As described in Note 1, we have retrospectively applied the new accounting methods for recognizing changes in the fair value of plan assets and actuarial gains and losses associated with our pension and postretirement benefit plans. Accordingly, we recorded a cumulative reduction in retained earnings as of January 1, 2011 of $416.2, with a corresponding offset to AOCI. The impact of these changes on the accompanying consolidated financial statements is summarized below:
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | New Method(3) |  | Historical Method(2) |  | Effect of Change |  | As Adjusted(3) |  | As Revised and Restated(1) |  | Effect of Change |  | As Adjusted(3) |  | As Revised and Restated(1) |  | Effect of Change |
Consolidated Statements of Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of products sold |  | $ | 3,359.6 |  | $ | 3,388.4 |  | $ | (28.8 | ) | $ | 3,517.4 |  | $ | 3,511.6 |  | $ | 5.8 |  | $ | 3,066.4 |  | $ | 3,065.6 |  | $ | 0.8 |
Selling, general and administrative |  |  | 956.0 |  |  | 1,370.5 |  |  | (414.5 | ) |  | 1,112.6 |  |  | 999.1 |  |  | 113.5 |  |  | 897.4 |  |  | 882.1 |  |  | 15.3 |
Operating income (loss)(4) |  |  | 329.6 |  |  | (113.7 | ) |  | 443.3 |  |  | (142.4 | ) |  | (23.1 | ) |  | (119.3 | ) |  | 237.0 |  |  | 253.1 |  |  | (16.1 | )
Income (loss) from continuing operations before income taxes |  |  | 256.1 |  |  | (187.2 | ) |  | 443.3 |  |  | (197.9 | ) |  | (78.6 | ) |  | (119.3 | ) |  | 120.4 |  |  | 136.5 |  |  | (16.1 | )
Income tax (provision) benefit |  |  | (54.8 | ) |  | 115.8 |  |  | (170.6 | ) |  | 21.3 |  |  | (21.0 | ) |  | 42.3 |  |  | 12.3 |  |  | 8.2 |  |  | 4.1 |
Income (loss) from continuing operations |  |  | 201.3 |  |  | (71.4 | ) |  | 272.7 |  |  | (176.6 | ) |  | (99.6 | ) |  | (77.0 | ) |  | 132.7 |  |  | 144.7 |  |  | (12.0 | )
Income from discontinued operations, net of tax |  |  | 11.3 |  |  | 8.2 |  |  | 3.1 |  |  | 359.8 |  |  | 360.2 |  |  | (0.4 | ) |  | 43.5 |  |  | 51.6 |  |  | (8.1 | )
Net income (loss) |  |  | 212.6 |  |  | (63.2 | ) |  | 275.8 |  |  | 183.2 |  |  | 260.6 |  |  | (77.4 | ) |  | 176.2 |  |  | 196.3 |  |  | (20.1 | )
Net income (loss) attributable to SPX common shareholders |  |  | 210.2 |  |  | (65.6 | ) |  | 275.8 |  |  | 180.4 |  |  | 257.8 |  |  | (77.4 | ) |  | 171.2 |  |  | 191.3 |  |  | (20.1 | )
Amounts attributable to SPX Corporation common shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations, net of tax |  |  | 199.1 |  |  | (73.6 | ) |  | 272.7 |  |  | (179.6 | ) |  | (102.6 | ) |  | (77.0 | ) |  | 127.7 |  |  | 139.7 |  |  | (12.0 | )
Income from discontinued operations, net of tax |  |  | 11.1 |  |  | 8.0 |  |  | 3.1 |  |  | 360.0 |  |  | 360.4 |  |  | (0.4 | ) |  | 43.5 |  |  | 51.6 |  |  | (8.1 | )
Net income (loss) |  |  | 210.2 |  |  | (65.6 | ) |  | 275.8 |  |  | 180.4 |  |  | 257.8 |  |  | (77.4 | ) |  | 171.2 |  |  | 191.3 |  |  | (20.1 | )
Basic income (loss) per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 4.39 |  | $ | (1.62 | ) | $ | 6.01 |  | $ | (3.59 | ) | $ | (2.05 | ) | $ | (1.54 | ) | $ | 2.53 |  | $ | 2.77 |  | $ | (0.24 | )
Discontinued operations |  |  | 0.24 |  |  | 0.17 |  |  | 0.07 |  |  | 7.20 |  |  | 7.20 |  |  | — |  |  | 0.86 |  |  | 1.02 |  |  | (0.16 | )
Net income (loss) |  | $ | 4.63 |  | $ | (1.45 | ) | $ | 6.08 |  | $ | 3.61 |  | $ | 5.15 |  | $ | (1.54 | ) | $ | 3.39 |  | $ | 3.79 |  | $ | (0.40 | )
Diluted income (loss) per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 4.33 |  | $ | (1.62 | ) | $ | 5.95 |  | $ | (3.59 | ) | $ | (2.05 | ) | $ | (1.54 | ) | $ | 2.51 |  | $ | 2.74 |  | $ | (0.23 | )
Discontinued operations |  |  | 0.24 |  |  | 0.17 |  |  | 0.07 |  |  | 7.20 |  |  | 7.20 |  |  | — |  |  | 0.85 |  |  | 1.01 |  |  | (0.16 | )
Net income (loss) |  | $ | 4.57 |  | $ | (1.45 | ) | $ | 6.02 |  | $ | 3.61 |  | $ | 5.15 |  | $ | (1.54 | ) | $ | 3.36 |  | $ | 3.75 |  | $ | (0.39 | )
Consolidated Statements of Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 212.6 |  | $ | (63.2 | ) | $ | 275.8 |  | $ | 183.2 |  | $ | 260.6 |  | $ | (77.4 | ) | $ | 176.2 |  | $ | 196.3 |  | $ | (20.1 | )
Pension liability adjustment, net of tax |  |  | (2.2 | ) |  | (278.0 | ) |  | (275.8 | ) |  | (1.0 | ) |  | (80.3 | ) |  | 79.3 |  |  | (2.1 | ) |  | (21.7 | ) |  | 19.6 |
Consolidated Balance Sheets / Consolidated Statements of Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  | $ | 2,303.1 |  | $ | 2,541.0 |  | $ | (237.9 | ) | $ | 2,138.4 |  | $ | 2,652.1 |  | $ | (513.7 | ) | $ | 2,008.9 |  | $ | 2,445.2 |  | $ | (436.3 | )
Accumulated other comprehensive income (loss) |  |  | 287.5 |  |  | 49.6 |  |  | 237.9 |  |  | 284.8 |  |  | (228.9 | ) |  | 513.7 |  |  | 189.8 |  |  | (246.5 | ) |  | 436.3 |
Consolidated Statements of Cash Flows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 212.6 |  | $ | (63.2 | ) | $ | 275.8 |  | $ | 183.2 |  | $ | 260.6 |  | $ | (77.4 | ) | $ | 176.2 |  | $ | 196.3 |  | $ | (20.1 | )
Less: Income from discontinued operations, net of tax |  |  | 11.3 |  |  | 8.2 |  |  | 3.1 |  |  | 359.8 |  |  | 360.2 |  |  | (0.4 | ) |  | 43.5 |  |  | 51.6 |  |  | (8.1 | )
Income (loss) from continuing operations |  |  | 201.3 |  |  | (71.4 | ) |  | 272.7 |  |  | (176.6 | ) |  | (99.6 | ) |  | (77.0 | ) |  | 132.7 |  |  | 144.7 |  |  | (12.0 | )
Deferred and other income taxes |  |  | 95.0 |  |  | (75.6 | ) |  | 170.6 |  |  | (43.6 | ) |  | (1.3 | ) |  | (42.3 | ) |  | (39.8 | ) |  | (35.7 | ) |  | (4.1 | )
Pension and other employee benefits |  |  | (0.1 | ) |  | 443.2 |  |  | (443.3 | ) |  | 176.1 |  |  | 56.8 |  |  | 119.3 |  |  | 72.3 |  |  | 56.2 |  |  | 16.1 |
(1) "As Revised and Restated" for 2012 and 2011 represents amounts as previously reported in our 2012 Annual Report on Form 10-K (as amended), revised and restated to reflect (i) the reclassification of certain prior period amounts, including the results of discontinued operations (see Note 4), as well as (ii) the correction of prior period misstatements within our income tax accounts (see Notes 1, 11 and 18 for further information). (2) Reflects amounts we would have reported had we not changed our accounting methods for recognizing changes in the fair value of plan assets and actuarial gains and losses. (3) Reflects amounts reported in the accompanying consolidated financial statements as of and for the years ended December 31, 2013, 2012 and 2011. (4) Under our historical methods of accounting for our pension and postretirement benefit plans, our pension and postretirement benefit expense for 2013 would have been a pre-tax charge of $425.6 as compared to pension and postretirement benefit income of $17.7 recognized under our new methods. The pre-tax charge under our historical methods reflects the effects of a $399.4 charge that would have been recognized as a result of the settlement of approximately 61% of the Plan's projected benefit obligation as of November 12, 2013, due primarily to the transfer of the retiree pension obligations of the Plan to Mass Mutual, as previously described.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 17, 22, 25, 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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