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Investment in Joint Venture | 12 Months Ended
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Dec. 31, 2013
Investment in Joint Venture |
Investment in Joint Venture | (9) Investment in Joint Venture As of December 31, 2013, we had a joint venture, EGS, with Emerson Electric Co., in which we held a 44.5% interest. Emerson Electric Co. controlled and operated the joint venture. EGS operates primarily in the United States, Brazil, Canada and France and is engaged in the manufacture of electrical fittings, hazardous location lighting and power conditioning products. We accounted for our investment using the equity method, on a three-month lag basis, and we typically received our share of the joint venture's earnings in cash dividends paid quarterly. EGS's results of operations and selected other information for its fiscal years ended September 30, 2013, 2012 and 2011 were as follows:
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Revenues |  | $ | 517.5 |  | $ | 527.0 |  | $ | 495.3 |
Gross profit |  |  | 223.3 |  |  | 221.9 |  |  | 201.5 |
Income from continuing operations |  |  | 89.4 |  |  | 87.9 |  |  | 63.7 |
Net income |  |  | 89.4 |  |  | 87.9 |  |  | 63.7 |
Capital expenditures |  |  | 13.3 |  |  | 12.0 |  |  | 16.7 |
Depreciation and amortization |  |  | 11.0 |  |  | 10.4 |  |  | 10.3 |
Dividends received by SPX |  |  | 30.3 |  |  | 35.2 |  |  | 29.4 |
Undistributed earnings attributable to SPX Corporation |  |  | 20.0 |  |  | 8.4 |  |  | 4.6 |
SPX's equity earnings in EGS |  |  | 41.9 |  |  | 39.0 |  |  | 28.7 |
Condensed balance sheet information of EGS as of September 30, 2013 and 2012 was as follows:
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
Current assets |  | $ | 180.4 |  | $ | 183.5 |
Non-current assets |  |  | 336.4 |  |  | 339.6 |
Current liabilities |  |  | 108.0 |  |  | 116.9 |
Non-current liabilities |  |  | 24.0 |  |  | 33.0 |
The carrying value of our investment in EGS was $81.8 and $73.5 at December 31, 2013 and 2012, respectively, and is recorded in "Other assets" in our consolidated balance sheets. We contributed non-monetary assets to EGS upon its formation. We recorded these contributed assets at their historical cost while EGS recorded these assets at their fair value. As a result of this basis difference in the goodwill recorded by EGS upon formation, our investment in EGS is less than our proportionate share of EGS's net assets, with such difference totaling $89.4 at December 31, 2013. On January 7, 2014, we completed the sale of our 44.5% interest in EGS to Emerson Electric Co. for $574.1. As a result of the sale, we will record a gain, net of tax, of approximately $300.0 in our first quarter 2014 results of operations. The financial position, results of operations and cash flows of our other equity method investments are not material, individually or in the aggregate, in relation to our consolidated financial statements.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -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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