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Shareholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2013
Shareholders' Equity and Stock-Based Compensation |
Computations of the components used for the calculation of basic and diluted income per share |
|  | Year ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
Numerator: |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 201.3 |  | $ | (176.6 | ) | $ | 132.7 |
Less: Net income attributable to noncontrolling interests |  |  | 2.2 |  |  | 3.0 |  |  | 5.0 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share |  | $ | 199.1 |  | $ | (179.6 | ) | $ | 127.7 |
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Income from discontinued operations |  | $ | 11.3 |  | $ | 359.8 |  | $ | 43.5 |
Less: Net income (loss) attributable to noncontrolling interest |  |  | 0.2 |  |  | (0.2 | ) |  | — |
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Income from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share |  | $ | 11.1 |  | $ | 360.0 |  | $ | 43.5 |
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Denominator: |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares used in basic income per share |  |  | 45.384 |  |  | 50.031 |  |  | 50.499 |
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units |  |  | 0.622 |  |  | — |  |  | 0.447 |
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Weighted-average number of common shares and dilutive securities used in diluted income per share |  |  | 46.006 |  |  | 50.031 |  |  | 50.946 |
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Summary of common shares issued, treasury shares and shares outstanding |
|  | Common Stock Issued |  | Treasury Stock |  | Shares Outstanding |
--- | --- | --- | --- | --- | --- | --- | ---
Balance at December 31, 2010 |  |  | 98.068 |  |  | (47.774 | ) |  | 50.294 |
Stock options exercised |  |  | 0.154 |  |  | — |  |  | 0.154 |
Restricted stock shares and restricted stock units |  |  | 0.209 |  |  | 0.145 |  |  | 0.354 |
Other |  |  | 0.271 |  |  | — |  |  | 0.271 |
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Balance at December 31, 2011 |  |  | 98.702 |  |  | (47.629 | ) |  | 51.073 |
Stock options exercised |  |  | 0.174 |  |  | — |  |  | 0.174 |
Share repurchases |  |  | — |  |  | (3.606 | ) |  | (3.606 | )
Restricted stock shares and restricted stock units |  |  | 0.311 |  |  | 0.085 |  |  | 0.396 |
Other |  |  | 0.267 |  |  | — |  |  | 0.267 |
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Balance at December 31, 2012 |  |  | 99.454 |  |  | (51.150 | ) |  | 48.304 |
Stock options exercised |  |  | 0.008 |  |  | — |  |  | 0.008 |
Share repurchases |  |  | — |  |  | (3.493 | ) |  | (3.493 | )
Restricted stock shares and restricted stock units |  |  | 0.133 |  |  | 0.123 |  |  | 0.256 |
Other |  |  | 0.206 |  |  | — |  |  | 0.206 |
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Balance at December 31, 2013 |  |  | 99.801 |  |  | (54.520 | ) |  | 45.281 |
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Schedule of assumptions in determining the fair value of restricted stock awards granted |
|  | Annual expected stock price volatility |  | Annual expected dividend yield |  | Risk-free interest rate |  | Correlation between total shareholder return for SPX and the applicable S&P Composite Index |
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April 1, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |
SPX Corporation |  |  | 35.5 | % |  | 1.29 | % |  | 0.33 | % |  | 0.7668 |
S&P Composite 1500 Industrials Index |  |  | 21.2 | % |  | n/a |  |  | 0.33 | % |  |  |
January 2, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |
SPX Corporation |  |  | 36.3 | % |  | 1.42 | % |  | 0.37 | % |  | 0.7778 |
S&P Composite 1500 Industrials Index |  |  | 22.4 | % |  | n/a |  |  | 0.37 | % |  |  |
January 3, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
SPX Corporation |  |  | 44.3 | % |  | 1.60 | % |  | 0.44 | % |  | 0.7365 |
S&P 500 Index |  |  | 23.1 | % |  | n/a |  |  | 0.44 | % |  |  |
Schedule of restricted stock share and restricted stock unit activity |
|  | Unvested Restricted Stock Shares and Restricted Stock Units |  | Weighted-Average Grant-Date Fair Value Per Share |
--- | --- | --- | --- | --- | ---
Outstanding at December 31, 2010 |  |  | 1.516 |  | $ | 50.97 |
Granted |  |  | 0.836 |  |  | 62.72 |
Vested |  |  | (0.636 | ) |  | 51.47 |
Forfeited |  |  | (0.276 | ) |  | 67.21 |
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Outstanding at December 31, 2011 |  |  | 1.440 |  |  | 54.38 |
Granted |  |  | 0.823 |  |  | 50.64 |
Vested |  |  | (0.264 | ) |  | 39.75 |
Forfeited |  |  | (0.064 | ) |  | 57.77 |
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Outstanding at December 31, 2012 |  |  | 1.935 |  |  | 54.70 |
Granted |  |  | 0.652 |  |  | 61.66 |
Vested |  |  | (0.754 | ) |  | 54.34 |
Forfeited |  |  | (0.296 | ) |  | 52.20 |
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Outstanding at December 31, 2013 |  |  | 1.537 |  |  | 58.39 |
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Schedule of stock option activity |
|  | Shares |  | Weighted- Average Exercise Price |
--- | --- | --- | --- | --- | ---
Options outstanding and exercisable at December 31, 2010 |  |  | 0.635 |  | $ | 63.82 |
Exercised |  |  | (0.154 | ) |  | 65.44 |
Terminated |  |  | (0.117 | ) |  | 89.10 |
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Options outstanding and exercisable at December 31, 2011 |  |  | 0.364 |  |  | 54.87 |
Exercised |  |  | (0.174 | ) |  | 39.58 |
Terminated |  |  | (0.177 | ) |  | 69.42 |
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Options outstanding and exercisable at December 31, 2012 |  |  | 0.013 |  |  | 62.45 |
Exercised |  |  | (0.008 | ) |  | 50.79 |
Terminated |  |  | (0.005 | ) |  | 85.36 |
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Options outstanding and exercisable at December 31, 2013 |  |  | — |  |  | — |
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Schedule of changes in the components of accumulated other comprehensive income |
|  | 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 December 31, 2012 |  | $ | 293.8 |  | $ | (3.3 | ) | $ | (3.1 | ) | $ | (2.6 | ) | $ | 284.8 |
Other comprehensive income (loss) before reclassifications |  |  | 3.0 |  |  | (1.0 | ) |  | (0.6 | ) |  | (1.2 | ) |  | 0.2 |
Amounts reclassified from accumulated other comprehensive loss |  |  | — |  |  | 3.5 |  |  | — |  |  | (1.0 | ) |  | 2.5 |
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Current-period other comprehensive income (loss) |  |  | 3.0 |  |  | 2.5 |  |  | (0.6 | ) |  | (2.2 | ) |  | 2.7 |
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Balance at December 31, 2013 |  | $ | 296.8 |  | $ | (0.8 | ) | $ | (3.7 | ) | $ | (4.8 | ) | $ | 287.5 |
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(1) Net of tax benefit of $1.0 and $2.5 as of December 31, 2013 and 2012, respectively. (2) Net of tax benefit of $2.2 and $1.2 as of December 31, 2013 and 2012, respectively. Includes $(5.0) and $(3.8), net of tax, related to our share of the pension liability adjustment for EGS as of December 31, 2013 and 2012, respectively, and $0.2 and $1.2, net of tax, of unamortized prior service credits as of December 31, 2013 and 2012, respectively.
Schedule of amounts reclassified from each component of accumulated comprehensive income |
|  | Amount Reclassified from AOCI |  | Affected Line Item in the Consolidated Statement of Operations
--- | --- | --- | --- | ---
Losses on qualifying cash flow hedges: |  |  |  |  |
FX forward contracts |  | $ | 4.0 |  | Revenues
Commodity contracts |  |  | 1.3 |  | Cost of products sold
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Pre-tax |  |  | 5.3 |  |
Income taxes |  |  | (1.8 | ) |
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|  | $ | 3.5 |  |
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Amortization of pension and postretirement item: |  |  |  |  |
Unrecognized prior service credits |  | $ | (0.1 | ) | Cost of products sold
Unrecognized prior service credits |  |  | (1.3 | ) | Selling, general and administrative
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Pre-tax |  |  | (1.4 | ) |
Income taxes |  |  | 0.4 |  |
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|  | $ | (1.0 | ) |
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