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EQUITY AND STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 29, 2014
EQUITY AND STOCK-BASED COMPENSATION |
Schedule of weighted-average shares outstanding used in the computation of basic and diluted earnings per share |
|  | Three months ended |
|  | March 29, |  | March 30, |
|  | 2014 |  | 2013 |
Weighted-average number of common shares used in basic income per share |  | 44.236 |  | 46.418 |
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units |  | 0.846 |  | 1.032 |
Weighted-average number of common shares and dilutive securities used in diluted income per share |  | 45.082 |  | 47.450 |
Schedule of assumptions to determine the fair value of restricted stock awards granted |
|  |  |  |  |  |  |  | Correlation between total |
|  | Annual expected |  |  |  |  |  | shareholder return for SPX |
|  | stock price |  | Annual expected |  | Risk-free |  | and the applicable S&P |
|  | volatility |  | dividend yield |  | interest rate |  | Composite Index |
January 2, 2014: |  |  |  |  |  |  |  |  |
SPX Corporation |  | 33.7 | % | 1.02 | % | 0.76 | % | 0.7631 |
S&P Composite 1500 Industrials Index |  | 19.9 | % | n/a |  | 0.76 | % |  |
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 | % |  |
Schedule of restricted stock share and restricted stock unit activity |
|  |  |  | Weighted-Average |
|  | Unvested Restricted Stock Shares |  | Grant-Date Fair |
|  | and Restricted Stock Units |  | Value Per Share |
Outstanding at December 31, 2013 |  | 1.537 |  | $ | 58.39 |
Granted |  | 0.510 |  | 86.70 |
Vested |  | (0.537 | ) | 58.57 |
Forfeited |  | (0.226 | ) | 62.15 |
Outstanding at March 29, 2014 |  | 1.284 |  | 68.78 |
Schedule of changes in the components of accumulated other comprehensive income | The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 29, 2014 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 |  | $ | 296.8 |  | $ | (0.8 | ) | $ | (3.7 | ) | $ | (4.8 | ) | $ | 287.5 |
Other comprehensive income (loss) before reclassifications |  | (2.0 | ) | (0.8 | ) | 3.8 |  | 0.2 |  | 1.2 |
Amounts reclassified from accumulated other comprehensive income |  | — |  | 0.1 |  | (0.3 | ) | 5.0 |  | 4.8 |
Current-period other comprehensive income (loss) |  | (2.0 | ) | (0.7 | ) | 3.5 |  | 5.2 |  | 6.0 |
Balance at end of period |  | $ | 294.8 |  | $ | (1.5 | ) | $ | (0.2 | ) | $ | 0.4 |  | $ | 293.5 |
(1) Net of tax benefit of $1.2 and $1.0 as of March 29, 2014 and December 31, 2013, respectively. (2) Net of tax (provision) benefit of $(0.1) and $2.2 as of March 29, 2014 and December 31, 2013, respectively. The balance as of December 31, 2013 primarily includes $(5.0), net of tax, related to our share of the pension liability adjustment for EGS as of December 31, 2013. In connection with the sale of our interest in EGS during the first quarter of 2014, as described in Note 1, we recognized our share of the pension liability adjustment for EGS as a component of the gain on sale of our investment interest. The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 30, 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 |  | $ | 293.8 |  | $ | (3.3 | ) | $ | (3.1 | ) | $ | (2.6 | ) | $ | 284.8 |
Other comprehensive income (loss) before reclassifications |  | (87.2 | ) | 3.6 |  | (0.5 | ) | (1.2 | ) | (85.3 | )
Amounts reclassified from accumulated other comprehensive income |  | — |  | 0.4 |  | — |  | (0.3 | ) | 0.1 |
Current-period other comprehensive income (loss) |  | (87.2 | ) | 4.0 |  | (0.5 | ) | (1.5 | ) | (85.2 | )
Balance at end of period |  | $ | 206.6 |  | $ | 0.7 |  | $ | (3.6 | ) | $ | (4.1 | ) | $ | 199.6 |
(1) Net of tax benefit of $2.5 as of December 31, 2012. (2) Net of tax benefit of $1.8 and $1.2 as of March 30, 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 March 30, 2013 and December 31, 2012, respectively.
Schedule of amounts reclassified from each component of accumulated comprehensive loss |
|  | Amount Reclassified from AOCI |  |  |
|  | Three months ended |  | Affected Line Item in the Condensed |
|  | March 29, 2014 |  | March 30, 2013 |  | Consolidated Statements of Operations |
Losses on qualifying cash flow hedges: |  |  |  |  |  |  |
Commodity contracts |  | $ | 0.1 |  | $ | — |  | Cost of products sold |
FX forward contracts |  | — |  | 0.6 |  | Revenues |
Pre-tax |  | 0.1 |  | 0.6 |  |  |
Income taxes |  | — |  | (0.2 | ) |  |
|  | $ | 0.1 |  | $ | 0.4 |  |  |
Gain on available-for-sale securities |  | $ | 0.3 |  | $ | — |  | Other income, net |
Losses (gains) on pension and postretirement items: |  |  |  |  |  |  |
Recognition of our share of the pension liability adjustment for EGS |  | $ | 7.4 |  | $ | — |  | Other income, net |
Amortization of unrecognized prior service credits |  | — |  | (0.4 | ) | Selling, general and administrative |
Pre-tax |  | 7.4 |  | (0.4 | ) |  |
Income taxes |  | (2.4 | ) | 0.1 |  |  |
|  | $ | 5.0 |  | $ | (0.3 | ) |  |
Schedule of changes in equity |
|  | March 29, 2014 |  | March 30, 2013 |
|  | SPX |  |  |  |  |  | SPX |  |  |  |  |
|  | Corporation |  |  |  |  |  | Corporation |  |  |  |  |
|  | Shareholders’ |  | Noncontrolling |  | Total |  | Shareholders’ |  | Noncontrolling |  | Total |
|  | Equity |  | Interests |  | Equity |  | Equity |  | Interests |  | Equity |
Equity, beginning of period |  | $ | 2,158.0 |  | $ | 14.0 |  | $ | 2,172.0 |  | $ | 2,224.2 |  | $ | 11.3 |  | $ | 2,235.5 |
Net income (loss) |  | 318.2 |  | (0.4 | ) | 317.8 |  | 8.7 |  | 1.3 |  | 10.0 |
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $0.2 and $(2.5) for the three months ended March 29, 2014 and March 30, 2013, respectively |  | (0.7 | ) | — |  | (0.7 | ) | 4.0 |  | — |  | 4.0 |
Net unrealized gains (losses) on available-for-sale securities |  | 3.5 |  | — |  | 3.5 |  | (0.5 | ) | — |  | (0.5 | )
Pension liability adjustment, net of tax (provision) benefit of $(2.3) and $0.7 for the three months ended March 29, 2014 and March 30, 2013, respectively |  | 5.2 |  | — |  | 5.2 |  | (1.5 | ) | — |  | (1.5 | )
Foreign currency translation adjustments |  | (2.0 | ) | (0.1 | ) | (2.1 | ) | (87.2 | ) | (0.6 | ) | (87.8 | )
Total comprehensive income (loss), net |  | 324.2 |  | (0.5 | ) | 323.7 |  | (76.5 | ) | 0.7 |  | (75.8 | )
Dividends declared |  | (16.3 | ) | — |  | (16.3 | ) | (11.4 | ) | — |  | (11.4 | )
Exercise of stock options and other incentive plan activity, including related tax benefit of $8.8 and $5.8 for the three months ended March 29, 2014 and March 30, 2013, respectively |  | 13.6 |  | — |  | 13.6 |  | 10.1 |  | — |  | 10.1 |
Amortization of restricted stock and restricted stock unit grants |  | 24.7 |  | — |  | 24.7 |  | 20.3 |  | — |  | 20.3 |
Restricted stock and restricted stock unit vesting, net of tax withholdings |  | (20.3 | ) | — |  | (20.3 | ) | (20.5 | ) | — |  | (20.5 | )
Common stock repurchases |  | (134.3 | ) | — |  | (134.3 | ) | (131.4 | ) | — |  | (131.4 | )
Other changes in noncontrolling interests |  | — |  | — |  | — |  | — |  | (0.2 | ) | (0.2 | )
Equity, end of period |  | $ | 2,349.6 |  | $ | 13.5 |  | $ | 2,363.1 |  | $ | 2,014.8 |  | $ | 11.8 |  | $ | 2,026.6 |

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