XML 53 R18.htm IDEA: XBRL DOCUMENT
v2.4.0.8

EQUITY AND STOCK-BASED COMPENSATION | 9 Months Ended
--- | ---
Sep. 27, 2014
EQUITY AND STOCK-BASED COMPENSATION |
EQUITY AND STOCK-BASED COMPENSATION | (12) EQUITY AND STOCK-BASED COMPENSATION Income Per Share The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
|  | Three months ended |  | Nine months ended |
|  | September 27, |  | September 28, |  | September 27, |  | September 28, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Weighted-average number of common shares used in basic income per share |  | 41.796 |  | 44.709 |  | 43.024 |  | 45.592 |
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units |  | 0.568 |  | 0.328 |  | 0.748 |  | 0.548 |
Weighted-average number of common shares and dilutive securities used in diluted income per share |  | 42.364 |  | 45.037 |  | 43.772 |  | 46.140 |
There were no stock options outstanding during the nine months ended September 27, 2014. All stock options outstanding were included in the computation of diluted income per share during the three and nine months ended September 28, 2013. For the three and nine months ended September 27, 2014, 0.173 and 0.058 of unvested restricted stock shares and restricted stock units, respectively, were not included in the computation of diluted income per share because required market thresholds for vesting (as discussed in our 2013 Annual Report on Form 10-K) were not met, compared to 0.857 and 0.758 for the three and nine months ended September 28, 2013, respectively. Stock-based Compensation Stock-based compensation awards may be granted to certain eligible employees or non-employee directors under the 2002 Stock Compensation Plan, or to non-employee directors under the 2006 Non-Employee Director’s Stock Incentive Plan. A detailed description of the awards granted under these plans is included in our 2013 Annual Report on Form 10-K. Compensation expense within income from continuing operations related to restricted stock shares and restricted stock units totaled $4.6 and $3.7 for the three months ended September 27, 2014 and September 28, 2013, respectively, and $33.9 and $29.3 for the nine months ended September 27, 2014 and September 28, 2013, respectively. The related tax benefit was $1.8 and $1.4 for the three months ended September 27, 2014 and September 28, 2013, respectively, and $12.4 and $10.7 for the nine months ended September 27, 2014 and September 28, 2013, respectively. Accumulated Other Comprehensive Income The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended September 27, 2014 were as follows:
|  | Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges (1) |  | Pension and Postretirement Liability Adjustment and Other (2) |  | Total |
Balance at beginning of period |  | $ | 285.3 |  | $ | (0.9 | ) | $ | 0.3 |  | $ | 284.7 |
Other comprehensive loss before reclassifications |  | (115.3 | ) | (0.5 | ) | — |  | (115.8 | )
Amounts reclassified from accumulated other comprehensive income |  | — |  | 0.2 |  | (0.1 | ) | 0.1 |
Current-period other comprehensive loss |  | (115.3 | ) | (0.3 | ) | (0.1 | ) | (115.7 | )
Balance at end of period |  | $ | 170.0 |  | $ | (1.2 | ) | $ | 0.2 |  | $ | 169.0 |
(1) Net of tax benefit of $1.0 and $0.9 as of September 27, 2014 and June 28, 2014, respectively. (2) Net of tax provision of $(0.1) as of September 27, 2014 and June 28, 2014. The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended September 27, 2014 were as follows:
|  | Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges (1) |  | Net Unrealized Gains (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 |  | (126.8 | ) | (0.8 | ) | 3.6 |  | 0.2 |  | (123.8 | )
Amounts reclassified from accumulated other comprehensive income |  | — |  | 0.4 |  | 0.1 |  | 4.8 |  | 5.3 |
Current-period other comprehensive income (loss) |  | (126.8 | ) | (0.4 | ) | 3.7 |  | 5.0 |  | (118.5 | )
Balance at end of period |  | $ | 170.0 |  | $ | (1.2 | ) | $ | — |  | $ | 0.2 |  | $ | 169.0 |
(1) Net of tax benefit of $1.0 as of September 27, 2014 and December 31, 2013. (2) Net of tax (provision) benefit of $(0.1) and $2.2 as of September 27, 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 September 28, 2013 were as follows:
|  | Foreign Currency Translation Adjustment |  | Net Unrealized Gains (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 |  | $ | 221.5 |  | $ | (4.4 | ) | $ | (3.8 | ) | $ | (4.3 | ) | $ | 209.0 |
Other comprehensive income (loss) before reclassifications |  | 70.1 |  | 0.5 |  | (0.8 | ) | — |  | 69.8 |
Amounts reclassified from accumulated other comprehensive income |  | — |  | 1.8 |  | — |  | (0.2 | ) | 1.6 |
Current-period other comprehensive income (loss) |  | 70.1 |  | 2.3 |  | (0.8 | ) | (0.2 | ) | 71.4 |
Balance at end of period |  | $ | 291.6 |  | $ | (2.1 | ) | $ | (4.6 | ) | $ | (4.5 | ) | $ | 280.4 |
(1) Net of tax benefit of $1.9 and $2.9 as of September 28, 2013 and June 29, 2013, respectively. (2) Net of tax benefit of $2.0 and $1.9 as of September 28, 2013 and June 29, 2013, respectively. Includes $(5.0) related to our share of the pension liability adjustment for EGS as of September 28, 2013 and June 29, 2013. The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended September 28, 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 loss before reclassifications |  | (2.2 | ) | (1.1 | ) | (1.5 | ) | (1.2 | ) | (6.0 | )
Amounts reclassified from accumulated other comprehensive income |  | — |  | 2.3 |  | — |  | (0.7 | ) | 1.6 |
Current-period other comprehensive income (loss) |  | (2.2 | ) | 1.2 |  | (1.5 | ) | (1.9 | ) | (4.4 | )
Balance at end of period |  | $ | 291.6 |  | $ | (2.1 | ) | $ | (4.6 | ) | $ | (4.5 | ) | $ | 280.4 |
(1) Net of tax benefit of $1.9 and $2.5 as of September 28, 2013 and December 31, 2012, respectively. (2) Net of tax benefit of $2.0 and $1.2 as of September 28, 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 September 28, 2013 and December 31, 2012, respectively. The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended September 27, 2014 and September 28, 2013:
|  | Amount Reclassified from AOCI |  |  |
|  | Three months ended |  | Affected Line Items in the Condensed |
|  | September 27, 2014 |  | September 28, 2013 |  | Consolidated Statements of Operations |
Losses on qualifying cash flow hedges: |  |  |  |  |  |  |
Commodity contracts |  | $ | 0.3 |  | $ | 0.6 |  | Cost of products sold |
FX forward contracts |  | — |  | 2.2 |  | Revenues |
Pre-tax |  | 0.3 |  | 2.8 |  |  |
Income taxes |  | (0.1 | ) | (1.0 | ) |  |
|  | $ | 0.2 |  | $ | 1.8 |  |  |
Pension and postretirement items: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits |  | $ | (0.1 | ) | $ | (0.4 | ) | Selling, general and administrative |
Pre-tax |  | (0.1 | ) | (0.4 | ) |  |
Income taxes |  | — |  | 0.2 |  |  |
|  | $ | (0.1 | ) | $ | (0.2 | ) |  |
The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the nine months ended September 27, 2014 and September 28, 2013:
|  | Amount Reclassified from AOCI |  |  |
|  | Nine months ended |  | Affected Line Items in the Condensed |
|  | September 27, 2014 |  | September 28, 2013 |  | Consolidated Statement of Operations |
Losses on qualifying cash flow hedges: |  |  |  |  |  |  |
Commodity contracts |  | $ | 0.5 |  | $ | 0.5 |  | Cost of products sold |
FX forward contracts |  | — |  | 3.0 |  | Revenues |
Pre-tax |  | 0.5 |  | 3.5 |  |  |
Income taxes |  | (0.1 | ) | (1.2 | ) |  |
|  | $ | 0.4 |  | $ | 2.3 |  |  |
Loss on available-for-sale securities |  | $ | 0.1 |  | $ | — |  | Other income (expense), net |
(Gains) losses on pension and postretirement items: |  |  |  |  |  |  |
Recognition of our share of the pension liability adjustment for EGS |  | $ | 7.4 |  | $ | — |  | Other income (expense), net |
Amortization of unrecognized prior service credits |  | (0.2 | ) | (1.0 | ) | Selling, general and administrative |
Pre-tax |  | 7.2 |  | (1.0 | ) |  |
Income taxes |  | (2.4 | ) | 0.3 |  |  |
|  | $ | 4.8 |  | $ | (0.7 | ) |  |
Common Stock in Treasury On December 18, 2013, we entered into a written trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate the repurchase of up to $500.0 of shares of our common stock on or before December 31, 2014, in accordance with a share repurchase program authorized by our Board of Directors. We repurchased 0.115 shares of our common stock for $11.2 under this trading plan during December 2013. During the first nine months of 2014, we repurchased 4.029 shares of our common stock for $414.3 under this trading plan. During the first quarter of 2013, we repurchased 1.514 shares of our common stock for $104.4, which completed the repurchases under a trading plan that we entered into during 2012. In addition, we repurchased 1.864 shares of our common stock on the open market for $144.6 during the first nine months of 2013. During the nine months ended September 27, 2014, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $13.6 and increased by $7.9 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements. During the nine months ended September 28, 2013, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $14.1 and increased by $11.0 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements. Dividends On February 10, 2014, we implemented a dividend increase effective with the first quarterly dividend payment of 2014. Our annual dividend is now $1.50 per share (previously $1.00 per share), payable quarterly. The dividends declared totaled $16.3, $16.1 and $15.9 during the first, second and third quarters of 2014, respectively, and $11.4, $11.5 and $11.4 during the first, second and third quarters of 2013, respectively. Third quarter dividends were paid on October 2, 2014 and October 2, 2013, respectively. Changes in Equity A summary of the changes in equity for the three months ended September 27, 2014 and September 28, 2013 is provided below:
|  | September 27, 2014 |  | September 28, 2013 |
|  | SPX |  |  |  |  |  | SPX |  |  |  |  |
|  | Corporation |  |  |  |  |  | Corporation |  |  |  |  |
|  | Shareholders’ |  | Noncontrolling |  | Total |  | Shareholders’ |  | Noncontrolling |  | Total |
|  | Equity |  | Interests |  | Equity |  | Equity |  | Interests |  | Equity |
Equity, beginning of period |  | $ | 2,243.8 |  | $ | 12.6 |  | $ | 2,256.4 |  | $ | 1,950.1 |  | $ | 12.9 |  | $ | 1,963.0 |
Net income (loss) |  | 63.5 |  | 0.3 |  | 63.8 |  | 69.3 |  | (0.8 | ) | 68.5 |
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $0.1 and $(1.0) for the three months ended September 27, 2014 and September 28, 2013, respectively |  | (0.3 | ) | — |  | (0.3 | ) | 2.3 |  | — |  | 2.3 |
Net unrealized losses on available-for-sale securities |  | — |  | — |  | — |  | (0.8 | ) | — |  | (0.8 | )
Pension liability adjustment, net of tax benefit of $0.0 and $0.1 for the three months ended September 27, 2014 and September 28, 2013, respectively |  | (0.1 | ) | — |  | (0.1 | ) | (0.2 | ) | — |  | (0.2 | )
Foreign currency translation adjustments |  | (115.3 | ) | (0.2 | ) | (115.5 | ) | 70.1 |  | 0.7 |  | 70.8 |
Total comprehensive income (loss), net |  | (52.2 | ) | 0.1 |  | (52.1 | ) | 140.7 |  | (0.1 | ) | 140.6 |
Dividends declared |  | (15.9 | ) | — |  | (15.9 | ) | (11.4 | ) | — |  | (11.4 | )
Exercise of stock options and other incentive plan activity, including related tax benefit of $0.3 and $0.0 for the three months ended September 27, 2014 and September 28, 2013, respectively |  | 3.8 |  | — |  | 3.8 |  | 3.7 |  | — |  | 3.7 |
Stock-based compensation expense, including $0.1 and $0.0 related to discontinued operations, for the three months ended September 27, 2014 and September 28, 2013, respectively |  | 4.7 |  | — |  | 4.7 |  | 3.7 |  | — |  | 3.7 |
Restricted stock and restricted stock unit vesting, net of tax withholdings |  | (1.0 | ) | — |  | (1.0 | ) | (2.0 | ) | — |  | (2.0 | )
Common stock repurchases |  | (139.9 | ) | — |  | (139.9 | ) | — |  | — |  | — |
Other changes in noncontrolling interests |  | — |  | (0.8 | ) | (0.8 | ) | (3.0 | ) | 1.3 |  | (1.7 | )
Equity, end of period |  | $ | 2,043.3 |  | $ | 11.9 |  | $ | 2,055.2 |  | $ | 2,081.8 |  | $ | 14.1 |  | $ | 2,095.9 |
A summary of the changes in equity for the nine months ended September 27, 2014 and September 28, 2013 is provided below:
|  | September 27, 2014 |  | September 28, 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) |  | 432.9 |  | (1.3 | ) | 431.6 |  | 123.2 |  | 2.5 |  | 125.7 |
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $0.0 and $(0.6) for the nine months ended September 27, 2014 and September 28, 2013, respectively |  | (0.4 | ) | — |  | (0.4 | ) | 1.2 |  | — |  | 1.2 |
Net unrealized gains (losses) on available-for-sale securities |  | 3.7 |  | — |  | 3.7 |  | (1.5 | ) | — |  | (1.5 | )
Pension liability adjustment, net of tax (provision) benefit of $(2.3) and $0.8 for the nine months ended September 27, 2014 and September 28, 2013, respectively |  | 5.0 |  | — |  | 5.0 |  | (1.9 | ) | — |  | (1.9 | )
Foreign currency translation adjustments |  | (126.8 | ) | 0.4 |  | (126.4 | ) | (2.2 | ) | (0.6 | ) | (2.8 | )
Total comprehensive income (loss), net |  | 314.4 |  | (0.9 | ) | 313.5 |  | 118.8 |  | 1.9 |  | 120.7 |
Dividends declared |  | (48.3 | ) | — |  | (48.3 | ) | (34.3 | ) | — |  | (34.3 | )
Exercise of stock options and other incentive plan activity, including related tax benefit of $9.5 and $5.8 for the nine months ended September 27, 2014 and September 28, 2013, respectively |  | 21.9 |  | — |  | 21.9 |  | 18.1 |  | — |  | 18.1 |
Stock-based compensation expense, including $0.1 and $0.0 related to discontinued operations, for the nine months ended September 27, 2014 and September 28, 2013, respectively |  | 34.0 |  | — |  | 34.0 |  | 29.3 |  | — |  | 29.3 |
Restricted stock and restricted stock unit vesting, net of tax withholdings |  | (22.4 | ) | — |  | (22.4 | ) | (22.3 | ) | — |  | (22.3 | )
Common stock repurchases |  | (414.3 | ) | — |  | (414.3 | ) | (249.0 | ) | — |  | (249.0 | )
Other changes in noncontrolling interests |  | — |  | (1.2 | ) | (1.2 | ) | (3.0 | ) | 0.9 |  | (2.1 | )
Equity, end of period |  | $ | 2,043.3 |  | $ | 11.9 |  | $ | 2,055.2 |  | $ | 2,081.8 |  | $ | 14.1 |  | $ | 2,095.9 |

X
- Details
Name: | spw_EquityAndStockBasedCompensationDisclosureAbstract
Namespace Prefix: | spw_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration