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EQUITY AND STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 27, 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 |  | 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 |
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 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.
Schedule of amounts reclassified from each component of accumulated other comprehensive income |
|  | 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 | ) |  |
|  | 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 | ) |  |
Schedule of 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 |

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