EQUITY AND STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 27, 2014

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