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Investments in Joint Ventures | 12 Months Ended
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Dec. 31, 2014
Investments in Joint Ventures |
Investments in Joint Ventures | (9) Investments in Joint Ventures As of December 31, 2013, we had a joint venture, EGS, with Emerson Electric Co., in which we held a 44.5% interest. EGS operates primarily in the United States, Brazil, Canada and France, and is engaged in the manufacture of electrical fittings, hazardous location lighting and power conditioning products. We accounted for our investment using the equity method, on a three-month lag basis, and we typically received our share of the joint venture's earnings in cash dividends paid quarterly. On January 7, 2014, we completed the sale of our 44.5% interest in EGS to Emerson Electric Co. for cash proceeds of $574.1. As a result of the sale, we recorded a gain of $491.2 to "Other income (expense), net" and no equity earnings related to this investment during 2014. EGS's results of operations and selected other information for its fiscal years ended September 30, 2013 and 2012 were as follows:
|  | 2013 |  | 2012 |
Revenues |  | $ | 517.5 |  | $ | 527.0 |
Gross profit |  |  | 223.3 |  |  | 221.9 |
Income from continuing operations |  |  | 89.4 |  |  | 87.9 |
Net income |  |  | 89.4 |  |  | 87.9 |
Capital expenditures |  |  | 13.3 |  |  | 12.0 |
Depreciation and amortization |  |  | 11.0 |  |  | 10.4 |
Dividends received by SPX |  |  | 30.3 |  |  | 35.2 |
Undistributed earnings attributable to SPX Corporation |  |  | 20.0 |  |  | 8.4 |
SPX's equity earnings in EGS |  |  | 41.9 |  |  | 39.0 |
Condensed balance sheet information of EGS as of September 30, 2013 was as follows:
|  | 2013 |
Current assets |  | $ | 180.4 |
Non-current assets |  |  | 336.4 |
Current liabilities |  |  | 108.0 |
Non-current liabilities |  |  | 24.0 |
The carrying value of our investment in EGS was $81.8 at December 31, 2013, and is recorded in "Other assets" in our consolidated balance sheet as of that date. The financial position, results of operations and cash flows of our other equity method investments are not material, individually or in the aggregate, in relation to our consolidated financial statements.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 + Details
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