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Shareholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2014
Shareholders' Equity and Stock-Based Compensation |
Computations of the components used for the calculation of basic and diluted income per share |
|  | Year ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Numerator: |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 380.1 |  | $ | 211.3 |  | $ | (165.2 | )
Less: Net income (loss) attributable to noncontrolling interests |  |  | (9.5 | ) |  | 2.2 |  |  | 3.0 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share |  | $ | 389.6 |  | $ | 209.1 |  | $ | (168.2 | )
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Income from discontinued operations |  | $ | 8.3 |  | $ | 1.3 |  | $ | 348.4 |
Less: Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | 0.2 |  |  | (0.2 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share |  | $ | 8.3 |  | $ | 1.1 |  | $ | 348.6 |
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Denominator: |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares used in basic income per share |  |  | 42.400 |  |  | 45.384 |  |  | 50.031 |
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units |  |  | 0.631 |  |  | 0.622 |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average number of common shares and dilutive securities used in diluted income per share |  |  | 43.031 |  |  | 46.006 |  |  | 50.031 |
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Summary of common shares issued, treasury shares and shares outstanding |
|  | Common Stock Issued |  | Treasury Stock |  | Shares Outstanding |
Balance at December 31, 2011 |  |  | 98.702 |  |  | (47.629 | ) |  | 51.073 |
Stock options exercised |  |  | 0.174 |  |  | — |  |  | 0.174 |
Share repurchases |  |  | — |  |  | (3.606 | ) |  | (3.606 | )
Restricted stock shares and restricted stock units |  |  | 0.311 |  |  | 0.085 |  |  | 0.396 |
Other |  |  | 0.267 |  |  | — |  |  | 0.267 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2012 |  |  | 99.454 |  |  | (51.150 | ) |  | 48.304 |
Stock options exercised |  |  | 0.008 |  |  | — |  |  | 0.008 |
Share repurchases |  |  | — |  |  | (3.493 | ) |  | (3.493 | )
Restricted stock shares and restricted stock units |  |  | 0.133 |  |  | 0.123 |  |  | 0.256 |
Other |  |  | 0.206 |  |  | — |  |  | 0.206 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2013 |  |  | 99.801 |  |  | (54.520 | ) |  | 45.281 |
Share repurchases |  |  | — |  |  | (4.852 | ) |  | (4.852 | )
Restricted stock shares and restricted stock units |  |  | 0.096 |  |  | 0.166 |  |  | 0.262 |
Other |  |  | 0.167 |  |  | — |  |  | 0.167 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2014 |  |  | 100.064 |  |  | (59.206 | ) |  | 40.858 |
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Schedule of assumptions to determine the fair value of restricted stock awards granted |
|  | Annual Expected Stock Price Volatility |  | Annual Expected Dividend Yield |  | Risk-free Interest Rate |  | Correlation Between Total Shareholder Return for SPX and the Applicable S&P 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 | % |  |  |
January 3, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
SPX Corporation |  |  | 44.3 | % |  | 1.60 | % |  | 0.44 | % |  | 0.7365 |
S&P 500 Index |  |  | 23.1 | % |  | n/a |  |  | 0.44 | % |  |  |
Schedule of restricted stock share and restricted stock unit activity |
|  | Unvested Restricted Stock Shares and Restricted Stock Units |  | Weighted-Average Grant-Date Fair Value Per Share |
Outstanding at December 31, 2011 |  |  | 1.440 |  | $ | 54.38 |
Granted |  |  | 0.823 |  |  | 50.64 |
Vested |  |  | (0.264 | ) |  | 39.75 |
Forfeited |  |  | (0.064 | ) |  | 57.77 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2012 |  |  | 1.935 |  |  | 54.70 |
Granted |  |  | 0.652 |  |  | 61.66 |
Vested |  |  | (0.754 | ) |  | 54.34 |
Forfeited |  |  | (0.296 | ) |  | 52.20 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2013 |  |  | 1.537 |  |  | 58.39 |
Granted |  |  | 0.519 |  |  | 86.99 |
Vested |  |  | (0.604 | ) |  | 59.49 |
Forfeited |  |  | (0.284 | ) |  | 63.76 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2014 |  |  | 1.168 |  |  | 69.22 |
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Schedule of stock option activity |
|  | Shares |  | Weighted- Average Exercise Price |
Options outstanding and exercisable at December 31, 2011 |  |  | 0.364 |  | $ | 54.87 |
Exercised |  |  | (0.174 | ) |  | 39.58 |
Terminated |  |  | (0.177 | ) |  | 69.42 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options outstanding and exercisable at December 31, 2012 |  |  | 0.013 |  |  | 62.45 |
Exercised |  |  | (0.008 | ) |  | 50.79 |
Terminated |  |  | (0.005 | ) |  | 85.36 |
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Options outstanding and exercisable at December 31, 2013 |  |  | — |  |  | — |
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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 year ended December 31, 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 December 31, 2013 |  | $ | 296.8 |  | $ | (0.8 | ) | $ | (3.7 | ) | $ | (4.8 | ) | $ | 287.5 |
Other comprehensive income (loss) before reclassifications |  |  | (237.8 | ) |  | (1.6 | ) |  | 3.6 |  |  | 4.9 |  |  | (230.9 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  | 1.1 |  |  | 0.1 |  |  | 4.8 |  |  | 6.0 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current-period other comprehensive income (loss) |  |  | (237.8 | ) |  | (0.5 | ) |  | 3.7 |  |  | 9.7 |  |  | (224.9 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2014 |  | $ | 59.0 |  | $ | (1.3 | ) | $ | — |  | $ | 4.9 |  | $ | 62.6 |
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(1) | Net of tax benefit of $1.1 and $1.0 as of December 31, 2014 and 2013, respectively.
(2) | Net of tax (provision) benefit of $(3.0) and $2.2 as of December 31, 2014 and 2013, respectively. The balance as of December 31, 2014 includes unamortized prior service credits. 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 2014, as described in Note 9, we recognized our share of the pension liability adjustment for EGS as a component of the gain on the sale of our investment interest.
The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 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 December 31, 2012 |  | $ | 293.8 |  | $ | (3.3 | ) | $ | (3.1 | ) | $ | (2.6 | ) | $ | 284.8 |
Other comprehensive income (loss) before reclassifications |  |  | 3.0 |  |  | (1.0 | ) |  | (0.6 | ) |  | (1.2 | ) |  | 0.2 |
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  | 3.5 |  |  | — |  |  | (1.0 | ) |  | 2.5 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current-period other comprehensive income (loss) |  |  | 3.0 |  |  | 2.5 |  |  | (0.6 | ) |  | (2.2 | ) |  | 2.7 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2013 |  | $ | 296.8 |  | $ | (0.8 | ) | $ | (3.7 | ) | $ | (4.8 | ) | $ | 287.5 |
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(1) | Net of tax benefit of $1.0 and $2.5 as of December 31, 2013 and 2012, respectively.
(2) | Net of tax benefit of $2.2 and $1.2 as of December 31, 2013 and 2012, respectively. Includes $(5.0) and $(3.8), net of tax, related to our share of the pension liability adjustment for EGS as of December 31, 2013 and 2012, respectively, and $0.2 and $1.2, net of tax, of unamortized prior service credits as of December 31, 2013 and 2012, respectively.
Schedule of amounts reclassified from each component of accumulated comprehensive income (loss) |
|  | Amount Reclassified from AOCI |  | Affected Line Items in the Consolidated Statements of Operations
|  | Year ended December 31, |  |
|  | 2014 |  | 2013 |  |
Losses on qualifying cash flow hedges: |  |  |  |  |  |  |  |
FX forward contracts |  | $ | 0.8 |  | $ | 4.0 |  | Revenues
Commodity contracts |  |  | 0.7 |  |  | 1.3 |  | Cost of products sold
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax |  |  | 1.5 |  |  | 5.3 |  |
Income taxes |  |  | (0.4 | ) |  | (1.8 | ) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 1.1 |  | $ | 3.5 |  |
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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 |  |  | — |  |  | (0.1 | ) | Cost of products sold
Amortization of unrecognized prior service credits |  |  | (0.3 | ) |  | (1.3 | ) | Selling, general and administrative
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax |  |  | 7.1 |  |  | (1.4 | ) |
Income taxes |  |  | (2.3 | ) |  | 0.4 |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 4.8 |  | $ | (1.0 | ) |
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of restricted stock activity, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected annual volatility of the entity's shares, (c) expected annual dividend yields, (d) risk-free interest rate(s), and (e) correlation between total shareholder return for SPX and S&P 500 composite index and the S&P Composite 1500 Industrial Index. + References No definition available. + Details
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