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SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 27, 2015
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION |
Schedule of weighted-average shares outstanding used in the computation of basic and diluted income per share |
|  | Three months ended |  | Six months ended |
|  | June 27, |  | June 28, |  | June 27, |  | June 28, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Weighted-average number of common shares used in basic income per share |  | 40.602 |  | 43.068 |  | 40.553 |  | 43.649 |
Dilutive securities — Restricted stock shares and restricted stock units |  | 0.315 |  | 0.832 |  | 0.301 |  | 0.838 |
Weighted-average number of common shares and dilutive securities used in diluted income per share |  | 40.917 |  | 43.900 |  | 40.854 |  | 44.487 |
Schedule of changes in the components of accumulated other comprehensive income (loss) | The changes in the components of accumulated other comprehensive loss, net of tax, for the three months ended June 27, 2015 were as follows:
|  | Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges (1) |  | Pension and Postretirement Liability Adjustment (2) |  | Total |
Balance at beginning of period |  | $ | (72.1 | ) | $ | (0.6 | ) | $ | 4.7 |  | $ | (68.0 | )
Other comprehensive income before reclassifications |  | 41.7 |  | — |  | — |  | 41.7 |
Amounts reclassified from accumulated other comprehensive loss |  | — |  | (0.8 | ) | (0.1 | ) | (0.9 | )
Current-period other comprehensive income (loss) |  | 41.7 |  | (0.8 | ) | (0.1 | ) | 40.8 |
Balance at end of period |  | $ | (30.4 | ) | $ | (1.4 | ) | $ | 4.6 |  | $ | (27.2 | )
| (1) |  | Net of tax benefit of $0.4 and $0.5 as of June 27, 2015 and March 28, 2015, respectively.
| (2) |  | Net of tax provision of $2.9 and $3.0 as of June 27, 2015 and March 28, 2015, respectively. The balances as of June 27, 2015 and March 28, 2015 include net unamortized prior service credits.
The changes in the components of accumulated other comprehensive income (loss), net of tax, for the six months ended June 27, 2015 were as follows:
|  | Foreign Currency Translation Adjustment |  | Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges (1) |  | Pension and Postretirement Liability Adjustment (2) |  | Total |
Balance at beginning of year |  | $ | 59.0 |  | $ | (1.3 | ) | $ | 4.9 |  | $ | 62.6 |
Other comprehensive income (loss) before reclassifications |  | (89.4 | ) | 0.1 |  | — |  | (89.3 | )
Amounts reclassified from accumulated other comprehensive income |  | — |  | (0.2 | ) | (0.3 | ) | (0.5 | )
Current-period other comprehensive loss |  | (89.4 | ) | (0.1 | ) | (0.3 | ) | (89.8 | )
Balance at end of period |  | $ | (30.4 | ) | $ | (1.4 | ) | $ | 4.6 |  | $ | (27.2 | )
| (1) |  | Net of tax benefit of $0.4 and $1.1 as of June 27, 2015 and December 31, 2014, respectively.
| (2) |  | Net of tax provision of $2.9 and $3.0 as of June 27, 2015 and December 31, 2014, respectively. The balances as of June 27, 2015 and December 31, 2014 include net unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended June 28, 2014 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 (2) |  | Total |
Balance at beginning of period |  | $ | 294.8 |  | $ | (1.5 | ) | $ | (0.2 | ) | $ | 0.4 |  | $ | 293.5 |
Other comprehensive income (loss) before reclassifications |  | (9.5 | ) | 0.5 |  | (0.2 | ) | — |  | (9.2 | )
Amounts reclassified from accumulated other comprehensive income |  | — |  | 0.1 |  | 0.4 |  | (0.1 | ) | 0.4 |
Current-period other comprehensive income (loss) |  | (9.5 | ) | 0.6 |  | 0.2 |  | (0.1 | ) | (8.8 | )
Balance at end of period |  | $ | 285.3 |  | $ | (0.9 | ) | $ | — |  | $ | 0.3 |  | $ | 284.7 |
| (1) |  | Net of tax benefit of $0.9 and $1.2 as of June 28, 2014 and March 29, 2014, respectively.
| (2) |  | Net of tax provision of $0.1 as of June 28, 2014 and March 29, 2014.
The changes in the components of accumulated other comprehensive income, net of tax, for the six months ended June 28, 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 (2) |  | Total |
Balance at beginning of year |  | $ | 296.8 |  | $ | (0.8 | ) | $ | (3.7 | ) | $ | (4.8 | ) | $ | 287.5 |
Other comprehensive income (loss) before reclassifications |  | (11.5 | ) | (0.3 | ) | 3.6 |  | 0.2 |  | (8.0 | )
Amounts reclassified from accumulated other comprehensive income |  | — |  | 0.2 |  | 0.1 |  | 4.9 |  | 5.2 |
Current-period other comprehensive income (loss) |  | (11.5 | ) | (0.1 | ) | 3.7 |  | 5.1 |  | (2.8 | )
Balance at end of period |  | $ | 285.3 |  | $ | (0.9 | ) | $ | — |  | $ | 0.3 |  | $ | 284.7 |
| (1) |  | Net of tax benefit of $0.9 and $1.0 as of June 28, 2014 and December 31, 2013, respectively.
| (2) |  | Net of tax (provision) benefit of $(0.1) and $2.2 as of June 28, 2014 and December 31, 2013, respectively. The balance as of December 31, 2013 primarily included $(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.
Schedule of amounts reclassified from each component of accumulated comprehensive income (loss) |
|  | Amount Reclassified from AOCI |  |  |
|  | Three months ended |  | Affected Line Item in the Condensed |
|  | June 27, 2015 |  | June 28, 2014 |  | Consolidated Statements of Operations |
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |  |  |
FX forward contracts |  | $ | (1.1 | ) | $ | — |  | Revenues |
Commodity contracts |  | 0.5 |  | 0.1 |  | Cost of products sold |
Pre-tax |  | (0.6 | ) | 0.1 |  |  |
Income taxes |  | (0.2 | ) | — |  |  |
|  | $ | (0.8 | ) | $ | 0.1 |  |  |
Loss on available-for-sale securities |  | $ | — |  | $ | 0.4 |  | Other income (expense), net |
Gains on pension and postretirement items: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits |  | $ | (0.2 | ) | $ | (0.1 | ) | Selling, general and administrative |
Pre-tax |  | (0.2 | ) | (0.1 | ) |  |
Income taxes |  | 0.1 |  | — |  |  |
|  | $ | (0.1 | ) | $ | (0.1 | ) |  |
|  | Amount Reclassified from AOCI |  |  |
|  | Six months ended |  | Affected Line Item in the Condensed |
|  | June 27, 2015 |  | June 28, 2014 |  | Consolidated Statements of Operations |
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |  |  |
FX forward contracts |  | $ | (1.1 | ) | $ | — |  | Revenues |
Commodity contracts |  | 1.2 |  | 0.2 |  | Cost of products sold |
Pre-tax |  | 0.1 |  | 0.2 |  |  |
Income taxes |  | (0.3 | ) | — |  |  |
|  | $ | (0.2 | ) | $ | 0.2 |  |  |
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 |  | (0.4 | ) | (0.1 | ) | Selling, general and administrative |
Pre-tax |  | (0.4 | ) | 7.3 |  |  |
Income taxes |  | 0.1 |  | (2.4 | ) |  |
|  | $ | (0.3 | ) | $ | 4.9 |  |  |
Schedule of changes in equity |
|  | June 27, 2015 |  | June 28, 2014 |
|  | SPX |  |  |  |  |  | SPX |  |  |  |  |
|  | Corporation |  |  |  |  |  | Corporation |  |  |  |  |
|  | Shareholders’ |  | Noncontrolling |  | Total |  | Shareholders’ |  | Noncontrolling |  | Total |
|  | Equity |  | Interests |  | Equity |  | Equity |  | Interests |  | Equity |
Equity, beginning of period |  | $ | 1,687.8 |  | $ | (0.1 | ) | $ | 1,687.7 |  | $ | 2,349.6 |  | $ | 13.5 |  | $ | 2,363.1 |
Net income (loss) |  | 38.9 |  | (2.5 | ) | 36.4 |  | 51.2 |  | (1.2 | ) | 50.0 |
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax provision of $0.1 and $0.3 for the three months ended June 27, 2015 and June 28, 2014, respectively |  | (0.8 | ) | — |  | (0.8 | ) | 0.6 |  | — |  | 0.6 |
Net unrealized gains on available-for-sale securities |  | — |  | — |  | — |  | 0.2 |  | — |  | 0.2 |
Pension and postretirement liability adjustment, net of tax benefit of $0.1 for the three months ended June 27, 2015 |  | (0.1 | ) | — |  | (0.1 | ) | (0.1 | ) | — |  | (0.1 | )
Foreign currency translation adjustments |  | 41.7 |  | 0.1 |  | 41.8 |  | (9.5 | ) | 0.7 |  | (8.8 | )
Total comprehensive income (loss), net |  | 79.7 |  | (2.4 | ) | 77.3 |  | 42.4 |  | (0.5 | ) | 41.9 |
Dividends declared |  | (15.5 | ) | — |  | (15.5 | ) | (16.1 | ) | — |  | (16.1 | )
Incentive plan activity |  | 4.1 |  | — |  | 4.1 |  | 4.1 |  | — |  | 4.1 |
Stock-based compensation expense |  | 5.5 |  | — |  | 5.5 |  | 4.6 |  | — |  | 4.6 |
Restricted stock and restricted stock unit vesting, net of tax withholdings, and related tax (provision) benefit of $(0.1) and $0.4 for the three months ended June 27, 2015 and June 28, 2014, respectively |  | (0.3 | ) | — |  | (0.3 | ) | (0.7 | ) | — |  | (0.7 | )
Common stock repurchases |  | — |  | — |  | — |  | (140.1 | ) | — |  | (140.1 | )
Dividends attributable to noncontrolling interests |  | — |  | 0.3 |  | 0.3 |  | — |  | — |  | — |
Other changes in noncontrolling interests |  | — |  | — |  | — |  | — |  | (0.4 | ) | (0.4 | )
Equity, end of period |  | $ | 1,761.3 |  | $ | (2.2 | ) | $ | 1,759.1 |  | $ | 2,243.8 |  | $ | 12.6 |  | $ | 2,256.4 |
|  | June 27, 2015 |  | June 28, 2014 |
|  | SPX |  |  |  |  |  | SPX |  |  |  |  |
|  | Corporation |  |  |  |  |  | Corporation |  |  |  |  |
|  | Shareholders’ |  | Noncontrolling |  | Total |  | Shareholders’ |  | Noncontrolling |  | Total |
|  | Equity |  | Interests |  | Equity |  | Equity |  | Interests |  | Equity |
Equity, beginning of year |  | $ | 1,817.9 |  | $ | 3.2 |  | $ | 1,821.1 |  | $ | 2,158.0 |  | $ | 14.0 |  | $ | 2,172.0 |
Net income (loss) |  | 31.8 |  | (5.4 | ) | 26.4 |  | 369.4 |  | (1.6 | ) | 367.8 |
Net unrealized losses on qualifying cash flow hedges, net of tax provision of $0.7 and $0.1 for the six months ended June 27, 2015 and June 28, 2014, respectively |  | (0.1 | ) | — |  | (0.1 | ) | (0.1 | ) | — |  | (0.1 | )
Net unrealized gains on available-for-sale securities |  | — |  | — |  | — |  | 3.7 |  | — |  | 3.7 |
Pension and postretirement liability adjustment, net of tax benefit (provision) of $0.1 and ($2.3) for the six months ended June 27, 2015 and June 28, 2014, respectively |  | (0.3 | ) | — |  | (0.3 | ) | 5.1 |  | — |  | 5.1 |
Foreign currency translation adjustments |  | (89.4 | ) | 0.2 |  | (89.2 | ) | (11.5 | ) | 0.6 |  | (10.9 | )
Total comprehensive income (loss), net |  | (58.0 | ) | (5.2 | ) | (63.2 | ) | 366.6 |  | (1.0 | ) | 365.6 |
Dividends declared |  | (30.9 | ) | — |  | (30.9 | ) | (32.4 | ) | — |  | (32.4 | )
Incentive plan activity |  | 9.0 |  | — |  | 9.0 |  | 8.9 |  | — |  | 8.9 |
Stock-based compensation expense |  | 29.1 |  | — |  | 29.1 |  | 29.3 |  | — |  | 29.3 |
Restricted stock and restricted stock unit vesting, net of tax withholdings, and related tax benefit of $0.3 and $9.2 for the six months ended June 27, 2015 and June 28, 2014, respectively |  | (5.8 | ) | — |  | (5.8 | ) | (12.2 | ) | — |  | (12.2 | )
Common stock repurchases |  | — |  | — |  | — |  | (274.4 | ) | — |  | (274.4 | )
Dividends attributable to noncontrolling interests |  | — |  | (0.2 | ) | (0.2 | ) | — |  | — |  | — |
Other changes in noncontrolling interests |  | — |  | — |  | — |  | — |  | (0.4 | ) | (0.4 | )
Equity, end of period |  | $ | 1,761.3 |  | $ | (2.2 | ) | $ | 1,759.1 |  | $ | 2,243.8 |  | $ | 12.6 |  | $ | 2,256.4 |

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