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Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results (Unaudited)
Quarterly Results (Unaudited)
 
First(3)
 
Second
 
Third
 
Fourth(3)
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Operating revenues
$
376.3

 
$
418.4

 
$
459.4

 
$
489.1

 
$
374.1

 
$
489.6

 
$
509.5

 
$
555.6

Gross profit
74.5

 
93.6

 
96.0

 
108.2

 
2.9

 
112.5

 
119.0

 
111.9

Income (loss) from continuing operations, net of tax(1) (4)
(41.0
)
 
248.9

 
(11.9
)
 
(19.2
)
 
(130.7
)
 
(12.2
)
 
(7.6
)
 
(101.4
)
Income (loss) from discontinued operations, net of tax(2)
31.0

 
66.4

 
48.2

 
69.0

 
0.1

 
75.8

 
(5.1
)
 
56.6

Net income (loss)(4)
(10.0
)
 
315.3

 
36.3

 
49.8

 
(130.6
)
 
63.6

 
(12.7
)
 
(44.8
)
Less: Net income (loss) attributable to noncontrolling interests(1)
(2.9
)
 
(0.4
)
 
(2.6
)
 
(1.2
)
 
(25.6
)
 
0.3

 
(3.2
)
 
(8.2
)
Net income (loss) attributable to SPX Corporation common shareholders(4)
$
(7.1
)
 
$
315.7

 
$
38.9

 
$
51.0

 
$
(105.0
)
 
$
63.3

 
$
(9.5
)
 
$
(36.6
)
Basic income (loss) per share of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations, net of tax(4)
$
(0.95
)
 
$
5.63

 
$
(0.24
)
 
$
(0.40
)
 
$
(2.58
)
 
$
(0.28
)
 
$
(0.11
)
 
$
(2.27
)
Discontinued operations, net of tax
0.77

 
1.51

 
1.20

 
1.58

 
—

 
1.79

 
(0.12
)
 
1.37

Net income (loss)(4)
$
(0.18
)
 
$
7.14

 
$
0.96

 
$
1.18

 
$
(2.58
)
 
$
1.51

 
$
(0.23
)
 
$
(0.90
)
Diluted income (loss) per share of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations, net of tax(4)
$
(0.95
)
 
$
5.52

 
$
(0.24
)
 
$
(0.40
)
 
$
(2.58
)
 
$
(0.28
)
 
$
(0.11
)
 
$
(2.27
)
Discontinued operations, net of tax
0.77

 
1.48

 
1.20

 
1.58

 
—

 
1.79

 
(0.12
)
 
1.37

Net income (loss)(4)
$
(0.18
)
 
$
7.00

 
$
0.96

 
$
1.18

 
$
(2.58
)
 
$
1.51

 
$
(0.23
)
 
$
(0.90
)
___________________________________________________________________
Note:    The sum of the quarters' income per share may not equal the full year per share amounts.
(1) 
As discussed in Note 9, during the first quarter of 2014, we completed the sale of our 44.5% interest in EGS to Emerson Electric Co. for cash proceeds of $574.1, which resulted in a pre-tax gain of $491.2.
We completed the redemption of all our 7.625% senior notes during the first quarter of 2014. As a result of the redemption, we recorded a pre-tax charge of $32.5 during the quarter.
During the first quarter of 2014, we recognized a pre-tax loss of $15.3 related to settlement losses and actuarial losses, which resulted primarily from the lump-sum payment action associated with the U.S. Plan that took place during the quarter (see Note 10 for further details).
During the third quarter of 2015, we revised our estimates of expected revenues and profits associated with our large power projects in South Africa. As a result of these revisions, we reduced revenue and pre-tax income from continuing operations by $57.2 and $95.0, respectively. In addition, the revision resulted in an increase to “Net loss attributable to noncontrolling interests” of $23.8. See Notes 5 and 14 for additional details.
During the fourth quarter of 2014, we revised our estimates of revenues and profits associated with our large power projects in South Africa. As a result of these revisions, revenues and pre-tax income from continuing operations for the fourth quarter of 2014 were reduced by $25.0. In addition, the revision resulted in an increase to “Net loss attributable to noncontrolling interests” of $6.3. See Note 5 for additional details.
During the fourth quarter of 2015 and 2014, we recognized pre-tax actuarial losses of $12.0 and $80.6, respectively, associated with our pension and postretirement benefit plans (see Note 10 for further details).
During the fourth quarter of 2015 and 2014, we recognized impairment charges of $13.7 and $28.9, respectively, associated with goodwill and other long-term assets of certain businesses within our Power segment (see Note 8 for further details).
(2) 
As discussed in Note 4, we sold TPS for cash consideration of $42.5 during the first quarter of 2014. The sale resulted in a gain, net of taxes, of $21.5 during that quarter.
(3) 
We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2015 are March 28, June 27 and September 26, compared to the respective March 29, June 28 and September 27, 2014 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had one less day in the first quarter of 2015 and we had one more day in the fourth quarter of 2015 than in the respective 2014 periods.
(4) 
As discussed in Note 1, certain corrections were made to previously reported amounts. Within the quarterly results presented above, we have decreased income from continuing operations, net of tax, net income, and net income attributable to SPX Corporation common shareholders for the quarters ended March 29, 2014, June 28, 2014, September 27, 2014, and December 31, 2014 by $2.5, $0.2, $0.2 and $1.6, respectively. The earnings per share impact of the above mentioned items for the same periods was a decrease of $0.06, $0.01, $0.01, and $0.04, respectively, for both basic and diluted earnings per share from continuing operations, as well as both total basic and diluted earnings per share.