Reconciliation of Previously Reported Amounts Revised and Restated

12 Months Ended

Dec. 31, 2015

Accounting Changes and Error Corrections [Abstract]

Reconciliation of Previously Reported Amounts to Amounts Revised and Restated

As described in Note 4, we completed the Spin-Off of SPX FLOW on September 26, 2015 and are presenting SPX FLOW as a discontinued operation in the accompanying consolidated financial statements. Furthermore, as described in Note 1, we have identified certain misstatements relating to prior years’ consolidated financial statements and have corrected these prior period misstatements in the accompanying consolidated financial statements. The impacts of these changes on selected financial amounts within the accompanying consolidated financial statements are summarized below:



	Year Ended December 31, 2014
	As Previously Reported ⁽¹⁾			Reclassification of Discontinued Operations ⁽²⁾			Correction of Prior Period Misstatement ⁽³⁾			As Revised and Restated ⁽⁴⁾
Consolidated Statement of Operations:
Revenues	$	4,721.1		$	(2,768.4	)	$	—		$	1,952.7
Gross profit	1,363.6			(937.4		)	—			426.2
Income from continuing operations, net of tax	380.1			(259.5		)	(4.5		)	116.1
Income from discontinued operations, net of tax	8.3			259.5			—			267.8
Net income	388.4			—			(4.5		)	383.9
Less: Net loss attributable to noncontrolling interest	(9.5		)	—			—			(9.5		)
Net income attributable to SPX Corporation common stockholders	$	397.9		$	—		$	(4.5	)	$	393.4

Basic income per share of common stock attributable to SPX Corporation common shareholders	$	9.38								$	9.28

Diluted income per share of common stock attributable to SPX Corporation common shareholders	$	9.25								$	9.14



	Year Ended December 31, 2013
	As Previously Reported ⁽¹⁾		Reclassification of Discontinued Operations ⁽²⁾			Correction of Prior Period Misstatement ⁽³⁾			As Revised and Restated ⁽⁴⁾
Consolidated Statement of Operations:
Revenues	$	4,773.3	$	(2,804.5	)	$	—		$	1,968.8
Gross profit	1,381.0		(897.6		)	—			483.4
Income from continuing operations, net of tax	211.3		(201.5		)	(0.3		)	9.5
Income from discontinued operations, net of tax	1.3		201.5			—			202.8
Net income	212.6		—			(0.3		)	212.3
Less: Net income attributable to noncontrolling interest	2.4		—			—			2.4
Net income attributable to SPX Corporation common stockholders	$	210.2	$	—		$	(0.3	)	$	209.9

Basic income per share of common stock attributable to SPX Corporation common shareholders	$	4.63							$	4.62

Diluted income per share of common stock attributable to SPX Corporation common shareholders	$	4.57							$	4.56



	As of December 31, 2014
	As Previously Reported ⁽¹⁾		Reclassification of Discontinued Operations ⁽²⁾			Correction of Prior Period Misstatement ⁽⁵⁾			As Revised and Restated ⁽⁴⁾
Assets:
Intangibles, net	$	831.0	$	(659.3	)	$	(2.5	)	$	169.2
Other assets	729.8		(101.4		)	(5.4		)	623.0

Liabilities:
Deferred and other income taxes	294.9		(227.1		)	1.3			69.1

Equity:
Retained Earnings	2,637.8		—			(9.2		)	2,628.6


⁽¹⁾	Amounts reported in our 2014 Annual Report on Form 10-K.


⁽²⁾	Reflects the effect of reclassifying SPX FLOW to discontinued operations for the years ended December 31, 2014 and 2013, and as of December 31, 2014, to conform to current presentation. See Note 4 for additional details.


⁽³⁾	Reflects the correction of misstatements identified related to the understatement of an impairment charge associated with certain trademarks, the improper capitalization of software development costs, and the understatement of deferred income tax liabilities. See Note 1 for additional details.


⁽⁴⁾	Reflects the resulting amounts in the accompanying consolidated statements of operations for the years ended December 31, 2014 and 2013, and the accompanying consolidated balance sheet at December 31, 2014.


⁽⁵⁾	Reflects the correction of misstatements identified related to the understatement of an impairment charge associated with certain trademarks, the improper capitalization of software development costs, and the understatement of deferred income tax liabilities $(4.3), partially offset by the tax effects of the first two misstatements $(3.0). See Note 1 for additional details.