Indebtedness (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of debt activity (both current and non-current)

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2015:



	December 31, 2014			Borrowings		Repayments			Spin-Off ⁽⁶⁾			Other ⁽⁷⁾			December 31, 2015
Revolving loans:
Prior SPX facilities ⁽¹⁾	$	133.0		$	430.0	$	(563.0	)	$	—		$	—		$	—
Current SPX facilities	—			29.0		(29.0		)	—			—			—
Current SPX FLOW facilities	—			55.0		—			(55.0		)	—			—
Term loans:
Prior SPX facilities ⁽¹⁾	575.0			—		(575.0		)	—			—			—
Current SPX facilities ⁽²⁾	—			350.0		—			—			—			350.0
Current SPX FLOW facilities	—			400.0		—			(400.0		)	—			—
6.875% senior notes ⁽³⁾	600.0			—		—			(600.0		)	—			—
Trade receivables financing arrangement ⁽⁴⁾	10.0			156.0		(166.0		)	—			—			—
Other indebtedness ⁽³⁾⁽⁵⁾	51.7			27.4		(16.9		)	(36.7		)	(1.7		)	23.8
Total debt	1,369.7			$	1,447.4	$	(1,349.9	)	$	(1,091.7	)	$	(1.7	)	373.8
Less: Amounts included in discontinued operations ⁽³⁾	(636.6		)												—
Total debt - continuing operations	733.1														373.8
Less: short-term debt	156.5														22.1
Less: current maturities of long-term debt	29.1														9.1
Total long-term debt - continuing operations	$	547.5													$	342.6

_____________________________________________________________

⁽¹⁾

As noted below, both SPX and SPX FLOW entered into separate credit agreements in connection with the Spin-Off. On September 24, 2015, the lenders provided the initial funding under each of these credit agreements. The proceeds from the initial funding were used in part to repay indebtedness under SPX's prior credit facilities, with such repayments totaling $224.0 for the revolving loans and $560.6 for the term loan.


⁽²⁾	The term loan is repayable in quarterly installments of 5.0% annually, beginning in the third fiscal quarter of 2016. The remaining balance is repayable in full on September 24, 2020.

⁽³⁾

In connection with the Spin-Off, the 6.875% senior notes became an obligation of SPX FLOW. Accordingly, the related balance of $600.0 has been reflected in "Liabilities of discontinued operations - non current" in the consolidated balance sheet as of December 31, 2014. In addition, there is "Other indebtedness" related to SPX FLOW totaling $36.6 at December 31, 2014, with such balance reflected in "Liabilities of discontinued operations - current" and "Liabilities of discontinued operations - non current" in the consolidated balance sheet as of December 31, 2014.


⁽⁴⁾	Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. At December 31, 2015, we had $40.1 of available borrowing capacity under this facility.

⁽⁵⁾

Primarily included capital lease obligations of $1.7 and $13.6, balances under purchase card programs of $4.8 and $32.1, and other borrowings under a line of credit in China of $17.3 and $0, at December 31, 2015 and 2014, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.


⁽⁶⁾	Represents debt of SPX FLOW that is no longer an obligation of SPX as a result of the Spin-Off.


⁽⁷⁾	"Other" primarily included foreign currency translation on debt instruments denominated in currencies other than the U.S. dollar, partially offset by debt assumed.

Schedule of per annum fees charged and the interest rate margins applicable to Eurodollar and alternate base rate loans

The per annum fees charged and the interest rate margins applicable to Eurodollar and alternate base rate loans are as follows:



Consolidated Leverage Ratio	Domestic Revolving Commitment Fee		Global Revolving Commitment Fee		Letter of Credit Fee		Foreign Credit Commitment Fee		Foreign Credit Instrument Fee		LIBOR Rate Loans		ABR Loans
Greater than or equal to 3.00 to 1.0	0.350	%	0.350	%	2.000	%	0.350	%	1.250	%	2.000	%	1.000	%
Between 2.00 to 1.0 and 3.00 to 1.0	0.300	%	0.300	%	1.750	%	0.300	%	1.000	%	1.750	%	0.750	%
Between 1.50 to 1.0 and 2.00 to 1.0	0.275	%	0.275	%	1.500	%	0.275	%	0.875	%	1.500	%	0.500	%
Between 1.00 to 1.0 and 1.50 to 1.0	0.250	%	0.250	%	1.375	%	0.250	%	0.800	%	1.375	%	0.375	%
Less than 1.00 to 1.0	0.225	%	0.225	%	1.250	%	0.225	%	0.750	%	1.250	%	0.250	%