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Shareholders' Equity and Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION  
Computations of the components used for the calculation of basic and diluted income per share
The following table sets forth the computations of the components used for the calculation of basic and diluted income (loss) per share:
 
Year ended December 31,
 
2015
 
2014
 
2013
Numerator:
 
 
 
 
 
Income (loss) from continuing operations
$
(191.2
)
 
$
116.1

 
$
9.5

Less: Net income (loss) attributable to noncontrolling interests
(33.4
)
 
(11.7
)
 
0.7

Income (loss) from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share
$
(157.8
)
 
$
127.8

 
$
8.8

Income from discontinued operations
$
74.2

 
$
267.8

 
$
202.8

Less: Net income (loss) attributable to noncontrolling interest
(0.9
)
 
2.2

 
1.7

Income from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share
$
75.1

 
$
265.6

 
$
201.1

Denominator:
 
 
 
 
 
Weighted-average number of common shares used in basic income per share          
40.733

 
42.400

 
45.384

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          
40.733

 
43.031

 
46.006
Summary of common shares issued, treasury shares and shares outstanding
Common shares issued, treasury shares and shares outstanding are summarized in the table below.
 
Common Stock
Issued
 
Treasury
Stock
 
Shares
Outstanding
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

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

December 31, 2014
100.064

 
(59.206
)
 
40.858

Restricted stock shares and restricted stock units
0.102

 
0.096

 
0.198

Other
0.360

 
—

 
0.360

December 31, 2015
100.526

 
(59.110
)
 
41.416
Schedule of assumptions to determine the fair value of restricted stock awards granted
We used the following assumptions in determining the fair value of the awards granted on the dates indicated below:
 
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
%
 
 
Schedule of restricted stock share and restricted stock unit activity
The following table summarizes the restricted stock share and restricted stock unit activity from December 31, 2012 through December 31, 2015:
 
Unvested Restricted Stock Shares
and Restricted Stock Units
 
Weighted-Average
Grant-Date Fair
Value Per Share
December 31, 2012
1.935

 
$
54.70

Granted
0.652

 
61.66

Vested
(0.754
)
 
54.34

Forfeited
(0.296
)
 
52.20

December 31, 2013
1.537

 
58.39

Granted
0.519

 
86.99

Vested
(0.604
)
 
59.49

Forfeited
(0.284
)
 
63.76

December 31, 2014
1.168

 
69.22

Pre-spin:
 
 
 
Granted
0.451

 
81.60

Vested
(0.262
)
 
78.71

Canceled
(0.212
)
 
52.67

Impact of Spin-Off:
 
 
 
Terminations
(0.785
)
 
*

Conversions
1.010

 
*

Post-spin:
 
 
 
Granted
0.510

 
12.32

Canceled
(0.011
)
 
20.34

December 31, 2015
1.869

 
$
17.63
Schedule of assumptions used to estimate fair value of stock option grants
The fair value of each of the stock option grants during 2015 was estimated using a Black-Scholes option-pricing model, based on the following assumptions:
 
Annual Expected
Stock Price
Volatility
 
Annual Expected
Dividend Yield
 
Risk-Free Interest Rate
 
Expected Life of Options (in years)
October 14, 2015:
27.86
%
 
—
%
 
1.64
%
 
6.0
 
 
 
 
 
 
 
 
January 2, 2015:
36.53
%
 
1.75
%
 
1.97
%
 
6.0
Schedule of stock option activity
The following table shows stock option activity from December 31, 2012 through December 31, 2015.
 
Shares
 
Weighted-
Average Exercise
Price
Options outstanding and exercisable at December 31, 2012
0.013

 
$
62.45

Exercised
(0.008
)
 
50.79

Terminated
(0.005
)
 
85.36

Options outstanding and exercisable at December 31, 2013
—

 
—

No activity
—

 
—

Options outstanding and exercisable at December 31, 2014
—

 
—

Granted pre-spin
0.323

 
85.87

Impact of Spin-Off:
 
 
 
Terminations
(0.282
)
 
85.87

Conversion
0.123

 
*

Granted post-spin
0.883

 
12.36

Options outstanding and exercisable at December 31, 2015
1.047

 
$
12.91
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, 2015 were as follows:
 
Foreign
Currency
Translation
Adjustment
 
Net Unrealized
Losses on
Qualifying
Cash
Flow
Hedges(1)
 
Pension and
Postretirement
Liability Adjustment
and Other(2)
 
Total
December 31, 2014
$
59.0

 
$
(1.3
)
 
$
4.9

 
$
62.6

Other comprehensive income (loss) before reclassifications
(132.9
)
 
(1.8
)
 
0.5

 
(134.2
)
Amounts reclassified from accumulated other comprehensive income
—

 
1.2

 
(0.9
)
 
0.3

Current-period other comprehensive loss
(132.9
)
 
(0.6
)
 
(0.4
)
 
(133.9
)
Spin-Off of FLOW Business
354.5

 
0.1

 
—

 
354.6

December 31, 2015
$
280.6

 
$
(1.8
)
 
$
4.5

 
$
283.3

___________________________________________________________________

(1) 
Net of tax benefit of $0.8 and $1.1 as of December 31, 2015 and 2014, respectively.
(2) 
Net of provision of $3.1 and $3.0 as of December 31, 2015 and 2014, respectively. The balances as of December 31, 2015 and 2014 include unamortized prior service credits. The current period other comprehensive income relates to prior service credits that resulted from the amendment to the U.S. Plan and SIARP (see Note 10 for additional details).
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

___________________________________________________________________

(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, 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.
Schedule of amounts reclassified from each component of accumulated comprehensive income (loss)
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2015 and 2014:
 
Amount
Reclassified
from
AOCI
 
Affected
Line Items
in the
Consolidated Statements of
Operations
 
Year ended
December 31,
 
 
 
2015
 
2014
 
 
Losses on qualifying cash flow hedges:
 
 
 
 
 
FX forward contracts
$
(0.6
)
 
$
0.8

 
Revenues
Commodity contracts
2.8

 
0.7

 
Cost of products sold
Pre-tax
2.2

 
1.5

 
 
Income taxes
(1.0
)
 
(0.4
)
 
 
 
$
1.2

 
$
1.1

 
 
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
(1.1
)
 
(0.3
)
 
Selling, general and administrative
Pre-tax
(1.1
)
 
7.1

 
 
Income taxes
0.2

 
(2.3
)
 
 
 
$
(0.9
)
 
$
4.8