XML 62 R47.htm IDEA: XBRL DOCUMENT v3.3.1.900
Summary of Significant Accounting Policies (Detail)
$ / shares in Units, $ in Millions
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2015
USD ($)
Sep. 26, 2015
USD ($)
Jun. 27, 2015
USD ($)
[3],[4]
Mar. 28, 2015
USD ($)
[3],[4],[5]
Dec. 31, 2014
USD ($)
Sep. 27, 2014
USD ($)
Jun. 28, 2014
USD ($)
Mar. 29, 2014
USD ($)
Sep. 26, 2015
USD ($)
segment
Sep. 16, 2015
segment
Dec. 31, 2015
USD ($)
business_unit
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
Dec. 31, 2010
USD ($)
May. 14, 2015
$ / shares
May. 13, 2015
$ / shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                      
Number of reportable segments | segment                   3 2                
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Capitalized software development costs that should have been expensed when incurred                       $ 30.4 $ 32.2 $ 32.0          
Pre-tax income (loss) from continuing operations                       (203.0) 255.8 (10.5)          
Deferred tax liability adjustment $ 154.4 $ 154.4       $ 566.1 [1]           154.4 566.1 [1]            
Income tax expense understated (overstated)                       (11.8) 139.7 (20.0)          
Reduction in retained earnings (897.8) (897.8)       (2,628.6) [2]           (897.8) (2,628.6) [2]            
Total SPX Corporation shareholders' equity (345.4) (345.4)       (1,808.7)           (345.4) (1,808.7)            
Total equity (308.3) (308.3)       (1,811.9)           (308.3) (1,811.9) (2,167.3) $ (2,231.1)        
Income (loss) from continuing operations   7.6 [3],[4],[5] $ 130.7 [3],[4] $ 11.9 $ 41.0 101.4 [3],[4],[5] $ 12.2 [3],[4] $ 19.2 [3],[4] $ (248.9) [3],[4],[5]     191.2 (116.1) [2] (9.5) [2]          
Reduction in par value of shares of common stock (in dollars per share) | $ / shares                                   $ 0.01 $ 10.00
Foreign Currency Translation and Transactions                                      
Foreign currency transaction net losses                       $ (9.4) (4.5) (9.8)          
Revenue Recognition                                      
Number of business units in which sales incentive programs are significant | business_unit                       1              
Revenues recognized under percentage of completion method                       $ 485.3 633.3 731.0          
Costs and estimated earnings on uncompleted contracts                                      
Costs incurred on uncompleted contracts 1,338.4 1,338.4       1,326.4           1,338.4 1,326.4            
Estimated earnings to date 66.4 66.4       167.2           66.4 167.2            
Aggregate costs incurred on uncompleted contracts and estimated earnings to date 1,404.8 1,404.8       1,493.6           1,404.8 1,493.6            
Less: Billings to date (1,414.8) (1,414.8)       (1,493.9)           (1,414.8) (1,493.9)            
Billings in excess of costs and estimated earnings (10.0) (10.0)       (0.3)           (10.0) (0.3)            
Billings in excess of costs and estimated earnings                                      
Costs and estimated earnings in excess of billings [6] 106.3 106.3       95.5           106.3 95.5            
Billings in excess of costs and estimated earnings on uncompleted contracts [7] (116.3) (116.3)       (95.8)           (116.3) (95.8)            
Net billings in excess of costs and estimated earnings (10.0) (10.0)       (0.3)           (10.0) (0.3)            
Research and Development Costs                                      
Capitalized software, net of amortization $ 9.9 $ 9.9       4.1           9.9 4.1            
Capitalized software amortization expense                       0.2 0.5 0.6          
Research and development expense                       30.4 32.2 32.0          
Property, plant and equipment                                      
Depreciation expense, including amortization of capital leases                       34.0 37.7 39.9          
Interest capitalized                       $ 0.0 0.0 0.0          
Minimum                                      
Property, plant and equipment                                      
Period for receivables to be collected which are not significant                       1 year              
Adjustment for Impairment Charge to Trademarks | Trademarks | Power segment                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Impairment charge           10.9                          
Previously Unrecorded Income Tax Liabilities Associated with Intercompany Loans                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Deferred tax liability adjustment     4.3             $ 4.3                  
Income tax expense understated (overstated)                         2.4 (1.2)     $ 3.1    
Restatement Adjustment                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Reduction in retained earnings [8]           9.2             9.2            
Income (loss) from continuing operations           1.6 $ 0.2 $ 0.2 $ 2.5       4.5 [9] 0.3 [9]          
Restatement Adjustment | Adjustment for Previously Capitalized Software that should have been Expensed due to Lack of Technological Feasibility                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Capitalized software development costs that should have been expensed when incurred     5.4                                
Research and Development Costs                                      
Research and development expense     $ 5.4                                
Restatement Adjustment | Adjustment for Impairment Charge to Trademarks | Trademarks | Power segment                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Impairment charge           2.5                          
Reduction in retained earnings           2.5             2.5            
Restatement Adjustment | Capitalization of Development Costs and Understatement of Impairment Charge                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Pre-tax income (loss) from continuing operations                         3.4 2.4 1.2 $ 0.5 $ 0.4    
Restatement Adjustment | Previously Unrecorded Income Tax Liabilities Associated with Intercompany Loans                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Reduction in retained earnings                             4.4        
Total SPX Corporation shareholders' equity                             4.4        
Total equity                             $ 4.4        
Income (loss) from continuing operations                         4.5 0.3          
Previously Reported                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Reduction in retained earnings [10]           (2,637.8)             (2,637.8)            
Income (loss) from continuing operations                         $ (380.1) [10] $ (211.3) [2]          
Previously Reported | Adjustment for Impairment Charge to Trademarks | Trademarks | Power segment                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Impairment charge           8.4                          
Actual | Adjustment for Impairment Charge to Trademarks | Trademarks | Power segment                                      
Quantifying Misstatement in Current Year Financial Statements [Line Items]                                      
Impairment charge           $ 10.9                          
Buildings | Maximum                                      
Property, plant and equipment                                      
Useful lives of property, plant and equipment (in years)                       40 years              
Machinery and equipment | Minimum                                      
Property, plant and equipment                                      
Useful lives of property, plant and equipment (in years)                       3 years              
Machinery and equipment | Maximum                                      
Property, plant and equipment                                      
Useful lives of property, plant and equipment (in years)                       15 years              
SPX Flow, Inc | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff                                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                      
Pro rata distribution ratio of common stock received by shareholders as of record date                     1                
Dry Cooling Business | Disposal Group, Held-for-sale | Reportable and other operating segments | Power segment | Sales Revenue, Net                                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                      
Percentage of revenues 10.00%                                    
[1] Represents deferred tax assets and liabilities related to both continuing and discontinued operations, with net deferred tax liabilities associated with discontinued operations totaling $143.9. As discussed in Notes 1 and 18, certain corrections were made to deferred income taxes resulting in an increase of net deferred tax liabilities of $1.3.
[2] 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.
[3] 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.
[4] 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).
[5] 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.
[6] Reported as a component of "Accounts receivable, net."
[7] Reported as a component of "Accrued expenses."
[8] 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.
[9] 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.
[10] Amounts reported in our 2014 Annual Report on Form 10-K.