XML 100 R85.htm IDEA: XBRL DOCUMENT v3.3.1.900
Quarterly Results (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jan. 07, 2014
Dec. 31, 2015
Sep. 26, 2015
Jun. 27, 2015
Mar. 28, 2015
Dec. 31, 2014
Sep. 27, 2014
Jun. 28, 2014
Mar. 29, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2007
Quarterly Financial Information Disclosure [Abstract]                          
Operating revenues   $ 509.5 [1] $ 374.1 $ 459.4 $ 376.3 [1] $ 555.6 [1] $ 489.6 $ 489.1 $ 418.4 [1] $ 1,719.3 [2] $ 1,952.7 [2],[3] $ 1,968.8 [2],[3]  
Gross profit   119.0 [1] 2.9 96.0 74.5 [1] 111.9 [1] 112.5 108.2 93.6 [1]   426.2 [3] 483.4 [3]  
Income (loss) from continuing operations, net of tax   (7.6) [1],[4],[5] (130.7) [4],[5] (11.9) [4],[5] (41.0) [1],[4],[5] (101.4) [1],[4],[5] (12.2) [4],[5] (19.2) [4],[5] 248.9 [1],[4],[5] (191.2) 116.1 [3] 9.5 [3]  
Income from discontinued operations   (5.1) [1],[6] 0.1 [6] 48.2 [6] 31.0 [1],[6] 56.6 [1],[6] 75.8 [6] 69.0 [6] 66.4 [1],[6] 74.2 [7] 267.8 [3] 202.8 [3]  
Net income (loss)   (12.7) [1],[4] (130.6) [4] 36.3 [4] (10.0) [1],[4] (44.8) [1],[4] 63.6 [4] 49.8 [4] 315.3 [1],[4] (117.0) 383.9 [3] 212.3 [3]  
Less: Net income (loss) attributable to noncontrolling interests   (3.2) [1],[5] (25.6) [5] (2.6) [5] (2.9) [1],[5] (8.2) [1],[5] 0.3 [5] (1.2) [5] (0.4) [1],[5] (34.3) (9.5) [3] 2.4 [3]  
Net income (loss) attributable to SPX Corporation common shareholders   $ (9.5) [1],[4] $ (105.0) [4] $ 38.9 [4] $ (7.1) [1],[4] $ (36.6) [1],[4] $ 63.3 [4] $ 51.0 [4] $ 315.7 [1],[4] $ (82.7) $ 393.4 [3] $ 209.9 [3]  
Basic income (loss) per share of common stock:                          
Continuing operations (in dollars per share)   $ (0.11) [1] $ (2.58) $ (0.24) $ (0.95) [1] $ (2.27) [1] $ (0.28) $ (0.40) $ 5.63 [1] $ (3.87) $ 3.01 $ 0.19  
Discontinued operations, net of tax (in dollars per share)   (0.12) [1] 0.00 1.20 0.77 [1] 1.37 [1] 1.79 1.58 1.51 [1] 1.84 6.27 4.43  
Net income (loss) per share attributable to SPX Corporation common shareholders (in dollars per share)   (0.23) [1],[4] (2.58) [4] 0.96 [4] (0.18) [1],[4] (0.90) [1],[4] 1.51 [4] 1.18 [4] 7.14 [1],[4] (2.03) 9.28 [8] 4.62 [3]  
Diluted income (loss) per share of common stock:                          
Continuing operations (in dollars per share)   (0.11) [1],[4] (2.58) [4] (0.24) [4] (0.95) [1],[4] (2.27) [1],[4] (0.28) [4] (0.40) [4] 5.52 [1],[4] (3.87) 2.97 0.19  
Discontinued operations, net of tax (in dollars per share)   (0.12) [1] 0.00 1.20 0.77 [1] 1.37 [1] 1.79 1.58 1.48 [1] 1.84 6.17 4.37  
Net income (loss) per share attributable to SPX Corporation common shareholders (in dollars per share)   $ (0.23) [1],[4] $ (2.58) [4] $ 0.96 [4] $ (0.18) [1],[4] $ (0.90) [1],[4] $ 1.51 [4] $ 1.18 [4] $ 7.00 [1],[4] $ (2.03) $ 9.14 [8] $ 4.56 [3]  
Other Information Related to Quarterly Results                          
Loss on early extinguishment of debt                   $ (1.4) $ (32.5) $ 0.0  
Reduction in revenues   $ (509.5) [1] $ (374.1) $ (459.4) $ (376.3) [1] $ (555.6) [1] $ (489.6) $ (489.1) $ (418.4) [1] (1,719.3) [2] (1,952.7) [2],[3] (1,968.8) [2],[3]  
Reduction in segment income                   170.0 179.5 (15.8)  
Increase in net loss attributable to noncontrolling interests   (3.2) [1],[5] $ (25.6) [5] (2.6) [5] (2.9) [1],[5] (8.2) [1],[5] $ 0.3 [5] $ (1.2) [5] (0.4) [1],[5] (34.3) (9.5) [3] 2.4 [3]  
Pretax actuarial losses   12.0     14.8 80.6              
Impairment charges                   $ 0.3 0.0 0.3  
Cash consideration, exclusive of cash transferred                   108.6 13.5  
Gain (loss) on sale of business, net of tax                   $ (5.2) 13.3 (4.0)  
Number of days in the quarter     91 days       91 days 91 days          
Decrease in income from continuing operations   7.6 [1],[4],[5] $ 130.7 [4],[5] 11.9 [4],[5] 41.0 [1],[4],[5] 101.4 [1],[4],[5] $ 12.2 [4],[5] $ 19.2 [4],[5] (248.9) [1],[4],[5] 191.2 (116.1) [3] (9.5) [3]  
Decrease in net income   12.7 [1],[4] 130.6 [4] (36.3) [4] 10.0 [1],[4] 44.8 [1],[4] (63.6) [4] (49.8) [4] (315.3) [1],[4] 117.0 (383.9) [3] (212.3) [3]  
Decrease in net income attributable to SPX Corporation common shareholders   $ 9.5 [1],[4] $ 105.0 [4] $ (38.9) [4] $ 7.1 [1],[4] $ 36.6 [1],[4] $ (63.3) [4] $ (51.0) [4] $ (315.7) [1],[4] $ 82.7 $ (393.4) [3] $ (209.9) [3]  
Decrease in basic earnings per share   $ 0.11 [1] $ 2.58 $ 0.24 $ 0.95 [1] $ 2.27 [1] $ 0.28 $ 0.40 $ (5.63) [1] $ 3.87 $ (3.01) $ (0.19)  
Decrease in diluted earnings per share   0.11 [1],[4] 2.58 [4] 0.24 [4] 0.95 [1],[4] 2.27 [1],[4] 0.28 [4] 0.40 [4] (5.52) [1],[4] 3.87 (2.97) (0.19)  
Decrease in net income (loss) per basic share attributable to SPX Corporation common shareholders   0.23 [1],[4] 2.58 [4] (0.96) [4] 0.18 [1],[4] 0.90 [1],[4] (1.51) [4] (1.18) [4] (7.14) [1],[4] 2.03 (9.28) [8] (4.62) [3]  
Decrease in net income (loss) per diluted share attributable to SPX Corporation common shareholders   $ 0.23 [1],[4] $ 2.58 [4] $ (0.96) [4] $ 0.18 [1],[4] $ 0.90 [1],[4] $ (1.51) [4] $ (1.18) [4] $ (7.00) [1],[4] $ 2.03 $ (9.14) [8] $ (4.56) [3]  
TPS                          
Other Information Related to Quarterly Results                          
Cash consideration, exclusive of cash transferred                 $ 42.5        
Gain (loss) on sale of business, net of tax                 21.5        
Power segment                          
Quarterly Financial Information Disclosure [Abstract]                          
Operating revenues [9]                   $ 957.9 $ 1,172.6 $ 1,200.2  
Other Information Related to Quarterly Results                          
Reduction in revenues [9]                   (957.9) (1,172.6) (1,200.2)  
Impairment charges   $ 13.7       $ 28.9              
South Africa                          
Quarterly Financial Information Disclosure [Abstract]                          
Operating revenues [2]                   54.2 109.2 234.2  
Other Information Related to Quarterly Results                          
Reduction in revenues [2]                   (54.2) (109.2) (234.2)  
South Africa | Detection and Measurement segment                          
Other Information Related to Quarterly Results                          
Reduction in revenue and segment income           25.0              
Scenario, Adjustment                          
Other Information Related to Quarterly Results                          
Reduction in segment income                     0.9 2.4  
Scenario, Adjustment | Power segment                          
Quarterly Financial Information Disclosure [Abstract]                          
Operating revenues     $ (57.2)     (25.0)              
Less: Net income (loss) attributable to noncontrolling interests     23.8     6.3              
Other Information Related to Quarterly Results                          
Reduction in revenues     57.2     25.0              
Reduction in segment income     95.0     25.0              
Increase in net loss attributable to noncontrolling interests     $ 23.8     6.3              
Restatement Adjustment                          
Quarterly Financial Information Disclosure [Abstract]                          
Operating revenues [10]                     0.0 0.0  
Gross profit [10]                     0.0 0.0  
Income (loss) from continuing operations, net of tax           (1.6) $ (0.2) $ (0.2) (2.5)   (4.5) [10] (0.3) [10]  
Income from discontinued operations [10]                     0.0 0.0  
Net income (loss)           (1.6) (0.2) (0.2) (2.5)   (4.5) [10] (0.3) [10]  
Less: Net income (loss) attributable to noncontrolling interests [10]                     0.0 0.0  
Net income (loss) attributable to SPX Corporation common shareholders           $ (1.6) $ (0.2) $ (0.2) $ (2.5)   (4.5) [10] (0.3) [10]  
Basic income (loss) per share of common stock:                          
Continuing operations (in dollars per share)           $ (0.04) $ (0.01) $ (0.01) $ (0.06)        
Net income (loss) per share attributable to SPX Corporation common shareholders (in dollars per share)           (0.04) (0.01) (0.01) (0.06)        
Diluted income (loss) per share of common stock:                          
Continuing operations (in dollars per share)           (0.04) (0.01) (0.01) (0.06)        
Net income (loss) per share attributable to SPX Corporation common shareholders (in dollars per share)           $ (0.04) $ (0.01) $ (0.01) $ (0.06)        
Other Information Related to Quarterly Results                          
Reduction in revenues [10]                     0.0 0.0  
Increase in net loss attributable to noncontrolling interests [10]                     0.0 0.0  
Decrease in income from continuing operations           $ 1.6 $ 0.2 $ 0.2 $ 2.5   4.5 [10] 0.3 [10]  
Decrease in net income           1.6 0.2 0.2 2.5   4.5 [10] 0.3 [10]  
Decrease in net income attributable to SPX Corporation common shareholders           $ 1.6 $ 0.2 $ 0.2 $ 2.5   4.5 [10] $ 0.3 [10]  
Decrease in basic earnings per share           $ 0.04 $ 0.01 $ 0.01 $ 0.06        
Decrease in diluted earnings per share           0.04 0.01 0.01 0.06        
Decrease in net income (loss) per basic share attributable to SPX Corporation common shareholders           0.04 0.01 0.01 0.06        
Decrease in net income (loss) per diluted share attributable to SPX Corporation common shareholders           $ 0.04 $ 0.01 $ 0.01 $ 0.06        
Domestic Pension Plans                          
Other Information Related to Quarterly Results                          
Pre-tax loss related to settlement charge                 $ 15.3        
Pretax actuarial losses                   $ (9.2) 59.5    
7.625% senior notes                          
Other Information Related to Quarterly Results                          
Interest rate percentage                         7.625%
Loss on early extinguishment of debt                 (32.5)        
EGS Electrical Group, LLC and Subsidiaries ("EGS")                          
Other Information Related to Quarterly Results                          
Percentage of interest held in joint venture 44.50%                     44.50%  
Proceeds from sale of interest in joint venture $ 574.1               574.1        
Gain on sale of interest in joint venture                 $ 491.2   $ 491.2    
[1] 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.
[2] Revenues are included in the above geographic areas based on the country that recorded the customer revenue.
[3] 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.
[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.
[5] 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).
[6] 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.
[7] Represents amounts for SPX FLOW through the date of Spin-Off (i.e., the nine months ended September 26, 2015), except for a revision to increase the income tax provision by $1.4 that was recorded during the fourth quarter of 2015.
[8] Amounts reported in our 2014 Annual Report on Form 10-K.
[9] As further discussed in Notes 1 and 18, we identified certain misstatements associated with previously reported amounts. To correct these misstatements, and as permitted by SAB Topic 1.N, we have restated prior period consolidated financial statements included herein, including a reduction of segment income of $0.9 and $2.4 for the years ended December 31, 2014 and 2013, when compared to the amounts previously reported.
[10] 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.