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DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE | 3 Months Ended
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Apr. 02, 2016
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE | DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE Spin-Off of SPX FLOW As indicated in Note 1, we completed the spin-off of SPX FLOW on September 26, 2015. The results of SPX FLOW are presented as a discontinued operation within the accompanying condensed consolidated statement of operations and condensed consolidated statement of cash flows for the three months ended March 28, 2015. Major classes of line items constituting pre-tax income and after-tax income of SPX FLOW for the three months ended March 28, 2015 are shown below:
Revenues | $ | 570.6 |
Costs and expenses: |
Cost of products sold | 383.2 |
Selling, general and administrative(1) | 118.3 |
Intangible amortization | 5.9 |
Special charges | 3.8 |
Other income, net | 5.4 |
Interest expense, net | (10.6 | )
Income before taxes | 54.2 |
Income tax provision | (22.8 | )
Income from discontinued operations, net of tax | 31.4 |
Less: Net loss attributable to noncontrolling interest | (0.3 | )
Income from discontinued operations attributable to SPX Corporation common shareholders, net of tax | $ | 31.7 |
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(1) | Includes $5.0 for the three months ended March 28, 2015 of professional fees and other costs that were incurred in connection with the Spin-Off.
The following table presents selected financial information regarding cash flows of SPX FLOW that are included within discontinued operations in the condensed consolidated statement of cash flows for the three months ended March 28, 2015:
Depreciation and amortization | $ | 14.6 |
Capital expenditures | 11.6 |
Other Discontinued Operations Activity In addition to the Spin-Off of SPX FLOW, we recognized net losses of $1.1 and $0.4 during the three months ended April 2, 2016 and March 28, 2015, respectively, resulting from revisions to liabilities retained from businesses discontinued prior to 2015. For the three months ended April 2, 2016 and March 28, 2015, the table below presents a reconciliation of discontinued operations activity to the related amounts in the condensed consolidated statements of operations:
| Three months ended
| April 2, 2016 |  | March 28, 2015
SPX FLOW |  |  |
Income from discontinued operations | $ | — |  |  | $ | 54.2 |
Income tax provision | — |  |  | (22.8 | )
Income from discontinued operations, net | — |  |  | 31.4 |
All other |  |  |
Loss from discontinued operations | (1.2 | ) |  | (0.4 | )
Income tax benefit | 0.1 |  |  | — |
Loss from discontinued operations, net | (1.1 | ) |  | (0.4 | )
Total |  |  |
Income (loss) from discontinued operations | (1.2 | ) |  | 53.8 |
Income tax (provision) benefit | 0.1 |  |  | (22.8 | )
Income (loss) from discontinued operations, net | $ | (1.1 | ) |  | $ | 31.0 |
Sale of Dry Cooling Business On November 20, 2015, we entered into an agreement for the sale of our dry cooling business. The assets and liabilities of our dry cooling business are presented as “held for sale” within the accompanying condensed consolidated balance sheet as of December 31, 2015. The major classes of assets and liabilities held for sale as of December 31, 2015 are shown below:
Assets: |
Accounts receivable, net | $ | 49.2 |
Inventories, net | 12.9 |
Other current assets | 13.9 |
Property, plant and equipment, net | 3.3 |
Goodwill | 10.7 |
Intangibles, net | 8.3 |
Other assets | 8.8 |
Assets held for sale | $ | 107.1 |
Liabilities: |
Accounts payable | $ | 13.7 |
Accrued expenses | 25.3 |
Other long-term liabilities | 2.3 |
Liabilities held for sale | $ | 41.3 |
As indicated in Note 1, on March 30, 2016, we completed the sale of our dry cooling business to Paharpur for cash proceeds of $45.9 (net of cash transferred with the business of $3.0), resulting in a gain of $17.9 during the quarter. As previously indicated, the gain includes a reclassification from “Equity” of other comprehensive income totaling $40.4 related to foreign currency translation.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 + Details
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