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DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE
 3 Months Ended
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

___________________________
(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.