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EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables) | 3 Months Ended
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Apr. 01, 2017
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION |
Schedule of weighted-average shares outstanding used in the computation of basic and diluted income per share | The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
| Three months ended
| April 1, 2017 |  | April 2, 2016
Weighted-average number of common shares used in basic income per share | 42.108 |  |  | 41.293 |
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units | 1.346 |  |  | 0.260 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 43.454 |  |  | 41.553 |
Schedule of PSU and RSU activity | The following table summarizes the PSU and RSU activity from December 31, 2016 through April 1, 2017:
| Unvested Restricted Stock Shares and Restricted Stock Units |  | Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2016 | 1.702 |  |  | $ | 16.47 |
Granted | 0.220 |  |  | 28.40 |
Vested | (0.417 | ) |  | 18.61 |
Forfeited | (0.202 | ) |  | 21.24 |
Outstanding at April 1, 2017 | 1.303 |  |  | 16.96 |
Schedule of fair value of each option grant | The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:
Annual expected stock price volatility | 32.00 | %
Annual expected dividend yield | — | %
Risk-free interest rate | 2.14 | %
Expected life of stock option (in years) | 6.0 |
Schedule of changes in the components of accumulated other comprehensive income (loss) | The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 1, 2017 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 229.7 |  |  | $ | 1.5 |  |  | $ | 3.9 |  |  | $ | 235.1 |
Other comprehensive income (loss) before reclassifications | (1.5 | ) |  | 1.1 |  |  | — |  |  | (0.4 | )
Amounts reclassified from accumulated other comprehensive income | — |  |  | (0.4 | ) |  | (0.2 | ) |  | (0.6 | )
Current-period other comprehensive income (loss) | (1.5 | ) |  | 0.7 |  |  | (0.2 | ) |  | (1.0 | )
Balance at end of period | $ | 228.2 |  |  | $ | 2.2 |  |  | $ | 3.7 |  |  | $ | 234.1 |
__________________________
(1) | Net of tax provision of $1.3 and $0.9 as of April 1, 2017 and December 31, 2016, respectively.
(2) | Net of tax provision of $2.7 as of April 1, 2017 and December 31, 2016. The balances as of April 1, 2017 and December 31, 2016 represent net unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 2, 2016 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges(2) |  | Pension and Postretirement Liability Adjustment(3) |  | Total
Balance at beginning of period | $ | 280.6 |  |  | $ | (1.8 | ) |  | $ | 4.5 |  |  | $ | 283.3 |
Other comprehensive income (loss) before reclassifications | 1.7 |  |  | (0.2 | ) |  | — |  |  | 1.5 |
Amounts reclassified from accumulated other comprehensive income (1) | (40.4 | ) |  | 1.4 |  |  | (0.2 | ) |  | (39.2 | )
Current-period other comprehensive income (loss) | (38.7 | ) |  | 1.2 |  |  | (0.2 | ) |  | (37.7 | )
Balance at end of period | $ | 241.9 |  |  | $ | (0.6 | ) |  | $ | 4.3 |  |  | $ | 245.6 |
___________________________
(1) | In connection with the sale of our dry cooling business, we reclassified $40.4 of other comprehensive income related to foreign currency translation to “Gain on sale of dry cooling business.”
(2) | Net of tax benefit of $0.4 and $0.8 as of April 2, 2016 and December 31, 2015, respectively.
(3) | Net of tax provision of $3.1 as of April 2, 2016 and December 31, 2015. The balances as of April 2, 2016 and December 31, 2015 represent net unamortized prior service credits.
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 three months ended April 1, 2017 and April 2, 2016:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| April 1, 2017 |  | April 2, 2016 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |  |  |
FX forward contracts | $ | — |  |  | $ | 1.0 |  |  | Revenues
Commodity contracts | (0.7 | ) |  | 0.7 |  |  | Cost of products sold
Swaps | 0.1 |  |  | — |  |  | Interest expense
Pre-tax | (0.6 | ) |  | 1.7 |  |  |
Income taxes | 0.2 |  |  | (0.3 | ) |  |
| $ | (0.4 | ) |  | $ | 1.4 |  |  |
Gains on pension and postretirement items: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (0.2 | ) |  | $ | (0.2 | ) |  | Selling, general and administrative
Income taxes | — |  |  | — |  |  |
| $ | (0.2 | ) |  | $ | (0.2 | ) |  |
Gain on sale of dry cooling business: |  |  |  |  |
Recognition of foreign currency translation adjustment associated with the sale of our dry cooling business | $ | — |  |  | $ | (40.4 | ) |  | Gain on sale of dry cooling business
Schedule of changes in equity | A summary of the changes in equity for the three months ended April 1, 2017 and April 2, 2016 is provided below:
| April 1, 2017 |  | April 2, 2016
| SPX Corporation Shareholders’ Equity |  | Noncontrolling Interests |  | Total Equity |  | SPX Corporation Shareholders’ Equity |  | Noncontrolling Interests |  | Total Equity
Equity, beginning of period | $ | 191.6 |  |  | $ | — |  |  | $ | 191.6 |  |  | $ | 345.4 |  |  | $ | (37.1 | ) |  | $ | 308.3 |
Net income | 17.4 |  |  | — |  |  | 17.4 |  |  | 13.0 |  |  | 0.6 |  |  | 13.6 |
Net unrealized gains on qualifying cash flow hedges, net of tax provision of $0.4 for the three months ended April 1, 2017 and April 2, 2016 | 0.7 |  |  | — |  |  | 0.7 |  |  | 1.2 |  |  | — |  |  | 1.2 |
Pension and postretirement liability adjustment, net of tax benefit of $0.0 for the three months ended April 1, 2017 and April 2, 2016 | (0.2 | ) |  | — |  |  | (0.2 | ) |  | (0.2 | ) |  | — |  |  | (0.2 | )
Foreign currency translation adjustments | (1.5 | ) |  | — |  |  | (1.5 | ) |  | (38.7 | ) |  | (1.0 | ) |  | (39.7 | )
Total comprehensive income (loss), net | 16.4 |  |  | — |  |  | 16.4 |  |  | (24.7 | ) |  | (0.4 | ) |  | (25.1 | )
Incentive plan activity | 3.8 |  |  | — |  |  | 3.8 |  |  | 2.7 |  |  | — |  |  | 2.7 |
Long-term incentive compensation expense | 2.8 |  |  | — |  |  | 2.8 |  |  | 2.7 |  |  | — |  |  | 2.7 |
Restricted stock and restricted stock unit vesting, net of tax withholdings, and related tax benefit of $0.0 for the three months ended April 1, 2017 and April 2, 2016 | (3.6 | ) |  | — |  |  | (3.6 | ) |  | (3.3 | ) |  | — |  |  | (3.3 | )
Equity, end of period | $ | 211.0 |  |  | $ | — |  |  | $ | 211.0 |  |  | $ | 322.8 |  |  | $ | (37.5 | ) |  | $ | 285.3 |

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