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SHAREHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 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 |  | Nine months ended
| September 30, 2017 |  | October 1, 2016 |  | September 30, 2017 |  | October 1, 2016
Weighted-average number of common shares used in basic income per share | 42.540 |  |  | 41.721 |  |  | 42.347 |  |  | 41.537 |
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units | 1.524 |  |  | 0.754 |  |  | 1.381 |  |  | 0.347 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 44.064 |  |  | 42.475 |  |  | 43.728 |  |  | 41.884 |
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 September 30, 2017 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) (3) |  | Total
Balance at beginning of period | $ | 229.3 |  |  | $ | 1.3 |  |  | $ | 3.6 |  |  | $ | 234.2 |
Other comprehensive income before reclassifications | 2.4 |  |  | 0.6 |  |  | 16.3 |  |  | 19.3 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (0.1 | ) |  | (0.1 | ) |  | (0.2 | )
Current-period other comprehensive income | 2.4 |  |  | 0.5 |  |  | 16.2 |  |  | 19.1 |
Balance at end of period | $ | 231.7 |  |  | $ | 1.8 |  |  | $ | 19.8 |  |  | $ | 253.3 |
__________________________
(1) | Net of tax provision of $1.1 and $0.8 as of September 30, 2017 and July 1, 2017, respectively.
(2) | As indicated in Note 9, we reduced our unfunded liability related to postretirement benefits and increased accumulated other comprehensive income (before tax effects) by $26.8.
(3) | Net of tax provision of $12.9 and $2.6 as of September 30, 2017 and July 1, 2017, respectively. The balances as of September 30, 2017 and July 1, 2017 represent net unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended September 30, 2017 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) (3) |  | Total
Balance at beginning of period | $ | 229.7 |  |  | $ | 1.5 |  |  | $ | 3.9 |  |  | $ | 235.1 |
Other comprehensive income before reclassifications | 2.0 |  |  | 1.1 |  |  | 16.3 |  |  | 19.4 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (0.8 | ) |  | (0.4 | ) |  | (1.2 | )
Current-period other comprehensive income | 2.0 |  |  | 0.3 |  |  | 15.9 |  |  | 18.2 |
Balance at end of period | $ | 231.7 |  |  | $ | 1.8 |  |  | $ | 19.8 |  |  | $ | 253.3 |
_________________________
(1) | Net of tax provision of $1.1 and $0.9 as of September 30, 2017 and December 31, 2016, respectively.
(2) | As indicated in Note 9, we reduced our unfunded liability related to postretirement benefits and increased accumulated other comprehensive income (before tax effects) by $26.8.
(3) | Net of tax provision of $12.9 and $2.7 as of September 30, 2017 and December 31, 2016. The balances as of September 30, 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 October 1, 2016 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 239.6 |  |  | $ | (1.6 | ) |  | $ | 4.2 |  |  | $ | 242.2 |
Other comprehensive income (loss) before reclassifications | (7.2 | ) |  | 0.3 |  |  | — |  |  | (6.9 | )
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 0.2 |  |  | (0.1 | ) |  | 0.1 |
Current-period other comprehensive income (loss) | (7.2 | ) |  | 0.5 |  |  | (0.1 | ) |  | (6.8 | )
Balance at end of period | $ | 232.4 |  |  | $ | (1.1 | ) |  | $ | 4.1 |  |  | $ | 235.4 |
___________________________
(1) | Net of tax benefit of $0.7 and $1.0 as of October 1, 2016 and July 2, 2016, respectively.
(2) | Net of tax provision of $2.8 and $3.0 as of October 1, 2016 and July 2, 2016, respectively. The balances as of October 1, 2016 and July 2, 2016 include net unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended October 1, 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 loss before reclassifications | (7.8 | ) |  | (1.4 | ) |  | — |  |  | (9.2 | )
Amounts reclassified from accumulated other comprehensive income (loss) (1) | (40.4 | ) |  | 2.1 |  |  | (0.4 | ) |  | (38.7 | )
Current-period other comprehensive income (loss) | (48.2 | ) |  | 0.7 |  |  | (0.4 | ) |  | (47.9 | )
Balance at end of period | $ | 232.4 |  |  | $ | (1.1 | ) |  | $ | 4.1 |  |  | $ | 235.4 |
__________________________
(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 $0.7 and $0.8 as of October 1, 2016 and December 31, 2015, respectively.
(3) | Net of tax provision of $2.8 and $3.1 as of October 1, 2016 and December 31, 2015, respectively. The balances as of October 1, 2016 and December 31, 2015 include 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 September 30, 2017 and October 1, 2016:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| September 30, 2017 |  | October 1, 2016 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |  |  |
FX forward contracts | $ | — |  |  | $ | — |  |  | Revenues
Commodity contracts | (0.2 | ) |  | 0.3 |  |  | Cost of products sold
Swaps | — |  |  | — |  |  | Interest expense
Pre-tax | (0.2 | ) |  | 0.3 |  |  |
Income taxes | 0.1 |  |  | (0.1 | ) |  |
| $ | (0.1 | ) |  | $ | 0.2 |  |  |
Gains on pension and postretirement items: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits | $ | (0.3 | ) |  | $ | (0.3 | ) |  | Selling, general and administrative
Pre-tax | (0.3 | ) |  | (0.3 | ) |  |
Income taxes | 0.2 |  |  | 0.2 |  |  |
| $ | (0.1 | ) |  | $ | (0.1 | ) |  |
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the nine months ended September 30, 2017 and October 1, 2016:
| Amount Reclassified from AOCI |  |
| Nine months ended |  |
| September 30, 2017 |  | October 1, 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 | (1.6 | ) |  | 1.9 |  |  | Cost of products sold
Swaps | 0.3 |  |  | — |  |  | Interest expense
Pre-tax | (1.3 | ) |  | 2.9 |  |  |
Income taxes | 0.5 |  |  | (0.8 | ) |  |
| $ | (0.8 | ) |  | $ | 2.1 |  |  |
Gains on pension and postretirement items: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits | $ | (0.7 | ) |  | $ | (0.7 | ) |  | Selling, general and administrative
Pre-tax | (0.7 | ) |  | (0.7 | ) |  |
Income taxes | 0.3 |  |  | 0.3 |  |  |
| $ | (0.4 | ) |  | $ | (0.4 | ) |  |
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 September 30, 2017 and October 1, 2016 is provided below:
| September 30, 2017 |  | October 1, 2016
| SPX Corporation Shareholders’ Equity |  | Noncontrolling Interests |  | Total Equity |  | SPX Corporation Shareholders’ Equity |  | Noncontrolling Interests |  | Total Equity
Equity, beginning of period | $ | 208.7 |  |  | $ | — |  |  | $ | 208.7 |  |  | $ | 272.6 |  |  | $ | — |  |  | $ | 272.6 |
Net income | 22.3 |  |  | — |  |  | 22.3 |  |  | 1.9 |  |  | — |  |  | 1.9 |
Net unrealized gains on qualifying cash flow hedges, net of tax provision of $0.3 for the three months ended September 30, 2017 and October 1, 2016 | 0.5 |  |  | — |  |  | 0.5 |  |  | 0.5 |  |  | — |  |  | 0.5 |
Pension and postretirement liability adjustment, net of tax (provision) benefit of $(10.3) and $0.2 for the three months ended September 30, 2017 and October 1, 2016, respectively | 16.2 |  |  | — |  |  | 16.2 |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Foreign currency translation adjustments | 2.4 |  |  | — |  |  | 2.4 |  |  | (7.2 | ) |  | — |  |  | (7.2 | )
Total comprehensive income (loss), net | 41.4 |  |  | — |  |  | 41.4 |  |  | (4.9 | ) |  | — |  |  | (4.9 | )
Incentive plan activity | 2.0 |  |  | — |  |  | 2.0 |  |  | 2.2 |  |  | — |  |  | 2.2 |
Long-term incentive compensation expense | 3.0 |  |  | — |  |  | 3.0 |  |  | 3.5 |  |  | — |  |  | 3.5 |
Restricted stock and restricted stock unit vesting, net of tax withholdings, and related tax benefit of $0.0 for the three months ended September 30, 2017 and October 1, 2016 | (0.1 | ) |  | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | — |
Equity, end of period | $ | 255.0 |  |  | $ | — |  |  | $ | 255.0 |  |  | $ | 273.4 |  |  | $ | — |  |  | $ | 273.4 |
A summary of the changes in equity for the nine months ended September 30, 2017 and October 1, 2016 is provided below:
| September 30, 2017 |  | October 1, 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 (loss) | 30.7 |  |  | — |  |  | 30.7 |  |  | 18.9 |  |  | (0.4 | ) |  | 18.5 |
Net unrealized gains on qualifying cash flow hedges, net of tax provision of $0.2 and $0.1 for the nine months ended September 30, 2017 and October 1, 2016, respectively | 0.3 |  |  | — |  |  | 0.3 |  |  | 0.7 |  |  | — |  |  | 0.7 |
Pension and postretirement liability adjustment, net of tax (provision) benefit of $(10.2) and $0.3 for the nine months ended September 30, 2017 and October 1, 2016, respectively | 15.9 |  |  | — |  |  | 15.9 |  |  | (0.4 | ) |  | — |  |  | (0.4 | )
Foreign currency translation adjustments | 2.0 |  |  | — |  |  | 2.0 |  |  | (48.2 | ) |  | (1.2 | ) |  | (49.4 | )
Total comprehensive income (loss), net | 48.9 |  |  | — |  |  | 48.9 |  |  | (29.0 | ) |  | (1.6 | ) |  | (30.6 | )
Incentive plan activity | 9.4 |  |  | — |  |  | 9.4 |  |  | 6.8 |  |  | — |  |  | 6.8 |
Long-term incentive compensation expense | 8.8 |  |  | — |  |  | 8.8 |  |  | 9.4 |  |  | — |  |  | 9.4 |
Restricted stock and restricted stock unit vesting, net of tax withholdings, and related tax provision of $0.0 and $1.5 for the nine months ended September 30, 2017 and October 1, 2016, respectively | (3.7 | ) |  | — |  |  | (3.7 | ) |  | (3.2 | ) |  | — |  |  | (3.2 | )
Adjustment related to redeemable noncontrolling interest (see Note 13) | — |  |  | — |  |  | — |  |  | (56.0 | ) |  | 38.7 |  |  | (17.3 | )
Equity, end of period | $ | 255.0 |  |  | $ | — |  |  | $ | 255.0 |  |  | $ | 273.4 |  |  | $ | — |  |  | $ | 273.4 |

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