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Shareholders' Equity and Long-Term Incentive Compensation (Tables) | 12 Months Ended
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Dec. 31, 2017
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION |
Computations of the components used for the calculation of basic and diluted income per share | The following table sets forth the computations of the components used for the calculation of basic and diluted income (loss) per share:
| Year ended December 31,
| 2017 |  | 2016 |  | 2015
Numerator: |  |  |  |  |
Income (loss) from continuing operations | $ | 84.0 |  |  | $ | 30.3 |  |  | $ | (151.6 | )
Less: Net loss attributable to noncontrolling interests | — |  |  | (0.4 | ) |  | (33.4 | )
Adjustment related to redeemable noncontrolling interest (Note13) | — |  |  | (18.1 | ) |  | — |
Income (loss) from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share | $ | 84.0 |  |  | $ | 12.6 |  |  | $ | (118.2 | )
Income (loss) from discontinued operations, net of tax | $ | 5.3 |  |  | $ | (97.9 | ) |  | $ | 34.6 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (0.9 | )
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share | $ | 5.3 |  |  | $ | (97.9 | ) |  | $ | 35.5 |
Denominator: |  |  |  |  |
Weighted-average number of common shares used in basic income (loss) per share | 42.413 |  |  | 41.610 |  |  | 40.733 |
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units | 1.492 |  |  | 0.551 |  |  | — |
Weighted-average number of common shares and dilutive securities used in diluted income (loss) per share | 43.905 |  |  | 42.161 |  |  | 40.733 |
Summary of common shares issued, treasury shares and shares outstanding | Common shares issued, treasury shares and shares outstanding are summarized in the table below.
| Common Stock Issued |  | Treasury Stock |  | Shares Outstanding
December 31, 2014 | 100.064 |  |  | (59.206 | ) |  | 40.858 |
Restricted stock shares and restricted stock units | 0.102 |  |  | 0.096 |  |  | 0.198 |
Other | 0.360 |  |  | — |  |  | 0.360 |
December 31, 2015 | 100.526 |  |  | (59.110 | ) |  | 41.416 |
Restricted stock shares and restricted stock units | 0.042 |  |  | 0.295 |  |  | 0.337 |
Retirement of treasury stock | (50.000 | ) |  | 50.000 |  |  | — |
Other | 0.187 |  |  | — |  |  | 0.187 |
December 31, 2016 | 50.755 |  |  | (8.815 | ) |  | 41.940 |
Restricted stock units | — |  |  | 0.280 |  |  | 0.280 |
Other | 0.431 |  |  | — |  |  | 0.431 |
December 31, 2017 | 51.186 |  |  | (8.535 | ) |  | 42.651 |
Schedule of assumptions to determine the fair value of restricted stock awards granted | We used the following assumptions in determining the fair value of these awards:
| Annual Expected Stock Price Volatility |  | Annual Expected Dividend Yield |  | Risk-Free Interest Rate |  | Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index
March 1, 2017 |  |  |  |  |  |  |
SPX Corporation | 41.03 | % |  | — | % |  | 1.52 | % |  | 0.3685
Peer group within S&P 600 Capital Goods Index | 34.49 | % |  | n/a |  |  | 1.52 | % |  |
March 2, 2016 |  |  |  |  |  |  |
SPX Corporation | 36.91 | % |  | — | % |  | 0.97 | % |  | 0.3354
Peer group within S&P 600 Capital Goods Index | 32.94 | % |  | n/a |  |  | 0.97 | % |  |
Schedule of restricted stock share and restricted stock unit activity | The following table summarizes the PSU, RSU, and RS activity from December 31, 2014 through December 31, 2017:
| Unvested PSU’s, RSU’s, and RS’s |  | Weighted-Average Grant-Date Fair Value Per Share
December 31, 2014 | 1.168 |  |  | $ | 69.22 |
Pre-spin: |  |  |
Granted | 0.451 |  |  | 81.60 |
Vested | (0.262 | ) |  | 78.71 |
Canceled | (0.212 | ) |  | 52.67 |
Impact of Spin-Off: |  |  |
Terminations | (0.785 | ) |  | * |
Conversions | 1.010 |  |  | * |
Post-spin |  |  |
Granted | 0.510 |  |  | 12.32 |
Canceled | (0.011 | ) |  | 20.34 |
December 31, 2015 | 1.869 |  |  | 17.63 |
Granted | 0.423 |  |  | 13.97 |
Vested | (0.528 | ) |  | 10.32 |
Forfeited | (0.062 | ) |  | 20.46 |
December 31, 2016 | 1.702 |  |  | 16.47 |
Granted | 0.252 |  |  | 28.22 |
Vested | (0.483 | ) |  | 18.17 |
Forfeited | (0.241 | ) |  | 20.83 |
December 31, 2017 | 1.230 |  |  | $ | 17.41 |
Schedule of assumptions used to estimate fair value of stock option grants | The fair value of each option grant was estimated using a Black-Scholes option-pricing model with the following assumptions:
| March 1, 2017 |  | March 2, 2016 |  | October 14 2015
Annual expected stock price volatility | 32.00 | % |  | 30.06 | % |  | 27.86 | %
Annual expected dividend yield | — | % |  | — | % |  | — | %
Risk-free interest rate | 2.14 | % |  | 1.50 | % |  | 1.64 | %
Expected life of stock option (in years) | 6.0 |  |  | 6.0 |  |  | 6.0 |
Schedule of stock option activity | The following table shows stock option activity from December 31, 2014 through December 31, 2017.
| Shares |  | Weighted- Average Exercise Price
Options outstanding and exercisable at December 31, 2014 | — |  |  | $ | — |
Granted pre-spin | 0.323 |  |  | 85.87 |
Impact of Spin-Off: |  |  |
Terminations | (0.282 | ) |  | 85.87 |
Conversions | 0.123 |  |  | * |
Granted post-spin | 0.883 |  |  | 12.36 |
Options outstanding and exercisable at December 31, 2015 | 1.047 |  |  | 12.91 |
Granted | 0.505 |  |  | 12.85 |
Options outstanding and exercisable at December 31, 2016 | 1.552 |  |  | 12.89 |
Exercised | (0.125 | ) |  | 20.67 |
Forfeited | (0.027 | ) |  | 14.45 |
Granted | 0.208 |  |  | 27.40 |
Options outstanding and exercisable at December 31, 2017 | 1.608 |  |  | $ | 14.67 |
Schedule of changes in the components of accumulated other comprehensive income | The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2017 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(3) |  | Pension and Postretirement Liability Adjustment and Other(1)(4) |  | Total
December 31, 2016 | $ | 229.7 |  |  | $ | 1.5 |  |  | $ | 3.9 |  |  | $ | 235.1 |
Other comprehensive income before reclassifications (1) | 0.5 |  |  | 2.3 |  |  | 16.3 |  |  | 19.1 |
Amounts reclassified from accumulated other comprehensive income (2) | — |  |  | (3.0 | ) |  | (1.1 | ) |  | (4.1 | )
Current-period other comprehensive income (loss) | 0.5 |  |  | (0.7 | ) |  | 15.2 |  |  | 15.0 |
December 31, 2017 | $ | 230.2 |  |  | $ | 0.8 |  |  | $ | 19.1 |  |  | $ | 250.1 |
___________________________________________________________________ (1) As indicated in Note 9, we reduced our unfunded liability related to postretirement benefits and increased “Accumulated other comprehensive income” (before tax) by $26.8. (2) As indicated in Note 12, we discontinued hedge accounting for our Swaps resulting in a reclassification from “Accumulated other comprehensive income” (before tax) of $2.7.
(3) | Net of tax provision of $0.5 and $0.9 as of December 31, 2017 and 2016, respectively.
(4) Net of tax provision of $12.5 and $2.7 as of December 31, 2017 and 2016, respectively. The balances as of December 31, 2017 and 2016 include unamortized prior service credits. The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2016 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges(2) |  | Pension and Postretirement Liability Adjustment and Other(3) |  | Total
Balance at December 31, 2015 | $ | 280.6 |  |  | $ | (1.8 | ) |  | $ | 4.5 |  |  | $ | 283.3 |
Other comprehensive income (loss) before reclassifications | (11.9 | ) |  | 1.1 |  |  | — |  |  | (10.8 | )
Amounts reclassified from accumulated other comprehensive income (1) | (39.0 | ) |  | 2.2 |  |  | (0.6 | ) |  | (37.4 | )
Current-period other comprehensive income (loss) | (50.9 | ) |  | 3.3 |  |  | (0.6 | ) |  | (48.2 | )
Balance at December 31, 2016 | $ | 229.7 |  |  | $ | 1.5 |  |  | $ | 3.9 |  |  | $ | 235.1 |
___________________________________________________________________
(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 (provision) benefit of $(0.9) and $0.8 as of December 31, 2016 and 2015, respectively.
(3) | Net of tax provision of $2.7 and $3.1 as of December 31, 2016 and 2015, respectively. The balances as of December 31, 2016 and 2015 include 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 years ended December 31, 2017 and 2016:
| Amount Reclassified from AOCI |  | Affected Line Items in the Consolidated Statements of Operations
| Year ended December 31, |  |
| 2017 |  | 2016 |  |
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |
FX forward contracts | $ | — |  |  | $ | 1.0 |  |  | Revenues
Commodity contracts | (2.5 | ) |  | 2.0 |  |  | Cost of products sold
Swaps | 0.3 |  |  | — |  |  | Interest Expense
Swaps | (2.7 | ) |  | — |  |  | Other Expense, net
Pre-tax | (4.9 | ) |  | 3.0 |  |  |
Income taxes | 1.9 |  |  | (0.8 | ) |  |
| $ | (3.0 | ) |  | $ | 2.2 |  |  |
Pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (1.8 | ) |  | $ | (1.0 | ) |  | Selling, general and administrative
Income taxes | 0.7 |  |  | 0.4 |  |  |
| $ | (1.1 | ) |  | $ | (0.6 | ) |  |
Recognition of foreign currency translation adjustments related to business dispositions: |  |  |  |  |
Recognition of foreign currency translation adjustment associated with the sale of our dry cooling business | $ | — |  |  | $ | (40.4 | ) |  | Gain on sale of dry cooling business
Recognition of foreign currency translation adjustment associated with the sale our Balcke Dürr business | — |  |  | 1.4 |  |  | Gain (loss) on disposition of discontinued operations, net of tax
| $ | — |  |  | $ | (39.0 | ) |  |

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