XML 45 R35.htm IDEA: XBRL DOCUMENT
v3.19.1

EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables) | 3 Months Ended
--- | ---
Mar. 30, 2019
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION |
Weighted-Average Shares Outstanding Used in 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
| March 30, 2019 |  | March 31, 2018
Weighted-average number of common shares used in basic income per share | 43.618 |  |  | 42.772 |
Dilutive securities — Employee stock options and restricted stock units | 1.262 |  |  | 1.581 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 44.880 |  |  | 44.353 |
Schedule of PSU activity | The following table summarizes the PSU and RSU activity from December 31, 2018 through March 30, 2019:
| Unvested PSU’s and RSU’s, |  | Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2018 | 0.652 |  |  | $ | 24.65 |
Granted | 0.394 |  |  | 40.47 |
Vested | (0.430 | ) |  | 18.26 |
Forfeited | (0.002 | ) |  | 35.19 |
Outstanding at March 30, 2019 | 0.614 |  |  | 36.15 |
Schedule of RSU activity | The following table summarizes the PSU and RSU activity from December 31, 2018 through March 30, 2019:
| Unvested PSU’s and RSU’s, |  | Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2018 | 0.652 |  |  | $ | 24.65 |
Granted | 0.394 |  |  | 40.47 |
Vested | (0.430 | ) |  | 18.26 |
Forfeited | (0.002 | ) |  | 35.19 |
Outstanding at March 30, 2019 | 0.614 |  |  | 36.15 |
Stock Option Valuation Assumptions | 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 | 32.70 | %
Annual expected dividend yield | — | %
Risk-free interest rate | 2.53 | %
Expected life of stock option (in years) | 6.0 |
Schedule of Changes in 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 March 30, 2019 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 | $ | 225.8 |  |  | $ | (0.6 | ) |  | $ | 19.7 |  |  | $ | 244.9 |
Other comprehensive loss before reclassifications | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Amounts reclassified from accumulated other comprehensive income (loss) | 2.4 |  |  | 0.2 |  |  | (0.8 | ) |  | 1.8 |
Current-period other comprehensive income (loss) | 2.4 |  |  | 0.1 |  |  | (0.8 | ) |  | 1.7 |
Balance at end of period | $ | 228.2 |  |  | $ | (0.5 | ) |  | $ | 18.9 |  |  | $ | 246.6 |
__________________________
(1) | Net of tax benefit of $0.1 and $0.2 as of March 30, 2019 and December 31, 2018, respectively.
(2) | Net of tax provision of $6.4 and $6.6 as of March 30, 2019 and December 31, 2018. The balances as of March 30, 2019 and December 31, 2018 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 31, 2018 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 | $ | 230.2 |  |  | $ | 0.8 |  |  | $ | 19.1 |  |  | $ | 250.1 |
Other comprehensive income (loss) before reclassifications | 1.0 |  |  | (0.3 | ) |  | — |  |  | 0.7 |
Amounts reclassified from accumulated other comprehensive income: |  |  |  |  |  |  |
Impact of initial adoption of ASC 606 - See Note 2 |  |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Stranded income tax effects resulting from tax reform - See Note 2 | — |  |  | 0.2 |  |  | 4.6 |  |  | 4.8 |
Commodity contracts and amortization of prior service credits - See below | — |  |  | (0.1 | ) |  | (0.7 | ) |  | (0.8 | )
Current-period other comprehensive income (loss) | 1.0 |  |  | (0.5 | ) |  | 3.9 |  |  | 4.4 |
Balance at end of period | $ | 231.2 |  |  | $ | 0.3 |  |  | $ | 23.0 |  |  | $ | 254.5 |
__________________________
(1) | Net of tax provision of $0.1 and $0.5 as of March 31, 2018 and December 31, 2017, respectively.
(2) | Net of tax provision of $7.6 and $12.5 as of March 31, 2018 and December 31, 2017. The balances as of March 31, 2018 and December 31, 2017 include unamortized prior service credits.
Schedule of Amounts Reclassified from Each Component of Other Comprehensive Income (Loss) | The following summarizes amounts reclassified from each component of accumulated comprehensive income for the three months ended March 30, 2019 and March 31, 2018:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| March 30, 2019 |  | March 31, 2018 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |  |  |
Commodity contracts | $ | 0.3 |  |  | $ | (0.2 | ) |  | Cost of products sold
Swaps | — |  |  | — |  |  | Interest expense
Pre-tax | 0.3 |  |  | (0.2 | ) |  |
Income taxes | (0.1 | ) |  | 0.1 |  |  |
| $ | 0.2 |  |  | $ | (0.1 | ) |  |
Gains on pension and postretirement items: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (1.0 | ) |  | $ | (1.0 | ) |  | Other income (expense), net
Income taxes | 0.2 |  |  | 0.3 |  |  |
| $ | (0.8 | ) |  | $ | (0.7 | ) |  |
Schedule of Changes in Equity | A summary of the changes in equity for the three months ended March 30, 2019 and March 31, 2018 is provided below:
| Three months ended
| March 30, 2019 |  | March 31, 2018
Equity, beginning of period | $ | 414.9 |  |  | $ | 314.7 |
Net income (loss) | (0.8 | ) |  | 12.4 |
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $(0.1) and $0.4 for the three months ended March 30, 2019 and March 31, 2018, respectively | 0.1 |  |  | (0.5 | )
Pension and postretirement liability adjustment, net of tax benefit of $0.2 and $4.9 for the three months ended March 30, 2019 and March 31, 2018, respectively | (0.8 | ) |  | 3.9 |
Foreign currency translation adjustments | 2.4 |  |  | 1.0 |
Total comprehensive income | 0.9 |  |  | 16.8 |
Impact of initial adoption of ASC 606 - See Note 2 | — |  |  | 4.0 |
Stranded income tax effects resulting from tax reform - See Note 2 | — |  |  | (4.8 | )
Impact of adoption of ASU 2016-16 - See Note 2 | — |  |  | (0.2 | )
Incentive plan activity | 3.4 |  |  | 3.0 |
Long-term incentive compensation expense | 2.6 |  |  | 3.0 |
Restricted stock and restricted stock unit vesting, net of tax withholdings | (6.5 | ) |  | (3.3 | )
Equity, end of period | $ | 415.3 |  |  | $ | 333.2 |

X
- References No definition available. + Details
Name: | spxc_EquityAndStockBasedCompensationDisclosureAbstract
Namespace Prefix: | spxc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669686-108580 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration