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Quarterly Results (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited)
| First (4) |  |  |  | Second (4) |  |  |  | Third (4) |  |  |  | Fourth (4) |  |
| 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Operating revenues (1) | $ | 343.6 |  |  | $ | 351.9 |  |  | $ | 372.4 |  |  | $ | 379.2 |  |  | $ | 364.8 |  |  | $ | 362.5 |  |  | $ | 444.6 |  |  | $ | 445.0 |
Gross profit (1) | 83.2 |  |  | 90.1 |  |  | 108.2 |  |  | 97.7 |  |  | 106.2 |  |  | 87.7 |  |  | 143.5 |  |  | 135.2 |
Income from continuing operations, net of tax (2) | 0.6 |  |  | 12.4 |  |  | 19.4 |  |  | 19.7 |  |  | 21.2 |  |  | 6.8 |  |  | 28.5 |  |  | 39.3 |
Income (loss) from discontinued operations, net of tax (2)(3) | (1.4) |  |  | — |  |  | (0.2) |  |  | 3.3 |  |  | 0.3 |  |  | (0.2) |  |  | (3.1) |  |  | (0.1) |
Net income (loss) | (0.8) |  |  | 12.4 |  |  | 19.2 |  |  | 23.0 |  |  | 21.5 |  |  | 6.6 |  |  | 25.4 |  |  | 39.2 |
Less: Net income (loss) attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to SPX Corporation common shareholders | (0.8) |  |  | 12.4 |  |  | 19.2 |  |  | 23.0 |  |  | 21.5 |  |  | 6.6 |  |  | 25.4 |  |  | 39.2 |
Adjustment related to redeemable noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.6 |  |  | — |
Net income (loss) attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest | $ | (0.8) |  |  | $ | 12.4 |  |  | $ | 19.2 |  |  | $ | 23.0 |  |  | $ | 21.5 |  |  | $ | 6.6 |  |  | $ | 31.0 |  |  | $ | 39.2 |
Basic income (loss) per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations, net of tax | $ | 0.01 |  |  | $ | 0.29 |  |  | $ | 0.44 |  |  | $ | 0.46 |  |  | $ | 0.48 |  |  | $ | 0.16 |  |  | $ | 0.77 |  |  | $ | 0.91 |
Discontinued operations, net of tax | (0.03) |  |  | — |  |  | — |  |  | 0.08 |  |  | 0.01 |  |  | (0.01) |  |  | (0.07) |  |  | (0.01) |
Net income (loss) | $ | (0.02) |  |  | $ | 0.29 |  |  | $ | 0.44 |  |  | $ | 0.54 |  |  | $ | 0.49 |  |  | $ | 0.15 |  |  | $ | 0.70 |  |  | $ | 0.90 |
Diluted income (loss) per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations, net of tax | $ | 0.01 |  |  | $ | 0.28 |  |  | $ | 0.43 |  |  | $ | 0.44 |  |  | $ | 0.47 |  |  | $ | 0.15 |  |  | $ | 0.75 |  |  | $ | 0.88 |
Discontinued operations, net of tax | (0.03) |  |  | — |  |  | — |  |  | 0.07 |  |  | 0.01 |  |  | — |  |  | (0.07) |  |  | — |
Net income (loss) | $ | (0.02) |  |  | $ | 0.28 |  |  | $ | 0.43 |  |  | $ | 0.51 |  |  | $ | 0.48 |  |  | $ | 0.15 |  |  | $ | 0.68 |  |  | $ | 0.88 |
___________________________________________________________________ Note: The sum of the quarters’ income per share may not equal the full year per share amounts. (1)During the first quarter of 2019, in consideration of recent claims received from the prime contractors on the large power projects in South Africa, and in accordance with ASC 606, we analyzed the risk of a significant revenue reversal associated with the amount of variable consideration recorded for the projects. Based on such analysis, we reduced the amount of cumulative revenue and gross profit associated with the variable consideration on the projects by $17.5. On June 28, 2019, DBT reached an agreement with Alstom/GE, one of the prime contractors on the large power projects in South Africa, to, among other things, settle all material outstanding claims between the parties (other than certain pass-through claims related to third-parties). In connection with the agreement, we reduced the revenue and gross profit associated with the projects by $6.0 during the second quarter of 2019. (2) During the fourth quarter of 2019 and 2018, we recognized pre-tax actuarial losses of $10.0 and $6.6, respectively, associated with our pension and postretirement benefit plans. See Note 11 for additional details. During the first and second quarters of 2019 we recorded a gain of $6.3 and $1.6, respectively, to reflect an increase in the estimated fair value of an equity security. See Note 17 for additional details. During the fourth quarter of 2019 and 2018, we recorded charges of $8.3 ($4.5 to continuing operations and $3.8 to discontinued operations) and $2.4 ($2.0 to continuing operations and $0.4 to discontinued operations), respectively, as a result of changes in estimates associated with the assets and liabilities recorded for asbestos product liability matters. (3) During the second quarter of 2018, we reached an agreement with the buyer of Balcke Dürr on the amount of cash and working capital at the closing date, as well as various other matters. The agreement resulted in a net gain of $3.8. (4) We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2019 were March 30, June 29 and September 28, compared to the respective March 31, June 30 and September 29, 2018 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had one less day in the first quarter of 2019 and one more day in the fourth quarter of 2019 than in the respective 2018 periods.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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