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Shareholders' Equity and Long-Term Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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,
			2019						2018						2017
Numerator:
Income from continuing operations			$	69.7					$	78.2					$	84.0
Adjustment related to redeemable noncontrolling interest (Note 15)			5.6						—						—
Income from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share			$	75.3					$	78.2					$	84.0
Income (loss) from discontinued operations, net of tax			$	(4.4)					$	3.0					$	5.3
Less: Net loss attributable to noncontrolling interest			—						—						—
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share			$	(4.4)					$	3.0					$	5.3
Denominator:
Weighted-average number of common shares used in basic income (loss) per share			43.942						43.054						42.413
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units			1.015						1.606						1.492
Weighted-average number of common shares and dilutive securities used in diluted income (loss) per share			44.957						44.660						43.905

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
Balance at December 31, 2016			$	50.755					$	(8.815)					$	41.940
Restricted stock units			—						0.280						0.280
Other			0.431						—						0.431
Balance at December 31, 2017			51.186						(8.535)						42.651
Restricted stock units			—						0.457						0.457
Other			0.343						—						0.343
Balance at December 31, 2018			51.529						(8.078)						43.451
Restricted stock units			—						0.264						0.264
Other			0.488						—						0.488
Balance at December 31, 2019			$	52.017					$	(7.814)					$	44.203

Schedule of Assumptions to Determine the Fair Value of Restricted Stock Awards

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
February 21, 2019
SPX Corporation			32.70		%				—		%				2.53		%				38.75		%
Peer group within S&P 600 Capital Goods Index			34.75		%				n/a						2.48		%
February 22, 2018
SPX Corporation			42.25		%				—		%				2.38		%				32.67		%
Peer group within S&P 600 Capital Goods Index			34.99		%				n/a						2.38		%
March 1, 2017
SPX Corporation			41.03		%				—		%				1.52		%				36.85		%
Peer group within S&P 600 Capital Goods Index			34.49		%				n/a						1.52		%

Schedule of Restricted Stock Share and Restricted Stock Unit Activity

The following table summarizes the PSU, RSU, and RS activity from December 31, 2016 through December 31, 2019:

			Unvested PSU’s, RSU’s, and RS’s						Weighted-Average Grant-Date Fair Value Per Share
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
Granted			0.211						33.69
Vested			(0.753)						15.39
Forfeited			(0.036)						22.35
December 31, 2018			0.652						24.65
Granted			0.430						35.49
Vested			(0.446)						18.75
Forfeited			(0.030)						35.10
December 31, 2019			0.606						$	36.17

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:

			February 21, 2019						February 22, 2018						March 1, 2017
Annual expected stock price volatility			32.70		%				31.14		%				32.00		%
Annual expected dividend yield			—		%				—		%				—		%
Risk-free interest rate			2.53		%				2.75		%				2.14		%
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, 2016 through December 31, 2019.

			Shares						Weighted- Average Exercise Price
Options outstanding 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 at December 31, 2017			1.608						14.67
Exercised			(0.064)						13.89
Forfeited			(0.010)						23.17
Granted			0.184						32.69
Options outstanding at December 31, 2018			1.718						16.58
Exercised			(0.202)						13.46
Forfeited			(0.013)						33.15
Granted			0.189						36.50
Options outstanding at December 31, 2019			1.692						$	19.05

Schedule of Changes in the Components of AOCI

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 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 December 31, 2018			$	225.8					$	(0.6)											$	19.7					$	244.9
Other comprehensive income (loss) before reclassifications			2.2						(2.1)												1.2						1.3
Amounts reclassified from accumulated other comprehensive income (loss)			—						1.1												(3.0)						(1.9)
Current-period other comprehensive income (loss)			2.2						(1.0)												(1.8)						(0.6)
Balance at December 31, 2019			$	228.0					$	(1.6)											$	17.9					$	244.3

__________________________________________________________________

⁽¹⁾ Net of tax benefit of $0.5 and $0.2 as of December 31, 2019 and 2018, respectively.

⁽²⁾ Net of tax provision of $6.1 and $6.6 as of December 31, 2019 and 2018, respectively. The balances as of December 31, 2019 and 2018 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2018 were as follows:

			Foreign Currency Translation Adjustment						Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges (1)									Pension and Postretirement Liability Adjustment and Other (2)						Total
Balance at December 31, 2017			$	230.2					$	0.8								$	19.1					$	250.1
Other comprehensive loss before reclassifications			(4.4)						(1.8)									(1.0)						(7.2)
Amounts reclassified from accumulated other comprehensive income:
Impact of initial adoption of ASC 606 - See Note 3			—						(0.3)									—						(0.3)
Stranded income tax effects resulting from tax reform - See Note 3			—						0.2									4.6						4.8
Commodity contracts and amortization of prior service credits - See below			—						0.5									(3.0)						(2.5)
Current-period other comprehensive income (loss)			(4.4)						(1.4)									0.6						(5.2)
Balance at December 31, 2018			$	225.8					$	(0.6)								$	19.7					$	244.9

__________________________________________________________________

⁽¹⁾ Net of tax (provision) benefit of $0.2 and $(0.5) as of December 31, 2018 and 2017, respectively.

⁽²⁾ Net of tax provision of $6.6 and $12.5 as of December 31, 2018 and 2017, respectively. The balances as of December 31, 2018 and 2017 include unamortized prior service credits.

Schedule of Amounts Reclassified from each Component of AOCI

The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2019 and 2018:

			Amount Reclassified from AOCI																		Affected Line Items in the Consolidated Statements of Operations
			Year ended December 31,
			2019						2018
Losses on qualifying cash flow hedges:
Commodity contracts			$	0.8					$	0.7					Cost of products sold
Swaps			0.7						—						Interest expense
Pre-tax			1.5						0.7
Income taxes			(0.4)						(0.2)
			$	1.1					$	0.5
Pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax			$	(4.1)					$	(4.2)					Other expense, net
Income taxes			1.1						1.2
			$	(3.0)					$	(3.0)

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