XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
--- | ---
Jul. 03, 2021
Acquisitions and Discontinued Operations [Abstract] |
Schedule of Discontinued Operations | Major line items constituting pre-tax income and after-tax income of Transformer Solutions for the three and six months ended July 3, 2021 and June 27, 2020 are shown below:
| Three months ended |  | Six months ended
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Revenues | $ | 108.5 |  |  | $ | 113.9 |  |  | $ | 219.1 |  |  | $ | 224.5 |
Costs and expenses: |  |  |  |  |  |  |
Cost of product sold | 87.3 |  |  | 88.5 |  |  | 176.7 |  |  | 175.1 |
Selling, general and administrative | 8.6 |  |  | 8.2 |  |  | 18.1 |  |  | 16.0 |
Other income, net | 0.2 |  |  | 0.4 |  |  | — |  |  | 0.7 |
Income before income tax | 12.8 |  |  | 17.6 |  |  | 24.3 |  |  | 34.1 |
Income tax (provision) benefit (1) | 29.9 |  |  | (4.1) |  |  | 27.0 |  |  | (7.8) |
Income from discontinued operations, net of tax | $ | 42.7 |  |  | $ | 13.5 |  |  | $ | 51.3 |  |  | $ | 26.3 |
___________________________ (1) During the three and six months ended July 3, 2021, we recorded tax benefits of $33.0 in “Income from discontinued operations, net of tax” including (i) $28.6 for the excess tax basis in the stock of Transformer Solutions and (ii) $4.4 for previously unrecognized state net operating losses, each as a result of the definitive agreement to sell the business. Major line items constituting pre-tax income (loss) and after-tax income (loss) of Heat Transfer for the three and six months ended June 27, 2020, are shown below:
| Three months ended |  | Six months ended
| June 27, 2020 |  | June 27, 2020
Revenues | $ | 1.3 |  |  | $ | 3.2 |
Cost of product sold | 1.0 |  |  | 2.5 |
Selling, general and administrative | 0.2 |  |  | 0.2 |
Special charges, net | 0.4 |  |  | 0.4 |
Income (loss) before income tax | (0.3) |  |  | 0.1 |
Income tax provision | — |  |  | — |
Income (loss) from discontinued operations, net of tax | $ | (0.3) |  |  | $ | 0.1 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The assets and liabilities of Transformer Solutions have been classified as assets and liabilities of discontinued operations as of July 3, 2021 and December 31, 2020. The major line items constituting Transformer Solutions assets and liabilities as of July 3, 2021 and December 31, 2020 are shown below:
| July 3, 2021 |  | December 31, 2020
ASSETS |  |  |
Accounts receivable, net | $ | 49.3 |  |  | $ | 50.9 |
Contract assets | 45.1 |  |  | 48.6 |
Inventories, net | 21.0 |  |  | 18.9 |
Other current assets | 1.7 |  |  | 3.2 |
Property, plant and equipment: |  |  |
Land | 6.4 |  |  | 6.5 |
Buildings and leasehold improvements | 62.4 |  |  | 63.1 |
Machinery and equipment | 141.9 |  |  | 141.1 |
| 210.7 |  |  | 210.7 |
Accumulated depreciation | (134.3) |  |  | (131.0) |
Property, plant and equipment, net | 76.4 |  |  | 79.7 |
Goodwill | 131.3 |  |  | 131.3 |
Other assets | 8.1 |  |  | 8.1 |
Total assets - discontinued operations | $ | 332.9 |  |  | $ | 340.7 |
LIABILITIES |  |  |
Accounts payable | $ | 37.3 |  |  | $ | 34.1 |
Contract liabilities | 67.3 |  |  | 57.2 |
Accrued expenses | 24.2 |  |  | 24.5 |
Deferred and other income taxes | 21.9 |  |  | 21.6 |
Other long-term liabilities | 9.1 |  |  | 9.1 |
Total liabilities - discontinued operations | $ | 159.8 |  |  | $ | 146.5 |

X
- Definition Acquisitions and Discontinued Operations + References No definition available. + Details
Name: | spxc_AcquisitionsAndDiscontinuedOperationsAbstract
Namespace Prefix: | spxc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration