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INVENTORIES, NET | 9 Months Ended
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Oct. 01, 2022
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES, NET Inventories at October 1, 2022 and December 31, 2021 comprised the following:
| October 1, 2022 |  | December 31, 2021
Finished goods | $ | 73.2 |  |  | $ | 55.1 |
Work in process | 34.3 |  |  | 21.1 |
Raw materials and purchased parts | 157.7 |  |  | 113.6 |
Total inventories | $ | 265.2 |  |  | $ | 189.8 |
Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. As mentioned in Note 1, during the fourth quarter of 2021, we converted the inventory accounting for certain of our domestic businesses within our HVAC reportable segment from the LIFO method to the FIFO method. The effects of this accounting change have been retrospectively applied to all periods presented. The impact of this change on our condensed consolidated statements of operations and condensed consolidated statements of comprehensive income for the three and nine months ended October 2, 2021 was as follows:
|  | As Computed under LIFO |  | Effect of Change |  | As Adjusted
Consolidated Statement of Operations for three months ended October 2, 2021: |  |  |  |  |  |
Income from continuing operations before income taxes |  | $ | 16.6 |  |  | $ | 1.5 |  |  | $ | 18.1 |
Income tax provision |  | (3.8) |  |  | (0.4) |  |  | (4.2) |
Income from continuing operations |  | 12.8 |  |  | 1.1 |  |  | 13.9 |
Income from discontinued operations, net of tax |  | 318.3 |  |  | (1.9) |  |  | 316.4 |
Net income |  | $ | 331.1 |  |  | $ | (0.8) |  |  | $ | 330.3 |
Basic income per share of common stock: |  |  |  |  |  |
Income from continuing operations, net of tax |  | $ | 0.28 |  |  | $ | 0.03 |  |  | $ | 0.31 |
Income from discontinued operations, net of tax |  | 7.02 |  |  | (0.04) |  |  | 6.98 |
Net income attributable to SPX common stockholders |  | $ | 7.30 |  |  | $ | (0.01) |  |  | $ | 7.29 |
Diluted income per share of common stock: |  |  |  |  |  |
Income from continuing operations, net of tax |  | $ | 0.28 |  |  | $ | 0.02 |  |  | $ | 0.30 |
Income from discontinued operations, net of tax |  | 6.82 |  |  | (0.04) |  |  | 6.78 |
Net income attributable to SPX common stockholders |  | $ | 7.10 |  |  | $ | (0.02) |  |  | $ | 7.08 |
Total comprehensive income |  | $ | 325.0 |  |  | $ | (0.8) |  |  | $ | 324.2 |
|  | As Computed under LIFO |  | Effect of Change |  | As Adjusted
Consolidated Statement of Operations for nine months ended October 2, 2021: |  |  |  |  |  |
Income from continuing operations before income taxes |  | $ | 64.5 |  |  | $ | 2.0 |  |  | $ | 66.5 |
Income tax provision |  | (11.4) |  |  | (0.5) |  |  | (11.9) |
Income from continuing operations |  | 53.1 |  |  | 1.5 |  |  | 54.6 |
Income from discontinued operations, net of tax |  | 366.3 |  |  | (1.9) |  |  | 364.4 |
Net income |  | $ | 419.4 |  |  | $ | (0.4) |  |  | $ | 419.0 |
Basic income per share of common stock: |  |  |  |  |  |
Income from continuing operations, net of tax |  | $ | 1.17 |  |  | $ | 0.04 |  |  | $ | 1.21 |
Income from discontinued operations, net of tax |  | 8.10 |  |  | (0.05) |  |  | 8.05 |
Net income attributable to SPX common stockholders |  | $ | 9.27 |  |  | $ | (0.01) |  |  | $ | 9.26 |
Diluted income per share of common stock: |  |  |  |  |  |
Income from continuing operations, net of tax |  | $ | 1.14 |  |  | $ | 0.04 |  |  | $ | 1.18 |
Income from discontinued operations, net of tax |  | 7.89 |  |  | (0.05) |  |  | 7.84 |
Net income attributable to SPX common stockholders |  | $ | 9.03 |  |  | $ | (0.01) |  |  | $ | 9.02 |
Total comprehensive income |  | $ | 415.4 |  |  | $ | (0.4) |  |  | $ | 415.0 |

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- References No definition available. + Details
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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