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Shareholders' Equity and Long-Term Incentive Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION |
Schedule of 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 per share:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Numerator: |  |  |  |  |
Income from continuing operations | $ | 201.8 |  |  | $ | 144.7 |  |  | $ | 19.8 |
Loss from discontinued operations, net of tax | $ | (1.3) |  |  | $ | (54.8) |  |  | $ | (19.6) |
Denominator: |  |  |  |  |
Weighted-average number of common shares used in basic income per share | 46.187 |  |  | 45.545 |  |  | 45.345 |
Dilutive securities — Employee stock options and restricted stock units | 0.891 |  |  | 1.067 |  |  | 0.876 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 47.078 |  |  | 46.612 |  |  | 46.221 |
Schedule 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, 2021 | 53.011 |  |  | (7.543) |  |  | 45.468 |
Restricted stock units | — |  |  | 0.191 |  |  | 0.191 |
Share repurchases | — |  |  | (0.707) |  |  | (0.707) |
Other | 0.340 |  |  | — |  |  | 0.340 |
Balance at December 31, 2022 | 53.351 |  |  | (8.059) |  |  | 45.292 |
Restricted stock units | — |  |  | 0.115 |  |  | 0.115 |
Other | 0.268 |  |  | — |  |  | 0.268 |
Balance at December 31, 2023 | 53.619 |  |  | (7.944) |  |  | 45.675 |
Restricted stock units | — |  |  | 0.116 |  |  | 0.116 |
Other | 0.577 |  |  | — |  |  | 0.577 |
Balance at December 31, 2024 | 54.196 |  |  | (7.828) |  |  | 46.368 |
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 28, 2024 |  |  |  |  |  |  |
SPX | 32.26 | % |  | — | % |  | 4.41 | % |  | 49.34 | %
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index | 37.00 | % |  | n/a |  | 4.41 | % |  |
March 1, 2023 |  |  |  |  |  |  |
SPX | 35.72 | % |  | — | % |  | 4.60 | % |  | 57.87 | %
Peer group within S&P 600 Capital Goods Index | 43.92 | % |  | n/a |  | 4.60 | % |  |
March 1, 2022 |  |  |  |  |  |  |
SPX | 43.04 | % |  | — | % |  | 1.44 | % |  | 62.44 | %
Peer group within S&P 600 Capital Goods Index | 50.98 | % |  | n/a |  | 1.44 | % |  |
Schedule of Restricted Stock Share and Restricted Stock Unit Activity | The following table summarizes the PSU and RSU activity from December 31, 2021 through December 31, 2024:
| Unvested PSU’s and RSU’s |  | Weighted-Average Grant-Date Fair Value Per Share
December 31, 2021 | 0.636 |  |  | $ | 49.14 |
Granted | 0.307 |  |  | 48.72 |
Vested | (0.332) |  |  | 44.16 |
Forfeited | (0.081) |  |  | 53.41 |
December 31, 2022 | 0.530 |  |  | 51.38 |
Granted | 0.175 |  |  | 72.35 |
Vested | (0.190) |  |  | 51.38 |
Forfeited | (0.005) |  |  | 59.92 |
December 31, 2023 | 0.510 |  |  | 58.53 |
Granted | 0.152 |  |  | 124.82 |
Vested | (0.200) |  |  | 61.04 |
Forfeited | (0.016) |  |  | 126.01 |
December 31, 2024 | 0.446 |  |  | $ | 79.22 |
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 28, 2024 |  | March 1, 2023 |  | March 1, 2022
Annual expected stock price volatility | 37.43 | % |  | 37.15 | % |  | 38.62 | %
Annual expected dividend yield | — | % |  | — | % |  | — | %
Risk-free interest rate | 4.23 | % |  | 4.18 | % |  | 1.61 | %
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, 2021 through December 31, 2024.
| Shares |  | Weighted- Average Exercise Price
Options outstanding at December 31, 2021 | 1.393 |  |  | $ | 26.35 |
Exercised | (0.191) |  |  | 26.64 |
Forfeited | (0.043) |  |  | 51.32 |
Granted | 0.127 |  |  | 50.14 |
Options outstanding at December 31, 2022 | 1.286 |  |  | 27.82 |
Exercised | (0.141) |  |  | 26.47 |
Forfeited | — |  |  | — |
Granted | 0.076 |  |  | 71.71 |
Options outstanding at December 31, 2023 | 1.221 |  |  | 30.70 |
Exercised | (0.494) |  |  | 20.67 |
Forfeited | (0.002) |  |  | 71.93 |
Granted | 0.062 |  |  | 120.47 |
Options outstanding at December 31, 2024 | 0.787 |  |  | $ | 43.92 |
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, 2024 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 December 31, 2023 | $ | 251.0 |  |  | $ | 5.7 |  |  |  |  | $ | 4.4 |  |  | $ | 261.1 |
Other comprehensive income (loss) before reclassifications | (32.1) |  |  | 3.3 |  |  |  |  | — |  |  | (28.8) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (6.4) |  |  |  |  | (2.3) |  |  | (8.7) |
Current-period other comprehensive loss | (32.1) |  |  | (3.1) |  |  |  |  | (2.3) |  |  | (37.5) |
Balance at December 31, 2024 | $ | 218.9 |  |  | $ | 2.6 |  |  |  |  | $ | 2.1 |  |  | $ | 223.6 |
__________________________________________________________________ (1) Net of tax provision of $0.7 and $1.8 as of December 31, 2024 and 2023, respectively. (2) Net of tax provision of $1.0 and $1.8 as of December 31, 2024 and 2023, respectively. The balances as of December 31, 2024 and 2023 include unamorti zed prior service credits. The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2023 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 December 31, 2022 | $ | 239.1 |  |  | $ | 11.0 |  |  | $ | 7.4 |  |  | $ | 257.5 |
Other comprehensive income before reclassifications | 11.9 |  |  | 1.5 |  |  | — |  |  | 13.4 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (6.8) |  |  | (3.0) |  |  | (9.8) |
Current-period other comprehensive income (loss) | 11.9 |  |  | (5.3) |  |  | (3.0) |  |  | 3.6 |
Balance at December 31, 2023 | $ | 251.0 |  |  | $ | 5.7 |  |  | $ | 4.4 |  |  | $ | 261.1 |
__________________________________________________________________ (1) Net of tax provision of $1.8 and $3.7 as of December 31, 2023 and 2022, respectively. (2) Net of tax provision of $1.8 and $2.7 as of December 31, 2023 and 2022, respectively. The balances as of December 31, 2023 and 2022 include unamorti zed 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, 2024 and 2023:
| Amount Reclassified from AOCI |  | Affected Line Items in the Consolidated Statements of Operations
| Year ended December 31, |  |
| 2024 |  | 2023 |  |
Gains on qualifying cash flow hedges: |  |  |  |  |
Swaps | $ | (8.7) |  |  | $ | (9.3) |  |  | Interest expense
Pre-tax | (8.7) |  |  | (9.3) |  |  |
Income taxes | 2.3 |  |  | 2.5 |  |  |
| $ | (6.4) |  |  | $ | (6.8) |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (3.1) |  |  | $ | (3.9) |  |  | Other expense, net
Income taxes | 0.8 |  |  | 0.9 |  |  |
| $ | (2.3) |  |  | $ | (3.0) |  |  |

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