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

12 Months Ended

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 unamortized 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 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, 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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