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STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables) | 3 Months Ended
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Mar. 29, 2025
Equity [Abstract] |
Schedule of Weighted-Average Shares Outstanding Used in Computation of Basic and Diluted Income per Share | The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
| Three months ended
| March 29, 2025 |  | March 30, 2024
Weighted-average number of common shares used in basic income per share | 46.453 |  |  | 45.828 |
Dilutive securities — Employee stock options and restricted stock units | 0.669 |  |  | 0.855 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 47.122 |  |  | 46.683 |
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
March 3, 2025 |  |  |  |  |  |  |
SPX | 35.13 | % |  | — | % |  | 3.90 | % |  | 46.64 | %
Peer group within S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index | 36.41 | % |  | n/a |  | 3.90 | % |  |
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 | % |  |
Schedule of PSU and RSU Activity | The following table summarizes the PSU and RSU activity from December 31, 2024 through March 29, 2025:
| Unvested PSU’s and RSU’s |  | Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2024 | 0.446 |  |  | $ | 79.22 |
Granted | 0.130 |  |  | 119.88 |
Vested | (0.202) |  |  | 57.41 |
Forfeited | (0.002) |  |  | 82.67 |
Outstanding at March 29, 2025 | 0.372 |  |  | $ | 105.13 |
Schedule of Black-Scholes Pricing Model Assumptions | The fair value per share of the stock options granted on March 3, 2025 was $61.23. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:
Annual expected stock price volatility | 38.75 | %
Annual expected dividend yield | — | %
Risk-free interest rate | 3.98 | %
Expected life of stock option (in years) | 6
Schedule of Stock Option Activity | The following table summarizes the stock option activity from December 31, 2024 through March 29, 2025:
| Shares |  | Weighted-Average Exercise Price
Options outstanding at December 31, 2024 | 0.787 |  |  | $ | 43.92 |
Exercised | (0.185) |  |  | 12.85 |
Forfeited | (0.002) |  |  | 71.93 |
Granted | 0.044 |  |  | 138.60 |
Options outstanding at March 29, 2025 | 0.644 |  |  | $ | 59.40 |
Schedule of Changes in Components of Accumulated Other Comprehensive Income, Net of Tax, | The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 29, 2025 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 beginning of period | $ | 218.9 |  |  | $ | 2.6 |  |  | $ | 2.1 |  |  | $ | 223.6 |
Other comprehensive income (loss) before reclassifications | 11.2 |  |  | (0.1) |  |  | — |  |  | 11.1 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (0.7) |  |  | (0.6) |  |  | (1.3) |
Current-period other comprehensive income (loss) | 11.2 |  |  | (0.8) |  |  | (0.6) |  |  | 9.8 |
Balance at end of period | $ | 230.1 |  |  | $ | 1.8 |  |  | $ | 1.5 |  |  | $ | 233.4 |
__________________________ (1)Net of tax provision o f $0.4 and $0.7 as of March 29, 2025 and December 31, 2024, respectively. (2)Net of tax provision of $0.8 and $1.0 as of March 29, 2025 and December 31, 2024, respectively. The balances as of March 29, 2025 and December 31, 2024 include unamortized prior service credits. The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 30, 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 beginning of period | $ | 251.0 |  |  | $ | 5.7 |  |  | $ | 4.4 |  |  | $ | 261.1 |
Other comprehensive income (loss) before reclassifications | (8.3) |  |  | 0.5 |  |  | — |  |  | (7.8) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (1.8) |  |  | (0.6) |  |  | (2.4) |
Current-period other comprehensive loss | (8.3) |  |  | (1.3) |  |  | (0.6) |  |  | (10.2) |
Balance at end of period | $ | 242.7 |  |  | $ | 4.4 |  |  | $ | 3.8 |  |  | $ | 250.9 |
_________________________ (1)Net of tax provision of $1.4 and $1.8 as of March 30, 2024 and December 31, 2023, respectively. (2)Net of tax provision of $1.6 and $1.8 as of March 30, 2024 and December 31, 2023, respectively. The balances as of March 30, 2024 and December 31, 2023 include unamortized prior service credits.
Schedule of Amounts Reclassified from Each Component of Other Comprehensive Income (Loss) | The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended March 29, 2025 and March 30, 2024:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| March 29, 2025 |  | March 30, 2024 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges: |  |  |  |  |
Swaps | $ | (1.0) |  |  | $ | (2.4) |  |  | Interest expense
Pre-tax | (1.0) |  |  | (2.4) |  |  |
Income taxes | 0.3 |  |  | 0.6 |  |  |
| $ | (0.7) |  |  | $ | (1.8) |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (0.8) |  |  | $ | (0.8) |  |  | Other income (expense), net
Income taxes | 0.2 |  |  | 0.2 |  |  |
| $ | (0.6) |  |  | $ | (0.6) |  |  |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of restricted stock activity, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected annual volatility of the entity's shares, (c) expected annual dividend yields, (d) risk-free interest rate(s), and (e) correlation between total shareholder return for SPX and S&P 500 composite index and the S&P Composite 1500 Industrial Index. + References No definition available. + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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