XML 38 R28.htm IDEA: XBRL DOCUMENT
v3.25.3

ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
--- | ---
Sep. 27, 2025
Acquisitions and Discontinued Operations [Abstract] |
Business Combination | The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for Sigma & Omega as of April 15, 2025:
Assets acquired: |  |
Current assets, including cash and equivalents of $0.2 |  | $ | 17.4 |
Property, plant and equipment |  | 1.7 |
Goodwill |  | 75.3 |
Intangible assets |  | 77.6 |
Total assets acquired |  | 172.0 |
Current liabilities assumed |  | 7.4 |
Deferred and other income taxes |  | 20.8 |
Net assets acquired |  | $ | 143.8 |
The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for KTS as of January 27, 2025:
Assets acquired: |  |
Current assets(1) |  | $ | 61.0 |
Property, plant and equipment |  | 5.5 |
Goodwill |  | 102.8 |
Intangible assets |  | 164.5 |
Other assets(1) |  | 26.4 |
Total assets acquired |  | 360.2 |
Current liabilities assumed |  | 15.5 |
Other long-term liabilities |  | 4.7 |
Net assets acquired |  | $ | 340.0 |
___________________________ (1)Includes $26.2 and $20.3 within “Current assets” and “Other assets”, respectively, for deferred compensation assets related to the employee retention agreements discussed previously. The following is a summary of the recorded final fair values of the assets acquired and liabilities assumed for Ingénia as of February 7, 2024:
Assets acquired: |  |
Current assets, including cash and equivalents of $1.5 |  | $ | 31.2 |
Property, plant and equipment |  | 73.6 |
Goodwill |  | 142.4 |
Intangible assets |  | 97.9 |
Total assets acquired |  | 345.1 |
Current liabilities assumed |  | 14.5 |
Deferred and other income taxes |  | 37.1 |
Net assets acquired |  | $ | 293.5 |
The assets and liabilities of DBT have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the condensed consolidated balance sheets as of September 27, 2025 and December 31, 2024. The major line items constituting DBT’s assets and liabilities as of September 27, 2025 and December 31, 2024 are shown below:
|  | September 27, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Cash and equivalents |  | $ | 1.9 |  |  | $ | 4.4 |
Other current assets(1) |  | 3.7 |  |  | 3.4 |
Total assets of DBT |  | $ | 5.6 |  |  | $ | 7.8 |
LIABILITIES |  |  |  |
Accounts payable(1) |  | $ | 0.1 |  |  | $ | 0.7 |
Contract liabilities(1) |  | 2.2 |  |  | 2.0 |
Accrued expenses(1) |  | 6.7 |  |  | 5.8 |
Other long-term liabilities(1) |  | 4.5 |  |  | 4.2 |
Total liabilities of DBT |  | $ | 13.5 |  |  | $ | 12.7 |
___________________________ (1) Balances relate primarily to disputed amounts due to or from a subcontractor engaged by DBT during the Kusile project, that is currently in liquidation. The timing of the ultimate resolution of these matters is uncertain as they are likely to occur as part of the liquidation process.
Schedule of Acquisition and Integration Related Costs | Duri ng the three and nine months ended September 27, 2025, we incurred acquisition-related and other costs for Ingénia, KTS and Sigma & Omega of $7.4 and $23.0, respectively. During the three and nine months ended September 28, 2024, we incurred acquisition-related and other costs for Ingénia of $0.9 and $4.8, respectively. These costs have been recorded to “Selling, general and administrative” within our condensed consolidated statements of operations. In addition, we recorded these amounts as shown below within consolidated operating income in Note 6:
Acquisition and integration-related costs for Ingénia, KTS and Sigma & Omega
|  | Three months ended |  | Nine months ended
Affected line item in Note 6 |  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Corporate expense |  | $ | 0.4 |  |  | $ | 0.2 |  |  | $ | 4.0 |  |  | $ | 3.1 |
Acquisition and integration-related costs |  | 7.0 |  |  | 0.7 |  |  | 19.0 |  |  | 1.7 |
Consolidated operating income |  | $ | 7.4 |  |  | $ | 0.9 |  |  | $ | 23.0 |  |  | $ | 4.8 |
Business Combination, Pro Forma Information | The following unaudited pro forma information presents our condensed consolidated results of operations for the three and nine months ended September 27, 2025 and September 28, 2024, respectively, as if the acquisitions of KTS and Ingénia had taken place on January 1, 2024 and January 1, 2023, respectively. The unaudited pro forma financial information is not intended to represent or be indicative of our condensed consolidated results of operations that would have been reported had the acquisitions been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations. The pro forma results include estimates and assumptions that management believes are reasonable; however, these results do not include any anticipated cost savings or expenses of the planned integration of KTS and Ingénia. These pro forma consolidated results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisitions, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment, intangible assets and compensation costs related to acquired retention agreements, adjustments to reflect charges associated with acquisition-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred beginning during the first quarter of 2024 for KTS and first quarter of 2023 for Ingénia, and the related income tax effects.
| Three months ended |  | Nine months ended
| September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Revenues | $ | 592.8 |  |  | $ | 508.6 |  |  | $ | 1,630.5 |  |  | $ | 1,519.7 |
Income from continuing operations | 68.5 |  |  | 45.3 |  |  | 180.4 |  |  | 122.5 |
Net income | 68.1 |  |  | 44.6 |  |  | 179.2 |  |  | 120.6 |
Income from continuing operations per share of common stock: |  |  |  |  |  |  |
Basic | $ | 1.42 |  |  | $ | 0.98 |  |  | $ | 3.83 |  |  | $ | 2.66 |
Diluted | $ | 1.40 |  |  | $ | 0.96 |  |  | $ | 3.77 |  |  | $ | 2.61 |
Net income per share of common stock: |  |  |  |  |  |  |
Basic | $ | 1.41 |  |  | $ | 0.96 |  |  | $ | 3.80 |  |  | $ | 2.61 |
Diluted | $ | 1.39 |  |  | $ | 0.94 |  |  | $ | 3.75 |  |  | $ | 2.57 |
Schedule of Discontinued Operations | The major line items constituting Heat Transfer’s assets and liabilities as of September 27, 2025 and December 31, 2024 are shown below:
|  | September 27, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Cash and equivalents |  | $ | 0.1 |  |  | $ | 0.1 |
Other current assets |  | 0.3 |  |  | 0.3 |
Total assets of Heat Transfer |  | $ | 0.4 |  |  | $ | 0.4 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 0.1 |  |  | $ | 0.1 |
Total liabilities of Heat Transfer |  | $ | 0.1 |  |  | $ | 0.1 |
For the three and nine months ended September 27, 2025 and September 28, 2024, results of operations from our businesses reported as discontinued operations were as follows:
| Three months ended |  | Nine months ended
| September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Loss from discontinued operations(1) | $ | (0.5) |  |  | $ | (0.7) |  |  | $ | (1.3) |  |  | $ | (1.7) |
Income tax benefit (provision) | 0.1 |  |  | — |  |  | 0.1 |  |  | (0.2) |
Loss from discontinued operations, net | $ | (0.4) |  |  | $ | (0.7) |  |  | $ | (1.2) |  |  | $ | (1.9) |
________________________________ (1)Loss for the three and nine months ended September 27, 2025 and September 28, 2024 related primarily to costs incurred to support DBT through the subcontractor liquidation process mentioned above.

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 Schedule Acquisition Related and Other Costs + References No definition available. + Details
Name: | spxc_ScheduleAcquisitionRelatedAndOtherCostsTableTextBlock
Namespace Prefix: | spxc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma revenue and earnings for business combination or aggregate of series of individually immaterial business combinations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-8 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 49 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479303/805-10-55-49 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-8 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479303/805-10-55-41 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479581/805-30-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479581/805-30-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration