0000088205-20-000030.txt : 20200731 0000088205-20-000030.hdr.sgml : 20200731 20200730195303 ACCESSION NUMBER: 0000088205-20-000030 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 78 CONFORMED PERIOD OF REPORT: 20200627 FILED AS OF DATE: 20200731 DATE AS OF CHANGE: 20200730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPX CORP CENTRAL INDEX KEY: 0000088205 STANDARD INDUSTRIAL CLASSIFICATION: METALWORKING MACHINERY & EQUIPMENT [3540] IRS NUMBER: 381016240 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06948 FILM NUMBER: 201062464 BUSINESS ADDRESS: STREET 1: 13320-A BALLANTYNE CORPORATE PLACE CITY: CHARLOTTE STATE: NC ZIP: 28277 BUSINESS PHONE: 980-474-3700 MAIL ADDRESS: STREET 1: 13320-A BALLANTYNE CORPORATE PLACE CITY: CHARLOTTE STATE: NC ZIP: 28277 FORMER COMPANY: FORMER CONFORMED NAME: SEALED POWER CORP DATE OF NAME CHANGE: 19880515 10-Q 1 spxc-20200627.htm 10-Q spxc-20200627
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
 
Commission File Number 1-6948

SPX CORPORATION
(Exact Name of registrant as specified in its charter)
Delaware 38-1016240
(State or other jurisdiction of incorporation or
organization)
 (I.R.S. Employer Identification No.)
 
6325 Ardrey Kell Road, Suite 400, Charlotte, North Carolina 28277
(Address of principal executive offices) (Zip Code)

(980474-3700
(Registrant’s telephone number, including area code)

13320-A Ballantyne Corporate Place, Charlotte, North Carolina 28277
(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbols(s)Name of each exchange on which registered
Common Stock, par value $0.01SPXCNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer  Smaller reporting company
 Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No. 
Common shares outstanding July 24, 2020, 44,690,258




SPX CORPORATION AND SUBSIDIARIES
FORM 10-Q INDEX






PART I—FINANCIAL INFORMATION
 
ITEM 1. Financial Statements
 
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited; in millions, except per share amounts)
 Three months endedSix months ended
June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Revenues$373.2  $372.4  $742.5  $716.0  
Costs and expenses:   
Cost of products sold259.2  264.2  514.4  524.6  
Selling, general and administrative75.8  78.2  154.7  154.9  
Intangible amortization2.4  2.4  5.0  4.0  
Special charges, net1.4  1.3  1.7  1.4  
Other operating (income) expense    (0.4) 1.8  
Operating income 34.4  26.3  67.1  29.3  
Other income, net5.8  1.9  6.5  9.1  
Interest expense(4.8) (5.3) (9.5) (10.6) 
Interest income0.1  0.6  0.1  0.9  
Income from continuing operations before income taxes35.5  23.5  64.2  28.7  
Income tax provision(7.1) (4.1) (13.1) (8.7) 
Income from continuing operations28.4  19.4  51.1  20.0  
Income (loss) from discontinued operations, net of tax        
Loss on disposition of discontinued operations, net of tax(1.3) (0.2) (1.3) (1.6) 
Loss from discontinued operations, net of tax(1.3) (0.2) (1.3) (1.6) 
Net income$27.1  $19.2  $49.8  $18.4  
Basic income per share of common stock:   
Income from continuing operations$0.64  $0.44  $1.15  $0.46  
Loss from discontinued operations(0.03)   (0.03) (0.04) 
Net income per share$0.61  $0.44  $1.12  $0.42  
Weighted-average number of common shares outstanding — basic44.590  43.914  44.452  43.767  
Diluted income per share of common stock:   
Income from continuing operations $0.62  $0.43  $1.12  $0.45  
Loss from discontinued operations(0.03)   (0.03) (0.04) 
Net income per share$0.59  $0.43  $1.09  $0.41  
Weighted-average number of common shares outstanding — diluted45.648  44.892  45.620  44.750  
Comprehensive income $31.0  $15.3  $40.8  $16.2  

The accompanying notes are an integral part of these statements.
3


SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share data)
June 27,
2020
December 31,
2019
ASSETS  
Current assets:  
Cash and equivalents$190.2  $54.7  
Accounts receivable, net239.5  265.9  
Contract assets65.5  63.4  
Inventories, net181.6  154.9  
Other current assets (includes income taxes receivable of $24.9 and $23.0 at June 27, 2020 and December 31, 2019, respectively)
92.2  93.2  
Total current assets769.0  632.1  
Property, plant and equipment:  
Land19.2  18.7  
Buildings and leasehold improvements120.6  121.9  
Machinery and equipment349.6  342.6  
489.4  483.2  
Accumulated depreciation(311.3) (304.1) 
Property, plant and equipment, net178.1  179.1  
Goodwill451.0  449.3  
Intangibles, net246.5  251.7  
Other assets603.6  605.9  
Deferred income taxes8.2  16.4  
TOTAL ASSETS$2,256.4  $2,134.5  
LIABILITIES AND EQUITY 
Current liabilities: 
Accounts payable$137.9  $141.6  
Contract liabilities91.1  100.8  
Accrued expenses201.4  220.4  
Income taxes payable2.7  2.2  
Short-term debt266.8  142.6  
Current maturities of long-term debt4.1  1.0  
Total current liabilities704.0  608.6  
Long-term debt247.0  249.9  
Deferred and other income taxes26.3  26.3  
Other long-term liabilities727.0  747.3  
Total long-term liabilities1,000.3  1,023.5  
Commitments and contingent liabilities (Note 15)
Equity: 
Common stock (52,326,394 and 44,652,648 issued and outstanding at June 27, 2020, respectively, and 52,017,204 and 44,202,503 issued and outstanding at December 31, 2019, respectively)
0.5  0.5  
Paid-in capital1,303.4  1,302.4  
Retained deficit(535.5) (584.8) 
Accumulated other comprehensive income235.3  244.3  
Common stock in treasury (7,673,746 and 7,814,701 shares at June 27, 2020 and December 31, 2019, respectively)
(451.6) (460.0) 
Total equity552.1  502.4  
TOTAL LIABILITIES AND EQUITY$2,256.4  $2,134.5  
 
The accompanying notes are an integral part of these statements.
4


SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; in millions)

Three months ended June 27, 2020
Common
Stock
Paid-In
Capital
Retained
Deficit
Accum. Other
Comprehensive
Income
Common
Stock In
Treasury
SPX
Corporation
Shareholders’
Equity
Balance at March 28, 2020$0.5  $1,298.5  $(562.6) $231.4  $(452.7) $515.1  
Net income—  —  27.1  —  —  27.1  
Other comprehensive income, net
—  —  —  3.9  —  3.9  
Incentive plan activity
—  2.9  —  —  —  2.9  
Long-term incentive compensation expense
—  3.1  —  —  —  3.1  
Restricted stock and restricted stock unit vesting
—  (1.1) —  —  1.1    
Balance at June 27, 2020$0.5  $1,303.4  $(535.5) $235.3  $(451.6) $552.1  


Six months ended June 27, 2020
Common
Stock
Paid-In
Capital
Retained
Deficit
Accum. Other
Comprehensive
Income
Common
Stock In
Treasury
SPX
Corporation
Shareholders’
Equity
Balance at December 31, 2019$0.5  $1,302.4  $(584.8) $244.3  $(460.0) $502.4  
Impact of adoption of ASU 2016-13 - See Note 2—  —  (0.5) —  —  (0.5) 
Net income—  —  49.8  —  —  49.8  
Other comprehensive loss, net
—  —  —  (9.0) —  (9.0) 
Incentive plan activity
—  7.6  —  —  —  7.6  
Long-term incentive compensation expense
—  6.1  —  —  —  6.1  
Restricted stock and restricted stock unit vesting
—  (12.7) —  —  8.4  (4.3) 
Balance at June 27, 2020$0.5  $1,303.4  $(535.5) $235.3  $(451.6) $552.1  


Three months ended June 29, 2019
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX Corporation Shareholders’ Equity
Balance at March 30, 2019$0.5  $1,279.9  $(650.9) $246.6  $(460.8) $415.3  
Net income—  —  19.2  —  —  19.2  
Other comprehensive loss, net—  —  —  (3.9) —  (3.9) 
Incentive plan activity—  3.5  —  —  —  3.5  
Long-term incentive compensation expense—  2.7  —  —  —  2.7  
Restricted stock and restricted stock unit vesting—  (0.8) —  —  0.7  (0.1) 
Balance at June 29, 2019$0.5  $1,285.3  $(631.7) $242.7  $(460.1) $436.7  


Six months ended June 29, 2019
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX Corporation Shareholders’ Equity
Balance at December 31, 2018$0.5  $1,295.4  $(650.1) $244.9  $(475.8) 414.9  
Net income—  —  18.4  —  —  18.4  
Other comprehensive loss, net—  —  —  (2.2) —  (2.2) 
Incentive plan activity—  6.9  —  —  —  6.9  
Long-term incentive compensation expense—  5.3  —  —  —  5.3  
Restricted stock and restricted stock unit vesting—  (22.3) —  —  15.7  (6.6) 
Balance at June 29, 2019$0.5  $1,285.3  $(631.7) $242.7  $(460.1) $436.7  

The accompanying notes are an integral part of these statements.
5


SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
 Six months ended
June 27,
2020
June 29,
2019
Cash flows from (used in) operating activities:  
Net income$49.8  $18.4  
Less: Loss from discontinued operations, net of tax(1.3) (1.6) 
Income from continuing operations51.1  20.0  
Adjustments to reconcile income from continuing operations to net cash from operating activities: 
Special charges, net1.7  1.4  
Gain on change in fair value of equity security(5.3) (7.9) 
Deferred and other income taxes11.0  4.4  
Depreciation and amortization18.5  16.6  
Pension and other employee benefits3.6  5.1  
Long-term incentive compensation6.8  6.8  
Other, net2.4  0.6  
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable and other assets48.8  71.0  
Inventories(28.1) (18.0) 
Accounts payable, accrued expenses and other(78.9) (69.8) 
Cash spending on restructuring actions(1.8) (2.2) 
Net cash from continuing operations29.8  28.0  
Net cash used in discontinued operations(3.5) (1.5) 
Net cash from operating activities26.3  26.5  
Cash flows from (used in) investing activities:
Proceeds from company-owned life insurance policies, net1.1  2.4  
Business acquisition, net of cash acquired  (77.2) 
Net proceeds from sales of assets  5.5  
Capital expenditures(9.4) (6.2) 
Net cash used in continuing operations(8.3) (75.5) 
Net cash from discontinued operations    
Net cash used in investing activities(8.3) (75.5) 
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities178.7  101.6  
Repayments under senior credit facilities(88.7) (86.8) 
Borrowings under trade receivables financing arrangement65.0  45.0  
Repayments under trade receivables financing arrangement(30.0) (44.0) 
Net borrowings (repayments) under other financing arrangements(1.4) 2.7  
Payment of contingent consideration(1.5)   
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options(2.3) (4.8) 
Net cash from continuing operations119.8  13.7  
Net cash from discontinued operations    
Net cash from financing activities119.8  13.7  
Change in cash and equivalents due to changes in foreign currency exchange rates(2.3) 1.1  
Net change in cash and equivalents135.5  (34.2) 
Consolidated cash and equivalents, beginning of period54.7  68.8  
Consolidated cash and equivalents, end of period$190.2  $34.6  
 
The accompanying notes are an integral part of these statements.
6


SPX CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; in millions, except per share data)
 
(1) BASIS OF PRESENTATION
Unless otherwise indicated, “we,” “us” and “our” mean SPX Corporation and its consolidated subsidiaries (“SPX”).
We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their fair presentation.
We account for investments in unconsolidated companies where we exercise significant influence but do not have control using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have an interest in a VIE, in which we are not the primary beneficiary, as a result of the 2016 sale of Balcke Dürr. All other VIEs are considered immaterial, individually and in aggregate, to our condensed consolidated financial statements.
Acquisition of Sabik
On February 1, 2019, we completed the acquisition of Sabik Marine (“Sabik”), primarily a manufacturer of obstruction lighting products, for a purchase price of $77.2, net of cash acquired of $0.6. The post-acquisition operating results of Sabik are reflected within our Detection and Measurement reportable segment.
Acquisition of SGS
On July 3, 2019, we completed the acquisition of SGS Refrigeration Inc. (“SGS”), a manufacturer of industrial refrigeration products in North America, for cash proceeds of $11.5, including contingent consideration of $1.5 that was paid during the first quarter of 2020. The assets acquired and liabilities assumed have been recorded at estimates of fair value as determined by management, based on information currently available and on current assumptions as to future operations and are subject to change upon completion of acquisition accounting. The post-acquisition operating results of SGS are reflected within our HVAC reportable segment.
Acquisition of Patterson-Kelley
On November 12, 2019, we completed the acquisition of Patterson-Kelley, LLC (“Patterson-Kelley”), a manufacturer and distributor of commercial boilers and water heaters, for cash proceeds of $59.9. The assets acquired and liabilities assumed have been recorded at estimates of fair value as determined by management, based on information available and on assumptions as to future operations and are subject to change upon completion of acquisition accounting. The post-acquisition operating results of Patterson-Kelley are reflected within our HVAC reportable segment.
Impact of the Coronavirus Disease (the “COVID-19 pandemic”)

We began to experience modest adverse impacts of the COVID-19 pandemic in March of 2020 and these adverse impacts are expected to continue during the second half of 2020, and possibly longer. Despite the adverse impacts, there are no indications that the COVID-19 pandemic has resulted in a material decline in the carrying value of any assets, or a material change in the estimate of any contingent amounts, recorded in our condensed consolidated balance sheet as of June 27, 2020. However, there is uncertainty as to the duration and overall impact of the COVID-19 pandemic, which could result in an adverse material change in a future period to the estimates we have made for the valuation of assets and contingent amounts.

Other
Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019. Interim results are not necessarily indicative of full
7


year results. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only. See Note 3 for information on discontinued operations.
We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2020 are March 28, June 27 and September 26, compared to the respective March 30, June 29 and September 28, 2019 dates. We had one less day in the first quarter of 2020 and will have two more days in the fourth quarter of 2020 than in the respective 2019 periods. We do not believe the one less day during the first quarter of 2020 had a material impact on our consolidated operating results for the six months ended June 27, 2020, when compared to the consolidated operating results for the six months ended June 29, 2019.

(2) NEW ACCOUNTING PRONOUNCEMENTS
The following is a summary of new accounting pronouncements that apply or may apply to our business.
In February 2016, the Financial Accounting Standards Board (“FASB”) issued an amendment to existing guidance, Accounting Standards Codification (“ASC”) 842, that requires lessees to recognize assets and liabilities for the rights and obligations created by leases. Under the amendment, additional qualitative and quantitative disclosures are required to allow users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Effective January 1, 2019, we adopted ASC 842 using the modified retrospective transition approach, which entails recognizing the initial effect of adoption in retained earnings. The adoption of ASC 842 had no impact on our retained deficit.

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13. ASU 2016-13 changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, based on historical experience, current conditions and reasonable and supportable forecasts. The requirements of ASU 2016-13 are to be applied on a modified retrospective basis, which entails recognizing the initial effect of adoption in retained earnings. We adopted ASU 2016-13 on January 1, 2020, which resulted in an increase of our retained deficit of $0.5.

In January 2017, the FASB issued an amendment to simplify the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires that an entity recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This amendment is effective for annual reporting periods beginning after December 31, 2019, including interim periods within those annual reporting periods. The impact of this amendment on our consolidated financial statements will depend on the results of future goodwill impairment tests.
In August 2017, the FASB issued significant amendments to hedge accounting. The FASB’s new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. We adopted this guidance during the first quarter of 2019, with such adoption having no material impact to our condensed consolidated financial statements.
In August 2018, the FASB issued amended guidance to simplify fair value measurement disclosure requirements. The new provisions eliminate the requirements to disclose (i) transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) policies related to valuation processes and the timing of transfers between levels of the fair value hierarchy, and (iii) net asset value disclosure of estimates of timing of future liquidity events. The FASB also modified disclosure requirements of Level 3 fair value measurements. This guidance is effective for annual periods beginning after December 15, 2019. We adopted this guidance on January 1, 2020 with no impact on our condensed consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by, among other things, eliminating certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for the step-up in the tax basis of goodwill. The transition requirements are primarily prospective and the effective date is for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements.

The London Interbank Offered Rate (“LIBOR”) is scheduled to be discontinued on December 31, 2021. In an effort to address the various challenges created by such discontinuance, the FASB issued an amendment to existing guidance, ASU No. 2020-04, Reference Rate Reform. The amended guidance is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, borrowings) necessitated by the reference rate reform. It also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by the reference rate reform. Application of the guidance in the
8


amendment is optional, is only available in certain situations, and is only available for companies to apply until December 31, 2022. We are currently evaluating the impacts of reference rate reform and the new guidance on our condensed consolidated financial statements.

(3) ACQUISITIONS AND DISCONTINUED OPERATIONS
As indicated in Note 1, on February 1, 2019, July 3, 2019, and November 12, 2019, we completed the acquisitions of Sabik, SGS, and Patterson-Kelley, respectively. The pro forma effects of these acquisitions are not material to our condensed consolidated results of operations for the three and six months ended June 29, 2019.

We recognized a net loss of $1.3 during the three and six months ended June 27, 2020, and net losses during the three and six months ended June 29, 2019 of $0.2 and $1.6, respectively, within “Loss on disposition of discontinued operations, net of tax” resulting primarily from revisions to liabilities retained in connection with prior business divestitures.

(4) REVENUES FROM CONTRACTS
Disaggregated Revenues

We disaggregate revenue from contracts with customers by major product line and based on the timing of recognition for each of our reportable segments and other operating segments, as we believe such disaggregation best depicts how the nature, amount, timing, and uncertainty of our revenues and cash flows are affected by economic factors, with such disaggregation presented below for the three and six months ended June 27, 2020 and June 29, 2019:

Three months ended June 27, 2020
Reportable Segments and All OtherHVACDetection and MeasurementEngineered SolutionsAll OtherTotal
Major product lines
Cooling$76.6  $  $  $  $76.6  
Boilers, comfort heating, and ventilation55.7        55.7  
Underground locators and inspection and rehabilitation
equipment
  47.3      47.3  
Signal monitoring, obstruction lighting, and bus fare collection systems  44.8