0000088205-21-000042.txt : 20211104 0000088205-21-000042.hdr.sgml : 20211104 20211103175635 ACCESSION NUMBER: 0000088205-21-000042 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 85 CONFORMED PERIOD OF REPORT: 20211002 FILED AS OF DATE: 20211104 DATE AS OF CHANGE: 20211103 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: 211376897 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-20211002.htm 10-Q spxc-20211002
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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 October 2, 2021
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)

NOT APPLICABLE
(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 October 29, 2021, 45,413,380




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 endedNine months ended
October 2,
2021
September 26,
2020
October 2,
2021
September 26,
2020
Revenues$285.8 $268.3 $870.4 $783.1 
Costs and expenses:   
Cost of products sold191.8 176.6 570.4 513.4 
Selling, general and administrative76.2 67.7 234.7 206.2 
Intangible amortization5.5 3.3 16.0 8.3 
Special charges, net0.5 0.3 1.9 1.6 
Other operating (income) expense  2.7 (0.4)
Operating income 11.8 20.4 44.7 54.0 
Other income, net2.9 2.7 17.2 8.5 
Interest expense(3.5)(4.5)(11.1)(14.0)
Interest income0.2 0.1 0.4 0.2 
Income from continuing operations before income taxes11.4 18.7 51.2 48.7 
Income tax provision(3.7)(3.1)(9.8)(8.4)
Income from continuing operations7.7 15.6 41.4 40.3 
Income (loss) from discontinued operations, net of tax(31.0)7.1 20.3 33.5 
Gain (loss) on disposition of discontinued operations, net of tax354.4 0.1 357.7 (1.2)
Income from discontinued operations, net of tax323.4 7.2 378.0 32.3 
Net income$331.1 $22.8 $419.4 $72.6 
Basic income per share of common stock:   
Income from continuing operations$0.17 $0.35 $0.92 $0.90 
Income from discontinued operations7.13 0.16 8.35 0.73 
Net income per share$7.30 $0.51 $9.27 $1.63 
Weighted-average number of common shares outstanding — basic45.331 44.708 45.244 44.538 
Diluted income per share of common stock:   
Income from continuing operations $0.17 $0.34 $0.89 $0.88 
Income from discontinued operations6.93 0.16 8.14 0.71 
Net income per share$7.10 $0.50 $9.03 $1.59 
Weighted-average number of common shares outstanding — diluted46.650 45.894 46.455 45.694 
Comprehensive income $325.0 $24.7 $415.4 $65.5 

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)
October 2,
2021
December 31,
2020
ASSETS  
Current assets:  
Cash and equivalents$560.1 $68.3 
Accounts receivable, net212.1 221.0 
Contract assets23.7 32.5 
Inventories, net170.3 143.1 
Other current assets (includes income taxes receivable of $2.6 and $27.3 at October 2, 2021 and December 31, 2020, respectively)
80.3 96.1 
Assets of discontinued operations 121.6 
Total current assets1,046.5 682.6 
Property, plant and equipment:  
Land14.0 12.9 
Buildings and leasehold improvements61.7 64.9 
Machinery and equipment230.2 215.6 
305.9 293.4 
Accumulated depreciation(197.9)(183.4)
Property, plant and equipment, net108.0 110.0 
Goodwill404.0 368.6 
Intangibles, net337.2 305.0 
Other assets590.9 609.8 
Deferred income taxes3.2 23.9 
Assets of discontinued operations 219.1 
TOTAL ASSETS$2,489.8 $2,319.0 
LIABILITIES AND EQUITY 
Current liabilities: 
Accounts payable$112.3 $104.6 
Contract liabilities50.7 46.3 
Accrued expenses240.6 209.4 
Income taxes payable60.2 0.4 
Short-term debt2.3 101.2 
Current maturities of long-term debt11.4 7.2 
Liabilities of discontinued operations 115.8 
Total current liabilities477.5 584.9 
Long-term debt233.9 304.0 
Deferred and other income taxes21.3 23.5 
Other long-term liabilities696.8 746.7 
Liabilities of discontinued operations 30.7 
Total long-term liabilities952.0 1,104.9 
Commitments and contingent liabilities (Note 15)
Equity: 
Common stock (52,921,832 and 45,372,991 issued and outstanding at October 2, 2021, respectively, and 52,704,973 and 45,032,325 issued and outstanding at December 31, 2020, respectively)
0.5 0.5 
Paid-in capital1,328.2 1,319.9 
Retained deficit(68.7)(488.1)
Accumulated other comprehensive income244.5 248.5 
Common stock in treasury (7,548,841 and 7,672,648 shares at October 2, 2021 and December 31, 2020, respectively)
(444.2)(451.6)
Total equity1,060.3 629.2 
TOTAL LIABILITIES AND EQUITY$2,489.8 $2,319.0 
 
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 October 2, 2021
Common
Stock
Paid-In
Capital
Retained
Deficit
Accum. Other
Comprehensive
Income
Common
Stock In
Treasury
SPX
Corporation
Shareholders’
Equity
Balance at July 3, 2021$0.5 $1,321.2 $(399.8)$250.6 $(444.3)$728.2 
Net income— — 331.1 — — 331.1 
Other comprehensive loss, net— — — (6.1)— (6.1)
Incentive plan activity
— 3.0 — — — 3.0 
Long-term incentive compensation expense
— 4.2 — — — 4.2 
Restricted stock unit vesting— (0.2)— — 0.1 (0.1)
Balance at October 2, 2021$0.5 $1,328.2 $(68.7)$244.5 $(444.2)$1,060.3 


Nine months ended October 2, 2021
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX Corporation Shareholders’ Equity
Balance at December 31, 2020$0.5 $1,319.9 $(488.1)$248.5 $(451.6)$629.2 
Net income— — 419.4 — — 419.4 
Other comprehensive loss, net— — — (4.0)— (4.0)
Incentive plan activity— 9.8 — — — 9.8 
Long-term incentive compensation expense— 10.8 — — — 10.8 
Restricted stock unit vesting— (12.3)— — 7.4 (4.9)
Balance at October 2, 2021$0.5 $1,328.2 $(68.7)$244.5 $(444.2)$1,060.3 

Three months ended September 26, 2020
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX Corporation Shareholders’ Equity
Balance at June 27, 2020$0.5 $1,303.4 $(535.5)$235.3 $(451.6)$552.1 
Net income— — 22.8 — — 22.8 
Other comprehensive income, net— — — 1.9 — 1.9 
Incentive plan activity— 3.1 — — — 3.1 
Long-term incentive compensation expense— 3.2 — — — 3.2 
Restricted stock unit vesting—  — —   
Balance at September 26, 2020$0.5 $1,309.7 $(512.7)$237.2 $(451.6)$583.1 

Nine months ended September 26, 2020
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX 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— — 72.6 — — 72.6 
Other comprehensive loss, net— — — (7.1)— (7.1)
Incentive plan activity— 10.7 — — — 10.7 
Long-term incentive compensation expense— 9.3 — — — 9.3 
Restricted stock unit vesting— (12.7)— — 8.4 (4.3)
Balance at September 26, 2020$0.5 $1,309.7 $(512.7)$237.2 $(451.6)$583.1 

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


SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
 Nine months ended
October 2,
2021
September 26,
2020
Cash flows from (used in) operating activities:  
Net income$419.4 $72.6 
Less: Income from discontinued operations, net of tax378.0 32.3 
Income from continuing operations41.4 40.3 
Adjustments to reconcile income from continuing operations to net cash from operating activities: 
Special charges, net1.9 1.6 
Gain on change in fair value of equity security(9.0)(7.4)
Deferred and other income taxes1.9 13.0 
Depreciation and amortization32.1 21.6 
Pension and other employee benefits4.1 5.3 
Long-term incentive compensation9.5 9.6 
Other, net3.6 3.3 
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable and other assets62.5 51.1 
Inventories(20.1)(24.1)
Accounts payable, accrued expenses and other(31.5)(101.0)
Cash spending on restructuring actions(2.4)(2.3)
Net cash from continuing operations94.0 11.0 
Net cash from discontinued operations59.8 45.4 
Net cash from operating activities153.8 56.4 
Cash flows from (used in) investing activities:
Proceeds from company-owned life insurance policies, net8.2 1.1 
Business acquisitions, net of cash acquired(120.0)(87.9)
Capital expenditures(7.5)(12.5)
Net cash used in continuing operations(119.3)(99.3)
Net cash from (used in) discontinued operations617.9 (2.5)
Net cash from (used in) investing activities498.6 (101.8)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities209.1 183.9 
Repayments under senior credit facilities(343.6)(118.9)
Borrowings under trade receivables financing arrangement179.0 65.0 
Repayments under trade receivables financing arrangement(207.0)(60.4)
Net repayments under other financing arrangements(0.3)(1.8)
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(4.0)(1.8)
Net cash from (used in) continuing operations(166.8)64.5 
Net cash used in discontinued operations  
Net cash from (used in) financing activities(166.8)64.5 
Change in cash and equivalents due to changes in foreign currency exchange rates6.2 (3.1)
Net change in cash and equivalents491.8 16.0 
Consolidated cash and equivalents, beginning of period68.3 54.7 
Consolidated cash and equivalents, end of period$560.1 $70.7 
 
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 and asbestos-related claims)
 
(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. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 3 for information on discontinued operations).
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. All of our VIEs are considered immaterial, individually and in aggregate, to our condensed consolidated financial statements.
Sale of Transformers Solutions Business
On October 1, 2021, we completed the previously announced sale of SPX Transformer Solutions, Inc. (“Transformer Solutions”) pursuant to the terms of the Stock Purchase Agreement dated June 8, 2021 with GE-Prolec Transformers, Inc. (the “Purchaser”) and Prolec GE Internacional, S. de R.L. de C.V. We transferred all of the outstanding common stock of Transformer Solutions to the Purchaser for an aggregate cash purchase price of $645.0 (the “Transaction”). The purchase price is subject to potential adjustment based on Transformer Solutions’ cash, debt and working capital on the date the Transaction was consummated, as well as for specified transaction expenses and other specified items, with the net cash proceeds received totaling $620.6. After the sale of Transformer Solutions, we have only a limited presence in the power generation markets and are now focusing our efforts and investments on the HVAC and detection and measurement markets. Historically, Transformer Solutions’ operations have had a significant impact on our consolidated financial results, with revenues totaling approximately 25% of our total consolidated revenues. As we no longer have a consequential presence in the power generation markets, and given Transformer Solutions' significance to our historical consolidated financial results, we have concluded that the sale of Transformer Solutions represents a strategic shift. Accordingly, we have classified the business as a discontinued operation in the accompanying condensed consolidated financial statements for all periods presented. See Note 3 for additional details.

Change in Segment Reporting Structure

As noted above, Transformer Solutions is now being reported as a discontinued operation within the accompanying condensed consolidated financial statements. In addition, the remaining operations of our former Engineered Solutions reportable segment, with annual income representing less than 5% of the total annual income of our reportable segments, are being reported within our HVAC reportable segment, as these operations are now being managed, and evaluated by our Chief Operating Decision Maker, as part of our HVAC cooling business.

Wind-Down of the SPX Heat Transfer Business
As a continuation of our strategic shift away from power-generation markets, during the fourth quarter of 2020, we completed the wind-down of the SPX Heat Transfer business (“Heat Transfer”), which included providing all products and services on the business’s remaining contracts with customers. As a result, we are reporting Heat Transfer as a discontinued operation in the accompanying condensed consolidated financial statements for all periods presented. See Note 3 for additional details.
Acquisition of ULC

On September 2, 2020, we completed the acquisition of ULC Robotics (“ULC”), a leading developer of robotic systems, machine learning applications, and inspection technology for the energy, utility, and industrial markets, for cash proceeds of $89.2, net of cash acquired of $4.0. Under the terms of the purchase and sales agreement, the seller was eligible for additional cash consideration of up to $45.0, with payments scheduled to be made upon successful achievement of certain operational and financial performance milestones. At the time of the acquisition, we recorded a liability of $24.3, which
7


represented the estimated fair value of the contingent consideration. During the third quarter of 2021, we concluded that the operational and financial milestones noted above would not be achieved. As a result, we reversed the liability of $24.3 during the quarter, with the offset recorded to “Other operating (income) expense” (See Note 9 for further discussion of this matter). The post-acquisition operating results of ULC are reflected within our Detection and Measurement reportable segment.

Acquisition of Sensors & Software
On November 11, 2020, we completed the acquisition of Sensors & Software Inc. (“Sensors & Software”), a leading manufacturer and distributor of ground penetrating radar products used for locating underground utilities, detecting unexploded ordinances, and geotechnical and geological investigations, for cash proceeds of $15.5, net of cash acquired of $0.3. Under the terms of the purchase and sales agreement, the seller is eligible for additional cash consideration of up to $3.9, with payment scheduled to be made upon successful achievement of a financial performance milestone during the twelve months following the date of acquisition. The estimated fair value of such contingent consideration is $0.7, which is reflected as a liability in our condensed consolidated balance sheets as of October 2, 2021 and December 31, 2020. The post-acquisition operating results of Sensors & Software are reflected within our Detection and Measurement reportable segment.
Acquisition of Sealite

On April 19, 2021, we completed the acquisition of Sealite Pty Ltd and affiliated entities, including Sealite USA, LLC (doing business as Avlite Systems) and Star2M Pty Ltd (collectively, “Sealite”). Sealite is a leader in the design and manufacture of marine and aviation Aids to Navigation products. We purchased Sealite for cash proceeds of $80.3, net of cash acquired of $2.3. The post-acquisition operating results of Sealite are reflected within our Detection and Measurement Reportable segment.

Acquisition of ECS

On August 2, 2021, we completed the acquisition of Enterprise Control Systems Ltd (“ECS”), a leader in the design and manufacture of highly-engineered tactical datalinks and radio frequency (“RF”) countermeasures, including counter-drone and counter-IED RF jammers. We purchased ECS for cash proceeds of $39.4, net of cash acquired of $5.1. Under the terms of the purchase and sales agreement, the seller is eligible for additional cash consideration of up to $16.8, with payment to be made in 2022 upon successful achievement of certain financial performance milestones. The estimated fair value of such contingent consideration is $8.2, which is reflected as a liability in our condensed consolidated balance sheet as of October 2, 2021. The post-acquisition operating results of ECS are reflected within our Detection and Measurement reportable segment.

The assets acquired and liabilities assumed in the Sensors & Software, Sealite and ECS transactions have been recorded at estimates of fair value as determined by management, based on information available and assumptions as to future operations and are subject to change, primarily for the final assessment and valuation of certain income tax 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, 2020. Interim results are not necessarily indicative of full year results.
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 2021 are April 3, July 3 and October 2, compared to the respective March 28, June 27 and September 26, 2020 dates. We had five more days in the first quarter of 2021 and will have six fewer days in the fourth quarter of 2021 than in the respective 2020 periods. It is not practicable to estimate the impact of the five additional days on our consolidated operating results for the nine months ended October 2, 2021, when compared to the consolidated operating results for the 2020 respective period.

(2)    NEW ACCOUNTING PRONOUNCEMENTS
The following is a summary of new accounting pronouncements that apply or may apply to our business.
In June 2016, the Financial Accounting Standards Board (“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
8


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 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 adopted this guidance on January 1, 2021, with no material impact on our condensed consolidated financial statements.

The London Interbank Offered Rate (“LIBOR”) is scheduled to be discontinued on June 30, 2023, with some tenors ceasing on December 31, 2021. In an effort to address the various challenges created by such discontinuance, the FASB issued two amendments to existing guidance, ASU No. 2020-04 and No. 2021-01, 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, etc.) 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 amendments 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 September 2, 2020, November 11, 2020, April 19, 2021 and August 2, 2021, we completed the acquisitions of ULC, Sensors & Software, Sealite and ECS, respectively. The pro forma effects of these acquisitions, to the applicable periods, are not material to the accompanying condensed consolidated results of operations.

Sale of Transformer Solutions Business

As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions for net cash proceeds of $620.6. In connection with the sale, we recorded a gain of $357.7 to Gain (loss) on disposition of discontinued operations, net of tax within our condensed consolidated statements of operations for the three and nine months ended October 2, 2021.

The final sales price for Transformer Solutions is subject to adjustment based on cash, debt and working capital existing at the closing date, as well as for specified transaction expenses and other specified items, and is subject to agreement with the Purchaser, with final agreement of these items yet to occur. Accordingly, it is possible that the sales price and resulting gain for this divestiture may be materially adjusted in subsequent periods.






















9


The results of Transformer Solutions are presented as a discontinued operation for all periods presented. Major line items constituting pre-tax income and after-tax income (loss) of Transformer Solutions for the three and nine months ended October 2, 2021 and September 26, 2020 are shown below:

Three months endedNine months ended
October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Revenues$94.4 $95.1 $313.5 $319.6 
Costs and expenses:
Cost of product sold81.3 78.4 258.0 253.5 
Selling, general and administrative10.3 7.0 28.4 23.0 
Other income, net 0.2  0.9 
Income before income tax2.8 9.9 27.1 44.0 
Income tax provision(33.8)(2.7)(6.8)(10.5)
Income (loss) from discontinued operations, net of tax$(31.0)$7.2 $20.3 $33.5 

The assets and liabilities of Transformer Solutions have been classified as assets and liabilities of discontinued operations as of December 31, 2020. The major line items constituting Transformer Solutions assets and liabilities as of December 31, 2020 are shown below:

ASSETS
Accounts receivable, net$50.9 
Contract assets48.6 
Inventories, net18.9 
Other current assets3.2 
Property, plant and equipment:
Land6.5 
Buildings and leasehold improvements63.1 
Machinery and equipment141.1 
210.7 
Accumulated depreciation(131.0)
Property, plant and equipment, net79.7 
Goodwill131.3 
Other assets8.1 
Total assets - discontinued operations$340.7 
LIABILITIES
Accounts payable$34.1 
Contract liabilities57.2 
Accrued expenses24.5 
Deferred and other income taxes21.6 
Other long-term liabilities9.1 
Total liabilities - discontinued operations$146.5 











10


Wind-Down of the Heat Transfer Business

As discussed in Note 1, we completed the wind-down of Heat Transfer in the fourth quarter of 2020. As a result of completing the wind-down plan, we are reporting Heat Transfer as a discontinued operation for all prior periods presented.

Major line items constituting pre-tax income (loss) and after-tax income (loss) of Heat Transfer for the three and nine months ended September 26, 2020 are shown below:
Three months endedNine months ended
September 26, 2020September 26, 2020
Revenues$ $3.2 
Cost of product sold0.1 2.6 
Selling, general and administrative(0.1)0.1 
Special charges, net0.1 0.5 
Income (loss) before income tax(0.1) 
Income tax provision  
Income (loss) from discontinued operations, net of tax$(0.1)$ 

We recognized net gain (loss) of $(3.3) and $0.0 during the three and nine months ended October 2, 2021 and net gain (loss) of $0.1 and $(1.2) during the three and nine months ended September 26, 2020 within “Gain (loss) on disposition of discontinued operations, net of tax” resulting primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior businesses classified as discontinued operations.

(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 our other operating segment, 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 nine months ended October 2, 2021 and September 26, 2020:
Three months ended October 2, 2021
Reportable Segments and OtherHVACDetection and MeasurementOtherTotal
Major product lines
Package and process cooling equipment and services$104.1 $ $ $104.1 
Boilers, comfort heating, and ventilation75.2   75.2 
Underground locators, inspection and rehabilitation
 equipment, and robotic systems
 60.1  60.1 
Communication technologies, obstruction lighting, and bus fare collection systems 46.3  46.3 
South African projects  0.1 0.1 
$179.3 $106.4 $0.1 $285.8 
Timing of Revenue Recognition
Revenues recognized at a point in time$154.1 $94.5 $ $248.6 
Revenues recognized over time25.2 11.9 0.1 37.2 
$179.3 $106.4 $0.1 $285.8 
11


Nine months ended October 2, 2021
Reportable Segments and OtherHVACDetection and MeasurementOtherTotal
Major product lines
Package and process cooling equipment and services$317.3 $ $0.2 $317.5 
Boilers, comfort heating, and ventilation223.0   223.0 
Underground locators, inspection and rehabilitation
 equipment, and robotic systems
 193.4  193.4 
Communication technologies, obstruction lighting, and bus fare collection systems 135.8  135.8 
South African projects  0.7 0.7 
$540.3 $329.2 $0.9 $870.4 
Timing of Revenue Recognition
Revenues recognized at a point in time$474.8 $292.5 $ $767.3 
Revenues recognized over time65.5 36.7 0.9 103.1 
$540.3 $329.2 $0.9 $870.4 

Three months ended September 26, 2020
Reportable Segments and OtherHVACDetection and MeasurementOtherTotal
Major product lines
Package and process cooling equipment and services$107.7 $ $0.2 $107.9 
Boilers, comfort heating, and ventilation74.9   74.9 
Underground locators, inspection and rehabilitation
 equipment, and robotic systems
 52.0  52.0 
Communication technologies, obstruction lighting, and bus fare collection systems 33.2  33.2 
South African Projects  0.3 0.3 
$182.6 $85.2 $0.5 $268.3 
Timing of Revenue Recognition
Revenues recognized at a point in time$160.6 $76.2 $ $236.8 
Revenues recognized over time22.0 9.0 0.5 31.5 
$182.6