XML 56 R42.htm IDEA: XBRL DOCUMENT v3.22.0.1
Shareholders' Equity and Long-Term Incentive Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION  
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 (loss) per share:
Year ended December 31,
202120202019
Numerator:
Income from continuing operations attributable to SPX Corporation common stockholders for calculating basic and diluted income per share$59.0 $73.8 $76.3 
Income (loss) from discontinued operations, net of tax$366.4 $25.2 $(11.0)
Adjustment related to redeemable noncontrolling interest (Note 15)— — 5.6 
Income (loss) from discontinued operations attributable to SPX Corporation common stockholders for calculating basic and diluted income per share$366.4 $25.2 $(5.4)
Denominator:
Weighted-average number of common shares used in basic income per share          45.289 44.628 43.942 
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units1.206 1.138 1.015 
Weighted-average number of common shares and dilutive securities used in diluted income per share          46.495 45.766 44.957 
Summary 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, 201851.529 (8.078)43.451 
Restricted stock units— 0.264 0.264 
Other0.488 — 0.488 
Balance at December 31, 201952.017 (7.814)44.203 
Restricted stock units— 0.141 0.141 
Other0.688 — 0.688 
Balance at December 31, 202052.705 (7.673)45.032 
Restricted stock units— 0.130 0.130 
Other0.306 — 0.306 
Balance at December 31, 202153.011 (7.543)45.468 
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 RateCorrelation
Between Total
Shareholder
Return for SPX
and the
Applicable
S&P Index
March 1, 2021
SPX Corporation42.88 %— %0.25 %60.24 %
Peer group within S&P 600 Capital Goods Index51.25 %n/a0.25 %
February 20, 2020
SPX Corporation29.47 %— %1.35 %35.47 %
Peer group within S&P 600 Capital Goods Index34.93 %n/a1.35 %
February 21, 2019
SPX Corporation32.70 %— %2.53 %38.75 %
Peer group within S&P 600 Capital Goods Index34.75 %n/a2.48 %
Schedule of Restricted Stock Share and Restricted Stock Unit Activity
The following table summarizes the PSU, RSU, and RS activity from December 31, 2018 through December 31, 2021:
Unvested PSU’s, RSU’s, and RS’sWeighted-Average
Grant-Date Fair
Value Per Share
December 31, 20180.652 $24.65 
Granted0.430 35.49 
Vested(0.446)18.75 
Forfeited(0.030)35.10 
December 31, 20190.606 36.17 
Granted 0.277 46.61 
Vested(0.233)31.49 
Forfeited(0.006)41.37 
December 31, 20200.644 42.32 
Granted 0.243 57.24 
Vested(0.219)37.40 
Forfeited(0.032)53.69 
December 31, 20210.636 $49.14 
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:
March 1, 2021February 20, 2020February 21, 2019
Annual expected stock price volatility41.15 %33.48 %32.70 %
Annual expected dividend yield— %— %— %
Risk-free interest rate0.91 %1.41 %2.53 %
Expected life of stock option (in years)6.06.06.0
Schedule of Stock Option Activity
The following table shows stock option activity from December 31, 2018 through December 31, 2021.
SharesWeighted-
Average Exercise
Price
Options outstanding at December 31, 20181.718 $16.58 
Exercised(0.202)13.46 
Forfeited(0.013)33.15 
Granted0.189 36.50 
Options outstanding at December 31, 20191.692 19.05 
Exercised(0.412)14.97 
Forfeited— — 
Granted0.139 49.57 
Options outstanding at December 31, 20201.419 23.21 
Exercised(0.123)15.82 
Forfeited(0.008)50.11 
Granted0.105 58.34 
Options outstanding at December 31, 20211.393 $26.35 
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, 2021 were as follows:
Foreign
Currency
Translation
Adjustment
Net Unrealized
Gains (losses) on
Qualifying
Cash
Flow
Hedges(1)
Pension and
Postretirement
Liability Adjustment(2)
Total
Balance at December 31, 2020$238.6 $(4.4)$14.3 $248.5 
Other comprehensive income (loss) before reclassifications (5.8)5.3 — (0.5)
Amounts reclassified from accumulated other comprehensive income (loss)19.9 (0.4)(3.6)15.9 
Current-period other comprehensive income (loss)14.1 4.9 (3.6)15.4 
Balance at December 31, 2021$252.7 $0.5 $10.7 $263.9 
__________________________________________________________________
(1) Net of tax (provision) benefit of $(0.1) and $1.4 as of December 31, 2021 and 2020, respectively.
(2) Net of tax provision of $3.7 and $4.9 as of December 31, 2021 and 2020, respectively. The balances as of December 31, 2021 and 2020 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2020 were as follows:
Foreign
Currency
Translation
Adjustment		Net Unrealized
Losses on
Qualifying
Cash
Flow
Hedges (1)		Pension and
Postretirement
Liability Adjustment and Other (2)		Total
Balance at December 31, 2019$228.0 $(1.6)$17.9 $244.3 
Other comprehensive income (loss) before reclassifications10.6 (5.7)— 4.9 
Amounts reclassified from accumulated other comprehensive income (loss):— 2.9 (3.6)(0.7)
Current-period other comprehensive income (loss)10.6 (2.8)(3.6)4.2 
Balance at December 31, 2020$238.6 $(4.4)$14.3 $248.5 
__________________________________________________________________
(1) Net of tax benefit of $1.4 and $0.5 as of December 31, 2020 and 2019, respectively.
(2) Net of tax provision of $4.9 and $6.1 as of December 31, 2020 and 2019, respectively. The balances as of December 31, 2020 and 2019 include unamortized prior service credits.
Schedule of Amounts Reclassified from each Component of AOCI
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2021 and 2020:
Amount
Reclassified
from
AOCI		Affected
Line Items
in the
Consolidated Statements of
Operations
Year ended
December 31,
20212020
(Gains) losses on qualifying cash flow hedges:
Commodity contracts$(3.8)$(0.9)Income from discontinued operations, net of tax
Swaps3.2 4.7 Interest expense
Pre-tax(0.6)3.8 
Income taxes0.2 (0.9)
$(0.4)$2.9 
Pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax$(4.8)$(4.8)Other income (expense), net
Income taxes1.2 1.2 
$(3.6)$(3.6)
Loss on reclassification of foreign currency translation adjustments:
DBT$19.9 $— Gain on disposition of discontinued operations, net of tax
Income taxes— — 
$19.9 $—