XML 42 R2.htm IDEA: XBRL DOCUMENT v3.24.1
Pay vs Performance Disclosure
number in Millions
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Year
(a)
Summary Compensation Table Total for PEO
(b)
Compensation Actually Paid to PEO(1)(2)
(c)
Average Summary Compensation Table Total for Non-PEO NEOs(3)
(d)
Average Compensation Actually Paid to Non-PEO NEOs(1)(2)(3)
(e)
Value of Initial Fixed $100
Investment Based On:
Net Income (in millions)
(h)
Adj. Operating Income
(in millions)(5)
(h)
SPX Technologies, Inc.
(f)
S&P 1500
Industrials
(Sector)(4)
(g)
2023$7,658,614$17,411,369$1,831,612$2,960,366$199$154$90$271
2022$6,584,075$9,382,695$1,455,245$1,358,069$129$128$—$194
2021$6,517,485$6,074,728$1,808,368$1,622,435$117$136$425$143
2020$6,117,525$6,888,767$1,530,729$1,680,617$107$112$99$183
     
Company Selected Measure Name adjusted operating income      
Named Executive Officers, Footnote Non-CEO NEOs reflected the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year
2023: Michael Reilly, Randall Data, John Swann, Sean McClenaghan, Mark Carano
2022: Michael Reilly, Randall Data, John Swann, Sean McClenaghan, James Harris
2021: Randall Data, John Swann, James Harris, Brian Mason, John Nurkin
2020: Randall Data, John Swann, James Harris, Brian Mason, Scott Sproule
     
Peer Group Issuers, Footnote The peer group comprises the component companies of the S&P 1500 Industrials Index. In the 2023 proxy statement, the peer TSR values were presented incorrectly. Peer TSR values were derived using the S&P 1500 Industrials price return index, instead of a dividend adjusted gross return value. The 2020, 2021 and 2022 values are restated above using the correct TSR calculation methodology. In last year’s proxy statement, peer TSR was presented as $110, 132 and $122 for 2020, 2021 and 2022.      
PEO Total Compensation Amount $ 7,658,614 $ 6,584,075 $ 6,517,485 $ 6,117,525
PEO Actually Paid Compensation Amount $ 17,411,369 9,382,695 6,074,728 6,888,767
Adjustment To PEO Compensation, Footnote Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include:
2023
2022
2021
2020
PEO
Average
Non-PEO
NEOs
PEO
Average Non-PEO NEOs
PEO
Average Non-PEO NEOs
PEO
Average Non-PEO NEOs
Total Compensation from Summary Compensation Table
$7,658,614$1,831,612$6,584,075$1,455,245$6,517,485$1,808,368$6,117,525$1,530,729
Adjustments for Pension
Adjustment for Summary Compensation Table Pension
$0$0$0$0$0$0$0$0
Amount added for current year service cost
$0$0$0$0$0$0$0$0
Amount added for prior service cost impacting current year
$0$0$0$0$0$0$0$0
Total Adjustments for Pension
$0$0$0$0$0$0$0$0
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table
$(4,227,636)$(648,663)$(3,891,715)$(665,163)$(4,332,553)$(736,534)$(3,793,348)$(658,566)
Year-end fair value of unvested awards granted in the current year
$6,666,643$1,010,323$6,166,741$706,347$4,007,180$581,044$4,353,984$771,638
Year-over-year difference of year-end fair values for unvested awards granted in prior years
$6,617,856$672,711$1,504,739$152,179$(266,937)$(16,655)$664,368$99,208
Fair values at vest date for awards granted and vested in current year
$0$0$0$0$0$15,204$0$0
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years
$695,892$94,384$(981,146)$(97,875)$149,554$16,606$(453,762)$(62,391)
Forfeitures during current year equal to prior year-end fair value
$0$0$0$(192,664)$0$(45,598)$0$0
Dividends or dividend equivalents not otherwise included in the total compensation
$0$0$0$0$0$0$0$0
Total Adjustments for Equity Awards
$9,752,755$1,128,755$2,798,620$(97,176)$(442,757)$(185,932)$771,242$149,888
Compensation Actually Paid (as calculated)
$17,411,369$2,960,366$9,382,695$1,358,069$6,074,728$1,622,435$6,888,767$1,680,617
     
Non-PEO NEO Average Total Compensation Amount $ 1,831,612 1,455,245 1,808,368 1,530,729
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,960,366 1,358,069 1,622,435 1,680,617
Adjustment to Non-PEO NEO Compensation Footnote Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include:
2023
2022
2021
2020
PEO
Average
Non-PEO
NEOs
PEO
Average Non-PEO NEOs
PEO
Average Non-PEO NEOs
PEO
Average Non-PEO NEOs
Total Compensation from Summary Compensation Table
$7,658,614$1,831,612$6,584,075$1,455,245$6,517,485$1,808,368$6,117,525$1,530,729
Adjustments for Pension
Adjustment for Summary Compensation Table Pension
$0$0$0$0$0$0$0$0
Amount added for current year service cost
$0$0$0$0$0$0$0$0
Amount added for prior service cost impacting current year
$0$0$0$0$0$0$0$0
Total Adjustments for Pension
$0$0$0$0$0$0$0$0
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table
$(4,227,636)$(648,663)$(3,891,715)$(665,163)$(4,332,553)$(736,534)$(3,793,348)$(658,566)
Year-end fair value of unvested awards granted in the current year
$6,666,643$1,010,323$6,166,741$706,347$4,007,180$581,044$4,353,984$771,638
Year-over-year difference of year-end fair values for unvested awards granted in prior years
$6,617,856$672,711$1,504,739$152,179$(266,937)$(16,655)$664,368$99,208
Fair values at vest date for awards granted and vested in current year
$0$0$0$0$0$15,204$0$0
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years
$695,892$94,384$(981,146)$(97,875)$149,554$16,606$(453,762)$(62,391)
Forfeitures during current year equal to prior year-end fair value
$0$0$0$(192,664)$0$(45,598)$0$0
Dividends or dividend equivalents not otherwise included in the total compensation
$0$0$0$0$0$0$0$0
Total Adjustments for Equity Awards
$9,752,755$1,128,755$2,798,620$(97,176)$(442,757)$(185,932)$771,242$149,888
Compensation Actually Paid (as calculated)
$17,411,369$2,960,366$9,382,695$1,358,069$6,074,728$1,622,435$6,888,767$1,680,617
     
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid and Cumulative TSR / Cumulative TSR of Peer
PEO and Avg. Other NEO CAP vs. SPX and Peer TSR

4947802618713
     
Compensation Actually Paid vs. Net Income
Compensation Actually Paid and Net Income
PEO and Avg. Other NEO CAP vs. Net Income
1099511996168
     
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid and Adjusted Operating Income
PEO and Avg. Non-PEO NEO CAP vs. Adj. Operating Income
1099511996287
     
Tabular List, Table adjusted operating income,
adjusted free cash flow,
revenue, and
relative total shareholder return.
     
Total Shareholder Return Amount $ 199 129 117 107
Peer Group Total Shareholder Return Amount 154 128 136 112
Net Income (Loss) $ 90,000,000 $ 0 $ 425,000,000 $ 99,000,000
Company Selected Measure Amount 271 194 143 183
Additional 402(v) Disclosure Equity valuations assumptions for calculating Compensation Actually Paid are not materially different from grant date valuation assumptions.Please refer to Appendix E in this proxy statement for a reconciliation of GAAP to non-GAAP Adjusted Operating Income.      
Measure:: 1        
Pay vs Performance Disclosure        
Name adjusted operating income      
Measure:: 2        
Pay vs Performance Disclosure        
Name adjusted free cash flow      
Measure:: 3        
Pay vs Performance Disclosure        
Name revenue      
Measure:: 4        
Pay vs Performance Disclosure        
Name relative total shareholder return      
PEO        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 17,411,369 $ 9,382,695 $ 6,074,728 $ 6,888,767
PEO | Adjustment for Summary Compensation Table Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
PEO | Additions for Current Year Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
PEO | Additions for Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
PEO | Total Adjustments for Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Grant Date Fair Value of Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards (4,227,636) (3,891,715) (4,332,553) (3,793,348)
PEO | Year-End Fair Value of Awards Granted in the Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 6,666,643 6,166,741 4,007,180 4,353,984
PEO | Increase/Deduction In Fair Values For Unvested Awards Granted In Prior Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 6,617,856 1,504,739 (266,937) 664,368
PEO | Fair Values At Vest Date For Awards Granted And Vested In Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
PEO | Difference In Fair Values Between Prior Year-End Fair Values And Vest Date Fair Values For Awards Granted In Prior Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 695,892 (981,146) 149,554 (453,762)
PEO | Forfeitures During Current Year Equal To Prior Year-End Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
PEO | Dividends or Dividend Equivalents Not Included Total Compensation [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
PEO | Total Adjustments for Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 9,752,755 2,798,620 (442,757) 771,242
Non-PEO NEO        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,960,366 1,358,069 1,622,435 1,680,617
Non-PEO NEO | Adjustment for Summary Compensation Table Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
Non-PEO NEO | Additions for Current Year Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
Non-PEO NEO | Additions for Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
Non-PEO NEO | Total Adjustments for Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Grant Date Fair Value of Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards (648,663) (665,163) (736,534) (658,566)
Non-PEO NEO | Year-End Fair Value of Awards Granted in the Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 1,010,323 706,347 581,044 771,638
Non-PEO NEO | Increase/Deduction In Fair Values For Unvested Awards Granted In Prior Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 672,711 152,179 (16,655) 99,208
Non-PEO NEO | Fair Values At Vest Date For Awards Granted And Vested In Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 15,204 0
Non-PEO NEO | Difference In Fair Values Between Prior Year-End Fair Values And Vest Date Fair Values For Awards Granted In Prior Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 94,384 (97,875) 16,606 (62,391)
Non-PEO NEO | Forfeitures During Current Year Equal To Prior Year-End Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 (192,664) (45,598) 0
Non-PEO NEO | Dividends or Dividend Equivalents Not Included Total Compensation [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
Non-PEO NEO | Total Adjustments for Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 1,128,755 $ (97,176) $ (185,932) $ 149,888