Investments in Joint Ventures

12 Months Ended

Dec. 31, 2014

Investments in Joint Ventures

Investments in Joint Ventures

(9)   Investments in Joint Ventures

        As of December 31, 2013, we had a joint venture, EGS, with Emerson Electric Co., in which we held a 44.5% interest. EGS operates primarily in the United States, Brazil, Canada and France, and is engaged in the manufacture of electrical fittings, hazardous location lighting and power conditioning products. We accounted for our investment using the equity method, on a three-month lag basis, and we typically received our share of the joint venture's earnings in cash dividends paid quarterly.

        On January 7, 2014, we completed the sale of our 44.5% interest in EGS to Emerson Electric Co. for cash proceeds of $574.1. As a result of the sale, we recorded a gain of $491.2 to "Other income (expense), net" and no equity earnings related to this investment during 2014.

        EGS's results of operations and selected other information for its fiscal years ended September 30, 2013 and 2012 were as follows:

	2013		2012
Revenues	$	517.5	$	527.0
Gross profit		223.3		221.9
Income from continuing operations		89.4		87.9
Net income		89.4		87.9
Capital expenditures		13.3		12.0
Depreciation and amortization		11.0		10.4
Dividends received by SPX		30.3		35.2
Undistributed earnings attributable to SPX Corporation		20.0		8.4
SPX's equity earnings in EGS		41.9		39.0

        Condensed balance sheet information of EGS as of September 30, 2013 was as follows:

	2013
Current assets	$	180.4
Non-current assets		336.4
Current liabilities		108.0
Non-current liabilities		24.0

        The carrying value of our investment in EGS was $81.8 at December 31, 2013, and is recorded in "Other assets" in our consolidated balance sheet as of that date.

        The financial position, results of operations and cash flows of our other equity method investments are not material, individually or in the aggregate, in relation to our consolidated financial statements.