DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 26, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of income (loss) from discontinued operations and related income taxes

Major classes of line items constituting pre-tax income and after-tax income of SPX FLOW for the three and nine months ended September 26, 2015 and September 27, 2014 are shown below:



	Three months ended						Nine months ended
	September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014
Revenues	$	589.5		$	681.6		$	1,775.1		$	2,046.3
Costs and expenses:
Cost of products sold	391.5			446.7			1,179.3			1,364.5
Selling, general and administrative ⁽¹⁾	121.7			117.3			368.2			374.9
Intangible amortization	5.8			6.2			17.7			19.9
Impairment of intangible assets	15.0			—			15.0			—
Special charges	34.0			2.8			41.2			12.9
Other income (expense), net	(2.4		)	2.0			1.3			2.0
Interest expense, net	(11.0		)	(10.2		)	(32.6		)	(30.3		)
Income before taxes	8.1			100.4			122.4			245.8
Income tax provision	(7.4		)	(21.7		)	(41.6		)	(46.1		)
Income from discontinued operations, net of tax	0.7			78.7			80.8			199.7
Less: Net income (loss) attributable to noncontrolling interest	—			0.7			(0.9		)	1.0
Income from discontinued operations attributable to SPX Corporation common shareholders, net of tax	$	0.7		$	78.0		$	81.7		$	198.7


⁽¹⁾	Includes $16.8 and $30.8 for the three and nine months ended September 26, 2015, respectively, of professional fees and other costs that were incurred in connection with the Spin-Off.

Schedule of disposal groups, including discontinued operations, income statement, balance sheet and additional disclosures

For the three and nine months ended September 26, 2015 and September 27, 2014, selected information regarding the results of operations of our businesses included in discontinued operations, other than SPX FLOW, was as follows:



	Three months ended				Nine months ended
	September 26, 2015		September 27, 2014		September 26, 2015		September 27, 2014
Revenues	$	—	$	0.3	$	—	$	26.9
Pre-tax loss	—		—		—		(0.7		)
Loss from discontinued operations, net	—		—		—		(0.5		)

For the three and nine months ended September 26, 2015 and September 27, 2014, the table below presents a reconciliation of discontinued operations activity to the related amounts in the condensed consolidated statements of operations:



	Three months ended						Nine months ended
	September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014
SPX FLOW
Income from discontinued operations	$	8.1		$	100.4		$	122.4		$	245.8
Income tax provision	(7.4		)	(21.7		)	(41.6		)	(46.1		)
Income from discontinued operations, net	0.7			78.7			80.8			199.7

All other
Income (loss) from discontinued operations	(1.1		)	—			(3.6		)	28.2
Income tax (provision) benefit	0.5			(2.9		)	2.1			(16.7		)
Income (loss) from discontinued operations, net	(0.6		)	(2.9		)	(1.5		)	11.5

Total
Income from discontinued operations	7.0			100.4			118.8			274.0
Income tax provision	(6.9		)	(24.6		)	(39.5		)	(62.8		)
Income from discontinued operations, net	$	0.1		$	75.8		$	79.3		$	211.2

The assets and liabilities of SPX FLOW have been reclassified to assets and liabilities of discontinued operations as of December 31, 2014. The components of SPX FLOW’s assets and liabilities as of December 31, 2014 are shown below:



ASSETS:
Cash and equivalents	$	190.4
Accounts receivable, net	593.9
Inventories, net	330.4
Other current assets	106.5
Assets of discontinued operations - current	1,221.2
Property, plant and equipment, net	433.0
Goodwill	1,081.0
Intangibles, net	659.3
Other assets	101.4
Assets of discontinued operations - non current	2,274.7
Total assets - discontinued operations	$	3,495.9

LIABILITIES:
Accounts payable	$	252.0
Accrued expenses	452.1
Income taxes payable	35.4
Short-term debt and current maturities of long-term debt	26.3
Liabilities of discontinued operations - current	765.8
Long-term debt	610.3
Other long-term liabilities	421.9
Liabilities of discontinued operations - non current	1,032.2
Total liabilities - discontinued operations	$	1,798.0

The following table presents selected financial information regarding cash flows of SPX FLOW that are included within discontinued operations in the condensed consolidated statements of cash flows:



	Nine months ended
	September 26, 2015		September 27, 2014
Non-cash items included in income from discontinued operations
Depreciation and amortization	$	44.3	$	49.0
Impairment of intangible assets	15.0		—
Capital expenditures	43.1		26.3
Prepayment of capital lease obligation	—		60.8

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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