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SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 26, 2015
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION  
Schedule of weighted-average shares outstanding used in the computation of basic and diluted income per share
The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
 
Three months ended
 
Nine months ended
 
September 26,
2015
 
September 27,
2014
 
September 26,
2015
 
September 27,
2014
Weighted-average number of common shares used in basic income per share
40.663

 
41.796

 
40.590

 
43.024

Dilutive securities — Restricted stock shares and restricted stock units
—

 
—

 
—

 
0.748

Weighted-average number of common shares and dilutive securities used in diluted income per share
40.663

 
41.796

 
40.590

 
43.772
Schedule of changes in the components of accumulated other comprehensive income (loss)
The changes in the components of accumulated other comprehensive income (loss), net of tax, for the three months ended September 26, 2015 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 beginning of period
$
(30.4
)
 
$
(1.4
)
 
$
4.6

 
$
(27.2
)
Other comprehensive income (loss) before reclassifications
(41.5
)
 
(0.5
)
 
0.5

 
(41.5
)
Amounts reclassified from accumulated other comprehensive loss
—

 
0.8

 
(0.1
)
 
0.7

Current-period other comprehensive income (loss)
(41.5
)
 
0.3

 
0.4

 
(40.8
)
Spin-Off of FLOW Business
354.5

 
0.1

 
—

 
354.6

Balance at end of period
$
282.6

 
$
(1.0
)
 
$
5.0

 
$
286.6

__________________________
(1) 
Net of tax benefit of $0.8 and $0.4 as of September 26, 2015 and June 27, 2015, respectively.
(2) 
Net of tax provision of $3.2 and $2.9 as of September 26, 2015 and June 27, 2015, respectively. The balances as of September 26, 2015 and June 27, 2015 include net unamortized prior service credits. The current period other comprehensive income relates to prior service credits that resulted from the amendment to the U.S. Plan and SIARP (see Note 9 for additional details).
The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended September 26, 2015 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 beginning of year
$
59.0

 
$
(1.3
)
 
$
4.9

 
$
62.6

Other comprehensive income (loss) before reclassifications
(130.9
)
 
(0.4
)
 
0.5

 
(130.8
)
Amounts reclassified from accumulated other comprehensive income
—

 
0.6

 
(0.4
)
 
0.2

Current-period other comprehensive loss
(130.9
)
 
0.2

 
0.1

 
(130.6
)
Spin-Off of FLOW Business
354.5

 
0.1

 
—

 
354.6

Balance at end of period
$
282.6

 
$
(1.0
)
 
$
5.0

 
$
286.6

________________________
(1) 
Net of tax benefit of $0.8 and $1.1 as of September 26, 2015 and December 31, 2014, respectively.
(2) 
Net of tax provision of $3.2 and $3.0 as of September 26, 2015 and December 31, 2014, respectively. The balances as of September 26, 2015 and December 31, 2014 include net unamortized prior service credits. The current period other comprehensive income relates to prior service credits that resulted from the amendment to the U.S. Plan and SIARP (see Note 9 for additional details).
The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended September 27, 2014 were as follows:
 
Foreign
Currency
Translation
Adjustment
 
Net Unrealized
Losses
on Qualifying Cash  Flow Hedges (1)
 
Pension and
Postretirement
Liability
Adjustment (2)
 
Total
Balance at beginning of period
$
285.3

 
$
(0.9
)
 
$
0.3

 
$
284.7

Other comprehensive loss before reclassifications
(115.3
)
 
(0.5
)
 
—

 
(115.8
)
Amounts reclassified from accumulated other comprehensive income
—

 
0.2

 
(0.1
)
 
0.1

Current-period other comprehensive loss
(115.3
)
 
(0.3
)
 
(0.1
)
 
(115.7
)
Balance at end of period
$
170.0

 
$
(1.2
)
 
$
0.2

 
$
169.0

___________________________
(1) 
Net of tax benefit of $1.0 and $0.9 as of September 27, 2014 and June 28, 2014, respectively.
(2) 
Net of tax provision of $0.1 as of September 27, 2014 and June 28, 2014.
The changes in the components of accumulated other comprehensive income, net of tax, for nine months ended September 27, 2014 were as follows:
 
Foreign
Currency
Translation
Adjustment
 
Net Unrealized
Losses on
Qualifying Cash
Flow Hedges (1)
 
Net Unrealized Gains (Losses) on Available-for-Sale Securities
 
Pension and
Postretirement
Liability
Adjustment (2)
 
Total
Balance at beginning of year
$
296.8

 
$
(0.8
)
 
$
(3.7
)
 
$
(4.8
)
 
$
287.5

Other comprehensive income (loss) before reclassifications
(126.8
)
 
(0.8
)
 
3.6

 
0.2

 
(123.8
)
Amounts reclassified from accumulated other comprehensive income
—

 
0.4

 
0.1

 
4.8

 
5.3

Current-period other comprehensive income (loss)
(126.8
)
 
(0.4
)
 
3.7

 
5.0

 
(118.5
)
Balance at end of period
$
170.0

 
$
(1.2
)
 
$
—

 
$
0.2

 
$
169.0

________________________
(1) 
Net of tax benefit of $1.0 as of September 27, 2014 and December 31, 2013, respectively.
(2) 
Net of tax (provision) benefit of $(0.1) and $2.2 as of September 27, 2014 and December 31, 2013, respectively. The balance as of December 31, 2013 primarily included $(5.0), net of tax, related to our share of the pension liability adjustment for EGS as of December 31, 2013. In connection with the sale of our interest in EGS during the first quarter of 2014, as described in Note 1, we recognized our share of the pension liability adjustment for EGS as a component of the gain on sale of our investment interest
Schedule of amounts reclassified from each component of accumulated comprehensive income (loss)
The following summarizes amounts reclassified from each component of accumulated comprehensive income (loss) for the nine months ended September 26, 2015 and September 27, 2014:
 
Amount Reclassified from AOCI
 
 
 
Nine months ended
 
 
 
September 26, 2015
 
September 27, 2014
 
Affected Line Item in the Condensed
Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges:
 

 
 

 
 
FX forward contracts
$
(0.9
)
 
$
—

 
Revenues
Commodity contracts
2.1

 
0.5

 
Cost of products sold
Pre-tax
1.2

 
0.5

 
 
Income taxes
(0.6
)
 
(0.1
)
 
 
 
$
0.6

 
$
0.4

 
 
 
 
 
 
 
 
(Gains) losses on pension and postretirement items:
 

 
 

 
 
Recognition of our share of the pension liability adjustment for EGS
$
—

 
$
7.4

 
Other income (expense), net
Amortization of unrecognized prior service credits
(0.6
)
 
(0.2
)
 
Selling, general and administrative
Pre-tax
(0.6
)
 
7.2

 
 
Income taxes
0.2

 
(2.4
)
 
 
 
$
(0.4
)
 
$
4.8

 
 
The following summarizes amounts reclassified from each component of accumulated comprehensive income (loss) for the three months ended September 26, 2015 and September 27, 2014:
 
Amount Reclassified from AOCI
 
 
 
Three months ended
 
 
 
September 26, 2015
 
September 27, 2014
 
Affected Line Item in the Condensed
Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges:
 

 
 

 
 
FX forward contracts
$
0.2

 
$
—

 
Revenues
Commodity contracts
0.9

 
0.3

 
Cost of products sold
Pre-tax
1.1

 
0.3

 
 
Income taxes
(0.3
)
 
(0.1
)
 
 
 
$
0.8

 
$
0.2

 
 
 
 
 
 
 
 
Gains on pension and postretirement items:
 

 
 

 
 
Amortization of unrecognized prior service credits
$
(0.2
)
 
$
(0.1
)
 
Selling, general and administrative
Pre-tax
(0.2
)
 
(0.1
)
 
 
Income taxes
0.1

 
—

 
 
 
$
(0.1
)
 
$
(0.1
)
 
 
Schedule of changes in equity
A summary of the changes in equity for the nine months ended September 26, 2015 and September 27, 2014 is provided below:
 
September 26, 2015
 
September 27, 2014
 
SPX
Corporation
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total
Equity
 
SPX
Corporation
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total
Equity
Equity, beginning of year (1)
$
1,808.7

 
$
3.2

 
$
1,811.9

 
$
2,153.3

 
$
14.0

 
$
2,167.3

Net income (loss)
(73.2
)
 
(31.1
)
 
(104.3
)
 
430.0

 
(1.3
)
 
428.7

Net unrealized gains (losses) on qualifying cash flow hedges, net of tax provision of $0.3 and $0.0 for the nine months ended September 26, 2015 and September 27, 2014, respectively
0.2

 
—

 
0.2

 
(0.4
)
 
—

 
(0.4
)
Net unrealized gains on available-for-sale securities
—

 
—

 
—

 
3.7

 
—

 
3.7

Pension and postretirement liability adjustment, net of tax provision of $0.2 and $2.3 for the nine months ended September 26, 2015 and September 27, 2014, respectively
0.1

 
—

 
0.1

 
5.0

 
—

 
5.0

Foreign currency translation adjustments
(130.9
)
 
1.2

 
(129.7
)
 
(126.8
)
 
0.4

 
(126.4
)
Total comprehensive income (loss), net
(203.8
)
 
(29.9
)
 
(233.7
)
 
311.5

 
(0.9
)
 
310.6

Dividends declared
(30.9
)
 
—

 
(30.9
)
 
(48.3
)
 
—

 
(48.3
)
Incentive plan activity
12.8

 
—

 
12.8

 
21.9

 
—

 
21.9

Stock-based compensation expense (includes amounts recorded to discontinued operations of $5.4 and $4.2 for the nine months ended September 26, 2015 and September 27, 2014, respectively)
35.9

 
—

 
35.9

 
34.0

 
—

 
34.0

Restricted stock and restricted stock unit vesting, net of tax withholdings, and related tax benefit of $0.3 and $9.5 for the nine months ended September 26, 2015 and September 27, 2014, respectively
(6.2
)
 
—

 
(6.2
)
 
(22.4
)
 
—

 
(22.4
)
Common stock repurchases
—

 
—

 
—

 
(414.3
)
 
—

 
(414.3
)
Dividends attributable to noncontrolling interests
—

 
(0.2
)
 
(0.2
)
 
—

 
—

 
—

Other changes in noncontrolling interests
—

 
—

 
—

 
—

 
(1.2
)
 
(1.2
)
Spin-Off of FLOW Business
(1,259.8
)
 
(10.7
)
 
(1,270.5
)
 
—

 
—

 
—

Equity, end of period
$
356.7

 
$
(37.6
)
 
$
319.1

 
$
2,035.7

 
$
11.9

 
$
2,047.6

(1) 
As indicated in Notes 1 and 16, we have corrected certain prior year misstatements in the accompanying condensed consolidated financial statements. As a result of such corrections, “SPX Corporation Shareholders’ Equity” and “Total Equity” have been reduced by $9.2 and $4.7 as of December 31, 2014 and 2013, respectively, when compared to the related amounts previously reported.
A summary of the changes in equity for the three months ended September 26, 2015 and September 27, 2014 is provided below:
 
September 26, 2015
 
September 27, 2014
 
SPX
Corporation
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total
Equity
 
SPX
Corporation
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total
Equity
Equity, beginning of period (1)
$
1,752.1

 
$
(2.2
)
 
$
1,749.9

 
$
2,236.4

 
$
12.6

 
$
2,249.0

Net income (loss)
(105.0
)
 
(25.6
)
 
(130.6
)
 
63.3

 
0.3

 
63.6

Net unrealized gains (losses) on qualifying cash flow hedges, net of tax benefit of $0.4 and $0.1 for the three months ended September 26, 2015 and September 27, 2014, respectively
0.3

 
—

 
0.3

 
(0.3
)
 
—

 
(0.3
)
Pension and postretirement liability adjustment, net of tax provision of $0.3 for the three months ended September 26, 2015
0.4

 
—

 
0.4

 
(0.1
)
 
—

 
(0.1
)
Foreign currency translation adjustments
(41.5
)
 
0.9

 
(40.6
)
 
(115.3
)
 
(0.2
)
 
(115.5
)
Total comprehensive income (loss), net
(145.8
)
 
(24.7
)
 
(170.5
)
 
(52.4
)
 
0.1

 
(52.3
)
Dividends declared
—

 
—

 
—

 
(15.9
)
 
—

 
(15.9
)
Incentive plan activity
3.8

 
—

 
3.8

 
3.8

 
—

 
3.8

Stock-based compensation expense (includes amounts recorded to discontinued operations of $1.3 and $1.1 for the three months ended September 26, 2015 and September 27, 2014, respectively)
6.8

 
—

 
6.8

 
4.7

 
—

 
4.7

Restricted stock and restricted stock unit vesting, net of tax withholdings, and related tax (provision) benefit of $0.0 and $0.3 for the three months ended September 26, 2015 and September 27, 2014, respectively)
(0.4
)
 
—

 
(0.4
)
 
(1.0
)
 
—

 
(1.0
)
Common stock repurchases
—

 
—

 
—

 
(139.9
)
 
—

 
(139.9
)
Other changes in noncontrolling interests
—

 
—

 
—

 
—

 
(0.8
)
 
(0.8
)
Spin-Off of FLOW Business
(1,259.8
)
 
(10.7
)
 
(1,270.5
)
 
—

 
—

 
—

Equity, end of period
$
356.7

 
$
(37.6
)
 
$
319.1

 
$
2,035.7

 
$
11.9

 
$
2,047.6

(1) 
As indicated in Notes 1 and 16, we have corrected certain prior year misstatements in the accompanying condensed consolidated financial statements. As a result of such corrections, “SPX Corporation Shareholders’ Equity” and “Total Equity” have been reduced by $9.2 and $7.4 as of June 27, 2015 and June 28, 2014, respectively, when compared to the related amounts previously reported.