Shareholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Shareholders' Equity and Stock-Based Compensation

Computations of the components used for the calculation of basic and diluted income per share

	Year ended December 31,
	2014			2013		2012
Numerator:
Income (loss) from continuing operations	$	380.1		$	211.3	$	(165.2	)
Less: Net income (loss) attributable to noncontrolling interests		(9.5	)		2.2		3.0
Income (loss) from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share	$	389.6		$	209.1	$	(168.2	)
Income from discontinued operations	$	8.3		$	1.3	$	348.4
Less: Net income (loss) attributable to noncontrolling interest		—			0.2		(0.2	)
Income from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share	$	8.3		$	1.1	$	348.6
Denominator:
Weighted-average number of common shares used in basic income per share		42.400			45.384		50.031
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units		0.631			0.622		—
Weighted-average number of common shares and dilutive securities used in diluted income per share		43.031			46.006		50.031

Summary of common shares issued, treasury shares and shares outstanding

	Common Stock Issued		Treasury Stock			Shares Outstanding
Balance at December 31, 2011		98.702		(47.629	)		51.073
Stock options exercised		0.174		—			0.174
Share repurchases		—		(3.606	)		(3.606	)
Restricted stock shares and restricted stock units		0.311		0.085			0.396
Other		0.267		—			0.267
Balance at December 31, 2012		99.454		(51.150	)		48.304
Stock options exercised		0.008		—			0.008
Share repurchases		—		(3.493	)		(3.493	)
Restricted stock shares and restricted stock units		0.133		0.123			0.256
Other		0.206		—			0.206
Balance at December 31, 2013		99.801		(54.520	)		45.281
Share repurchases		—		(4.852	)		(4.852	)
Restricted stock shares and restricted stock units		0.096		0.166			0.262
Other		0.167		—			0.167
Balance at December 31, 2014		100.064		(59.206	)		40.858

Schedule of assumptions to determine the fair value of restricted stock awards granted

	Annual Expected Stock Price Volatility			Annual Expected Dividend Yield			Risk-free Interest Rate			Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index
January 2, 2014:
SPX Corporation		33.7	%		1.02	%		0.76	%		0.7631
S&P Composite 1500 Industrials Index		19.9	%		n/a			0.76	%
April 1, 2013:
SPX Corporation		35.5	%		1.29	%		0.33	%		0.7668
S&P Composite 1500 Industrials Index		21.2	%		n/a			0.33	%
January 2, 2013:
SPX Corporation		36.3	%		1.42	%		0.37	%		0.7778
S&P Composite 1500 Industrials Index		22.4	%		n/a			0.37	%
January 3, 2012:
SPX Corporation		44.3	%		1.60	%		0.44	%		0.7365
S&P 500 Index		23.1	%		n/a			0.44	%

Schedule of restricted stock share and restricted stock unit activity

	Unvested Restricted Stock Shares and Restricted Stock Units			Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2011		1.440		$	54.38
Granted		0.823			50.64
Vested		(0.264	)		39.75
Forfeited		(0.064	)		57.77
Outstanding at December 31, 2012		1.935			54.70
Granted		0.652			61.66
Vested		(0.754	)		54.34
Forfeited		(0.296	)		52.20
Outstanding at December 31, 2013		1.537			58.39
Granted		0.519			86.99
Vested		(0.604	)		59.49
Forfeited		(0.284	)		63.76
Outstanding at December 31, 2014		1.168			69.22

Schedule of stock option activity

	Shares			Weighted- Average Exercise Price
Options outstanding and exercisable at December 31, 2011		0.364		$	54.87
Exercised		(0.174	)		39.58
Terminated		(0.177	)		69.42
Options outstanding and exercisable at December 31, 2012		0.013			62.45
Exercised		(0.008	)		50.79
Terminated		(0.005	)		85.36
Options outstanding and exercisable at December 31, 2013		—			—

Schedule of changes in the components of accumulated other comprehensive income

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2014 were as follows:

	Foreign Currency Translation Adjustment			Net Unrealized Losses on Qualifying Cash Flow Hedges(1)			Net Unrealized Losses on Available-for- Sale Securities			Pension and Postretirement Liability Adjustment and Other(2)			Total
Balance at December 31, 2013	$	296.8		$	(0.8	)	$	(3.7	)	$	(4.8	)	$	287.5
Other comprehensive income (loss) before reclassifications		(237.8	)		(1.6	)		3.6			4.9			(230.9	)
Amounts reclassified from accumulated other comprehensive income		—			1.1			0.1			4.8			6.0
Current-period other comprehensive income (loss)		(237.8	)		(0.5	)		3.7			9.7			(224.9	)
Balance at December 31, 2014	$	59.0		$	(1.3	)	$	—		$	4.9		$	62.6

(1)

Net of tax benefit of $1.1 and $1.0 as of December 31, 2014 and 2013, respectively.

(2)

Net of tax (provision) benefit of $(3.0) and $2.2 as of December 31, 2014 and 2013, respectively. The balance as of December 31, 2014 includes unamortized prior service credits. The balance as of December 31, 2013 primarily includes $(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 2014, as described in Note 9, we recognized our share of the pension liability adjustment for EGS as a component of the gain on the sale of our investment interest.

        The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2013 were as follows:

	Foreign Currency Translation Adjustment		Net Unrealized Losses on Qualifying Cash Flow Hedges(1)			Net Unrealized Losses on Available-for- Sale Securities			Pension and Postretirement Liability Adjustment and Other(2)			Total
Balance at December 31, 2012	$	293.8	$	(3.3	)	$	(3.1	)	$	(2.6	)	$	284.8
Other comprehensive income (loss) before reclassifications		3.0		(1.0	)		(0.6	)		(1.2	)		0.2
Amounts reclassified from accumulated other comprehensive income		—		3.5			—			(1.0	)		2.5
Current-period other comprehensive income (loss)		3.0		2.5			(0.6	)		(2.2	)		2.7
Balance at December 31, 2013	$	296.8	$	(0.8	)	$	(3.7	)	$	(4.8	)	$	287.5

(1)	Net of tax benefit of $1.0 and $2.5 as of December 31, 2013 and 2012, respectively.
(2)	Net of tax benefit of $2.2 and $1.2 as of December 31, 2013 and 2012, respectively. Includes $(5.0) and $(3.8), net of tax, related to our share of the pension liability adjustment for EGS as of December 31, 2013 and 2012, respectively, and $0.2 and $1.2, net of tax, of unamortized prior service credits as of December 31, 2013 and 2012, respectively.

Schedule of amounts reclassified from each component of accumulated comprehensive income (loss)

	Amount Reclassified from AOCI						Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2014			2013
Losses on qualifying cash flow hedges:
FX forward contracts	$	0.8		$	4.0		Revenues
Commodity contracts		0.7			1.3		Cost of products sold
Pre-tax		1.5			5.3
Income taxes		(0.4	)		(1.8	)
	$	1.1		$	3.5
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		—			(0.1	)	Cost of products sold
Amortization of unrecognized prior service credits		(0.3	)		(1.3	)	Selling, general and administrative
Pre-tax		7.1			(1.4	)
Income taxes		(2.3	)		0.4
	$	4.8		$	(1.0	)