Condensed Consolidated Statements of Operations (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 27, 2009	Jun. 28, 2008	Jun. 27, 2009	Jun. 28, 2008
Statements of Operations
Revenues	$ 1,193.5	$ 1,504.9	$ 2,353.1	$ 2,849.9
Costs and expenses:
Cost of products sold	845.4	1,043.8	1,673.0	1,985.7
Selling, general and administrative	242.1	290.6	484.1	580.5
Intangible amortization	5.2	6.6	10.4	13.3
Special charges, net	23.3	4.2	35.2	4.9
Operating income	77.5	159.7	150.4	265.5
Other income (expense), net	(1.6)	(4.2)	(13.8)	1.5
Interest expense	(22.8)	(29.3)	(45.8)	(60.4)
Interest income	2.1	1.9	4.2	4.2
Equity earnings in joint ventures	5.5	11.6	16.3	23.2
Income from continuing operations before income taxes	60.7	139.7	111.3	234.0
Income tax provision	(21.6)	(49.4)	(33.9)	(79.4)
Income from continuing operations	39.1	90.3	77.4	154.6
Income (loss) from discontinued operations, net of tax	0.5	4.2	(1.4)	7.7
Gain (loss) on disposition of discontinued operations, net of tax	(6.5)	0.1	(18.6)	(3.1)
Income (loss) from discontinued operations, net of tax	(6.0)	4.3	(20.0)	4.6
Net income	33.1	94.6	57.4	159.2
Less: Net income (loss) attributable to noncontrolling interests	(0.3)	(0.2)	(0.4)	3.0
Net income attributable to SPX Corporation common shareholders	33.4	94.8	57.8	156.2
Amounts attributable to SPX Corporation common shareholders:
Income from continuing operations, net of tax	39.5	90.4	78.3	152.8
Income (loss) from discontinued operations, net of tax	(6.1)	4.4	(20.5)	3.4
Net income attributable to SPX Corporation common shareholders	$ 33.4	$ 94.8	$ 57.8	$ 156.2
Basic income per share of common stock
Income from continuing operations attributable to SPX Corporation common shareholders	$ 0.81	$ 1.68	$ 1.58	$ 2.86
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders	$ (0.13)	$ 0.09	$ (0.41)	$ 0.06
Net income per share attributable to SPX Corporation common shareholders	$ 0.68	$ 1.77	$ 1.17	$ 2.92
Weighted-average number of common shares outstanding - basic	49.021	53.656	49.484	53.407
Diluted income per share of common stock
Income from continuing operations attributable to SPX Corporation common shareholders	$ 0.8	$ 1.65	$ 1.57	$ 2.81
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders	$ (0.12)	$ 0.08	$ (0.41)	$ 0.06
Net income per share attributable to SPX Corporation common shareholders	$ 0.68	$ 1.73	$ 1.16	$ 2.87
Weighted-average number of common shares outstanding - diluted	49.424	54.646	49.848	54.395

Condensed Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Jun. 27, 2009	Dec. 31, 2008
Current assets:
Cash and equivalents	$ 434.5	$ 475.9
Accounts receivable, net	1,210.2	1,306.0
Inventories	616.6	666.8
Other current assets	106.3	180.6
Deferred income taxes	73.0	101.3
Assets of discontinued operations	61.8	108.2
Total current assets	2,502.4	2,838.8
Property, plant and equipment:
Land	36.8	36.3
Buildings and leasehold improvements	226.7	223.5
Machinery and equipment	693.0	677.9
Property, plant and equipment, gross	956.5	937.7
Accumulated depreciation	(448.1)	(437.3)
Property, plant and equipment, net	508.4	500.4
Goodwill	1,772.3	1,769.8
Intangibles, net	640.2	646.8
Other assets	386.6	382.3
TOTAL ASSETS	5,809.9	6,138.1
Current liabilities:
Accounts payable	476.8	633.7
Accrued expenses	984.1	1,153.6
Income taxes payable	43.9	24.5
Short-term debt	135.2	112.9
Current maturities of long-term debt	76.0	76.4
Liabilities of discontinued operations	15.1	23.9
Total current liabilities	1,731.1	2,025.0
Long-term debt	1,238.8	1,155.4
Deferred and other income taxes	83.8	124.0
Other long-term liabilities	782.3	788.9
Total long-term liabilities	2,104.9	2,068.3
SPX Corporation shareholders' equity:
Common stock (96,988,922 and 49,065,578 issued and outstanding at June 27, 2009, respectively, and 96,523,058 and 51,128,448 issued and outstanding at December 31, 2008, respectively)	976.0	972.3
Paid-in capital	1,401.7	1,393.9
Retained earnings	2,273.8	2,240.5
Accumulated other comprehensive loss	(185.0)	(179.9)
Common stock in treasury (47,923,344 and 45,394,610 shares at June 27, 2009 and December 31, 2008, respectively)	(2,523.5)	(2,416.0)
Total SPX Corporation shareholders' equity	1,943.0	2,010.8
Noncontrolling interests	30.9	34.0
Total equity	1,973.9	2,044.8
TOTAL LIABILITIES AND EQUITY	$ 5,809.9	$ 6,138.1

Condensed Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 27, 2009	Jun. 28, 2008
Cash flows from (used in) operating activities:
Net income	$ 57.4	$ 159.2
Less: Income (loss) from discontinued operations, net of tax	(20.0)	4.6
Income from continuing operations	77.4	154.6
Adjustments to reconcile income from continuing operations to net cash from operating activities:
Special charges, net	35.2	4.9
Gain on sale of product line	(1.4)
Deferred and other income taxes	4.4	(10.7)
Depreciation and amortization	51.9	54.7
Pension and other employee benefits	27.7	20.7
Stock-based compensation	15.3	25.7
Other, net	14.1	16.3
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets	88.4	(178.0)
Inventories	56.3	(64.9)
Accounts payable, accrued expenses, and other	(310.6)	37.3
Cash spending on restructuring actions	(31.8)	(10.4)
Net cash from continuing operations	26.9	50.2
Net cash from (used in) discontinued operations	8.2	(7.3)
Net cash from operating activities	35.1	42.9
Cash flows from (used in) investing activities:
Proceeds from asset sales and other	1.6
Decrease in restricted cash	9.9
Business acquisitions and investments, net of cash acquired		0.4
Capital expenditures	(44.9)	(45.3)
Net cash used in continuing operations	(33.4)	(44.9)
Net cash from (used in) discontinued operations (includes net cash proceeds from dispositions of $18.8 for the six months ended June 27, 2009)	18.5	(2.9)
Net cash used in investing activities	(14.9)	(47.8)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	272.0	592.0
Repayments under senior credit facilities	(200.8)	(475.8)
Borrowings under trade receivables agreement	112.0	151.0
Repayments under trade receivables agreement	(60.0)	(221.0)
Net repayments under other financing arrangements	(18.3)	(19.7)
Purchases of common stock	(113.2)
Minimum tax withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options and other	(5.6)	47.5
Purchase of noncontrolling interest in subsidiary	(3.2)
Dividends paid	(25.2)	(26.5)
Net cash from (used in) continuing operations	(42.3)	47.5
Net cash from discontinued operations	0.2
Net cash from (used in) financing activities	(42.1)	47.5
Change in cash and equivalents due to changes in foreign currency exchange rates	(19.5)	22.9
Net change in cash and equivalents	(41.4)	65.5
Consolidated cash and equivalents, beginning of period	475.9	354.1
Consolidated cash and equivalents, end of period	434.5	419.6
Cash and equivalents of continuing operations	$ 434.5	$ 419.6

(2) NEW ACCOUNTING PRONOUNCEMENTS

The following is a summary of new accounting pronouncements that apply or may apply to our business.

In December 2007, the FASB issued SFAS No. 141 (revised 2007), “Business Combinations” (“SFAS No. 141(R)”), which replaces SFAS No. 141. SFAS No. 141(R) requires an acquiring entity to recognize all the assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, SFAS No. 141(R) will require acquisition costs to be expensed as incurred, acquired contingent liabilities will be recorded at fair value at the acquisition date and subsequently measured at either the higher of such amount or the amount determined under existing guidance for non-acquired contingencies, in-process research and development will be recorded at fair value as an indefinite-lived intangible asset at the acquisition date, restructuring costs associated with a business combination will be generally expensed subsequent to the acquisition date and changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. SFAS No. 141(R) also includes a substantial number of new disclosure requirements. SFAS No. 141(R) is effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. We adopted SFAS No. 141(R) on January 1, 2009, and we expect this statement will have an impact on our consolidated financial statements for acquisitions consummated after January 1, 2009, but the nature and magnitude of the specific effects will depend upon the terms and size of the acquisitions we consummate. In addition, during the first six months of 2009, there were no settlements of acquisition related liabilities for unrecognized tax benefits or reductions of acquisition-related valuation allowances.

In December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements - An Amendment of ARB No. 51.” SFAS No. 160 establishes new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Specifically, SFAS No. 160 requires the recognition of a noncontrolling interest (minority interest) as equity in the consolidated financial statements and separate from the parent’s equity. The amount of net income attributable to the noncontrolling interest will be included in consolidated net income on the face of the income statement. In addition, SFAS No. 160 requires that a parent recognize a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss will be measured using the fair value of the noncontrolling equity investment on the deconsolidation date. SFAS No. 160 also includes expanded disclosure requirements regarding the interests of the parent and the noncontrolling interest. SFAS No. 160 is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008. We adopted SFAS No. 160 on January 1, 2009. Upon adoption, we reclassified noncontrolling interest of $34.0 to a separate component of total equity within our condensed consolidated balance sheets.

In December 2007, the Emerging Issues Task Force (“EITF”) reached a consensus on EITF Issue No. 07-01, “Accounting for Collaborative Arrangements.” EITF 07-01 defines a collaborative arrangement as a contractual arrangement in which the parties are (1) active participants to the arrangements and (2) exposed to significant risks and rewards that depend on the commercial success of the endeavor. EITF 07-01 requires that costs incurred and revenues generated from transactions with third parties be reported by the collaborators on the appropriate line item in their respective income statements. EITF 07-01 also states that the income statement characterization of payments between the participants to a collaborative arrangement should be based on other authoritative literature if the payments are within the scope of such literature. EITF 07-01 requires collaborators to disclose, in the footnotes to financial statements in the initial period of adoption and annually thereafter, (1) the income statement classification and amounts attributable to transactions arising from collaborative arrangements between participants for each period for which an income statement is presented and (2) information regarding the nature and purpose of the collaborative arrangement, the collaborators’ rights and obligations under the arrangement, and any accounting policies for the collaborative arrangement. EITF 07-01 is effective for fiscal years beginning after December 15, 2008. We adopted EITF 07-01 on January 1, 2009 with no material impact on our consolidated financial statements. See Note 13 for additional details on our consortium arrangements.

In February 2008, the FASB issued FSP No. FAS 157-2, “Effective Date of FASB Statement No. 157,” to defer the effective date of SFAS No. 157, “Fair Value Measurements,” for all nonfinancial assets and liabilities, except those items recognized or disclosed at fair value on an annual or more frequently recurring basis, until years beginning after November 15, 2008. We adopted FSP No. FAS 157-2 on January 1, 2009, with no material impact on our consolidated financial statements. See Note 15 for additional details on our fair value disclosures.

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities - An Amendment of FASB Statement No. 133.” SFAS No. 161 amends and expands the disclosure requirements of SFAS No. 133 with the intent to provide users of financial statements with an enhanced understanding of (1) how and why an entity uses derivative instruments; (2) how derivative instruments and related hedged items are accounted for under SFAS No. 133 and its related interpretations; and (3) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. To meet those objectives, SFAS No. 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. SFAS No. 161 is effective for fiscal years, and interim periods within those fiscal years, beginning after November 15, 2008. We adopted SFAS No. 161 on January 1, 2009 with no material impact on our consolidated financial statements. See Note 11 for additional details on our derivative financial instruments.

In April 2008, the FASB issued FSP No. FAS 142-3, “Determination of the Useful Life of Intangible Assets.” FSP No. FAS 142-3 amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under SFAS No. 142, “Goodwill and Other Intangible Assets.” The intent of this FSP is to improve the consistency between the useful life of a recognized intangible asset under SFAS No. 142 and the period of expected cash flows used to measure the fair value of the asset under SFAS No. 141(R) and other GAAP. FSP No. FAS 142-3 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2008. We adopted FSP No. FAS 142-3 on January 1, 2009 with no material impact on our consolidated financial statements.

In June 2008, the FASB issued FSP No. EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities.” FSP No. EITF 03-6-1 states that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders and should be included in basic and diluted earnings per share calculations. FSP No. EITF 03-6-1 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2008. We adopted FSP No. EITF 03-6-1 on January 1, 2009. As of June 28, 2008, we had 0.548 outstanding restricted stock awards that contain rights to nonforfeitable dividends. The effect of including these awards increased the basic and dilutive shares for the three months ended June 28, 2008 by 0.561 and 0.260 shares, respectively, and for the six months ended June 28, 2008 by 0.571 and 0.274 shares, respectively.

In November 2008, the EITF reached a consensus on EITF Issue No. 08-6, “Equity Method Investment Accounting Considerations.” EITF 08-06 states that (1) the determination of the initial carrying value of an equity method investment should be made by applying the cost accumulation model described in SFAS No. 141(R); (2) the other-than-temporary impairment model of APB Opinion No. 18 should be used when testing equity method investments for impairments; (3) share issuances by the investee should be accounted for as if the equity method investor had sold a proportionate share of its investment; and 4) when the investment is no longer within the scope of equity method accounting, the investor should prospectively apply the provisions of SFAS No. 115 and use the carrying amount of the investment as its initial cost. EITF 08-06 is effective for transactions occurring in fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008. We adopted EITF 08-06 on January 1, 2009 with no impact on our consolidated financial statements.

In December 2008, the FASB Issued FSP No. FAS 132(R)-1,”Employers’ Disclosures about Postretirement Benefit Plan Assets.” The FSP amends SFAS No. 132(R) by providing guidance regarding employers’ disclosures about assets of a defined benefit pension or other postretirement plan. The objective of the amended disclosures is to provide users of financial statements with an understanding of (1) how investment allocation decisions are made; (2) major categories of plan assets; (3) inputs and valuation techniques used to measure the fair value of plan assets; (4) the effect of fair value measurements using significant unobservable inputs on changes in plan assets for the period; and (5) significant concentration risks within plan assets. FSP No. FAS 132(R)-1 is effective for fiscal years ending after December 15, 2009. We do not expect the adoption of FSP No. FAS 132(R)-1 to have a material impact on our consolidated financial statements.

In April 2009, the FASB Issued FSP No. FAS 141(R)-1, “Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies.” This amendment clarifies requirements for the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. The FSP reiterates an asset acquired or a liability assumed in a business combination that arises from a contingency shall be recognized at fair value at the acquisition date during the measurement period. However, in the event the fair value can not be determined during the measurement period, the SFAS No. 5 criteria shall be applied. Contingent consideration arrangements of an acquiree assumed by the acquirer shall be recognized initially at fair value, and the acquirer shall develop a systematic and rational basis for subsequently measuring and accounting for assets and liabilities arising from contingencies. In addition, the FSP states disclosed information shall enable users of its financial statements to evaluate the nature and financial effects of a business combination that occurs either during the current reporting period or after the reporting period but before the financial statements are issued. This FSP is effective for assets or liabilities arising from contingencies in business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. We adopted FSP No. FAS 141(R)-1 on January 1, 2009 and we expect this FSP will have an impact on our consolidated financial statements for acquisitions consummated after January 1, 2009, but the nature and magnitude of the specific effects will depend upon the terms and size of the acquisitions we consummate.

In April 2009, the FASB issued FSP FAS No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly,” to provide additional guidance for estimating fair value in accordance with SFAS No. 157, “Fair Value Measurements.” The FSP identifies circumstances an entity must evaluate to assess whether a transaction is orderly or not orderly. In addition, an entity must disclose within interim and annual periods the inputs and changes to valuation techniques used to measure fair value. The FSP also defines each major category for equity securities and debt securities to be major security types as described in SFAS No. 115. The FSP is effective for interim and annual reporting periods ending after June 15, 2009. We adopted FSP No. FAS 157-4 on June 27, 2009 with no material impact on our consolidated financial statements.

In April 2009, the FASB issued FSP FAS No. 115-2 and 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments,” which states an other-than-temporary impairment (“OTTI”) analysis is required to determine whether the holder of an investment in a debt or equity security, for which changes in fair value are not regularly recognized in earnings (such as securities classified as held-to-maturity or available-for-sale), should recognize a loss in earnings when the fair value of the investment is less than its amortized cost basis. The FSP requires the amount of the total OTTI related to credit issues to be recognized in earnings, while all other amounts of OTTI are recorded in other comprehensive income and amortized to earnings over the remaining life of the security. In addition, an entity is required to record the cumulative effect of the noncredit losses, previously recognized as OTTI, from retained earning into accumulated other comprehensive income as of the beginning of the current period. The FSP requires annual disclosures be made for interim periods, including the aging of unrealized losses. The FSP is effective for interim and annual reporting periods ending after June 15, 2009. We adopted FSP No. 115-2 and 124-2 on June 27, 2009 with no impact on our consolidated financial statements.

In April 2009, the FASB issued FSP FAS No. 107-1 and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” to require disclosures about the fair value of financial instruments for interim reporting periods of publicly traded companies, as well as in annual financial statements. This FSP also amends APB Opinion No. 28, “Interim Financial Reporting,” to require those disclosures in summarized financial information at interim reporting periods. This FSP is effective for interim and annual reporting periods ending after June 15, 2009. We adopted FSP FAS No. 107-1 and APB 28-1 on June 27, 2009 with no material impact on our consolidated financial statements.

In May 2009, the FASB issued SFAS No. 165, “Subsequent Events,” which requires an entity to disclose the date through which it has evaluated subsequent events and the basis for that date, whether that date represents the date the financial statements were issued or were available to be issued. The FSP is effective for interim and annual reporting periods ending after June 15, 2009. We adopted SFAS No. 165 on June 27, 2009 with no material impact on our consolidated financial statements (see Note 1).

In June 2009, the FASB issued SFAS No. 166, “Accounting for Transfers of Financial Assets — An Amendment of FASB Statement No. 140.” The objective of SFAS No. 166 is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial reports regarding a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement in transferred financial assets. SFAS No. 166 requires enhanced disclosures to provide financial statement users with greater transparency about transfers of financial assets and a transferor’s continuing involvement with transfers of financial assets accounted for as sales. SFAS No. 166 is effective for interim and annual reporting periods beginning after November 15, 2009. We do not expect the adoption of SFAS No. 166 to have a material impact on our consolidated financial statements.

In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R).” The objective of SFAS No. 167 is to amend certain requirements of FASB Interpretation No. 46 (revised December 2003), “Consolidation of Variable Interest Entities,” (“FIN 46”) to improve financial reporting by enterprises involved with variable interest entities (“VIE”) and to provide more relevant and reliable information to users of financial statements. SFAS No. 167 no longer exempts qualifying special-purpose entities from the scope of FIN 46. In addition, the amended guidance requires the continuous reconsideration for determining whether an enterprise is the primary beneficiary of another entity, and ignores kick-out rights unless the rights are held by a single enterprise. Consolidation is required if an entity has power and receives benefits or absorbs losses that are potentially significant to the VIE. However, consolidation is not necessary if power is shared amongst unrelated parties. SFAS No. 167 requires enhanced disclosures that will provide users of financial statements with more transparent information about an enterprise’s involvement in a VIE. SFAS No. 167 is effective for interim and annual reporting periods beginning after November 15, 2009. We do not expect the adoption of SFAS No. 167 to have a material impact on our consolidated financial statements.

In June 2009, the FASB issued SFAS No. 168, “The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles - A Replacement of FASB Statement No. 162.” The objective is to replace SFAS No. 162 and to establish the FASB Accounting Standards Codification as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. SFAS No. 168 does not change GAAP. SFAS No. 168 is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The adoption of SFAS No. 168 will have no material impact on our consolidated financial statements.

(3) ACQUISITIONS AND DISCONTINUED OPERATIONS

Acquisitions

During September 2008, our Test and Measurement segment completed the acquisition of AutoBoss Tech Inc., a China-based manufacturer of diagnostic tools and equipment serving China’s vehicle maintenance and repair market, for a purchase price of $9.7. The acquired business had revenues of approximately $7.9 in the 12 months prior to its acquisition.

Discontinued Operations

As part of our operating strategy, we regularly review and negotiate potential divestitures, some of which are or may be material. As a result of this continuous review, we determined that certain of our businesses would be better strategic fits with other companies or investors. We report discontinued operations in accordance with the guidance of SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” Accordingly, we report businesses or asset groups as discontinued operations when, among other things, we commit to a plan to divest the business or asset group, we actively begin marketing the business or asset group, and when the sale of the business or asset group is deemed probable within the next 12 months. The following businesses, which have been sold, met these requirements, and therefore have been reported as discontinued operations for the periods presented:

Business	Quarter Discontinued	Actual Closing Date of Sale
Dezurik	Q3 2008	Q1 2009
Scales and Counting Systems business (“Scales”)	Q3 2008	Q4 2008
Vibration Testing and Data Acquisition Equipment business (“LDS”)	Q1 2008	Q4 2008
Air Filtration	Q3 2007	Q3 2008

Dezurik — Sold for total consideration of $23.5, including $18.8 in cash and a promissory note of $4.7, resulting in a loss, net of taxes, of $1.0 during the first quarter of 2009. During the second quarter of 2009, we recorded a net charge of $0.2 in connection with adjustments to certain liabilities that we retained. During the fourth quarter of 2008, we recorded a net charge of $6.0 to “Gain (loss) on disposition of discontinued operations, net of tax” in order to reduce the carrying value of the net assets to be sold to their estimated net realizable value.

Scales — Sold for cash consideration of $16.8, resulting in a loss, net of taxes, of $1.2 and $3.5 during the third and fourth quarters of 2008, respectively.

LDS — Sold for cash consideration of $82.5, resulting in a gain, net of taxes, of $17.1 during the fourth quarter of 2008. During the first quarter of 2009, we recorded a net charge of $2.6 in connection with an adjustment to certain liabilities that we retained. In addition, during the second quarter of 2009, we recorded additional income tax expense of $1.6 related to the disposition.

Air Filtration — Sold for cash consideration of $38.5, resulting in an aggregate loss, net of taxes, of $0.8 during 2008, including a net charge during the first quarter of 2008 of $3.1 to “Gain (loss) on disposition of discontinued operations, net of tax” to adjust the deferred tax assets of the Air Filtration business to their estimated realizable value. During 2007, we recorded a net charge of $11.0 to “Gain (loss) on disposition of discontinued operations, net of tax” in order to reduce the carrying value of the net assets to be sold to their estimated net realizable value.

During the fourth quarter of 2008, we committed to a plan to divest a business within our Industrial Products and Services segment. As a result of this planned divestiture, during the fourth quarter of 2008 we recorded a net impairment charge of $23.0 attributable to SPX common shareholders in order to reduce the carrying value of the net assets to be sold to their estimated net realizable value. During the first quarter of 2009, we recorded an additional net charge of $8.5 based on indications of interest for the business. In addition, during the second quarter of 2009, we committed to a plan to divest another business within our Industrial Products and Services segment. As a result of this planned divestiture, we recorded a net charge of $7.3 during the second quarter of 2009 to “Gain (loss) on disposition of discontinued operations, net of tax” in order to reduce the carrying value of the net assets to be sold to their estimated net realizable value. We have reported, for all periods presented, the financial condition, results of operations, and cash flows of these businesses as discontinued operations in our condensed consolidated financial statements. We are actively pursuing the sale of these businesses and anticipate that the sales will be completed during the next twelve months.

In addition to the businesses discussed above, we recognized a net gain of $2.6 during the three and six months ended June 27, 2009 and a net gain of $0.1 during the three months ended June 28, 2008, resulting from net adjustments to gains (losses) on sales from previously discontinued businesses. Refer to the consolidated financial statements contained in our 2008 Annual Report on Form 10-K for the disclosure of all discontinued businesses for fiscal years 2006 through 2008.

The final sales price for certain of the divested businesses is subject to adjustment based on working capital existing at the respective closing dates. The working capital figures are subject to agreement with the buyers or if we cannot come to agreement, an arbitration process. Final agreement of the working capital figures for certain of these transactions has yet to occur. In addition, changes in estimates associated with liabilities retained in connection with a business divestiture (e.g., income taxes) may occur. It is possible that the sales price and resulting gains (losses) on these, and other previous divestitures, may be materially adjusted in subsequent periods.

For the three and six months ended June 27, 2009 and June 28, 2008, income (loss) from discontinued operations and the related income taxes are shown below:

	Three months ended						Six months ended
	June 27,			June 28,			June 27,			June 28,
	2009			2008			2009			2008
Income (loss) from discontinued operations	$	(6.9	)	$	6.7		$	(28.5	)	$	10.0
Income tax (provision) benefit	0.9			(2.4		)	8.5			(5.4		)
Income (loss) from discontinued operations, net	$	(6.0	)	$	4.3		$	(20.0	)	$	4.6

For the three and six months ended June 27, 2009 and June 28, 2008, results of operations for our businesses reported as discontinued operations were as follows:

	Three months ended				Six months ended
	June 27,		June 28,		June 27,			June 28,
	2009		2008		2009			2008
Revenues	$	25.6	$	103.9	$	47.8		$	196.8

Pre-tax income (loss)	0.8		6.6		(2.2		)	10.1

The major classes of assets and liabilities, excluding intercompany balances, of the businesses reported as discontinued operations included in the accompanying condensed consolidated balance sheets are shown below:

	June 27, 2009		December 31, 2008
Assets:
Accounts receivable, net	$	18.9	$	19.6
Inventories, net	7.2		28.1
Other current assets	3.3		4.3
Property, plant and equipment, net	21.4		24.7
Goodwill and intangibles, net	10.2		30.4
Other assets	0.8		1.1
Assets of discontinued operations	$	61.8	$	108.2

Liabilities:
Accounts payable	$	6.2	$	12.5
Accrued expenses	7.1		8.0
Short-term debt	—		0.4
Deferred and other income taxes	1.6		2.8
Long-term debt and other	0.2		0.2
Liabilities of discontinued operations	$	15.1	$	23.9

(4) BUSINESS SEGMENT INFORMATION

We are a global provider of flow technology, test and measurement products and services, thermal equipment and services, and industrial products and services, with operations in over 40 countries. We offer a diverse collection of products, which include, among other things, valves, fluid handling equipment, metering and mixing solutions, specialty service tools, diagnostic systems, service equipment and technical information services, cooling, heating and ventilation products, power transformers, and television and radio broadcast antennas. Our products are used by a broad array of customers in various industries, including power generation, chemical processing, pharmaceuticals, infrastructure, mineral processing, petrochemical, automotive service, telecommunications and transportation.

We have aggregated our operating segments into four reportable segments in accordance with the criteria defined in SFAS No. 131, “Disclosures about Segments of an Enterprise and Related Information.” The segments are Flow Technology, Test and Measurement, Thermal Equipment and Services and Industrial Products and Services. The factors considered in determining our aggregated segments are the economic similarity of the businesses, the nature of products sold or services provided, production processes, types of customers and distribution methods. In determining our segments, we apply the threshold criteria of SFAS No. 131 to operating income or loss of each segment before considering impairment and special charges, pension and postretirement expenses, stock-based compensation and other indirect corporate expense. This is consistent with the way our chief operating decision maker evaluates the results of each segment.

Flow Technology

Our Flow Technology segment designs, manufactures, and markets solutions and products that are used to blend, meter and transport fluids, as well as air and gas filtration and dehydration products. Our Flow Technology businesses focus on innovative, highly engineered new product introductions and expansion from products to systems and services to create total customer solutions. Products for the segment include high-integrity pumps, valves, heat exchangers, fluid mixers, agitators, metering systems, filters and dehydration equipment for the food and beverage and pharmaceutical processing, power generation, general industrial, chemical processing, oil and gas processing, air dehydration and mining markets.

Test and Measurement

Our Test and Measurement segment engineers and manufactures branded, technologically advanced test and measurement products used on a global basis across the transportation, telecommunications and utility industries. Our technology supports the introduction of new systems, expanded services and sophisticated testing and validation. Products for the segment include specialty automotive diagnostic service tools, fare-collection systems and portable cable and pipe locators. The segment continues to focus on initiatives such as lean manufacturing, expanding its commercialization of the European and Chinese markets and leveraging its outsourcing model.

Thermal Equipment and Services

Our Thermal Equipment and Services segment engineers, manufactures and services cooling, heating and ventilation products for markets throughout the world. Products for the segment include dry, wet and hybrid cooling systems for the power generation, refrigeration, HVAC and industrial markets, as well as hydronic and heating and ventilation products for the commercial and residential markets. This segment also provides thermal components for power and steam generation plants and engineered services to maintain, refurbish, upgrade and modernize power stations. The segment continues to focus on expanding its global reach, as well as increasing thermal components and service offerings, particularly in South Africa, Europe, and Asia Pacific. The segment’s South African subsidiary has a Black Economic Empowerment minority shareholder, which holds a 25.1% interest.

Industrial Products and Services

Our Industrial Products and Services segment comprises businesses that design, manufacture and market power systems, industrial tools and hydraulic units, precision machine components for the aerospace industry, crystal growing machines for the solar power generation market, and television and radio broadcast antenna systems. This segment continues to focus on lean initiatives and global expansion opportunities.

Corporate Expense

Corporate expense generally relates to the cost of our Charlotte, NC corporate headquarters and our Asia-Pacific center in Shanghai, China.

Financial data for our business segments, including the results of businesses acquired from the respective dates of acquisition, were as follows:

	Three months ended						Six months ended
	June 27,			June 28,			June 27,			June 28,
	2009			2008			2009			2008
Revenues(1):
Flow Technology	$	396.2		$	534.5		$	790.2		$	1,026.6
Test and Measurement	207.6			320.0			403.6			590.0
Thermal Equipment and Services	368.9			409.4			711.1			756.2
Industrial Products and Services	220.8			241.0			448.2			477.1
Total revenues	$	1,193.5		$	1,504.9		$	2,353.1		$	2,849.9

Segment income:
Flow Technology	$	48.5		$	69.7		$	98.6		$	116.4
Test and Measurement	13.3			36.6			19.1			60.5
Thermal Equipment and Services	27.5			45.6			48.9			82.0
Industrial Products and Services	46.6			54.0			95.5			107.1
Total segment income	135.9			205.9			262.1			366.0

Corporate expense	(19.2		)	(24.7		)	(42.5		)	(54.9		)
Pension and postretirement expense	(9.8		)	(7.6		)	(18.7		)	(15.0		)
Stock-based compensation expense	(6.1		)	(9.7		)	(15.3		)	(25.7		)
Special charges, net	(23.3		)	(4.2		)	(35.2		)	(4.9		)

Consolidated operating income	$	77.5		$	159.7		$	150.4		$	265.5

(1) Under the percentage of completion method, we recognized revenues of $323.4 and $359.7 in the three months ended June 27, 2009 and June 28, 2008, respectively. For the six months ended June 27, 2009 and June 28, 2008, revenues under the percentage of completion method were $627.3 and $687.0, respectively. Costs and estimated earnings in excess of billings on contracts accounted for under the percentage of completion method were $259.4 and $195.7 as of June 27, 2009 and December 31, 2008, respectively, and were classified as a component of “Accounts receivable, net” in the condensed consolidated balance sheets. Billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage of completion method were $338.2 and $337.6 as of June 27, 2009 and December 31, 2008, respectively. The June 27, 2009 balance includes $319.0 reported as a component of “Accrued expenses” and $19.2 as a component of “Other long-term liabilities” in the condensed consolidated balance sheet. The December 31, 2008 balance includes $323.4 reported as a component of “Accrued expenses” and $14.2 as a component of “Other long-term liabilities” in the condensed consolidated balance sheet.

(5) SPECIAL CHARGES

Special charges, net, for the three and six months ended June 27, 2009 and the three and six months ended June 28, 2008 are summarized and described in more detail below:

	Three months ended				Six months ended
	June 27,		June 28,		June 27,		June 28,
	2009		2008		2009		2008
Flow Technology	$	7.4	$	1.1	$	9.8	$	1.2
Test and Measurement	8.0		1.3		15.8		1.5
Thermal Equipment and Services	5.8		0.6		6.8		1.0
Industrial Products and Services	1.6		—		2.0		—
Corporate	0.5		1.2		0.8		1.2
Total	$	23.3	$	4.2	$	35.2	$	4.9

Flow Technology Segment — Charges for the three and six months ended June 27, 2009 related primarily to exit costs for locations in Orebro, Sweden; Mexico City, Mexico; Rochester, New York; and Buffalo, NY, as well as additional integration costs associated with the December 31, 2007 acquisition of APV. The charges for the three and six months ended June 28, 2008 related primarily to the relocation of the segment’s headquarters from Delavan, WI to Charlotte, NC.

Test and Measurement Segment – Charges for the three and six months ended June 27, 2009 related to costs associated with headcount reductions and integration activities that impacted facilities in North America, Europe and Asia- Pacific, primarily in response to the continued difficulties being experienced by the global vehicle manufacturers and their dealer service networks. The charges for the three and six months ended June 28, 2008 related primarily to costs associated with a plan to consolidate distribution activities within the segment, as well as costs associated with the closure of a manufacturing facility in Owatonna, MN.

Thermal Equipment and Services Segment – Charges for the three and six months ended June 27, 2009 related primarily to costs associated with headcount reductions at facilities in Ratingen, Germany; Gallarate, Italy; Guangzhou, China; Worcester, UK; Michigan City, IN; and Eden, NC. The charges for the three and six months ended June 28, 2008 related primarily to costs associated with the shut-down of a facility in Houston, TX.

Industrial Products and Services Segment – Charges for the three and six months ended June 27, 2009 related primarily to costs associated with headcount reductions at facilities in Rockford, IL and Waukesha, WI.

Corporate – Charges for the three and six months ended June 27, 2009 related primarily to our legal entity reduction initiative and the closure of our information technology data center in Horsham, P.A. The charges for the three and six months ended June 28, 2008 related primarily to a second quarter impairment charge of $1.0 and costs associated with our legal entity reduction initiative.

The following is an analysis of our restructuring and integration liabilities for the six months ended June 27, 2009 and June 28, 2008:

	Six months ended
	June 27,			June 28,
	2009			2008
Beginning balance	$	31.5		$	12.6
Special charges (1)	32.8			3.7
Adjustments related to acquisition accounting	4.0			(0.1		)
Utilization – cash	(31.8		)	(10.4		)
Currency translation adjustments and other	(1.2		)	1.7
Ending balance (2)	$	35.3		$	7.5

(1) For the six months ended June 27, 2009 and June 28, 2008 excluded $2.4 and $1.2, respectively, of non-cash special charges relating to asset impairments that had an impact on special charges but not the related liabilities.

(2) The balance at June 27, 2009 was composed of $14.8 relating to acquisition integration plans and $20.5 for various restructuring plans.

(7) GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill, by segment, were as follows:

	December 31, 2008		Goodwill resulting from business combinations		Foreign Currency Translation and other (1)			June 27, 2009
Flow Technology	$	664.6	$	—	$	5.7		$	670.3
Test and Measurement	364.6		—		1.0			365.6
Thermal Equipment and Services	481.6		—		(4.2		)	477.4
Industrial Products and Services	259.0		—		—			259.0
Total	$	1,769.8	$	—	$	2.5		$	1,772.3

(1) Represents adjustments to acquisition accounting related to recent acquisitions and changes from foreign currency translation of $7.2 and $(4.7), respectively.

Other Intangibles

Identifiable intangible assets comprise the following:

	June 27, 2009							December 31, 2008
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets with determinable lives:
Patents	$	28.1	$	(21.8	)	$	6.3	$	28.4	$	(21.3	)	$	7.1
Technology	72.5		(13.5		)	59.0		73.4		(11.3		)	62.1
Customer relationships	208.5		(37.6		)	170.9		211.3		(31.9		)	179.4
Other	25.3		(9.5		)	15.8		25.1		(8.9		)	16.2
	334.4		(82.4		)	252.0		338.2		(73.4		)	264.8
Trademarks with indefinite lives	388.2		—			388.2		382.0		—			382.0
Total	$	722.6	$	(82.4	)	$	640.2	$	720.2	$	(73.4	)	$	646.8

Estimated annual amortization expense related to these intangible assets is $21.3 in 2009, $21.1 in 2010, $20.0 in 2011, $19.1 in 2012 and $18.5 in 2013.

At June 27, 2009, the net carrying value of net intangible assets with determinable lives consisted of $146.8 in the Flow Technology segment, $75.8 in the Test and Measurement segment, and $25.3 in the Thermal Equipment and Services segment. Trademarks with indefinite lives were associated with $204.9 in the Flow Technology segment, $53.7 in the Test and Measurement segment, $114.6 in the Thermal Equipment and Services segment, and $15.0 in the Industrial Products and Services segment.

Consistent with the requirements of SFAS No. 142, we annually test the recoverability of our indefinite-lived intangible assets during the fourth quarter based on a measurement date as of the end of the third quarter and continually monitor impairment indicators across all our reporting units. Any significant change in market conditions and estimates or judgments used to determine expected future cash flows that indicate a reduction in carrying value may give rise to impairment in the period that the change becomes known.

The estimated fair value of our Service Solutions reporting unit (our specialty diagnostic service tools business in our Test and Measurement segment) exceeds the carrying value of its net assets by approximately 2%. Any unfavorable changes in assumptions used in determining the estimated fair value of Service Solutions could result in its estimated fair value falling below the carrying value of its net assets. The aggregate goodwill and indefinite-lived intangible asset balance for Service Solutions was $383.2 at June 27, 2009. We will continue to monitor impairment indicators across our reporting units, including Service Solutions.

- Definition

Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

+ References+ Details

(9) EMPLOYEE BENEFIT PLANS

Net periodic benefit expense for our pension and postretirement plans includes the following components:

Domestic Pension Plans

	Three months ended						Six months ended
	June 27,			June 28,			June 27,			June 28,
	2009			2008			2009			2008
Service cost	$	2.1		$	1.9		$	4.0		$	3.8
Interest cost	16.7			16.3			33.1			32.6
Expected return on plan assets	(18.5		)	(19.6		)	(37.1		)	(39.1		)
Amortization of unrecognized losses	5.7			5.3			11.0			10.6
Amortization of unrecognized prior service cost	(0.2		)	(0.2		)	(0.1		)	(0.4		)
Total net periodic pension benefit expense	5.8			3.7			10.9			7.5
Less: Net periodic pension benefit expense of discontinued operations	—			—			(0.2		)	—
Net periodic pension benefit expense of continuing operations	$	5.8		$	3.7		$	10.7		$	7.5

Foreign Pension Plans

	Three months ended						Six months ended
	June 27,			June 28,			June 27,			June 28,
	2009			2008			2009			2008
Service cost	$	0.7		$	1.0		$	1.2		$	1.8
Interest cost	3.4			4.0			6.6			7.9
Expected return on plan assets	(3.2		)	(4.5		)	(6.3		)	(9.0		)
Amortization of unrecognized losses	0.5			0.3			1.0			0.6
Total net periodic pension benefit expense	1.4			0.8			2.5			1.3
Less: Net periodic pension benefit expense of discontinued operations	(0.2		)	—			(0.3		)	—
Net periodic pension benefit expense of continuing operations	$	1.2		$	0.8		$	2.2		$	1.3

Postretirement Plans

	Three months ended						Six months ended
	June 27,			June 28,			June 27,			June 28,
	2009			2008			2009			2008
Service cost	$	—		$	—		$	0.1		$	0.1
Interest cost	2.4			2.5			4.9			4.9
Amortization of unrecognized losses	0.8			0.9			1.5			1.8
Amortization of unrecognized prior service cost	(0.4		)	(0.3		)	(0.7		)	(0.6		)
Net periodic pension benefit expense	$	2.8		$	3.1		$	5.8		$	6.2

During the first six months of 2009, we made contributions of approximately $8.8 to our foreign and qualified domestic pension plans, of which $1.6 related to businesses classified as discontinued operations. Our estimates of full-year 2009 required employer contributions to our employee benefit plans decreased approximately $4.0 from those disclosed in the consolidated financial statements contained in our 2008 Annual Report on Form 10-K, primarily due to additional Internal Revenue Service (“IRS”) guidance related to the Pension Protection Act of 2006 assumptions used in the valuation of the 2009 plan year.

- Definition

Description containing the entire pension and other postretirement benefits disclosure as a single block of text.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7, 21, 22

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 6, 7, 8

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 8

-Subparagraph m

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph q

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS106-2

-Paragraph 20, 21, 22

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-2

-Paragraph 8

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 30

-Paragraph 26

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Implementation Guide (Q and A)

-Number FAS88

-Paragraph 63

+ Details

(10) INDEBTEDNESS

The following summarizes our debt activity (both current and non-current) for the six months ended June 27, 2009:

	December 31, 2008		Borrowings		Repayments			Other (3)		June 27, 2009
Term loan	$	675.0	$	—	$	(18.8	)	$	—	$	656.2
Domestic revolving loan facility	65.0		272.0		(182.0		)	—		155.0		(4)
7.625% senior notes	500.0		—		—			—		500.0
7.50% senior notes	28.2		—		—			—		28.2
6.25% senior notes	21.3		—		—			—		21.3
Trade receivables financing arrangement (1)	—		112.0		(60.0		)	—		52.0
Other indebtedness (2)	55.2		—		(18.3		)	0.4		37.3
Total debt	1,344.7		$	384.0	$	(279.1	)	$	0.4	1,450.0
Less: short-term debt	112.9									135.2
Less: current maturities of long-term debt	76.4									76.0
Total long-term debt	$	1,155.4								$	1,238.8

(1) Under this arrangement, we can borrow, on a continuous basis, up to $130.0, as available.

(2) Includes aggregate balances under accounts payable programs and a purchase card program of $29.8 and $47.9 at June 27, 2009 and December 31, 2008, respectively.

(3) “Other” includes debt assumed and foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar.

(4) Based on our projected domestic cash flows over the next 12 months, we have included $53.0 of the balance in short-term debt and the remaining $102.0 in long-term debt.

Credit Facilities

We have senior credit facilities with a syndicate of lenders that provide for committed senior secured financing of $2,300.0, consisting of the following:

· a term loan facility in an aggregate principal amount of $750.0 (balance of $656.2 at June 27, 2009) with a final maturity of September 2012;

· a domestic revolving credit facility, available for loans and letters of credit, in an aggregate principal amount up to $400.0 with a final maturity of September 2012;

· a global revolving credit facility, available for loans in Euros, British Pounds and other currencies in an aggregate principal amount up to the equivalent of $200.0 with a final maturity of September 2012; and

· a foreign credit instrument facility, available for performance letters of credit and guarantees, in an aggregate principal amount in various currencies up to the equivalent of $950.0 with a final maturity of September 2012.

Our senior credit facilities require that we maintain a Consolidated Interest Coverage Ratio (generally defined as the ratio of consolidated adjusted EBITDA for the trailing four fiscal quarters ended on such date to consolidated interest expense for such period) as of the last day of any fiscal quarter of at least 3.50 to 1.00, and a Consolidated Leverage Ratio as of the last day of any fiscal quarter of no more than 3.25 to 1.00. Our senior credit facilities also contain covenants that, among other things, restrict our ability to incur additional indebtedness, grant liens, make investments, loans, guarantees or advances, make restricted junior payments, including dividends, redemptions of capital stock and voluntary prepayments or repurchases of certain other indebtedness, engage in mergers, acquisitions or sales of assets, enter into sale and leaseback transactions or engage in certain transactions with affiliates and otherwise restrict certain corporate activities. We do not expect these covenants to restrict our liquidity, financial condition or access to capital resources in the foreseeable future. Lastly, our senior credit facilities contain customary representations, warranties, affirmative covenants and events of default.

We are permitted under our senior credit facilities to repurchase our capital stock and pay cash dividends in an unlimited amount if our gross Consolidated Leverage Ratio is less than 2.50 to 1.00. If our gross Consolidated Leverage Ratio is greater than or equal to 2.50 to 1.00, the aggregate amount of such repurchases and dividend declarations cannot exceed (A) $100.0 in any fiscal year plus (B) an additional amount for all such repurchases and dividend declarations made after September 21, 2007 equal to the sum of (i) $300.0 and (ii) a positive amount equal to 50% of cumulative consolidated net income during the period from July 1, 2007 to the end of the most recent fiscal quarter for which financial information is available preceding the date of such repurchase or dividend declaration (or, in case such consolidated net income is a deficit, minus 100% of such deficit).

The weighted-average interest rate of our outstanding borrowings under our senior credit facilities was approximately 4.37% for the six months ended June 27, 2009, inclusive of the impact of interest rate protection agreements (“Swaps”).

At June 27, 2009, we were in compliance with all covenant provisions of our senior credit facilities and did not have any restrictions on our ability to repurchase shares or pay dividends.

Senior Notes

In December 2007, we issued, in a private placement, $500.0 aggregate principal amount of 7.625% senior unsecured notes that mature in 2014. We used the net proceeds from the offering for general corporate purposes including the financing of our acquisition of APV. The interest payment dates for these notes are June 15 and December 15 of each year. The notes are redeemable, in whole, or in part, at any time prior to maturity at a price equal to 100% of the principal amount thereof plus a premium, plus accrued and unpaid interest. In addition, at any time prior to December 15, 2010, we may redeem up to 35% of the aggregate principal amount of the notes with the net cash proceeds of certain equity offerings at a redemption price of 107.625%, plus accrued and unpaid interest. If we experience certain types of change of control transactions, we must offer to repurchase the notes at 101% of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest. These notes are unsecured and rank equally with all our existing and future unsecured senior indebtedness. The indenture governing these notes contains covenants that, among other things, limit our ability to incur liens, enter into sale and leaseback transactions and consummate some mergers. During the first quarter of 2009, these senior notes became freely tradable. At June 27, 2009, we were in compliance with all covenant provisions of the senior notes.

(11) DERIVATIVE FINANCIAL INSTRUMENTS

On January 1, 2009, we adopted the provision of SFAS No. 161, which requires enhanced disclosures regarding an entity’s derivative and hedging activities. The adoption of SFAS No. 161 had no financial impact on our consolidated financial statements.

Interest Rate Swaps

We use Swaps to manage the potential impact of increases in interest rates on our variable rate term loan. These Swaps, which we designate and account for as cash flow hedges, have maturities through September 2012 and effectively convert the majority of our borrowing under our variable rate term loan to a fixed rate of 4.795% plus the applicable margin. These are amortizing Swaps; therefore, the outstanding notional value is scheduled to decline commensurate with the scheduled maturities of the term loan. As of June 27, 2009, the aggregate notional amount of the Swaps was $510.0. The unrealized loss, net of taxes, recorded in accumulated other comprehensive loss (“AOCI”) was $21.2 and $25.8 as of June 27, 2009 and December 31, 2008, respectively.

Currency Forward Contracts

We manufacture and sell our products in a number of countries and, as a result, are exposed to movements in foreign currency exchange rates. Our objective is to preserve the economic value of non-functional currency denominated cash flows and to minimize their impact. Our principal currency exposures relate to the Euro, British Pound, South African Rand and Chinese Yuan.

From time to time, we enter into foreign currency protection agreements (“FX forward contracts”) to manage the exposure on contracts with forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities denominated in currencies other than the functional currency of certain subsidiaries. Some of the contracts with underlying forecasted transactions contain currency forward embedded derivatives (“FX embedded derivatives”), as the currency of exchange is not “clearly and closely” related to the functional currency of either party to the transaction. Certain of these FX embedded derivatives are designated as cash flow hedges, as deemed appropriate. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the criteria of SFAS No. 133, changes in the derivatives’ fair value are not included in current earnings, but are included in AOCI. These changes in fair value will subsequently be reclassified into earnings as a component of revenues or cost of goods sold, as applicable, when the forecasted transaction occurs. To the extent that a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded currently in earnings in the period it occurs. We had FX forward contracts with an aggregate notional amount of $110.7 outstanding as of June 27, 2009. The unrealized loss, net of taxes, recorded in AOCI was $1.0 as of June 27, 2009.

Commodity Contracts

From time to time, we enter into forward contracts to manage the exposure on forecasted purchases of commodity raw materials (“commodity contracts”). We designate and account for these contracts as cash flow hedges. At June 27, 2009, the outstanding notional amount of commodity contracts was 2.2 pounds of copper. We reclassify the unrealized gains/losses associated with our commodity contracts to cost of products sold when the hedged transaction impacts earnings. The unrealized loss, net of taxes, recorded in AOCI was $0.8 and $5.8 as of June 27, 2009 and December 31, 2008, respectively. We anticipate reclassifying the unrealized loss to income over the next 12 months.

The following summarizes the fair value of our derivative financial instruments:

	June 27, 2009				December 31, 2008
	Balance Sheet Classification	Fair Value			Balance Sheet Classification	Fair Value
Derivative contracts designated as hedging instruments under SFAS No. 133:
FX embedded derivatives	Other assets	$	0.7		—	$	—
		$	0.7			$	—

Commodity contracts	Accrued expenses	$	(1.2	)	Accrued expenses	$	(7.2	)
Swaps	Other long-term liabilities	(34.5		)	Other long-term liabilities	(42.0		)
FX embedded derivatives	Other long-term liabilities	(7.6		)	Other long-term liabilities	—
		$	(43.3	)		$	(49.2	)

Derivative contracts not designated as hedging instruments under SFAS No. 133:
FX forward contracts	Other current assets	$	1.2		Other current assets	$	0.5
FX embedded derivatives	Other current assets	0.2			Other current assets	0.1
FX embedded derivatives	—	—			Other assets	8.9
		$	1.4			$	9.5

FX forward contracts	Accrued expenses	$	(0.1	)	Accrued expenses	$	(2.9	)
FX embedded derivatives	Accrued expenses	(1.1		)	—	—
		$	(1.2	)		$	(2.9	)

The following summarizes the effect of derivative financial instruments in cash flow hedging relationships on the condensed consolidated statements of operations for the three months ended June 27, 2009 and June 28, 2008:

	Amount of gain (loss) recognized in AOCI, pre- tax (1)					Classification of gain (loss)	Amount of gain (loss) reclassified from AOCI to income, pre-tax (1)
	2009			2008		reclassified from AOCI	2009			2008
Swaps	$	(0.2	)	$	16.1	Interest expense	$	(4.7	)	$	(3.2	)
FX embedded derivatives	(1.3		)	—		Cost of products sold	—			—
Commodity contracts	1.2			0.2		Cost of products sold	(2.6		)	0.7
	$	(0.3	)	$	16.3		$	(7.3	)	$	(2.5	)

The following summarizes the effect of derivative financial instruments in cash flow hedging relationships on the condensed consolidated statements of operations for the six months ended June 27, 2009 and June 28, 2008:

	Amount of gain (loss) recognized in AOCI, pre- tax (1)						Classification of gain (loss)	Amount of gain (loss) reclassified from AOCI to income, pre-tax (1)
	2009			2008			reclassified from AOCI	2009			2008
Swaps	$	(1.5	)	$	(2.7	)	Interest expense	$	(9.0	)	$	(3.2	)
FX embedded derivatives	(1.3		)	—			Cost of products sold	—			—
Commodity contracts	2.4			3.0			Cost of products sold	(5.5		)	0.5
	$	(0.4	)	$	0.3			$	(14.5	)	$	(2.7	)

(1) For the three and six months ended June 27, 2009, $0.2 was recognized in other income (expense), net relating to derivative ineffectiveness and amounts excluded from effectiveness testing.

The following summarizes the effect of derivative financial instruments not designated as cash flow hedging relationships on the condensed consolidated statements of operations for the three months ended June 27, 2009 and June 28, 2008:

	Classification of gain (loss) recognized in	Amount of gain (loss) recognized in income
	income	2009			2008
FX forward contracts	Other income (expense), net	$	5.1		$	(1.7	)
FX embedded derivatives	Other income (expense), net	(7.5		)	(0.7		)
		$	(2.4	)	$	(2.4	)

	Classification of gain (loss) recognized in	Amount of gain (loss) recognized in income
	income	2009			2008
FX forward contracts	Other income (expense), net	$	6.3		$	(3.2	)
FX embedded derivatives	Other income (expense), net	(15.7		)	(0.1		)
		$	(9.4	)	$	(3.3	)

(12) EQUITY AND STOCK-BASED COMPENSATION

Earnings 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		Six months ended
	June 27,	June 28,	June 27,	June 28,
	2009	2008	2009	2008
Weighted-average shares outstanding used in basic income per share	49.021	53.656	49.484	53.407
Dilutive Securities—Employee stock options and restricted stock units	0.403	0.990	0.364	0.988
Weighted-average number of common and dilutive securities used for calculating diluted income per share	49.424	54.646	49.848	54.395

The total number of stock options that were not included in the computation of diluted income per share because their exercise price was greater than the average market price of common shares was 0.840 and 0.884 for the three and six months ended June 27, 2009, respectively, and 0.046 for the six months ended June 28, 2008. For the three and six months ended June 27, 2009, 0.225 and 0.227 of unvested restricted stock units were excluded from the computation of diluted income per share because required market thresholds for vesting (as discussed below) were not met.

Stock-based Compensation

Under the 2002 Stock Compensation Plan, as amended in 2006, the successor plan to the 1992 Stock Compensation Plan, up to 20.000 shares of our common stock may be granted to key employees and 5.533 of these shares were available for grant at June 27, 2009. The 2002 Stock Compensation Plan permits the issuance of new shares or shares from treasury upon the exercise of options and the vesting of restricted stock units or restricted stock.

During the six months ended June 27, 2009 and June 28, 2008, we classified excess tax benefits from stock-based compensation of $0.7 and $28.5, respectively, as financing cash flows and included such amounts in “Minimum tax withholding paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options and other” within our condensed consolidated statements of cash flows.

Restricted stock or restricted stock units may be granted to eligible employees or non-employee directors in accordance with applicable equity compensation plan documents and agreements. Subject to plan terms and conditions, the restrictions generally lapse and awards vest over three years. Market (“company performance”) thresholds have been instituted for vesting of substantially all restricted stock and restricted stock unit awards. This vesting is based on SPX shareholder return versus the S&P 500 composite index. On each vesting date, we compare the SPX shareholder return to the performance of the S&P 500 composite index for the prior year and for the cumulative period since the date of the grant. If SPX outperforms the S&P 500 composite index for the prior year, the one-third portion of the grant associated with that year will vest. If SPX outperforms the S&P composite index for the cumulative period, any unvested portion of the grant that was subject to vesting on or prior to the vesting date will vest. Restricted stock and restricted stock units that do not vest within the three-year vesting period are forfeited.

We grant restricted stock to non-employee directors under the 2006 Non-Employee Directors’ Stock Incentive Plan (the “Directors’ Plan”). Under the Directors’ Plan, up to 0.100 shares of our common stock may be granted to non-employee directors; 0.053 of these shares were available for grant at June 27, 2009. Restricted stock grants have a three-year vesting period based on SPX shareholder return versus the S&P 500 composite index, which are subject to the same company performance thresholds and other vesting provisions for employee awards described in the preceding paragraph. Restricted stock that does not vest within the three-year vesting period in accordance with these company performance requirements is forfeited.

Stock options may be granted to key employees in the form of incentive stock options or nonqualified stock options, vest ratably over three years, which vesting may be subject to company performance criteria, and expire no later than 10 years from the date of grant. The option price per share may be no less than the fair market value of our common stock on the date of grant. Upon exercise, the employee has the option to surrender previously owned shares at current value in payment of the exercise price and/or for withholding tax obligations, and, subject to certain restrictions, may receive a reload option having an exercise price equal to the current market value for the number of shares so surrendered. The reload option expires at the same time that the exercised option would have expired. Any future issuances of options under the plan will not have a reload feature, pursuant to the terms of the plan.

We use the Monte Carlo simulation model valuation technique to determine fair value as our restricted stock and restricted stock units contain a “market condition.” The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award and calculates the fair value of each restricted stock and restricted stock unit award. We used the following assumptions in determining the fair value of the awards granted on January 2, 2009 and January 2, 2008:

	Annual expected stock price volatility		Annual expected dividend yield		Risk free interest rate		Correlation between total shareholder return for SPX and S&P 500 Composite Index
January 2, 2009:
SPX Corporation	52.7	%	2.31	%	1.12	%	0.7272
S&P 500 Composite Index	26.2	%	n/a		1.12	%
January 2, 2008:
SPX Corporation	26.5	%	0.98	%	2.85	%	0.4913
S&P 500 Composite Index	12.4	%	n/a		2.85	%

Annual expected stock price volatility is based on the three-year historical volatility. The annual expected dividend yield is based on annual expected dividend payments and the stock price on the date of the grant. The risk-free interest rate is based on the one-year through three-year daily treasury yield curve rate as of the grant date. The fair value of the restricted stock and restricted stock units is amortized over the lesser of the requisite or derived service period of each award, which is up to three years.

The following table summarizes the restricted stock and restricted stock unit activity from December 31, 2008 through June 27, 2009:

	Unvested Restricted Stock and Restricted Stock Units		Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2008	1.251		$	58.01
Granted	0.662		33.29
Vested	(0.417	)	41.30
Forfeited	(0.035	)	54.26
Outstanding at June 27, 2009	1.461		51.86

As of June 27, 2009, there was $23.7 of unrecognized compensation cost related to restricted stock and restricted stock unit compensation arrangements. We expect this cost to be recognized over a weighted-average period of 1.3 years.

The following table summarizes the stock option activity from December 31, 2008 through June 27, 2009:

	Options		Weighted- Average Exercise Price
Outstanding at December 31, 2008	1.308		$	64.89
Exercised	(0.005	)	39.69
Forfeited	(0.273	)	95.03
Outstanding and exercisable at June 27, 2009	1.030		57.03

The weighted-average remaining term, in years, of stock options outstanding and exercisable at June 27, 2009 was 2.1. The total number of in-the-money options exercisable on June 27, 2009 was 0.367. Aggregate intrinsic value (market value of stock less the option exercise price) represents the total pretax intrinsic value, based on our closing stock price on June 27, 2009, which would have been received by the option holders had all in-the-money option holders exercised their options as of that date. The aggregate intrinsic value of the options outstanding and exercisable at June 27, 2009 was $3.4. The aggregate intrinsic value of options exercised during the first six months of 2008 was $39.3, while the related amount for the first six months of 2009 was less than $0.1.

Accumulated Other Comprehensive Loss

The components of the balance sheet caption “Accumulated other comprehensive loss” were as follows:

	June 27, 2009			December 31, 2008
Foreign currency translation adjustment	$	182.9		$	204.0
Pension liability adjustment, net of tax benefit of $207.3 and $211.5, respectively	(344.9		)	(352.3		)
Unrealized losses on qualifying cash flow hedges, net of tax benefit of $14.2 and $19.7, respectively	(23.0		)	(31.6		)
Accumulated other comprehensive loss	$	(185.0	)	$	(179.9	)

Common Stock in Treasury

During the six months ended June 27, 2009, we repurchased 2.625 shares of our common stock, associated with a written trading plan under Rule 10b5-1 of the Securities and Exchange Act of 1934, for total cash consideration of $113.2. We record common stock repurchases based on the settlement date. In addition to the above repurchases, during the six months ended June 27, 2009, “Common Stock in Treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $8.2 and increased by $2.5 for common stock that was surrendered by recipients of restricted stock as a means of funding the related income tax withholding requirements.

There were no common stock repurchases during the six months ended June 28, 2008. However, during the six months ended June 28, 2008, “Common Stock in Treasury” was decreased by stock issued from treasury relating to stock option exercises and the settlement of vested restricted stock units of $24.0 and $3.8, respectively, and increased by $11.4 for common stock that was surrendered by recipients of restricted stock as a means of funding the related income tax withholding requirements.

Dividends

The dividends declared during each of the first two quarters of 2009 and 2008 were $0.25 per share and totaled $12.2 and $12.3 in the first and second quarters of 2009 and $13.3 and $13.5 during the first and second quarters of 2008, respectively. Second quarter dividends were paid on July 2, 2009 and July 2, 2008.

Changes in Equity

A summary of the changes in equity for the three months ended June 27, 2009 and June 28, 2008 is provided below:

	June 27, 2009									June 28, 2008
	SPX Corporation Shareholders’ Equity			Noncontrolling Interests			Total Equity			SPX Corporation Shareholders’ Equity			Noncontrolling Interests			Total Equity
Equity, beginning of period	$	1,853.3		$	30.0		$	1,883.3		$	2,179.8		$	14.4		$	2,194.2
Net income (loss)	33.4			(0.3		)	33.1			94.8			(0.2		)	94.6
Net unrealized gains on qualifying cash flow hedges, net of tax provision of $2.8 and $7.2, respectively	4.2			—			4.2			11.6			—			11.6
Minimum pension liability adjustment, net of tax provision of $2.0 and $2.3, respectively	3.7			—			3.7			3.7			—			3.7
Foreign currency translation adjustments	50.7			—			50.7			(26.7		)	—			(26.7		)
Total comprehensive income (loss)	92.0			(0.3		)	91.7			83.4			(0.2		)	83.2
Dividends declared	(12.3		)	—			(12.3		)	(13.5		)	—			(13.5		)
Exercise of stock options and other incentive plan activity, including tax benefit of $0.1 and $13.8, respectively	3.9			—			3.9			54.0			—			54.0
Amortization of restricted stock and stock unit grants (includes $0.1 recorded to discontinued operations in the first quarter of 2008)	6.1			—			6.1			9.8			—			9.8
Restricted stock and restricted stock unit vesting, net of tax withholdings	—			—			—			(1.6		)	—			(1.6		)
Purchase of subsidiary shares from noncontrolling interests	—			—			—					—	—			—
Other changes in noncontrolling interests	—			1.2			1.2			—			0.6			0.6
Purchases of common stock	—			—			—			—			—			—

Equity, end of period	$	1,943.0		$	30.9		$	1,973.9		$	2,311.9		$	14.8		$	2,326.7

A summary of the changes in equity for the six months ended June 27, 2009 and June 28, 2008 is provided below:

	June 27, 2009									June 28, 2008
	SPX Corporation Shareholders’ Equity			Noncontrolling Interests			Total Equity			SPX Corporation Shareholders’ Equity			Noncontrolling Interests		Total Equity
Equity, beginning of period	$	2,010.8		$	34.0		$	2,044.8		$	2,006.0		$	10.4	$	2,016.4
Net income (loss)	57.8			(0.4		)	57.4			156.2			3.0		159.2
Net unrealized gains on qualifying cash flow hedges, net of tax provision of $5.5 and $1.1, respectively	8.6			—			8.6			1.9			—		1.9
Minimum pension liability adjustment, net of tax provision of $4.2 and $4.6, respectively	7.4			—			7.4			7.3			—		7.3
Foreign currency translation adjustments, including $1.3 of translation gains recognized upon sale of discontinued operations in the first quarter of 2009	(21.1		)	—			(21.1		)	83.4			—		83.4
Total comprehensive income (loss)	52.7			(0.4		)	52.3			248.8			3.0		251.8
Dividends declared	(24.5		)	—			(24.5		)	(26.8		)	—		(26.8		)
Exercise of stock options and other incentive plan activity, including tax benefit of $0.7 and $28.7, respectively	10.1			—			10.1			82.9			—		82.9
Amortization of restricted stock and stock unit grants (includes $0.3 recorded to discontinued operations in the first half of 2008)	15.3			—			15.3			26.0			—		26.0
Restricted stock and restricted stock unit vesting, net of tax withholdings	(6.4		)	—			(6.4		)	(25.0		)	—		(25.0		)
Purchase of subsidiary shares from noncontrolling interests	(1.8		)	(1.2		)	(3.0		)	—			—		—
Other changes in noncontrolling interests	—			(1.5		)	(1.5		)	—			1.4		1.4
Purchases of common stock	(113.2		)	—			(113.2		)	—			—		—

Equity, end of period	$	1,943.0		$	30.9		$	1,973.9		$	2,311.9		$	14.8	$	2,326.7

(13) CONTINGENCIES AND OTHER MATTERS

General

Numerous claims, complaints and proceedings arising in the ordinary course of business, including but not limited to those relating to litigation matters (e.g., class actions, derivative lawsuits and contracts, intellectual property, competitive claims, etc.), environmental matters, and risk management matters (e.g., product and general liability, automobile, workers’ compensation, etc.), have been filed or are pending against us and certain of our subsidiaries. Additionally, we may become subject to significant claims, of which we are currently unaware, or the claims, of which we are aware, may result in our incurring a significantly greater liability than we anticipate. This may also be true in connection with past or future acquisitions. While we maintain property, cargo, auto, product, general liability, environmental, and directors’ and officers’ liability insurance and have acquired rights under similar policies in connection with these acquisitions that we believe cover a portion of these claims, this insurance may be insufficient or unavailable to protect us against potential loss exposures. In addition, we have increased our self-insurance limits over the past several years. While we believe we are entitled to indemnification from third parties for some of these claims, these rights may be insufficient or unavailable to protect us against potential loss exposures. However, we believe that our accruals related to these items are sufficient and that these items and our rights to available insurance and indemnity will be resolved without material adverse effect, individually or in the aggregate, on our financial position, results of operations and cash flows. These accruals totaled $342.5 (including $266.0 for risk management matters) and $340.9 (including $260.7 for risk management matters) at June 27, 2009 and December 31, 2008, respectively. Of these amounts, $265.3 and $266.8 were included in “Other long-term liabilities” within our condensed consolidated balance sheets at June 27, 2009 and December 31, 2008, respectively, with the remainder included in “Accrued expenses.”

Litigation Matters

We are subject to legal proceedings and claims that arise in the normal course of business. In our opinion, these matters are either without merit or of a kind that should not have a material adverse effect individually or in the aggregate on our financial position, results of operations or cash flows. However, we cannot assure you that these proceedings or claims will not have a material adverse effect on our financial position, results of operations or cash flows.

Environmental Matters

Our operations and properties are subject to federal, state, local and foreign regulatory requirements relating to environmental protection. It is our policy to comply fully with all applicable requirements. As part of our effort to comply, we have a comprehensive environmental compliance program that includes environmental audits conducted by internal and external independent professionals, as well as regular communications with our operating units regarding environmental compliance requirements and anticipated regulations. Based on current information, we believe that our operations are in substantial compliance with applicable environmental laws and regulations, and we are not aware of any violation that could have a material adverse effect on our business, financial condition, results of operations or cash flows. We have liabilities for site investigation and/or remediation at 99 sites that we own or control. In addition, while we believe that we maintain adequate accruals to cover the costs of site investigation and/or remediation, there can be no assurance that currently unknown matters, new laws and regulations, or stricter interpretations of existing laws and regulations will not materially affect our business or operations in the future.

Our environmental accruals cover anticipated costs, including investigation, remediation, and operation and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. Accordingly, our estimates may change based on future developments, including new or changes in existing environmental laws or policies, differences in costs required to complete anticipated actions from estimates provided, future findings of investigation or remediation actions, or alteration to the expected remediation plans. It is our policy to realize a change in estimate once it becomes probable and can be reasonably estimated. We do not discount our environmental accruals and do not reduce them by anticipated insurance recoveries. We do take into account third-party indemnification from financially viable parties in determining our accruals where there is no dispute regarding the right to indemnification.

In the case of contamination at offsite, third-party disposal sites, we have been notified that we are potentially responsible and have received other notices of potential liability pursuant to various environmental laws at 27 sites at which the liability has not been settled, and only 10 of which have been active in the past few years. These laws may impose liability on certain persons that are considered jointly and severally liable for the costs of investigation and remediation of hazardous substances present at these sites, regardless of fault or legality of the original disposal. These persons include the present or former owners or operators of the site and companies that generated, disposed of or arranged for the disposal of hazardous substances at the site. We are considered a “de minimis” potentially responsible party at most of the sites, and we estimate the aggregate probable remaining liability at these sites is immaterial.

We conduct extensive environmental due diligence with respect to potential acquisitions, including environmental site assessments and such further testing as we may deem warranted. If an environmental problem is identified, we estimate the cost and either establish a reserve, purchase insurance or obtain an indemnity from a financially sound seller. However, in connection with our acquisitions or dispositions, we may assume or retain significant environmental liabilities, some of which we may be unaware. The potential costs related to these environmental matters and the possible impact on future operations are uncertain due in part to the complexity of government laws and regulations and their interpretations, the varying costs and effectiveness of various clean-up technologies, the uncertain level of insurance or other types of recovery, and the questionable level of our responsibility. We account for these assumed liabilities in accordance with SFAS No. 5 “Accounting for Contingencies” and Statement of Position 96-1 “Environmental Remediation Liabilities” and, therefore, record the liability when it is both probable and the amount can be reasonably estimated. Due to the uncertainties previously described, we are unable to reasonably estimate the amount of possible additional losses associated with the resolution of these matters beyond what has been recorded.

In our opinion, after considering accruals established for such purposes, remedial actions for compliance with the present laws and regulations governing the protection of the environment are not expected to have a material adverse impact on our business, financial condition, results of operations or cash flows.

Risk Management Matters

We are self-insured for certain of our product and general liability, workers’ compensation, disability and health costs, and automobile costs, and we believe that we maintain adequate accruals to cover our retained liability. Our accruals for risk management matters are determined by management, based on claims filed and estimates of claims incurred but not yet reported, and are not discounted. Management considers a number of factors, including third-party actuarial valuations, when making these determinations. We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts. This insurance may be insufficient or unavailable to protect us against potential loss exposures.

Consortium Arrangements

We enter into consortium arrangements for certain projects within our Thermal Equipment and Services segment. Under such arrangements, each consortium member is responsible for performing certain discrete items of work within the total scope of the contracted work and the consortium expires when all contractual obligations are completed. The revenue for these discrete items of work is defined in the contract with the project owner and each consortium member bears the profitability risk associated with its own work. Our consortium arrangements typically provide that each consortium member assumes its responsible share of any damages or losses associated with the project; however, the use of a consortium arrangement typically results in joint and several liability for the consortium members. If responsibility cannot be determined, then each consortium member is responsible according to its share of the contract value. Within our condensed consolidated financial statements, we account for our share of the revenues and profits under the consortium arrangements. As of June 27, 2009 our share of the aggregate contract value on open consortium arrangements was $411.9 (of which approximately 40% has been recognized as revenue), whereas the aggregate contract value on open consortium arrangements was $988.1. As of December 31, 2008, our share of the aggregate contract value on open consortium arrangements was $316.3 (of which approximately 42.0% had been recognized as revenue), whereas the aggregate contract value on open consortium arrangements was $738.6. At June 27, 2009 and December 31, 2008, we recorded liabilities of $4.4 and $3.1, respectively, representing the estimated fair value of our potential obligations under the joint and several liability provisions associated with our consortium arrangements.

(15) FAIR VALUE

Effective January 1, 2009, we adopted SFAS No. 157 for our nonfinancial assets and nonfinancial liabilities measured on a non-recurring basis. We adopted the provisions of SFAS No. 157 for measuring the fair value of our financial assets and liabilities during 2008. As defined in SFAS No. 157, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We utilize market data or assumptions that we believe market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable quoted prices in active markets for identical assets or liabilities (level 1), significant other observable inputs (level 2) or significant unobservable inputs (level 3).

Our financial derivative assets and liabilities include interest rate Swaps, FX forward contracts, FX embedded derivatives and commodity contracts that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties’ credit risk. Based on these inputs, the derivative assets and liabilities are classified within level 2 of the valuation hierarchy. Based on our continued ability to enter into forward contracts, we consider the markets for our fair value instruments to be active.

As of June 27, 2009, there has been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related agreements are collateralized under our senior credit facilities. Similarly, there has been no significant impact to the valuation of our derivative assets based on our evaluation of our counterparties’ credit risk.

We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount. Assets and liabilities measured at fair value on a recurring basis included the following as of June 27, 2009:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Current assets — FX embedded derivatives and FX forward contracts	$	—	$	1.4	$	—
Noncurrent assets — FX embedded derivatives	—		0.7		—
Current liabilities — FX forward contracts, FX embedded derivatives and commodity contracts	—		2.4		—
Long-term liabilities — FX embedded derivatives and Swaps	—		42.1		—

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2008:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Current assets — FX forward contracts and FX embedded derivatives	$	—	$	0.6	$	—
Noncurrent assets — FX embedded derivatives	—		8.9		—
Current liabilities — FX forward contracts and commodity contracts	—		10.1		—
Long-term liabilities — Swaps	—		42.0		—

In accordance with SFAS No. 144, we recorded pre-tax impairment charges of $20.8 during the six months ended June 27, 2009 to “Gain (loss) on disposition of discontinued operations,” related to discontinued operations (see Note 3) in order to reduce the carrying values of the related net assets to their net fair values. The fair values were based on recent indications of interest for the businesses, which are unobservable inputs (level 3). In addition, we recorded impairment charges of $2.4 during the three and six months ended June 27, 2009 to “Special charges, net” related to assets to be disposed in connection with certain restructuring initiatives. The fair values were based on the estimated selling prices for these assets. We determined the estimated selling prices by obtaining information in the specific markets being evaluated, including comparable sales of similar assets and assumptions about demand in the market for these assets, which are unobservable inputs (level 3).

The carrying amount of cash and equivalents and receivables reported in the condensed consolidated balance sheets approximates fair value because of the short maturity of those instruments.

The fair value of our debt instruments, based on borrowing rates available to us at June 27, 2009 for similar debt, was $1,410.9 at June 27, 2009, compared to our carrying value of $1,450.0.

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Other Information - Document and Entity Information (USD $)	6 Months Ended
	Jun. 27, 2009	Jul. 27, 2009	Jun. 28, 2008
Document and Entity Information
Entity Registrant Name	SPX Corp
Entity Central Index Key	0000088205
Document Type	10-Q
Document Period End Date	Jun. 27, 2009
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 6,910,385,877
Entity Common Stock, Shares Outstanding		49,082,452

Condensed Consolidated Statements of Cash Flows Parenthetical (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 27, 2009
Statements of Cash Flows
Net cash proceeds from dispositions of $18.8 for the six months ended June 27, 2009	$ 18.8

	June 27, 2009			December 31, 2008
Finished goods	$	240.1		$	229.3
Work in process	127.8			165.0
Raw materials and purchased parts	291.4			312.7
Total FIFO cost	659.3			707.0
Excess of FIFO cost over LIFO inventory value	(42.7		)	(40.2		)
Total inventories	$	616.6		$	666.8

	Six months ended
	June 27,			June 28,
	2009			2008
Balance at beginning of period	$	58.8		$	60.2
Acquisitions	0.7			8.8
Provisions	9.9			14.8
Usage	(13.4		)	(11.6		)
Balance at end of period	56.0			72.2
Less: Current portion of warranty	44.8			55.2
Non-current portion of warranty	$	11.2		$	17.0

Condensed Consolidated Balance Sheet Parenthetical	Jun. 27, 2009	Dec. 31, 2008
Balance Sheets
Common stock, number of shares issued	96,988,922	96,523,058
Common stock, number of shares outstanding	49,065,578	51,128,448
Common stock in treasury, number of shares	47,923,344	45,394,610