Consolidated Statements of Operations (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Revenues	$ 4,886.8	$ 4,845.6	$ 5,826.6
Costs and expenses:
Cost of products sold	3,454.0	3,426.0	4,061.2
Selling, general and administrative	1,024.4	959.2	1,127.9
Intangible amortization	27.1	21.5	25.7
Impairment of goodwill and other intangible assets	1.7	194.8	123.0
Special charges, net	36.4	73.1	17.2
Operating income	343.2	171.0	471.6
Other expense, net	(21.3)	(19.7)	(1.2)
Interest expense	(87.2)	(92.1)	(116.0)
Interest income	5.4	7.5	10.9
Loss on early extinguishment of interest rate protection agreements and term loan	(25.6)
Equity earnings in joint ventures	30.2	29.4	45.5
Income from continuing operations before income taxes	244.7	96.1	410.8
Income tax provision	(53.1)	(47.1)	(152.3)
Income from continuing operations	191.6	49.0	258.5
Income (loss) from discontinued operations, net of tax	(0.5)	(6.4)	9.7
Gain (loss) on disposition of discontinued operations, net of tax	11.7	(26.4)	4.6
Income (loss) from discontinued operations, net of tax	11.2	(32.8)	14.3
Net income	202.8	16.2	272.8
Less: Net income (loss) attributable to noncontrolling interests	(2.8)	(15.5)	24.9
Net income attributable to SPX Corporation common shareholders	205.6	31.7	247.9
Amounts attributable to SPX Corporation common shareholders:
Income from continuing operations, net of tax	194.4	47.2	251.9
Income (loss) from discontinued operations, net of tax	11.2	(15.5)	(4.0)
Net income	$ 205.6	$ 31.7	$ 247.9
Basic income per share of common stock:
Income from continuing operations attributable to SPX Corporation common shareholders (in dollars per share)	$ 3.91	$ 0.96	$ 4.70
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders (in dollars per share)	$ 0.23	$ (0.32)	$ (0.07)
Net income per share attributable to SPX Corporation common shareholders (in dollars per share)	$ 4.14	$ 0.64	$ 4.63
Weighted-average number of common shares outstanding - basic (in shares)	49.718	49.363	53.596
Diluted income per share of common stock:
Income from continuing operations attributable to SPX Corporation common shareholders (in dollars per share)	$ 3.86	$ 0.95	$ 4.63
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders (in dollars per share)	$ 0.22	$ (0.31)	$ (0.07)
Net income per share attributable to SPX Corporation common shareholders (in dollars per share)	$ 4.08	$ 0.64	$ 4.56
Weighted-average number of common shares outstanding - diluted (in shares)	50.347	49.797	54.359

Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009
Current assets:
Cash and equivalents	$ 455.4	$ 522.9
Accounts receivable, net	1,164.8	1,044.7
Inventories	564.3	559.3
Other current assets	176.1	121.2
Deferred income taxes	67.9	56.1
Assets of discontinued operations		8.4
Total current assets	2,428.5	2,312.6
Property, plant and equipment:
Land	40.8	39.1
Buildings and leasehold improvements	264.1	250.4
Machinery and equipment	767.1	712.0
Property, plant and equipment, gross	1,072.0	1,001.5
Accumulated depreciation	(526.8)	(455.2)
Property, plant and equipment, net	545.2	546.3
Goodwill	1,634.6	1,600.0
Intangibles, net	719.5	708.3
Deferred income taxes		115.3
Other assets	665.5	442.5
TOTAL ASSETS	5,993.3	5,725.0
Current liabilities:
Accounts payable	538.8	475.0
Accrued expenses	1,080.1	986.6
Income taxes payable	16.3	40.3
Short-term debt	36.3	74.4
Current maturities of long-term debt	50.8	76.0
Liabilities of discontinued operations		7.6
Total current liabilities	1,722.3	1,659.9
Long-term debt	1,110.5	1,128.6
Deferred and other income taxes	86.9	92.1
Other long-term liabilities	969.6	962.9
Total long-term liabilities	2,167.0	2,183.6
Commitments and contingent liabilities (Note 14)
SPX Corporation shareholders' equity
Common stock (98,068,416 and 50,294,261 issued and outstanding at December 31, 2010, respectively, and 97,283,521 and 49,367,689 issued and outstanding at December 31, 2009, respectively)	986.7	979.0
Paid-in capital	1,461.1	1,425.7
Retained earnings	2,358.6	2,203.0
Accumulated other comprehensive loss	(192.6)	(213.6)
Common stock in treasury (47,774,155 and 47,915,832 shares at December 31, 2010 and 2009, respectively)	(2,516.1)	(2,523.3)
Total SPX Corporation shareholders' equity	2,097.7	1,870.8
Noncontrolling interests	6.3	10.7
Total equity	2,104.0	1,881.5
TOTAL LIABILITIES AND EQUITY	$ 5,993.3	$ 5,725.0

Consolidated Statements of Equity and Comprehensive Income (Loss) (USD $) In Millions, unless otherwise specified	Total	Common Stock	Paid-In Capital	Retained Earnings	Accum. Other Comprehensive Income (Loss)	Common Stock In Treasury	SPX Corporation Shareholders' Equity	Noncontrolling Interests	Comprehensive Income (Loss)
Balance at Dec. 31, 2007	$ 1,996.4	$ 963.5	$ 1,296.0	$ 2,025.9	$ 38.1	$ (2,337.5)	$ 1,986.0	$ 10.4
Increase (Decrease) in Shareholders' Equity
Net income	272.8			247.9			247.9	24.9	272.8
Net unrealized gain (loss) on qualifying cash flow hedges, net of tax of $13.7, $6.7 and $10.8 during 2008, 2009 and 2010, respectively	(21.9)				(21.9)		(21.9)		(21.9)
Pension liability adjustment, net of tax of $62.2, $56.5 and $1.4 in 2008, 2009 and 2010, respectively	(101.7)				(101.7)		(101.7)		(101.7)
Foreign currency translation adjustments, including $6.3 and $5.7 of translation gains recognized upon sale of discontinued operations in 2008 and 2009, respectively	(96.2)				(94.4)		(94.4)	(1.8)	(96.2)
Total comprehensive income (loss)	53.0								53.0
Dividends declared ($1.00 per share)	(53.3)			(53.3)			(53.3)
Exercise of stock options and other incentive plan activity, including related tax benefit of $36.0, $1.7 and $3.2 in 2008, 2009 and 2010, respectively	128.7	5.4	81.0			42.3	128.7
Amortization of restricted stock and restricted stock unit grants (includes $0.7 and $0.1 recorded to discontinued operations in 2008 and 2009, respectively)	42.2		42.2				42.2
Restricted stock and restricted stock unit vesting, net of tax withholdings	(27.5)	3.4	(25.3)			(5.6)	(27.5)
Treasury stock repurchased	(115.2)					(115.2)	(115.2)
Purchase of noncontrolling interest shares	1.5							1.5
Dividends attributable to noncontrolling interests	(0.9)							(0.9)
Other changes in noncontrolling interests	(0.1)							(0.1)
Balance at Dec. 31, 2008	2,024.8	972.3	1,393.9	2,220.5	(179.9)	(2,416.0)	1,990.8	34.0
Increase (Decrease) in Shareholders' Equity
Net income	16.2			31.7			31.7	(15.5)	16.2
Net unrealized gain (loss) on qualifying cash flow hedges, net of tax of $13.7, $6.7 and $10.8 during 2008, 2009 and 2010, respectively	10.9				10.9		10.9		10.9
Pension liability adjustment, net of tax of $62.2, $56.5 and $1.4 in 2008, 2009 and 2010, respectively	(95.2)				(95.2)		(95.2)		(95.2)
Foreign currency translation adjustments, including $6.3 and $5.7 of translation gains recognized upon sale of discontinued operations in 2008 and 2009, respectively	51.4				50.6		50.6	0.8	51.4
Total comprehensive income (loss)	(16.7)								(16.7)
Dividends declared ($1.00 per share)	(49.2)			(49.2)			(49.2)
Exercise of stock options and other incentive plan activity, including related tax benefit of $36.0, $1.7 and $3.2 in 2008, 2009 and 2010, respectively	25.2	5.0	20.2				25.2
Amortization of restricted stock and restricted stock unit grants (includes $0.7 and $0.1 recorded to discontinued operations in 2008 and 2009, respectively)	27.7		27.7				27.7
Restricted stock and restricted stock unit vesting, net of tax withholdings	(6.7)	1.7	(14.3)			5.9	(6.7)
Treasury stock repurchased	(113.2)					(113.2)	(113.2)
Dividends attributable to noncontrolling interests	(0.4)							(0.4)
Liquidation of noncontrolling interest due to disposition of Filtran (See Note 4)	(5.1)							(5.1)
Purchase of subsidiary shares from noncontrolling interest	(3.0)		(1.8)				(1.8)	(1.2)
Other changes in noncontrolling interests	(1.9)							(1.9)
Balance at Dec. 31, 2009	1,881.5	979.0	1,425.7	2,203.0	(213.6)	(2,523.3)	1,870.8	10.7
Increase (Decrease) in Shareholders' Equity
Net income	202.8			205.6			205.6	(2.8)	202.8
Net unrealized gain (loss) on qualifying cash flow hedges, net of tax of $13.7, $6.7 and $10.8 during 2008, 2009 and 2010, respectively	17.4				17.4		17.4		17.4
Net unrealized gain on available-for-sale securities	6.1				6.1		6.1		6.1
Pension liability adjustment, net of tax of $62.2, $56.5 and $1.4 in 2008, 2009 and 2010, respectively	28.9				28.9		28.9		28.9
Foreign currency translation adjustments, including $6.3 and $5.7 of translation gains recognized upon sale of discontinued operations in 2008 and 2009, respectively	(31.1)				(31.4)		(31.4)	0.3	(31.1)
Total comprehensive income (loss)	224.1								224.1
Dividends declared ($1.00 per share)	(50.0)			(50.0)			(50.0)
Exercise of stock options and other incentive plan activity, including related tax benefit of $36.0, $1.7 and $3.2 in 2008, 2009 and 2010, respectively	31.4	5.1	26.3				31.4
Amortization of restricted stock and restricted stock unit grants (includes $0.7 and $0.1 recorded to discontinued operations in 2008 and 2009, respectively)	31.1		31.1				31.1
Restricted stock and restricted stock unit vesting, net of tax withholdings	(12.2)	2.6	(22.0)			7.2	(12.2)
Dividends attributable to noncontrolling interests	(2.6)							(2.6)
Other changes in noncontrolling interests	0.7							0.7
Balance at Dec. 31, 2010	$ 2,104.0	$ 986.7	$ 1,461.1	$ 2,358.6	$ (192.6)	$ (2,516.1)	$ 2,097.7	$ 6.3

Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Cash flows from (used in) operating activities:
Net income	$ 202.8	$ 16.2	$ 272.8
Less: Income (loss) from discontinued operations, net of tax	11.2	(32.8)	14.3
Income from continuing operations	191.6	49.0	258.5
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities
Special charges, net	36.4	73.1	17.2
Gain on sale of product line		(1.1)
Impairment of goodwill and other intangible assets	1.7	194.8	123.0
Loss on early extinguishment of interest rate protection agreements and term loan	25.6
Deferred and other income taxes	61.0	(21.0)	49.4
Depreciation and amortization	113.0	105.9	104.5
Pension and other employee benefits	68.4	53.5	58.0
Stock-based compensation	31.1	27.6	41.5
Other, net	15.5	16.3	25.9
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures
Accounts receivable and other assets	(218.3)	319.4	(255.0)
Inventories	16.3	160.1	(47.7)
Accounts payable, accrued expenses and other	(57.4)	(447.3)	57.7
Cash spending on restructuring actions	(28.2)	(67.1)	(28.1)
Net cash from continuing operations	256.7	463.2	404.9
Net cash from (used in) discontinued operations	(3.1)	7.9	1.0
Net cash from operating activities	253.6	471.1	405.9
Cash flows from (used in) investing activities:
Proceeds from asset sales and other	9.6	3.6	1.3
(Increase) decrease in restricted cash	3.5	8.4	(14.0)
Business acquisitions and other investments, net of cash acquired	(130.6)	(131.4)	(15.0)
Capital expenditures	(75.7)	(92.8)	(116.4)
Net cash used in continuing operations	(193.2)	(212.2)	(144.1)
Net cash from discontinued operations (includes net cash proceeds from dispositions of $10.1, $28.8 and $135.0 in 2010, 2009 and 2008, respectively)	10.1	24.0	130.5
Net cash used in investing activities	(183.1)	(188.2)	(13.6)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	164.0	424.5	585.5
Repayments under senior credit facilities	(825.5)	(503.0)	(710.5)
Borrowings under senior notes	600.0
Borrowing under trade receivables agreement	90.0	138.0	261.0
Repayments under trade receivables agreement	(112.0)	(116.0)	(331.0)
Net repayments under other financing arrangements	(1.7)	(17.6)	(28.3)
Purchases of common stock		(113.2)	(115.2)
Proceeds from the exercise of employee stock options and other, net of minimum withholdings paid on behalf of employees for net share settlements	3.5	1.2	81.5
Purchase of noncontrolling interest in subsidiary		(3.0)
Dividends paid (includes noncontrolling interest distributions of $2.6, $0.4 and $0.9 in 2010, 2009 and 2008, respectively)	(52.3)	(50.3)	(54.4)
Financing fees paid	(13.0)		(1.2)
Net cash used in continuing operations	(147.0)	(239.4)	(312.6)
Net cash from (used in) discontinued operations		0.2	(0.4)
Net cash used in financing activities	(147.0)	(239.2)	(313.0)
Changes in cash and equivalents due to changes in foreign currency exchange rates	9.0	3.3	42.5
Net change in cash and equivalents	(67.5)	47.0	121.8
Consolidated cash and equivalents, beginning of period	522.9	475.9	354.1
Consolidated cash and equivalents, end of period	455.4	522.9	475.9
Cash and equivalents of continuing operations	455.4	522.9	475.9
Cash and equivalents of discontinued operations	0	0	0
Supplemental disclosure of cash flow information:
Interest paid	73.9	94.2	113.3
Income taxes paid, net of refunds of $25.9, $66.4 and $17.6 in 2010, 2009 and 2008, respectively	30.0	35.7	95.7
Non-cash investing and financing activity:
Debt assumed	$ 3.9		$ 1.2

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2010

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Our significant accounting policies are described below, as well as in other Notes that follow.

Basis of Presentation — The consolidated financial statements include SPX Corporation's ("our" or "we") accounts after the elimination of intercompany transactions. Investments in unconsolidated companies where we exercise significant influence but do not have control are accounted for using the equity method. In determining whether we are the primary beneficiary of a variable interest entity ("VIE"), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and the obligation to absorb losses or the right to receive benefits of the entity that could potentially be significant to the VIE. We do have interests in VIEs, primarily joint ventures, in which we are the primary beneficiary and others in which we are not. All our VIEs are considered immaterial, individually and in aggregate, to our consolidated financial statements.

We have reclassified certain prior year amounts to conform to the current year presentation, including the results of discontinued operations. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 4 for information on discontinued operations).

Foreign Currency Translation — The financial statements of our foreign subsidiaries are translated into U.S. dollars in accordance with the Foreign Currency Matters Topic of the Accounting Standards Codification ("Codification"). Balance sheet accounts are translated at the current rate at the end of each period and income statement accounts are translated at the average rate for each period. Gains and losses on foreign currency translations are reflected as a separate component of shareholders' equity and other comprehensive income (loss). Foreign currency transaction gains and losses are included in other expense, net, with the related net gains (losses) totaling $(27.6), $(21.0) and $5.7 in 2010, 2009 and 2008, respectively.

Cash Equivalents — We consider highly liquid money market investments with original maturities of three months or less at the date of purchase to be cash equivalents.

Revenue Recognition — We recognize revenues from product sales upon shipment to the customer (FOB shipping point) or upon receipt by the customer (FOB destination), in accordance with the agreed upon customer terms. Revenues from service contracts and long-term maintenance arrangements are deferred and recognized on a straight-line basis over the agreement period. Sales with FOB destination terms are primarily to automotive and power transformer industry customers. Sales to distributors with return rights are recognized upon shipment to the distributor with expected returns estimated and accrued at the time of sale. The accrual considers restocking charges for returns and in some cases the distributor must issue a replacement order before the return is authorized. Actual return experience may vary from our estimates. Amounts billed for shipping and handling are included in revenues. Costs incurred for shipping and handling are recorded in cost of products sold. We recognize revenues separately for arrangements with multiple deliverables that meet the criteria for separate units of accounting as defined by the Revenue Recognition Topic of the Codification.

Sales incentive programs offered to our customers relate primarily to volume rebates and promotional and advertising allowances and are only significant to two of our business units. The liability for these programs, and the resulting reduction to reported revenues, is determined primarily through trend analysis, historical experience and expectations regarding customer participation. Taxes assessed by a governmental authority that are directly imposed on a revenue-producing transaction between a seller and a customer are presented on a net basis (excluded from revenues) in our consolidated statements of operations.

Certain of our businesses, primarily within the Flow Technology, Test and Measurement and Thermal Equipment and Services segments, recognize revenues from long-term construction/installation contracts under the percentage-of-completion method of accounting. The percentage-of-completion is measured principally by the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion. We also recognize revenues for similar short-term contracts using the completed-contract method of accounting.

Provisions for estimated losses, if any, on uncompleted long-term contracts, are made in the period in which such losses are determined. In the case of customer change orders for uncompleted long-term contracts, estimated recoveries are included for work performed in forecasting ultimate profitability on certain contracts. Due to uncertainties inherent in the estimation process, it is possible that completion costs, including those arising from contract penalty provisions and final contract settlements, may be revised in the near-term. Such revisions to costs and income are recognized in the period in which the revisions are determined.

Costs and estimated earnings in excess of billings arise when revenues have been recorded but the amounts have not been billed under the terms of the contracts. These amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of the contract. Claims related to long-term contracts are recognized as revenue only after we have determined that collection is probable and the amount can be reliably estimated. Claims made by us involve negotiation and, in certain cases, litigation. In the event we incur litigation costs in connection with claims, such litigation costs are expensed as incurred, although we may seek to recover these costs. Claims against us are recognized when a loss is considered probable and amounts are reasonably determinable.

We recognized $1,319.0, $1,342.5 and $1,364.7 in revenues under the percentage-of-completion method for the years ended December 31, 2010, 2009 and 2008, respectively. Costs and estimated earnings on uncompleted contracts, from their inception, and related amounts billed as of December 31, 2010 and 2009 were as follows:

	2010			2009

Costs incurred on uncompleted contracts	$	2,394.7		$	2,176.1
Estimated earnings to date		662.9			460.6

		3,057.6			2,636.7
Less: Billings to date		(3,203.4	)		(2,811.1	)

Net billings in excess of costs and estimated earnings	$	(145.8	)	$	(174.4	)

These amounts are included in the accompanying consolidated balance sheets at December 31, 2010 and 2009 as shown below. Amounts for billed retainages and receivables to be collected in excess of one year are not significant for the periods presented.

	2010			2009

Costs and estimated earnings in excess of billings⁽¹⁾	$	228.1		$	193.6
Billings in excess of costs and estimated earnings on uncompleted contracts⁽²⁾		(373.9	)		(368.0	)

Net billings in excess of costs and estimated earnings	$	(145.8	)	$	(174.4	)

⁽¹⁾: The December 31, 2010 and 2009 balances include $226.3 and $191.8 reported as a component of "Accounts receivable, net", respectively, and $1.8 as a component of "Other long-term assets" in the consolidated balance sheets.
⁽²⁾: The December 31, 2010 and 2009 balances include $364.5 and $357.0 reported as a component of "Accrued expenses", respectively, and $9.4 and $11.0 as a component of "Other long-term liabilities" in the consolidated balance sheets.

Research and Development Costs — We expense research and development costs as incurred. We charge costs incurred in the research and development of new software included in products to expense until technological feasibility is established. After technological feasibility is established, additional eligible costs are capitalized until the product is available for general release. These costs are amortized over the economic life of the related products and we include the amortization in cost of products sold. We perform periodic reviews of the recoverability of these capitalized software costs. At the time we determine that capitalized amounts are not recoverable based on the estimated cash flows to be generated from the applicable software, we write off any unrecoverable capitalized amounts. We expensed research activities relating to the development and improvement of our products of $69.5, $58.7 and $67.2 in 2010, 2009 and 2008, respectively.

Property, Plant and Equipment — Property, plant and equipment ("PP&E") is stated at cost, less accumulated depreciation. We use the straight-line method for computing depreciation expense over the useful lives of PP&E, which do not exceed 40 years for buildings and range from 3 to 15 years for machinery and equipment. Depreciation expense was $72.0, $69.7 and $67.3 for the years ended December 31, 2010, 2009 and 2008, respectively. Leasehold improvements are amortized over the life of the related asset or the life of the lease, whichever is shorter. Interest is capitalized on significant construction or installation projects. Interest capitalized during 2010 totaled $3.9, while there was no interest capitalized during 2009 and 2008.

Income Taxes — We account for our income taxes based on the requirements of the Income Taxes Topic of the Codification, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess the realizability of deferred tax assets and the adequacy of deferred tax liabilities, including the results of local, state, federal or foreign statutory tax audits or estimates and judgments used.

Derivative Financial Instruments — We use foreign currency forward contracts ("FX forward contracts") to manage our exposures to fluctuating currency exchange rates, and forward contracts to manage the exposure on forecasted purchases of commodity raw materials ("commodity contracts") to manage our exposures to fluctuation in certain raw material costs. We have used interest rate protection agreements ("Swaps") to manage our exposures to fluctuating interest rate risk on variable rate debt. Derivatives are recorded on the balance sheet and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives is recorded in other comprehensive loss and subsequently recognized in earnings when the hedged items impact earnings. Changes in the fair value of derivatives not designated as hedges, and the ineffective portion of cash flow hedges, are recorded in current earnings. We do not enter into financial instruments for speculative or trading purposes.

For those transactions that are designated as cash flow hedges, on the date the derivative contract is entered into, we document our hedge relationship, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. We also assess, both at inception and quarterly thereafter, whether such derivatives are highly effective in offsetting changes in the fair value of the hedged item. See Notes 13 and 16 for further information.

Use Of Estimates

12 Months Ended

Dec. 31, 2010

Use Of Estimates

Use Of Estimates

(2) Use Of Estimates

The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues (e.g., our percentage-of-completion estimates described above) and expenses during the reporting period. We evaluate these estimates and judgments on an ongoing basis and base our estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that we believe are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from the estimates and assumptions used in the financial statements and related notes.

Listed below are certain significant estimates and assumptions used in the preparation of our consolidated financial statements. Certain other estimates and assumptions are further explained in the related notes.

Accounts Receivable Allowances — We provide allowances for estimated losses on uncollectible accounts based on our historical experience and the evaluation of the likelihood of success in collecting specific customer receivables. In addition, we maintain allowances for customer returns, discounts and invoice pricing discrepancies, with such allowances primarily based on historical experience. Summarized below is the activity for these allowance accounts.

	Year ended December 31,

	2010			2009			2008
Balance at beginning of year	$	60.2		$	62.4		$	55.4
Acquisitions		1.2			0.2			5.0
Allowances provided		17.7			14.4			20.6
Write-offs, net of recoveries and credits issued		(22.3	)		(16.8	)		(18.6	)

Balance at end of year	$	56.8		$	60.2		$	62.4

Inventory — We estimate losses for excess and/or obsolete inventory and the net realizable value of inventory based on the aging of the inventory and the evaluation of the likelihood of recovering the inventory costs based on anticipated demand and selling price.

Impairment of Long-Lived and Intangible Assets Subject to Amortization — We continually review whether events and circumstances subsequent to the acquisition of any long-lived assets, or intangible assets subject to amortization, have occurred that indicate the remaining estimated useful lives of those assets may warrant revision or that the remaining balance of those assets may not be recoverable. If events and circumstances indicate that the long-lived assets should be reviewed for possible impairment, we use projections to assess whether future cash flows on an undiscounted basis related to the assets are likely to exceed the related carrying amount to determine if a write-down is appropriate. We will record an impairment charge to the extent that the carrying value of the assets exceed their fair values as determined by valuation techniques appropriate in the circumstances, which could include the use of similar projections on a discounted basis.

In determining the estimated useful lives of definite-lived intangibles, we consider the nature, competitive position, life cycle position, and historical and expected future operating cash flows of each acquired asset, as well as our commitment to support these assets through continued investment and legal infringement protection.

Goodwill and Indefinite-Lived Intangible Assets — We test goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied value. The fair value of reporting units is based generally on discounted projected cash flows, but we also consider factors such as comparable industry price multiples. We employ cash flow projections that we believe to be reasonable under current and forecasted circumstances, the results of which form the basis for making judgments about the carrying values of the reported net assets of our reporting units. Many of our businesses closely follow changes in the industries and end markets that they serve. Accordingly, we consider estimates and judgments that affect the future cash flow projections, including principal methods of competition, such as volume, price, service, product performance and technical innovations, as well as estimates associated with cost improvement initiatives, capacity utilization and assumptions for inflation and foreign currency changes. Actual results may differ from these estimates under different assumptions or conditions. See Note 8 for further information, including discussion of impairment charges recorded in 2009 for our Service Solutions reporting unit and in 2008 for our Weil-McLain subsidiary.

Accrued Expenses — We make estimates and judgments in establishing accruals as required under GAAP. Summarized in the table below are accrued expenses at December 31, 2010 and 2009.

	December 31,

	2010		2009
Employee benefits	$	217.8	$	199.5
Unearned revenue⁽¹⁾		501.7		461.5
Warranty		45.6		43.7
Other⁽²⁾		315.0		281.9

Total	$	1,080.1	$	986.6

⁽¹⁾: Unearned revenue includes billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage-of-completion method of revenue recognition, customer deposits and unearned amounts on service contracts.
⁽²⁾: Other consists of various items, including legal, interest, restructuring and dividends payable, none of which individually require separate disclosure.

Legal — It is our policy to accrue for estimated losses from legal actions or claims when events exist that make the realization of the losses probable and they can be reasonably estimated. We do not discount legal obligations or reduce them by anticipated insurance recoveries.

Environmental Remediation Costs — We expense costs incurred to investigate and remediate environmental issues unless they extend the economic useful life of related assets. We record liabilities and report expenses when it is probable that an obligation has been incurred and the amounts can be reasonably estimated. 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. We do not discount environmental obligations or reduce them by anticipated insurance recoveries.

Self-Insurance — We are self-insured for certain of our workers' compensation, automobile, product, general liability, disability and health costs, and we maintain adequate accruals to cover our retained liabilities. Our accruals for self-insurance liabilities are are based on claims filed and an estimate of claims incurred but not yet reported, and generally are not discounted. We consider 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; however, this insurance may be insufficient or unavailable to protect us against potential loss exposures. The key assumptions considered in estimating the ultimate cost to settle reported claims and the estimated costs associated with incurred but not yet reported claims includes, among other things, our historical and industry claims experience, trends in health care and administrative costs, our current and future risk management programs, and historical lag studies with regard to the timing between when a claim is incurred and reported.

Warranty — In the normal course of business, we issue product warranties for specific products and provide for the estimated future warranty cost in the period in which the sale is recorded. We provide for the estimate of warranty cost based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. In addition, due to the seasonal fluctuations at certain of our businesses, the timing of warranty provisions and the usage of warranty accruals can vary period to period. We make adjustments to initial obligations for warranties as changes in the obligations become reasonably estimable. The following is an analysis of our product warranty accrual for the periods presented:

		Year ended December 31,

		2010			2009			2008
Balance at beginning of year		$	56.7		$	58.8		$	60.0
Acquisitions			1.7			3.6			2.9
Provisions			26.9			24.0			20.2
Usage			(29.5	)		(29.7	)		(24.3	)

	Balance at end of year		55.8			56.7			58.8
Less: Current portion of warranty			45.6			43.7			44.0

	Non-current portion of warranty	$	10.2		$	13.0		$	14.8

Income Taxes — We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain tax positions in accordance with the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are classified as "Income taxes payable" and "Deferred and other income taxes" in the accompanying consolidated balance sheets based on an expectation as to the timing of when the matter will be resolved. As events change or resolution occurs, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. These reviews also entail analyzing the realization of deferred tax assets associated with net operating loss and credit carryforwards. When we believe that it is more likely than not that a net operating loss or credit carryforward may expire unused, we establish a valuation allowance against them. For tax positions where it is more likely than not that a tax benefit will be sustained, we record the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information.

Employee Benefit Plans — We have defined benefit plans that cover a portion of our salaried and hourly employees, including certain employees in foreign countries. We derive pension expense from an actuarial calculation based on the defined benefit plans' provisions and our assumptions regarding discount rate, rate of increase in compensation levels and expected long-term rate of return on plan assets. We determine the expected long-term rate of return on plan assets based upon historical actual asset returns and the expectations of asset returns over the expected period to fund participant benefits based on the current investment mix of our plans. We determine the discount rate by matching the expected projected benefit obligation cash flows for each of the plans to a yield curve that is representative of long-term, high-quality (rated AA or higher) fixed income debt instruments as of the measurement date. The rate of increase in compensation levels is established based on our expectations of current and foreseeable future increases in compensation. We also consult with independent actuaries in determining these assumptions. See Note 10 for more information.

- Definition

Provides an entity's explanation that the preparation of financial statements in conformity with generally accepted accounting principles requires the use of management estimates. Estimates used in the determination of carrying amounts of assets or liabilities, or in disclosure of gain or loss contingencies should be disclosed if known information available prior to issuance of the financial statements indicates that both of these criteria are met: (1) It is at least reasonably possible that the estimate of the effect on the financial statements of a condition, situation, or set of circumstances that existed at the date of the financial statements will change in the near term (less than one year from the date of issuance) due to one or more future confirming events, and (2) The effect of the change would be material to the financial statements. The disclosure should indicate the nature of the uncertainty and include an indication that it is at least reasonably possible that a change in the estimate will occur in the near term. Disclosure of the factors that cause the estimate to be sensitive to change also is encouraged. Entities also may identify those areas that are subject to significant estimates.

+ References+ Details

New Accounting Pronouncements

12 Months Ended

Dec. 31, 2010

New Accounting Pronouncements

New Accounting Pronouncements

(3) New Accounting Pronouncements

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

In December 2007, the Financial Accounting Standards Board ("FASB") issued guidance that 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, under this guidance, acquisition costs are required to be expensed as incurred, acquired contingent liabilities are to 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 are to be recorded at fair value as an indefinite-lived intangible asset (until completion or abandonment of the research and development efforts) at the acquisition date, restructuring costs associated with a business combination are to 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 affect income tax expense. A substantial number of new disclosures are also required under this guidance. The guidance 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 the guidance on January 1, 2009 and have applied the accounting and disclosure provisions to all of our acquisitions in 2010 and 2009 (see Note 4 for a summary of such acquisitions). During 2010 and 2009, we recorded no settlements of acquisition-related liabilities for unrecognized tax benefits (see Note 11 for additional details) and there were no reductions of acquisition-related valuation allowances.

In December 2007, the FASB issued guidance that established new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Specifically, noncontrolling interest (minority interest) is required to be recognized as equity in the consolidated financial statements and separate from the parent's equity. The amount of net income attributable to the noncontrolling interest is to be included in consolidated net income on the face of the income statement. In addition, a parent is required to recognize a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. The guidance establishes a single method of accounting for changes in a parent's ownership interest in a subsidiary that do not result in deconsolidation by clarifying that all of those transactions are equity transactions if the parent retains its controlling financial interest in the subsidiary. Expanded disclosures regarding the interests of the parent and the noncontrolling interest are required. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008. We adopted the guidance on January 1, 2009. Upon adoption, we reclassified noncontrolling interest of $34.0 to a separate component of total equity within our consolidated balance sheet.

In April 2009, the FASB issued guidance clarifying the 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 guidance reiterates that 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 cannot be determined during the measurement period, the Contingencies Topic of the Codification 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 disclosed information should enable users of the 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 guidance 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 the guidance on January 1, 2009 and have applied the accounting and disclosure provisions to all of our acquisitions in 2010 and 2009 (see Note 4 for a summary of such acquisitions).

In June 2009, the FASB issued guidance 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. The guidance no longer exempts qualifying special-purpose entities from the scope of the Consolidation Topic of the Codification. In addition, the amended guidance requires 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 equally shared amongst unrelated parties. The guidance requires enhanced disclosures that will provide users of financial statements with more transparent information about an enterprise's involvement in a VIE. The guidance is effective for interim and annual reporting periods beginning after November 15, 2009. We adopted the guidance on January 1, 2010 with no material impact on our consolidated financial statements.

In September 2009, the FASB issued guidance with the objective of amending revenue recognition for arrangements with multiple deliverables. The guidance eliminates one previous revenue recognition criterion so that objective and reliable evidence of fair value for undelivered item(s), in a multiple element deliverable arrangement in which the delivered item or items are considered a separate unit or units, is no longer required. The guidance also determines a hierarchy for an entity to use when estimating the selling price of deliverables that meet the other two conditions for separation as follows: (1) vendor-specific objective evidence of the selling price, (2) third-party evidence of the selling price, or (3) an estimate of the selling price. In addition, the term "selling price" replaces all references to fair value in the guidance. The guidance also has eliminated the residual allocation method and requires an entity to apply the relative selling price allocation method in all circumstances where there is an absence of objective and reliable evidence for the delivered item(s) in an arrangement. Lastly, the guidance requires enhanced disclosures about the judgments and assumptions used in evaluating arrangements. Entities may elect to apply this guidance (1) prospectively to new or materially modified arrangements after the effective date or (2) retrospectively for all periods presented. The guidance is effective for fiscal years beginning on or after June 15, 2010. While early application is permitted, if early adoption is made after the first interim reporting period, application must be made retrospectively to the beginning of that year and transition disclosures made. We did not adopt this guidance early and we do not expect the adoption of the guidance to have a material impact on our consolidated financial statements.

In September 2009, the FASB issued an amendment to guidance related to revenue recognition for certain revenue arrangements that include software elements. The amendment was to the scope of prior guidance, such that all tangible products containing both software and non-software components that function together to deliver the product's essential functionality will no longer be within the scope of the Software Revenue Recognition Topic of the Codification. That is, the entire product (including the software deliverables and non-software deliverables) would be outside the scope of revenue recognition guidance specific to software and would be accounted for under other accounting literature. Lastly, the guidance requires enhanced disclosures about the judgments and assumptions used in evaluating arrangements. Entities may elect to apply this guidance (1) prospectively to new or materially modified arrangements after the effective date or (2) retrospectively for all periods presented. The guidance is effective for fiscal years beginning on or after June 15, 2010. While early application is permitted, if early adoption is made after the first interim reporting period, application must be made retrospectively to the beginning of that year and transition disclosures made. Further, this guidance may not be adopted until the guidance that amends revenue arrangements with multiple deliverables (as described above) is adopted. We did not adopt this guidance early and we do not expect the adoption of the guidance to have a material impact on our consolidated financial statements.

In January 2010, the FASB issued an amendment to guidance related to fair value disclosures. The amendment adds new requirements for disclosures about (1) transfers in and out of Levels 1 and 2 fair value measurements in which a reporting entity should disclose separately the amounts of significant transfers in and out of Levels 1 and 2 fair value measurements and the reasons for the transfers, and (2) the activity in Level 3 fair value measurements, including the reconciliation for fair value measurements using significant unobservable inputs in which an entity should present separately information about purchases, sales, issuances, and settlements. This amendment provides clarification for existing disclosures for (1) the level of disaggregation for fair value measurement disclosures for each class of assets and liabilities and (2) as it relates to Levels 2 and 3 fair value measurements, disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements required for Levels 2 or 3. Lastly, this update amends guidance on employers' disclosures about postretirement benefit plan assets to require that disclosures be provided by classes of assets instead of by major categories of assets. The requirement to provide the Level 3 activity of purchases, sales, issuances, and settlements on a gross basis is effective for fiscal years beginning after December 15, 2010, and we do not expect the adoption of the guidance to have a material impact on our consolidated financial statements. The disclosure requirements for significant transfers in and out of Levels 1 and 2 are effective for periods beginning on or after December 15, 2009. We adopted the guidance on January 1, 2010 with no material impact on our consolidated financial statements.

In July 2010, the FASB issued guidance to provide greater transparency about an entity's allowance for credit losses and the credit quality of its financing receivables. The objective is to provide disclosures that facilitate financial statement users' evaluation of (1) the nature of credit risk inherent in the entity's portfolio of financing receivables, (2) how that risk is analyzed and assessed in arriving at the allowance for credit losses, and (3) the changes and reasons for those changes in the allowance for credit losses. These objectives are achieved by providing disclosures on a disaggregated basis. This guidance also amends existing disclosure requirements to include (1) a rollforward schedule of the allowance for credit losses from the beginning of the reporting period to the end of the reporting period on a disaggregated basis, (2) the related recorded investment in financing receivables for each disaggregated ending balance, (3) the nonaccrual status of financing receivables by class of financing receivables, and (4) the impaired financing receivables by class of financing receivables. Finally, the following additional disclosures are required (by class of financing receivables unless otherwise noted): (1) credit quality indicators of financing receivables at the end of the reporting period, (2) the aging of past due financing receivables at the end of the reporting period, (3) the nature and extent of troubled debt restructuring that occurred during the period and its effect on the allowance for credit losses, (4) the nature and extent of financing receivables modified as troubled debt restructuring within the previous 12 months that defaulted during the reporting period and their effect on the allowance for credit losses, and (5) any significant purchases and sales of financing receivables during the reporting period disaggregated by portfolio segment. The guidance is effective for the first reporting period ending on or after December 15, 2010. We adopted the guidance on December 31, 2010 with no material impact on our consolidated financial statements.

In December 2010, the FASB issued guidance to modify the goodwill impairment test by eliminating an entity's ability to assert that a reporting unit is not required to perform Step 2 of the goodwill impairment test if the carrying amount of the reporting unit is zero or negative, despite the existence of qualitative factors that indicate that the goodwill is more likely than not impaired. For such reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that goodwill impairment exists. In determining whether it is more likely than not that goodwill impairment exits, an entity should consider whether there are any adverse qualitative factors indicating that impairment may exist. The qualitative factors are consistent with the existing guidance, which require that goodwill of a reporting unit be tested for impairment between interim or annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The guidance is effective for the first reporting period beginning after December 15, 2010. We do not expect adoption of the guidance to have a material impact on our consolidated financial statements.

In December 2010, the FASB issued guidance to clarify that if a public entity presents comparative financial statements for business combinations that are material on an individual or aggregate basis, the entity should disclose revenues and earnings of the combined entity as though the business combination had occurred as of the beginning of the comparable prior annual reporting period only. Additionally, the guidance expands the supplemental pro forma disclosures to include a description of the nature and amount of material, nonrecurring, adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The guidance is effective prospectively 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, 2010. Early adoption is permitted, however, we did not adopt this guidance early. The adoption of the guidance will have an impact on our consolidated financial statements for material acquisitions, individually or in the aggregate, consummated after January 1, 2011.

Acquisitions and Discontinued Operations

12 Months Ended

Dec. 31, 2010

Acquisitions and Discontinued Operations

Acquisitions and Discontinued Operations

(4) Acquisitions and Discontinued Operations

We use acquisitions as a part of our strategy to gain access to customer relationships, new technology, expand our geographical reach, penetrate new markets and leverage our existing product, market, manufacturing and technical expertise. Further, 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. Acquisitions and divestitures for the years ended December 31, 2010, 2009 and 2008 are described below.

All business acquisitions consummated in 2010 and 2009 have been accounted for in accordance with the Business Combinations Topic of the Codification and those acquisitions consummated prior to 2009 in accordance with the appropriate accounting guidance applicable at the time. The consolidated statements of operations include the results of each acquired business since the date of acquisition. The assets acquired and liabilities assumed are recorded at estimates of fair values as determined by us based on information available at the acquisition date. We consider a number of factors, including third-party valuations or appraisals, when making these determinations. We will recognize additional assets or liabilities if new information is obtained during the measurement period about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period shall not exceed one year from the acquisition date. Refer to Note 8 for additional disclosure on the purchase price adjustments of the following acquisitions.

Acquisitions — 2010

In July 2010, in the Flow Technology segment, we completed the acquisition of the Anhydro business ("Anhydro"), a global supplier of liquid concentration equipment, powder processing solutions, and dewatering plants and equipment, for a purchase price of $59.1, net of cash acquired of $10.9. Anhydro had revenues of approximately $71.0 in the twelve months prior to the date of acquisition.

In April 2010, in the Industrial Products and Services segment, we completed the acquisition of Torque Tension Systems Ltd. ("TTS"), a leading global supplier of hydraulic torque wrench and tensioner tool products, for a purchase price of $15.7, net of cash acquired of $2.4. TTS had revenues of approximately $9.0 in the twelve months prior to the date of acquisition.

In February 2010, in the Flow Technology segment, we completed the acquisition of Gerstenberg Schröder A/S ("Gerstenberg"), a leading designer, manufacturer, installer and servicer of processing systems and components serving the global food industry, for a purchase price of $30.9, net of cash acquired of $3.5 and including debt assumed of $3.9. Gerstenberg had revenues of approximately $57.0 in the twelve months prior to the date of acquisition.

The pro forma effects of the acquisitions of Anhydro, TTS and Gerstenberg were not material, individually or in the aggregate, to our results of operations.

Acquisitions — 2009

In December 2009, in the Thermal Equipment and Services segment, our SPX Heat Transfer Inc. subsidiary completed the acquisition of substantially all the assets and certain liabilities of Yuba Heat Transfer, LLC ("Yuba"), a leading global supplier of heat transfer equipment utilized by nuclear, solar, geothermal, gas and coal power generation facilities, for a purchase price of $127.8, after adjusting for a working capital settlement during 2010 of $1.4. Yuba had revenues of approximately $129.0 in the twelve months prior to the date of acquisition. The pro forma effect of the acquisition was not material to our results of operations.

Acquisitions — 2008

During September 2008, in the Test and Measurement segment, we 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 twelve months prior to its acquisition. The pro forma effect of the acquisition was not material to our results of operations.

Discontinued Operations

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, actively begin marketing the business or asset group, and when the sale of the business or asset group is deemed probable within the next twelve months. The following businesses, which have been sold, met these requirements and therefore have been reported as discontinued operations for the periods presented.

Business

Cooling Spain Packaging business ("Cooling Spain")	Q4 2010	Q4 2010
P.S.D., Inc. ("PSD")	Q2 2009	Q1 2010
Automotive Filtration Solutions business ("Filtran")	Q4 2008	Q4 2009
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

Cooling Spain — Sold for cash consideration of one Euro (exclusive of cash transferred with the business of $2.3), resulting in a loss, net of taxes, of $1.9 during 2010.

PSD — Sold for cash consideration of $3.0, resulting in a gain, net of taxes, of $3.6 during 2010. During 2009, we recorded a net charge of $7.3 to "Gain (loss) on disposition of discontinued operations, net of tax" within our consolidated statements of operations in order to reduce the carrying value of the net assets to be sold to their estimated net realizable value.

Filtran — Our original plan for disposition contemplated the buyout of the minority interest shareholder in order to allow us to sell 100% of the Filtran business. As a result of the planned divestiture, and in consideration of the contemplated buyout of the minority interest shareholder, we recorded a total impairment charge attributable to SPX common shareholders of $23.0 during 2008 in order to reduce the carrying value of the Filtran net assets to be sold to their estimated net realizable value. Of the $23.0 charge, $6.5 was recorded to "Gain (loss) on disposition of discontinued operations, net of tax" within our 2008 consolidated statement of operations.

In October 2009, we completed the sale of the Filtran business for total consideration of $15.0, including $10.0 in cash and a promissory note of $5.0. In connection with the sale, we did not buy the minority interest shareholder out and, thus, sold only our share of the Filtran business. As a result, we reclassified $16.5 of the impairment charge incurred in 2008 from "Net income (loss) attributable to noncontrolling interest" to "Gain (loss) on disposition of discontinued operations, net of tax" within our consolidated statements of operations in 2009. This reclassification had no impact on net income attributable to SPX common shareholders. In addition, based on the amount of consideration received and adjustments to certain liabilities that we retained, we recorded an additional charge of $7.7 during 2009 to "Gain (Loss) on disposition of discontinued operations, net of tax."

During 2010, we recorded a net gain of $1.3 to "Gain (loss) on disposition of discontinued operations, net of tax" within our consolidated statements of operations related primarily to adjustments to certain tax liabilities that we retained. In addition we were paid in full (i.e., $5.0) for the promissory note previously mentioned.

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 $1.6 during 2009. During 2008, we recorded a net charge of $6.0 to "Gain (loss) on disposition of discontinued operations, net of tax" within our consolidated statements of operations in order to reduce the carrying value of the net assets to be sold to their estimated net realizable value. During 2010, we recorded net charges of $0.1 in connection with adjustments to certain liabilities that we retained and we received payments of $3.7 against the promissory note mentioned above.

Scales — Sold for cash consideration of $16.8, resulting in a loss, net of taxes, of $4.7 during 2008.

LDS — Sold for cash consideration of $82.5, resulting in a gain, net of taxes, of $17.1 during 2008. During 2009, we recorded a net charge of $5.1 in connection with an adjustment to certain liabilities that we retained and additional income tax expense related to the disposition.

Air Filtration — Sold for cash consideration of $35.7, resulting in a loss, net of taxes, of $0.8 during 2008. 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 2010, the field examinations of our 2006 and 2007 federal income tax returns were completed by the Internal Revenue Service ("IRS"). In connection with the completion of these examinations, we reduced our liability for uncertain tax positions and recognized an income tax benefit of $7.3 to "Gain (loss) on disposition of discontinued operations, net of tax" associated with a business previously disposed of and reported as a discontinued operation.

During 2008, we reached an agreement with the IRS regarding audits of our 2003 through 2005 federal income tax returns. Upon the resolution of the examinations, we reduced our liability for uncertain tax positions and recognized an income tax benefit of $5.0 to "Gain (loss) on disposition of discontinued operations, net of tax" associated with a business previously disposed of and reported as a discontinued operation.

In addition to the businesses discussed above, we recognized net gains of $1.5, $11.8 and $0.5 during 2010, 2009 and 2008, respectively, from businesses that were previously discontinued, resulting primarily from the reduction of liabilities for uncertain tax positions associated with statute expirations in certain tax jurisdictions.

The final purchase 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 with the buyers, an arbitration process. Final agreement of the working capital figures with the buyers for some 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 purchase price and resulting gains/(losses) on these and other previous divestitures may be materially adjusted in subsequent periods. Refer to Note 11 for the tax implications associated with our dispositions.

For 2010, 2009 and 2008, income (loss) from discontinued operations and the related income taxes are shown below:

		Year ended December 31,

		2010			2009			2008
Income (loss) from discontinued operations		$	(1.2	)	$	(53.7	)	$	25.2
Income tax (provision) benefit			12.4			20.9			(10.9	)

	Income (loss) from discontinued operations, net	$	11.2		$	(32.8	)	$	14.3

For 2010, 2009 and 2008, results of operations from our businesses reported as discontinued operations were as follows:

	Year ended December 31,

	2010			2009			2008
Revenues	$	5.9		$	90.3		$	317.4
Pre-tax income (loss)		(0.5	)		(4.7	)		12.7

The major classes of assets and liabilities, excluding intercompany balances, of the businesses reported as discontinued operations included in the accompanying consolidated balance sheet at December 31, 2009 are shown below:

			December 31, 2009

Assets:
	Accounts receivable, net		$	3.9
	Inventories, net			1.2
	Other current assets			0.4
	Net property, plant and equipment			0.3
	Goodwill and intangibles, net			2.6

		Assets of discontinued operations	$	8.4

Liabilities:
	Accounts payable		$	2.2
	Accrued expenses and other			4.8
	Deferred income taxes			0.6

		Liabilities of discontinued operations	$	7.6

There were no assets or liabilities attributable to discontinued operations at December 31, 2010.

Business Segment Information

12 Months Ended

Dec. 31, 2010

Business Segment Information

Business Segment Information

(5) 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 35 countries. We offer a diverse collection of products, which include, but are not limited to, 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 TV 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 aggregate our operating segments into four reportable segments: 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 the Segment Reporting Topic of the Codification to operating income or loss of each segment before considering impairment and special charges, pensions and postretirement expense, stock-based compensation and other indirect corporate expenses. This is consistent with the way our chief operating decision maker evaluates the results of each segment.

Revenues by business segment, group of products and geographic area represent sales to unaffiliated customers, and no one customer or group of customers that, to our knowledge, are under common control accounted for more than 10% of our consolidated revenues for any period presented. Intercompany revenues among segments are not significant. Identifiable assets by business segment are those used in our operations in each segment. General corporate assets are principally cash, pension assets, deferred tax assets, certain prepaid expenses, fixed assets, and our 44.5% interest in the EGS Electrical Group, LLC and Subsidiaries ("EGS") joint venture. See Note 9 for financial information relating to EGS.

Flow Technology

Our Flow Technology segment designs, manufactures and markets products and solutions that are used to process, blend, filter, dry, meter and transport fluids with a focus on creating innovative new products and systems as well as providing comprehensive aftermarket support services. Primary offerings include engineered pumps, mixers, process systems, heat exchangers, valves, and dehydration and drying technologies. The segment continues to focus on optimizing its global footprint while taking advantage of cross-product integration opportunities and increasing its competitive position in global end markets. Flow Technology's solutions focus on key business drivers, such as product flexibility, process optimization, sustainability and safety.

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 of the segment include specialty automotive diagnostic service tools, fare-collection systems and portable cable and pipe locators. The segment continues to focus on global expansion, with a specific focus on China and India.

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 of the segment include dry, wet and hybrid cooling systems for the power generation, refrigeration, HVAC and industrial markets, as well as boilers, heating and ventilation products for the commercial and residential markets. This segment also provides thermal components for power generation plants and engineered services to maintain, refurbish, upgrade and modernize power stations. The segment continues to focus on expanding its global reach, including increasing its dry cooling, heating and ventilation presence in Asia, as well as its thermal components and service offerings. The segment's South African subsidiary has a Black Economic Empowerment noncontrolling interest 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, television, radio and cell phone and data transmission broadcast antenna systems, communications and signal monitoring systems, and precision controlled industrial ovens and chambers. This segment continues to focus on 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 acquisitions from the dates of the respective acquisitions, for the years ended December 31, 2010, 2009 and 2008 are as follows:

				2010		2009		2008

Revenues:
	Flow Technology			$	1,662.2	$	1,634.1	$	1,998.7
	Test and Measurement				924.0		810.4		1,100.3
	Thermal Equipment and Services				1,602.1		1,595.5		1,679.1
	Industrial Products and Services				698.5		805.6		1,048.5

	Total			$	4,886.8	$	4,845.6	$	5,826.6

Segment income:
	Flow Technology			$	215.6	$	210.9	$	243.4
	Test and Measurement				76.6		51.4		108.8
	Thermal Equipment and Services				193.7		171.8		203.9
	Industrial Products and Services				74.4		153.7		243.7

	Total segment income				560.3		587.8		799.8
	Corporate expense				95.5		83.8		107.7
	Pension and postretirement expense				52.4		37.5		38.8
	Stock-based compensation expense				31.1		27.6		41.5
	Special charges, net				36.4		73.1		17.2
	Impairment of goodwill and other intangible assets				1.7		194.8		123.0

	Consolidated operating income			$	343.2	$	171.0	$	471.6

Capital expenditures:
	Flow Technology			$	23.2	$	17.6	$	29.3
	Test and Measurement				5.1		7.5		14.2
	Thermal Equipment and Services				13.1		22.0		31.4
	Industrial Products and Services				14.0		10.7		28.2
	General corporate				20.3		35.0		13.3

	Total			$	75.7	$	92.8	$	116.4

Depreciation and amortization:
	Flow Technology			$	36.5	$	34.0	$	35.6
	Test and Measurement				31.8		31.8		29.6
	Thermal Equipment and Services				24.2		21.0		23.7
	Industrial Products and Services				14.7		13.5		11.1
	General corporate				5.8		5.6		4.5

	Total			$	113.0	$	105.9	$	104.5

Identifiable assets:
	Flow Technology			$	2,098.0	$	1,988.3	$	2,096.2
	Test and Measurement				764.1		787.7		1,104.9
	Thermal Equipment and Services				1,809.1		1,789.5		1,798.6
	Industrial Products and Services				562.2		600.3		676.9
	General corporate				759.9		550.8		346.5
	Discontinued operations				—		8.4		115.0

	Total			$	5,993.3	$	5,725.0	$	6,138.1

Revenues by Groups of Products:
	Flow Technology			$	1,662.2	$	1,634.1	$	1,998.7
	Test and Measurement				924.0		810.4		1,100.3
	Thermal Equipment and Services				1,602.1		1,595.5		1,679.1
	Industrial Products and Services:
		Power transformers and services			249.3		376.5		481.2
		Industrial tools and equipment			120.8		101.3		153.9
		Aerospace components			98.8		106.7		121.7
		Broadcast antenna systems			118.3		124.7		141.0
		Laboratory equipment			111.3		96.4		150.7

			Total Industrial Products and Services		698.5		805.6		1,048.5

Total				$	4,886.8	$	4,845.6	$	5,826.6

Geographic Areas:		2010		2009		2008

Revenues:⁽¹⁾
	United States	$	2,467.4	$	2,469.6	$	3,037.4
	Germany		559.4		717.2		864.9
	China		387.6		288.2		301.2
	South Africa		241.5		138.1		66.0
	United Kingdom		242.0		253.0		278.0
	Other		988.9		979.5		1,279.1

		$	4,886.8	$	4,845.6	$	5,826.6

Tangible Long-Lived Assets:
	United States⁽²⁾	$	908.0	$	742.9	$	623.9
	Other		302.7		245.9		258.7

Long-lived assets of continuing operations			1,210.7		988.8		882.6
Long-lived assets of discontinued operations			—		0.3		25.9

Total tangible long-lived assets		$	1,210.7	$	989.1	$	908.5

⁽¹⁾: Revenues are included in the above geographic areas based on the country that recorded the customer revenue.
⁽²⁾: Includes insurance recovery assets related to risk management matters of $320.0 at December 31, 2010.

Special Charges, Net

12 Months Ended

Dec. 31, 2010

Special Charges, Net

Special Charges, Net

(6) Special Charges, Net

As part of our business strategy, we right-size and consolidate operations to improve long-term results. Additionally, from time to time, we alter our business model to better serve customer demand, fix or discontinue lower-margin product lines and rationalize and consolidate manufacturing capacity. Our restructuring and integration decisions are based, in part, on discounted cash flows to achieve our goals of increased outsourcing, reduced structural footprint, and maintaining profitability in a difficult economic environment. As a result of our strategic review process, we recorded net special charges of $36.4 in 2010, $73.1 in 2009 and $17.2 in 2008. These net special charges were primarily for restructuring initiatives to consolidate manufacturing and sales facilities, reduce workforce, and rationalize certain product lines.

The components of the charges have been computed based on actual cash payouts, including severance and other employee benefits based on existing severance policies, local laws, and other estimated exit costs, and our estimate of the realizable value of the affected tangible and intangible assets.

Impairments of long-lived assets, including amortizable intangibles, which represent non-cash asset write-downs, typically arise from business restructuring decisions that lead to the disposition of assets no longer required in the restructured business. For these situations, we recognize a loss when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Fair values for assets subject to impairment testing are determined primarily by management, taking into consideration various factors including third-party appraisals, quoted market prices and previous experience. If an asset remains in service at the decision date, the asset is written down to its fair value and the resulting net book value is depreciated over its remaining economic useful life. When we commit to a plan to sell an asset, including the initiation of a plan to locate a buyer, and it is probable that the asset will be sold within one year based on its current condition and sales price, depreciation of the asset is discontinued and the asset is classified as an asset held for sale. The asset is written down to its fair value less any selling costs.

Liabilities for exit costs, including, among other things, severance, other employee benefit costs and operating lease obligations on idle facilities, are measured initially at their fair value and recorded when incurred.

With the exception of certain multi-year operating lease obligations and other contractual obligations, which are not material to our consolidated financial statements, we anticipate that the liabilities related to restructuring actions will be paid within one year from the period in which the action was initiated.

Special charges for the years ended December 31, 2010, 2009 and 2008 are described in more detail below and in the applicable sections that follow.

		2010		2009		2008

Employee termination costs		$	21.2	$	48.0	$	5.5
Facility consolidation costs			5.1		5.6		2.5
Other cash costs			2.2		8.4		4.9
Non-cash asset write-downs			7.9		11.1		4.3

	Total	$	36.4	$	73.1	$	17.2

2010 Charges:

		Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs		Non-Cash Asset Write-downs		Total Special Charges

Flow Technology		$	6.1	$	3.0	$	0.5	$	2.1	$	11.7
Test and Measurement			2.9		1.9		0.7		1.6		7.1
Thermal Equipment and Services			11.9		—		0.3		4.0		16.2
Industrial Products and Services			0.3		—		—		—		0.3
Corporate			—		0.2		0.7		0.2		1.1

	Total	$	21.2	$	5.1	$	2.2	$	7.9	$	36.4

Flow Technology segment — Charges for 2010 related primarily to headcount reduction costs at various facilities in Europe, lease exit costs for facilities in Australia (one) and New Zealand (two), additional costs associated with restructuring activities initiated in 2009, and asset impairment charges associated with an idle facility in Lake Mills, WI ($2.1 for 2010), as well as costs associated with the segment's regional reorganization, the movement of certain functions to the new European shared service center in Manchester, United Kingdom, and integration activities related to the Gerstenberg and Anhydro acquisitions. These activities resulted in the termination of 152 employees.

Test and Measurement segment — Charges for 2010 related primarily to costs associated with headcount reductions and consolidation activities that impacted facilities in North America, Europe and Asia Pacific. Additionally, charges for 2010 included impairment charges of $1.6. These activities resulted in the termination of 134 employees.

Thermal Equipment and Services segment — Charges for 2010 related primarily to costs associated with headcount reductions at facilities in Leipzig, Germany; Ratingen, Germany; Rothemuhle, Germany; Michigan City, IN; and Tulsa, OK. Additionally, charges for 2010 included asset impairment charges of $4.0. These activities resulted in the termination of 269 employees.

Industrial Products and Services segment — Charges for 2010 related primarily to costs associated with headcount reductions at facilities in White Deer, PA and Rochester, NY. These activities resulted in the termination of 81 employees.

Corporate — Charges for 2010 related primarily to asset impairment and facility exit charges of $0.6 and costs related to our legal entity reduction initiative.

2009 Charges:

		Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs			Non-Cash Asset Write-downs		Total Special Charges

Flow Technology		$	16.1	$	4.1	$	2.7		$	1.8	$	24.7
Test and Measurement			19.5		1.1		4.6			2.8		28.0
Thermal Equipment and Services			8.7		—		(0.3	)		5.5		13.9
Industrial Products and Services			3.1		—		—			—		3.1
Corporate			0.6		0.4		1.4			1.0		3.4

	Total	$	48.0	$	5.6	$	8.4		$	11.1	$	73.1

Flow Technology segment — Charges for 2009 related primarily to costs associated with headcount reductions at facilities in Orebro, Sweden; Mexico City, Mexico; Rochester, NY; Buffalo, NY; and Houston, TX, as well as additional integration costs (primarily headcount reductions) associated with the December 31, 2007 acquisition of APV. These activities resulted in the termination of 636 employees.

Test and Measurement segment — Charges for 2009 related to costs associated with headcount reductions and consolidation activities that impacted facilities in Sala Baganza, Italy; Osny, France; Hainburg, Germany; Pollenfeld, Germany; Ingolstadt, Germany; Garching, Germany; Lugo, Italy; Owatonna, MN; Warren, MI; Allen Park, MI; and Bridgton, ME, primarily in response to the difficulties that were being experienced by the global vehicle manufacturers and their dealer service networks. These activities resulted in the termination of 616 employees.

Thermal Equipment and Services segment — Charges for 2009 related primarily to costs associated with headcount reductions at facilities in Ratingen, Germany; Gallarate, Italy; Guangzhou, China; Worcester, UK; Overland Park, KS; Michigan City, IN; and Eden, NC. These activities resulted in the termination of 294 employees. In addition, the segment recorded impairment charges of $5.2 for assets at two facilities whose carrying amounts exceeded the expected future undiscounted cash flows.

Industrial Products and Services segment — Charges for 2009 related primarily to costs associated with headcount reductions at facilities in Rockford, IL; Raymond, ME; Rochester, NY; and Waukesha, WI. These activities resulted in the termination of 331 employees.

Corporate — Charges for 2009 related primarily to our legal entity reduction initiative, the closure of our information technology data center in Horsham, PA, and an additional asset impairment charge related to the expected sale of a facility in Newtown, CT.

2008 Charges:

		Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs		Non-Cash Asset Write-downs		Total Special Charges

Flow Technology		$	0.1	$	0.9	$	2.3	$	0.3	$	3.6
Test and Measurement			2.3		0.6		0.7		0.6		4.2
Thermal Equipment and Services			2.0		0.8		1.3		1.4		5.5
Industrial Products and Services			—		—		—		—		—
Corporate			1.1		0.2		0.6		2.0		3.9

	Total	$	5.5	$	2.5	$	4.9	$	4.3	$	17.2

Flow Technology segment — The charges for 2008 were driven mainly by the relocation of the segment's headquarters from Delavan, WI to Charlotte, NC, which totaled $2.0, and charges related to facility closures and sales office consolidation efforts. These activities resulted in the termination of four employees.

Test and Measurement segment — Charges for 2008 related primarily to exit costs associated with a plan to consolidate distribution activities within the segment, costs associated with the closure of a manufacturing facility in Owatonna, MN, and costs associated with integrating the segment's technical and training service line into its diagnostic tools business. These activities resulted in the termination of 91 employees.

Thermal Equipment and Services segment — Charges for 2008 related primarily to the relocation of the segment's headquarters from Overland Park, KS to Charlotte, NC, which totaled $1.1, as well as severance, asset impairment and other charges associated with outsourcing functions related to a manufacturing facility in China and the shut-down of facilities in Houston, TX and Gennevilliers, France. These activities resulted in the termination of 169 employees.

Corporate — Charges for 2008 related primarily to an impairment charge of $1.4 associated with an idle facility that was sold during the year, expenses of $0.9 for outsourcing certain functions associated with the scheduled shut-down of our IT Center in Horsham, PA, an impairment charge of $0.6 related to the expected sale of a facility in Newtown, CT and $0.4 associated with our legal entity reduction initiative. These activities resulted in the termination of 36 employees.

The following is an analysis of our restructuring and integration liabilities for years ended December 31, 2010, 2009 and 2008:

	For the year ended December 31,

	2010			2009			2008
Balance at beginning of year	$	26.0		$	31.5		$	12.6
Special charges — cash⁽¹⁾		28.5			62.7			13.6
Adjustments related to acquisition accounting		—			—			31.5
Utilization — cash		(28.2	)		(67.1	)		(28.1	)
Currency translation adjustment and other		(5.6	)		(1.1	)		1.9

Ending balance	$	20.7		$	26.0		$	31.5

⁽¹⁾: The years ended December 31, 2010, 2009 and 2008 exclude $7.9, $10.4 and $3.6, respectively, of non-cash special charges that impact special charges but not the restructuring and integration related liabilities.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2010

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

(8) Goodwill and Other Intangible Assets

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

		December 31, 2008			Goodwill resulting from business combinations		Impairments(1)			Foreign Currency Translation and other(2)			December 31, 2009			Goodwill resulting from business combinations		Impairments		Foreign Currency Translation and other(2)			December 31, 2010

Flow Technology
	Gross Goodwill	$	664.6		$	—	$	—		$	(12.4	)	$	652.2		$	53.8	$	—	$	(3.3	)	$	702.7
	Accumulated Impairments		—			—		—			—			—			—		—		—			—

	Goodwill		664.6			—		—			(12.4	)		652.2			53.8		—		(3.3	)		702.7

Test & Measurement
	Gross Goodwill		460.8			—		—			7.7			468.5			—		—		(34.0	)		434.5
	Accumulated Impairments		(96.2	)		—		(187.7	)		(3.7	)		(287.6	)		—		—		30.6			(257.0	)

	Goodwill		364.6			—		(187.7	)		4.0			180.9			—		—		(3.4	)		177.5

Thermal Equipment and Services
	Gross Goodwill		595.7			24.6		—			2.3			622.6			—		—		(20.0	)		602.6
	Accumulated Impairments		(114.1	)		—		—			—			(114.1	)		—		—		—			(114.1	)

	Goodwill		481.6			24.6		—			2.3			508.5			—		—		(20.0	)		488.5

Industrial Products and Services
	Gross Goodwill		344.9			—		—			(0.6	)		344.3			7.3		—		0.2			351.8
	Accumulated Impairments		(85.9	)		—		—			—			(85.9	)		—		—		—			(85.9	)

	Goodwill		259.0			—		—			(0.6	)		258.4			7.3		—		0.2			265.9

Total
	Gross Goodwill		2,066.0			24.6		—			(3.0	)		2,087.6			61.1		—		(57.1	)		2,091.6
	Accumulated Impairments		(296.2	)		—		(187.7	)		(3.7	)		(487.6	)		—		—		30.6			(457.0	)

	Goodwill	$	1,769.8		$	24.6	$	(187.7	)	$	(6.7	)	$	1,600.0		$	61.1	$	—	$	(26.5	)	$	1,634.6


(1): Impairment charges totaled $187.7 during the year ended December 31, 2009 and related to our Service Solutions reporting unit.
(2): For the year ended December 31, 2010, adjustments to acquisition accounting and changes from foreign currency translation totaled $(6.4) and $(20.1), respectively. For the year ended December 31, 2009, adjustments to acquisition accounting and changes from foreign currency translation totaled $(26.3) and $19.6, respectively.

Identifiable intangible assets comprise the following:

		December 31, 2010							December 31, 2009

		Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets with determinable lives:
	Patents	$	24.6	$	(21.6	)	$	3.0	$	25.9	$	(20.7	)	$	5.2
	Technology		116.7		(23.3	)		93.4		94.7		(16.2	)		78.5
	Customer relationships		239.7		(51.6	)		188.1		237.5		(43.1	)		194.4
	Other⁽¹⁾:		35.4		(13.5	)		21.9		23.6		(9.1	)		14.5

			416.4		(110.0	)		306.4		381.7		(89.1	)		292.6
Trademarks with indefinite lives⁽²⁾:			413.1		—			413.1		415.7		—			415.7

	Total	$	829.5	$	(110.0	)	$	719.5	$	797.4	$	(89.1	)	$	708.3


⁽¹⁾: Balance reflects an impairment charge of $1.0 recorded in 2009 associated with the Service Solutions reporting unit within our Test and Measurement segment.
⁽²⁾: Balance reflects impairment charges associated with businesses within our Thermal Equipment and Services segment of $1.7 and $6.1 in 2010 and 2009, respectively.

Amortization expense was $27.1, $21.5 and $25.7 for the years ended December 31, 2010, 2009 and 2008, respectively. Estimated amortization expense related to these intangible assets is $27.6 in 2011, $26.1 in 2012, and $24.1 in 2013, $23.4 in 2014 and $23.1 in 2015.

At December 31, 2010, the carrying value of net intangible assets with determinable lives consisted of $168.9 in the Flow Technology segment, $62.1 in the Test and Measurement segment, $63.4 in the Thermal Equipment and Services segment, and $12.0 in the Industrial Products and Services segment. Trademarks with indefinite lives consisted of $206.9 in the Flow Technology segment, $53.2 in the Test and Measurement segment, $138.0 in the Thermal Equipment and Services segment, and $15.0 in the Industrial Products and Services segment.

Consistent with the requirements of the Intangible — Goodwill and Other Topic of the Codification, the fair values of our reporting units generally are estimated using discounted cash flow projections that we believe to be reasonable under current and forecasted circumstances, the results of which form the basis for making judgments about carrying values of the reported net assets of our reporting units. Other considerations are also incorporated, including comparable industry price multiples. Many of our reporting units closely follow changes in the industries and end markets that they serve. Accordingly, we consider estimates and judgments that affect the future cash flow projections, including principal methods of competition such as volume, price, service, product performance and technical innovations and estimates associated with cost improvement initiatives, capacity utilization and assumptions for inflation and foreign currency changes. 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.

We perform our annual goodwill impairment testing during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment.

In connection with our annual goodwill impairment testing in 2010, we determined that the estimated fair value of our SPX Heat Transfer Inc. and Anhydro reporting units, businesses that were acquired in the last 18 months, were comparable to the carrying value of their respective net assets. Goodwill attributable to these reporting units totaled $64.1 at December 31, 2010. In addition, we determined that the estimated fair value for each of our other reporting units exceeds the carrying value of their respective net assets by at least 10%. We will continue to monitor impairment indicators across all our reporting units.

In connection with our annual goodwill impairment testing in 2009, our analysis indicated that the fair value of our Service Solutions reporting unit was less than the carrying value of its net assets. We then estimated the implied fair value of Service Solutions' goodwill, which resulted in an impairment charge related to such goodwill of $187.7. The impairment charge of $187.7 was composed of (i) a $78.1 difference between the estimated fair value of Service Solutions compared to the carrying value of its net assets, and (ii) an allocation to certain tangible and intangible assets of $109.6 for the estimated increases in fair value for these assets solely for purposes of applying the impairment provisions of the Intangible — Goodwill and Other Topic of the Codification.

In addition to the goodwill impairment charge of $187.7, our Service Solutions reporting unit recorded an impairment charge related to other intangible assets of $1.0 during 2009.

As of December 31, 2008, we determined that the fair value of our Weil-McLain subsidiary was less than the carrying value of its net assets. As a result, we recorded charges of $123.0 related to the impairment of goodwill ($114.1) and other intangible assets ($8.9).

- 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

Employee Benefit Plans

12 Months Ended

Dec. 31, 2010

Employee Benefit Plans

Employee Benefit Plans

(10) Employee Benefit Plans

Overview — We have defined benefit pension plans that cover a portion of our salaried and hourly paid employees, including certain employees in foreign countries. Beginning in 2001, we discontinued providing these pension benefits generally to newly hired employees. In addition, we no longer provide service credits to certain active participants. Of the U.S. employees covered by a defined benefit pension and actively accruing a benefit, most are covered by an account balance plan or are part of a collectively bargained plan.

We have domestic postretirement plans that provide health and life insurance benefits for certain retirees and their dependents. Beginning in 2001, we discontinued providing these postretirement benefits generally to newly hired employees. Some of these plans require retiree contributions at varying rates. Not all retirees are eligible to receive these benefits, with eligibility governed by the plan(s) in effect at a particular location.

Defined Benefit Pension Plans

Plan assets — Our investment strategy is based on the long-term growth of principal while mitigating overall risk to ensure that funds are available to pay benefit obligations. The domestic plan assets are invested in a broad range of investment classes, including domestic and international equities, fixed income securities and other investments. We engage various investment managers who are regularly evaluated on long-term performance, adherence to investment guidelines and ability to manage risk commensurate with the investment style and objective for which they were hired. Allowable investments under the plan agreements include equity securities, fixed income securities, mutual funds, venture capital funds, real estate and cash and equivalents. In addition, investments in futures and option contracts, commodities and other derivatives are allowed in commingled fund allocations managed by professional investment managers. Investments prohibited under the plan agreements include private placements and short selling of stock. No shares of our common stock were held by our defined benefit pension plans as of December 31, 2010 and 2009.

Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2010 and 2009, along with the targeted asset investment allocation percentages, each of which is based on the midpoint of an allocation range, were as follows:

Domestic Pension Plans

		Actual Allocations						Mid-point of Target Allocation Range

		2010			2009			2010
Global equities			19	%		23	%		17	%
Global equity common trust funds			26	%		31	%		33	%
Fixed income common trust funds			17	%		22	%		20	%
Commingled global fund allocations			22	%		21	%		30	%
Short term investments⁽¹⁾			15	%		2	%		—
Other⁽²⁾			1	%		1	%		—

	Total		100	%		100	%		100	%

⁽¹⁾: Short term investments are generally invested in actively managed common trust funds or interest bearing accounts.
⁽²⁾: Assets included in this class at December 31, 2010 and 2009 were comprised primarily of insurance contracts, private equity and publicly traded real estate trusts.

Foreign Pension Plans

		Actual Allocations						Mid-point of Target Allocation Range

		2010			2009			2010
Global equity common trust funds			50	%		49	%		50	%
Fixed income common trust funds			36	%		37	%		27	%
Non-U.S. Government securities			10	%		10	%		21	%
Short term investments⁽¹⁾			3	%		3	%		1	%
Other⁽²⁾			1	%		1	%		1	%

	Total		100	%		100	%		100	%

⁽¹⁾: Short term investments are generally invested in actively managed common trust funds or interest bearing accounts.
⁽²⁾: Assets included in this class were comprised primarily of insurance receivables.

The fair value of pension plan assets at December 31, 2010, by asset class, are as follows:

				Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Asset Class:
	Equity Securities:
		Global Equities:
			Capital equipment	$	34.2	$	34.2	$	—	$	—
			Consumer goods		22.4		22.4		—		—
			Energy		13.2		13.2		—		—
			Finance		15.5		15.5		—		—
			Materials		21.4		21.4		—		—
			Services		19.1		19.1		—		—
			Miscellaneous		40.9		40.9		—		—
		Global equity common trust funds⁽¹⁾			335.3		86.5		248.8		—
	Debt securities:
		Fixed income common trust funds⁽²⁾			232.6		—		231.3		1.3
		Non-U.S. Government securities			23.8		—		23.8		—
	Alternative investments:
		Commingled global fund allocations⁽³⁾			193.3		70.9		—		122.4
	Other:
		Short term investments⁽⁴⁾			133.1		133.1		—		—
		Other⁽⁵⁾			10.5		1.1		1.2		8.2

	Total			$	1,095.3	$	458.3	$	505.1	$	131.9

The fair value of pension plan assets at December 31, 2009, by asset category, were as follows:

			Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Asset Category:
	Equity Securities:
		Global Equities	$	164.5	$	164.5	$	—	$	—
		Global equity common trust funds⁽¹⁾		319.8		78.6		241.2		—
	Debt securities:
		Fixed income common trust funds⁽²⁾		232.9		—		231.7		1.2
		Non-U.S. Government securities		16.8		—		16.8		—
	Alternative investments:
		Commingled global fund allocations⁽³⁾		151.0		47.3		—		103.7
	Other:
		Short term investments⁽⁴⁾		25.7		25.7		—		—
		Other⁽⁵⁾		9.6		0.6		—		9.0

	Total		$	920.3	$	316.7	$	489.7	$	113.9

⁽¹⁾: This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures. Investments are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
⁽²⁾: This class represents investments in actively managed common trust funds that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal securities, interest rate swaps, options and futures. Investments are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
⁽³⁾: This class represents investments in actively managed common trust funds with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, interest rate swaps, options and futures. Investments are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
⁽⁴⁾: Short term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest bearing accounts.
⁽⁵⁾: This category represents investments in insurance contracts, private equity and publicly traded real estate investment trusts. Our domestic pension plans participate in a securities lending program through J.P. Morgan Chase Bank, National Association. Securities loaned are fully collateralized by cash and other securities. The gross collateral and the related liability to return collateral amounted to $48.6 at December 31, 2010 and $54.8 at December 31, 2009, and have been included within "Level 2" of the fair value hierarchy in the tables above.

There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during 2010 and 2009. It is our policy to recognize transfers between Levels at the beginning of the fiscal year.

The following table summarizes changes in the fair value of Level 3 assets for the years ended December 31, 2010 and 2009:

	Commingled global fund allocations		Fixed income common trust funds		Other			Total

Balance at December 31, 2008	$	82.7	$	—	$	10.2		$	92.9
Realized losses		—		—		(0.9	)		(0.9	)
Unrealized gains relating to instruments still held at period end		11.0		—		0.5			11.5
Purchases, sales, issuances and settlements, net		10.0		1.2		(0.8	)		10.4

Balance at December 31, 2009		103.7		1.2		9.0			113.9
Realized gains		—		—		0.5			0.5
Unrealized gains relating to instruments still held at period end		13.4		0.1		0.4			13.9
Purchases, sales, issuances and settlements, net		5.3		—		(1.7	)		3.6

Balance at December 31, 2010	$	122.4	$	1.3	$	8.2		$	131.9

There were no transfers in or out of Level 3 assets in 2010 and 2009.

Employer Contributions — We currently fund U.S. pension plans in amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, plus additional amounts that may be approved from time to time. During 2010, we made contributions of $120.1 to our qualified domestic pension plans and direct benefit payments of $4.2 to our non-qualified domestic pension plans. In 2011, we expect to make contributions of $15.2 to our qualified domestic pension plans and direct benefit payments of $4.2 to our non-qualified domestic pension plans.

Many of our foreign plan obligations are unfunded in accordance with local laws. These plans have no assets and instead are funded by us on a pay as you go basis in the form of direct benefit payments. In our foreign plans that are funded, we made contributions of $10.3 in 2010, which include $1.9 of contributions that relate to businesses that have been classified as discontinued operations. In addition, in our foreign plans that are unfunded, we made direct benefit payments of $2.2 in 2010. In 2011, we expect to make $8.1 of contributions, which include $1.6 of contributions that relate to businesses that have been classified as discontinued operations, and $2.3 of direct benefit payments to our foreign pension plans.

Estimated Future Benefit Payments — Following is a summary, as of December 31, 2010, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2010 to measure our obligations and include benefits attributable to estimated future employee service.

Estimated benefit payments:
(Domestic and foreign pension plans)

	Domestic Pension Benefits		Foreign Pension Benefits

2011	$	77.0	$	11.5
2012		81.4		11.5
2013		82.5		12.4
2014		81.4		13.0
2015		139.5		13.5
Subsequent five years		417.4		74.8

Obligations and Funded Status — The funded status of our pension plans is dependent upon many factors, including returns on invested assets and the level of market interest rates. The combined funded status of our pension plans as of December 31, 2010 has increased since December 31, 2009, primarily as a result of approximately $120.1 of funding contributions made in 2010, offset by lower discount rates being used to value the plans in 2010 compared to 2009. Our non-funded pension plans account for $158.5 of the current underfunded status, as these plans are not required to be funded. The following tables show the domestic and foreign pension plans' funded status and amounts recognized in our consolidated balance sheets:

		Domestic Pension Plans						Foreign Pension Plans

		2010			2009			2010			2009
Change in projected benefit obligation:
	Projected benefit obligation — beginning of year	$	1,091.7		$	969.9		$	270.3		$	210.9
	Service cost		9.3			8.0			2.3			2.5
	Interest cost		61.1			66.2			14.1			13.9
	Employee contributions		—			—			0.1			0.2
	Actuarial losses (gains)		63.9			125.8			(12.5	)		33.5
	Curtailment loss		—			—			—			0.2
	Plan amendments		—			0.7			0.4			0.1
	Benefits paid		(77.7	)		(78.9	)		(11.8	)		(11.4	)
	Foreign exchange and other		—			—			(4.9	)		20.4

	Projected benefit obligation — end of year	$	1,148.3		$	1,091.7		$	258.0		$	270.3

Change in plan assets:
	Fair value of plan assets — beginning of year	$	713.3		$	717.6		$	207.0		$	160.7
	Return on plan assets		107.6			65.9			22.9			25.8
	Benefits paid		(77.7	)		(78.9	)		(11.8	)		(11.4	)
	Contributions (employer and employee)		124.3			8.7			12.7			14.1
	Foreign exchange and other		—			—			(3.0	)		17.8

	Fair value of plan assets — end of year	$	867.5		$	713.3		$	227.8		$	207.0

Funded status at year-end		$	(280.8	)	$	(378.4	)	$	(30.2	)	$	(63.3	)
Amounts recognized in the balance sheet consist of:
	Other assets	$	—		$	—		$	22.3		$	—
	Accrued expenses		(4.2	)		(16.9	)		(2.2	)		(12.2	)
	Other long-term liabilities		(276.6	)		(361.5	)		(50.3	)		(51.1	)

Net amount recognized		$	(280.8	)	$	(378.4	)	$	(30.2	)	$	(63.3	)

Amounts recognized in accumulated other comprehensive loss (pre-tax) consist of:
Net actuarial loss		$	593.3		$	605.0		$	39.8		$	63.4
Net prior service credits			(1.6	)		(2.5	)		—			(0.4	)

Total accumulated comprehensive loss (pre-tax)		$	591.7		$	602.5		$	39.8		$	63.0

The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2010 and 2009:

	Domestic Pension Plans				Foreign Pension Plans

	2010		2009		2010		2009
Projected benefit obligation	$	1,148.3	$	1,091.7	$	97.4	$	268.4
Accumulated benefit obligation		1,130.0		1,070.8		95.9		263.7
Fair value of plan assets		867.5		713.3		45.3		205.5

The accumulated benefit obligation for all domestic and foreign pension plans was $1,130.0 and $254.5, respectively, at December 31, 2010 and $1,070.8 and $265.2, respectively, at December 31, 2009.

Components of Net Periodic Pension Benefit Expense — Net periodic pension benefit expense for our domestic and foreign pension plans included the following components:

Domestic Pension Plans

	Year Ended December 31,

	2010			2009			2008
Service cost	$	9.3		$	8.0		$	7.6
Interest cost		61.1			66.2			65.7
Expected return on plan assets		(68.4	)		(74.2	)		(78.0	)
Amortization of unrecognized losses		36.4			22.0			21.6
Amortization of unrecognized prior service credits		(0.9	)		(0.8	)		(0.7	)
Curtailment/settlement loss		—			0.3			7.6

Total net periodic pension benefit expense		37.5			21.5			23.8
Less: Net periodic pension expense of discontinued operations		—			(0.3	)		(0.5	)

Net periodic pension benefit expense of continuing operations	$	37.5		$	21.2		$	23.3

We recorded a pension settlement charge of $7.1 associated with $31.8 of lump-sum payments that were made to our former Chief Executive Officer in 2008. A pension settlement is recognized when the total lump-sum pension payments for a plan during the year exceed the sum of the service and interest costs components of pension expense for that year. The amount of the settlement is the immediate recognition of a portion of the plan's overall net loss in proportion to the amount of the benefit obligation being settled.

Foreign Pension Plans

	Year Ended December 31,

	2010			2009			2008
Service cost	$	2.3		$	2.5		$	3.5
Interest cost		14.1			13.9			15.5
Expected return on plan assets		(14.3	)		(13.2	)		(16.9	)
Amortization of unrecognized losses		1.7			2.1			1.2
Amortization of unrecognized prior service credits		—			(0.1	)		(0.1	)

Total net periodic pension benefit expense		3.8			5.2			3.2
Less: Net periodic pension benefit expense of discontinued operations		(0.1	)		(0.6	)		(0.2	)

Net periodic pension benefit expense of continuing operations	$	3.7		$	4.6		$	3.0

Other changes in plan assets and benefit obligations recognized in other comprehensive loss in 2010 were as follows:

	Domestic plans			Foreign plans

Current year actuarial loss (gain)	$	24.7		$	(21.1	)
Amortization of actuarial loss		(36.4	)		(1.7	)
Current year prior service costs		—			0.4
Amortization of prior service credits		0.9			—
Foreign exchange and other		—			(0.8	)

	$	(10.8	)	$	(23.2	)

The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit expense in 2011 are as follows:

	Domestic plans			Foreign plans

Net actuarial loss	$	23.4		$	1.0
Net prior service credits		(0.9	)		—

	$	22.5		$	1.0

Assumptions — Actuarial assumptions used in accounting for our domestic and foreign pension plans were as follows:

		Year Ended December 31,

		2010			2009			2008
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
	Discount rate		5.80	%		7.06	%		6.59	%
	Rate of increase in compensation levels		4.00	%		4.25	%		4.25	%
	Expected long-term rate of return on assets		8.25	%		8.50	%		8.50	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
	Discount rate		5.22	%		5.80	%		7.06	%
	Rate of increase in compensation levels		4.00	%		4.00	%		4.25	%
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
	Discount rate		5.50	%		6.35	%		5.67	%
	Rate of increase in compensation levels		4.10	%		4.00	%		4.20	%
	Expected long-term rate of return on assets		7.04	%		7.62	%		7.65	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
	Discount rate		5.42	%		5.50	%		6.35	%
	Rate of increase in compensation levels		4.15	%		4.10	%		4.08	%

We review the pension assumptions annually. Pension income or expense is determined using assumptions as of the beginning of the year, while the funded status is determined using assumptions as of the end of the year. The assumptions are determined by us and established at the respective balance sheet date using the following principles: (i) the expected long-term rate of return on plan assets is established based upon forward looking long-term expectations of asset returns over the expected period to fund participant benefits based on the target investment mix of our plans; (ii) the discount rate is determined by matching the expected projected benefit obligation cash flows for each of the plans to a yield curve that is representative of long-term, high-quality (rated AA or higher) fixed income debt instruments as of the measurement date; and (iii) the rate of increase in compensation levels is established based on our expectations of current and foreseeable future increases in compensation. In addition, we consider advice from independent actuaries.

Postretirement Benefit Plans

Employer Contributions and Future Benefit Payments — Our postretirement medical plans are non-funded and have no plan assets, but are instead funded by us on a pay as you go basis in the form of direct benefit payments. In 2010, we made benefit payments of $15.9 (net of federal subsidies of $1.5) to our postretirement benefit plans. Following is a summary, as of December 31, 2010, of the estimated future benefit payments and expected federal subsidies for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments and federal subsidies are estimated based on the same assumptions used at December 31, 2010 to measure our obligations and include benefits attributable to estimated future employee service.

	Postretirement Payments, net of Subsidies		Postretirement Subsidies

2011	$	16.6	$	1.8
2012		16.1		1.8
2013		15.4		1.8
2014		14.6		1.8
2015		14.1		1.7
Subsequent five years		59.0		7.6

Obligations and Funded Status — The following tables show the postretirement plans' funded status and amounts recognized in our consolidated balance sheets:

		Postretirement Benefits

		2010			2009
Change in projected benefit obligation:
	Projected benefit obligation — beginning of year	$	152.3		$	148.3
	Service cost		0.3			0.2
	Interest cost		8.0			9.8
	Actuarial loss		7.8			10.1
	Benefits paid		(15.9	)		(16.1	)

	Projected benefit obligation — end of year	$	152.5		$	152.3

Funded status at year-end		$	(152.5	)	$	(152.3	)
Amounts recognized in the balance sheet consist of:
	Accrued expenses	$	(16.2	)	$	(16.4	)
	Other long-term liabilities		(136.3	)		(135.9	)

	Net amount recognized	$	(152.5	)	$	(152.3	)

Amounts recognized in accumulated other comprehensive loss (pre-tax) consist of:
	Net actuarial loss	$	53.3		$	49.8
	Net prior service credit		(4.5	)		(5.8	)

	Total accumulated comprehensive loss (pre-tax)	$	48.8		$	44.0

The net periodic postretirement benefit expense included the following components:

	Year Ended December 31,

	2010			2009			2008
Service cost	$	0.3		$	0.2		$	0.2
Interest cost		8.0			9.9			9.8
Amortization of unrecognized loss		4.2			3.0			3.8
Amortization of unrecognized prior service credits		(1.3	)		(1.4	)		(1.3	)

Net periodic postretirement expense	$	11.2		$	11.7		$	12.5

Other changes in benefit obligations recognized in other comprehensive loss in 2010 were as follows:


Current year actuarial loss	$	7.7
Amortization of actuarial loss		(4.2	)
Amortization of prior service credits		1.3

	$	4.8

The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit expense in 2011 include net actuarial losses of $4.5 and prior service credits of $1.4.

Actuarial assumptions used in accounting for our domestic postretirement plans are as follows:

		Year Ended December 31,

		2010			2009			2008
Assumed health care cost trend rates:
	Heath care cost trend rate for next year		7.86	%		8.21	%		8.57	%
	Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%		5.00	%
	Year that the rate reaches the ultimate trend rate		2019			2019			2019
Discount rate used in determining net periodic postretirement benefit expense			5.46	%		7.07	%		6.32	%
Discount rate used in determining net year-end postretirement benefit obligation			4.85	%		5.46	%		7.07	%

The accumulated postretirement benefit obligation was determined using the terms and conditions of our various plans, together with relevant actuarial assumptions and health care cost trend rates. It is our policy to review the postretirement assumptions annually. The assumptions are determined by us and are established based on our prior experience and our expectations that future rates will decline. In addition, we consider advice from independent actuaries.

Assumed health care cost trend rates can have a significant effect on the amounts reported for the postretirement benefit plans. A percentage point change in assumed health care cost trend rates would have had the following effects on 2010 postretirement expense:

	1% Increase		1% Decrease

Effect on total of service and interest costs	$	0.5	$	(0.4	)
Effect on postretirement benefit obligation	$	9.7	$	(8.7	)

Defined Contribution Retirement Plans

We maintain a defined contribution retirement plan (the "Plan") pursuant to Section 401(k) of the U.S. Internal Revenue Code. Under the Plan, eligible U.S. employees may voluntarily contribute up to 50% of their compensation into the Plan and we match a portion of participating employees' contributions. Our matching contributions are made in newly issued shares of company common stock and are issued at the prevailing market price. The matching contributions vest with the employee immediately upon the date of the match and there are no restrictions on the resale of common stock held by employees.

Under the Plan, we contributed 0.269, 0.347 and 0.252 shares of our common stock to employee accounts in 2010, 2009 and 2008, respectively. Compensation expense is recorded based upon the market value of shares as the shares are contributed to employee accounts. We recorded $16.7 in 2010, $17.4 in 2009 and $19.2 in 2008 as compensation expense related to the matching contribution.

We also maintain a Supplemental Retirement Savings Plan ("SRSP"), which permits certain members of our senior management and executive groups to defer eligible compensation in excess of the amounts allowed under the Retirement Savings Plan. We match a portion of participating employees' deferrals to the extent allowable under the plan provisions. The matching contributions vest with the participant immediately. Our funding of the participants' deferrals and our matching contributions are held in certain mutual funds (as allowed under the SRSP), as directed by the participant. The fair values of these assets, which totaled $47.3 and $44.7 at December 31, 2010 and 2009, respectively, are based on quoted prices in active markets for identical assets (Level 1). In addition, the assets under the SRSP are available to the general creditors in the event of our bankruptcy and, thus, are maintained on our consolidated balance sheet within other non-current assets, with a corresponding amount in other long-term liabilities for our obligation to the participants. Lastly, these assets are accounted for as trading securities. During 2010, 2009 and 2008, we recorded additional compensation expense of $0.4, $0.8, and $0.7, respectively, relating to our matching contributions to the SRSP.

Certain hourly and collectively bargained employees participate in other defined contribution retirement plans maintained pursuant to Section 401(k) of the U.S. Internal Revenue Code. These plans do not match employees' contributions in shares of company common stock, although company common stock is offered as an investment option under these plans.

- 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

Income Taxes

12 Months Ended

Dec. 31, 2010

Income Taxes

Income Taxes

(11) Income Taxes

Income before income taxes and the provision for income taxes consisted of the following:

			Year Ended December 31,

			2010			2009			2008
Income (loss) from continuing operations:
		United States	$	96.3		$	120.4		$	203.6
		Foreign		148.4			(24.3	)		207.2

			$	244.7		$	96.1		$	410.8

Provision for (benefit from) income taxes:
	Current:
		United States	$	(24.4	)	$	54.0		$	65.2
		Foreign		17.0			14.1			37.7

Total current				(7.4	)		68.1			102.9

	Deferred and other:
		United States		66.2			(13.6	)		19.8
		Foreign		(5.7	)		(7.4	)		29.6

Total deferred and other				60.5			(21.0	)		49.4

Total provision			$	53.1		$	47.1		$	152.3

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate is as follows:

	Year Ended December 31,

	2010			2009			2008
Tax at U.S. federal statutory rate		35.0	%		35.0	%		35.0	%
State and local taxes, net of U.S. federal benefit		2.2			3.6			1.2
U.S. credits and exemptions		(1.1	)		(5.2	)		(1.7	)
Foreign earnings taxed at lower rates		(9.2	)		(28.1	)		(2.0	)
Audit settlements with taxing authorities		(0.6	)		(2.9	)		(6.5	)
Adjustments to uncertain tax positions		(4.3	)		4.4			2.2
Changes in valuation allowance		(4.9	)		6.0			—
Impairment of goodwill and other intangible assets		—			44.5			9.6
Benefit for loss on investment in foreign subsidiary		—			(4.7	)		—
Law change regarding deductibility of Medicare Part D expenses		2.5			—			—
Tax on repatriation of foreign earnings		1.4			—			—
Other		0.7			(3.6	)		(0.7	)

		21.7	%		49.0	%		37.1	%

Significant components of our deferred tax assets and liabilities are as follows:

			As of December 31,

			2010			2009
Deferred tax assets:
	Working capital accruals		$	42.4		$	50.3
	Legal, environmental and self-insurance accruals			40.8			45.8
	Pension, other postretirement and postemployment benefits			147.5			198.0
	NOL and credit carryforwards			221.2			254.3
	Payroll and compensation			48.8			46.9
	Other			80.9			120.2

		Total deferred tax assets		581.6			715.5
	Valuation allowance			(167.0	)		(211.5	)

		Net deferred tax assets		414.6			504.0

Deferred tax liabilities:
	Accelerated depreciation			27.0			12.8
	Basis difference in affiliates			38.6			34.9
	Intangibles recorded in acquisitions			219.0			209.9
	Other			65.3			75.6

		Total deferred tax liabilities		349.9			333.2

			$	64.7		$	170.8

General Matters

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess deferred tax assets to determine if they will be realized and the adequacy of deferred tax liabilities, incorporating the results of local, state, federal and foreign tax audits in our estimates and judgments.

At December 31, 2010, we had the following tax loss carryforwards available: state tax loss carryforwards of approximately $332.4 and tax losses of various foreign jurisdictions of approximately $576.0. We also had U.S. foreign tax, alternative minimum tax and research credit carryforwards of $27.8, $1.0 and $3.3, respectively. Of these amounts, approximately $2.3 expire in 2011 and $509.2 expire at various times between 2012 and 2030. The remaining carryforwards have no expiration date.

Realization of deferred tax assets associated with net operating loss and credit carryforwards is dependent upon generating sufficient taxable income prior to their expiration in the appropriate tax jurisdiction. We believe that it is more likely than not that certain of these net operating loss and credit carryforwards will expire unused and, accordingly, have established a valuation allowance against the deferred tax assets associated with these carryforwards. Although realization is not assured for the remaining deferred tax assets, we believe it is more likely than not that the deferred tax assets will be realized through future taxable earnings or tax planning strategies. However, deferred tax assets could be reduced in the near term if our estimates of taxable income during the carryforward period are significantly reduced or tax planning strategies are no longer viable. The valuation allowance decreased by $44.5 in 2010 and increased by $26.2 in 2009. Of the decrease in 2010, $12.0 was recognized as a reduction in tax expense from continuing operations and $9.5 as a tax benefit from discontinued operations.

The amount of income tax that we pay annually is dependent on various factors, including the timing of certain deductions. These deductions can vary from year to year, and, consequently, the amount of income taxes paid in future years will vary from the amounts paid in the prior year.

Undistributed International Earnings

Undistributed foreign earnings are considered indefinitely reinvested. Accordingly, we have made no provision for U.S. federal and state income taxes or foreign withholding taxes for these foreign earnings. If these earnings were distributed, we would be subject to U.S. income taxes (subject to a reduction for foreign tax credits) and withholding taxes payable to the various foreign countries. At December 31, 2010, we had approximately $1,700.0 of undistributed foreign earnings for which no U.S. federal or state income taxes have been provided.

Unrecognized Tax Benefits

As of December 31, 2010, we had gross unrecognized tax benefits of $95.5 (net unrecognized tax benefits of $77.4), of which $75.3, if recognized, would impact our effective tax rate from continuing operations. Similarly, at December 31, 2009 and 2008, we had gross unrecognized tax benefits of $120.9 (net unrecognized tax benefits of $105.3) and $102.9 (net unrecognized benefits of $81.3), respectively.

We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision. As of December 31, 2010, gross accrued interest, excluded from the amounts above, totaled $15.6 (net accrued interest of $11.3), while the related amounts as of December 31, 2009 and 2008 were $21.9 (net accrued interest of $16.5) and $21.3 (net accrued interest of $15.2), respectively. Our income tax provision for the years ended December 31, 2010, 2009 and 2008 included gross interest expense (income) of $(4.0), $(0.7) and $0.9, respectively. There were no significant penalties recorded during any of the years presented.

Based on the outcome of certain examinations or as a result of the expiration of statutes of limitations for certain jurisdictions, we believe that within the next 12 months it is reasonably possible that our previously unrecognized tax benefits could decrease by approximately $20.0 to $25.0. The previously unrecognized tax benefits relate to a variety of tax issues including the ability to claim certain U.S. foreign tax credits, deductibility of interest expense in certain jurisdictions and other tax matters relating to prior acquisitions and dispositions.

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2010, 2009 and 2008 were as follows:

	2010			2009			2008

Unrecognized tax benefit — opening balance	$	120.9		$	102.9		$	120.1
Gross increases — tax positions in prior period		13.9			29.8			19.2
Gross decreases — tax positions in prior period		(13.4	)		(3.2	)		(0.3	)
Gross increases — tax positions in current period		8.7			11.2			7.7
Settlements		(24.5	)		(5.8	)		(37.9	)
Lapse of statute of limitations		(8.3	)		(16.8	)		(1.9	)
Change due to foreign currency exchange rates		(1.8	)		2.8			(4.0	)

Unrecognized tax benefit — ending balance	$	95.5		$	120.9		$	102.9

Uncertain Tax Positions

We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that an uncertain position meets the criteria of the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are recorded in "Income taxes payable" and "Deferred and other income taxes" in the accompanying consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolution occurs, these accruals are adjusted, such as in the case of audit settlements with taxing authorities.

During 2010, the IRS completed the field examination of our 2006 and 2007 federal income tax returns and issued a Revenue Agent's Report ("RAR"). We disagree with and have protested certain adjustments to the Appeals Office of the IRS. Upon issuance of the RAR, we reduced certain of our valuation allowances and our liability for uncertain tax positions to reflect amounts determined to be effectively settled or that satisfied the more likely than not threshold resulting in the recognition of income tax benefits of $18.2 and $7.3 to continuing and discontinued operations, respectively. While the resolution of these adjustments may result in tax liabilities that may differ from the accruals established, we believe that the resolution of these matters will not have a material adverse effect on our financial position, results of operations or cash flows.

In addition, the effective income tax rate for the year ended December 31, 2010 was impacted favorably by a $16.0 tax benefit related to the reduction in liabilities for uncertain tax positions associated with various foreign and domestic statute expirations and settlement of state examinations. These benefits were offset partially by a domestic charge of $6.2 associated with the taxation of prescription drug costs for retirees under Medicare Part D as a result of the 2010 enactment of the Patient Protection and Affordable Care Act and $3.6 associated with the repatriation of foreign earnings.

In 2009, the statute of limitations expired for various state income tax returns. As a result of these expirations, we recognized net tax benefits of $18.0 during 2009, with approximately $7.9 recorded to continuing operations and the remainder of $10.1 recorded to discontinued operations.

On August 28, 2008, we reached an agreement with the IRS regarding audits of our 2003 through 2005 federal income tax returns. Upon the resolution of these examinations, we reduced our liability for uncertain tax positions by $30.6. Of the $30.6 reduction in our liability for uncertain tax positions, $25.6 was recorded as an income tax benefit from continuing operations and $5.0 was recorded as an income tax benefit to "Gain (loss) on disposition of discontinued operations" within our consolidated statement of operations for the year ended December 31, 2008.

The IRS currently is performing an audit of our 2008 and 2009 federal income tax returns. At this stage, the outcome of the audit is uncertain; however, we believe that any contingencies are adequately provided for. We do not expect to conclude this examination within the next twelve months.

State income tax returns generally are subject to examination for a period of three to five years after filing of the respective tax return. The impact on such tax returns of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. We have various state income tax returns in the process of examination, administrative appeal or litigation.

We have various foreign income tax returns under examination. Currently, significant jurisdictions with audits underway include Canada related to our 2000 to 2006 tax returns and Germany related to tax returns for the 2002 to 2009 tax years. We believe that any uncertain tax positions related to these examinations have been adequately provided for.

An unfavorable resolution of one or more of the above matters could have a material adverse effect on our results of operations or cash flows in the quarter and year in which an adjustment is recorded or the tax is due or paid. As audits and examinations are still in process or we have not reached the final stages of the appeals process for any of the above matters, the timing of the ultimate resolution and any payments that may be required for the above matters cannot be determined at this time.

Upon the conclusion of our disposition activities, as discussed in Note 4 to these consolidated financial statements, we may recognize an additional income tax provision or benefit, generally, as part of discontinued operations.

Indebtedness

12 Months Ended

Dec. 31, 2010

Indebtedness

Indebtedness

(12) Indebtedness

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2010.

		December 31, 2009		Borrowings		Repayments			Other(8)		December 31, 2010

Term loan⁽¹⁾		$	600.0	$	—	$	(600.0	)	$	—	$	—
Domestic revolving loan facility⁽²⁾			61.5		164.0		(225.5	)		—		—
6.875% senior notes⁽³⁾			—		600.0		—			—		600.0
7.625% senior notes			500.0		—		—			—		500.0
7.50% senior notes⁽⁴⁾			28.2		—		—			—		28.2
6.25% senior notes⁽⁵⁾			21.3		—		—			—		21.3
Trade receivables financing arrangement⁽⁶⁾			22.0		90.0		(112.0	)		—		—
Other indebtedness⁽⁷⁾			46.0		13.8		(15.5	)		3.8		48.1

	Total debt		1,279.0	$	867.8	$	(953.0	)	$	3.8		1,197.6

Less: short-term debt			74.4									36.3
Less: current maturities of long-term debt			76.0									50.8

	Total long-term debt	$	1,128.6								$	1,110.5

⁽¹⁾: Repayments include required principal payments during the first two quarters of 2010 that aggregated to $37.5 and the repayment of the remaining balance under the term loan of $562.5 in connection with issuing $600.0 of 6.875% senior unsecured notes in August 2010 (see below for additional details on this issuance).
⁽²⁾: At December 31, 2009, $20.5 of the balance was included in short-term debt and the remaining $41.0 in long-term debt.
⁽³⁾: In August 2010, we issued $600.0 of 6.875% senior unsecured notes that mature in 2017 (see "Senior Notes" below for additional details).
⁽⁴⁾: In December 2010, we gave notice of our intention to redeem, in full, the outstanding balance of $28.2 and in January 2011 completed such redemption; therefore, the total balance has been included in "Current maturities of long-term debt" within our consolidated balance sheet as of December 31, 2010.
⁽⁵⁾: The notes mature on June 15, 2011 and, accordingly, the total balance has been included in "Current maturities of long-term debt" within our consolidated balance sheet as of December 31, 2010.
⁽⁶⁾: As of December 31, 2010, we had $51.8 available to borrow on a continuous basis under the arrangement.
⁽⁷⁾: Includes balances under a purchase card program of $36.1 and $31.5 at December 31, 2010 and December 31, 2009, respectively.
⁽⁸⁾: "Other" includes debt assumed of $3.9 during 2010 and foreign currency translation on debt instruments denominated in currencies other than the U.S. dollar.

Credit Facilities

We have senior credit facilities with a syndicate of lenders that provided for committed senior secured financing in the aggregate amount of $1,550.0, consisting of the following:

•

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.

In connection with the August 2010 termination of our Swaps and the term loan under our senior credit facilities, we incurred $25.6 of costs, including $24.3 associated with the early termination of Swaps (see Note 13), $1.1 for the write-off of deferred financing costs, and $0.2 related to an early termination fee.

At December 31, 2010, we had $503.6 of available borrowing capacity under our revolving credit facilities after giving effect to $96.4 reserved for outstanding letters of credit. In addition, at December 31, 2010, we had $179.8 of available issuance capacity under our foreign credit instrument facility after giving effect to $770.2 reserved for outstanding letters of credit.

We also may seek additional commitments for incremental term loan facilities or increases in commitments in respect of the domestic revolving credit facility, the global revolving credit facility and/or the foreign credit instrument facility by up to an aggregate principal amount of $400.0 without the need for consent from the existing lenders.

We are the eligible borrower under the revolving loan facilities, and certain of our foreign subsidiaries are borrowers under the foreign credit instrument facility.

All borrowings and other extensions of credit under our senior credit facilities are subject to the satisfaction of customary conditions, including absence of defaults and accuracy in material respects of representations and warranties.

The letters of credit under the domestic revolving credit facility are stand-by letters of credit requested by any borrower on behalf of itself or any of its subsidiaries. The foreign credit instrument facility is used to issue foreign credit instruments, including bank undertakings to support our foreign operations.

At December 31, 2010, we had $4.0 of letters of credit outstanding under separate arrangements in China and South Africa.

The interest rates applicable to loans under our senior credit facilities are, at our option, equal to either an alternate base rate (the higher of (a) the federal funds effective rate plus 0.5% and (b) the prime rate of Bank of America) or a reserve adjusted LIBOR rate for dollars (Eurodollar) plus, in each case, an applicable margin percentage, which varies based on our Consolidated Leverage Ratio (as defined in the credit agreement generally as the ratio of consolidated total debt (net of cash equivalents in excess of $50.0) at the date of determination to consolidated adjusted EBITDA for the four fiscal quarters ended on such date). We may elect interest periods of one, two, three or six months for Eurodollar borrowings. The fees charged and the interest rate margins applicable to Eurodollar and base rate loans are (all on a per annum basis) as follows:

Consolidated Leverage Ratio

Greater than or equal to 3.00 to 1.0	0.35	%	0.35	%	1.75	%	0.35	%	1.3125	%	1.75	%	0.75	%
Between 2.00 to 1.0 and 3.00 to 1.0	0.30	%	0.30	%	1.50	%	0.30	%	1.125	%	1.50	%	0.50	%
Between 1.50 to 1.0 and 2.00 to 1.0	0.25	%	0.25	%	1.25	%	0.25	%	0.9375	%	1.25	%	0.25	%
Between 1.00 to 1.0 and 1.50 to 1.0	0.20	%	0.20	%	1.00	%	0.20	%	0.75	%	1.00	%	0.00	%
Less than 1.00 to 1.0	0.175	%	0.175	%	0.875	%	0.175	%	0.65625	%	0.875	%	0.00	%

Our senior credit facilities require mandatory prepayments in amounts equal to the net proceeds from the sale or other disposition of, including from any casualty to, or governmental taking of property in excess of, specified values (other than in the ordinary course of business and subject to other exceptions) by us or our subsidiaries. Mandatory prepayments will be applied to repay amounts (or cash collateralize letters of credit) outstanding under the global revolving credit facility or the domestic revolving credit facility (without reducing the commitments thereunder). No prepayment is required to the extent the net proceeds are reinvested in permitted acquisitions, permitted investments or assets to be used in our business within 360 days of the receipt of such proceeds.

We may voluntarily prepay loans under our senior credit facilities, in whole or in part, without premium or penalty. Any voluntary prepayment of loans will be subject to reimbursement of the lenders' breakage costs in the case of a prepayment of Eurodollar rate borrowings other than on the last day of the relevant interest period.

Indebtedness under our senior credit facilities is guaranteed by:

•

Each existing and subsequently acquired or organized domestic material subsidiary with specified exceptions; and

•

Us with respect to the obligations of our foreign borrower subsidiaries under the global revolving credit facility and the foreign credit instrument facility.

Indebtedness under our senior credit facilities is secured by a first priority pledge and security interest in 100% of the capital stock of our domestic subsidiaries (with certain exceptions) and 65% of the capital stock of our material first tier foreign subsidiaries. If our corporate credit rating is "Ba2" or less by Moody's and "BB" or less by S&P, then we and our domestic subsidiary guarantors are required to grant security interests, mortgages and other liens on substantially all our and their assets.

Our senior credit facilities require that we maintain:

•

A Consolidated Interest Coverage Ratio (as defined in the credit agreement generally as the ratio of consolidated adjusted EBITDA for the 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 not 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 repurchase 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).

At December 31, 2010, we were in compliance with all covenant provisions of our senior credit facilities, and the senior credit facilities did not impose any restrictions on our ability to repurchase shares or pay dividends, other than those inherent in the credit agreement.

Senior Notes

In August 2010, we issued, in a private placement, $600.0 aggregate principal amount of 6.875% senior unsecured notes that mature in 2017. We used the proceeds from the offering to repay the remaining balance under the term loan of our senior credit facilities ($562.5), to pay $26.9 of termination costs (including $2.6 of accrued interest) for Swaps related to the term loan, and the remainder to pay the majority of the financing costs incurred in connection with the offering. The interest payment dates for these notes are March 1 and September 1 of each year, commencing on March 1, 2011. 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 an applicable premium, plus accrued and unpaid interest. In addition, at any time prior to September 1, 2013, 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 106.875%, 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 outstanding, plus accrued and unpaid interest. These notes are unsecured and rank equally with all our existing and future unsubordinated unsecured senior indebtedness, but are effectively junior to our senior credit facilities. 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. We have agreed, in certain instances, to conduct a registered exchange offer for the notes and use commercially reasonable efforts to exchange the notes for a new issue of identical debt securities and file under certain circumstances a shelf registration statement to cover resales of the notes and to cause the registration statement to be declared effective by the SEC. If we fail to satisfy these obligations within 150 days from August 10, 2011, we have agreed to pay additional interest to holders of the notes under certain circumstances. Payment of the principal, premium, if any, and interest on these notes is guaranteed on a senior unsecured basis by our domestic subsidiaries. The likelihood of having to make payments under the guarantee is considered remote.

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. 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, but are effectively junior to our senior credit facilities. 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.

In June 2003, we issued $300.0 of non-callable 6.25% senior notes that mature on June 15, 2011. The interest payment dates for these notes are June 15 and December 15 of each year. At December 31, 2010, $21.3 of these notes were outstanding. In December 2002, we issued $500.0 of callable 7.50% senior notes that mature on January 1, 2013. The interest payment dates for these notes are January 1 and July 1 of each year. At December 31, 2010, $28.2 of these notes were outstanding. Both of these note issuances are unsecured and rank equally with all of our existing and future unsecured senior indebtedness, but are effectively junior to our senior credit facilities. In January 2011, we redeemed the 7.50% senior notes, resulting in a principal payment of $28.2.

At December 31, 2010, we were in compliance with all covenant provisions of our senior notes.

Other Borrowings and Financing Activities

Certain of our businesses purchase goods and services under a purchase card program allowing for payment beyond their normal payment terms. As of December 31, 2010 and 2009, the participating businesses had $36.1 and $31.5, respectively, outstanding under this arrangement. As this arrangement extends the payment of our businesses' payables beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

We are party to a trade receivables financing agreement, whereby we can borrow, on a continuous basis, up to $130.0. Availability of funds may fluctuate over time given changes in eligible receivable balances, but will not exceed the $130.0 program limit. The facility contains representations, warranties, covenants and indemnities customary for facilities of this type. The facility does not contain any covenants that we view as materially constraining to the activities of our business. As of December 31, 2010, there were no amounts outstanding under this financing agreement, while there was $22.0 outstanding under this financing agreement at December 31, 2009.

Financial Instruments

12 Months Ended

Dec. 31, 2010

Financial Instruments

Financial Instruments

(13) Financial Instruments

Interest Rate Swaps

Prior to repayment of our variable rate term loan, we maintained Swaps to hedge the associated interest rate risk. These Swaps, which we designated and accounted for as cash flow hedges, had maturities through December 2011 and effectively converted the majority of our borrowings under our variable rate term loan to a fixed rate of 4.795% plus the applicable margin. In connection with the repayment of our term loan (see Note 12), we terminated all of our Swaps, resulting in a cash payment of $26.9 (including $2.6 of accrued interest) and a charge to earnings of $24.3 during 2010. The unrealized loss, net of taxes recorded in accumulated other comprehensive loss ("AOCI") was $16.8 as of December 31, 2009. In addition, as of December 31, 2009, we recorded a long-term liability of $28.0 to recognize the fair value of the Swaps.

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, Chinese Yuan, South African Rand and British Pound.

From time to time, we enter into 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. In addition, some of our contracts contain 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 our FX forward contracts 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, changes in the derivatives' fair value 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 impacts earnings. In addition, if the forecasted transaction is no longer probable the cumulative change in the derivatives' fair value will be recorded as a component of other expense, net in the period it 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 in earnings in the period it occurs. We had FX forward contracts with an aggregate notional amount of $199.5 and $100.2 outstanding as of December 31, 2010 and 2009, respectively, with scheduled maturities of $175.3, $22.1 and $2.1 in 2011, 2012 and 2013, respectively. We had FX embedded derivatives with an aggregate notional amount outstanding of $200.9 and $106.2 at December 31, 2010 and 2009, respectively, with scheduled maturities of $141.1, $42.0, $15.2 and $2.6 in 2011, 2012, 2013 and 2014, respectively. The unrealized loss, net of taxes, recorded in AOCI related to FX embedded derivatives and FX forward contracts was $4.1 and $4.4 as of December 31, 2010 and 2009, respectively.

Commodity Contracts

From time to time, we enter into forward contracts to manage the exposure on forecasted purchases of commodity raw materials ("commodity contracts"). At December 31, 2010 and 2009, the outstanding notional amount of commodity contracts was 1.8 million and 1.3 million pounds of copper, respectively. We designate and account for these contracts as cash flow hedges and, to the extent these commodity contracts are effective in offsetting the variability of the forecasted purchases, the change in fair value is included in AOCI. We reclassify the AOCI associated with our commodity contracts to cost of products sold when the forecasted transaction impacts earnings. As of December 31, 2010 and 2009, the fair values of these contracts were $1.0 and $0.9, respectively, recorded as a current asset. The unrealized gain, net of taxes, recorded in AOCI was $0.8 and $0.5 as of December 31, 2010 and 2009, respectively. We anticipate reclassifying the unrealized gain to income over the next 12 months.

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

		December 31, 2010				December 31, 2009

		Balance Sheet Classification	Fair Value			Balance Sheet Classification	Fair Value
Derivative contracts designated as hedging instruments:
	Commodity contracts	Other current assets	$	1.0		Other current assets	$	0.9
	FX embedded derivatives	—		—		Other assets		0.9

			$	1.0			$	1.8

	FX forward contracts	Accrued expenses	$	(2.9	)	Accrued expenses	$	(1.0	)
	Swaps	—		—		Other long-term liabilities		(28.0	)
	FX embedded derivatives	—		—		Other long-term liabilities		(10.1	)

			$	(2.9	)		$	(39.1	)

Derivative contracts not designated as hedging instruments:
	FX forward contracts	Other current assets	$	0.5		Other current assets	$	0.2
	FX embedded derivatives	Other current assets		2.6		Other current assets		0.2

			$	3.1			$	0.4

	FX forward contracts	Accrued expenses	$	(1.4	)	Accrued expenses	$	(0.4	)
	FX embedded derivatives	Accrued expenses		(1.8	)	Accrued expenses		(0.3	)
	FX embedded derivatives	Other long-term liabilities		(33.2	)	—		—

			$	(36.4	)		$	(0.7	)

The following summarizes the effect of derivative financial instruments in cash flow hedging relationships on AOCI and the consolidated statements of operations for the years ended December 31, 2010, 2009 and 2008:

	Amount of gain (loss) recognized in AOCI, pre-tax(1)										Amount of gain (loss) reclassified from AOCI to income, pre-tax(1)

	Amount of gain (loss) recognized in AOCI, pre-tax(1)									Classification of gain (loss) reclassified from AOCI
	2010			2009			2008			Classification of gain (loss) reclassified from AOCI	2010			2009			2008
Swaps	$	(9.3	)	$	(6.6	)	$	(35.8	)	Interest Expense	$	(12.7	)	$	(20.4	)	$	(8.7	)
										Loss on early extinguishment of interest rate protection agreements and term loan		(24.3	)		—			—
FX Forward contracts		(4.9	)		(1.8	)		—		—		—			—			—
FX embedded derivatives		2.3			(4.6	)		—		Cost of products sold		1.8			—			—
Commodity contracts		1.0			4.0			(8.2	)	Cost of products sold		0.7			(6.2	)		0.3

	$	(10.9	)	$	(9.0	)	$	(44.0	)		$	(34.5	)	$	(26.6	)	$	(8.4	)

⁽¹⁾: For the years ended December 31, 2010 and 2009, gains (losses) of $1.1 and ($0.2), respectively, were recognized in other 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 consolidated statements of operations for the years ended December 31, 2010, 2009 and 2008:

		Amount of gain (loss) recognized in income

	Classification of gain (loss) recognized in income	Amount of gain (loss) recognized in income
	Classification of gain (loss) recognized in income	2010			2009			2008
FX forward contracts	Other expense, net	$	5.0		$	5.6		$	3.8
FX embedded derivatives⁽¹⁾	Other expense, net		(23.4	)		(13.1	)		0.7

		$	(18.4	)	$	(7.5	)	$	4.5

⁽¹⁾: Includes $4.6 of losses reclassified from AOCI during the year ended December 31, 2010, resulting from the discontinuance of cash flow hedge accounting, as the forecasted transactions were determined to no longer be probable.

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and cash equivalents, trade accounts receivable, and foreign currency forward and forward commodity contracts. These financial instruments, other than trade accounts receivable, are placed with high-quality financial institutions throughout the world. We periodically evaluate the credit standing of these financial institutions.

We are exposed to credit losses in the event of nonperformance by counterparties to the above financial instruments, but have no other off-balance-sheet credit risk of accounting loss. We anticipate, however, that counterparties will be able to fully satisfy their obligations under the contracts. We do not obtain collateral or other security to support financial instruments subject to credit risk, but we do monitor the credit standing of counterparties.

Concentrations of credit risk arising from trade accounts receivable are due to selling to a large number of customers in a particular industry. We perform ongoing credit evaluations of our customers' financial conditions and obtain collateral or other security when appropriate. No one customer, or group of customers that to our knowledge are under common control, accounted for more than 10% of our revenues for any period presented.

Commitments, Contingent Liabilities and Other Matters

12 Months Ended

Dec. 31, 2010

Commitments, Contingent Liabilities and Other Matters

Commitments, Contingent Liabilities and Other Matters

(14) Commitments, Contingent Liabilities and Other Matters

Leases

We lease certain manufacturing facilities, offices, sales and service locations, machinery and equipment, vehicles and office equipment under various leasing programs accounted for as operating leases. The future minimum rental payments under operating leases with remaining non-cancelable terms in excess of one year are:

Year Ending December 31,

2011	$	43.8
2012		34.5
2013		25.8
2014		21.7
2015		17.2
Thereafter		59.4

Total minimum payments	$	202.4

Total operating lease expense was $54.4 in 2010, $58.0 in 2009 and $51.4 in 2008. Capital leases were not material to any of the periods presented.

General

Numerous claims, complaints and proceedings arising in the ordinary course of business, including those relating to litigation matters (e.g., class actions, derivative lawsuits and contracts, intellectual property and competitive claims), environmental matters, and risk management matters (e.g., product and general liability, automobile, and workers' compensation claims), 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 us 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 acquisitions that we believe cover a portion of these claims, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) 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 $436.2 (including $366.1 for risk management matters) and $308.5 (including $231.8 for risk management matters) at December 31, 2010 and 2009, respectively. Of these amounts, $368.0 and $236.8 are included in "Other long-term liabilities" within our consolidated balance sheets at December 31, 2010 and 2009, respectively, with the remainder included in "Accrued expenses." The consolidated balance sheet at December 31, 2010 includes "Other long-term liabilities" of $110.0 (along with "Other assets" for the same amount) associated with certain insured risk management matters. Prior to December 31, 2010, the asset and liability associated with these matters was not reflected on our consolidated balance sheets as the amounts were not reasonably estimable.

Litigation Matters

We are subject to litigation matters 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 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 violations 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 96 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, we cannot provide assurance that new matters, developments, 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 28 sites at which the liability has not been settled, and only 11 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 that 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 liability, 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 record a 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 workers' compensation, automobile, product and general liability, disability and health costs, and we believe that we maintain adequate accruals to cover our retained liability. Our accruals for risk management matters are determined by us, are based on claims filed and estimates of claims incurred but not yet reported, and generally are not discounted. We consider 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 (e.g., because of insurer insolvency) to protect us against loss exposure.

Collaborative Arrangements

Collaborative arrangements are defined 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. Costs incurred and revenues generated from transactions with third parties are required to be reported by the collaborators on the appropriate line item in their respective income statements. Refer to our disclosure on consortium arrangements below.

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 revenues for these discrete items of work are defined in the contract with the project owner and each consortium member bearing 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 or a consortium member defaults, then the consortium members are responsible according to their share of the contract value. Within our consolidated financial statements, we account for our share of the revenues and profits under the consortium arrangements. As of December 31, 2010, our share of the aggregate contract value on open consortium arrangements was $381.4 (of which approximately 45.1% had been recognized as revenue), and the aggregate contract value on open consortium arrangements was $948.7. As of December 31, 2009, our share of the aggregate contract value on open consortium arrangements was $440.7 (of which approximately 40.4% had been recognized as revenue) and the aggregate contract value on open consortium arrangements was $1,015.2. At December 31, 2010 and 2009, we recorded liabilities of $3.2 and $5.5, respectively, representing the estimated fair value of our potential obligation under the joint and several liability provisions associated with the consortium arrangements.

Executive Agreements

The Board of Directors has approved employment agreements for ten of our executives. These agreements have rolling terms of either one year or two years and specify the executive's current compensation, benefits and perquisites, the executive's entitlements upon termination of employment or a change in control, and other employment rights and responsibilities. In addition, three executive officers have outstanding non-interest bearing 20-year relocation home loans totaling $4.5 granted in connection with the 2001 move of our corporate headquarters. In the event of the death or permanent disability of the employee or a change in control of SPX, we will forgive the note and pay the employee or his estate an amount equal to the employee's tax liability as a result of the loan forgiveness.

U.S. Health Care Reform Legislation

In the first quarter of 2010, the Patient Protection and Affordable Care Act of 2010 (the "Act") was enacted. As discussed in Note 11, the Act eliminated a portion of the federal income tax deduction available to companies that provide prescription drug benefits to retirees under Medicare Part D. We currently are evaluating other prospective effects of the Act and the related effects on our business.

Shareholders' Equity and Stock-Based Compensation

12 Months Ended

Dec. 31, 2010

Shareholders' Equity and Stock-Based Compensation

Shareholders' Equity and Stock-Based Compensation

(15) Shareholders' Equity and Stock-Based Compensation

Earnings Per Share

The following table sets forth the computations of the components used for the calculation of basic and diluted earnings per share:

		Year Ended December 31,

		2010			2009			2008
Numerator:
	Income from continuing operations	$	191.6		$	49.0		$	258.5
	Less: Net income (loss) attributable to noncontrolling interests		(2.8	)		1.8			6.6

	Income from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted earnings per share	$	194.4		$	47.2		$	251.9

	Income (loss) from discontinued operations	$	11.2		$	(32.8	)	$	14.3
	Less: Net income (loss) attributable to noncontrolling interest		—			(17.3	)		18.3

	Income (loss) from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted earnings per share	$	11.2		$	(15.5	)	$	(4.0	)

Denominator:
	Weighted-average number of common shares used in basic earnings per share		49.718			49.363			53.596
	Dilutive Securities — Employee stock options, restricted stock and restricted stock units		0.629			0.434			0.763

	Weighted-average number of common shares and dilutive securities used in diluted earnings per share		50.347			49.797			54.359

The total number of stock options that were not included in the computation of dilutive earnings per share because their exercise price was greater than the average market price of common shares was 0.405, 0.668 and 0.326 for the years ended December 31, 2010, 2009 and 2008, respectively. The total number of unvested restricted stock and restricted stock units that were not included in the computation of diluted income per share because required market thresholds for vesting (as discussed below) were not met was 0.102, 0.222 and 0.281 at December 31, 2010, 2009 and 2008, respectively.

Accumulated Other Comprehensive Loss

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

	December 31, 2010			December 31, 2009

Foreign currency translation adjustment	$	223.2		$	254.6
Net unrealized losses on qualifying cash flow hedges, net of tax benefit of $2.2 and $13.0, respectively		(3.3	)		(20.7	)
Net unrealized gains on available-for-sale securities,		6.1			—
Pension liability adjustment, net of tax benefit of $266.6 and $268.0, respectively⁽¹⁾		(418.6	)		(447.5	)

Accumulated other comprehensive loss	$	(192.6	)	$	(213.6	)

⁽¹⁾: As of December 31, 2010 and 2009, included $3.2 and $6.0, respectively, related to our share of the pension liability adjustment for EGS.

Common Stock and Treasury Stock

At December 31, 2010, we had 200.0 authorized shares of common stock (par value $10.00). Common shares issued, treasury shares and shares outstanding are summarized in the table below.



Balance at December 31, 2007		95.582	(42.790	)	52.792
	Stock options exercised	0.281	0.770		1.051
	Share repurchases	—	(3.375	)	(3.375	)
	Restricted stock and restricted stock units	0.403	—		0.403
	Other	0.257	—		0.257

Balance at December 31, 2008		96.523	(45.395	)	51.128
	Stock options exercised	0.154	—		0.154
	Share repurchases	—	(2.625	)	(2.625	)
	Restricted stock and restricted stock units	0.260	0.104		0.364
	Other	0.347	—		0.347

Balance at December 31, 2009		97.284	(47.916	)	49.368
	Stock options exercised	0.238	—		0.238
	Restricted stock and restricted stock units	0.278	0.142		0.420
	Other	0.268	—		0.268

Balance at December 31, 2010		98.068	(47.774	)	50.294

Stock-Based Compensation

Under the 2002 Stock Compensation Plan, as amended in 2006, the successor plan to the 1992 Stock Compensation Plan, up to 20.0 shares of our common stock may be granted to key employees and 5.0 of these shares were available for grant at December 31, 2010. The 2002 Stock Compensation Plan permits the issuance of new shares or shares from treasury upon the exercise of options, vesting of restricted stock units or restricted stock.

During the years ended December 31, 2010, 2009 and 2008, we classified excess tax benefits from stock-based compensation of $4.2, $1.7 and $35.3, respectively, as financing cash flows and included such amounts in "Proceeds from the exercise of employee stock options and other, net of minimum withholdings paid on behalf of employees for net share settlements" within our consolidated statements of cash flows.

Restricted stock or restricted stock units may be granted to certain eligible employees or non-employee directors in accordance with applicable equity compensation plan documents and agreements. Subject to participants' continued employment and other plan terms and conditions, the restrictions 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 and 0.038 of these shares were available for grant at December 31, 2010. 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 for employee awards described in the preceding paragraph. Restricted stock that does not vest within the three-year vesting period in accordance with these performance requirements is forfeited.

Stock options may be granted to key employees in the form of incentive stock options or nonqualified stock options, generally vest ratably over three years, which vesting may be subject to 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 have not granted options to any of our employees since 2004.

The recognition of compensation expense for share-based awards, including stock options, is based on their grant date fair values. The fair value of each award is amortized over the lesser of the award's requisite or derived service period, which is generally up to three years. There was no stock option expense for the years ended December 31, 2010, 2009 and 2008. Compensation expense related to restricted stock and restricted stock units totaled $31.1, $27.6 and $41.5 for the years ended December 31, 2010, 2009 and 2008, respectively.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no option grants in 2010, 2009 and 2008.

We use the Monte Carlo simulation model valuation technique to determine fair value of our restricted stock and restricted stock units as they 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 March 1, 2010 and January 2, 2009:



March 1, 2010:
SPX Corporation	62.0	%	1.64	%	1.20	%	0.7250
S&P 500 Composite Index	30.8	%	n/a		1.20	%
January 2, 2009:
SPX Corporation	52.7	%	2.31	%	1.12	%	0.7272
S&P 500 Composite Index	26.2	%	n/a		1.12	%

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 grant. The average risk-free interest rate is based on the one-year through three-year daily treasury yield curve rate as of the grant date.

Restricted Stock and Restricted Stock Unit Awards

The following table summarizes the restricted stock and restricted stock unit activity from December 31, 2007 through December 31, 2010:



Outstanding at December 31, 2007	1.378		40.49
Granted	0.641		74.62
Vested	(0.703	)	38.78
Forfeited	(0.065	)	55.93

Outstanding at December 31, 2008	1.251		58.01
Granted	0.667		33.42
Vested	(0.429	)	41.75
Forfeited	(0.054	)	54.61

Outstanding at December 31, 2009	1.435		51.75
Granted	0.738		48.91
Vested	(0.626	)	50.46
Forfeited	(0.031	)	47.82

Outstanding at December 31, 2010	1.516		50.97

As of December 31, 2010, there was $14.0 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 1.5 years.

Stock Options

The following table shows stock option activity from December 31, 2007 through December 31, 2010:



Options outstanding and exercisable at December 31, 2007	2.374		66.80
Exercised	(1.051	)	69.26
Terminated	(0.015	)	60.29

Options outstanding and exercisable at December 31, 2008	1.308		64.89
Exercised	(0.154	)	39.69
Terminated	(0.273	)	94.80

Options outstanding and exercisable at December 31, 2009	0.881		59.86
Exercised	(0.238	)	48.21
Terminated	(0.008	)	90.23

Options outstanding and exercisable at December 31, 2010	0.635		63.82

The weighted-average remaining term, in years, of options outstanding and exercisable at December 31, 2010 was 1.2. The total number of in-the-money options exercisable on December 31, 2010 was 0.523. Aggregate intrinsic value (market value of stock less option exercise price) represents the total pretax intrinsic value, based on our closing stock price on December 31, 2010, 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 December 31, 2010 was $7.2. The aggregate intrinsic value of options exercised during the years ended December 31, 2010, 2009 and 2008 was $4.1, $2.7 and $52.5, respectively.

Treasury Stock

In 2009, we repurchased 2.625 shares of our common stock on the open market pursuant to written trading plans under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, for total cash consideration of $113.2. We record common stock repurchases based on the settlement date. The covenants under our senior credit facilities contain certain restrictions on the payment of dividends and the repurchase of our common stock. See Note 12 for discussion of our ability to repurchase shares under our current senior credit facilities.

Preferred Stock

None of our 3.0 shares of authorized no par value preferred stock was outstanding at December 31, 2010, 2009 and 2008.

Fair Value

12 Months Ended

Dec. 31, 2010

Fair Value

Fair Value

(16) Fair Value

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. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

•

Level 1 — Quoted prices for identical instruments in active markets.

•

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•

Level 3 — Significant inputs to the valuation model are unobservable.

The following section describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis.

Derivative Financial Instruments

Our financial derivative assets and liabilities include FX forward contracts, FX embedded derivatives and commodity contracts, which are valued using valuation models that measure fair value using observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties' credit risks. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. We have not made any adjustments to the inputs obtained from the independent sources. Based on our continued ability to enter into forward contracts, we consider the markets for our fair value instruments to be active. We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount.

As of December 31, 2010, there has been no significant impact to the fair value of our derivative liabilities due to our own credit risk as the related instruments are collateralized under our senior credit facilities. Similarly, there has been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties' credit risk.

Investments in Equity Securities

Our available-for-sale securities include equity investments that are traded in active international markets. They are measured at fair value using closing stock prices from active markets and are classified within Level 1 of the valuation hierarchy.

Certain of our investments in equity securities that are not readily marketable are accounted for under the fair value option, with such values determined by multidimensional pricing models. These models consider market activity based on modeling of securities with similar credit quality, duration, yield and structure. A variety of inputs are used, including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spread and reference data including market research publications. Market indicators, industry and economic events are also considered. We have not made any adjustments to the inputs obtained from the independent sources. At December 31, 2010, these assets had a fair value of $8.5 million, which are estimated using various valuation models, including the Monte-Carlo simulation model.

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2010:

	Fair Value Measurements Using

	Level 1		Level 2		Level 3
Current assets — FX embedded derivatives, FX forward contracts and commodity contracts	$	—	$	4.1	$	—
Noncurrent assets — Investment in equity securities and available-for-sale securities		12.8		—		8.5
Current liabilities — FX forward contracts and FX embedded derivatives		—		6.1		—
Long-term liabilities — FX embedded derivatives		—		33.2		—

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2009:

	Fair Value Measurements Using

	Level 1		Level 2		Level 3
Current assets — FX embedded derivatives, FX forward contracts and commodity contracts	$	—	$	1.3	$	—
Noncurrent assets — FX embedded derivatives		—		0.9		—
Current liabilities — FX forward contracts and FX embedded derivatives		—		1.7		—
Long-term liabilities — FX embedded derivatives and Swaps		—		38.1		—

The table below presents a reconciliation of our investment in equity securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2010, including net unrealized losses included in earnings.

	Year Ended December 31, 2010

Balance at beginning of year	$	—
Purchases		9.8
Losses included in earnings		(1.3	)

Balance at end of year	$	8.5

During 2010, we recorded impairment charges of $7.9 to "Special charges, net" related to assets to be disposed of in connection with certain restructuring initiatives (see Note 6). The fair values of these assets ($4.7) were based on the estimated selling prices. 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 (unobservable inputs — Level 3).

In connection with our annual impairment testing of indefinite-lived intangible assets during the fourth quarter of 2010, we determined that trademarks held by a business within our Thermal Equipment and Services segment were impaired and, thus, we recorded an impairment charge of $1.7 during 2010. The fair value ($30.1) was determined by applying an estimated royalty rate to projected revenues, with the resulting cash flows discounted at a rate of return that reflects current market conditions (unobservable inputs — Level 3).

In connection with our annual goodwill impairment testing during the fourth quarter of 2009, we determined that the fair value of our Service Solutions reporting unit was less than the carrying value of its net assets (see Note 8). The fair value of the reporting unit was based upon weighting of the income and market approaches, utilizing estimated cash flows and a terminal value discounted at a rate of return that reflects the relative risk of the cash flows, as well as valuation multiples derived from comparable publicly traded companies that are applied to the historical and projected operating results of the reporting unit (unobservable inputs — Level 3). We estimated the implied fair value of Service Solutions' goodwill, which resulted in an impairment charge related to such goodwill of $187.7 in 2009. In addition, in 2009 we recorded an impairment charge of $1.0 related to other intangible assets of Service Solutions. The fair value of these intangibles was determined based on a projection of cash flows for the assets discounted at a rate of return that reflects the relative risk of the cash flows (unobservable input — Level 3).

In connection with our annual impairment testing of indefinite-lived intangible assets during the fourth quarter of 2009, we determined that trademarks held by a business within our Thermal Equipment and Services segment were impaired and, thus, we recorded an impairment charge of $6.1 during 2009. The fair value was determined by applying an estimated royalty rate to projected revenues, with the resulting cash flows discounted at a rate of return that reflects current market conditions (unobservable inputs — Level 3).

We recorded pre-tax impairment charges of $20.8 during 2009 (to "Gain (loss) on disposition of discontinued operations, net of tax") in order to reduce the carrying value of the net assets of Filtran and PSD (see Note 4) to their estimated fair values. The fair value of the Filtran business was based primarily on the sales price received in October 2009 (i.e., an observable quoted price in an active market, as adjusted for certain other observable inputs — Level 2), while the fair value for PSD was based on indications of interest (unobservable inputs — Level 3). In addition, we recorded impairment charges of $11.1 during 2009 to "Special charges, net" related to assets to be disposed in connection with certain restructuring initiatives. The fair value of these assets ($8.9) was based on the estimated selling prices. 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 (unobservable inputs — Level 3).

The carrying amount of cash and equivalents and receivables reported in our 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 December 31, 2010 for similar debt, was $1,281.6 at December 31, 2010, compared to our carrying value of $1,197.6.

- 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

Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2010

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)

(17) Quarterly Results (Unaudited)

		First(4)(5)						Second(4)(5)						Third(4)(5)					Fourth(5)

		2010			2009			2010			2009			2010		2009			2010			2009
Operating revenues		$	1,084.6		$	1,158.0		$	1,188.8		$	1,191.7		$	1,288.4	$	1,172.6		$	1,325.0		$	1,323.3
Gross profit⁽¹⁾			313.2			331.6			353.0			347.6			378.0		354.3			388.6			386.1
Income (loss) from continuing operations⁽²⁾			17.9			38.5			69.6			39.2			39.7		50.9			64.4			(79.6	)
Income (loss) from discontinued operation, net of tax⁽²⁾⁽³⁾			3.4			(14.2	)		8.4			(6.1	)		—		(18.9	)		(0.6	)		6.4

Net income (loss)			21.3			24.3			78.0			33.1			39.7		32.0			63.8			(73.2	)
Less: Net income (loss) attributable to noncontrolling interests			(0.8	)		(0.1	)		(0.8	)		(0.3	)		0.3		(14.0	)		(1.5	)		(1.1	)

Net income (loss) attributable to SPX Corporation common shareholders		$	22.1		$	24.4		$	78.8		$	33.4		$	39.4	$	46.0		$	65.3		$	(72.1	)

Basic earnings (loss) per share of common stock:
	Continuing operations	$	0.37		$	0.78		$	1.41		$	0.81		$	0.79	$	0.99		$	1.32		$	(1.62	)
	Discontinued operations, net of tax		0.08			(0.29	)		0.18			(0.13	)		—		(0.05	)		(0.01	)		0.16

	Net income (loss)	$	0.45		$	0.49		$	1.59		$	0.68		$	0.79	$	0.94		$	1.31		$	(1.46	)

Diluted earnings (loss) per share of common stock:
	Continuing operations	$	0.37		$	0.77		$	1.40		$	0.80		$	0.78	$	0.98		$	1.30		$	(1.62	)
	Discontinued operations, net of tax		0.07			(0.29	)		0.17			(0.12	)		—		(0.05	)		(0.01	)		0.16

	Net income (loss)	$	0.44		$	0.48		$	1.57		$	0.68		$	0.78	$	0.93		$	1.29		$	(1.46	)

Note: The sum of the quarters' earnings per share may not equal the full year per share amounts.

⁽¹⁾

Gross profit for 2009 included charges related to the settlement of two product liability matters of $3.5, $5.5, and $0.5 in the first, second, and third quarters of 2009, respectively.

⁽²⁾

The first, second, third and fourth quarters of 2010 included charges of $6.8, $4.4, $8.9 and $16.3, respectively, associated with restructuring initiatives. The first, second, third and fourth quarters of 2009 included charges of $11.9, $23.3, $19.3 and $18.6, respectively, associated with restructuring initiatives. See Note 6 for additional information.

The first, second, third and fourth quarters of 2010 included income (expense) for foreign currency transactions and net changes in fair value of our FX forward contracts and FX embedded derivatives of $(12.9), $(2.5), $(7.3) and $(4.9), respectively, while the related amounts for the four quarters of 2009 were $(12.1), $(2.2), $(7.0), and $0.3, respectively.

The effective income tax rate for the first quarter of 2010 was impacted unfavorably by a domestic charge of $6.2 associated with the taxation of prescription drug costs for retirees under Medicare Part D as a result of the enactment of the Patient Protection and Affordable Care Act. In addition, we recorded a domestic charge of $3.8 during the first quarter of 2010 associated with agreed-upon adjustments in connection with the field examination of our 2006 and 2007 federal income tax returns (see below for further discussion of the examination).

During the second quarter of 2010, the IRS completed the field examination of our 2006 and 2007 federal income tax returns and issued a RAR. We disagree with and have protested certain adjustments to the Appeals Office of the IRS. Upon issuance of the RAR, we reduced certain of our valuation allowances and our liability for uncertain tax positions to reflect amounts determined to be effectively settled or that satisfied the more likely than not threshold resulting in the recognition of income tax benefits of $22.0 and $7.3 to continuing and discontinued operations, respectively.

During the fourth quarter of 2010, we recorded tax benefits of $16.0 related to a reduction in liabilities for uncertain tax positions associated with various foreign and domestic statute expirations and settlements of state examinations. In addition, we recorded a domestic charge of $3.6 associated with the repatriation of foreign earnings during the quarter.

During the fourth quarter of 2009, we recorded tax benefits of $4.9 associated with the loss on an investment in a foreign subsidiary. In addition, we recorded tax benefits of $16.5 in the fourth quarter of 2009 related to a reduction in liabilities for uncertain tax positions associated with statute expirations and audit settlements in certain tax jurisdictions, with $6.4 related to continuing operations and $10.1 to discontinued operations.

In the fourth quarter of 2009, we recorded $188.7 of charges related to the impairment of goodwill $(187.7) and other intangible assets $(1.0) at our Service Solutions reporting unit. Additionally, we recorded a charge of $6.1 related to the impairment of trademarks at one of our Thermal Equipment and Services businesses. See Note 8 for further discussion.

⁽³⁾

During the first quarter of 2009, we recorded an additional impairment charge of $8.5 based on current indications of interest for the Filtran business, with all of the charge recorded to "Gain (loss) on disposition of discontinued operations, net of tax".

During the first quarter of 2010, we completed the sale of PSD for cash consideration of $3.0, resulting in a gain, net of taxes, of $3.6 during the quarter. During the second quarter of 2009, we recorded a net charge of $7.3 to "Gain (loss) on disposition of discontinued operations, net of tax" within our consolidated statements of operations in order to reduce the carrying value of the PSD net assets to their estimated net realizable value.

In the fourth quarter of 2009, we completed the sale of the Filtran business. In connection with the sale, we did not buy out the minority interest shareholder and, thus, sold only our share of the Filtran business. As a result, we reclassified $16.5 of the impairment charge noted above from "Net income (loss) attributable to noncontrolling interest" to "Gain (loss) on disposition of discontinued operations, net of tax" within our consolidated statements of operations in 2009 and the third quarter 2009 quarterly results included herein.

⁽⁴⁾

Amounts presented differ from amounts previously reported in our quarterly reports on Form 10-Q due to the classification of certain of our businesses as discontinued operations.

⁽⁵⁾

We establish actual interim closing dates using a "fiscal" calendar, which requires our businesses to close their books on the Saturday closest to the end of the calendar quarter for the first quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2010 were April 3, July 3 and October 2, compared to March 28, June 27 and September 26 for 2009, respectively. This practice only impacts the quarterly reporting periods and not the annual reporting period. We had six additional days in the first quarter of 2010 and had six fewer days in the fourth quarter of 2010 when compared to the respective 2009 periods.

- Definition

This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document.

+ References+ Details

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2010	Feb. 17, 2011	Jul. 03, 2010
Document and Entity Information
Entity Registrant Name	SPX CORP
Entity Central Index Key	0000088205
Document Type	10-K
Document Period End Date	Dec. 31, 2010
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2,504,973,907
Entity Common Stock, Shares Outstanding		50,585,672
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY

Consolidated Statements of Equity and Comprehensive Income (Loss) (Parenthetical) (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Consolidated Statements of Equity and Comprehensive Income (Loss)
Net unrealized gain (loss) on qualifying cash flow hedges, tax	$ 10.8	$ 6.7	$ (13.7)
Pension liability adjustment, tax	1.4	(56.5)	(62.2)
Foreign currency translation gains recognized upon sale of discontinued operations		5.7	6.3
Dividends declared, per share (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
Exercise of stock options and other incentive plan activity, related tax benefit	3.2	1.7	36.0
Amortization of restricted stock and restricted stock unit grants recorded to discontinued operations.		$ 0.1	$ 0.7

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2010	Dec. 31, 2009
Consolidated Balance Sheets
Common stock, number of shares issued	98,068,416	97,283,521
Common stock, number of shares outstanding	50,294,261	49,367,689
Common stock in treasury, number of shares	47,774,155	47,915,832