Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 27, 2014	Oct. 24, 2014
Document and Entity Information
Entity Registrant Name	SPX CORP
Entity Central Index Key	0000088205
Document Type	10-Q
Document Period End Date	Sep. 27, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		41,072,263
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Millions, except Share data in Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 1,158.1	$ 1,145.8	$ 3,407.2	$ 3,398.2
Costs and expenses:
Cost of products sold	816.0	809.0	2,426.3	2,438.2
Selling, general and administrative	226.9	224.8	734.7	710.6
Intangible amortization	7.6	8.2	24.2	24.4
Impairment of intangible assets			0	2.0
Special charges, net	4.1	6.9	18.3	25.1
Operating income	103.5	96.9	203.7	197.9
Other income (expense), net	1.1	(4.1)	490.5	(4.2)
Interest expense	(16.6)	(27.1)	(52.2)	(83.4)
Interest income	2.5	2.6	7.0	6.2
Loss on early extinguishment of debt			(32.5)
Equity earnings in joint ventures	0.3	11.4	0.8	30.6
Income from continuing operations before income taxes	90.8	79.7	617.3	147.1
Income tax provision	(26.0)	(16.6)	(202.6)	(30.2)
Income from continuing operations	64.8	63.1	414.7	116.9
Income from discontinued operations, net of tax	1.9	5.2	4.9	11.1
Gain (loss) on disposition of discontinued operations, net of tax	(2.9)	0.2	12.0	(2.3)
Income (loss) from discontinued operations, net of tax	(1.0)	5.4	16.9	8.8
Net income	63.8	68.5	431.6	125.7
Net income (loss) attributable to noncontrolling interests	0.3	(0.8)	(1.3)	2.5
Net income attributable to SPX Corporation common shareholders	63.5	69.3	432.9	123.2
Amounts attributable to SPX Corporation common shareholders:
Income from continuing operations, net of tax	64.5	63.9	416.0	114.6
Income (loss) from discontinued operations, net of tax	(1.0)	5.4	16.9	8.6
Net income	63.5	69.3	432.9	123.2
Basic income per share of common stock:
Income from continuing operations attributable to SPX Corporation common shareholders (in dollars per share)	$ 1.54	$ 1.43	$ 9.67	$ 2.51
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders (in dollars per share)	$ (0.02)	$ 0.12	$ 0.39	$ 0.19
Net income per share attributable to SPX Corporation common shareholders (in dollars per share)	$ 1.52	$ 1.55	$ 10.06	$ 2.70
Weighted-average number of common shares outstanding - basic (in shares)	41,796	44,709	43,024	45,592
Diluted income per share of common stock:
Income from continuing operations attributable to SPX Corporation common shareholders (in dollars per share)	$ 1.52	$ 1.42	$ 9.50	$ 2.48
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders (in dollars per share)	$ (0.02)	$ 0.12	$ 0.39	$ 0.19
Net income per share attributable to SPX Corporation common shareholders (in dollars per share)	$ 1.50	$ 1.54	$ 9.89	$ 2.67
Weighted-average number of common shares outstanding - diluted (in shares)	42,364	45,037	43,772	46,140
Comprehensive income (loss)	$ (52.1)	$ 140.6	$ 313.5	$ 120.7

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Sep. 27, 2014	Dec. 31, 2013
Current assets:
Cash and equivalents	$ 501.9	$ 691.8
Accounts receivable, net	1,152.0	1,206.7
Inventories, net	563.6	502.2
Other current assets	103.0	104.3
Deferred income taxes	121.9	119.6
Assets of discontinued operations	50.0	148.3
Total current assets	2,492.4	2,772.9
Property, plant and equipment:
Land	53.8	45.4
Buildings and leasehold improvements	377.2	384.4
Machinery and equipment	821.5	789.7
Property, plant and equipment, gross	1,252.5	1,219.5
Accumulated depreciation	(581.1)	(527.2)
Property, plant and equipment, net	671.4	692.3
Goodwill	1,471.0	1,517.0
Intangibles, net	880.9	924.7
Other assets	820.1	949.3
TOTAL ASSETS	6,335.8	6,856.2
Current liabilities:
Accounts payable	488.4	494.6
Accrued expenses	898.2	989.2
Income taxes payable	83.2	73.1
Short-term debt	264.2	26.9
Current maturities of long-term debt	16.5	558.7
Liabilities of discontinued operations	6.8	31.9
Total current liabilities	1,757.3	2,174.4
Long-term debt	1,173.0	1,090.0
Deferred and other income taxes	370.9	427.2
Other long-term liabilities	979.4	992.6
Total long-term liabilities	2,523.3	2,509.8
Commitments and contingent liabilities (Note 13)
SPX Corporation shareholders' equity:
Common stock (100,018,256 and 41,632,293 issued and outstanding at September 27, 2014, respectively, 99,801,498 and 45,281,329 issued and outstanding at December 31, 2013, respectively)	1,007.8	1,004.5
Paid-in capital	1,596.0	1,571.5
Retained earnings	2,687.7	2,303.1
Accumulated other comprehensive income	169.0	287.5
Common stock in treasury (58,385,963 and 54,520,169 shares at September 27, 2014 and December 31, 2013, respectively)	(3,417.2)	(3,008.6)
Total SPX Corporation shareholders' equity	2,043.3	2,158.0
Noncontrolling interests	11.9	14.0
Total equity	2,055.2	2,172.0
TOTAL LIABILITIES AND EQUITY	$ 6,335.8	$ 6,856.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Sep. 27, 2014	Dec. 31, 2013
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, shares issued	100,018,256	99,801,498
Common stock, shares outstanding	41,632,293	45,281,329
Common stock in treasury, shares	58,385,963	54,520,169

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013
Cash flows used in operating activities:
Net income	$ 431.6	$ 125.7
Less: Income from discontinued operations, net of tax	16.9	8.8
Income from continuing operations	414.7	116.9
Adjustments to reconcile income from continuing operations to net cash used in operating activities:
Special charges, net	18.3	25.1
Impairment of intangible assets	0	2.0
Gain on asset sales	(491.1)
Loss on early extinguishment of debt	32.5
Deferred and other income taxes	(44.3)	102.3
Depreciation and amortization	81.9	84.5
Pension and other employee benefits	39.0	0.9
Stock-based compensation	33.9	29.3
Other, net	0.7	4.2
Changes in operating assets and liabilities, net of effects from divestitures:
Accounts receivable and other assets	19.6	78.1
Inventories	(72.8)	(58.5)
Accounts payable, accrued expenses and other	(77.2)	(263.8)
Discretionary pension contribution		(250.0)
Cash spending on restructuring actions	(21.4)	(21.1)
Net cash used in continuing operations	(66.2)	(150.1)
Net cash from (used in) discontinued operations	3.2	(7.4)
Net cash used in operating activities	(63.0)	(157.5)
Cash flows from (used in) investing activities:
Proceeds from asset sales and other, net	581.4	9.8
Increase in restricted cash	(0.6)	(0.1)
Capital expenditures	(41.4)	(42.5)
Net cash from (used in) continuing operations	539.4	(32.8)
Net cash from discontinued operations	107.5	1.5
Net cash from (used in) investing activities	646.9	(31.3)
Cash flows used in financing activities:
Repurchase of senior notes (includes premiums paid of $30.6)	(530.6)
Borrowings under senior credit facilities	467.0	287.0
Repayments under senior credit facilities	(207.0)	(287.0)
Borrowings under trade receivables agreement	80.0	35.0
Repayments under trade receivables agreement	(11.0)	(35.0)
Net repayments under other financing arrangements	(55.0)	(9.7)
Purchases of common stock	(414.3)	(249.0)
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options and other	(12.9)	(16.5)
Financing fees paid	(0.4)
Change in noncontrolling interest in subsidiary	(0.8)	1.9
Dividends paid	(44.7)	(23.5)
Net cash used in continuing operations	(729.7)	(296.8)
Net cash used in financing activities	(729.7)	(296.8)
Change in cash and equivalents due to changes in foreign currency exchange rates	(44.1)	(7.8)
Net change in cash and equivalents	(189.9)	(493.4)
Consolidated cash and equivalents, beginning of period	691.8	984.1
Consolidated cash and equivalents, end of period	$ 501.9	$ 490.7

BASIS OF PRESENTATION

9 Months Ended

Sep. 27, 2014

BASIS OF PRESENTATION

BASIS OF PRESENTATION

(1) BASIS OF PRESENTATION

We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their fair presentation.

In the fourth quarter of 2013, we elected to change our accounting methods for recognizing changes in fair value of plan assets and actuarial gains and losses associated with all our pension and postretirement plans. Under our new accounting methods, we recognize changes in fair value of plan assets and actuarial gains and losses during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense. In connection with these accounting changes, we have revised previously reported amounts to conform to the current methods of accounting. Refer to the consolidated financial statements contained in our 2013 Annual Report on Form 10-K for additional information regarding these changes in accounting methods.

We account for investments in unconsolidated companies where we exercise significant influence but do not have control 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 which party has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have interests in VIEs, primarily joint ventures, in which we are the primary beneficiary and others in which we are not. Our VIEs are considered immaterial, individually and in aggregate, to our condensed consolidated financial statements.

On January 7, 2014, we completed the sale of our 44.5% interest in the EGS Electrical Group, LLC and Subsidiaries (“EGS”) joint venture to Emerson Electric Co. for cash proceeds of $574.1. As a result of the sale, we recorded a gain of $491.2 to “Other income (expense), net” during the first quarter of 2014. Prior to the sale, we accounted for our investment in EGS on a three-month lag. As a result of the sale, we recorded no equity earnings related to this investment during the three and nine months ended September 27, 2014, while equity earnings related to this investment totaled $11.4 and $30.5 during the three and nine months ended September 28, 2013, respectively. Summarized financial results for EGS for the three and nine months ended June 30, 2013 were as follows:

	Three months ended		Nine months ended
	June 30, 2013		June 30, 2013
Revenues	$	129.1	$	380.2
Gross profit	57.0		164.7
Income from continuing operations	25.7		68.5
Net income	25.7		68.5

Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our 2013 Annual Report on Form 10-K. Interim results are not necessarily indicative of full year results. We have reclassified certain prior year amounts to conform to the current year presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations. See Note 3 for information on discontinued operations.

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 first calendar 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 2014 were March 29, June 28 and September 27, compared to the respective March 30, June 29 and September 28, 2013 dates. We had one less day in the first quarter of 2014 and will have one more day in the fourth quarter of 2014 than in the respective 2013 periods.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Sep. 27, 2014
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	(2) NEW ACCOUNTING PRONOUNCEMENTS The following is a summary of new accounting pronouncements that apply or may apply to our business. In March 2013, the Financial Accounting Standards Board (“FASB”) issued an amendment to guidance to resolve the diversity in practice relating to a parent entity’s accounting for the cumulative translation adjustment (“CTA”) upon derecognition of foreign subsidiaries or groups of assets. The amendment requires that any CTA related to the parent entity’s investment in a foreign entity be released into earnings when a sale or transfer of the foreign subsidiary or group of assets results in the complete or substantially complete liquidation of the foreign entity. This amendment is effective for interim and annual reporting periods beginning after December 15, 2013, and shall be applied prospectively. We adopted this guidance on January 1, 2014, with no material impact on our condensed consolidated financial statements. In July 2013, the FASB issued an amendment to guidance to resolve the diversity in practice in the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward (collectively, a “carryforward”) exists. An unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for the carryforward, except to the extent (i) the carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. In these cases, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This amendment applies to all entities that have unrecognized tax benefits when a carryforward exists at the reporting date. This amendment is effective for interim and annual reporting periods beginning after December 15, 2013 and must be applied prospectively to all unrecognized tax benefits that exist at the effective date, with retrospective application permitted. We adopted this guidance on January 1, 2014, with no material impact on our condensed consolidated financial statements. In April 2014, the FASB issued an amendment to guidance to change the criteria for determining which disposals of components of an entity can be presented as discontinued operations and to modify related disclosure requirements. Under the amended guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amendment states that a “strategic shift” could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. The standard no longer precludes presentation as a discontinued operation if there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations, or there is significant continuing involvement with a component after its disposal. This amendment is effective for interim and annual reporting periods beginning after December 15, 2014 and shall be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The impact of the adoption of this amendment on our consolidated financial statements will be based on our future disposal activity. In May 2014, the FASB issued a new standard on revenue recognition that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new standard contains a five-step approach that entities will apply to determine the measurement of revenue and timing of when it is recognized, including (i) identifying the contract(s) with a customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to separate performance obligations, and (v) recognizing revenue when (or as) each performance obligation is satisfied. The new standard requires a number of disclosures intended to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue, and the related cash flows. The disclosures include qualitative and quantitative information about contracts with customers, significant judgments made in applying the revenue guidance, and assets recognized from the costs to obtain or fulfill a contract. The new standard is effective for interim and annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. We are currently evaluating the impact that this new standard will have on our consolidated financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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+ Details

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 27, 2014

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

(3) DISCONTINUED OPERATIONS

As part of our operating strategy, we regularly review and negotiate potential divestitures, some of which are or may be material.

We report businesses or asset groups as discontinued operations when, among other things, we terminate the operations of the business or asset group, commit to a plan to divest the business or asset group or we actively begin marketing the business or asset group, and the sale of the business or asset group is deemed probable within the next twelve months.

The following businesses, which have been sold or for which operations have been terminated, met these requirements and therefore have been reported as discontinued operations for all periods presented:

Business	Quarter Discontinued	Quarter of Sale or Termination of Operations
Fenn LLC (“Fenn”)	Q3 2013	Q3 2014
SPX Precision Components (“Precision Components”)	Q3 2013	Q2 2014
Thermal Product Solutions (“TPS”)	Q3 2013	Q1 2014
Broadcast Antenna System business (“Dielectric”)	Q2 2013	Q2 2013
Crystal Growing business (“Kayex”)	Q1 2013	Q1 2013

Fenn — Sold for cash consideration of $3.5 during the third quarter of 2014, resulting in a loss, net of taxes, of $0.4.

Precision Components — Sold for cash consideration of $63.0 during the second quarter of 2014, resulting in a loss, net of taxes, of $7.3. During the third quarter of 2014, we reduced the net loss by $0.4, primarily as a result of revisions to certain liabilities related to the sale, and paid $0.4 associated with the working capital settlement.

TPS — Sold for cash consideration of $38.5 and a promissory note of $4.0 during the first quarter of 2014, resulting in a gain, net of taxes, of $21.5. During the third quarter of 2014, the amount due under the promissory note was collected in full, and we reduced the net gain on the sale of the business by $0.3 related to revisions of certain retained liabilities associated with the sale.

Dielectric — We sold assets of the business during the second quarter of 2013 for cash consideration of $4.7, resulting in a gain of less than $0.1.

Kayex — We closed the business during the first quarter of 2013. In connection with the closure, we recorded a loss, net of taxes, of $2.1 during the first quarter of 2013, with such loss related primarily to severance costs and asset impairment charges. During the third quarter of 2013, we recorded a gain, net of taxes, of $3.6 associated primarily with the sale of a perpetual license related to certain of the business’s intangible assets. Proceeds from the sale of the perpetual license totaled $6.9.

In addition to the businesses discussed above, we recognized net losses of $2.6 and $1.9 during the three and nine months ended September 27, 2014, respectively, and net losses of $3.4 and $3.8 during the three and nine months ended September 28, 2013, respectively, resulting from adjustments to gains/losses on dispositions of previously discontinued businesses. Refer to the consolidated financial statements contained in our 2013 Annual Report on Form 10-K for the disclosure of all businesses discontinued during 2011, 2012 and 2013.

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

For the three and nine months ended September 27, 2014 and September 28, 2013, income from discontinued operations and the related income taxes are shown below:

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Income from discontinued operations	$	3.3		$	9.0		$	36.9		$	13.3
Income tax provision	(4.3		)	(3.6		)	(20.0		)	(4.5		)
Income (loss) from discontinued operations, net	$	(1.0	)	$	5.4		$	16.9		$	8.8

For the three and nine months ended September 27, 2014 and September 28, 2013, results of operations for discontinued operations were as follows:

	Three months ended				Nine months ended
	September 27,		September 28,		September 27,		September 28,
	2014		2013		2014		2013
Revenues	$	13.4	$	50.7	$	63.1	$	154.2
Pre-tax income	3.4		8.6		8.0		15.9

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

	September 27,		December 31,
	2014		2013
Assets:
Accounts receivable, net	$	6.6	$	22.8
Inventories, net	3.6		37.6
Other current assets	0.1		1.2
Property, plant and equipment, net	4.0		16.3
Goodwill and intangibles, net	35.7		70.4
Assets of discontinued operations	$	50.0	148.3

Liabilities:
Accounts payable	$	4.4	$	13.3
Accrued expenses	2.4		18.6
Liabilities of discontinued operations	$	6.8	$	31.9

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

+ Details

INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS

9 Months Ended

Sep. 27, 2014

INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS

INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS

(4) INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS

We are a global supplier of highly specialized, engineered solutions with operations in over 35 countries and sales in over 150 countries around the world. Many of our products and innovative solutions play a role in helping to meet rising global demand for power and energy and processed foods and beverages, particularly in emerging markets. Our key products include processing systems and equipment for the food and beverage industry, reciprocating pumps used in oil and gas processing, power transformers used by utility companies, and cooling systems for power plants.

We aggregate certain of our operating segments into our two reportable segments, Flow Technology and Thermal Equipment and Services, while our remaining operating segments, which do not meet the quantitative threshold criteria of the Segment Reporting Topic of the Codification, have been combined within our “All Other” category, which we refer to as Industrial Products and Services and Other. The operating segments in this “All Other” category generally serve industrial end-markets. Industrial Products and Services and Other is not considered a reportable segment.

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, pension and postretirement expense/income, 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.

Flow Technology Reportable Segment

Our Flow Technology reportable segment engineers, designs, manufactures and markets products and solutions used to process, blend, filter, dry, meter and transport fluids with a focus on original equipment installation, including turnkey systems, skidded systems and components, as well as comprehensive aftermarket components and support services. Primary component offerings include engineered pumps, valves, mixers, plate heat exchangers, and dehydration and filtration technologies. The segment primarily serves customers in food and beverage, power and energy and industrial end markets. The segment continues to focus on innovation and new product development, 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.

Thermal Equipment and Services Reportable Segment

Our Thermal Equipment and Services reportable segment engineers, designs, manufactures, installs and services thermal heat transfer products. Primary offerings include dry, evaporative and hybrid cooling systems, rotating and stationary heat exchangers and pollution control systems for the power generation, HVAC and industrial markets, as well as boilers and heating and ventilation products for the residential and commercial markets.

Industrial Products and Services and Other

Industrial Products and Services and Other comprises operating segments that design, manufacture and market power transformers, industrial tools and hydraulic units, communications and signal monitoring systems, fare collection systems, and portable cable and pipe locators.

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 reportable segments and other operating segments were as follows:

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Revenues: (1)
Flow Technology reportable segment	$	638.5		$	651.6		$	1,916.6		$	1,918.0
Thermal Equipment and Services reportable segment	338.8			324.1			945.7			979.5
Industrial Products and Services and Other	180.8			170.1			544.9			500.7
Total revenues	$	1,158.1		$	1,145.8		$	3,407.2		$	3,398.2

Income:
Flow Technology reportable segment	$	97.5		$	83.1		$	252.0		$	205.1
Thermal Equipment and Services reportable segment	23.2			21.7			41.9			49.6
Industrial Products and Services and Other	19.0			24.7			66.6			69.1
Total income for reportable and other operating segments	139.7			129.5			360.5			323.8

Corporate expense	(24.7		)	(26.2		)	(79.0		)	(82.2		)
Pension and postretirement (expense) income	(2.8		)	4.2			(25.6		)	12.7
Stock-based compensation expense	(4.6		)	(3.7		)	(33.9		)	(29.3		)
Impairment of intangible assets	—			—			—			(2.0		)
Special charges, net	(4.1		)	(6.9		)	(18.3		)	(25.1		)

Consolidated operating income	$	103.5		$	96.9		$	203.7		$	197.9

(1) Under the percentage of completion method, we recognized revenues of $310.7 and $317.2 in the three months ended September 27, 2014 and September 28, 2013, respectively. For the nine months ended September 27, 2014 and September 28, 2013, revenues under the percentage of completion method were $880.7 and $1,012.9, respectively. Costs and estimated earnings in excess of billings on uncompleted contracts accounted for under the percentage of completion method were $288.4 and $285.3 as of September 27, 2014 and December 31, 2013, respectively, and are reported as a component of ‘‘Accounts receivable, net’’ in the condensed consolidated balance sheets. Billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage of completion method were $184.9 and $218.4 as of September 27, 2014 and December 31, 2013, respectively, and are reported as a component of ‘‘Accrued expenses’’ in the condensed consolidated balance sheets.

SPECIAL CHARGES, NET

9 Months Ended

Sep. 27, 2014

SPECIAL CHARGES, NET

SPECIAL CHARGES, NET

(5) SPECIAL CHARGES, NET

Special charges, net, for the three and nine months ended September 27, 2014 and September 28, 2013 are described in

more detail below:

	Three months ended					Nine months ended
	September 27,			September 28,		September 27,		September 28,
	2014			2013		2014		2013
Flow Technology reportable segment	$	2.8		$	6.4	$	12.9	$	11.4
Thermal Equipment and Services reportable segment	1.5			0.4		3.0		12.0
Industrial Products and Services and Other	—			0.1		1.7		1.2
Corporate	(0.2		)	—		0.7		0.5
Total	$	4.1		$	6.9	$	18.3	$	25.1

Flow Technology Reportable Segment — Charges for the three and nine months ended September 27, 2014 related primarily to severance and other costs associated with restructuring initiatives at various locations in Europe and the U.S. These actions were taken primarily to reduce the cost base of Clyde Union, as we continue to integrate the business into our Flow Technology reportable segment, and to reorganize the food and beverage commercial organization in Europe. Charges for the three and nine months ended September 28, 2013 related primarily to severance costs associated with (i) restructuring initiatives at Clyde Union locations in the U.K. and the U.S. and (ii) the operational realignment of the segment’s reporting structure.

Thermal Equipment and Services Reportable Segment — Charges for the three and nine months ended September 27, 2014 related primarily to severance and other costs associated with (i) the restructuring of a regional sales organization within the boiler products business, (ii) the closure of a facility in China and (iii) various restructuring initiatives in Germany. Charges for the three and nine months ended September 28, 2013 related primarily to severance and other costs associated with restructuring actions at our Balcke Duerr business in Germany.

Industrial Products and Services and Other — Charges for the nine months ended September 27, 2014 and the three and nine months ended September 28, 2013 related primarily to costs associated with restructuring initiatives at various locations in the U.S.

Corporate — The credit for the three months ended September 27, 2014 and charges for the nine months ended September 27, 2014 related primarily to costs (or reversals of previously accrued costs) associated with our efforts to better align our corporate overhead structure with the new operational alignment we implemented in the second half of 2013. Charges for the nine months ended September 28, 2013 related to costs associated with the early termination of two building leases and an asset impairment charge of $0.3.

Expected charges still to be incurred under actions approved as of September 27, 2014 are approximately $1.0.

The following is an analysis of our restructuring liabilities for the nine months ended September 27, 2014 and September 28, 2013:

	Nine months ended
	September 27,			September 28,
	2014			2013
Balance at beginning of period	$	19.0		$	16.4
Special charges (1)	17.6			27.5
Utilization — cash (2)	(22.0		)	(23.8		)
Currency translation adjustment and other	0.1			0.5
Balance at end of period	$	14.7		$	20.6

(1) The nine months ended September 27, 2014 and September 28, 2013 included $0.0 and $4.4, respectively, of charges that related to discontinued operations for which we have retained the related liabilities, and excluded $0.7 and $2.0, respectively, of non-cash charges that did not impact the restructuring liabilities.

(2) The nine months ended September 27, 2014 and September 28, 2013 included $0.6 and $2.7, respectively, of cash utilized to settle retained liabilities of discontinued operations.

INVENTORIES, NET

9 Months Ended

Sep. 27, 2014

INVENTORIES, NET

INVENTORIES, NET

(6) INVENTORIES, NET

Inventories, net, were as follows:

	September 27, 2014			December 31, 2013

Finished goods	$	152.5		$	147.5
Work in process	187.9			165.0
Raw materials and purchased parts	243.6			210.6
Total FIFO cost	584.0			523.1
Excess of FIFO cost over LIFO inventory value	(20.4		)	(20.9		)
Total inventories, net	$	563.6		$	502.2

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain domestic inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 20% and 19% of total inventory at September 27, 2014 and December 31, 2013, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 27, 2014

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

(7) GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill, by reportable segment and other operating segments, were as follows:

				Goodwill				Foreign
				Resulting from				Currency
	December 31,			Business				Translation			September 27,
	2013			Combinations		Impairments		and Other			2014
Flow Technology reportable segment
Gross goodwill	$	1,120.2		$	—	$	—	$	(41.0	)	$	1,079.2
Accumulated impairments	—			—		—		—			—
Goodwill	1,120.2			—		—		(41.0		)	1,079.2

Thermal Equipment and Services reportable segment
Gross goodwill	570.0			—		—		(12.1		)	557.9
Accumulated impairments	(399.5		)	—		—		7.0			(392.5		)
Goodwill	170.5			—		—		(5.1		)	165.4

Industrial Products and Services and Other
Gross goodwill	366.8			—		—		0.1			366.9
Accumulated impairments	(140.5		)	—		—		—			(140.5		)
Goodwill	226.3			—		—		0.1			226.4

Total
Gross goodwill	2,057.0			—		—		(53.0		)	2,004.0
Accumulated impairments	(540.0		)	—		—		7.0			(533.0		)
Goodwill	$	1,517.0		$	—	$	—	$	(46.0	)	$	1,471.0

Other Intangibles

Identifiable intangible assets comprised the following:

	September 27, 2014							December 31, 2013
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Value		Amortization			Value		Value		Amortization			Value
Intangible assets with determinable lives:
Patent	$	11.5	$	(8.7	)	$	2.8	$	11.5	$	(8.3	)	$	3.2
Technology	189.8		(58.8		)	131.0		196.3		(52.4		)	143.9
Customer relationships	401.4		(89.3		)	312.1		412.0		(78.6		)	333.4
Other	29.5		(18.6		)	10.9		31.0		(18.6		)	12.4
	632.2		(175.4		)	456.8		650.8		(157.9		)	492.9
Trademarks with indefinite lives	424.1		—			424.1		431.8		—			431.8
Total	$	1,056.3	$	(175.4	)	$	880.9	$	1,082.6	$	(157.9	)	$	924.7

At September 27, 2014, the net carrying value of intangible assets with determinable lives consisted of $406.2 in the Flow Technology reportable segment, $43.3 in the Thermal Equipment and Services reportable segment and $7.3 in Industrial Products and Services and Other. At September 27, 2014, trademarks with indefinite lives consisted of $280.2 in the Flow Technology reportable segment, $125.7 in the Thermal Equipment and Services reportable segment and $18.2 in Industrial Products and Services and Other.

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. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indications may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit.

We perform our annual trademarks impairment testing during the fourth quarter or on a more frequent basis if there are indications of potential impairment. The fair values of our trademarks are determined by applying estimated royalty rates to projected revenues, with the resulting cash flows discounted at a rate of return that reflects current market conditions.

No impairment charges were recorded in the first nine months of 2014. In the first quarter of 2013, we recorded an impairment charge of $2.0 related to the trademarks of Clyde Union. Other changes in the gross carrying value of trademarks and other identifiable intangible assets relate primarily to foreign currency translation.

- Definition

The entire disclosure for 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 (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.

+ References+ Details

WARRANTY

9 Months Ended

Sep. 27, 2014

WARRANTY

WARRANTY

(8) WARRANTY

The following is an analysis of our product warranty accrual for the periods presented:

	Nine months ended
	September 27,			September 28,
	2014			2013
Balance at beginning of period	$	54.8		$	59.7
Provisions	20.9			15.1
Usage	(23.5		)	(22.4		)
Balance at end of period	52.2			52.4
Less: Current portion of warranty	40.0			42.6
Non-current portion of warranty	$	12.2		$	9.8

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 27, 2014

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

(9) EMPLOYEE BENEFIT PLANS

During a designated election period in the first quarter of 2014, we offered approximately 7,100 eligible former employees under the SPX U.S. Pension Plan (the “Plan”) a voluntary lump-sum payment option in lieu of a future pension benefit under the Plan. Approximately 38%, or $165.2, of the projected benefit obligation of the Plan was settled as a result of lump-sum payments made to those who accepted the offer. These payments were made during March 2014 and resulted in a settlement charge of $4.6 being reflected in net periodic pension benefit expense for the first quarter of 2014. In addition, in connection with this lump-sum payment action, we remeasured the assets and liabilities of the Plan as of March 29, 2014, which resulted in a charge to net periodic pension benefit expense of $14.8 for the three months then ended.

Net periodic benefit expense (income) for our pension and postretirement plans included the following components:

Domestic Pension Plans

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Service cost	$	1.8		$	1.9		$	5.4		$	5.6
Interest cost	4.5			12.0			15.7			36.0
Expected return on plan assets	(4.7		)	(18.8		)	(14.9		)	(56.3		)
Settlement charges (credits), net (1)	(0.1		)	—			0.4			—
Recognized net actuarial loss (2)	—			—			14.8			—
Total net periodic pension benefit expense (income)	$	1.5		$	(4.9	)	$	21.4		$	(14.7	)

(1) For the nine months ended September 27, 2014, includes the settlement charge of $4.6 associated with the lump-sum payment action that took place during the first quarter of 2014 (see above), net of a $4.2 reduction to the estimated settlement charge that was recorded during the fourth quarter of 2013 in connection with the transfer of the pension obligation for the retirees of the Plan to Massachusetts Mutual Life Insurance Company.

(2) For the nine months ended September 27, 2014, includes the actuarial loss resulting from the remeasurement of the assets and obligations of the Plan in the first quarter of 2014, which was required in connection with the lump-sum payment action noted above.

Foreign Pension Plans

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Service cost	$	0.7		$	0.6		$	2.1		$	2.0
Interest cost	3.5			3.4			10.5			10.0
Expected return on plan assets	(4.3		)	(4.4		)	(12.8		)	(13.1		)
Total net periodic pension benefit income	(0.1		)	(0.4		)	(0.2		)	(1.1		)
Less: Net periodic pension benefit income of discontinued operations	(0.1		)	(0.2		)	(0.3		)	(0.2		)
Net periodic pension benefit expense (income) of continuing operations	$	—		$	(0.2	)	$	0.1		$	(0.9	)

Postretirement Plans

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Service cost	$	0.1		$	0.1		$	0.4		$	0.3
Interest cost	1.3			1.2			3.9			3.6
Amortization of unrecognized prior service credits	(0.1		)	(0.4		)	(0.2		)	(1.0		)
Net periodic postretirement benefit expense	$	1.3		$	0.9		$	4.1		$	2.9

Employer Contributions

During the first nine months of 2014, we made contributions to our domestic and foreign pension plans of approximately $9.7, of which $2.0 related to businesses that have been disposed of and had been classified as discontinued operations.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

INDEBTEDNESS

9 Months Ended

Sep. 27, 2014

INDEBTEDNESS

INDEBTEDNESS

(10) INDEBTEDNESS

The following summarizes our debt activity (both current and non-current) for the nine months ended September 27,

2014:

	December 31, 2013		Borrowings		Repayments			Other (5)		September 27, 2014
Domestic revolving loan facility	$	—	$	367.0	$	(207.0	)	$	—	$	160.0
Term loan (1)	475.0		100.0		—			—		575.0
6.875% senior notes, due in August 2017	600.0		—		—			—		600.0
7.625% senior notes (2)	500.0		—		(500.0		)	—		—
Trade receivables financing arrangement (3)	—		80.0		(11.0		)	—		69.0
Other indebtedness (4)	100.6		9.2		(64.2		)	4.1		49.7
Total debt	1,675.6		$	556.2	$	(782.2	)	$	4.1	1,453.7
Less: short-term debt	26.9									264.2
Less: current maturities of long-term debt	558.7									16.5
Total long-term debt	$	1,090.0								$	1,173.0

(1) The term loan of $575.0 (which includes $100.0 drawn under the facility in the second quarter of 2014) is repayable in quarterly installments of 5.0% annually, beginning with our second fiscal quarter of 2015, with the remaining balance repayable in full on December 23, 2018.

(2) During the first quarter of 2014, we completed the redemption of all our 7.625% senior notes due in December 2014 for a total redemption price of $530.6. As a result of the redemption, we recorded a charge of $32.5 to “Loss on early extinguishment of debt” during the first quarter of 2014, which related to premiums paid to redeem the senior notes of $30.6, the write-off of unamortized deferred financing fees of $1.0, and other costs associated with the extinguishment of the senior notes of $0.9.

(3) Under this arrangement, we can borrow, on a continuous basis, up to $80.0, as available. At September 27, 2014, we had $0.9 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $69.0.

(4) Primarily included capital lease obligations of $14.5 and $73.0 and balances under purchase card programs of $29.3 and $25.4 at September 27, 2014 and December 31, 2013, respectively. During the first quarter of 2014, we purchased our corporate headquarters facility for cash consideration of $60.8, resulting in the extinguishment of the related capital lease obligation.

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

Senior Credit Facilities

A detailed description of our senior credit facilities is included in our 2013 Annual Report on Form 10-K.

At September 27, 2014, we had $54.2 and $693.8, respectively, of outstanding letters of credit issued under our revolving credit and our foreign credit instrument facilities of our senior credit agreement. In addition, we had $5.9 of letters of credit outstanding under separate arrangements in China and India.

The weighted-average interest rate of outstanding borrowings under our senior credit facilities was approximately 1.6% at September 27, 2014.

At September 27, 2014, we were in compliance with all covenants of our senior credit facilities and our senior notes. Restrictions on our ability to repurchase shares or pay dividends are described in our 2013 Annual Report on Form 10-K.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

DERIVATIVE FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 27, 2014

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

(11) DERIVATIVE FINANCIAL INSTRUMENTS

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 the impact of changes as a result of currency fluctuations. Our principal currency exposures relate to the Euro, South African Rand, Chinese Yuan and Great Britain Pound.

From time to time, we enter into 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 (“FX forward contracts”). In addition, some of our contracts contain currency forward embedded derivatives (“FX embedded derivatives”), because 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. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings, but are included in accumulated other comprehensive income (“AOCI”). These changes in fair value are reclassified into earnings as a component of revenues or cost of products 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 is recorded as a component of “Other income (expense), net” in the period in which the transaction is no longer considered probable of occurring. To the extent 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 in which it occurs.

We had FX forward contracts with an aggregate notional amount of $200.9 and $191.3 outstanding as of September 27, 2014 and December 31, 2013, respectively, with all such contracts scheduled to mature within the next 12 months. We also had FX embedded derivatives with an aggregate notional amount of $150.1 and $145.8 at September 27, 2014 and December 31, 2013, respectively. The unrealized losses, net of taxes, recorded in AOCI related to FX forward contracts were $0.8 and $1.0 as of September 27, 2014 and December 31, 2013, respectively. We anticipate reclassifying the unrealized loss as of September 27, 2014 to income within 12 months.

Commodity Contracts

From time to time, we enter into commodity contracts to manage the exposure on forecasted purchases of commodity raw materials. At September 27, 2014 and December 31, 2013, the outstanding notional amount of commodity contracts was 6.4 and 3.4 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 AOCI associated with our commodity contracts to cost of products sold when the forecasted transaction impacts earnings. As of September 27, 2014 and December 31, 2013, the fair value of these contracts was $0.7 (current liabilities) and $0.4 (current assets), respectively. The unrealized gain (loss), net of taxes, recorded in AOCI was $(0.4) and $0.2 as of September 27, 2014 and December 31, 2013, respectively. We anticipate reclassifying the unrealized loss as of September 27, 2014 to income within 12 months.

The following summarizes the gross and net fair values of our FX forward and commodity contracts by counterparty at September 27, 2014 and December 31, 2013, respectively:

	September 27, 2014								December 31, 2013
	Gross Assets		Gross Liabilities			Net Assets / Liabilities			Gross Assets		Gross Liabilities			Net Assets / Liabilities
FX forward contracts:
Counterparty A	$	0.2	$	(0.1	)	$	0.1		$	0.7	$	(0.1	)	$	0.6
Counterparty B	0.1		(1.8		)	(1.7		)	0.1		(0.4		)	(0.3		)
Aggregate of other counterparties	0.1		(0.8		)	(0.7		)	0.3		—			0.3
Totals (1)	$	0.4	$	(2.7	)	$	(2.3	)	$	1.1	$	(0.5	)	$	0.6

Commodity contracts:
Counterparty A (2)	$	—	$	(0.7	)	$	(0.7	)	$	0.4	$	—		$	0.4

(1) We enter into arrangements designed to provide the right of setoff in the event of counterparty default or insolvency, and have elected to offset the fair values of our qualifying financial instruments in our condensed consolidated balance sheets. Amounts presented in our condensed consolidated balance sheets are as follows:

	September 27,			December 31,
	2014			2013
Designated as hedging instruments:
Other current assets	$	0.1		$	0.3

Not designated as hedging instruments:
Other current assets	—			0.6
Accrued expenses	(2.4		)	(0.3		)
	(2.4		)	0.3
Net fair value of FX forward contracts	$	(2.3	)	$	0.6

(2) Related contracts are designated as hedging instruments. Net amounts at September 27, 2014 and December 31, 2013 are recorded in “Accrued expenses” and “Other current assets,” respectively.

The following summarizes the fair value of our FX embedded derivative instruments, which are not designated as hedging instruments, and the related balance sheet classification as of September 27, 2014 and December 31, 2013:

	September 27,			December 31,
Balance Sheet Classification	2014			2013
Other current assets	$	1.7		$	0.7
Other assets	0.9			—
Accrued expenses	(5.0		)	(6.5		)
Other long-term liabilities	(1.2		)	(2.1		)
	$	(3.6	)	$	(7.9	)

The following summarizes the pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships for the three and nine months ended September 27, 2014 and September 28, 2013:

	Three months ended						Nine months ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
FX forward contracts	$	0.1		$	(0.2	)	$	0.6		$	(4.2	)
Commodity contracts	(0.8		)	0.8			(1.5		)	(1.5		)
	$	(0.7	)	$	0.6		$	(0.9	)	$	(5.7	)

The following summarizes the pre-tax loss related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income through ‘‘Revenues’’ for FX forward contracts and ‘‘Cost of products sold’’ for commodity contracts for the three and nine months ended September 27, 2014 and September 28, 2013:

	Three months ended						Nine months ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
FX forward contracts	$	—		$	(2.1	)	$	—		$	(3.0	)
Commodity contracts	(0.3		)	(0.6		)	(0.5		)	(0.5		)
	$	(0.3	)	$	(2.7	)	$	(0.5	)	$	(3.5	)

During the nine months ended September 28, 2013, losses of $0.2 were recognized in ‘‘Other income (expense), net’’ relating to derivative ineffectiveness and amounts excluded from effectiveness testing.

The following summarizes the gain (loss) recognized in ‘‘Other income (expense), net’’ for the three and nine months ended September 27, 2014 and September 28, 2013 related to derivative financial instruments not designated as cash flow hedging relationships:

	Three months ended						Nine months ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
FX forward contracts	$	(4.6	)	$	0.9		$	(2.8	)	$	(1.0	)
FX embedded derivatives	3.1			(0.8		)	1.0			4.9
	$	(1.5	)	$	0.1		$	(1.8	)	$	3.9

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

EQUITY AND STOCK-BASED COMPENSATION

9 Months Ended

Sep. 27, 2014

EQUITY AND STOCK-BASED COMPENSATION

EQUITY AND STOCK-BASED COMPENSATION

(12) EQUITY AND STOCK-BASED COMPENSATION

Income Per Share

The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:

	Three months ended		Nine months ended
	September 27,	September 28,	September 27,	September 28,
	2014	2013	2014	2013
Weighted-average number of common shares used in basic income per share	41.796	44.709	43.024	45.592
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units	0.568	0.328	0.748	0.548
Weighted-average number of common shares and dilutive securities used in diluted income per share	42.364	45.037	43.772	46.140

There were no stock options outstanding during the nine months ended September 27, 2014. All stock options outstanding were included in the computation of diluted income per share during the three and nine months ended September 28, 2013.

For the three and nine months ended September 27, 2014, 0.173 and 0.058 of unvested restricted stock shares and restricted stock units, respectively, were not included in the computation of diluted income per share because required market thresholds for vesting (as discussed in our 2013 Annual Report on Form 10-K) were not met, compared to 0.857 and 0.758 for the three and nine months ended September 28, 2013, respectively.

Stock-based Compensation

Stock-based compensation awards may be granted to certain eligible employees or non-employee directors under the 2002 Stock Compensation Plan, or to non-employee directors under the 2006 Non-Employee Director’s Stock Incentive Plan. A detailed description of the awards granted under these plans is included in our 2013 Annual Report on Form 10-K.

Compensation expense within income from continuing operations related to restricted stock shares and restricted stock units totaled $4.6 and $3.7 for the three months ended September 27, 2014 and September 28, 2013, respectively, and $33.9 and $29.3 for the nine months ended September 27, 2014 and September 28, 2013, respectively. The related tax benefit was $1.8 and $1.4 for the three months ended September 27, 2014 and September 28, 2013, respectively, and $12.4 and $10.7 for the nine months ended September 27, 2014 and September 28, 2013, respectively.

Accumulated Other Comprehensive Income

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended September 27, 2014 were as follows:

	Foreign Currency Translation Adjustment			Net Unrealized Losses on Qualifying Cash Flow Hedges (1)			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	285.3		$	(0.9	)	$	0.3		$	284.7
Other comprehensive loss before reclassifications	(115.3		)	(0.5		)	—			(115.8		)
Amounts reclassified from accumulated other comprehensive income	—			0.2			(0.1		)	0.1
Current-period other comprehensive loss	(115.3		)	(0.3		)	(0.1		)	(115.7		)
Balance at end of period	$	170.0		$	(1.2	)	$	0.2		$	169.0

(1) Net of tax benefit of $1.0 and $0.9 as of September 27, 2014 and June 28, 2014, respectively.

(2) Net of tax provision of $(0.1) as of September 27, 2014 and June 28, 2014.

The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended

September 27, 2014 were as follows:

	Foreign Currency Translation Adjustment			Net Unrealized Losses on Qualifying Cash Flow Hedges (1)			Net Unrealized Gains (Losses) on Available- for-Sale Securities			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	296.8		$	(0.8	)	$	(3.7	)	$	(4.8	)	$	287.5
Other comprehensive income (loss) before reclassifications	(126.8		)	(0.8		)	3.6			0.2			(123.8		)
Amounts reclassified from accumulated other comprehensive income	—			0.4			0.1			4.8			5.3
Current-period other comprehensive income (loss)	(126.8		)	(0.4		)	3.7			5.0			(118.5		)
Balance at end of period	$	170.0		$	(1.2	)	$	—		$	0.2		$	169.0

(1) Net of tax benefit of $1.0 as of September 27, 2014 and December 31, 2013.

(2) Net of tax (provision) benefit of $(0.1) and $2.2 as of September 27, 2014 and December 31, 2013, respectively. The balance as of December 31, 2013 primarily includes $(5.0), net of tax, related to our share of the pension liability adjustment for EGS as of December 31, 2013. In connection with the sale of our interest in EGS during the first quarter of 2014, as described in Note 1, we recognized our share of the pension liability adjustment for EGS as a component of the gain on sale of our investment interest.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended September 28, 2013 were as follows:

	Foreign Currency Translation Adjustment		Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges (1)			Net Unrealized Losses on Available-for- Sale Securities			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	221.5	$	(4.4	)	$	(3.8	)	$	(4.3	)	$	209.0
Other comprehensive income (loss) before reclassifications	70.1		0.5			(0.8		)	—			69.8
Amounts reclassified from accumulated other comprehensive income	—		1.8			—			(0.2		)	1.6
Current-period other comprehensive income (loss)	70.1		2.3			(0.8		)	(0.2		)	71.4
Balance at end of period	$	291.6	$	(2.1	)	$	(4.6	)	$	(4.5	)	$	280.4

(1) Net of tax benefit of $1.9 and $2.9 as of September 28, 2013 and June 29, 2013, respectively.

(2) Net of tax benefit of $2.0 and $1.9 as of September 28, 2013 and June 29, 2013, respectively. Includes $(5.0) related to our share of the pension liability adjustment for EGS as of September 28, 2013 and June 29, 2013.

The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended September 28, 2013 were as follows:

	Foreign Currency Translation Adjustment			Net Unrealized Losses on Qualifying Cash Flow Hedges (1)			Net Unrealized Losses on Available-for- Sale Securities			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	293.8		$	(3.3	)	$	(3.1	)	$	(2.6	)	$	284.8
Other comprehensive loss before reclassifications	(2.2		)	(1.1		)	(1.5		)	(1.2		)	(6.0		)
Amounts reclassified from accumulated other comprehensive income	—			2.3			—			(0.7		)	1.6
Current-period other comprehensive income (loss)	(2.2		)	1.2			(1.5		)	(1.9		)	(4.4		)
Balance at end of period	$	291.6		$	(2.1	)	$	(4.6	)	$	(4.5	)	$	280.4

(1) Net of tax benefit of $1.9 and $2.5 as of September 28, 2013 and December 31, 2012, respectively.

(2) Net of tax benefit of $2.0 and $1.2 as of September 28, 2013 and December 31, 2012, respectively. Includes $(5.0) and $(3.8) related to our share of the pension liability adjustment for EGS as of September 28, 2013 and December 31, 2012, respectively.

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended September 27, 2014 and September 28, 2013:

	Amount Reclassified from AOCI
	Three months ended						Affected Line Items in the Condensed
	September 27, 2014			September 28, 2013			Consolidated Statements of Operations
Losses on qualifying cash flow hedges:
Commodity contracts	$	0.3		$	0.6		Cost of products sold
FX forward contracts	—			2.2			Revenues
Pre-tax	0.3			2.8
Income taxes	(0.1		)	(1.0		)
	$	0.2		$	1.8

Pension and postretirement items:
Amortization of unrecognized prior service credits	$	(0.1	)	$	(0.4	)	Selling, general and administrative
Pre-tax	(0.1		)	(0.4		)
Income taxes	—			0.2
	$	(0.1	)	$	(0.2	)

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the nine months ended September 27, 2014 and September 28, 2013:

	Amount Reclassified from AOCI
	Nine months ended						Affected Line Items in the Condensed
	September 27, 2014			September 28, 2013			Consolidated Statement of Operations
Losses on qualifying cash flow hedges:
Commodity contracts	$	0.5		$	0.5		Cost of products sold
FX forward contracts	—			3.0			Revenues
Pre-tax	0.5			3.5
Income taxes	(0.1		)	(1.2		)
	$	0.4		$	2.3

Loss on available-for-sale securities	$	0.1		$	—		Other income (expense), net

(Gains) losses on pension and postretirement items:
Recognition of our share of the pension liability adjustment for EGS	$	7.4		$	—		Other income (expense), net
Amortization of unrecognized prior service credits	(0.2		)	(1.0		)	Selling, general and administrative
Pre-tax	7.2			(1.0		)
Income taxes	(2.4		)	0.3
	$	4.8		$	(0.7	)

Common Stock in Treasury

On December 18, 2013, we entered into a written trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate the repurchase of up to $500.0 of shares of our common stock on or before December 31, 2014, in accordance with a share repurchase program authorized by our Board of Directors. We repurchased 0.115 shares of our common stock for $11.2 under this trading plan during December 2013. During the first nine months of 2014, we repurchased 4.029 shares of our common stock for $414.3 under this trading plan.

During the first quarter of 2013, we repurchased 1.514 shares of our common stock for $104.4, which completed the repurchases under a trading plan that we entered into during 2012. In addition, we repurchased 1.864 shares of our common stock on the open market for $144.6 during the first nine months of 2013.

During the nine months ended September 27, 2014, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $13.6 and increased by $7.9 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements.

During the nine months ended September 28, 2013, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $14.1 and increased by $11.0 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements.

Dividends

On February 10, 2014, we implemented a dividend increase effective with the first quarterly dividend payment of 2014. Our annual dividend is now $1.50 per share (previously $1.00 per share), payable quarterly. The dividends declared totaled $16.3, $16.1 and $15.9 during the first, second and third quarters of 2014, respectively, and $11.4, $11.5 and $11.4 during the first, second and third quarters of 2013, respectively. Third quarter dividends were paid on October 2, 2014 and October 2, 2013, respectively.

Changes in Equity

A summary of the changes in equity for the three months ended September 27, 2014 and September 28, 2013 is provided below:

	September 27, 2014									September 28, 2013
	SPX									SPX
	Corporation									Corporation
	Shareholders’			Noncontrolling			Total			Shareholders’			Noncontrolling			Total
	Equity			Interests			Equity			Equity			Interests			Equity
Equity, beginning of period	$	2,243.8		$	12.6		$	2,256.4		$	1,950.1		$	12.9		$	1,963.0
Net income (loss)	63.5			0.3			63.8			69.3			(0.8		)	68.5
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $0.1 and $(1.0) for the three months ended September 27, 2014 and September 28, 2013, respectively	(0.3		)	—			(0.3		)	2.3			—			2.3
Net unrealized losses on available-for-sale securities	—			—			—			(0.8		)	—			(0.8		)
Pension liability adjustment, net of tax benefit of $0.0 and $0.1 for the three months ended September 27, 2014 and September 28, 2013, respectively	(0.1		)	—			(0.1		)	(0.2		)	—			(0.2		)
Foreign currency translation adjustments	(115.3		)	(0.2		)	(115.5		)	70.1			0.7			70.8
Total comprehensive income (loss), net	(52.2		)	0.1			(52.1		)	140.7			(0.1		)	140.6
Dividends declared	(15.9		)	—			(15.9		)	(11.4		)	—			(11.4		)
Exercise of stock options and other incentive plan activity, including related tax benefit of $0.3 and $0.0 for the three months ended September 27, 2014 and September 28, 2013, respectively	3.8			—			3.8			3.7			—			3.7
Stock-based compensation expense, including $0.1 and $0.0 related to discontinued operations, for the three months ended September 27, 2014 and September 28, 2013, respectively	4.7			—			4.7			3.7			—			3.7
Restricted stock and restricted stock unit vesting, net of tax withholdings	(1.0		)	—			(1.0		)	(2.0		)	—			(2.0		)
Common stock repurchases	(139.9		)	—			(139.9		)	—			—			—
Other changes in noncontrolling interests	—			(0.8		)	(0.8		)	(3.0		)	1.3			(1.7		)
Equity, end of period	$	2,043.3		$	11.9		$	2,055.2		$	2,081.8		$	14.1		$	2,095.9

A summary of the changes in equity for the nine months ended September 27, 2014 and September 28, 2013 is provided below:

	September 27, 2014									September 28, 2013
	SPX									SPX
	Corporation									Corporation
	Shareholders’			Noncontrolling			Total			Shareholders’			Noncontrolling			Total
	Equity			Interests			Equity			Equity			Interests			Equity
Equity, beginning of period	$	2,158.0		$	14.0		$	2,172.0		$	2,224.2		$	11.3		$	2,235.5
Net income (loss)	432.9			(1.3		)	431.6			123.2			2.5			125.7
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $0.0 and $(0.6) for the nine months ended September 27, 2014 and September 28, 2013, respectively	(0.4		)	—			(0.4		)	1.2			—			1.2
Net unrealized gains (losses) on available-for-sale securities	3.7			—			3.7			(1.5		)	—			(1.5		)
Pension liability adjustment, net of tax (provision) benefit of $(2.3) and $0.8 for the nine months ended September 27, 2014 and September 28, 2013, respectively	5.0			—			5.0			(1.9		)	—			(1.9		)
Foreign currency translation adjustments	(126.8		)	0.4			(126.4		)	(2.2		)	(0.6		)	(2.8		)
Total comprehensive income (loss), net	314.4			(0.9		)	313.5			118.8			1.9			120.7
Dividends declared	(48.3		)	—			(48.3		)	(34.3		)	—			(34.3		)
Exercise of stock options and other incentive plan activity, including related tax benefit of $9.5 and $5.8 for the nine months ended September 27, 2014 and September 28, 2013, respectively	21.9			—			21.9			18.1			—			18.1
Stock-based compensation expense, including $0.1 and $0.0 related to discontinued operations, for the nine months ended September 27, 2014 and September 28, 2013, respectively	34.0			—			34.0			29.3			—			29.3
Restricted stock and restricted stock unit vesting, net of tax withholdings	(22.4		)	—			(22.4		)	(22.3		)	—			(22.3		)
Common stock repurchases	(414.3		)	—			(414.3		)	(249.0		)	—			(249.0		)
Other changes in noncontrolling interests	—			(1.2		)	(1.2		)	(3.0		)	0.9			(2.1		)
Equity, end of period	$	2,043.3		$	11.9		$	2,055.2		$	2,081.8		$	14.1		$	2,095.9

CONTINGENT LIABILITIES AND OTHER MATTERS	9 Months Ended
CONTINGENT LIABILITIES AND OTHER MATTERS	Sep. 27, 2014
CONTINGENT LIABILITIES AND OTHER MATTERS
CONTINGENT LIABILITIES AND OTHER MATTERS	(13) CONTINGENT LIABILITIES AND OTHER MATTERS *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. Also, 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. We believe, however, 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 effect, individually or in the aggregate, on our financial position, results of operations and cash flows. These accruals, which are determined in accordance with the Contingencies Topic of the Codification, totaled $608.3 (including $564.4 for risk management matters) and $610.1 (including $565.0 for risk management matters) at September 27, 2014 and December 31, 2013, respectively. Of these amounts, $558.8 and $561.8 are included in “Other long-term liabilities” within our condensed consolidated balance sheets at September 27, 2014 and December 31, 2013, respectively, with the remainder included in “Accrued expenses.” It is reasonably possible that our ultimate liability for these items could exceed the amount of the recorded accruals; however, we believe the estimated amount of any potential additional liability would not have a material effect, individually or in the aggregate, on our financial position, results of operations or cash flows. We had insurance recovery assets related to risk management matters of $496.7 at September 27, 2014 and December 31, 2013 included in “Other assets” within our condensed consolidated balance sheets. *Litigation Matters* We are subject to litigation matters that arise in the normal course of business. We believe these matters are either without merit or of a kind that should not have a material effect, individually or in the aggregate, 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 effect, individually or in the aggregate, on our business, financial condition, and results of operations or cash flows. As of September 27, 2014, we had liabilities for site investigation and/or remediation at 91 sites (94 sites at December 31, 2013) 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 revise an estimate once it becomes probable and the amount of change can be reasonably estimated. We generally do not discount our environmental accruals and do not reduce them by anticipated insurance recoveries. We 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, as of September 27, 2014, we have been notified that we are potentially responsible and have received other notices of potential liability pursuant to various environmental laws at 27 sites (23 sites at December 31, 2013) at which the liability has not been settled, of which 8 sites (6 sites at December 31, 2013) 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 our aggregate liability, if any, related to these sites is not material to our condensed consolidated financial statements. 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 matter 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. In our opinion, after considering accruals established for such purposes, the cost of remedial actions for compliance with the present laws and regulations governing the protection of the environment is not expected to have a material impact, individually or in the aggregate, on our financial position, 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 statements of operations. We enter into consortium arrangements for certain projects within our Thermal Equipment and Services reportable 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 responsibility for its 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 September 27, 2014, our share of the aggregate contract value on open consortium arrangements was $130.7 (of which approximately 94% had been recognized as revenue), and the aggregate contract value on open consortium arrangements was $409.3. As of December 31, 2013, our share of the aggregate contract value on open consortium arrangements was $139.3 (of which approximately 87% had been recognized as revenue), and the aggregate contract value on open consortium arrangements was $433.8. At September 27, 2014 and December 31, 2013, we recorded liabilities of $0.7 and $1.7, respectively, representing the estimated fair value of our potential obligation under the joint and several liability provisions associated with the consortium arrangements.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 27, 2014
INCOME TAXES
INCOME TAXES	(14) INCOME TAXES *Uncertain Tax Benefits* As of September 27, 2014, we had gross unrecognized tax benefits of $82.7 (net unrecognized tax benefits of $44.0), of which $43.4, if recognized, would impact our effective tax rate from continuing operations. We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision. As of September 27, 2014, gross accrued interest totaled $9.3 (net accrued interest of $7.0) and penalties totaled $7.1. Based on the outcome of certain examinations or as a result of the expiration of statute 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 $20.0 to $30.0. The previously unrecognized tax benefits relate to a variety of tax issues, including tax matters relating to deemed income inclusions, transfer pricing, and various state matters. *Other Tax Matters* For the three months ended September 27, 2014, we recorded an income tax provision of $26.0 on $90.8 of pre-tax income from continuing operations, resulting in an effective rate of 28.6%. This compares to an income tax provision for the three months ended September 28, 2013 of $16.6 on $79.7 of pre-tax income from continuing operations, resulting in an effective rate of 20.8%. The effective tax rate for the third quarter of 2014 was impacted unfavorably by income tax charges of (i) $4.0 related to incremental state income taxes provided in connection with the gain recorded during the first quarter on the sale of our interest in EGS and (ii) $1.4 related to valuation allowances recorded against certain foreign deferred income tax assets, partially offset by $0.4 of tax benefits recorded in connection with various audit settlements and statute expirations. The effective tax rate for the third quarter of 2013 was impacted favorably by income tax benefits of (i) $6.4 associated with net reductions to valuation allowances recorded against certain foreign deferred income tax assets and (ii) $2.3 recorded in connection with various audit settlements and statute expirations during the period. For the nine months ended September 27, 2014, we recorded an income tax provision of $202.6 on $617.3 of pre-tax income from continuing operations, resulting in an effective tax rate of 32.8%. This compares to an income tax provision for the nine months ended September 28, 2013 of $30.2 on $147.1 of pre-tax income from continuing operations, resulting in an effective tax rate of 20.5%. The most significant items impacting the effective tax rate for the first nine months of 2014 were the U.S. income taxes provided in connection with the $491.2 gain recorded during the first quarter on the sale of our interest in EGS, and the favorable impacts of (i) $10.3 of tax benefits related to various audit settlements and statute expirations and (ii) $6.7 of tax benefits related to a loss on an investment in a foreign subsidiary, partially offset by tax charges of $12.2 resulting from net increases in valuation allowances recorded against certain foreign deferred income tax assets. The effective tax rate for the first nine months of 2013 was impacted favorably by the $8.7 of tax benefits noted above that were realized during the third quarter of 2013, as well as tax benefits realized during the first half of 2013 of $4.1 related to the Research and Experimentation Credit generated in 2012, $2.0 related to various foreign tax credits, and $1.8 for statute expirations. 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 condensed consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. Our federal income tax returns for the 2008 through 2013 tax years are subject to examination. The IRS is currently auditing the 2008 to 2012 tax return years. With regard to all open tax years, we believe any contingencies are adequately provided for. State income tax returns generally are subject to examination for a period of three to five years after filing the respective tax returns. 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 believe any uncertain tax positions related to these examinations have been adequately provided for. We have various foreign income tax returns under examination. The most significant of these are in Denmark for the 2006, 2007, 2009, and 2010 tax years and South Africa for the 2005 to 2010 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 yet reached the final stages of the appeals process, the timing of the ultimate resolution and any payments that may be required for the above matters cannot be determined at this time.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

FAIR VALUE

9 Months Ended

Sep. 27, 2014

FAIR VALUE

FAIR VALUE

(15) 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 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.

There were no changes during the periods presented to the valuation techniques we use to measure asset and liability fair values on a recurring basis. There were no transfers between the three levels of the fair value hierarchy for the nine months ended September 27, 2014 and September 28, 2013.

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, valued using valuation models based on observable market inputs such as forward rates, interest rates, our own credit risk and the credit risk of our counterparties, which comprise investment-grade financial institutions. 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 active. We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount.

As of September 27, 2014, 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 risks.

Investments in Equity Securities

During the first half of 2014, we sold all our previously owned available-for-sale securities, which included equity investments traded in active international markets. These securities were measured at fair value using closing stock prices from active markets and were classified within Level 1 of the valuation hierarchy. These assets had a fair market value of $3.0 at December 31, 2013.

Certain of our investments in equity securities that are not readily marketable are accounted for under the fair value option and are classified as Level 3 assets in the fair value hierarchy, 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 September 27, 2014 and December 31, 2013, these assets had a fair value of $5.4 and $1.4, respectively, which are estimated using various valuation models, including the Monte Carlo simulation model.

Assets and liabilities measured at fair value on a recurring basis include the following as of September 27, 2014:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Other current assets — FX embedded derivatives and FX forward contracts	$	—	$	1.8	$	—
Other assets — FX embedded derivatives and investment in equity securities	—		0.9		5.4
Accrued expenses — FX forward contracts, FX embedded derivatives and commodity contracts	—		8.1		—
Other long-term liabilities — FX embedded derivatives	—		1.2		—

Assets and liabilities measured at fair value on a recurring basis include the following as of December 31, 2013:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Other current assets — FX embedded derivatives, FX forward contracts and commodity contracts	$	—	$	2.0	$	—
Other assets — Investments in equity securities	3.0		—		1.4
Accrued expenses — FX forward contracts and FX embedded derivatives	—		6.8		—
Other long-term liabilities — FX embedded derivatives	—		2.1		—

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) for the nine months ended September 27, 2014 and September 28, 2013, including net unrealized gains (losses) recorded to “Other income (expense), net”:

	Nine months ended
	September 27, 2014		September 28, 2013
Balance at beginning of period	$	1.4	$	7.5
Cash consideration received	—		(5.2		)
Unrealized gains (losses) recorded to earnings	4.0		(0.6		)
Balance at end of period	$	5.4	$	1.7

Indebtedness and Other

The estimated fair values of other financial liabilities (excluding capital leases) not measured at fair value on a recurring basis as of September 27, 2014 and December 31, 2013 were as follows:

	September 27, 2014				December 31, 2013
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Senior notes	$	600.0	$	657.0	$	1,100.0	$	1,214.3
Term loan	575.0		575.0		475.0		475.0
Other indebtedness	264.2		264.2		27.6		27.6

The following methods and assumptions were used in estimating the fair value of these financial instruments:

· The fair values of the senior notes and term loan were determined using Level 2 inputs within the fair value hierarchy and were based on quoted market prices for the same or similar instruments or on current rates offered to us for debt with similar maturities, subordination and credit default expectations.

· The fair value of our other indebtedness approximates carrying value due primarily to the short-term nature of these instruments.

Certain of our non-financial assets and liabilities are subject to impairment analysis, including long-lived assets, indefinite-lived intangible assets and goodwill. We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually for indefinite-lived intangible assets and goodwill. Any resulting asset impairment would require that the instrument be recorded at its fair value. As of September 27, 2014 and December 31, 2013, we did not have any significant non-financial assets or liabilities that are required to be measured at fair value on a recurring or non-recurring basis.

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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial 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 entity 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 risks 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.

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PROPOSED SPIN-OFF TRANSACTION	9 Months Ended
PROPOSED SPIN-OFF TRANSACTION	Sep. 27, 2014
PROPOSED SPIN-OFF TRANSACTION
PROPOSED SPIN-OFF TRANSACTION	(16) PROPOSED SPIN-OFF TRANSACTION On October 29, 2014, we announced that our Board of Directors had unanimously approved a plan for a tax-free spin-off of our Flow Technology reportable segment and our Hydraulic Technologies business, a business currently reported within Industrial Products and Services and Other. The spin-off would create a new stand-alone, publicly-traded company with projected annual revenues of approximately $3,000.0, focused on providing highly engineered technologies and services to customers in the global power and energy, food and beverage, and industrial markets. One-time costs, net of income taxes, associated with the planned transaction are expected to be in the range of $60.0 to $80.0, inclusive of income taxes on the potential repatriation of foreign earnings. We currently expect the transaction to be completed within the next 12 months. The completion of the spin-off is subject to certain customary conditions, including effectiveness of appropriate filings with the SEC and final approval by our Board of Directors. There are no assurances as to when the planned spin-off will be completed, if at all, or if the spin-off will be completed in the form or within the one-time cost range currently contemplated.

BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 27, 2014

BASIS OF PRESENTATION

Schedule of summarized financial results for EGS investment

	Three months ended		Nine months ended
	June 30, 2013		June 30, 2013
Revenues	$	129.1	$	380.2
Gross profit	57.0		164.7
Income from continuing operations	25.7		68.5
Net income	25.7		68.5

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 27, 2014

DISCONTINUED OPERATIONS

Schedule of businesses sold showing quarter discontinued and quarter sold

Business	Quarter Discontinued	Quarter of Sale or Termination of Operations
Fenn LLC (“Fenn”)	Q3 2013	Q3 2014
SPX Precision Components (“Precision Components”)	Q3 2013	Q2 2014
Thermal Product Solutions (“TPS”)	Q3 2013	Q1 2014
Broadcast Antenna System business (“Dielectric”)	Q2 2013	Q2 2013
Crystal Growing business (“Kayex”)	Q1 2013	Q1 2013

Schedule of income from discontinued operations and related income taxes

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Income from discontinued operations	$	3.3		$	9.0		$	36.9		$	13.3
Income tax provision	(4.3		)	(3.6		)	(20.0		)	(4.5		)
Income (loss) from discontinued operations, net	$	(1.0	)	$	5.4		$	16.9		$	8.8

Schedule of results of operations for discontinued operations

	Three months ended				Nine months ended
	September 27,		September 28,		September 27,		September 28,
	2014		2013		2014		2013
Revenues	$	13.4	$	50.7	$	63.1	$	154.2
Pre-tax income	3.4		8.6		8.0		15.9

Schedule of major classes of assets and liabilities, excluding intercompany balances, of businesses reported as discontinued operations

	September 27,		December 31,
	2014		2013
Assets:
Accounts receivable, net	$	6.6	$	22.8
Inventories, net	3.6		37.6
Other current assets	0.1		1.2
Property, plant and equipment, net	4.0		16.3
Goodwill and intangibles, net	35.7		70.4
Assets of discontinued operations	$	50.0	148.3

Liabilities:
Accounts payable	$	4.4	$	13.3
Accrued expenses	2.4		18.6
Liabilities of discontinued operations	$	6.8	$	31.9

- Definition

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

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INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 27, 2014

INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS

Schedule of reportable segments and other operating segments

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Revenues: (1)
Flow Technology reportable segment	$	638.5		$	651.6		$	1,916.6		$	1,918.0
Thermal Equipment and Services reportable segment	338.8			324.1			945.7			979.5
Industrial Products and Services and Other	180.8			170.1			544.9			500.7
Total revenues	$	1,158.1		$	1,145.8		$	3,407.2		$	3,398.2

Income:
Flow Technology reportable segment	$	97.5		$	83.1		$	252.0		$	205.1
Thermal Equipment and Services reportable segment	23.2			21.7			41.9			49.6
Industrial Products and Services and Other	19.0			24.7			66.6			69.1
Total income for reportable and other operating segments	139.7			129.5			360.5			323.8

Corporate expense	(24.7		)	(26.2		)	(79.0		)	(82.2		)
Pension and postretirement (expense) income	(2.8		)	4.2			(25.6		)	12.7
Stock-based compensation expense	(4.6		)	(3.7		)	(33.9		)	(29.3		)
Impairment of intangible assets	—			—			—			(2.0		)
Special charges, net	(4.1		)	(6.9		)	(18.3		)	(25.1		)

Consolidated operating income	$	103.5		$	96.9		$	203.7		$	197.9

SPECIAL CHARGES, NET (Tables)

9 Months Ended

Sep. 27, 2014

SPECIAL CHARGES, NET

Schedule of special charges, net

	Three months ended					Nine months ended
	September 27,			September 28,		September 27,		September 28,
	2014			2013		2014		2013
Flow Technology reportable segment	$	2.8		$	6.4	$	12.9	$	11.4
Thermal Equipment and Services reportable segment	1.5			0.4		3.0		12.0
Industrial Products and Services and Other	—			0.1		1.7		1.2
Corporate	(0.2		)	—		0.7		0.5
Total	$	4.1		$	6.9	$	18.3	$	25.1

Schedule of the analysis of the entity's restructuring liabilities

	Nine months ended
	September 27,			September 28,
	2014			2013
Balance at beginning of period	$	19.0		$	16.4
Special charges (1)	17.6			27.5
Utilization — cash (2)	(22.0		)	(23.8		)
Currency translation adjustment and other	0.1			0.5
Balance at end of period	$	14.7		$	20.6

(2) The nine months ended September 27, 2014 and September 28, 2013 included $0.6 and $2.7, respectively, of cash utilized to settle retained liabilities of discontinued operations.

INVENTORIES, NET (Tables)

9 Months Ended

Sep. 27, 2014

INVENTORIES, NET

Schedule of inventories, net

	September 27, 2014			December 31, 2013

Finished goods	$	152.5		$	147.5
Work in process	187.9			165.0
Raw materials and purchased parts	243.6			210.6
Total FIFO cost	584.0			523.1
Excess of FIFO cost over LIFO inventory value	(20.4		)	(20.9		)
Total inventories, net	$	563.6		$	502.2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 27, 2014

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments

				Goodwill				Foreign
				Resulting from				Currency
	December 31,			Business				Translation			September 27,
	2013			Combinations		Impairments		and Other			2014
Flow Technology reportable segment
Gross goodwill	$	1,120.2		$	—	$	—	$	(41.0	)	$	1,079.2
Accumulated impairments	—			—		—		—			—
Goodwill	1,120.2			—		—		(41.0		)	1,079.2

Thermal Equipment and Services reportable segment
Gross goodwill	570.0			—		—		(12.1		)	557.9
Accumulated impairments	(399.5		)	—		—		7.0			(392.5		)
Goodwill	170.5			—		—		(5.1		)	165.4

Industrial Products and Services and Other
Gross goodwill	366.8			—		—		0.1			366.9
Accumulated impairments	(140.5		)	—		—		—			(140.5		)
Goodwill	226.3			—		—		0.1			226.4

Total
Gross goodwill	2,057.0			—		—		(53.0		)	2,004.0
Accumulated impairments	(540.0		)	—		—		7.0			(533.0		)
Goodwill	$	1,517.0		$	—	$	—	$	(46.0	)	$	1,471.0

Schedule of identifiable intangible assets

	September 27, 2014							December 31, 2013
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Value		Amortization			Value		Value		Amortization			Value
Intangible assets with determinable lives:
Patent	$	11.5	$	(8.7	)	$	2.8	$	11.5	$	(8.3	)	$	3.2
Technology	189.8		(58.8		)	131.0		196.3		(52.4		)	143.9
Customer relationships	401.4		(89.3		)	312.1		412.0		(78.6		)	333.4
Other	29.5		(18.6		)	10.9		31.0		(18.6		)	12.4
	632.2		(175.4		)	456.8		650.8		(157.9		)	492.9
Trademarks with indefinite lives	424.1		—			424.1		431.8		—			431.8
Total	$	1,056.3	$	(175.4	)	$	880.9	$	1,082.6	$	(157.9	)	$	924.7

WARRANTY (Tables)

9 Months Ended

Sep. 27, 2014

WARRANTY

Schedule of product warranty accrual

	Nine months ended
	September 27,			September 28,
	2014			2013
Balance at beginning of period	$	54.8		$	59.7
Provisions	20.9			15.1
Usage	(23.5		)	(22.4		)
Balance at end of period	52.2			52.4
Less: Current portion of warranty	40.0			42.6
Non-current portion of warranty	$	12.2		$	9.8

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 27, 2014

Domestic Pension Plans

Employee Benefit Plans

Schedule of net periodic benefit expense (income)

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Service cost	$	1.8		$	1.9		$	5.4		$	5.6
Interest cost	4.5			12.0			15.7			36.0
Expected return on plan assets	(4.7		)	(18.8		)	(14.9		)	(56.3		)
Settlement charges (credits), net (1)	(0.1		)	—			0.4			—
Recognized net actuarial loss (2)	—			—			14.8			—
Total net periodic pension benefit expense (income)	$	1.5		$	(4.9	)	$	21.4		$	(14.7	)

Foreign Pension Plans

Employee Benefit Plans

Schedule of net periodic benefit expense (income)

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Service cost	$	0.7		$	0.6		$	2.1		$	2.0
Interest cost	3.5			3.4			10.5			10.0
Expected return on plan assets	(4.3		)	(4.4		)	(12.8		)	(13.1		)
Total net periodic pension benefit income	(0.1		)	(0.4		)	(0.2		)	(1.1		)
Less: Net periodic pension benefit income of discontinued operations	(0.1		)	(0.2		)	(0.3		)	(0.2		)
Net periodic pension benefit expense (income) of continuing operations	$	—		$	(0.2	)	$	0.1		$	(0.9	)

Postretirement Plans

Employee Benefit Plans

Schedule of net periodic benefit expense (income)

	Three months ended						Nine months ended
	September 27,			September 28,			September 27,			September 28,
	2014			2013			2014			2013
Service cost	$	0.1		$	0.1		$	0.4		$	0.3
Interest cost	1.3			1.2			3.9			3.6
Amortization of unrecognized prior service credits	(0.1		)	(0.4		)	(0.2		)	(1.0		)
Net periodic postretirement benefit expense	$	1.3		$	0.9		$	4.1		$	2.9

INDEBTEDNESS (Tables)

9 Months Ended

Sep. 27, 2014

INDEBTEDNESS

Schedule of debt activity (both current and non-current)

	December 31, 2013		Borrowings		Repayments			Other (5)		September 27, 2014
Domestic revolving loan facility	$	—	$	367.0	$	(207.0	)	$	—	$	160.0
Term loan (1)	475.0		100.0		—			—		575.0
6.875% senior notes, due in August 2017	600.0		—		—			—		600.0
7.625% senior notes (2)	500.0		—		(500.0		)	—		—
Trade receivables financing arrangement (3)	—		80.0		(11.0		)	—		69.0
Other indebtedness (4)	100.6		9.2		(64.2		)	4.1		49.7
Total debt	1,675.6		$	556.2	$	(782.2	)	$	4.1	1,453.7
Less: short-term debt	26.9									264.2
Less: current maturities of long-term debt	558.7									16.5
Total long-term debt	$	1,090.0								$	1,173.0

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

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 27, 2014

Derivative financial instruments

Summary of the gross and net fair values of contracts by counterparty

	September 27, 2014								December 31, 2013
	Gross Assets		Gross Liabilities			Net Assets / Liabilities			Gross Assets		Gross Liabilities			Net Assets / Liabilities
FX forward contracts:
Counterparty A	$	0.2	$	(0.1	)	$	0.1		$	0.7	$	(0.1	)	$	0.6
Counterparty B	0.1		(1.8		)	(1.7		)	0.1		(0.4		)	(0.3		)
Aggregate of other counterparties	0.1		(0.8		)	(0.7		)	0.3		—			0.3
Totals (1)	$	0.4	$	(2.7	)	$	(2.3	)	$	1.1	$	(0.5	)	$	0.6

Commodity contracts:
Counterparty A (2)	$	—	$	(0.7	)	$	(0.7	)	$	0.4	$	—		$	0.4

	September 27,			December 31,
	2014			2013
Designated as hedging instruments:
Other current assets	$	0.1		$	0.3

Not designated as hedging instruments:
Other current assets	—			0.6
Accrued expenses	(2.4		)	(0.3		)
	(2.4		)	0.3
Net fair value of FX forward contracts	$	(2.3	)	$	0.6

Summary of pre-tax gain (loss) recognized in AOCI resulting from derivative financial instruments designated as cash flow hedging relationships

	Three months ended						Nine months ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
FX forward contracts	$	0.1		$	(0.2	)	$	0.6		$	(4.2	)
Commodity contracts	(0.8		)	0.8			(1.5		)	(1.5		)
	$	(0.7	)	$	0.6		$	(0.9	)	$	(5.7	)

Summary of pre-tax loss related to derivative financial instruments designated as cash flow hedging relationships reclassified from AOCI to income

	Three months ended						Nine months ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
FX forward contracts	$	—		$	(2.1	)	$	—		$	(3.0	)
Commodity contracts	(0.3		)	(0.6		)	(0.5		)	(0.5		)
	$	(0.3	)	$	(2.7	)	$	(0.5	)	$	(3.5	)

Schedule of gain (loss) recognized in ''Other income (expense), net'' of derivative financial instruments not designated as cash flow hedging relationships

	Three months ended						Nine months ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
FX forward contracts	$	(4.6	)	$	0.9		$	(2.8	)	$	(1.0	)
FX embedded derivatives	3.1			(0.8		)	1.0			4.9
	$	(1.5	)	$	0.1		$	(1.8	)	$	3.9

FX forward contracts

Derivative financial instruments

Summary of fair value of derivative instruments and the balance sheet classification

	September 27,			December 31,
	2014			2013
Designated as hedging instruments:
Other current assets	$	0.1		$	0.3

Not designated as hedging instruments:
Other current assets	—			0.6
Accrued expenses	(2.4		)	(0.3		)
	(2.4		)	0.3
Net fair value of FX forward contracts	$	(2.3	)	$	0.6

FX embedded derivatives

Derivative financial instruments

Summary of fair value of derivative instruments and the balance sheet classification

	September 27,			December 31,
Balance Sheet Classification	2014			2013
Other current assets	$	1.7		$	0.7
Other assets	0.9			—
Accrued expenses	(5.0		)	(6.5		)
Other long-term liabilities	(1.2		)	(2.1		)
	$	(3.6	)	$	(7.9	)

EQUITY AND STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 27, 2014

EQUITY AND STOCK-BASED COMPENSATION

Schedule of weighted-average shares outstanding used in the computation of basic and diluted earnings per share

	Three months ended		Nine months ended
	September 27,	September 28,	September 27,	September 28,
	2014	2013	2014	2013
Weighted-average number of common shares used in basic income per share	41.796	44.709	43.024	45.592
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units	0.568	0.328	0.748	0.548
Weighted-average number of common shares and dilutive securities used in diluted income per share	42.364	45.037	43.772	46.140

Schedule of changes in the components of accumulated other comprehensive income

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended September 27, 2014 were as follows:

	Foreign Currency Translation Adjustment			Net Unrealized Losses on Qualifying Cash Flow Hedges (1)			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	285.3		$	(0.9	)	$	0.3		$	284.7
Other comprehensive loss before reclassifications	(115.3		)	(0.5		)	—			(115.8		)
Amounts reclassified from accumulated other comprehensive income	—			0.2			(0.1		)	0.1
Current-period other comprehensive loss	(115.3		)	(0.3		)	(0.1		)	(115.7		)
Balance at end of period	$	170.0		$	(1.2	)	$	0.2		$	169.0

(1) Net of tax benefit of $1.0 and $0.9 as of September 27, 2014 and June 28, 2014, respectively.

(2) Net of tax provision of $(0.1) as of September 27, 2014 and June 28, 2014.

The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended

September 27, 2014 were as follows:

	Foreign Currency Translation Adjustment			Net Unrealized Losses on Qualifying Cash Flow Hedges (1)			Net Unrealized Gains (Losses) on Available- for-Sale Securities			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	296.8		$	(0.8	)	$	(3.7	)	$	(4.8	)	$	287.5
Other comprehensive income (loss) before reclassifications	(126.8		)	(0.8		)	3.6			0.2			(123.8		)
Amounts reclassified from accumulated other comprehensive income	—			0.4			0.1			4.8			5.3
Current-period other comprehensive income (loss)	(126.8		)	(0.4		)	3.7			5.0			(118.5		)
Balance at end of period	$	170.0		$	(1.2	)	$	—		$	0.2		$	169.0

(1) Net of tax benefit of $1.0 as of September 27, 2014 and December 31, 2013.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended September 28, 2013 were as follows:

	Foreign Currency Translation Adjustment		Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges (1)			Net Unrealized Losses on Available-for- Sale Securities			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	221.5	$	(4.4	)	$	(3.8	)	$	(4.3	)	$	209.0
Other comprehensive income (loss) before reclassifications	70.1		0.5			(0.8		)	—			69.8
Amounts reclassified from accumulated other comprehensive income	—		1.8			—			(0.2		)	1.6
Current-period other comprehensive income (loss)	70.1		2.3			(0.8		)	(0.2		)	71.4
Balance at end of period	$	291.6	$	(2.1	)	$	(4.6	)	$	(4.5	)	$	280.4

(1) Net of tax benefit of $1.9 and $2.9 as of September 28, 2013 and June 29, 2013, respectively.

The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended September 28, 2013 were as follows:

	Foreign Currency Translation Adjustment			Net Unrealized Losses on Qualifying Cash Flow Hedges (1)			Net Unrealized Losses on Available-for- Sale Securities			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	293.8		$	(3.3	)	$	(3.1	)	$	(2.6	)	$	284.8
Other comprehensive loss before reclassifications	(2.2		)	(1.1		)	(1.5		)	(1.2		)	(6.0		)
Amounts reclassified from accumulated other comprehensive income	—			2.3			—			(0.7		)	1.6
Current-period other comprehensive income (loss)	(2.2		)	1.2			(1.5		)	(1.9		)	(4.4		)
Balance at end of period	$	291.6		$	(2.1	)	$	(4.6	)	$	(4.5	)	$	280.4

(1) Net of tax benefit of $1.9 and $2.5 as of September 28, 2013 and December 31, 2012, respectively.

Schedule of amounts reclassified from each component of accumulated other comprehensive income

	Amount Reclassified from AOCI
	Three months ended						Affected Line Items in the Condensed
	September 27, 2014			September 28, 2013			Consolidated Statements of Operations
Losses on qualifying cash flow hedges:
Commodity contracts	$	0.3		$	0.6		Cost of products sold
FX forward contracts	—			2.2			Revenues
Pre-tax	0.3			2.8
Income taxes	(0.1		)	(1.0		)
	$	0.2		$	1.8

Pension and postretirement items:
Amortization of unrecognized prior service credits	$	(0.1	)	$	(0.4	)	Selling, general and administrative
Pre-tax	(0.1		)	(0.4		)
Income taxes	—			0.2
	$	(0.1	)	$	(0.2	)

	Amount Reclassified from AOCI
	Nine months ended						Affected Line Items in the Condensed
	September 27, 2014			September 28, 2013			Consolidated Statement of Operations
Losses on qualifying cash flow hedges:
Commodity contracts	$	0.5		$	0.5		Cost of products sold
FX forward contracts	—			3.0			Revenues
Pre-tax	0.5			3.5
Income taxes	(0.1		)	(1.2		)
	$	0.4		$	2.3

Loss on available-for-sale securities	$	0.1		$	—		Other income (expense), net

(Gains) losses on pension and postretirement items:
Recognition of our share of the pension liability adjustment for EGS	$	7.4		$	—		Other income (expense), net
Amortization of unrecognized prior service credits	(0.2		)	(1.0		)	Selling, general and administrative
Pre-tax	7.2			(1.0		)
Income taxes	(2.4		)	0.3
	$	4.8		$	(0.7	)

Schedule of changes in equity

A summary of the changes in equity for the three months ended September 27, 2014 and September 28, 2013 is provided below:

	September 27, 2014									September 28, 2013
	SPX									SPX
	Corporation									Corporation
	Shareholders’			Noncontrolling			Total			Shareholders’			Noncontrolling			Total
	Equity			Interests			Equity			Equity			Interests			Equity
Equity, beginning of period	$	2,243.8		$	12.6		$	2,256.4		$	1,950.1		$	12.9		$	1,963.0
Net income (loss)	63.5			0.3			63.8			69.3			(0.8		)	68.5
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $0.1 and $(1.0) for the three months ended September 27, 2014 and September 28, 2013, respectively	(0.3		)	—			(0.3		)	2.3			—			2.3
Net unrealized losses on available-for-sale securities	—			—			—			(0.8		)	—			(0.8		)
Pension liability adjustment, net of tax benefit of $0.0 and $0.1 for the three months ended September 27, 2014 and September 28, 2013, respectively	(0.1		)	—			(0.1		)	(0.2		)	—			(0.2		)
Foreign currency translation adjustments	(115.3		)	(0.2		)	(115.5		)	70.1			0.7			70.8
Total comprehensive income (loss), net	(52.2		)	0.1			(52.1		)	140.7			(0.1		)	140.6
Dividends declared	(15.9		)	—			(15.9		)	(11.4		)	—			(11.4		)
Exercise of stock options and other incentive plan activity, including related tax benefit of $0.3 and $0.0 for the three months ended September 27, 2014 and September 28, 2013, respectively	3.8			—			3.8			3.7			—			3.7
Stock-based compensation expense, including $0.1 and $0.0 related to discontinued operations, for the three months ended September 27, 2014 and September 28, 2013, respectively	4.7			—			4.7			3.7			—			3.7
Restricted stock and restricted stock unit vesting, net of tax withholdings	(1.0		)	—			(1.0		)	(2.0		)	—			(2.0		)
Common stock repurchases	(139.9		)	—			(139.9		)	—			—			—
Other changes in noncontrolling interests	—			(0.8		)	(0.8		)	(3.0		)	1.3			(1.7		)
Equity, end of period	$	2,043.3		$	11.9		$	2,055.2		$	2,081.8		$	14.1		$	2,095.9

A summary of the changes in equity for the nine months ended September 27, 2014 and September 28, 2013 is provided below:

	September 27, 2014									September 28, 2013
	SPX									SPX
	Corporation									Corporation
	Shareholders’			Noncontrolling			Total			Shareholders’			Noncontrolling			Total
	Equity			Interests			Equity			Equity			Interests			Equity
Equity, beginning of period	$	2,158.0		$	14.0		$	2,172.0		$	2,224.2		$	11.3		$	2,235.5
Net income (loss)	432.9			(1.3		)	431.6			123.2			2.5			125.7
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $0.0 and $(0.6) for the nine months ended September 27, 2014 and September 28, 2013, respectively	(0.4		)	—			(0.4		)	1.2			—			1.2
Net unrealized gains (losses) on available-for-sale securities	3.7			—			3.7			(1.5		)	—			(1.5		)
Pension liability adjustment, net of tax (provision) benefit of $(2.3) and $0.8 for the nine months ended September 27, 2014 and September 28, 2013, respectively	5.0			—			5.0			(1.9		)	—			(1.9		)
Foreign currency translation adjustments	(126.8		)	0.4			(126.4		)	(2.2		)	(0.6		)	(2.8		)
Total comprehensive income (loss), net	314.4			(0.9		)	313.5			118.8			1.9			120.7
Dividends declared	(48.3		)	—			(48.3		)	(34.3		)	—			(34.3		)
Exercise of stock options and other incentive plan activity, including related tax benefit of $9.5 and $5.8 for the nine months ended September 27, 2014 and September 28, 2013, respectively	21.9			—			21.9			18.1			—			18.1
Stock-based compensation expense, including $0.1 and $0.0 related to discontinued operations, for the nine months ended September 27, 2014 and September 28, 2013, respectively	34.0			—			34.0			29.3			—			29.3
Restricted stock and restricted stock unit vesting, net of tax withholdings	(22.4		)	—			(22.4		)	(22.3		)	—			(22.3		)
Common stock repurchases	(414.3		)	—			(414.3		)	(249.0		)	—			(249.0		)
Other changes in noncontrolling interests	—			(1.2		)	(1.2		)	(3.0		)	0.9			(2.1		)
Equity, end of period	$	2,043.3		$	11.9		$	2,055.2		$	2,081.8		$	14.1		$	2,095.9

FAIR VALUE (Tables)

9 Months Ended

Sep. 27, 2014

FAIR VALUE

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis include the following as of September 27, 2014:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Other current assets — FX embedded derivatives and FX forward contracts	$	—	$	1.8	$	—
Other assets — FX embedded derivatives and investment in equity securities	—		0.9		5.4
Accrued expenses — FX forward contracts, FX embedded derivatives and commodity contracts	—		8.1		—
Other long-term liabilities — FX embedded derivatives	—		1.2		—

Assets and liabilities measured at fair value on a recurring basis include the following as of December 31, 2013:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Other current assets — FX embedded derivatives, FX forward contracts and commodity contracts	$	—	$	2.0	$	—
Other assets — Investments in equity securities	3.0		—		1.4
Accrued expenses — FX forward contracts and FX embedded derivatives	—		6.8		—
Other long-term liabilities — FX embedded derivatives	—		2.1		—

Schedule of reconciliation of investments in equity securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

	Nine months ended
	September 27, 2014		September 28, 2013
Balance at beginning of period	$	1.4	$	7.5
Cash consideration received	—		(5.2		)
Unrealized gains (losses) recorded to earnings	4.0		(0.6		)
Balance at end of period	$	5.4	$	1.7

Schedule of estimated fair values of other financial liabilities (excluding capital leases) not measured at fair value on a recurring basis

	September 27, 2014				December 31, 2013
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Senior notes	$	600.0	$	657.0	$	1,100.0	$	1,214.3
Term loan	575.0		575.0		475.0		475.0
Other indebtedness	264.2		264.2		27.6		27.6

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

BASIS OF PRESENTATION (Details) (USD $) In Millions, unless otherwise specified	0 Months Ended	3 Months Ended				9 Months Ended
	Jan. 07, 2014	Sep. 27, 2014	Mar. 29, 2014	Sep. 28, 2013	Jun. 29, 2013	Sep. 27, 2014	Sep. 28, 2013	Jun. 29, 2013	Jan. 07, 2014
BASIS OF PRESENTATION
Length of second and third quarter						91 days
Investment in joint venture under equity method investment
Equity earnings in joint venture		$ 0.3		$ 11.4		$ 0.8	$ 30.6
EGS Electrical Group, LLC and Subsidiaries ("EGS")
Investment in joint venture under equity method investment
Percentage of interest held in joint venture sold									44.50%
Cash proceeds from sale of interest in joint venture	574.1
Gain on sale of interest in joint venture			491.2
Lag period for accounting of equity method investment prior to sale	3 months
Equity earnings in joint venture		0		11.4		0	30.5
Revenues					129.1			380.2
Gross profit					57.0			164.7
Income from continuing operations					25.7			68.5
Net income					$ 25.7			$ 68.5

DISCONTINUED OPERATIONS (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended			3 Months Ended											9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013	Dec. 31, 2013	Sep. 27, 2014 Fenn	Sep. 27, 2014 Precision Components	Jun. 28, 2014 Precision Components	Sep. 27, 2014 TPS	Mar. 29, 2014 TPS	Jun. 29, 2013 Dielectric	Jun. 29, 2013 Dielectric Maximum	Sep. 28, 2013 Kayex	Mar. 30, 2013 Kayex	Sep. 27, 2014 Other businesses sold prior to the earliest date presented in the financial statements	Sep. 28, 2013 Other businesses sold prior to the earliest date presented in the financial statements	Sep. 27, 2014 Other businesses sold prior to the earliest date presented in the financial statements	Sep. 28, 2013 Other businesses sold prior to the earliest date presented in the financial statements
Discontinued Operations
Cash consideration						$ 3.5		$ 63.0		$ 38.5	$ 4.7
Promissory note receivable as consideration on sale of business										4.0
Gain (loss) on sale of business, net of tax	(2.9)	0.2	12.0	(2.3)		(0.4)		(7.3)		21.5		0.1	3.6	(2.1)
Cash consideration, gross													6.9
Adjustment to gains (losses) on sale of discontinued operations, net of tax							0.4		(0.3)						(2.6)	(3.4)	(1.9)	(3.8)
Working capital settlement							0.4
Income (loss) from discontinued operations and related income taxes
Income from discontinued operations	3.3	9.0	36.9	13.3
Income tax provision	(4.3)	(3.6)	(20.0)	(4.5)
Income (loss) from discontinued operations, net of tax	(1.0)	5.4	16.9	8.8
Results of operations for businesses reported as discontinued operations
Revenues	13.4	50.7	63.1	154.2
Pre-tax income	3.4	8.6	8.0	15.9
Assets:
Accounts receivable, net	6.6		6.6		22.8
Inventories, net	3.6		3.6		37.6
Other current assets	0.1		0.1		1.2
Property, plant and equipment, net	4.0		4.0		16.3
Goodwill and intangibles, net	35.7		35.7		70.4
Assets of discontinued operations	50.0		50.0		148.3
Liabilities:
Accounts payable	4.4		4.4		13.3
Accrued expenses	2.4		2.4		18.6
Liabilities of discontinued operations	$ 6.8		$ 6.8		$ 31.9

INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014 item	Sep. 28, 2013	Dec. 31, 2013
Business segment
Number of reportable segments			2
Revenues:
Revenues	$ 1,158.1	$ 1,145.8	$ 3,407.2	$ 3,398.2
Income:
Pension and postretirement (expense) income	(2.8)	4.2	(25.6)	12.7
Stock-based compensation expense	(4.6)	(3.7)	(33.9)	(29.3)
Impairment of intangible assets			0	(2.0)
Special charges, net	(4.1)	(6.9)	(18.3)	(25.1)
Operating income	103.5	96.9	203.7	197.9
Detail of revenues
Revenues recognized under percentage of completion method	310.7	317.2	880.7	1,012.9
Costs and estimated earnings in excess of billings	288.4		288.4		285.3
Billings in excess of costs and estimated earnings on uncompleted contracts reported as a component of accrued expenses	184.9		184.9		218.4
General corporate
Income:
Corporate expense	(24.7)	(26.2)	(79.0)	(82.2)
Special charges, net	0.2		(0.7)	(0.5)
Reportable and other operating segments
Income:
Operating income	139.7	129.5	360.5	323.8
Flow Technology reportable segment
Revenues:
Revenues	638.5	651.6	1,916.6	1,918.0
Income:
Special charges, net	(2.8)	(6.4)	(12.9)	(11.4)
Flow Technology reportable segment \| Reportable and other operating segments
Income:
Operating income	97.5	83.1	252.0	205.1
Thermal Equipment and Services reportable segment
Revenues:
Revenues	338.8	324.1	945.7	979.5
Income:
Special charges, net	(1.5)	(0.4)	(3.0)	(12.0)
Thermal Equipment and Services reportable segment \| Reportable and other operating segments
Income:
Operating income	23.2	21.7	41.9	49.6
Industrial Products and Services and Other
Revenues:
Revenues	180.8	170.1	544.9	500.7
Income:
Special charges, net		(0.1)	(1.7)	(1.2)
Industrial Products and Services and Other \| Reportable and other operating segments
Income:
Operating income	$ 19.0	$ 24.7	$ 66.6	$ 69.1
Minimum
Business segment
Number of countries in which entity operates	35		35
Number of countries in which entity sells its products and services	150		150

SPECIAL CHARGES, NET (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Special charges, net
Special charges, net	$ 4.1	$ 6.9	$ 18.3	$ 25.1
Expected charges to be incurred	1.0		1.0
Restructuring liabilities
Balance at beginning of period			19.0	16.4
Special charges			17.6	27.5
Utilization - cash			(22.0)	(23.8)
Currency translation adjustment and other			0.1	0.5
Balance at end of period	14.7	20.6	14.7	20.6
Non-cash special charges			0.7	2.0
Discontinued operations
Restructuring liabilities
Special charges			0	4.4
Utilization - cash			(0.6)	(2.7)
Corporate
Special charges, net
Special charges, net	(0.2)		0.7	0.5
Number of terminated building leases				2
Asset impairment charges				0.3
Flow Technology Reportable Segment
Special charges, net
Special charges, net	2.8	6.4	12.9	11.4
Thermal Equipment and Services Reportable Segment
Special charges, net
Special charges, net	1.5	0.4	3.0	12.0
Industrial Products and Services and Other
Special charges, net
Special charges, net		$ 0.1	$ 1.7	$ 1.2

INVENTORIES, NET (Details) (USD $) In Millions, unless otherwise specified	Sep. 27, 2014	Dec. 31, 2013
INVENTORIES, NET
Finished goods	$ 152.5	$ 147.5
Work in process	187.9	165.0
Raw materials and purchased parts	243.6	210.6
Total FIFO cost	584.0	523.1
Excess of FIFO cost over LIFO inventory value	(20.4)	(20.9)
Total inventories, net	$ 563.6	$ 502.2
Domestic inventories, valued using the last-in, first-out ("LIFO") method, as a percentage of total inventory	20.00%	19.00%

- Definition

Carrying amount, net of reserves and adjustments, as of the balance sheet date of merchandise or goods which are partially completed. This inventory is generally comprised of raw materials, labor and factory overhead costs, which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.

+ References+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 27, 2014
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	$ 2,057.0
Accumulated impairment, balance at the beginning of the period	(540.0)
Goodwill, balance at the beginning of the period	1,517.0
Gross goodwill related to foreign currency translation and other	(53.0)
Accumulated impairments related to foreign currency translation and other	7.0
Goodwill related to foreign currency translation and other	(46.0)
Gross goodwill, end of the period	2,004.0
Accumulated impairment, balance at the end of the period	(533.0)
Goodwill, balance at the end of the period	1,471.0
Flow Technology reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	1,120.2
Goodwill, balance at the beginning of the period	1,120.2
Gross goodwill related to foreign currency translation and other	(41.0)
Goodwill related to foreign currency translation and other	(41.0)
Gross goodwill, end of the period	1,079.2
Goodwill, balance at the end of the period	1,079.2
Thermal Equipment and Services reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	570.0
Accumulated impairment, balance at the beginning of the period	(399.5)
Goodwill, balance at the beginning of the period	170.5
Gross goodwill related to foreign currency translation and other	(12.1)
Accumulated impairments related to foreign currency translation and other	7.0
Goodwill related to foreign currency translation and other	(5.1)
Gross goodwill, end of the period	557.9
Accumulated impairment, balance at the end of the period	(392.5)
Goodwill, balance at the end of the period	165.4
Industrial Products and Services and Other
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	366.8
Accumulated impairment, balance at the beginning of the period	(140.5)
Goodwill, balance at the beginning of the period	226.3
Gross goodwill related to foreign currency translation and other	0.1
Goodwill related to foreign currency translation and other	0.1
Gross goodwill, end of the period	366.9
Accumulated impairment, balance at the end of the period	(140.5)
Goodwill, balance at the end of the period	$ 226.4

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) (USD $) In Millions, unless otherwise specified	9 Months Ended								3 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Dec. 31, 2013	Sep. 27, 2014 Flow Technology reportable segment	Sep. 27, 2014 Thermal Equipment and Services reportable segment	Sep. 27, 2014 Industrial Products and Services and Other	Sep. 27, 2014 Trademarks	Dec. 31, 2013 Trademarks	Mar. 30, 2013 Trademarks Clyde Union Holdings, SARL	Sep. 27, 2014 Patent	Dec. 31, 2013 Patent	Sep. 27, 2014 Technology	Dec. 31, 2013 Technology	Sep. 27, 2014 Customer relationships	Dec. 31, 2013 Customer relationships	Sep. 27, 2014 Other	Dec. 31, 2013 Other
Intangible assets with determinable lives
Gross carrying value of finite-lived intangible assets	$ 632.2		$ 650.8							$ 11.5	$ 11.5	$ 189.8	$ 196.3	$ 401.4	$ 412.0	$ 29.5	$ 31.0
Accumulated amortization	(175.4)		(157.9)							(8.7)	(8.3)	(58.8)	(52.4)	(89.3)	(78.6)	(18.6)	(18.6)
Net carrying value of finite-lived intangible assets	456.8		492.9	406.2	43.3	7.3				2.8	3.2	131.0	143.9	312.1	333.4	10.9	12.4
Intangible assets with indefinite lives
Trademarks				280.2	125.7	18.2	424.1	431.8
Total intangible assets
Gross carrying value	1,056.3		1,082.6
Net carrying value	880.9		924.7
Impairment charges	$ 0	$ 2.0							$ 2.0

WARRANTY (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013
Analysis of product warranty accrual
Balance at beginning of period	$ 54.8	$ 59.7
Provisions	20.9	15.1
Usage	(23.5)	(22.4)
Balance at end of period	52.2	52.4
Less: Current portion of warranty	40.0	42.6
Non-current portion of warranty	$ 12.2	$ 9.8

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

EMPLOYEE BENEFIT PLANS (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended			9 Months Ended			3 Months Ended			9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended
	Sep. 27, 2014	Mar. 29, 2014 item	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014 Discontinued operations	Sep. 27, 2014 Domestic Pension Plans	Dec. 31, 2013 Domestic Pension Plans	Sep. 28, 2013 Domestic Pension Plans	Sep. 27, 2014 Domestic Pension Plans	Sep. 28, 2013 Domestic Pension Plans	Sep. 27, 2014 Foreign Pension Plans	Sep. 28, 2013 Foreign Pension Plans	Sep. 27, 2014 Foreign Pension Plans	Sep. 28, 2013 Foreign Pension Plans	Sep. 27, 2014 Postretirement Plans	Sep. 28, 2013 Postretirement Plans	Sep. 27, 2014 Postretirement Plans	Sep. 28, 2013 Postretirement Plans
EMPLOYEE BENEFIT PLANS
Number of eligible former employees offered with voluntary single lump-sum payment option in lieu of a future pension benefit		7,100
Percentage of projected benefit obligation of the Plan settled as a result of lump-sum payments		38.00%
Projected benefit obligation of the Plan settled as a result of lump-sum payments		$ 165.2
Employee benefit plans
Charge reflected in net periodic pension benefit expense		4.6								4.6
Net periodic pension/postretirement benefit expense (income)
Service cost							1.8		1.9	5.4	5.6	0.7	0.6	2.1	2.0	0.1	0.1	0.4	0.3
Interest cost							4.5		12.0	15.7	36.0	3.5	3.4	10.5	10.0	1.3	1.2	3.9	3.6
Expected return on plan assets							(4.7)		(18.8)	(14.9)	(56.3)	(4.3)	(4.4)	(12.8)	(13.1)
Settlement charges (credits), net							(0.1)			0.4
Amortization of unrecognized prior service credits																(0.1)	(0.4)	(0.2)	(1.0)
Recognized net actuarial loss										14.8
Net periodic pension and postretirement benefit expense (income)	2.8		(4.2)	25.6	(12.7)		1.5		(4.9)	21.4	(14.7)	(0.1)	(0.4)	(0.2)	(1.1)	1.3	0.9	4.1	2.9
Less: Net periodic pension benefit income of discontinued operations												(0.1)	(0.2)	(0.3)	(0.2)
Net periodic pension benefit expense (income) of continuing operations													(0.2)	0.1	(0.9)
Reduction to estimated settlement charge								4.2
Employer contribution to pension plan				$ 9.7		$ 2.0

INDEBTEDNESS (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Mar. 29, 2014	Sep. 27, 2014	Dec. 31, 2013
Debt
Balance at the beginning of the period	$ 1,675.6	$ 1,675.6
Borrowings		556.2
Repayments		(782.2)
Other		4.1
Balance at the end of the period		1,453.7
Less: short-term debt		264.2	26.9
Less: current maturities of long-term debt		16.5	558.7
Total long-term debt		1,173.0	1,090.0
Loss on early extinguishment of debt		32.5
Redemption premium paid		30.6
Domestic revolving loan facility
Debt
Borrowings		367.0
Repayments		(207.0)
Balance at the end of the period		160.0
Term loan
Debt
Balance at the beginning of the period	475.0	475.0
Borrowings		100.0
Balance at the end of the period		575.0
Debt repayable in quarterly installments		575.0
Percentage of initial principal amount which the entity will repay annually beginning with the second fiscal quarter of 2015		5.00%
6.875% senior notes, due in August 2017
Debt
Balance at the beginning of the period			600.0
Balance at the end of the period		600.0	600.0
Interest rate percentage		6.875%	6.875%
7.625% senior notes
Debt
Balance at the beginning of the period	500.0	500.0
Repayments		(500.0)
Interest rate percentage	7.625%
Redemption price	530.6
Loss on early extinguishment of debt	32.5
Redemption premium paid	30.6
Write-off of unamortized deferred financing fees	1.0
Other costs associated with the extinguishment	0.9
Trade receivables financing arrangement
Debt
Borrowings		80.0
Repayments		(11.0)
Balance at the end of the period		69.0
Maximum borrowing capacity		80.0
Available borrowing capacity		0.9
Other indebtedness
Debt
Balance at the beginning of the period	100.6	100.6
Borrowings		9.2
Repayments		(64.2)
Other		4.1
Balance at the end of the period		49.7
Capital lease obligations		14.5	73.0
Purchase card programs		29.3	25.4
Cash consideration for purchase of corporate headquarters facility	$ 60.8

INDEBTEDNESS (Details 2) (USD $) In Millions, unless otherwise specified	Sep. 27, 2014
Senior credit facility
Credit Facilities
Weighted-average interest rate of senior credit facilities (as a percent)	1.60%
Domestic revolving credit facility
Credit Facilities
Letters of credit issued, amount outstanding	$ 54.2
Foreign credit instrument facility
Credit Facilities
Letters of credit issued, amount outstanding	693.8
Letters of credit under separate arrangements in China and India
Credit Facilities
Letters of credit issued, amount outstanding	$ 5.9

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) In Millions, unless otherwise specified			9 Months Ended
	Sep. 27, 2014 FX forward contracts	Dec. 31, 2013 FX forward contracts	Sep. 27, 2014 FX forward contracts Maximum	Sep. 27, 2014 FX embedded derivatives	Dec. 31, 2013 FX embedded derivatives	Sep. 27, 2014 Commodity contracts lb	Dec. 31, 2013 Commodity contracts lb
Derivative disclosures
Aggregate notional amount	$ 200.9	$ 191.3		$ 150.1	$ 145.8
Derivative contract maturity period			12 months
Unrealized gain (loss), net of tax, recorded in AOCI	(0.8)	(1.0)				(0.4)	0.2
Notional amount of commodity contracts (in pounds of copper)						6,400,000	3,400,000
Fair value of derivative contract						0.7
Fair value of derivative contract							$ 0.4

- Definition

Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References+ Details

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) (USD $) In Millions, unless otherwise specified	Sep. 27, 2014	Dec. 31, 2013
FX forward contracts
Fair value of derivative financial instruments
Gross Assets	$ 0.4	$ 1.1
Gross Liabilities	(2.7)	(0.5)
Net Assets / Liabilities	(2.3)	0.6
FX forward contracts \| Counterparty A
Fair value of derivative financial instruments
Gross Assets	0.2	0.7
Gross Liabilities	(0.1)	(0.1)
Net Assets / Liabilities	0.1	0.6
FX forward contracts \| Counterparty B
Fair value of derivative financial instruments
Gross Assets	0.1	0.1
Gross Liabilities	(1.8)	(0.4)
Net Assets / Liabilities	(1.7)	(0.3)
FX forward contracts \| Aggregate of other counterparties
Fair value of derivative financial instruments
Gross Assets	0.1	0.3
Gross Liabilities	(0.8)
Net Assets / Liabilities	(0.7)	0.3
Derivative contracts designated as hedging instruments \| FX forward contracts \| Other current assets
Fair value of derivative financial instruments
Gross Assets	0.1	0.3
Derivative contracts designated as hedging instruments \| Commodity contracts \| Counterparty A
Fair value of derivative financial instruments
Gross Assets		0.4
Gross Liabilities	(0.7)
Net Assets / Liabilities	(0.7)	0.4
Derivative contracts not designated as hedging instruments \| FX forward contracts
Fair value of derivative financial instruments
Net Assets / Liabilities	(2.4)	0.3
Derivative contracts not designated as hedging instruments \| FX forward contracts \| Other current assets
Fair value of derivative financial instruments
Gross Assets		0.6
Derivative contracts not designated as hedging instruments \| FX forward contracts \| Accrued expenses
Fair value of derivative financial instruments
Gross Liabilities	(2.4)	(0.3)
Derivative contracts not designated as hedging instruments \| FX embedded derivatives
Fair value of derivative financial instruments
Net Assets / Liabilities	(3.6)	(7.9)
Derivative contracts not designated as hedging instruments \| FX embedded derivatives \| Other current assets
Fair value of derivative financial instruments
Gross Assets	1.7	0.7
Derivative contracts not designated as hedging instruments \| FX embedded derivatives \| Other assets
Fair value of derivative financial instruments
Gross Assets	0.9
Derivative contracts not designated as hedging instruments \| FX embedded derivatives \| Accrued expenses
Fair value of derivative financial instruments
Gross Liabilities	(5.0)	(6.5)
Derivative contracts not designated as hedging instruments \| FX embedded derivatives \| Other long-term liabilities
Fair value of derivative financial instruments
Gross Liabilities	$ (1.2)	$ (2.1)

DERIVATIVE FINANCIAL INSTRUMENTS (Details 3) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Other income (expense), net \| Derivative contracts not designated as hedging instruments
Derivative instrument disclosures
Amount of gain (loss) recognized in income (expense)	$ (1.5)	$ 0.1	$ (1.8)	$ 3.9
FX forward contracts \| Other income (expense), net \| Derivative contracts not designated as hedging instruments
Derivative instrument disclosures
Amount of gain (loss) recognized in income (expense)	(4.6)	0.9	(2.8)	(1.0)
FX embedded derivatives \| Other income (expense), net \| Derivative contracts not designated as hedging instruments
Derivative instrument disclosures
Amount of gain (loss) recognized in income (expense)	3.1	(0.8)	1.0	4.9
Cash flow hedge
Derivative instrument disclosures
Amount of gain (loss) recognized in AOCI, pre-tax	(0.7)	0.6	(0.9)	(5.7)
Amount of gain (loss) reclassified from AOCI to income, pre-tax	(0.3)	(2.7)	(0.5)	(3.5)
Cash flow hedge \| Other income (expense), net
Derivative instrument disclosures
Derivative losses recognized in other income (expense), net, relating to derivative ineffectiveness and amounts excluded from effectiveness testing				0.2
Cash flow hedge \| FX forward contracts
Derivative instrument disclosures
Amount of gain (loss) recognized in AOCI, pre-tax	0.1	(0.2)	0.6	(4.2)
Cash flow hedge \| FX forward contracts \| Revenues
Derivative instrument disclosures
Amount of gain (loss) reclassified from AOCI to income, pre-tax		(2.1)		(3.0)
Cash flow hedge \| Commodity contracts
Derivative instrument disclosures
Amount of gain (loss) recognized in AOCI, pre-tax	(0.8)	0.8	(1.5)	(1.5)
Cash flow hedge \| Commodity contracts \| Cost of products sold
Derivative instrument disclosures
Amount of gain (loss) reclassified from AOCI to income, pre-tax	$ (0.3)	$ (0.6)	$ (0.5)	$ (0.5)

EQUITY AND STOCK-BASED COMPENSATION (Details) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Income Per Share
Weighted-average number of common shares used in basic income per share	41,796	44,709	43,024	45,592
Dilutive securities - Employee stock options, restricted stock shares and restricted stock units (in shares)	568	328	748	548
Weighted-average number of common shares and dilutive securities used in diluted income per share	42,364	45,037	43,772	46,140
Stock options
Stock-based Compensation
Options outstanding (in shares)	0		0
Restricted stock shares and restricted stock units
Stock-based Compensation
Number of units that were excluded from the computation of diluted income per share	173	857	58	758

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

EQUITY AND STOCK-BASED COMPENSATION (Details 2) (Restricted stock shares and restricted stock units, USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Restricted stock shares and restricted stock units
Stock-based Compensation
Compensation expense	$ 4.6	$ 3.7	$ 33.9	$ 29.3
Related tax benefit	$ 1.8	$ 1.4	$ 12.4	$ 10.7

EQUITY AND STOCK-BASED COMPENSATION (Details 3) (USD $) In Millions, unless otherwise specified	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 27, 2014	Jun. 28, 2014	Sep. 28, 2013	Jun. 29, 2013	Sep. 27, 2014	Sep. 28, 2013	Dec. 31, 2013	Dec. 31, 2012
Components of Accumulated Other Comprehensive Income
Balance at beginning of period					$ 287.5
Balance at end of period	169.0				169.0
Pension and postretirement liability adjustment and other, tax (provision) benefit	0		0.1		(2.3)	0.8
EGS Electrical Group, LLC and Subsidiaries ("EGS")
Components of Accumulated Other Comprehensive Income
Pension and postretirement liability adjustment and other, tax (provision) benefit			(5.0)	(5.0)		(5.0)	(5.0)	(3.8)
Total
Components of Accumulated Other Comprehensive Income
Balance at beginning of period	284.7		209.0		287.5	284.8	284.8
Other comprehensive income (loss) before reclassifications	(115.8)		69.8		(123.8)	(6.0)
Amounts reclassified from accumulated other comprehensive income	0.1		1.6		5.3	1.6
Current-period other comprehensive income (loss)	(115.7)		71.4		(118.5)	(4.4)
Balance at end of period	169.0		280.4		169.0	280.4
Foreign Currency Translation Adjustment
Components of Accumulated Other Comprehensive Income
Balance at beginning of period	285.3		221.5		296.8	293.8	293.8
Other comprehensive income (loss) before reclassifications	(115.3)		70.1		(126.8)	(2.2)
Current-period other comprehensive income (loss)	(115.3)		70.1		(126.8)	(2.2)
Balance at end of period	170.0		291.6		170.0	291.6
Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges
Components of Accumulated Other Comprehensive Income
Balance at beginning of period	(0.9)		(4.4)		(0.8)	(3.3)	(3.3)
Other comprehensive income (loss) before reclassifications	(0.5)		0.5		(0.8)	(1.1)
Amounts reclassified from accumulated other comprehensive income	0.2		1.8		0.4	2.3
Current-period other comprehensive income (loss)	(0.3)		2.3		(0.4)	1.2
Balance at end of period	(1.2)	(0.9)	(2.1)	(4.4)	(1.2)	(2.1)	(0.8)	(3.3)
Net unrealized losses on qualifying cash flow hedges, tax benefit	1.0	0.9	1.9	2.9	1.0	1.9	1.0	2.5
Net Unrealized Gains (Losses) on Available-for-Sale Securities
Components of Accumulated Other Comprehensive Income
Balance at beginning of period			(3.8)		(3.7)	(3.1)	(3.1)
Other comprehensive income (loss) before reclassifications			(0.8)		3.6	(1.5)
Amounts reclassified from accumulated other comprehensive income					0.1
Current-period other comprehensive income (loss)			(0.8)		3.7	(1.5)
Balance at end of period			(4.6)			(4.6)
Pension and Postretirement Liability Adjustment and Other
Components of Accumulated Other Comprehensive Income
Balance at beginning of period	0.3		(4.3)		(4.8)	(2.6)	(2.6)
Other comprehensive income (loss) before reclassifications					0.2	(1.2)
Amounts reclassified from accumulated other comprehensive income	(0.1)		(0.2)		4.8	(0.7)
Current-period other comprehensive income (loss)	(0.1)		(0.2)		5.0	(1.9)
Balance at end of period	0.2	0.3	(4.5)	(4.3)	0.2	(4.5)	(4.8)	(2.6)
Pension and postretirement liability adjustment and other, tax (provision) benefit	$ (0.1)	$ (0.1)	$ 2.0	$ 1.9	$ (0.1)	$ 2.0	$ 2.2	$ 1.2

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References+ Details

EQUITY AND STOCK-BASED COMPENSATION (Details 4) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Amounts reclassified from each component of accumulated comprehensive income (loss)
Cost of products sold	$ 816.0	$ 809.0	$ 2,426.3	$ 2,438.2
Revenues	(1,158.1)	(1,145.8)	(3,407.2)	(3,398.2)
Other income (expense), net	(1.1)	4.1	(490.5)	4.2
Selling, general and administrative	226.9	224.8	734.7	710.6
Pre-tax	(90.8)	(79.7)	(617.3)	(147.1)
Income taxes	26.0	16.6	202.6	30.2
Net income	(63.8)	(68.5)	(431.6)	(125.7)
Losses on qualifying cash flow hedges \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income (loss)
Pre-tax	0.3	2.8	0.5	3.5
Income taxes	(0.1)	(1.0)	(0.1)	(1.2)
Net income	0.2	1.8	0.4	2.3
Losses on qualifying cash flow hedges \| Commodity contracts \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income (loss)
Cost of products sold	0.3	0.6	0.5	0.5
Losses on qualifying cash flow hedges \| FX forward contracts \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income (loss)
Revenues		2.2		3.0
Loss on available-for-sale securities \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income (loss)
Other income (expense), net			0.1
(Gains) losses on pension and postretirement items \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income (loss)
Other income (expense), net			7.4
Selling, general and administrative	(0.1)	(0.4)	(0.2)	(1.0)
Pre-tax	(0.1)	(0.4)	7.2	(1.0)
Income taxes		0.2	(2.4)	0.3
Net income	$ (0.1)	$ (0.2)	$ 4.8	$ (0.7)

EQUITY AND STOCK-BASED COMPENSATION (Details 5) (USD $) In Millions, except Share data in Thousands, unless otherwise specified	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2013	Mar. 30, 2013	Sep. 27, 2014	Sep. 28, 2013	Dec. 18, 2013
Total cash consideration paid for common stock repurchased			$ 414.3	$ 249.0
Common Stock In Treasury
Authorized repurchase amount under the written trading plan					500.0
Common stock repurchased (in shares)	115	1,514	4,029
Total cash consideration paid for common stock repurchased	11.2	104.4	414.3
Common stock repurchased in open market (in shares)				1,864
Total cash consideration paid for common stock repurchased in open market				144.6
Decrease in stock by the settlement of restricted stock units			13.6	14.1
Increase in the stock for common stock surrendered by recipients of restricted stock as a means of funding minimum income tax withholding			$ 7.9	$ 11.0

- Definition

Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

+ References+ Details

EQUITY AND STOCK-BASED COMPENSATION (Details 6) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended						9 Months Ended
	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Sep. 27, 2014	Sep. 28, 2013	Dec. 31, 2013
Dividends
Annual dividend (in dollars per share)	$ 1.50						$ 1.50		$ 1.00
Changes in Equity
Balance	$ 2,256.4		$ 2,172.0	$ 1,963.0		$ 2,235.5	$ 2,172.0	$ 2,235.5
Net income (loss)	63.8			68.5			431.6	125.7
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit	(0.3)			2.3			(0.4)	1.2
Net unrealized gains (losses) on qualifying cash flow hedges, tax (provision) benefit	0.1			(1.0)			0	(0.6)
Net unrealized gains (losses) on available-for-sale securities				(0.8)			3.7	(1.5)
Pension liability adjustment, net of tax (provision) benefit	(0.1)			(0.2)			5.0	(1.9)
Pension liability adjustment, tax (provision) benefit	0			0.1			(2.3)	0.8
Foreign currency translation adjustments	(115.5)			70.8			(126.4)	(2.8)
Total comprehensive income (loss), net	(52.1)			140.6			313.5	120.7
Dividends declared	(15.9)	(16.1)	(16.3)	(11.4)	(11.5)	(11.4)	(48.3)	(34.3)
Exercise of stock options and other incentive plan activity	3.8			3.7			21.9	18.1
Exercise of stock options and other incentive plan activity, tax benefit	0.3			0			9.5	5.8
Stock-based compensation expense	4.7			3.7			34.0	29.3
Stock-based compensation expense, discontinued operations	0.1			0			0.1	0
Restricted stock and restricted stock unit vesting, net of tax withholdings	(1.0)			(2.0)			(22.4)	(22.3)
Common stock repurchases	(139.9)						(414.3)	(249.0)
Other changes in noncontrolling interests	(0.8)			(1.7)			(1.2)	(2.1)
Balance	2,055.2	2,256.4		2,095.9	1,963.0		2,055.2	2,095.9
SPX Corporation Shareholders' Equity
Changes in Equity
Balance	2,243.8		2,158.0	1,950.1		2,224.2	2,158.0	2,224.2
Net income (loss)	63.5			69.3			432.9	123.2
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit	(0.3)			2.3			(0.4)	1.2
Net unrealized gains (losses) on available-for-sale securities				(0.8)			3.7	(1.5)
Pension liability adjustment, net of tax (provision) benefit	(0.1)			(0.2)			5.0	(1.9)
Foreign currency translation adjustments	(115.3)			70.1			(126.8)	(2.2)
Total comprehensive income (loss), net	(52.2)			140.7			314.4	118.8
Dividends declared	(15.9)			(11.4)			(48.3)	(34.3)
Exercise of stock options and other incentive plan activity	3.8			3.7			21.9	18.1
Stock-based compensation expense	4.7			3.7			34.0	29.3
Restricted stock and restricted stock unit vesting, net of tax withholdings	(1.0)			(2.0)			(22.4)	(22.3)
Common stock repurchases	(139.9)						(414.3)	(249.0)
Other changes in noncontrolling interests				(3.0)				(3.0)
Balance	2,043.3			2,081.8			2,043.3	2,081.8
Noncontrolling Interests
Changes in Equity
Balance	12.6		14.0	12.9		11.3	14.0	11.3
Net income (loss)	0.3			(0.8)			(1.3)	2.5
Foreign currency translation adjustments	(0.2)			0.7			0.4	(0.6)
Total comprehensive income (loss), net	0.1			(0.1)			(0.9)	1.9
Other changes in noncontrolling interests	(0.8)			1.3			(1.2)	0.9
Balance	$ 11.9			$ 14.1			$ 11.9	$ 14.1

CONTINGENT LIABILITIES AND OTHER MATTERS (Details) (USD $) In Millions, unless otherwise specified	Sep. 27, 2014	Dec. 31, 2013
Contingencies and other matters
Carrying values of accruals	$ 608.3	$ 610.1
Accruals included in other long-term liabilities	558.8	561.8
Risk management matters
Contingencies and other matters
Carrying values of accruals	564.4	565.0
Insurance recovery assets	$ 496.7	$ 496.7

CONTINGENT LIABILITIES AND OTHER MATTERS (Details 2) (Site investigation and remediation)	Sep. 27, 2014 site	Dec. 31, 2013 site
Site investigation and remediation
Environmental Matters
Number of sites	91	94
Number of third-party disposal sites for which entity is potentially responsible	27	23
Number of active sites	8	6

CONTINGENT LIABILITIES AND OTHER MATTERS (Details 3) (Consortium arrangements, Thermal Equipment and Services reportable segment, USD $) In Millions, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 27, 2014	Dec. 31, 2013
Consortium arrangements \| Thermal Equipment and Services reportable segment
Collaborative Arrangements
Entity's share of the aggregate contract value on open consortium arrangements	$ 130.7	$ 139.3
Percentage of entity's share of the aggregate contract value, recognized as revenue	94.00%	87.00%
Aggregate contract value on open consortium arrangements	409.3	433.8
Estimated fair value of potential obligation recorded as a liabilities	$ 0.7	$ 1.7

INCOME TAXES (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended	9 Months Ended				3 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Jun. 29, 2013	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014 Minimum	Sep. 27, 2014 Maximum	Sep. 27, 2014 EGS Electrical Group, LLC and Subsidiaries ("EGS")	Mar. 29, 2014 EGS Electrical Group, LLC and Subsidiaries ("EGS")
Uncertain Tax Benefits
Gross unrecognized tax benefits	$ 82.7			$ 82.7
Net unrecognized tax benefits	44.0			44.0
Portion of unrecognized benefits which, if recognized, would impact future effective tax rates	43.4			43.4
Gross accrued interest	9.3			9.3
Net accrued interest	7.0			7.0
Penalties recorded				7.1
Reasonably possible amount that unrecognized tax benefits could decrease within next 12 months, low end of range	20.0			20.0
Reasonably possible amount that unrecognized tax benefits could decrease within next 12 months, high end of range	30.0			30.0
Other Tax Matters
Income tax provision from continuing operations	26.0	16.6		202.6	30.2
Pre-tax income from continuing operations	90.8	79.7		617.3	147.1
Effective income tax rate (as a percent)	28.60%	20.80%		32.80%	20.50%
Income tax charges related to incremental state income taxes provided in connection with the gain recorded on the sale of the entity's interest in joint venture								4.0
Income tax expense (benefit) related to valuation allowances recorded against foreign deferred income tax assets	1.4	(6.4)		12.2
Tax benefits related to audit settlements and statute expirations	0.4	2.3		10.3
Tax benefit related to loss on an investment in a foreign subsidiary				6.7
Income tax expense (benefit) related to valuation allowances recorded against foreign deferred income tax assets and audit settlements and statute expirations		8.7
Gain on sale of interest in EGS									491.2
Tax benefit related to the research and experimentation credit generated in 2012			4.1
Tax benefit related to the foreign tax credits			2.0
Tax benefit related to the statute expirations			$ 1.8
Period during which state income tax returns are subject to examination						3 years	5 years
Maximum period for which impact on state income tax returns of any federal changes remains subject to examination by various states							1 year

FAIR VALUE (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended														9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014 Senior notes Carrying Amount Nonrecurring basis	Dec. 31, 2013 Senior notes Carrying Amount Nonrecurring basis	Sep. 27, 2014 Senior notes Fair Value Nonrecurring basis	Dec. 31, 2013 Senior notes Fair Value Nonrecurring basis	Sep. 27, 2014 Term loan Carrying Amount Nonrecurring basis	Dec. 31, 2013 Term loan Carrying Amount Nonrecurring basis	Sep. 27, 2014 Term loan Fair Value Nonrecurring basis	Dec. 31, 2013 Term loan Fair Value Nonrecurring basis	Sep. 27, 2014 Other indebtedness Carrying Amount Nonrecurring basis	Dec. 31, 2013 Other indebtedness Carrying Amount Nonrecurring basis	Sep. 27, 2014 Other indebtedness Fair Value Nonrecurring basis	Dec. 31, 2013 Other indebtedness Fair Value Nonrecurring basis	Sep. 27, 2014 Level 3 Recurring basis	Sep. 28, 2013 Level 3 Recurring basis	Sep. 27, 2014 Other current assets - FX embedded derivatives, FX forward contracts and commodity contracts Level 2 Recurring basis	Dec. 31, 2013 Other current assets - FX embedded derivatives, FX forward contracts and commodity contracts Level 2 Recurring basis	Sep. 27, 2014 Other assets - FX embedded derivatives and investment in equity securities Level 2 Recurring basis	Sep. 27, 2014 Other assets - FX embedded derivatives and investment in equity securities Level 3 Recurring basis	Dec. 31, 2013 Other assets - Investments in equity securities Level 1 Recurring basis	Dec. 31, 2013 Other assets - Investments in equity securities Level 3 Recurring basis	Sep. 27, 2014 Accrued expenses - FX forward contracts, FX embedded derivatives and commodity contracts Level 2 Recurring basis	Dec. 31, 2013 Accrued expenses - FX forward contracts, FX embedded derivatives and commodity contracts Level 2 Recurring basis	Sep. 27, 2014 Other long-term liabilities - FX embedded derivatives Level 2 Recurring basis	Dec. 31, 2013 Other long-term liabilities - FX embedded derivatives Level 2 Recurring basis
FAIR VALUE
Asset transfers between levels	$ 0	$ 0
Liability transfers between levels	0	0
Assets and liabilities measured at fair value on a recurring basis
Fair value of derivative assets																	1.8	2.0	0.9	5.4	3.0	1.4
Fair value of derivative liability																							8.1	6.8	1.2	2.1
Reconciliation of Equity Securities using Significant Unobservable Inputs (Level 3)
Balance at beginning of period															1.4	7.5
Cash consideration received																(5.2)
Unrealized gains (losses) recorded to earnings															4.0	(0.6)
Balance at end of period															5.4	1.7
Fair value of other financial liabilities
Fair value of debt instruments			$ 600.0	$ 1,100.0	$ 657.0	$ 1,214.3	$ 575.0	$ 475.0	$ 575.0	$ 475.0	$ 264.2	$ 27.6	$ 264.2	$ 27.6

PROPOSED SPIN-OFF TRANSACTION (Details) (Scenario forecast, Subsequent Event, USD $) In Millions, unless otherwise specified	0 Months Ended
	Oct. 29, 2014
Spin-off Transaction
Proposed spin-off transaction
Period in which spin-off transaction is to be completed	12 months
Spin-off Transaction \| Minimum
Proposed spin-off transaction
One-time transaction costs	$ 60.0
Spin-off Transaction \| Maximum
Proposed spin-off transaction
One-time transaction costs	80.0
New Spin-off Entity
Proposed spin-off transaction
Projected annual revenues	$ 3,000.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 27, 2014
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Repurchase of senior notes, premiums paid	$ 30.6