0000088205-21-000009 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Feb. 19, 2021	Jun. 27, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-6948
Entity Registrant Name	SPX Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-1016240
Entity Address, Address Line One	6325 Ardrey Kell Road Suite 400
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	474-3700
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	SPXC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,689,537,294
Entity Common Stock, Shares Outstanding		45,075,565
Documents Incorporated by Reference	Documents incorporated by reference: Portions of the Registrant’s proxy statement for its Annual Meeting to be held on May 11, 2021 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000088205
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 1,559.5	$ 1,520.9	$ 1,512.6
Costs and expenses:
Cost of products sold	1,080.6	1,078.2	1,102.6
Selling, general and administrative	320.0	317.6	289.1
Intangible amortization	14.0	8.9	4.1
Impairment of intangible assets	0.7	0.0	0.0
Special charges, net	3.2	4.4	3.7
Other operating expenses, net	9.0	1.8	0.6
Operating income	132.0	110.0	112.5
Other income (expense), net	2.7	(5.2)	(7.6)
Interest expense	(18.4)	(21.0)	(21.5)
Interest income	0.2	1.8	1.5
Loss on amendment/refinancing of senior credit agreement	0.0	(0.6)	(0.4)
Income from continuing operations before income taxes	116.5	85.0	84.5
Income tax provision	(15.8)	(13.9)	(2.6)
Income from continuing operations	100.7	71.1	81.9
Gain (loss) from discontinued operations, net of tax	0.2	(1.4)	(3.7)
Gain (loss) on disposition of discontinued operations, net of tax	(3.7)	(4.4)	3.0
Loss from discontinued operations, net of tax	(3.5)	(5.8)	(0.7)
Net income	97.2	65.3	81.2
Less: Net loss attributable to noncontrolling interests	0.0	0.0	0.0
Net income attributable to SPX Corporation common shareholders	97.2	65.3	81.2
Adjustment related to redeemable noncontrolling interest (Note 15)	0.0	5.6	0.0
Net income attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest	97.2	70.9	81.2
Amounts attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest:
Income from continuing operations, net of tax	100.7	76.7	81.9
Loss from discontinued operations, net of tax	(3.5)	(5.8)	(0.7)
Net income attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest	$ 97.2	$ 70.9	$ 81.2
Basic income (loss) per share of common stock:
Income from continuing operations attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 2.26	$ 1.75	$ 1.90
Loss from discontinued operations attributable to SPX Corporation common shareholders (in dollars per share)	(0.08)	(0.14)	(0.01)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 2.18	$ 1.61	$ 1.89
Weighted-average number of shares outstanding — basic (in shares)	44,628	43,942	43,054
Diluted income (loss) per share of common stock:
Income from continuing operations attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 2.20	$ 1.71	$ 1.83
Loss from discontinued operations attributable to SPX Corporation common shareholders (in dollars per share)	(0.08)	(0.13)	(0.01)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 2.12	$ 1.58	$ 1.82
Weighted-average number of shares outstanding — diluted (in shares)	45,766	44,957	44,660

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 97.2	$ 65.3	$ 81.2
Other comprehensive income (loss), net:
Pension and postretirement liability adjustment and other, net of tax benefit of $1.2, $0.5, and $5.9 in 2020, 2019 and 2018, respectively	(3.6)	(1.8)	0.6
Net unrealized losses on qualifying cash flow hedges, net of tax benefit of $0.9, $0.3, and $0.7 in 2020, 2019 and 2018, respectively	(2.8)	(1.0)	(1.4)
Foreign currency translation adjustments	10.6	2.2	(4.4)
Other comprehensive income (loss), net	4.2	(0.6)	(5.2)
Total comprehensive income	101.4	64.7	76.0
Less: Total comprehensive loss attributable to noncontrolling interests	0.0	0.0	0.0
Total comprehensive income attributable to SPX Corporation common shareholders	$ 101.4	$ 64.7	$ 76.0

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax	$ 1.2	$ 0.5	$ 5.9
Net unrealized gains (losses) on qualifying cash flow hedges, tax benefit (provision)	$ 0.9	$ 0.3	$ 0.7

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and equivalents	$ 68.3	$ 54.6
Accounts receivable, net	271.8	264.8
Contract assets	81.1	63.1
Inventories, net	162.0	154.9
Other current assets (includes income taxes receivable of $27.3 and $23.0 at December 31, 2020 and 2019, respectively)	99.1	93.0
Assets of discontinued operations	0.3	1.7
Total current assets	682.6	632.1
Property, plant and equipment:
Land	19.4	18.7
Buildings and leasehold improvements	128.0	121.9
Machinery and equipment	356.7	342.3
Property, plant and equipment, gross	504.1	482.9
Accumulated depreciation	(314.4)	(303.8)
Property, plant and equipment, net	189.7	179.1
Goodwill	499.9	449.3
Intangibles, net	305.0	251.7
Other assets	616.4	605.5
Deferred income taxes	3.9	16.4
Assets of discontinued operations	0.2	0.4
TOTAL ASSETS	2,297.7	2,134.5
Current liabilities:
Accounts payable	138.5	141.2
Contract liabilities	103.5	100.5
Accrued expenses	233.6	219.6
Income taxes payable	0.4	2.2
Short-term debt	101.2	142.6
Current maturities of long-term debt	7.2	1.0
Liabilities of discontinued operations	0.5	1.5
Total current liabilities	584.9	608.6
Long-term debt	304.0	249.9
Deferred and other income taxes	23.8	26.3
Other long-term liabilities	755.8	747.1
Liabilities of discontinued operations	0.0	0.2
Total long-term liabilities	1,083.6	1,023.5
Commitments and contingent liabilities (Note 15)
Equity:
Common stock (52,704,973 and 45,032,325 issued and outstanding at December 31, 2020, respectively, and 52,017,204 and 44,202,503 issued and outstanding at December 31, 2019, respectively)	0.5	0.5
Paid-in capital	1,319.9	1,302.4
Retained deficit	(488.1)	(584.8)
Accumulated other comprehensive income	248.5	244.3
Common stock in treasury 7,672,648 and 7,814,701 shares at December 31, 2020 and 2019, respectively)	(451.6)	(460.0)
Total equity	629.2	502.4
TOTAL LIABILITIES AND EQUITY	$ 2,297.7	$ 2,134.5

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Income taxes receivable	$ 27.3	$ 23.0
Common stock shares, issued (in shares)	52,704,973	52,017,204
Common stock shares, outstanding (in shares)	45,032,325	44,202,503
Treasury stock shares (in shares)	7,672,648	7,814,701

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Adjustment	Common Stock	Paid-In Capital	Retained Deficit	Retained Deficit Adjustment	Accum. Other Comprehensive Income	Common Stock In Treasury
Balance at beginning of period at Dec. 31, 2017	$ 314.7		$ 0.5	$ 1,309.8	$ (742.3)		$ 250.1	$ (503.4)
Balance at beginning of period (Accounting Standards Update 2016-01) at Dec. 31, 2017		$ 12.0				$ 12.0
Balance at beginning of period (Accounting Standards Update 2014-09) at Dec. 31, 2017		4.0				4.0
Balance at beginning of period (Accounting Standards Update 2016-16) at Dec. 31, 2017		(0.2)				(0.2)
Increase (Decrease) in Stockholders' Equity
Net income	81.2				81.2
Other comprehensive income (loss), net	(5.2)						(5.2)
Incentive plan activity	10.3			10.3
Long-term incentive compensation expense	11.6			11.6
Restricted stock unit vesting	(8.7)			(36.3)				27.6
Stranded income tax effects resulting from tax reform - See Note 3	(4.8)				(4.8)
Adjustment related to redeemable noncontrolling interest (Note 15)	0.0
Balance at end of period at Dec. 31, 2018	414.9		0.5	1,295.4	(650.1)		244.9	(475.8)
Increase (Decrease) in Stockholders' Equity
Net income	65.3				65.3
Other comprehensive income (loss), net	(0.6)						(0.6)
Incentive plan activity	13.0			13.0
Long-term incentive compensation expense	10.8			10.8
Restricted stock unit vesting	(6.6)			(22.4)				15.8
Adjustment related to redeemable noncontrolling interest (Note 15)	5.6			5.6
Balance at end of period at Dec. 31, 2019	$ 502.4	$ (0.5)	0.5	1,302.4	(584.8)	$ (0.5)	244.3	(460.0)
Increase (Decrease) in Stockholders' Equity
Impact of adoption of ASU 2016-13 - See Note 3	us-gaap:AccountingStandardsUpdate201613Member
Net income	$ 97.2				97.2
Other comprehensive income (loss), net	4.2						4.2
Incentive plan activity	17.5			17.5
Long-term incentive compensation expense	12.8			12.8
Restricted stock unit vesting	(4.4)			(12.8)				8.4
Adjustment related to redeemable noncontrolling interest (Note 15)	0.0
Balance at end of period at Dec. 31, 2020	$ 629.2		$ 0.5	$ 1,319.9	$ (488.1)		$ 248.5	$ (451.6)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from (used in) operating activities:
Net income	$ 97.2	$ 65.3	$ 81.2
Less: Loss from discontinued operations, net of tax	(3.5)	(5.8)	(0.7)
Income from continuing operations	100.7	71.1	81.9
Adjustments to reconcile income from continuing operations to net cash from operating activities
Special charges, net	3.2	4.4	3.7
Gain on change in fair value of equity security	(8.6)	(7.9)	0.0
Loss on amendment/refinancing of senior credit agreement	0.0	0.6	0.4
Impairment of intangible assets	0.7	0.0	0.0
Deferred and other income taxes	11.3	15.2	0.9
Depreciation and amortization	41.7	34.2	27.9
Pension and other employee benefits	14.3	20.2	13.7
Long-term incentive compensation	14.0	13.6	15.5
Other, net	4.1	2.6	2.3
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable and other assets	2.8	72.0	42.6
Inventories	(2.2)	(8.9)	2.9
Accounts payable, accrued expenses and other	(48.1)	(60.0)	(77.1)
Cash spending on restructuring actions	(2.8)	(2.9)	(3.2)
Net cash from continuing operations	131.1	154.2	111.5
Net cash used in discontinued operations	(4.8)	(5.6)	(0.9)
Net cash from operating activities	126.3	148.6	110.6
Cash flows from (used in) investing activities:
Proceeds from asset sales and other	0.0	(0.2)	5.0
Proceeds (expenditures) related to company-owned life insurance policies, net	(0.2)	5.9	(0.8)
Business acquisitions, net of cash acquired	(104.4)	(147.1)	(180.8)
Capital expenditures	(21.5)	(17.8)	(12.4)
Net cash used in continuing operations	(126.1)	(159.2)	(189.0)
Net cash from discontinued operations	0.0	5.5	8.4
Net cash used in investing activities	(126.1)	(153.7)	(180.6)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	197.6	593.8	199.4
Repayments under senior credit facilities	(207.8)	(560.2)	(193.0)
Borrowings under trade receivables agreement	134.4	93.0	123.0
Repayments under trade receivables agreement	(106.4)	(116.0)	(100.0)
Net repayments under other financing arrangements	(2.2)	(0.6)	(4.8)
Payment of contingent consideration	(1.5)	0.0	0.0
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options and other	1.8	(3.9)	(7.8)
Financing fees paid	0.0	(1.6)	0.0
Purchase of subsidiary shares	0.0	(15.6)	0.0
Net cash from (used in) continuing operations	15.9	(11.1)	16.8
Net cash from (used in) discontinued operations	0.0	0.0	0.0
Net cash from (used in) financing activities	15.9	(11.1)	16.8
Change in cash and equivalents due to changes in foreign currency exchange rates	(2.5)	2.1	(2.3)
Net change in cash and equivalents	13.6	(14.1)	(55.5)
Consolidated cash and equivalents, beginning of period	54.7	68.8	124.3
Consolidated cash and equivalents, end of period	68.3	54.7	68.8
Supplemental disclosure of cash flow information:
Interest paid	17.5	16.1	19.7
Income tax refunds (payments), net	(7.6)	(7.0)	44.3
Non-cash investing and financing activity:
Debt assumed	1.2	1.3
Debt assumed	$ 2.9	$ 1.3	$ 0.2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of cash and equivalents:
Cash and equivalents	$ 68.3	$ 54.6	$ 68.5
Cash and cash equivalents included in assets of discontinued operations	0.0	0.1	0.3
Total cash and cash equivalents	$ 68.3	$ 54.7	$ 68.8

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Our significant accounting policies are described below, as well as in other Notes that follow. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 4 for information on discontinued operations). Principles of Consolidation — The consolidated financial statements include SPX Corporation’s (“SPX”, “our”, or “we”) accounts prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) after the elimination of intercompany transactions. Investments in unconsolidated companies where we exercise significant influence but do not have control are accounted for using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits of the entity that could potentially be significant to the VIE. We have an interest in a VIE, in which we are not the primary beneficiary, as a result of the sale of Balcke Dürr. See below and in Notes 2, 4 and 17 for further discussion of the Balcke Dürr sale. All other VIEs are considered immaterial, individually and in aggregate, to our consolidated financial statements. Shift Away from the Power Generation Markets — On September 26, 2015, we completed the spin-off to our stockholders (the “Spin-Off”) of all the outstanding shares of SPX FLOW, Inc., a wholly-owned subsidiary of SPX prior to the Spin-Off, which at the time of the Spin-Off held the businesses comprising our Flow Technology reportable segment, our Hydraulic Technologies business, and certain of our corporate subsidiaries. Prior to the Spin-Off, our businesses serving the power generation markets had a major impact on the consolidated financial results of SPX. In the years leading up to the Spin-Off, these businesses experienced significant declines in revenues and profitability associated with weak demand and increased competition within the global power generation markets. Based on a review of our post-spin portfolio and the belief that a recovery within the power generation markets was unlikely in the foreseeable future, we decided that our strategic focus would be on our (i) scalable growth businesses that serve the heating, ventilation and cooling (“HVAC”) and detection and measurement markets and (ii) power transformer and process cooling systems businesses. As a result, we have significantly reduced our exposure to the power generation markets as indicated by the activities summarized below: •Sale of Dry Cooling Business – On March 30, 2016, we completed the sale of our dry cooling business, a business that provides dry cooling systems to the global power generation markets. •Sale of Balcke Dürr Business – On December 30, 2016, we completed the sale of Balcke Dürr, a business that provides heat exchangers and other related components to the European and Asian power generation markets. Balcke Dürr historically had been the most significant of our power generation businesses. As we considered the disposition of Balcke Dürr to be the cornerstone of our strategic shift away from the power generation markets, and given the significance of Balcke Dürr’s financial results to our overall operations prior to its disposition, we began classifying Balcke Dürr as a discontinued operation at the time of its disposition. See Note 4 for additional details. •Wind-Down of the SPX Heat Transfer Business – After an unsuccessful attempt to sell the SPX Heat Transfer (“Heat Transfer”) business, and as a continuation of our strategic shift away from power generation markets, we initiated a wind-down plan for the business. In connection with this plan, we recorded charges of $3.5 in 2018, with $0.9 related to the write-down of inventory, $0.6 related to the impairment of machinery and equipment and $2.0 to severance costs. In addition, we sold intangible assets of the business in 2018 for cash proceeds of $4.8, which resulted in a gain of less than $0.1. During 2019, we completed the sale of Heat Transfer's manufacturing facility for cash proceeds of $5.5, which resulted in a gain of $0.3. During the fourth quarter of 2020, we completed the plan, which included providing all products and services on the business’s remaining contracts with customers. As a result, we are reporting Heat Transfer as a discontinued operation in the accompanying consolidated financial statements. See Note 4 for additional details. Acquisitions in 2020: •ULC – On September 2, 2020, we completed the acquisition of ULC Robotics (“ULC”), a leading developer of robotic systems, machine learning applications, and inspection technology for the energy, utility, and industrial markets, for cash proceeds of $89.2, net of cash acquired of $4.0. Under the terms of the purchase and sales agreement, the seller is eligible for additional cash consideration of up to $45.0, with payments scheduled to be made in 2021 and 2022 upon successful achievement of certain operational and financial performance milestones. The estimated fair value of such contingent consideration is $24.3, which is reflected as a liability in the accompanying consolidated balance sheet as of December 31, 2020. The post-acquisition operating results of ULC are reflected within our Detection and Measurement reportable segment. •Sensors & Software – On November 11, 2020, we completed the acquisition of Sensors & Software Inc. (“Sensors & Software“), a leading manufacturer and distributor of ground penetrating radar products used for locating underground utilities, detecting unexploded ordinances, and geotechnical and geological investigations, for cash proceeds of $15.2, net of cash acquired of $0.3. Under the terms of the purchase and sales agreement, the seller is eligible for additional cash consideration of up to $3.9, with payment scheduled to be made in 2021 upon successful achievement of a financial performance milestone during the twelve months following the date of acquisition. The estimated fair value of such contingent consideration is $0.7, which is reflected as a liability in the accompanying consolidated balance sheet as of December 31, 2020. In addition, the purchase price is subject to adjustment based on the final calculation of working capital, cash, and debt as of the date of the acquisition. The post-acquisition operating results of Sensors & Software are reflected within our Detection and Measurement reportable segment. The assets acquired and liabilities assumed in the ULC and Sensors & Software transactions have been recorded at estimates of fair value as determined by management, based on information available and assumptions as to future operations and are subject to change, primarily for the final assessment and valuation of certain income tax amounts. Acquisitions in 2019: •Sabik – On February 1, 2019, we completed the acquisition of Sabik Marine (“Sabik”), primarily a manufacturer of obstruction lighting products, for a purchase price of $77.2, net of cash acquired of $0.6. The post-acquisition operating results of Sabik are reflected within our Detection and Measurement reportable segment. •SGS – On July 3, 2019, we completed the acquisition of SGS Refrigeration Inc. (“SGS”), a manufacturer of industrial refrigeration products, for cash proceeds of $11.5, including contingent consideration of $1.5 that was paid during the first quarter of 2020. The post-acquisition operating results of SGS are reflected within our HVAC reportable segment. •Patterson-Kelley – On November 12, 2019, we completed the acquisition of Patterson-Kelley, LLC (“Patterson-Kelley”), a manufacturer and distributor of commercial boilers and water heaters, for cash proceeds of $59.9. The post-acquisition operating results of Patterson-Kelley are reflected within our HVAC reportable segment. Acquisitions in 2018: •Schonstedt - On March 1, 2018, we completed the acquisition of Schonstedt Instrument Company (“Schonstedt”), a manufacturer and distributor of magnetic locator products used for locating underground utilities and other buried objects, for a purchase price of $16.4, net of cash acquired of $0.3. The post-acquisition operating results of Schonstedt are reflected within our Detection and Measurement reportable segment. •Cues - On June 7, 2018, we completed the acquisition of Cues, Inc. (“Cues”), a manufacturer of pipeline inspection and rehabilitation equipment. The acquisition was completed through the purchase of all of the issued and outstanding shares of Cues’ parent company for a purchase price of $164.4, net of cash acquired of $20.6. The post-acquisition operating results of Cues are reflected within our Detection and Measurement reportable segment. See Note 4 for additional details on the Cues acquisition. Foreign Currency Translation and Transactions — The financial statements of our foreign subsidiaries are translated into U.S. dollars in accordance with the Foreign Currency Matters Topic of the Financial Accounting Standards Board Codification (“Codification”). Gains and losses on foreign currency translations are reflected as a separate component of equity and other comprehensive income. Foreign currency transaction gains and losses, as well as gains and losses related to foreign currency forward contracts and currency forward embedded derivatives, are included in “Other income (expense), net,” with the related net gains (losses) totaling $1.3, $(1.5) and $(0.3) in 2020, 2019 and 2018, respectively. Cash Equivalents — We consider highly liquid money market investments with original maturities of three months or less at the date of purchase to be cash equivalents. Revenue Recognition — We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606. See Note 5 for our policy for recognizing revenue under ASC 606 as well as the various other disclosures required by ASC 606. Research and Development Costs — We expense research and development costs as incurred. We charge costs incurred in the research and development of new software included in products to expense until technological feasibility is established. After technological feasibility is established, additional eligible costs are capitalized until the product is available for general release. We amortize these costs over the economic lives of the related products and include the amortization in cost of products sold. We perform periodic reviews of the recoverability of these capitalized software costs. At the time we determine that capitalized amounts are not recoverable based on the estimated cash flows to be generated from the applicable software, we write off any unrecoverable capitalized amounts. Capitalized software, net of amortization, totaled $1.3 and $3.8 as of December 31, 2020 and 2019, respectively. Capitalized software amortization expense totaled $2.5 in 2020, and $2.4 in both 2019 and 2018. We expensed research activities relating to the development and improvement of our products of $28.4, $24.8 and $22.9 in 2020, 2019 and 2018, respectively. Property, Plant and Equipment — Property, plant and equipment (“PP&E”) is stated at cost, less accumulated depreciation. We use the straight-line method for computing depreciation expense over the useful lives of PP&E, which do not exceed 40 years for buildings and range from 3 to 15 years for machinery and equipment. Depreciation expense, including amortization of finance leases, was $25.2, $22.9 and $21.4 for the years ended December 31, 2020, 2019 and 2018, respectively. Leasehold improvements are amortized over the life of the related asset or the life of the lease, whichever is shorter. Interest is capitalized on significant construction or installation projects. No interest was capitalized during 2020, 2019 or 2018. Pension and Postretirement — We recognize changes in the fair value of plan assets and actuarial gains and losses in earnings during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense and, accordingly, recognize the effects of plan investment performance, interest rate changes, and changes in actuarial assumptions as a component of earnings in the year in which they occur. The remaining components of pension/postretirement expense, primarily interest costs and expected return on plan assets, are recorded on a quarterly basis. Income Taxes — We account for income taxes based on the requirements of the Income Taxes Topic of the Codification, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess the realizability of deferred tax assets and the adequacy of deferred tax liabilities, including the results of local, state, federal or foreign statutory tax audits or estimates and judgments used. Derivative Financial Instruments — We use foreign currency forward contracts to manage our exposures to fluctuating currency exchange rates, forward contracts to manage the exposure on forecasted purchases of commodity raw materials (“commodity contracts”) and interest rate protection agreements to manage our exposures to fluctuating interest rate risk on variable rate debt. Derivatives are recorded on the balance sheet and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in fair value of the derivatives is recorded in accumulated other comprehensive income (“AOCI”) and subsequently recognized in earnings when the forecasted transaction impacts earnings. We do not enter into financial instruments for speculative or trading purposes. For those transactions that are designated as cash flow hedges, on the date the derivative contract is entered into, we document our hedge relationship, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. We also assess, both at inception and quarterly thereafter, whether such derivatives are highly effective in offsetting changes in the fair value of the hedged item. See Notes 14 and 16 for further information. Cash flows from hedging activities are included in the same category as the items being hedged, which are primarily operating activities. Reclassification of Prior Years’ Amounts – Certain prior years’ amounts have been reclassified to conform to the current year presentation, including amounts related to the inclusion of Heat Transfer within discontinued operations.

Use of Estimates

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Use of Estimates

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

Impact of the Coronavirus Disease (the “COVID-19 pandemic”) — We have experienced modest adverse impacts of the COVID-19 pandemic since March 2020. Despite the adverse impacts, there are no indications that the COVID-19 pandemic has resulted in a material decline in the carrying value of any assets, or a material change in the estimate of any contingent amounts, recorded in our consolidated balance sheet as of December 31, 2020. However, there is uncertainty as to the duration and overall impact of the COVID-19 pandemic, which could result in an adverse material change in a future period to the estimates we have made for the valuation of assets and contingent amounts.

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

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


	Year ended December 31,
	2020		2019		2018
Balance at beginning of year	$	10.3	$	11.1	$	9.1
Acquisitions	0.3		0.3		—
Allowances provided	18.7		18.6		17.7
Write-offs, net of recoveries, credits issued and other	(16.5)		(19.7)		(15.7)
Balance at end of year	$	12.8	$	10.3	$	11.1

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

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

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

Goodwill and Indefinite-Lived Intangible Assets — We test goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied fair value. The fair value of reporting units is based generally on discounted projected cash flows, but we also consider factors such as comparable industry price multiples. We employ cash flow projections that we believe to be reasonable under current and forecasted circumstances, the results of which form the basis for making judgments about the carrying values of the reported net assets of our reporting units. Many of our businesses closely follow changes in the industries and end markets that they serve. Accordingly, we consider estimates and judgments that affect the future cash flow projections, including principal methods of competition, such as volume, price, service, product performance and technical

innovations, as well as estimates associated with cost reduction initiatives, capacity utilization and assumptions for inflation and foreign currency changes.

Accrued Expenses — We make estimates and judgments in establishing accruals as required under GAAP. Summarized in the table below are the components of accrued expenses at December 31, 2020 and 2019.


	December 31,
	2020		2019
Employee benefits	$	82.8	$	78.5
Warranty	13.3		12.5
Other (1)	137.5		128.6
Total	$	233.6	$	219.6

___________________________________________________________________

(1)Other consists of various items including, among other items, accrued legal, interest and restructuring costs, none of which is individually material.

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

Environmental Remediation Costs — We expense costs incurred to investigate and remediate environmental issues unless they extend the economic useful lives of related assets. We record liabilities when it is probable that an obligation has been incurred and the amounts can be reasonably estimated. Our environmental accruals cover anticipated costs, including investigation, remediation and operation and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. We generally do not discount environmental obligations or reduce them by anticipated insurance recoveries.

Risk Management Matters — We are subject to claims associated with risk management matters (e.g., product liability, predominately associated with alleged exposure to asbestos-containing materials, general liability, automobile, and workers’ compensation claims). The liabilities we record for these claims are based on a number of assumptions, including historical claims and payment experience and, with respect to asbestos claims, actuarial estimates of the future period during which additional claims are reasonably foreseeable. We also have recorded insurance recovery assets associated with the asbestos product liability matters. These assets represent amounts that we believe we are or will be entitled to recover under agreements we have with insurance companies. The assets we record for these insurance recoveries are based on a number of assumptions, including the continued solvency of the insurers, and our legal interpretation of our rights for recovery under the agreements we have with the insurers. In addition, we are self-insured for certain of our workers’ compensation, automobile, product, general liability, disability and health costs, and we maintain adequate accruals to cover our retained liabilities. Our accruals for self-insurance liabilities are based on claims filed and an estimate of claims incurred but not yet reported, and generally are not discounted. We consider a number of factors, including third-party actuarial valuations, when making these determinations. We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts; however, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against potential loss exposures. The key assumptions considered in estimating the ultimate cost to settle reported claims and the estimated costs associated with incurred but not yet reported claims include, among other factors, our historical and industry claims experience, trends in health care and administrative costs, our current and future risk management programs, and historical lag studies with regard to the timing between when a claim is incurred and reported. See Note 15 for additional details.

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


	Year ended December 31,
	2020		2019		2018
Balance at beginning of year	$	34.8	$	33.7	$	33.4
Acquisitions	1.6		0.4		1.0
Impact of initial adoption of ASC 606	—		—		0.4
Provisions	14.6		14.0		11.9
Usage	(12.8)		(13.2)		(12.9)
Currency translation adjustment	0.2		(0.1)		(0.1)
Balance at end of year	38.4		34.8		33.7
Less: Current portion of warranty	13.3		12.5		11.9
Non-current portion of warranty	$	25.1	$	22.3	$	21.8

__________________________________________________________________

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

Employee Benefit Plans — Defined benefit plans cover a portion of our salaried and hourly employees, including certain employees in foreign countries. As discussed in Note 1, we recognize changes in the fair value of plan assets and actuarial gains and losses associated with our pension and postretirement benefit plans in earnings during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense. The remaining components of pension/postretirement expense, primarily interest costs and expected return on plan assets, are recorded on a quarterly basis. See Note 11 for further discussion of our pension and postretirement benefits.

We derive pension expense from an actuarial calculation based on the defined benefit plans’ provisions and our assumptions regarding discount rate. We primarily determine the discount rate for our plans by matching the expected projected benefit obligation cash flows for each of the plans to a yield curve that is representative of long-term, high-quality (rated AA or higher) fixed income debt instruments as of the measurement date. We also consult with independent actuaries in determining these assumptions.

Parent Guarantees and Bonds Associated with Balcke Dürr — As further discussed in Note 17, in connection with the sale of Balcke Dürr, we became contingently obligated under existing parent company guarantees and bank and surety bonds which totaled approximately Euro 79.0 and Euro 79.0, respectively, at the time of sale (and Euro 0.0 and Euro 2.9, respectively, at December 31, 2020). We have accounted for our contingent obligation in accordance with the Guarantees Topic of the Codification, which required that we record a liability for the estimated fair value of the parent company guarantees and the bonds in connection with the accounting for the sale of Balcke Dürr. We estimated the fair value of the parent company guarantees and bank and surety bonds considering the probability of default by Balcke Dürr and an estimate of the amount we would be obligated to pay in the event of a default. As also discussed in Note 17, under the related purchase agreement, Balcke Dürr provided cash collateral and the parent company of the buyer provided a partial guarantee in the event any of the bonds are called. We recorded an asset for the estimated fair value of the cash collateral provided by Balcke Dürr and the partial guarantee provided by the parent company of the buyer, with the estimated fair values based on the terms and conditions and relative risk associated with each of these securities. By way of an offset to “Other income (expense), net,” we are reducing the liability and amortizing the asset, with the reduction of the liability generally to occur upon return of the guarantee or bond which is expected to occur at the earlier of the completion of the related underlying project milestones or the expiration of the guarantees or bonds, and the amortization of the asset to occur based on the expiration terms of each of the securities. We will continue to evaluate the adequacy of the recorded liability and will record an adjustment to the liability if we conclude that it is probable that we will be required to fund an amount greater than what is recorded. See Note 17 for further information regarding the estimated fair values of the parent company guarantees and bonds, as well as the cash collateral provided by Balcke Dürr and the partial guarantee provided by the parent company of the buyer.

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements The following is a summary of new accounting pronouncements that apply or may apply to our business. In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard on revenue recognition (“ASC 606”) that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most current revenue recognition guidance, including industry-specific guidance. Effective January 1, 2018, we adopted ASC 606 using the modified retrospective transition approach for all contracts not completed as of the date of adoption. The modified retrospective transition approach recognizes any changes as of the beginning of the year of initial application (i.e., as of January 1, 2018) through retained earnings, with no restatement of comparative periods. The adoption of ASC 606 resulted in a reduction of our retained deficit of $4.0. In January 2016, the FASB issued an amendment to guidance that (i) requires equity securities (excluding equity method investments) to be measured at fair value, with changes in fair value recognized in net earnings, and (ii) enhances the disclosure associated with these instruments. The amendment allows equity securities that do not have readily determinable fair values to be measured at fair value, either upon the occurrence of an observable price change or identification of an impairment. We adopted this amendment in 2018, with the impact limited to an adjustment to the carrying value of an equity security that we had been accounting for based on its historical cost. In connection with our adoption, we adjusted the carrying value of this equity security to its estimated fair value, which resulted in a reduction, net of tax, of our retained deficit of $12.0. See Note 17 for additional details. In February 2016, the FASB issued an amendment to existing guidance, ASC 842, that requires lessees to recognize assets and liabilities for the rights and obligations created by leases. Under the amendment, additional qualitative and quantitative disclosures are required to allow users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Effective January 1, 2019, we adopted ASC 842 using the modified retrospective transition approach. The modified retrospective transition approach recognizes any changes as of the beginning of the year of initial application (i.e., as of January 1, 2019) through retained earnings, with no restatement of comparative periods. The new standard provides a number of optional practical expedients upon transition. We elected the “package of practical expedients,” which allowed us to maintain our prior conclusions regarding lease identification, lease classification and initial direct costs. We did not elect the practical expedients for the use-of-hindsight or land easements; the latter not being applicable to us. The adoption of ASC 842 had no impact on our retained deficit and no significant impact on the accompanying consolidated statements of operations or consolidated statements of cash flows for the years ended December 31, 2020 and 2019. See Note 6 for further discussion of the post adoption impact of ASC 842. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13. ASU 2016-13 changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables, based on historical experience, current conditions, and reasonable and supportable forecasts. The requirements of ASU 2016-13 are to be applied on a modified retrospective basis, which entails recognizing the initial effect of adoption in retained earnings. We adopted ASU 2016-13 on January 1, 2020, which resulted in an increase of our retained deficit of $0.5. In October 2016, the FASB issued ASU 2016-16, which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The requirements of ASU 2016-16 are to be applied on a modified retrospective basis, which entails recognizing the initial effect of adoption in retained earnings. We adopted ASU 2016-16 as of January 1, 2018, which resulted in an increase of our retained deficit of $0.2. In January 2017, the FASB issued an amendment to simplify the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires that an entity recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This amendment is effective for annual reporting periods beginning after December 31, 2019, including interim periods within those annual reporting periods. We adopted this guidance during the first quarter of 2020, with such adoption having no material impact to our consolidated financial statements. In August 2017, the FASB issued significant amendments to hedge accounting. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. We adopted this guidance during the first quarter of 2019, with such adoption having no material impact to our consolidated financial statements. In February 2018, the FASB amended its guidance for reporting comprehensive income to reflect the potential impacts of the reduction in the corporate tax rate resulting from the “Tax Cut and Jobs Act,” which was enacted in the United States on December 22, 2017. The amendment gives the option of reclassifying the stranded tax effects within AOCI to retained earnings during the fiscal year or quarter in which the effect of the lower tax rate is recorded. The amendment is effective for years beginning after December 15, 2018, with early adoption permitted. We adopted this guidance as of January 1, 2018, which resulted in an increase of our retained deficit of $4.8. In August 2018, the FASB issued amended guidance to simplify fair value measurement disclosure requirements. The new provisions eliminate the requirements to disclose (i) transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) policies related to valuation processes and the timing of transfers between levels of the fair value hierarchy, and (iii) net asset value disclosure of estimates of timing of future liquidity events. The FASB also modified disclosure requirements of Level 3 fair value measurements. This guidance is effective for annual periods beginning after December 15, 2019. We adopted this guidance on January 1, 2020, with no impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by, among other things, eliminating certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for transactions outside of business combinations that result in a step-up in the tax basis of goodwill. The transition requirements are primarily prospective and the effective date is for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. The London Interbank Offered Rate (“LIBOR”) is scheduled to be discontinued on December 31, 2021. In an effort to address the various challenges created by such discontinuance, the FASB issued two amendments to existing guidance, ASU No. 2020-04 and No. 2021-01, Reference Rate Reform. The amended guidance is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, etc.) necessitated by the reference rate reform. It also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by the reference rate reform. Application of the guidance in the amendments is optional, is only available in certain situations, and is only available for companies to apply until December 31, 2022. We are currently evaluating the impacts of reference rate reform and the new guidance on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Acquisitions and Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Acquisitions and Discontinued Operations

Acquisition of Cues

As indicated in Note 1, on June 7, 2018, we completed the acquisition of Cues for $164.4, net of cash acquired of $20.6. For the period June 7, 2018 to December 31, 2018, Cues recognized revenues and a net loss of $52.3 and $0.4, respectively, with the net loss impacted by charges of $4.3 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold in 2018. During the year ended December 31, 2018, we incurred acquisition related costs for Cues of $2.4, which have been recorded to “Selling, general and administrative” within the accompanying consolidated statement of operations.

The following unaudited pro forma information presents our consolidated results of operations for the year ended December 31, 2018 as if the acquisition of Cues had taken place on January 1, 2018. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the acquisition been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations. The pro forma results include estimates and assumptions that management believes are reasonable; however, these results do not include any anticipated cost savings or expenses of the planned integration of Cues. These pro forma results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisition, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, the removal of charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold, the removal of professional fees and other one-time costs incurred in connection with the transaction, and the related income tax effects.


	Year ended December 31,
		2018
Revenues		$	1,546.7
Income from continuing operations		90.8
Net income		90.1

Income from continuing operations per share of common stock:
Basic		$	2.11
Diluted		$	2.03

Net income per share of common stock:
Basic		$	2.09
Diluted		$	2.02

Other Acquisitions

As indicated in Note 1, on March 1, 2018, February 1, 2019, July 3, 2019, November 12, 2019, September 2, 2020, and November 11, 2020, we completed the acquisitions of Schonstedt, Sabik, SGS, Patterson-Kelley, ULC, and Sensors & Software, respectively. The pro forma effects of these acquisitions are not material to our consolidated results of operations.

Wind-Down of the Heat Transfer Business

As discussed in Note 1, we completed the wind-down of our Heat Transfer business in the fourth quarter of 2020. As a result of completing the wind-down plan, we are now reporting Heat Transfer as a discontinued operation for all periods presented.

In connection with the wind-down of Heat Transfer, we recorded charges of $3.5 in 2018, with $0.9 related to the write-down of inventory, $0.6 related to the impairment of machinery and equipment, and $2.0 to severance costs. In addition, we sold certain intangible assets of the business in 2018 for net cash proceeds of $4.8, which resulted in a gain of less than $0.1. During 2019, we completed the sale of Heat Transfer's manufacturing facility for cash proceeds of $5.5, which resulted in a gain of $0.3.

Major line items constituting pre-tax income (loss) and after-tax income (loss) of Heat Transfer for the years ended December 31, 2020, 2019 and 2018 are shown below:


	Year ended December 31,
		2020		2019		2018
Revenues		$	3.9	$	4.5	$	26.0
Costs and expenses:
Cost of products sold		3.1		6.1		25.3
Selling, general and administrative		0.1		0.9		2.9
Intangible amortization expense		—		—		0.1
Special charges (credits), net		0.4		(0.4)		2.6
Other income, net		—		0.3		—
Income (loss) before income tax		0.3		(1.8)		(4.9)
Income tax (provision) benefit		(0.1)		0.4		1.2
Income (loss) from discontinued operations, net of tax		$	0.2	$	(1.4)	$	(3.7)

The assets and liabilities of Heat Transfer have been classified as assets and liabilities of discontinued operations as of December 31, 2020 and 2019. The major line items constituting Heat Transfer’s assets and liabilities as of December 31, 2020 and 2019 are shown below:


	December 31,
		2020		2019
ASSETS:
Cash and equivalents		$	—	$	0.1
Accounts receivable, net		0.1		1.1
Contract assets		—		0.3
Other current assets		0.2		0.2
Assets of discontinued operations - current		0.3		1.7
Other assets		0.2		0.4
Total assets - discontinued operations		$	0.5	$	2.1

LIABILITIES:
Accounts payable		$	0.2	$	0.4
Contract liabilities		—		0.3
Accrued expenses		0.3		0.8
Liabilities of discontinued operations - current		0.5		1.5
Long-term liabilities		—		0.2
Total liabilities - discontinued operations		$	0.5	$	1.7

Sale of Balcke Dürr Business

During 2018, we reached a settlement with the buyer of Balcke Dürr on the amount of cash and working capital at the closing date, as well as on various other matters, for a net payment from the buyer in the amount of Euro 3.0 (or $3.6). The settlement resulted in a gain, net of tax, of $3.8, which was recorded to “Gain (loss) on disposition of discontinued operations, net of tax.”

Other Discontinued Operations Activity

In addition to Heat Transfer and Balcke Dürr, we recognized net losses of $3.7, $4.4 and $0.8 during 2020, 2019 and 2018, respectively, resulting from adjustments to gains/losses on dispositions of other businesses discontinued prior to 2018.

Changes in estimates associated with liabilities retained in connection with a business divestiture (e.g., income taxes) may occur. As a result, it is possible that the resulting gains/losses on these and other previous divestitures may be materially adjusted in subsequent periods.

For the years ended December 31, 2020, 2019 and 2018, results of operations from our businesses reported as discontinued operations were as follows:


	Year ended December 31,
	2020		2019		2018
Balcke Dürr
Income from discontinued operations	$	—	$	—	$	6.3
Income tax provision	—		—		(2.5)
Income from discontinued operations, net	—		—		3.8

Heat Transfer
Income (loss) from discontinued operations	0.3		(1.8)		(4.9)
Income tax (provision) benefit	(0.1)		0.4		1.2
Income (loss) from discontinued operations, net	0.2		(1.4)		(3.7)

All other
Loss from discontinued operations	(4.8)		(4.0)		(1.2)
Income tax (provision) benefit	1.1		(0.4)		0.4
Loss from discontinued operations, net	(3.7)		(4.4)		(0.8)

Total
Income (loss) from discontinued operations	(4.5)		(5.8)		0.2
Income tax (provision) benefit	1.0		—		(0.9)
Loss from discontinued operations, net	$	(3.5)	$	(5.8)	$	(0.7)

Revenues from Contracts

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues from Contracts

Summarized below is our policy for recognizing revenue under ASC 606, as well as the various disclosures required by ASC 606.

Performance Obligations - Certain of our contracts are comprised of multiple deliverables, which can include hardware and software components, installation, maintenance, and extended warranties. For these contracts, we evaluate whether these deliverables represent separate performance obligations as defined by ASC 606. In some cases, a customer contracts with us to integrate a complex set of tasks and components into a single project or capability (even if the single project results in the delivery of multiple units). Hence, the entire contract is treated as a single performance obligation. In contrast, we may promise to provide distinct goods or services within a contract, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. In cases where we sell standard products with observable standalone selling prices, these selling prices are used to determine the relative standalone selling price. In cases where we sell a customized customer specific solution, we typically use the expected cost plus margin approach to estimate the standalone selling price of each performance obligation. Sales taxes and other usage-based taxes are excluded from revenue.

Remaining performance obligations represent performance obligations that have yet to be satisfied. As a practical expedient, we do not disclose performance obligations (i) that are part of a contract that has an original expected duration of less than one year and/or (ii) where our right to consideration corresponds directly to the value transferred to the customer. Performance obligations for contracts with an original duration in excess of one year that have yet to be satisfied as of the end of a period primarily relate to our large process cooling systems, as well as certain of our bus fare collection systems. As of December 31, 2020, the aggregate amount allocated to remaining performance obligations after the effect of practical

expedients was $81.2. We expect to recognize revenue on approximately 52% and 77% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

Options - We offer options within certain of our contracts to purchase future goods or services. To the extent the option provides a material right to a future benefit (i.e., future goods and services at a discount from the relative standalone selling price), we separate the material right as a performance obligation and adjust the standalone selling price of the other performance obligations within the contract. When determining the relative standalone selling price of the option, we first determine the incremental discount that the customer would receive by exercising the option and then adjust that value based on the probability of option exercise (based, where possible, on historical experience). Revenue is recognized for the option as either the option is exercised or when it expires.

Contract Combination and Modification - We assess each contract at its inception to determine whether it should be combined with other contracts for revenue recognition purposes. When making this determination, we consider factors such as whether two or more contracts with a customer were negotiated at or near the same time or were negotiated with an overall profit objective. Contracts are sometimes modified for changes in contract specifications, scope, or price (or a combination of these). Contract modifications for goods or services that are not distinct within the context of the contract (generally associated with specification changes for certain product lines within our Engineered Solutions reportable segment) are accounted for as part of the existing contract. Contract modifications for goods or services that are distinct (i.e., adding or subtracting distinct goods or services) are accounted for as either a termination of the existing contract and the creation of a new contract (where the goods or services are not priced at their standalone selling price), or the creation of separate contract (where the goods or services are priced at their standalone selling price).

Variable Consideration - We determine the transaction price for each contract based on the consideration we expect to receive for the products or services being provided under the contract. For contracts where a portion of the price may vary, we estimate the variable consideration at the amount to which we expect to be entitled, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. We analyze the risk of a significant revenue reversal and, if necessary, constrain the amount of variable consideration recognized in order to mitigate this risk. Variable consideration primarily pertains to late delivery penalties, unapproved change orders and claims (levied by us and/or against us), and index-based pricing. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary from our estimates, we will adjust these estimates, which would affect revenue and earnings, in the period such variances become known.

As noted above, the nature of our contracts gives rise to several types of variable consideration, including unapproved change orders and claims. We include in our contract estimates additional revenue for unapproved change orders or claims against the customer when we believe we have an enforceable right to the unapproved change order or claim, the amount can be reliably estimated, and the above criteria have been met. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs, and the objective evidence available to support the claim. These estimates are also based on historical award experience.

As indicated in Note 15, during February, March, and April of 2019, we received a number of claims from the prime contractors on the large power projects in South Africa asserting various amounts of damages. In consideration of these claims (including the magnitude of the claims and claims in areas that had not been previously identified by the prime contractors), and in accordance with ASC 606, we analyzed the risk of a significant revenue reversal associated with the amount of variable consideration that had been recorded for these projects. Based on such analysis, we reduced the amount of cumulative revenue associated with variable consideration on these projects by $17.5 during the first quarter of 2019, as it was no longer probable that such amounts of revenue would not be reversed.

As indicated in Note 15, on June 28, 2019, DBT reached an agreement with Alstom S&E Africa (PTY) LTD (“Alstom/GE”), one of the prime contractors on the large power projects in South Africa to, among other things, settle all material outstanding claims between the parties (other than certain pass-through claims relating to third parties). In connection with the agreement, we reduced the amount of cumulative revenue associated with variable consideration on the large power projects in South Africa by $6.0 during the second quarter of 2019.

As of December 31, 2020, there was $0.4 cumulative revenue associated with variable consideration recorded for the large power projects in South Africa.

Returns, Customer Sales Incentives and Warranties - We have certain arrangements that require us to estimate, at the time of sale, the amounts of variable consideration that should be excluded from revenue as (i) certain amounts are not expected to be collected from customers and/or (ii) the product may be returned. We principally rely on historical experience, specific

customer agreements, and anticipated future trends to estimate these amounts at the time of shipment and to reduce the transaction price. These arrangements include volume rebates, which are estimated using the most likely amount method, as well as early payment discounts and promotional and advertising allowances, which are estimated using the expected value method. We primarily offer assurance-type standard warranties that the product will conform to published specifications for a defined period of time after delivery. These types of warranties do not represent separate performance obligations. We establish provisions for estimated returns and warranties primarily based on contract terms and historical experience, using the expected value method. Certain businesses offer extended warranties, which are considered separate performance obligations.

Contract Costs - We have elected to apply the practical expedient provided under ASC 606 which allows an entity to expense incremental costs of obtaining or fulfilling a contract when incurred if the amortization period of the asset that the entity otherwise would have recorded is one year or less. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of products sold. The net asset recorded for incremental costs incurred to obtain or fulfill contracts, after consideration of the practical expedient mentioned above, is not material to our consolidated financial statements.

Nature of Goods and Services, Satisfaction of Performance Obligations, and Payment Terms

Our HVAC product lines include package cooling towers, residential and commercial boilers, and comfort heating and ventilation products. Performance obligations for our HVAC product lines relate primarily to the delivery of equipment and components, with satisfaction of these performance obligations occurring at the time of shipment or delivery (i.e., control is transferred at a point in time). The typical length of a contract is one to three months and payment terms are generally 15 to 60 days after shipment to the customer.

Our detection and measurement product lines include underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, bus fare collection systems, communication technologies, and obstruction lighting. Performance obligations for these product lines relate to delivery of equipment and components, installation and other short-term services, long-term maintenance and software subscription services, pipeline remediation services and development of robotics. Performance obligations for equipment and components generally are satisfied at the time of shipment or delivery (i.e., control is transferred at a point in time). Performance obligations for installation and other short-term services, pipeline remediation, and development of robotics are satisfied over time as the installation or service is performed. Performance obligations for maintenance and software subscription services are satisfied over time, with the related revenue recorded evenly throughout the contract service period as this method best depicts how control of the service is transferred. Payment terms for equipment and components are typically 30 to 60 days after shipment or delivery, while payment for services typically occurs at completion for shorter-term engagements (less than three months in duration) and throughout the service period for longer-term engagements (generally greater than three months in duration). These product lines have varying contract lengths ranging from one to eighteen months (with the longer term contracts generally associated with our bus fare collection systems and communication technologies products lines), with the typical duration being one to three months.

Our engineered solutions product lines include medium and large power transformers and process cooling equipment. Performance obligations for these product lines relate to delivery of equipment and components, construction and reconstruction of cooling towers and other components, providing installation, replacement/spare parts, and various other services. For these product lines, our customers typically contract with us to provide a customer-specific solution. The customer typically controls the work in process due to contractual termination clauses whereby we have an enforceable right to recovery of cost incurred including a reasonable profit for work performed to date on products or services that do not have an alternative use to us. Additionally, certain projects are performed on customer sites such that the customer controls the asset as it is created or enhanced. As such, performance obligations for these product lines are generally satisfied over time, with the related revenue recorded based on the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion, as this method best depicts how control of the product or service is being transferred. Revenue for sales of certain engineered components and all replacement/spare parts is recognized upon shipment or delivery (i.e., at a point in time). The length of customer contract is generally 6 to 12 months for our power transformers business and 6 to 18 months for our process cooling business. Payments on longer-term contracts are generally commensurate with milestones defined in the related contract, while payments for the replacement/spare parts contracts typically occur 30 to 60 days after delivery.

Our remaining product lines relate to DBT, our South African business. Performance obligations for these product lines relate to delivery of equipment and components and construction, installation, and various other services, primarily for two large power projects that are in the final stages of completion. For these product lines, our customers contracted with us to provide a customer-specific solution. The customer typically controls the work in process due to contractual termination clauses whereby we have an enforceable right to recovery of cost incurred including a reasonable profit for work performed to date on products or services that do not have an alternative use to us. Additionally, most projects are performed on customer sites such

that the customer controls the asset as it is created or enhanced. As such, performance obligations for these product lines are generally satisfied over time, with the related revenue recorded based on the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion, as this method best depicts how control of the product or service is being transferred. Payments for these product lines are generally commensurate with milestones defined in the related contract.

Customer prepayments, progress billings, and retention payments are customary in certain of our project-based businesses, generally for our engineered solutions and DBT product lines and, to a lesser extent, our detection and measurement product lines. Customer prepayments, progress billings, and retention payments are not considered a significant financing component because they are intended to protect either the customer or ourselves in the event that some or all of the obligations under the contract are not completed. Additionally, most contract assets are expected to convert to accounts receivable, and contract liabilities are expected to convert to revenue, within one year. As such, after applying the practical expedient to exclude potential financing components that are less than one year in duration, we do not have any such financing components.

Disaggregated Revenues

We disaggregate revenue from contracts with customers by major product line and based on the timing of recognition for each of our reportable segments and our other operating segment, as we believe such disaggregation best depicts how the nature, amount, timing, and uncertainty of our revenues and cash flows are effected by economic factors, with such disaggregation presented below for the years ended December 31, 2020, 2019, and 2018:


	Year Ended December 31, 2020
Reportable Segments and Other	HVAC		Detection and Measurement		Engineered Solutions		Other		Total

Major product lines
Cooling	$	297.0	$	—	$	—	$	—	$	297.0
Boilers, comfort heating, and ventilation	293.7		—		—		—		293.7
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		217.8		—		—		217.8
Signal monitoring, obstruction lighting, and bus fare collection systems	—		169.5		—		—		169.5
Power transformers	—		—		427.4		—		427.4
Process cooling equipment and services	—		—		150.1		0.8		150.9
South African projects	—		—		—		3.2		3.2
	$	590.7	$	387.3	$	577.5	$	4.0	$	1,559.5

Timing of Revenue Recognition
Revenues recognized at a point in time	$	590.7	$	341.9	$	41.3	$	0.2	$	974.1
Revenues recognized over time	—		45.4		536.2		3.8		585.4
	$	590.7	$	387.3	$	577.5	$	4.0	$	1,559.5


	Year Ended December 31, 2019
Reportable Segments and Other	HVAC		Detection and Measurement		Engineered Solutions		Other		Total

Major product lines
Cooling	$	284.2	$	—	$	—	$	—	$	284.2
Boilers, comfort heating, and ventilation	309.0		—		—		—		309.0
Underground locators and inspection and rehabilitation equipment	—		194.3		—		—		194.3
Signal monitoring, obstruction lighting, and bus fare collection systems	—		190.6		—		—		190.6
Power transformers	—		—		403.4		—		403.4
Process cooling equipment and services	—		—		145.5		4.8		150.3
South African projects (1)	—		—		—		(10.9)		(10.9)
	$	593.2	$	384.9	$	548.9	$	(6.1)	$	1,520.9

Timing of Revenue Recognition
Revenues recognized at a point in time	$	593.2	$	357.1	$	48.4	$	—	$	998.7
Revenues recognized over time (1)	—		27.8		500.5		(6.1)		522.2
	$	593.2	$	384.9	$	548.9	$	(6.1)	$	1,520.9

__________________________

(1) As discussed above, during the year ended December 31, 2019, we reduced the amount of revenue associated with the large power projects in South Africa by $23.5.


	Year Ended December 31, 2018
Reportable Segments and Other	HVAC		Detection and Measurement		Engineered Solutions		Other		Total

Major product lines
Cooling	$	281.7	$	—	$	—	$	—	$	281.7
Boilers, comfort heating, and ventilation	300.4		—		—		—		300.4
Underground locators and inspection and rehabilitation equipment	—		159.1		—		—		159.1
Signal monitoring, obstruction lighting, and bus fare collection systems	—		161.8		—		—		161.8
Power transformers	—		—		373.8		—		373.8
Process cooling equipment and services	—		—		163.2		23.5		186.7
South African projects	—		—		—		49.1		49.1
	$	582.1	$	320.9	$	537.0	$	72.6	$	1,512.6

Timing of Revenue Recognition
Revenues recognized at a point in time	$	582.1	$	307.3	$	61.5	$	—	$	950.9
Revenues recognized over time	—		13.6		475.5		72.6		561.7
	$	582.1	$	320.9	$	537.0	$	72.6	$	1,512.6

Contract Balances

Our customers are invoiced for products and services at the time of delivery or based on contractual milestones, resulting in outstanding receivables with payment terms from these customers (“Contract Accounts Receivable”). In some cases, the timing of revenue recognition, particularly for revenue recognized over time, differs from when such amounts are invoiced to customers, resulting in a contract asset (revenue recognition precedes the invoicing of the related revenue amount) or a contract liability (payment from the customer precedes recognition of the related revenue amount). Contract assets and liabilities are generally classified as current. On a contract-by-contract basis, the contract assets and contract liabilities are reported net within our consolidated balance sheets. Our contract balances consisted of the following as of December 31, 2020 and 2019:


Contract Balances	December 31, 2020		December 31, 2019		Change
Contract Accounts Receivable (1)	$	260.7	$	259.7	$	1.0
Contract Assets	81.1		63.1		18.0
Contract Liabilities - current	(103.5)		(100.5)		(3.0)
Contract Liabilities - non-current (2)	(3.4)		(3.3)		(0.1)
Net contract balance	$	234.9	$	219.0	$	15.9

_____________________

(1) Included in “Accounts receivable, net” within the accompanying consolidated balance sheets.

(2) Included in “Other long-term liabilities” within the accompanying consolidated balance sheets.

The $15.9 increase in our net contract balance from December 31, 2019 to December 31, 2020 was due primarily to revenue recognized during the period, partially offset by cash payments received from customers during the period.

During 2020, we recognized revenues of $86.5 related to our contract liabilities at December 31, 2019.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

As indicated in Note 3, effective January 1, 2019, we adopted ASC 842 under the modified retrospective transition approach. As a result, for 2018, leases continue to be presented based on prior guidance. Summarized below is our policy under, as well as the various other disclosures required by, ASC 842.

We elected to account for lease agreements with lease and non-lease components as a single component for all leases. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term.

We review if an arrangement is a lease at inception and conclude whether the contract contains an identified asset if we have the right to obtain substantially all the economic benefit and direct the use of the asset. Operating leases with right-of-use (“ROU”) assets are reflected within “Other assets,” “Accrued expenses,” and “Other long-term liabilities” within our consolidated balance sheets. Finance leases are included in “Property, plant and equipment,” “Current maturities of long-term debt,” and “Long-term debt.”

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and the related liabilities are recognized at commencement date based on the present value of lease payments over the lease term. These payments include renewal options when reasonably certain to be exercised, and exclude termination options. As none of our leases provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any prepaid lease payments and excludes lease incentives.

We have operating and finance leases for facilities, equipment, and vehicles. Our leases have remaining lease terms of one year to 10 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the lease within one year. We rent or sublease certain space within owned facilities to third parties under operating leases, with the impact of these lease arrangements being immaterial to our consolidated financial statements.

The components of lease expense were as follows:


	Year ended
	December 31, 2020		December 31, 2019
Operating lease cost (1)	$	13.2	$	13.4
Variable lease cost	0.1		—

Finance lease cost:
Amortization of right-of-use assets	$	1.2	$	1.2
Interest on lease liabilities	0.1		0.1
Total finance lease cost	$	1.3	$	1.3

__________________________

(1) Includes short-term lease cost of $3.7 and $3.8, at December 31, 2020 and 2019 respectively.

Supplemental cash flow information related to leases was as follows:


	Year ended
	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	9.7	$	9.7
Operating cash flows from finance leases	0.1		0.1
Financing cash flows from finance leases	1.3		1.2
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	19.9		5.2
Finance lease right-of-use assets obtained in exchange for new lease obligations	1.2		1.3

Supplemental balance sheet information related to leases was as follows:


	December 31, 2020		December 31, 2019
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets (1)	$	41.3	$	30.6	Other assets

Operating lease current liabilities	$	7.6	$	7.7	Accrued expenses
Operating lease non-current liabilities	31.4		17.6		Other long-term liabilities
Total operating lease liabilities	$	39.0	$	25.3

Finance Leases:
Finance Lease Assets	$	2.5	$	2.5	Property, plant and equipment, net

Finance lease current liabilities	$	1.0	$	1.0	Current maturities of long-term debt
Finance lease non-current liabilities	1.6		1.7		Long-term debt
Total finance lease liabilities	$	2.6	$	2.7

___________________________________________________________________

(1) Includes favorable leasehold interests as of December 31, 2020 and 2019 of $6.6 and $6.9, respectively, recorded as part of the acquisition of Patterson-Kelley.

The weighted average remaining lease terms (years) of our leases as of December 31, 2020 and December 31, 2019, were as follows:


	December 31,
	2020	2019
Operating Leases	6.9	5.2
Finance Leases	3.2	3.3

The discount rate utilized to determine the present value of lease payments over the lease term is our incremental borrowing rate based on the information available at lease commencement date. In developing the incremental borrowing rate, we considered the interest rate that reflects a term similar to the underlying lease term on a fully collateralized basis. We concluded to apply the incremental borrowing rate at a consolidated portfolio level using a five-year term, as the results did not materially differ upon further stratification. The weighted-average discount rate for our operating leases was 3.0% and 3.8%, respectively, at December 31, 2020 and 2019 and finance leases was 3.6% and 3.8% at December 31, 2020 and 2019, respectively.

The future minimum payments under our operating and finance leases were as follows as of December 31, 2020:


	Operating Leases		Finance Leases		Total

Next 12 months	$	8.7	$	1.0	$	9.7
12 to 24 months	7.8		0.8		8.6
24 to 36 months	7.2		0.5		7.7
36 to 48 months	6.7		0.3		7.0
48 to 60 months	2.4		0.1		2.5
Thereafter	10.6		—		10.6
Total lease payments	43.4		2.7		46.1
Less imputed interest	4.4		0.1		4.5
Total	$	39.0	$	2.6	$	41.6

Leases

The components of lease expense were as follows:


	Year ended
	December 31, 2020		December 31, 2019
Operating lease cost (1)	$	13.2	$	13.4
Variable lease cost	0.1		—

Finance lease cost:
Amortization of right-of-use assets	$	1.2	$	1.2
Interest on lease liabilities	0.1		0.1
Total finance lease cost	$	1.3	$	1.3

__________________________

(1) Includes short-term lease cost of $3.7 and $3.8, at December 31, 2020 and 2019 respectively.

Supplemental cash flow information related to leases was as follows:


	Year ended
	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	9.7	$	9.7
Operating cash flows from finance leases	0.1		0.1
Financing cash flows from finance leases	1.3		1.2
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	19.9		5.2
Finance lease right-of-use assets obtained in exchange for new lease obligations	1.2		1.3

Supplemental balance sheet information related to leases was as follows:


	December 31, 2020		December 31, 2019
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets (1)	$	41.3	$	30.6	Other assets

Operating lease current liabilities	$	7.6	$	7.7	Accrued expenses
Operating lease non-current liabilities	31.4		17.6		Other long-term liabilities
Total operating lease liabilities	$	39.0	$	25.3

Finance Leases:
Finance Lease Assets	$	2.5	$	2.5	Property, plant and equipment, net

Finance lease current liabilities	$	1.0	$	1.0	Current maturities of long-term debt
Finance lease non-current liabilities	1.6		1.7		Long-term debt
Total finance lease liabilities	$	2.6	$	2.7

___________________________________________________________________

(1) Includes favorable leasehold interests as of December 31, 2020 and 2019 of $6.6 and $6.9, respectively, recorded as part of the acquisition of Patterson-Kelley.

The weighted average remaining lease terms (years) of our leases as of December 31, 2020 and December 31, 2019, were as follows:


	December 31,
	2020	2019
Operating Leases	6.9	5.2
Finance Leases	3.2	3.3

The future minimum payments under our operating and finance leases were as follows as of December 31, 2020:


	Operating Leases		Finance Leases		Total

Next 12 months	$	8.7	$	1.0	$	9.7
12 to 24 months	7.8		0.8		8.6
24 to 36 months	7.2		0.5		7.7
36 to 48 months	6.7		0.3		7.0
48 to 60 months	2.4		0.1		2.5
Thereafter	10.6		—		10.6
Total lease payments	43.4		2.7		46.1
Less imputed interest	4.4		0.1		4.5
Total	$	39.0	$	2.6	$	41.6

Information on Reportable Segments and “Other” Operating Segment

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Information on Reportable Segments and “Other” Operating Segment

We are a global supplier of highly specialized, engineered solutions with operations in over 15 countries and sales in over 100 countries around the world.

Our DBT operating segment is reported within an “Other” category outside of our reportable segments. We have aggregated our other operating segments into the following three reportable segments: HVAC, Detection and Measurement and Engineered Solutions. 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, distribution methods, and regulatory environment. In determining our reportable segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification. Operating income or loss for each of our operating segments is determined before considering impairment and special charges, long-term incentive compensation, certain other operating expenses, and other indirect corporate expenses. This is consistent with the way our Chief Operating Decision Maker evaluates the results of each segment.

HVAC Reportable Segment

Our HVAC reportable segment engineers, designs, manufactures, installs and services cooling products for the HVAC and industrial markets, as well as heating and ventilation products for the residential and commercial markets. The primary distribution channels for the segment’s products are direct to customers, independent manufacturing representatives, third-party distributors, and retailers. The segment serves a customer base in North America, Europe, and Asia.

Detection and Measurement Reportable Segment

Our Detection and Measurement reportable segment engineers, designs, manufactures, services, and installs underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, bus fare collection systems, communication technologies, and obstruction lighting. The primary distribution channels for the segment’s products are direct to customers and third-party distributors. The segment serves a global customer base, with a strong presence in North America, Europe, Africa and Asia Pacific.

Engineered Solutions Reportable Segment

Our Engineered Solutions reportable segment engineers, designs, manufactures, installs and services transformers for the power transmission and distribution market and process cooling equipment for the industrial and power generation markets. The primary distribution channels for the segment’s products are direct to customers and third-party representatives. The segment has a strong presence in North America.

Other

As noted above, “Other” consists of our South African operating segment, DBT. Our DBT operating segment engineers, designs, manufactures, installs, and services equipment for the industrial and power generation markets, with its efforts focused primarily on two large power projects in South Africa that are in the final stages of completion (see Note 15 for additional details).

Corporate Expense

Corporate expense generally relates to the cost of our Charlotte, NC corporate headquarters.

Financial data for our reportable and other operating segments for the years ended December 31, 2020, 2019 and 2018 were as follows:


	2020		2019		2018
Revenues:
HVAC reportable segment	$	590.7	$	593.2	$	582.1
Detection and Measurement reportable segment	387.3		384.9		320.9
Engineered Solutions reportable segment	577.5		548.9		537.0
Other (1)	4.0		(6.1)		72.6
Consolidated revenues	$	1,559.5	$	1,520.9	$	1,512.6

Income (loss):
HVAC reportable segment	$	93.4	$	95.4	$	90.0
Detection and Measurement reportable segment	69.1		81.7		72.4
Engineered Solutions reportable segment	60.5		43.0		35.0
Other (1)	(19.3)		(43.6)		(16.0)
Total income for segments	203.7		176.5		181.4
Corporate expense	44.8		46.7		49.1

Long-term incentive compensation expense	14.0		13.6		15.5
Impairment of intangible assets	0.7		—		—
Special charges, net	3.2		4.4		3.7
Other operating expenses, net (2)	9.0		1.8		0.6
Consolidated operating income	$	132.0	$	110.0	$	112.5


Capital expenditures:
HVAC reportable segment	$	4.9	$	5.9	$	2.7
Detection and Measurement reportable segment	2.7		2.3		1.9
Engineered Solutions reportable segment	8.3		7.0		6.9
Other	—		0.1		0.1
General corporate	5.6		2.5		0.8
Total capital expenditures	$	21.5	$	17.8	$	12.4
Depreciation and amortization:
HVAC reportable segment	$	9.4	$	6.9	$	5.4
Detection and Measurement reportable segment	17.6		13.2		8.4
Engineered Solutions reportable segment	11.1		10.7		10.6
Other	0.3		0.4		0.5
General corporate	3.3		3.0		3.0
Total depreciation and amortization	$	41.7	$	34.2	$	27.9


	2020		2019		2018
Identifiable assets:
HVAC reportable segment	$	525.2	$	611.4	$	512.6
Detection and Measurement reportable segment	772.5		609.4		479.0
Engineered Solutions reportable segment	435.0		356.5		383.2
Other	42.6		28.6		56.9
General corporate and eliminations (3)	25.5		16.9		73.7
Insurance recovery assets (4)	496.4		509.6		541.9
Discontinued operations	0.5		2.1		10.2
Total identifiable assets	$	2,297.7	$	2,134.5	$	2,057.5
Geographic Areas:
Revenues: (5)
United States	$	1,363.1	$	1,376.1	$	1,291.6
China	41.7		31.1		38.5
South Africa (1)	4.0		(6.1)		72.6
United Kingdom	88.4		59.0		62.4
Other	62.3		60.8		47.5
	$	1,559.5	$	1,520.9	$	1,512.6


Tangible Long-Lived Assets:
United States	$	762.1	$	754.3	$	831.8
Other	47.9		46.7		28.9
Long-lived assets of continuing operations	810.0		801.0		860.7
Long-lived assets of discontinued operations	0.2		0.4		5.6
Total tangible long-lived assets	$	810.2	$	801.4	$	866.3

___________________________________________________________________

(1)As further discussed in Note 15, during the first and second quarters of 2019 and the third quarter of 2018, we made revisions to our estimates of expected revenues and costs on our large power projects in South Africa. As a result of these revisions, we reduced 2019 revenues by $23.5 ($17.5 and $6.0 in the first and second quarters, respectively) and 2018 revenues by $2.7, and 2019 segment income by $23.5 ($17.5 and $6.0 in the first and second quarters, respectively) and 2018 segment income by $4.7.

(2)For 2020, includes charges of $9.4 for asbestos product liability matters related to products that we no longer manufacture, net of a gain of $0.4 related to revisions to estimates of certain liabilities retained in connection with the 2016 sale of the dry cooling business. For 2019 and 2018, includes charges of $1.8 and $0.6, respectively, related to revisions to estimates of certain liabilities retained in connection with the 2016 sale of the dry cooling business.

(3)General corporate and eliminations is comprised of general corporate assets and includes elimination or netting of intercompany amounts, primarily related to certain deferred tax balances and cash management arrangements.

(4)Insurance recovery assets are associated with asbestos product liability matters. Refer to Note 15 for additional details.

(5)Revenues are included in the above geographic areas based on the country that recorded the revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Special Charges, Net

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Special Charges, Net

As part of our business strategy, we periodically right-size and consolidate operations to improve long-term results. Additionally, from time to time, we alter our business model to better serve customer demand, discontinue lower-margin product lines and rationalize and consolidate manufacturing capacity. Our restructuring and integration decisions are based, in part, on discounted cash flows and are designed to achieve our goals of reducing structural footprint and maximizing profitability. As a result of our strategic review process, we recorded net special charges of $3.2 in 2020, $4.4 in 2019, and $3.7 in 2018. These net special charges were primarily related to restructuring initiatives to consolidate manufacturing and sales facilities, reduce workforce, and rationalize certain product lines.

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

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

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

We anticipate that the liabilities related to restructuring actions will be paid within one year from the period in which the action was initiated.

Special charges for the years ended December 31, 2020, 2019 and 2018 are described in more detail below and in the applicable sections that follow:


	Years Ended December 31,
	2020		2019		2018
Employee termination costs	$	1.8	$	3.1	$	3.7
Facility consolidation costs	—		0.5		—
Other cash costs, net	1.0		—		—
Non-cash asset write-downs	0.4		0.8		—
Total	$	3.2	$	4.4	$	3.7

2020 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.5	$	—	$	—	$	—	$	0.5
Detection and Measurement reportable segment	0.3		—		—		—		0.3
Engineered Solutions reportable segment	—		—		—		—		—
Other	0.8		—		—		—		0.8
Corporate	0.2		—		1.0		0.4		1.6
Total	$	1.8	$	—	$	1.0	$	0.4	$	3.2

HVAC – Charges for 2020 related to severance costs associated with restructuring actions at the segment’s Cooling Americas and Heating businesses. These actions resulted in the termination of 11 employees.

Detection & Measurement – Charges for 2020 related to severance costs for a restructuring action at the segment’s bus fare collection systems business. The action resulted in the termination of 5 employees.

Other – Charges for 2020 related to severance costs incurred in connection with the wind-down activities at DBT, our South African subsidiary.

Corporate – Charges for 2020 related primarily to (i) asset impairment and other charges associated with the move to a new corporate headquarters and (ii) cost incurred for a legal entity reorganization initiative.

2019 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.2	$	0.1	$	—	$	0.5	$	0.8
Detection and Measurement reportable segment	—		—		—		—		—
Engineered Solutions reportable segment	0.1		0.4		—		0.3		0.8
Other	2.6		—		—		—		2.6
Corporate	0.2		—		—		—		0.2
Total	$	3.1	$	0.5	$	—	$	0.8	$	4.4

HVAC – Charges for 2019 related primarily to severance, asset impairment, and other charges associated with the relocation of certain of the segment’s operations and severance costs associated with a restructuring action at the segment’s Cooling EMEA business. These actions resulted in the termination of 9 employees.

Engineered Solutions – Charges for 2019 related primarily to costs associated with the relocation of certain operations and an asset impairment charge. These actions resulted in the termination of 10 employees.

Other – Charges for 2019 related to severance costs incurred in connection with the wind-down activities at DBT, our South African subsidiary. These actions resulted in the termination of 339 employees.

Corporate – Charges for 2019 related to severance costs incurred in connection with the rationalization of certain administrative functions.

2018 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.8	$	—	$	—	$	—	$	0.8
Detection and Measurement reportable segment	—		—		—		—		—
Engineered Solutions reportable segment	—		—		—		—		—
Other	2.4		—		—		—		2.4
Corporate	0.5		—		—		—		0.5
Total	$	3.7	$	—	$	—	$	—	$	3.7

HVAC — Charges for 2018 related primarily to severance costs associated with restructuring actions at the boiler and Cooling Americas’ businesses. These actions resulted in the termination of 18 employees.

Other — Charges for 2018 related to severance costs incurred in connection with the wind-down activities at DBT. These actions resulted in the termination of 239 employees.

Corporate — Charges for 2018 related to severance costs incurred in connection with the rationalization of certain administrative functions. These actions resulted in the termination of 6 employees.

The following is an analysis of our restructuring liabilities for the years ended December 31, 2020, 2019 and 2018:



	2020		2019		2018
Balance at beginning of year	$	1.7	$	1.1	$	0.6
Special charges(1)	2.8		3.6		3.7
Utilization — cash	(2.8)		(2.9)		(3.2)
Currency translation adjustment and other	(0.2)		(0.1)		—
Balance at the end of year	$	1.5	$	1.7	$	1.1

___________________________________________________________________

(1)The years ended December 31, 2020, 2019 and 2018 excluded $0.4, $0.8 and $0.0, respectively, of non-cash charges that impacted special charges but not the restructuring liabilities.

Inventories, Net

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

Inventories at December 31, 2020 and 2019 comprised the following:


	December 31,
	2020		2019
Finished goods	$	52.9	$	57.6
Work in process	22.3		19.3
Raw materials and purchased parts	101.5		90.3
Total FIFO cost	176.7		167.2
Excess of FIFO cost over LIFO inventory value	(14.7)		(12.3)
Total inventories	$	162.0	$	154.9

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 38% and 36% of total inventory at December 31, 2020 and 2019, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill, for the year ended December 31, 2020, were as follows:


	December 31, 2019		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2020
HVAC reportable segment
Gross goodwill	$	277.1	$	0.8	$	—	$	3.5	$	281.4
Accumulated impairments	(144.6)		—		—		(0.2)		(144.8)
Goodwill	132.5		0.8		—		3.3		136.6
Detection and Measurement reportable segment
Gross goodwill	304.1		42.7		—		4.7		351.5
Accumulated impairments	(133.6)		—		—		(0.9)		(134.5)
Goodwill	170.5		42.7		—		3.8		217.0
Engineered Solutions reportable segment
Gross goodwill	334.2		—		—		7.9		342.1
Accumulated impairments	(187.9)		—		—		(7.9)		(195.8)
Goodwill	146.3		—		—		—		146.3
Other
Gross goodwill	—		—		—		—		—
Accumulated impairments	—		—		—		—		—
Goodwill	—		—		—		—		—
Total
Gross goodwill	915.4		43.5		—		16.1		975.0
Accumulated impairments	(466.1)		—		—		(9.0)		(475.1)
Goodwill	$	449.3	$	43.5	$	—	$	7.1	$	499.9

___________________________________________________________________

(1) Reflects goodwill acquired with the ULC and Sensors & Software acquisitions of $37.3 and $5.4, respectively, and a net increase in Patterson-Kelley's goodwill during 2020 of $0.4 resulting from revisions to the valuation of certain liabilities and tangible assets and an increase in SGS's goodwill during the first half of 2020 of $0.4 resulting from revisions to the valuation of certain income tax accounts. As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in the ULC and Sensors & Software acquisitions have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

The changes in the carrying amount of goodwill, for the year ended December 31, 2019, were as follows:


	December 31, 2018		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2019
HVAC reportable segment
Gross goodwill	$	261.8	$	15.7	$	—	$	(0.4)	$	277.1
Accumulated impairments	(144.4)		—		—		(0.2)		(144.6)
Goodwill	117.4		15.7		—		(0.6)		132.5
Detection and Measurement reportable segment
Gross goodwill	265.0		40.4		—		(1.3)		304.1
Accumulated impairments	(134.3)		—		—		0.7		(133.6)
Goodwill	130.7		40.4		—		(0.6)		170.5
Engineered solutions reportable segment
Gross goodwill	335.3		—		—		(1.1)		334.2
Accumulated impairments	(189.0)		—		—		1.1		(187.9)
Goodwill	146.3		—		—		—		146.3
Other
Gross goodwill	—		—		—		—		—
Accumulated impairments	—		—		—		—		—
Goodwill	—		—		—		—		—
Total
Gross goodwill	862.1		56.1		—		(2.8)		915.4
Accumulated impairments	(467.7)		—		—		1.6		(466.1)
Goodwill	$	394.4	$	56.1	$	—	$	(1.2)	$	449.3

___________________________________________________________________

(1) Reflects goodwill acquired in connection with the Sabik, SGS and Patterson-Kelley acquisitions of $41.2, $1.9 and $13.8, respectively, partially offset by a reduction in Cues' goodwill during the first quarter of 2019 of $0.8 resulting from revisions to the valuation of certain income tax accounts.

Identifiable intangible assets were as follows:


	December 31, 2020						December 31, 2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships	$	103.4	$	(16.2)	$	87.2	$	77.4	$	(8.7)	$	68.7
Technology	54.4		(6.8)		47.6		29.5		(3.3)		26.2
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	18.8		(12.5)		6.3		12.6		(9.2)		3.4
	181.1		(40.0)		141.1		124.0		(25.7)		98.3
Trademarks with indefinite lives (2)	163.9		—		163.9		153.4		—		153.4
Total	$	345.0	$	(40.0)	$	305.0	$	277.4	$	(25.7)	$	251.7

___________________________________________________________________

(1)The identifiable intangible assets associated with the ULC and Sensors & Software acquisitions consist of customer backlog of $4.6 and $0.1, respectively, customer relationships of $22.8 and $2.3, respectively, technology of $21.9 and $2.4, respectively, and non-compete agreements of $1.7 and $0.1, respectively.

(2)Changes during 2020 related primarily to the acquisition of ULC and Sensors & Software trademarks of $7.6 and $1.8, respectively.

Amortization expense was $14.0, $8.9 and $4.1 for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated amortization expense is approximately $17.0 for 2021 and $15.0 over each of the four years thereafter related to these intangible assets.

At December 31, 2020, the net carrying value of intangible assets with determinable lives consisted of $24.4 in the HVAC reportable segment and $116.7 in the Detection and Measurement reportable segment. Trademarks with indefinite lives consisted of $96.7 in the HVAC reportable segment, $58.1 in the Detection and Measurement reportable segment, and $9.1 in the Engineered Solutions reportable segment.

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

We perform our annual goodwill impairment testing during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. Based on our annual goodwill impairment testing during the fourth quarter of 2020, we concluded that the estimated fair value of each of our reporting units, exclusive of Cues and Patterson-Kelley, exceeded the carrying value of their respective net assets by over 75%. The estimated fair values of Cues and Patterson-Kelley exceeded the carrying value of their respective net assets by approximately 12% and 3%, while the total goodwill for Cues and Patterson-Kelley was $47.9 and $14.2, respectively, as of December 31, 2020. A change in assumptions used in testing Cues’ and Patterson-Kelley’s goodwill for impairment (e.g., projected revenues and profit growth rates, discount rates, industry price multiples, etc.) could result in Cues’ and/or Patterson-Kelley’s estimated fair value being less than the respective carrying value of their net assets. If Cues and/or Patterson-Kelley is unable to achieve the financial forecasts included in their respective 2020 annual goodwill impairment analysis, we may be required to record an impairment charge in a future period related to Cues’ and/or Patterson-Kelley’s goodwill.

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 resulting cash flows discounted at a rate of return that reflects current market conditions. The basis for these projected revenues is the annual operating plan for each of the related businesses, which is prepared in the fourth quarter

of each year. In connection with the annual impairment testing of our trademarks during the fourth quarter of 2020, we recorded impairment charges of $0.7 related to certain of these trademarks.

As indicated in Note 1, the COVID-19 pandemic could have an adverse impact on our future operating results. As of December 31, 2020, there are no indications that the carrying value of our goodwill and other intangible assets may not be recoverable. However, a prolonged adverse impact of the COVID-19 pandemic on our future operating results may require an impairment charge related to one or more of these assets in a future period.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

Overview — Defined benefit pension plans cover a portion of our salaried and hourly paid employees, including certain employees in foreign countries. Beginning in 2001, we discontinued providing these pension benefits generally to newly hired employees. Effective January 31, 2018, we no longer provide service credits to active participants.

We have domestic postretirement plans that provide health and life insurance benefits to certain retirees and their dependents. Beginning in 2003, we discontinued providing these postretirement benefits generally to newly hired employees.

The plan year-end date for all our plans is December 31.

Actuarial Gains and Losses - As indicated in Notes 1 and 2, actuarial gains and losses related to our pension and postretirement plans are recorded to earnings during the fourth quarter of each year, unless earlier remeasurement is required.

Defined Benefit Pension Plans

Plan assets — Our investment strategy is based on the long-term growth and protection of principle while mitigating overall risk to ensure that funds are available to pay benefit obligations. The domestic plan assets are invested in a broad range of investment classes, including fixed income securities and domestic and international equities. We engage various investment managers who are regularly evaluated on long-term performance, adherence to investment guidelines and the ability to manage risk commensurate with the investment style and objective for which they were hired. We continuously monitor the value of assets by class and routinely rebalance our portfolio with the goal of meeting our target allocations.

The strategy for bonds emphasizes investment-grade corporate and government debt with maturities matching a portion of the longer duration pension liabilities. The bonds strategy also includes a high yield element, which is generally shorter in duration. The strategy for equity assets is to minimize concentrations of risk by investing primarily in companies in a diversified mix of industries worldwide, while targeting neutrality in exposure to global versus regional markets, fund types and fund managers. A small portion of U.S. plan assets (Level 3 assets) is allocated to private equity partnerships and real estate asset fund investments for diversification, providing opportunities for above market returns.

Allowable investments under the plan agreements include fixed income securities, equity securities, mutual funds, venture capital funds, real estate and cash and equivalents. In addition, investments in futures and option contracts, commodities and other derivatives are allowed in commingled fund allocations managed by professional investment managers. Investments prohibited under the plan agreements include private placements and short selling of stock. No shares of our common stock were held by our defined benefit pension plans as of December 31, 2020 or 2019.

Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2020 and 2019, along with the current targeted asset investment allocation percentages, each of which is based on the midpoint of an allocation range, were as follows:

Domestic Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2020		2019		2020
Fixed income common trust funds	68	%	67	%	65	%
Commingled global fund allocation	11	%	17	%	18	%

Global equity common trust funds	5	%	5	%	5	%

U.S. Government securities	9	%	9	%	10	%
Short-term investments (1)	7	%	2	%	2	%

Total	100	%	100	%	100	%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

Foreign Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2020		2019		2020
Global equity common trust funds	9	%	10	%	9	%

Fixed income common trust funds	65	%	45	%	66	%
Commingled global fund allocation	25	%	37	%	25	%

Non-U.S. Government securities	—	%	7	%	—	%
Short-term investments (1)	1	%	1	%	—	%
Total	100	%	100	%	100	%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

The fair values of pension plan assets at December 31, 2020, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	315.4	$	—	$	315.4	$	—

Non-U.S. Government securities	0.3		—		0.3		—
U.S. Government securities	25.2		—		25.2		—
Equity securities:
Global equity common trust funds (1) (3)	32.1		—		32.1		—








Alternative investments:
Commingled global fund allocations (1) (4)	81.7		—		81.7		—
Other:
Short-term investments (5)	22.5		22.5		—		—
Other	0.9		—		—		0.9
Total	$	478.1	$	22.5	$	454.7	$	0.9

The fair values of pension plan assets at December 31, 2019, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	255.6	$	—	$	255.6	$	—

Non-U.S. Government securities	13.2		—		13.2		—
U.S. Government securities	24.5		—		24.5		—
Equity securities:
Global equity common trust funds (1) (3)	30.1		—		30.1		—
Alternative Investments:








Commingled global fund allocations (1) (4)	110.3		—		110.3		—
Other:
Short-term investments (5)	7.1		7.1		—		—
Other	0.9		—		—		0.9
Total	$	441.7	$	7.1	$	433.7	$	0.9

___________________________________________________________________

(1)Common/commingled trust funds are similar to mutual funds, with a daily net asset value per share measured by the fund sponsor and used as the basis for current transactions. These investments, however, are not registered with the U.S. Securities and Exchange Commission and participation is not open to the public. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

(2)This class represents investments in actively managed common trust funds that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal and government securities, interest rate swaps, options and futures.

(3)This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures.

(4)This class represents investments in actively managed common trust funds with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, interest rate swaps, options and futures.

(5)Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.

Employer Contributions — We currently fund U.S. pension plans in amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, plus additional amounts that may be approved from time to time. During 2020, we made no contributions to our qualified domestic pension plans, and direct benefit payments of $5.8 to our non-qualified domestic pension plans. In 2021, we do not expect to make any minimum required funding contributions to our qualified domestic pension plans and expect to make direct benefit payments of $5.4 to our non-qualified domestic pension plans.

In 2020, we made contributions of $0.9 to our foreign pension plans. In 2021, we expect to make contributions of $1.0 to our foreign pension plans.

Estimated Future Benefit Payments — Following is a summary, as of December 31, 2020, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2020 to measure our obligations and include benefits attributable to estimated future employee service.

Estimated future benefit payments:

(Domestic and foreign pension plans)


	Domestic Pension Benefits		Foreign Pension Benefits
2021	$	25.1	$	5.0
2022	26.3		6.2
2023	25.7		6.1
2024	25.5		6.4
2025	24.5		7.4
Subsequent five years	105.4		37.7

Obligations and Funded Status — The funded status of our pension plans is dependent upon many factors, including returns on invested assets and the level of market interest rates. Our non-funded pension plans account for $66.2 of the current underfunded status, as these plans are not required to be funded. The following tables show the domestic and foreign pension plans’ funded status and amounts recognized in our consolidated balance sheets:


	Domestic Pension Plans				Foreign Pension Plans
	2020		2019		2020		2019
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	348.2	$	320.9	$	175.0	$	158.2

Service cost	—		—		—		—
Interest cost	10.8		13.3		3.8		4.8

Actuarial losses	30.4		32.4		14.3		13.2
Settlements	(10.3)		(12.7)		—		—
Acquisition	—		7.1		—		—

Benefits paid	(14.4)		(12.8)		(6.7)		(8.0)
Foreign exchange and other	—		—		5.8		6.8
Projected benefit obligation — end of year	$	364.7	$	348.2	$	192.2	$	175.0

The actuarial losses for all pension plans in 2020 and 2019 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.


	Domestic Pension Plans				Foreign Pension Plans
	2020		2019		2020		2019
Change in plan assets:
Fair value of plan assets — beginning of year	$	263.6	$	238.0	$	178.1	$	159.2
Actual return on plan assets	35.1		35.7		19.9		19.4
Contributions (employer and employee)	5.8		6.2		0.9		1.0
Settlements	(10.3)		(12.7)		—		—
Benefits paid	(14.4)		(12.8)		(6.7)		(8.0)
Acquisition	—		9.2		—		—
Foreign exchange and other	—		—		6.1		6.5

Fair value of plan assets — end of year	$	279.8	$	263.6	$	198.3	$	178.1
Funded status at year-end	(84.9)		(84.6)		6.1		3.1
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	2.6	$	2.3	$	8.6	$	6.2

Accrued expenses	(5.4)		(5.5)		—		—

Other long-term liabilities	(82.1)		(81.4)		(2.5)		(3.1)
Net amount recognized	$	(84.9)	$	(84.6)	$	6.1	$	3.1
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	(0.2)		(0.3)		1.2		1.2

The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2020 and 2019:


	Domestic Pension Plans				Foreign Pension Plans
	2020		2019		2020		2019
Projected benefit obligation	$	357.9	$	341.2	$	50.9	$	47.8
Accumulated benefit obligation	357.9		341.2		50.9		47.8
Fair value of plan assets	270.4		254.3		48.4		44.7

The accumulated benefit obligation for all domestic and foreign pension plans was $364.7 and $192.2, respectively, at December 31, 2020 and $348.2 and $175.0, respectively, at December 31, 2019.

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

Domestic Pension Plans


	Year ended December 31,
	2020		2019		2018
Service cost	$	—	$	—	$	—
Interest cost	10.8		13.3		12.3
Expected return on plan assets	(9.5)		(9.8)		(10.3)
Amortization of unrecognized prior service credits	(0.1)		(0.1)		(0.2)
Recognized net actuarial (gains) losses (1)	4.7		6.5		(0.2)
Total net periodic pension benefit expense	$	5.9	$	9.9	$	1.6

___________________________________________________________________

(1)Consists primarily of our reported actuarial (gains) losses, the difference between actual and expected returns on plan assets, settlement gains (losses), and curtailment gains (losses).

Foreign Pension Plans


	Year ended December 31,
	2020		2019		2018
Service cost	$	—	$	—	$	—
Interest cost	3.8		4.8		4.7
Expected return on plan assets	(5.7)		(6.7)		(7.5)

Recognized net actuarial losses (1)	0.2		1.0		9.1
Total net periodic pension benefit (income) expense	$	(1.7)	$	(0.9)	$	6.3

___________________________________________________________________

(1)Consists of our reported actuarial (gains) losses and the difference between actual and expected returns on plan assets.

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


	Year ended December 31,
	2020		2019		2018
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	3.16	%	4.29	%	3.57	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	3.75	%	4.25	%	4.00	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	2.35	%	3.16	%	4.29	%
Rate of increase in compensation levels	N/A		N/A		N/A
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	2.27	%	3.02	%	2.76	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	3.81	%	4.69	%	4.50	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	1.76	%	2.27	%	3.02	%
Rate of increase in compensation levels	N/A		N/A		N/A

We review the pension assumptions annually. Pension income or expense for the year is determined using assumptions as of the beginning of the year (except for the effects of recognizing changes in the fair value of plan assets and actuarial gains and losses in the fourth quarter of each year), while the funded status is determined using assumptions as of the end of the year. We determined assumptions and established them at the respective balance sheet date using the following principles: (i) the expected long-term rate of return on plan assets is established based on forward looking long-term expectations of asset returns over the expected period to fund participant benefits based on the target investment mix of our plans and (ii) the discount rate is primarily determined by matching the expected projected benefit obligation cash flows for each of the plans to a yield curve that is representative of long-term, high-quality (rated AA or higher) fixed income debt instruments as of the measurement date.

Postretirement Benefit Plans

Employer Contributions and Future Benefit Payments — Our postretirement medical plans are unfunded and have no plan assets, but are instead funded by us on a pay-as-you-go basis in the form of direct benefit payments or policy premium payments. In 2020, we made benefit payments of $6.6 to our postretirement benefit plans. Following is a summary, as of December 31, 2020, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2020 to measure our obligations and include benefits attributable to estimated future employee service.


	Postretirement Payments
2021	$	6.8
2022	6.2
2023	5.6
2024	5.0
2025	4.6
Subsequent five years	17.0

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


	Postretirement Plans
	2020		2019
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year	$	63.6	$	68.8

Interest cost	1.6		2.4
Actuarial losses	1.9		2.5
Benefits paid	(6.6)		(8.1)

Plan amendment	—		(1.8)
Other	—		(0.2)
Projected postretirement benefit obligation — end of year	$	60.5	$	63.6
Funded status at year-end	$	(60.5)	$	(63.6)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(6.7)	$	(7.2)

Other long-term liabilities	(53.8)		(56.4)
Net amount recognized	$	(60.5)	$	(63.6)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(20.2)	$	(24.9)

The actuarial losses for our postretirement benefit plans in 2020 and 2019 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.

The net periodic postretirement benefit expense (income) included the following components:


	Year ended December 31,
	2020		2019		2018
Service cost	$	—	$	—	$	—
Interest cost	1.6		2.4		2.3
Amortization of unrecognized prior service credits	(4.7)		(4.0)		(4.0)

Recognized net actuarial (gains) losses	1.9		2.5		(2.3)
Net periodic postretirement benefit (income) expense	$	(1.2)	$	0.9	$	(4.0)

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


	Year ended December 31,
	2020		2019		2018
Assumed health care cost trend rates:
Health care cost trend rate for next year	6.50	%	6.75	%	7.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2027		2027		2027
Discount rate used in determining net periodic postretirement benefit expense	2.97	%	4.09	%	3.34	%
Discount rate used in determining year-end postretirement benefit obligation	2.00	%	2.97	%	4.09	%

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

Defined Contribution Retirement Plans

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

Under the DC Plan, we contributed 0.276, 0.287 and 0.279 shares of our common stock to employee accounts in 2020, 2019 and 2018, respectively. Compensation expense is recorded based on the market value of shares as the shares are contributed to employee accounts. We recorded $11.3 in 2020, $10.3 in 2019 and $9.4 in 2018 as compensation expense related to the matching contribution.

Certain collectively-bargained employees participate in the DC Plan with company contributions not being made in company common stock, although company common stock is offered as an investment option under these plans.

We also maintain a Supplemental Retirement Savings Plan (“SRSP”), which permits certain members of our senior management and executive groups to defer eligible compensation in excess of the amounts allowed under the DC Plan. We match a portion of participating employees’ deferrals to the extent allowable under the SRSP provisions. The matching contributions vest with the participant immediately. Our funding of the participants’ deferrals and our matching contributions are held in certain mutual funds (as allowed under the SRSP), as directed by the participant. The fair values of these assets, which totaled $20.9 and $20.4 at December 31, 2020 and 2019, respectively, are based on quoted prices in active markets for identical assets (Level 1). In addition, the assets under the SRSP are available to the general creditors in the event of our bankruptcy and, thus, are maintained on our consolidated balance sheets within “Other assets,” with a corresponding amount in “Other long-term liabilities” for our obligation to the participants. Lastly, these assets are accounted for as trading securities. During 2020, 2019 and 2018, we recorded compensation expense of $0.2, $0.2 and $0.3, respectively, relating to our matching contributions to the SRSP.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
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-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (d)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
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-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (r)(1)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income from continuing operations before income taxes and the (provision for) benefit from income taxes consisted of the following:


	Year ended December 31,
	2020		2019		2018
Income from continuing operations:
United States	$	89.5	$	89.4	$	74.5
Foreign	27.0		(4.4)		10.0
	$	116.5	$	85.0	$	84.5
(Provision for) benefit from income taxes:
Current:
United States	$	(0.7)	$	6.8	$	1.5
Foreign	(3.8)		(5.5)		(3.2)
Total current	(4.5)		1.3		(1.7)
Deferred and other:
United States	(11.3)		(14.2)		(0.6)
Foreign	—		(1.0)		(0.3)
Total deferred and other	(11.3)		(15.2)		(0.9)
Total provision	$	(15.8)	$	(13.9)	$	(2.6)

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


	Year ended December 31,
	2020		2019		2018
Tax at U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	3.2	%	3.2	%	2.9	%
U.S. credits and exemptions	(3.7)	%	(4.9)	%	(3.8)	%
Foreign earnings/losses taxed at different rates	(3.1)	%	(7.6)	%	(1.1)	%
Nondeductible expenses	1.5	%	2.6	%	2.4	%
Adjustments to uncertain tax positions	(3.0)	%	(0.5)	%	(8.4)	%
Changes in valuation allowance	1.0	%	5.4	%	(8.0)	%
Share-based compensation	(2.5)	%	(2.2)	%	(2.2)	%


U.S. tax reform	—	%	—	%	(0.8)	%
Other	(0.8)	%	(0.6)	%	1.1	%
	13.6	%	16.4	%	3.1	%

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


	As of December 31,
	2020		2019
Deferred tax assets:
NOL and credit carryforwards	$	142.0	$	145.7
Pension, other postretirement and postemployment benefits	36.5		36.4
Payroll and compensation	17.1		19.0
Legal, environmental and self-insurance accruals	22.6		21.3
Working capital accruals	13.9		11.5
Other	7.9		7.1
Total deferred tax assets	240.0		241.0
Valuation allowance	(92.0)		(93.6)
Net deferred tax assets	148.0		147.4
Deferred tax liabilities:
Intangible assets recorded in acquisitions	74.9		75.1
Basis difference in affiliates	16.3		14.0
Accelerated depreciation	25.7		22.4
Deferred income	29.4		23.0
Other	4.2		1.6
Total deferred tax liabilities	150.5		136.1
	$	(2.5)	$	11.3

General Matters

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

At December 31, 2020, we had $483.2 of state and $321.3 of foreign tax loss carryforwards available. We also had federal and state tax credit carryforwards of $27.6. Of these amounts, $23.8 expire in 2021 and $482.1 expire at various times between 2022 and 2040. The remaining carryforwards have no expiration date.

Realization of deferred tax assets, including those associated with net operating loss and credit carryforwards, is dependent upon generating sufficient taxable income in the appropriate tax jurisdiction. We believe that it is more likely than not that we may not realize the benefit of certain of these deferred tax assets and, accordingly, have established a valuation allowance against these deferred tax assets. Although realization is not assured for the remaining deferred tax assets, we believe it is more likely than not that the deferred tax assets will be realized through future taxable earnings or tax planning strategies. However, deferred tax assets could be reduced in the near term if our estimates of taxable income are significantly reduced or tax planning strategies are no longer viable. The valuation allowance decreased by $1.6 in 2020 and increased by $4.3 in 2019. The 2020 decrease was primarily driven by the impact of foreign exchange rates on our foreign losses.

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

Undistributed Foreign Earnings

In general, it is our practice and intention to reinvest the earnings of our non-U.S. subsidiaries in those operations. As of December 31, 2020, we have $158.0 of undistributed earnings of our foreign subsidiaries. The majority of these earnings have already been reinvested in our overseas businesses. Further, we believe future domestic cash generation will be sufficient to meet future domestic cash needs. For this reason, we have not recorded a provision for U.S. or foreign withholding taxes on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that are essentially permanent in duration. Generally, such amounts may become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of a deferred tax liability related to the undistributed earnings of our foreign subsidiaries in the event that these earnings are no longer considered to be indefinitely reinvested, due to the hypothetical nature of the calculation.

Unrecognized Tax Benefits

As of December 31, 2020, we had gross and net unrecognized tax benefits of $13.6 and $11.0, respectively. Of these net unrecognized tax benefits, $7.0 would impact our effective tax rate from continuing operations if recognized. Similarly, at December 31, 2019 and 2018, we had gross unrecognized tax benefits of $17.2 (net unrecognized tax benefits of $13.9) and $20.3 (net unrecognized tax benefits of $13.8), respectively.

We classify interest and penalties related to unrecognized tax benefits as a component of our income tax (provision) benefit. As of December 31, 2020, gross accrued interest totaled $3.8 (net accrued interest of $3.0), while the related amounts as of December 31, 2019 and 2018 were $4.1 (net accrued interest of $3.2) and $3.8 (net accrued interest of $2.9), respectively. Our income tax (provision) benefit for the years ended December 31, 2020, 2019 and 2018 included gross interest income (expense) of $0.2, $(0.5), and $0.1, respectively, resulting from adjustments to our liability for uncertain tax positions. As of December 31, 2020, 2019 and 2018, we had no accrual for penalties included in our unrecognized tax benefits.

Based on the outcome of certain examinations or as a result of the expiration of statutes of limitations for certain jurisdictions, we believe that within the next 12 months it is reasonably possible that our previously unrecognized tax benefits could decrease by up to $5.0. The previously unrecognized tax benefits relate to a variety of tax matters including transfer pricing and various state matters.

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 were as follows:


	Year ended December 31,
	2020		2019		2018
Unrecognized tax benefit — opening balance	$	17.2	$	20.3	$	31.3
Gross increases — tax positions in prior period	0.3		1.1		0.6
Gross decreases — tax positions in prior period	(2.2)		(0.8)		(2.4)
Gross increases — tax positions in current period	0.2		0.2		0.7
Settlements	(0.3)		(2.1)		—
Lapse of statute of limitations	(1.7)		(1.5)		(9.8)

Change due to foreign currency exchange rates	0.1		—		(0.1)
Unrecognized tax benefit — ending balance	$	13.6	$	17.2	$	20.3

Other Tax Matters

During 2020, our income tax provision was impacted most significantly by (i) $4.2 of tax benefits related to various audit settlements, statute expirations, and other adjustments to liabilities for uncertain tax positions and (ii) $2.9 of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the year.

During 2019, our income tax provision was impacted most significantly by (i) $1.9 of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the year, (ii) a $1.9 tax benefit associated with an adjustment to the taxation of foreign earnings, (iii) $1.3 of tax benefits related to our U.S. tax credits and incentives, and (iv) $1.2 of tax benefits related to various audit settlements, statute expirations, and other adjustments to liabilities for uncertain tax positions, partially offset by $3.8 of tax expense related to various valuation allowance adjustments, primarily due to foreign losses generated during the year for which no foreign tax benefit was recognized as future realization of any such tax benefit is considered unlikely.

During 2018, our income tax provision was impacted most significantly by (i) the utilization of $33.0 of prior years’ losses generated in foreign jurisdictions in which no tax benefit was previously recognized, (ii) $7.0 of tax benefits related to various audit settlements, statute expirations, and other adjustments to liabilities for uncertain tax positions, and (iii) $2.2 of excess tax benefits resulting from stock-based compensation awards that vested during the year.

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

The Internal Revenue Service (“IRS”) currently is performing an audit of our 2013, 2014, 2015, 2016 and 2017 federal income tax returns. 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. 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 Germany for the 2010 through 2014 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, the timing of the ultimate resolution and any payments that may be required for the above matters cannot be determined at this time.

Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)

On March 27, 2020, the CARES Act was enacted into law and provides changes to various tax laws that impact businesses. We do not believe these changes impact our current and deferred income tax balances; therefore, no resulting adjustments have been recorded to such balances as of December 31, 2020.

As provided within the CARES Act, we are deferring payments of our social security payroll taxes, for the period March 27, 2020 to December 31, 2020, with such deferral totaling $10.8 as of December 31, 2020. One-half of the deferred amount is required to be paid in 2021, with the remainder to be paid in 2022.

- 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

Indebtedness

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Indebtedness

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2020:


	December 31, 2019		Borrowings		Repayments		Other (5)		December 31, 2020
Revolving loans (1)	$	140.0	$	197.6	$	(207.8)	$	—	$	129.8
Term loan (2)	248.2		—		—		0.4		248.6
Trade receivables financing arrangement (3)	—		134.4		(106.4)		—		28.0
Other indebtedness (4)	5.3		—		(2.2)		2.9		6.0
Total debt	393.5		$	332.0	$	(316.4)	$	3.3	412.4
Less: short-term debt	142.6								101.2
Less: current maturities of long-term debt	1.0								7.2
Total long-term debt	$	249.9							$	304.0

_____________________________________________________________

(1)While not due for repayment until December 2024 under the terms of our senior credit agreement, we have classified within current liabilities the portion of the outstanding balance that we believe will be repaid over the next year, with such amount based on an estimate of cash that is expected to be generated over such period.

(2)The term loan is repayable in quarterly installments beginning in the first quarter of 2021, with the quarterly installments equal to 0.625% of the initial term loan balance of $250.0 during 2021, 1.25% in each of the four quarters of 2022 and 2023, and 1.25% during the first three quarters of 2024. The remaining balance is payable in full on December 17, 2024. Balances are net of unamortized debt issuance costs of $1.4 and $1.8 at December 31, 2020 and December 31, 2019, respectively.

(3)Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. At December 31, 2020, we had $11.5 of available borrowing capacity under this facility. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses.

(4)Primarily includes balances under a purchase card program of $1.7 and $2.6 and finance lease obligations of $2.6 and $2.7 at December 31, 2020 and 2019, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

(5)“Other” primarily includes debt assumed, foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar, and the impact of amortization of debt issuance costs associated with the term loan.

Maturities of long-term debt payable during each of the five years subsequent to December 31, 2020 are $7.2, $13.3, $13.0, $279.0, and $0.1, respectively.

Senior Credit Facilities

On December 17, 2019, we amended our senior credit agreement (the “Credit Agreement”) to, among other things, extend the term of each facility under the Credit Agreement (with the aggregate of each facility comprising the “Senior Credit Facilities”) and provide for committed senior secured financing with an aggregate amount of $800.0, consisting of the following (each with a final maturity of December 17, 2024):

•A new term loan facility in the aggregate principal amount of $250.0;

•A domestic revolving credit facility, available for loans and letters of credit, in an aggregate principal amount of $300.0;

•A global revolving credit facility, available for loans in USD, Euros, British Pound Sterling, and other currencies, in the aggregate principal amount up to the equivalent of $150.0;

•A participating foreign credit instrument facility, available for performance letters of credit and guarantees, in an aggregate principal amount up to the equivalent of $55.0; and

•A bilateral foreign credit instrument facility, available for performance letters of credit and guarantees, in an aggregate principal amount up to the equivalent of $45.0.

The Credit Agreement also:

•Requires that we maintain a Consolidated Leverage Ratio (defined in the Credit Agreement) as of the last day of each fiscal quarter to not more than 3.75 to 1.00 (or up to 4.25 to 1.00 for the four fiscal quarters after certain permitted acquisitions);

•Requires that we maintain a Consolidated Interest Coverage Ratio as of the last day of each fiscal quarter to not less than 3.00 to 1.00; and

•Establishes per annum fees charged and applies interest rate margins to Eurodollar and alternate base rate loans, in each case based on the Consolidated Leverage Ratio, as follows:


Consolidated Leverage Ratio	Domestic Revolving Commitment Fee		Global Revolving Commitment Fee		Letter of Credit Fee		Foreign Credit Commitment Fee		Foreign Credit Instrument Fee		LIBOR Rate Loans		ABR Loans
Greater than or equal to 3.50 to 1.0	0.350	%	0.350	%	2.000	%	0.350	%	1.250	%	2.000	%	1.000	%
Between 2.50 to 1.0 and 3.50 to 1.0	0.300	%	0.300	%	1.750	%	0.300	%	1.000	%	1.750	%	0.750	%
Between 1.75 to 1.0 and 2.50 to 1.0	0.275	%	0.275	%	1.500	%	0.275	%	0.875	%	1.500	%	0.500	%
Less than 1.75 to 1.0	0.250	%	0.250	%	1.375	%	0.250	%	0.800	%	1.375	%	0.375	%

The interest rates applicable to loans under the Credit Agreement are, at our option, equal to either (i) an alternate base rate (the highest of (a) the federal funds effective rate plus 0.5%, (b) the prime rate of Bank of America, N.A., and (c) the one-month LIBOR rate plus 1.0%) or (ii) a reserve-adjusted LIBOR rate for dollars (Eurodollars) plus, in each case, an applicable margin percentage as previously discussed, which varies based on our Consolidated Leverage Ratio (defined in the Credit Agreement generally as the ratio of consolidated total debt (excluding the face amount of undrawn letters of credit, bank undertakings and analogous instruments and net of cash and cash equivalents) at the date of determination to consolidated adjusted EBITDA for the four fiscal quarters ended most recently before such date). We may elect interest periods of one, two, three or six months (and, if consented to by all relevant lenders, twelve months) for Eurodollar borrowings.

The weighted-average interest rate of outstanding borrowings under our Senior Credit Facilities was approximately 1.6% at December 31, 2020.

The fees and bilateral foreign credit commitments are as specified above for foreign credit commitments unless otherwise agreed with the bilateral foreign issuing lender. We also pay fronting fees on the outstanding amounts of letters of credit and foreign credit instruments (in the participation facility) at the rates of 0.125% per annum and 0.25% per annum, respectively.

SPX is the borrower under each of the above facilities, and certain of our foreign subsidiaries are (and we may designate other foreign subsidiaries to be) borrowers under the global revolving credit facility and the foreign credit instrument facilities. All borrowings and other extensions of credit under the Credit Agreement are subject to the satisfaction of customary conditions, including absence of defaults and accuracy in material respects of representations and warranties.

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

The Credit Agreement requires mandatory prepayments in amounts equal to the net proceeds from the sale or other disposition of, including from any casualty to, or governmental taking of, property in excess of specified values (other than in the ordinary course of business and subject to other exceptions) by SPX or our subsidiaries. Mandatory prepayments will be applied to repay, first, amounts outstanding under any term loans and, then, amounts (or cash collateralize letters of credit) outstanding under the global revolving credit facility and the domestic revolving credit facility (without reducing the commitments thereunder). No prepayment is required generally to the extent the net proceeds are reinvested (or committed to be reinvested) in permitted acquisitions, permitted investments or assets to be used in our business within 360 days (and if committed to be reinvested, actually reinvested within 360 days after the end of such 360-day period) of the receipt of such proceeds.

We may voluntarily prepay loans under the Credit Agreement, in whole or in part, without premium or penalty. Any voluntary prepayment of loans will be subject to reimbursement of the lenders’ breakage costs in the case of a prepayment of

Eurodollar rate borrowings other than on the last day of the relevant interest period. Indebtedness under the Credit Agreement is guaranteed by:

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

•SPX with respect to the obligations of our foreign borrower subsidiaries under the global revolving credit facility, the participation foreign credit instrument facility and the bilateral foreign credit instrument facility.

Indebtedness under the Credit Agreement is secured by a first priority pledge and security interest in 100% of the capital stock of our domestic subsidiaries (with certain exceptions) held by SPX or our domestic subsidiary guarantors and 65% of the capital stock of our material first-tier foreign subsidiaries (with certain exceptions). If SPX obtains a corporate credit rating from Moody’s and S&P and such corporate credit rating is less than “Ba2” (or not rated) by Moody’s and less than “BB” (or not rated) by S&P, then SPX and our domestic subsidiary guarantors are required to grant security interests, mortgages and other liens on substantially all of their assets. If SPX’s corporate credit rating is “Baa3” or better by Moody’s or “BBB-” or better by S&P and no defaults then exist, all collateral security is to be released and the indebtedness under the Credit Agreement would be unsecured.

The Credit Agreement also contains covenants that, among other things, restrict our ability to incur additional indebtedness, grant liens, make investments, loans, guarantees, or advances, make restricted junior payments, including dividends, redemptions of capital stock, and voluntary prepayments or repurchase of certain other indebtedness, engage in mergers, acquisitions or sales of assets, enter into sale and leaseback transactions, or engage in certain transactions with affiliates, and otherwise restrict certain corporate activities. The Credit Agreement contains customary representations, warranties, affirmative covenants and events of default.

We are permitted under the Credit Agreement to repurchase our capital stock and pay cash dividends in an unlimited amount if our Consolidated Leverage Ratio is (after giving pro forma effect to such payments) less than 2.75 to 1.00. If our Consolidated Leverage Ratio is (after giving pro forma effect to such payments) greater than or equal to 2.75 to 1.00, the aggregate amount of such repurchases and dividend declarations cannot exceed (A) $100.0 in any fiscal year plus (B) an additional amount for all such repurchases and dividend declarations made after September 1, 2015 equal to the sum of (i) $100.0 plus (ii) a positive amount equal to 50% of cumulative Consolidated Net Income (as defined in the Credit Agreement generally as consolidated net income subject to certain adjustments solely for the purposes of determining this basket) during the period from September 1, 2015 to the end of the most recent fiscal quarter preceding the date of such repurchase or dividend declaration for which financial statements have been (or were required to be) delivered (or, in case such Consolidated Net Income is a deficit, minus 100% of such deficit) plus (iii) certain other amounts, less our previous usage of such additional amount for certain other investments and restricted junior payments.

At December 31, 2020, we had $302.9 of available borrowing capacity under our revolving credit facilities after giving effect to borrowings under the domestic revolving loan facility of $129.8 and $17.3 reserved for outstanding letters of credit. In addition, at December 31, 2020, we had $11.0 of available issuance capacity under our foreign credit instrument facilities after giving effect to $89.0 reserved for outstanding letters of credit.

As of December 31, 2020, except as discussed in Notes 15 and 17 to our consolidated financial statements, we did not have any material guarantees, off-balance sheet arrangements or purchase commitments other than the following: (i) $29.2 of certain standby letters of credit outstanding, all of which relate to self-insurance or environmental matters and $17.3 of which reduce the available borrowing capacity on our domestic revolving credit facility; (ii) $89.0 of letters of credit outstanding, all of which reduce the available borrowing capacity on our foreign trade facilities; and (iii) $168.8 of surety bonds.

At December 31, 2020, we were in compliance with all covenants of our Credit Agreement.

Other Borrowings and Financing Activities

Certain of our businesses purchase goods and services under a purchase card program allowing for payment beyond their normal payment terms. As of December 31, 2020 and 2019, the participating businesses had $1.7 and $2.6, respectively, outstanding under this arrangement.

We are party to a trade receivables financing agreement, whereby we can borrow, on a continuous basis, up to $50.0. Availability of funds may fluctuate over time given changes in eligible receivable balances, but will not exceed the $50.0 program limit. The facility contains representations, warranties, covenants and indemnities customary for facilities of this type. The facility does not contain any covenants that we view as materially constraining to the activities of our business.

In addition, we maintain line of credit facilities in China and South Africa available to fund operations in these regions, when necessary. At December 31, 2020, the aggregate amount of borrowing capacity under these facilities was $20.0, while there were no borrowings outstanding.

Derivative Financial Instruments and Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Concentrations of Credit Risk	Derivative Financial Instruments and Concentrations of Credit Risk Interest Rate Swaps In March 2018, we entered into interest rate swap agreements (“Initial Swaps”) that had an initial notional amount of $260.0 and maturities through March 2021 and effectively convert a portion of the borrowings under our senior credit facilities to a fixed rate of 2.535%, plus the applicable margin. As of December 31, 2020, the aggregate notional amount of the Initial Swaps was $234.0. In February 2020, and as a result of a December 2019 amendment that extended the maturity date of our senior credit facilities to December 17, 2024, we entered into additional interest swap agreements (“Additional Swaps”). The Additional Swaps have a notional amount of $248.4, cover the period from March 2021 to November 2024, and will effectively convert borrowings under our senior credit facilities to a fixed rate of 1.061%, plus the applicable margin. We have designated and are accounting for our interest rate swap agreements as cash flow hedges. As of December 31, 2020 and 2019, the unrealized loss, net of tax, recorded in AOCI was $5.9 and $1.9 as of December 31, 2020 and 2019, respectively. In addition, as of December 31, 2020, the fair value of our interest rate swap agreements totaled $7.8, with $1.4 recorded as a current liability and the remainder in long-term liabilities, and $2.5 at December 31, 2019 (all of which is recorded in long-term liabilities). Changes in fair value of our interest rate swap agreements are reclassified into earnings as a component of interest expense, when the forecasted transaction impacts earnings. 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 South African Rand, British Pound Sterling, and Euro. 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”). None of our FX forward contracts are designated as cash flow hedges. We had FX forward contracts with an aggregate notional amount of $6.3 and $26.0 outstanding as of December 31, 2020 and 2019, respectively, with all of the $6.3 scheduled to mature in 2021. Commodity Contracts From time to time, we enter into commodity contracts to manage the exposure on forecasted purchases of commodity raw materials. The outstanding notional amounts of commodity contracts were 3.2 and 3.4 pounds of copper at December 31, 2020 and 2019, 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 December 31, 2020 and 2019, the fair values of these contracts were current assets of $2.4 and $0.4, respectively. The unrealized gains, net of taxes, recorded in AOCI were $1.5 and $0.3 as of December 31, 2020 and 2019, respectively. We anticipate reclassifying the unrealized gain as of December 31, 2020 to income over the next 12 months. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and equivalents, trade accounts receivable, insurance recovery assets associated with asbestos product liability matters, and interest rate swap, foreign currency forward, and commodity contracts. These financial instruments, other than trade accounts receivable, are placed with high-quality financial institutions and insurance companies throughout the world. We periodically evaluate the credit standing of these financial institutions and insurance companies. We maintain cash levels in bank accounts that, at times, may exceed federally-insured limits. We have not experienced significant loss, and believe we are not exposed to significant risk of loss, in these accounts. We have credit loss exposure in the event of nonperformance by counterparties to the above financial instruments, but have no other off-balance-sheet credit risk of accounting loss. We anticipate, however, that counterparties will be able to fully satisfy their obligations under the contracts. We do not obtain collateral or other security to support financial instruments subject to credit risk, but we do monitor the credit standing of counterparties. Concentrations of credit risk arising from trade accounts receivable are due to selling to customers in a particular industry. Credit risks are mitigated by performing ongoing credit evaluations of our customers’ financial conditions and obtaining collateral, advance payments, or other security when appropriate. No one customer, or group of customers that to our knowledge are under common control, accounted for more than 10% of our revenues for any period presented.

Contingent Liabilities and Other Matters

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities and Other Matters

Spin-Off of SPX FLOW

In connection with the Spin-Off, we entered into definitive agreements with SPX FLOW that, among other matters, set forth the terms and conditions of the Spin-Off and provide a framework for our relationship with SPX FLOW after the Spin-Off, including the following:

•Separation and Distribution Agreement;

•Tax Matters Agreement;

•Employee Matters Agreement; and

•Trademark License Agreement.

Pursuant to the Separation and Distribution Agreement, the Employee Matters Agreement and the Tax Matters Agreement, SPX FLOW has agreed to indemnify us for certain liabilities, and we have agreed to indemnify SPX FLOW for certain liabilities, in each case for uncapped amounts. As of December 31, 2020, no material indemnification claims have been initiated.

The financial activity governed by these agreements between SPX FLOW and us was not material to our consolidated financial results for the years ended December 31, 2020, 2019 and 2018.

We also entered into a five-year agreement with SPX FLOW to lease office space for our corporate headquarters. Annual lease costs associated with the agreement were $2.1. This agreement expired in September 2020 and we entered into an agreement for office space in a new corporate headquarters with a third-party lessor.

General

Numerous claims, complaints and proceedings arising in the ordinary course of business have been asserted or are pending against us or certain of our subsidiaries (collectively, “claims”). These claims relate to litigation matters (e.g., class actions, derivative lawsuits and contracts, intellectual property and competitive claims), environmental matters, product liability matters (predominately associated with alleged exposure to asbestos-containing materials), and other risk management matters (e.g., general liability, automobile, and workers’ compensation claims). Additionally, we may become subject to other claims of which we are currently unaware, which may be significant, or the claims of which we are aware may result in our incurring significantly greater loss than we anticipate. While we (and our subsidiaries) 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 significant portion of these claims, this insurance may be insufficient or unavailable (e.g., in the case 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.

Our recorded liabilities related to these matters totaled $575.7 and $592.4 at December 31, 2020 and 2019, respectively. Of these amounts, $499.8 and $517.6 are included in “Other long-term liabilities” within our consolidated balance sheets at December 31, 2020 and 2019, respectively, with the remainder included in “Accrued expenses.” The liabilities we record for these matters are based on a number of assumptions, including historical claims and payment experience. While we base our assumptions on facts currently known to us, they entail inherently subjective judgments and uncertainties. As a result, our current assumptions for estimating these liabilities may not prove accurate, and we may be required to adjust these liabilities in the future, which could result in charges to earnings. These variances relative to current expectations could have a material impact on our financial position and results of operations.

Our asbestos-related claims are typical in certain of the industries in which we operate or pertain to legacy businesses we no longer operate. It is not unusual in these cases for fifty or more corporate entities to be named as defendants. We vigorously defend these claims, many of which are dismissed without payment, and the significant majority of costs related to these claims

have historically been paid pursuant to our insurance arrangements. Our recorded assets and liabilities related to asbestos-related claims were as follows at December 31, 2020 and 2019:


	December 31,
	2020		2019
Insurance recovery assets (1)	$	496.4	$	509.6
Liabilities for claims (2)	535.2		552.2

_____________________________________________________________

(1)Of these amounts $446.4 and $459.6 are included in “Other assets” at December 31, 2020 and 2019, respectively, while the remainder is included in “Other current assets.”

(2)Of these amounts $479.9 and $498.1 are included in “Other long-term liabilities” at December 31, 2020 and 2019, respectively, while the remainder is included in “Accrued expenses.”

The liabilities we record for asbestos-related claims are based on a number of assumptions. In estimating our liabilities for asbestos-related claims, we consider, among other things, the following:

•The number of pending claims by disease type and jurisdiction.

•Historical information by disease type and jurisdiction with regard to:

◦Average number of claims settled with payment (versus dismissed without payment); and

◦Average claim settlement amounts.

•The period over which we can reasonably project asbestos-related claims (currently projecting through 2057).

The following table presents information regarding activity for asbestos-related claims for the years ended December 31, 2020, 2019 and 2018:


	Year ended December 31
	2020	2019	2018
Pending claims, beginning of year	11,079	13,767	17,359
Claims filed	2,449	3,607	3,857
Claims resolved	(3,746)	(6,295)	(7,449)
Pending claims, end of year	9,782	11,079	13,767

The assets we record for asbestos-related claims represent amounts that we believe we are or will be entitled to recover under agreements we have with insurance companies. The amount of these assets are based on a number of assumptions, including the continued solvency of the insurers and our legal interpretation of our rights for recovery under the agreements we have with the insurers. Our current assumptions for estimating these assets may not prove accurate, and we may be required to adjust these assets in the future. These variances relative to current expectations could have a material impact on our financial position and results of operations.

During the years ended December 31, 2020, 2019 and 2018, our payments for asbestos-related claims, net of respective insurance recoveries of $35.4, $47.1, and $45.3, were $19.3, $13.1 and $9.7, respectively. A significant increase in claims, costs and/or issues with existing insurance coverage (e.g., dispute with or insolvency of insurer(s)) could have a material adverse impact on our share of future payments related to these matters, and, as a result, have a material impact on our financial position, results of operations and cash flows.

During the years ended December 31, 2020, 2019, and 2018, we recorded charges of $21.3, $10.1, and $4.8, respectively, as a result of changes in estimates associated with the liabilities and assets related to asbestos-related claims. Of these charges, $19.2, $6.3 and $4.4 were reflected in “Income from continuing operations before income taxes” for the years ended December 31, 2020, 2019, and 2018, respectively, and $2.1, $3.8, and $0.4, respectively, were reflected in “Gain (loss) on disposition of discontinued operations, net of tax.”

Large Power Projects in South Africa

Overview - Since 2008, DBT has been executing contracts on two large power projects in South Africa (Kusile and Medupi). Over such time, the business environment surrounding these projects has been difficult, as DBT, along with many other contractors on the projects, have experienced delays, cost over-runs, and various other challenges associated with a complex set of contractual relationships among the end customer, prime contractors, various subcontractors (including DBT and its subcontractors), and various suppliers. DBT has substantially completed its scope of work, with its remaining responsibilities related largely to resolution of various claims, primarily between itself and one of its prime contractors, Mitsubishi Heavy Industries Power—ZAF (f.k.a. Mitsubishi-Hitachi Power Systems Africa (PTY) LTD), or “MHI.”

The challenges related to the projects have resulted in (i) significant adjustments to our revenue and cost estimates for the projects, (ii) DBT’s submission of numerous change orders to the prime contractors, (iii) various claims and disputes between DBT and other parties involved with the projects (e.g., prime contractors, subcontractors, suppliers, etc.), and (iv) the possibility that DBT may become subject to additional claims, which could be significant. It is possible that some outstanding claims may not be resolved until after the prime contractors complete their scopes of work. Our future financial position, operating results, and cash flows could be materially impacted by the resolution of current and any future claims.

Claims by DBT - DBT has asserted claims against MHI of approximately South African Rand 1,100.0 (or $75.0). As we prepare these claims for dispute resolution processes, the amounts, along with the characterization, of the claims could change. Of these claims, South African Rand 372.1 (or $25.3) are currently proceeding through contractual dispute resolution processes and DBT is likely to initiate additional dispute resolution processes in 2021. DBT is also pursuing several claims to force MHI to abide by its contractual obligations and provide DBT with certain benefits that MHI may have received from its customer on the projects. In addition to existing asserted claims, DBT believes it has additional claims and rights to recovery based on its performance under the contracts with, and actions taken by, MHI. DBT is continuing to evaluate the claims and the amounts owed to it under the contracts based on MHI's failure to comply with its contractual obligations. The amounts DBT may recover for current and potential future claims against MHI are not currently known given (i) the extent of current and potential future claims by MHI against DBT (see below for further discussion) and (ii) the unpredictable nature of any dispute resolution processes that may occur in connection with these current and potential future claims. No revenue has been recorded in the accompanying consolidated financial statements with respect to current or potential future claims against MHI.

On February 22, 2021, a dispute adjudication panel issued a ruling in favor of DBT related to costs incurred in connection with delays on two units of the Kusile project. The panel ruled that MHI is obligated to pay DBT South African Rand 116.4 (or $7.8 at the time of the ruling). This ruling is subject to MHI’s rights to seek further arbitration in the matter. No amount has been reflected in the consolidated financial statements for this matter.

Claims by MHI - On February 26, 2019, DBT received notification of an interim claim consisting of both direct and consequential damages from MHI alleging, among other things, that DBT (i) provided defective product and (ii) failed to meet certain project milestones. We believe the notification is unsubstantiated and the vast majority of the claimed damages are prohibited under the relevant contracts. Therefore, we believe any loss for the majority of these claimed damages is remote. For the remainder of the claims, which largely appear to be direct in nature (approximately South African Rand 948.0 or $64.5), DBT has numerous defenses and, thus, we do not believe that DBT has a probable loss associated with these claims. As such, no loss has been recorded in the consolidated financial statements with respect to these claims. In September 2020, MHI made a demand on certain bonds issued in its favor by DBT, based solely on these alleged defects, but without further substantiation or other justification (see further discussion below). On December 30, 2020, MHI notified DBT of its intent to take these claims to binding arbitration. DBT intends to vigorously defend itself against these claims. Although it is reasonably possible that some loss may be incurred in connection with these claims, we currently are unable to estimate the potential loss or range of potential loss associated with these claims due to the (i) lack of support provided by MHI for these claims; (ii) complexity of contractual relationships between the end customer, MHI, and DBT; (iii) legal interpretation of the contract provisions and application of South African law to the contracts; and (iv) unpredictable nature of any dispute resolution processes that may occur in connection with these claims.

In April and July 2019, DBT received notifications of intent to claim liquidated damages totaling South African Rand 407.2 (or $27.7) from MHI alleging that DBT failed to meet certain project milestones related to the construction of the filters for both the Kusile and Medupi projects. DBT has numerous defenses against these claims and, thus, we do not believe that DBT has a probable loss associated with these claims. As such, no loss has been recorded in the consolidated financial statements with respect to these claims. Although it is reasonably possible that some loss may be incurred in connection with these claims, we currently are unable to estimate the potential loss or range of potential loss.

MHI has made other claims against DBT totaling South African Rand 176.2 (or $12.0). DBT has numerous defenses against these claims and, thus, we do not believe that DBT has a probable loss associated with these claims. As such, no loss has been recorded in the consolidated financial statements with respect to these claims.

On July 23, 2020, a dispute adjudication panel issued a ruling in favor of DBT on certain matters related to the Kusile and Medupi projects. The panel (i) ruled that DBT had achieved takeover on 9 of the units; (ii) ordered MHI to return $2.3 of bonds (which have been subsequently returned by MHI); (iii) ruled that DBT is entitled to the return of an additional $4.0 of bonds upon the completion of certain administrative milestones; and (iv) ordered MHI to pay South African Rand 18.4 (or $1.1) in incentive payments for work performed by DBT (which MHI has subsequently paid), and ruled that MHI waived its rights to assert delay damages against DBT on one of the units of the Kusile project. The ruling is subject to MHI’s rights to seek further arbitration in the matter, as provided in the contracts. As such, the incentive payments noted above have not been recorded in our consolidated statement of operations for the year ended December 31, 2020.

Bonds Issued in Favor of MHI - We are obligated with respect to bonds issued by banks in favor of MHI. In September of 2020, MHI made a demand, and received payment of South African Rand 239.6 (or $14.3 at the time of payment), on certain of these bonds, which we funded as required under the terms of the bonds and our senior credit agreement. In its demand, MHI purported that DBT failed to carry out its obligations to rectify certain alleged product defects identified in its February 2019 interim claims notice (see above). DBT denies liability for such alleged product defects and, thus, fully intends to seek, and believes it is legally entitled to, reimbursement of the South African Rand 239.6 (or $16.3) that has been paid. However, given the extent and complexities of the claims between DBT and MHI, reimbursement of the South African Rand 239.6 (or $16.3) is unlikely to occur over the next twelve months. As such, we have reflected the South African Rand 239.6 (or $16.3) as a non-current asset within our consolidated balance sheet as of December 31, 2020.

The remaining amount of outstanding bonds that have been issued in favor of MHI include (i) $16.2 of performance and retention money guarantees, which could be exercised by MHI for alleged defects or other alleged breaches of DBT's obligations, and (ii) a $22.3 bond that can be exercised by MHI only in the event that (a) it receives a favorable judgment on a certain matter and (b) DBT fails to pay any money damages awarded in such judgment. In the event that MHI were to receive payment on a portion, or all, of the remaining bonds, we would be required to reimburse the respective issuing bank.

In addition to these bonds, SPX Corporation has guaranteed DBT’s performance on these projects to the prime contractors.

Settlement with the Minority Shareholder of DBT – On October 16, 2019, SPX Technologies (PTY) LTD, DBT’s parent company, along with DBT and SPX Corporation, executed an agreement with the minority shareholder of DBT to settle a put option and other claims between the parties for a total payment of South African Rand 230.0 (or $15.6). The difference between the settlement amount (South African Rand 230.0) and the amount previously recorded for the matter of South African Rand 257.0, or South African Rand 27.0 (or $1.8), along with a tax benefit of $3.8 associated with the total payment of South African Rand 230.0, has been reflected as an adjustment to “Net income attributable to SPX common shareholders” in our calculations of basic and diluted earnings per share for the year ended December 31, 2019.

Litigation Matters

We are subject to other legal 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; however, we cannot give assurance that these proceedings or claims will not have a material effect on our financial position, results of operations or cash flows.

Environmental Matters

Our operations and properties are subject to federal, state, local and foreign regulatory requirements relating to environmental protection. It is our policy to comply fully with all applicable requirements. As part of our effort to comply, we have a comprehensive environmental compliance program that includes environmental audits conducted by internal and external independent professionals, as well as regular communications with our operating units regarding environmental compliance requirements and anticipated regulations. Based on current information, we believe that our operations are in substantial compliance with applicable environmental laws and regulations, and we are not aware of any violations that could have a material effect, individually or in the aggregate, on our business, financial condition, and results of operations or cash flows. As of December 31, 2020, we had liabilities for site investigation and/or remediation at 25 sites (29 sites at December 31, 2019) 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 December 31, 2020, we have been notified that we are potentially responsible and have received other notices of potential liability pursuant to various environmental laws at 11 sites (14 sites at December 31, 2019) at which the liability has not been settled, of which 9 sites 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 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.

Self-Insured 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 exposures.

Executive Agreements

The Board of Directors has approved an employment agreement for our President and Chief Executive Officer. This agreement had an initial term through December 31, 2017 and, thereafter, rolling terms of one year, and specifies the executive’s current compensation, benefits and perquisites, severance entitlements, and other employment rights and responsibilities. The Compensation Committee of the Board of Directors has approved severance benefit agreements for our other seven executive officers. These agreements cover each executive’s entitlements in the event that the executive’s employment is terminated for other than cause, death or disability, or the executive resigns with good reason. The Compensation Committee of the Board of Directors has also approved change of control agreements for each of our executive officers, which cover each executive’s entitlements following a change of control.

Shareholders' Equity and Long-Term Incentive Compensation

12 Months Ended

Dec. 31, 2020

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

Shareholders' Equity and Long-Term Incentive Compensation

Shareholders’ Equity and Long-Term Incentive Compensation

Income Per Share

The following table sets forth the computations of the components used for the calculation of basic and diluted income (loss) per share:


	Year ended December 31,
	2020		2019		2018
Numerator:
Income from continuing operations	$	100.7	$	71.1	$	81.9
Adjustment related to redeemable noncontrolling interest (Note 15)	—		5.6		—
Income from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share	$	100.7	$	76.7	$	81.9
Loss from discontinued operations, net of tax	$	(3.5)	$	(5.8)	$	(0.7)
Less: Net loss attributable to noncontrolling interest	—		—		—
Loss from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share	$	(3.5)	$	(5.8)	$	(0.7)
Denominator:
Weighted-average number of common shares used in basic income (loss) per share	44.628		43.942		43.054
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units	1.138		1.015		1.606
Weighted-average number of common shares and dilutive securities used in diluted income (loss) per share	45.766		44.957		44.660

For the years ended December 31, 2020, 2019, and 2018, 0.300, 0.319, and 0.234, respectively, of unvested restricted stock shares/units were excluded from the computation of diluted earnings per share as the assumed proceeds for these instruments exceeded the average market value of the underlying common stock for the related years. For the years ended December 31, 2020, 2019, and 2018, 0.793, 0.942, and 0.875, respectively, of outstanding stock options were excluded from the computation of diluted earnings per share as the assumed proceeds for these instruments exceeded the average market value of the underlying common stock for the related years.

Common Stock and Treasury Stock

At December 31, 2020, we had 200.0 authorized shares of common stock (par value $0.01). Common shares issued, treasury shares and shares outstanding are summarized in the table below.


	Common Stock Issued	Treasury Stock	Shares Outstanding
Balance at December 31, 2017	51.186	(8.535)	42.651


Restricted stock units	—	0.457	0.457
Other	0.343	—	0.343
Balance at December 31, 2018	51.529	(8.078)	43.451

Restricted stock units	—	0.264	0.264

Other	0.488	—	0.488
Balance at December 31, 2019	52.017	(7.814)	44.203

Restricted stock units	—	0.141	0.141

Other	0.688	—	0.688
Balance at December 31, 2020	52.705	(7.673)	45.032

Long-Term Incentive Compensation

On May 9, 2019, our stockholders approved our 2019 Stock Compensation Plan (the “2019 Plan”) which replaced our 2002 Stock Compensation Plan, as amended in 2006, 2011, 2012 and 2015 (the “Prior Plan”). As a result of the approval of the 2019 Plan, no further awards were permitted to be made under the Prior Plan. Up to 4.407 shares of our common stock were available for grant at December 31, 2020 under the 2019 Plan. The 2019 Plan permits the issuance of new shares or shares from treasury upon the exercise of options, vesting of time-based restricted stock units (“RSU’s”) and performance stock units (“PSU’s”), or the granting of restricted stock shares (“RS’s”). Each RSU, RS and PSU granted reduces availability by two shares. Similar awards were permitted to be granted under the Prior Plan before the approval of the 2019 Plan.

PSU’s, RSU’s and RS’s may be granted to certain eligible employees or non-employee directors in accordance with applicable equity compensation plan documents and agreements. Subject to participants’ continued employment and other plan terms and conditions, the restrictions lapse and awards generally vest over a period of time, generally one or three years. In some instances, such as death, disability, or retirement, stock may vest concurrently with or following an employee’s termination. PSU’s are eligible to vest at the end of the performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the S&P 600 Capital Goods Index, while the RSU’s and RS’s vest based on the passage of time since grant date. PSU’s, RSU’s, and RS’s that do not vest within the applicable vesting period are forfeited.

We grant RSU’s or RS’s to non-employee directors under the 2006 Non-Employee Directors’ Stock Incentive Plan (the “Directors’ Plan”) and the 2019 Plan. Under the Directors’ Plan, up to 0.027 shares of our common stock were available for grant at December 31, 2020. The 2020, 2019 and 2018 grants to non-employee directors generally vest over a one-year period, with the 2020 grants scheduled to vest in their entirety immediately prior to the annual meeting of stockholders in May 2021.

Stock options may be granted to key employees in the form of incentive stock options or nonqualified stock options. The option price per share may be no less than the fair market value of our common stock at the close of business the day prior to the date of grant. Upon exercise, the employee has the option to surrender previously owned shares at current value in payment of the exercise price and/or for withholding tax obligations.

The recognition of compensation expense for share-based awards, including stock options, is based on their grant date fair values. The fair value of each award is amortized over the lesser of the award’s requisite or derived service period, which is generally up to three years. Compensation expense within income from continuing operations related to PSU’s, RSU’s, RS’s and stock options totaled $12.8, $10.8 and $11.6 for the years ended December 31, 2020, 2019 and 2018, respectively, with the related tax benefit being $2.2, $2.6 and $2.8 for the years ended December 31, 2020, 2019 and 2018, respectively.

In years prior to 2019, annual long-term cash awards were granted to executive officers and other members of senior management. These awards are eligible to vest at the end of a three-year performance measurement period, with performance based on our achievement of a target segment income amount over the three-year measurement period. Long-term incentive compensation expense for 2020, 2019, and 2018 included $1.2, $2.8 and $3.9, respectively, associated with long-term cash awards.

We use the Monte Carlo simulation model valuation technique to determine fair value of our restricted stock awards that contain a market condition (i.e., the PSU’s). The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award and calculates the fair value of each PSU. We issued PSU’s to eligible participants on February 20, 2020, February 21, 2019 and February 22, 2018. We used the following assumptions in determining the fair value of these awards:


	Annual Expected Stock Price Volatility		Annual Expected Dividend Yield		Risk-Free Interest Rate		Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index
February 20, 2020
SPX Corporation	29.47	%	—	%	1.35	%	35.47	%
Peer group within S&P 600 Capital Goods Index	34.93	%	n/a		1.35	%
February 21, 2019
SPX Corporation	32.70	%	—	%	2.53	%	38.75	%
Peer group within S&P 600 Capital Goods Index	34.75	%	n/a		2.48	%
February 22, 2018
SPX Corporation	42.25	%	—	%	2.38	%	32.67	%
Peer group within S&P 600 Capital Goods Index	34.99	%	n/a		2.38	%

Annual expected stock price volatility is based on the three-year historical volatility. There is no annual expected dividend yield as we discontinued dividend payments in 2015 and do not expect to pay dividends for the foreseeable future. The average risk-free interest rate is based on the one-year through three-year daily treasury yield curve rate as of the grant date.

The following table summarizes the PSU, RSU, and RS activity from December 31, 2017 through December 31, 2020:


	Unvested PSU’s, RSU’s, and RS’s	Weighted-Average Grant-Date Fair Value Per Share
December 31, 2017	1.230	$	17.41
Granted	0.211	33.69
Vested	(0.753)	15.39
Forfeited	(0.036)	22.35
December 31, 2018	0.652	24.65
Granted	0.430	35.49
Vested	(0.446)	18.75
Forfeited	(0.030)	35.10
December 31, 2019	0.606	36.17
Granted	0.277	46.61
Vested	(0.233)	31.49
Forfeited	(0.006)	41.37
December 31, 2020	0.644	$	42.32

As of December 31, 2020, there was $10.7 of unrecognized compensation cost related to PSU’s, RSU’s and RS’s. We expect this cost to be recognized over a weighted-average period of 1.8 years.

Stock Options

On February 20, 2020, February 21, 2019 and February 22, 2018, we granted stock options totaling 0.125, 0.186 and 0.184, respectively. The exercise price per share of these options is $50.09, $36.51 and $32.69, respectively, and the maximum contractual term of these options is ten years.

The fair value of each stock option granted on February 20, 2020, February 21, 2019 and February 22, 2018 was $17.40, $13.31 and $11.66, respectively. The fair value of each option grant was estimated using a Black-Scholes option-pricing model with the following assumptions:


	February 20, 2020		February 21, 2019		February 22, 2018
Annual expected stock price volatility	33.48	%	32.70	%	31.14	%
Annual expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	1.41	%	2.53	%	2.75	%
Expected life of stock option (in years)	6.0		6.0		6.0

Annual expected stock price volatility for the February 20, 2020, February 21, 2019 and February 22, 2018 grants were based on a weighted average of SPX’s stock volatility since the Spin-Off and an average of the most recent six-year historical volatility of a peer company group. There is no annual expected dividend yield as we discontinued dividend payments in 2015 and do not expect to pay dividends for the foreseeable future. The average risk-free interest rate is based on the five-year and seven-year treasury constant maturity rates. The expected option life is based on a three-year pro-rata vesting schedule and represents the period of time that awards are expected to be outstanding.

The following table shows stock option activity from December 31, 2017 through December 31, 2020.


	Shares	Weighted- Average Exercise Price
Options outstanding at December 31, 2017	1.608	$	14.67
Exercised	(0.064)	13.89
Forfeited	(0.010)	23.17
Granted	0.184	32.69
Options outstanding at December 31, 2018	1.718	16.58
Exercised	(0.202)	13.46
Forfeited	(0.013)	33.15
Granted	0.189	36.50
Options outstanding at December 31, 2019	1.692	19.05
Exercised	(0.412)	14.97
Forfeited	—	—
Granted	0.139	49.57
Options outstanding at December 31, 2020	1.419	$	23.21

As of December 31, 2020, 1.100 of the above stock options were exercisable and there was $1.5 of unrecognized compensation cost related to the outstanding stock options. We expect this cost to be recognized over a weighted-average period of 2.0 years.

Accumulated Other Comprehensive Income

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2020 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Losses on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at December 31, 2019	$	228.0	$	(1.6)	$	17.9	$	244.3
Other comprehensive income (loss) before reclassifications	10.6		(5.7)		—		4.9
Amounts reclassified from accumulated other comprehensive income (loss)	—		2.9		(3.6)		(0.7)
Current-period other comprehensive income (loss)	10.6		(2.8)		(3.6)		4.2
Balance at December 31, 2020	$	238.6	$	(4.4)	$	14.3	$	248.5

__________________________________________________________________

(1) Net of tax benefit of $1.4 and $0.5 as of December 31, 2020 and 2019, respectively.

(2) Net of tax provision of $4.9 and $6.1 as of December 31, 2020 and 2019, respectively. The balances as of December 31, 2020 and 2019 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2019 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 December 31, 2018	$	225.8	$	(0.6)	$	19.7	$	244.9
Other comprehensive income (loss) before reclassifications	2.2		(2.1)		1.2		1.3
Amounts reclassified from accumulated other comprehensive income (loss):	—		1.1		(3.0)		(1.9)
Current-period other comprehensive income (loss)	2.2		(1.0)		(1.8)		(0.6)
Balance at December 31, 2019	$	228.0	$	(1.6)	$	17.9	$	244.3

__________________________________________________________________

(1) Net of tax benefit of $0.5 and $0.2 as of December 31, 2019 and 2018, respectively.

(2) Net of tax provision of $6.1 and $6.6 as of December 31, 2019 and 2018, respectively. The balances as of December 31, 2019 and 2018 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2020 and 2019:


	Amount Reclassified from AOCI				Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2020		2019
(Gains) losses on qualifying cash flow hedges:

Commodity contracts	$	(0.9)	$	0.8	Cost of products sold
Swaps	4.7		0.7		Interest expense
Pre-tax	3.8		1.5
Income taxes	(0.9)		(0.4)
	$	2.9	$	1.1
Pension and postretirement items:

Amortization of unrecognized prior service credits - Pre-tax	$	(4.8)	$	(4.1)	Other income (expense), net

Income taxes	1.2		1.1
	$	(3.6)	$	(3.0)

Common Stock in Treasury

During the years ended December 31, 2020, 2019 and 2018, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $8.4, $15.8 and $27.6, respectively.

Preferred Stock

None of our 3.0 shares of authorized no par value preferred stock was outstanding at December 31, 2020, 2019 or 2018.

Fair Value

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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 periods presented.

Valuation Methodologies Used to Measure Fair Value on a Non-Recurring Basis

Parent Guarantees and Bonds Associated with Balcke Dürr — In connection with the sale of Balcke Dürr, existing parent company guarantees and bank and surety bonds, which totaled approximately Euro 79.0 and Euro 79.0, respectively, at the time of sale (and Euro 0.0 and Euro 2.9, respectively, at December 31, 2020), will remain in place through each instrument’s expiration date, with such expiration dates occurring through 2022. These guarantees and bonds provide protections for Balcke Dürr customers in regard to advance payments, performance, and warranties on projects in existence at the time of sale. In addition, certain bonds relate to lease obligations and foreign tax matters in existence at the time of sale. Balcke Dürr and the buyer have provided us an indemnity in the event that any of these bonds are called. Also, at the time of sale, Balcke Dürr provided cash collateral of Euro 4.0 and the parent company of the buyer provided a guarantee of Euro 5.0 as a security for the above indemnifications (Euro 0.0 and Euro 1.0, respectively, at December 31, 2020). Summarized below are the liability (related to the parent company guarantees and bank and surety bonds) and asset (related to the cash collateral and guarantee provided by the parent company of the buyer) recorded at the time of sale, along with the change in the liability and the asset during 2020, 2019, and 2018.


	Year ended
	December 31, 2020				December 31, 2019				December 31, 2018
	Guarantees and Bonds Liability (1)		Indemnification Assets (1)		Guarantees and Bonds Liability (1)		Indemnification Assets (1)		Guarantees and Bonds Liability (1)		Indemnification Assets (1)
Balance at beginning of year	$	2.0	$	0.3	$	4.4	$	1.2	$	8.7	$	2.8
Reduction/Amortization for the period (2)	(0.4)		(0.3)		(2.3)		(0.9)		(4.1)		(1.5)
Impact of changes in foreign currency rates	0.2		—		(0.1)		—		(0.2)		(0.1)
Balance at end of period (3)	$	1.8	$	—	$	2.0	$	0.3	$	4.4	$	1.2

___________________________

(1)In connection with the sale, we estimated the fair value of the existing parent company guarantees and bank and surety bonds considering the probability of default by Balcke Dürr and an estimate of the amount we would be obligated to pay in the event of a default. Additionally, we estimated the fair value of the cash collateral provided by Balcke Dürr and the guarantee provided by the parent company of the buyer based on the terms and conditions and relative risk associated with each of these securities (unobservable inputs - Level 3).

(2)We reduce the liability generally at the earlier of the completion of the related underlying project milestones or the expiration of the guarantees or bonds. We amortize the asset based on the expiration terms of each of the securities. We record the reduction of the liability and the amortization of the asset to “Other income (expense), net.”

(3)Balance associated with the guarantees and bonds is reflected within “Other long-term liabilities,” while the balance associated with the indemnification assets is reflected within “Other assets.”

Contingent Consideration for ULC and Sensors & Software Acquisitions — In connection with acquisitions of ULC and Sensors & Software, the respective sellers are eligible for additional cash consideration of $45.0 and $3.9, respectively, with payment of such contingent consideration dependent upon the achievement of certain milestones. The estimated fair value of such contingent consideration is $24.3 and $0.7, respectively, with such amounts reflected as liabilities within our consolidated balance sheet as of December 31, 2020. We estimated the fair value of the contingent consideration for these acquisitions based on the probability of ULC and Sensors & Software achieving these milestones.

Goodwill, Indefinite-Lived Intangible and Other Long-Lived Assets — Certain of our non-financial assets 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.

Valuation Methodologies Used to Measure Fair Value on a Recurring Basis

Derivative Financial Instruments — Our financial derivative assets and liabilities include interest rate swaps, FX forward contracts, 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 December 31, 2020, there had 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 had been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.

Equity Security - As indicated in Note 3, during 2018, we adopted an amendment to guidance that requires, among other things, equity securities (excluding equity method investments) to be measured at fair value. We have an equity security that we account for in accordance with this amended guidance. Specifically, we estimate the fair value of this equity security utilizing a practical expedient under the amended guidance, with such estimated fair value based on our ownership percentage applied to the net asset value of the investee as presented in the investee’s most recent audited financial statements.

During the years ended December 31, 2020 and 2019, we recorded gains of $8.6 and $7.9, respectively, to “Other income (expense), net” related to increases in the estimated fair value of such equity security. In addition, we received distributions during 2020 and 2019 of $3.5 and $2.6, respectively, included within “cash flows from operating activities” in our consolidated statements of cash flows. As of December 31, 2020 and 2019, the equity security had an estimated fair value of $27.0 and $21.9, respectively. We are restricted from transferring this investment without approval of the manager of the investee.

Indebtedness — The estimated fair value of our debt instruments as of December 31, 2020 and December 31, 2019 approximated the related carrying values due primarily to the variable market-based interest rates for such 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.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation — The consolidated financial statements include SPX Corporation’s (“SPX”, “our”, or “we”) accounts prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) after the elimination of intercompany transactions. Investments in unconsolidated companies where we exercise significant influence but do not have control are accounted for using the equity method.
Consolidation, Variable Interest Entity	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 of the entity that could potentially be significant to the VIE. We have an interest in a VIE, in which we are not the primary beneficiary, as a result of the sale of Balcke Dürr. See below and in Notes 2, 4 and 17 for further discussion of the Balcke Dürr sale. All other VIEs are considered immaterial, individually and in aggregate, to our consolidated financial statements.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions — The financial statements of our foreign subsidiaries are translated into U.S. dollars in accordance with the Foreign Currency Matters Topic of the Financial Accounting Standards Board Codification (“Codification”). Gains and losses on foreign currency translations are reflected as a separate component of equity and other comprehensive income.
Cash Equivalents	Cash Equivalents — We consider highly liquid money market investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Revenue Recognition	Revenue Recognition — We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606. See Note 5 for our policy for recognizing revenue under ASC 606 as well as the various other disclosures required by ASC 606.
Research and Development Costs	Research and Development Costs — We expense research and development costs as incurred. We charge costs incurred in the research and development of new software included in products to expense until technological feasibility is established. After technological feasibility is established, additional eligible costs are capitalized until the product is available for general release. We amortize these costs over the economic lives of the related products and include the amortization in cost of products sold. We perform periodic reviews of the recoverability of these capitalized software costs. At the time we determine that capitalized amounts are not recoverable based on the estimated cash flows to be generated from the applicable software, we write off any unrecoverable capitalized amounts.
Property, Plant and Equipment	Property, Plant and Equipment — Property, plant and equipment (“PP&E”) is stated at cost, less accumulated depreciation. We use the straight-line method for computing depreciation expense over the useful lives of PP&E, which do not exceed 40 years for buildings and range from 3 to 15 years for machinery and equipment. Depreciation expense, including amortization of finance leases, was $25.2, $22.9 and $21.4 for the years ended December 31, 2020, 2019 and 2018, respectively. Leasehold improvements are amortized over the life of the related asset or the life of the lease, whichever is shorter. Interest is capitalized on significant construction or installation projects. No interest was capitalized during 2020, 2019 or 2018.
Pension and Postretirement	Pension and Postretirement — We recognize changes in the fair value of plan assets and actuarial gains and losses in earnings during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense and, accordingly, recognize the effects of plan investment performance, interest rate changes, and changes in actuarial assumptions as a component of earnings in the year in which they occur. The remaining components of pension/postretirement expense, primarily interest costs and expected return on plan assets, are recorded on a quarterly basis.Defined benefit pension plans cover a portion of our salaried and hourly paid employees, including certain employees in foreign countries. Beginning in 2001, we discontinued providing these pension benefits generally to newly hired employees. Effective January 31, 2018, we no longer provide service credits to active participants. We have domestic postretirement plans that provide health and life insurance benefits to certain retirees and their dependents. Beginning in 2003, we discontinued providing these postretirement benefits generally to newly hired employees. The plan year-end date for all our plans is December 31. Plan assets — Our investment strategy is based on the long-term growth and protection of principle while mitigating overall risk to ensure that funds are available to pay benefit obligations. The domestic plan assets are invested in a broad range of investment classes, including fixed income securities and domestic and international equities. We engage various investment managers who are regularly evaluated on long-term performance, adherence to investment guidelines and the ability to manage risk commensurate with the investment style and objective for which they were hired. We continuously monitor the value of assets by class and routinely rebalance our portfolio with the goal of meeting our target allocations. The strategy for bonds emphasizes investment-grade corporate and government debt with maturities matching a portion of the longer duration pension liabilities. The bonds strategy also includes a high yield element, which is generally shorter in duration. The strategy for equity assets is to minimize concentrations of risk by investing primarily in companies in a diversified mix of industries worldwide, while targeting neutrality in exposure to global versus regional markets, fund types and fund managers. A small portion of U.S. plan assets (Level 3 assets) is allocated to private equity partnerships and real estate asset fund investments for diversification, providing opportunities for above market returns. Allowable investments under the plan agreements include fixed income securities, equity securities, mutual funds, venture capital funds, real estate and cash and equivalents. In addition, investments in futures and option contracts, commodities and other derivatives are allowed in commingled fund allocations managed by professional investment managers. Investments prohibited under the plan agreements include private placements and short selling of stock. No shares of our common stock were held by our defined benefit pension plans as of December 31, 2020 or 2019. We review the pension assumptions annually. Pension income or expense for the year is determined using assumptions as of the beginning of the year (except for the effects of recognizing changes in the fair value of plan assets and actuarial gains and losses in the fourth quarter of each year), while the funded status is determined using assumptions as of the end of the year. We determined assumptions and established them at the respective balance sheet date using the following principles: (i) the expected long-term rate of return on plan assets is established based on forward looking long-term expectations of asset returns over the expected period to fund participant benefits based on the target investment mix of our plans and (ii) the discount rate is primarily determined by matching the expected projected benefit obligation cash flows for each of the plans to a yield curve that is representative of long-term, high-quality (rated AA or higher) fixed income debt instruments as of the measurement date.The accumulated postretirement benefit obligation was determined using the terms and conditions of our various plans, together with relevant actuarial assumptions and health care cost trend rates. It is our policy to review the postretirement assumptions annually. The assumptions are determined by us and are established based on our prior experience and our expectations that future health care cost trend rates will decline. In addition, we consider advice from independent actuaries.
Income Taxes	Income Taxes — We account for income taxes based on the requirements of the Income Taxes Topic of the Codification, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess the realizability of deferred tax assets and the adequacy of deferred tax liabilities, including the results of local, state, federal or foreign statutory tax audits or estimates and judgments used.Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess deferred tax assets to determine if they are likely to be realized and the adequacy of deferred tax liabilities, incorporating the results of local, state, federal and foreign tax audits in our estimates and judgments.Realization of deferred tax assets, including those associated with net operating loss and credit carryforwards, is dependent upon generating sufficient taxable income in the appropriate tax jurisdiction. We believe that it is more likely than not that we may not realize the benefit of certain of these deferred tax assets and, accordingly, have established a valuation allowance against these deferred tax assets. Although realization is not assured for the remaining deferred tax assets, we believe it is more likely than not that the deferred tax assets will be realized through future taxable earnings or tax planning strategies. However, deferred tax assets could be reduced in the near term if our estimates of taxable income are significantly reduced or tax planning strategies are no longer viable.
Derivative Financial Instruments	Derivative Financial Instruments — We use foreign currency forward contracts to manage our exposures to fluctuating currency exchange rates, forward contracts to manage the exposure on forecasted purchases of commodity raw materials (“commodity contracts”) and interest rate protection agreements to manage our exposures to fluctuating interest rate risk on variable rate debt. Derivatives are recorded on the balance sheet and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in fair value of the derivatives is recorded in accumulated other comprehensive income (“AOCI”) and subsequently recognized in earnings when the forecasted transaction impacts earnings. We do not enter into financial instruments for speculative or trading purposes. For those transactions that are designated as cash flow hedges, on the date the derivative contract is entered into, we document our hedge relationship, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. We also assess, both at inception and quarterly thereafter, whether such derivatives are highly effective in offsetting changes in the fair value of the hedged item. See Notes 14 and 16 for further information. Cash flows from hedging activities are included in the same category as the items being hedged, which are primarily operating activities. 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 South African Rand, British Pound Sterling, and Euro. 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”). None of our FX forward contracts are designated as cash flow hedges. We had FX forward contracts with an aggregate notional amount of $6.3 and $26.0 outstanding as of December 31, 2020 and 2019, respectively, with all of the $6.3 scheduled to mature in 2021.
Reclassification of Prior Years’ Amounts	Reclassification of Prior Years’ Amounts – Certain prior years’ amounts have been reclassified to conform to the current year presentation, including amounts related to the inclusion of Heat Transfer within discontinued operations.
Use of Estimates
Use of Estimates	The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. We evaluate these estimates and judgments on an ongoing basis and base our estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that we believe are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from the estimates and assumptions used in the consolidated financial statements and related notes. Impact of the Coronavirus Disease (the “COVID-19 pandemic”) — We have experienced modest adverse impacts of the COVID-19 pandemic since March 2020. Despite the adverse impacts, there are no indications that the COVID-19 pandemic has resulted in a material decline in the carrying value of any assets, or a material change in the estimate of any contingent amounts, recorded in our consolidated balance sheet as of December 31, 2020. However, there is uncertainty as to the duration and overall impact of the COVID-19 pandemic, which could result in an adverse material change in a future period to the estimates we have made for the valuation of assets and contingent amounts.
Accounts Receivable Allowances	Accounts Receivable Allowances — We provide allowances for estimated losses on uncollectible accounts based on our historical experience and the evaluation of the likelihood of success in collecting specific customer receivables. In addition, we maintain allowances for customer returns, discounts and invoice pricing discrepancies, with such allowances primarily based on historical experience.
Inventory	Inventory — We estimate losses for excess and/or obsolete inventory and the net realizable value of inventory based on the aging and historical utilization of the inventory and the evaluation of the likelihood of recovering the inventory costs based on anticipated demand and selling price.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 38% and 36% of total inventory at December 31, 2020 and 2019, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method.
Long-Lived Assets and Intangible Assets Subject to Amortization	Long-Lived Assets and Intangible Assets Subject to Amortization — We continually review whether events and circumstances subsequent to the acquisition of any long-lived assets, including intangible assets subject to amortization, have occurred that indicate the remaining estimated useful lives of those assets may warrant revision or that the remaining balance of those assets may not be fully recoverable. If events and circumstances indicate that the long-lived assets should be reviewed for possible impairment, we use projections to assess whether future cash flows on an undiscounted basis related to the assets are likely to exceed the related carrying amount. We will record an impairment charge to the extent that the carrying value of the assets exceed their fair values as determined by valuation techniques appropriate in the circumstances, which could include the use of similar projections on a discounted basis. In determining the estimated useful lives of definite-lived intangibles, we consider the nature, competitive position, life cycle position, and historical and expected future operating cash flows of each acquired asset, as well as our commitment to support these assets through continued investment and legal infringement protection.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets — We test goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied fair value. The fair value of reporting units is based generally on discounted projected cash flows, but we also consider factors such as comparable industry price multiples. We employ cash flow projections that we believe to be reasonable under current and forecasted circumstances, the results of which form the basis for making judgments about the carrying values of the reported net assets of our reporting units. Many of our businesses closely follow changes in the industries and end markets that they serve. Accordingly, we consider estimates and judgments that affect the future cash flow projections, including principal methods of competition, such as volume, price, service, product performance and technical innovations, as well as estimates associated with cost reduction initiatives, capacity utilization and assumptions for inflation and foreign currency changes.
Accrued Expenses	Accrued Expenses — We make estimates and judgments in establishing accruals as required under GAAP.
Legal	Legal — It is our policy to accrue for estimated losses from legal actions or claims when events exist that make the realization of the losses probable and they can be reasonably estimated. We do not discount legal obligations or reduce them by anticipated insurance recoveries.
Environmental Remediation Costs	Environmental Remediation Costs — We expense costs incurred to investigate and remediate environmental issues unless they extend the economic useful lives of related assets. We record liabilities when it is probable that an obligation has been incurred and the amounts can be reasonably estimated. Our environmental accruals cover anticipated costs, including investigation, remediation and operation and maintenance of clean-up sites. Our estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. We generally do not discount environmental obligations or reduce them by anticipated insurance recoveries.
Risk Management Matters	Risk Management Matters — We are subject to claims associated with risk management matters (e.g., product liability, predominately associated with alleged exposure to asbestos-containing materials, general liability, automobile, and workers’ compensation claims). The liabilities we record for these claims are based on a number of assumptions, including historical claims and payment experience and, with respect to asbestos claims, actuarial estimates of the future period during which additional claims are reasonably foreseeable. We also have recorded insurance recovery assets associated with the asbestos product liability matters. These assets represent amounts that we believe we are or will be entitled to recover under agreements we have with insurance companies. The assets we record for these insurance recoveries are based on a number of assumptions, including the continued solvency of the insurers, and our legal interpretation of our rights for recovery under the agreements we have with the insurers. In addition, we are self-insured for certain of our workers’ compensation, automobile, product, general liability, disability and health costs, and we maintain adequate accruals to cover our retained liabilities. Our accruals for self-insurance liabilities are based on claims filed and an estimate of claims incurred but not yet reported, and generally are not discounted. We consider a number of factors, including third-party actuarial valuations, when making these determinations. We maintain third-party stop-loss insurance policies to cover certain liability costs in excess of predetermined retained amounts; however, this insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against potential loss exposures. The key assumptions considered in estimating the ultimate cost to settle reported claims and the estimated costs associated with incurred but not yet reported claims include, among other factors, our historical and industry claims experience, trends in health care and administrative costs, our current and future risk management programs, and historical lag studies with regard to the timing between when a claim is incurred and reported.
Warranty	Warranty — In the normal course of business, we issue product warranties for specific products and provide for the estimated future warranty cost in the period in which the sale is recorded. We provide for the estimate of warranty cost based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. In addition, due to the seasonal fluctuations at certain of our businesses, the timing of warranty provisions and the usage of warranty accruals can vary period to period. We make adjustments to initial obligations for warranties as changes in the obligations become reasonably estimable.
Income Taxes	Income Taxes — We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain tax positions in accordance with the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are classified as “Income taxes payable” and “Deferred and other income taxes” in the accompanying consolidated balance sheets based on an expectation as to the timing of when the matter will be resolved. As events change or resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. For tax positions where it is more likely than not that a tax benefit will be sustained, we record the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority, assuming such authority has full knowledge of all relevant information. These reviews also entail analyzing the realization of deferred tax assets. When we believe that it is more likely than not that we will not realize a benefit for a deferred tax asset based on all available evidence, we establish a valuation allowance.
Employee Benefit Plans	Employee Benefit Plans — Defined benefit plans cover a portion of our salaried and hourly employees, including certain employees in foreign countries. As discussed in Note 1, we recognize changes in the fair value of plan assets and actuarial gains and losses associated with our pension and postretirement benefit plans in earnings during the fourth quarter of each year, unless earlier remeasurement is required, as a component of net periodic benefit expense. The remaining components of pension/postretirement expense, primarily interest costs and expected return on plan assets, are recorded on a quarterly basis. See Note 11 for further discussion of our pension and postretirement benefits.We derive pension expense from an actuarial calculation based on the defined benefit plans’ provisions and our assumptions regarding discount rate. We primarily determine the discount rate for our plans by matching the expected projected benefit obligation cash flows for each of the plans to a yield curve that is representative of long-term, high-quality (rated AA or higher) fixed income debt instruments as of the measurement date. We also consult with independent actuaries in determining these assumptions.
Parent Guarantees and Bonds Associated with Balcke Durr	Parent Guarantees and Bonds Associated with Balcke Dürr — As further discussed in Note 17, in connection with the sale of Balcke Dürr, we became contingently obligated under existing parent company guarantees and bank and surety bonds which totaled approximately Euro 79.0 and Euro 79.0, respectively, at the time of sale (and Euro 0.0 and Euro 2.9, respectively, at December 31, 2020). We have accounted for our contingent obligation in accordance with the Guarantees Topic of the Codification, which required that we record a liability for the estimated fair value of the parent company guarantees and the bonds in connection with the accounting for the sale of Balcke Dürr. We estimated the fair value of the parent company guarantees and bank and surety bonds considering the probability of default by Balcke Dürr and an estimate of the amount we would be obligated to pay in the event of a default. As also discussed in Note 17, under the related purchase agreement, Balcke Dürr provided cash collateral and the parent company of the buyer provided a partial guarantee in the event any of the bonds are called. We recorded an asset for the estimated fair value of the cash collateral provided by Balcke Dürr and the partial guarantee provided by the parent company of the buyer, with the estimated fair values based on the terms and conditions and relative risk associated with each of these securities. By way of an offset to “Other income (expense), net,” we are reducing the liability and amortizing the asset, with the reduction of the liability generally to occur upon return of the guarantee or bond which is expected to occur at the earlier of the completion of the related underlying project milestones or the expiration of the guarantees or bonds, and the amortization of the asset to occur based on the expiration terms of each of the securities. We will continue to evaluate the adequacy of the recorded liability and will record an adjustment to the liability if we conclude that it is probable that we will be required to fund an amount greater than what is recorded. See Note 17 for further information regarding the estimated fair values of the parent company guarantees and bonds, as well as the cash collateral provided by Balcke Dürr and the partial guarantee provided by the parent company of the buyer.
New Accounting Pronouncements	New Accounting Pronouncements The following is a summary of new accounting pronouncements that apply or may apply to our business. In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard on revenue recognition (“ASC 606”) that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most current revenue recognition guidance, including industry-specific guidance. Effective January 1, 2018, we adopted ASC 606 using the modified retrospective transition approach for all contracts not completed as of the date of adoption. The modified retrospective transition approach recognizes any changes as of the beginning of the year of initial application (i.e., as of January 1, 2018) through retained earnings, with no restatement of comparative periods. The adoption of ASC 606 resulted in a reduction of our retained deficit of $4.0. In January 2016, the FASB issued an amendment to guidance that (i) requires equity securities (excluding equity method investments) to be measured at fair value, with changes in fair value recognized in net earnings, and (ii) enhances the disclosure associated with these instruments. The amendment allows equity securities that do not have readily determinable fair values to be measured at fair value, either upon the occurrence of an observable price change or identification of an impairment. We adopted this amendment in 2018, with the impact limited to an adjustment to the carrying value of an equity security that we had been accounting for based on its historical cost. In connection with our adoption, we adjusted the carrying value of this equity security to its estimated fair value, which resulted in a reduction, net of tax, of our retained deficit of $12.0. See Note 17 for additional details. In February 2016, the FASB issued an amendment to existing guidance, ASC 842, that requires lessees to recognize assets and liabilities for the rights and obligations created by leases. Under the amendment, additional qualitative and quantitative disclosures are required to allow users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Effective January 1, 2019, we adopted ASC 842 using the modified retrospective transition approach. The modified retrospective transition approach recognizes any changes as of the beginning of the year of initial application (i.e., as of January 1, 2019) through retained earnings, with no restatement of comparative periods. The new standard provides a number of optional practical expedients upon transition. We elected the “package of practical expedients,” which allowed us to maintain our prior conclusions regarding lease identification, lease classification and initial direct costs. We did not elect the practical expedients for the use-of-hindsight or land easements; the latter not being applicable to us. The adoption of ASC 842 had no impact on our retained deficit and no significant impact on the accompanying consolidated statements of operations or consolidated statements of cash flows for the years ended December 31, 2020 and 2019. See Note 6 for further discussion of the post adoption impact of ASC 842. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13. ASU 2016-13 changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables, based on historical experience, current conditions, and reasonable and supportable forecasts. The requirements of ASU 2016-13 are to be applied on a modified retrospective basis, which entails recognizing the initial effect of adoption in retained earnings. We adopted ASU 2016-13 on January 1, 2020, which resulted in an increase of our retained deficit of $0.5. In October 2016, the FASB issued ASU 2016-16, which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The requirements of ASU 2016-16 are to be applied on a modified retrospective basis, which entails recognizing the initial effect of adoption in retained earnings. We adopted ASU 2016-16 as of January 1, 2018, which resulted in an increase of our retained deficit of $0.2. In January 2017, the FASB issued an amendment to simplify the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires that an entity recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This amendment is effective for annual reporting periods beginning after December 31, 2019, including interim periods within those annual reporting periods. We adopted this guidance during the first quarter of 2020, with such adoption having no material impact to our consolidated financial statements. In August 2017, the FASB issued significant amendments to hedge accounting. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. We adopted this guidance during the first quarter of 2019, with such adoption having no material impact to our consolidated financial statements. In February 2018, the FASB amended its guidance for reporting comprehensive income to reflect the potential impacts of the reduction in the corporate tax rate resulting from the “Tax Cut and Jobs Act,” which was enacted in the United States on December 22, 2017. The amendment gives the option of reclassifying the stranded tax effects within AOCI to retained earnings during the fiscal year or quarter in which the effect of the lower tax rate is recorded. The amendment is effective for years beginning after December 15, 2018, with early adoption permitted. We adopted this guidance as of January 1, 2018, which resulted in an increase of our retained deficit of $4.8. In August 2018, the FASB issued amended guidance to simplify fair value measurement disclosure requirements. The new provisions eliminate the requirements to disclose (i) transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) policies related to valuation processes and the timing of transfers between levels of the fair value hierarchy, and (iii) net asset value disclosure of estimates of timing of future liquidity events. The FASB also modified disclosure requirements of Level 3 fair value measurements. This guidance is effective for annual periods beginning after December 15, 2019. We adopted this guidance on January 1, 2020, with no impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by, among other things, eliminating certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for transactions outside of business combinations that result in a step-up in the tax basis of goodwill. The transition requirements are primarily prospective and the effective date is for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. The London Interbank Offered Rate (“LIBOR”) is scheduled to be discontinued on December 31, 2021. In an effort to address the various challenges created by such discontinuance, the FASB issued two amendments to existing guidance, ASU No. 2020-04 and No. 2021-01, Reference Rate Reform. The amended guidance is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, etc.) necessitated by the reference rate reform. It also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by the reference rate reform. Application of the guidance in the amendments is optional, is only available in certain situations, and is only available for companies to apply until December 31, 2022. We are currently evaluating the impacts of reference rate reform and the new guidance on our consolidated financial statements.
Special Charges, Net	As part of our business strategy, we periodically right-size and consolidate operations to improve long-term results. Additionally, from time to time, we alter our business model to better serve customer demand, discontinue lower-margin product lines and rationalize and consolidate manufacturing capacity. Our restructuring and integration decisions are based, in part, on discounted cash flows and are designed to achieve our goals of reducing structural footprint and maximizing profitability. As a result of our strategic review process, we recorded net special charges of $3.2 in 2020, $4.4 in 2019, and $3.7 in 2018. These net special charges were primarily related to restructuring initiatives to consolidate manufacturing and sales facilities, reduce workforce, and rationalize certain product lines. The components of the charges have been computed based on actual cash payouts, including severance and other employee benefits based on existing severance policies, local laws, and other estimated exit costs, and our estimate of the realizable value of the affected tangible assets. Impairments of long-lived assets, which represent non-cash asset write-downs, typically arise from business restructuring decisions that lead to the disposition of assets no longer required in the restructured business. For these situations, we recognize a loss when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Fair values for assets subject to impairment testing are determined primarily by management, taking into consideration various factors including third-party appraisals, quoted market prices and previous experience. If an asset remains in service at the decision date, the asset is written down to its fair value and the resulting net book value is depreciated over its remaining economic useful life. When we commit to a plan to sell an asset, including the initiation of a plan to locate a buyer, and it is probable that the asset will be sold within one year based on its current condition and sales price, depreciation of the asset is discontinued and the asset is classified as an asset held for sale. The asset is written down to its fair value less any selling costs. Liabilities for exit costs, including, among other things, severance, other employee benefit costs, and operating lease obligations on idle facilities, are measured initially at their fair value and recorded when incurred. We anticipate that the liabilities related to restructuring actions will be paid within one year from the period in which the action was initiated.
Goodwill and Other Intangible Assets	Consistent with the requirements of the Intangibles — Goodwill and Other Topic of the Codification, the fair values of our reporting units generally are estimated using discounted cash flow projections that we believe to be reasonable under current and forecasted circumstances, the results of which form the basis for making judgments about carrying values of the reported net assets of our reporting units. Other considerations are also incorporated, including comparable industry price multiples. Many of our reporting units closely follow changes in the industries and end markets that they serve. Accordingly, we consider estimates and judgments that affect the future cash flow projections, including principal methods of competition such as volume, price, service, product performance and technical innovations and estimates associated with cost improvement initiatives, capacity utilization and assumptions for inflation and foreign currency changes. Any significant change in market conditions and estimates or judgments used to determine expected future cash flows that indicate a reduction in carrying value may give rise to impairment in the period that the change becomes known. We perform our annual goodwill impairment testing during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. Based on our annual goodwill impairment testing during the fourth quarter of 2020, we concluded that the estimated fair value of each of our reporting units, exclusive of Cues and Patterson-Kelley, exceeded the carrying value of their respective net assets by over 75%. The estimated fair values of Cues and Patterson-Kelley exceeded the carrying value of their respective net assets by approximately 12% and 3%, while the total goodwill for Cues and Patterson-Kelley was $47.9 and $14.2, respectively, as of December 31, 2020. A change in assumptions used in testing Cues’ and Patterson-Kelley’s goodwill for impairment (e.g., projected revenues and profit growth rates, discount rates, industry price multiples, etc.) could result in Cues’ and/or Patterson-Kelley’s estimated fair value being less than the respective carrying value of their net assets. If Cues and/or Patterson-Kelley is unable to achieve the financial forecasts included in their respective 2020 annual goodwill impairment analysis, we may be required to record an impairment charge in a future period related to Cues’ and/or Patterson-Kelley’s goodwill. 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 resulting cash flows discounted at a rate of return that reflects current market conditions. The basis for these projected revenues is the annual operating plan for each of the related businesses, which is prepared in the fourth quarter of each year. In connection with the annual impairment testing of our trademarks during the fourth quarter of 2020, we recorded impairment charges of $0.7 related to certain of these trademarks. As indicated in Note 1, the COVID-19 pandemic could have an adverse impact on our future operating results. As of December 31, 2020, there are no indications that the carrying value of our goodwill and other intangible assets may not be recoverable. However, a prolonged adverse impact of the COVID-19 pandemic on our future operating results may require an impairment charge related to one or more of these assets in a future period.
Defined Contribution Retirement Plans	We maintain a defined contribution retirement plan (the “DC Plan”) pursuant to Section 401(k) of the U.S. Internal Revenue Code. Under the DC Plan, eligible U.S. employees may voluntarily contribute up to 50% of their compensation into the DC Plan and we match a portion of participating employees’ contributions. Our matching contributions are primarily made in newly issued shares of company common stock and are issued at the prevailing market price. The matching contributions vest with the employee immediately upon the date of the match and there are no restrictions on the resale of common stock held by employees. Under the DC Plan, we contributed 0.276, 0.287 and 0.279 shares of our common stock to employee accounts in 2020, 2019 and 2018, respectively. Compensation expense is recorded based on the market value of shares as the shares are contributed to employee accounts. We recorded $11.3 in 2020, $10.3 in 2019 and $9.4 in 2018 as compensation expense related to the matching contribution. Certain collectively-bargained employees participate in the DC Plan with company contributions not being made in company common stock, although company common stock is offered as an investment option under these plans. We also maintain a Supplemental Retirement Savings Plan (“SRSP”), which permits certain members of our senior management and executive groups to defer eligible compensation in excess of the amounts allowed under the DC Plan. We match a portion of participating employees’ deferrals to the extent allowable under the SRSP provisions. The matching contributions vest with the participant immediately. Our funding of the participants’ deferrals and our matching contributions are held in certain mutual funds (as allowed under the SRSP), as directed by the participant. The fair values of these assets, which totaled $20.9 and $20.4 at December 31, 2020 and 2019, respectively, are based on quoted prices in active markets for identical assets (Level 1). In addition, the assets under the SRSP are available to the general creditors in the event of our bankruptcy and, thus, are maintained on our consolidated balance sheets within “Other assets,” with a corresponding amount in “Other long-term liabilities” for our obligation to the participants. Lastly, these assets are accounted for as trading securities.
Potential Uncertain Positions	We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that a tax position meets the criteria of the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are recorded in “Income taxes payable” and “Deferred and other income taxes” in the accompanying consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. The Internal Revenue Service (“IRS”) currently is performing an audit of our 2013, 2014, 2015, 2016 and 2017 federal income tax returns. 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. 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 Germany for the 2010 through 2014 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, the timing of the ultimate resolution and any payments that may be required for the above matters cannot be determined at this time. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) On March 27, 2020, the CARES Act was enacted into law and provides changes to various tax laws that impact businesses. We do not believe these changes impact our current and deferred income tax balances; therefore, no resulting adjustments have been recorded to such balances as of December 31, 2020. As provided within the CARES Act, we are deferring payments of our social security payroll taxes, for the period March 27, 2020 to December 31, 2020, with such deferral totaling $10.8 as of December 31, 2020. One-half of the deferred amount is required to be paid in 2021, with the remainder to be paid in 2022.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and equivalents, trade accounts receivable, insurance recovery assets associated with asbestos product liability matters, and interest rate swap, foreign currency forward, and commodity contracts. These financial instruments, other than trade accounts receivable, are placed with high-quality financial institutions and insurance companies throughout the world. We periodically evaluate the credit standing of these financial institutions and insurance companies. We maintain cash levels in bank accounts that, at times, may exceed federally-insured limits. We have not experienced significant loss, and believe we are not exposed to significant risk of loss, in these accounts. We have credit loss exposure in the event of nonperformance by counterparties to the above financial instruments, but have no other off-balance-sheet credit risk of accounting loss. We anticipate, however, that counterparties will be able to fully satisfy their obligations under the contracts. We do not obtain collateral or other security to support financial instruments subject to credit risk, but we do monitor the credit standing of counterparties. Concentrations of credit risk arising from trade accounts receivable are due to selling to customers in a particular industry. Credit risks are mitigated by performing ongoing credit evaluations of our customers’ financial conditions and obtaining collateral, advance payments, or other security when appropriate. No one customer, or group of customers that to our knowledge are under common control, accounted for more than 10% of our revenues for any period presented.
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 periods presented. Goodwill, Indefinite-Lived Intangible and Other Long-Lived Assets — Certain of our non-financial assets 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. Valuation Methodologies Used to Measure Fair Value on a Recurring Basis Derivative Financial Instruments — Our financial derivative assets and liabilities include interest rate swaps, FX forward contracts, 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 December 31, 2020, there had 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 had been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.
Environmental Matters
Environmental Matters	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 December 31, 2020, we had liabilities for site investigation and/or remediation at 25 sites (29 sites at December 31, 2019) 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.

Use of Estimates (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Activity for Accounts Receivable Valuation Accounts

Summarized below is the activity for these allowance accounts.


	Year ended December 31,
	2020		2019		2018
Balance at beginning of year	$	10.3	$	11.1	$	9.1
Acquisitions	0.3		0.3		—
Allowances provided	18.7		18.6		17.7
Write-offs, net of recoveries, credits issued and other	(16.5)		(19.7)		(15.7)
Balance at end of year	$	12.8	$	10.3	$	11.1

Schedule of Accrued Expenses

Summarized in the table below are the components of accrued expenses at December 31, 2020 and 2019.


	December 31,
	2020		2019
Employee benefits	$	82.8	$	78.5
Warranty	13.3		12.5
Other (1)	137.5		128.6
Total	$	233.6	$	219.6

___________________________________________________________________

(1)Other consists of various items including, among other items, accrued legal, interest and restructuring costs, none of which is individually material.

Schedule of Product Warranty Accrual

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


	Year ended December 31,
	2020		2019		2018
Balance at beginning of year	$	34.8	$	33.7	$	33.4
Acquisitions	1.6		0.4		1.0
Impact of initial adoption of ASC 606	—		—		0.4
Provisions	14.6		14.0		11.9
Usage	(12.8)		(13.2)		(12.9)
Currency translation adjustment	0.2		(0.1)		(0.1)
Balance at end of year	38.4		34.8		33.7
Less: Current portion of warranty	13.3		12.5		11.9
Non-current portion of warranty	$	25.1	$	22.3	$	21.8

__________________________________________________________________

Acquisitions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Business Acquisition, Pro Forma Information


	Year ended December 31,
		2018
Revenues		$	1,546.7
Income from continuing operations		90.8
Net income		90.1

Income from continuing operations per share of common stock:
Basic		$	2.11
Diluted		$	2.03

Net income per share of common stock:
Basic		$	2.09
Diluted		$	2.02

Schedule of Discontinued Operations

Major line items constituting pre-tax income (loss) and after-tax income (loss) of Heat Transfer for the years ended December 31, 2020, 2019 and 2018 are shown below:


	Year ended December 31,
		2020		2019		2018
Revenues		$	3.9	$	4.5	$	26.0
Costs and expenses:
Cost of products sold		3.1		6.1		25.3
Selling, general and administrative		0.1		0.9		2.9
Intangible amortization expense		—		—		0.1
Special charges (credits), net		0.4		(0.4)		2.6
Other income, net		—		0.3		—
Income (loss) before income tax		0.3		(1.8)		(4.9)
Income tax (provision) benefit		(0.1)		0.4		1.2
Income (loss) from discontinued operations, net of tax		$	0.2	$	(1.4)	$	(3.7)

For the years ended December 31, 2020, 2019 and 2018, results of operations from our businesses reported as discontinued operations were as follows:


	Year ended December 31,
	2020		2019		2018
Balcke Dürr
Income from discontinued operations	$	—	$	—	$	6.3
Income tax provision	—		—		(2.5)
Income from discontinued operations, net	—		—		3.8

Heat Transfer
Income (loss) from discontinued operations	0.3		(1.8)		(4.9)
Income tax (provision) benefit	(0.1)		0.4		1.2
Income (loss) from discontinued operations, net	0.2		(1.4)		(3.7)

All other
Loss from discontinued operations	(4.8)		(4.0)		(1.2)
Income tax (provision) benefit	1.1		(0.4)		0.4
Loss from discontinued operations, net	(3.7)		(4.4)		(0.8)

Total
Income (loss) from discontinued operations	(4.5)		(5.8)		0.2
Income tax (provision) benefit	1.0		—		(0.9)
Loss from discontinued operations, net	$	(3.5)	$	(5.8)	$	(0.7)

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	December 31,
		2020		2019
ASSETS:
Cash and equivalents		$	—	$	0.1
Accounts receivable, net		0.1		1.1
Contract assets		—		0.3
Other current assets		0.2		0.2
Assets of discontinued operations - current		0.3		1.7
Other assets		0.2		0.4
Total assets - discontinued operations		$	0.5	$	2.1

LIABILITIES:
Accounts payable		$	0.2	$	0.4
Contract liabilities		—		0.3
Accrued expenses		0.3		0.8
Liabilities of discontinued operations - current		0.5		1.5
Long-term liabilities		—		0.2
Total liabilities - discontinued operations		$	0.5	$	1.7

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Revenues from Contracts (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Year Ended December 31, 2020
Reportable Segments and Other	HVAC		Detection and Measurement		Engineered Solutions		Other		Total

Major product lines
Cooling	$	297.0	$	—	$	—	$	—	$	297.0
Boilers, comfort heating, and ventilation	293.7		—		—		—		293.7
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		217.8		—		—		217.8
Signal monitoring, obstruction lighting, and bus fare collection systems	—		169.5		—		—		169.5
Power transformers	—		—		427.4		—		427.4
Process cooling equipment and services	—		—		150.1		0.8		150.9
South African projects	—		—		—		3.2		3.2
	$	590.7	$	387.3	$	577.5	$	4.0	$	1,559.5

Timing of Revenue Recognition
Revenues recognized at a point in time	$	590.7	$	341.9	$	41.3	$	0.2	$	974.1
Revenues recognized over time	—		45.4		536.2		3.8		585.4
	$	590.7	$	387.3	$	577.5	$	4.0	$	1,559.5


	Year Ended December 31, 2019
Reportable Segments and Other	HVAC		Detection and Measurement		Engineered Solutions		Other		Total

Major product lines
Cooling	$	284.2	$	—	$	—	$	—	$	284.2
Boilers, comfort heating, and ventilation	309.0		—		—		—		309.0
Underground locators and inspection and rehabilitation equipment	—		194.3		—		—		194.3
Signal monitoring, obstruction lighting, and bus fare collection systems	—		190.6		—		—		190.6
Power transformers	—		—		403.4		—		403.4
Process cooling equipment and services	—		—		145.5		4.8		150.3
South African projects (1)	—		—		—		(10.9)		(10.9)
	$	593.2	$	384.9	$	548.9	$	(6.1)	$	1,520.9

Timing of Revenue Recognition
Revenues recognized at a point in time	$	593.2	$	357.1	$	48.4	$	—	$	998.7
Revenues recognized over time (1)	—		27.8		500.5		(6.1)		522.2
	$	593.2	$	384.9	$	548.9	$	(6.1)	$	1,520.9

__________________________

(1) As discussed above, during the year ended December 31, 2019, we reduced the amount of revenue associated with the large power projects in South Africa by $23.5.


	Year Ended December 31, 2018
Reportable Segments and Other	HVAC		Detection and Measurement		Engineered Solutions		Other		Total

Major product lines
Cooling	$	281.7	$	—	$	—	$	—	$	281.7
Boilers, comfort heating, and ventilation	300.4		—		—		—		300.4
Underground locators and inspection and rehabilitation equipment	—		159.1		—		—		159.1
Signal monitoring, obstruction lighting, and bus fare collection systems	—		161.8		—		—		161.8
Power transformers	—		—		373.8		—		373.8
Process cooling equipment and services	—		—		163.2		23.5		186.7
South African projects	—		—		—		49.1		49.1
	$	582.1	$	320.9	$	537.0	$	72.6	$	1,512.6

Timing of Revenue Recognition
Revenues recognized at a point in time	$	582.1	$	307.3	$	61.5	$	—	$	950.9
Revenues recognized over time	—		13.6		475.5		72.6		561.7
	$	582.1	$	320.9	$	537.0	$	72.6	$	1,512.6

Contract with Customer, Asset and Liability

Our contract balances consisted of the following as of December 31, 2020 and 2019:


Contract Balances	December 31, 2020		December 31, 2019		Change
Contract Accounts Receivable (1)	$	260.7	$	259.7	$	1.0
Contract Assets	81.1		63.1		18.0
Contract Liabilities - current	(103.5)		(100.5)		(3.0)
Contract Liabilities - non-current (2)	(3.4)		(3.3)		(0.1)
Net contract balance	$	234.9	$	219.0	$	15.9

_____________________

(1) Included in “Accounts receivable, net” within the accompanying consolidated balance sheets.

(2) Included in “Other long-term liabilities” within the accompanying consolidated balance sheets.

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Cost

The components of lease expense were as follows:


	Year ended
	December 31, 2020		December 31, 2019
Operating lease cost (1)	$	13.2	$	13.4
Variable lease cost	0.1		—

Finance lease cost:
Amortization of right-of-use assets	$	1.2	$	1.2
Interest on lease liabilities	0.1		0.1
Total finance lease cost	$	1.3	$	1.3

__________________________

(1) Includes short-term lease cost of $3.7 and $3.8, at December 31, 2020 and 2019 respectively.

Supplemental cash flow information related to leases was as follows:


	Year ended
	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	9.7	$	9.7
Operating cash flows from finance leases	0.1		0.1
Financing cash flows from finance leases	1.3		1.2
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	19.9		5.2
Finance lease right-of-use assets obtained in exchange for new lease obligations	1.2		1.3

Supplemental Lease Information

Supplemental balance sheet information related to leases was as follows:


	December 31, 2020		December 31, 2019
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets (1)	$	41.3	$	30.6	Other assets

Operating lease current liabilities	$	7.6	$	7.7	Accrued expenses
Operating lease non-current liabilities	31.4		17.6		Other long-term liabilities
Total operating lease liabilities	$	39.0	$	25.3

Finance Leases:
Finance Lease Assets	$	2.5	$	2.5	Property, plant and equipment, net

Finance lease current liabilities	$	1.0	$	1.0	Current maturities of long-term debt
Finance lease non-current liabilities	1.6		1.7		Long-term debt
Total finance lease liabilities	$	2.6	$	2.7

___________________________________________________________________

(1) Includes favorable leasehold interests as of December 31, 2020 and 2019 of $6.6 and $6.9, respectively, recorded as part of the acquisition of Patterson-Kelley.

The weighted average remaining lease terms (years) of our leases as of December 31, 2020 and December 31, 2019, were as follows:


	December 31,
	2020	2019
Operating Leases	6.9	5.2
Finance Leases	3.2	3.3

Finance Lease Maturities

The future minimum payments under our operating and finance leases were as follows as of December 31, 2020:


	Operating Leases		Finance Leases		Total

Next 12 months	$	8.7	$	1.0	$	9.7
12 to 24 months	7.8		0.8		8.6
24 to 36 months	7.2		0.5		7.7
36 to 48 months	6.7		0.3		7.0
48 to 60 months	2.4		0.1		2.5
Thereafter	10.6		—		10.6
Total lease payments	43.4		2.7		46.1
Less imputed interest	4.4		0.1		4.5
Total	$	39.0	$	2.6	$	41.6

Operating Lease Maturities

The future minimum payments under our operating and finance leases were as follows as of December 31, 2020:


	Operating Leases		Finance Leases		Total

Next 12 months	$	8.7	$	1.0	$	9.7
12 to 24 months	7.8		0.8		8.6
24 to 36 months	7.2		0.5		7.7
36 to 48 months	6.7		0.3		7.0
48 to 60 months	2.4		0.1		2.5
Thereafter	10.6		—		10.6
Total lease payments	43.4		2.7		46.1
Less imputed interest	4.4		0.1		4.5
Total	$	39.0	$	2.6	$	41.6

Information on Reportable Segments and “Other” Operating Segment (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Reportable and Other Operating Segments

Financial data for our reportable and other operating segments for the years ended December 31, 2020, 2019 and 2018 were as follows:


	2020		2019		2018
Revenues:
HVAC reportable segment	$	590.7	$	593.2	$	582.1
Detection and Measurement reportable segment	387.3		384.9		320.9
Engineered Solutions reportable segment	577.5		548.9		537.0
Other (1)	4.0		(6.1)		72.6
Consolidated revenues	$	1,559.5	$	1,520.9	$	1,512.6

Income (loss):
HVAC reportable segment	$	93.4	$	95.4	$	90.0
Detection and Measurement reportable segment	69.1		81.7		72.4
Engineered Solutions reportable segment	60.5		43.0		35.0
Other (1)	(19.3)		(43.6)		(16.0)
Total income for segments	203.7		176.5		181.4
Corporate expense	44.8		46.7		49.1

Long-term incentive compensation expense	14.0		13.6		15.5
Impairment of intangible assets	0.7		—		—
Special charges, net	3.2		4.4		3.7
Other operating expenses, net (2)	9.0		1.8		0.6
Consolidated operating income	$	132.0	$	110.0	$	112.5


Capital expenditures:
HVAC reportable segment	$	4.9	$	5.9	$	2.7
Detection and Measurement reportable segment	2.7		2.3		1.9
Engineered Solutions reportable segment	8.3		7.0		6.9
Other	—		0.1		0.1
General corporate	5.6		2.5		0.8
Total capital expenditures	$	21.5	$	17.8	$	12.4
Depreciation and amortization:
HVAC reportable segment	$	9.4	$	6.9	$	5.4
Detection and Measurement reportable segment	17.6		13.2		8.4
Engineered Solutions reportable segment	11.1		10.7		10.6
Other	0.3		0.4		0.5
General corporate	3.3		3.0		3.0
Total depreciation and amortization	$	41.7	$	34.2	$	27.9


	2020		2019		2018
Identifiable assets:
HVAC reportable segment	$	525.2	$	611.4	$	512.6
Detection and Measurement reportable segment	772.5		609.4		479.0
Engineered Solutions reportable segment	435.0		356.5		383.2
Other	42.6		28.6		56.9
General corporate and eliminations (3)	25.5		16.9		73.7
Insurance recovery assets (4)	496.4		509.6		541.9
Discontinued operations	0.5		2.1		10.2
Total identifiable assets	$	2,297.7	$	2,134.5	$	2,057.5
Geographic Areas:
Revenues: (5)
United States	$	1,363.1	$	1,376.1	$	1,291.6
China	41.7		31.1		38.5
South Africa (1)	4.0		(6.1)		72.6
United Kingdom	88.4		59.0		62.4
Other	62.3		60.8		47.5
	$	1,559.5	$	1,520.9	$	1,512.6


Tangible Long-Lived Assets:
United States	$	762.1	$	754.3	$	831.8
Other	47.9		46.7		28.9
Long-lived assets of continuing operations	810.0		801.0		860.7
Long-lived assets of discontinued operations	0.2		0.4		5.6
Total tangible long-lived assets	$	810.2	$	801.4	$	866.3

___________________________________________________________________

(4)Insurance recovery assets are associated with asbestos product liability matters. Refer to Note 15 for additional details.

(5)Revenues are included in the above geographic areas based on the country that recorded the revenue.

Special Charges, Net (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Schedule of Special Charges by Expense Type

Special charges for the years ended December 31, 2020, 2019 and 2018 are described in more detail below and in the applicable sections that follow:


	Years Ended December 31,
	2020		2019		2018
Employee termination costs	$	1.8	$	3.1	$	3.7
Facility consolidation costs	—		0.5		—
Other cash costs, net	1.0		—		—
Non-cash asset write-downs	0.4		0.8		—
Total	$	3.2	$	4.4	$	3.7

Schedule of Special Charges

2020 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.5	$	—	$	—	$	—	$	0.5
Detection and Measurement reportable segment	0.3		—		—		—		0.3
Engineered Solutions reportable segment	—		—		—		—		—
Other	0.8		—		—		—		0.8
Corporate	0.2		—		1.0		0.4		1.6
Total	$	1.8	$	—	$	1.0	$	0.4	$	3.2

2019 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.2	$	0.1	$	—	$	0.5	$	0.8
Detection and Measurement reportable segment	—		—		—		—		—
Engineered Solutions reportable segment	0.1		0.4		—		0.3		0.8
Other	2.6		—		—		—		2.6
Corporate	0.2		—		—		—		0.2
Total	$	3.1	$	0.5	$	—	$	0.8	$	4.4

2018 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.8	$	—	$	—	$	—	$	0.8
Detection and Measurement reportable segment	—		—		—		—		—
Engineered Solutions reportable segment	—		—		—		—		—
Other	2.4		—		—		—		2.4
Corporate	0.5		—		—		—		0.5
Total	$	3.7	$	—	$	—	$	—	$	3.7

Schedule of the Analysis of the Company's Restructuring Liabilities

The following is an analysis of our restructuring liabilities for the years ended December 31, 2020, 2019 and 2018:



	2020		2019		2018
Balance at beginning of year	$	1.7	$	1.1	$	0.6
Special charges(1)	2.8		3.6		3.7
Utilization — cash	(2.8)		(2.9)		(3.2)
Currency translation adjustment and other	(0.2)		(0.1)		—
Balance at the end of year	$	1.5	$	1.7	$	1.1

___________________________________________________________________

(1)The years ended December 31, 2020, 2019 and 2018 excluded $0.4, $0.8 and $0.0, respectively, of non-cash charges that impacted special charges but not the restructuring liabilities.

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at December 31, 2020 and 2019 comprised the following:


	December 31,
	2020		2019
Finished goods	$	52.9	$	57.6
Work in process	22.3		19.3
Raw materials and purchased parts	101.5		90.3
Total FIFO cost	176.7		167.2
Excess of FIFO cost over LIFO inventory value	(14.7)		(12.3)
Total inventories	$	162.0	$	154.9

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule in the Changes of the Carrying Amount of Goodwill, by Reportable Segment and Other Operating Segments

The changes in the carrying amount of goodwill, for the year ended December 31, 2020, were as follows:


	December 31, 2019		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2020
HVAC reportable segment
Gross goodwill	$	277.1	$	0.8	$	—	$	3.5	$	281.4
Accumulated impairments	(144.6)		—		—		(0.2)		(144.8)
Goodwill	132.5		0.8		—		3.3		136.6
Detection and Measurement reportable segment
Gross goodwill	304.1		42.7		—		4.7		351.5
Accumulated impairments	(133.6)		—		—		(0.9)		(134.5)
Goodwill	170.5		42.7		—		3.8		217.0
Engineered Solutions reportable segment
Gross goodwill	334.2		—		—		7.9		342.1
Accumulated impairments	(187.9)		—		—		(7.9)		(195.8)
Goodwill	146.3		—		—		—		146.3
Other
Gross goodwill	—		—		—		—		—
Accumulated impairments	—		—		—		—		—
Goodwill	—		—		—		—		—
Total
Gross goodwill	915.4		43.5		—		16.1		975.0
Accumulated impairments	(466.1)		—		—		(9.0)		(475.1)
Goodwill	$	449.3	$	43.5	$	—	$	7.1	$	499.9

___________________________________________________________________

The changes in the carrying amount of goodwill, for the year ended December 31, 2019, were as follows:


	December 31, 2018		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2019
HVAC reportable segment
Gross goodwill	$	261.8	$	15.7	$	—	$	(0.4)	$	277.1
Accumulated impairments	(144.4)		—		—		(0.2)		(144.6)
Goodwill	117.4		15.7		—		(0.6)		132.5
Detection and Measurement reportable segment
Gross goodwill	265.0		40.4		—		(1.3)		304.1
Accumulated impairments	(134.3)		—		—		0.7		(133.6)
Goodwill	130.7		40.4		—		(0.6)		170.5
Engineered solutions reportable segment
Gross goodwill	335.3		—		—		(1.1)		334.2
Accumulated impairments	(189.0)		—		—		1.1		(187.9)
Goodwill	146.3		—		—		—		146.3
Other
Gross goodwill	—		—		—		—		—
Accumulated impairments	—		—		—		—		—
Goodwill	—		—		—		—		—
Total
Gross goodwill	862.1		56.1		—		(2.8)		915.4
Accumulated impairments	(467.7)		—		—		1.6		(466.1)
Goodwill	$	394.4	$	56.1	$	—	$	(1.2)	$	449.3

___________________________________________________________________

Schedule of Identifiable Intangible Assets

Identifiable intangible assets were as follows:


	December 31, 2020						December 31, 2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships	$	103.4	$	(16.2)	$	87.2	$	77.4	$	(8.7)	$	68.7
Technology	54.4		(6.8)		47.6		29.5		(3.3)		26.2
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	18.8		(12.5)		6.3		12.6		(9.2)		3.4
	181.1		(40.0)		141.1		124.0		(25.7)		98.3
Trademarks with indefinite lives (2)	163.9		—		163.9		153.4		—		153.4
Total	$	345.0	$	(40.0)	$	305.0	$	277.4	$	(25.7)	$	251.7

___________________________________________________________________

(2)Changes during 2020 related primarily to the acquisition of ULC and Sensors & Software trademarks of $7.6 and $1.8, respectively.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans

Schedule of the Fair Value of Plan Assets by Asset Class

Domestic Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2020		2019		2020
Fixed income common trust funds	68	%	67	%	65	%
Commingled global fund allocation	11	%	17	%	18	%

Global equity common trust funds	5	%	5	%	5	%

U.S. Government securities	9	%	9	%	10	%
Short-term investments (1)	7	%	2	%	2	%

Total	100	%	100	%	100	%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

Foreign Pension Plans


	Actual Allocations				Mid-point of Target Allocation Range
	2020		2019		2020
Global equity common trust funds	9	%	10	%	9	%

Fixed income common trust funds	65	%	45	%	66	%
Commingled global fund allocation	25	%	37	%	25	%

Non-U.S. Government securities	—	%	7	%	—	%
Short-term investments (1)	1	%	1	%	—	%
Total	100	%	100	%	100	%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

Schedule of Net Periodic Benefit (Income) Expense

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

Domestic Pension Plans


	Year ended December 31,
	2020		2019		2018
Service cost	$	—	$	—	$	—
Interest cost	10.8		13.3		12.3
Expected return on plan assets	(9.5)		(9.8)		(10.3)
Amortization of unrecognized prior service credits	(0.1)		(0.1)		(0.2)
Recognized net actuarial (gains) losses (1)	4.7		6.5		(0.2)
Total net periodic pension benefit expense	$	5.9	$	9.9	$	1.6

___________________________________________________________________

(1)Consists primarily of our reported actuarial (gains) losses, the difference between actual and expected returns on plan assets, settlement gains (losses), and curtailment gains (losses).

Foreign Pension Plans


	Year ended December 31,
	2020		2019		2018
Service cost	$	—	$	—	$	—
Interest cost	3.8		4.8		4.7
Expected return on plan assets	(5.7)		(6.7)		(7.5)

Recognized net actuarial losses (1)	0.2		1.0		9.1
Total net periodic pension benefit (income) expense	$	(1.7)	$	(0.9)	$	6.3

___________________________________________________________________

(1)Consists of our reported actuarial (gains) losses and the difference between actual and expected returns on plan assets.

Pension plans

Employee Benefit Plans

Schedule of the Fair Value of Plan Assets by Asset Class

The fair values of pension plan assets at December 31, 2020, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	315.4	$	—	$	315.4	$	—

Non-U.S. Government securities	0.3		—		0.3		—
U.S. Government securities	25.2		—		25.2		—
Equity securities:
Global equity common trust funds (1) (3)	32.1		—		32.1		—








Alternative investments:
Commingled global fund allocations (1) (4)	81.7		—		81.7		—
Other:
Short-term investments (5)	22.5		22.5		—		—
Other	0.9		—		—		0.9
Total	$	478.1	$	22.5	$	454.7	$	0.9

The fair values of pension plan assets at December 31, 2019, by asset class, were as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)	$	255.6	$	—	$	255.6	$	—

Non-U.S. Government securities	13.2		—		13.2		—
U.S. Government securities	24.5		—		24.5		—
Equity securities:
Global equity common trust funds (1) (3)	30.1		—		30.1		—
Alternative Investments:








Commingled global fund allocations (1) (4)	110.3		—		110.3		—
Other:
Short-term investments (5)	7.1		7.1		—		—
Other	0.9		—		—		0.9
Total	$	441.7	$	7.1	$	433.7	$	0.9

___________________________________________________________________

(3)This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures.

(5)Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.

Schedule of Estimated Minimum Benefit Payments

Following is a summary, as of December 31, 2020, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2020 to measure our obligations and include benefits attributable to estimated future employee service.

Estimated future benefit payments:

(Domestic and foreign pension plans)


	Domestic Pension Benefits		Foreign Pension Benefits
2021	$	25.1	$	5.0
2022	26.3		6.2
2023	25.7		6.1
2024	25.5		6.4
2025	24.5		7.4
Subsequent five years	105.4		37.7

Schedule of Funded Status of the Pension Plans and Amounts Recognized in Consolidated Balance Sheets

The following tables show the domestic and foreign pension plans’ funded status and amounts recognized in our consolidated balance sheets:


	Domestic Pension Plans				Foreign Pension Plans
	2020		2019		2020		2019
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	348.2	$	320.9	$	175.0	$	158.2

Service cost	—		—		—		—
Interest cost	10.8		13.3		3.8		4.8

Actuarial losses	30.4		32.4		14.3		13.2
Settlements	(10.3)		(12.7)		—		—
Acquisition	—		7.1		—		—

Benefits paid	(14.4)		(12.8)		(6.7)		(8.0)
Foreign exchange and other	—		—		5.8		6.8
Projected benefit obligation — end of year	$	364.7	$	348.2	$	192.2	$	175.0

The actuarial losses for all pension plans in 2020 and 2019 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.


	Domestic Pension Plans				Foreign Pension Plans
	2020		2019		2020		2019
Change in plan assets:
Fair value of plan assets — beginning of year	$	263.6	$	238.0	$	178.1	$	159.2
Actual return on plan assets	35.1		35.7		19.9		19.4
Contributions (employer and employee)	5.8		6.2		0.9		1.0
Settlements	(10.3)		(12.7)		—		—
Benefits paid	(14.4)		(12.8)		(6.7)		(8.0)
Acquisition	—		9.2		—		—
Foreign exchange and other	—		—		6.1		6.5

Fair value of plan assets — end of year	$	279.8	$	263.6	$	198.3	$	178.1
Funded status at year-end	(84.9)		(84.6)		6.1		3.1
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	2.6	$	2.3	$	8.6	$	6.2

Accrued expenses	(5.4)		(5.5)		—		—

Other long-term liabilities	(82.1)		(81.4)		(2.5)		(3.1)
Net amount recognized	$	(84.9)	$	(84.6)	$	6.1	$	3.1
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	(0.2)		(0.3)		1.2		1.2

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2020 and 2019:


	Domestic Pension Plans				Foreign Pension Plans
	2020		2019		2020		2019
Projected benefit obligation	$	357.9	$	341.2	$	50.9	$	47.8
Accumulated benefit obligation	357.9		341.2		50.9		47.8
Fair value of plan assets	270.4		254.3		48.4		44.7

Schedule of Actuarial Assumptions Used in Accounting for Pension Plans

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


	Year ended December 31,
	2020		2019		2018
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	3.16	%	4.29	%	3.57	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	3.75	%	4.25	%	4.00	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	2.35	%	3.16	%	4.29	%
Rate of increase in compensation levels	N/A		N/A		N/A
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	2.27	%	3.02	%	2.76	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	3.81	%	4.69	%	4.50	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	1.76	%	2.27	%	3.02	%
Rate of increase in compensation levels	N/A		N/A		N/A

Postretirement Plans

Employee Benefit Plans

Schedule of Funded Status of the Pension Plans and Amounts Recognized in Consolidated Balance Sheets

The following tables show the postretirement plans’ funded status and amounts recognized in our consolidated balance sheets:


	Postretirement Plans
	2020		2019
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year	$	63.6	$	68.8

Interest cost	1.6		2.4
Actuarial losses	1.9		2.5
Benefits paid	(6.6)		(8.1)

Plan amendment	—		(1.8)
Other	—		(0.2)
Projected postretirement benefit obligation — end of year	$	60.5	$	63.6
Funded status at year-end	$	(60.5)	$	(63.6)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(6.7)	$	(7.2)

Other long-term liabilities	(53.8)		(56.4)
Net amount recognized	$	(60.5)	$	(63.6)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(20.2)	$	(24.9)

The actuarial losses for our postretirement benefit plans in 2020 and 2019 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.

Schedule of Net Periodic Benefit (Income) Expense

The net periodic postretirement benefit expense (income) included the following components:


	Year ended December 31,
	2020		2019		2018
Service cost	$	—	$	—	$	—
Interest cost	1.6		2.4		2.3
Amortization of unrecognized prior service credits	(4.7)		(4.0)		(4.0)

Recognized net actuarial (gains) losses	1.9		2.5		(2.3)
Net periodic postretirement benefit (income) expense	$	(1.2)	$	0.9	$	(4.0)

Schedule of Estimated Future Benefit Payments and Expected Federal Subsidies

Following is a summary, as of December 31, 2020, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2020 to measure our obligations and include benefits attributable to estimated future employee service.


	Postretirement Payments
2021	$	6.8
2022	6.2
2023	5.6
2024	5.0
2025	4.6
Subsequent five years	17.0

Schedule of Actuarial Assumptions Used in Accounting for Plans

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


	Year ended December 31,
	2020		2019		2018
Assumed health care cost trend rates:
Health care cost trend rate for next year	6.50	%	6.75	%	7.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2027		2027		2027
Discount rate used in determining net periodic postretirement benefit expense	2.97	%	4.09	%	3.34	%
Discount rate used in determining year-end postretirement benefit obligation	2.00	%	2.97	%	4.09	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) from Continuing Operations Before Income Taxes and (Provision for) Benefit from Income Taxes

Income from continuing operations before income taxes and the (provision for) benefit from income taxes consisted of the following:


	Year ended December 31,
	2020		2019		2018
Income from continuing operations:
United States	$	89.5	$	89.4	$	74.5
Foreign	27.0		(4.4)		10.0
	$	116.5	$	85.0	$	84.5
(Provision for) benefit from income taxes:
Current:
United States	$	(0.7)	$	6.8	$	1.5
Foreign	(3.8)		(5.5)		(3.2)
Total current	(4.5)		1.3		(1.7)
Deferred and other:
United States	(11.3)		(14.2)		(0.6)
Foreign	—		(1.0)		(0.3)
Total deferred and other	(11.3)		(15.2)		(0.9)
Total provision	$	(15.8)	$	(13.9)	$	(2.6)

Schedule of Effective Income Tax Rate Reconciliation

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


	Year ended December 31,
	2020		2019		2018
Tax at U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	3.2	%	3.2	%	2.9	%
U.S. credits and exemptions	(3.7)	%	(4.9)	%	(3.8)	%
Foreign earnings/losses taxed at different rates	(3.1)	%	(7.6)	%	(1.1)	%
Nondeductible expenses	1.5	%	2.6	%	2.4	%
Adjustments to uncertain tax positions	(3.0)	%	(0.5)	%	(8.4)	%
Changes in valuation allowance	1.0	%	5.4	%	(8.0)	%
Share-based compensation	(2.5)	%	(2.2)	%	(2.2)	%


U.S. tax reform	—	%	—	%	(0.8)	%
Other	(0.8)	%	(0.6)	%	1.1	%
	13.6	%	16.4	%	3.1	%

Schedule of Deferred Tax Assets and Liabilities

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


	As of December 31,
	2020		2019
Deferred tax assets:
NOL and credit carryforwards	$	142.0	$	145.7
Pension, other postretirement and postemployment benefits	36.5		36.4
Payroll and compensation	17.1		19.0
Legal, environmental and self-insurance accruals	22.6		21.3
Working capital accruals	13.9		11.5
Other	7.9		7.1
Total deferred tax assets	240.0		241.0
Valuation allowance	(92.0)		(93.6)
Net deferred tax assets	148.0		147.4
Deferred tax liabilities:
Intangible assets recorded in acquisitions	74.9		75.1
Basis difference in affiliates	16.3		14.0
Accelerated depreciation	25.7		22.4
Deferred income	29.4		23.0
Other	4.2		1.6
Total deferred tax liabilities	150.5		136.1
	$	(2.5)	$	11.3

Schedule of Changes in Unrecognized Tax Benefits

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 were as follows:


	Year ended December 31,
	2020		2019		2018
Unrecognized tax benefit — opening balance	$	17.2	$	20.3	$	31.3
Gross increases — tax positions in prior period	0.3		1.1		0.6
Gross decreases — tax positions in prior period	(2.2)		(0.8)		(2.4)
Gross increases — tax positions in current period	0.2		0.2		0.7
Settlements	(0.3)		(2.1)		—
Lapse of statute of limitations	(1.7)		(1.5)		(9.8)

Change due to foreign currency exchange rates	0.1		—		(0.1)
Unrecognized tax benefit — ending balance	$	13.6	$	17.2	$	20.3

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2020:


	December 31, 2019		Borrowings		Repayments		Other (5)		December 31, 2020
Revolving loans (1)	$	140.0	$	197.6	$	(207.8)	$	—	$	129.8
Term loan (2)	248.2		—		—		0.4		248.6
Trade receivables financing arrangement (3)	—		134.4		(106.4)		—		28.0
Other indebtedness (4)	5.3		—		(2.2)		2.9		6.0
Total debt	393.5		$	332.0	$	(316.4)	$	3.3	412.4
Less: short-term debt	142.6								101.2
Less: current maturities of long-term debt	1.0								7.2
Total long-term debt	$	249.9							$	304.0

_____________________________________________________________

Schedule of per Annum Fees Charged and the Interest Rate Margins Applicable to Eurodollar and Alternate Base Rate Loans


Consolidated Leverage Ratio	Domestic Revolving Commitment Fee		Global Revolving Commitment Fee		Letter of Credit Fee		Foreign Credit Commitment Fee		Foreign Credit Instrument Fee		LIBOR Rate Loans		ABR Loans
Greater than or equal to 3.50 to 1.0	0.350	%	0.350	%	2.000	%	0.350	%	1.250	%	2.000	%	1.000	%
Between 2.50 to 1.0 and 3.50 to 1.0	0.300	%	0.300	%	1.750	%	0.300	%	1.000	%	1.750	%	0.750	%
Between 1.75 to 1.0 and 2.50 to 1.0	0.275	%	0.275	%	1.500	%	0.275	%	0.875	%	1.500	%	0.500	%
Less than 1.75 to 1.0	0.250	%	0.250	%	1.375	%	0.250	%	0.800	%	1.375	%	0.375	%

Contingent Liabilities and Other Matters (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Asbestos Product Liability Matters

Our recorded assets and liabilities related to asbestos-related claims were as follows at December 31, 2020 and 2019:


	December 31,
	2020		2019
Insurance recovery assets (1)	$	496.4	$	509.6
Liabilities for claims (2)	535.2		552.2

_____________________________________________________________

(1)Of these amounts $446.4 and $459.6 are included in “Other assets” at December 31, 2020 and 2019, respectively, while the remainder is included in “Other current assets.”

(2)Of these amounts $479.9 and $498.1 are included in “Other long-term liabilities” at December 31, 2020 and 2019, respectively, while the remainder is included in “Accrued expenses.”

The following table presents information regarding activity for asbestos-related claims for the years ended December 31, 2020, 2019 and 2018:


	Year ended December 31
	2020	2019	2018
Pending claims, beginning of year	11,079	13,767	17,359
Claims filed	2,449	3,607	3,857
Claims resolved	(3,746)	(6,295)	(7,449)
Pending claims, end of year	9,782	11,079	13,767

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14615-108349

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14394-108349

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14435-108349

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14557-108349

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12053-110248

+ Details

Shareholders' Equity and Long-Term Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2020

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

Computations of the Components Used for the Calculation of Basic and Diluted Income per Share

The following table sets forth the computations of the components used for the calculation of basic and diluted income (loss) per share:


	Year ended December 31,
	2020		2019		2018
Numerator:
Income from continuing operations	$	100.7	$	71.1	$	81.9
Adjustment related to redeemable noncontrolling interest (Note 15)	—		5.6		—
Income from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share	$	100.7	$	76.7	$	81.9
Loss from discontinued operations, net of tax	$	(3.5)	$	(5.8)	$	(0.7)
Less: Net loss attributable to noncontrolling interest	—		—		—
Loss from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share	$	(3.5)	$	(5.8)	$	(0.7)
Denominator:
Weighted-average number of common shares used in basic income (loss) per share	44.628		43.942		43.054
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units	1.138		1.015		1.606
Weighted-average number of common shares and dilutive securities used in diluted income (loss) per share	45.766		44.957		44.660

Summary of Common Shares Issued, Treasury Shares, and Shares Outstanding

Common shares issued, treasury shares and shares outstanding are summarized in the table below.


	Common Stock Issued	Treasury Stock	Shares Outstanding
Balance at December 31, 2017	51.186	(8.535)	42.651


Restricted stock units	—	0.457	0.457
Other	0.343	—	0.343
Balance at December 31, 2018	51.529	(8.078)	43.451

Restricted stock units	—	0.264	0.264

Other	0.488	—	0.488
Balance at December 31, 2019	52.017	(7.814)	44.203

Restricted stock units	—	0.141	0.141

Other	0.688	—	0.688
Balance at December 31, 2020	52.705	(7.673)	45.032

Schedule of Assumptions to Determine the Fair Value of Restricted Stock Awards

We used the following assumptions in determining the fair value of these awards:


	Annual Expected Stock Price Volatility		Annual Expected Dividend Yield		Risk-Free Interest Rate		Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index
February 20, 2020
SPX Corporation	29.47	%	—	%	1.35	%	35.47	%
Peer group within S&P 600 Capital Goods Index	34.93	%	n/a		1.35	%
February 21, 2019
SPX Corporation	32.70	%	—	%	2.53	%	38.75	%
Peer group within S&P 600 Capital Goods Index	34.75	%	n/a		2.48	%
February 22, 2018
SPX Corporation	42.25	%	—	%	2.38	%	32.67	%
Peer group within S&P 600 Capital Goods Index	34.99	%	n/a		2.38	%

Schedule of Restricted Stock Share and Restricted Stock Unit Activity

The following table summarizes the PSU, RSU, and RS activity from December 31, 2017 through December 31, 2020:


	Unvested PSU’s, RSU’s, and RS’s	Weighted-Average Grant-Date Fair Value Per Share
December 31, 2017	1.230	$	17.41
Granted	0.211	33.69
Vested	(0.753)	15.39
Forfeited	(0.036)	22.35
December 31, 2018	0.652	24.65
Granted	0.430	35.49
Vested	(0.446)	18.75
Forfeited	(0.030)	35.10
December 31, 2019	0.606	36.17
Granted	0.277	46.61
Vested	(0.233)	31.49
Forfeited	(0.006)	41.37
December 31, 2020	0.644	$	42.32

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Grants

The fair value of each option grant was estimated using a Black-Scholes option-pricing model with the following assumptions:


	February 20, 2020		February 21, 2019		February 22, 2018
Annual expected stock price volatility	33.48	%	32.70	%	31.14	%
Annual expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	1.41	%	2.53	%	2.75	%
Expected life of stock option (in years)	6.0		6.0		6.0

Schedule of Stock Option Activity

The following table shows stock option activity from December 31, 2017 through December 31, 2020.


	Shares	Weighted- Average Exercise Price
Options outstanding at December 31, 2017	1.608	$	14.67
Exercised	(0.064)	13.89
Forfeited	(0.010)	23.17
Granted	0.184	32.69
Options outstanding at December 31, 2018	1.718	16.58
Exercised	(0.202)	13.46
Forfeited	(0.013)	33.15
Granted	0.189	36.50
Options outstanding at December 31, 2019	1.692	19.05
Exercised	(0.412)	14.97
Forfeited	—	—
Granted	0.139	49.57
Options outstanding at December 31, 2020	1.419	$	23.21

Schedule of Changes in the Components of AOCI

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2020 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Losses on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at December 31, 2019	$	228.0	$	(1.6)	$	17.9	$	244.3
Other comprehensive income (loss) before reclassifications	10.6		(5.7)		—		4.9
Amounts reclassified from accumulated other comprehensive income (loss)	—		2.9		(3.6)		(0.7)
Current-period other comprehensive income (loss)	10.6		(2.8)		(3.6)		4.2
Balance at December 31, 2020	$	238.6	$	(4.4)	$	14.3	$	248.5

__________________________________________________________________

(1) Net of tax benefit of $1.4 and $0.5 as of December 31, 2020 and 2019, respectively.

(2) Net of tax provision of $4.9 and $6.1 as of December 31, 2020 and 2019, respectively. The balances as of December 31, 2020 and 2019 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the year ended December 31, 2019 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 December 31, 2018	$	225.8	$	(0.6)	$	19.7	$	244.9
Other comprehensive income (loss) before reclassifications	2.2		(2.1)		1.2		1.3
Amounts reclassified from accumulated other comprehensive income (loss):	—		1.1		(3.0)		(1.9)
Current-period other comprehensive income (loss)	2.2		(1.0)		(1.8)		(0.6)
Balance at December 31, 2019	$	228.0	$	(1.6)	$	17.9	$	244.3

__________________________________________________________________

(1) Net of tax benefit of $0.5 and $0.2 as of December 31, 2019 and 2018, respectively.

(2) Net of tax provision of $6.1 and $6.6 as of December 31, 2019 and 2018, respectively. The balances as of December 31, 2019 and 2018 include unamortized prior service credits.

Schedule of Amounts Reclassified from each Component of AOCI

The following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2020 and 2019:


	Amount Reclassified from AOCI				Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2020		2019
(Gains) losses on qualifying cash flow hedges:

Commodity contracts	$	(0.9)	$	0.8	Cost of products sold
Swaps	4.7		0.7		Interest expense
Pre-tax	3.8		1.5
Income taxes	(0.9)		(0.4)
	$	2.9	$	1.1
Pension and postretirement items:

Amortization of unrecognized prior service credits - Pre-tax	$	(4.8)	$	(4.1)	Other income (expense), net

Income taxes	1.2		1.1
	$	(3.6)	$	(3.0)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Summarized below are the liability (related to the parent company guarantees and bank and surety bonds) and asset (related to the cash collateral and guarantee provided by the parent company of the buyer) recorded at the time of sale, along with the change in the liability and the asset during 2020, 2019, and 2018.


	Year ended
	December 31, 2020				December 31, 2019				December 31, 2018
	Guarantees and Bonds Liability (1)		Indemnification Assets (1)		Guarantees and Bonds Liability (1)		Indemnification Assets (1)		Guarantees and Bonds Liability (1)		Indemnification Assets (1)
Balance at beginning of year	$	2.0	$	0.3	$	4.4	$	1.2	$	8.7	$	2.8
Reduction/Amortization for the period (2)	(0.4)		(0.3)		(2.3)		(0.9)		(4.1)		(1.5)
Impact of changes in foreign currency rates	0.2		—		(0.1)		—		(0.2)		(0.1)
Balance at end of period (3)	$	1.8	$	—	$	2.0	$	0.3	$	4.4	$	1.2

___________________________

Basis of Presentation and Summary of Significant Accounting Policies - Acquisitions and Divestitures (Details) - USD ($) $ in Millions								12 Months Ended
	Nov. 11, 2020	Sep. 02, 2020	Nov. 12, 2019	Jul. 03, 2019	Feb. 01, 2019	Jun. 07, 2018	Mar. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 28, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition and other investments, net of cash acquired								$ 104.4	$ 147.1	$ 180.8
Foreign Currency Translation and Transactions
Foreign currency transaction net losses								1.3	$ (1.5)	$ (0.3)
ULC Robotics
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash paid to acquire business		$ 89.2
Cash acquired		4.0
Deferred payment		$ 45.0						45.0
Contingent consideration								24.3
Sensors & Software Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash paid to acquire business	$ 15.2
Cash acquired	0.3
Deferred payment	$ 3.9							3.9
Contingent consideration								$ 0.7
Sabik Marine
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash acquired					$ 0.6
Business acquisition and other investments, net of cash acquired					$ 77.2
SGS Refrigeration Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash paid to acquire business				$ 11.5
Deferred payment											$ 1.5
Patterson-Kelley, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash paid to acquire business			$ 59.9
Schonstedt Instrument Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash acquired							$ 0.3
Business acquisition and other investments, net of cash acquired							$ 16.4
Cues, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash acquired						$ 20.6
Business acquisition and other investments, net of cash acquired						$ 164.4

Basis of Presentation and Summary of Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Capitalized software, net of amortization	$ 1.3	$ 3.8
Capitalized software amortization expense	2.5	2.4	$ 2.4
Research and development expense	$ 28.4	$ 24.8	$ 22.9

Basis of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense, including amortization of capital leases	$ 25,200,000	$ 22,900,000	$ 21,400,000
Interest capitalized	$ 0	$ 0	$ 0
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment (in years)	40 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment (in years)	15 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment (in years)	3 years

Use of Estimates (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year	$ 10.3	$ 11.1	$ 9.1
Acquisitions	0.3	0.3	0.0
Allowances provided	18.7	18.6	17.7
Write-offs, net of recoveries, credits issued and other	(16.5)	(19.7)	(15.7)
Balance at end of year	$ 12.8	$ 10.3	$ 11.1

Use of Estimates - Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Employee benefits	$ 82.8	$ 78.5
Warranty	13.3	12.5	$ 11.9
Other	137.5	128.6
Total	$ 233.6	$ 219.6

Use of Estimates - Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Balance at beginning of year	$ 34.8	$ 33.7	$ 33.4
Acquisitions	1.6	0.4	1.0
Impact of initial adoption of ASC 606	0.0	0.0	0.4
Provisions	14.6	14.0	11.9
Usage	(12.8)	(13.2)	(12.9)
Currency translation adjustment	0.2	(0.1)	(0.1)
Balance at end of year	38.4	34.8	33.7
Less: Current portion of warranty	13.3	12.5	11.9
Non-current portion of warranty	$ 25.1	$ 22.3	$ 21.8

Use of Estimates - Narrative (Details) - Discontinued Operations, Disposed of by Sale - Balcke Dürr - Subsidiary of mutares AG (the Buyer) - EUR (€) € in Millions	Dec. 31, 2020	Dec. 30, 2016
Guarantor Obligations [Line Items]
Amount of guarantees	€ 0.0	€ 79.0
Bank and Surety Bonds
Guarantor Obligations [Line Items]
Amount of guarantees	€ 2.9	€ 79.0

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity	$ (629.2)	$ (502.4)
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity			$ (4.8)
Adjustment \| Retained Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity		$ (0.5)	4.0
Adjustment \| Retained Deficit \| Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity			12.0
Adjustment \| Retained Deficit \| Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity			$ (0.2)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Acquisitions and Discontinued Operations - Acquisitions (Details) - USD ($) $ in Millions		7 Months Ended	12 Months Ended
	Jun. 07, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Business acquisition and other investments, net of cash acquired			$ 104.4	$ 147.1	$ 180.8
Net income			$ 97.2	$ 65.3	81.2
Cues, Inc.
Business Acquisition [Line Items]
Business acquisition and other investments, net of cash acquired	$ 164.4
Cash acquired	$ 20.6
Revenue of acquiree since acquisition		$ 52.3
Loss of acquiree since acquisition date		0.4
Cues, Inc. \| Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Net income		$ (4.3)
Selling, General and Administrative Expenses \| Cues, Inc. \| Acquisition-related Costs
Business Acquisition [Line Items]
Net income					$ (2.4)

Acquisitions and Discontinued Operations - Unaudited Pro Forma Information (Details) - Cues, Inc. $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares
Business Acquisition [Line Items]
Revenues \| $	$ 1,546.7
Income from continuing operations \| $	90.8
Net income \| $	$ 90.1
Income from continuing operations per share of common stock:
Basic (usd per share)	$ 2.11
Diluted (usd per share)	2.03
Net income per share of common stock:
Basic (usd per share)	2.09
Diluted (usd per share)	$ 2.02

Acquisitions and Discontinued Operations - Wind-Down of the Heat Transfer Business (Details) - Discontinued operations - SPX Heat Transfer Business - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 30, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Wind-down charges recorded		$ 3.5
Proceeds from sale of intangible assets		4.8
Gain on sale of intangible assets		0.1
Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of manufacturing facility	$ 5.5
Gain (loss) on disposition of manufacturing facility	$ 0.3
Special Charges, Net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Wind-down charges related to impairment of machinery and equipment		0.6
Wind-down charges related to severance costs		2.0
Cost of Sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Wind-down charges related to inventories		$ 0.9

Acquisitions and Discontinued Operations - Pre-tax Income (Loss) and After-tax Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Costs and expenses:
Income from discontinued operations	$ (4.5)	$ (5.8)	$ 0.2
Income tax (provision) benefit	1.0	0.0	(0.9)
Gain (loss) on disposition of discontinued operations, net of tax	(3.7)	(4.4)	3.0
Loss from discontinued operations, net of tax	(3.5)	(5.8)	(0.7)
Discontinued operations \| SPX Heat Transfer Business
Business Acquisition [Line Items]
Revenues	3.9	4.5	26.0
Costs and expenses:
Cost of products sold	3.1	6.1	25.3
Selling, general and administrative	0.1	0.9	2.9
Intangible amortization expense	0.0	0.0	0.1
Special charges (credits), net	0.4	(0.4)	2.6
Other income, net	0.0	0.3	0.0
Income from discontinued operations	0.3	(1.8)	(4.9)
Income tax (provision) benefit	(0.1)	0.4	1.2
Gain (loss) on disposition of discontinued operations, net of tax	$ 0.2	$ (1.4)	$ (3.7)

Acquisitions and Discontinued Operations - Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS:
Cash and equivalents	$ 0.0	$ 0.1	$ 0.3
Assets of discontinued operations - current	0.3	1.7
LIABILITIES:
Liabilities of discontinued operations - current	0.5	1.5
Long-term liabilities	0.0	0.2
Discontinued operations \| SPX Heat Transfer Business
ASSETS:
Cash and equivalents	0.0	0.1
Accounts receivable, net	0.1	1.1
Contract assets	0.0	0.3
Other current assets	0.2	0.2
Assets of discontinued operations - current	0.3	1.7
Other assets	0.2	0.4
Total assets - discontinued operations	0.5	2.1
LIABILITIES:
Accounts payable	0.2	0.4
Contract liabilities	0.0	0.3
Accrued expenses	0.3	0.8
Liabilities of discontinued operations - current	0.5	1.5
Long-term liabilities	0.0	0.2
Total liabilities - discontinued operations	$ 0.5	$ 1.7

Acquisitions and Discontinued Operations - Sale of Blacke Durr Business (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of discontinued operations, net of tax	$ (3.7)	$ (4.4)	$ 3.0
Balcke Dürr \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net consideration			3.6	€ 3.0
Gain (loss) on disposition of discontinued operations, net of tax	$ 0.0	$ 0.0	$ 3.8

Acquisitions and Discontinued Operations - Other Discontinued Operations Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other businesses included in discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss recognized with disposition of business	$ 3.7	$ 4.4	$ 0.8

Acquisitions and Discontinued Operations - Results of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	$ (4.5)	$ (5.8)	$ 0.2
Income tax (provision) benefit	1.0	0.0	(0.9)
Income (loss) from discontinued operations, net	(3.7)	(4.4)	3.0
Less: Loss from discontinued operations, net of tax	(3.5)	(5.8)	(0.7)
Balcke Dürr \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	0.0	0.0	6.3
Income tax (provision) benefit	0.0	0.0	(2.5)
Income (loss) from discontinued operations, net	0.0	0.0	3.8
All other \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	(4.8)	(4.0)	(1.2)
Income tax (provision) benefit	1.1	(0.4)	0.4
Income (loss) from discontinued operations, net	$ (3.7)	$ (4.4)	$ (0.8)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

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+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

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+ Details

Revenues from Contracts - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligation after the effect of practical expedients	$ 81.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected revenue recognition on remaining performance obligations over the next 12 months (as a percentage)	52.00%
Performance obligation satisfaction period (years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected revenue recognition on remaining performance obligations over the next 12 months (as a percentage)	77.00%
Performance obligation satisfaction period (years)	24 months

Revenues from Contracts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			$ 1,559.5	$ 1,520.9	$ 1,512.6
Increase (decrease) in contract with customers, net			15.9
Revenue recognized related to contract liabilities			86.5
Reportable segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			1,559.5	1,520.9	1,512.6
South Africa
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			4.0	(6.1)	72.6
Large Power Projects \| South Africa \| Reportable segments \| Revisions in estimates for large power projects
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			0.4
Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			4.0	(6.1)	72.6
Other \| Large Power Projects \| South Africa \| Revisions in estimates for large power projects
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues				23.5
Other \| Large Power Projects \| South Africa \| Reportable segments \| Revisions in estimates for large power projects
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues		$ (17.5)
Other \| Large Power Projects \| South Africa \| Reportable segments \| Revisions in estimates for large power projects \| Alstom GE
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ (6.0)
HVAC reportable segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			$ 590.7	593.2	582.1
Customer contract terms			The typical length of a contract is one to three months and payment terms are generally 15 to 60 days after shipment to the customer.
HVAC reportable segment \| Reportable segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			$ 590.7	593.2	582.1
Detection and Measurement reportable segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			$ 387.3	384.9	320.9
Customer contract terms			These product lines have varying contract lengths ranging from one to eighteen months (with the longer term contracts generally associated with our bus fare collection systems and communication technologies products lines), with the typical duration being one to three months.
Detection and Measurement reportable segment \| Reportable segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			$ 387.3	384.9	320.9
Engineered Solutions reportable segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			$ 577.5	548.9	537.0
Customer contract terms			The length of customer contract is generally 6 to 12 months for our power transformers business and 6 to 18 months for our process cooling business. Payments on longer-term contracts are generally commensurate with milestones defined in the related contract, while payments for the replacement/spare parts contracts typically occur 30 to 60 days after delivery.
Engineered Solutions reportable segment \| Reportable segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			$ 577.5	548.9	537.0
South African projects
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			3.2	(10.9)	49.1
South African projects \| Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			3.2	(10.9)	49.1
South African projects \| HVAC reportable segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			0.0	0.0	0.0
South African projects \| Detection and Measurement reportable segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			0.0	0.0	0.0
South African projects \| Engineered Solutions reportable segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			$ 0.0	$ 0.0	$ 0.0

Revenues from Contracts - Disaggregated Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 1,559.5	$ 1,520.9	$ 1,512.6
Contract Accounts Receivable	260.7	259.7
Increase (decrease) in accounts receivable	1.0
Contract assets	81.1	63.1
Increase (decrease) in contract with customer, asset, net, current	18.0
Contract Liabilities - current	(103.5)	(100.5)
Increase (decrease) in contract with customer, liability, current	(3.0)
Contract liabilities - non-current	(3.4)	(3.3)
Increase (decrease) in contract with customer, liability, noncurrent	(0.1)
Net contract balance	234.9	219.0
Increase in contract with customers, net	15.9
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	974.1	998.7	950.9
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues	585.4	522.2	561.7
Cooling
Disaggregation of Revenue [Line Items]
Revenues	297.0	284.2	281.7
Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	293.7	309.0	300.4
Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	217.8	194.3	159.1
Signal monitoring, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues	169.5	190.6	161.8
Power transformers
Disaggregation of Revenue [Line Items]
Revenues	427.4	403.4	373.8
Process cooling equipment and services
Disaggregation of Revenue [Line Items]
Revenues	150.9	150.3	186.7
South African projects
Disaggregation of Revenue [Line Items]
Revenues	3.2	(10.9)	49.1
South Africa
Disaggregation of Revenue [Line Items]
Revenues	4.0	(6.1)	72.6
HVAC
Disaggregation of Revenue [Line Items]
Revenues	590.7	593.2	582.1
HVAC \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	590.7	593.2	582.1
HVAC \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
HVAC \| Cooling
Disaggregation of Revenue [Line Items]
Revenues	297.0	284.2	281.7
HVAC \| Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	293.7	309.0	300.4
HVAC \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
HVAC \| Signal monitoring, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
HVAC \| Power transformers
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
HVAC \| Process cooling equipment and services
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
HVAC \| South African projects
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Detection and Measurement
Disaggregation of Revenue [Line Items]
Revenues	387.3	384.9	320.9
Detection and Measurement \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	341.9	357.1	307.3
Detection and Measurement \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues	45.4	27.8	13.6
Detection and Measurement \| Cooling
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Detection and Measurement \| Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Detection and Measurement \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	217.8	194.3	159.1
Detection and Measurement \| Signal monitoring, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues	169.5	190.6	161.8
Detection and Measurement \| Power transformers
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Detection and Measurement \| Process cooling equipment and services
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Detection and Measurement \| South African projects
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Engineered Solutions
Disaggregation of Revenue [Line Items]
Revenues	577.5	548.9	537.0
Engineered Solutions \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	41.3	48.4	61.5
Engineered Solutions \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues	536.2	500.5	475.5
Engineered Solutions \| Cooling
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Engineered Solutions \| Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Engineered Solutions \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Engineered Solutions \| Signal monitoring, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Engineered Solutions \| Power transformers
Disaggregation of Revenue [Line Items]
Revenues	427.4	403.4	373.8
Engineered Solutions \| Process cooling equipment and services
Disaggregation of Revenue [Line Items]
Revenues	150.1	145.5	163.2
Engineered Solutions \| South African projects
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Other
Disaggregation of Revenue [Line Items]
Revenues	4.0	(6.1)	72.6
Other \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	0.2	0.0	0.0
Other \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues	3.8	(6.1)	72.6
Other \| Cooling
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Other \| Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Other \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Other \| Signal monitoring, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Other \| Power transformers
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0
Other \| Process cooling equipment and services
Disaggregation of Revenue [Line Items]
Revenues	0.8	4.8	23.5
Other \| South African projects
Disaggregation of Revenue [Line Items]
Revenues	$ 3.2	(10.9)	$ 49.1
Other \| Large Power Projects \| Revisions in estimates for large power projects \| South Africa
Disaggregation of Revenue [Line Items]
Revenues		$ 23.5

Revenues from Contracts - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract Accounts Receivable	$ 260.7	$ 259.7
Increase (decrease) in accounts receivable	1.0
Contract Assets	81.1	63.1
Increase (decrease) in contract with customer, asset, net, current	18.0
Contract Liabilities - current	(103.5)	(100.5)
Increase (decrease) in contract with customer, liability, current	(3.0)
Contract liabilities - non-current	(3.4)	(3.3)
Increase (decrease) in contract with customer, liability, noncurrent	(0.1)
Net contract balance	234.9	$ 219.0
Increase (decrease) in contract with customers, net	$ 15.9

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Option to terminate (years)	1 year
Operating lease weighted average discount rate (percent)	3.00%	3.80%
Finance lease weighted average discount rate (percent)	3.60%	3.80%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (years)	10 years
Option to extend (years)	5 years

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 13.2	$ 13.4
Variable lease cost	0.1	0.0
Finance lease cost:
Amortization of right-of-use assets	1.2	1.2
Interest on lease liabilities	0.1	0.1
Total finance lease cost	1.3	1.3
Short-term lease cost	$ 3.7	$ 3.8

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$ 9.7	$ 9.7
Operating cash flows from finance leases	0.1	0.1
Financing cash flows from finance leases	1.3	1.2
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	19.9	5.2
Finance lease right-of-use assets obtained in exchange for new lease obligations	$ 1.2	$ 1.3

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Leases:
Operating lease ROU assets	$ 41.3	$ 30.6
Operating lease current liabilities	7.6	7.7
Operating lease non-current liabilities	31.4	17.6
Total operating lease liabilities	39.0
Finance Leases:
Finance Lease Assets	2.5	2.5
Finance lease current liabilities	1.0	1.0
Finance lease non-current liabilities	1.6	1.7
Total finance lease liabilities	$ 2.6	$ 2.7
Other assets	us-gaap:OtherAssets	us-gaap:OtherAssets
Accrued expenses	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Other long-term liabilities	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Property, plant and equipment, net	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Long-term debt	us-gaap:LongTermDebtNoncurrent	us-gaap:LongTermDebtNoncurrent
Liabilities
Operating Leases:
Total operating lease liabilities	$ 39.0	$ 25.3
Patterson-Kelley, LLC
Finance Leases:
Favorable leasehold interests	$ 6.6	$ 6.9

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term, operating leases (years)	6 years 10 months 24 days	5 years 2 months 12 days
Weighted average remaining lease term, finance leases (years)	3 years 2 months 12 days	3 years 3 months 18 days

Leases - Future Minimum Payments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
Next 12 months	$ 8.7
12 to 24 months	7.8
24 to 36 months	7.2
36 to 48 months	6.7
48 to 60 months	2.4
Thereafter	10.6
Total lease payments	43.4
Less imputed interest	4.4
Total	39.0
Finance Leases
Next 12 months	1.0
12 to 24 months	0.8
24 to 36 months	0.5
36 to 48 months	0.3
48 to 60 months	0.1
Thereafter	0.0
Total lease payments	2.7
Less imputed interest	0.1
Total	2.6	$ 2.7
Total
Next 12 months	9.7
12 to 24 months	8.6
24 to 36 months	7.7
36 to 48 months	7.0
48 to 60 months	2.5
Thereafter	10.6
Total lease payments	46.1
Less imputed interest	4.5
Total	$ 41.6

Information on Reportable Segments and “Other” Operating Segment (Details) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 29, 2019 USD ($)	Mar. 30, 2019 USD ($)	Dec. 31, 2020 USD ($) country segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business segment
Number of countries in which entity operates \| country			15
Number of countries in which entity sells its products and services \| country			100
Number of reportable segments \| segment			3
Revenues:
Revenues			$ 1,559.5	$ 1,520.9	$ 1,512.6
Income (loss):
Operating income			(132.0)	(110.0)	(112.5)
Special charges, net			3.2	4.4	3.7
Capital expenditures:
Total capital expenditures			21.5	17.8	12.4
Depreciation and amortization:
Total depreciation and amortization			41.7	34.2	27.9
Identifiable assets:
Total identifiable assets			2,297.7	2,134.5	2,057.5
Tangible Long-Lived Assets:
Long-lived assets of continuing operations			810.0	801.0	860.7
Long-lived assets of discontinued operations			0.2	0.4	5.6
Total tangible long-lived assets			810.2	801.4	866.3
Recorded charges related to asbestos product liability matters			21.3	10.1	4.8
Liabilities for claims			535.2	552.2
Discontinued operations
Identifiable assets:
Total identifiable assets			0.5	2.1	10.2
United States
Revenues:
Revenues			1,363.1	1,376.1	1,291.6
Tangible Long-Lived Assets:
Total tangible long-lived assets			762.1	754.3	831.8
China
Revenues:
Revenues			41.7	31.1	38.5
South Africa
Revenues:
Revenues			4.0	(6.1)	72.6
United Kingdom
Revenues:
Revenues			88.4	59.0	62.4
Other
Revenues:
Revenues			62.3	60.8	47.5
Tangible Long-Lived Assets:
Total tangible long-lived assets			47.9	46.7	28.9
Reportable segments
Revenues:
Revenues			1,559.5	1,520.9	1,512.6
Income (loss):
Operating income			(203.7)	(176.5)	(181.4)
Other
Income (loss):
Long-term incentive compensation expense			14.0	13.6	15.5
Impairment of intangible assets			0.7	0.0	0.0
Special charges, net			3.2	4.4	3.7
Other operating expenses, net			9.0	1.8	0.6
Identifiable assets:
Insurance recovery assets			496.4	509.6	541.9
Tangible Long-Lived Assets:
Recorded charges related to asbestos product liability matters			9.4
Gain (loss) on contract termination			0.4
Revisions to estimates of certain liabilities for divestitures				1.8	0.6
General corporate
Income (loss):
Corporate expense			44.8	46.7	49.1
Special charges, net			1.6	0.2	0.5
Capital expenditures:
Total capital expenditures			5.6	2.5	0.8
Depreciation and amortization:
Total depreciation and amortization			3.3	3.0	3.0
Identifiable assets:
Total identifiable assets			25.5	16.9	73.7
HVAC reportable segment
Revenues:
Revenues			590.7	593.2	582.1
HVAC reportable segment \| Reportable segments
Revenues:
Revenues			590.7	593.2	582.1
Income (loss):
Operating income			(93.4)	(95.4)	(90.0)
Special charges, net			0.5	0.8	0.8
Capital expenditures:
Total capital expenditures			4.9	5.9	2.7
Depreciation and amortization:
Total depreciation and amortization			9.4	6.9	5.4
Identifiable assets:
Total identifiable assets			525.2	611.4	512.6
Detection and Measurement reportable segment
Revenues:
Revenues			387.3	384.9	320.9
Detection and Measurement reportable segment \| Reportable segments
Revenues:
Revenues			387.3	384.9	320.9
Income (loss):
Operating income			(69.1)	(81.7)	(72.4)
Special charges, net			0.3	0.0	0.0
Capital expenditures:
Total capital expenditures			2.7	2.3	1.9
Depreciation and amortization:
Total depreciation and amortization			17.6	13.2	8.4
Identifiable assets:
Total identifiable assets			772.5	609.4	479.0
Engineered Solutions reportable segment
Revenues:
Revenues			577.5	548.9	537.0
Engineered Solutions reportable segment \| Reportable segments
Revenues:
Revenues			577.5	548.9	537.0
Income (loss):
Operating income			(60.5)	(43.0)	(35.0)
Special charges, net			0.0	0.8	0.0
Capital expenditures:
Total capital expenditures			8.3	7.0	6.9
Depreciation and amortization:
Total depreciation and amortization			11.1	10.7	10.6
Identifiable assets:
Total identifiable assets			435.0	356.5	383.2
Other
Revenues:
Revenues			4.0	(6.1)	72.6
Income (loss):
Operating income			19.3	43.6	16.0
Special charges, net			0.8	2.6	2.4
Capital expenditures:
Total capital expenditures			0.0	0.1	0.1
Depreciation and amortization:
Total depreciation and amortization			0.3	0.4	0.5
Identifiable assets:
Total identifiable assets			42.6	28.6	56.9
Large Power Projects \| Revisions in estimates for large power projects \| Reportable segments \| South Africa
Revenues:
Revenues			$ 0.4
Large Power Projects \| Revisions in estimates for large power projects \| Other \| South Africa
Revenues:
Revenues	$ (6.0)	$ (17.5)		(23.5)	(2.7)
Income (loss):
Operating income	$ 6.0	17.5		23.5	$ 4.7
Large Power Projects \| Revisions in estimates for large power projects \| Other \| South Africa
Revenues:
Revenues				$ 23.5
Large Power Projects \| Revisions in estimates for large power projects \| Other \| Reportable segments \| South Africa
Revenues:
Revenues		$ (17.5)

Special Charges, Net (Details) $ in Millions	12 Months Ended
Special Charges, Net (Details) $ in Millions	Dec. 31, 2020 USD ($) employee	Dec. 31, 2019 USD ($) employee	Dec. 31, 2018 USD ($) employee
Special charges, net
Special charges, net	$ 3.2	$ 4.4	$ 3.7
Period for selling an asset	1 year
Period for settling liabilities	1 year
Restructuring charges
Employee termination costs	$ 1.8	3.1	3.7
Other cash costs, net	1.0	0.0	0.0
Non-cash asset write-downs	0.4	0.8	0.0
Total	3.2	4.4	3.7
Restructuring liabilities
Balance at beginning of year	1.7	1.1	0.6
Special charges	2.8	3.6	3.7
Utilization — cash	(2.8)	(2.9)	(3.2)
Currency translation adjustment and other	(0.2)	(0.1)	0.0
Balance at the end of year	1.5	1.7	1.1
Asset impairment charges	0.4	0.8	0.0
Facility Closing
Restructuring charges
Facility consolidation costs	0.0	0.5	0.0
Corporate
Special charges, net
Special charges, net	1.6	0.2	0.5
Restructuring charges
Employee termination costs	0.2	0.2	0.5
Other cash costs, net	1.0	0.0	0.0
Non-cash asset write-downs	0.4	0.0	0.0
Total	1.6	0.2	$ 0.5
Number of employees terminated \| employee			6
Corporate \| Facility Closing
Restructuring charges
Facility consolidation costs	$ 0.0	$ 0.0	$ 0.0
HVAC reportable segment
Restructuring charges
Number of employees terminated \| employee	11	9	18
HVAC reportable segment \| Reportable segments
Special charges, net
Special charges, net	$ 0.5	$ 0.8	$ 0.8
Restructuring charges
Employee termination costs	0.5	0.2	0.8
Other cash costs, net	0.0	0.0	0.0
Non-cash asset write-downs	0.0	0.5	0.0
Total	0.5	0.8	0.8
HVAC reportable segment \| Reportable segments \| Facility Closing
Restructuring charges
Facility consolidation costs	$ 0.0	0.1	0.0
Detection and Measurement reportable segment
Restructuring charges
Number of employees terminated \| employee	5
Detection and Measurement reportable segment \| Reportable segments
Special charges, net
Special charges, net	$ 0.3	0.0	0.0
Restructuring charges
Employee termination costs	0.3	0.0	0.0
Other cash costs, net	0.0	0.0	0.0
Non-cash asset write-downs	0.0	0.0	0.0
Total	0.3	0.0	0.0
Detection and Measurement reportable segment \| Reportable segments \| Facility Closing
Restructuring charges
Facility consolidation costs	0.0	$ 0.0	0.0
Engineered Solutions reportable segment
Restructuring charges
Number of employees terminated \| employee		10
Engineered Solutions reportable segment \| Reportable segments
Special charges, net
Special charges, net	0.0	$ 0.8	0.0
Restructuring charges
Employee termination costs	0.0	0.1	0.0
Other cash costs, net	0.0	0.0	0.0
Non-cash asset write-downs	0.0	0.3	0.0
Total	0.0	0.8	0.0
Engineered Solutions reportable segment \| Reportable segments \| Facility Closing
Restructuring charges
Facility consolidation costs	0.0	0.4	0.0
Other
Special charges, net
Special charges, net	0.8	2.6	2.4
Restructuring charges
Employee termination costs	0.8	2.6	2.4
Other cash costs, net	0.0	0.0	0.0
Non-cash asset write-downs	0.0	0.0	0.0
Total	0.8	$ 2.6	$ 2.4
Number of employees terminated \| employee		339	239
Other \| Facility Closing
Restructuring charges
Facility consolidation costs	$ 0.0	$ 0.0	$ 0.0

Inventories, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 52.9	$ 57.6
Work in process	22.3	19.3
Raw materials and purchased parts	101.5	90.3
Total FIFO cost	176.7	167.2
Excess of FIFO cost over LIFO inventory value	(14.7)	(12.3)
Total inventories	$ 162.0	$ 154.9
Domestic inventories, valued using the last-in, first-out ("LIFO") method, as a percentage of total inventory	38.00%	36.00%

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	$ 915.4	$ 862.1	$ 915.4	$ 862.1
Accumulated impairment, balance at the beginning of the period	(466.1)	(467.7)	(466.1)	(467.7)
Goodwill, balance at the beginning of the period	449.3	394.4	449.3	394.4
Goodwill Resulting from Business Combinations			43.5	56.1
Impairments			0.0	0.0
Gross goodwill related to foreign currency translation and other			16.1	(2.8)
Accumulated impairments related to foreign currency translation and other			(9.0)	1.6
Goodwill related to foreign currency translation and other			7.1	(1.2)
Gross goodwill, end of the period			975.0	915.4
Accumulated impairment, balance at the end of the period			(475.1)	(466.1)
Goodwill, balance at the end of the period			499.9	449.3
HVAC reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	277.1	261.8	277.1	261.8
Accumulated impairment, balance at the beginning of the period	(144.6)	(144.4)	(144.6)	(144.4)
Goodwill, balance at the beginning of the period	132.5	117.4	132.5	117.4
Goodwill Resulting from Business Combinations			0.8	15.7
Impairments			0.0	0.0
Gross goodwill related to foreign currency translation and other			3.5	(0.4)
Accumulated impairments related to foreign currency translation and other			(0.2)	(0.2)
Goodwill related to foreign currency translation and other			3.3	(0.6)
Gross goodwill, end of the period			281.4	277.1
Accumulated impairment, balance at the end of the period			(144.8)	(144.6)
Goodwill, balance at the end of the period			136.6	132.5
Detection and Measurement reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	304.1	265.0	304.1	265.0
Accumulated impairment, balance at the beginning of the period	(133.6)	(134.3)	(133.6)	(134.3)
Goodwill, balance at the beginning of the period	170.5	130.7	170.5	130.7
Goodwill Resulting from Business Combinations			42.7	40.4
Impairments			0.0	0.0
Gross goodwill related to foreign currency translation and other			4.7	(1.3)
Accumulated impairments related to foreign currency translation and other			(0.9)	0.7
Goodwill related to foreign currency translation and other			3.8	(0.6)
Gross goodwill, end of the period			351.5	304.1
Accumulated impairment, balance at the end of the period			(134.5)	(133.6)
Goodwill, balance at the end of the period			217.0	170.5
Engineered Solutions reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	334.2	335.3	334.2	335.3
Accumulated impairment, balance at the beginning of the period	(187.9)	(189.0)	(187.9)	(189.0)
Goodwill, balance at the beginning of the period	146.3	146.3	146.3	146.3
Goodwill Resulting from Business Combinations			0.0	0.0
Impairments			0.0	0.0
Gross goodwill related to foreign currency translation and other			7.9	(1.1)
Accumulated impairments related to foreign currency translation and other			(7.9)	1.1
Goodwill related to foreign currency translation and other			0.0	0.0
Gross goodwill, end of the period			342.1	334.2
Accumulated impairment, balance at the end of the period			(195.8)	(187.9)
Goodwill, balance at the end of the period			146.3	146.3
Other
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	0.0	0.0	0.0	0.0
Accumulated impairment, balance at the beginning of the period	0.0	0.0	0.0	0.0
Goodwill, balance at the beginning of the period	0.0	0.0	0.0	0.0
Goodwill Resulting from Business Combinations			0.0	0.0
Impairments			0.0
Gross goodwill related to foreign currency translation and other			0.0	0.0
Accumulated impairments related to foreign currency translation and other			0.0	0.0
Goodwill related to foreign currency translation and other			0.0	0.0
Gross goodwill, end of the period			0.0	0.0
Accumulated impairment, balance at the end of the period			0.0	0.0
Goodwill, balance at the end of the period			0.0	0.0
ULC Robotics
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations			37.3
Sensors & Software Inc
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations			5.4
Patterson-Kelley, LLC
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations			$ 0.4	13.8
Sabik Marine
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations				41.2
SGS Refrigeration Inc.
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations	$ 0.4			$ 1.9
Cues, Inc.
Changes in the carrying amount of goodwill
Goodwill, purch		$ 0.8

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Intangible assets with determinable lives
Gross carrying value of finite-lived intangible assets	$ 181.1	$ 124.0
Accumulated Amortization	(40.0)	(25.7)
Net carrying value of finite-lived intangible assets	141.1	98.3
Gross carrying value	345.0	277.4
Net carrying value	305.0	251.7
Trademarks
Intangible assets with determinable lives
Trademarks	163.9	153.4
ULC Robotics \| Trademarks
Intangible assets with determinable lives
Finite-lived intangible assets acquired	7.6
Sensors & Software Inc \| Trademarks
Intangible assets with determinable lives
Finite-lived intangible assets acquired	1.8
Customer relationships
Intangible assets with determinable lives
Gross carrying value of finite-lived intangible assets	103.4	77.4
Accumulated Amortization	(16.2)	(8.7)
Net carrying value of finite-lived intangible assets	87.2	68.7
Customer relationships \| ULC Robotics
Intangible assets with determinable lives
Finite-lived intangible assets acquired	22.8
Customer relationships \| Sensors & Software Inc
Intangible assets with determinable lives
Finite-lived intangible assets acquired	2.3
Technology
Intangible assets with determinable lives
Gross carrying value of finite-lived intangible assets	54.4	29.5
Accumulated Amortization	(6.8)	(3.3)
Net carrying value of finite-lived intangible assets	47.6	26.2
Technology \| ULC Robotics
Intangible assets with determinable lives
Finite-lived intangible assets acquired	21.9
Technology \| Sensors & Software Inc
Intangible assets with determinable lives
Finite-lived intangible assets acquired	2.4
Patents
Intangible assets with determinable lives
Gross carrying value of finite-lived intangible assets	4.5	4.5
Accumulated Amortization	(4.5)	(4.5)
Net carrying value of finite-lived intangible assets	0.0	0.0
Other
Intangible assets with determinable lives
Gross carrying value of finite-lived intangible assets	18.8	12.6
Accumulated Amortization	(12.5)	(9.2)
Net carrying value of finite-lived intangible assets	6.3	$ 3.4
Customer backlog \| ULC Robotics
Intangible assets with determinable lives
Finite-lived intangible assets acquired	4.6
Customer backlog \| Sensors & Software Inc
Intangible assets with determinable lives
Finite-lived intangible assets acquired	0.1
Non Compete Agreements \| ULC Robotics
Intangible assets with determinable lives
Finite-lived intangible assets acquired	1.7
Non Compete Agreements \| Sensors & Software Inc
Intangible assets with determinable lives
Finite-lived intangible assets acquired	$ 0.1

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Amortization expense		$ 14.0	$ 8.9	$ 4.1
Estimated amortization expense related to intangible assets
2021	$ 17.0	17.0
2022	15.0	15.0
2023	15.0	15.0
2024	15.0	15.0
2025	15.0	15.0
Aggregate carrying value of definite lived intangible assets	141.1	141.1	98.3
Goodwill	499.9	499.9	449.3	394.4
Impairment charges		0.4	0.8	0.0
Trademarks
Estimated amortization expense related to intangible assets
Trademarks	163.9	$ 163.9	153.4
Impairment charges	$ 0.7
Cues, Inc.
Estimated amortization expense related to intangible assets
Percentage fair value of each reporting unit exceeds carrying value	12.00%	12.00%
Goodwill	$ 47.9	$ 47.9
Patterson-Kelley, LLC
Estimated amortization expense related to intangible assets
Percentage fair value of each reporting unit exceeds carrying value	3.00%	3.00%
Goodwill	$ 14.2	$ 14.2
Minimum
Estimated amortization expense related to intangible assets
Percentage fair value of each reporting unit exceeds carrying value	75.00%	75.00%
Detection and Measurement reportable segment
Estimated amortization expense related to intangible assets
Trademarks	$ 58.1	$ 58.1
Aggregate carrying value of definite lived intangible assets	116.7	116.7
Goodwill	217.0	217.0	170.5	130.7
HVAC reportable segment
Estimated amortization expense related to intangible assets
Trademarks	96.7	96.7
Aggregate carrying value of definite lived intangible assets	24.4	24.4
Goodwill	136.6	136.6	132.5	117.4
Engineered Solutions reportable segment
Estimated amortization expense related to intangible assets
Trademarks	9.1	9.1
Goodwill	$ 146.3	$ 146.3	$ 146.3	$ 146.3

Employee Benefit Plans - Overview (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
United States
Employee benefit plans
Settlements	$ 10.3	$ 12.7

Employee Benefit Plans - Defined Benefit Pension Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Employee benefit plans
Fair value of plan assets	$ 478.1	$ 441.7
Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	315.4	255.6
Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	81.7	110.3
Global equity common trust funds
Employee benefit plans
Fair value of plan assets	32.1	30.1
U.S. Government securities
Employee benefit plans
Fair value of plan assets	25.2	24.5
Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.3	13.2
Short-term investments
Employee benefit plans
Fair value of plan assets	$ 22.5	7.1
Value of short-term investments (in dollars per unit) \| $ / item	1.00
Other
Employee benefit plans
Fair value of plan assets	$ 0.9	0.9
Quoted Prices in Active Markets for Identical Assets (Level 1)
Employee benefit plans
Fair value of plan assets	22.5	7.1
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.0	0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Short-term investments
Employee benefit plans
Fair value of plan assets	22.5	7.1
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Observable Inputs (Level 2)
Employee benefit plans
Fair value of plan assets	454.7	433.7
Significant Observable Inputs (Level 2) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	315.4	255.6
Significant Observable Inputs (Level 2) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	81.7	110.3
Significant Observable Inputs (Level 2) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	32.1	30.1
Significant Observable Inputs (Level 2) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	25.2	24.5
Significant Observable Inputs (Level 2) \| Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.3	13.2
Significant Observable Inputs (Level 2) \| Short-term investments
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Observable Inputs (Level 2) \| Other
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3)
Employee benefit plans
Fair value of plan assets	0.9	0.9
Significant Unobservable Inputs (Level 3) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Short-term investments
Employee benefit plans
Fair value of plan assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Other
Employee benefit plans
Fair value of plan assets	$ 0.9	$ 0.9
United States
Employee benefit plans
Actual Allocations	100.00%	100.00%
Mid-point of Target Allocation Range	100.00%
Fair value of plan assets	$ 279.8	$ 263.6	$ 238.0
Actual return on plan assets	$ 35.1	$ 35.7
United States \| Fixed income common trust funds
Employee benefit plans
Actual Allocations	68.00%	67.00%
Mid-point of Target Allocation Range	65.00%
United States \| Commingled global fund allocation
Employee benefit plans
Actual Allocations	11.00%	17.00%
Mid-point of Target Allocation Range	18.00%
United States \| Global equity common trust funds
Employee benefit plans
Actual Allocations	5.00%	5.00%
Mid-point of Target Allocation Range	5.00%
United States \| U.S. Government securities
Employee benefit plans
Actual Allocations	9.00%	9.00%
Mid-point of Target Allocation Range	10.00%
United States \| Short-term investments
Employee benefit plans
Actual Allocations	7.00%	2.00%
Mid-point of Target Allocation Range	2.00%
Foreign Plan
Employee benefit plans
Actual Allocations	100.00%	100.00%
Mid-point of Target Allocation Range	100.00%
Fair value of plan assets	$ 198.3	$ 178.1	$ 159.2
Actual return on plan assets	$ 19.9	$ 19.4
Foreign Plan \| Fixed income common trust funds
Employee benefit plans
Actual Allocations	65.00%	45.00%
Mid-point of Target Allocation Range	66.00%
Foreign Plan \| Commingled global fund allocation
Employee benefit plans
Actual Allocations	25.00%	37.00%
Mid-point of Target Allocation Range	25.00%
Foreign Plan \| Global equity common trust funds
Employee benefit plans
Actual Allocations	9.00%	10.00%
Mid-point of Target Allocation Range	9.00%
Foreign Plan \| Non-U.S. Government securities
Employee benefit plans
Actual Allocations	0.00%	7.00%
Mid-point of Target Allocation Range	0.00%
Foreign Plan \| Short-term investments
Employee benefit plans
Actual Allocations	1.00%	1.00%
Mid-point of Target Allocation Range	0.00%

Employee Benefit Plans - Estimated Future Benefit Payments (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Postretirement Plans
Estimated future benefit payments, net of subsidies:
2021	$ 6,800,000
2022	6,200,000
2023	5,600,000
2024	5,000,000.0
2025	4,600,000
Subsequent five years	17,000,000.0
Non-qualified pension plans
Employee benefit plans
Expected minimum required funding contributions in 2019	5,400,000
United States
Employee benefit plans
Employer contributions	0
Estimated future benefit payments, net of subsidies:
2021	25,100,000
2022	26,300,000
2023	25,700,000
2024	25,500,000
2025	24,500,000
Subsequent five years	105,400,000
Foreign Plan
Employee benefit plans
Employer contributions	900,000
Expected minimum required funding contributions in 2019	1,000,000.0
Estimated future benefit payments, net of subsidies:
2021	5,000,000.0
2022	6,200,000
2023	6,100,000
2024	6,400,000
2025	7,400,000
Subsequent five years	$ 37,700,000

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in plan assets:
Fair value of plan assets — beginning of year	$ 441,700,000
Fair value of plan assets — end of year	478,100,000	$ 441,700,000
Postretirement Plans
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	63,600,000	68,800,000
Service cost	0	0	$ 0
Interest cost	1,600,000	2,400,000	2,300,000
Actuarial losses	1,900,000	2,500,000
Benefits paid	(6,600,000)	(8,100,000)
Projected benefit obligation — end of year	60,500,000	63,600,000	68,800,000
Change in plan assets:
Funded status at year-end	(60,500,000)	(63,600,000)
Amounts recognized in the consolidated balance sheets consist of:
Other assets	0
Accrued expenses	(6,700,000)	(7,200,000)
Other long-term liabilities	(53,800,000)	(56,400,000)
Net amount recognized	(60,500,000)	(63,600,000)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of:
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	(20,200,000)	(24,900,000)
Pension plans
Employee benefit plans
Non-funded plan, current underfunded status	66,200,000
United States
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	348,200,000	320,900,000
Service cost	0	0	0
Interest cost	10,800,000	13,300,000	12,300,000
Actuarial losses	30,400,000	32,400,000
Settlements	(10,300,000)	(12,700,000)
Acquisition	0	7,100,000
Benefits paid	(14,400,000)	(12,800,000)
Foreign exchange and other	0	0
Projected benefit obligation — end of year	364,700,000	348,200,000	320,900,000
Change in plan assets:
Fair value of plan assets — beginning of year	263,600,000	238,000,000.0
Actual return on plan assets	35,100,000	35,700,000
Contributions (employer and employee)	5,800,000	6,200,000
Settlements	(10,300,000)	(12,700,000)
Benefits paid	(14,400,000)	(12,800,000)
Acquisition	0	9,200,000
Foreign exchange and other	0	0
Fair value of plan assets — end of year	279,800,000	263,600,000	238,000,000.0
Funded status at year-end	(84,900,000)	(84,600,000)
Amounts recognized in the consolidated balance sheets consist of:
Other assets	2,600,000	2,300,000
Accrued expenses	(5,400,000)	(5,500,000)
Other long-term liabilities	(82,100,000)	(81,400,000)
Net amount recognized	(84,900,000)	(84,600,000)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of:
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	(200,000)	(300,000)
Foreign Plan
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	175,000,000.0	158,200,000
Service cost	0	0	0
Interest cost	3,800,000	4,800,000	4,700,000
Actuarial losses	14,300,000	13,200,000
Settlements	0	0
Acquisition	0	0
Benefits paid	(6,700,000)	(8,000,000.0)
Foreign exchange and other	5,800,000	6,800,000
Projected benefit obligation — end of year	192,200,000	175,000,000.0	158,200,000
Change in plan assets:
Fair value of plan assets — beginning of year	178,100,000	159,200,000
Actual return on plan assets	19,900,000	19,400,000
Contributions (employer and employee)	900,000	1,000,000.0
Settlements	0	0
Benefits paid	(6,700,000)	(8,000,000.0)
Acquisition	0	0
Foreign exchange and other	6,100,000	6,500,000
Fair value of plan assets — end of year	198,300,000	178,100,000	$ 159,200,000
Funded status at year-end	6,100,000	3,100,000
Amounts recognized in the consolidated balance sheets consist of:
Other assets	8,600,000	6,200,000
Accrued expenses	0	0
Other long-term liabilities	(2,500,000)	(3,100,000)
Net amount recognized	6,100,000	3,100,000
Amount recognized in accumulated other comprehensive income (pre-tax) consists of:
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	$ 1,200,000	$ 1,200,000

Employee Benefit Plans - Net Periodic Expense (Income) and Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 357.9	$ 341.2
Accumulated benefit obligation	357.9	341.2
Fair value of plan assets	270.4	254.3
Accumulated benefit obligation	364.7	348.2
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	$ 0.0
Interest cost	10.8	13.3	12.3
Expected return on plan assets	(9.5)	(9.8)	(10.3)
Amortization of unrecognized prior service credits	(0.1)	(0.1)	(0.2)
Recognized net actuarial losses	4.7	6.5	(0.2)
Total net periodic pension benefit expense	$ 5.9	$ 9.9	$ 1.6
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate used in determining net periodic postretirement benefit expense	3.16%	4.29%	3.57%
Expected long-term rate of return on assets (as a percent)	3.75%	4.25%	4.00%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate used in determining year-end postretirement benefit obligation	2.35%	3.16%	4.29%
Foreign Plan
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 50.9	$ 47.8
Accumulated benefit obligation	50.9	47.8
Fair value of plan assets	48.4	44.7
Accumulated benefit obligation	192.2	175.0
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	$ 0.0
Interest cost	3.8	4.8	4.7
Expected return on plan assets	(5.7)	(6.7)	(7.5)
Recognized net actuarial losses	0.2	1.0	9.1
Total net periodic pension benefit expense	$ (1.7)	$ (0.9)	$ 6.3
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate used in determining net periodic postretirement benefit expense	2.27%	3.02%	2.76%
Expected long-term rate of return on assets (as a percent)	3.81%	4.69%	4.50%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate used in determining year-end postretirement benefit obligation	1.76%	2.27%	3.02%

Employee Benefit Plans - Postretirement Benefit Plans (Details) - Postretirement Plans - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Estimated future benefit payments, net of subsidies:
2021	$ 6,800,000
2022	6,200,000
2023	5,600,000
2024	5,000,000.0
2025	4,600,000
Subsequent five years	17,000,000.0
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	63,600,000	$ 68,800,000
Interest cost	1,600,000	2,400,000	$ 2,300,000
Actuarial losses	1,900,000	2,500,000
Benefits paid	(6,600,000)	(8,100,000)
Plan amendment	0	(1,800,000)
Other	0	(200,000)
Projected benefit obligation — end of year	60,500,000	63,600,000	68,800,000
Funded status at year-end	(60,500,000)	(63,600,000)
Other assets	0
Accrued expenses	6,700,000	7,200,000
Other long-term liabilities	53,800,000	56,400,000
Net amount recognized	(60,500,000)	(63,600,000)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	(20,200,000)	(24,900,000)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	1,600,000	2,400,000	2,300,000
Amortization of unrecognized prior service credits	(4,700,000)	(4,000,000.0)	(4,000,000.0)
Recognized net actuarial (gains) losses	1,900,000	2,500,000	(2,300,000)
Total net periodic pension benefit expense	$ (1,200,000)	$ 900,000	$ (4,000,000.0)
Assumptions - Actuarial assumptions used in accounting for plans
Health care cost trend rate for next year	6.50%	6.75%	7.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2027	2027	2027
Discount rate used in determining net periodic postretirement benefit expense	2.97%	4.09%	3.34%
Discount rate used in determining year-end postretirement benefit obligation	2.00%	2.97%	4.09%

Employee Benefit Plans - Defined Contribution Retirement Plans (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
The DC Plan
Defined Contribution Retirement Plans
Maximum voluntary contribution by eligible U.S. employees as a percentage of their compensation	50.00%
Number of shares contributed	276	287	279
Compensation expense	$ 11.3	$ 10.3	$ 9.4
Supplemental Retirement Savings Plan (SRSP)
Defined Contribution Retirement Plans
Compensation expense	0.2	0.2	$ 0.3
Supplemental Retirement Savings Plan (SRSP) \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Contribution Retirement Plans
Fair value of assets	$ 20.9	$ 20.4

Income Taxes - Income Taxes (Provision for) Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income from continuing operations:
United States	$ 89.5	$ 89.4	$ 74.5
Foreign	27.0	(4.4)	10.0
Income from continuing operations before income taxes	116.5	85.0	84.5
Current:
United States	(0.7)	6.8	1.5
Foreign	(3.8)	(5.5)	(3.2)
Total current	(4.5)	1.3	(1.7)
Deferred and other:
United States	(11.3)	(14.2)	(0.6)
Foreign	0.0	(1.0)	(0.3)
Total deferred and other	(11.3)	(15.2)	(0.9)
Total provision	$ (15.8)	$ (13.9)	$ (2.6)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
NOL and credit carryforwards	$ 142.0	$ 145.7
Pension, other postretirement and postemployment benefits	36.5	36.4
Payroll and compensation	17.1	19.0
Legal, environmental and self-insurance accruals	22.6	21.3
Working capital accruals	13.9	11.5
Other	7.9	7.1
Total deferred tax assets	240.0	241.0
Valuation allowance	(92.0)	(93.6)
Net deferred tax assets	148.0	147.4
Deferred tax liabilities:
Intangible assets recorded in acquisitions	74.9	75.1
Basis difference in affiliates	16.3	14.0
Accelerated depreciation	25.7	22.4
Deferred income	29.4	23.0
Other	4.2	1.6
Total deferred tax liabilities	150.5	136.1
Total deferred tax liabilities	$ (2.5)
Total deferred tax assets		$ 11.3

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Tax at U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local taxes, net of U.S. federal benefit	3.20%	3.20%	2.90%
U.S. credits and exemptions	(3.70%)	(4.90%)	(3.80%)
Foreign earnings/losses taxed at different rates	(3.10%)	(7.60%)	(1.10%)
Nondeductible expenses	1.50%	2.60%	2.40%
Adjustments to uncertain tax positions	(3.00%)	(0.50%)	(8.40%)
Changes in valuation allowance	1.00%	5.40%	(8.00%)
Share-based compensation	(2.50%)	(2.20%)	(2.20%)
U.S. tax reform	0	0	(0.008)
Other	(0.80%)	(0.60%)	1.10%
Effective income tax rate	13.60%	16.40%	3.10%

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards
Operating loss carryforwards, state and local	$ 483,200,000
Operating loss carryforwards, foreign	321,300,000
Tax credit carryforwards	27,600,000
Carryforwards expiring in 2019	23,800,000
Tax credit carryforwards expiring between 2019 and 2036	482,100,000
Increase (decrease) in valuation allowance	(1,600,000)	$ 4,300,000
Undistributed earnings of foreign subsidiaries	158,000,000.0
Unrecognized tax benefit	13,600,000	17,200,000	$ 20,300,000	$ 31,300,000
Net unrecognized tax benefits	11,000,000.0	13,900,000	13,800,000
Unrecognized tax benefits that would impact the effective tax rate if recognized	7,000,000.0
Gross accrued interest	3,800,000	4,100,000	3,800,000
Net accrued interest	3,000,000.0	3,200,000	2,900,000
Gross interest income included in income tax (provision) benefit	200,000	(500,000)	100,000
Penalties excluded	0	0	0
Excess tax benefits from stock-based compensation awards vested during the year	2,900,000	1,900,000	2,200,000
Tax benefit (expense) from prior period adjustments		1,900,000	33,000,000.0
Tax credit		1,300,000
Tax benefit related to various audit settlements, statute expirations, and other adjustments	(4,200,000)	1,200,000	$ 7,000,000.0
Expense related to valuation allowance adjustments		$ 3,800,000
Deferral totaling amount	10,800,000
Maximum
Operating Loss Carryforwards
Reasonably possible amount that unrecognized tax benefits could decrease within next 12 months, low end of range	$ 5,000,000.0

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit — opening balance	$ 17.2	$ 20.3	$ 31.3
Gross increases — tax positions in prior period	0.3	1.1	0.6
Gross decreases — tax positions in prior period	(2.2)	(0.8)	(2.4)
Gross increases — tax positions in current period	0.2	0.2	0.7
Settlements	(0.3)	(2.1)	0.0
Lapse of statute of limitations	(1.7)	(1.5)	(9.8)
Change due to foreign currency exchange rates	0.1	0.0
Change due to foreign currency exchange rates			(0.1)
Unrecognized tax benefit — ending balance	$ 13.6	$ 17.2	$ 20.3

Indebtedness (Details) - USD ($)	12 Months Ended
Indebtedness (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 17, 2019
Debt
Balance at the beginning of the period	$ 393,500,000
Borrowings	332,000,000.0
Repayments	(316,400,000)
Other	3,300,000
Balance at the end of the period	412,400,000
Short-term debt	101,200,000	$ 142,600,000
Current maturities of long-term debt	7,200,000	1,000,000.0
Long-term debt	304,000,000.0	249,900,000
Unamortized debt issuance costs	1,400,000	1,800,000
Finance lease, liability	2,600,000	2,700,000
Maturities of long-term debt payable
Maturities of long-term debt payable 2021	7,200,000
Maturities of long-term debt payable 2022	13,300,000
Maturities of long-term debt payable 2023	13,000,000.0
Maturities of long-term debt payable 2024	279,000,000.0
Maturities of long-term debt payable 2025	100,000
Trade receivables financing arrangement
Debt
Balance at the beginning of the period	0
Borrowings	134,400,000
Repayments	(106,400,000)
Other	0
Balance at the end of the period	28,000,000.0
Maximum borrowing capacity under financing arrangement	50,000,000.0
Available borrowing capacity	11,500,000
Other indebtedness
Debt
Balance at the beginning of the period	5,300,000
Borrowings	0
Repayments	(2,200,000)
Other	2,900,000
Balance at the end of the period	6,000,000.0
Purchase card programs	1,700,000	2,600,000
Finance lease, liability	2,600,000	$ 2,700,000
Term loans \| Term loan
Debt
Balance at the beginning of the period	248,200,000
Borrowings	0
Repayments	0
Other	400,000
Balance at the end of the period	248,600,000
Face amount of debt	250,000,000.0		$ 250,000,000.0
Global Revolving Commitment Fee \| Revolving loans
Debt
Balance at the beginning of the period	140,000,000.0
Borrowings	197,600,000
Repayments	(207,800,000)
Other	0
Balance at the end of the period	129,800,000
Domestic Revolving Commitment Fee
Debt
Available borrowing capacity	302,900,000
Foreign credit instrument facility
Debt
Available borrowing capacity	$ 11,000,000.0
2021 \| Term loans \| Term loan
Debt
Initial principal amount of the term loan to be repaid annually in quarterly installments (as a percent)	0.625%
2022 and 2023 \| Term loans \| Term loan
Debt
Initial principal amount of the term loan to be repaid annually in quarterly installments (as a percent)	1.25%
First three quarters of 2024 \| Term loans \| Term loan
Debt
Initial principal amount of the term loan to be repaid annually in quarterly installments (as a percent)	1.25%
Global Revolving Commitment Fee \| Domestic Revolving Commitment Fee
Debt
Maximum borrowing capacity under financing arrangement			300,000,000.0
Global Revolving Commitment Fee \| Foreign credit instrument facility
Debt
Maximum borrowing capacity under financing arrangement			$ 150,000,000.0

Indebtedness - Senior Credit Facilities (Details)	Dec. 17, 2019 USD ($)	Dec. 31, 2020 USD ($)
Senior Credit Facilities \| Senior credit facility
Line of Credit Facility [Line Items]
Consolidated leverage ratio	3.75
Consolidated leverage ratio after certain permitted acquisitions	4.25
Consolidated interest coverage ratio	3.00
Term loan \| Term loans
Line of Credit Facility [Line Items]
Face amount of debt	$ 250,000,000.0	$ 250,000,000.0
Global Revolving Commitment Fee \| Domestic Revolving Commitment Fee
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	300,000,000.0
Global Revolving Commitment Fee \| Foreign credit instrument facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	150,000,000.0
Global Revolving Commitment Fee \| Senior Credit Facilities \| Senior credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	800,000,000.0
Global Revolving Commitment Fee \| Participation Foreign Credit Instrument Facility \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	55,000,000.0
Global Revolving Commitment Fee \| Bilateral foreign credit instrument facility \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement	$ 45,000,000.0

Indebtedness - Senior Debt Prior Term Loan (Details) - USD ($)	Dec. 17, 2019	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Letters of credit issued, amount outstanding		$ 29,200,000
Line of credit, outstanding balance		0
Surety Bonds
Debt Instrument [Line Items]
Amount of guarantees		168,800,000
Other indebtedness
Debt Instrument [Line Items]
Purchase card programs		$ 1,700,000	$ 2,600,000
Term loans \| Senior Credit Facilities \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Term loans \| Senior Credit Facilities \| One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Interest period which may be elected, shortest (months)	1 month
Term loans \| Senior Credit Facilities \| Two-Month LIBOR
Debt Instrument [Line Items]
Interest period which may be elected, shortest (months)	2 months
Term loans \| Senior Credit Facilities \| Three-Month LIBOR
Debt Instrument [Line Items]
Interest period which may be elected, shortest (months)	3 months
Term loans \| Senior Credit Facilities \| Six-Month LIBOR
Debt Instrument [Line Items]
Interest period which may be elected, shortest (months)	6 months
Senior credit facility \| Senior Credit Facilities
Debt Instrument [Line Items]
Weighted-average interest rate of senior credit facilities (as a percent)		1.60%
Maximum period within which net proceeds should be reinvested	360 days
Period after end of 360 day period if committed to be reinvested	360 days
Percentage of capital stock	100.00%
Percentage of capital stock of material first tier foreign subsidiaries	65.00%
Consolidated leverage ratio to repurchase capital stock and pay cash dividends	2.75
Aggregate amount of repurchases and dividend declarations	$ 100,000,000.0
Additional amount for all such repurchases and dividend declarations after effective date	$ 100,000,000.0
Percentage of cumulative consolidated net income	50.00%
Percentage of cumulative consolidated net deficit	100.00%
Senior credit facility \| Global Revolving Commitment Fee \| Senior Credit Facilities
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement	$ 800,000,000.0
Letters of credit and guarantees \| Senior Credit Facilities
Debt Instrument [Line Items]
Fronting fees percentage	0.125%
Foreign credit instrument facility
Debt Instrument [Line Items]
Amount of available borrowing capacity		$ 11,000,000.0
Line of credit		89,000,000.0
Foreign credit instrument facility \| Senior Credit Facilities
Debt Instrument [Line Items]
Fronting fees percentage	0.25%
Foreign credit instrument facility \| Global Revolving Commitment Fee
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement	$ 150,000,000.0
Domestic Revolving Commitment Fee
Debt Instrument [Line Items]
Amount of available borrowing capacity		302,900,000
Line of credit		129,800,000
Letters of credit issued, amount outstanding		17,300,000
Domestic Revolving Commitment Fee \| Global Revolving Commitment Fee
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement	$ 300,000,000.0
Trade receivables financing arrangement \| Global Revolving Commitment Fee
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement		50,000,000.0
China and South Africa \| Foreign credit instrument facility \| Global Revolving Commitment Fee
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement		$ 20,000,000.0

Derivative Financial Instruments and Concentrations of Credit Risk (Details) lb in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) lb	Dec. 31, 2019 USD ($) lb	Dec. 31, 2018 USD ($)	Feb. 29, 2020 USD ($)	Mar. 31, 2018 USD ($)
Derivative disclosures
Other income (expense), net	$ 2,700,000	$ (5,200,000)	$ (7,600,000)
Interest Rate Swap
Derivative disclosures
Unrealized gain (loss), net of taxes, recorded in AOCI from cash flow hedges	5,900,000	1,900,000
Interest Rate Swap \| Derivative contracts designated as hedging instruments
Derivative disclosures
Fair value of derivatives	7,800,000	2,500,000
Interest Rate Swap \| Derivative contracts designated as hedging instruments \| Short Term Liability
Derivative disclosures
Derivative liability	1,400,000
Interest Rate Swap, Through March 2021 \| Derivative contracts designated as hedging instruments
Derivative disclosures
Derivative notional amount	234,000,000.0				$ 260,000,000.0
Fixed interest rate (percentage)					2.535%
Interest Rate Swap Through November2024 \| Derivative contracts designated as hedging instruments
Derivative disclosures
Derivative notional amount				$ 248,400,000
Fixed interest rate (percentage)				1.061%
FX Forward Contracts
Derivative disclosures
Derivative notional amount	6,300,000	26,000,000.0
Commodity contract
Derivative disclosures
Unrealized gain (loss), net of taxes, recorded in AOCI from cash flow hedges	(1,500,000)	(300,000)
Cash flow hedge asset	$ 2,400,000	$ 400,000
Commodity contract \| Derivative contracts designated as hedging instruments
Derivative disclosures
Notional amount of commodity contracts \| lb	3.2	3.4

Contingent Liabilities and Other Matters - General (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Carrying values of accruals	$ 575.7	$ 592.4
Proceeds from insurance recoveries	35.4	47.1	$ 45.3
Payments for asbestos-related matters, net of insurance recoveries	19.3	13.1	9.7
Recorded charges related to asbestos product liability matters	21.3	10.1	4.8
Gain (Loss) on Disposition of Discontinued Operations, Net of Tax
Loss Contingencies [Line Items]
Recorded charges related to asbestos product liability matters	2.1	3.8	0.4
Income From Continuing Operations Before Income Taxes
Loss Contingencies [Line Items]
Recorded charges related to asbestos product liability matters	19.2	6.3	$ 4.4
Other Long Term Liabilities
Loss Contingencies [Line Items]
Accruals included in other long-term liabilities	499.8	517.6
Other Long Term Liabilities \| Asbestos Related Claims
Loss Contingencies [Line Items]
Accruals included in other long-term liabilities	$ 479.9	$ 498.1
Buildings \| SPX Flow, Inc \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Loss Contingencies [Line Items]
Duration of office lease agreement	5 years
Annual lease costs	$ 2.1

Contingent Liabilities and Other Matters - Assets and Liabilities Related to Asbestos-related Claims (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Liabilities for claims	$ 535.2	$ 552.2
Other Long Term Liabilities
Loss Contingencies [Line Items]
Accruals included in other long-term liabilities	499.8	517.6
Asbestos Related Claims
Loss Contingencies [Line Items]
Insurance recovery assets	496.4	509.6
Asbestos Related Claims \| Other assets
Loss Contingencies [Line Items]
Insurance recovery assets, noncurrent	446.4	459.6
Asbestos Related Claims \| Other Long Term Liabilities
Loss Contingencies [Line Items]
Accruals included in other long-term liabilities	$ 479.9	$ 498.1

Contingent Liabilities and Other Matters - Asbestos Product Liability Matters (Details) - Asbestos Related Claims - claim	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Pending claims, beginning of year	11,079	13,767	17,359
Claims filed	2,449	3,607	3,857
Claims resolved	(3,746)	(6,295)	(7,449)
Pending claims, end of year	9,782	11,079	13,767

Contingent Liabilities and Other Matters - Large Power Projects in South Africa (Details) R in Millions, $ in Millions									1 Months Ended
	Feb. 22, 2021 USD ($) project	Feb. 22, 2021 ZAR (R) project	Dec. 31, 2020 USD ($) project	Dec. 31, 2020 ZAR (R)	Jul. 23, 2020 USD ($) dispute	Jul. 23, 2020 ZAR (R)	Oct. 16, 2019 USD ($)	Oct. 16, 2019 ZAR (R)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 ZAR (R)	Dec. 31, 2020 ZAR (R) project	Sep. 30, 2020 ZAR (R)	Sep. 26, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2019 ZAR (R)	Feb. 26, 2019 USD ($)	Feb. 26, 2019 ZAR (R)
Loss Contingencies [Line Items]
Number of large power projects \| project			2								2
Number of disputes \| dispute					9
Other assets			$ 616.4											$ 605.5
South Africa \| Subsidiary
Loss Contingencies [Line Items]
Loss on litigation settlement							$ 1.8	R 27.0
Litigation settlement, tax effect							3.8
South Africa \| Subsidiary \| Put Option
Loss Contingencies [Line Items]
Litigation settlement awarded to other party							$ 15.6	230.0
Net redemption value \| R								R 257.0
Large Power Projects \| South Africa
Loss Contingencies [Line Items]
Unrecorded gain contingency			75.0								R 1,100.0
Unrecorded gain contingency, current procceding			25.3								372.1
Estimate of possible loss																	$ 64.5	R 948.0
Large Power Projects \| South Africa \| Subsequent Event
Loss Contingencies [Line Items]
Number of disputes \| project	2	2
Litigation settlement, amount awarded	$ 7.8	R 116.4
Large Power Projects \| South Africa \| Demand Bonds
Loss Contingencies [Line Items]
Face amount of debt					$ 2.3
Large Power Projects \| South Africa \| Demand Bonds \| M H I
Loss Contingencies [Line Items]
Litigation settlement, amount awarded					1.1	R 18.4
Payment for bonds			16.3	R 239.6					$ 14.3	R 239.6
Other assets			$ 16.3						$ 16.3		R 239.6	R 239.6
Large Power Projects \| South Africa \| Demand Bonds \| Bonds Upon Completion Of Certain Administrative Milestones
Loss Contingencies [Line Items]
Face amount of debt					$ 4.0
Large Power Projects \| South Africa \| Demand Bonds Performance And Retention Money Guarantees \| M H I
Loss Contingencies [Line Items]
Long-term debt													$ 16.2
Large Power Projects \| South Africa \| Demand Bonds Bond Guarantee Only Exercised By M H I \| M H I
Loss Contingencies [Line Items]
Long-term debt													$ 22.3
MHI April And July 2019 Claims \| Large Power Projects \| South Africa
Loss Contingencies [Line Items]
Estimate of possible loss															$ 27.7	R 407.2
MHI Additional Claims \| Large Power Projects \| South Africa
Loss Contingencies [Line Items]
Estimate of possible loss															$ 12.0	R 176.2

Contingent Liabilities and Other Matters - Environmental Matters (Details) - Site investigation and remediation - site	Dec. 31, 2020	Dec. 31, 2019
Environmental Matters
Number of sites	25	29
Number of third-party disposal sites for which entity is potentially responsible	11	14
Number of active sites	9

Contingent Liabilities and Other Matters - Executive Agreements (Details) - Executive officers - executive_officer	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2020
Executive Agreements
Period of rolling term of employment agreements	1 year
Number of executive officers with severance benefit agreements		7

Shareholders' Equity and Long-Term Incentive Compensation - Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Income from continuing operations	$ 100.7	$ 71.1	$ 81.9
Adjustment related to redeemable noncontrolling interest	0.0	5.6	0.0
Income from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share	100.7	76.7	81.9
Loss from discontinued operations, net of tax	(3.5)	(5.8)	(0.7)
Less: Net loss attributable to noncontrolling interest	0.0	0.0	0.0
Loss from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted income per share	$ (3.5)	$ (5.8)	$ (0.7)
Denominator:
Weighted-average number of common shares used in basic income (loss) per share (in shares)	44,628	43,942	43,054
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units (in shares)	1,138	1,015	1,606
Weighted-average number of common shares and dilutive securities used in diluted income (loss) per share (in shares)	45,766	44,957	44,660
Unvested Restricted Stock And Restricted Stock Units that did not Meet Required Market Thresholds for Vesting
Denominator:
Number of awards that were excluded from the computation of diluted income per share (in shares)	300	319	234
Stock options
Denominator:
Number of awards that were excluded from the computation of diluted income per share (in shares)	793	942	875

Shareholders' Equity and Long-Term Incentive Compensation - Common Stock and Treasury Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	44,202,503	43,451,000	42,651,000
Balance at the beginning of the period (in shares)	(7,814,701)
Restricted stock shares and restricted stock units (in shares)	141,000	264,000	457,000
Other (in shares)	688,000	488,000	343,000
Balance at the end of the period (in shares)	45,032,325	44,202,503	43,451,000
Balance at the end of the period (in shares)	(7,672,648)	(7,814,701)
Common Stock
Class of Stock [Line Items]
Authorized shares (in shares)	200,000,000.0
Par value (in dollars per share)	$ 0.01
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	52,017,000.000	51,529,000	51,186,000
Restricted stock shares and restricted stock units (in shares)	0	0	0
Other (in shares)	688,000	488,000	343,000
Balance at the end of the period (in shares)	52,705,000	52,017,000.000	51,529,000
Common Stock In Treasury
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	(7,814,000)	(8,078,000.000)	(8,535,000)
Restricted stock shares and restricted stock units (in shares)	141,000	264,000	457,000
Other (in shares)	0	0	0
Balance at the end of the period (in shares)	(7,673,000)	(7,814,000)	(8,078,000.000)

Shareholders' Equity and Long-Term Incentive Compensation - Long-Term Incentive Compensation (Details) - USD ($) $ in Millions				12 Months Ended
	Feb. 20, 2020	Feb. 21, 2019	Feb. 22, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assumptions in determining the fair value of awards granted
Historical period upon which annual expected stock price volatility is based (years)				3 years
Minimum
Assumptions in determining the fair value of awards granted
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				1 year
Maximum
Stock-based Compensation
Maximum period over which the fair value of restricted stock shares and restricted stock units are amortized				3 years
Assumptions in determining the fair value of awards granted
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				3 years
2019 Stock Compensation Plan \| Maximum
Stock-based Compensation
Shares available for grant (in shares)				4,407,000
Directors' Plan \| Maximum
Stock-based Compensation
Shares available for grant (in shares)				27,000.000
PSU's, RSU's, RS's, and Stock Options
Stock-based Compensation
Compensation expense				$ 12.8	$ 10.8	$ 11.6
PSU's, RSU's, and RS's \| Minimum
Stock-based Compensation
Vesting period (years)				1 year
PSU's, RSU's, and RS's \| Maximum
Stock-based Compensation
Vesting period (years)				3 years
Restricted stock shares and restricted stock units
Stock-based Compensation
Related tax benefit				$ 2.2	$ 2.6	2.8
Restricted stock shares and restricted stock units \| 2019 Stock Compensation Plan
Stock-based Compensation
Reduction of shares available for grant (in shares)				2
Restricted stock shares and restricted stock units \| Directors' Plan
Stock-based Compensation
Vesting period (years)				1 year
PSU's
Stock-based Compensation
Vesting period (years)				3 years
Assumptions in determining the fair value of awards granted
Annual Expected Stock Price Volatility		32.70%	42.25%	29.47%
Annual Expected Dividend Yield		0.00%	0.00%	0.00%
Risk-Free Interest Rate		2.53%	2.38%	1.35%
Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index		0.3875	0.3267	0.3547
PSU's \| Peer group within S&P 600 Capital Goods Index
Assumptions in determining the fair value of awards granted
Annual Expected Stock Price Volatility		34.75%	34.99%	34.93%
Risk-Free Interest Rate		2.48%	2.38%	1.35%
Long Term Cash Awards
Stock-based Compensation
Vesting period (years)					3 years
Compensation expense				$ 1.2	$ 2.8	$ 3.9
Stock options
Stock-based Compensation
Vesting period (years)	3 years
Assumptions in determining the fair value of awards granted
Annual Expected Stock Price Volatility	33.48%	32.70%	31.14%
Annual Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	1.41%	2.53%	2.75%
Historical period upon which annual expected stock price volatility is based (years)	6 years
Stock options \| Minimum
Assumptions in determining the fair value of awards granted
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	5 years
Stock options \| Maximum
Assumptions in determining the fair value of awards granted
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	7 years

Shareholders' Equity and Long-Term Incentive Compensation - Stock Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions				12 Months Ended
	Feb. 20, 2020	Feb. 21, 2019	Feb. 22, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Options
Historical period upon which annual expected stock price volatility is based (years)				3 years
Maximum
Stock Options
Daily treasury yield curve period upon which average risk-free interest rate is based (years)				3 years
PSU's, RSU's, and RS's
Unvested Restricted Stock Shares and Restricted Stock Units
Outstanding at the beginning of the period (in shares)				606	652	1,230
Granted (in shares)				277	430	211
Vested (in shares)				(233)	(446)	(753)
Forfeited (in shares)				(6)	(30)	(36)
Outstanding at the end of the period (in shares)				644	606	652
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)				$ 36.17	$ 24,650,000	$ 17.41
Granted (in dollars per share)				46.61	35.49	33.69
Vested (in dollars per share)				31.49	18.75	15.39
Forfeited (in dollars per share)				41.37	35.10	22.35
Outstanding at the end of the period (in dollars per share)				$ 42.32	$ 36.17	$ 24,650,000
Unrecognized compensation cost
Unrecognized compensation cost related to PSUs, RSUs, and RSs				$ 10.7
PSU's, RSU's, and RS's \| Maximum
Stock Options
Vesting period (years)				3 years
PSU's, RSU's, and RS's \| Weighted Average
Unrecognized compensation cost
Weighted-average period over which unrecognized compensation costs will be recognized				1 year 9 months 18 days
Stock options
Stock Options
Granted (in shares)	125	186	184	139	189	184
Exercise price per share (in dollars per share)	$ 50.09	$ 36.51	$ 32.69	$ 49.57	$ 36.50	$ 32.69
Fair value of stock option grants (in dollars per share)	$ 17.40	$ 13.31	$ 11.66
Historical period upon which annual expected stock price volatility is based (years)	6 years
Vesting period (years)	3 years
Stock option activity, Shares
Options outstanding and exercisable at the beginning of the period (in shares)				1,692	1,718	1,608
Exercised (in shares)				(412)	(202)	(64)
Forfeited (in shares)				0	(13)	(10)
Granted (in shares)	125	186	184	139	189	184
Options outstanding and exercisable at the end of the period (in shares)				1,419	1,692	1,718
Stock option activity, Weighted Average Exercise Price
Options outstanding and exercisable, beginning balance (in dollars per share)				$ 19.05	$ 16.58	$ 14.67
Exercised, Weighted Average Grant Date Fair Value (in dollars per share)				14.97	13.46	13.89
Forfeited, Weighted Average Exercise Price (in dollars per share)				0	33.15	23.17
Granted, Weighted Average Exercise Price (in dollars per share)	$ 50.09	$ 36.51	$ 32.69	49.57	36.50	32.69
Options outstanding and exercisable, ending balance (in dollars per share)				$ 23.21	$ 19.05	$ 16.58
Number of stock options exercisable (in shares)				1,100
Compensation costs not yet recognized				$ 1.5
Stock options \| Maximum
Stock Options
Maximum contractual term (years)	10 years
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	7 years
Stock options \| Weighted Average
Unrecognized compensation cost
Weighted-average period over which unrecognized compensation costs will be recognized				2 years

Shareholders' Equity and Long-Term Incentive Compensation - Black-Scholes Option-Pricing Model (Details) - Stock options	Feb. 20, 2020	Feb. 21, 2019	Feb. 22, 2018
Black-Scholes Option-Pricing Model [Line Items]
Annual expected stock price volatility	33.48%	32.70%	31.14%
Annual expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	1.41%	2.53%	2.75%
Expected life of stock option (in years)	6 years	6 years	6 years

Shareholders' Equity and Long-Term Incentive Compensation - AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	$ 502.4
Other comprehensive income (loss) before reclassifications	4.9	$ 1.3
Amounts reclassified from accumulated other comprehensive income (loss)	(0.7)	(1.9)
Current-period other comprehensive income (loss)	4.2	(0.6)
Ending Balance	629.2	502.4
Accum. Other Comprehensive Income
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	244.3	244.9
Ending Balance	248.5	244.3
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	228.0	225.8
Other comprehensive income (loss) before reclassifications	10.6	2.2
Amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Current-period other comprehensive income (loss)	10.6	2.2
Ending Balance	238.6	228.0
Net Unrealized Losses on Qualifying Cash Flow Hedges
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	(1.6)	(0.6)
Other comprehensive income (loss) before reclassifications	(5.7)	(2.1)
Amounts reclassified from accumulated other comprehensive income (loss)	2.9	1.1
Current-period other comprehensive income (loss)	(2.8)	(1.0)
Ending Balance	(4.4)	(1.6)
Pension and postretirement liability adjustment and other, tax provision benefit (expense)	1.4	0.5	$ 0.2
Pension and Postretirement Liability Adjustment and Other
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	17.9	19.7
Other comprehensive income (loss) before reclassifications	0.0	1.2
Amounts reclassified from accumulated other comprehensive income (loss)	(3.6)	(3.0)
Current-period other comprehensive income (loss)	(3.6)	(1.8)
Ending Balance	14.3	17.9
Pension and postretirement liability adjustment and other, tax provision benefit (expense)	$ (4.9)	$ (6.1)	$ (6.6)

Shareholders' Equity and Long-Term Incentive Compensation - Summary of Reclassified Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts reclassified from each component of accumulated comprehensive income
Cost of products sold	$ 1,080.6	$ 1,078.2	$ 1,102.6
Interest expense	18.4	21.0	21.5
Income from continuing operations before income taxes	(116.5)	(85.0)	(84.5)
Other expense, net	(2.7)	5.2	7.6
Income tax provision	(15.8)	(13.9)	(2.6)
Net income (loss)	(97.2)	(65.3)	$ (81.2)
Net Unrealized Losses on Qualifying Cash Flow Hedges \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income
Income from continuing operations before income taxes	3.8
Income tax provision	0.9
Net income (loss)	2.9
Net Unrealized Losses on Qualifying Cash Flow Hedges \| Amount Reclassified from AOCI \| Commodity contract
Amounts reclassified from each component of accumulated comprehensive income
Cost of products sold	(0.9)
Net Unrealized Losses on Qualifying Cash Flow Hedges \| Amount Reclassified from AOCI \| Interest Rate Swap
Amounts reclassified from each component of accumulated comprehensive income
Interest expense	4.7
Gains (Losses) on Qualifying Cash Flow Hedges \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income
Income from continuing operations before income taxes		1.5
Income tax provision		0.4
Net income (loss)		1.1
Gains (Losses) on Qualifying Cash Flow Hedges \| Amount Reclassified from AOCI \| Commodity contract
Amounts reclassified from each component of accumulated comprehensive income
Cost of products sold		0.8
Gains (Losses) on Qualifying Cash Flow Hedges \| Amount Reclassified from AOCI \| Interest Rate Swap
Amounts reclassified from each component of accumulated comprehensive income
Interest expense		0.7
Pension and Postretirement Liability Adjustment \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income
Other expense, net	(4.8)	(4.1)
Income tax provision	(1.2)	(1.1)
Net income (loss)	$ (3.6)	$ (3.0)

Shareholders' Equity and Long-Term Incentive Compensation - Common Stock in Treasury, Dividends and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Preferred Stock
Preferred stock outstanding (shares)	0	0	0
Authorized no par value preferred stock (in shares)	3,000,000.0	3,000,000.0	3,000,000.0
Preferred stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Common Stock In Treasury
Common Stock in Treasury
Decrease in stock by the settlement of restricted stock units	$ 15.8	$ 27.6

Fair Value (Details) € in Millions, $ in Millions	12 Months Ended
Fair Value (Details) € in Millions, $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 EUR (€)	Nov. 11, 2020 USD ($)	Sep. 02, 2020 USD ($)	Dec. 30, 2016 EUR (€)
Assets and liabilities measured at fair value on a recurring basis
Realized gain on equity security	$ 8.6	$ 7.9
Distributions from equity security	3.5	2.6
Equity security, fair value	27.0	$ 21.9
ULC Robotics
Assets and liabilities measured at fair value on a recurring basis
Deferred payment	45.0				$ 45.0
Contingent consideration	24.3
Sensors & Software Inc
Assets and liabilities measured at fair value on a recurring basis
Deferred payment	3.9			$ 3.9
Contingent consideration	$ 0.7
Discontinued Operations, Disposed of by Sale \| Subsidiary of mutares AG (the Buyer) \| Balcke Dürr
Assets and liabilities measured at fair value on a recurring basis
Amount of guarantees \| €			€ 0.0			€ 79.0
Discontinued Operations, Disposed of by Sale \| Subsidiary of mutares AG (the Buyer) \| Balcke-Durr GmbH \| Balcke Dürr
Assets and liabilities measured at fair value on a recurring basis
Cash collateral \| €			0.0			4.0
Discontinued Operations, Disposed of by Sale \| Subsidiary of mutares AG (the Buyer) \| Bank and Surety Bonds \| Balcke Dürr
Assets and liabilities measured at fair value on a recurring basis
Amount of guarantees \| €			2.9			79.0
Discontinued Operations, Disposed of by Sale \| Subsidiary of mutares AG (the Buyer) \| Indemnification Agreement \| mutares AG \| Balcke Dürr
Assets and liabilities measured at fair value on a recurring basis
Amount of guarantees \| €			€ 1.0			€ 5.0

Fair Value - Schedule of Fair Value Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Non-Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Reduction/Amortization for the period	$ 2.7	$ (5.2)	$ (7.6)
Impact of changes in foreign currency rates	1.3	(1.5)	(0.3)
Discontinued Operations, Disposed of by Sale \| Balcke Dürr \| Guarantees and Bonds Liability \| Fair Value, Measurements, Nonrecurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Non-Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Guarantees, at period start	2.0	4.4	8.7
Reduction/Amortization for the period	0.4	2.3	4.1
Impact of changes in foreign currency rates	(0.2)	0.1	0.2
Guarantees, at period end	1.8	2.0	4.4
Discontinued Operations, Disposed of by Sale \| Balcke Dürr \| Indemnification Assets \| Fair Value, Measurements, Nonrecurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Non-Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Indemnification assets, at period start	0.3	1.2	2.8
Reduction/Amortization for the period	(0.3)	(0.9)	(1.5)
Impact of changes in foreign currency rates	0.0	0.0	(0.1)
Indemnification assets, at period end	$ 0.0	$ 0.3	$ 1.2

Indebtedness - Consolidated Leverage Ratio (Details) - Term loans	Dec. 17, 2019	Dec. 19, 2017
Domestic Revolving Commitment Fee \| Greater than or equal to 3.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.35%
Domestic Revolving Commitment Fee \| Between 2.50 to 1.0 and 3.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.30%
Domestic Revolving Commitment Fee \| Between 1.75 to 1.0 and 2.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.275%
Domestic Revolving Commitment Fee \| Less than 1.75 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Global Revolving Commitment Fee \| Greater than or equal to 3.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.35%
Global Revolving Commitment Fee \| Between 2.50 to 1.0 and 3.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.30%
Global Revolving Commitment Fee \| Between 1.75 to 1.0 and 2.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.275%
Global Revolving Commitment Fee \| Less than 1.75 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Letter of Credit Fee \| Greater than or equal to 3.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	2.00%
Letter of Credit Fee \| Between 2.50 to 1.0 and 3.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	1.75%
Letter of Credit Fee \| Between 1.75 to 1.0 and 2.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	1.50%
Letter of Credit Fee \| Less than 1.75 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	1.375%
Foreign Credit Commitment/Instrument Fee \| Greater than or equal to 3.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	1.25%
Fee percentage	0.35%
Foreign Credit Commitment/Instrument Fee \| Between 2.50 to 1.0 and 3.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	1.00%
Fee percentage	0.30%
Foreign Credit Commitment/Instrument Fee \| Between 1.75 to 1.0 and 2.50 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.875%
Fee percentage	0.275%
Foreign Credit Commitment/Instrument Fee \| Less than 1.75 to 1.0
Line of Credit Facility [Line Items]
Commitment fee percentage	0.80%
Fee percentage	0.25%
Line of credit \| LIBOR Rate Loans \| Greater than or equal to 3.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	2.00%
Line of credit \| LIBOR Rate Loans \| Greater than or equal to 3.50 to 1.0 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio		3.50
Line of credit \| LIBOR Rate Loans \| Between 2.50 to 1.0 and 3.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	1.75%
Line of credit \| LIBOR Rate Loans \| Between 2.50 to 1.0 and 3.50 to 1.0 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio		2.50
Line of credit \| LIBOR Rate Loans \| Between 2.50 to 1.0 and 3.50 to 1.0 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio		3.50
Line of credit \| LIBOR Rate Loans \| Between 1.75 to 1.0 and 2.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	1.50%
Line of credit \| LIBOR Rate Loans \| Between 1.75 to 1.0 and 2.50 to 1.0 \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio		1.75
Line of credit \| LIBOR Rate Loans \| Between 1.75 to 1.0 and 2.50 to 1.0 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio		2.50
Line of credit \| LIBOR Rate Loans \| Less than 1.75 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	1.375%
Line of credit \| LIBOR Rate Loans \| Less than 1.75 to 1.0 \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio		1.75
Line of credit \| ABR Loans \| Greater than or equal to 3.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	1.00%
Line of credit \| ABR Loans \| Between 2.50 to 1.0 and 3.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	0.75%
Line of credit \| ABR Loans \| Between 1.75 to 1.0 and 2.50 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	0.50%
Line of credit \| ABR Loans \| Less than 1.75 to 1.0
Line of Credit Facility [Line Items]
Fee percentage	0.375%