0000088205-22-000013 | 10-K | XBRL Viewer

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 1,219.5	$ 1,128.1	$ 1,123.6
Costs and expenses:
Cost of products sold	787.7	732.6	721.6
Selling, general and administrative	309.6	272.5	275.8
Intangible amortization	21.6	14.0	8.9
Impairment of goodwill and intangible assets	5.7	0.7	0.0
Special charges, net	1.0	2.4	1.5
Other operating expenses, net	20.2	9.0	1.8
Operating income	73.7	96.9	114.0
Other income (expense), net	9.0	(0.1)	(5.2)
Interest expense	(13.3)	(18.4)	(21.0)
Interest income	0.5	0.2	1.6
Loss on amendment/refinancing of senior credit agreement	0.0	0.0	(0.6)
Income from continuing operations before income taxes	69.9	78.6	88.8
Income tax provision	(10.9)	(4.8)	(12.5)
Income from continuing operations	59.0	73.8	76.3
Income (loss) from discontinued operations, net of tax	5.7	28.9	(6.6)
Gain (loss) on disposition of discontinued operations, net of tax	360.7	(3.7)	(4.4)
Gain (loss) from discontinued operations, net of tax	366.4	25.2	(11.0)
Net income	425.4	99.0	65.3
Less: Net loss attributable to noncontrolling interests	0.0	0.0	0.0
Net income attributable to SPX Corporation common stockholders	425.4	99.0	65.3
Adjustment related to redeemable noncontrolling interest (Note 15)	0.0	0.0	5.6
Net income attributable to SPX Corporation common stockholders after adjustment related to redeemable noncontrolling interest	425.4	99.0	70.9
Amounts attributable to SPX Corporation common stockholders after adjustment related to redeemable noncontrolling interest:
Income from continuing operations, net of tax	59.0	73.8	76.3
Gain (loss) from discontinued operations, net of tax	366.4	25.2	(5.4)
Net income attributable to SPX Corporation common stockholders after adjustment related to redeemable noncontrolling interest	$ 425.4	$ 99.0	$ 70.9
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)	$ 1.30	$ 1.65	$ 1.74
Income (loss) from discontinued operations attributable to SPX Corporation common shareholders (in dollars per share)	8.09	0.57	(0.13)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 9.39	$ 2.22	$ 1.61
Weighted-average number of shares outstanding — basic (in shares)	45,289	44,628	43,942
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)	$ 1.27	$ 1.61	$ 1.70
Gain (loss) from discontinued operations, net of tax (in dollars per share)	7.88	0.55	(0.12)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 9.15	$ 2.16	$ 1.58
Weighted-average number of shares outstanding — diluted (in shares)	46,495	45,766	44,957

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 425.4	$ 99.0	$ 65.3
Other comprehensive income (loss), net:
Pension and postretirement liability adjustment, net of tax benefit of $1.2, $1.2, and $0.5 in 2021, 2020 and 2019, respectively		(3.6)	(1.8)
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $(1.5), $0.9, and $0.3 in 2021, 2020 and 2019, respectively		(2.8)	(1.0)
Foreign currency translation adjustments	14.1	10.6	2.2
Other comprehensive income (loss), net	15.4	4.2	(0.6)
Total comprehensive income	440.8	103.2	64.7
Less: Total comprehensive loss attributable to noncontrolling interests	0.0	0.0	0.0
Total comprehensive income attributable to SPX Corporation common stockholders	$ 440.8	$ 103.2	$ 64.7

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax	$ 1.2	$ 1.2	$ 0.5
Cash flow hedge, gain (loss) tax	$ (1.5)	$ 0.9	$ 0.3

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and equivalents	$ 388.2	$ 64.0
Accounts receivable, net	223.4	210.8
Contract assets	28.9	32.5
Inventories, net	189.8	155.0
Other current assets (includes income taxes receivable of $8.7 and $27.3 at December 31, 2021 and 2020, respectively)	73.1	88.4
Assets of discontinued operations	0.0	124.4
Total current assets	903.4	675.1
Property, plant and equipment:
Land	13.9	12.9
Buildings and leasehold improvements	62.9	59.2
Machinery and equipment	231.4	208.3
Property, plant and equipment, gross	308.2	280.4
Accumulated depreciation	(194.9)	(173.6)
Property, plant and equipment, net	113.3	106.8
Goodwill	457.3	368.6
Intangibles, net	415.5	305.0
Other assets	675.9	591.7
Deferred income taxes	11.0	23.9
Assets of discontinued operations	0.0	219.1
Assets of DBT and Heat Transfer (includes cash and cash equivalents of $7.8 and $4.3 at December 31, 2021 and 2020, respectively) - Note 4	52.2	43.5
TOTAL ASSETS	2,628.6	2,333.7
Current liabilities:
Accounts payable	119.6	102.1
Contract liabilities	44.7	38.8
Accrued expenses	217.9	206.6
Income taxes payable	42.1	0.4
Short-term debt	2.2	101.2
Current maturities of long-term debt	13.0	7.2
Liabilities of discontinued operations	0.0	115.8
Total current liabilities	439.5	572.1
Long-term debt	230.8	304.0
Deferred and other income taxes	31.3	26.6
Other long-term liabilities	788.5	741.4
Liabilities of discontinued operations	0.0	31.4
Liabilities of DBT and Heat Transfer (Note 4)	35.6	18.1
Total long-term liabilities	1,086.2	1,121.5
Commitments and contingent liabilities (Note 15)
Stockholders' equity:
Common stock (53,011,255 and 45,467,768 issued and outstanding at December 31, 2021, respectively, and 52,704,973 and 45,032,325 issued and outstanding at December 31, 2020, respectively)	0.5	0.5
Paid-in capital	1,334.2	1,319.9
Retained deficit	(51.8)	(477.2)
Accumulated other comprehensive income	263.9	248.5
Common stock in treasury (7,543,487 and 7,672,648 shares at December 31, 2021 and 2020 respectively)	(443.9)	(451.6)
Total stockholders' equity	1,102.9	640.1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,628.6	$ 2,333.7

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Income taxes receivable	$ 8.7	$ 27.3
Cash and cash equivalents included in assets of DBT and Heat Transfer	$ 7.8	$ 4.3
Common stock shares, issued (in shares)	53,011,255	52,704,973
Common stock shares, outstanding (in shares)	45,467,768	45,032,325
Treasury stock shares (in shares)	7,543,487	7,672,648

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Common Stock	Paid-In Capital	Retained Deficit	Retained Deficit Revision of Prior Period, Accounting Standards Update, Adjustment	Accum. Other Comprehensive Income	Common Stock In Treasury
Balance at beginning of period at Dec. 31, 2018	$ 424.0		$ 0.5	$ 1,295.4	$ (641.0)		$ 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 and 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	$ 511.5	$ (0.5)	0.5	1,302.4	(575.7)	$ (0.5)	244.3	(460.0)
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13
Net income	$ 99.0				99.0
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 and 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	640.1		0.5	1,319.9	(477.2)		248.5	(451.6)
Increase (Decrease) in Stockholders' Equity
Net income	425.4				425.4
Other comprehensive income (loss), net	15.4						15.4
Incentive plan activity	12.8			12.8
Long-term incentive compensation expense	14.2			14.2
Restricted stock and restricted stock unit vesting	(5.0)			(12.7)				7.7
Adjustment related to redeemable noncontrolling interest (Note 15)	0.0
Balance at end of period at Dec. 31, 2021	$ 1,102.9		$ 0.5	$ 1,334.2	$ (51.8)		$ 263.9	$ (443.9)

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from (used in) operating activities:
Net income	$ 425.4	$ 99.0	$ 65.3
Less: Gain (loss) from discontinued operations, net of tax	366.4	25.2	(11.0)
Income from continuing operations, net of tax	59.0	73.8	76.3
Adjustments to reconcile income from continuing operations to net cash from operating activities
Special charges, net	1.0	2.4	1.5
Gain on change in fair value of equity security	(11.8)	(8.6)	(7.9)
Loss on amendment/refinancing of senior credit agreement	0.0	0.0	0.6
Impairment of goodwill and intangible assets	5.7	0.7	0.0
Deferred and other income taxes	(1.4)	0.3	13.8
Depreciation and amortization	42.3	31.9	24.4
Pension and other employee benefits	(8.6)	10.7	16.9
Long-term incentive compensation	12.8	13.1	12.6
Other, net	4.3	5.0	1.8
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable and other assets	(19.8)	33.5	36.3
Inventories	(21.0)	0.0	(8.8)
Accounts payable, accrued expenses and other	70.3	(56.1)	(56.1)
Cash spending on restructuring actions	(1.6)	(1.5)	(1.4)
Net cash from continuing operations	131.2	105.2	110.0
Net cash from discontinued operations	43.4	21.1	38.6
Net cash from operating activities	174.6	126.3	148.6
Cash flows from (used in) investing activities:
Proceeds (expenditures) related to company-owned life insurance policies, net	(31.2)	(0.2)	5.9
Business acquisitions, net of cash acquired	(265.2)	(104.4)	(147.1)
Capital expenditures	(9.6)	(15.3)	(13.5)
Other	0.0	0.0	(0.2)
Net cash used in continuing operations	(306.0)	(119.9)	(154.9)
Net cash from (used in) discontinued operations	620.1	(6.2)	1.2
Net cash from (used in) investing activities	314.1	(126.1)	(153.7)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	209.9	197.6	593.8
Repayments under senior credit facilities	(346.0)	(207.8)	(560.2)
Borrowings under trade receivables agreement	179.0	134.4	93.0
Repayments under trade receivables agreement	(207.0)	(106.4)	(116.0)
Net repayments under other financing arrangements	(0.4)	(2.2)	(0.6)
Payment of contingent consideration	0.0	(1.5)	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	(3.3)	2.2	(3.7)
Financing fees paid	0.0	0.0	(1.6)
Net cash from (used in) continuing operations	(167.8)	16.3	4.7
Net cash from (used in) discontinued operations	0.2	(0.4)	(15.8)
Net cash from (used in) financing activities	(167.6)	15.9	(11.1)
Change in cash and equivalents due to changes in foreign currency exchange rates	6.6	(2.5)	2.1
Net change in cash and equivalents	327.7	13.6	(14.1)
Consolidated cash and equivalents, beginning of period	68.3	54.7	68.8
Consolidated cash and equivalents, end of period	396.0	68.3	54.7
Supplemental disclosure of cash flow information:
Interest paid	11.4	17.5	16.1
Income tax refunds (payments), net	5.5	(7.6)	(7.0)
Non-cash investing and financing activity:
Debt assumed	$ 0.4	$ 2.9	$ 1.3

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of cash and equivalents:
Cash and equivalents	$ 388.2	$ 64.0	$ 50.7
Cash and cash equivalents included in assets of DBT and Heat Transfer	7.8	4.3	4.0
Total cash and cash equivalents	$ 396.0	$ 68.3	$ 54.7

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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. All of our VIEs are 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 coming out of the Spin-Off 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 transformers and process cooling systems business. 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. •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 2018. 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. •Wind-Down of DBT Technologies Business - As a culmination of our strategic shift away from power generation markets, we substantially ceased all operations of, and have ceased accepting new businesses in, our South African subsidiary, DBT Technologies (PTY) LTD (“DBT”). As a result, we are reporting DBT as a discontinued operation in the accompanying consolidated financial statements. DBT continues to be involved in various dispute resolution matters related to two large power projects. See Note 4 for additional details regarding DBT's presentation as a discontinued operation and Note 15 regarding the dispute resolution matters. Sale of Transformer Solutions Business — On October 1, 2021, we completed the sale of SPX Transformer Solutions, Inc. (“Transformer Solutions”) pursuant to the terms of the Stock Purchase Agreement dated June 8, 2021 with GE-Prolec Transformers, Inc. (the “Purchaser”) and Prolec GE Internacional, S. de R.L. de C.V. We transferred all of the outstanding common stock of Transformer Solutions to the Purchaser for an aggregate cash purchase price of $645.0 (the “Transaction”). The purchase price is subject to potential adjustment based on Transformer Solutions’ cash, debt and working capital on the date the Transaction was consummated, as well as for specified transaction expenses and other specified items. In connection with the sale, we received cash proceeds of $620.6 and recorded a gain of $382.2 to “Gain (loss) on disposition of discontinued operations, net of tax” within our 2021 consolidated statement of operations. Historically, Transformer Solutions’ operations have had a significant impact on our consolidated financial results, with revenues totaling approximately 25% of our total consolidated revenues. As we no longer have a consequential presence in the power transmission and distribution markets, and given Transformer Solutions' significance to our historical consolidated financial results, we have concluded that the sale of Transformer Solutions represents a strategic shift. Accordingly, we have classified the business as a discontinued operation in the accompanying consolidated financial statements. See Note 4 for additional details. Change in Segment Reporting Structure — As noted above, Transformer Solutions and DBT are now being reported as discontinued operations within the accompanying consolidated financial statements. In addition, the remaining operations of our former Engineered Solutions reportable segment, with annual income representing less than 5% of the total income of our reportable segments, are being reported within our HVAC reportable segment, as these operations are now being managed, and evaluated by our Chief Operating Decision Maker, as part of our HVAC cooling business. Acquisitions in 2021: •Sealite - On April 19, 2021, we completed the acquisition of Sealite Pty Ltd and affiliated entities, including Sealite USA, LLC (doing business as Avlite Systems) and Star2M Pty Ltd (collectively, "Sealite"). Sealite is a leader in the design and manufacture of marine and aviation Aids to Navigation products. We purchased Sealite for cash proceeds of $80.3, net of cash acquired of $2.3. The post acquisition operating results of Sealite are reflected within our Detection and Measurement reportable segment. •ECS - On August 2, 2021, we completed the acquisition of Enterprise Control Systems Ltd (“ECS”), a leader in the design and manufacture of highly-engineered tactical datalinks and radio frequency (“RF”) countermeasures, including counter-drone and counter-IED RF jammers. We purchased ECS for cash proceeds of $39.4, net of cash acquired of $5.1. Under the terms of the purchase and sales agreement, the seller is eligible for additional cash consideration of up to $16.8, with payment to be made in 2022 upon successful achievement of certain financial performance milestones. The estimated fair value of such contingent consideration as of the date of acquisition was $8.2, which we reflected as a liability in our condensed consolidated balance sheet as of the end of the third quarter of 2021. During the fourth quarter of 2021, we concluded that the probability of achieving the above financial performance milestones had lessened due to a delay in the execution of a large order, resulting in a reduction of the estimated liability of $6.7, with such amount recorded within "Other operating expenses, net" in the 2021 consolidated statement of operations. The post-acquisition operating results of ECS are reflected within our Detection and Measurement reportable segment. •Cincinnati Fan - On December 15, 2021, we completed the acquisition of Cincinnati Fan & Ventilator Co., Inc. (“Cincinnati Fan”), a leader in engineered air movement solutions, including blowers and critical exhaust systems. We purchased Cincinnati Fan for cash proceeds of $145.2, net of cash acquired of $2.5. 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 Cincinnati Fan are reflected within our HVAC reportable segment. The assets acquired and liabilities assumed in the Sealite, ECS, and Cincinnati Fan 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 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 was eligible for additional cash consideration of up to $45.0, with payments scheduled to be made upon successful achievement of certain operational and financial performance milestones. At the time of the acquisition, we recorded a liability of $24.3, which represented the estimated fair value of the contingent consideration. During the third quarter of 2021, we concluded that the operational and financial milestones noted above would not be achieved. As a result, we reversed the liability of $24.3 during the third quarter, with the offset recorded to “Other operating expenses, net” (See Note 10 for further discussion of this matter). 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 $15.5, 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 upon successful achievement of defined financial performance milestones during the twelve months following the date of acquisition. At the time of the acquisition, we recorded a liability of $0.7 which represented the estimated fair value of the contingent consideration. During the fourth quarter of 2021, we concluded that certain of these financial milestones had been achieved, resulting in an increase to the liability of $0.6, with the offset reflected in “Other operating expenses, net” in the accompanying 2021 consolidated statement of operations. The estimated fair value of such contingent consideration is $1.3 and $0.7, which is reflected as a liability in the accompanying consolidated balance sheets as of December 31, 2021 and 2020, respectively. The post-acquisition operating results of Sensors & Software are reflected within our Detection and Measurement reportable segment. 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. Inventories — Historically, certain of our domestic businesses within our HVAC reportable segment accounted for their inventories under the last-in, last-out (“LIFO”) method. During the fourth quarter of 2021, as a means of harmonizing our accounting method for inventories across all of our businesses, we converted the inventory accounting for these businesses to the first-in, first-out (“FIFO”) method. This change in accounting has been retrospectively applied to our consolidated financial statements. See Note 9 for further discussion of this change, including the impact of this change on our prior years’ consolidated financial statements. 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 stockholders' equity and other comprehensive income. Foreign currency transaction gains and losses, as well as gains and losses related to foreign currency forward contracts, are included in “Other income (expense), net,” with the related net losses totaling $0.9, $0.6 and $0.9 in 2021, 2020 and 2019, 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 $0.1 and $1.3 as of December 31, 2021 and 2020, respectively. Capitalized software amortization expense totaled $1.3, $2.5, and $2.4 in 2021, 2020, and 2019, respectively. We expensed research activities relating to the development and improvement of our products of $30.7, $28.1 and $24.3 in 2021, 2020 and 2019, 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 $19.4, $15.4 and $13.1 for the years ended December 31, 2021, 2020 and 2019, 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 2021, 2020 or 2019. 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/income 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/income, 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 17 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 Transformer Solutions and DBT within discontinued operations.

Use of Estimates

12 Months Ended

Dec. 31, 2021

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.

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,
	2021		2020		2019
Balance at beginning of year	$	11.5	$	8.5	$	9.3
Acquisitions	—		0.3		0.3
Allowances provided	14.9		18.6		18.2
Write-offs, net of recoveries, credits issued and other	(16.0)		(15.9)		(19.3)
Balance at end of year	$	10.4	$	11.5	$	8.5

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 review 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. In reviewing goodwill for impairment, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we determine that an impairment is more likely than not, we then perform a quantitative impairment test (described below). Otherwise, no further analysis is required. Our qualitative evaluation is an assessment of factors, including reporting unit-specific operating results, as well as industry, market, and general economic conditions. Our quantitative analysis of 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, 2021 and 2020.


	December 31,
	2021		2020
Employee benefits	$	66.7	$	69.2
Warranty	11.8		11.6
Other (1)	139.4		125.8
Total	$	217.9	$	206.6

___________________________________________________________________

(1)Other consists of various items including, among other items, the current portion of our liabilities related to risk management matters, environmental remediation costs, and operating leases, as well as, accrued rebates, 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. See Note 15 for additional details.

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,
	2021		2020		2019
Balance at beginning of year	$	35.3	$	31.7	$	30.1
Acquisitions	0.1		1.6		0.4
Provisions	8.5		12.4		12.0
Usage	(9.1)		(10.6)		(10.7)
Currency translation adjustment	—		0.2		(0.1)
Balance at end of year	34.8		35.3		31.7
Less: Current portion of warranty	11.8		11.6		10.8
Non-current portion of warranty	$	23.0	$	23.7	$	20.9

__________________________________________________________________

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 — In connection with the sale of Balcke Dürr in 2016, 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. Since the sale of Balcke Dürr, the guarantees have expired and, as of the third quarter of 2021, all the bonds have been returned. We 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. 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 were 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. As the guarantees have expired and the bonds have been returned, we no longer have assets or liabilities recorded for this matter. See Note 17 for additional details.

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2021
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 June 2016, the Financial Accounting Standards Board (“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 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 impact to our consolidated financial statements. 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 the 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 adopted this guidance on January 1, 2021, with no material impact on our consolidated financial statements. The London Interbank Offered Rate (“LIBOR”) is scheduled to be discontinued on June 30, 2023, with some tenors ceasing 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. In preparation of our adoption of these amendments, we entered into a LIBOR transition amendment related to our global revolving credit facility, as described in Note 13. Upon adoption, we do not believe these amendments will have a material impact to our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. This guidance is effective for public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of adopting this guidance on our consolidated financial statements will depend on business combinations occurring on or after the effective date.

- 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.

+ References

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+ Details

Acquisitions and Discontinued Operations

12 Months Ended

Dec. 31, 2021

Acquisitions and Discontinued Operations [Abstract]

Acquisitions and Discontinued Operations

Acquisitions

As indicated in Note 1, on February 1, 2019, July 3, 2019, November 12, 2019, September 2, 2020, November 11, 2020, April 19, 2021, August 2, 2021 and December 15, 2021, we completed the acquisitions of Sabik, SGS, Patterson-Kelley, ULC, Sensors & Software, Sealite, ECS, and Cincinnati Fan, respectively. The pro forma effects of these acquisitions are not material to our consolidated results of operations.

Sale of Transformer Solutions Business

As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions for net cash proceeds of $620.6. In connection with the sale, we recorded a gain of $382.2 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021.

The results of Transformer Solutions are presented as a discontinued operation for all periods presented. Major line items constituting pre-tax income and after-tax income of Transformer Solutions for the period January 1, 2021 to October 1, 2021 and the years ended December 2020 and 2019 are shown below:



	2021		2020		2019
Revenues	$	313.5	$	427.4	$	403.4
Costs and expenses:
Cost of product sold	257.2		338.7		334.1
Selling, general and administrative	28.4		32.7		30.2
Special charges	—		—		0.3
Other income, net	—		0.9		0.6
Income before tax	27.9		56.9		39.4
Income tax provision	(7.0)		(14.0)		(8.8)
Income after tax	$	20.9	$	42.9	$	30.6

The assets and liabilities of Transformer Solutions have been classified as assets and liabilities of discontinued operations as of December 31, 2020. The major line items constituting Transformer Solutions assets and liabilities as of December 31, 2020 are shown below:


ASSETS
Accounts receivable, net	$	50.9
Contract assets	48.6
Inventories, net	21.7
Other current assets	3.2
Property, plant and equipment:
Land	6.5
Buildings and leasehold improvements	63.1
Machinery and equipment	141.1
	210.7
Accumulated depreciation	(131.0)
Property, plant and equipment, net	79.7
Goodwill	131.3
Other assets	8.1
Total assets - discontinued operations	$	343.5
LIABILITIES
Accounts payable	$	34.1
Contract liabilities	57.2
Accrued expenses	24.5
Deferred and other income taxes	22.3
Other long-term liabilities	9.1
Total liabilities - discontinued operations	$	147.2

Wind-Down of DBT Business

As discussed in Note 1, we completed the wind-down of our DBT business in the fourth quarter of 2021. As a result of completing the wind-down plan, we are now reporting DBT as a discontinued operation for all periods presented. In connection with the wind-down, we recorded a charge of $19.9 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021 to reflect the write-off of historical currency translation amounts associated with DBT that had been previously reported within “Stockholders' equity.”

Major line items constituting pre-tax loss and after-tax loss of DBT for the years ended December 31, 2021, 2020 and 2019 are shown below:



	2021		2020		2019
Revenues (1)	$	0.5	$	4.0	$	(6.1)
Costs and expenses:
Cost of product sold	0.9		6.9		22.4
Selling, general and administrative	15.1		14.8		11.6
Special charges	1.3		0.8		2.6
Other income (expense), net	(1.2)		1.9		(0.6)
Interest income, net	0.1		—		0.2
Loss before tax	(17.9)		(16.6)		(43.1)
Income tax benefit	2.7		2.4		7.3
Loss after tax	$	(15.2)	$	(14.2)	$	(35.8)

________________________________________________

(1) 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. See below for further discussion.

During February, April, and July 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.

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.

The assets and liabilities of DBT have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the consolidated balance sheets as of December 31, 2021 and 2020. The major line items constituting DBT's assets and liabilities as of December 31, 2021 and 2020 are shown below:


	December 31, 2021		December 31, 2020
ASSETS
Cash and equivalents	$	7.8	$	4.3
Accounts receivable, net	9.1		10.1
Other current assets	7.0		7.5
Property, plant and equipment:
Buildings and leasehold improvements	0.2		5.7
Machinery and equipment	1.5		7.3
	1.7		13.0
Accumulated depreciation	(1.5)		(9.8)
Property, plant and equipment, net	0.2		3.2
Other assets	27.6		17.9
Total assets of DBT	$	51.7	$	43.0
LIABILITIES
Accounts payable	$	2.3	$	2.3
Contract liabilities	5.6		7.5
Accrued expenses	22.4		2.5
Other long-term liabilities	4.9		5.3
Total liabilities of DBT	$	35.2	$	17.6

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 reporting Heat Transfer as a discontinued operation for all periods presented.

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



	2020		2019
Revenues	$	3.9	$	4.5
Costs and expenses:
Cost of products sold	3.1		6.1
Selling, general and administrative	0.1		0.9
Special charges (credits), net	0.4		(0.4)
Other income, net	—		0.3
Income (loss) before tax	0.3		(1.8)
Income tax (provision) benefit	(0.1)		0.4
Income (loss) after tax	$	0.2	$	(1.4)

The assets and liabilities of Heat Transfer have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the consolidated balance sheets as of December 31, 2021 and 2020. The major line items constituting Heat Transfer's assets and liabilities as of December 31, 2021 and 2020 are shown below:


	December 31, 2021		December 31, 2020
ASSETS
Accounts receivable, net	$	0.1	$	0.1
Other current assets	0.2		0.2
Other assets	0.2		0.2
Total assets of Heat Transfer	$	0.5	$	0.5
LIABILITIES
Accounts payable	$	0.3	$	0.2
Accrued expenses	0.1		0.3
Total liabilities of Heat Transfer	$	0.4	$	0.5

Other Discontinued Operations Activity

In addition to Transformer Solutions, DBT and Heat Transfer, we recognized net losses of $1.3, $3.7 and $4.4 during 2021, 2020 and 2019, respectively. The net losses for 2021, 2020, and 2019 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior businesses classified as discontinued operations.

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, 2021, 2020 and 2019, results of operations from our businesses reported as discontinued operations were as follows:



	2021		2020		2019
Transformer Solutions
Income from discontinued operations	$	454.9	$	56.9	$	39.4
Income tax provision (1)	(51.8)		(14.0)		(8.8)
Income from discontinued operations, net	403.1		42.9		30.6

DBT
Loss from discontinued operations	(37.8)		(16.6)		(43.1)
Income tax benefit	2.7		2.4		7.3
Loss from discontinued operations, net	(35.1)		(14.2)		(35.8)

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

All other
Loss from discontinued operations	(7.6)		(4.8)		(4.0)
Income tax (provision) benefit	6.3		1.1		(0.4)
Loss from discontinued operations, net	(1.3)		(3.7)		(4.4)

Total
Income (loss) from discontinued operations	409.2		35.8		(9.5)
Income tax provision	(42.8)		(10.6)		(1.5)
Income (loss) from discontinued operations, net	$	366.4	$	25.2	$	(11.0)

________________________________________________

(1) During the fourth quarter of 2021, we liquidated certain recently acquired entities. As a result of this action, we recorded a net income tax benefit of $16.5 within our 2021 consolidated statement of operations, which included an income tax charge of $10.9 within continuing operations and income tax benefit of $27.4 within discontinued operations.

Revenues from Contracts

12 Months Ended

Dec. 31, 2021

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 Aids to Navigation systems, communication technologies products, large process cooling systems, as well as certain of our bus fare collection systems. As of December 31, 2021, the aggregate amount allocated to remaining performance obligations after the effect of practical expedients was $105.8. We expect to recognize revenue on

approximately 63% and 88% 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 HVAC 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 and unapproved change orders and claims (levied by us and/or against us). 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.

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 and process cooling equipment, residential and commercial boilers, comfort heating and ventilation products, and engineered air movement solutions. Performance obligations for our HVAC product lines relate primarily to the delivery of equipment and components, construction and reconstruction of cooling towers and other components, and providing installation, replacement/spare parts and various other services. Performance obligations related to delivery of equipment and components are satisfied at the time of shipment or delivery (i.e., control is transferred at a point in time). The typical length of these contracts is one to three months and payment terms are generally 15 to 60 days after shipment to the customer. Performance obligations for construction and reconstruction of cooling towers and other components, and providing installation and various other services, are typically satisfied through a 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. The length of customer contract for these product lines is generally 6 to 18 months. 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). 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 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.

Customer prepayments, progress billings, and retention payments are customary for some of our longer-term contracts. 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, 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, 2021, 2020, and 2019:


	Year Ended December 31, 2021
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air quality solutions	$	433.8	$	—	$	433.8
Boilers, comfort heating, and ventilation	318.3		—		318.3
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		256.8		256.8
Communication technologies, obstruction lighting, and bus fare collection systems	—		210.6		210.6
	$	752.1	$	467.4	$	1,219.5

Timing of Revenue Recognition
Revenues recognized at a point in time	$	661.2	$	415.9	$	1,077.1
Revenues recognized over time	90.9		51.5		142.4
	$	752.1	$	467.4	$	1,219.5


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

Major product lines
Package and process cooling equipment and services	$	447.1	$	—	$	447.1
Boilers, comfort heating, and ventilation	293.7		—		293.7
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		217.8		217.8
Communication technologies, obstruction lighting, and bus fare collection systems	—		169.5		169.5
	$	740.8	$	387.3	$	1,128.1

Timing of Revenue Recognition
Revenues recognized at a point in time	$	622.2	$	341.9	$	964.1
Revenues recognized over time	118.6		45.4		164.0
	$	740.8	$	387.3	$	1,128.1


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

Major product lines
Package and process cooling equipment and services	$	429.7	$	—	$	429.7
Boilers, comfort heating, and ventilation	309.0		—		309.0
Underground locators and inspection and rehabilitation equipment	—		194.3		194.3
Communication technologies, obstruction lighting, and bus fare collection systems	—		190.6		190.6
	$	738.7	$	384.9	$	1,123.6

Timing of Revenue Recognition
Revenues recognized at a point in time	$	631.4	$	357.1	$	988.5
Revenues recognized over time	107.3		27.8		135.1
	$	738.7	$	384.9	$	1,123.6

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, 2021 and 2020:


Contract Balances	December 31, 2021		December 31, 2020		Change
Contract Accounts Receivable (1)	$	215.3	$	200.6	$	14.7
Contract Assets	28.9		32.5		(3.6)
Contract Liabilities - current	(44.7)		(38.8)		(5.9)
Contract Liabilities - non-current (2)	(5.8)		(3.4)		(2.4)
Net contract balance	$	193.7	$	190.9	$	2.8

_____________________

(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 $2.8 increase in our net contract balance from December 31, 2020 to December 31, 2021 was due primarily to revenue recognized during the period, partially offset by cash payments received from customers during the period.

During 2021, we recognized revenues of $34.0 related to our contract liabilities at December 31, 2020.

- 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Summarized below is our policy under, as well as the various other disclosures required by, ASC 842.

We have 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, 2021		December 31, 2020
Operating lease cost (1)	$	13.5	$	11.5
Variable lease cost	0.1		—

Finance lease cost:
Amortization of right-of-use assets	$	0.6	$	0.6
Interest on lease liabilities	—		0.1
Total finance lease cost	$	0.6	$	0.7

__________________________

(1) Includes short-term lease cost of $4.3 and $2.5, at December 31, 2021 and 2020 respectively.

Supplemental cash flow information related to leases was as follows:


	Year ended
	December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	9.4	$	9.1
Operating cash flows from finance leases	—		0.1
Financing cash flows from finance leases	0.6		1.3
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	9.1		19.8
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.4		1.2

Supplemental balance sheet information related to leases was as follows:


	December 31, 2021		December 31, 2020
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets (1)	$	41.7	$	40.5	Other assets

Operating lease current liabilities	$	7.7	$	7.3	Accrued expenses
Operating lease non-current liabilities	31.5		30.9		Other long-term liabilities
Total operating lease liabilities	$	39.2	$	38.2

Finance Leases:
Finance Lease Assets	$	1.0	$	2.5	Property, plant and equipment, net

Finance lease current liabilities	$	0.5	$	1.0	Current maturities of long-term debt
Finance lease non-current liabilities	0.6		1.6		Long-term debt
Total finance lease liabilities	$	1.1	$	2.6

___________________________________________________________________

(1) Includes favorable leasehold interests as of December 31, 2021 and 2020 of $6.4 and $6.6, respectively, recorded as part of the acquisition of Patterson-Kelley.

The weighted average remaining lease terms (years) of our leases as of December 31, 2021 and December 31, 2020, were as follows:


	December 31,
	2021	2020
Operating Leases	6.6	7.0
Finance Leases	2.3	3.2

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 3.1% and 3.0% at December 31, 2021 and 2020, respectively, and finance leases was 3.0% and 3.6% at December 31, 2021 and 2020, respectively.

The future minimum payments under our operating and finance leases were as follows as of December 31, 2021:


	Operating Leases		Finance Leases		Total

Next 12 months	$	8.8	$	0.5	$	9.3
12 to 24 months	8.6		0.4		9.0
24 to 36 months	8.0		0.2		8.2
36 to 48 months	3.9		—		3.9
48 to 60 months	3.2		—		3.2
Thereafter	11.2		—		11.2
Total lease payments	43.7		1.1		44.8
Less imputed interest	4.5		—		4.5
Total	$	39.2	$	1.1	$	40.3

Leases

Summarized below is our policy under, as well as the various other disclosures required by, ASC 842.

The components of lease expense were as follows:


	Year ended
	December 31, 2021		December 31, 2020
Operating lease cost (1)	$	13.5	$	11.5
Variable lease cost	0.1		—

Finance lease cost:
Amortization of right-of-use assets	$	0.6	$	0.6
Interest on lease liabilities	—		0.1
Total finance lease cost	$	0.6	$	0.7

__________________________

(1) Includes short-term lease cost of $4.3 and $2.5, at December 31, 2021 and 2020 respectively.

Supplemental cash flow information related to leases was as follows:


	Year ended
	December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	9.4	$	9.1
Operating cash flows from finance leases	—		0.1
Financing cash flows from finance leases	0.6		1.3
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	9.1		19.8
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.4		1.2

Supplemental balance sheet information related to leases was as follows:


	December 31, 2021		December 31, 2020
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets (1)	$	41.7	$	40.5	Other assets

Operating lease current liabilities	$	7.7	$	7.3	Accrued expenses
Operating lease non-current liabilities	31.5		30.9		Other long-term liabilities
Total operating lease liabilities	$	39.2	$	38.2

Finance Leases:
Finance Lease Assets	$	1.0	$	2.5	Property, plant and equipment, net

Finance lease current liabilities	$	0.5	$	1.0	Current maturities of long-term debt
Finance lease non-current liabilities	0.6		1.6		Long-term debt
Total finance lease liabilities	$	1.1	$	2.6

___________________________________________________________________

(1) Includes favorable leasehold interests as of December 31, 2021 and 2020 of $6.4 and $6.6, respectively, recorded as part of the acquisition of Patterson-Kelley.

The weighted average remaining lease terms (years) of our leases as of December 31, 2021 and December 31, 2020, were as follows:


	December 31,
	2021	2020
Operating Leases	6.6	7.0
Finance Leases	2.3	3.2

The future minimum payments under our operating and finance leases were as follows as of December 31, 2021:


	Operating Leases		Finance Leases		Total

Next 12 months	$	8.8	$	0.5	$	9.3
12 to 24 months	8.6		0.4		9.0
24 to 36 months	8.0		0.2		8.2
36 to 48 months	3.9		—		3.9
48 to 60 months	3.2		—		3.2
Thereafter	11.2		—		11.2
Total lease payments	43.7		1.1		44.8
Less imputed interest	4.5		—		4.5
Total	$	39.2	$	1.1	$	40.3

Information on Reportable Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Information on Reportable Segments

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

We have aggregated our operating segments into the following two reportable segments: HVAC and Detection and Measurement. 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 for each of our reportable segments is determined before considering impairment and special charges, long-term incentive compensation, certain other operating income/expense, 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 package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers and comfort 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.

Corporate Expense

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

Financial data for our reportable segments for the years ended December 31, 2021, 2020 and 2019 were as follows:


	2021		2020		2019
Revenues:
HVAC reportable segment	$	752.1	$	740.8	$	738.7
Detection and Measurement reportable segment	467.4		387.3		384.9
Consolidated revenues	$	1,219.5	$	1,128.1	$	1,123.6

Income:
HVAC reportable segment	$	104.2	$	102.7	$	103.2
Detection and Measurement reportable segment	69.7		69.1		81.7
Total income for segments	173.9		171.8		184.9
Corporate expense	60.5		49.7		55.0

Long-term incentive compensation expense	12.8		13.1		12.6
Impairment of goodwill and intangible assets	5.7		0.7		—
Special charges, net	1.0		2.4		1.5
Other operating expenses, net (1)	20.2		9.0		1.8
Consolidated operating income	$	73.7	$	96.9	$	114.0


Capital expenditures:
HVAC reportable segment	$	5.3	$	7.0	$	8.7
Detection and Measurement reportable segment	3.4		2.7		2.3
General corporate	0.9		5.6		2.5
Total capital expenditures	$	9.6	$	15.3	$	13.5
Depreciation and amortization:
HVAC reportable segment	$	11.5	$	11.0	$	8.2
Detection and Measurement reportable segment	28.0		17.6		13.2
General corporate	2.8		3.3		3.0
Total depreciation and amortization	$	42.3	$	31.9	$	24.4


	2021		2020		2019
Identifiable assets:
HVAC reportable segment	$	808.4	$	632.2	$	654.0
Detection and Measurement reportable segment	835.4		772.5		609.4
General corporate and eliminations (2)	406.4		45.6		33.5
Insurance recovery assets (3)	526.2		496.4		509.6
Discontinued operations	52.2		387.0		361.3
Total identifiable assets	$	2,628.6	$	2,333.7	$	2,167.8
Geographic Areas:
Revenues: (4)
United States	$	991.5	$	935.7	$	972.7
China	57.9		41.7		31.1
United Kingdom	80.1		88.4		59.0
Other	90.0		62.3		60.8
	$	1,219.5	$	1,128.1	$	1,123.6


Tangible Long-Lived Assets:
United States	$	762.4	$	695.6	$	682.3
Other	37.8		26.8		41.4
Long-lived assets of continuing operations	800.2		722.4		723.7
Long-lived assets of discontinued operations, DBT and Heat Transfer	28.0		109.1		95.7
Total tangible long-lived assets	$	828.2	$	831.5	$	819.4

_______________________________________________________________

(1)For 2021, includes charges of $26.3 for asbestos product liability matters related to products we no longer manufacture and $0.6 related to revisions to the liability associated with the contingent consideration for the Sensors & Software acquisition, partially offset by income of $6.7 related to the reduction of the liability associated with contingent consideration for the ECS acquisition. For 2020, includes charges of $9.4 for asbestos product liability matters, 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, includes charges of $1.8 related to revisions to estimates of certain liabilities retained in connection with the 2016 sale of the dry cooling business.

(2)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.

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

(4)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
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Special Charges, Net

12 Months Ended

Dec. 31, 2021

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 $1.0 in 2021, $2.4 in 2020, and $1.5 in 2019. 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, 2021, 2020 and 2019 are described in more detail below and in the applicable sections that follow:


	Years Ended December 31,
	2021		2020		2019
Employee termination costs	$	1.0	$	1.0	$	0.5
Facility consolidation costs	—		—		0.5
Other cash costs, net	—		1.0		—
Non-cash asset write-downs	—		0.4		0.5
Total	$	1.0	$	2.4	$	1.5

2021 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.1	$	—	$	—	$	—	$	0.1
Detection and Measurement reportable segment	0.9		—		—		—		0.9
Corporate	—		—		—		—		—
Total	$	1.0	$	—	$	—	$	—	$	1.0

HVAC – Charges for 2021 related to severance costs associated with a restructuring action at one of the segment’s heating businesses. This action resulted in the termination of 6 employees.

Detection & Measurement – Charges for 2021 related primarily to severance costs associated with restructuring actions at the segment’s location and inspection businesses. These actions resulted in the termination of 44 employees.

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
Corporate	0.2		—		1.0		0.4		1.6
Total	$	1.0	$	—	$	1.0	$	0.4	$	2.4

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 severance costs for a restructuring action at the segment’s bus fare collection systems business. The action resulted in the termination of 5 employees.

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	$	0.3	$	0.5	$	—	$	0.5	$	1.3
Detection and Measurement reportable segment	—		—		—		—		—
Corporate	0.2		—		—		—		0.2
Total	$	0.5	$	0.5	$	—	$	0.5	$	1.5

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 19 employees.

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

The following is an analysis of our restructuring liabilities for the years ended December 31, 2021, 2020 and 2019:



	2021		2020		2019
Balance at beginning of year	$	0.9	$	0.4	$	0.8
Special charges(1)	1.0		2.0		1.0
Utilization — cash	(1.6)		(1.5)		(1.4)

Balance at the end of year	$	0.3	$	0.9	$	0.4

___________________________________________________________________

(1)The years ended December 31, 2021, 2020 and 2019 excluded $0.0, $0.4 and $0.5, respectively, of non-cash charges that impacted special charges but not the restructuring liabilities.

Inventories, Net

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories, Net

Inventories at December 31, 2021 and 2020 comprised the following:


	December 31,
	2021		2020
Finished goods	$	55.1	$	49.5
Work in process	21.1		21.1
Raw materials and purchased parts	113.6		84.4
Total inventories	$	189.8	$	155.0

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Historically, certain of our domestic businesses within our HVAC reportable segment accounted for their inventories under the LIFO method. As indicated in Note 1, during the fourth quarter of 2021, we converted the inventory accounting for these businesses to the FIFO method. We believe that this change in accounting is preferable as it (i) results in a consistent method to value inventories across all of our businesses, (ii) it improves comparability with industry peers, (iii) better reflects current inventory costs, and (iv) aligns with how we internally monitor the performance of our businesses.

The effects of this accounting change have been retrospectively applied to all periods presented. This change resulted in a reduction of our to “Retained deficit” of $9.1 as of December 31, 2018. The impact of this accounting change on our consolidated statements of operations and consolidated statements of comprehensive income for the years ended December 31, 2019 and 2020, and our consolidated balance sheet as of December 31, 2020, was as follows:


	As Computed under LIFO		Effect of Change		As Adjusted
Consolidated Statement of Operations for the year ended December 31, 2019:
Income from continuing operations before income taxes	$	88.7	$	0.1	$	88.8
Income tax provision	(12.4)		(0.1)		(12.5)
Income from continuing operations, net of tax	76.3		—		76.3
Loss from discontinued operations, net of tax	(11.0)		—		(11.0)
Net income	65.3		—		65.3
Adjustment related to redeemable noncontrolling interest	5.6		—		5.6
Net income attributable to SPX common stockholders	$	70.9	$	—	$	70.9


Basic income (loss) per share of common stock:
Income from continuing operations, net of tax	$	1.74	$	—	$	1.74
Loss from discontinued operations, net of tax	(0.13)		—		(0.13)
Net income attributable to SPX common stockholders after adjustment related to redeemable noncontrolling interest	$	1.61	$	—	$	1.61

Diluted income per share of common stock:
Income from continuing operations, net of tax	$	1.70	$	—	$	1.70
Loss from discontinued operations, net of tax	(0.12)		—		(0.12)
Net income attributable to SPX common stockholders after adjustment related to redeemable noncontrolling interest	$	1.58	$	—	$	1.58

Total comprehensive income	$	64.7	$	—	$	64.7

Consolidated Statement of Operations for the year ended December 31, 2020
Income from continuing operations before income taxes	$	76.3	$	2.3	$	78.6
Income tax provision	(4.2)		(0.6)		(4.8)
Income from continuing operations	72.1		1.7		73.8
Gain from discontinued operations, net of tax	25.1		0.1		25.2
Net income	$	97.2	$	1.8	$	99.0

Basic income per share of common stock:
Income from continuing operations, net of tax	$	1.61	$	0.04	$	1.65
Gain from discontinued operations, net of tax	0.57		—		0.57
Net income attributable to SPX common stockholders	$	2.18	$	0.04	$	2.22

Diluted income per share of common stock:
Income from continuing operations, net of tax	$	1.57	$	0.04	$	1.61
Gain from discontinued operations, net of tax	0.55		—		0.55
Net income attributable to SPX common stockholders	$	2.12	$	0.04	$	2.16

Total comprehensive income	$	101.4	$	1.8	$	103.2

Consolidated Balance Sheet as of December 31, 2020:
Inventories, net	$	143.1	$	11.9	$	155.0
Current assets of discontinued operations	121.6		2.8		124.4
Deferred and other income taxes	23.5		3.1		26.6
Non-current liabilities of discontinued operations	30.7		0.7		31.4
Retained deficit	(488.1)		10.9		(477.2)

The following table compares amounts that would have been reported under the LIFO method with amounts reported under the FIFO method in the accompanying consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2021, and the consolidated balance sheet as of December 31, 2021:


	As Computed under LIFO		As Reported under FIFO		Effect of Change
Income from continuing operations before income taxes	$	58.3	$	69.9	$	11.6
Income tax provision	(8.0)		(10.9)		(2.9)
Income from continuing operations, net of tax	50.3		59.0		8.7
Gain from discontinued operations, net of tax	368.5		366.4		(2.1)
Net income attributable to SPX common stockholders	$	418.8	$	425.4	$	6.6

Basic income per share of common stock:
Income from continuing operations, net of tax	$	1.11	$	1.30	$	0.19
Gain from discontinued operations, net of tax	8.14		8.09		(0.05)
Net income attributable to SPX common stockholders	$	9.25	$	9.39	$	0.14

Total Comprehensive Income	$	434.3	$	440.8	$	6.5

Diluted income per share of common stock:
Income from continuing operations, net of tax	$	1.08	$	1.27	$	0.19
Gain from discontinued operations, net of tax	7.93		7.88		(0.05)
Net income attributable to SPX common stockholders	$	9.01	$	9.15	$	0.14

Inventories, net	$	166.3	$	189.8	$	23.5
Deferred and other income taxes	25.3		31.3		6.0
Retained deficit	(69.3)		(51.8)		17.5

The impact of the change from LIFO to FIFO on our consolidated statements of cash flows for the years ended December 31, 2021, 2020, and 2019 was limited to the changes in income noted above, along with offsetting changes within inventories and deferred and other income taxes. As a result, this accounting change had no impact on our total cash flows from operating, investing, and financing activities during the years ended December 31, 2021, 2020, and 2019.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

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, 2021, were as follows:


	December 31, 2020		Goodwill Resulting from Business Combinations (1)		Impairments (2)		Foreign Currency Translation		December 31, 2021
HVAC reportable segment
Gross goodwill	$	492.2	$	46.0	$	—	$	(9.3)	$	528.9
Accumulated impairments	(340.6)		—		—		6.5		(334.1)
Goodwill	151.6		46.0		—		(2.8)		194.8
Detection and Measurement reportable segment
Gross goodwill	351.5		78.7		—		(5.3)		424.9
Accumulated impairments	(134.5)		—		(28.2)		0.3		(162.4)
Goodwill	217.0		78.7		(28.2)		(5.0)		262.5
Total
Gross goodwill	843.7		124.7		—		(14.6)		953.8
Accumulated impairments	(475.1)		—		(28.2)		6.8		(496.5)
Goodwill	$	368.6	$	124.7	$	(28.2)	$	(7.8)	$	457.3

___________________________________________________________________

(1) Reflects (i) goodwill acquired with the Sealite, ECS and Cincinnati Fan acquisitions of $47.7, $25.9 and $46.0, respectively, (ii) and increase in ULC's goodwill during 2021 of $3.1 resulting from revisions to the valuation of certain assets and liabilities and income tax accounts, and (iii) an increase in Sensors & Software's goodwill of $2.0 resulting from revisions to the valuation of certain assets and liabilities and income tax accounts. As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in the Sealite, ECS and Cincinnati Fan acquisitions have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

(2) As indicated in Note 1, we concluded during the third quarter of 2021 that the operating and financial milestones related to the ULC contingent consideration would not be achieved, resulting in the reversal of the related liability of $24.3, with the offset to “Other operating expenses, net.” We also concluded that the lack of achievement of these milestones, along with lower than anticipated future cash flows, were indicators of potential impairment related to ULC’s goodwill and indefinite-lived intangible assets. As such, we tested ULC’s goodwill and indefinite-lived intangible assets for impairment during the quarter. Based on such testing, we determined that the carrying value of ULC’s net assets exceeded the implied fair value of the business. As a result, we recorded an impairment charge to “Other operating expenses, net” of $24.3 during the third quarter, with $23.3 related to goodwill and the remainder to trademarks. In connection with our annual impairment analysis of ULC's goodwill and indefinite-lived intangibles, during the fourth quarter of 2021, we determined that the carrying value of ULC's net assets exceeded the implied fair value of the business by $5.2. As a result, we recorded impairment charges of $4.9 and $0.3 related to the business's goodwill and trademarks, respectively.

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	$	480.0	$	0.8	$	—	$	11.4	$	492.2
Accumulated impairments	(332.5)		—		—		(8.1)		(340.6)
Goodwill	147.5		0.8		—		3.3		151.6
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
Total
Gross goodwill	784.1		43.5		—		16.1		843.7
Accumulated impairments	(466.1)		—		—		(9.0)		(475.1)
Goodwill	$	318.0	$	43.5	$	—	$	7.1	$	368.6

___________________________________________________________________

(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.

Identifiable intangible assets were as follows:


	December 31, 2021						December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships	$	188.2	$	(26.7)	$	161.5	$	103.4	$	(16.2)	$	87.2
Technology	80.1		(11.9)		68.2		54.4		(6.8)		47.6
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	31.6		(18.0)		13.6		18.8		(12.5)		6.3
	304.4		(61.1)		243.3		181.1		(40.0)		141.1
Trademarks with indefinite lives (2)	172.2		—		172.2		163.9		—		163.9
Total	$	476.6	$	(61.1)	$	415.5	$	345.0	$	(40.0)	$	305.0

___________________________________________________________________

(1)The identifiable intangible assets associated with the Sealite, ECS and Cincinnati Fan acquisitions consist of customer backlog of $1.9, $0.8 and $4.3, respectively, customer relationships of $12.1, $12.6 and $61.7, respectively, technology of $6.6, $5.8 and $14.4, respectively, and definite-lived trademarks of $0.0, $1.2 and $4.7, respectively.

(2)Changes during 2021 related primarily to the acquisition of Sealite trademarks of $11.6 and, as previously discussed, the impairment charges of $1.3 related to ULC's trademarks during the third and fourth quarters of 2021.

Amortization expense was $21.6, $14.0 and $8.9 for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated amortization expense is approximately $28.0 for 2022 and $23.0 over each of the four years thereafter related to these intangible assets.

At December 31, 2021, the net carrying value of intangible assets with determinable lives consisted of $106.2 in the HVAC reportable segment and $137.1 in the Detection and Measurement reportable segment. Trademarks with indefinite lives consisted of $105.4 in the HVAC reportable segment and $66.8 in the Detection and Measurement reportable segment.

As indicated in Note 1, we review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill and indefinite-lived intangible assets for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. During the fourth quarter of 2021, we performed quantitative analyses on the goodwill and indefinite-lived intangible assets of our Cues and ULC reporting units. Based on such analysis, we determined that the fair value of Cues’ net assets exceeded the related carrying value by approximately 30%. Our quantitative analysis of the ULC reporting unit resulted in impairment charges of $5.2, with $4.9 related to goodwill and $0.3 to the ULC trademarks. After such impairment charges, ULC’s total goodwill was $12.0 as of December 31, 2021. A change in assumptions used in ULC's quantitative analysis (e.g., projected revenues and profit growth rates, discount rates, industry price multiples, etc.) could result in the reporting unit's estimated fair value being less than the carrying value of its net assets. In addition to ULC, the fair value of Sealite, ECS and Cincinnati Fan, acquisitions over the past 12 months, approximate their carrying value. If ULC, Sealite, ECS, or Cincinnati Fan are unable to achieve their respective current financial forecast, we may be required to record an impairment charge in a future period related to their respective goodwill.

Our quantitative analysis of trademarks is based on applying estimated royalty rates to projected revenues, with resulting cash flows discounted at a rate of return that reflects current market conditions. In addition to the $1.3 of 2021 impairment charges related to the ULC trademarks, during the fourth quarters of 2021 and 2020, we recorded impairment charges of $0.5 and $0.7, respectively, related to certain other trademarks.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

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 discontinued providing 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, changes in fair value of plan assets and 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, 2021 or 2020.

Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2021 and 2020, 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
	2021		2020		2021
Fixed income common trust funds	67	%	68	%	65	%
Commingled global fund allocation	6	%	11	%	6	%

Global equity common trust funds	15	%	5	%	15	%

U.S. Government securities	10	%	9	%	12	%
Short-term investments and other (1)	2	%	7	%	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
	2021		2020		2021
Global equity common trust funds	9	%	9	%	9	%

Fixed income common trust funds	61	%	65	%	66	%
Commingled global fund allocation	27	%	25	%	25	%

Non-U.S. Government securities	—	%	—	%	—	%
Short-term investments (1)	3	%	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, 2021, 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)	$	291.2	$	—	$	291.2	$	—

Non-U.S. Government securities	0.3		—		0.3		—
U.S. Government securities	25.8		—		25.8		—
Equity securities:
Global equity common trust funds (1) (3)	58.0		—		58.0		—








Alternative investments:
Commingled global fund allocations (1) (4)	67.4		—		67.4		—
Other:
Short-term investments (5)	10.4		10.4		—		—
Other	0.9		—		—		0.9
Total	$	454.0	$	10.4	$	442.7	$	0.9

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

___________________________________________________________________

(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 2021, we made no contributions to our qualified domestic pension plans, and direct benefit payments of $5.5 to our non-qualified domestic pension plans. In 2022, 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 $5.3 to our non-qualified domestic pension plans.

In 2021, we made contributions of $0.9 to our foreign pension plans. In 2022, we expect to make contributions of $1.2 to our foreign pension plans.

Estimated Future Benefit Payments — Following is a summary, as of December 31, 2021, 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, 2021 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
2022	$	26.7	$	6.3
2023	26.4		6.0
2024	26.0		6.4
2025	25.1		7.5
2026	26.1		7.2
Subsequent five years	98.1		39.6

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 $60.4 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
	2021		2020		2021		2020
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	364.7	$	348.2	$	192.2	$	175.0

Service cost	—		—		—		—
Interest cost	8.4		10.8		3.4		3.8

Actuarial (gains) losses	(12.9)		30.4		(4.8)		14.3
Settlements	(10.5)		(10.3)		(3.0)		—


Benefits paid	(14.3)		(14.4)		(5.1)		(6.7)
Foreign exchange and other	—		—		(0.3)		5.8
Projected benefit obligation — end of year	$	335.4	$	364.7	$	182.4	$	192.2

The actuarial gains and losses for all pension plans in 2021 and 2020 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
	2021		2020		2021		2020
Change in plan assets:
Fair value of plan assets — beginning of year	$	279.8	$	263.6	$	198.3	$	178.1
Actual return on plan assets	(0.1)		35.1		3.6		19.9
Contributions (employer and employee)	5.5		5.8		0.9		0.9
Settlements	(10.5)		(10.3)		(3.0)		—
Benefits paid	(14.3)		(14.4)		(5.1)		(6.7)

Foreign exchange and other	—		—		(1.1)		6.1

Fair value of plan assets — end of year	$	260.4	$	279.8	$	193.6	$	198.3
Funded status at year-end	(75.0)		(84.9)		11.2		6.1
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	2.2	$	2.6	$	11.4	$	8.6

Accrued expenses	(5.2)		(5.4)		—		—

Other long-term liabilities	(72.0)		(82.1)		(0.2)		(2.5)
Net amount recognized	$	(75.0)	$	(84.9)	$	11.2	$	6.1
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	(0.1)		(0.2)		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, 2021 and 2020:


	Domestic Pension Plans				Foreign Pension Plans
	2021		2020		2021		2020
Projected benefit obligation	$	329.0	$	357.9	$	0.2	$	50.9
Accumulated benefit obligation	329.0		357.9		0.2		50.9
Fair value of plan assets	251.8		270.4		—		48.4

The accumulated benefit obligation for all domestic and foreign pension plans was $335.4 and $182.4, respectively, at December 31, 2021 and $364.7 and $192.2, respectively, at December 31, 2020.

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,
	2021		2020		2019
Service cost	$	—	$	—	$	—
Interest cost	8.4		10.8		13.3
Expected return on plan assets	(8.7)		(9.5)		(9.8)
Amortization of unrecognized prior service credits	(0.1)		(0.1)		(0.1)
Recognized net actuarial (gains) losses (1)	(4.2)		4.7		6.5
Total net periodic pension benefit (income) expense	$	(4.6)	$	5.9	$	9.9

___________________________________________________________________

(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,
	2021		2020		2019
Service cost	$	—	$	—	$	—
Interest cost	3.4		3.8		4.8
Expected return on plan assets	(5.8)		(5.7)		(6.7)

Recognized net actuarial (gains) losses (1)	(1.8)		0.2		1.0
Total net periodic pension benefit income	$	(4.2)	$	(1.7)	$	(0.9)

___________________________________________________________________

(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,
	2021		2020		2019
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	2.35	%	3.16	%	4.29	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	3.22	%	3.75	%	4.25	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	2.83	%	2.35	%	3.16	%
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	1.76	%	2.27	%	3.02	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	3.31	%	3.81	%	4.69	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	2.19	%	1.76	%	2.27	%
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 2021, we made benefit payments of $5.9 to our postretirement benefit plans. Following is a summary, as of December 31, 2021, 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, 2021 to measure our obligations and include benefits attributable to estimated future employee service.


	Postretirement Payments
2022	$	6.0
2023	5.4
2024	4.9
2025	4.4
2026	4.0
Subsequent five years	14.8

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


	Postretirement Plans
	2021		2020
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year	$	60.5	$	63.6

Interest cost	1.0		1.6
Actuarial (gains) losses	(3.9)		1.9
Benefits paid	(5.9)		(6.6)



Projected postretirement benefit obligation — end of year	$	51.7	$	60.5
Funded status at year-end	$	(51.7)	$	(60.5)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(5.9)	$	(6.7)

Other long-term liabilities	(45.8)		(53.8)
Net amount recognized	$	(51.7)	$	(60.5)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(15.5)	$	(20.2)

The actuarial gains and losses for our postretirement benefit plans in 2021 and 2020 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,
	2021		2020		2019
Service cost	$	—	$	—	$	—
Interest cost	1.0		1.6		2.4
Amortization of unrecognized prior service credits	(4.7)		(4.7)		(4.0)

Recognized net actuarial (gains) losses	(3.9)		1.9		2.5
Net periodic postretirement benefit (income) expense	$	(7.6)	$	(1.2)	$	0.9

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


	Year ended December 31,
	2021		2020		2019
Assumed health care cost trend rates:
Health care cost trend rate for next year	6.25	%	6.50	%	6.75	%
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	2.00	%	2.97	%	4.09	%
Discount rate used in determining year-end postretirement benefit obligation	2.56	%	2.00	%	2.97	%

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 0.135, 0.192 and 0.199 shares of our common stock to employee accounts in 2021, 2020 and 2019, respectively. Compensation expense is recorded based on the market value of shares as the shares are contributed to employee accounts. We recorded $7.8 in 2021, $7.7 in 2020 and $7.0 in 2019 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 $18.3 and $20.9 at December 31, 2021 and 2020, 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 2021, 2020 and 2019, we recorded compensation expense of $0.2, $0.2 and $0.2, respectively, relating to our matching contributions to the SRSP.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Income from continuing operations:
United States	$	17.2	$	39.6	$	52.9
Foreign	52.7		39.0		35.9
	$	69.9	$	78.6	$	88.8
(Provision for) benefit from income taxes:
Current:
United States	$	(5.4)	$	(0.7)	$	6.8
Foreign	(6.9)		(3.8)		(5.5)
Total current	(12.3)		(4.5)		1.3
Deferred and other:
United States	0.8		(0.3)		(12.8)
Foreign	0.6		—		(1.0)
Total deferred and other	1.4		(0.3)		(13.8)
Total provision	$	(10.9)	$	(4.8)	$	(12.5)

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,
	2021		2020		2019
Tax at U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	0.4	%	1.8	%	0.8	%
U.S. credits and exemptions	(20.4)	%	(4.4)	%	(3.3)	%
Foreign earnings/losses taxed at different rates	12.6	%	(4.6)	%	(2.8)	%
Nondeductible expenses	3.3	%	2.2	%	2.5	%
Adjustments to uncertain tax positions	(2.4)	%	(4.4)	%	(0.5)	%
Changes in valuation allowance (1)	47.9	%	(0.6)	%	(1.8)	%
Share-based compensation	(1.8)	%	(3.6)	%	(1.8)	%


Capital loss (1)	(42.5)	%	—	%	—	%
Goodwill impairment and basis adjustments	7.3	%	—	%	—	%
Statutory rate changes	2.1	%	—	%	(0.6)	%
Adjustments to contingent consideration	(8.9)	%	—	%	—	%

Other	(3.0)	%	(1.3)	%	0.6	%
	15.6	%	6.1	%	14.1	%

___________________________________________________________________

(1) During the fourth quarter of 2021, we generated a capital loss in connection with the liquidation of certain recently acquired entities. All but $2.0 of the income tax benefit associated with the capital loss has been reflected in “Gain (loss) from discontinued operations, net of tax” in the accompanying consolidated statement of operations for the year ended December 31, 2021. As such, the capital loss had only a minimal impact on our effective income tax rate for continuing operations during the year ended December 31, 2021.

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


	As of December 31,
	2021		2020
Deferred tax assets:
NOL and credit carryforwards	$	118.6	$	141.0
Pension, other postretirement and postemployment benefits	31.1		36.5
Payroll and compensation	16.3		15.0
Legal, environmental and self-insurance accruals	35.9		22.6
Working capital accruals	17.0		17.1
Other	9.8		8.4
Total deferred tax assets	228.7		240.6
Valuation allowance	(89.8)		(92.0)
Net deferred tax assets	138.9		148.6
Deferred tax liabilities:
Intangible assets recorded in acquisitions	79.4		65.2
Basis difference in affiliates	19.8		16.3
Accelerated depreciation	13.3		11.9
Deferred income	20.2		29.4
Other	16.8		11.1
Total deferred tax liabilities	149.5		133.9
	$	(10.6)	$	14.7

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, 2021, we had $352.0 of state and $288.0 of foreign tax loss carryforwards available. We also had federal and state tax credit carryforwards of $8.0. Of these amounts, $41.9 expire in 2022 and $310.7 expire at various times between 2023 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. Our valuation allowance decreased by $2.2 in 2021 and by $1.6 in 2020. The 2021 decrease was primarily driven by the utilization of state attributes in connection with our sale of Transformer Solutions. As previously indicated, we recorded an income tax benefit associated with the capital loss that was generated from the liquidation of certain recently acquired entities, with $2.0 recorded to continuing operations and the remainder to discontinued operations. As such, the capital loss had no net impact to our valuation allowance during the year ended December 31, 2021.

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, 2021, we have $172.0 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, 2021, we had gross and net unrecognized tax benefits of $7.1 and $6.4, respectively. All of these net unrecognized tax benefits would impact our effective tax rate from continuing operations if recognized. Similarly, at December 31, 2020 and 2019, we had gross unrecognized tax benefits of $13.6 (net unrecognized tax benefits of $11.0) and $17.2 (net unrecognized tax benefits of $13.9), respectively.

We classify interest and penalties related to unrecognized tax benefits as a component of our income tax (provision) benefit. As of December 31, 2021, gross accrued interest totaled $2.6 (net accrued interest of $2.2), while the related amounts as of December 31, 2020 and 2019 were $3.8 (net accrued interest of $3.0) and $4.1 (net accrued interest of $3.2), respectively. Our income tax (provision) benefit for the years ended December 31, 2021, 2020 and 2019 included gross interest income (expense) of $1.0, $0.2, and $(0.5), respectively, resulting from adjustments to our liability for uncertain tax positions. As of December 31, 2021, 2020 and 2019, 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, 2021, 2020 and 2019 were as follows:


	Year ended December 31,
	2021		2020		2019
Unrecognized tax benefit — opening balance	$	13.6	$	17.2	$	20.3
Gross increases — tax positions in prior period	0.7		0.3		1.1
Gross decreases — tax positions in prior period	(6.4)		(2.2)		(0.8)
Gross increases — tax positions in current period	0.2		0.2		0.2
Settlements	—		(0.3)		(2.1)
Lapse of statute of limitations	(1.1)		(1.7)		(1.5)

Change due to foreign currency exchange rates	0.1		0.1		—
Unrecognized tax benefit — ending balance	$	7.1	$	13.6	$	17.2

Other Tax Matters

During 2021, our income tax provision was impacted most significantly by (i) earnings in jurisdictions with lower statutory tax rates, (ii) $4.3 of income tax benefits related to various valuation allowance adjustments, primarily due to foreign tax credits for which the future realization is now considered likely, and (iii) a benefit of $3.5 related to the resolution of certain liabilities for uncertain tax positions and interest associated with various refund claims, partially offset by $13.2 of tax expense associated with global intangible low-taxed income created by the liquidation of various recently acquired entities.

During 2020, our income tax provision was impacted most significantly by (i) earnings in jurisdictions with lower statutory tax rates, (ii) $4.2 of tax benefits related to various audit settlements, statute expirations, and other adjustments to liabilities for uncertain tax positions, and (iii) $2.8 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) $1.6 of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the year, (ii) $1.3 of tax benefits related to our U.S. tax credits and incentives, and (iii) $1.2 of tax benefits related to various audit settlements, statute expirations, and other adjustments to liabilities for uncertain tax positions.

We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that 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”) concluded its audit of our 2013, 2014, 2015, 2016 and 2017 federal income tax returns. In connection with such, we recorded a tax benefit of $2.2 during 2021 related to the resolution of certain liabilities for uncertain tax positions and interest associated with various refund claims.

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, 2021 and 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 $3.5 as of December 31, 2021. One-half of the deferred amount was paid in 2021, with the remainder required 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.

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+ Details

Indebtedness

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Indebtedness

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2021:


	December 31, 2020		Borrowings		Repayments		Other (5)		December 31, 2021
Revolving loans (1)	$	129.8	$	209.9	$	(339.7)	$	—	$	—
Term loan (2)	248.6		—		(6.3)		0.4		242.7
Trade receivables financing arrangement (3)	28.0		179.0		(207.0)		—		—
Other indebtedness (4)	6.0		0.6		(1.0)		(2.3)		3.3
Total debt	412.4		$	389.5	$	(554.0)	$	(1.9)	246.0
Less: short-term debt	101.2								2.2
Less: current maturities of long-term debt	7.2								13.0
Total long-term debt	$	304.0							$	230.8

_____________________________________________________________

(1)While not due for repayment until December 2024 under the terms of our senior credit agreement, we classify 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 $1.0 and $1.4 at December 31, 2021 and December 31, 2020, respectively.

(3)Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. At December 31, 2021, there was no available borrowing capacity under the agreement.

(4)Primarily includes balances under a purchase card program of $2.2 and $1.7 and finance lease obligations of $1.1 and $2.6 at December 31, 2021 and 2020, 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, 2021 are $13.0, $12.9, $218.9, $0.0, and $0.0 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. On May 24, 2021, we elected to reduce our participating foreign credit instrument facility and bilateral foreign credit instrument facility, available for performance letters of credit and guarantees, by an aggregate amount of $20.0 and $25.0, respectively. The facility reduction resulted in a write-off of deferred finance costs of $0.2, recorded to “Interest expense” in the accompanying consolidated statement of operations for the year ended December 31, 2021. After this reduction, and repayments of term loans through

December 31, 2021, our committed senior secured financing consists of the following at December 31, 2021 (each with a final maturity of December 17, 2024):

•A term loan facility with a remaining principal amount, as of December 31, 2021, of $243.7;

•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 $35.0; 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 $20.0.

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 1.5% at December 31, 2021.

On December 9, 2021, in preparation of our adoption of ASU No. 2020-04 and No. 2021-01, Reference Rate Reform (see Note 3), we entered into a LIBOR transition amendment related to our global revolving credit facility for certain foreign currencies. This amendment provides for a transition within the Credit Agreement from the LIBOR rate to a successor rate.

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, 2021, we had $437.8 of available borrowing capacity under our revolving credit facilities after giving effect to $12.2 reserved for outstanding letters of credit. In addition, at December 31, 2021, we had $30.3 of available issuance capacity under our foreign credit instrument facilities after giving effect to $24.7 reserved for outstanding letters of credit.

At December 31, 2021, 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, 2021 and 2020, the participating businesses had $2.2 and $1.7, 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, among other things, 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 uncommitted line of credit facilities in China and South Africa available to fund operations in these regions, when necessary, and at the discretion of the lender. At December 31, 2021, the aggregate amount of borrowing capacity under these facilities was $20.0, while there were no borrowings outstanding.

- Definition

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

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+ Details

Derivative Financial Instruments and Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2021
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 We previously maintained interest rate swap agreements that matured in March 2021 and effectively converted borrowings under our senior credit facilities to a fixed rate of 2.535%, plus the applicable margin. 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 (“Swaps”). The Swaps have a notional amount of $243.7, cover the period from March 2021 to November 2024, and 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, 2021 and 2020, the unrealized gain (loss), net of tax, recorded in AOCI was $0.5 and $(5.9), respectively. In addition, as of December 31, 2021, the fair value of our interest rate swap agreements was $0.6 (with $2.5 recorded as a non-current asset and $1.9 as a current liability), and $7.8 at December 31, 2020 (with $1.4 recorded as a current liability and the remainder 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 $8.7 and $6.3 outstanding as of December 31, 2021 and 2020, respectively, with all of the $8.7 scheduled to mature in 2022. The fair value of our FX forward contracts was less than $0.1 at December 31, 2021 and 2020. Commodity Contracts From time to time, we entered into commodity contracts to manage the exposure on forecasted purchases of commodity raw materials. The commodity contracts related solely to Transformer Solutions. As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions. Immediately prior to the sale, we extinguished the existing commodity contracts and reclassified from AOCI a net loss of $0.6 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021. Prior to extinguishment, we designated and accounted for these contracts as cash flow hedges and, to the extent these commodity contracts were effective in offsetting the variability of the forecasted purchases, the change in fair value was included in AOCI. We reclassified amounts associated with our commodity contracts out of AOCI when the forecasted transaction impacted earnings. As of December 31, 2020, the fair values of these contracts was a current asset of $2.4. Since these commodity contracts related to our Transformer Solutions business, the amount has been recorded within assets of discontinued operations in the accompanying consolidated balance sheet. The unrealized gain, net of taxes, recorded in AOCI was $1.5 as of December 31, 2020. 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 and foreign currency forward 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, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities and Other Matters

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 $658.8 and $575.7 at December 31, 2021 and 2020, respectively. Of these amounts, $584.3 and $499.8 are included in “Other long-term liabilities” within our consolidated balance sheets at December 31, 2021 and 2020, 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, 2021 and 2020:


	December 31,
	2021		2020
Insurance recovery assets (1)	$	526.2	$	496.4
Liabilities for claims (2)	616.5		535.2

_____________________________________________________________

(1)Of these amounts $473.6 and $446.4 are included in “Other assets” at December 31, 2021 and 2020, respectively, while the remainder is included in “Other current assets.”

(2)Of these amounts $561.4 and $479.9 are included in “Other long-term liabilities” at December 31, 2021 and 2020, 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, 2021, 2020 and 2019:


	Year ended December 31
	2021	2020	2019
Pending claims, beginning of year	9,782	11,079	13,767
Claims filed	2,826	2,449	3,607
Claims resolved	(2,543)	(3,746)	(6,295)
Pending claims, end of year	10,065	9,782	11,079

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, 2021, 2020 and 2019, our (receipts) payments for asbestos-related claims, net of respective insurance recoveries of $53.9, $35.4, and $47.1, were $(0.3), $19.3 and $13.1, respectively. The year ended December 31, 2021 includes insurance proceeds of $15.0, associated with the settlement of an asbestos insurance coverage matter. 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, 2021, 2020, and 2019, we recorded charges of $51.2, $21.3, and $10.1, respectively, as a result of changes in estimates associated with the liabilities and assets related to asbestos-related claims. Of these charges, $48.6, $19.2 and $6.3 were reflected in “Income from continuing operations before income taxes” for the years ended December 31, 2021, 2020, and 2019, respectively, and $2.6, $2.1, and $3.8, respectively, were reflected in “Gain (loss) on disposition of discontinued operations, net of tax.”

Large Power Projects in South Africa

Overview - Since 2008, DBT had been executing on two large power projects in South Africa (Kusile and Medupi), on which it has now substantially completed its scope of work. Over such time, the business environment surrounding these projects was difficult, as DBT, along with many other contractors on the projects, 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's remaining responsibilities relate 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 1,000.0 (or $62.6). As DBT prepares these claims for dispute resolution processes, the amounts, along with the characterization, of the claims could change. Of these claims, South African Rand 566.5 (or $35.5), which is inclusive of the amounts awarded in the adjudications referred to below, are currently proceeding through contractual dispute resolution processes and DBT is likely to initiate additional dispute resolution processes. 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 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 $4.3 of bonds upon the completion of certain administrative milestones; (iv) ordered MHI to pay South African Rand 18.4 (or $1.1 at the time of the ruling) in incentive payments for work performed by DBT (which MHI has subsequently paid); and (v) 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 accompanying consolidated statements of operations.

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. In connection with the ruling, MHI paid DBT South African Rand 126.6 (or $8.6 at the time of payment). This ruling is subject to MHI’s rights to seek further arbitration in the matter and, thus, the amount awarded has not been reflected in our accompanying consolidated statement of operations for the year ended December 31, 2021. On July 5, 2021, DBT received notice from MHI of its intent to seek final and binding arbitration in this matter.

On April 28, 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 Medupi project. In connection with the ruling, MHI paid DBT South African Rand 82.0 (or $6.0 at the time of payment). This ruling is subject to MHI’s rights to seek further arbitration in the matter and, thus, the amount awarded has not been reflected in our accompanying consolidated statement of operations for the year ended December 31, 2021.

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. 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 even though the vast majority of these claims had not been brought appropriately before a dispute adjudication board as required under the relevant subcontracts. On June 4, 2021, in connection with the arbitration, DBT received a revised version of the claim. Similar to the interim claim, we

believe the vast majority of the damages summarized in the revised claim are unsubstantiated and, thus, any loss for the majority of these claims is considered remote. For the remainder of the claims in both the interim notification and the revised version, which largely appear to be direct in nature (approximately South African Rand 790.0 or $49.5), DBT has numerous defenses and, thus, we do not believe that DBT has a probable loss associated with these claims. In addition, we do not believe MHI has followed the appropriate dispute resolution processes under our agreement and therefore most, if not all, of its claims against DBT are not valid. As such, no loss has been recorded in the consolidated financial statements with respect to these claims. 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 $25.5) 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 accompanying 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 $11.0). 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 accompanying consolidated financial statements with respect to these claims.

Bonds Issued in Favor of MHI - DBT is 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. In May 2021, MHI made an additional demand, and received payment of South African Rand 178.7 (or $12.5 at time of payment), on certain of the remaining bonds at such time. In both cases, we funded the payment as required under the terms of the bonds and our senior credit agreement. In its demands, MHI purported that DBT failed to carry out its obligations to rectify certain alleged product defects and that DBT failed to meet certain project milestones. DBT denies liability for such allegations and, thus, fully intends to seek, and believes it is legally entitled to, reimbursement of the South African Rand 418.3 (or $26.2) that has been paid. However, given the extent and complexities of the claims between DBT and MHI, reimbursement of the South African Rand 418.3 (or $26.2) is unlikely to occur over the next twelve months. As such, we have reflected the South African Rand 418.3 (or $26.2) as a non-current asset within our consolidated balance sheet as of December 31, 2021.

The remaining bond of $1.8 issued to MHI as a performance guarantee could be exercised by MHI for an alleged breach of DBT's obligation. In the event that MHI were to receive payment on a portion, or all, of the remaining bond, we would be required to reimburse the issuing bank.

In addition to this bond, SPX Corporation has guaranteed DBT’s performance on these projects to the prime contractors, including MHI.

Claim against Surety - On February 5, 2021, DBT received payment of $6.7 on bonds issued in support of performance by one of DBT's sub-contractors. The sub-contractor maintains a right to seek recovery of such amount and, thus, the amount received by DBT has not been reflected in our accompanying consolidated statement of operations for the year ended December 31, 2021.

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 then 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 at the time of payment). 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 stockholders” 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, 2021, we had liabilities for site investigation and/or remediation at 18 sites (25 sites at December 31, 2020) 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 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, 2021, we have been notified that we are potentially responsible and have received other notices of potential liability pursuant to various environmental laws at 9 sites (11 sites at December 31, 2020) 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 are 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 six 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, 2021

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

Shareholders' Equity and Long-Term Incentive Compensation

Stockholders’ 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,
	2021		2020		2019
Numerator:
Income from continuing operations attributable to SPX Corporation common stockholders for calculating basic and diluted income per share	$	59.0	$	73.8	$	76.3
Income (loss) from discontinued operations, net of tax	$	366.4	$	25.2	$	(11.0)
Adjustment related to redeemable noncontrolling interest (Note 15)	—		—		5.6
Income (loss) from discontinued operations attributable to SPX Corporation common stockholders for calculating basic and diluted income per share	$	366.4	$	25.2	$	(5.4)
Denominator:
Weighted-average number of common shares used in basic income per share	45.289		44.628		43.942
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units	1.206		1.138		1.015
Weighted-average number of common shares and dilutive securities used in diluted income per share	46.495		45.766		44.957

For the years ended December 31, 2021, 2020, and 2019, 0.245, 0.300, and 0.319, 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, 2021, 2020, and 2019, 0.627, 0.793, and 0.942, 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, 2021, 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, 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

Restricted stock units	—	0.130	0.130

Other	0.306	—	0.306
Balance at December 31, 2021	53.011	(7.543)	45.468

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 4.074 shares of our common stock were available for grant at December 31, 2021 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, 2021. The 2021, 2020 and 2019 grants to non-employee directors generally vest over a 1 year-period, with the 2021 grants scheduled to vest in their entirety immediately prior to the annual meeting of stockholders in May 2022.

Stock options may be granted to key employees in the form of incentive stock options or non-qualified 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 $12.9, $12.0 and $10.0 for the years ended December 31, 2021, 2020 and 2019, respectively, with the related tax benefit being $2.2, $2.0 and $2.4 for the years ended December 31, 2021, 2020 and 2019, 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 2021, 2020, and 2019 included $(0.1), $1.1 and $2.6, 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 March 1, 2021, February 20, 2020 and February 21, 2019. 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
March 1, 2021
SPX Corporation	42.88	%	—	%	0.25	%	60.24	%
Peer group within S&P 600 Capital Goods Index	51.25	%	n/a		0.25	%
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	%

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, 2018 through December 31, 2021:


	Unvested PSU’s, RSU’s, and RS’s	Weighted-Average Grant-Date Fair Value Per Share
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
Granted	0.243	57.24
Vested	(0.219)	37.40
Forfeited	(0.032)	53.69
December 31, 2021	0.636	$	49.14

As of December 31, 2021, there was $10.9 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 March 1, 2021, February 20, 2020 and February 21, 2019, we granted stock options totaling 0.105, 0.125 and 0.186, respectively. The exercise price per share of these options is $58.34, $50.09 and $36.51, respectively, and the maximum contractual term of these options is ten years.

The fair value of each stock option granted on March 1, 2021, February 20, 2020 and February 21, 2019 was $23.49, $17.40 and $13.31, respectively. The fair value of each option grant was estimated using a Black-Scholes option-pricing model with the following assumptions:


	March 1, 2021		February 20, 2020		February 21, 2019
Annual expected stock price volatility	41.15	%	33.48	%	32.70	%
Annual expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	0.91	%	1.41	%	2.53	%
Expected life of stock option (in years)	6.0		6.0		6.0

Annual expected stock price volatility for the March 1, 2021, February 20, 2020 and February 21, 2019 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, 2018 through December 31, 2021.


	Shares	Weighted- Average Exercise Price
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
Exercised	(0.123)	15.82
Forfeited	(0.008)	50.11
Granted	0.105	58.34
Options outstanding at December 31, 2021	1.393	$	26.35

As of December 31, 2021, 1.150 of the above stock options were exercisable and there was $1.6 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, 2021 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains (losses) on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at December 31, 2020	$	238.6	$	(4.4)	$	14.3	$	248.5
Other comprehensive income (loss) before reclassifications	(5.8)		5.3		—		(0.5)
Amounts reclassified from accumulated other comprehensive income (loss)	19.9		(0.4)		(3.6)		15.9
Current-period other comprehensive income (loss)	14.1		4.9		(3.6)		15.4
Balance at December 31, 2021	$	252.7	$	0.5	$	10.7	$	263.9

__________________________________________________________________

(1) Net of tax (provision) benefit of $(0.1) and $1.4 as of December 31, 2021 and 2020, respectively.

(2) Net of tax provision of $3.7 and $4.9 as of December 31, 2021 and 2020, respectively. The balances as of December 31, 2021 and 2020 include unamortized prior service credits.

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 and Other (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 following summarizes amounts reclassified from each component of accumulated comprehensive income for the years ended December 31, 2021 and 2020:


	Amount Reclassified from AOCI				Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2021		2020
(Gains) losses on qualifying cash flow hedges:

Commodity contracts	$	(3.8)	$	(0.9)	Income from discontinued operations, net of tax
Swaps	3.2		4.7		Interest expense
Pre-tax	(0.6)		3.8
Income taxes	0.2		(0.9)
	$	(0.4)	$	2.9
Pension and postretirement items:

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

Income taxes	1.2		1.2
	$	(3.6)	$	(3.6)

Loss on reclassification of foreign currency translation adjustments:
DBT	$	19.9	$	—	Gain on disposition of discontinued operations, net of tax
Income taxes	—		—
	$	19.9	$	—

Common Stock in Treasury

During the years ended December 31, 2021, 2020 and 2019, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $7.7, $8.4 and $15.8, respectively.

Preferred Stock

None of our 3.0 shares of authorized no par value preferred stock was outstanding at December 31, 2021, 2020 or 2019.

Fair Value

12 Months Ended

Dec. 31, 2021

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 Methods Used to Measure Fair Value on a Non-Recurring Basis

Parent Guarantees and Bonds Associated with Balcke Dürr — In connection with the 2016 sale of Balcke Dürr, existing parent company guarantees and bank surety bonds, which totaled approximately Euro 79.0 and Euro 79.0, respectively, remained in place at the time of sale. These guarantees and bonds provided 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 related to lease obligations and foreign tax matters in existence at the time of sale. Balcke Dürr and the acquirer of Balcke Dürr provided us an indemnity in the event that any of the bonds were called or payments were made under the guarantees. 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 0.0, respectively, at December 31, 2021). In connection with the sale, we recorded a liability for the estimated fair value of the guarantees and bonds and an asset for the estimated fair value of the cash collateral and indemnities provided. Since the sale of Balcke Dürr, the guarantees have expired and bonds have been returned. 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 2021, 2020, and 2019.


	Year ended
	December 31, 2021				December 31, 2020				December 31, 2019
	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	$	1.8	$	—	$	2.0	$	0.3	$	4.4	$	1.2
Reduction/Amortization for the period (2)	(1.7)		—		(0.4)		(0.3)		(2.3)		(0.9)
Impact of changes in foreign currency rates	(0.1)		—		0.2		—		(0.1)		—
Balance at end of period (3)	$	—	$	—	$	1.8	$	—	$	2.0	$	0.3

___________________________

(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 reduced the liability generally at the earlier of the completion of the related underlying project milestones or the expiration of the guarantees or bonds. We amortized the asset based on the expiration terms of each of the securities. We recorded 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" within the accompanying consolidated balance sheet as of December 31, 2020.

Contingent Consideration for Sensors & Software and ECS Acquisitions — In connection with acquisitions of Sensors & Software and ECS, the respective sellers are eligible for additional cash consideration of $3.9 and $16.8, respectively, with payment of such contingent consideration dependent upon the achievement of certain milestones. The estimated fair value of such contingent consideration is $1.3 and $1.5, respectively, with such amounts reflected as liabilities within our consolidated balance sheet as of December 31, 2021. We estimated the fair value of the contingent consideration for these acquisitions based on the probability of Sensors & Software and ECS achieving the applicable 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 Methods Used to Measure Fair Value on a Recurring Basis

Derivative Financial Instruments — Our financial derivative assets and liabilities include commodity contracts (until the sale of Transformer Solutions), interest rate swaps, and FX forward contracts, valued using 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, 2021, 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 - We estimate the fair value of an equity security that we hold utilizing a practical expedient under existing 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, 2021, 2020 and 2019, we recorded gains of $11.8, $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, 2021 and 2020, the equity security had an estimated fair value of $38.8 and $27.0, 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, 2021 and December 31, 2020 approximated the related carrying values due primarily to the variable market-based interest rates for such instruments. See Note 13 for further details.

- 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

Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (Unaudited)


	First (4)				Second (4)				Third (4)				Fourth (4)
	2021		2020		2021		2020		2021		2020		2021		2020
Operating revenues	$	287.2	$	254.7	$	296.6	$	257.3	$	285.7	$	267.8	$	350.0	$	348.3
Gross profit (1)	104.4		90.5		102.3		89.4		95.8		92.1		129.3		123.5
Income from continuing operations, net of tax (1)(2)	23.0		14.5		17.7		19.3		13.9		19.5		4.4		20.5
Income from discontinued operations, net of tax (1)(3)	3.8		8.6		44.2		8.2		316.4		3.1		2.0		5.3
Net income	$	26.8	$	23.1	$	61.9	$	27.5	$	330.3	$	22.6	$	6.4	$	25.8
Basic income per share of common stock:
Continuing operations, net of tax	$	0.51	$	0.33	$	0.39	$	0.43	$	0.31	$	0.44	$	0.10	$	0.46
Discontinued operations, net of tax	0.08		0.19		0.98		0.19		6.98		0.07		0.04		0.11
Net income	$	0.59	$	0.52	$	1.37	$	0.62	$	7.29	$	0.51	$	0.14	$	0.57
Diluted income per share of common stock:
Continuing operations, net of tax	$	0.50	$	0.32	$	0.38	$	0.42	$	0.30	$	0.42	$	0.10	$	0.44
Discontinued operations, net of tax	0.08		0.19		0.95		0.18		6.78		0.07		0.04		0.12
Net income	$	0.58	$	0.51	$	1.33	$	0.60	$	7.08	$	0.49	$	0.14	$	0.56

___________________________________________________________________

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

(1) During the fourth quarter of 2021, and as further discussed in Note 9, we converted the inventory accounting for certain of our businesses from the LIFO method to the FIFO method. This change in accounting has been retrospectively applied to our consolidated financial statements. Within the quarterly results presented above, and compared to what has been previously reported, we have restated gross profit, income from continuing operations, net of tax, income from discontinued operations, net of tax, and net income as follows:


	First				Second				Third				Fourth
	2021		2020		2021		2020		2021		2020		2020
Gross profit	$	—	$	0.5	$	0.5	$	0.5	$	1.5	$	(0.2)	$	1.5
Income from continuing operations, net of tax	—		0.4		0.4		0.4		1.1		(0.2)		1.1
Income from discontinued operations, net of tax	—		—		—		—		(2.1)		—		0.1
Net income	—		0.4		0.4		0.4		(1.0)		(0.2)		1.2

(2) During the fourth quarter of 2021 and 2020, we recognized pre-tax actuarial gains (losses) of $9.9 and $(6.8), respectively, associated with our pension and postretirement benefit plans. See Note 11 for additional details.

During the fourth quarter of 2021 and 2020, we recorded charges of $46.3 ($44.6 to continuing operations and $1.7 to discontinued operations) and $19.1 ($17.0 to continuing operations and $2.1 to discontinued operations), respectively, as a result of changes in estimates associated with the assets and liabilities recorded for asbestos product liability matters.

During the fourth quarter of 2021, we recorded impairment charges of $5.7 related to (i) the goodwill and indefinite-lived intangible assets of ULC ($5.2) and (ii) certain other indefinite-lived intangible assets ($0.5). See Note 10 for additional details.

(3) During the second quarter of 2021, we recorded tax benefits of $33.0 in “Income from discontinued operations, net of tax” including (i) $28.6 for the excess tax basis in the stock of Transformer Solutions and (ii) $4.4 for previously unrecognized state net operating losses, each as a result of the definitive agreement to sell the business.

As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions for net cash proceeds of $620.6. In connection with the sale, we recorded a gain of $357.7 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the third quarter 2021.

During the fourth quarter of 2021, we increased the gain by $24.5, with the additional gain related primarily to the utilization of income tax benefits associated with liquidating certain recently acquired entities.

In the fourth quarter of 2021, and in connection with the completion of the wind-down of our DBT business, we recorded a charge of $19.9 to discontinued operations to reflect the write-off of historical currency translation amounts associated with DBT that had been previously reported within “Stockholders’ equity.”

(4) We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2021 were April 3, July 3 and October 2, compared to the respective March 28, June 27 and September 26, 2020 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had five more days in the first quarter of 2021 and had six fewer days in the fourth quarter of 2021 than in the respective 2020 periods.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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. All of our VIEs are immaterial, individually and in aggregate, to our consolidated financial statements.
Inventories	Inventories — Historically, certain of our domestic businesses within our HVAC reportable segment accounted for their inventories under the last-in, last-out (“LIFO”) method. During the fourth quarter of 2021, as a means of harmonizing our accounting method for inventories across all of our businesses, we converted the inventory accounting for these businesses to the first-in, first-out (“FIFO”) method. This change in accounting has been retrospectively applied to our consolidated financial statements.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. Historically, certain of our domestic businesses within our HVAC reportable segment accounted for their inventories under the LIFO method. As indicated in Note 1, during the fourth quarter of 2021, we converted the inventory accounting for these businesses to the FIFO method. We believe that this change in accounting is preferable as it (i) results in a consistent method to value inventories across all of our businesses, (ii) it improves comparability with industry peers, (iii) better reflects current inventory costs, and (iv) aligns with how we internally monitor the performance of our businesses.
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 stockholders' 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.
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 $19.4, $15.4 and $13.1 for the years ended December 31, 2021, 2020 and 2019, 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 2021, 2020 or 2019.
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/income 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/income, 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 discontinued providing 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, 2021 or 2020. 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.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.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 17 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.
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 Transformer Solutions and DBT within discontinued operations.
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.
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.
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 review 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. In reviewing goodwill for impairment, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we determine that an impairment is more likely than not, we then perform a quantitative impairment test (described below). Otherwise, no further analysis is required. Our qualitative evaluation is an assessment of factors, including reporting unit-specific operating results, as well as industry, market, and general economic conditions. Our quantitative analysis of 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. See Note 15 for additional details.
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.
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 — In connection with the sale of Balcke Dürr in 2016, 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. Since the sale of Balcke Dürr, the guarantees have expired and, as of the third quarter of 2021, all the bonds have been returned. We 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. 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 were 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. As the guarantees have expired and the bonds have been returned, we no longer have assets or liabilities recorded for this matter.
New Accounting Pronouncements	New Accounting Pronouncements The following is a summary of new accounting pronouncements that apply or may apply to our business. In June 2016, the Financial Accounting Standards Board (“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 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 impact to our consolidated financial statements. 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 the 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 adopted this guidance on January 1, 2021, with no material impact on our consolidated financial statements. The London Interbank Offered Rate (“LIBOR”) is scheduled to be discontinued on June 30, 2023, with some tenors ceasing 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. In preparation of our adoption of these amendments, we entered into a LIBOR transition amendment related to our global revolving credit facility, as described in Note 13. Upon adoption, we do not believe these amendments will have a material impact to our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. This guidance is effective for public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of adopting this guidance on our consolidated financial statements will depend on business combinations occurring on or after the effective date.
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 $1.0 in 2021, $2.4 in 2020, and $1.5 in 2019. 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	As indicated in Note 1, we review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill and indefinite-lived intangible assets for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. During the fourth quarter of 2021, we performed quantitative analyses on the goodwill and indefinite-lived intangible assets of our Cues and ULC reporting units. Based on such analysis, we determined that the fair value of Cues’ net assets exceeded the related carrying value by approximately 30%. Our quantitative analysis of the ULC reporting unit resulted in impairment charges of $5.2, with $4.9 related to goodwill and $0.3 to the ULC trademarks. After such impairment charges, ULC’s total goodwill was $12.0 as of December 31, 2021. A change in assumptions used in ULC's quantitative analysis (e.g., projected revenues and profit growth rates, discount rates, industry price multiples, etc.) could result in the reporting unit's estimated fair value being less than the carrying value of its net assets. In addition to ULC, the fair value of Sealite, ECS and Cincinnati Fan, acquisitions over the past 12 months, approximate their carrying value. If ULC, Sealite, ECS, or Cincinnati Fan are unable to achieve their respective current financial forecast, we may be required to record an impairment charge in a future period related to their respective goodwill. Our quantitative analysis of trademarks is based on applying estimated royalty rates to projected revenues, with resulting cash flows discounted at a rate of return that reflects current market conditions. In addition to the $1.3 of 2021 impairment charges related to the ULC trademarks, during the fourth quarters of 2021 and 2020, we recorded impairment charges of $0.5 and $0.7, respectively, related to certain other trademarks.
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 0.135, 0.192 and 0.199 shares of our common stock to employee accounts in 2021, 2020 and 2019, respectively. Compensation expense is recorded based on the market value of shares as the shares are contributed to employee accounts. We recorded $7.8 in 2021, $7.7 in 2020 and $7.0 in 2019 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 $18.3 and $20.9 at December 31, 2021 and 2020, 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”) concluded its audit of our 2013, 2014, 2015, 2016 and 2017 federal income tax returns. In connection with such, we recorded a tax benefit of $2.2 during 2021 related to the resolution of certain liabilities for uncertain tax positions and interest associated with various refund claims. 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.
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 and foreign currency forward 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.
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, 2021, we had liabilities for site investigation and/or remediation at 18 sites (25 sites at December 31, 2020) 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 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.
Goodwill, Indefinite-Lived Intangible and Other Long-Lived Assets	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.
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 Methods Used to Measure Fair Value on a Recurring Basis Derivative Financial Instruments — Our financial derivative assets and liabilities include commodity contracts (until the sale of Transformer Solutions), interest rate swaps, and FX forward contracts, valued using 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, 2021, 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.

Use of Estimates (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Accounts Receivable Allowances

Summarized below is the activity for these allowance accounts.


	Year ended December 31,
	2021		2020		2019
Balance at beginning of year	$	11.5	$	8.5	$	9.3
Acquisitions	—		0.3		0.3
Allowances provided	14.9		18.6		18.2
Write-offs, net of recoveries, credits issued and other	(16.0)		(15.9)		(19.3)
Balance at end of year	$	10.4	$	11.5	$	8.5

Schedule of Accrued Expenses

Summarized in the table below are the components of accrued expenses at December 31, 2021 and 2020.


	December 31,
	2021		2020
Employee benefits	$	66.7	$	69.2
Warranty	11.8		11.6
Other (1)	139.4		125.8
Total	$	217.9	$	206.6

___________________________________________________________________

Schedule of Product Warranty Accrual

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


	Year ended December 31,
	2021		2020		2019
Balance at beginning of year	$	35.3	$	31.7	$	30.1
Acquisitions	0.1		1.6		0.4
Provisions	8.5		12.4		12.0
Usage	(9.1)		(10.6)		(10.7)
Currency translation adjustment	—		0.2		(0.1)
Balance at end of year	34.8		35.3		31.7
Less: Current portion of warranty	11.8		11.6		10.8
Non-current portion of warranty	$	23.0	$	23.7	$	20.9

__________________________________________________________________

Acquisitions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Acquisitions and Discontinued Operations [Abstract]

Schedule of Discontinued Operations

Major line items constituting pre-tax income and after-tax income of Transformer Solutions for the period January 1, 2021 to October 1, 2021 and the years ended December 2020 and 2019 are shown below:



	2021		2020		2019
Revenues	$	313.5	$	427.4	$	403.4
Costs and expenses:
Cost of product sold	257.2		338.7		334.1
Selling, general and administrative	28.4		32.7		30.2
Special charges	—		—		0.3
Other income, net	—		0.9		0.6
Income before tax	27.9		56.9		39.4
Income tax provision	(7.0)		(14.0)		(8.8)
Income after tax	$	20.9	$	42.9	$	30.6


ASSETS
Accounts receivable, net	$	50.9
Contract assets	48.6
Inventories, net	21.7
Other current assets	3.2
Property, plant and equipment:
Land	6.5
Buildings and leasehold improvements	63.1
Machinery and equipment	141.1
	210.7
Accumulated depreciation	(131.0)
Property, plant and equipment, net	79.7
Goodwill	131.3
Other assets	8.1
Total assets - discontinued operations	$	343.5
LIABILITIES
Accounts payable	$	34.1
Contract liabilities	57.2
Accrued expenses	24.5
Deferred and other income taxes	22.3
Other long-term liabilities	9.1
Total liabilities - discontinued operations	$	147.2

Major line items constituting pre-tax loss and after-tax loss of DBT for the years ended December 31, 2021, 2020 and 2019 are shown below:



	2021		2020		2019
Revenues (1)	$	0.5	$	4.0	$	(6.1)
Costs and expenses:
Cost of product sold	0.9		6.9		22.4
Selling, general and administrative	15.1		14.8		11.6
Special charges	1.3		0.8		2.6
Other income (expense), net	(1.2)		1.9		(0.6)
Interest income, net	0.1		—		0.2
Loss before tax	(17.9)		(16.6)		(43.1)
Income tax benefit	2.7		2.4		7.3
Loss after tax	$	(15.2)	$	(14.2)	$	(35.8)

________________________________________________

(1) 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. See below for further discussion.


	December 31, 2021		December 31, 2020
ASSETS
Cash and equivalents	$	7.8	$	4.3
Accounts receivable, net	9.1		10.1
Other current assets	7.0		7.5
Property, plant and equipment:
Buildings and leasehold improvements	0.2		5.7
Machinery and equipment	1.5		7.3
	1.7		13.0
Accumulated depreciation	(1.5)		(9.8)
Property, plant and equipment, net	0.2		3.2
Other assets	27.6		17.9
Total assets of DBT	$	51.7	$	43.0
LIABILITIES
Accounts payable	$	2.3	$	2.3
Contract liabilities	5.6		7.5
Accrued expenses	22.4		2.5
Other long-term liabilities	4.9		5.3
Total liabilities of DBT	$	35.2	$	17.6

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



	2020		2019
Revenues	$	3.9	$	4.5
Costs and expenses:
Cost of products sold	3.1		6.1
Selling, general and administrative	0.1		0.9
Special charges (credits), net	0.4		(0.4)
Other income, net	—		0.3
Income (loss) before tax	0.3		(1.8)
Income tax (provision) benefit	(0.1)		0.4
Income (loss) after tax	$	0.2	$	(1.4)


	December 31, 2021		December 31, 2020
ASSETS
Accounts receivable, net	$	0.1	$	0.1
Other current assets	0.2		0.2
Other assets	0.2		0.2
Total assets of Heat Transfer	$	0.5	$	0.5
LIABILITIES
Accounts payable	$	0.3	$	0.2
Accrued expenses	0.1		0.3
Total liabilities of Heat Transfer	$	0.4	$	0.5

For the years ended December 31, 2021, 2020 and 2019, results of operations from our businesses reported as discontinued operations were as follows:



	2021		2020		2019
Transformer Solutions
Income from discontinued operations	$	454.9	$	56.9	$	39.4
Income tax provision (1)	(51.8)		(14.0)		(8.8)
Income from discontinued operations, net	403.1		42.9		30.6

DBT
Loss from discontinued operations	(37.8)		(16.6)		(43.1)
Income tax benefit	2.7		2.4		7.3
Loss from discontinued operations, net	(35.1)		(14.2)		(35.8)

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

All other
Loss from discontinued operations	(7.6)		(4.8)		(4.0)
Income tax (provision) benefit	6.3		1.1		(0.4)
Loss from discontinued operations, net	(1.3)		(3.7)		(4.4)

Total
Income (loss) from discontinued operations	409.2		35.8		(9.5)
Income tax provision	(42.8)		(10.6)		(1.5)
Income (loss) from discontinued operations, net	$	366.4	$	25.2	$	(11.0)

________________________________________________

- 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.

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+ Details

Revenues from Contracts (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Year Ended December 31, 2021
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air quality solutions	$	433.8	$	—	$	433.8
Boilers, comfort heating, and ventilation	318.3		—		318.3
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		256.8		256.8
Communication technologies, obstruction lighting, and bus fare collection systems	—		210.6		210.6
	$	752.1	$	467.4	$	1,219.5

Timing of Revenue Recognition
Revenues recognized at a point in time	$	661.2	$	415.9	$	1,077.1
Revenues recognized over time	90.9		51.5		142.4
	$	752.1	$	467.4	$	1,219.5


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

Major product lines
Package and process cooling equipment and services	$	447.1	$	—	$	447.1
Boilers, comfort heating, and ventilation	293.7		—		293.7
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		217.8		217.8
Communication technologies, obstruction lighting, and bus fare collection systems	—		169.5		169.5
	$	740.8	$	387.3	$	1,128.1

Timing of Revenue Recognition
Revenues recognized at a point in time	$	622.2	$	341.9	$	964.1
Revenues recognized over time	118.6		45.4		164.0
	$	740.8	$	387.3	$	1,128.1


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

Major product lines
Package and process cooling equipment and services	$	429.7	$	—	$	429.7
Boilers, comfort heating, and ventilation	309.0		—		309.0
Underground locators and inspection and rehabilitation equipment	—		194.3		194.3
Communication technologies, obstruction lighting, and bus fare collection systems	—		190.6		190.6
	$	738.7	$	384.9	$	1,123.6

Timing of Revenue Recognition
Revenues recognized at a point in time	$	631.4	$	357.1	$	988.5
Revenues recognized over time	107.3		27.8		135.1
	$	738.7	$	384.9	$	1,123.6

Contract with Customer, Asset and Liability

Our contract balances consisted of the following as of December 31, 2021 and 2020:


Contract Balances	December 31, 2021		December 31, 2020		Change
Contract Accounts Receivable (1)	$	215.3	$	200.6	$	14.7
Contract Assets	28.9		32.5		(3.6)
Contract Liabilities - current	(44.7)		(38.8)		(5.9)
Contract Liabilities - non-current (2)	(5.8)		(3.4)		(2.4)
Net contract balance	$	193.7	$	190.9	$	2.8

_____________________

(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, 2021

Leases [Abstract]

Lease Cost

The components of lease expense were as follows:


	Year ended
	December 31, 2021		December 31, 2020
Operating lease cost (1)	$	13.5	$	11.5
Variable lease cost	0.1		—

Finance lease cost:
Amortization of right-of-use assets	$	0.6	$	0.6
Interest on lease liabilities	—		0.1
Total finance lease cost	$	0.6	$	0.7

__________________________

(1) Includes short-term lease cost of $4.3 and $2.5, at December 31, 2021 and 2020 respectively.

Supplemental cash flow information related to leases was as follows:


	Year ended
	December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	9.4	$	9.1
Operating cash flows from finance leases	—		0.1
Financing cash flows from finance leases	0.6		1.3
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	9.1		19.8
Finance lease right-of-use assets obtained in exchange for new lease obligations	0.4		1.2

Supplemental Lease Information

Supplemental balance sheet information related to leases was as follows:


	December 31, 2021		December 31, 2020
Operating Leases:					Affected Line Item in the Consolidated Balance Sheets
Operating lease ROU assets (1)	$	41.7	$	40.5	Other assets

Operating lease current liabilities	$	7.7	$	7.3	Accrued expenses
Operating lease non-current liabilities	31.5		30.9		Other long-term liabilities
Total operating lease liabilities	$	39.2	$	38.2

Finance Leases:
Finance Lease Assets	$	1.0	$	2.5	Property, plant and equipment, net

Finance lease current liabilities	$	0.5	$	1.0	Current maturities of long-term debt
Finance lease non-current liabilities	0.6		1.6		Long-term debt
Total finance lease liabilities	$	1.1	$	2.6

___________________________________________________________________

(1) Includes favorable leasehold interests as of December 31, 2021 and 2020 of $6.4 and $6.6, respectively, recorded as part of the acquisition of Patterson-Kelley.

The weighted average remaining lease terms (years) of our leases as of December 31, 2021 and December 31, 2020, were as follows:


	December 31,
	2021	2020
Operating Leases	6.6	7.0
Finance Leases	2.3	3.2

Finance Lease Maturities

The future minimum payments under our operating and finance leases were as follows as of December 31, 2021:


	Operating Leases		Finance Leases		Total

Next 12 months	$	8.8	$	0.5	$	9.3
12 to 24 months	8.6		0.4		9.0
24 to 36 months	8.0		0.2		8.2
36 to 48 months	3.9		—		3.9
48 to 60 months	3.2		—		3.2
Thereafter	11.2		—		11.2
Total lease payments	43.7		1.1		44.8
Less imputed interest	4.5		—		4.5
Total	$	39.2	$	1.1	$	40.3

Operating Lease Maturities

The future minimum payments under our operating and finance leases were as follows as of December 31, 2021:


	Operating Leases		Finance Leases		Total

Next 12 months	$	8.8	$	0.5	$	9.3
12 to 24 months	8.6		0.4		9.0
24 to 36 months	8.0		0.2		8.2
36 to 48 months	3.9		—		3.9
48 to 60 months	3.2		—		3.2
Thereafter	11.2		—		11.2
Total lease payments	43.7		1.1		44.8
Less imputed interest	4.5		—		4.5
Total	$	39.2	$	1.1	$	40.3

Information on Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Reportable and Other Operating Segments

Financial data for our reportable segments for the years ended December 31, 2021, 2020 and 2019 were as follows:


	2021		2020		2019
Revenues:
HVAC reportable segment	$	752.1	$	740.8	$	738.7
Detection and Measurement reportable segment	467.4		387.3		384.9
Consolidated revenues	$	1,219.5	$	1,128.1	$	1,123.6

Income:
HVAC reportable segment	$	104.2	$	102.7	$	103.2
Detection and Measurement reportable segment	69.7		69.1		81.7
Total income for segments	173.9		171.8		184.9
Corporate expense	60.5		49.7		55.0

Long-term incentive compensation expense	12.8		13.1		12.6
Impairment of goodwill and intangible assets	5.7		0.7		—
Special charges, net	1.0		2.4		1.5
Other operating expenses, net (1)	20.2		9.0		1.8
Consolidated operating income	$	73.7	$	96.9	$	114.0


Capital expenditures:
HVAC reportable segment	$	5.3	$	7.0	$	8.7
Detection and Measurement reportable segment	3.4		2.7		2.3
General corporate	0.9		5.6		2.5
Total capital expenditures	$	9.6	$	15.3	$	13.5
Depreciation and amortization:
HVAC reportable segment	$	11.5	$	11.0	$	8.2
Detection and Measurement reportable segment	28.0		17.6		13.2
General corporate	2.8		3.3		3.0
Total depreciation and amortization	$	42.3	$	31.9	$	24.4


	2021		2020		2019
Identifiable assets:
HVAC reportable segment	$	808.4	$	632.2	$	654.0
Detection and Measurement reportable segment	835.4		772.5		609.4
General corporate and eliminations (2)	406.4		45.6		33.5
Insurance recovery assets (3)	526.2		496.4		509.6
Discontinued operations	52.2		387.0		361.3
Total identifiable assets	$	2,628.6	$	2,333.7	$	2,167.8
Geographic Areas:
Revenues: (4)
United States	$	991.5	$	935.7	$	972.7
China	57.9		41.7		31.1
United Kingdom	80.1		88.4		59.0
Other	90.0		62.3		60.8
	$	1,219.5	$	1,128.1	$	1,123.6


Tangible Long-Lived Assets:
United States	$	762.4	$	695.6	$	682.3
Other	37.8		26.8		41.4
Long-lived assets of continuing operations	800.2		722.4		723.7
Long-lived assets of discontinued operations, DBT and Heat Transfer	28.0		109.1		95.7
Total tangible long-lived assets	$	828.2	$	831.5	$	819.4

_______________________________________________________________

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

(4)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, 2021

Restructuring and Related Activities [Abstract]

Schedule of Special Charges by Expense Type

Special charges for the years ended December 31, 2021, 2020 and 2019 are described in more detail below and in the applicable sections that follow:


	Years Ended December 31,
	2021		2020		2019
Employee termination costs	$	1.0	$	1.0	$	0.5
Facility consolidation costs	—		—		0.5
Other cash costs, net	—		1.0		—
Non-cash asset write-downs	—		0.4		0.5
Total	$	1.0	$	2.4	$	1.5

Schedule of Special Charges

2021 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.1	$	—	$	—	$	—	$	0.1
Detection and Measurement reportable segment	0.9		—		—		—		0.9
Corporate	—		—		—		—		—
Total	$	1.0	$	—	$	—	$	—	$	1.0

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
Corporate	0.2		—		1.0		0.4		1.6
Total	$	1.0	$	—	$	1.0	$	0.4	$	2.4

2019 Charges:


	Employee Termination Costs		Facility Consolidation Costs		Other Cash Costs, Net		Non-Cash Asset Write-downs		Total Special Charges
HVAC reportable segment	$	0.3	$	0.5	$	—	$	0.5	$	1.3
Detection and Measurement reportable segment	—		—		—		—		—
Corporate	0.2		—		—		—		0.2
Total	$	0.5	$	0.5	$	—	$	0.5	$	1.5

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, 2021, 2020 and 2019:



	2021		2020		2019
Balance at beginning of year	$	0.9	$	0.4	$	0.8
Special charges(1)	1.0		2.0		1.0
Utilization — cash	(1.6)		(1.5)		(1.4)

Balance at the end of year	$	0.3	$	0.9	$	0.4

___________________________________________________________________

(1)The years ended December 31, 2021, 2020 and 2019 excluded $0.0, $0.4 and $0.5, respectively, of non-cash charges that impacted special charges but not the restructuring liabilities.

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at December 31, 2021 and 2020 comprised the following:


	December 31,
	2021		2020
Finished goods	$	55.1	$	49.5
Work in process	21.1		21.1
Raw materials and purchased parts	113.6		84.4
Total inventories	$	189.8	$	155.0

Cumulative Effect on Balance Sheet


	As Computed under LIFO		Effect of Change		As Adjusted
Consolidated Statement of Operations for the year ended December 31, 2019:
Income from continuing operations before income taxes	$	88.7	$	0.1	$	88.8
Income tax provision	(12.4)		(0.1)		(12.5)
Income from continuing operations, net of tax	76.3		—		76.3
Loss from discontinued operations, net of tax	(11.0)		—		(11.0)
Net income	65.3		—		65.3
Adjustment related to redeemable noncontrolling interest	5.6		—		5.6
Net income attributable to SPX common stockholders	$	70.9	$	—	$	70.9


Basic income (loss) per share of common stock:
Income from continuing operations, net of tax	$	1.74	$	—	$	1.74
Loss from discontinued operations, net of tax	(0.13)		—		(0.13)
Net income attributable to SPX common stockholders after adjustment related to redeemable noncontrolling interest	$	1.61	$	—	$	1.61

Diluted income per share of common stock:
Income from continuing operations, net of tax	$	1.70	$	—	$	1.70
Loss from discontinued operations, net of tax	(0.12)		—		(0.12)
Net income attributable to SPX common stockholders after adjustment related to redeemable noncontrolling interest	$	1.58	$	—	$	1.58

Total comprehensive income	$	64.7	$	—	$	64.7

Consolidated Statement of Operations for the year ended December 31, 2020
Income from continuing operations before income taxes	$	76.3	$	2.3	$	78.6
Income tax provision	(4.2)		(0.6)		(4.8)
Income from continuing operations	72.1		1.7		73.8
Gain from discontinued operations, net of tax	25.1		0.1		25.2
Net income	$	97.2	$	1.8	$	99.0

Basic income per share of common stock:
Income from continuing operations, net of tax	$	1.61	$	0.04	$	1.65
Gain from discontinued operations, net of tax	0.57		—		0.57
Net income attributable to SPX common stockholders	$	2.18	$	0.04	$	2.22

Diluted income per share of common stock:
Income from continuing operations, net of tax	$	1.57	$	0.04	$	1.61
Gain from discontinued operations, net of tax	0.55		—		0.55
Net income attributable to SPX common stockholders	$	2.12	$	0.04	$	2.16

Total comprehensive income	$	101.4	$	1.8	$	103.2

Consolidated Balance Sheet as of December 31, 2020:
Inventories, net	$	143.1	$	11.9	$	155.0
Current assets of discontinued operations	121.6		2.8		124.4
Deferred and other income taxes	23.5		3.1		26.6
Non-current liabilities of discontinued operations	30.7		0.7		31.4
Retained deficit	(488.1)		10.9		(477.2)


	As Computed under LIFO		As Reported under FIFO		Effect of Change
Income from continuing operations before income taxes	$	58.3	$	69.9	$	11.6
Income tax provision	(8.0)		(10.9)		(2.9)
Income from continuing operations, net of tax	50.3		59.0		8.7
Gain from discontinued operations, net of tax	368.5		366.4		(2.1)
Net income attributable to SPX common stockholders	$	418.8	$	425.4	$	6.6

Basic income per share of common stock:
Income from continuing operations, net of tax	$	1.11	$	1.30	$	0.19
Gain from discontinued operations, net of tax	8.14		8.09		(0.05)
Net income attributable to SPX common stockholders	$	9.25	$	9.39	$	0.14

Total Comprehensive Income	$	434.3	$	440.8	$	6.5

Diluted income per share of common stock:
Income from continuing operations, net of tax	$	1.08	$	1.27	$	0.19
Gain from discontinued operations, net of tax	7.93		7.88		(0.05)
Net income attributable to SPX common stockholders	$	9.01	$	9.15	$	0.14

Inventories, net	$	166.3	$	189.8	$	23.5
Deferred and other income taxes	25.3		31.3		6.0
Retained deficit	(69.3)		(51.8)		17.5

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, were as follows:


	December 31, 2020		Goodwill Resulting from Business Combinations (1)		Impairments (2)		Foreign Currency Translation		December 31, 2021
HVAC reportable segment
Gross goodwill	$	492.2	$	46.0	$	—	$	(9.3)	$	528.9
Accumulated impairments	(340.6)		—		—		6.5		(334.1)
Goodwill	151.6		46.0		—		(2.8)		194.8
Detection and Measurement reportable segment
Gross goodwill	351.5		78.7		—		(5.3)		424.9
Accumulated impairments	(134.5)		—		(28.2)		0.3		(162.4)
Goodwill	217.0		78.7		(28.2)		(5.0)		262.5
Total
Gross goodwill	843.7		124.7		—		(14.6)		953.8
Accumulated impairments	(475.1)		—		(28.2)		6.8		(496.5)
Goodwill	$	368.6	$	124.7	$	(28.2)	$	(7.8)	$	457.3

___________________________________________________________________

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	$	480.0	$	0.8	$	—	$	11.4	$	492.2
Accumulated impairments	(332.5)		—		—		(8.1)		(340.6)
Goodwill	147.5		0.8		—		3.3		151.6
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
Total
Gross goodwill	784.1		43.5		—		16.1		843.7
Accumulated impairments	(466.1)		—		—		(9.0)		(475.1)
Goodwill	$	318.0	$	43.5	$	—	$	7.1	$	368.6

___________________________________________________________________

Schedule of Identifiable Intangible Assets

Identifiable intangible assets were as follows:


	December 31, 2021						December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships	$	188.2	$	(26.7)	$	161.5	$	103.4	$	(16.2)	$	87.2
Technology	80.1		(11.9)		68.2		54.4		(6.8)		47.6
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	31.6		(18.0)		13.6		18.8		(12.5)		6.3
	304.4		(61.1)		243.3		181.1		(40.0)		141.1
Trademarks with indefinite lives (2)	172.2		—		172.2		163.9		—		163.9
Total	$	476.6	$	(61.1)	$	415.5	$	345.0	$	(40.0)	$	305.0

___________________________________________________________________

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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
	2021		2020		2021
Fixed income common trust funds	67	%	68	%	65	%
Commingled global fund allocation	6	%	11	%	6	%

Global equity common trust funds	15	%	5	%	15	%

U.S. Government securities	10	%	9	%	12	%
Short-term investments and other (1)	2	%	7	%	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
	2021		2020		2021
Global equity common trust funds	9	%	9	%	9	%

Fixed income common trust funds	61	%	65	%	66	%
Commingled global fund allocation	27	%	25	%	25	%

Non-U.S. Government securities	—	%	—	%	—	%
Short-term investments (1)	3	%	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,
	2021		2020		2019
Service cost	$	—	$	—	$	—
Interest cost	8.4		10.8		13.3
Expected return on plan assets	(8.7)		(9.5)		(9.8)
Amortization of unrecognized prior service credits	(0.1)		(0.1)		(0.1)
Recognized net actuarial (gains) losses (1)	(4.2)		4.7		6.5
Total net periodic pension benefit (income) expense	$	(4.6)	$	5.9	$	9.9

___________________________________________________________________

(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,
	2021		2020		2019
Service cost	$	—	$	—	$	—
Interest cost	3.4		3.8		4.8
Expected return on plan assets	(5.8)		(5.7)		(6.7)

Recognized net actuarial (gains) losses (1)	(1.8)		0.2		1.0
Total net periodic pension benefit income	$	(4.2)	$	(1.7)	$	(0.9)

___________________________________________________________________

(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, 2021, 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)	$	291.2	$	—	$	291.2	$	—

Non-U.S. Government securities	0.3		—		0.3		—
U.S. Government securities	25.8		—		25.8		—
Equity securities:
Global equity common trust funds (1) (3)	58.0		—		58.0		—








Alternative investments:
Commingled global fund allocations (1) (4)	67.4		—		67.4		—
Other:
Short-term investments (5)	10.4		10.4		—		—
Other	0.9		—		—		0.9
Total	$	454.0	$	10.4	$	442.7	$	0.9

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

___________________________________________________________________

(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, 2021, 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, 2021 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
2022	$	26.7	$	6.3
2023	26.4		6.0
2024	26.0		6.4
2025	25.1		7.5
2026	26.1		7.2
Subsequent five years	98.1		39.6

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
	2021		2020		2021		2020
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	364.7	$	348.2	$	192.2	$	175.0

Service cost	—		—		—		—
Interest cost	8.4		10.8		3.4		3.8

Actuarial (gains) losses	(12.9)		30.4		(4.8)		14.3
Settlements	(10.5)		(10.3)		(3.0)		—


Benefits paid	(14.3)		(14.4)		(5.1)		(6.7)
Foreign exchange and other	—		—		(0.3)		5.8
Projected benefit obligation — end of year	$	335.4	$	364.7	$	182.4	$	192.2

The actuarial gains and losses for all pension plans in 2021 and 2020 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
	2021		2020		2021		2020
Change in plan assets:
Fair value of plan assets — beginning of year	$	279.8	$	263.6	$	198.3	$	178.1
Actual return on plan assets	(0.1)		35.1		3.6		19.9
Contributions (employer and employee)	5.5		5.8		0.9		0.9
Settlements	(10.5)		(10.3)		(3.0)		—
Benefits paid	(14.3)		(14.4)		(5.1)		(6.7)

Foreign exchange and other	—		—		(1.1)		6.1

Fair value of plan assets — end of year	$	260.4	$	279.8	$	193.6	$	198.3
Funded status at year-end	(75.0)		(84.9)		11.2		6.1
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	2.2	$	2.6	$	11.4	$	8.6

Accrued expenses	(5.2)		(5.4)		—		—

Other long-term liabilities	(72.0)		(82.1)		(0.2)		(2.5)
Net amount recognized	$	(75.0)	$	(84.9)	$	11.2	$	6.1
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	(0.1)		(0.2)		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, 2021 and 2020:


	Domestic Pension Plans				Foreign Pension Plans
	2021		2020		2021		2020
Projected benefit obligation	$	329.0	$	357.9	$	0.2	$	50.9
Accumulated benefit obligation	329.0		357.9		0.2		50.9
Fair value of plan assets	251.8		270.4		—		48.4

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,
	2021		2020		2019
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate	2.35	%	3.16	%	4.29	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	3.22	%	3.75	%	4.25	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	2.83	%	2.35	%	3.16	%
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	1.76	%	2.27	%	3.02	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on assets	3.31	%	3.81	%	4.69	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate	2.19	%	1.76	%	2.27	%
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
	2021		2020
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year	$	60.5	$	63.6

Interest cost	1.0		1.6
Actuarial (gains) losses	(3.9)		1.9
Benefits paid	(5.9)		(6.6)



Projected postretirement benefit obligation — end of year	$	51.7	$	60.5
Funded status at year-end	$	(51.7)	$	(60.5)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(5.9)	$	(6.7)

Other long-term liabilities	(45.8)		(53.8)
Net amount recognized	$	(51.7)	$	(60.5)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(15.5)	$	(20.2)

Schedule of Net Periodic Benefit (Income) Expense

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


	Year ended December 31,
	2021		2020		2019
Service cost	$	—	$	—	$	—
Interest cost	1.0		1.6		2.4
Amortization of unrecognized prior service credits	(4.7)		(4.7)		(4.0)

Recognized net actuarial (gains) losses	(3.9)		1.9		2.5
Net periodic postretirement benefit (income) expense	$	(7.6)	$	(1.2)	$	0.9

Schedule of Estimated Future Benefit Payments and Expected Federal Subsidies

Following is a summary, as of December 31, 2021, 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, 2021 to measure our obligations and include benefits attributable to estimated future employee service.


	Postretirement Payments
2022	$	6.0
2023	5.4
2024	4.9
2025	4.4
2026	4.0
Subsequent five years	14.8

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,
	2021		2020		2019
Assumed health care cost trend rates:
Health care cost trend rate for next year	6.25	%	6.50	%	6.75	%
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	2.00	%	2.97	%	4.09	%
Discount rate used in determining year-end postretirement benefit obligation	2.56	%	2.00	%	2.97	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Income from continuing operations:
United States	$	17.2	$	39.6	$	52.9
Foreign	52.7		39.0		35.9
	$	69.9	$	78.6	$	88.8
(Provision for) benefit from income taxes:
Current:
United States	$	(5.4)	$	(0.7)	$	6.8
Foreign	(6.9)		(3.8)		(5.5)
Total current	(12.3)		(4.5)		1.3
Deferred and other:
United States	0.8		(0.3)		(12.8)
Foreign	0.6		—		(1.0)
Total deferred and other	1.4		(0.3)		(13.8)
Total provision	$	(10.9)	$	(4.8)	$	(12.5)

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,
	2021		2020		2019
Tax at U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	0.4	%	1.8	%	0.8	%
U.S. credits and exemptions	(20.4)	%	(4.4)	%	(3.3)	%
Foreign earnings/losses taxed at different rates	12.6	%	(4.6)	%	(2.8)	%
Nondeductible expenses	3.3	%	2.2	%	2.5	%
Adjustments to uncertain tax positions	(2.4)	%	(4.4)	%	(0.5)	%
Changes in valuation allowance (1)	47.9	%	(0.6)	%	(1.8)	%
Share-based compensation	(1.8)	%	(3.6)	%	(1.8)	%


Capital loss (1)	(42.5)	%	—	%	—	%
Goodwill impairment and basis adjustments	7.3	%	—	%	—	%
Statutory rate changes	2.1	%	—	%	(0.6)	%
Adjustments to contingent consideration	(8.9)	%	—	%	—	%

Other	(3.0)	%	(1.3)	%	0.6	%
	15.6	%	6.1	%	14.1	%

___________________________________________________________________

Schedule of Deferred Tax Assets and Liabilities

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


	As of December 31,
	2021		2020
Deferred tax assets:
NOL and credit carryforwards	$	118.6	$	141.0
Pension, other postretirement and postemployment benefits	31.1		36.5
Payroll and compensation	16.3		15.0
Legal, environmental and self-insurance accruals	35.9		22.6
Working capital accruals	17.0		17.1
Other	9.8		8.4
Total deferred tax assets	228.7		240.6
Valuation allowance	(89.8)		(92.0)
Net deferred tax assets	138.9		148.6
Deferred tax liabilities:
Intangible assets recorded in acquisitions	79.4		65.2
Basis difference in affiliates	19.8		16.3
Accelerated depreciation	13.3		11.9
Deferred income	20.2		29.4
Other	16.8		11.1
Total deferred tax liabilities	149.5		133.9
	$	(10.6)	$	14.7

Schedule of Changes in Unrecognized Tax Benefits

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019 were as follows:


	Year ended December 31,
	2021		2020		2019
Unrecognized tax benefit — opening balance	$	13.6	$	17.2	$	20.3
Gross increases — tax positions in prior period	0.7		0.3		1.1
Gross decreases — tax positions in prior period	(6.4)		(2.2)		(0.8)
Gross increases — tax positions in current period	0.2		0.2		0.2
Settlements	—		(0.3)		(2.1)
Lapse of statute of limitations	(1.1)		(1.7)		(1.5)

Change due to foreign currency exchange rates	0.1		0.1		—
Unrecognized tax benefit — ending balance	$	7.1	$	13.6	$	17.2

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2021:


	December 31, 2020		Borrowings		Repayments		Other (5)		December 31, 2021
Revolving loans (1)	$	129.8	$	209.9	$	(339.7)	$	—	$	—
Term loan (2)	248.6		—		(6.3)		0.4		242.7
Trade receivables financing arrangement (3)	28.0		179.0		(207.0)		—		—
Other indebtedness (4)	6.0		0.6		(1.0)		(2.3)		3.3
Total debt	412.4		$	389.5	$	(554.0)	$	(1.9)	246.0
Less: short-term debt	101.2								2.2
Less: current maturities of long-term debt	7.2								13.0
Total long-term debt	$	304.0							$	230.8

_____________________________________________________________

(3)Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. At December 31, 2021, there was no available borrowing capacity under the agreement.

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, 2021

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, 2021 and 2020:


	December 31,
	2021		2020
Insurance recovery assets (1)	$	526.2	$	496.4
Liabilities for claims (2)	616.5		535.2

_____________________________________________________________

(1)Of these amounts $473.6 and $446.4 are included in “Other assets” at December 31, 2021 and 2020, respectively, while the remainder is included in “Other current assets.”

(2)Of these amounts $561.4 and $479.9 are included in “Other long-term liabilities” at December 31, 2021 and 2020, 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, 2021, 2020 and 2019:


	Year ended December 31
	2021	2020	2019
Pending claims, beginning of year	9,782	11,079	13,767
Claims filed	2,826	2,449	3,607
Claims resolved	(2,543)	(3,746)	(6,295)
Pending claims, end of year	10,065	9,782	11,079

- Definition

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

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+ Details

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

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Numerator:
Income from continuing operations attributable to SPX Corporation common stockholders for calculating basic and diluted income per share	$	59.0	$	73.8	$	76.3
Income (loss) from discontinued operations, net of tax	$	366.4	$	25.2	$	(11.0)
Adjustment related to redeemable noncontrolling interest (Note 15)	—		—		5.6
Income (loss) from discontinued operations attributable to SPX Corporation common stockholders for calculating basic and diluted income per share	$	366.4	$	25.2	$	(5.4)
Denominator:
Weighted-average number of common shares used in basic income per share	45.289		44.628		43.942
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units	1.206		1.138		1.015
Weighted-average number of common shares and dilutive securities used in diluted income per share	46.495		45.766		44.957

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, 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

Restricted stock units	—	0.130	0.130

Other	0.306	—	0.306
Balance at December 31, 2021	53.011	(7.543)	45.468

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
March 1, 2021
SPX Corporation	42.88	%	—	%	0.25	%	60.24	%
Peer group within S&P 600 Capital Goods Index	51.25	%	n/a		0.25	%
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	%

Schedule of Restricted Stock Share and Restricted Stock Unit Activity

The following table summarizes the PSU, RSU, and RS activity from December 31, 2018 through December 31, 2021:


	Unvested PSU’s, RSU’s, and RS’s	Weighted-Average Grant-Date Fair Value Per Share
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
Granted	0.243	57.24
Vested	(0.219)	37.40
Forfeited	(0.032)	53.69
December 31, 2021	0.636	$	49.14

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:


	March 1, 2021		February 20, 2020		February 21, 2019
Annual expected stock price volatility	41.15	%	33.48	%	32.70	%
Annual expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	0.91	%	1.41	%	2.53	%
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, 2018 through December 31, 2021.


	Shares	Weighted- Average Exercise Price
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
Exercised	(0.123)	15.82
Forfeited	(0.008)	50.11
Granted	0.105	58.34
Options outstanding at December 31, 2021	1.393	$	26.35

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, 2021 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains (losses) on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at December 31, 2020	$	238.6	$	(4.4)	$	14.3	$	248.5
Other comprehensive income (loss) before reclassifications	(5.8)		5.3		—		(0.5)
Amounts reclassified from accumulated other comprehensive income (loss)	19.9		(0.4)		(3.6)		15.9
Current-period other comprehensive income (loss)	14.1		4.9		(3.6)		15.4
Balance at December 31, 2021	$	252.7	$	0.5	$	10.7	$	263.9

__________________________________________________________________

(1) Net of tax (provision) benefit of $(0.1) and $1.4 as of December 31, 2021 and 2020, respectively.

(2) Net of tax provision of $3.7 and $4.9 as of December 31, 2021 and 2020, respectively. The balances as of December 31, 2021 and 2020 include unamortized prior service credits.

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 and Other (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.

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, 2021 and 2020:


	Amount Reclassified from AOCI				Affected Line Items in the Consolidated Statements of Operations
	Year ended December 31,
	2021		2020
(Gains) losses on qualifying cash flow hedges:

Commodity contracts	$	(3.8)	$	(0.9)	Income from discontinued operations, net of tax
Swaps	3.2		4.7		Interest expense
Pre-tax	(0.6)		3.8
Income taxes	0.2		(0.9)
	$	(0.4)	$	2.9
Pension and postretirement items:

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

Income taxes	1.2		1.2
	$	(3.6)	$	(3.6)

Loss on reclassification of foreign currency translation adjustments:
DBT	$	19.9	$	—	Gain on disposition of discontinued operations, net of tax
Income taxes	—		—
	$	19.9	$	—

- 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.

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+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

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 2021, 2020, and 2019.


	Year ended
	December 31, 2021				December 31, 2020				December 31, 2019
	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	$	1.8	$	—	$	2.0	$	0.3	$	4.4	$	1.2
Reduction/Amortization for the period (2)	(1.7)		—		(0.4)		(0.3)		(2.3)		(0.9)
Impact of changes in foreign currency rates	(0.1)		—		0.2		—		(0.1)		—
Balance at end of period (3)	$	—	$	—	$	1.8	$	—	$	2.0	$	0.3

___________________________

(3)Balance associated with the guarantees and bonds is reflected within "Other long-term liabilities" within the accompanying consolidated balance sheet as of December 31, 2020.

Quarterly Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results


	First (4)				Second (4)				Third (4)				Fourth (4)
	2021		2020		2021		2020		2021		2020		2021		2020
Operating revenues	$	287.2	$	254.7	$	296.6	$	257.3	$	285.7	$	267.8	$	350.0	$	348.3
Gross profit (1)	104.4		90.5		102.3		89.4		95.8		92.1		129.3		123.5
Income from continuing operations, net of tax (1)(2)	23.0		14.5		17.7		19.3		13.9		19.5		4.4		20.5
Income from discontinued operations, net of tax (1)(3)	3.8		8.6		44.2		8.2		316.4		3.1		2.0		5.3
Net income	$	26.8	$	23.1	$	61.9	$	27.5	$	330.3	$	22.6	$	6.4	$	25.8
Basic income per share of common stock:
Continuing operations, net of tax	$	0.51	$	0.33	$	0.39	$	0.43	$	0.31	$	0.44	$	0.10	$	0.46
Discontinued operations, net of tax	0.08		0.19		0.98		0.19		6.98		0.07		0.04		0.11
Net income	$	0.59	$	0.52	$	1.37	$	0.62	$	7.29	$	0.51	$	0.14	$	0.57
Diluted income per share of common stock:
Continuing operations, net of tax	$	0.50	$	0.32	$	0.38	$	0.42	$	0.30	$	0.42	$	0.10	$	0.44
Discontinued operations, net of tax	0.08		0.19		0.95		0.18		6.78		0.07		0.04		0.12
Net income	$	0.58	$	0.51	$	1.33	$	0.60	$	7.08	$	0.49	$	0.14	$	0.56

___________________________________________________________________

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


	First				Second				Third				Fourth
	2021		2020		2021		2020		2021		2020		2020
Gross profit	$	—	$	0.5	$	0.5	$	0.5	$	1.5	$	(0.2)	$	1.5
Income from continuing operations, net of tax	—		0.4		0.4		0.4		1.1		(0.2)		1.1
Income from discontinued operations, net of tax	—		—		—		—		(2.1)		—		0.1
Net income	—		0.4		0.4		0.4		(1.0)		(0.2)		1.2

Basis of Presentation and Summary of Significant Accounting Policies (Details)										3 Months Ended		12 Months Ended
	Dec. 15, 2021 USD ($)	Aug. 02, 2021 USD ($)	Jun. 08, 2021 USD ($)	Apr. 19, 2021 USD ($)	Nov. 11, 2020 USD ($)	Sep. 02, 2020 USD ($)	Nov. 12, 2019 USD ($)	Jul. 03, 2019 USD ($)	Feb. 01, 2019 USD ($)	Dec. 31, 2021 USD ($) project	Oct. 02, 2021 USD ($)	Dec. 31, 2021 USD ($) project	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 01, 2021 USD ($)	Mar. 28, 2020 USD ($)
Discontinued Operations
Gain (loss) on disposition of discontinued operations, net of tax												$ 360,700,000	$ (3,700,000)	$ (4,400,000)
Business acquisition and other investments, net of cash acquired												265,200,000	104,400,000	147,100,000
Foreign currency transaction losses												(900,000)	(600,000)	(900,000)
Capitalized software, net of amortization										$ 100,000		100,000	1,300,000
Capitalized software amortization expense												1,300,000	2,500,000	2,400,000
Research and development expense												30,700,000	28,100,000	24,300,000
Depreciation expense, including amortization of capital leases												19,400,000	15,400,000	13,100,000
Interest capitalized												0	0	$ 0
Sealite
Discontinued Operations
Payment for acquisition				$ 80,300,000
Cash acquired				$ 2,300,000
Enterprise Control Systems Ltd
Discontinued Operations
Payment for acquisition		$ 39,400,000
Cash acquired		5,100,000
Deferred payment		16,800,000
Contingent consideration		8,200,000								1,500,000		1,500,000
Financial liabilities		$ 6,700,000
Cincinnati Fan
Discontinued Operations
Payment for acquisition	$ 145,200,000
Cash acquired	$ 2,500,000
ULC Robotics
Discontinued Operations
Payment for acquisition						$ 89,200,000
Cash acquired						4,000,000.0
Deferred payment						$ 45,000,000.0
Contingent consideration										24,300,000		24,300,000
Sensors & Software Inc
Discontinued Operations
Payment for acquisition					$ 15,500,000
Cash acquired					300,000
Deferred payment					3,900,000
Contingent consideration					$ 700,000					1,300,000		1,300,000	$ 700,000
Financial liabilities										$ 600,000		$ 600,000
Sabik Marine
Discontinued Operations
Cash acquired									$ 600,000
Business acquisition and other investments, net of cash acquired									$ 77,200,000
SGS Refrigeration Inc.
Discontinued Operations
Payment for acquisition								$ 11,500,000
Deferred payment																$ 1,500,000
Patterson-Kelley, LLC
Discontinued Operations
Payment for acquisition							$ 59,900,000
Buildings \| Maximum
Discontinued Operations
Useful lives of property, plant and equipment (in years)												40 years
Machinery and equipment \| Maximum
Discontinued Operations
Useful lives of property, plant and equipment (in years)												15 years
Machinery and equipment \| Minimum
Discontinued Operations
Useful lives of property, plant and equipment (in years)												3 years
Revenue Benchmark \| Product Concentration Risk \| SPX Transformer Solutions, Inc.
Discontinued Operations
Concentration risk, percentage			25.00%
Discontinued operations \| DBT
Discontinued Operations
Large power projects part of dispute resolution \| project										2		2
Gain (loss) on disposition of discontinued operations, net of tax												$ (19,900,000)
Discontinued operations \| Transformer solutions
Discontinued Operations
Transfer of all equity			$ 645,000,000.0
Discontinued operations, disposed of by sale \| Transformer solutions
Discontinued Operations
Net cash proceeds received															$ 620,600,000
Gain (loss) on disposition of discontinued operations, net of tax										$ 24,500,000	$ 357,700,000	$ 382,200,000

Use of Estimates - Accounts Receivable Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year	$ 11.5	$ 8.5	$ 9.3
Acquisitions	0.0	0.3	0.3
Allowances provided	14.9	18.6	18.2
Write-offs, net of recoveries, credits issued and other	(16.0)	(15.9)	(19.3)
Balance at end of year	$ 10.4	$ 11.5	$ 8.5

Use of Estimates - Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Employee benefits	$ 66.7	$ 69.2
Warranty	11.8	11.6	$ 10.8
Other	139.4	125.8
Total	$ 217.9	$ 206.6

Use of Estimates - Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 35.3	$ 31.7	$ 30.1
Acquisitions	0.1	1.6	0.4
Provisions	8.5	12.4	12.0
Usage	(9.1)	(10.6)	(10.7)
Currency translation adjustment	0.0	0.2	(0.1)
Balance at end of year	34.8	35.3	31.7
Less: Current portion of warranty	11.8	11.6	10.8
Non-current portion of warranty	$ 23.0	$ 23.7	$ 20.9

Use of Estimates - Narrative (Details) - Discontinued operations, disposed of by sale - Transformer Solutions - Subsidiary of mutares AG (the Buyer) - EUR (€) € in Millions	Dec. 31, 2021	Dec. 30, 2016
Guarantor Obligations [Line Items]
Amount of guarantees		€ 79.0
Parent Company Guarantees
Guarantor Obligations [Line Items]
Amount of guarantees	€ 79.0
Bank and Surety Bonds
Guarantor Obligations [Line Items]
Amount of guarantees	€ 79.0	€ 79.0

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 1,102.9	$ 640.1
Adjustment \| Retained Deficit \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity			$ 0.5

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Acquisitions and Discontinued Operations - Sale of Transformers Solutions Business - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 01, 2021
Discontinued Operations
Gain on disposition of discontinued operations, net of tax			$ 360.7	$ (3.7)	$ (4.4)
Discontinued operations, disposed of by sale \| Transformer solutions
Discontinued Operations
Net consideration						$ 620.6
Gain on disposition of discontinued operations, net of tax	$ 24.5	$ 357.7	$ 382.2

Acquisitions and Discontinued Operations - Sale of Transformers Solutions Business (Details) - USD ($) $ in Millions	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations
Gain (loss) from discontinued operations, net of tax	$ 2.0	$ 316.4	$ 44.2	$ 3.8	$ 5.3	$ 3.1	$ 8.2	$ 8.6		$ 366.4	$ 25.2	$ (11.0)
Discontinued operations
Discontinued Operations
Income from discontinued operations										409.2	35.8	(9.5)
Income tax (provision) benefit			$ (33.0)							(42.8)	(10.6)	(1.5)
Gain (loss) from discontinued operations, net of tax										366.4	25.2	(11.0)
Discontinued operations \| Transformer Solutions
Discontinued Operations
Revenues									$ 313.5		427.4	403.4
Cost of products sold									257.2		338.7	334.1
Selling, general and administrative									28.4		32.7	30.2
Special charges									0.0		0.0	0.3
Other income, net									0.0		0.9	0.6
Income from discontinued operations									27.9	454.9	56.9	39.4
Income tax (provision) benefit									(7.0)	(51.8)	(14.0)	(8.8)
Gain (loss) from discontinued operations, net of tax									$ 20.9	$ 403.1	$ 42.9	$ 30.6

Acquisitions and Discontinued Operations - Transformers Solutions Business - Assets and Liabilities of Discontinued Operations (Details) - Discontinued operations, disposed of by sale - Transformer Solutions $ in Millions	Dec. 31, 2020 USD ($)
ASSETS
Accounts receivable, net	$ 50.9
Contract assets	48.6
Inventories, net	21.7
Other current assets	3.2
Property, plant and equipment:
Property, plant and equipment, gross	210.7
Accumulated depreciation	(131.0)
Property, plant and equipment, net	79.7
Goodwill	131.3
Other assets	8.1
Total assets - discontinued operations	343.5
LIABILITIES
Accounts payable	34.1
Contract liabilities	57.2
Accrued expenses	24.5
Deferred and other income taxes	22.3
Other long-term liabilities	9.1
Total liabilities - discontinued operations	147.2
Land
Property, plant and equipment:
Property, plant and equipment, gross	6.5
Buildings and leasehold improvements
Property, plant and equipment:
Property, plant and equipment, gross	63.1
Machinery and equipment
Property, plant and equipment:
Property, plant and equipment, gross	$ 141.1

Acquisitions and Discontinued Operations - Wind-Down of DBT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended										12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations
Gain (loss) on disposition of discontinued operations, net of tax											$ 360.7	$ (3.7)	$ (4.4)
Revenues	$ (350.0)	$ (285.7)	$ (296.6)	$ (287.2)	$ (348.3)	$ (267.8)	$ (257.3)	$ (254.7)			(1,219.5)	(1,128.1)	(1,123.6)
South Africa \| Revisions in estimates for large power projects \| Other Segments \| Large power projects
Discontinued Operations
Revenues													23.5
Operating Segments
Discontinued Operations
Revenues											(1,219.5)	$ (1,128.1)	$ (1,123.6)
Operating Segments \| South Africa \| Revisions in estimates for large power projects \| Other Segments \| Large power projects
Discontinued Operations
Revenues									$ 6.0	$ 17.5
DBT \| Discontinued operations
Discontinued Operations
Gain (loss) on disposition of discontinued operations, net of tax											$ (19.9)

Acquisitions and Discontinued Operations - Wind-Down of DBT (Details) - USD ($) $ in Millions	3 Months Ended										12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations
Gain (loss) from discontinued operations, net of tax	$ 2.0	$ 316.4	$ 44.2	$ 3.8	$ 5.3	$ 3.1	$ 8.2	$ 8.6			$ 366.4	$ 25.2	$ (11.0)
Revenues	$ (350.0)	$ (285.7)	(296.6)	$ (287.2)	$ (348.3)	$ (267.8)	$ (257.3)	$ (254.7)			(1,219.5)	(1,128.1)	(1,123.6)
Operating Segments
Discontinued Operations
Revenues											(1,219.5)	(1,128.1)	(1,123.6)
South Africa \| Revisions in estimates for large power projects \| Other Segments \| Large power projects
Discontinued Operations
Revenues													23.5
South Africa \| Revisions in estimates for large power projects \| Other Segments \| Large power projects \| Operating Segments
Discontinued Operations
Revenues									$ 6.0	$ 17.5
Discontinued operations
Discontinued Operations
Income from discontinued operations											409.2	35.8	(9.5)
Income tax (provision) benefit			$ (33.0)								(42.8)	(10.6)	(1.5)
Gain (loss) from discontinued operations, net of tax											366.4	25.2	(11.0)
Discontinued operations \| DBT
Discontinued Operations
Revenues											0.5	4.0	(6.1)
Cost of products sold											0.9	6.9	22.4
Selling, general and administrative											15.1	14.8	11.6
Special charges											1.3	0.8	2.6
Other income, net											(1.2)	1.9	(0.6)
Interest income, net											0.1	0.0	0.2
Income from discontinued operations											(17.9)	(16.6)	(43.1)
Income tax (provision) benefit											2.7	2.4	7.3
Gain (loss) from discontinued operations, net of tax											$ (15.2)	$ (14.2)	$ (35.8)

Acquisitions and Discontinued Operations - Wind-Down of DBT - Assets and Liabilities of Discontinued Operations (Details) - Discontinued operations, disposed of by sale - DBT - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and equivalents	$ 7.8	$ 4.3
Accounts receivable, net	9.1	10.1
Other current assets	7.0	7.5
Property, plant and equipment:
Property, plant and equipment, gross	1.7	13.0
Accumulated depreciation	(1.5)	(9.8)
Property, plant and equipment, net	0.2	3.2
Other assets	27.6	17.9
Total assets - discontinued operations	51.7	43.0
LIABILITIES
Accounts payable	2.3	2.3
Contract liabilities	5.6	7.5
Accrued expenses	22.4	2.5
Other long-term liabilities	4.9	5.3
Total liabilities - discontinued operations	35.2	17.6
Buildings and leasehold improvements
Property, plant and equipment:
Property, plant and equipment, gross	0.2	5.7
Machinery and equipment
Property, plant and equipment:
Property, plant and equipment, gross	$ 1.5	$ 7.3

Acquisitions and Discontinued Operations - Wind-Down of the Heat Transfer Business (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs and expenses:
Gain (loss) from discontinued operations, net of tax	$ 2.0	$ 316.4	$ 44.2	$ 3.8	$ 5.3	$ 3.1	$ 8.2	$ 8.6	$ 366.4	$ 25.2	$ (11.0)
Discontinued operations
Costs and expenses:
Income from discontinued operations									409.2	35.8	(9.5)
Income tax (provision) benefit			$ (33.0)						(42.8)	(10.6)	(1.5)
Gain (loss) from discontinued operations, net of tax									366.4	25.2	(11.0)
Discontinued operations \| SPX Heat Transfer Business
Discontinued Operations
Revenues										3.9	4.5
Costs and expenses:
Cost of products sold										3.1	6.1
Selling, general and administrative										0.1	0.9
Special charges (credits), net										0.4	(0.4)
Other income, net										0.0	0.3
Income from discontinued operations									(0.3)	0.3	(1.8)
Income tax (provision) benefit									0.0	(0.1)	0.4
Gain (loss) from discontinued operations, net of tax									$ (0.3)	$ 0.2	$ (1.4)

Acquisitions and Discontinued Operations - Wind-Down of the Heat Transfer Business - Assets and Liabilities of Discontinued Operations (Details) - Discontinued operations, disposed of by sale - SPX Heat Transfer Business - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Accounts receivable, net	$ 0.1	$ 0.1
Other current assets	0.2	0.2
Other assets	0.2	0.2
Total assets - discontinued operations	0.5	0.5
LIABILITIES
Accounts payable	0.3	0.2
Accrued expenses	0.1	0.3
Total liabilities - discontinued operations	$ 0.4	$ 0.5

Acquisitions and Discontinued Operations - Other Discontinued Operations Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other businesses included in discontinued operations \| Discontinued operations, disposed of by sale
Discontinued Operations
Net loss recognized with disposition of business	$ 1.3	$ 3.7	$ 4.4

Acquisitions and Discontinued Operations - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations
Gain (loss) from discontinued operations, net of tax	$ 2.0	$ 316.4	$ 44.2	$ 3.8	$ 5.3	$ 3.1	$ 8.2	$ 8.6		$ 366.4	$ 25.2	$ (11.0)
Income tax benefit										10.9	4.8	12.5
Discontinued operations
Discontinued Operations
Income (loss) from discontinued operations										409.2	35.8	(9.5)
Income tax (provision) benefit			$ (33.0)							(42.8)	(10.6)	(1.5)
Gain (loss) from discontinued operations, net of tax										366.4	25.2	(11.0)
Transformer Solutions
Discontinued Operations
Income tax benefit	16.5
Transformer Solutions \| Discontinued operations
Discontinued Operations
Income tax benefit	$ 27.4
Transformer Solutions \| Discontinued operations
Discontinued Operations
Income (loss) from discontinued operations									$ 27.9	454.9	56.9	39.4
Income tax (provision) benefit									(7.0)	(51.8)	(14.0)	(8.8)
Gain (loss) from discontinued operations, net of tax									$ 20.9	403.1	42.9	30.6
DBT \| Discontinued operations
Discontinued Operations
Income (loss) from discontinued operations										(37.8)	(16.6)	(43.1)
Income tax (provision) benefit										2.7	2.4	7.3
Gain (loss) from discontinued operations, net of tax										(35.1)	(14.2)	(35.8)
Heat Transfer \| Discontinued operations
Discontinued Operations
Income (loss) from discontinued operations										(0.3)	0.3	(1.8)
Income tax (provision) benefit										0.0	(0.1)	0.4
Gain (loss) from discontinued operations, net of tax										(0.3)	0.2	(1.4)
All other \| Discontinued operations
Discontinued Operations
Income (loss) from discontinued operations										(7.6)	(4.8)	(4.0)
Income tax (provision) benefit										6.3	1.1	(0.4)
Gain (loss) from discontinued operations, net of tax										$ (1.3)	$ (3.7)	$ (4.4)

Revenues from Contracts - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 105.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected revenue recognition on remaining performance obligations (as a percentage)	63.00%
Performance obligation satisfaction period (years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected revenue recognition on remaining performance obligations (as a percentage)	88.00%
Performance obligation satisfaction period (years)	24 months

Revenues from Contracts - Narrative (Details) $ in Millions	12 Months Ended
Revenues from Contracts - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in contract with customers, net	$ 2.8
Revenue recognized related to contract liabilities	$ 34.0
HVAC reportable segment \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	1 month
Revenue, performance obligation, payment period	15 days
Revenue, payment term for replacement and spare parts	30 days
HVAC reportable segment \| Minimum \| Process Cooling Equipment and Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	6 months
HVAC reportable segment \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	3 months
Revenue, performance obligation, payment period	60 days
Revenue, payment term for replacement and spare parts	60 days
HVAC reportable segment \| Maximum \| Process Cooling Equipment and Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	18 months
Detection and Measurement reportable segment \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	1 month
Revenue, performance obligation, payment period	30 days
Detection and Measurement reportable segment \| Minimum \| Communication technologies, obstruction lighting, and bus fare collection systems
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	1 month
Detection and Measurement reportable segment \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	18 months
Revenue, performance obligation, payment period	60 days
Detection and Measurement reportable segment \| Maximum \| Communication technologies, obstruction lighting, and bus fare collection systems
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, contract term	3 months

Revenues from Contracts - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 350.0	$ 285.7	$ 296.6	$ 287.2	$ 348.3	$ 267.8	$ 257.3	$ 254.7	$ 1,219.5	$ 1,128.1	$ 1,123.6
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues									1,077.1	964.1	988.5
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues									142.4	164.0	135.1
Package and process cooling equipment and services, and engineered air quality solutions
Disaggregation of Revenue [Line Items]
Revenues									433.8	447.1	429.7
Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues									318.3	293.7	309.0
Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues									256.8	217.8	194.3
Communication technologies, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues									210.6	169.5	190.6
HVAC
Disaggregation of Revenue [Line Items]
Revenues									752.1	740.8	738.7
HVAC \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues									661.2	622.2	631.4
HVAC \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues									90.9	118.6	107.3
HVAC \| Package and process cooling equipment and services, and engineered air quality solutions
Disaggregation of Revenue [Line Items]
Revenues									433.8	447.1	429.7
HVAC \| Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues									318.3	293.7	309.0
HVAC \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues									0.0	0.0	0.0
HVAC \| Communication technologies, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues									0.0	0.0	0.0
Detection and Measurement
Disaggregation of Revenue [Line Items]
Revenues									467.4	387.3	384.9
Detection and Measurement \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues									415.9	341.9	357.1
Detection and Measurement \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues									51.5	45.4	27.8
Detection and Measurement \| Package and process cooling equipment and services, and engineered air quality solutions
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									256.8	217.8	194.3
Detection and Measurement \| Communication technologies, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues									$ 210.6	$ 169.5	$ 190.6

Revenues from Contracts - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract Accounts Receivable	$ 215.3	$ 200.6
Increase (decrease) in accounts receivable	14.7
Contract Assets	28.9	32.5
Increase (decrease) in contract with customer, asset, net, current	(3.6)
Contract Liabilities - current	(44.7)	(38.8)
Increase (decrease) in contract with customer, liability, current	(5.9)
Contract liabilities - non-current	(5.8)	(3.4)
Increase (decrease) in contract with customer, liability, noncurrent	(2.4)
Net contract balance	193.7	$ 190.9
Increase (decrease) in contract with customers, net	$ 2.8

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Option to terminate (years)	1 year
Operating lease weighted average discount rate (percent)	3.10%	3.00%
Finance lease weighted average discount rate (percent)	3.00%	3.60%
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, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 13.5	$ 11.5
Variable lease cost	0.1	0.0
Finance lease cost:
Amortization of right-of-use assets	0.6	0.6
Interest on lease liabilities	0.0	0.1
Total finance lease cost	0.6	0.7
Short-term lease cost	$ 4.3	$ 2.5

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$ 9.4	$ 9.1
Operating cash flows from finance leases	0.0	0.1
Financing cash flows from finance leases	0.6	1.3
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	9.1	19.8
Finance lease right-of-use assets obtained in exchange for new lease obligations	$ 0.4	$ 1.2

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Leases:
Operating lease ROU assets	$ 41.7	$ 40.5
Operating lease current liabilities	7.7	7.3
Operating lease non-current liabilities	31.5	30.9
Total operating lease liabilities	39.2	38.2
Finance Leases:
Finance Lease Assets	1.0	2.5
Finance lease current liabilities	0.5	1.0
Finance lease non-current liabilities	0.6	1.6
Total finance lease liabilities	$ 1.1	$ 2.6
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Patterson-Kelley
Finance Leases:
Favorable leasehold interests	$ 6.4	$ 6.6

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term, operating leases (years)	6 years 7 months 6 days	7 years
Weighted average remaining lease term, finance leases (years)	2 years 3 months 18 days	3 years 2 months 12 days

Leases - Future Minimum Payments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
Next 12 months	$ 8.8
12 to 24 months	8.6
24 to 36 months	8.0
36 to 48 months	3.9
48 to 60 months	3.2
Thereafter	11.2
Total lease payments	43.7
Less imputed interest	4.5
Total	39.2	$ 38.2
Finance Leases
Next 12 months	0.5
12 to 24 months	0.4
24 to 36 months	0.2
36 to 48 months	0.0
48 to 60 months	0.0
Thereafter	0.0
Total lease payments	1.1
Less imputed interest	0.0
Total	1.1	$ 2.6
Total
Next 12 months	9.3
12 to 24 months	9.0
24 to 36 months	8.2
36 to 48 months	3.9
48 to 60 months	3.2
Thereafter	11.2
Total lease payments	44.8
Less imputed interest	4.5
Total	$ 40.3

Information on Reportable Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2021 country segment
Segment Reporting [Abstract]
Number of countries in which entity operates	15
Number of countries in which entity sells its products and services	100
Number of reportable segments \| segment	2

Information on Reportable Segments - Financial Data (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Revenues	$ 350.0	$ 285.7	$ 296.6	$ 287.2	$ 348.3	$ 267.8	$ 257.3	$ 254.7	$ 1,219.5	$ 1,128.1	$ 1,123.6
Income:
Consolidated operating income									73.7	96.9	114.0
Impairment of goodwill and intangible assets									5.7	0.7	0.0
Special charges, net									1.0	2.4	1.5
Capital expenditures:
Total capital expenditures									9.6	15.3	13.5
Depreciation and amortization:
Total depreciation and amortization									42.3	31.9	24.4
Identifiable assets:
Total identifiable assets	2,628.6				2,333.7				2,628.6	2,333.7	2,167.8
Tangible Long-Lived Assets:
Long-lived assets of continuing operations	800.2				722.4				800.2	722.4	723.7
Long-lived assets of discontinued operations, DBT and Heat Transfer	28.0				109.1				28.0	109.1	95.7
Total tangible long-lived assets	828.2				831.5				828.2	831.5	819.4
Recorded charges related to asbestos product liability matters	46.3				19.1				51.2	21.3	10.1
Enterprise Control Systems Ltd
Tangible Long-Lived Assets:
Contingent consideration, reversal of liability	6.7								6.7
Discontinued operations
Identifiable assets:
Discontinued operations	52.2				387.0				52.2	387.0	361.3
United States
Revenues:
Revenues									991.5	935.7	972.7
Tangible Long-Lived Assets:
Total tangible long-lived assets	762.4				695.6				762.4	695.6	682.3
China
Revenues:
Revenues									57.9	41.7	31.1
United Kingdom
Revenues:
Revenues									80.1	88.4	59.0
Other
Revenues:
Revenues									90.0	62.3	60.8
Tangible Long-Lived Assets:
Total tangible long-lived assets	37.8				26.8				37.8	26.8	41.4
Operating Segments
Revenues:
Revenues									1,219.5	1,128.1	1,123.6
Income:
Consolidated operating income									173.9	171.8	184.9
Corporate
Income:
Corporate expense									60.5	49.7	55.0
Special charges, net										1.6	0.2
Capital expenditures:
Total capital expenditures									0.9	5.6	2.5
Depreciation and amortization:
Total depreciation and amortization									2.8	3.3	3.0
Identifiable assets:
Total identifiable assets	406.4				45.6				406.4	45.6	33.5
Segment Reconciling Items
Income:
Long-term incentive compensation expense									12.8	13.1	12.6
Impairment of goodwill and intangible assets									5.7	0.7	0.0
Special charges, net									1.0	2.4	1.5
Other operating expenses, net									20.2	9.0	1.8
Identifiable assets:
Insurance recovery assets	526.2				496.4				526.2	496.4	509.6
Tangible Long-Lived Assets:
Recorded charges related to asbestos product liability matters									26.3	9.4
Contingent consideration, reversal of liability	0.6								0.6
Gain on contract termination										0.4
Revisions to estimates of certain liabilities for divestitures											1.8
HVAC reportable segment
Revenues:
Revenues									752.1	740.8	738.7
HVAC reportable segment \| Operating Segments
Revenues:
Revenues									752.1	740.8	738.7
Income:
Consolidated operating income									104.2	102.7	103.2
Special charges, net									0.1	0.5	1.3
Capital expenditures:
Total capital expenditures									5.3	7.0	8.7
Depreciation and amortization:
Total depreciation and amortization									11.5	11.0	8.2
Identifiable assets:
Total identifiable assets	808.4				632.2				808.4	632.2	654.0
Detection and Measurement reportable segment
Revenues:
Revenues									467.4	387.3	384.9
Detection and Measurement reportable segment \| Operating Segments
Revenues:
Revenues									467.4	387.3	384.9
Income:
Consolidated operating income									69.7	69.1	81.7
Special charges, net									0.9	0.3	0.0
Capital expenditures:
Total capital expenditures									3.4	2.7	2.3
Depreciation and amortization:
Total depreciation and amortization									28.0	17.6	13.2
Identifiable assets:
Total identifiable assets	$ 835.4				$ 772.5				$ 835.4	$ 772.5	$ 609.4

Special Charges, Net - Narrative (Details) $ in Millions	12 Months Ended
Special Charges, Net - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($) employee	Dec. 31, 2020 USD ($) employee	Dec. 31, 2019 USD ($) employee
Special charges, net
Special charges, net \| $	$ 1.0	$ 2.4	$ 1.5
Period for selling an asset	1 year
Period for settling liabilities	1 year
HVAC reportable segment \| Employee Termination Costs
Special charges, net
Number of employees terminated	6	11	19
Detection and Measurement reportable segment \| Employee Termination Costs
Special charges, net
Number of employees terminated	44	5

Special Charges, Net - Special Charges (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Special charges, net
Employee termination costs		$ 1.0	$ 1.0	$ 0.5
Other cash costs, net		0.0	1.0	0.0
Non-cash asset write-downs	$ 5.7	0.0	0.4	0.5
Total Special Charges		1.0	2.4	1.5
Operating Segments \| HVAC reportable segment
Special charges, net
Other cash costs, net		0.0	0.0	0.0
Non-cash asset write-downs		0.0	0.0	0.5
Total Special Charges		0.1	0.5	1.3
Operating Segments \| Detection and Measurement reportable segment
Special charges, net
Other cash costs, net		0.0	0.0	0.0
Non-cash asset write-downs		0.0	0.0	0.0
Total Special Charges		0.9	0.3	0.0
General corporate
Special charges, net
Other cash costs, net			1.0	0.0
Non-cash asset write-downs		0.0	0.4	0.0
Total Special Charges			1.6	0.2
Employee Termination Costs
Special charges, net
Employee termination costs		1.0	1.0	0.5
Employee Termination Costs \| Operating Segments \| HVAC reportable segment
Special charges, net
Employee termination costs		0.1	0.5	0.3
Employee Termination Costs \| Operating Segments \| Detection and Measurement reportable segment
Special charges, net
Employee termination costs		0.9	0.3	0.0
Employee Termination Costs \| General corporate
Special charges, net
Employee termination costs			0.2	0.2
Facility Consolidation Costs
Special charges, net
Facility consolidation costs		0.0	0.0	0.5
Facility Consolidation Costs \| Operating Segments \| HVAC reportable segment
Special charges, net
Facility consolidation costs		0.0	0.0	0.5
Facility Consolidation Costs \| Operating Segments \| Detection and Measurement reportable segment
Special charges, net
Facility consolidation costs		0.0	0.0	0.0
Facility Consolidation Costs \| General corporate
Special charges, net
Facility consolidation costs		$ 0.0	$ 0.0	$ 0.0

Special Charges, Net - Analysis of Restructuring Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring liabilities
Balance at beginning of year	$ 0.9	$ 0.4	$ 0.8
Special charges	1.0	2.0	1.0
Utilization — cash	(1.6)	(1.5)	(1.4)
Balance at the end of year	0.3	0.9	0.4
Asset impairment charges	$ 0.0	$ 0.4	$ 0.5

Inventories, Net - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 55.1	$ 49.5
Work in process	21.1	21.1
Raw materials and purchased parts	113.6	84.4
Inventories, net	$ 189.8	$ 155.0

Inventories, Net - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Inventory [Line Items]
Retained deficit	$ (1,102.9)	$ (640.1)
Retained Deficit \| Effect of Change
Inventory [Line Items]
Retained deficit			$ 9.1

- Definition

+ References

+ Details

Inventories, Net - Reported under LIFO and FIFO (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement of Operations
Income from continuing operations before income taxes									$ 69.9	$ 78.6	$ 88.8
Income tax provision									(10.9)	(4.8)	(12.5)
Income from continuing operations	$ 4.4	$ 13.9	$ 17.7	$ 23.0	$ 20.5	$ 19.5	$ 19.3	$ 14.5	59.0	73.8	76.3
Loss from discontinued operations, net of tax	2.0	316.4	44.2	3.8	5.3	3.1	8.2	8.6	366.4	25.2	(11.0)
Net income	$ 6.4	$ 330.3	$ 61.9	$ 26.8	$ 25.8	$ 22.6	$ 27.5	$ 23.1	425.4	99.0	65.3
Adjustment related to redeemable noncontrolling interest									0.0	0.0	5.6
Net income attributable to SPX Corporation common stockholders after adjustment related to redeemable noncontrolling interest									$ 425.4	$ 99.0	$ 70.9
Basic income (loss) per share of common stock:
Income from continuing operations, net of tax (in dollars per share)	$ 0.10	$ 0.31	$ 0.39	$ 0.51	$ 0.46	$ 0.44	$ 0.43	$ 0.33	$ 1.30	$ 1.65	$ 1.74
Gain (loss) from discontinued operations, net of tax (in dollars per share)	0.04	6.98	0.98	0.08	0.11	0.07	0.19	0.19	8.09	0.57	(0.13)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	0.14	7.29	1.37	0.59	0.57	0.51	0.62	0.52	9.39	2.22	1.61
Diluted income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)	0.10	0.30	0.38	0.50	0.44	0.42	0.42	0.32	1.27	1.61	1.70
Gain (loss) from discontinued operations, net of tax (in dollars per share)	0.04	6.78	0.95	0.08	0.12	0.07	0.18	0.19	7.88	0.55	(0.12)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 0.14	$ 7.08	$ 1.33	$ 0.58	$ 0.56	$ 0.49	$ 0.60	$ 0.51	$ 9.15	$ 2.16	$ 1.58
Total comprehensive income									$ 440.8	$ 103.2	$ 64.7
Inventories, net	$ 189.8				$ 155.0				189.8	155.0
Assets of discontinued operations	0.0				124.4				0.0	124.4
Deferred and other income taxes	31.3				26.6				31.3	26.6
Non-current liabilities of discontinued operations	0.0				31.4				0.0	31.4
Retained deficit	(51.8)				(477.2)				(51.8)	(477.2)
As Computed under LIFO
Consolidated Statement of Operations
Income from continuing operations before income taxes									58.3	76.3	88.7
Income tax provision									(8.0)	(4.2)	(12.4)
Income from continuing operations									50.3	72.1	76.3
Loss from discontinued operations, net of tax									368.5	25.1	(11.0)
Net income									$ 418.8	$ 97.2	65.3
Adjustment related to redeemable noncontrolling interest											5.6
Net income attributable to SPX Corporation common stockholders after adjustment related to redeemable noncontrolling interest											$ 70.9
Basic income (loss) per share of common stock:
Income from continuing operations, net of tax (in dollars per share)									$ 1.11	$ 1.61	$ 1.74
Gain (loss) from discontinued operations, net of tax (in dollars per share)									8.14	0.57	(0.13)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)									9.25	2.18	1.61
Diluted income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)									1.08	1.57	1.70
Gain (loss) from discontinued operations, net of tax (in dollars per share)									7.93	0.55	(0.12)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)									$ 9.01	$ 2.12	$ 1.58
Total comprehensive income									$ 434.3	$ 101.4	$ 64.7
Inventories, net	166.3				143.1				166.3	143.1
Assets of discontinued operations					121.6					121.6
Deferred and other income taxes	25.3				23.5				25.3	23.5
Non-current liabilities of discontinued operations					30.7					30.7
Retained deficit	(69.3)				(488.1)				(69.3)	(488.1)
Effect of Change
Consolidated Statement of Operations
Income from continuing operations before income taxes									11.6	2.3	0.1
Income tax provision									(2.9)	(0.6)	(0.1)
Income from continuing operations									8.7	1.7	0.0
Loss from discontinued operations, net of tax									(2.1)	0.1	0.0
Net income									$ 6.6	$ 1.8	0.0
Adjustment related to redeemable noncontrolling interest											0.0
Net income attributable to SPX Corporation common stockholders after adjustment related to redeemable noncontrolling interest											$ 0.0
Basic income (loss) per share of common stock:
Income from continuing operations, net of tax (in dollars per share)									$ 0.19	$ 0.04	$ 0
Gain (loss) from discontinued operations, net of tax (in dollars per share)									(0.05)	0	0
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)									0.14	0.04	0
Diluted income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)									0.19	0.04	0
Gain (loss) from discontinued operations, net of tax (in dollars per share)									(0.05)	0	0
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)									$ 0.14	$ 0.04	$ 0
Total comprehensive income									$ 6.5	$ 1.8	$ 0.0
Inventories, net	23.5				11.9				23.5	11.9
Assets of discontinued operations					2.8					2.8
Deferred and other income taxes	6.0				3.1				6.0	3.1
Non-current liabilities of discontinued operations					0.7					0.7
Retained deficit	$ 17.5				$ 10.9				$ 17.5	$ 10.9

Inventories, Net - Consolidated Statement of Operations and Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income from continuing operations before income taxes									$ 69.9	$ 78.6	$ 88.8
Income tax provision									(10.9)	(4.8)	(12.5)
Income from continuing operations	$ 4.4	$ 13.9	$ 17.7	$ 23.0	$ 20.5	$ 19.5	$ 19.3	$ 14.5	59.0	73.8	76.3
Less: Gain (loss) from discontinued operations, net of tax	2.0	316.4	44.2	3.8	5.3	3.1	8.2	8.6	366.4	25.2	(11.0)
Net income	$ 6.4	$ 330.3	$ 61.9	$ 26.8	$ 25.8	$ 22.6	$ 27.5	$ 23.1	$ 425.4	$ 99.0	$ 65.3
Basic income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)	$ 0.10	$ 0.31	$ 0.39	$ 0.51	$ 0.46	$ 0.44	$ 0.43	$ 0.33	$ 1.30	$ 1.65	$ 1.74
Gain (loss) from discontinued operations, net of tax (in dollars per share)	0.04	6.98	0.98	0.08	0.11	0.07	0.19	0.19	8.09	0.57	(0.13)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	0.14	7.29	1.37	0.59	0.57	0.51	0.62	0.52	$ 9.39	$ 2.22	$ 1.61
Total comprehensive income									$ 440.8	$ 103.2	$ 64.7
Diluted income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)	0.10	0.30	0.38	0.50	0.44	0.42	0.42	0.32	$ 1.27	$ 1.61	$ 1.70
Income from discontinued operations (in dollars per share)	0.04	6.78	0.95	0.08	0.12	0.07	0.18	0.19	7.88	0.55	(0.12)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 0.14	$ 7.08	$ 1.33	$ 0.58	$ 0.56	$ 0.49	$ 0.60	$ 0.51	$ 9.15	$ 2.16	$ 1.58
Inventories, net	$ 189.8				$ 155.0				$ 189.8	$ 155.0
Deferred and other income taxes	31.3				26.6				31.3	26.6
Retained deficit	(51.8)				(477.2)				(51.8)	(477.2)
As Computed under LIFO
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income from continuing operations before income taxes									58.3	76.3	$ 88.7
Income tax provision									(8.0)	(4.2)	(12.4)
Income from continuing operations									50.3	72.1	76.3
Less: Gain (loss) from discontinued operations, net of tax									368.5	25.1	(11.0)
Net income									$ 418.8	$ 97.2	$ 65.3
Basic income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)									$ 1.11	$ 1.61	$ 1.74
Gain (loss) from discontinued operations, net of tax (in dollars per share)									8.14	0.57	(0.13)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)									$ 9.25	$ 2.18	$ 1.61
Total comprehensive income									$ 434.3	$ 101.4	$ 64.7
Diluted income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)									$ 1.08	$ 1.57	$ 1.70
Income from discontinued operations (in dollars per share)									7.93	0.55	(0.12)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)									$ 9.01	$ 2.12	$ 1.58
Inventories, net	166.3				143.1				$ 166.3	$ 143.1
Deferred and other income taxes	25.3				23.5				25.3	23.5
Retained deficit	(69.3)				(488.1)				(69.3)	(488.1)
Effect of Change
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income from continuing operations before income taxes									11.6	2.3	$ 0.1
Income tax provision									(2.9)	(0.6)	(0.1)
Income from continuing operations									8.7	1.7	0.0
Less: Gain (loss) from discontinued operations, net of tax									(2.1)	0.1	0.0
Net income									$ 6.6	$ 1.8	$ 0.0
Basic income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)									$ 0.19	$ 0.04	$ 0
Gain (loss) from discontinued operations, net of tax (in dollars per share)									(0.05)	0	0
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)									$ 0.14	$ 0.04	$ 0
Total comprehensive income									$ 6.5	$ 1.8	$ 0.0
Diluted income per share of common stock:
Income from continuing operations, net of tax (in dollars per share)									$ 0.19	$ 0.04	$ 0
Income from discontinued operations (in dollars per share)									(0.05)	0	0
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)									$ 0.14	$ 0.04	$ 0
Inventories, net	23.5				11.9				$ 23.5	$ 11.9
Deferred and other income taxes	6.0				3.1				6.0	3.1
Retained deficit	$ 17.5				$ 10.9				$ 17.5	$ 10.9

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jun. 27, 2020	Dec. 31, 2021	Dec. 31, 2020	Aug. 02, 2021
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period			$ 784.1	$ 843.7	$ 784.1
Accumulated impairment, balance at the beginning of the period			(466.1)	(475.1)	(466.1)
Goodwill, balance at the beginning of the period			318.0	368.6	318.0
Goodwill Resulting from Business Combinations				124.7	43.5
Gross goodwill				0.0
Accumulated impairment					28.2
Impairments				(28.2)	0.0
Gross goodwill related to foreign currency translation and other				(14.6)	16.1
Accumulated impairments related to foreign currency translation and other				6.8	(9.0)
Goodwill related to foreign currency translation and other				(7.8)	7.1
Gross goodwill, end of the period	$ 953.8			953.8	843.7
Accumulated impairment, balance at the end of the period	(496.5)			(496.5)	(475.1)
Goodwill, balance at the end of the period	457.3			457.3	368.6
Sealite Acquisition
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations				47.7
Enterprise Control Systems Ltd
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations				25.9
Contingent consideration	1.5			1.5		$ 8.2
Cincinnati Fan
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations				46.0
ULC Robotics
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations				3.1	37.3
Impairments	(5.2)
Contingent consideration	24.3			24.3
ULC Robotics \| Goodwill
Changes in the carrying amount of goodwill
Impairments	(4.9)	$ (23.3)
ULC Robotics \| Trademarks
Changes in the carrying amount of goodwill
Impairments	(0.3)
Impairment of intangible assets	0.3
ULC Robotics \| Other Operating Income (Expense)
Changes in the carrying amount of goodwill
Impairments		$ (24.3)
Sensors & Software
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations			0.4	2.0	5.4
Patterson-Kelley, LLC
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations					0.4
HVAC reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period			480.0	492.2	480.0
Accumulated impairment, balance at the beginning of the period			(332.5)	(340.6)	(332.5)
Goodwill, balance at the beginning of the period			147.5	151.6	147.5
Goodwill Resulting from Business Combinations				46.0	0.8
Impairments					0.0
Gross goodwill related to foreign currency translation and other				(9.3)	11.4
Accumulated impairments related to foreign currency translation and other				6.5	(8.1)
Goodwill related to foreign currency translation and other				(2.8)	3.3
Gross goodwill, end of the period	528.9			528.9	492.2
Accumulated impairment, balance at the end of the period	(334.1)			(334.1)	(340.6)
Goodwill, balance at the end of the period	194.8			194.8	151.6
Detection and Measurement reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period			304.1	351.5	304.1
Accumulated impairment, balance at the beginning of the period			(133.6)	(134.5)	(133.6)
Goodwill, balance at the beginning of the period			$ 170.5	217.0	170.5
Goodwill Resulting from Business Combinations				78.7	42.7
Gross goodwill				0.0
Accumulated impairment				(28.2)
Impairments				(28.2)	0.0
Gross goodwill related to foreign currency translation and other				(5.3)	4.7
Accumulated impairments related to foreign currency translation and other				0.3	(0.9)
Goodwill related to foreign currency translation and other				(5.0)	3.8
Gross goodwill, end of the period	424.9			424.9	351.5
Accumulated impairment, balance at the end of the period	(162.4)			(162.4)	(134.5)
Goodwill, balance at the end of the period	$ 262.5			$ 262.5	$ 217.0

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 304.4	$ 181.1
Accumulated Amortization	(61.1)	(40.0)
Net Carrying Value	243.3	141.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Value	476.6	345.0
Accumulated Amortization	(61.1)	(40.0)
Net Carrying Value	415.5	305.0
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Trademarks with indefinite lives	172.2	163.9
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	188.2	103.4
Accumulated Amortization	(26.7)	(16.2)
Net Carrying Value	161.5	87.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(26.7)	(16.2)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	80.1	54.4
Accumulated Amortization	(11.9)	(6.8)
Net Carrying Value	68.2	47.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(11.9)	(6.8)
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	4.5	4.5
Accumulated Amortization	(4.5)	(4.5)
Net Carrying Value	0.0	0.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(4.5)	(4.5)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	31.6	18.8
Accumulated Amortization	(18.0)	(12.5)
Net Carrying Value	13.6	6.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (18.0)	$ (12.5)

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Impairment charges	$ 5.7			$ 0.0	$ 0.4	$ 0.5
Amortization expense				21.6	14.0	8.9
Estimated amortization expense related to intangible assets
Estimated amortization expense 2022	28.0			28.0
Estimated amortization expense 2023	23.0			23.0
Estimated amortization expense 2024	23.0			23.0
Estimated amortization expense 2025	23.0			23.0
Estimated amortization expense 2026	23.0			23.0
Estimated annual amortization expense, Thereafter	23.0			23.0
Aggregate carrying value of definite lived intangible assets	243.3		$ 141.1	243.3	141.1
Impairments				28.2	0.0
Goodwill	457.3		368.6	457.3	368.6	318.0
Customer relationships
Estimated amortization expense related to intangible assets
Aggregate carrying value of definite lived intangible assets	161.5		87.2	161.5	87.2
Technology
Estimated amortization expense related to intangible assets
Aggregate carrying value of definite lived intangible assets	68.2		47.6	68.2	47.6
Sealite \| Customer backlog
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	1.9			1.9
Sealite \| Customer relationships
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	12.1			12.1
Sealite \| Technology
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	6.6			6.6
Sealite \| Trademarks
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	0.0			0.0
Enterprise Control Systems Ltd \| Customer backlog
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	0.8			0.8
Enterprise Control Systems Ltd \| Customer relationships
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	12.6			12.6
Enterprise Control Systems Ltd \| Technology
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	5.8			5.8
Enterprise Control Systems Ltd \| Trademarks
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	1.2			1.2
Cincinnati Fan \| Customer backlog
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	4.3			4.3
Cincinnati Fan \| Customer relationships
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	61.7			61.7
Cincinnati Fan \| Technology
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	14.4			14.4
Cincinnati Fan \| Trademarks
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	4.7			4.7
ULC Robotics
Estimated amortization expense related to intangible assets
Impairments	5.2
ULC Robotics \| Goodwill
Estimated amortization expense related to intangible assets
Impairments	4.9	$ 23.3
Trademarks
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Impairment charges	0.5		0.7	1.3
Estimated amortization expense related to intangible assets
Trademarks	172.2		163.9	172.2	163.9
Trademarks \| Sealite
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Finite-lived intangible assets acquired	11.6			11.6
Trademarks \| ULC Robotics
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Impairment charges	1.3	$ 1.3
Estimated amortization expense related to intangible assets
Impairments	0.3
ULC Robotics
Schedule of changes in the carrying amount of goodwill, by reportable segment and other operating segments
Impairment charges	5.2
Estimated amortization expense related to intangible assets
Goodwill	$ 12.0			$ 12.0
Minimum
Estimated amortization expense related to intangible assets
Percentage fair value of each reporting unit exceeds carrying value	30.00%			30.00%
HVAC reportable segment
Estimated amortization expense related to intangible assets
Aggregate carrying value of definite lived intangible assets	$ 106.2			$ 106.2
Trademarks	105.4			105.4
Impairments					0.0
Goodwill	194.8		151.6	194.8	151.6	147.5
Detection and Measurement reportable segment
Estimated amortization expense related to intangible assets
Aggregate carrying value of definite lived intangible assets	137.1			137.1
Trademarks	66.8			66.8
Impairments				28.2	0.0
Goodwill	$ 262.5		$ 217.0	$ 262.5	$ 217.0	$ 170.5

Employee Benefit Plans - Defined Benefit Pension Plans Narrative (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Common stock held by defined benefit pension plans (in shares)	0	0

Employee Benefit Plans - Actual Asset Allocation Percentages (Details)	Dec. 31, 2021	Dec. 31, 2020
United States
Employee benefit plans
Actual Allocations	100.00%	100.00%
Mid-point of Target Allocation Range	100.00%
United States \| Fixed income common trust funds
Employee benefit plans
Actual Allocations	67.00%	68.00%
Mid-point of Target Allocation Range	65.00%
United States \| Commingled global fund allocation
Employee benefit plans
Actual Allocations	6.00%	11.00%
Mid-point of Target Allocation Range	6.00%
United States \| Global equity common trust funds
Employee benefit plans
Actual Allocations	15.00%	5.00%
Mid-point of Target Allocation Range	15.00%
United States \| U.S. Government securities
Employee benefit plans
Actual Allocations	10.00%	9.00%
Mid-point of Target Allocation Range	12.00%
United States \| Short-term investments and other
Employee benefit plans
Actual Allocations	2.00%	7.00%
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%
Foreign Plan \| Fixed income common trust funds
Employee benefit plans
Actual Allocations	61.00%	65.00%
Mid-point of Target Allocation Range	66.00%
Foreign Plan \| Commingled global fund allocation
Employee benefit plans
Actual Allocations	27.00%	25.00%
Mid-point of Target Allocation Range	25.00%
Foreign Plan \| Global equity common trust funds
Employee benefit plans
Actual Allocations	9.00%	9.00%
Mid-point of Target Allocation Range	9.00%
Foreign Plan \| Non-U.S. Government securities
Employee benefit plans
Actual Allocations	0.00%	0.00%
Mid-point of Target Allocation Range	0.00%
Foreign Plan \| Short-term investments
Employee benefit plans
Actual Allocations	3.00%	1.00%
Mid-point of Target Allocation Range	0.00%

Employee Benefit Plans - Fair Values of Pension Plan Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / item	Dec. 31, 2020 USD ($)
Employee benefit plans
Fair value of plan assets	$ 454.0	$ 478.1
Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	291.2	315.4
Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.3	0.3
U.S. Government securities
Employee benefit plans
Fair value of plan assets	25.8	25.2
Global equity common trust funds
Employee benefit plans
Fair value of plan assets	58.0	32.1
Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	67.4	81.7
Short-term investments
Employee benefit plans
Fair value of plan assets	$ 10.4	22.5
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	10.4	22.5
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) \| 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) \| 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) \| 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) \| 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) \| Short-term investments
Employee benefit plans
Fair value of plan assets	10.4	22.5
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	442.7	454.7
Significant Observable Inputs (Level 2) \| Fixed income common trust funds
Employee benefit plans
Fair value of plan assets	291.2	315.4
Significant Observable Inputs (Level 2) \| Non-U.S. Government securities
Employee benefit plans
Fair value of plan assets	0.3	0.3
Significant Observable Inputs (Level 2) \| U.S. Government securities
Employee benefit plans
Fair value of plan assets	25.8	25.2
Significant Observable Inputs (Level 2) \| Global equity common trust funds
Employee benefit plans
Fair value of plan assets	58.0	32.1
Significant Observable Inputs (Level 2) \| Commingled global fund allocation
Employee benefit plans
Fair value of plan assets	67.4	81.7
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) \| Non-U.S. Government securities
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) \| Global equity 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) \| 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

Employee Benefit Plans - Employer Contributions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Non-qualified pension plans
Employee benefit plans
Expect to make contributions to our foreign pension plans.	$ 5,300,000
United States
Employee benefit plans
Employer contributions	0
Contributions (employer and employee)	5,500,000	$ 5,800,000
Foreign Plan
Employee benefit plans
Contributions (employer and employee)	900,000	$ 900,000
Expect to make contributions to our foreign pension plans.	$ 1,200,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2021 USD ($)
United States
Estimated future benefit payments, net of subsidies:
2022	$ 26.7
2023	26.4
2024	26.0
2025	25.1
2026	26.1
Subsequent five years	98.1
Foreign Plan
Estimated future benefit payments, net of subsidies:
2022	6.3
2023	6.0
2024	6.4
2025	7.5
2026	7.2
Subsequent five years	$ 39.6

Employee Benefit Plans - Obligations and Funded Status Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Pension plans
Employee benefit plans
Non-funded plan, current underfunded status	$ 60.4

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in projected benefit obligation:
Actuarial (gains) losses	$ (9.9)	$ 6.8
Change in plan assets:
Fair value of plan assets — beginning of year			$ 478.1
Fair value of plan assets — end of year	454.0	478.1	454.0	$ 478.1
United States
Change in projected benefit obligation:
Projected benefit obligation — beginning of year			364.7	348.2
Service cost			0.0	0.0	$ 0.0
Interest cost			8.4	10.8	13.3
Actuarial (gains) losses			(12.9)	30.4
Settlements			(10.5)	(10.3)
Benefits paid			(14.3)	(14.4)
Foreign exchange and other			0.0	0.0
Projected benefit obligation — end of year	335.4	364.7	335.4	364.7	348.2
Change in plan assets:
Fair value of plan assets — beginning of year			279.8	263.6
Actual return on plan assets			(0.1)	35.1
Contributions (employer and employee)			5.5	5.8
Settlements			(10.5)	(10.3)
Benefits paid			(14.3)	(14.4)
Foreign exchange and other			0.0	0.0
Fair value of plan assets — end of year	260.4	279.8	260.4	279.8	263.6
Funded status at year-end	(75.0)	(84.9)	(75.0)	(84.9)
Amounts recognized in the consolidated balance sheets consist of:
Other assets	2.2	2.6	2.2	2.6
Accrued expenses	(5.2)	(5.4)	(5.2)	(5.4)
Other long-term liabilities	(72.0)	(82.1)	(72.0)	(82.1)
Net amount recognized	(75.0)	(84.9)	(75.0)	(84.9)
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	(0.1)	(0.2)	(0.1)	(0.2)
Foreign Plan
Change in projected benefit obligation:
Projected benefit obligation — beginning of year			192.2	175.0
Service cost			0.0	0.0	0.0
Interest cost			3.4	3.8	4.8
Actuarial (gains) losses			(4.8)	14.3
Settlements			(3.0)	0.0
Benefits paid			(5.1)	(6.7)
Foreign exchange and other			(0.3)	5.8
Projected benefit obligation — end of year	182.4	192.2	182.4	192.2	175.0
Change in plan assets:
Fair value of plan assets — beginning of year			198.3	178.1
Actual return on plan assets			3.6	19.9
Contributions (employer and employee)			0.9	0.9
Settlements			(3.0)	0.0
Benefits paid			(5.1)	(6.7)
Foreign exchange and other			(1.1)	6.1
Fair value of plan assets — end of year	193.6	198.3	193.6	198.3	$ 178.1
Funded status at year-end	11.2	6.1	11.2	6.1
Amounts recognized in the consolidated balance sheets consist of:
Other assets	11.4	8.6	11.4	8.6
Accrued expenses	0.0	0.0	0.0	0.0
Other long-term liabilities	(0.2)	(2.5)	(0.2)	(2.5)
Net amount recognized	11.2	6.1	11.2	6.1
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	$ 1.2	$ 1.2	$ 1.2	$ 1.2

Employee Benefit Plans - Net Periodic Expense (Income) and Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 329.0	$ 357.9
Accumulated benefit obligation	329.0	357.9
Fair value of plan assets	251.8	270.4
Accumulated benefit obligation	335.4	364.7
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	$ 0.0
Interest cost	8.4	10.8	13.3
Expected return on plan assets	(8.7)	(9.5)	(9.8)
Amortization of unrecognized prior service credits	(0.1)	(0.1)	(0.1)
Recognized net actuarial losses	(4.2)	4.7	6.5
Total net periodic pension benefit (income) expense	$ (4.6)	$ 5.9	$ 9.9
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate used in determining net periodic postretirement benefit expense	2.35%	3.16%	4.29%
Expected long-term rate of return on assets	3.22%	3.75%	4.25%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate used in determining year-end postretirement benefit obligation	2.83%	2.35%	3.16%
Foreign Plan
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 0.2	$ 50.9
Accumulated benefit obligation	0.2	50.9
Fair value of plan assets	0.0	48.4
Accumulated benefit obligation	182.4	192.2
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost	0.0	0.0	$ 0.0
Interest cost	3.4	3.8	4.8
Expected return on plan assets	(5.8)	(5.7)	(6.7)
Recognized net actuarial losses	(1.8)	0.2	1.0
Total net periodic pension benefit (income) expense	$ (4.2)	$ (1.7)	$ (0.9)
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate used in determining net periodic postretirement benefit expense	1.76%	2.27%	3.02%
Expected long-term rate of return on assets	3.31%	3.81%	4.69%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate used in determining year-end postretirement benefit obligation	2.19%	1.76%	2.27%

Employee Benefit Plans - Postretirement Benefit Plans (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in projected benefit obligation:
Actuarial (gains) losses	$ (9,900,000)	$ 6,800,000
Postretirement Plans
Estimated future benefit payments, net of subsidies:
2022	6,000,000.0		$ 6,000,000.0
2023	5,400,000		5,400,000
2024	4,900,000		4,900,000
2025	4,400,000		4,400,000
2026	4,000,000.0		4,000,000.0
Subsequent five years	14,800,000		14,800,000
Change in projected benefit obligation:
Projected benefit obligation — beginning of year			60,500,000	$ 63,600,000
Interest cost			1,000,000.0	1,600,000	$ 2,400,000
Actuarial (gains) losses			(3,900,000)	1,900,000
Benefits paid			(5,900,000)	(6,600,000)
Projected benefit obligation — end of year	51,700,000	60,500,000	51,700,000	60,500,000	63,600,000
Funded status at year-end	(51,700,000)	(60,500,000)	(51,700,000)	(60,500,000)
Other assets	0		0
Accrued expenses	5,900,000	6,700,000	5,900,000	6,700,000
Other long-term liabilities	45,800,000	53,800,000	45,800,000	53,800,000
Net amount recognized	(51,700,000)	(60,500,000)	(51,700,000)	(60,500,000)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs	$ (15,500,000)	$ (20,200,000)	(15,500,000)	(20,200,000)
Defined Benefit Plan, Net Periodic Benefit Cost
Service cost			0	0	0
Interest cost			1,000,000.0	1,600,000	2,400,000
Amortization of unrecognized prior service credits			(4,700,000)	(4,700,000)	(4,000,000.0)
Recognized net actuarial (gains) losses			(3,900,000)	1,900,000	2,500,000
Total net periodic pension benefit (income) expense			$ (7,600,000)	$ (1,200,000)	$ 900,000
Assumptions - Actuarial assumptions used in accounting for plans
Health care cost trend rate for next year	6.25%	6.50%	6.25%	6.50%	6.75%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	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			2.00%	2.97%	4.09%
Discount rate used in determining year-end postretirement benefit obligation	2.56%	2.00%	2.56%	2.00%	2.97%

Employee Benefit Plans - Defined Contribution Retirement Plans (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	135	192	199
Compensation expense	$ 7.8	$ 7.7	$ 7.0
Supplemental Retirement Savings Plan (SRSP)
Defined Contribution Retirement Plans
Compensation expense	0.2	0.2	$ 0.2
Supplemental Retirement Savings Plan (SRSP) \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Contribution Retirement Plans
Fair value of assets	$ 18.3	$ 20.9

Income Taxes - Income Taxes (Provision for) Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income from continuing operations:
United States	$ 17.2	$ 39.6	$ 52.9
Foreign	52.7	39.0	35.9
Income from continuing operations before income taxes	69.9	78.6	88.8
Current:
United States	(5.4)	(0.7)	6.8
Foreign	(6.9)	(3.8)	(5.5)
Total current	(12.3)	(4.5)	1.3
Deferred and other:
United States	0.8	(0.3)	(12.8)
Foreign	0.6	0.0	(1.0)
Total deferred and other	1.4	(0.3)	(13.8)
Total provision	$ (10.9)	$ (4.8)	$ (12.5)

Income Taxes - Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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		0.40%	1.80%	0.80%
U.S. credits and exemptions		(20.40%)	(4.40%)	(3.30%)
Foreign earnings/losses taxed at different rates		12.60%	(4.60%)	(2.80%)
Nondeductible expenses		3.30%	2.20%	2.50%
Adjustments to uncertain tax positions		(2.40%)	(4.40%)	(0.50%)
Changes in valuation allowance		47.90%	(0.60%)	(1.80%)
Share-based compensation		(1.80%)	(3.60%)	(1.80%)
Capital loss		(42.50%)	0.00%	0.00%
Goodwill impairment and basis adjustments		7.30%	0.00%	0.00%
Statutory rate changes		0.021	0	(0.006)
Adjustments to contingent consideration		(8.90%)	0.00%	0.00%
Other		(3.00%)	(1.30%)	0.60%
Effective income tax rate		15.60%	6.10%	14.10%
Income taxes on gain from sale of business	$ 2.0

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
NOL and credit carryforwards	$ 118.6	$ 141.0
Pension, other postretirement and postemployment benefits	31.1	36.5
Payroll and compensation	16.3	15.0
Legal, environmental and self-insurance accruals	35.9	22.6
Working capital accruals	17.0	17.1
Other	9.8	8.4
Total deferred tax assets	228.7	240.6
Valuation allowance	(89.8)	(92.0)
Net deferred tax assets	138.9	148.6
Deferred tax liabilities:
Intangible assets recorded in acquisitions	79.4	65.2
Basis difference in affiliates	19.8	16.3
Accelerated depreciation	13.3	11.9
Deferred income	20.2	29.4
Other	16.8	11.1
Total deferred tax liabilities	149.5	133.9
Total deferred tax liabilities	$ (10.6)
Total deferred tax assets		$ 14.7

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards
Operating loss carryforwards, state and local	$ 352.0	$ 352.0
Operating loss carryforwards, foreign	288.0	288.0
Tax credit carryforwards	8.0	8.0
Carryforwards expiring in 2021	41.9	41.9
Tax credit carryforwards expiring between 2022 and 2040	310.7	310.7
Decrease in valuation allowance		2.2	$ 1.6
Income taxes on gain from sale of business	2.0
Undistributed earnings of foreign subsidiaries	172.0	172.0
Unrecognized tax benefit	7.1	7.1	13.6	$ 17.2	$ 20.3
Net unrecognized tax benefits	6.4	6.4	11.0	13.9
Gross accrued interest	2.6	2.6	3.8	4.1
Net accrued interest	2.2	2.2	3.0	3.2
Gross interest income included in income tax (provision) benefit		1.0	0.2	(0.5)
Penalties excluded	0.0	0.0	0.0	0.0
Income tax benefits related to various valuation allowance adjustments, primarily due to foreign tax credits for which the future realization is considered likely		4.3
Excess tax benefit, revaluation of deferred tax liabilities		3.5
Expense associated with global, intangible low-taxed income		13.2
Tax benefit related to various audit settlements, statute expirations, and other adjustments			4.2	1.2
Excess tax benefits from stock-based compensation awards vested during the year			$ 2.8	1.6
Tax credit				$ 1.3
Uncertain tax positions and interest with various refund claims period		2.2
Deferral totaling amount	3.5	3.5
Maximum
Operating Loss Carryforwards
Uncertain tax positions and interest with various refund claims period	$ 5.0	$ 5.0

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit — opening balance	$ 13.6	$ 17.2	$ 20.3
Gross increases — tax positions in prior period	0.7	0.3	1.1
Gross decreases — tax positions in prior period	(6.4)	(2.2)	(0.8)
Gross increases — tax positions in current period	0.2	0.2	0.2
Settlements	0.0	(0.3)	(2.1)
Lapse of statute of limitations	(1.1)	(1.7)	(1.5)
Change due to foreign currency exchange rates	0.1	0.1
Change due to foreign currency exchange rates			0.0
Unrecognized tax benefit — ending balance	$ 7.1	$ 13.6	$ 17.2

Indebtedness - Summary of Debt Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 03, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt
Balance at the beginning of the period	$ 412,400,000	$ 412,400,000
Borrowings		389,500,000
Repayments		(554,000,000.0)
Other		(1,900,000)
Balance at the end of the period		246,000,000.0
Short-term debt		2,200,000	$ 101,200,000
Current maturities of long-term debt		13,000,000.0	7,200,000
Long-term debt		230,800,000	304,000,000.0
Unamortized debt issuance costs		1,000,000.0	1,400,000
Finance lease, liability		1,100,000	2,600,000
Trade receivables financing arrangement
Debt
Balance at the beginning of the period	28,000,000.0	28,000,000.0
Borrowings		179,000,000.0
Repayments		(207,000,000.0)
Other		0
Balance at the end of the period		0
Maximum borrowing capacity under financing arrangement		50,000,000.0
Available borrowing capacity		0
Other indebtedness
Debt
Balance at the beginning of the period	6,000,000.0	6,000,000.0
Borrowings		600,000
Repayments		(1,000,000.0)
Other		(2,300,000)
Balance at the end of the period		3,300,000
Purchase card programs		2,200,000	1,700,000
Finance lease, liability		1,100,000	$ 2,600,000
Revolving loans \| Current Revolving SPX Facilities
Debt
Balance at the beginning of the period	129,800,000	129,800,000
Borrowings		209,900,000
Repayments		(339,700,000)
Other		0
Balance at the end of the period		0
Term loans \| Current SPX Term Loan Facilities
Debt
Balance at the beginning of the period	$ 248,600,000	248,600,000
Borrowings		0
Repayments		(6,300,000)
Other		400,000
Balance at the end of the period		242,700,000
Face amount of debt		$ 250,000,000.0
Term loans \| 2021 \| Current SPX Term Loan Facilities
Debt
Initial principal amount of the term loan to be repaid annually in quarterly installments (as a percent)	0.625%
Term loans \| 2022 and 2023 \| Current SPX Term Loan Facilities
Debt
Initial principal amount of the term loan to be repaid annually in quarterly installments (as a percent)		1.25%
Term loans \| First three quarters of 2024 \| Current SPX Term Loan Facilities
Debt
Initial principal amount of the term loan to be repaid annually in quarterly installments (as a percent)		1.25%

Indebtedness - Debt Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
Maturities of long-term debt payable 2021	$ 13.0
Maturities of long-term debt payable 2022	12.9
Maturities of long-term debt payable 2023	218.9
Maturities of long-term debt payable 2024	0.0
Maturities of long-term debt payable 2025	$ 0.0

Indebtedness - Senior Credit Facilities (Details)			12 Months Ended
Indebtedness - Senior Credit Facilities (Details)	May 24, 2021 USD ($)	Dec. 17, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Interest expense			$ 13,300,000	$ 18,400,000	$ 21,000,000.0
Foreign credit instrument facility
Line of Credit Facility [Line Items]
Line of credit			24,700,000
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
Current SPX Term Loan Facilities \| Term loans
Line of Credit Facility [Line Items]
Line of credit			243,700,000
Revolving loans
Line of Credit Facility [Line Items]
Interest expense			$ 200,000
Revolving loans \| Domestic Revolving Commitment Fee
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		$ 300,000,000.0
Revolving loans \| Foreign credit instrument facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		150,000,000.0
Revolving loans \| Senior Credit Facilities \| Senior credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		800,000,000.0
Reduction in line of credit facility	$ 20,000,000.0
Revolving loans \| Participation Foreign Credit Instrument Facility \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		35,000,000.0
Revolving loans \| Bilateral foreign credit instrument facility \| Letters of credit and guarantees
Line of Credit Facility [Line Items]
Maximum borrowing capacity under financing arrangement		$ 20,000,000.0
Reduction in line of credit facility	$ 25,000,000.0

Indebtedness - Senior Debt Prior Term Loan (Details) - USD ($)			12 Months Ended
	May 24, 2021	Dec. 17, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Interest expense			$ 13,300,000	$ 18,400,000	$ 21,000,000.0
Line of credit, outstanding balance			0
Revolving loans
Debt Instrument [Line Items]
Interest expense			200,000
Senior Credit Facilities \| Term loans \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.50%
Senior Credit Facilities \| Term loans \| 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
Senior Credit Facilities \| Term loans \| Two-Month LIBOR
Debt Instrument [Line Items]
Interest period which may be elected, shortest (months)		2 months
Senior Credit Facilities \| Term loans \| Three-Month LIBOR
Debt Instrument [Line Items]
Interest period which may be elected, shortest (months)		3 months
Senior Credit Facilities \| Term loans \| Six-Month LIBOR
Debt Instrument [Line Items]
Interest period which may be elected, shortest (months)		6 months
Other indebtedness
Debt Instrument [Line Items]
Purchase card programs			$ 2,200,000	$ 1,700,000
Senior credit facility \| Senior Credit Facilities
Debt Instrument [Line Items]
Weighted-average interest rate of senior credit facilities (as a percent)			1.50%
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 \| Senior Credit Facilities \| Revolving loans
Debt Instrument [Line Items]
Reduction in line of credit facility	$ 20,000,000.0
Maximum borrowing capacity under financing arrangement		$ 800,000,000.0
Domestic Revolving Commitment Fee
Debt Instrument [Line Items]
Amount of available borrowing capacity			$ 437,800,000
Letters of credit issued, amount outstanding			12,200,000
Domestic Revolving Commitment Fee \| Revolving loans
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement		300,000,000.0
Foreign credit instrument facility
Debt Instrument [Line Items]
Amount of available borrowing capacity			30,300,000
Line of credit			24,700,000
Foreign credit instrument facility \| Revolving loans
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement		$ 150,000,000.0
Foreign credit instrument facility \| Revolving loans \| China and South Africa
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement			20,000,000.0
Foreign credit instrument facility \| Senior Credit Facilities
Debt Instrument [Line Items]
Fronting fees percentage		0.25%
Trade receivables financing arrangement \| Revolving loans
Debt Instrument [Line Items]
Maximum borrowing capacity under financing arrangement			$ 50,000,000.0
Letters of credit and guarantees \| Senior Credit Facilities
Debt Instrument [Line Items]
Fronting fees percentage		0.125%
Letters of credit and guarantees \| Bilateral foreign credit instrument facility \| Revolving loans
Debt Instrument [Line Items]
Reduction in line of credit facility	$ 25,000,000.0
Maximum borrowing capacity under financing arrangement		$ 20,000,000.0

Derivative Financial Instruments and Concentrations of Credit Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2018
Derivative disclosures
Net loss on disposition of discontinued operations, net of tax	$ (360.7)	$ 3.7	$ 4.4
Interest Rate Swap, Through March 2021 \| Derivative contracts designated as hedging instruments
Derivative disclosures
Fixed interest rate				2.535%
Interest Rate Swap Through November2024 \| Derivative contracts designated as hedging instruments
Derivative disclosures
Derivative notional amount	$ 243.7
Interest Rate Swap Through November2024 \| Derivative contracts designated as hedging instruments \| Term loan
Derivative disclosures
Fixed interest rate	1.061%
Swaps
Derivative disclosures
Unrealized gain (loss), net of taxes, recorded in AOCI from cash flow hedges	$ 0.5	(5.9)
Swaps \| Derivative contracts designated as hedging instruments
Derivative disclosures
Fair value of derivatives	0.6
Non-current asset	2.5
Current liability	1.9
Derivative liability	7.8	1.4
FX Forward Contracts
Derivative disclosures
Derivative notional amount	8.7	6.3
Fair value of derivatives	0.1	0.1
Commodity contracts
Derivative disclosures
Unrealized gain (loss), net of taxes, recorded in AOCI from cash flow hedges		1.5
Net loss on disposition of discontinued operations, net of tax	$ 0.6
Cash flow hedge asset		$ 2.4

Contingent Liabilities and Other Matters - Spin-Off And General (Details) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) entity	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loss Contingencies [Line Items]
Carrying values of accruals	$ 658.8	$ 575.7	$ 658.8	$ 575.7
Proceeds from insurance recoveries			53.9	35.4	$ 47.1
Payments for asbestos-related matters, net of insurance recoveries			(0.3)	19.3	13.1
Recorded charges related to asbestos product liability matters	46.3	19.1	51.2	21.3	10.1
Income from continuing operations before income taxes
Loss Contingencies [Line Items]
Recorded charges related to asbestos product liability matters	44.6	17.0	48.6	19.2	6.3
Gain (Loss) on disposition of discontinued operations, net of tax
Loss Contingencies [Line Items]
Recorded charges related to asbestos product liability matters	1.7		2.6	2.1	$ 3.8
Insurance Settlement
Loss Contingencies [Line Items]
Litigation settlement, amount awarded			$ 15.0
Minimum \| Asbestos Related Claims
Loss Contingencies [Line Items]
Number of corporate entities named defendants \| entity			50
Other Long Term Liabilities
Loss Contingencies [Line Items]
Accruals included in other long-term liabilities	$ 584.3	$ 499.8	$ 584.3	$ 499.8

Contingent Liabilities and Other Matters - Assets and Liabilities Related to Asbestos-related Claims (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Liabilities for claims	$ 616.5	$ 535.2
Asbestos Related Claims
Loss Contingencies [Line Items]
Insurance recovery assets	526.2	496.4
Asbestos Related Claims \| Other assets
Loss Contingencies [Line Items]
Insurance recovery assets, noncurrent	473.6	446.4
Asbestos Related Claims \| Other Long Term Liabilities
Loss Contingencies [Line Items]
Accruals included in other long-term liabilities	$ 561.4	$ 479.9

Contingent Liabilities and Other Matters - Asbestos Product Liability Matters (Details) - Asbestos Related Claims - claim	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Pending claims, beginning of year	9,782	11,079	13,767
Claims filed	2,826	2,449	3,607
Claims resolved	(2,543)	(3,746)	(6,295)
Pending claims, end of year	10,065	9,782	11,079

Contingent Liabilities and Other Matters - Large Power Projects in South Africa (Details) R in Millions										1 Months Ended				12 Months Ended
	Apr. 28, 2021 USD ($)	Apr. 28, 2021 ZAR (R)	Feb. 22, 2021 USD ($) project	Feb. 22, 2021 ZAR (R) project	Feb. 05, 2021 USD ($)	Jul. 23, 2020 USD ($) dispute	Jul. 23, 2020 ZAR (R)	Oct. 16, 2019 USD ($)	Oct. 16, 2019 ZAR (R)	May 31, 2021 USD ($)	May 31, 2021 ZAR (R)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 ZAR (R)	Dec. 31, 2021 USD ($) project	Dec. 31, 2021 ZAR (R)	Dec. 31, 2021 ZAR (R) project	Jul. 23, 2021 project	Jun. 04, 2021 USD ($)	Jun. 04, 2021 ZAR (R)	Dec. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2019 ZAR (R)
Loss Contingencies [Line Items]
Number of large power projects \| project														2		2
Number of disputes \| dispute						9
Other assets														$ 675,900,000						$ 591,700,000
Large power projects
Loss Contingencies [Line Items]
Unrecorded gain contingency														62,600,000
Unrecorded gain contingency, current procceding														35,500,000
Payment for bonds					$ 6,700,000
South Africa \| Subsidiary
Loss Contingencies [Line Items]
Gain (loss) on litigation settlement								$ 1,800,000	R 27.0
Litigation settlement, tax effect								3,800,000
South Africa \| Subsidiary \| Put Option
Loss Contingencies [Line Items]
Litigation settlement awarded to other party								$ 15,600,000	230.0
Net redemption value \| R									R 257.0
South Africa \| Large power projects
Loss Contingencies [Line Items]
Unrecorded gain contingency \| R																R 1,000.0
Unrecorded gain contingency, current procceding \| R																566.5
Number of disputes \| project			2	2													1
Litigation settlement, amount awarded	$ 6,000,000.0	R 82.0	$ 8,600,000	R 126.6
Estimate of possible loss																		$ 49,500,000	R 790.0
South Africa \| Large power projects \| MHI April And July 2019 Claims
Loss Contingencies [Line Items]
Estimate of possible loss																					$ 25,500,000	R 407.2
South Africa \| Large power projects \| MHI Additional Claims
Loss Contingencies [Line Items]
Estimate of possible loss																					$ 11,000,000.0	R 176.2
South Africa \| Large power projects \| Demand Bonds
Loss Contingencies [Line Items]
Face amount of debt						$ 2,300,000
South Africa \| Large power projects \| Demand Bonds \| MHI
Loss Contingencies [Line Items]
Litigation settlement, amount awarded						1,100,000	R 18.4
Estimate of possible loss														1,800,000
Payment for bonds										$ 12,500,000	R 178.7	$ 14,300,000	R 239.6	26,200,000	R 418.3
Other assets														$ 26,200,000		R 418.3
South Africa \| Large power projects \| Demand Bonds \| Bonds Upon Completion Of Certain Administrative Milestones
Loss Contingencies [Line Items]
Face amount of debt						$ 4,300,000

Contingent Liabilities and Other Matters - Environmental Matters (Details) - Site investigation and remediation - site	Dec. 31, 2021	Dec. 31, 2020
Environmental Matters
Number of sites	18	25
Number of third-party disposal sites for which entity is potentially responsible	9	11
Number of active sites	9

Contingent Liabilities and Other Matters - Executive Agreements (Details) - Executive officers	12 Months Ended
	Dec. 31, 2021 officer
Executive Agreements
Period of rolling term of employment agreements	1 year
Number of executive officers with severance benefit agreements	6

Shareholders' Equity and Long-Term Incentive Compensation - Components Used For Calculation Of Basic And Diluted Income (Loss) (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Income from continuing operations attributable to SPX Corporation common stockholders for calculating basic and diluted income per share									$ 59.0	$ 73.8	$ 76.3
Income (loss) from discontinued operations, net of tax	$ 2.0	$ 316.4	$ 44.2	$ 3.8	$ 5.3	$ 3.1	$ 8.2	$ 8.6	366.4	25.2	(11.0)
Adjustment related to redeemable noncontrolling interest (Note 15)									0.0	0.0	5.6
Income (loss) from discontinued operations attributable to SPX Corporation common stockholders for calculating basic and diluted income per share									$ 366.4	$ 25.2	$ (5.4)
Denominator:
Weighted-average number of common shares used in basic income per share (in shares)									45,289	44,628	43,942
Dilutive securities — Employee stock options, restricted stock shares and restricted stock units (in shares)									1,206	1,138	1,015
Weighted-average number of common shares and dilutive securities used in diluted income per share (in shares)									46,495	45,766	44,957

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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- 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.

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Amount after tax of income (loss) from a discontinued operation 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.

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Amount after tax of income (loss) from a discontinued operation attributable to the parent. 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

Shareholders' Equity and Long-Term Incentive Compensation - Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock options
Stock-based Compensation
Number of awards that were excluded from the computation of diluted income per share (in shares)	627	793	942
Unvested Restricted Stock And Restricted Stock Units that did not Meet Required Market Thresholds for Vesting
Stock-based Compensation
Number of awards that were excluded from the computation of diluted income per share (in shares)	245	300	319

Shareholders' Equity and Long-Term Incentive Compensation - Common Stock and Treasury Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	45,032,325	44,203,000	43,451,000
Balance at the beginning of the period (in shares)	(7,672,648)
Restricted stock shares and restricted stock units (in shares)	130,000	141,000	264,000
Other (in shares)	306,000	688,000	488,000
Balance at the end of the period (in shares)	45,467,768	45,032,325	44,203,000
Balance at the end of the period (in shares)	(7,543,487)	(7,672,648)
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)	52,705,000	52,017,000.000	51,529,000
Restricted stock shares and restricted stock units (in shares)	0	0	0
Other (in shares)	306,000	688,000	488,000
Balance at the end of the period (in shares)	53,011,000.000	52,705,000	52,017,000.000
Treasury Stock
Summary of common shares issued, treasury shares and shares outstanding
Balance at the beginning of the period (in shares)	(7,673,000)	(7,814,000)	(8,078,000.000)
Restricted stock shares and restricted stock units (in shares)	130,000	141,000	264,000
Other (in shares)	0	0	0
Balance at the end of the period (in shares)	(7,543,000)	(7,673,000)	(7,814,000)

Shareholders' Equity and Long-Term Incentive Compensation - Long-Term Incentive Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-based Compensation
Historical period upon which annual expected stock price volatility is based (years)	3 years
Maximum
Stock-based Compensation
Maximum period over which the fair value of restricted stock shares and restricted stock units are amortized	3 years
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	3 years
Maximum \| 2019 Stock Compensation Plan
Stock-based Compensation
Shares available for grant (in shares)	4,074,000.000
Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	1 year
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	1 year	1 year
Restricted stock shares and restricted stock units \| Maximum \| Directors' Plan
Stock-based Compensation
Shares available for grant (in shares)	27,000.000
PSU's, RSU's, and RS's
Stock-based Compensation
Unrecognized compensation cost related to PSUs, RSUs, and RSs	$ 10.9
PSU's, RSU's, and RS's \| Maximum
Stock-based Compensation
Vesting period (years)	3 years
PSU's, RSU's, and RS's \| Minimum
Stock-based Compensation
Vesting period (years)	1 year
PSU's, RSU's, and RS's \| Weighted Average
Stock-based Compensation
Weighted-average period over which unrecognized compensation costs will be recognized	1 year 9 months 18 days
PSU's
Stock-based Compensation
Vesting period (years)	3 years
PSU's, RSU's, RS's, and Stock Options
Stock-based Compensation
Long-term incentive compensation expense	$ 12.9	$ 12.0	$ 10.0
Related tax benefit	2.2	2.0	2.4
Long Term Cash Awards
Stock-based Compensation
Vesting period (years)				3 years
Long-term incentive compensation expense	$ (0.1)	$ 1.1	$ 2.6

Shareholders' Equity and Long-Term Incentive Compensation - Assumptions In Determining The Fair Value of Awards Granted (Details) - PSU's	Mar. 01, 2021	Feb. 20, 2020	Feb. 21, 2019
Stock-based Compensation
Annual Expected Stock Price Volatility	42.88%	29.47%	32.70%
Annual Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	0.25%	1.35%	2.53%
Correlation Between Total Shareholder Return for SPX and the Applicable S&P Index	0.6024	0.3547	0.3875
Peer group within S&P 600 Capital Goods Index
Stock-based Compensation
Annual Expected Stock Price Volatility	51.25%	34.93%	34.75%
Risk-Free Interest Rate	0.25%	1.35%	2.48%

Shareholders' Equity and Long-Term Incentive Compensation - Summary of Performance Shares, Restricted Stock Units And Restricted Stock (Details) - PSU's, RSU's, and RS's - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unvested PSU’s, RSU’s, and RS’s
Outstanding at the beginning of the period (in shares)	644,000	606,000	652,000
Granted (in shares)	243,000	277,000	430,000
Vested (in shares)	(219,000)	(233,000)	(446,000)
Forfeited (in shares)	(32,000.000)	(6,000.000)	(30,000.000)
Outstanding at the end of the period (in shares)	636,000	644,000	606,000
Weighted-Average Grant-Date Fair Value Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 42.32	$ 36,170,000	$ 24.65
Granted (in dollars per share)	57.24	46.61	35.49
Vested (in dollars per share)	37.40	31.49	18.75
Forfeited (in dollars per share)	53.69	41.37	35.10
Outstanding at the end of the period (in dollars per share)	$ 49.14	$ 42.32	$ 36,170,000

Shareholders' Equity and Long-Term Incentive Compensation - Stock Option (Details) - USD ($) $ / shares in Units, $ in Millions						12 Months Ended
	Feb. 20, 2021	Feb. 21, 2020	Feb. 20, 2020	Feb. 22, 2019	Feb. 21, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based Compensation
Historical period upon which annual expected stock price volatility is based (years)						3 years
Maximum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)						3 years
Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)						1 year
Stock options
Stock-based Compensation
Granted (in shares)	105,000		125,000		186,000	105,000	139,000	189,000
Exercise price per share (in dollars per share)	$ 58.34		$ 50.09		$ 36.51	$ 58.34	$ 49.57	$ 36.50
Fair value of stock option grants (in dollars per share)	$ 23.49	$ 17.40		$ 13.31
Historical period upon which annual expected stock price volatility is based (years)	6 years
Vesting period (years)	3 years
Number of stock options exercisable (in shares)						1,150,000
Compensation costs not yet recognized						$ 1.6
Stock options \| Maximum
Stock-based Compensation
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 \| Minimum
Stock-based Compensation
Daily treasury yield curve period upon which average risk-free interest rate is based (years)	5 years
Stock options \| Weighted Average
Stock-based Compensation
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	Mar. 01, 2021	Feb. 20, 2020	Feb. 21, 2019
Black-Scholes Option-Pricing Model [Line Items]
Annual expected stock price volatility	41.15%	33.48%	32.70%
Annual expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	0.91%	1.41%	2.53%
Expected life of stock option (in years)	6 years	6 years	6 years

Shareholders' Equity and Long-Term Incentive Compensation - Stock Option Activity (Details) - Stock options - $ / shares				12 Months Ended
	Feb. 20, 2021	Feb. 20, 2020	Feb. 21, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding at the beginning of the period (in shares)				1,419,000	1,692,000	1,718,000
Exercised (in shares)				(123,000)	(412,000)	(202,000)
Forfeited (in shares)				(8,000.000)	0	(13,000.000)
Granted (in shares)	105,000	125,000	186,000	105,000	139,000	189,000
Outstanding at the end of the period (in shares)				1,393,000	1,419,000	1,692,000
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)				$ 23.21	$ 19.05	$ 16.58
Exercised (in dollars per share)				15.82	14.97	13.46
Forfeited (in dollars per share)				50.11	0	33.15
Granted (in dollars per share)	$ 58.34	$ 50.09	$ 36.51	58.34	49.57	36.50
Outstanding, ending balance (in dollars per share)				$ 26.35	$ 23.21	$ 19.05

Shareholders' Equity and Long-Term Incentive Compensation - AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	$ 640.1
Other comprehensive income (loss) before reclassifications	(0.5)	$ 4.9
Amounts reclassified from accumulated other comprehensive income (loss)	15.9	(0.7)
Current-period other comprehensive income (loss)	15.4	4.2
Ending Balance	1,102.9	640.1
Accum. Other Comprehensive Income
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	248.5	244.3
Ending Balance	263.9	248.5
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	238.6	228.0
Other comprehensive income (loss) before reclassifications	(5.8)	10.6
Amounts reclassified from accumulated other comprehensive income (loss)	19.9	0.0
Current-period other comprehensive income (loss)		10.6
Ending Balance	252.7	238.6
Net Unrealized Gains (losses) on Qualifying Cash Flow Hedges
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	(4.4)	(1.6)
Other comprehensive income (loss) before reclassifications	5.3	(5.7)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.4)	2.9
Current-period other comprehensive income (loss)	4.9	(2.8)
Ending Balance	0.5	(4.4)
Pension and postretirement liability adjustment and other, tax (provision) benefit	(0.1)	1.4	$ 0.5
Pension and Postretirement Liability Adjustment and Other
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Beginning Balance	14.3	17.9
Other comprehensive income (loss) before reclassifications	0.0	0.0
Amounts reclassified from accumulated other comprehensive income (loss)	(3.6)	(3.6)
Current-period other comprehensive income (loss)	(3.6)	(3.6)
Ending Balance	10.7	14.3
Pension and postretirement liability adjustment and other, tax (provision) benefit	$ (3.7)	$ (4.9)	$ (6.1)

Shareholders' Equity and Long-Term Incentive Compensation - Summary of Reclassified Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts reclassified from each component of accumulated comprehensive income
Gain (loss) from discontinued operations, net of tax	$ 366.4	$ 25.2	$ (5.4)
Interest expense	13.3	18.4	21.0
Income from continuing operations before income taxes	(69.9)	(78.6)	(88.8)
Income tax provision	10.9	4.8	12.5
Other expense, net	(9.0)	0.1	5.2
Net income (loss)	(425.4)	(99.0)	$ (65.3)
(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	(0.6)	3.8
Income tax provision	0.2	(0.9)
Net income (loss)	(0.4)	2.9
(Gains) losses on qualifying cash flow hedges \| Amount Reclassified from AOCI \| Commodity contracts
Amounts reclassified from each component of accumulated comprehensive income
Gain (loss) from discontinued operations, net of tax	(3.8)	(0.9)
(Gains) losses on qualifying cash flow hedges \| Amount Reclassified from AOCI \| Swaps
Amounts reclassified from each component of accumulated comprehensive income
Interest expense	3.2	4.7
Pension and postretirement items: \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income
Income tax provision	1.2	1.2
Other expense, net	(4.8)	(4.8)
Net income (loss)	(3.6)	(3.6)
Loss on reclassification of foreign currency translation adjustments \| Amount Reclassified from AOCI
Amounts reclassified from each component of accumulated comprehensive income
Gain (loss) from discontinued operations, net of tax	(19.9)	0.0
Income tax provision	0.0	0.0
Net income (loss)	$ 19.9	$ 0.0

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock in Treasury
Restricted stock and restricted stock unit vesting	$ (5.0)	$ (4.4)	$ (6.6)
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
Treasury Stock
Common Stock in Treasury
Restricted stock and restricted stock unit vesting	$ 7.7	$ 8.4	$ 15.8
Decrease in stock by the settlement of restricted stock units		$ 8.4	$ 15.8

Fair Value - Narrative (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 EUR (€)	Aug. 02, 2021 USD ($)	Nov. 11, 2020 USD ($)	Dec. 30, 2016 EUR (€)
Assets and liabilities measured at fair value on a recurring basis
Realized gain on equity security	$ 11.8	$ 8.6	$ 7.9
Distributions from equity security		3.5	$ 2.6
Equity security, fair value	38.8	27.0
Sensors & Software Inc
Assets and liabilities measured at fair value on a recurring basis
Deferred payment						$ 3.9
Contingent consideration	1.3	$ 0.7				$ 0.7
Enterprise Control Systems Ltd
Assets and liabilities measured at fair value on a recurring basis
Deferred payment					$ 16.8
Contingent consideration	$ 1.5				$ 8.2
Discontinued operations, disposed of by sale \| Subsidiary of mutares AG (the Buyer) \| Transformer Solutions
Assets and liabilities measured at fair value on a recurring basis
Amount of guarantees \| €							€ 79.0
Cash collateral \| €				€ 0.0			4.0
Discontinued operations, disposed of by sale \| Subsidiary of mutares AG (the Buyer) \| Bank and Surety Bonds \| Transformer Solutions
Assets and liabilities measured at fair value on a recurring basis
Amount of guarantees \| €				79.0			79.0
Discontinued operations, disposed of by sale \| Subsidiary of mutares AG (the Buyer) \| Indemnification Agreement \| Transformer Solutions
Assets and liabilities measured at fair value on a recurring basis
Amount of guarantees \| €				€ 0.0			€ 5.0

Fair Value - Schedule of Fair Value Assets and Liabilities (Details) - Discontinued operations, disposed of by sale - Transformer Solutions - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Guarantees and Bonds Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year	$ 1.8	$ 2.0	$ 4.4
Reduction/Amortization for the period	(1.7)	(0.4)	(2.3)
Impact of changes in foreign currency rates	(0.1)	0.2	(0.1)
Balance at end of period	0.0	1.8	2.0
Indemnification Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year	0.0	0.3	1.2
Reduction/Amortization for the period	0.0	(0.3)	(0.9)
Impact of changes in foreign currency rates	0.0	0.0	0.0
Balance at end of period	$ 0.0	$ 0.0	$ 0.3

Quarterly Results (Unaudited) - Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Operating revenues	$ 350.0	$ 285.7	$ 296.6	$ 287.2	$ 348.3	$ 267.8	$ 257.3	$ 254.7	$ 1,219.5	$ 1,128.1	$ 1,123.6
Gross profit	129.3	95.8	102.3	104.4	123.5	92.1	89.4	90.5
Income from continuing operations, net of tax	4.4	13.9	17.7	23.0	20.5	19.5	19.3	14.5	59.0	73.8	76.3
Loss from discontinued operations, net of tax	2.0	316.4	44.2	3.8	5.3	3.1	8.2	8.6	366.4	25.2	(11.0)
Net income	$ 6.4	$ 330.3	$ 61.9	$ 26.8	$ 25.8	$ 22.6	$ 27.5	$ 23.1	$ 425.4	$ 99.0	$ 65.3
Basic income (loss) per share of common stock:
Continuing operations, net of tax (in dollars per share)	$ 0.10	$ 0.31	$ 0.39	$ 0.51	$ 0.46	$ 0.44	$ 0.43	$ 0.33	$ 1.30	$ 1.65	$ 1.74
Discontinued operations, net of tax (in dollars per share)	0.04	6.98	0.98	0.08	0.11	0.07	0.19	0.19	8.09	0.57	(0.13)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	0.14	7.29	1.37	0.59	0.57	0.51	0.62	0.52	9.39	2.22	1.61
Diluted income (loss) per share of common stock:
Continuing operations, net of tax (in dollars per share)	0.10	0.30	0.38	0.50	0.44	0.42	0.42	0.32	1.27	1.61	1.70
Discontinued operations, net of tax (in dollars per share)	0.04	6.78	0.95	0.08	0.12	0.07	0.18	0.19	7.88	0.55	(0.12)
Net income per share attributable to SPX Corporation common shareholders after adjustment related to redeemable noncontrolling interest (in dollars per share)	$ 0.14	$ 7.08	$ 1.33	$ 0.58	$ 0.56	$ 0.49	$ 0.60	$ 0.51	$ 9.15	$ 2.16	$ 1.58

Quarterly Results (Unaudited) - LIFO and FIFO (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Line Items]
Gross profit	$ 129.3	$ 95.8	$ 102.3	$ 104.4	$ 123.5	$ 92.1	$ 89.4	$ 90.5
Income from continuing operations, net of tax	4.4	13.9	17.7	23.0	20.5	19.5	19.3	14.5	$ 59.0	$ 73.8	$ 76.3
Less: Gain (loss) from discontinued operations, net of tax	2.0	316.4	44.2	3.8	5.3	3.1	8.2	8.6	366.4	25.2	(11.0)
Net income	$ 6.4	330.3	61.9	26.8	25.8	22.6	27.5	23.1	$ 425.4	$ 99.0	$ 65.3
Revision of prior period, reclassification, adjustment
Quarterly Financial Information Disclosure [Line Items]
Gross profit		1.5	0.5	0.0	1.5	(0.2)	0.5	0.5
Income from continuing operations, net of tax		1.1	0.4	0.0	1.1	(0.2)	0.4	0.4
Less: Gain (loss) from discontinued operations, net of tax		(2.1)	0.0	0.0	0.1	0.0	0.0	0.0
Net income		$ (1.0)	$ 0.4	$ 0.0	$ 1.2	$ (0.2)	$ 0.4	$ 0.4

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Quarterly Results (Unaudited) - Quarterly Information Footnote (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Oct. 02, 2021	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 01, 2021
Quarterly Financial Information Disclosure [Line Items]
Actuarial (gains) losses	$ 9.9			$ (6.8)
Recorded charges related to asbestos product liability matters	46.3			19.1	$ 51.2	$ 21.3	$ 10.1
Impairment charges	5.7				0.0	0.4	0.5
Other indefinite-lived intangible assets	0.5
Gain (loss) on disposition of discontinued operations, net of tax					360.7	(3.7)	(4.4)
Discontinued operations
Quarterly Financial Information Disclosure [Line Items]
Income tax provision			$ 33.0		42.8	10.6	1.5
Discontinued operations \| Transformer solutions
Quarterly Financial Information Disclosure [Line Items]
Excess tax basis			28.6
Previously unrecognized net operating losses			$ 4.4
Discontinued operations \| DBT
Quarterly Financial Information Disclosure [Line Items]
Income tax provision					(2.7)	(2.4)	(7.3)
Gain (loss) on disposition of discontinued operations, net of tax					(19.9)
Discontinued operations, disposed of by sale \| Transformer solutions
Quarterly Financial Information Disclosure [Line Items]
Net consideration								$ 620.6
Gain (loss) on disposition of discontinued operations, net of tax	24.5	$ 357.7			382.2
ULC Robotics
Quarterly Financial Information Disclosure [Line Items]
Impairment charges	5.2
Income from continuing operations before income taxes
Quarterly Financial Information Disclosure [Line Items]
Recorded charges related to asbestos product liability matters	44.6			$ 17.0	48.6	19.2	6.3
Gain (Loss) on disposition of discontinued operations, net of tax
Quarterly Financial Information Disclosure [Line Items]
Recorded charges related to asbestos product liability matters	$ 1.7				$ 2.6	$ 2.1	$ 3.8

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%