0000088205-22-000021 | 10-Q | XBRL Viewer

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REVENUES FROM CONTRACTS - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 307.1	$ 287.2
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	276.3	250.9
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	30.8	36.3
Package and process cooling equipment and services, and engineered air quality solutions
Disaggregation of Revenue [Line Items]
Revenues	116.8	101.7
Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	76.3	73.9
Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	67.2	67.4
Communication technologies, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues	46.8	44.2
HVAC
Disaggregation of Revenue [Line Items]
Revenues	193.1	175.6
HVAC \| Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	173.1	154.4
HVAC \| Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	20.0	21.2
HVAC \| Package and process cooling equipment and services, and engineered air quality solutions
Disaggregation of Revenue [Line Items]
Revenues	116.8	101.7
HVAC \| Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	76.3	73.9
HVAC \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0
HVAC \| Communication technologies, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0
Detection and Measurement
Disaggregation of Revenue [Line Items]
Revenues	114.0	111.6
Detection and Measurement \| Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	103.2	96.5
Detection and Measurement \| Revenues recognized over time
Disaggregation of Revenue [Line Items]
Revenues	10.8	15.1
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
Detection and Measurement \| Boilers, comfort heating, and ventilation
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0
Detection and Measurement \| Underground locators, inspection and rehabilitation equipment, and robotic systems
Disaggregation of Revenue [Line Items]
Revenues	67.2	67.4
Detection and Measurement \| Communication technologies, obstruction lighting, and bus fare collection systems
Disaggregation of Revenue [Line Items]
Revenues	$ 46.8	$ 44.2

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION

3 Months Ended

Apr. 02, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION

Income Per Share

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


	Three months ended
	April 2, 2022	April 3, 2021
Weighted-average number of common shares used in basic income per share	45.554	45.132
Dilutive securities — Employee stock options and restricted stock units	0.891	1.187
Weighted-average number of common shares and dilutive securities used in diluted income per share	46.445	46.319

The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.243 and 0.737, respectively, for the three months ended April 2, 2022, and 0.234 and 0.627, respectively, for the three months ended April 3, 2021.

Long-Term Incentive Compensation

Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2022 is included in our 2021 Annual Report on Form 10-K.

Awards granted on March 1, 2022 to executive officers and other members of senior management were comprised of performance stock units (“PSU’s”), stock options, and time-based restricted stock units (“RSU’s”), while other eligible employees were granted PSU’s and RSU’s. The PSU’s are eligible to vest at the end of a three-year 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. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant.

Non-employee directors receive annual long-term incentive awards at the time of our annual meeting of stockholders, with the 2022 meeting scheduled for May 10, 2022.

Compensation expense within income from continuing operations related to long-term incentive awards totaled $3.1 and $2.7 for the three months ended April 2, 2022 and April 3, 2021, respectively. The related tax benefit was $0.5 for the three months ended April 2, 2022 and April 3, 2021.

PSU’s and RSU’s

We use the Monte Carlo simulation model valuation technique to determine the fair value of our restricted stock units 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.

The following table summarizes the PSU and RSU activity from December 31, 2021 through April 2, 2022:


	Unvested PSU's and RSU's	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2021	0.636	$	49.14
Granted	0.265	48.39
Vested	(0.320)	43.97
Forfeited	(0.007)	50.57
Outstanding at April 2, 2022	0.574	$	51.67

As of April 2, 2022, there was $18.0 of unrecognized compensation cost related to PSU’s and RSU’s. We expect this cost to be recognized over a weighted-average period of 2.4 years.

Stock Options

On March 1, 2022, we granted 0.105 stock options, all of which were outstanding (but not exercisable) as of April 2, 2022. The exercise price per share of these options is $48.97 and the maximum contractual term of these options is 10 years.

The fair value per share of the stock options granted on March 1, 2022 was $19.33. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


Annual expected stock price volatility	38.62	%
Annual expected dividend yield	—	%
Risk-free interest rate	1.61	%
Expected life of stock option (in years)	6.0

Annual expected stock price volatility is based on a weighted average of SPX’s stock volatility 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.

As of April 2, 2022, there was $3.1 of unrecognized compensation cost related to stock options. We expect this cost to be recognized over a weighted-average period of 2.5 years.

Accumulated Other Comprehensive Income

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 2, 2022 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	252.7	$	0.5	$	10.7	$	263.9
Other comprehensive income (loss) before reclassifications	(2.6)		6.1		—		3.5
Amounts reclassified from accumulated other comprehensive income (loss)	—		0.4		(0.9)		(0.5)
Current-period other comprehensive income (loss)	(2.6)		6.5		(0.9)		3.0
Balance at end of period	$	250.1	$	7.0	$	9.8	$	266.9

__________________________

(1)Net of tax provision of $2.3 and $0.1 as of April 2, 2022 and December 31, 2021, respectively.

(2)Net of tax provision of $3.5 and $3.7 as of April 2, 2022 and December 31, 2021, respectively. The balances as of April 2, 2022 and December 31, 2021 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 3, 2021 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Losses on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	238.6	$	(4.4)	$	14.3	$	248.5
Other comprehensive income before reclassifications	0.6		3.3		—		3.9
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.3)		(0.9)		(1.2)
Current-period other comprehensive income (loss)	0.6		3.0		(0.9)		2.7
Balance at end of period	$	239.2	$	(1.4)	$	13.4	$	251.2

__________________________

(1)Net of tax benefit of $0.4 and $1.4 as of April 3, 2021 and December 31, 2020, respectively.

(2)Net of tax provision of $4.6 and $4.9 as of April 3, 2021 and December 31, 2020, respectively. The balances as of April 3, 2021 and December 31, 2020 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended April 2, 2022 and April 3, 2021:


	Amount Reclassified from AOCI
	Three months ended
	April 2, 2022		April 3, 2021		Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges:

Commodity contracts	$	—	$	(1.8)	Income from discontinued operations, net of tax
Swaps	0.5		1.4		Interest expense
Pre-tax	0.5		(0.4)
Income taxes	(0.1)		0.1
	$	0.4	$	(0.3)

Gains on pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax	$	(1.1)	$	(1.2)	Other income, net
Income taxes	0.2		0.3
	$	(0.9)	$	(0.9)

BASIS OF PRESENTATION (Details) $ in Millions						3 Months Ended
BASIS OF PRESENTATION (Details) $ in Millions	Mar. 31, 2022 USD ($)	Dec. 15, 2021 USD ($)	Aug. 02, 2021 USD ($)	Jun. 08, 2021	Apr. 19, 2021 USD ($)	Apr. 02, 2022 USD ($) project	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Number of large power projects \| project						2
Discontinued Operations, Disposed of by Sale \| Transformer Solutions
Business Acquisition [Line Items]
Payment to purchaser						$ 13.9
SPX Transformer Solutions, Inc. \| Revenue Benchmark \| Product Concentration Risk
Business Acquisition [Line Items]
Revenue percentage				25.00%
Sealite
Business Acquisition [Line Items]
Cash consideration					$ 80.3
Cash acquired					$ 2.3
Enterprise Control Systems Ltd
Business Acquisition [Line Items]
Cash consideration			$ 39.4
Cash acquired			5.1
Deferred payment			$ 16.4
Reduction in estimated liability						0.9	$ 6.7
Contingent consideration liability						$ 0.6	$ 1.5
Cincinnati Fan
Business Acquisition [Line Items]
Cash consideration		$ 145.2
Cash acquired		$ 2.5
International Tower Lighting, LLC
Business Acquisition [Line Items]
Cash consideration	$ 41.8
Cash acquired	$ 1.1

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	$ 233.8	$ 243.3
Goodwill	490.6	457.3
ULC Robotics
Finite-Lived Intangible Assets [Line Items]
Goodwill	12.0
HVAC reportable segment
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	100.8
Goodwill	193.4	194.8
Detection and Measurement reportable segment
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	133.0
Goodwill	297.2	262.5
Trademarks
Finite-Lived Intangible Assets [Line Items]
Trademarks	172.1	$ 172.2
Trademarks \| HVAC reportable segment
Finite-Lived Intangible Assets [Line Items]
Trademarks	105.3
Trademarks \| Detection and Measurement reportable segment
Finite-Lived Intangible Assets [Line Items]
Trademarks	$ 66.8

INDEBTEDNESS (Tables)

3 Months Ended

Apr. 02, 2022

Debt Disclosure [Abstract]

Schedule of Debt Activity, Current and Noncurrent

The following summarizes our debt activity (both current and non-current) for the three months ended April 2, 2022:


	December 31, 2021		Borrowings		Repayments		Other		April 2, 2022
Revolving loans	$	—	$	—	$	—	$	—	$	—
Term loan(1)	242.7		—		(3.1)		—		239.6




Trade receivables financing arrangement(2)	—		—		—		—		—
Other indebtedness(3)	3.3		—		(0.2)		—		3.1
Total debt	246.0		$	—	$	(3.3)	$	—	242.7


Less: short-term debt	2.2								2.0
Less: current maturities of long-term debt	13.0								13.0
Total long-term debt	$	230.8							$	227.7

___________________________

(1)The term loan is repayable in quarterly installments equal to 1.25% of the initial term loan balance of $250.0, 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 at April 2, 2022 and December 31, 2021.

(2)Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses.

(3)Primarily includes balances under a purchase card program of $2.0 and $2.2 and finance lease obligations of $1.1 and $1.1 at April 2, 2022 and December 31, 2021, 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.

ACQUISITIONS AND DISCONTINUED OPERATIONS - Wind-Down of DBT - Assets and Liabilities of Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - DBT Technologies - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 6.7	$ 7.8
Accounts receivable, net	10.0	9.1
Other current assets	7.7	7.0
Property, plant and equipment:
Property, plant and equipment, gross	1.8	1.7
Accumulated depreciation	(1.6)	(1.5)
Property, plant and equipment, net	0.2	0.2
Other assets	30.4	27.6
Total assets - discontinued operations	55.0	51.7
LIABILITIES
Accounts payable	1.6	2.3
Contract liabilities	5.8	5.6
Accrued expenses	25.1	22.4
Other long-term liabilities	5.3	4.9
Total liabilities	37.8	35.2
Buildings and leasehold improvements
Property, plant and equipment:
Property, plant and equipment, gross	0.3	0.2
Machinery and equipment
Property, plant and equipment:
Property, plant and equipment, gross	$ 1.5	$ 1.5

SPECIAL CHARGES, NET

3 Months Ended

Apr. 02, 2022

Restructuring and Related Activities [Abstract]

SPECIAL CHARGES, NET

Special charges, net, for the three months ended April 2, 2022 and April 3, 2021 are described in more detail below:


	Three months ended
	April 2, 2022		April 3, 2021
HVAC reportable segment	$	—	$	—
Detection and Measurement reportable segment	—		0.2
Corporate	—		—
Total	$	—	$	0.2

Detection and Measurement — Charges for the three months ended April 3, 2021 related primarily to severance costs associated with a restructuring action at the segment's pipeline inspection and rehabilitation business.

No significant future charges are expected to be incurred under actions approved as of April 2, 2022.

The following is an analysis of our restructuring liabilities for the three months ended April 2, 2022 and April 3, 2021:


	Three months ended
	April 2, 2022		April 3, 2021
Balance at beginning of year	$	0.3	$	0.8
Special charges	—		0.2
Utilization — cash	(0.1)		(0.4)
Currency translation adjustment and other	—		—
Balance at end of period	$	0.2	$	0.6

WARRANTY

3 Months Ended

Apr. 02, 2022

Product Warranties Disclosures [Abstract]

WARRANTY

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


	Three months ended
	April 2, 2022		April 3, 2021
Balance at beginning of year	$	34.8	$	35.3

Provisions	2.6		2.8
Usage	(3.0)		(3.1)

Balance at end of period	34.4		35.0
Less: Current portion of warranty	11.2		11.1
Non-current portion of warranty	$	23.2	$	23.9

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the three months ended April 2, 2022 were as follows:


	December 31, 2021		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		April 2, 2022
HVAC reportable segment
Gross goodwill	$	528.9	$	(0.7)	$	—	$	(2.1)	$	526.1
Accumulated impairments	(334.1)		—		—		1.4		(332.7)
Goodwill	194.8		(0.7)		—		(0.7)		193.4

Detection and Measurement reportable segment
Gross goodwill	424.9		35.2		—		(1.2)		458.9
Accumulated impairments	(162.4)		—		—		0.7		(161.7)
Goodwill	262.5		35.2		—		(0.5)		297.2

Total
Gross goodwill	953.8		34.5		—		(3.3)		985.0
Accumulated impairments	(496.5)		—		—		2.1		(494.4)
Goodwill	$	457.3	$	34.5	$	—	$	(1.2)	$	490.6

___________________________

(1)Reflects (i) goodwill acquired with the ITL acquisition of $35.6, (ii) a decrease in Cincinnati Fan's goodwill of $0.7 resulting from revisions to the valuation of certain assets and liabilities, and (iii) a decrease in Sealite's goodwill of $0.4 resulting from revisions to the valuation of certain assets and liabilities. As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in the Sealite, Cincinnati Fan, ECS, and ITL acquisitions have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

Other Intangibles, Net

Identifiable intangible assets at April 2, 2022 and December 31, 2021 comprised the following:


	April 2, 2022						December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:
Customer relationships	$	188.0	$	(30.4)	$	157.6	$	188.2	$	(26.7)	$	161.5
Technology	80.1		(13.6)		66.5		80.1		(11.9)		68.2
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	31.6		(21.9)		9.7		31.6		(18.0)		13.6
	304.2		(70.4)		233.8		304.4		(61.1)		243.3
Trademarks with indefinite lives	172.1		—		172.1		172.2		—		172.2
Total	$	476.3	$	(70.4)	$	405.9	$	476.6	$	(61.1)	$	415.5

At April 2, 2022, the net carrying value of intangible assets with determinable lives consisted of $100.8 in the HVAC reportable segment and $133.0 in the Detection and Measurement reportable segment. At April 2, 2022, trademarks with indefinite lives consisted of $105.3 in the HVAC reportable segment and $66.8 in the Detection and Measurement reportable segment.

We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In 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. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indication may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit.

During the fourth quarter of 2021, based on a quantitative analyses of the goodwill and indefinite-lived intangible assets of our ULC reporting unit, we determined that the fair value of the reporting unit approximated the carrying value of its net assets. The total goodwill of ULC was $12.0 as of April 2, 2022. 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, Cincinnati Fan and ITL, acquisitions over the past 12 months, approximate their carrying value. If ULC, Sealite, ECS, Cincinnati Fan or ITL 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.

We perform our annual trademarks impairment testing during the fourth quarter, or on a more frequent basis, if there are indications of potential impairment. The fair value of our 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 (fair value based on unobservable inputs - Level 3, as defined in Note 17). The primary basis for these projected revenues is the annual operating plan for each of the related businesses, which is prepared in the fourth quarter of each year.

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Black-Scholes Option-Pricing Model (Details) - Stock Options	Mar. 01, 2021
Black-Scholes Option-Pricing Model [Line Items]
Annual expected stock price volatility	38.62%
Annual expected dividend yield	0.00%
Risk-free interest rate	1.61%
Expected life of stock option (in years)	6 years

CONTINGENT LIABILITIES AND OTHER MATTERS - Large Power Projects in South Africa (Details) R in Millions										1 Months Ended				3 Months Ended
	Oct. 02, 2021 USD ($)	Oct. 02, 2021 ZAR (R)	Apr. 28, 2021 USD ($) dispute	Apr. 28, 2021 ZAR (R) dispute	Feb. 22, 2021 USD ($) project	Feb. 22, 2021 ZAR (R) project	Feb. 05, 2021 USD ($)	Jul. 23, 2020 USD ($) dispute	Jul. 23, 2020 ZAR (R)	May 31, 2021 USD ($)	May 31, 2021 ZAR (R)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 ZAR (R)	Apr. 02, 2022 USD ($) project	Apr. 02, 2022 ZAR (R)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 ZAR (R)	Jun. 04, 2021 USD ($)	Jun. 04, 2021 ZAR (R)	Jul. 31, 2019 USD ($)	Jul. 31, 2019 ZAR (R)
Contingent Liabilities and Other Matters
Number of large power projects \| project														2
Number of disputes \| dispute								9
Other assets														$ 676,600,000		$ 675,900,000
Large Power Projects
Contingent Liabilities and Other Matters
Payment for bonds							$ 6,700,000
SOUTH AFRICA \| Large Power Projects
Contingent Liabilities and Other Matters
Gain contingency														69,000,000.0	R 1,000.0
Unrecorded gain contingency, current proceeding														39,100,000	566.5
Number of disputes			2	2	2	2		1
Litigation settlement			$ 6,000,000.0	R 82.0	$ 8,600,000	R 126.6
Estimate of possible legal claim deemed unlikely																		$ 54,500,000	R 790.0
SOUTH AFRICA \| Large Power Projects \| Demand Bonds
Contingent Liabilities and Other Matters
Face amount of debt								$ 2,300,000
SOUTH AFRICA \| Large Power Projects \| Demand Bonds \| MHI
Contingent Liabilities and Other Matters
Litigation settlement								1,100,000	R 18.4
Estimate of possible legal claim deemed unlikely														2,000,000.0
Payment for bonds	$ 28,900,000	R 418.3								$ 12,500,000	R 178.7	$ 14,300,000	R 239.6
Other assets														$ 28,900,000	R 418.3	$ 28,900,000	R 418.3
SOUTH AFRICA \| Large Power Projects \| Demand Bonds \| Bonds Upon Completion Of Certain Administrative Milestones
Contingent Liabilities and Other Matters
Face amount of debt								$ 4,300,000
SOUTH AFRICA \| Large Power Projects \| MHI April And July 2019 Claims
Contingent Liabilities and Other Matters
Estimate of possible legal claim deemed unlikely																				$ 28,100,000	R 407.2
SOUTH AFRICA \| Large Power Projects \| MHI Additional Claims
Contingent Liabilities and Other Matters
Estimate of possible legal claim deemed unlikely																				$ 12,200,000	R 176.2

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Apr. 02, 2022

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit (Income) Expense

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

Domestic Pension Plans


	Three months ended
	April 2, 2022		April 3, 2021
Service cost	$	—	$	—
Interest cost	2.3		2.1
Expected return on plan assets	(2.1)		(2.2)



Net periodic pension benefit (income) expense	$	0.2	$	(0.1)

Foreign Pension Plans


	Three months ended
	April 2, 2022		April 3, 2021
Service cost	$	—	$	—
Interest cost	1.0		0.8
Expected return on plan assets	(1.5)		(1.4)

Net periodic pension benefit income	$	(0.5)	$	(0.6)

Postretirement Plans


	Three months ended
	April 2, 2022		April 3, 2021
Service cost	$	—	$	—
Interest cost	0.3		0.3

Amortization of unrecognized prior service credits	(1.1)		(1.2)
Recognized net actuarial losses (1)	0.3		—
Net periodic postretirement benefit income	$	(0.5)	$	(0.9)

_________________

(1) The three months ended April 2, 2022 includes the impact of the transfer of the retiree life insurance benefits obligation.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Apr. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 3 for information on discontinued operations).
Variable Interest Entity	We account for investments in unconsolidated companies where we exercise significant influence but do not have control using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. All of our VIEs are immaterial, individually and in aggregate, to our condensed consolidated financial statements.
Use of Estimates	Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021. Interim results are not necessarily indicative of full year results.
Change in Segment Reporting Structure	As Transformer Solutions is now being reported as a discontinued operation, the remaining operations of our former Engineered Solutions reportable segment 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.
Fiscal Period	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 2022 are April 2, July 2, and October 1, compared to the respective April 3, July 3 and October 2, 2021 dates. We had one less day in the first quarter of 2022 and will have one more day in the fourth quarter of 2022 than in the respective 2021 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the three months ended April 2, 2022, when compared to the consolidated operating results for the 2021 respective period.
Reclassification of Prior Year Amounts	Reclassification of Prior Year Amounts Certain prior year amounts have been reclassified to conform to the current year presentation, including amounts related to the inclusion of DBT and Transformer Solutions within discontinued operations and the resulting change in our segment reporting structure noted above.
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS The following is a summary of new accounting pronouncements that apply or may apply to our business. The London Interbank Offered Rate (“LIBOR”) is scheduled to be discontinued on June 30, 2023. In an effort to address the various challenges created by such discontinuance, the Financial Accounting Standards Board (“FASB”) issued two amendments to existing guidance, Accounting Standards Update (“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 our 2021 Annual Report on Form 10-K. Upon adoption, we do not believe these amendments will have a material impact to our condensed 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 condensed consolidated financial statements will depend on business combinations occurring on or after the effective date. In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. This ASU allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. This guidance applies to all entities that elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815 and is effective for public entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. We do not believe the adoption of this guidance will have a material impact on our condensed consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures, which requires enhanced disclosure of certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This guidance also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and allows for early adoption in any interim period after issuance. We are currently assessing the impact of this amendment on our condensed consolidated financial statements.
Inventories, net	During the fourth quarter of 2021, as a means of harmonizing our accounting method for inventory across all of our businesses, we converted the inventory accounting for certain businesses within our HVAC reportable segment from the last-in, first-out (“LIFO”) method to the first-in, first-out (“FIFO”) method. This change in accounting has been retrospectively applied, with the change having no impact on our results herein for the three months ended April 3, 2021.Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values.
Goodwill and Other Intangible Assets	We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In 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. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indication may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit. During the fourth quarter of 2021, based on a quantitative analyses of the goodwill and indefinite-lived intangible assets of our ULC reporting unit, we determined that the fair value of the reporting unit approximated the carrying value of its net assets. The total goodwill of ULC was $12.0 as of April 2, 2022. 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, Cincinnati Fan and ITL, acquisitions over the past 12 months, approximate their carrying value. If ULC, Sealite, ECS, Cincinnati Fan or ITL 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. We perform our annual trademarks impairment testing during the fourth quarter, or on a more frequent basis, if there are indications of potential impairment. The fair value of our 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 (fair value based on unobservable inputs - Level 3, as defined in Note 17). The primary basis for these projected revenues is the annual operating plan for each of the related businesses, which is prepared in the fourth quarter of each year.
Currency Forward Contracts	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 (“GBP”), 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.
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 an uncertain position meets the criteria of the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are recorded in “Income taxes payable” and “Deferred and other income taxes” in the accompanying condensed consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. During the second quarter of 2021, the Internal Revenue Service (“IRS”) concluded its audit of our 2013, 2014, 2015, 2016 and 2017 federal income tax returns. We believe contingencies related to the subsequent returns are adequately provided for. State income tax returns generally are subject to examination for a period of three to five years after filing the respective tax returns. The impact on such tax returns of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. We have various state income tax returns in the process of examination. We believe any uncertain tax positions related to these examinations have been adequately provided for. We have various foreign income tax returns under examination. The most significant of these is 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 impact 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 April 2, 2022 and December 31, 2021. 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 April 2, 2022. This amount is required to be paid by the end of 2022.
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. 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 valuation models based on observable market inputs such as forward rates, interest rates, our own credit risk and the credit risk of our counterparties, which comprise investment-grade financial institutions. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. We have not made any adjustments to the inputs obtained from the independent sources. Based on our continued ability to enter into forward contracts, we consider the markets for our fair value instruments active. We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount. As of April 2, 2022, there has been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related instruments are collateralized under our senior credit facilities. Similarly, there has been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.

WARRANTY (Details) - USD ($) $ in Millions	3 Months Ended
WARRANTY (Details) - USD ($) $ in Millions	Apr. 02, 2022	Apr. 03, 2021
Analysis of product warranty accrual
Balance at beginning of year	$ 34.8	$ 35.3
Provisions	2.6	2.8
Usage	(3.0)	(3.1)
Balance at end of period	34.4	35.0
Less: Current portion of warranty	11.2	11.1
Non-current portion of warranty	$ 23.2	$ 23.9

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Long Term Incentive Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Stock-based Compensation
Related tax benefit	$ 0.5	$ 0.5
Segment Reconciling Items
Stock-based Compensation
Long-term incentive compensation expense	$ 3.1	$ 2.7
Performance Shares
Stock-based Compensation
Award vesting period	3 years

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The changes in the carrying amount of goodwill for the three months ended April 2, 2022 were as follows:


	December 31, 2021		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		April 2, 2022
HVAC reportable segment
Gross goodwill	$	528.9	$	(0.7)	$	—	$	(2.1)	$	526.1
Accumulated impairments	(334.1)		—		—		1.4		(332.7)
Goodwill	194.8		(0.7)		—		(0.7)		193.4

Detection and Measurement reportable segment
Gross goodwill	424.9		35.2		—		(1.2)		458.9
Accumulated impairments	(162.4)		—		—		0.7		(161.7)
Goodwill	262.5		35.2		—		(0.5)		297.2

Total
Gross goodwill	953.8		34.5		—		(3.3)		985.0
Accumulated impairments	(496.5)		—		—		2.1		(494.4)
Goodwill	$	457.3	$	34.5	$	—	$	(1.2)	$	490.6

___________________________

Schedule of Identifiable Intangible Assets

Identifiable intangible assets at April 2, 2022 and December 31, 2021 comprised the following:


	April 2, 2022						December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:
Customer relationships	$	188.0	$	(30.4)	$	157.6	$	188.2	$	(26.7)	$	161.5
Technology	80.1		(13.6)		66.5		80.1		(11.9)		68.2
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	31.6		(21.9)		9.7		31.6		(18.0)		13.6
	304.2		(70.4)		233.8		304.4		(61.1)		243.3
Trademarks with indefinite lives	172.1		—		172.1		172.2		—		172.2
Total	$	476.3	$	(70.4)	$	405.9	$	476.6	$	(61.1)	$	415.5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Statement [Abstract]
Revenues	$ 307.1	$ 287.2
Costs and expenses:
Cost of products sold	203.1	182.8
Selling, general and administrative	84.2	75.2
Intangible amortization	9.3	4.0
Special charges, net	0.0	0.2
Other operating income	(0.9)	0.0
Operating income	11.4	25.0
Other income, net	6.5	7.4
Interest expense	(2.4)	(4.2)
Interest income	0.1	0.1
Income from continuing operations before income taxes	15.6	28.3
Income tax provision	(2.6)	(5.3)
Income from continuing operations	13.0	23.0
Income from discontinued operations, net of tax	0.0	4.6
Loss on disposition of discontinued operations, net of tax	(1.6)	(0.8)
Income (loss) from discontinued operations, net of tax	(1.6)	3.8
Net income	$ 11.4	$ 26.8
Basic income per share of common stock:
Income from continuing operations (in dollars per share)	$ 0.29	$ 0.51
Income (loss) from discontinued operations (in dollars per share)	(0.04)	0.08
Net income per share (in dollars per share)	$ 0.25	$ 0.59
Weighted-average number of common shares outstanding — basic (in shares)	45,554	45,132
Diluted income per share of common stock:
Income from continuing operations (in dollars per share)	$ 0.28	$ 0.50
Income (loss) from discontinued operations (in dollars per share)	(0.03)	0.08
Net income per share (in dollars per share)	$ 0.25	$ 0.58
Weighted-average number of common shares outstanding — diluted (in shares)	46,445	46,319
Comprehensive income	$ 14.4	$ 29.5

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Components Used For Calculation Of Basic And Diluted Income (Details) - shares shares in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Per Share
Weighted-average number of common shares used in basic income per share (in shares)	45,554	45,132
Dilutive securities — Employee stock options and restricted stock units (in shares)	891	1,187
Weighted-average number of common shares and dilutive securities used in diluted income per share (in shares)	46,445	46,319

REVENUES FROM CONTRACTS - Narrative (Details) $ in Millions	3 Months Ended
REVENUES FROM CONTRACTS - Narrative (Details) $ in Millions	Apr. 02, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Increase in contract with customers, net	$ 1.0
Contract with customer, revenue recognized	$ 23.6

FAIR VALUE - Changes in Liability and Assets (Details) - Balcke Durr Business - Discontinued Operations, Disposed of by Sale $ in Millions	3 Months Ended
	Apr. 03, 2021 USD ($)
Guarantees and Bonds Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year	$ 1.8
Reduction/Amortization for the period	(1.7)
Impact of changes in foreign currency rates	(0.1)
Balance at end of period	0.0
Indemnification Agreement Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year	0.0
Reduction/Amortization for the period	0.0
Impact of changes in foreign currency rates	0.0
Balance at end of period	$ 0.0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Retained Deficit	Accum. Other Comprehensive Income	Common Stock In Treasury
Balance at beginning of period at Dec. 31, 2020	$ 640.1	$ 0.5	$ 1,319.9	$ (477.2)	$ 248.5	$ (451.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26.8			26.8
Other comprehensive income, net	2.7				2.7
Incentive plan activity	3.8		3.8
Long-term incentive compensation expense	3.0		3.0
Restricted stock unit vesting	(4.7)		(10.9)			6.2
Balance at end of period at Apr. 03, 2021	671.7	0.5	1,315.8	(450.4)	251.2	(445.4)
Balance at beginning of period at Dec. 31, 2021	1,102.9	0.5	1,334.2	(51.8)	263.9	(443.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11.4			11.4
Other comprehensive income, net	3.0				3.0
Incentive plan activity	2.5		2.5
Long-term incentive compensation expense	3.1		3.1
Restricted stock unit vesting	(7.1)		(18.6)			11.5
Balance at end of period at Apr. 02, 2022	$ 1,115.8	$ 0.5	$ 1,321.2	$ (40.4)	$ 266.9	$ (432.4)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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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.

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FAIR VALUE

3 Months Ended

Apr. 02, 2022

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 or nonrecurring 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 April 2, 2022). 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 parent company guarantees and bank and surety bonds) and asset (related to 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 asset during the three months ended April 3, 2021.


		Three months ended
	April 3, 2021
		Guarantees and Bonds Liability (1)		Indemnification Assets (1)
Balance at beginning of year		$	1.8	$	—
Reduction/Amortization for the period (2)		(1.7)		—
Impact of changes in foreign currency rates		(0.1)		—
Balance at end of period		$	—	$	—

___________________________

(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 guarantee provided by mutares AG 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, net.”

Contingent Consideration for Sensors & Software and ECS Acquisitions — In connection with the acquisition of Sensors & Software, the sellers were eligible for additional cash consideration of up to $4.0, with payment of such contingent consideration dependent upon the achievement of certain milestones. The estimated fair value of such contingent consideration totaled $1.3, and was paid during the quarter ended April 2, 2022.

In connection with the acquisition of ECS, the respective seller is eligible for additional cash consideration of up to $16.4, with payment of such contingent consideration dependent upon the achievement of certain milestones. The estimated fair value of such contingent consideration was $0.6 and $1.5 at April 2, 2022 and December 31, 2021, respectively, with such amounts reflected as a liability within the respective condensed consolidated balance sheets. We estimated the fair value of the contingent consideration for this acquisition based on the probability of 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 valuation models based on observable market inputs such as forward rates, interest rates, our own credit risk and the credit risk of our counterparties, which comprise investment-grade financial institutions. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. We have not made any adjustments to the inputs obtained from the independent sources. Based on our continued ability to enter into forward contracts, we consider the markets for our fair value instruments active. We primarily use the income approach, which uses valuation techniques to convert future amounts to a single present amount.

As of April 2, 2022, there has been no significant impact to the fair value of our derivative liabilities due to our own credit risk, as the related instruments are collateralized under our senior credit facilities. Similarly, there has been no significant impact to the fair value of our derivative assets based on our evaluation of our counterparties’ credit risks.

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 three months ended April 2, 2022 and April 3, 2021, we recorded gains of $4.4 and $5.2, respectively, to “Other income, net” to reflect an increase in the estimated fair value of the equity security. As of April 2, 2022 and December 31, 2021, the equity security had an estimated fair value of $43.2 and $38.8, respectively.

Indebtedness and Other — The estimated fair value of our debt instruments as of April 2, 2022 and December 31, 2021 approximated the related carrying values due primarily to the variable market-based interest rates for such instruments. See Note 12 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

ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Apr. 02, 2022

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 three months ended April 3, 2021 are shown below:


	Three months ended
	April 3, 2021
Revenues	$	110.6
Costs and expenses:
Cost of product sold	89.4
Selling, general and administrative	9.5


Other expense, net	0.2

Income before income tax	11.5
Income tax provision	(2.9)
Income from discontinued operations, net of tax	$	8.6

Major line items constituting pre-tax loss and after-tax loss of DBT for the three months ended April 3, 2021 are shown below:


	Three months ended
	April 3, 2021
Revenues	$	0.7
Costs and expenses:
Cost of product sold	1.0
Selling, general and administrative	4.2
Special charges	0.5
Other expense, net	0.2

Loss before tax	(5.2)
Income tax benefit	1.2
Loss after tax	$	(4.0)

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 condensed consolidated balance sheets as of April 2, 2022 and December 31, 2021. The major line items constituting DBT's assets and liabilities as of April 2, 2022 and December 31, 2021 are shown below:


	April 2, 2022		December 31, 2021
ASSETS
Cash and equivalents	$	6.7	$	7.8
Accounts receivable, net	10.0		9.1
Other current assets	7.7		7.0
Property, plant and equipment:
Buildings and leasehold improvements	0.3		0.2
Machinery and equipment	1.5		1.5
	1.8		1.7
Accumulated depreciation	(1.6)		(1.5)
Property, plant and equipment, net	0.2		0.2
Other assets	30.4		27.6
Total assets of DBT	$	55.0	$	51.7
LIABILITIES
Accounts payable	$	1.6	$	2.3
Contract liabilities	5.8		5.6
Accrued expenses	25.1		22.4
Other long-term liabilities	5.3		4.9
Total liabilities of DBT	$	37.8	$	35.2

The major line items constituting Heat Transfer's assets and liabilities as of April 2, 2022 and December 31, 2021 are shown below:


	April 2, 2022		December 31, 2021
ASSETS
Accounts receivable, net	$	0.1	$	0.1
Other current assets	0.2		0.2
Other assets	0.1		0.2

Total assets of Heat Transfer	$	0.4	$	0.5
LIABILITIES
Accounts payable	$	0.1	$	0.3
Accrued expenses	0.1		0.1
Total liabilities of Heat Transfer	$	0.2	$	0.4

For the three months ended April 2, 2022 and April 3, 2021, results of operations from our businesses reported as discontinued operations were as follows:


	Three months ended
	April 2, 2022		April 3, 2021
Transformer Solutions (1)
Income (loss) from discontinued operations	$	(0.3)	$	11.5
Income tax (provision) benefit	0.1		(2.9)
Income (loss) from discontinued operations, net	(0.2)		8.6

DBT (2)
Loss from discontinued operations	(1.6)		(5.2)
Income tax benefit	0.4		1.2
Loss from discontinued operations, net	(1.2)		(4.0)

Heat Transfer (3)
Loss from discontinued operations	—		(0.1)
Income tax (provision) benefit	—		—
Loss from discontinued operations, net	—		(0.1)

All other (3)
Loss from discontinued operations	(0.2)		(0.9)
Income tax benefit	—		0.2
Loss from discontinued operations, net	(0.2)		(0.7)

Total
Income (loss) from discontinued operations	(2.1)		5.3
Income tax (provision) benefit	0.5		(1.5)
Income (loss) from discontinued operations, net	$	(1.6)	$	3.8

___________________________

(1) Loss for the three months ended April 2, 2022 resulted primarily from revisions to liabilities retained in connection with the disposition.

(2) Loss for the three months ended April 2, 2022 resulted primarily from legal costs incurred in connection with various dispute resolution matters related to two large power projects.

(3) Loss for the three months ended April 2, 2022 and April 3, 2021 resulted primarily from revisions to liabilities retained in connection with prior dispositions.

- 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

LEASES	3 Months Ended
LEASES	Apr. 02, 2022
Leases [Abstract]
LEASES	LEASES There have been no material changes to our operating and finance leases during the three months ended April 2, 2022.
LEASES	LEASES There have been no material changes to our operating and finance leases during the three months ended April 2, 2022.

ACQUISITIONS AND DISCONTINUED OPERATIONS - Wind-Down of Heat Transfer Business - Assets and Liabilities of Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - SPX Heat Transfer Business - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
ASSETS
Accounts receivable, net	$ 0.1	$ 0.1
Other current assets	0.2	0.2
Other assets	0.1	0.2
Total assets - discontinued operations	0.4	0.5
LIABILITIES
Accounts payable	0.1	0.3
Accrued expenses	0.1	0.1
Total liabilities	$ 0.2	$ 0.4

Cover Page - shares	3 Months Ended
Cover Page - shares	Apr. 02, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 02, 2022
Document Transition Report	false
Entity File Number	1-6948
Entity Registrant Name	SPX CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-1016240
Entity Address, Address Line One	6325 Ardrey Kell Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	474-3700
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	SPXC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,718,063
Entity Central Index Key	0000088205
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021	Dec. 31, 2021
Derivative Financial Instruments
Net loss on disposition of discontinued operations, net of tax	$ 1.6		$ 0.8
Initial Swaps \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Fixed rate	2.535%
Additional Swaps \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Aggregate notional amount	$ 240.6
Additional Swaps \| Derivative contracts designated as hedging instruments \| Term loan
Derivative Financial Instruments
Fixed rate	1.061%
Swaps
Derivative Financial Instruments
Unrealized gain recorded in AOCI	$ 7.0			$ 0.5
Swaps \| Derivative contracts designated as hedging instruments
Derivative Financial Instruments
Derivative fair value	9.3			0.6
Current asset	0.3
Non-current asset	9.4			2.5
Current liability	0.4			1.9
FX Forward Contracts
Derivative Financial Instruments
Aggregate notional amount	4.6			8.7
Derivative fair value	$ 0.1			$ 0.1
Commodity contracts
Derivative Financial Instruments
Net loss on disposition of discontinued operations, net of tax		$ 0.6

INVENTORIES, NET (Tables)

3 Months Ended

Apr. 02, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at April 2, 2022 and December 31, 2021 comprised the following:


	April 2, 2022		December 31, 2021
Finished goods	$	58.9	$	55.1
Work in process	25.1		21.1
Raw materials and purchased parts	136.7		113.6
Total inventories	$	220.7	$	189.8

SPECIAL CHARGES, NET - Analysis of Restructuring Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Restructuring liabilities
Balance at beginning of year	$ 0.3	$ 0.8
Special charges	0.0	0.2
Utilization — cash	(0.1)	(0.4)
Currency translation adjustment and other	0.0	0.0
Balance at end of period	$ 0.2	$ 0.6

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Components of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 2.4	$ 4.2
Income from continuing operations before income taxes	(15.6)	(28.3)
Other income, net	(6.5)	(7.4)
Income tax expense (benefit)	2.6	5.3
Net income (loss)	(11.4)	(26.8)
Amount Reclassified from AOCI \| (Gains) losses on qualifying cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income from continuing operations before income taxes	0.5	(0.4)
Income tax expense (benefit)	(0.1)	0.1
Net income (loss)	0.4	(0.3)
Amount Reclassified from AOCI \| Gains on pension and postretirement items:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	(1.1)	(1.2)
Income tax expense (benefit)	0.2	0.3
Net income (loss)	(0.9)	(0.9)
Commodity contracts \| Amount Reclassified from AOCI \| (Gains) losses on qualifying cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income from discontinued operations, net of tax	0.0	(1.8)
Swaps \| Amount Reclassified from AOCI \| (Gains) losses on qualifying cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 0.5	$ 1.4

INDEBTEDNESS

3 Months Ended

Apr. 02, 2022

Debt Disclosure [Abstract]

INDEBTEDNESS

The following summarizes our debt activity (both current and non-current) for the three months ended April 2, 2022:


	December 31, 2021		Borrowings		Repayments		Other		April 2, 2022
Revolving loans	$	—	$	—	$	—	$	—	$	—
Term loan(1)	242.7		—		(3.1)		—		239.6




Trade receivables financing arrangement(2)	—		—		—		—		—
Other indebtedness(3)	3.3		—		(0.2)		—		3.1
Total debt	246.0		$	—	$	(3.3)	$	—	242.7


Less: short-term debt	2.2								2.0
Less: current maturities of long-term debt	13.0								13.0
Total long-term debt	$	230.8							$	227.7

___________________________

Senior Credit Facilities

A detailed description of our senior credit facilities is included in our 2021 Annual Report on Form 10-K.

At April 2, 2022, we had $438.2 of available borrowing capacity under our revolving credit facilities, after giving effect to $11.8 reserved for outstanding letters of credit. In addition, at April 2, 2022, we had $28.9 of available issuance capacity under our foreign credit instrument facilities after giving effect to $26.1 reserved for outstanding letters of credit.

The weighted-average interest rate of outstanding borrowings under our senior credit agreement was approximately 1.8% at April 2, 2022.

At April 2, 2022, we were in compliance with all covenants of our senior credit agreement.

- 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

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Apr. 02, 2022
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. The London Interbank Offered Rate (“LIBOR”) is scheduled to be discontinued on June 30, 2023. In an effort to address the various challenges created by such discontinuance, the Financial Accounting Standards Board (“FASB”) issued two amendments to existing guidance, Accounting Standards Update (“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 our 2021 Annual Report on Form 10-K. Upon adoption, we do not believe these amendments will have a material impact to our condensed 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 condensed consolidated financial statements will depend on business combinations occurring on or after the effective date. In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. This ASU allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. This guidance applies to all entities that elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815 and is effective for public entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. We do not believe the adoption of this guidance will have a material impact on our condensed consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures, which requires enhanced disclosure of certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This guidance also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and allows for early adoption in any interim period after issuance. We are currently assessing the impact of this amendment on our condensed consolidated financial statements.

- Definition

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

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-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (c)

+ Details

ACQUISITIONS AND DISCONTINUED OPERATIONS - Sale of Transformer Solutions Business - Narrative (Details) $ in Millions	3 Months Ended
	Apr. 02, 2022 USD ($)
Discontinued Operations, Disposed of by Sale \| Transformer Solutions
Discontinued Operations
Payment to purchaser	$ 13.9

REVENUES FROM CONTRACTS

3 Months Ended

Apr. 02, 2022

Revenue from Contract with Customer [Abstract]

REVENUES FROM CONTRACTS

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 affected by economic factors, with such disaggregation presented below for the three months ended April 2, 2022 and April 3, 2021:


	Three months ended April 2, 2022
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air quality solutions	$	116.8	$	—	$	116.8
Boilers, comfort heating, and ventilation	76.3		—		76.3
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		67.2		67.2
Communication technologies, obstruction lighting, and bus fare collection systems	—		46.8		46.8

	$	193.1	$	114.0	$	307.1

Timing of Revenue Recognition
Revenues recognized at a point in time	$	173.1	$	103.2	$	276.3
Revenues recognized over time	20.0		10.8		30.8
	$	193.1	$	114.0	$	307.1


	Three months ended April 3, 2021
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services	$	101.7	$	—	$	101.7
Boilers, comfort heating, and ventilation	73.9		—		73.9
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		67.4		67.4
Communication technologies, obstruction lighting, and bus fare collection systems	—		44.2		44.2
	$	175.6	$	111.6	$	287.2

Timing of Revenue Recognition
Revenues recognized at a point in time	$	154.4	$	96.5	$	250.9
Revenues recognized over time	21.2		15.1		36.3
	$	175.6	$	111.6	$	287.2

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 condensed consolidated balance sheets. Our contract balances consisted of the following as of April 2, 2022 and December 31, 2021:


Contract Balances	April 2, 2022		December 31, 2021		Change
Contract Accounts Receivable(1)	$	213.9	$	215.3	$	(1.4)
Contract Assets	30.3		28.9		1.4
Contract Liabilities - current	(43.7)		(44.7)		1.0
Contract Liabilities - non-current(2)	(5.8)		(5.8)		—
Net contract balance	$	194.7	$	193.7	$	1.0

___________________________

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

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

The $1.0 increase in our net contract asset balance from December 31, 2021 to April 2, 2022 was due primarily to revenue recognized during the period, partially offset by cash payments received from customers during the period.

During the three months ended April 2, 2022, we recognized revenues of $23.6 related to our contract liabilities at December 31, 2021.

Performance Obligations

As of April 2, 2022, the aggregate amount allocated to remaining performance obligations was $96.3. We expect to recognize revenue on approximately 75% and 87% of remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter.

- 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

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-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)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 606
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-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

EMPLOYEE BENEFIT PLANS - Net Periodic Expense (Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Postretirement Plans
Net periodic pension/postretirement benefit expense
Service cost	$ 0.0	$ 0.0
Interest cost	0.3	0.3
Amortization of unrecognized prior service credits	(1.1)	(1.2)
Recognized net actuarial losses	0.3	0.0
Net periodic pension benefit (income) expense	(0.5)	(0.9)
UNITED STATES
Net periodic pension/postretirement benefit expense
Service cost	0.0	0.0
Interest cost	2.3	2.1
Expected return on plan assets	(2.1)	(2.2)
Net periodic pension benefit (income) expense	0.2	(0.1)
Foreign Plan
Net periodic pension/postretirement benefit expense
Service cost	0.0	0.0
Interest cost	1.0	0.8
Expected return on plan assets	(1.5)	(1.4)
Net periodic pension benefit (income) expense	$ (0.5)	$ (0.6)

REVENUES FROM CONTRACTS - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract Accounts Receivable	$ 213.9	$ 215.3
Increase (decrease) in accounts receivable	(1.4)
Contract Assets	30.3	28.9
Increase (decrease) in contract with customer, asset, net, current	1.4
Contract Liabilities - current	(43.7)	(44.7)
Increase (decrease) in contract with customer, liability, current	1.0
Contract Liabilities - non-current	(5.8)	(5.8)
Increase (decrease) in contract with customer, liability, noncurrent	0.0
Net contract balance	194.7	$ 193.7
Increase (decrease) in contract with customers, net	$ 1.0

CONTINGENT LIABILITIES AND OTHER MATTERS

3 Months Ended

Apr. 02, 2022

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 $645.6 and $658.8 at April 2, 2022 and December 31, 2021, respectively. Of these amounts, $570.6 and $584.3 are included in “Other long-term liabilities” within our condensed consolidated balance sheets at April 2, 2022 and December 31, 2021, 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 April 2, 2022 and December 31, 2021:


	April 2, 2022		December 31, 2021
Insurance recovery assets (1)	$	521.2	$	526.2
Liabilities for claims (2)	604.5		616.5

__________________________

(1)Of these amounts, $466.2 and $473.6 are included in “Other assets” at April 2, 2022 and December 31, 2021, respectively, while the remainder is included in “Other current assets.”

(2)Of these amounts, $548.6 and $561.4 are included in “Other long-term liabilities” at April 2, 2022 and December 31, 2021, 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 the asbestos-related claims for the three months ended April 2, 2022 and April 3, 2021:


	Three months ended
	April 2, 2022	April 3, 2021
Pending claims, beginning of period	10,065	9,782
Claims filed	712	514
Claims resolved	(597)	(167)
Pending claims, end of period	10,180	10,129

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 three months ended April 2, 2022 and April 3, 2021, our payments for asbestos-related claims, net of respective insurance recoveries of $7.4 and $8.0, were $7.2 and $3.8, respectively. A significant increase in claims, costs and/or issues with existing insurance coverage (e.g., dispute with or insolvency of insurer(s)) could have a material adverse impact on our share of future payments related to these matters, and, as a result, have a material impact on our financial position, results of operations and cash flows.

During the three months ended April 2, 2022 and April 3, 2021, there were no other changes in estimates associated with our assets and liabilities related to our asbestos product liability matters.

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 $69.0). 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 $39.1), 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 condensed 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 condensed 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 condensed consolidated statement of operations. 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 condensed consolidated statement of operations.

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 $54.5), 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 condensed 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 $28.1) 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 condensed consolidated financial statements with respect to these claims. Although it is reasonably possible that some loss may be incurred in connection with these claims, we currently are unable to estimate the potential loss or range of potential loss.

MHI has made other claims against DBT totaling South African Rand 176.2 (or $12.2). 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 condensed 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 the 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 $28.9) 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 $28.9) is unlikely to occur over the next twelve months. As such, we have reflected the South African Rand 418.3 (or $28.9) as a non-current asset within our condensed consolidated balance sheets as of April 2, 2022 and December 31, 2021.

The remaining bond of $2.0 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 condensed consolidated statement of operations.

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 assure you 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. We had liabilities for site investigation and/or remediation at 18 sites that we own or control, or formerly owned and controlled, as of April 2, 2022 and December 31, 2021. 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 the revision 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 April 2, 2022 and 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, at which the liability has not been settled and all of which have been active in the past few years. These laws may impose liability on certain persons that are considered jointly and severally liable for the costs of investigation and remediation of hazardous substances present at these sites, regardless of fault or legality of the original disposal. These persons include the present or former owners or operators of the site and companies that generated, disposed of or arranged for the disposal of hazardous substances at the site. We are considered a “de minimis” potentially responsible party at most of the sites, and we estimate that our aggregate liability, if any, related to these sites is not material to our condensed consolidated financial statements. We conduct extensive environmental due diligence with respect to potential acquisitions, including environmental site assessments and such further testing as we may deem warranted. If an environmental matter is identified, we estimate the cost and either establish a liability, purchase insurance or obtain an indemnity from a financially sound seller; however, in connection with our acquisitions or dispositions, we may assume or retain significant environmental liabilities, some of which we may be unaware. The potential costs related to these environmental matters and the possible impact on future operations are uncertain due in part to the complexity of government laws and regulations and their interpretations, the varying costs and effectiveness of various clean-up technologies, the uncertain level of insurance or other types of recovery, and the questionable level of our responsibility. We record a liability when it is both probable and the amount can be reasonably estimated.

In our opinion, after considering accruals established for such purposes, the cost of remedial actions for compliance with the present laws and regulations governing the protection of the environment 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. The insurance may be insufficient or unavailable (e.g., because of insurer insolvency) to protect us against loss exposure.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Cash flows from (used in) operating activities:
Net income	$ 11.4	$ 26.8
Less: Income (loss) from discontinued operations, net of tax	(1.6)	3.8
Income from continuing operations	13.0	23.0
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities:
Special charges, net	0.0	0.2
Gain on change in fair value of equity security	(4.4)	(5.2)
Deferred and other income taxes	4.3	8.3
Depreciation and amortization	14.0	8.7
Pension and other employee benefits	1.6	0.7
Long-term incentive compensation	3.1	2.7
Other, net	0.6	1.8
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable and other assets	10.4	27.5
Inventories	(25.6)	(6.9)
Accounts payable, accrued expenses and other	(65.5)	(37.3)
Cash spending on restructuring actions	(0.1)	(0.4)
Net cash from (used in) continuing operations	(48.6)	23.1
Net cash from (used in) discontinued operations	(8.6)	37.1
Net cash from (used in) operating activities	(57.2)	60.2
Cash flows from (used in) investing activities:
Proceeds related to company-owned life insurance policies, net	0.0	3.5
Business acquisition, net of cash acquired	(41.8)	0.0
Capital expenditures	(2.1)	(2.2)
Net cash from (used in) continuing operations	(43.9)	1.3
Net cash used in discontinued operations	(13.9)	(0.4)
Net cash from (used in) investing activities	(57.8)	0.9
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	0.0	54.0
Repayments under senior credit facilities	(3.1)	(81.6)
Borrowings under trade receivables arrangement	0.0	54.0
Repayments under trade receivables arrangement	0.0	(48.0)
Net borrowings (repayments) under other financing arrangements	(0.2)	0.2
Payment of contingent consideration	(1.3)	0.0
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options	(6.4)	(3.8)
Net cash used in continuing operations	(11.0)	(25.2)
Net cash used in discontinued operations	(0.4)	(0.4)
Net cash used in financing activities	(11.4)	(25.6)
Change in cash and equivalents due to changes in foreign currency exchange rates	(0.1)	3.1
Net change in cash and equivalents	(126.5)	38.6
Consolidated cash and equivalents, beginning of period	396.0	68.3
Consolidated cash and equivalents, end of period	$ 269.5	$ 106.9

INFORMATION ON REPORTABLE SEGMENTS

3 Months Ended

Apr. 02, 2022

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 Accounting Standards Codification (“Codification”). Operating income or loss for each of our reportable segments is determined before considering, if applicable, 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, North Carolina corporate headquarters.

Financial data for our reportable segments for the three months ended April 2, 2022 and April 3, 2021 are presented below:


	Three months ended
	April 2, 2022		April 3, 2021
Revenues:
HVAC reportable segment	$	193.1	$	175.6
Detection and Measurement reportable segment	114.0		111.6
Consolidated revenues	$	307.1	$	287.2

Income:
HVAC reportable segment	$	15.2	$	22.3
Detection and Measurement reportable segment	15.0		20.0
Total income for reportable segments	30.2		42.3

Corporate expense	16.6		14.4
Long-term incentive compensation expense	3.1		2.7

Special charges, net	—		0.2
Other operating income	(0.9)		—
Consolidated operating income	$	11.4	$	25.0

- 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.

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+ Details

INFORMATION ON REPORTABLE SEGMENTS - Narrative (Details)	3 Months Ended
	Apr. 02, 2022 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

INVENTORIES, NET - Inventories (Details) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 58.9	$ 55.1
Work in process	25.1	21.1
Raw materials and purchased parts	136.7	113.6
Total inventories	$ 220.7	$ 189.8

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended
	Mar. 01, 2021	Apr. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	105
Exercise price per share (in dollars per share)	$ 48.97
Fair value of stock option grants (in dollars per share)	$ 19.33
Historical period upon which annual expected stock price volatility is based (years)		6 years
Vesting period (years)		3 years
Compensation costs not yet recognized		$ 3.1
Weighted-average period over which unrecognized compensation costs will be recognized		2 years 6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Daily treasury yield curve period upon which average risk-free interest rate is based (years)		5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term (years)	10 years
Daily treasury yield curve period upon which average risk-free interest rate is based (years)		7 years

CONTINGENT LIABILITIES AND OTHER MATTERS - Assets and Liabilities Related to Asbestos-related Claims (Details) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Product Liability Contingency [Line Items]
Liabilities for claims	$ 604.5	$ 616.5
Other Long Term Liabilities
Product Liability Contingency [Line Items]
Accruals included in other long-term liabilities	570.6	584.3
Asbestos Related Claims
Product Liability Contingency [Line Items]
Insurance recovery assets	521.2	526.2
Asbestos Related Claims \| Other Assets
Product Liability Contingency [Line Items]
Insurance recovery assets, noncurrent	466.2	473.6
Asbestos Related Claims \| Other Long Term Liabilities
Product Liability Contingency [Line Items]
Accruals included in other long-term liabilities	$ 548.6	$ 561.4

INVENTORIES, NET

3 Months Ended

Apr. 02, 2022

Inventory Disclosure [Abstract]

INVENTORIES, NET

INVENTORIES, NETInventories at April 2, 2022 and December 31, 2021 comprised the following:


	April 2, 2022		December 31, 2021
Finished goods	$	58.9	$	55.1
Work in process	25.1		21.1
Raw materials and purchased parts	136.7		113.6
Total inventories	$	220.7	$	189.8

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values.

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - PSU's, RSU's (Details) - Performance Stock Units and Restricted Stock Units shares in Thousands	3 Months Ended
	Apr. 02, 2022 $ / shares shares
Unvested PSU's and RSU's
Outstanding at beginning of period (in shares) \| shares	636
Granted (in shares) \| shares	265
Vested (in shares) \| shares	(320)
Forfeited (in shares) \| shares	(7)
Outstanding at end of period (in shares) \| shares	574
Weighted-Average Grant-Date Fair Value Per Share
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 49.14
Granted (in dollars per share) \| $ / shares	48.39
Vested (in dollars per share) \| $ / shares	43.97
Forfeited (in dollars per share) \| $ / shares	50.57
Outstanding at end of period (in dollars per share) \| $ / shares	$ 51.67

AQUISITIONS AND DISCONTINUED OPERATIONS

3 Months Ended

Apr. 02, 2022

Acquisitions and Discontinued Operations [Abstract]

AQUISITIONS AND DISCONTINUED OPERATIONS

ACQUISITIONS AND DISCONTINUED OPERATIONS

As indicated in Note 1, on April 19, 2021, August 2, 2021, December 15, 2021, and March 31, 2022, we completed the acquisitions of Sealite, ECS, Cincinnati Fan, and ITL, respectively. The pro forma effects of these acquisitions are not material to our condensed 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. During the first quarter of 2022, we reached agreement with the Purchaser on the amount of cash, debt and working capital on the date the Transaction was consummated, for a payment made to the Purchaser of $13.9 with no resulting adjustment to the gain on sale.

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 three months ended April 3, 2021 are shown below:


	Three months ended
	April 3, 2021
Revenues	$	110.6
Costs and expenses:
Cost of product sold	89.4
Selling, general and administrative	9.5


Other expense, net	0.2

Income before income tax	11.5
Income tax provision	(2.9)
Income from discontinued operations, net of tax	$	8.6

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 reporting DBT as a discontinued operation for all periods presented.

Major line items constituting pre-tax loss and after-tax loss of DBT for the three months ended April 3, 2021 are shown below:


	Three months ended
	April 3, 2021
Revenues	$	0.7
Costs and expenses:
Cost of product sold	1.0
Selling, general and administrative	4.2
Special charges	0.5
Other expense, net	0.2

Loss before tax	(5.2)
Income tax benefit	1.2
Loss after tax	$	(4.0)


	April 2, 2022		December 31, 2021
ASSETS
Cash and equivalents	$	6.7	$	7.8
Accounts receivable, net	10.0		9.1
Other current assets	7.7		7.0
Property, plant and equipment:
Buildings and leasehold improvements	0.3		0.2
Machinery and equipment	1.5		1.5
	1.8		1.7
Accumulated depreciation	(1.6)		(1.5)
Property, plant and equipment, net	0.2		0.2
Other assets	30.4		27.6
Total assets of DBT	$	55.0	$	51.7
LIABILITIES
Accounts payable	$	1.6	$	2.3
Contract liabilities	5.8		5.6
Accrued expenses	25.1		22.4
Other long-term liabilities	5.3		4.9
Total liabilities of DBT	$	37.8	$	35.2

Wind-Down of the Heat Transfer Business

We completed the wind-down of our SPX Heat Transfer (“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.

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 condensed consolidated balance sheets as of April 2, 2022 and December 31, 2021. The major line items constituting Heat Transfer's assets and liabilities as of April 2, 2022 and December 31, 2021 are shown below:


	April 2, 2022		December 31, 2021
ASSETS
Accounts receivable, net	$	0.1	$	0.1
Other current assets	0.2		0.2
Other assets	0.1		0.2

Total assets of Heat Transfer	$	0.4	$	0.5
LIABILITIES
Accounts payable	$	0.1	$	0.3
Accrued expenses	0.1		0.1
Total liabilities of Heat Transfer	$	0.2	$	0.4

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 three months ended April 2, 2022 and April 3, 2021, results of operations from our businesses reported as discontinued operations were as follows:


	Three months ended
	April 2, 2022		April 3, 2021
Transformer Solutions (1)
Income (loss) from discontinued operations	$	(0.3)	$	11.5
Income tax (provision) benefit	0.1		(2.9)
Income (loss) from discontinued operations, net	(0.2)		8.6

DBT (2)
Loss from discontinued operations	(1.6)		(5.2)
Income tax benefit	0.4		1.2
Loss from discontinued operations, net	(1.2)		(4.0)

Heat Transfer (3)
Loss from discontinued operations	—		(0.1)
Income tax (provision) benefit	—		—
Loss from discontinued operations, net	—		(0.1)

All other (3)
Loss from discontinued operations	(0.2)		(0.9)
Income tax benefit	—		0.2
Loss from discontinued operations, net	(0.2)		(0.7)

Total
Income (loss) from discontinued operations	(2.1)		5.3
Income tax (provision) benefit	0.5		(1.5)
Income (loss) from discontinued operations, net	$	(1.6)	$	3.8

___________________________

(1) Loss for the three months ended April 2, 2022 resulted primarily from revisions to liabilities retained in connection with the disposition.

(2) Loss for the three months ended April 2, 2022 resulted primarily from legal costs incurred in connection with various dispute resolution matters related to two large power projects.

(3) Loss for the three months ended April 2, 2022 and April 3, 2021 resulted primarily from revisions to liabilities retained in connection with prior dispositions.

CONTINGENT LIABILITIES AND OTHER MATTERS - Asbestos Product Liability Matters (Details) - Asbestos Related Claims - claim	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Pending claims, beginning of period	10,065	9,782
Claims filed	712	514
Claims resolved	(597)	(167)
Pending claims, end of period	10,180	10,129

REVENUES FROM CONTRACTS - Performance Obligation Narrative (Details) $ in Millions	Apr. 02, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 96.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-03 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	75.00%
Remaining performance obligation, timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-03 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	87.00%
Remaining performance obligation, timing of satisfaction	24 months

CONTINGENT LIABILITIES AND OTHER MATTERS - General (Details)	3 Months Ended
	Apr. 02, 2022 USD ($) entity	Apr. 03, 2021 USD ($)	Dec. 31, 2021 USD ($)
Contingent Liabilities and Other Matters
Carrying values of accruals	$ 645,600,000		$ 658,800,000
Insurance recoveries	7,400,000	$ 8,000,000.0
Payments for asbestos-related matters, net of insurance recoveries	7,200,000	3,800,000
Recorded charges related to asbestos product liability matters	$ 0	$ 0
Minimum \| Asbestos Issue
Contingent Liabilities and Other Matters
Number of corporate entities named as defendants \| entity	50
Other Long Term Liabilities
Contingent Liabilities and Other Matters
Accruals included in other long-term liabilities	$ 570,600,000		584,300,000
Other Long Term Liabilities \| Asbestos Issue
Contingent Liabilities and Other Matters
Accruals included in other long-term liabilities	$ 548,600,000		$ 561,400,000

ACQUISITIONS AND DISCONTINUED OPERATIONS - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Discontinued Operations
Income (loss) from discontinued operations, net of tax	$ (1.6)	$ 3.8
Discontinued Operations
Discontinued Operations
Income (loss) from discontinued operations	(2.1)	5.3
Income tax (provision) benefit	0.5	(1.5)
Income (loss) from discontinued operations, net of tax	(1.6)	3.8
Discontinued Operations \| Transformer Solutions
Discontinued Operations
Income (loss) from discontinued operations	(0.3)	11.5
Income tax (provision) benefit	0.1	(2.9)
Income (loss) from discontinued operations, net of tax	(0.2)	8.6
Discontinued Operations \| DBT
Discontinued Operations
Income (loss) from discontinued operations	(1.6)	(5.2)
Income tax (provision) benefit	0.4	1.2
Income (loss) from discontinued operations, net of tax	(1.2)	(4.0)
Discontinued Operations \| Heat Transfer
Discontinued Operations
Income (loss) from discontinued operations	0.0	(0.1)
Income tax (provision) benefit	0.0	0.0
Income (loss) from discontinued operations, net of tax	0.0	(0.1)
Discontinued Operations \| All other
Discontinued Operations
Income (loss) from discontinued operations	(0.2)	(0.9)
Income tax (provision) benefit	0.0	0.2
Income (loss) from discontinued operations, net of tax	$ (0.2)	$ (0.7)

- Definition

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

+ References + Details

- Definition

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

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+ Details

INCOME AND OTHER TAXES	3 Months Ended
INCOME AND OTHER TAXES	Apr. 02, 2022
Income Tax Disclosure [Abstract]
INCOME AND OTHER TAXES	INCOME AND OTHER TAXES Uncertain Tax Benefits As of April 2, 2022, we had gross unrecognized tax benefits of $7.1 (net unrecognized tax benefits of $6.4). All of these net unrecognized tax benefits would impact our effective tax rate from continuing operations if recognized. We classify interest and penalties related to unrecognized tax benefits as a component of our income tax provision. As of April 2, 2022, gross accrued interest totaled $2.7 (net accrued interest of $2.3). As of April 2, 2022, 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. Other Tax Matters For the three months ended April 2, 2022, we recorded an income tax provision of $2.6 on $15.6 of pre-tax income from continuing operations, resulting in an effective rate of 16.7%. This compares to an income tax provision for the three months ended April 3, 2021 of $5.3 on $28.3 of pre-tax income from continuing operations, resulting in an effective rate of 18.7%. The most significant item impacting the income tax provision for the first quarter of 2022 and 2021 was $0.7 and $0.9, respectively, of excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the periods. We perform reviews of our income tax positions on a continuous basis and accrue for potential uncertain positions when we determine that an uncertain position meets the criteria of the Income Taxes Topic of the Codification. Accruals for these uncertain tax positions are recorded in “Income taxes payable” and “Deferred and other income taxes” in the accompanying condensed consolidated balance sheets based on the expectation as to the timing of when the matters will be resolved. As events change and resolutions occur, these accruals are adjusted, such as in the case of audit settlements with taxing authorities. During the second quarter of 2021, the Internal Revenue Service (“IRS”) concluded its audit of our 2013, 2014, 2015, 2016 and 2017 federal income tax returns. We believe contingencies related to the subsequent returns are adequately provided for. State income tax returns generally are subject to examination for a period of three to five years after filing the respective tax returns. The impact on such tax returns of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. We have various state income tax returns in the process of examination. We believe any uncertain tax positions related to these examinations have been adequately provided for. We have various foreign income tax returns under examination. The most significant of these is 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 impact 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 April 2, 2022 and December 31, 2021. 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 April 2, 2022. This amount is required to be paid by the end of 2022.

- Definition

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

+ References

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangibles, Net (Details) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 304.2	$ 304.4
Accumulated Amortization	(70.4)	(61.1)
Net Carrying Value	233.8	243.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Value	476.3	476.6
Accumulated Amortization	(70.4)	(61.1)
Net Carrying Value	405.9	415.5
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Trademarks with indefinite lives	172.1	172.2
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	188.0	188.2
Accumulated Amortization	(30.4)	(26.7)
Net Carrying Value	157.6	161.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(30.4)	(26.7)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	80.1	80.1
Accumulated Amortization	(13.6)	(11.9)
Net Carrying Value	66.5	68.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(13.6)	(11.9)
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	31.6
Accumulated Amortization	(21.9)	(18.0)
Net Carrying Value	9.7	13.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (21.9)	$ (18.0)

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - PSU's, RSU's Narrative (Details) - Performance Stock Units and Restricted Stock Units $ in Millions	3 Months Ended
	Apr. 02, 2022 USD ($)
Stock-based Compensation
Unrecognized compensation cost	$ 18.0
Weighted-average period over which unrecognized compensation costs will be recognized	2 years 4 months 24 days

EMPLOYEE BENEFIT PLANS

3 Months Ended

Apr. 02, 2022

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

On February 17, 2022, we transferred our existing liability under the SPX Postretirement Benefit Plans (the “Plans”) for a group of participants with retiree life insurance benefits to an insurance carrier for consideration payable to the insurance carrier of approximately $10.0. Of this consideration, $9.0 was paid during the quarter ended April 2, 2022, with the remainder expected to be paid in the second quarter of 2022. This transaction resulted in a settlement charge of $0.7 recorded in net periodic pension benefit expense during the first quarter of 2022. In addition, and in connection with this transfer, we remeasured the assets and liabilities of the Plans as of the transfer date, which resulted in a benefit of $0.4 recorded in net periodic pension benefit expense for the three months ended April 2, 2022. Lastly, as a result of the transfer, we have eliminated the third-party cost and internal resource requirements associated with administering these benefits.

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

Domestic Pension Plans


	Three months ended
	April 2, 2022		April 3, 2021
Service cost	$	—	$	—
Interest cost	2.3		2.1
Expected return on plan assets	(2.1)		(2.2)



Net periodic pension benefit (income) expense	$	0.2	$	(0.1)

Foreign Pension Plans


	Three months ended
	April 2, 2022		April 3, 2021
Service cost	$	—	$	—
Interest cost	1.0		0.8
Expected return on plan assets	(1.5)		(1.4)

Net periodic pension benefit income	$	(0.5)	$	(0.6)

Postretirement Plans


	Three months ended
	April 2, 2022		April 3, 2021
Service cost	$	—	$	—
Interest cost	0.3		0.3

Amortization of unrecognized prior service credits	(1.1)		(1.2)
Recognized net actuarial losses (1)	0.3		—
Net periodic postretirement benefit income	$	(0.5)	$	(0.9)

_________________

(1) The three months ended April 2, 2022 includes the impact of the transfer of the retiree life insurance benefits obligation.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

SPECIAL CHARGES, NET (Tables)

3 Months Ended

Apr. 02, 2022

Restructuring and Related Activities [Abstract]

Special Charges

Special charges, net, for the three months ended April 2, 2022 and April 3, 2021 are described in more detail below:


	Three months ended
	April 2, 2022		April 3, 2021
HVAC reportable segment	$	—	$	—
Detection and Measurement reportable segment	—		0.2
Corporate	—		—
Total	$	—	$	0.2

Analysis of Restructuring Liabilities

The following is an analysis of our restructuring liabilities for the three months ended April 2, 2022 and April 3, 2021:


	Three months ended
	April 2, 2022		April 3, 2021
Balance at beginning of year	$	0.3	$	0.8
Special charges	—		0.2
Utilization — cash	(0.1)		(0.4)
Currency translation adjustment and other	—		—
Balance at end of period	$	0.2	$	0.6

ACQUISITIONS AND DISCONTINUED OPERATIONS - Sale of Transformers Solutions Business (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Discontinued Operations
Income (loss) from discontinued operations, net of tax	$ (1.6)	$ 3.8
Discontinued Operations
Discontinued Operations
Income before income tax	(2.1)	5.3
Income tax provision	0.5	(1.5)
Income (loss) from discontinued operations, net of tax	$ (1.6)	3.8
Discontinued Operations \| Transformer Solutions Business
Discontinued Operations
Revenues		110.6
Cost of product sold		89.4
Selling, general and administrative		9.5
Other expense, net		0.2
Income before income tax		11.5
Income tax provision		(2.9)
Income (loss) from discontinued operations, net of tax		$ 8.6

INFORMATION ON REPORTABLE SEGMENTS - Financial Data (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Revenues:
Revenues	$ 307.1	$ 287.2
Income:
Consolidated operating income	11.4	25.0
Special charges, net	0.0	0.2
Other operating income	0.9	0.0
HVAC reportable segment
Revenues:
Revenues	193.1	175.6
Detection and Measurement reportable segment
Revenues:
Revenues	114.0	111.6
Operating Segments
Revenues:
Revenues	307.1	287.2
Income:
Consolidated operating income	30.2	42.3
Operating Segments \| HVAC reportable segment
Revenues:
Revenues	193.1	175.6
Income:
Consolidated operating income	15.2	22.3
Special charges, net	0.0	0.0
Operating Segments \| Detection and Measurement reportable segment
Revenues:
Revenues	114.0	111.6
Income:
Consolidated operating income	15.0	20.0
Special charges, net	0.0	0.2
Corporate expense
Income:
Corporate expense	16.6	14.4
Special charges, net	0.0	0.0
Segment Reconciling Items
Income:
Long-term incentive compensation expense	3.1	2.7
Special charges, net	0.0	0.2
Other operating income	$ (0.9)	$ 0.0

INDEBTEDNESS - Senior Credit Facilities (Details) $ in Millions	Apr. 02, 2022 USD ($)
Domestic Line of Credit
Line of Credit Facility [Line Items]
Amount of available borrowing capacity	$ 438.2
Letters of credit issued, amount outstanding	11.8
Foreign credit instrument facility
Line of Credit Facility [Line Items]
Amount of available borrowing capacity	28.9
Letters of credit issued, amount outstanding	$ 26.1
Line of Credit
Line of Credit Facility [Line Items]
Weighted-average interest rate of senior credit facilities	1.80%

CONTINGENT LIABILITIES AND OTHER MATTERS - Environmental Matters (Details) - Site investigation and remediation - site	Apr. 02, 2022	Dec. 31, 2021
Environmental Matters
Number of sites	18	18
Number of third-party disposal sites for which entity is potentially responsible	9

INCOME AND OTHER TAXES (Details) - USD ($)	3 Months Ended
INCOME AND OTHER TAXES (Details) - USD ($)	Apr. 02, 2022	Apr. 03, 2021
Operating Loss Carryforwards
Gross unrecognized tax benefits	$ 7,100,000
Net unrecognized tax benefits	6,400,000
Gross accrued interest	2,700,000
Net accrued interest	2,300,000
Penalties accrued	0
Income tax provision	(2,600,000)	$ (5,300,000)
Pre-tax income (loss) from continuing operations	$ 15,600,000	$ 28,300,000
Effective income tax rate (as a percent)	16.70%	18.70%
Excess tax provision from stock-based compensation awards vested	$ 700,000	$ 900,000
Deferral totaling amount	3,500,000
Maximum
Operating Loss Carryforwards
Reasonably possible amount that unrecognized tax benefits could decrease within next 12 months, high end of range	$ 5,000,000.0

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) $ in Millions	3 Months Ended
	Apr. 02, 2022 USD ($)
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	$ 953.8
Accumulated impairment, balance at the beginning of the period	(496.5)
Goodwill, balance at the beginning of the period	457.3
Goodwill Resulting from Business Combinations	34.5
Impairments	0.0
Accumulated impairment	0.0
Goodwill, impairment, net of accumulation	0.0
Gross goodwill related to foreign currency translation	(3.3)
Accumulated impairments related to foreign currency translation	2.1
Goodwill related to foreign currency translation	(1.2)
Gross goodwill, end of the period	985.0
Accumulated impairment, balance at the end of the period	(494.4)
Goodwill, balance at the end of the period	490.6
International Tower Lighting, LLC
Changes in the carrying amount of goodwill
Goodwill Resulting from Business Combinations	35.6
Cincinnati Fan
Changes in the carrying amount of goodwill
Decrease in goodwill	0.7
Sealite Acquisition
Changes in the carrying amount of goodwill
Decrease in goodwill	0.4
HVAC reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	528.9
Accumulated impairment, balance at the beginning of the period	(334.1)
Goodwill, balance at the beginning of the period	194.8
Goodwill Resulting from Business Combinations	(0.7)
Impairments	0.0
Goodwill, impairment, net of accumulation	0.0
Gross goodwill related to foreign currency translation	(2.1)
Accumulated impairments related to foreign currency translation	1.4
Goodwill related to foreign currency translation	(0.7)
Gross goodwill, end of the period	526.1
Accumulated impairment, balance at the end of the period	(332.7)
Goodwill, balance at the end of the period	193.4
Detection and Measurement reportable segment
Changes in the carrying amount of goodwill
Gross goodwill, beginning of the period	424.9
Accumulated impairment, balance at the beginning of the period	(162.4)
Goodwill, balance at the beginning of the period	262.5
Goodwill Resulting from Business Combinations	35.2
Impairments	0.0
Accumulated impairment	0.0
Goodwill, impairment, net of accumulation	0.0
Gross goodwill related to foreign currency translation	(1.2)
Accumulated impairments related to foreign currency translation	0.7
Goodwill related to foreign currency translation	(0.5)
Gross goodwill, end of the period	458.9
Accumulated impairment, balance at the end of the period	(161.7)
Goodwill, balance at the end of the period	$ 297.2

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Apr. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Unless otherwise indicated, “we,” “us” and “our” mean SPX Corporation and its consolidated subsidiaries (“SPX”). We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 3 for information on discontinued operations). We account for investments in unconsolidated companies where we exercise significant influence but do not have control using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. All of our VIEs are immaterial, individually and in aggregate, to our condensed consolidated financial statements. 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. During the quarter ended April 2, 2022, we agreed to the final adjustment of the purchase price which resulted in a payment to the Purchaser of $13.9 with no resulting adjustment to the gain on sale. 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 concluded that the sale of Transformer Solutions represented a strategic shift. Accordingly, we have classified the business as a discontinued operation in the accompanying condensed consolidated financial statements. See Note 3 for additional details. Wind-Down of DBT Technologies Business During the fourth quarter of 2021, we substantially ceased all operations of DBT Technologies (PTY) LTD (“DBT”). As a result, we are reporting DBT as a discontinued operation in the accompanying condensed consolidated financial statements. DBT continues to be involved in various dispute resolution matters related to two large power projects. See Note 3 for additional details regarding DBT's presentation as a discontinued operation and Note 15 regarding the dispute resolution matters. Acquisition of 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 consideration 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. Acquisition of 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 consideration 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 $16.4, with payment to be made in the fourth quarter of 2022 upon successful achievement of certain financial performance milestones. 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 certain large orders, resulting in a reduction of the estimated liability of $6.7. During the first quarter of 2022, we further reduced the estimated liability by $0.9, with such amount recorded within “Other operating income.” The estimated fair value of such contingent consideration, which we have reflected as a liability in our condensed consolidated balance sheets, was $0.6 and $1.5 at April 2, 2022 and December 31, 2021, respectively. The post acquisition operating results of ECS are reflected within our Detection and Measurement reportable segment. Acquisition of 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 consideration 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. Acquisition of ITL On March 31, 2022, we completed the acquisition of International Tower Lighting, LLC (“ITL”), a leader in the design and manufacture of highly-engineered Aids-to-Navigation systems, including obstruction lighting for telecommunications towers, wind turbines and numerous other terrestrial obstructions. We purchased ITL for cash consideration of $41.8, net of cash acquired of $1.1. 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 ITL are reflected within our Detection and Measurement reportable segment. The assets acquired and liabilities assumed in the Sealite, ECS, Cincinnati Fan, and ITL 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, and the valuation of ITL's acquired intangible assets. Change in Segment Reporting Structure As Transformer Solutions is now being reported as a discontinued operation, the remaining operations of our former Engineered Solutions reportable segment 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. Change in Accounting Method During the fourth quarter of 2021, as a means of harmonizing our accounting method for inventory across all of our businesses, we converted the inventory accounting for certain businesses within our HVAC reportable segment from the last-in, first-out (“LIFO”) method to the first-in, first-out (“FIFO”) method. This change in accounting has been retrospectively applied, with the change having no impact on our results herein for the three months ended April 3, 2021. Other Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021. Interim results are not necessarily indicative of full year results. 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 2022 are April 2, July 2, and October 1, compared to the respective April 3, July 3 and October 2, 2021 dates. We had one less day in the first quarter of 2022 and will have one more day in the fourth quarter of 2022 than in the respective 2021 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the three months ended April 2, 2022, when compared to the consolidated operating results for the 2021 respective period. Reclassification of Prior Year Amounts Certain prior year amounts have been reclassified to conform to the current year presentation, including amounts related to the inclusion of DBT and Transformer Solutions within discontinued operations and the resulting change in our segment reporting structure noted above.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Current assets:
Cash and equivalents	$ 262.8	$ 388.2
Accounts receivable, net	223.1	223.4
Contract assets	30.3	28.9
Inventories, net	220.7	189.8
Other current assets	78.6	73.1
Total current assets	815.5	903.4
Property, plant and equipment:
Land	13.9	13.9
Buildings and leasehold improvements	62.8	62.9
Machinery and equipment	233.1	231.4
Property, plant and equipment, gross	309.8	308.2
Accumulated depreciation	(199.1)	(194.9)
Property, plant and equipment, net	110.7	113.3
Goodwill	490.6	457.3
Intangibles, net	405.9	415.5
Other assets	676.6	675.9
Deferred income taxes	12.5	11.0
Assets of DBT and Heat Transfer (includes cash and cash equivalents of $6.7 and $7.8 at April 2, 2022 and December 31, 2021, respectively)	55.4	52.2
TOTAL ASSETS	2,567.2	2,628.6
Current liabilities:
Accounts payable	111.0	119.6
Contract liabilities	43.7	44.7
Accrued expenses	177.4	217.9
Income taxes payable	46.8	42.1
Short-term debt	2.0	2.2
Current maturities of long-term debt	13.0	13.0
Total current liabilities	393.9	439.5
Long-term debt	227.7	230.8
Deferred and other income taxes	30.6	31.3
Other long-term liabilities	761.2	788.5
Liabilities of DBT and Heat Transfer	38.0	35.6
Total long-term liabilities	1,057.5	1,086.2
Commitments and contingent liabilities (Note 15)
Stockholders' Equity:
Common stock (53,065,643 and 45,716,583 issued and outstanding at April 2, 2022, respectively, and 53,011,255 and 45,467,768 issued and outstanding at December 31, 2021, respectively)	0.5	0.5
Paid-in capital	1,321.2	1,334.2
Retained deficit	(40.4)	(51.8)
Accumulated other comprehensive income	266.9	263.9
Common stock in treasury (7,349,060 and 7,543,487 shares at April 2, 2022 and December 31, 2021, respectively)	(432.4)	(443.9)
Total stockholders' equity	1,115.8	1,102.9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,567.2	$ 2,628.6

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Apr. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS 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 $240.6, 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 April 2, 2022 and December 31, 2021, the unrealized gain, net of tax, recorded in accumulated other comprehensive income (“AOCI”) was $7.0 and $0.5, respectively. In addition, as of April 2, 2022, the fair value of our interest rate swap agreements totaled $9.3 (with $0.3 recorded as a current asset, $9.4 as a non-current asset, and $0.4 as a current liability), and $0.6 at December 31, 2021 (with $2.5 recorded as a non-current asset and $1.9 as a current liability). 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 (“GBP”), 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 $4.6 and $8.7 outstanding as of April 2, 2022 and December 31, 2021, respectively, with all of the $4.6 scheduled to mature within one year. The fair value of our FX forward contracts was less than $0.1 at April 2, 2022 and December 31, 2021. Commodity Contracts In connection with our Transformer Solutions business, we historically entered into commodity contracts to manage the exposure on forecasted purchases of commodity raw materials. As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions, which has been presented within discontinued operations. 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 condensed consolidated statements of operations for the three months ended October 2, 2021. Prior to extinguishment, we designated and accounted for these contracts as cash flow hedges and, to the extent the 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.

WARRANTY (Tables)

3 Months Ended

Apr. 02, 2022

Product Warranties Disclosures [Abstract]

Schedule of Warranty Accrual

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


	Three months ended
	April 2, 2022		April 3, 2021
Balance at beginning of year	$	34.8	$	35.3

Provisions	2.6		2.8
Usage	(3.0)		(3.1)

Balance at end of period	34.4		35.0
Less: Current portion of warranty	11.2		11.1
Non-current portion of warranty	$	23.2	$	23.9

CONTINGENT LIABILITIES AND OTHER MATTERS (Tables)

3 Months Ended

Apr. 02, 2022

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 April 2, 2022 and December 31, 2021:


	April 2, 2022		December 31, 2021
Insurance recovery assets (1)	$	521.2	$	526.2
Liabilities for claims (2)	604.5		616.5

__________________________

(1)Of these amounts, $466.2 and $473.6 are included in “Other assets” at April 2, 2022 and December 31, 2021, respectively, while the remainder is included in “Other current assets.”

The following table presents information regarding activity for the asbestos-related claims for the three months ended April 2, 2022 and April 3, 2021:


	Three months ended
	April 2, 2022	April 3, 2021
Pending claims, beginning of period	10,065	9,782
Claims filed	712	514
Claims resolved	(597)	(167)
Pending claims, end of period	10,180	10,129

- Definition

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

+ References

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+ Details

FAIR VALUE - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Apr. 02, 2022 USD ($)	Apr. 03, 2021 USD ($)	Apr. 02, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Aug. 02, 2021 USD ($)	Nov. 11, 2020 USD ($)	Dec. 30, 2016 EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gain on fair value adjustment	$ 4.4	$ 5.2
Security at fair value	43.2			$ 38.8
Sensors & Software Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred payment							$ 4.0
Contingent consideration liability	1.3
Enterprise Control Systems Ltd
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred payment						$ 16.4
Contingent consideration liability	$ 0.6			$ 1.5
Discontinued Operations, Disposed of by Sale \| Buyer \| Balcke Durr Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of guarantees \| €								€ 79.0
Discontinued Operations, Disposed of by Sale \| Buyer \| Bank and Surety Bonds \| Balcke Durr Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of guarantees \| €								79.0
Discontinued Operations, Disposed of by Sale \| Buyer \| Balcke-Durr \| Balcke Durr Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash collateral \| €			€ 0.0		€ 0.0			4.0
Discontinued Operations, Disposed of by Sale \| Buyer \| mutares AG \| Indemnification Agreement \| Balcke Durr Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of guarantees \| €								€ 5.0

ACQUISITIONS AND DISCONTINUED OPERATIONS - Wind-Down of DBT (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Discontinued Operations
Income (loss) from discontinued operations, net of tax	$ (1.6)	$ 3.8
Discontinued Operations
Discontinued Operations
Income before income tax	(2.1)	5.3
Income tax provision	0.5	(1.5)
Income (loss) from discontinued operations, net of tax	$ (1.6)	3.8
Discontinued Operations \| DBT Technologies
Discontinued Operations
Revenues		0.7
Cost of product sold		1.0
Selling, general and administrative		4.2
Special charges		0.5
Other expense, net		0.2
Income before income tax		(5.2)
Income tax provision		1.2
Income (loss) from discontinued operations, net of tax		$ (4.0)

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Dec. 31, 2021	Dec. 31, 2020
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	$ 1,102.9	$ 640.1
Other comprehensive income (loss) before reclassifications	3.5	3.9
Amounts reclassified from accumulated other comprehensive income (loss)	(0.5)	(1.2)
Current-period other comprehensive income (loss)	3.0	2.7
Balance at end of period	1,115.8	671.7
Accum. Other Comprehensive Income
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	263.9	248.5
Balance at end of period	266.9	251.2
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	252.7	238.6
Other comprehensive income (loss) before reclassifications	(2.6)	0.6
Amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Current-period other comprehensive income (loss)	(2.6)	0.6
Balance at end of period	250.1	239.2
Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	0.5	(4.4)
Other comprehensive income (loss) before reclassifications	6.1	3.3
Amounts reclassified from accumulated other comprehensive income (loss)	0.4	(0.3)
Current-period other comprehensive income (loss)	6.5	3.0
Balance at end of period	7.0	(1.4)
Net of tax provision (benefit)	2.3	(0.4)	$ 0.1	$ (1.4)
Gains on pension and postretirement items:
Components of accumulated other comprehensive income, net of tax [Roll Forward]
Balance at beginning of period	10.7	14.3
Other comprehensive income (loss) before reclassifications	0.0	0.0
Amounts reclassified from accumulated other comprehensive income (loss)	(0.9)	(0.9)
Current-period other comprehensive income (loss)	(0.9)	(0.9)
Balance at end of period	9.8	13.4
Net of tax provision (benefit)	$ 3.5	$ 4.6	$ 3.7	$ 4.9

SPECIAL CHARGES, NET - Special Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Special Charges, Net
Special charges, net	$ 0.0	$ 0.2
Operating Segments \| HVAC reportable segment
Special Charges, Net
Special charges, net	0.0	0.0
Operating Segments \| Detection and Measurement reportable segment
Special Charges, Net
Special charges, net	0.0	0.2
Corporate expense
Special Charges, Net
Special charges, net	$ 0.0	$ 0.0

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION - Income Per Share (Details) (Details) - shares shares in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Restricted stock shares/units
Stock-based Compensation
Number of options or units that were excluded from the computation of diluted income per share (in shares)	243	234
Stock Options
Stock-based Compensation
Number of options or units that were excluded from the computation of diluted income per share (in shares)	737	627

FAIR VALUE (Tables)

3 Months Ended

Apr. 02, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Nonrecurring

Summarized below are the liability (related to parent company guarantees and bank and surety bonds) and asset (related to 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 asset during the three months ended April 3, 2021.


		Three months ended
	April 3, 2021
		Guarantees and Bonds Liability (1)		Indemnification Assets (1)
Balance at beginning of year		$	1.8	$	—
Reduction/Amortization for the period (2)		(1.7)		—
Impact of changes in foreign currency rates		(0.1)		—
Balance at end of period		$	—	$	—

___________________________

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Apr. 02, 2022	Apr. 03, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 262.8	$ 90.7
Cash and cash equivalents included in assets of DBT and Heat Transfer	6.7	16.2
Total cash and equivalents	$ 269.5	$ 106.9

EMPLOYEE BENEFIT PLANS - Narrative (Details) - SPX Postretirement Plans - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Feb. 17, 2022
Employee Benefit Plans
Consideration payable		$ 10.0
Benefit obligation, payment for settlement	$ 9.0
Loss on settlement	0.7
Remeasurement due to settlement	$ 0.4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Cash and cash equivalents included in assets of DBT and Heat Transfer	$ 6.7	$ 7.8
Common stock issued (in shares)	53,065,643	53,011,255
Common stock outstanding (in shares)	45,716,583	45,467,768
Treasury stock (in shares)	7,349,060	7,543,487

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables)

3 Months Ended

Apr. 02, 2022

Equity [Abstract]

Weighted-Average Shares Outstanding Used in Computation of Basic and Diluted Income per Share

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


	Three months ended
	April 2, 2022	April 3, 2021
Weighted-average number of common shares used in basic income per share	45.554	45.132
Dilutive securities — Employee stock options and restricted stock units	0.891	1.187
Weighted-average number of common shares and dilutive securities used in diluted income per share	46.445	46.319

Summary of PSU and RSU Activity

The following table summarizes the PSU and RSU activity from December 31, 2021 through April 2, 2022:


	Unvested PSU's and RSU's	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2021	0.636	$	49.14
Granted	0.265	48.39
Vested	(0.320)	43.97
Forfeited	(0.007)	50.57
Outstanding at April 2, 2022	0.574	$	51.67

Black-Scholes Pricing Model Assumptions


Annual expected stock price volatility	38.62	%
Annual expected dividend yield	—	%
Risk-free interest rate	1.61	%
Expected life of stock option (in years)	6.0

Schedule of Changes in Components of Accumulated Other Comprehensive Income, Net of Tax,

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 2, 2022 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	252.7	$	0.5	$	10.7	$	263.9
Other comprehensive income (loss) before reclassifications	(2.6)		6.1		—		3.5
Amounts reclassified from accumulated other comprehensive income (loss)	—		0.4		(0.9)		(0.5)
Current-period other comprehensive income (loss)	(2.6)		6.5		(0.9)		3.0
Balance at end of period	$	250.1	$	7.0	$	9.8	$	266.9

__________________________

(1)Net of tax provision of $2.3 and $0.1 as of April 2, 2022 and December 31, 2021, respectively.

(2)Net of tax provision of $3.5 and $3.7 as of April 2, 2022 and December 31, 2021, respectively. The balances as of April 2, 2022 and December 31, 2021 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 3, 2021 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Losses on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	238.6	$	(4.4)	$	14.3	$	248.5
Other comprehensive income before reclassifications	0.6		3.3		—		3.9
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.3)		(0.9)		(1.2)
Current-period other comprehensive income (loss)	0.6		3.0		(0.9)		2.7
Balance at end of period	$	239.2	$	(1.4)	$	13.4	$	251.2

__________________________

(1)Net of tax benefit of $0.4 and $1.4 as of April 3, 2021 and December 31, 2020, respectively.

(2)Net of tax provision of $4.6 and $4.9 as of April 3, 2021 and December 31, 2020, respectively. The balances as of April 3, 2021 and December 31, 2020 include unamortized prior service credits.

Schedule of Amounts Reclassified from Each Component of Other Comprehensive Income (Loss)

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended April 2, 2022 and April 3, 2021:


	Amount Reclassified from AOCI
	Three months ended
	April 2, 2022		April 3, 2021		Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges:

Commodity contracts	$	—	$	(1.8)	Income from discontinued operations, net of tax
Swaps	0.5		1.4		Interest expense
Pre-tax	0.5		(0.4)
Income taxes	(0.1)		0.1
	$	0.4	$	(0.3)

Gains on pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax	$	(1.1)	$	(1.2)	Other income, net
Income taxes	0.2		0.3
	$	(0.9)	$	(0.9)

INDEBTEDNESS - Summary of Debt Activity (Details) - USD ($)	3 Months Ended
	Apr. 02, 2022	Dec. 31, 2021
Debt
Balance at the beginning of the period	$ 246,000,000.0
Borrowings	0
Repayments	(3,300,000)
Other	0
Balance at the end of the period	242,700,000
Less: short-term debt	2,000,000.0	$ 2,200,000
Less: current maturities of long-term debt	13,000,000.0	13,000,000.0
Long-term debt	227,700,000	230,800,000
Trade receivables financing arrangement
Debt
Balance at the beginning of the period	0
Borrowings	0
Repayments	0
Other	0
Balance at the end of the period	0
Maximum borrowing capacity under financing arrangement	50,000,000.0
Other indebtedness
Debt
Balance at the beginning of the period	3,300,000
Borrowings	0
Repayments	(200,000)
Other	0
Balance at the end of the period	3,100,000
Purchase card programs	2,000,000.0	2,200,000
Finance lease, liability	1,100,000	1,100,000
Revolving loans \| Current Revolving SPX Facilities
Debt
Balance at the beginning of the period	0
Borrowings	0
Repayments	0
Other	0
Balance at the end of the period	0
Term loan \| Current SPX Term Loan Facilities
Debt
Balance at the beginning of the period	242,700,000
Borrowings	0
Repayments	(3,100,000)
Other	0
Balance at the end of the period	239,600,000
Face amount of debt	250,000,000.0
Unamortized debt issuance costs	$ 1,000,000.0	$ 1,000,000.0
Term loan \| Current SPX Term Loan Facilities \| 2022 and 2023
Debt
Periodic payment (as a percent of principal)	1.25%
Term loan \| Current SPX Term Loan Facilities \| First three quarters of 2024
Debt
Periodic payment (as a percent of principal)	1.25%

INFORMATION ON REPORTABLE SEGMENTS (Tables)

3 Months Ended

Apr. 02, 2022

Segment Reporting [Abstract]

Schedule of Financial Data for Reportable Segments and Other Operating Segments

Financial data for our reportable segments for the three months ended April 2, 2022 and April 3, 2021 are presented below:


	Three months ended
	April 2, 2022		April 3, 2021
Revenues:
HVAC reportable segment	$	193.1	$	175.6
Detection and Measurement reportable segment	114.0		111.6
Consolidated revenues	$	307.1	$	287.2

Income:
HVAC reportable segment	$	15.2	$	22.3
Detection and Measurement reportable segment	15.0		20.0
Total income for reportable segments	30.2		42.3

Corporate expense	16.6		14.4
Long-term incentive compensation expense	3.1		2.7

Special charges, net	—		0.2
Other operating income	(0.9)		—
Consolidated operating income	$	11.4	$	25.0

REVENUES FROM CONTRACTS (Tables)

3 Months Ended

Apr. 02, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three months ended April 2, 2022
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services, and engineered air quality solutions	$	116.8	$	—	$	116.8
Boilers, comfort heating, and ventilation	76.3		—		76.3
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		67.2		67.2
Communication technologies, obstruction lighting, and bus fare collection systems	—		46.8		46.8

	$	193.1	$	114.0	$	307.1

Timing of Revenue Recognition
Revenues recognized at a point in time	$	173.1	$	103.2	$	276.3
Revenues recognized over time	20.0		10.8		30.8
	$	193.1	$	114.0	$	307.1


	Three months ended April 3, 2021
Reportable Segments	HVAC		Detection and Measurement		Total

Major product lines
Package and process cooling equipment and services	$	101.7	$	—	$	101.7
Boilers, comfort heating, and ventilation	73.9		—		73.9
Underground locators, inspection and rehabilitation equipment, and robotic systems	—		67.4		67.4
Communication technologies, obstruction lighting, and bus fare collection systems	—		44.2		44.2
	$	175.6	$	111.6	$	287.2

Timing of Revenue Recognition
Revenues recognized at a point in time	$	154.4	$	96.5	$	250.9
Revenues recognized over time	21.2		15.1		36.3
	$	175.6	$	111.6	$	287.2

Contract with Customer, Asset and Liability

Our contract balances consisted of the following as of April 2, 2022 and December 31, 2021:


Contract Balances	April 2, 2022		December 31, 2021		Change
Contract Accounts Receivable(1)	$	213.9	$	215.3	$	(1.4)
Contract Assets	30.3		28.9		1.4
Contract Liabilities - current	(43.7)		(44.7)		1.0
Contract Liabilities - non-current(2)	(5.8)		(5.8)		—
Net contract balance	$	194.7	$	193.7	$	1.0

___________________________

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

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