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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 2, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
 
Commission File Number 1-6948

SPX CORPORATION
(Exact Name of registrant as specified in its charter)
Delaware 38-1016240
(State or other jurisdiction of incorporation or
organization)
 (I.R.S. Employer Identification No.)
 
6325 Ardrey Kell Road, Suite 400, Charlotte, North Carolina 28277
(Address of principal executive offices) (Zip Code)

(980474-3700
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbols(s)Name of each exchange on which registered
Common Stock, par value $0.01SPXCNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer  Smaller reporting company
 Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No. 
Common shares outstanding July 29, 2022, 45,212,562




SPX CORPORATION AND SUBSIDIARIES
FORM 10-Q INDEX





PART I—FINANCIAL INFORMATION
 
ITEM 1. Financial Statements
 
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited; in millions, except per share amounts)
 Three months endedSix months ended
July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Revenues$354.0 $296.6 $661.1 $583.8 
Costs and expenses: 
Cost of products sold229.4 194.3 432.5 377.1 
Selling, general and administrative88.3 75.4 172.5 150.6 
Intangible amortization7.1 6.5 16.4 10.5 
Special charges, net0.1 0.6 0.1 0.8 
Other operating expense, net1.9 2.7 1.0 2.7 
Operating income 27.2 17.1 38.6 42.1 
Other income (expense), net(1.7)6.4 4.8 13.8 
Interest expense(2.3)(3.4)(4.7)(7.6)
Interest income0.3  0.4 0.1 
Income from continuing operations before income taxes23.5 20.1 39.1 48.4 
Income tax provision(4.4)(2.4)(7.0)(7.7)
Income from continuing operations19.1 17.7 32.1 40.7 
Income from discontinued operations, net of tax 40.1  44.7 
Income (loss) on disposition of discontinued operations, net of tax(6.1)4.1 (7.7)3.3 
Income (loss) from discontinued operations, net of tax(6.1)44.2 (7.7)48.0 
Net income$13.0 $61.9 $24.4 $88.7 
Basic income per share of common stock: 
Income from continuing operations$0.42 $0.39 $0.71 $0.90 
Income (loss) from discontinued operations(0.13)0.98 (0.17)1.06 
Net income per share$0.29 $1.37 $0.54 $1.96 
Weighted-average number of common shares outstanding — basic45.444 45.271 45.500 45.201 
Diluted income per share of common stock: 
Income from continuing operations $0.41 $0.38 $0.69 $0.88 
Income (loss) from discontinued operations(0.13)0.95 (0.16)1.03 
Net income per share$0.28 $1.33 $0.53 $1.91 
Weighted-average number of common shares outstanding — diluted46.289 46.545 46.370 46.408 
Comprehensive income $0.1 $61.3 $14.5 $90.8 

The accompanying notes are an integral part of these statements.
3


SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share data)
July 2,
2022
December 31,
2021
ASSETS  
Current assets:  
Cash and equivalents$189.8 $388.2 
Accounts receivable, net240.5 223.4 
Contract assets33.9 28.9 
Inventories, net235.8 189.8 
Other current assets78.6 73.1 
Total current assets778.6 903.4 
Property, plant and equipment:  
Land13.9 13.9 
Buildings and leasehold improvements62.5 62.9 
Machinery and equipment234.0 231.4 
310.4 308.2 
Accumulated depreciation(200.8)(194.9)
Property, plant and equipment, net109.6 113.3 
Goodwill459.7 457.3 
Intangibles, net416.1 415.5 
Other assets662.9 675.9 
Deferred income taxes16.2 11.0 
Assets of DBT and Heat Transfer (includes cash and cash equivalents of $5.4 and $7.8 at July 2, 2022 and December 31, 2021, respectively)
46.5 52.2 
TOTAL ASSETS$2,489.6 $2,628.6 
LIABILITIES AND STOCKHOLDERS' EQUITY 
Current liabilities: 
Accounts payable$116.2 $119.6 
Contract liabilities45.4 44.7 
Accrued expenses182.7 217.9 
Income taxes payable8.8 42.1 
Short-term debt2.1 2.2 
Current maturities of long-term debt13.0 13.0 
Total current liabilities368.2 439.5 
Long-term debt224.5 230.8 
Deferred and other income taxes27.5 31.3 
Other long-term liabilities746.4 788.5 
Liabilities of DBT and Heat Transfer34.4 35.6 
Total long-term liabilities1,032.8 1,086.2 
Commitments and contingent liabilities (Note 15)
Stockholders' Equity: 
Common stock (53,247,919 and 45,185,089 issued and outstanding at July 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 capital1,327.3 1,334.2 
Retained deficit(27.4)(51.8)
Accumulated other comprehensive income254.0 263.9 
Common stock in treasury (8,062,830 and 7,543,487 shares at July 2, 2022 and December 31, 2021, respectively)
(465.8)(443.9)
Total stockholders' equity1,088.6 1,102.9 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$2,489.6 $2,628.6 

 
The accompanying notes are an integral part of these statements.
4


SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited; in millions)

Three months ended July 2, 2022
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX Corporation Stockholders’ Equity
Balance at April 2, 2022$0.5 $1,321.2 $(40.4)$266.9 $(432.4)$1,115.8 
Net income— — 13.0 — — 13.0 
Other comprehensive loss, net— — — (12.9)— (12.9)
Incentive plan activity
— 4.0 — — — 4.0 
Long-term incentive compensation expense
— 2.5 — — — 2.5 
Restricted stock unit vesting— (0.4)— — 0.3 (0.1)
Common stock repurchases— — — — (33.7)(33.7)
Balance at July 2, 2022$0.5 $1,327.3 $(27.4)$254.0 $(465.8)$1,088.6 

Six months ended July 2, 2022
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX Corporation Stockholders’ Equity
Balance at December 31, 2021$0.5 $1,334.2 $(51.8)$263.9 $(443.9)$1,102.9 
Net income— — 24.4 — — 24.4 
Other comprehensive loss, net— — — (9.9)— (9.9)
Incentive plan activity
— 6.5 — — — 6.5 
Long-term incentive compensation expense
— 5.6 — — — 5.6 
Restricted stock unit vesting— (19.0)— — 11.8 (7.2)
Common stock repurchases— — — — (33.7)(33.7)
Balance at July 2, 2022$0.5 $1,327.3 $(27.4)$254.0 $(465.8)$1,088.6 


Three months ended July 3, 2021
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX Corporation Stockholders’ Equity
Balance at April 3, 2021$0.5 $1,315.8 $(450.4)$251.2 $(445.4)$671.7 
Net income— — 61.9 — — 61.9 
Other comprehensive loss, net— — — (0.6)— (0.6)
Incentive plan activity— 3.0 — — — 3.0 
Long-term incentive compensation expense— 3.6 — — — 3.6 
Restricted stock unit vesting— (1.2)— — 1.1 (0.1)
Balance at July 3, 2021$0.5 $1,321.2 $(388.5)$250.6 $(444.3)$739.5 

Six months ended July 3, 2021
Common StockPaid-In CapitalRetained DeficitAccum. Other Comprehensive IncomeCommon Stock In TreasurySPX Corporation Stockholders’ Equity
Balance at December 31, 2020$0.5 $1,319.9 $(477.2)$248.5 $(451.6)$640.1 
Net income— — 88.7 — — 88.7 
Other comprehensive income, net— — — 2.1 — 2.1 
Incentive plan activity— 6.8 — — — 6.8 
Long-term incentive compensation expense— 6.6 — — — 6.6 
Restricted stock unit vesting— (12.1)— — 7.3 (4.8)
Balance at July 3, 2021$0.5 $1,321.2 $(388.5)$250.6 $(444.3)$739.5 


The accompanying notes are an integral part of these statements.
5


SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
 Six months ended
July 2,
2022
July 3,
2021
Cash flows from (used in) operating activities:  
Net income$24.4 $88.7 
Less: Income (loss) from discontinued operations, net of tax(7.7)48.0 
Income from continuing operations32.1 40.7 
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities: 
Special charges, net0.1 0.8 
Gain on change in fair value of equity security(4.4)(7.4)
Deferred and other income taxes(9.0)2.2 
Depreciation and amortization25.6 19.9 
Pension and other employee benefits6.3 1.0 
Long-term incentive compensation5.6 6.0 
Other, net1.0 3.2 
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable and other assets(5.0)31.3 
Inventories(44.9)(6.3)
Accounts payable, accrued expenses and other(90.6)(50.6)
Cash spending on restructuring actions(0.3)(1.2)
Net cash from (used in) continuing operations(83.5)39.6 
Net cash from (used in) discontinued operations(13.0)39.3 
Net cash from (used in) operating activities(96.5)78.9 
Cash flows from (used in) investing activities:
Proceeds related to company-owned life insurance policies, net1.6 3.9 
Business acquisitions, net of cash acquired(41.4)(81.9)
Capital expenditures(6.0)(4.2)
Net cash used in continuing operations(45.8)(82.2)
Net cash used in discontinued operations(13.9)(1.2)
Net cash used in investing activities(59.7)(83.4)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities 102.0 
Repayments under senior credit facilities(6.3)(94.9)
Borrowings under trade receivables arrangement 132.0 
Repayments under trade receivables arrangement (134.0)
Net repayments under other financing arrangements(0.2) 
Payment of contingent consideration(1.3) 
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options(5.2)(3.8)
Repurchases of common stock(33.7) 
Net cash from (used in) continuing operations(46.7)1.3 
Net cash from (used in) discontinued operations0.3 (0.4)
Net cash from (used in) financing activities(46.4)0.9 
Change in cash and equivalents due to changes in foreign currency exchange rates1.8 4.4 
Net change in cash and equivalents(200.8)0.8 
Consolidated cash and equivalents, beginning of period396.0 68.3 
Consolidated cash and equivalents, end of period$195.2 $69.1 
Six months ended
July 2,
2022
July 3,
2021
Components of cash and equivalents:
Cash and cash equivalents$189.8 $50.3 
Cash and cash equivalents included in assets of DBT and Heat Transfer5.418.8
Total cash and equivalents$195.2 $69.1 

 
The accompanying notes are an integral part of these statements.
6


SPX CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; in millions, except per share data and asbestos-related claims)
 
(1)    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 VIE's 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 first quarter of 2022, we agreed to the final adjustment of the purchase price which resulted in a payment to the Purchaser of $13.9 with an increase to the gain on sale of $0.2. 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, which included a final settlement of working capital that resulted in a reduction of the purchase price of $1.3 in the third quarter of 2021. The post acquisition operating results of Sealite are reflected within our Detection and Measurement reportable segment.

7


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 and second quarters of 2022, we further reduced the estimated liability by $0.9 and $0.4, respectively, with such amounts recorded within “Other operating expense, net.” The estimated fair value of such contingent consideration, which we have reflected as a liability in our condensed consolidated balance sheets, was $0.0 and $1.5 at July 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. During the second quarter of 2022, we agreed to a final adjustment to the purchase price, related to acquired working capital, resulting in our receiving $0.4 during the quarter. 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 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.

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 domestic 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 to our condensed consolidated financial statements. See Note 8 for additional information.

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 six months ended July 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 within discontinued operations and the change from the LIFO method of inventory accounting.
8



(2)    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 do not believe the adoption of this guidance will have a material impact on our condensed consolidated financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. This guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The guidance also requires the following disclosures for equity securities subject to contractual sale restrictions: 1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; 2) the nature and remaining duration of the restriction(s); and 3) the circumstances that could cause a lapse in the restriction(s). The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, and allows for early adoption in any interim period after issuance. We do not believe the adoption of this guidance will have a material impact on our condensed consolidated financial statements.


(3)    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.








9


Sale of Transformer Solutions Business

As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions. 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 and six months ended July 3, 2021 are shown below:

Three months endedSix months ended
July 3, 2021July 3, 2021
Revenues$108.5 $219.1 
Costs and expenses:
Cost of product sold87.3 176.7 
Selling, general and administrative8.6 18.1 
Other income, net0.2  
Income before income tax12.8 24.3 
Income tax benefit (1)
29.9 27.0 
Income from discontinued operations, net of tax$42.7 $51.3 
___________________________

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

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 and six months ended July 3, 2021 are shown below:

Three months endedSix months ended
July 3, 2021July 3, 2021
Revenues$0.1 $0.8 
Costs and expenses:
Cost of product sold(0.1)0.9 
Selling, general and administrative3.8 8.0 
Special charges0.1 0.6 
Other income, net0.7 0.5 
Interest income0.1 0.1 
Loss before income tax(2.9)(8.1)
Income tax benefit0.3 1.5 
Loss from discontinued operations, net of tax$(2.6)$(6.6)










10


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

July 2, 2022December 31, 2021
ASSETS
Cash and equivalents$5.4 $7.8 
Accounts receivable, net8.0 9.1 
Other current assets6.9 7.0 
Property, plant and equipment:
Buildings and leasehold improvements0.2 0.2 
Machinery and equipment1.3 1.5 
1.5 1.7 
Accumulated depreciation(1.4)(1.5)
Property, plant and equipment, net0.1 0.2 
Other assets25.8 27.6 
Total assets of DBT$46.2 $51.7 
LIABILITIES
Accounts payable$1.8 $2.3 
Contract liabilities3.7 5.6 
Accrued expenses23.9 22.4 
Other long-term liabilities4.8 4.9 
Total liabilities of DBT$34.2 $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 July 2, 2022 and December 31, 2021. The major line items constituting Heat Transfer's assets and liabilities as of July 2, 2022 and December 31, 2021 are shown below:

July 2, 2022December 31, 2021
ASSETS
Accounts receivable, net$ $0.1 
Other current assets0.2 0.2 
Other assets0.1 0.2 
Total assets of Heat Transfer$0.3 $0.5 
LIABILITIES
Accounts payable$0.1 $0.3 
Accrued expenses0.1 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.



11


For the three and six months ended July 2, 2022 and July 3, 2021, results of operations from our businesses reported as discontinued operations were as follows:
Three months endedSix months ended
July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Transformer Solutions (1)
Income (loss) from discontinued operations$0.1 $12.8 $(0.2)$24.3 
Income tax benefit 29.9 0.1 27.0 
Income (loss) from discontinued operations, net0.1 42.7 (0.1)51.3 
DBT (2)
Loss from discontinued operations(6.9)(2.9)(8.5)(8.1)
Income tax benefit1.1 0.3 1.5 1.5 
Loss from discontinued operations, net(5.8)(2.6)(7.0)(6.6)
Heat Transfer
Loss from discontinued operations(0.2)(0.1)(0.2)(0.2)
Income tax (provision) benefit    
Loss from discontinued operations, net(0.2)(0.1)(0.2)(0.2)
All other (3)
Loss from discontinued operations(0.3)(0.2)(0.5)(1.1)
Income tax benefit0.1 4.4 0.1 4.6 
Income (loss) from discontinued operations, net(0.2)4.2 (0.4)3.5 
Total
Income (loss) from discontinued operations(7.3)9.6 (9.4)14.9 
Income tax benefit1.2 34.6 1.7 33.1 
Income (loss) from discontinued operations, net$(6.1)$44.2 $(7.7)$48.0 
___________________________

(1) Income (loss) for the three and six months ended July 2, 2022 resulted primarily from revisions to liabilities retained in connection with the disposition. During the three and six months ended July 3, 2021, we recorded tax benefits of $33.0 in “Income from discontinued operations, net of tax” including (i) $28.6 for the excess tax basis in the stock of Transformer Solutions and (ii) $4.4 for previously unrecognized state net operating losses, each as a result of the definitive agreement to sell the business.

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

(3) Income (loss) for the three and six months ended July 2, 2022 and July 3, 2021 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions.












12


(4)    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 and six months ended July 2, 2022 and July 3, 2021:
Three months ended July 2, 2022
Reportable SegmentsHVACDetection and MeasurementTotal
Major product lines
Package and process cooling equipment and services, and engineered air quality solutions$130.5 $ $130.5 
Boilers, comfort heating, and ventilation88.2  88.2 
Underground locators, inspection and rehabilitation
 equipment, and robotic systems
 65.4 65.4 
Communication technologies, obstruction lighting, and bus fare collection systems 69.9 69.9 
$218.7 $135.3 $354.0 
Timing of Revenue Recognition
Revenues recognized at a point in time$202.8 $110.9 $313.7 
Revenues recognized over time15.9 24.4 40.3 
$