SEC Info - SPX Corp - ‘10-K’ for 12/31/10

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SPX Corp – ‘10-K’ for 12/31/10 – ‘XML.R8’

On: Tuesday, 2/22/11, at 5:28pm ET · For: 12/31/10 · Accession #: 1047469-11-1138 · File #: 1-06948

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/22/11  SPX Corp                          10-K       12/31/10   47:9.2M                                   Toppan Merrill-FA

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.55M 
 2: EX-10.48    Material Contract                                   HTML     49K 
 3: EX-10.49    Material Contract                                   HTML     60K 
 4: EX-10.50    Material Contract                                   HTML     15K 
 5: EX-10.51    Material Contract                                   HTML     28K 
 6: EX-21.1     Subsidiaries List                                   HTML     65K 
 7: EX-23.1     Consent of Experts or Counsel                       HTML     18K 
 8: EX-23.2     Consent of Experts or Counsel                       HTML     18K 
11: EX-99.1     Miscellaneous Exhibit                               HTML     19K 
 9: EX-31.1     Certification -- §302 - SOA'02                      HTML     28K 
10: EX-32.1     Certification -- §906 - SOA'02                      HTML     17K 
37: XML         IDEA XML File -- Definitions and References          XML    115K 
43: XML         IDEA XML File -- Filing Summary                      XML     78K 
41: XML.R1      Consolidated Statements of Operations                XML    465K 
42: XML.R2      Consolidated Balance Sheets                          XML    445K 
26: XML.R3      Consolidated Balance Sheets (Parenthetical)          XML     65K 
31: XML.R4      Consolidated Statements of Equity and                XML   1.22M 
                Comprehensive Income (Loss)                                      
35: XML.R5      Consolidated Statements of Equity and                XML    121K 
                Comprehensive Income (Loss) (Parenthetical)                      
34: XML.R6      Consolidated Statements of Cash Flows                XML    696K 
46: XML.R7      Consolidated Statements of Cash Flows                XML     86K 
                (Parenthetical)                                                  
21: XML.R8      Summary of Significant Accounting Policies           XML     67K 
33: XML.R9      Use Of Estimates                                     XML     86K 
20: XML.R10     New Accounting Pronouncements                        XML     55K 
19: XML.R11     Acquisitions and Discontinued Operations             XML     88K 
25: XML.R12     Business Segment Information                         XML    154K 
39: XML.R13     Special Charges, Net                                 XML    126K 
27: XML.R14     Inventories                                          XML     49K 
28: XML.R15     Goodwill and Other Intangible Assets                 XML    167K 
32: XML.R16     Investment in Joint Venture                          XML     59K 
47: XML.R17     Employee Benefit Plans                               XML    371K 
24: XML.R18     Income Taxes                                         XML    137K 
18: XML.R19     Indebtedness                                         XML    105K 
30: XML.R20     Financial Instruments                                XML    113K 
38: XML.R21     Commitments, Contingent Liabilities and Other        XML     60K 
                Matters                                                          
23: XML.R22     Shareholders' Equity and Stock-Based Compensation    XML    147K 
36: XML.R23     Fair Value                                           XML     71K 
29: XML.R24     Quarterly Results (Unaudited)                        XML    103K 
45: XML.R25     Subsequent Event                                     XML     39K 
40: XML.R26     Document and Entity Information                      XML    205K 
44: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   1.26M 
12: EX-101.INS  XBRL Instance -- spw-20101231                        XML   1.63M 
14: EX-101.CAL  XBRL Calculations -- spw-20101231_cal                XML    197K 
15: EX-101.DEF  XBRL Definitions -- spw-20101231_def                 XML    270K 
16: EX-101.LAB  XBRL Labels -- spw-20101231_lab                      XML    827K 
17: EX-101.PRE  XBRL Presentations -- spw-20101231_pre               XML    378K 
13: EX-101.SCH  XBRL Schema -- spw-20101231                          XSD     87K 
22: ZIP         XBRL Zipped Folder -- 0001047469-11-001138-xbrl      Zip    151K

‘XML.R8’ — Summary of Significant Accounting Policies

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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> (1) Summary of Significant Accounting Policies Our significant accounting policies are described below, as well as in other Notes that follow. Basis of Presentation — The consolidated financial statements include SPX Corporation's ("our" or "we") accounts after the elimination of intercompany transactions. Investments in unconsolidated companies where we exercise significant influence but do not have control are accounted for using the equity method. In determining whether we are the primary beneficiary of a variable interest entity ("VIE"), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and the obligation to absorb losses or the right to receive benefits of the entity that could potentially be significant to the VIE. We do have interests in VIEs, primarily joint ventures, in which we are the primary beneficiary and others in which we are not. All our VIEs are considered immaterial, individually and in aggregate, to our consolidated financial statements. We have reclassified certain prior year amounts to conform to the current year presentation, including the results of discontinued operations. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only (see Note 4 for information on discontinued operations). Foreign Currency Translation — The financial statements of our foreign subsidiaries are translated into U.S. dollars in accordance with the Foreign Currency Matters Topic of the Accounting Standards Codification ("Codification"). Balance sheet accounts are translated at the current rate at the end of each period and income statement accounts are translated at the average rate for each period. Gains and losses on foreign currency translations are reflected as a separate component of shareholders' equity and other comprehensive income (loss). Foreign currency transaction gains and losses are included in other expense, net, with the related net gains (losses) totaling $(27.6), $(21.0) and $5.7 in 2010, 2009 and 2008, respectively. Cash Equivalents — We consider highly liquid money market investments with original maturities of three months or less at the date of purchase to be cash equivalents. Revenue Recognition — We recognize revenues from product sales upon shipment to the customer (FOB shipping point) or upon receipt by the customer (FOB destination), in accordance with the agreed upon customer terms. Revenues from service contracts and long-term maintenance arrangements are deferred and recognized on a straight-line basis over the agreement period. Sales with FOB destination terms are primarily to automotive and power transformer industry customers. Sales to distributors with return rights are recognized upon shipment to the distributor with expected returns estimated and accrued at the time of sale. The accrual considers restocking charges for returns and in some cases the distributor must issue a replacement order before the return is authorized. Actual return experience may vary from our estimates. Amounts billed for shipping and handling are included in revenues. Costs incurred for shipping and handling are recorded in cost of products sold. We recognize revenues separately for arrangements with multiple deliverables that meet the criteria for separate units of accounting as defined by the Revenue Recognition Topic of the Codification. Sales incentive programs offered to our customers relate primarily to volume rebates and promotional and advertising allowances and are only significant to two of our business units. The liability for these programs, and the resulting reduction to reported revenues, is determined primarily through trend analysis, historical experience and expectations regarding customer participation. Taxes assessed by a governmental authority that are directly imposed on a revenue-producing transaction between a seller and a customer are presented on a net basis (excluded from revenues) in our consolidated statements of operations. Certain of our businesses, primarily within the Flow Technology, Test and Measurement and Thermal Equipment and Services segments, recognize revenues from long-term construction/installation contracts under the percentage-of-completion method of accounting. The percentage-of-completion is measured principally by the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion. We also recognize revenues for similar short-term contracts using the completed-contract method of accounting. Provisions for estimated losses, if any, on uncompleted long-term contracts, are made in the period in which such losses are determined. In the case of customer change orders for uncompleted long-term contracts, estimated recoveries are included for work performed in forecasting ultimate profitability on certain contracts. Due to uncertainties inherent in the estimation process, it is possible that completion costs, including those arising from contract penalty provisions and final contract settlements, may be revised in the near-term. Such revisions to costs and income are recognized in the period in which the revisions are determined. Costs and estimated earnings in excess of billings arise when revenues have been recorded but the amounts have not been billed under the terms of the contracts. These amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of the contract. Claims related to long-term contracts are recognized as revenue only after we have determined that collection is probable and the amount can be reliably estimated. Claims made by us involve negotiation and, in certain cases, litigation. In the event we incur litigation costs in connection with claims, such litigation costs are expensed as incurred, although we may seek to recover these costs. Claims against us are recognized when a loss is considered probable and amounts are reasonably determinable. We recognized $1,319.0, $1,342.5 and $1,364.7 in revenues under the percentage-of-completion method for the years ended December 31, 2010, 2009 and 2008, respectively. Costs and estimated earnings on uncompleted contracts, from their inception, and related amounts billed as of December 31, 2010 and 2009 were as follows: <div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 80%; PADDING-TOP: 0pt; POSITION: relative">   <div align="center"> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="HEIGHT: 0px"> <td style="FONT-FAMILY: arial" align="left"></td> <td style="FONT-FAMILY: arial" width="12"></td> <td style="FONT-FAMILY: arial" align="right" width="7"></td> <td style="FONT-FAMILY: arial" width="54"></td> <td style="FONT-FAMILY: arial" width="12"></td> <td style="FONT-FAMILY: arial" align="right" width="7"></td> <td style="FONT-FAMILY: arial" width="54"></td> <td style="FONT-FAMILY: arial" width="12"></td></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: arial" align="left"> </th> <th style="FONT-FAMILY: arial"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2">2010</th> <th style="FONT-FAMILY: arial"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2">2009</th> <th style="FONT-FAMILY: arial"> </th></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: arial" valign="bottom"> Costs incurred on uncompleted contracts</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">2,394.7</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">2,176.1</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: arial" valign="bottom"> Estimated earnings to date</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">662.9</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">460.6</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr> <tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">3,057.6</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">2,636.7</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: arial" valign="bottom"> Less: Billings to date</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">(3,203.4</td> <td style="FONT-FAMILY: arial" valign="bottom">)</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">(2,811.1</td> <td style="FONT-FAMILY: arial" valign="bottom">)</td></tr> <tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: arial" valign="bottom"> Net billings in excess of costs and estimated earnings</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">(145.8</td> <td style="FONT-FAMILY: arial" valign="bottom">)</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">(174.4</td> <td style="FONT-FAMILY: arial" valign="bottom">)</td></tr> <tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr></table></div> </div> These amounts are included in the accompanying consolidated balance sheets at December 31, 2010 and 2009 as shown below. Amounts for billed retainages and receivables to be collected in excess of one year are not significant for the periods presented. <div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 80%; PADDING-TOP: 0pt; POSITION: relative">   <div align="center"> <table cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="HEIGHT: 0px"> <td style="FONT-FAMILY: arial" align="left"></td> <td style="FONT-FAMILY: arial" width="12"></td> <td style="FONT-FAMILY: arial" align="right" width="7"></td> <td style="FONT-FAMILY: arial" width="44"></td> <td style="FONT-FAMILY: arial" width="12"></td> <td style="FONT-FAMILY: arial" align="right" width="7"></td> <td style="FONT-FAMILY: arial" width="44"></td> <td style="FONT-FAMILY: arial" width="12"></td></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: arial" align="left"> </th> <th style="FONT-FAMILY: arial"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2">2010</th> <th style="FONT-FAMILY: arial"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2">2009</th> <th style="FONT-FAMILY: arial"> </th></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: arial" valign="bottom"> Costs and estimated earnings in excess of billings(1)</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">228.1</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">193.6</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: arial" valign="bottom"> Billings in excess of costs and estimated earnings on uncompleted contracts(2)</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">(373.9</td> <td style="FONT-FAMILY: arial" valign="bottom">)</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">(368.0</td> <td style="FONT-FAMILY: arial" valign="bottom">)</td></tr> <tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: arial" valign="bottom"> Net billings in excess of costs and estimated earnings</td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">(145.8</td> <td style="FONT-FAMILY: arial" valign="bottom">)</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: arial" valign="bottom" align="right">(174.4</td> <td style="FONT-FAMILY: arial" valign="bottom">)</td></tr> <tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td> <td style="FONT-FAMILY: arial" valign="bottom"> </td></tr></table></div> </div> <div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt; POSITION: relative; TEXT-ALIGN: left"> <hr style="COLOR: #000000" align="left" width="25%" noshade="noshade" size="1" /> <dl compact="compact"> <dt style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: arial">(1)</dt> <dd style="FONT-FAMILY: arial; TEXT-ALIGN: justify">The December 31, 2010 and 2009 balances include $226.3 and $191.8 reported as a component of "Accounts receivable, net", respectively, and $1.8 as a component of "Other long-term assets" in the consolidated balance sheets. </dd> <dt style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: arial">(2)</dt> <dd style="FONT-FAMILY: arial; TEXT-ALIGN: justify">The December 31, 2010 and 2009 balances include $364.5 and $357.0 reported as a component of "Accrued expenses", respectively, and $9.4 and $11.0 as a component of "Other long-term liabilities" in the consolidated balance sheets.</dd></dl></div> Research and Development Costs — We expense research and development costs as incurred. We charge costs incurred in the research and development of new software included in products to expense until technological feasibility is established. After technological feasibility is established, additional eligible costs are capitalized until the product is available for general release. These costs are amortized over the economic life of the related products and we include the amortization in cost of products sold. We perform periodic reviews of the recoverability of these capitalized software costs. At the time we determine that capitalized amounts are not recoverable based on the estimated cash flows to be generated from the applicable software, we write off any unrecoverable capitalized amounts. We expensed research activities relating to the development and improvement of our products of $69.5, $58.7 and $67.2 in 2010, 2009 and 2008, respectively. Property, Plant and Equipment — Property, plant and equipment ("PP&E") is stated at cost, less accumulated depreciation. We use the straight-line method for computing depreciation expense over the useful lives of PP&E, which do not exceed 40 years for buildings and range from 3 to 15 years for machinery and equipment. Depreciation expense was $72.0, $69.7 and $67.3 for the years ended December 31, 2010, 2009 and 2008, respectively. Leasehold improvements are amortized over the life of the related asset or the life of the lease, whichever is shorter. Interest is capitalized on significant construction or installation projects. Interest capitalized during 2010 totaled $3.9, while there was no interest capitalized during 2009 and 2008. Income Taxes — We account for our income taxes based on the requirements of the Income Taxes Topic of the Codification, which includes an estimate of the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We periodically assess the realizability of deferred tax assets and the adequacy of deferred tax liabilities, including the results of local, state, federal or foreign statutory tax audits or estimates and judgments used. Derivative Financial Instruments — We use foreign currency forward contracts ("FX forward contracts") to manage our exposures to fluctuating currency exchange rates, and forward contracts to manage the exposure on forecasted purchases of commodity raw materials ("commodity contracts") to manage our exposures to fluctuation in certain raw material costs. We have used interest rate protection agreements ("Swaps") to manage our exposures to fluctuating interest rate risk on variable rate debt. Derivatives are recorded on the balance sheet and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives is recorded in other comprehensive loss and subsequently recognized in earnings when the hedged items impact earnings. Changes in the fair value of derivatives not designated as hedges, and the ineffective portion of cash flow hedges, are recorded in current earnings. We do not enter into financial instruments for speculative or trading purposes. For those transactions that are designated as cash flow hedges, on the date the derivative contract is entered into, we document our hedge relationship, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. We also assess, both at inception and quarterly thereafter, whether such derivatives are highly effective in offsetting changes in the fair value of the hedged item. See Notes 13 and 16 for further information.</td></tr></table>

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5 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/23/24  SPX Technologies, Inc.            10-K       12/31/23  136:19M
 2/24/23  SPX Technologies, Inc.            10-K       12/31/22  139:22M
 2/25/22  SPX Technologies, Inc.            10-K       12/31/21  144:23M
 2/26/21  SPX Technologies, Inc.            10-K       12/31/20  122:21M
 7/12/11  SEC                               UPLOAD¶     9/14/17    1:45K  SPX Technologies, Inc.

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Filing Submission 0001047469-11-001138 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

SPX Corp – ‘10-K’ for 12/31/10 – ‘XML.R8’

On: Tuesday, 2/22/11, at 5:28pm ET · For: 12/31/10 · Accession #: 1047469-11-1138 · File #: 1-06948

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘XML.R8’ — Summary of Significant Accounting Policies

This Financial Report is an XBRL XML File.

5 Subsequent Filings that Reference this Filing

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents