Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Document Information [Line Items] | |
Document Type | PRE 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | SPX Technologies, Inc. |
Entity Central Index Key | 0000088205 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure number in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure | ||||
Pay vs Performance Disclosure, Table | Year (a) Summary Compensation Table Total for PEO (b) Compensation Actually Paid to PEO (1)(2) (c) Average Summary Compensation Table Total for Non-PEO NEOs (3) (d) Average Compensation Actually Paid to Non-PEO NEOs (1)(2)(3) (e) Value of Initial Fixed $100 Investment Based On: Net Income (in millions) (h) Adj. Operating Income (in millions) (5) (h) SPX Technologies, Inc. (f) S&P 1500 Industrials (Sector) (4) (g) 2023 $7,658,614 $17,411,369 $1,831,612 $2,960,366 $199 $154 $90 $271 2022 $6,584,075 $9,382,695 $1,455,245 $1,358,069 $129 $128 $— $194 2021 $6,517,485 $6,074,728 $1,808,368 $1,622,435 $117 $136 $425 $143 2020 $6,117,525 $6,888,767 $1,530,729 $1,680,617 $107 $112 $99 $183 | |||
Company Selected Measure Name | adjusted operating income | |||
Named Executive Officers, Footnote | Non-CEO NEOs reflected the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year • 2023: Michael Reilly, Randall Data, John Swann, Sean McClenaghan, Mark Carano • 2022: Michael Reilly, Randall Data, John Swann, Sean McClenaghan, James Harris • 2021: Randall Data, John Swann, James Harris, Brian Mason, John Nurkin • 2020: Randall Data, John Swann, James Harris, Brian Mason, Scott Sproule | |||
Peer Group Issuers, Footnote | The peer group comprises the component companies of the S&P 1500 Industrials Index. In the 2023 proxy statement, the peer TSR values were presented incorrectly. Peer TSR values were derived using the S&P 1500 Industrials price return index, instead of a dividend adjusted gross return value. The 2020, 2021 and 2022 values are restated above using the correct TSR calculation methodology. In last year’s proxy statement, peer TSR was presented as $110, 132 and $122 for 2020, 2021 and 2022. | |||
PEO Total Compensation Amount | $ 7,658,614 | $ 6,584,075 | $ 6,517,485 | $ 6,117,525 |
PEO Actually Paid Compensation Amount | $ 17,411,369 | 9,382,695 | 6,074,728 | 6,888,767 |
Adjustment To PEO Compensation, Footnote | Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include: 2023 2022 2021 2020 PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs Total Compensation from Summary Compensation Table $7,658,614 $1,831,612 $6,584,075 $1,455,245 $6,517,485 $1,808,368 $6,117,525 $1,530,729 Adjustments for Pension Adjustment for Summary Compensation Table Pension $0 $0 $0 $0 $0 $0 $0 $0 Amount added for current year service cost $0 $0 $0 $0 $0 $0 $0 $0 Amount added for prior service cost impacting current year $0 $0 $0 $0 $0 $0 $0 $0 Total Adjustments for Pension $0 $0 $0 $0 $0 $0 $0 $0 Adjustments for Equity Awards Adjustment for grant date values in the Summary Compensation Table $(4,227,636) $(648,663) $(3,891,715) $(665,163) $(4,332,553) $(736,534) $(3,793,348) $(658,566) Year-end fair value of unvested awards granted in the current year $6,666,643 $1,010,323 $6,166,741 $706,347 $4,007,180 $581,044 $4,353,984 $771,638 Year-over-year difference of year-end fair values for unvested awards granted in prior years $6,617,856 $672,711 $1,504,739 $152,179 $(266,937) $(16,655) $664,368 $99,208 Fair values at vest date for awards granted and vested in current year $0 $0 $0 $0 $0 $15,204 $0 $0 Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years $695,892 $94,384 $(981,146) $(97,875) $149,554 $16,606 $(453,762) $(62,391) Forfeitures during current year equal to prior year-end fair value $0 $0 $0 $(192,664) $0 $(45,598) $0 $0 Dividends or dividend equivalents not otherwise included in the total compensation $0 $0 $0 $0 $0 $0 $0 $0 Total Adjustments for Equity Awards $9,752,755 $1,128,755 $2,798,620 $(97,176) $(442,757) $(185,932) $771,242 $149,888 Compensation Actually Paid (as calculated) $17,411,369 $2,960,366 $9,382,695 $1,358,069 $6,074,728 $1,622,435 $6,888,767 $1,680,617 | |||
Non-PEO NEO Average Total Compensation Amount | $ 1,831,612 | 1,455,245 | 1,808,368 | 1,530,729 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,960,366 | 1,358,069 | 1,622,435 | 1,680,617 |
Adjustment to Non-PEO NEO Compensation Footnote | Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include: 2023 2022 2021 2020 PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs Total Compensation from Summary Compensation Table $7,658,614 $1,831,612 $6,584,075 $1,455,245 $6,517,485 $1,808,368 $6,117,525 $1,530,729 Adjustments for Pension Adjustment for Summary Compensation Table Pension $0 $0 $0 $0 $0 $0 $0 $0 Amount added for current year service cost $0 $0 $0 $0 $0 $0 $0 $0 Amount added for prior service cost impacting current year $0 $0 $0 $0 $0 $0 $0 $0 Total Adjustments for Pension $0 $0 $0 $0 $0 $0 $0 $0 Adjustments for Equity Awards Adjustment for grant date values in the Summary Compensation Table $(4,227,636) $(648,663) $(3,891,715) $(665,163) $(4,332,553) $(736,534) $(3,793,348) $(658,566) Year-end fair value of unvested awards granted in the current year $6,666,643 $1,010,323 $6,166,741 $706,347 $4,007,180 $581,044 $4,353,984 $771,638 Year-over-year difference of year-end fair values for unvested awards granted in prior years $6,617,856 $672,711 $1,504,739 $152,179 $(266,937) $(16,655) $664,368 $99,208 Fair values at vest date for awards granted and vested in current year $0 $0 $0 $0 $0 $15,204 $0 $0 Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years $695,892 $94,384 $(981,146) $(97,875) $149,554 $16,606 $(453,762) $(62,391) Forfeitures during current year equal to prior year-end fair value $0 $0 $0 $(192,664) $0 $(45,598) $0 $0 Dividends or dividend equivalents not otherwise included in the total compensation $0 $0 $0 $0 $0 $0 $0 $0 Total Adjustments for Equity Awards $9,752,755 $1,128,755 $2,798,620 $(97,176) $(442,757) $(185,932) $771,242 $149,888 Compensation Actually Paid (as calculated) $17,411,369 $2,960,366 $9,382,695 $1,358,069 $6,074,728 $1,622,435 $6,888,767 $1,680,617 | |||
Compensation Actually Paid vs. Total Shareholder Return | Compensation Actually Paid and Cumulative TSR / Cumulative TSR of Peer PEO and Avg. Other NEO CAP vs. SPX and Peer TSR | |||
Compensation Actually Paid vs. Net Income | Compensation Actually Paid and Net Income PEO and Avg. Other NEO CAP vs. Net Income | |||
Compensation Actually Paid vs. Company Selected Measure | Compensation Actually Paid and Adjusted Operating Income PEO and Avg. Non-PEO NEO CAP vs. Adj. Operating Income | |||
Tabular List, Table | adjusted operating income, • adjusted free cash flow, • revenue, and • relative total shareholder return. | |||
Total Shareholder Return Amount | $ 199 | 129 | 117 | 107 |
Peer Group Total Shareholder Return Amount | 154 | 128 | 136 | 112 |
Net Income (Loss) | $ 90,000,000 | $ 0 | $ 425,000,000 | $ 99,000,000 |
Company Selected Measure Amount | 271 | 194 | 143 | 183 |
Additional 402(v) Disclosure | Equity valuations assumptions for calculating Compensation Actually Paid are not materially different from grant date valuation assumptions. Please refer to Appendix E in this proxy statement for a reconciliation of GAAP to non-GAAP Adjusted Operating Income. | |||
Measure:: 1 | ||||
Pay vs Performance Disclosure | ||||
Name | adjusted operating income | |||
Measure:: 2 | ||||
Pay vs Performance Disclosure | ||||
Name | adjusted free cash flow | |||
Measure:: 3 | ||||
Pay vs Performance Disclosure | ||||
Name | revenue | |||
Measure:: 4 | ||||
Pay vs Performance Disclosure | ||||
Name | relative total shareholder return | |||
PEO | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ 17,411,369 | $ 9,382,695 | $ 6,074,728 | $ 6,888,767 |
PEO | Adjustment for Summary Compensation Table Pension [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
PEO | Additions for Current Year Service Cost [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
PEO | Additions for Prior Service Cost [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
PEO | Total Adjustments for Pension [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0 |
PEO | Grant Date Fair Value of Stock Awards [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | (4,227,636) | (3,891,715) | (4,332,553) | (3,793,348) |
PEO | Year-End Fair Value of Awards Granted in the Year [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 6,666,643 | 6,166,741 | 4,007,180 | 4,353,984 |
PEO | Increase/Deduction In Fair Values For Unvested Awards Granted In Prior Years [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 6,617,856 | 1,504,739 | (266,937) | 664,368 |
PEO | Fair Values At Vest Date For Awards Granted And Vested In Current Year [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
PEO | Difference In Fair Values Between Prior Year-End Fair Values And Vest Date Fair Values For Awards Granted In Prior Years [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 695,892 | (981,146) | 149,554 | (453,762) |
PEO | Forfeitures During Current Year Equal To Prior Year-End Fair Value [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
PEO | Dividends or Dividend Equivalents Not Included Total Compensation [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
PEO | Total Adjustments for Equity Awards [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 9,752,755 | 2,798,620 | (442,757) | 771,242 |
Non-PEO NEO | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 2,960,366 | 1,358,069 | 1,622,435 | 1,680,617 |
Non-PEO NEO | Adjustment for Summary Compensation Table Pension [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
Non-PEO NEO | Additions for Current Year Service Cost [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
Non-PEO NEO | Additions for Prior Service Cost [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
Non-PEO NEO | Total Adjustments for Pension [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0 |
Non-PEO NEO | Grant Date Fair Value of Stock Awards [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | (648,663) | (665,163) | (736,534) | (658,566) |
Non-PEO NEO | Year-End Fair Value of Awards Granted in the Year [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 1,010,323 | 706,347 | 581,044 | 771,638 |
Non-PEO NEO | Increase/Deduction In Fair Values For Unvested Awards Granted In Prior Years [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 672,711 | 152,179 | (16,655) | 99,208 |
Non-PEO NEO | Fair Values At Vest Date For Awards Granted And Vested In Current Year [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 15,204 | 0 |
Non-PEO NEO | Difference In Fair Values Between Prior Year-End Fair Values And Vest Date Fair Values For Awards Granted In Prior Years [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 94,384 | (97,875) | 16,606 | (62,391) |
Non-PEO NEO | Forfeitures During Current Year Equal To Prior Year-End Fair Value [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | (192,664) | (45,598) | 0 |
Non-PEO NEO | Dividends or Dividend Equivalents Not Included Total Compensation [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
Non-PEO NEO | Total Adjustments for Equity Awards [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ 1,128,755 | $ (97,176) | $ (185,932) | $ 149,888 |