SPX Technologies Inc
For the period ended Mar 30, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 30, 2024 · Filed May 3, 2024
SPXC$150.12-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(Unaudited; in millions)
| Three months ended | ||
|---|---|---|
| March 30,2024 | April 1,2023 | |
| Cash flows from (used in) operating activities: | ||
| Net income | $49.0 | $42.8 |
| Less: Gain (loss) from discontinued operations, net of tax | (0.2) | 3.7 |
| Income from continuing operations | 49.2 | 39.1 |
| Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities: | ||
| Special charges, net | 0.6 | — |
| (Gain) loss on change in fair value of equity security | 4.2 | (3.6) |
| Deferred and other income taxes | (3.4) | (3.5) |
| Depreciation and amortization | 21.0 | 10.7 |
| Pension and other employee benefits | 4.2 | 3.5 |
| Long-term incentive compensation | 3.3 | 3.1 |
| Other, net | (1.6) | (1.5) |
| Changes in operating assets and liabilities, net of effects from acquisitions and divestitures: | ||
| Accounts receivable and other assets | (29.5) | (15.1) |
| Inventories | (12.0) | (21.2) |
| Accounts payable, accrued expenses and other | (24.9) | (10.7) |
| Cash spending on restructuring actions | (0.4) | — |
| Net cash from continuing operations | 10.7 | 0.8 |
| Net cash used in discontinued operations | (0.2) | (5.2) |
| Net cash from (used in) operating activities | 10.5 | (4.4) |
| Cash flows from (used in) investing activities: | ||
| Proceeds related to company-owned life insurance policies, net | 0.1 | 0.1 |
| Business acquisition, net of cash acquired | (294.1) | — |
| Capital expenditures | (9.9) | (4.0) |
| Net cash used in continuing operations | (303.9) | (3.9) |
| Net cash used in discontinued operations | — | — |
| Net cash used in investing activities | (303.9) | (3.9) |
| Cash flows from (used in) financing activities: | ||
| Borrowings under senior credit facilities | 557.2 | 20.0 |
| Repayments under senior credit facilities | (279.2) | — |
| Borrowings under trade receivables arrangement | 65.0 | 47.0 |
| Repayments under trade receivables arrangement | (47.0) | — |
| Net repayments under other financing arrangements | (0.3) | — |
| Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options | (3.0) | (4.1) |
| Net cash from continuing operations | 292.7 | 62.9 |
| Net cash from discontinued operations | — | — |
| Net cash from financing activities | 292.7 | 62.9 |
| Change in cash and equivalents due to changes in foreign currency exchange rates | 1.3 | 1.0 |
| Net change in cash and equivalents | 0.6 | 55.6 |
| Consolidated cash and equivalents, beginning of period | 104.9 | 157.1 |
| Consolidated cash and equivalents, end of period | $105.5 | $212.7 |
| Three months ended | ||
|---|---|---|
| March 30,2024 | April 1,2023 | |
| Components of cash and equivalents: | ||
| Cash and equivalents | $100.5 | $204.8 |
| Cash and equivalents included in assets of DBT and Heat Transfer | 5.0 | 7.9 |
| Total cash and equivalents | $105.5 | $212.7 |
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