SPX Technologies, Inc.SPXC
SPX Technologies, Inc. Segments Disclosure
Information on Reportable Segments and Corporate Expense
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We are a diversified, global supplier of highly specialized, engineered solutions with operations in 16 countries and sales in over 100 countries around the world.
In determining our reportable segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification. 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.
Our CODM, who is our President and Chief Executive Officer, uses segment income to evaluate the results of each operating segment. Segment income is determined before considering, if applicable, impairments and special charges, long-term incentive compensation, certain other operating income/expense, other indirect corporate expenses, intangible asset amortization expense, inventory step-up charges, and certain other acquisition and integration-related costs. There have been no changes in the basis of segmentation or measurement of segment income during 2025. Our CODM assesses segment income performance in comparison to prior years, previously forecasted results, and anticipated/experienced market trends when determining how to allocate operating and capital resources. The only significant segment expense categories reviewed by our CODM are total selling, general and administrative expense and cost of products sold (exclusive of intangible amortization expense). Our CODM does not review asset or liability information for our operating segments as this information is not used to assess performance or allocate resources.
HVAC Reportable Segment
Our HVAC reportable segment engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement and handling solutions for the HVAC industrial (including data center and power generation), institutional, and commercial markets, as well as hydronic and electrical heating and ventilation products for the residential, industrial, institutional, 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 global 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, transportation systems, communication technologies, and aids to navigation. The primary distribution channels for the segment’s products are direct to customers and third-party distributors. The segment serves a global customer base in North America, Europe, Africa and Asia.
Corporate Expense
Corporate expense generally relates to the personnel and general operating costs of our corporate headquarters based in Charlotte, North Carolina.
Financial data for our reportable segments for the years ended December 31, 2025, 2024, and 2023 were as follows:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| HVAC reportable segment | |||||||||||||||||
| Revenues | $ | 1,518.2 | $ | 1,364.7 | $ | 1,122.3 | |||||||||||
| Cost of products sold | 923.8 | 843.8 | 712.8 | ||||||||||||||
| Selling, general and administrative expense | 221.8 | 197.0 | 175.1 | ||||||||||||||
| Segment income | $ | 372.6 | $ | 323.9 | $ | 234.4 | |||||||||||
| Detection and Measurement reportable segment | |||||||||||||||||
| Revenues | $ | 746.9 | $ | 619.2 | $ | 618.9 | |||||||||||
| Cost of products sold | 418.2 | 338.9 | 354.8 | ||||||||||||||
| Selling, general and administrative expense | 152.5 | 143.6 | 145.3 | ||||||||||||||
| Segment income | $ | 176.2 | $ | 136.7 | $ | 118.8 | |||||||||||
| Consolidated revenues | $ | 2,265.1 | $ | 1,983.9 | $ | 1,741.2 | |||||||||||
| Consolidated income for segments | 548.8 | 460.6 | 353.2 | ||||||||||||||
| Corporate expense | 59.2 | 53.6 | 58.4 | ||||||||||||||
Acquisition and integration-related costs (1) | 28.9 | 7.2 | 5.8 | ||||||||||||||
| Long-term incentive compensation expense | 16.7 | 15.0 | 13.4 | ||||||||||||||
Amortization of acquired intangible assets (2) | 91.3 | 64.5 | 43.9 | ||||||||||||||
Impairment of intangible assets (3) | 0.7 | — | — | ||||||||||||||
| Special charges, net | 1.1 | 3.6 | 0.8 | ||||||||||||||
Other operating expense (4) | 0.5 | 8.4 | 9.0 | ||||||||||||||
| Consolidated operating income | 350.4 | 308.3 | 221.9 | ||||||||||||||
| Other income (expense), net | 8.5 | (9.3) | (10.1) | ||||||||||||||
| Interest expense | (48.1) | (45.7) | (27.2) | ||||||||||||||
| Interest income | 4.8 | 2.1 | 1.7 | ||||||||||||||
| Loss on amendment/refinancing of senior credit agreement | (1.5) | — | — | ||||||||||||||
| Income from continuing operations before income taxes | $ | 314.1 | $ | 255.4 | $ | 186.3 | |||||||||||
| Capital expenditures: | |||||||||||||||||
| HVAC reportable segment | $ | 82.9 | $ | 31.9 | $ | 17.6 | |||||||||||
| Detection and Measurement reportable segment | 9.1 | 5.5 | 5.4 | ||||||||||||||
| Capital expenditures of reportable segments | 92.0 | 37.4 | 23.0 | ||||||||||||||
| Corporate | 0.1 | 0.6 | 0.9 | ||||||||||||||
| Total capital expenditures | $ | 92.1 | $ | 38.0 | $ | 23.9 | |||||||||||
| Depreciation and amortization: | |||||||||||||||||
| HVAC reportable segment | $ | 75.1 | $ | 64.7 | $ | 37.1 | |||||||||||
| Detection and Measurement reportable segment | 45.1 | 24.4 | 23.7 | ||||||||||||||
| Depreciation and amortization of reportable segments | 120.2 | 89.1 | 60.8 | ||||||||||||||
| Corporate | 2.4 | 2.5 | 2.4 | ||||||||||||||
| Total depreciation and amortization | $ | 122.6 | $ | 91.6 | $ | 63.2 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Geographic Areas: | |||||||||||||||||
Revenues: (5) | |||||||||||||||||
| United States | $ | 1,812.6 | $ | 1,640.8 | $ | 1,454.1 | |||||||||||
| Canada | 193.4 | 111.3 | 48.4 | ||||||||||||||
| China | 71.7 | 64.9 | 53.7 | ||||||||||||||
| United Kingdom | 95.5 | 90.9 | 96.3 | ||||||||||||||
| Other | 91.9 | 76.0 | 88.7 | ||||||||||||||
| $ | 2,265.1 | $ | 1,983.9 | $ | 1,741.2 | ||||||||||||
| Tangible Long-Lived Assets: | |||||||||||||||||
| United States | $ | 419.4 | $ | 275.5 | $ | 292.4 | |||||||||||
| Canada | 88.2 | 83.3 | 11.9 | ||||||||||||||
| Other | 35.6 | 25.7 | 29.1 | ||||||||||||||
| Long-lived assets of continuing operations | 543.2 | 384.5 | 333.4 | ||||||||||||||
| Long-lived assets of discontinued operations, DBT and Heat Transfer | — | — | 0.2 | ||||||||||||||
| Total tangible long-lived assets | $ | 543.2 | $ | 384.5 | $ | 333.6 | |||||||||||
(1)Represents integration costs incurred in connection with acquisitions of $28.9, $7.2 and $5.8 during the years ended December 31, 2025, 2024, and 2023, respectively. The year ended December 31, 2025 includes amortization of a deferred compensation asset acquired in connection with the KTS acquisition of $24.2 and additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with the KTS acquisition of $1.4, and the Sigma & Omega acquisition of $0.1. The years ended December 31, 2024 and 2023 include additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with acquisitions of $1.8 and $3.6, respectively.
(2)Includes intangible asset amortization of $3.9 recorded in cost of products sold within the consolidated statement of operations for the year ended December 31, 2025.
(3)The year ended December 31, 2025 includes an impairment charge of $0.7 related to the trademarks of ULC.
(4)The year ended December 31, 2024 includes a charge of $8.4 related to a settlement with the seller of ULC regarding additional contingent consideration. The year ended December 31, 2023 includes a charge of $9.0 related to the resolution of a dispute with a former representative at one of our businesses within the Detection and Measurement reportable segment.
(5)Revenues are included in the above geographic areas based on the country that recorded the revenue.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.