It has several ferrite rings with coils on them to filter certain frequencies, several metal oxide varistors for overvoltage protection (these close the circuit to ground when the overvoltage exceeds a certain value - - replacement parts) and transformer with several Taps for voltage regulation. Basically, when the voltage is too low or too high, the relay switches to a transformer tap that raises or lowers the output voltage relative to the input. Not every input voltage has 120V. Output voltages versus input voltages are shown below for the nominal input range of the device. Values shown are nominal +/- 3 volts, therefore actual output voltage may vary from 100 volts to 130 volts. Sacrificial MOVs are an inexpensive way to provide surge protection. A no-compromise method would be surge relief via a massive coil, which costs a lot more than a MOV. Unfortunately you can't tell when the MOVs are shot show you should replace the unit every year or so.Input______OutputVoltage____Voltage87_______103.35688_______104.54489_______105.73290_______106.9291_______108.10892_______109.29693_______110.48494_______111.67295_______112.8696_______114.04897_______115.23698_______116.42499_______117.612100______118. 8101______119.988102______111.078103______112.167104______113.256105______114.345106______115.434107______116.523108______117.612109______118.701110______119.79111______120.879112______121.968113______113114______114115______115116______116117______117118______118119______119120______120121______121122______122.0123______123.0124______124.0125______125.0126______126.0127______127.0128______128.0129______116.6130______117.5131______118.4132______119.3133______120.2134______121. 1135______122.0136______122.9137______123.8138______124.8139______125.7140______126.6 These values are nominal +/- 3V, so actual output voltage may vary from 100V to 130V.
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