Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 28, 2015 | Jun. 28, 2014 | |
Document Document And Entity Information [Abstract] | |||
Entity Registrant Name | FEDERAL SIGNAL CORP /DE/ | ||
Entity Central Index Key | 277509 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Trading Symbol | FSS | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 62,735,537 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $904,812,929 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $918.50 | $851.30 | $803.20 |
Cost of sales | 685.2 | 646.2 | 613.4 |
Gross profit | 233.3 | 205.1 | 189.8 |
Selling, engineering, general and administrative expenses | 140.7 | 133.8 | 136.9 |
Restructuring | 0 | 0.7 | 1.4 |
Operating income | 92.6 | 70.6 | 51.5 |
Interest expense | 3.8 | 8.8 | 21.4 |
Debt settlement charges | 0 | 8.7 | 3.5 |
Other expense, net | 1.5 | 0.1 | 0.7 |
Income before income taxes | 87.3 | 53 | 25.9 |
Income tax (expense) benefit | -24.3 | 107.2 | -3.9 |
Income from continuing operations | 63 | 160.2 | 22 |
Gain (loss) from discontinued operations and disposal, net of income tax (expense) benefit of $(0.3), $0.8 and $3.6, respectively | 0.7 | -0.2 | -49.5 |
Net income (loss) | $63.70 | $160 | ($27.50) |
Basic earnings (loss) per share: | |||
Earnings from continuing operations (usd per share) | $1 | $2.56 | $0.35 |
Loss from discontinued operations and disposal, net of tax (usd per share) | $0.01 | $0 | ($0.79) |
Net earnings (loss) per share (usd per share) | $1.01 | $2.56 | ($0.44) |
Diluted earnings (loss) per share: | |||
Earnings from continuing operations (usd per share) | $0.99 | $2.53 | $0.35 |
Loss from discontinued operations and disposal, net of tax (usd per share) | $0.01 | $0 | ($0.79) |
Net earnings (loss) per share (usd per share) | $1 | $2.53 | ($0.44) |
Weighted average shares outstanding: | |||
Basic (shares) | 62.7 | 62.6 | 62.3 |
Diluted (shares) | 63.6 | 63.2 | 62.7 |
Cash dividends declared per common share (usd per share) | $0.09 | $0 | $0 |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Income tax expense of discontinued operations | ($0.30) | $0.80 | $3.60 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $63.70 | $160 | ($27.50) |
Other comprehensive (loss) income: | |||
Change in foreign currency translation adjustment | -15.8 | 5.2 | 11.1 |
Change in unrecognized net actuarial losses related to pension benefit plans, net of income tax (benefit) expense of $(11.6), $15.8 and $0.3, respectively | -21.7 | 32.9 | -15.5 |
Unrealized net (loss) gain on derivatives, net of income tax (benefit) expense of $(0.1), $0.2 and $0.2, respectively | -0.1 | 0.1 | 0.7 |
Total other comprehensive (loss) income | -37.6 | 38.2 | -3.7 |
Comprehensive income (loss) | $26.10 | $198.20 | ($31.20) |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Tax expense on change in unrecognized losses related to pension benefit plan | ($11.60) | $15.80 | $0.30 |
Tax expense on unrealized gain (loss) on derivatives | ($0.10) | $0.20 | $0.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $30.40 | $23.80 |
Accounts receivable, net of allowances for doubtful accounts of $1.3 and $2.3, respectively | 107.6 | 95.6 |
Inventories | 121 | 109.8 |
Prepaid expenses | 8.8 | 12.6 |
Deferred tax assets | 18.8 | 12.4 |
Other current assets | 2.8 | 9.4 |
Current assets of discontinued operations | 1.1 | 1.9 |
Total current assets | 290.5 | 265.5 |
Properties and equipment, net | 69.5 | 63.8 |
Goodwill | 266.3 | 273.8 |
Deferred tax assets | 25.3 | 33.1 |
Deferred charges and other assets | 4 | 5.1 |
Long-term assets of discontinued operations | 3.1 | 3.5 |
Total assets | 658.7 | 644.8 |
Current liabilities: | ||
Current portion of long-term borrowings and capital lease obligations | 6.2 | 7.4 |
Accounts payable | 50.7 | 50.5 |
Customer deposits | 12.1 | 11.2 |
Accrued liabilities: | ||
Compensation and withholding taxes | 28.2 | 25.7 |
Other current liabilities | 40.2 | 35.4 |
Current liabilities of discontinued operations | 1.7 | 2.4 |
Total current liabilities | 139.1 | 132.6 |
Long-term borrowings and capital lease obligations | 44 | 84.7 |
Long-term pension and other post-retirement benefit liabilities | 63.5 | 36.9 |
Deferred gain | 14.6 | 16.5 |
Other long-term liabilities | 20.9 | 17 |
Long-term liabilities of discontinued operations | 5 | 6.1 |
Total liabilities | 287.1 | 293.8 |
Stockholders’ equity: | ||
Common stock, $1 par value per share, 90.0 shares authorized, 64.2 and 63.8 shares issued, respectively | 64.2 | 63.8 |
Capital in excess of par value | 187 | 177 |
Retained earnings | 227 | 168.9 |
Treasury stock, at cost, 1.7 million and 1.0 million shares, respectively | -27.1 | -16.8 |
Accumulated other comprehensive loss | -79.5 | -41.9 |
Total stockholders’ equity | 371.6 | 351 |
Total liabilities and stockholders’ equity | $658.70 | $644.80 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts (value) | $1.30 | $2.30 |
Common stock, par value (usd per share) | $1 | $1 |
Common stock, shares authorized | 90 | 90 |
Common stock, shares issued | 64.2 | 63.8 |
Treasury stock, shares | 1.7 | 1 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $63.70 | $160 | ($27.50) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
(Gain) loss on discontinued operations and disposal | -0.7 | 0.2 | 49.5 |
Depreciation and amortization | 15 | 14.2 | 13.2 |
Deferred Financing Costs | 0.5 | 5 | 4.4 |
Deferred gain | -1.9 | -1.9 | -1.9 |
Stock-based compensation expense | 6.1 | 4 | 2.6 |
Excess tax benefit from stock-based compensation | -2.2 | 0 | 0 |
Pension expense, net of funding | -5.7 | -1.3 | -5.7 |
Deferred income taxes, including change in valuation allowance | 19.3 | -112 | -4.8 |
Changes in operating assets and liabilities, net of effects of discontinued operations: | |||
Accounts receivable | -16.6 | 2.6 | 9.3 |
Inventories | -20 | 10.5 | -14.5 |
Other current assets | 0.3 | 3.8 | -1.4 |
Accounts payable | 1.9 | -2.5 | 2.6 |
Customer deposits | 1.7 | -2.1 | -1.5 |
Accrued liabilities | 9.9 | -0.9 | 17.3 |
Income taxes | -1.1 | -0.6 | 8.6 |
Other | 2 | 1.3 | -1 |
Net cash provided by continuing operating activities | 72.2 | 80.3 | 49.2 |
Net cash provided by (used for) discontinued operating activities | 0.1 | -5.5 | -26 |
Net cash provided by operating activities | 72.3 | 74.8 | 23.2 |
Investing activities: | |||
Purchases of properties and equipment | -19.5 | -17 | -13 |
Proceeds from sales of properties and equipment | 0.5 | 0.1 | 1.8 |
Proceeds from sale of FSTech Group | 7.4 | 0 | 82.1 |
Decrease (increase) in restricted cash | 0 | 1 | -1 |
Net cash (used for) provided by continuing investing activities | -11.6 | -15.9 | 69.9 |
Financing activities: | |||
(Decrease) increase in revolving lines of credit, net | -20 | 17.5 | -173.3 |
Decrease in short-term borrowings, net | 0 | -0.3 | -9.5 |
Proceeds from issuance of long-term borrowings | 0 | 75 | 215 |
Payments on long-term borrowings | -21.6 | -153.6 | -99.5 |
Payments of debt financing fees | 0 | -6.1 | -6.9 |
Purchases of treasury stock | -10.3 | 0 | 0 |
Cash dividends paid to stockholders | -5.6 | 0 | 0 |
Proceeds from stock-based compensation activity | 2.6 | 2.6 | 0 |
Excess tax benefit from stock-based compensation | 2.2 | 0 | 0 |
Other, net | -1 | -0.7 | 2.4 |
Net cash used for continuing financing activities | -53.7 | -65.6 | -71.8 |
Net cash used for discontinued financing activities | 0 | 0 | -0.9 |
Net cash used for financing activities | -53.7 | -65.6 | -72.7 |
Effects of foreign exchange rate changes on cash and cash equivalents | -0.4 | 0.8 | -0.2 |
Increase (decrease) in cash and cash equivalents | 6.6 | -5.9 | 20.2 |
Cash and cash equivalents at beginning of year | 23.8 | 29.7 | 9.5 |
Cash and cash equivalents at end of year | $30.40 | $23.80 | $29.70 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock Par Value | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
In Millions, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $174.70 | $63.10 | $167.70 | $36.40 | ($16.10) | ($76.40) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | -27.5 | -27.5 | ||||
Total other comprehensive income (loss) | -3.7 | -3.7 | ||||
Stock-based payments: | ||||||
Stock-based compensation | 3.1 | 3.1 | ||||
Stock option exercises and other | 0.3 | 0.3 | 0.3 | -0.3 | ||
Ending Balance at Dec. 31, 2012 | 146.9 | 63.4 | 171.1 | 8.9 | -16.4 | -80.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 160 | 160 | ||||
Total other comprehensive income (loss) | 38.2 | 38.2 | ||||
Stock-based payments: | ||||||
Stock-based compensation | 3.6 | 3.6 | ||||
Stock option exercises and other | 2 | 0.4 | 2 | -0.4 | ||
Common stock canceled | 0.3 | 0.3 | ||||
Ending Balance at Dec. 31, 2013 | 351 | 63.8 | 177 | 168.9 | -16.8 | -41.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 63.7 | 63.7 | ||||
Total other comprehensive income (loss) | -37.6 | -37.6 | ||||
Cash dividends declared | -5.6 | -5.6 | ||||
Stock-based payments: | ||||||
Stock-based compensation | 5.5 | 5.5 | ||||
Stock option exercises and other | 2.7 | 0.4 | 2.3 | |||
Excess tax benefit from stock-based compensation | 2.2 | 2.2 | ||||
Stock repurchase program | -10.3 | -10.3 | ||||
Ending Balance at Dec. 31, 2014 | $371.60 | $64.20 | $187 | $227 | ($27.10) | ($79.50) |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Organization and Description of the Business | ||
Federal Signal Corporation was founded in 1901 and was reincorporated as a Delaware corporation in 1969. References herein to the “Company,” “we,” “our” or “us” refer collectively to Federal Signal Corporation and its subsidiaries. | ||
Products manufactured and services rendered by the Company are divided into three major operating segments: Environmental Solutions Group, Safety and Security Systems Group and Fire Rescue Group. The individual operating businesses are organized as such because they share certain characteristics, including technology, marketing, distribution and product application, which create long-term synergies. The Company’s reportable segments are consistent with its operating segments. These segments are discussed in Note 13 – Segment Information. | ||
Our fiscal year ends on December 31. All references to 2014, 2013 and 2012 relate to the fiscal year unless otherwise indicated. | ||
Basis of Presentation and Consolidation | ||
The accompanying consolidated financial statements represent the consolidation of Federal Signal Corporation and its subsidiaries included herein and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). Intercompany balances and transactions have been eliminated in consolidation. The operating results of businesses divested in prior years have been excluded since the date of sale, and have been reported as discontinued operations prior to sale. See Note 15 – Discontinued Operations for further details. | ||
Certain prior year amounts have been reclassified to conform to the current year presentation. | ||
Non-U.S. Operations | ||
Assets and liabilities of non-U.S. subsidiaries, other than those whose functional currency is the U.S. dollar, are translated at current exchange rates with the related translation adjustments reported in stockholders’ equity as a component of Accumulated other comprehensive loss. Accounts within the Consolidated Statements of Operations are translated at the average exchange rate during the period. Non-monetary assets and liabilities are translated at historical exchange rates. | ||
Relating to transactions that are denominated in a currency other than the functional currency, the Company incurs foreign currency transaction gains or losses, which are recognized in the Consolidated Statement of Operations as incurred. For the years ended December 31, 2014, 2013 and 2012, the Company incurred foreign currency transaction losses, included in other expense, net in the Consolidated Statements of Operations, of $1.5 million, $0.3 million and $0.6 million, respectively. | ||
Fair Value Measurements | ||
The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. The three levels of inputs are classified as follows: | ||
• | Level 1 — quoted prices in active markets for identical assets or liabilities; | |
• | Level 2 — observable inputs, other than quoted prices included in Level 1, such as quoted prices for markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | |
• | Level 3 — unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |
Cash Equivalents | ||
The Company considers all highly liquid investments with a maturity of three months or less, when purchased, to be cash equivalents. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity and highly liquid nature of these instruments. | ||
Accounts Receivable | ||
The Company carries accounts receivable at the face amount less an allowance for doubtful accounts for estimated losses as a result of a customer’s inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivables that may not be collected in the future and records the appropriate provision. | ||
Inventories | ||
The Company’s inventories are valued at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Included in the cost of inventories are raw materials, direct wages and associated production costs. | ||
Properties and Equipment | ||
Properties and equipment are stated at cost, net of depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Useful lives generally range from eight to 40 years for buildings and three to 15 years for machinery and equipment. Leasehold improvements are depreciated over the shorter of the remaining life of the lease or the useful life of the improvement. Depreciation expense is primarily included as a component of Cost of sales on the Consolidated Statements of Operations, with depreciation expense associated with certain assets used for administrative purposes being presented within Selling, engineering, general and administrative (“SEG&A”) expenses. Depreciation expense was $14.9 million, $14.0 million and $12.1 million in the years ended December 31, 2014, 2013 and 2012, respectively. | ||
Properties and equipment includes certain equipment that is manufactured by the Company and subsequently transferred to a rental fleet for the purpose of leasing to end customers. The related cash flow activity associated with these transactions is reflected within operating activities on the Consolidated Statements of Cash Flows. Non-cash transfers from Inventories to Properties and equipment totaled $4.1 million for the year ended December 31, 2014. The rental income associated with this activity is not considered material to the Company’s consolidated results of operations. | ||
Properties and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. | ||
Goodwill | ||
Goodwill represents the excess of the cost of an acquired business over the amounts assigned to its net assets. Goodwill is not amortized but is tested for impairment at a reporting unit level on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performs its annual goodwill impairment test as of October 31. | ||
In 2014 and 2013, the Company applied the qualitative assessment, outlined in Accounting Standards Codification (“ASC”) 350, Intangibles — Goodwill and Other, to certain of its reporting units and concluded that it was not “more likely than not” that the fair values of these reporting units were less than their carrying values. As a result, the Company was not required to perform the two-step impairment test described below for these reporting units. | ||
For the remaining reporting unit, goodwill was tested for impairment based on a two-step test in both 2014 and 2013. In 2012, goodwill for all reporting units was tested for impairment under the two-step approach. The first step in the two-step approach is used to identify potential impairment, by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The Company generally determines the fair value of its reporting units using two valuation methods: the “Income Approach — Discounted Cash Flow Analysis” method, and the “Market Approach — Guideline Public Company Method.” | ||
Under the “Income Approach — Discounted Cash Flow Analysis” method, the key assumptions consider projected sales, cost of sales and operating expenses. These assumptions were determined by management utilizing our internal operating plan, including growth rates for revenues and operating expenses and margin assumptions. An additional key assumption under this approach is the discount rate, which is determined by reviewing current risk-free rates of capital and current market interest rates and by evaluating the risk premium relevant to the business segment. | ||
Under the “Market Approach — Guideline Public Company Method,” the Company identified several publicly traded companies, including Federal Signal, which we believe have sufficiently relevant similarities. For these companies, the Company calculated the mean ratio of invested capital to revenues and invested capital to EBITDA. Similar to the income approach discussed above, sales, cost of sales, operating expenses and their respective growth rates are key assumptions utilized. The market prices of the Company’s common stock and other guideline companies are additional key assumptions. | ||
The results of these two methods are weighted based upon management’s evaluation of the relevance of the two approaches. Consistent with the prior year, management used a combination of the income and market approaches to determine the reporting unit’s fair value in 2014. | ||
The fair value of the reporting unit that was tested for impairment under the two-step approach in the 2014 analysis exceeded its carrying value by more than 20%. Relatively small changes in the Company’s key assumptions would not have resulted in the reporting unit failing the first step of the two-step test. | ||
The Company had no goodwill impairments for its continuing operations in 2014, 2013 or 2012. See Note 4 – Goodwill to the accompanying consolidated financial statements for a summary of the Company’s goodwill by segment. | ||
Pensions | ||
The Company sponsors domestic and foreign defined benefit pension plans. Key assumptions used in the accounting for these employee benefit plans include the discount rate, expected long-term rate of return on plan assets, rate of increase in employee compensation levels and estimates of future mortality of plan participants. | ||
The weighted-average discount rate used to measure pension liabilities and costs is selected using a hypothetical portfolio of high-quality bonds that would provide the necessary cash flow to match the projected benefit payments of the plans. The discount rate represents the rate at which our benefit obligations could effectively be settled as of the year-end measurement date. The weighted-average discount rate used to measure pension liabilities decreased from 2013 to 2014. See Note 7 – Pensions for further discussion. | ||
The expected long-term rate of return on plan assets is based on historical and expected returns for the asset classes in which the plans are invested. | ||
In October 2014, the Society of Actuaries published new mortality tables and scales that project people will generally live longer than previously anticipated. The Company’s projected benefit obligations as of December 31, 2014 were measured after taking the updated tables into consideration. The estimated impact of adopting these new tables was an increase of approximately 4% in the projected benefit obligation of the Company’s U.S. defined benefit plan. | ||
Stock-Based Compensation Plans | ||
The Company has various stock-based compensation plans, described more fully in Note 11 – Stock-Based Compensation. The fair value of stock options is determined using a Black-Scholes option pricing model. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Warranty | ||
Sales of many of the Company’s products carry express warranties based on terms that are generally accepted in the Company’s marketplaces. The Company records provisions for estimated warranty, which are included within Cost of sales, at the time of sale based on historical experience. The Company periodically adjusts these provisions to reflect actual experience. Infrequently, a material warranty issue can arise which is beyond the scope of the Company’s historical experience. The Company records costs related to these issues as they become probable and estimable. | ||
The Company also sells optional extended warranty contracts that extend coverage beyond the initial term of the express warranty period. At the time of sale, revenue related to the extended warranty contract is deferred and recognized as income over the life of the contract. As of December 31, 2014 and 2013, deferred revenue associated with extended warranty contracts was $2.4 million and $2.0 million, respectively, and was included within Other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets. Costs under extended warranty contracts are expensed as incurred. | ||
Workers’ Compensation and Product Liability Reserves | ||
Due to the nature of the Company’s products, the Company is subject to claims for workers’ compensation and product liability in the normal course of business. The Company is self-funded for a portion of these claims. The Company establishes a reserve using a third-party actuary for any known outstanding matters, including a reserve for claims incurred but not yet reported. The amount and timing of cash payments relating to these claims are considered to be reliably determinable given the nature of the claims and historical claim volumes to support the actuarial assumptions and judgments used to derive the expected loss payment patterns. As such, the reserves recorded are discounted using a risk-free rate that matches the average duration of the claims. | ||
The Company has not established a reserve for potential losses resulting from the firefighter hearing loss litigation (see Note 9 – Legal Proceedings). If the Company is not successful in its defense after exhausting all appellate options, it will record a charge for such claims, to the extent they exceed insurance recoveries, at the appropriate time. | ||
Revenue Recognition | ||
Net sales consist primarily of revenue from the sale of equipment, environmental vehicles, vehicle-mounted aerial platforms, parts, service and maintenance contracts. | ||
The Company recognizes revenue for products when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) the sales price is fixed or determinable and (iv) collection is reasonably assured. A product is considered delivered to the customer once it has been shipped, and title and risk of loss have been transferred. For most of the Company’s product sales, these criteria are met at the time the product is shipped; however, occasionally title passes later or earlier than shipment due to customer contracts or letter of credit terms. If at the outset of an arrangement the Company determines the arrangement fee is not, or is presumed not to be, fixed or determinable, revenue is deferred and subsequently recognized as amounts become due and payable and all other criteria for revenue recognition have been met. | ||
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. These arrangements may include software and non-software components that function together to deliver the products’ essential functionality. The Company identifies all goods and/or services that are to be delivered separately under the sales arrangement and allocates revenue to each deliverable based on relative fair values. Fair values are generally established using reliable third-party objective evidence, or management’s best estimate of selling price, including prices charged when sold separately by the Company. In general, revenues are separated between hardware, integration and installation services. The allocated revenue for each deliverable is then recognized using appropriate revenue recognition methods. | ||
Net sales are presented net of returns and allowances. Returns and allowances are calculated and recorded as a percentage of revenue based upon historical returns. Net sales include sales of products and billed freight related to product sales. Freight has not historically comprised a material component of Net sales. | ||
Product Shipping Costs | ||
Product shipping costs are expensed as incurred and are included within Cost of Sales. | ||
Research and Development | ||
The Company invests in research to support development of new products and the enhancement of existing products and services. Expenditures for research and development by the Company were $16.6 million in 2014, $11.0 million in 2013 and $10.0 million in 2012, and are included within SEG&A expenses. | ||
Income Taxes | ||
We file a consolidated U.S. federal income tax return for Federal Signal Corporation and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates expected to apply to taxable income in the period in which the deferred tax liability or asset is expected to be settled or realized. A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. | ||
Accounting standards on accounting for uncertainty in income taxes address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under the guidance on accounting for uncertainty in income taxes, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also outlines de-recognition and classification, as well as interest and penalties on income taxes. | ||
Litigation Contingencies | ||
The Company is subject to various claims, including pending and possible legal actions for product liability and other damages, and other matters arising in the ordinary course of the Company’s business. The Company believes, based on current knowledge and after consultation with counsel, that the outcome of such claims and actions will not have an adverse effect on the Company’s financial position or results of operations. However, in the event of unexpected future developments, it is possible that the ultimate resolution of such matters, if unfavorable, could have a material adverse effect on the Company’s results of operations. Professional legal fees are expensed when incurred. We accrue for contingent losses when such losses are probable and reasonably estimable. In the event that estimates or assumptions of contingent losses are different from actual results, adjustments are made in subsequent periods to reflect more current information. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
The following table summarizes the components of inventories: | ||||||||
(in millions) | 2014 | 2013 | ||||||
Raw materials | $ | 53.1 | $ | 46.1 | ||||
Work in process | 23.7 | 24.3 | ||||||
Finished goods | 44.2 | 39.4 | ||||||
Total inventories | $ | 121 | $ | 109.8 | ||||
Properties_And_Equipment_Net
Properties And Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Properties And Equipment, Net | PROPERTIES AND EQUIPMENT, NET | |||||||
The following table summarizes the components of properties and equipment, net: | ||||||||
(in millions) | 2014 | 2013 | ||||||
Land | $ | 0.3 | $ | 0.3 | ||||
Buildings and improvements | 29.1 | 27 | ||||||
Machinery and equipment | 164.7 | 158.2 | ||||||
Total property and equipment, at cost | 194.1 | 185.5 | ||||||
Less: Accumulated depreciation | 124.6 | 121.7 | ||||||
Properties and equipment, net | $ | 69.5 | $ | 63.8 | ||||
In July 2008, the Company entered into sale-leaseback transactions for its Elgin and University Park, Illinois plant locations. Net proceeds received were $35.8 million, resulting in a deferred gain of $29.0 million. The deferred gain is being amortized over the 15-year life of the respective leases. The deferred gain balance was $16.5 million and $18.4 million at December 31, 2014 and 2013, respectively. Of these amounts, $1.9 million and $1.9 million, was included within Other current liabilities on the Consolidated Balance Sheets at December 31, 2014 and 2013, respectively. | ||||||||
The Company leases certain facilities and equipment under operating leases, some of which contain options to renew. Total rental expense on all operating leases was $8.2 million in 2014, $8.5 million in 2013 and $8.9 million in 2012. Sublease income and contingent rentals relating to operating leases were insignificant. At December 31, 2014, minimum future rental commitments under operating leases having non-cancelable lease terms in excess of one year aggregated $48.7 million and were payable as follows: $7.7 million in 2015, $7.1 million in 2016, $6.6 million in 2017, $5.1 million in 2018, $5.1 million in 2019 and $17.1 million thereafter. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill | GOODWILL | |||||||||||||||
The following table summarizes the carrying amount of goodwill by segment: | ||||||||||||||||
(in millions) | Environmental | Fire | Safety & Security | Total | ||||||||||||
Solutions | Rescue | Systems | ||||||||||||||
Balance at December 31, 2012 | $ | 120.4 | $ | 33.8 | $ | 118.1 | $ | 272.3 | ||||||||
Translation adjustments | — | — | 1.5 | 1.5 | ||||||||||||
Balance at December 31, 2013 | 120.4 | 33.8 | 119.6 | 273.8 | ||||||||||||
Translation adjustments | — | (2.7 | ) | (4.8 | ) | (7.5 | ) | |||||||||
Balance at December 31, 2014 | $ | 120.4 | $ | 31.1 | $ | 114.8 | $ | 266.3 | ||||||||
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | DEBT | |||||||||||
The following table summarizes the components of long-term debt and capital lease obligations, net: | ||||||||||||
(in millions) | 2014 | 2013 | ||||||||||
Senior Secured Credit Facility: | ||||||||||||
Revolving Credit Facility | $ | — | $ | 20 | ||||||||
Term Loan | 49.2 | 70.8 | ||||||||||
Capital lease obligations | 1 | 1.3 | ||||||||||
Total long-term borrowings and capital lease obligations, including current portion | 50.2 | 92.1 | ||||||||||
Less: Current maturities | 5.8 | 7 | ||||||||||
Less: Current capital lease obligations | 0.4 | 0.4 | ||||||||||
Total long-term borrowings and capital lease obligations, net | $ | 44 | $ | 84.7 | ||||||||
As more fully described within Note 1 – Summary of Significant Accounting Policies, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The fair value of long-term debt is based on interest rates that we believe are currently available to us for issuance of debt with similar terms and remaining maturities (Level 2 input). | ||||||||||||
The following table summarizes the carrying amounts and fair values of the Company’s financial instruments: | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | Notional | Fair | Notional | Fair | ||||||||
Amount | Value | Amount | Value | |||||||||
Long-term debt (a) | 50.2 | 50.2 | 92.1 | 92.1 | ||||||||
(a) | Long-term debt includes current portions of long-term debt and current portions of capital lease obligations of $6.2 million and $7.4 million as of December 31, 2014 and 2013, respectively. | |||||||||||
On March 13, 2013, the Company entered into a Credit Agreement by and among the Company, as borrower, the lenders referred to therein, as lenders, Wells Fargo Bank, National Association, as administrative agent, swingline lender and issuing lender, General Electric Capital Corporation, as syndication agent, and Wells Fargo Securities, LLC and GE Capital Markets, Inc., as joint lead arrangers and joint book managers, providing the Company with a $225.0 million senior secured credit facility (the “Senior Secured Credit Facility”) comprised of a five-year fully funded term loan of $75.0 million and a five-year $150.0 million revolving credit facility under which borrowings may be made from time to time during the term of the Senior Secured Credit Facility. | ||||||||||||
The Company used the proceeds from the Senior Secured Credit Facility to (i) repay outstanding balances under its prior debt agreements, (ii) finance the ongoing general corporate needs of the Company and its subsidiaries, (iii) pay fees and expenses associated with repayment of amounts due under its prior debt agreements, including the payment of approximately $4.2 million in breakage fees and premiums and (iv) pay fees and expenses associated with the Senior Secured Credit Facility. | ||||||||||||
The Senior Secured Credit Facility is a five-year senior secured credit facility secured by a first priority security interest in all now or hereafter acquired domestic property and assets and the stock or other equity interests in each of the domestic subsidiaries and certain of the first-tier foreign subsidiaries, subject to certain exclusions. Beginning on June 30, 2013, quarterly installment payments are required to be made against the $75.0 million term loan based on an amortization schedule that required 7.5% of the original term loan to be repaid in the first year, 10.0% of the original term loan to be repaid in each of the second and third years, 12.5% of the original term loan to be repaid in each of the fourth and fifth years, with the remaining balance to be repaid on the maturity date of March 13, 2018. The Company is allowed to prepay the term loan in whole or in part prior to maturity without premium or penalty. In the fourth quarter of 2014, the Company made a voluntary term loan prepayment of $15.0 million. The prepayments reduce the quarterly debt installment payments and the amount due on maturity on a pro-rata basis. | ||||||||||||
The Senior Secured Credit Facility provides for loans and letters of credit in an amount up to an aggregate availability under the revolving credit facility of $150.0 million, with a sub-limit of $50.0 million for letters of credit. Borrowings under the entire Senior Secured Credit Facility bear interest, at the Company’s option, at a base rate or a LIBOR rate, plus, in each case, an applicable margin. The applicable margin ranges from 1.00% to 2.00% for base rate borrowings and 2.00% to 3.00% for LIBOR borrowings. The Company must also pay a commitment fee to the lenders equal to a range of 0.25% to 0.45% per annum on the unused portion of the $150.0 million revolving credit facility along with other standard fees. Letter of credit fees are payable on outstanding letters of credit in an amount equal to the applicable LIBOR margin plus other customary fees. The Company is allowed to prepay in whole or in part advances under the revolving credit facility portion without penalty or premium other than customary “breakage” costs with respect to LIBOR loans. | ||||||||||||
The Senior Secured Credit Facility requires the Company to comply with financial covenants related to the maintenance of a minimum fixed charge coverage ratio and maximum leverage ratio. The financial covenants are measured at each fiscal quarter-end. Restricted payments, including dividends, are permitted only if the pro-forma leverage ratio after giving effect to such payment is less than 3.25x, pro-forma compliance after giving effect to such payment is maintained for all other financial covenants and there are no existing defaults under the Senior Secured Credit Facility. The Company was in compliance with all of its debt covenants as of, and throughout the year ended, December 31, 2014. | ||||||||||||
In the first quarter of 2013, upon execution of the Senior Secured Credit Facility, the Company recorded $8.7 million of costs related to the termination of its prior debt agreements. The costs included a $4.2 million early termination penalty payment and a $4.5 million write-off of the remaining unamortized deferred financing costs related to the prior debt agreements. | ||||||||||||
The Company incurred $1.9 million of debt issuance costs associated with the execution of the Senior Secured Credit Facility. Financing costs incurred in connection with the Senior Secured Credit Facility are deferred and amortized over the remaining life of the new debt. Approximately $0.1 million of deferred financing fees were written off in connection with the voluntary debt prepayment in the fourth quarter of 2014. | ||||||||||||
In the second quarter of 2014, the Company executed an amendment to the Senior Secured Credit Facility. The changes resulting from the amendment were primarily administrative in nature, including modifications to facilitate the repurchase of the Company’s common stock. No fees were incurred in connection with executing the amendment, nor were there any changes to financial covenant requirements. | ||||||||||||
As of December 31, 2014, there was no cash drawn and $23.9 million of undrawn letters of credit under the $150.0 million revolving credit facility portion of the Senior Secured Credit Facility, with $126.1 million of net availability for borrowings. As of December 31, 2014, no amounts were drawn against the Company’s non-U.S. lines of credit which provide for borrowings up to $12.3 million. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, gross borrowings under the Company’s domestic revolving credit facility were $6.5 million, $123.7 million and $116.7 million, respectively. For the years ended December 31, 2014, 2013 and 2012, gross payments under the Company’s domestic revolving credit facility were $26.5 million, $106.2 million and $290.0 million, respectively. | ||||||||||||
Aggregate maturities of total borrowings amount to approximately $6.2 million in 2015, $7.3 million in 2016, $7.4 million in 2017 and $29.3 million in 2018. The weighted average interest rate on long-term borrowings was 2.2% at December 31, 2014. | ||||||||||||
The Company paid interest of $3.0 million in 2014, $9.4 million in 2013 and $20.6 million in 2012. | ||||||||||||
Interest Rate Swap | ||||||||||||
On March 13, 2013, the Company entered into an interest rate swap (the “Swap”) with a notional amount of $75.0 million, as a means of fixing the floating interest rate component on $75.0 million of its variable-rate debt under the Senior Secured Credit Facility. The Swap was designated as a cash flow hedge, with an original termination date of March 13, 2018. In the fourth quarter of 2014, the Company terminated the Swap and received $0.2 million in connection with its settlement. The gain of $0.2 million has been included in Accumulated other comprehensive loss and will be reclassified into earnings over the remaining term of the Senior Secured Credit Facility. We do not use derivative instruments for trading or speculative purposes. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
The following table summarizes the income tax expense (benefit) from continuing operations: | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 3 | $ | — | $ | (1.8 | ) | |||||
Foreign | 0.6 | 2.4 | 3.2 | |||||||||
State and local | 1.3 | 1 | 0.1 | |||||||||
Total current tax expense | 4.9 | 3.4 | 1.5 | |||||||||
Deferred: | ||||||||||||
Federal | 17.8 | (112.1 | ) | 2.1 | ||||||||
Foreign | (2.7 | ) | 0.2 | 0.3 | ||||||||
State and local | 4.3 | 1.3 | — | |||||||||
Total deferred tax expense (benefit) | 19.4 | (110.6 | ) | 2.4 | ||||||||
Total income tax expense (benefit) | $ | 24.3 | $ | (107.2 | ) | $ | 3.9 | |||||
The following table summarizes the differences between the statutory federal income tax rate and the effective income tax rate from continuing operations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal tax benefit | 3.6 | 2.7 | 1 | |||||||||
Valuation allowance | (4.3 | ) | (231.7 | ) | 41.3 | |||||||
Domestic production deduction | (2.0 | ) | (1.2 | ) | — | |||||||
Bad debt deduction | — | — | (24.9 | ) | ||||||||
Asset dispositions and write-offs | — | (3.0 | ) | (29.5 | ) | |||||||
Repatriation effects | — | 1.5 | — | |||||||||
Tax reserves | (1.2 | ) | — | (1.0 | ) | |||||||
R&D tax credits | (0.6 | ) | (1.5 | ) | — | |||||||
Foreign tax rate effects | (2.5 | ) | (4.4 | ) | (7.2 | ) | ||||||
Other, net | (0.2 | ) | 0.3 | 0.4 | ||||||||
Effective income tax rate | 27.8 | % | (202.3 | )% | 15.1 | % | ||||||
The following table summarizes income from continuing operations before taxes: | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
U.S. | $ | 78.5 | $ | 38.9 | $ | 10 | ||||||
Non-U.S. | 8.8 | 14.1 | 15.9 | |||||||||
Income from continuing operations before taxes | $ | 87.3 | $ | 53 | $ | 25.9 | ||||||
ASC Topic 740, Income Taxes, requires that the future realization of deferred tax assets depends on the existence of sufficient taxable income in future periods. Possible sources of taxable income include taxable income in carryback periods, the future reversal of existing taxable temporary differences recorded as a deferred tax liability, tax-planning strategies that generate future income or gains in excess of anticipated losses in the carryforward period and projected future taxable income. If, based upon all available evidence, both positive and negative, it is more likely than not such deferred tax assets will not be realized, a valuation allowance is recorded. Significant weight is given to positive and negative evidence that is objectively verifiable. A company’s three-year cumulative loss position is significant negative evidence in considering whether deferred tax assets are realizable and the accounting guidance restricts the amount of reliance the Company can place on projected taxable income to support the recovery of the deferred tax assets. | ||||||||||||
Throughout 2012, the Company was in a three-year cumulative domestic loss position and continued to maintain a valuation allowance, initially recorded in 2010, against domestic deferred tax assets due to the uncertainty of the realization of certain deferred tax assets. In 2012, the Company continued to adjust its valuation allowance as the deferred tax assets increased or decreased, resulting in effectively no tax expense or benefit being recorded for domestic operations. However, in 2012, the Company did record tax expense for the increase in the deferred tax liabilities of its domestic indefinite lived intangibles. Furthermore, an income tax provision was recorded in each of the three years in the period ended December 31, 2014 for foreign operations that were not in a cumulative loss position. | ||||||||||||
We continually evaluate the need to maintain a valuation allowance for deferred tax assets based on our assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. | ||||||||||||
In the second quarter of 2013, this evaluation resulted in the determination that $102.4 million of our valuation allowance on U.S. deferred tax assets could be released. At that time, a qualitative and quantitative analysis of current and expected domestic earnings, industry and market trends, tax planning strategies and general business risks resulted in a conclusion that it was more likely than not that a significant portion of our U.S. deferred tax assets would be realized. Factors considered in reaching this determination included the return to profitability on a cumulative basis and improved market demand, with expectations that such improvement would continue into the foreseeable future. In addition, in 2012, we exited a business segment that had produced losses. | ||||||||||||
Upon releasing the significant portion of our valuation allowance on U.S. deferred tax assets in the second quarter of 2013, a valuation allowance of $10.4 million was maintained in accordance with the guidance provided in ASC 740-270-25-4 and was released through the effective tax rate as domestic income is recognized throughout the course of the year ended December 31, 2013. An additional $3.4 million reduction in deferred tax valuation allowances was recorded in the year ended December 31, 2013. | ||||||||||||
In the fourth quarter of 2013, the Company also executed a tax planning strategy that resulted in the release of $6.7 million of valuation allowance that was previously recorded against the Company’s foreign tax credits, which would have begun to expire in 2015. | ||||||||||||
During the year ended December 31, 2013, changes in the United Kingdom (“U.K.”) and Finland tax rates were enacted. As a result, the Company recognized income tax expense of $0.8 million and an income tax benefit of $0.8 million related to the decrease in deferred tax assets and liabilities in the U.K. and Finland, respectively. | ||||||||||||
As the Company no longer maintains a valuation allowance against most domestic tax assets, tax expense has been recognized on domestic earnings, as well as non-U.S. earnings, in the year ended December 31, 2014. | ||||||||||||
The Company recognized income tax expense of $24.3 million for the year ended December 31, 2014, compared to an income tax benefit of $107.2 million in the prior year. The Company’s effective tax rate for the year ended December 31, 2014 was 27.8%, compared to (202.3)% in 2013. | ||||||||||||
In the fourth quarter of 2014, based on a qualitative and quantitative analysis, the Company determined that $3.5 million of valuation allowance previously recorded against deferred tax assets in Spain could be released. In reaching the conclusion that it was more likely that deferred tax assets would be realized, the Company evaluated current and expected earnings, the cumulative earnings position, industry and market trends, recent changes in Spanish tax legislation and general business risks. | ||||||||||||
The Company’s effective tax rate for the year ended December 31, 2014 was also favorably impacted by a $1.0 million net reduction in unrecognized tax benefits and an income tax benefit of $0.4 million related to the decrease in foreign deferred tax liabilities resulting from a change in the enacted Spanish tax rate. | ||||||||||||
The following table summarizes deferred income tax assets and liabilities: | ||||||||||||
(in millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Depreciation and amortization | $ | 11.1 | $ | 10.8 | ||||||||
Accrued expenses | 28.6 | 28.8 | ||||||||||
Net operating loss, alternative minimum tax, research and development and foreign tax credit carryforwards | 44.6 | 62.8 | ||||||||||
Definite lived intangibles | 1.6 | 1.7 | ||||||||||
Pension benefits | 35.4 | 23.3 | ||||||||||
Other | 1 | 1.1 | ||||||||||
Deferred revenue | 0.1 | 0.1 | ||||||||||
Gross deferred tax assets | 122.4 | 128.6 | ||||||||||
Valuation allowance | (3.8 | ) | (9.8 | ) | ||||||||
Total deferred tax assets | 118.6 | 118.8 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation and amortization | (5.8 | ) | (3.7 | ) | ||||||||
Expenses capitalized for book | (1.4 | ) | (1.0 | ) | ||||||||
Pension benefits | (13.4 | ) | (11.5 | ) | ||||||||
Indefinite lived intangibles | (57.1 | ) | (56.8 | ) | ||||||||
Other | (0.5 | ) | (0.3 | ) | ||||||||
Gross deferred tax liabilities | (78.2 | ) | (73.3 | ) | ||||||||
Net deferred tax assets | $ | 40.4 | $ | 45.5 | ||||||||
The deferred tax asset for tax loss carryforwards at December 31, 2014, includes federal net operating loss carryforwards of $5.1 million, which begin to expire in 2027, state net operating loss carryforwards of $5.7 million, which will begin to expire in 2015, and foreign net operating loss carryforwards of $3.0 million, which have an indefinite life. The deferred tax asset for tax credit carryforwards includes U.S. research tax credit carryforwards of $5.0 million, which will begin to expire in 2019, U.S. foreign tax credits of $22.3 million, which will begin to expire in 2017, alternative motor vehicle credits of $0.2 million, which will begin to expire in 2029, and U.S. alternative minimum tax credit carryforwards of $3.3 million with no expiration. | ||||||||||||
The deferred tax asset for tax loss carryforwards at December 31, 2013, included federal net operating loss carryforwards of $7.5 million, state net operating loss carryforwards of $7.7 million, foreign net operating loss carryforwards of $5.2 million, U.S. research tax credit carryforwards of $7.9 million, U.S. foreign tax credits of $31.0 million, alternative motor vehicle credits of $0.2 million, and U.S. alternative minimum tax credit carryforwards of $3.3 million. | ||||||||||||
We continue to maintain a valuation allowance on certain state deferred tax assets that we believe, on a more likely than not basis, will not be realized. At December 31, 2014, the valuation allowance recorded against state net operating loss carryforwards totaled $3.8 million. | ||||||||||||
The $118.6 million of deferred tax assets at December 31, 2014, for which no valuation allowance is recorded, is anticipated to be realized through future taxable income or the future reversal of existing taxable temporary differences recorded as deferred tax liabilities at December 31, 2014. Should the Company determine that it would not be able to realize its remaining deferred tax assets in the future, an adjustment to the valuation allowance would be recorded in the period such determination is made. | ||||||||||||
The net deferred tax asset is classified in the Consolidated Balance Sheets as follows: | ||||||||||||
(in millions) | 2014 | 2013 | ||||||||||
Current net deferred tax assets | $ | 19.9 | $ | 12.5 | ||||||||
Current valuation allowance | (1.1 | ) | (0.1 | ) | ||||||||
Total current net deferred tax assets | $ | 18.8 | $ | 12.4 | ||||||||
Long-term net deferred tax assets | $ | 28 | $ | 42.8 | ||||||||
Long-term valuation allowance | (2.7 | ) | (9.7 | ) | ||||||||
Long-term net deferred tax assets | $ | 25.3 | $ | 33.1 | ||||||||
At December 31, 2014, $4.0 million of net deferred tax liabilities are included within Other long-term liabilities on the Consolidated Balance Sheet. | ||||||||||||
In the fourth quarter of 2013, in connection with the aforementioned tax planning strategy, the Company repatriated $24.3 million of previously undistributed earnings at one of the Company’s foreign subsidiaries. As a result of this change, in 2013 the Company increased its deferred tax assets related to the $24.3 million repatriation by $9.9 million. The remainder of the foreign subsidiaries undistributed earnings are considered to be indefinitely reinvested. | ||||||||||||
Federal and state income taxes have not been provided on accumulated undistributed earnings of certain foreign subsidiaries aggregating approximately $40.9 million and $59.2 million at December 31, 2014 and 2013, respectively, as such earnings have been reinvested in the business. The determination of the amount of the unrecognized deferred tax liability related to the undistributed earnings is not practicable. | ||||||||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits: | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Balance at January 1 | $ | 4.8 | $ | 4 | $ | 4.3 | ||||||
Increases related to current year tax | 0.4 | 1.4 | 0.2 | |||||||||
Increases from prior period positions | 0.3 | 0.4 | 0.1 | |||||||||
Decreases from prior period positions | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||
Decreases due to lapse of statute of limitations | (2.4 | ) | (0.8 | ) | (0.4 | ) | ||||||
Foreign currency translation | (0.2 | ) | — | — | ||||||||
Balance at December 31 | $ | 2.8 | $ | 4.8 | $ | 4 | ||||||
The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. At December 31, 2014 and 2013, accruals for interest and penalties amounting to $0.8 million and $0.1 million, respectively, are included in the Consolidated Balance Sheets but are not included in the table above. At December 31, 2014 and 2013, reserves for unrecognized tax benefits, including interest and penalties, of $3.3 million and $4.8 million, respectively, were included within other long-term liabilities on the Consolidated Balance Sheets. At December 31, 2014, unrecognized tax benefits of $0.3 million were included as a reduction of current deferred tax assets on the Consolidated Balance Sheet. | ||||||||||||
All of the unrecognized tax benefits of $2.8 million at December 31, 2014 would impact our annual effective tax rate, if recognized. We do not expect any significant change to our unrecognized tax benefits as a result of potential expiration of statute of limitations and settlements with tax authorities. | ||||||||||||
We file U.S., state and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2012 through 2014 tax years generally remain subject to examination by federal tax authorities, whereas the 2011 through 2014 tax years generally remain subject to examination by most state tax authorities. In significant foreign jurisdictions, the tax years from 2010 through 2014 generally remain subject to examination by their respective tax authorities. | ||||||||||||
The Company paid income taxes of $8.2 million in 2014, $4.0 million in 2013 and $2.9 million in 2012. |
Pensions
Pensions | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Pensions | PENSIONS | |||||||||||||||||||||||||||||||
The Company and its subsidiaries sponsor a number of defined benefit pension plans covering certain salaried and hourly employees. Benefits under these plans are primarily based on final average compensation and years of service as defined within the provisions of the individual plans. | ||||||||||||||||||||||||||||||||
The Company also participates in multi-employer pension plans that provide defined benefits to employees under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company. Contributions to these plans totaled $0.2 million, $0.2 million and $0.3 million for 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
The following table summarizes net periodic pension expense for U.S. and non-U.S. benefit plans: | ||||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Company-sponsored plans: | ||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 0.4 | $ | 0.3 | $ | 0.2 | ||||||||||||||||||||
Interest cost | 7.9 | 7.3 | 7.4 | 2.6 | 2.5 | 2.6 | ||||||||||||||||||||||||||
Expected return on plan assets | (9.1 | ) | (8.8 | ) | (8.1 | ) | (3.6 | ) | (2.6 | ) | (2.6 | ) | ||||||||||||||||||||
Amortization of actuarial loss | 5.1 | 7.5 | 5.5 | 0.4 | 0.9 | 0.8 | ||||||||||||||||||||||||||
Total company-sponsored plans | 3.9 | 6 | 4.8 | (0.2 | ) | 1.1 | 1 | |||||||||||||||||||||||||
Multi-employer plans | 0.2 | 0.2 | 0.3 | — | — | — | ||||||||||||||||||||||||||
Net periodic pension expense | $ | 4.1 | $ | 6.2 | $ | 5.1 | $ | (0.2 | ) | $ | 1.1 | $ | 1 | |||||||||||||||||||
The following table summarizes the weighted-average assumptions used in determining pension costs: | ||||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Discount rate | 5.1 | % | 4.2 | % | 5 | % | 4.5 | % | 4.1 | % | 4.6 | % | ||||||||||||||||||||
Rate of increase in compensation levels | 3.5 | % | 3.5 | % | 3.5 | % | — | — | — | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.6 | % | 7.9 | % | 8.1 | % | 5.9 | % | 5.1 | % | 5.3 | % | ||||||||||||||||||||
The following table summarizes the changes in the projected benefit obligation and plan assets: | ||||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 159.3 | $ | 179.7 | $ | 61 | $ | 65.6 | ||||||||||||||||||||||||
Service cost | — | — | 0.4 | 0.3 | ||||||||||||||||||||||||||||
Interest cost | 7.9 | 7.3 | 2.6 | 2.5 | ||||||||||||||||||||||||||||
Actuarial loss (gain) | 28.6 | (17.6 | ) | 6.8 | (5.3 | ) | ||||||||||||||||||||||||||
Benefits and expenses paid | (9.5 | ) | (10.1 | ) | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||
Foreign currency translation | — | — | (4.1 | ) | 1 | |||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 186.3 | $ | 159.3 | $ | 63.6 | $ | 61 | ||||||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 184.4 | $ | 157.3 | $ | 63.1 | $ | 60.4 | ||||||||||||||||||||||||
The following table summarizes the weighted-average assumptions used in determining benefit obligations: | ||||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.2 | % | 5.1 | % | 3.5 | % | 4.5 | % | ||||||||||||||||||||||||
Rate of increase in compensation levels | 3.5 | % | 3.5 | % | — | — | ||||||||||||||||||||||||||
The following summarizes the changes in the fair value of plan assets: | ||||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 129.4 | $ | 112.2 | $ | 62.4 | $ | 54.8 | ||||||||||||||||||||||||
Actual return on plan assets | 5.9 | 20.5 | 2.2 | 7.6 | ||||||||||||||||||||||||||||
Company contribution | 8.2 | 6.8 | 1.2 | 1.7 | ||||||||||||||||||||||||||||
Benefits and expenses paid | (9.5 | ) | (10.1 | ) | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||
Foreign currency translation | — | — | (3.7 | ) | 1.4 | |||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 134 | $ | 129.4 | $ | 59 | $ | 62.4 | ||||||||||||||||||||||||
As more fully described within Note 1 – Significant Accounting Policies, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. | ||||||||||||||||||||||||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value for the U.S. benefit plan: | ||||||||||||||||||||||||||||||||
• | Cash and cash equivalents are comprised of cash on deposit and a money market fund, that invests principally in short-term instruments. The money-market fund is valued at the net asset value (“NAV”) of the shares in the fund. | |||||||||||||||||||||||||||||||
• | Equity investments represent domestic and foreign securities, including common stock, which are publicly traded on active exchanges and are valued based on quoted market prices. Certain equity securities, which are valued using a model that takes the underlying security’s “best” price, divides it by the applicable exchange rate and multiplies the result by a depository receipt factor, are categorized within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||
• | Fixed income investments include corporate bonds, asset-backed securities and treasury bonds. Corporate bonds are valued using pricing models that include bids provided by brokers or dealers, benchmark yields, base spreads and reported trades. Asset-backed securities are valued using models with readily observable data as inputs. Treasury bonds are valued based on quoted market prices in active markets. | |||||||||||||||||||||||||||||||
• | Mutual funds are valued at the net asset value, based on quoted market prices in active markets, of shares held by the plan at year end. | |||||||||||||||||||||||||||||||
• | Real estate investments include public real estate investment trusts (“REIT”) and exchange traded REIT funds, which are publicly traded on active exchanges and are valued based on quoted market prices. | |||||||||||||||||||||||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value for the non-U.S. benefit plan: | ||||||||||||||||||||||||||||||||
• | Equity investments represent domestic and foreign securities, which are publicly traded on active exchanges and are valued based on quoted market prices. The inputs used to value certain other non-U.S. investments in equity securities both in the U.K. and other overseas markets are based on observable market information consistent with Level 2 of the fair value hierarchy inputs. Specifically, they are valued using the NAV as of the last business day of the year. The NAV is based on the underlying value of the assets owned by the fund minus its liabilities, and then divided by the number of shares outstanding. The value of the underlying assets is based on quoted prices in active markets. | |||||||||||||||||||||||||||||||
• | Fixed income investments include treasury securities, which are valued based on quoted market prices in active markets, and corporate bonds which are either valued based on quoted market prices in active markets or other readily observable market data. | |||||||||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | ||||||||||||||||||||||||||||||||
The following summarizes the Company’s pension assets in a three-tier fair value hierarchy for its benefit plans: | ||||||||||||||||||||||||||||||||
U. S. Benefit Plan | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.5 | $ | — | $ | — | $ | 2.5 | $ | 2.9 | $ | — | $ | — | $ | 2.9 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
U.S. Large Cap | 40.1 | 0.1 | — | 40.2 | 37.1 | — | — | 37.1 | ||||||||||||||||||||||||
U.S. Small and Mid Cap | 15.9 | — | — | 15.9 | 15.3 | — | — | 15.3 | ||||||||||||||||||||||||
Federal Signal common stock | 3.6 | — | — | 3.6 | 13.6 | — | — | 13.6 | ||||||||||||||||||||||||
Developed international | 9.9 | 4.5 | — | 14.4 | 9.6 | 0.1 | — | 9.7 | ||||||||||||||||||||||||
Emerging markets | 10.7 | 0.2 | — | 10.9 | 2.7 | — | — | 2.7 | ||||||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||||||||||
Government securities | 1.1 | — | — | 1.1 | 6.8 | — | — | 6.8 | ||||||||||||||||||||||||
Asset-backed securities | — | 7.1 | — | 7.1 | — | 3.5 | — | 3.5 | ||||||||||||||||||||||||
Corporate bonds | — | 19.2 | — | 19.2 | — | — | — | — | ||||||||||||||||||||||||
Mutual funds | 1.2 | — | — | 1.2 | 18 | — | — | 18 | ||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||
Mutual funds | 13.9 | — | — | 13.9 | 19.8 | — | — | 19.8 | ||||||||||||||||||||||||
Real estate | 3.7 | — | — | 3.7 | — | — | — | — | ||||||||||||||||||||||||
Total assets at fair value (a) | $ | 102.6 | $ | 31.1 | $ | — | $ | 133.7 | $ | 125.8 | $ | 3.6 | $ | — | $ | 129.4 | ||||||||||||||||
(a) | Total assets at fair value at December 31, 2014 in the table above excludes a net receivable of $0.3 million. | |||||||||||||||||||||||||||||||
Non-U. S. Benefit Plans | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Cash | $ | 11.5 | $ | — | $ | — | $ | 11.5 | $ | 10.7 | $ | — | $ | — | $ | 10.7 | ||||||||||||||||
Equity securities | 6 | 35.9 | — | 41.9 | 6.3 | 36.9 | — | 43.2 | ||||||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||||||||||
Government securities | 2.9 | — | — | 2.9 | 4 | — | — | 4 | ||||||||||||||||||||||||
Corporate bonds | 1.6 | 1.1 | — | 2.7 | 4.5 | — | — | 4.5 | ||||||||||||||||||||||||
Total assets at fair value | $ | 22 | $ | 37 | $ | — | $ | 59 | $ | 25.5 | $ | 36.9 | $ | — | $ | 62.4 | ||||||||||||||||
The Company maintains a structured derisking investment strategy for the U.S. pension plan to improve alignment of assets and liabilities that includes: (i) maintaining a diversified portfolio that can provide a near-term weighted-average target return of approximately 7.8% or more, (ii) maintaining liquidity to meet obligations and (iii) prudently managing administrative and management costs. The target asset allocations for the U.S. pension plan are (i) between 45% and 75% equity securities, (ii) between 15% and 45% fixed income securities and (iii) between 0% and 20% in other investments, with the remainder represented by cash and cash equivalents. Other investments may include real estate investments and mutual funds investing in real estate, commodities or hedge funds. | ||||||||||||||||||||||||||||||||
Plan assets for the non-U.S. benefit plans consist principally of a diversified portfolio of equity securities, U.K. government securities, company bonds and debt securities. The target asset allocations for the non-U.S. benefit plan assets are between 50% and 70% equity securities and between 30% and 50% debt securities. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company repurchased $10.3 million of its common stock from its U.S. benefit plan. The repurchases were made under the stock repurchase program further outlined in Note 12 – Stockholders’ Equity. As of December 31, 2014 and 2013, U.S. benefit plan assets included 0.2 million and 0.9 million shares of the Company’s common stock valued at $3.6 million and $13.6 million, respectively. Dividends of $0.1 million were paid on the Company’s common stock held in the U.S. benefit plan in the year ended December 31, 2014. No dividends were paid on the Company’s common stock held in the U.S. benefit plan in the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||
The following summarizes the funded status of the Company-sponsored plans: | ||||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 134 | $ | 129.4 | $ | 59 | $ | 62.4 | ||||||||||||||||||||||||
Benefit obligation, end of year | 186.3 | 159.3 | 63.6 | 61 | ||||||||||||||||||||||||||||
Funded status, end of year | $ | (52.3 | ) | $ | (29.9 | ) | $ | (4.6 | ) | $ | 1.4 | |||||||||||||||||||||
At December 31, 2014 and 2013, the Company’s non-U.S. benefit plans where the accumulated benefit obligation was in excess of the fair value of plan assets reflected an underfunded status of $4.6 million and $1.1 million, respectively. | ||||||||||||||||||||||||||||||||
The following summarizes the amounts recognized within our Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Amounts recognized in the balance sheet include: | ||||||||||||||||||||||||||||||||
Deferred charges and other assets | $ | — | $ | — | $ | — | $ | 2.5 | ||||||||||||||||||||||||
Long-term pension and other post-retirement benefit liabilities | (52.3 | ) | (29.9 | ) | (4.6 | ) | (1.1 | ) | ||||||||||||||||||||||||
Net (liability) asset recorded | $ | (52.3 | ) | $ | (29.9 | ) | $ | (4.6 | ) | $ | 1.4 | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss include: | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 81.4 | $ | 54.7 | $ | 21.9 | $ | 15.6 | ||||||||||||||||||||||||
Net amount recognized, pre-tax | $ | 81.4 | $ | 54.7 | $ | 21.9 | $ | 15.6 | ||||||||||||||||||||||||
The Company expects $7.2 million relating to amortization of the actuarial loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2015. | ||||||||||||||||||||||||||||||||
The Company expects to contribute up to $7.8 million to the U.S. benefit plan and up to $1.1 million to the non-U.S. benefit plans in 2015. Future contributions to the plans will be based on such factors as annual service cost, the financial return on plan assets, interest rate movements that affect discount rates applied to plan liabilities and the value of benefit payments made. | ||||||||||||||||||||||||||||||||
The following summarizes the benefits expected to be paid under the Company’s defined benefit plans in each of the next five years, and in aggregate for the five years thereafter: | ||||||||||||||||||||||||||||||||
(in millions) | U.S. Benefit Plan | Non-U.S. Benefit Plans | ||||||||||||||||||||||||||||||
2015 | $ | 8.9 | $ | 2.6 | ||||||||||||||||||||||||||||
2016 | 8.4 | 2.7 | ||||||||||||||||||||||||||||||
2017 | 9.1 | 2.8 | ||||||||||||||||||||||||||||||
2018 | 9.3 | 2.8 | ||||||||||||||||||||||||||||||
2019 | 10 | 2.9 | ||||||||||||||||||||||||||||||
2020-2024 | 54.7 | 16.1 | ||||||||||||||||||||||||||||||
The Company also sponsors a defined contribution retirement plan covering a majority of its employees. Participation is via automatic enrollment and employees may elect to opt out of the plan. Company contributions to the plan are based on employees’ age and service as well as a percentage of employee contributions. The cost of these plans was $7.1 million in 2014, $7.0 million in 2013 and $6.3 million in 2012. | ||||||||||||||||||||||||||||||||
Prior to September 30, 2003, the Company also provided medical benefits to certain eligible retired employees. These benefits are funded when the claims are incurred. Participants generally became eligible for these benefits at age 60 after completing at least 15 years of service. The plan provided for the payment of specified percentages of medical expenses reduced by any deductible and payments made by other primary group coverage and government programs. Effective September 30, 2003, the Company amended the retiree medical plan and effectively canceled coverage for all eligible active employees except for retirees and a limited group that qualified under a formula based on age and years of service. Accumulated post-retirement benefit liabilities of $0.5 million and $0.5 million at December 31, 2014 and 2013, respectively, were fully accrued. The net periodic post-retirement benefit costs have not been significant during the three-year period ended December 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||
Guarantees | ||||||||
The Company provides indemnifications and other guarantees in the ordinary course of business, the terms of which range in duration and often are not explicitly defined. Specifically, the Company is occasionally required to provide letters of credit and bid and performance bonds to various customers, principally to act as security for retention levels related to casualty insurance policies and to guarantee the performance of subsidiaries that engage in export and domestic transactions. At December 31, 2014, the Company had outstanding performance and financial standby letters of credit, as well as outstanding bid and performance bonds, aggregating $47.2 million. If any such letters of credit or bonds are called, the Company would be obligated to reimburse the issuer of the letter of credit or bond. The Company believes the likelihood of any currently outstanding letter of credit or bond being called is remote. | ||||||||
The Company issues product performance warranties to customers with the sale of its products. The specific terms and conditions of these warranties vary depending upon the product sold and country in which the Company does business, with warranty periods generally ranging from one to five years. The Company estimates the costs that may be incurred under its basic limited warranty and records a liability in the amount of such costs at the time the sale of the related product is recognized. Factors that affect the Company’s warranty liability include (i) the number of units under warranty from time to time, (ii) historical and anticipated rates of warranty claims and (iii) costs per claim. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. | ||||||||
The following table summarizes the changes in the Company’s warranty liabilities: | ||||||||
(in millions) | 2014 | 2013 | ||||||
Balance at January 1 | $ | 8.4 | $ | 6.8 | ||||
Provisions to expense | 8.8 | 10.1 | ||||||
Actual costs incurred | (8.1 | ) | (8.5 | ) | ||||
Balance at December 31 | $ | 9.1 | $ | 8.4 | ||||
At December 31, 2014 and 2013, an accrual of $1.3 million and $0.8 million, respectively, was recorded in our Environmental Solutions Group in connection with a specific warranty matter. The accrual recorded represents management’s best estimate of the probable liability. The Company’s estimate may change as more information becomes available; however, the costs are not expected to have a material adverse effect on the Company’s results of operations, financial position or cash flow. | ||||||||
Environmental Liabilities | ||||||||
Reserves of $1.3 million and $1.4 million related to the environmental remediation of the Pearland, Texas facility are included in liabilities of discontinued operations on the Consolidated Balance Sheets at December 31, 2014 and 2013, respectively. The facility was previously used by the Company’s discontinued Pauluhn business and manufactured marine, offshore and industrial lighting products. The Company sold the facility in May 2012 and while the Company has not finalized its plans, it is probable that the site will require remediation. The recorded reserves are based on an undiscounted estimate of the range of costs to remediate the site, depending upon the remediation approach and other factors. The Company’s estimate may change in the near term as more information becomes available; however, the costs are not expected to have a material adverse effect on the Company’s results of operations, financial position or cash flow. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | LEGAL PROCEEDINGS |
The Company is subject to various claims, including pending and possible legal actions for product liability and other damages, and other matters arising in the ordinary course of the Company’s business. On a quarterly basis, the Company reviews uninsured material legal claims against the Company and accrues for the costs of such claims as appropriate in the exercise of management’s best judgment and experience. However, due to a lack of factual information available to the Company about a claim, or the procedural stage of a claim, it may not be possible for the Company to reasonably assess either the probability of a favorable or unfavorable outcome of the claim or to reasonably estimate the amount of loss should there be an unfavorable outcome. Therefore, for many claims, the Company cannot reasonably estimate a range of loss. | |
The Company believes, based on current knowledge and after consultation with counsel, that the outcome of such claims and actions will not have a material adverse effect on the Company’s results of operations. However, in the event of unexpected future developments, it is possible that the ultimate resolution of such matters, if unfavorable, could have a material adverse effect on the Company’s results of operations, financial position or cash flow. | |
Hearing Loss Litigation | |
The Company has been sued by firefighters seeking damages claiming that exposure to the Company’s sirens has impaired their hearing and that the sirens are therefore defective. There were 33 cases filed during the period of 1999 through 2004, involving a total of 2,443 plaintiffs, in the Circuit Court of Cook County, Illinois. These cases involved more than 1,800 firefighter plaintiffs from locations outside of Chicago. In 2009, six additional cases were filed in Cook County, involving 299 Pennsylvania firefighter plaintiffs. During 2013, another case was filed in Cook County involving 74 Pennsylvania firefighter plaintiffs. | |
The trial of the first 27 of these plaintiffs’ claims occurred in 2008, when a Cook County jury returned a unanimous verdict in favor of the Company. | |
An additional 40 Chicago firefighter plaintiffs were selected for trial in 2009. Plaintiffs’ counsel later moved to reduce the number of plaintiffs from 40 to nine. The trial for these nine plaintiffs concluded with a verdict against the Company and for the plaintiffs in varying amounts totaling $0.4 million. The Company appealed this verdict. On September 13, 2012, the Illinois Appellate Court rejected this appeal. The Company thereafter filed a petition for rehearing with the Illinois Appellate Court, which was denied on February 7, 2013. The Company sought further review by filing a petition for leave to appeal with the Illinois Supreme Court on March 14, 2013. On May 29, 2013, the Illinois Supreme Court issued a summary order declining to accept review of this case. On July 1, 2013, the Company satisfied the judgments entered for these plaintiffs, which has resulted in final dismissal of these cases. | |
A third consolidated trial involving eight Chicago firefighter plaintiffs occurred during November 2011. The jury returned a unanimous verdict in favor of the Company at the conclusion of this trial. | |
Following this trial, on March 12, 2012 the trial court entered an order certifying a class of the remaining Chicago Fire Department firefighter plaintiffs for trial on the sole issue of whether the Company’s sirens were defective and unreasonably dangerous. The Company petitioned the Illinois Appellate Court for interlocutory appeal of this ruling. On May 17, 2012, the Illinois Appellate Court accepted the Company’s petition. On June 8, 2012, plaintiffs moved to dismiss the appeal, agreeing with the Company that the trial court had erred in certifying a class action trial in this matter. Pursuant to plaintiffs’ motion, the Illinois Appellate Court reversed the trial court’s certification order. | |
Thereafter, the trial court scheduled a fourth consolidated trial involving three firefighter plaintiffs, which began in December 2012. Prior to the start of this trial, the claims of two of the three firefighter plaintiffs were dismissed. On December 17, 2012, the jury entered a complete defense verdict for the Company. | |
Following this defense verdict, plaintiffs again moved to certify a class of Chicago Fire Department plaintiffs for trial on the sole issue of whether the Company’s sirens were defective and unreasonably dangerous. Over the Company’s objection, the trial court granted plaintiffs’ motion for class certification on March 11, 2013 and scheduled a class action trial to begin on June 10, 2013. The Company filed a petition for review with the Illinois Appellate Court on March 29, 2013 seeking reversal of the class certification order. | |
On June 25, 2014, a unanimous three-judge panel of the First District Illinois Appellate Court issued its opinion reversing the class certification order of the trial court. Specifically, the Appellate Court determined that the trial court’s ruling failed to satisfy the class-action requirements that the common issues of the firefighters’ claims predominate over the individual issues and that there is an adequate representative for the class. During a status hearing on October 8, 2014, plaintiffs represented to the Court that they would again seek to certify a class of firefighters on the issue of whether the Company’s sirens were defective and unreasonably dangerous. On January 12, 2015, plaintiffs filed motions to amend their complaints to add class action allegations with respect to Chicago firefighter plaintiffs as well as the approximately 1,800 firefighter plaintiffs from locations outside of Chicago. The Company’s response to these motions was filed on February 13, 2015. The Company intends to continue its objections to any attempt at certification. | |
The Company has also been sued on this issue outside of the Cook County, Illinois venue. Many of these cases have involved lawsuits filed by a single attorney in the Court of Common Pleas, Philadelphia County, Pennsylvania. During 2007 and through 2009, this attorney filed a total of 71 lawsuits, involving 71 plaintiffs in this jurisdiction. Three of these cases were dismissed pursuant to pretrial motions filed by the Company. Another case was voluntarily dismissed. Prior to trial in four cases, the Company paid nominal sums, which included reimbursements of expenses, to obtain dismissals. | |
Three trials occurred in Philadelphia involving these cases filed in 2007 through 2009. The first trial involving one of these plaintiffs occurred in 2010, when the jury returned a verdict for the plaintiff. In particular, the jury found that the Company’s siren was not defectively designed, but that the Company negligently constructed the siren. The jury awarded damages in the amount of $0.1 million, which was subsequently reduced to $0.08 million. The Company appealed this verdict. Another trial, involving nine Philadelphia firefighter plaintiffs, also occurred in 2010 when the jury returned a defense verdict for the Company as to all claims and all plaintiffs involved in that trial. The third trial, also involving nine Philadelphia firefighter plaintiffs, was completed during 2010 when the jury returned a defense verdict for the Company as to all claims and all plaintiffs involved in that trial. | |
Following defense verdicts in the last two Philadelphia trials, the Company negotiated settlements with respect to all remaining filed cases in Philadelphia at that time, as well as other firefighter claimants represented by the attorney who filed the Philadelphia cases. On January 4, 2011, the Company entered into a Global Settlement Agreement (the “Settlement Agreement”) with the law firm of the attorney representing the Philadelphia claimants, on behalf of 1,125 claimants the firm represented (the “Claimants”) and who had asserted product claims against the Company (the “Claims”). Three hundred eight of the Claimants had lawsuits pending against the Company in Cook County, Illinois. | |
The Settlement Agreement, as amended, provided that the Company pay a total amount of $3.8 million (the “Settlement Payment”) to settle the Claims (including the costs, fees and other expenses of the law firm in connection with its representation of the Claimants), subject to certain terms, conditions and procedures set forth in the Settlement Agreement. In order for the Company to be required to make the Settlement Payment: (i) each Claimant who agreed to settle his or her claims had to sign a release acceptable to the Company (a “Release”), (ii) each Claimant who agreed to the settlement and who was a plaintiff in a lawsuit, had to dismiss his or her lawsuit with prejudice, (iii) by April 29, 2011, at least 93% of the Claimants identified in the Settlement Agreement must have agreed to settle their claims and provide a signed Release to the Company and (iv) the law firm had to withdraw from representing any Claimants who did not agree to the settlement, including those who filed lawsuits. If the conditions to the settlement were met, but less than 100% of the Claimants agreed to settle their Claims and sign a Release, the Settlement Payment would be reduced by the percentage of Claimants who did not agree to the settlement. | |
On April 22, 2011, the Company confirmed that the terms and conditions of the Settlement Agreement had been met and made a payment of $3.6 million to conclude the settlement. The amount was based upon the Company’s receipt of 1,069 signed releases provided by Claimants, which was 95.02% of all Claimants identified in the Settlement Agreement. | |
The Company generally denies the allegations made in the claims and lawsuits by the Claimants and denies that its products caused any injuries to the Claimants. Nonetheless, the Company entered into the Settlement Agreement for the purpose of minimizing its expenses, including legal fees, and avoiding the inconvenience, uncertainty and distraction of the claims and lawsuits. | |
During April through October 2012, 20 new cases were filed in the Court of Common Pleas, Philadelphia County, Pennsylvania. These cases were filed on behalf of 20 Philadelphia firefighters and involve various defendants in addition to the Company. Five of these cases were subsequently dismissed. The first trial involving these new Philadelphia cases occurred during December 2014 and involved three firefighter plaintiffs. The jury returned a verdict in favor of the Company. Following this trial, all of the parties agreed to settle cases involving seven firefighter plaintiffs set for trial during January 2015 for nominal amounts per plaintiff. In January 2015, plaintiffs’ attorneys filed two new complaints in the Court of Common Pleas, Philadelphia, Pennsylvania on behalf of approximately 70 additional firefighter plaintiffs. The vast majority of the firefighters identified in these complaints are located outside of Pennsylvania. | |
During April through July 2013, additional cases were filed in Allegheny County, Pennsylvania. These cases involve 247 plaintiff firefighters from Pittsburgh and various defendants, including the Company. After the Company filed pretrial motions, the Court dismissed claims of 38 Pittsburgh firefighter plaintiffs. During March 2014, an action was brought in the Court of Common Pleas of Erie County, Pennsylvania on behalf of 61 firefighters. This case likewise involves various defendants in addition to the Company. After the Company filed pretrial motions, 32 Erie County firefighter plaintiffs voluntarily dismissed their claims. On September 17, 2014, 20 lawsuits, involving a total of 193 Buffalo Fire Department firefighters, were filed in the Supreme Court of the State of New York, Erie County. Several product manufacturers, including the Company, have been named as defendants in these cases. All of the cases filed in Erie County, New York have been removed to federal court in the Western District of New York. Defendants have filed various pretrial motions seeking dismissal of these cases. | |
From 2007 through 2009, firefighters also brought hearing loss claims against the Company in New Jersey, Missouri, Maryland and Kings County, New York. All of those cases, however, were dismissed prior to trial, including four cases in the Supreme Court of Kings County, New York that were dismissed upon the Company’s motion in 2008. On appeal, the New York appellate court affirmed the trial court’s dismissal of these cases. Plaintiffs’ attorneys have threatened to file additional lawsuits. The Company intends to vigorously defend all of these lawsuits, if filed. | |
The Company’s ongoing negotiations with its insurer, CNA, over insurance coverage on these claims have resulted in reimbursements of a portion of the Company’s defense costs. These reimbursements are recorded as a reduction of corporate operating expenses. In the years ended December 31, 2014, 2013 and 2012, the Company recorded reimbursements from CNA of $0.3 million, $0.5 million and $0.7 million, respectively, related to legal defense costs. | |
Latvian Commercial Dispute | |
On June 12, 2014, a Latvian trial court issued a summary ruling against the Company’s Bronto Skylift Oy Ab (“Bronto”) subsidiary in a lawsuit relating to a commercial dispute. The dispute involves a transaction for the 2008 sale of three Bronto units that were purchased by a financing company for lease to a Latvian fire department. The lessor and the Latvian fire department sought to rescind the contract after delivery, despite the fact that an independent third party, selected by the lessor, had certified that the vehicles satisfied the terms of the contract. The adverse judgment requires Bronto to refund the purchase price and pay interest and attorneys’ fees. The trial court denied the lessor’s claim against Bronto for alleged damages relating to lost lease income. | |
The Company continues to believe that the claims against Bronto are invalid and that Bronto fully satisfied the terms of the subject contract. Accordingly, on July 30, 2014, the Company filed an appeal with the Civil Chamber of the Supreme Court of Latvia seeking a reversal of the trial court’s ruling. The appeal hearing with the Supreme Court is currently scheduled for April 2016. | |
As of December 31, 2014, the Company has not accrued any liability within its consolidated financial statements for this lawsuit. In evaluating whether a charge to record a reserve was necessary, the Company analyzed all of the available information, including the legal reasoning applied by the judge of the trial court in reaching its decision. Based on the Company’s analysis, and consultations with external counsel, the Company has assessed the likelihood of a successful appeal to be more likely than not and therefore does not believe that a probable loss has been incurred. In the event that the Company’s appeal of the initial judgment is unsuccessful or not fully successful, the Company would expect to record a charge that could range from zero to approximately $5 million. This range includes estimates of interest that will continue to accrue throughout the appeal process. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE | |||||||||||
The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, Earnings per Share, which requires that non-vested restricted stock containing non-forfeitable dividend rights should be treated as participating securities pursuant to the two-class method. Under the two-class method, net income is reduced by the amount of dividends declared in the period for common stock and participating securities. The remaining undistributed earnings are then allocated to common stock and participating securities as if all of the net income for the period had been distributed. The amounts of distributed and undistributed earnings allocated to participating securities for the years ended December 31, 2014, 2013 and 2012 were insignificant and did not materially impact the calculation of basic or diluted EPS. | ||||||||||||
Basic EPS is computed by dividing income or loss available to common stockholders by the weighted average number of shares of common stock and non-vested restricted stock awards outstanding for the year. | ||||||||||||
Diluted EPS is computed using the weighted average number of shares of common stock and non-vested restricted stock awards outstanding for the year plus the effect of dilutive potential common shares outstanding during the year. The dilutive effect of common stock equivalents is determined using the more dilutive of the two-class method or alternative methods. We use the treasury stock method to determine the potentially dilutive impact of our employee stock options and restricted stock units, and the contingently issuable method for our performance-based restricted stock unit awards. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, options to purchase 0.5 million, 0.9 million and 2.3 million shares of the Company’s common stock, respectively, had an anti-dilutive effect on EPS, and accordingly, are excluded from the calculation of diluted EPS. | ||||||||||||
The following table reconciles net income (loss) to basic and diluted EPS: | ||||||||||||
(in millions, except per share data) | 2014 | 2013 | 2012 | |||||||||
Income from continuing operations | $ | 63 | $ | 160.2 | $ | 22 | ||||||
Gain (loss) from discontinued operations and disposal, net of tax | 0.7 | (0.2 | ) | (49.5 | ) | |||||||
Net income (loss) | $ | 63.7 | $ | 160 | $ | (27.5 | ) | |||||
Weighted average shares outstanding — Basic | 62.7 | 62.6 | 62.3 | |||||||||
Dilutive effect of common stock equivalents | 0.9 | 0.6 | 0.4 | |||||||||
Weighted average shares outstanding — Diluted | 63.6 | 63.2 | 62.7 | |||||||||
Basic earnings (loss) per share: | ||||||||||||
Earnings from continuing operations | $ | 1 | $ | 2.56 | $ | 0.35 | ||||||
Gain (loss) from discontinued operations and disposal, net of tax | 0.01 | — | (0.79 | ) | ||||||||
Net earnings (loss) per share | $ | 1.01 | $ | 2.56 | $ | (0.44 | ) | |||||
Diluted earnings (loss) per share: | ||||||||||||
Earnings from continuing operations | $ | 0.99 | $ | 2.53 | $ | 0.35 | ||||||
Gain (loss) from discontinued operations and disposal, net of tax | 0.01 | — | (0.79 | ) | ||||||||
Net earnings (loss) per share | $ | 1 | $ | 2.53 | $ | (0.44 | ) | |||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | ||||||||||||||||||||
The Company’s stock compensation plans, approved by the Company’s stockholders and administered by the Compensation and Benefits Committee of the Board of Directors of the Company, provide for the grant of incentive and non-incentive stock options, restricted stock and other stock-based awards or units to key employees and directors. The plans, as amended, authorize the grant of up to 7.8 million shares or units through April 2020. At December 31, 2014, approximately 1.9 million shares were available for future issuance under the plans. These share or unit amounts exclude amounts that were issued under predecessor plans. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Stock options vest equally over the three years from the date of the grant. The cost of stock options, based on their fair value at the date of grant, is charged to expense over the respective vesting periods. Stock options normally become exercisable at a rate of one-third annually and in full on the third anniversary date. Under the plans, all options and rights must be exercised within ten years from date of grant. At the Company’s discretion, vested stock option holders are permitted to elect an alternative settlement method in lieu of purchasing common stock at the option price. The alternative settlement method permits the employee to receive, without payment to the Company, cash, shares of common stock or a combination thereof equal to the excess of market value of common stock over the option purchase price. The Company has historically settled all such options in common stock and intends to continue to do so. Stock options do not have voting or dividend rights until such time that the options are exercised and shares have been issued. | |||||||||||||||||||||
The weighted average fair value of options granted during 2014, 2013 and 2012 was $7.16, $4.56 and $2.73, respectively. | |||||||||||||||||||||
The fair value of each option grant was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Dividend yield | 0.8 | % | — | % | 0.7 | % | |||||||||||||||
Expected volatility | 57 | % | 59 | % | 59 | % | |||||||||||||||
Risk free interest rate | 1.9 | % | 1 | % | 0.9 | % | |||||||||||||||
Weighted average expected option life in years | 5.8 | 5.8 | 5.6 | ||||||||||||||||||
The expected life of options represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for periods corresponding with the expected life of the options. Expected volatility is based on historical volatility of the Company’s common stock. Dividend yields are based on historical dividend payments. | |||||||||||||||||||||
The following summarizes stock option activity: | |||||||||||||||||||||
Option Shares | Weighted Average Exercise Price | ||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
Outstanding, at beginning of year | 2.1 | 2.3 | 2 | $ | 8.63 | $ | 8.93 | $ | 10.16 | ||||||||||||
Granted | 0.3 | 0.5 | 0.6 | 14.36 | 8.5 | 5.52 | |||||||||||||||
Exercised | (0.3 | ) | (0.3 | ) | — | 7.49 | 7.47 | — | |||||||||||||
Canceled or expired | (0.1 | ) | (0.4 | ) | (0.3 | ) | 14.33 | 10.94 | 9.88 | ||||||||||||
Outstanding, at end of year | 2 | 2.1 | 2.3 | $ | 9.28 | $ | 8.63 | $ | 8.93 | ||||||||||||
Exercisable, at end of year | 1.2 | 1.2 | 1.3 | $ | 8.64 | $ | 9.85 | $ | 11.22 | ||||||||||||
The following table summarizes information for stock options outstanding as of December 31, 2014 under all plans: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average | Weighted Average | Shares | Weighted Average | ||||||||||||||||
Remaining Life | Exercise Price | Exercise Price | |||||||||||||||||||
(in millions) | (in years) | (in millions) | |||||||||||||||||||
$0.00 — $5.00 | — | 6.7 | $ | 4.47 | — | $ | 4.47 | ||||||||||||||
5.01 — 10.00 | 1.3 | 7.1 | 6.75 | 0.8 | 6.44 | ||||||||||||||||
10.01 — 15.00 | 0.5 | 7 | 13.08 | 0.2 | 10.99 | ||||||||||||||||
15.01 — 20.00 | 0.2 | 1.3 | 16.46 | 0.2 | 16.46 | ||||||||||||||||
2 | 6.6 | $ | 9.28 | 1.2 | $ | 8.64 | |||||||||||||||
The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2014 was $8.5 million. | |||||||||||||||||||||
The total compensation expense related to all stock option compensation plans was $1.7 million, $1.5 million and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. Also, as of December 31, 2014, there was $2.3 million of total unrecognized compensation cost related to stock options that is expected to be recognized over the weighted-average period of approximately 1.9 years. | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||
Restricted stock awards and restricted stock units (collectively, “restricted stock”) are granted to employees at no cost. Restricted stock primarily cliff vests at the third anniversary from the date of grant, provided the recipient is still employed by the Company on the vesting date. The cost of restricted stock, based on the fair market value of the underlying shares at the date of grant, is charged to expense over the respective vesting periods. Shares associated with non-vested restricted stock awards have the same voting rights as the Company’s common stock and have non-forfeitable rights to dividends. Shares associated with non-vested restricted stock units do not have voting or dividend rights. | |||||||||||||||||||||
The following table summarizes restricted stock activity for the year ended December 31, 2014: | |||||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||||
Restricted Shares | Price per Share | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Outstanding and non-vested, at December 31, 2013 | 0.2 | $ | 6.85 | ||||||||||||||||||
Granted | 0.1 | 14.61 | |||||||||||||||||||
Vested | — | 15.03 | |||||||||||||||||||
Forfeited | — | 8.53 | |||||||||||||||||||
Outstanding and non-vested, at December 31, 2014 | 0.3 | $ | 8.63 | ||||||||||||||||||
The total compensation expense related to all restricted stock compensation plans was $1.0 million, $1.1 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. Also, as of December 31, 2014, there was $0.8 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over the weighted-average period of approximately 1.9 years. | |||||||||||||||||||||
Performance Awards | |||||||||||||||||||||
In each of the three years in the period ended December 31, 2014, the Company granted performance-based restricted stock unit awards (“PSUs”) to certain executives and other non-executive officers. Performance targets associated with PSUs are set annually and approved by the Compensation and Benefits Committee of the Board of Directors. At the Company’s discretion, actual payment of the awards earned shall be in cash or in common stock of the Company, or in a combination of both. The Company intends to settle all such awards by issuing shares of its common stock. The number of shares of common stock that the Company may issue in connection with these PSUs can range from 0% to 200% of target, depending upon achievement against the performance targets. Shares associated with non-vested PSUs do not have voting or dividend rights until issuance. The Company assesses the probability of vesting, based on expected achievement against these performance targets, on a quarterly basis. | |||||||||||||||||||||
The cost of PSUs, based on their fair market value at the date of grant, is charged to expense over the respective vesting periods, which is the three-year period ended December 31, 2014 for the 2012 grants, the three-year period ended December 31, 2015 for the 2013 grants and the three-year period ended December 31, 2016 for the 2014 grants. | |||||||||||||||||||||
The PSUs granted in 2014 have a two-year performance period ending December 31, 2015, in which the Company must achieve certain cumulative EPS from continuing operations and a certain average return on invested capital, which are performance conditions per ASC 718, followed by a one-year service requirement (i.e., if earned, these shares would vest in full on December 31, 2016). | |||||||||||||||||||||
The PSUs granted in 2013 and 2012 have a one-year performance period ending December 31 of each year, in which the Company must achieve certain EPS from continuing operations, followed by a two-year service requirement. The EPS threshold associated with both the 2012 and 2013 grants was achieved at the maximum level, and 200% of the target shares were earned. The PSUs granted in 2012 became fully vested on December 31, 2014, and the PSUs granted in 2013 will vest on December 31, 2015, provided that the requisite service requirement is satisfied. | |||||||||||||||||||||
Compensation expense included in the Consolidated Statements of Operations for the PSUs in the years ended December 31, 2014, 2013 and 2012 was $3.4 million, $1.4 million and $0.6 million, respectively. | |||||||||||||||||||||
As of December 31, 2014 and 2013, there was $3.6 million and $3.2 million of total unrecognized compensation cost related to PSUs, respectively, that is expected to be recognized over the weighted-average period of 1.7 years and 1.8 years, respectively. | |||||||||||||||||||||
The following table summarizes PSU activity for the year ended December 31, 2014: | |||||||||||||||||||||
Number of PSUs | Weighted Average Price per Share | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Outstanding and non-vested, at December 31, 2013 | 0.5 | $ | 7.05 | ||||||||||||||||||
Granted (a) | 0.4 | 8.97 | |||||||||||||||||||
Vested | (0.5 | ) | 5.5 | ||||||||||||||||||
Forfeited | — | 8.47 | |||||||||||||||||||
Outstanding and non-vested, at December 31, 2014 | 0.4 | $ | 10.89 | ||||||||||||||||||
(a) | Includes 0.2 million PSUs, representing the effect of the PSUs granted in 2012 being earned at 200% of target. The PSUs granted in 2012 vested on December 31, 2014. | ||||||||||||||||||||
Excess Tax Benefits | |||||||||||||||||||||
For income tax purposes, stock-based compensation expense is deductible in the year of exercise or vesting based on the intrinsic value of the award on the date of exercise or vesting. For financial reporting purposes, stock-based compensation expense is based upon grant-date fair value and amortized over the vesting period. Excess tax benefits represent the excess tax deduction received by the Company resulting from the difference between the stock-based compensation expense deductible for income tax purposes and the stock-based compensation expense recognized for financial reporting purposes. Excess tax benefits are recorded to Capital in excess of par value on the Consolidated Statements of Stockholders’ Equity. Excess tax benefits for the year ended December 31, 2014 were $2.2 million, and are presented as a cash outflow from operating activities and as a cash inflow from financing activities on the Consolidated Statements of Cash Flows. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ EQUITY | |||||||||||||||
The Company’s Board of Directors (the “Board”) has the authority to issue 90.0 million shares of common stock at a par value of $1 per share. The holders of common stock (i) may receive dividends subject to all of the rights of the holders of preference stock, (ii) shall be entitled to share ratably upon any liquidation of the Company in the assets of the Company, if any, remaining after payment in full to the holders of preference stock, and (iii) receive one vote for each common share held and shall vote together share for share with the holders of voting shares of preference stock as one class for the election of directors and for all other purposes. The Company has 64.2 million and 63.8 million common shares issued as of December 31, 2014 and 2013, respectively. Of those amounts, 62.5 million and 62.8 million common shares were outstanding as of December 31, 2014 and 2013, respectively. | ||||||||||||||||
The Board is also authorized to provide for the issuance of 0.8 million shares of preference stock at a par value of $1 per share. The authority of the Board includes, but is not limited to, the determination of the dividend rate, voting rights, conversion and redemption features and liquidation preferences. The Company has not designated or issued any preference stock as of December 31, 2014. | ||||||||||||||||
Dividends | ||||||||||||||||
In the second quarter of 2014, the Board reinstated the Company’s quarterly cash dividend by declaring a dividend of $0.03 per common share. Similar dividends were also declared and paid in the third and fourth quarters of 2014. In the aggregate, the Company declared and paid dividends totaling $5.6 million during 2014. | ||||||||||||||||
On February 20, 2015, the Board declared a quarterly cash dividend of $0.06 per common share payable on March 27, 2015 to holders of record at the close of business on March 9, 2015. | ||||||||||||||||
Stock Repurchase Program | ||||||||||||||||
In April 2014, the Board authorized a stock repurchase program (the “April 2014 program”) of up to $15.0 million of the Company’s common stock. The April 2014 program is intended primarily to facilitate a reduction in the investment in Company stock within the Company’s U.S. defined benefit pension plan portfolio and to reduce dilution resulting from issuances of stock under the Company’s employee equity incentive programs. During the year ended December 31, 2014, the Company repurchased 696,263 shares for a total of $10.3 million under the April 2014 program. | ||||||||||||||||
In November 2014, the Board authorized an additional stock repurchase program (the “November 2014 program”) of up to $75.0 million of the Company’s common stock. The November 2014 program supplements the prior $15.0 million authorization under the April 2014 program, which remains in effect. The November 2014 program is intended primarily to facilitate opportunistic purchases of Company stock as a means to provide cash returns to stockholders, enhance stockholder returns and manage the Company’s capital structure. There were no stock repurchases under the November 2014 program during the year ended December 31, 2014. | ||||||||||||||||
Under the stock repurchase programs, the Company is authorized to repurchase, from time to time, shares of its outstanding common stock in the open market or through privately negotiated transactions. Stock repurchases by the Company are subject to market conditions and other factors and may be commenced, suspended or discontinued at any time. | ||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax: | ||||||||||||||||
(in millions) (a) | Actuarial Losses | Foreign | Unrealized | Total | ||||||||||||
Currency Translation | Gain (Loss) on | |||||||||||||||
Derivatives | ||||||||||||||||
Balance at January 1, 2014 | $ | (58.1 | ) | $ | 16 | $ | 0.2 | $ | (41.9 | ) | ||||||
Other comprehensive loss before reclassifications | (24.6 | ) | (15.8 | ) | (0.1 | ) | (40.5 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 2.9 | — | — | 2.9 | ||||||||||||
Net current-period other comprehensive loss | (21.7 | ) | (15.8 | ) | (0.1 | ) | (37.6 | ) | ||||||||
Balance at December 31, 2014 | $ | (79.8 | ) | $ | 0.2 | $ | 0.1 | $ | (79.5 | ) | ||||||
(in millions) (a) | Actuarial Losses | Foreign | Unrealized | Total | ||||||||||||
Currency Translation | Gain (Loss) on | |||||||||||||||
Derivatives | ||||||||||||||||
Balance at January 1, 2013 | $ | (91.0 | ) | $ | 10.8 | $ | 0.1 | $ | (80.1 | ) | ||||||
Other comprehensive income before reclassifications | 23.9 | 4.5 | 0.2 | 28.6 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 9 | 0.7 | (0.1 | ) | 9.6 | |||||||||||
Net current-period other comprehensive income | 32.9 | 5.2 | 0.1 | 38.2 | ||||||||||||
Balance at December 31, 2013 | $ | (58.1 | ) | $ | 16 | $ | 0.2 | $ | (41.9 | ) | ||||||
(a) | Amounts in parenthesis indicate debits. | |||||||||||||||
The following table summarizes the amount of actuarial losses reclassified from Accumulated other comprehensive loss, net of tax, and the affected line item in the Consolidated Statements of Operations: | ||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in Consolidated Statements of Operations | ||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) (a) | ||||||||||||||||
Amortization of actuarial losses of defined benefit pension plans | $ | (5.5 | ) | $ | (8.4 | ) | (b) | |||||||||
Amortization of actuarial gains of retiree medical plans | 0.2 | — | SEG&A expenses | |||||||||||||
Total before tax | (5.3 | ) | (8.4 | ) | ||||||||||||
Income tax (expense) benefit | 2.4 | (0.6 | ) | Income tax (expense) benefit | ||||||||||||
Total reclassifications for the period, net of tax | $ | (2.9 | ) | $ | (9.0 | ) | ||||||||||
(a) | Amount in parenthesis indicate debits to profit/loss. | |||||||||||||||
(b) | The actuarial loss components of Accumulated other comprehensive loss are included in the computation of net periodic pension cost for the period, as disclosed in Note 7 – Pensions. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||
The Company has three operating segments as defined under ASC Topic 280, Segment Reporting. The Company’s reportable segments are consistent with its operating segments. Business units are organized under each segment because they share certain characteristics, such as technology, marketing, distribution and product application, which create long-term synergies. The principal activities of the Company’s operating segments are as follows: | ||||||||||||
Environmental Solutions — Our Environmental Solutions Group is a leading manufacturer and supplier of a full range of street sweeper vehicles, sewer cleaner and vacuum loader trucks, hydro-excavation trucks and high-performance waterblasting equipment. Products are sold to both municipal and industrial customers under the Elgin®, Vactor®, Guzzler® and JetstreamTM brand names. The Group manufactures vehicles and equipment in the U.S. | ||||||||||||
Safety and Security Systems — Our Safety and Security Systems Group is a leading manufacturer and supplier of comprehensive systems and products that law enforcement, fire rescue, emergency medical services, campuses, military facilities and industrial sites use to protect people and property. Offerings include systems for campus and community alerting, emergency vehicles, first responder interoperable communications and industrial communications, as well as command and municipal networked security. Specific products include vehicle lightbars and sirens, public warning sirens, general alarm systems, public address systems and public safety software. Products are sold under the Federal SignalTM, Federal Signal VAMATM and VictorTM brand names. The Group operates manufacturing facilities in the U.S., Europe and South Africa. | ||||||||||||
Fire Rescue — Our Fire Rescue Group is a leading manufacturer and supplier of sophisticated, vehicle-mounted, aerial platforms for fire fighting, rescue and industrial applications. End customers include fire departments, industrial fire services, electric utilities and maintenance rental companies for applications such as fire fighting and rescue, transmission line maintenance and installation and maintenance of wind turbines. In addition to equipment sales, the Group sells parts, service and training as part of a complete offering to its customers. The Group manufactures in Finland and sells globally under the Bronto Skylift® brand name. | ||||||||||||
Corporate contains those items that are not included in our operating segments. | ||||||||||||
Net sales by operating segment reflect sales of products and services to external customers, as reported in the Company’s Consolidated Statements of Operations. Intersegment sales are insignificant. The Company evaluates performance based on operating income of the respective segment. Operating income includes all revenues, costs and expenses directly related to the segment involved. In determining operating segment income, neither corporate nor interest expenses are included. Operating segment depreciation expense, identifiable assets and capital expenditures relate to those assets that are utilized by the respective operating segment. Corporate assets consist principally of cash and cash equivalents, deferred tax assets and fixed assets. The accounting policies of each operating segment are the same as those described in Note 1 – Summary of Significant Accounting Policies. | ||||||||||||
Revenues attributed to customers located outside of the U.S. aggregated $324.8 million in 2014, $301.1 million in 2013 and $310.5 million in 2012, of which sales exported from the U.S. aggregated $152.5 million, $131.1 million and $127.9 million, respectively. | ||||||||||||
The following tables summarize the Company’s continuing operations by segment, including net sales, operating income, depreciation and amortization, total assets and capital expenditures: | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales: | ||||||||||||
Environmental Solutions | $ | 536.6 | $ | 474 | $ | 427.8 | ||||||
Safety and Security Systems | 242.5 | 238.9 | 240.3 | |||||||||
Fire Rescue | 139.4 | 138.4 | 135.1 | |||||||||
Total net sales | $ | 918.5 | $ | 851.3 | $ | 803.2 | ||||||
Operating income: | ||||||||||||
Environmental Solutions | $ | 81.9 | $ | 58.2 | $ | 42 | ||||||
Safety and Security Systems | 32.1 | 26.1 | 27.9 | |||||||||
Fire Rescue | 3.9 | 9 | 8.9 | |||||||||
Corporate and eliminations | (25.3 | ) | (22.7 | ) | (27.3 | ) | ||||||
Total operating income | 92.6 | 70.6 | 51.5 | |||||||||
Interest expense | 3.8 | 8.8 | 21.4 | |||||||||
Debt settlement charges | — | 8.7 | 3.5 | |||||||||
Other expense, net | 1.5 | 0.1 | 0.7 | |||||||||
Income before income taxes | $ | 87.3 | $ | 53 | $ | 25.9 | ||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Depreciation and amortization: | ||||||||||||
Environmental Solutions | $ | 6.8 | $ | 6.1 | $ | 5.4 | ||||||
Safety and Security Systems | 4.5 | 4.2 | 4.3 | |||||||||
Fire Rescue | 3.5 | 3.2 | 2.6 | |||||||||
Corporate | 0.2 | 0.7 | 0.9 | |||||||||
Total depreciation and amortization | $ | 15 | $ | 14.2 | $ | 13.2 | ||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Total assets: | ||||||||||||
Environmental Solutions | $ | 254.2 | $ | 236 | $ | 237.5 | ||||||
Safety and Security Systems | 208.3 | 213.4 | 209.5 | |||||||||
Fire Rescue | 124 | 116.4 | 122.5 | |||||||||
Corporate and eliminations | 68 | 73.6 | 41.7 | |||||||||
Total assets of continuing operations | 654.5 | 639.4 | 611.2 | |||||||||
Total assets of discontinued operations | 4.2 | 5.4 | 2 | |||||||||
Total assets | $ | 658.7 | $ | 644.8 | $ | 613.2 | ||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Capital expenditures: | ||||||||||||
Environmental Solutions | $ | 6.2 | $ | 4.5 | $ | 6.4 | ||||||
Safety and Security Systems | 6.3 | 5.4 | 2.7 | |||||||||
Fire Rescue | 5.8 | 5.4 | 3.1 | |||||||||
Corporate | 1.2 | 1.7 | 0.8 | |||||||||
Total capital expenditures | $ | 19.5 | $ | 17 | $ | 13 | ||||||
The following table summarizes net sales by geographic region based on the location of the end customer: | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales: | ||||||||||||
U.S. | $ | 593.7 | $ | 550.2 | $ | 492.7 | ||||||
Europe/Other | 257.7 | 244.6 | 259 | |||||||||
Canada | 67.1 | 56.5 | 51.5 | |||||||||
Total net sales | $ | 918.5 | $ | 851.3 | $ | 803.2 | ||||||
The following table summarizes long-lived assets (excluding deferred tax and intangible assets) by geographic region based on the location of the Company’s subsidiaries: | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Long-lived assets (excluding deferred tax and intangible assets): | ||||||||||||
U.S. | $ | 53.5 | $ | 46.1 | $ | 54.5 | ||||||
Europe | 19.3 | 21.9 | 16.8 | |||||||||
Other | 0.4 | 0.4 | 0.5 | |||||||||
Total long-lived assets | $ | 73.2 | $ | 68.4 | $ | 71.8 | ||||||
Restructuring
Restructuring | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Restructuring | RESTRUCTURING | |||||||||||
2013 Plan | ||||||||||||
During the fourth quarter of 2013, the Company recorded expenses of $1.2 million and $0.3 million related to severance costs in the Safety and Security Systems Group and Corporate, respectively. | ||||||||||||
2012 Plan | ||||||||||||
During the first quarter of 2012, the Company recorded expenses of $0.9 million related to severance costs in the Safety and Security Systems Group. These actions were completed in the fourth quarter of 2013. | ||||||||||||
During the fourth quarter of 2012, the Company recorded an additional $0.6 million related to severance costs within corporate expense. Based upon further developments, it was determined during the second quarter of 2013 that these costs were not required and the $0.6 million charge was reversed. | ||||||||||||
Restructuring reserves are included within Other current liabilities on the Company’s Consolidated Balance Sheets. The | ||||||||||||
following table summarizes the changes in the Company’s restructuring reserves: | ||||||||||||
(in millions) | Severance | Severance | Total | |||||||||
(2012 Plan) | (2013 Plan) | |||||||||||
Balance at December 31, 2012 | $ | 1 | $ | — | $ | 1 | ||||||
Charges to restructuring expenses | — | 1.5 | 1.5 | |||||||||
Adjustments | (0.8 | ) | — | (0.8 | ) | |||||||
Cash payments | (0.2 | ) | — | (0.2 | ) | |||||||
Balance at December 31, 2013 | $ | — | 1.5 | 1.5 | ||||||||
Cash payments | (1.4 | ) | (1.4 | ) | ||||||||
Balance at December 31, 2014 | $ | 0.1 | $ | 0.1 | ||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations | DISCONTINUED OPERATIONS | |||
There were no new discontinued operations in 2014 or 2013. | ||||
For the year ended December 31, 2014, the Company recorded a net gain from discontinued operations and disposal of $0.7 million. The gain primarily related to adjustments of estimated product liability obligations of previously discontinued businesses, resulting from updated actuarial valuations. | ||||
For the year ended December 31, 2013, the Company recorded net losses from discontinued operations and disposal of $0.2 million. The losses primarily included expenses associated with special termination benefits provided to certain employees of the former FSTech Group that were retained to assist with transition services with the acquirer. Upon conclusion of these transition services, management initiated a voluntary separation plan (“VSP”), which resulted in expense of approximately $0.6 million being recognized in the year ended December 31, 2013 when the employees accepted the terms of the VSP. The net loss from discontinued operations and disposal for the year ended December 31, 2013 also includes certain adjustments relating to assets of other previously discontinued operations. | ||||
The following table summarizes the operating results of the Company’s discontinued operations: | ||||
(in millions) | 2012 | |||
Federal Signal Technologies: | ||||
Net sales | $ | 87 | ||
Interest allocated to discontinued operations | 4.8 | |||
Other costs and expenses | 100.6 | |||
Loss before income taxes | (18.4 | ) | ||
Income tax benefit | 3.6 | |||
Loss from discontinued operations | $ | (14.8 | ) | |
On June 21, 2012, the Company announced that it had signed a definitive agreement to sell the FSTech Group for $110.0 million, subject to working capital adjustments. In accordance with ASC Topic 360, Impairment and Disposal of Long-Lived Assets, the Company met held for sale criteria during the second quarter of 2012 and the FSTech Group was reported as a discontinued operation in the Company’s condensed consolidated financial statements. In accordance with ASC 360-10, net assets held for sale with a carrying value of $121.1 million were written down to fair value less cost to sell or $97.6 million (fair value of $101.0 million and costs to sell of $3.4 million). This write-down resulted in a $23.5 million loss for the six months ended June 30, 2012. The valuation methodology for the net assets held for sale was based upon a contract price which is an observable input (Level 2). | ||||
On September 4, 2012, the Company completed the disposition of the assets of the FSTech Group for $110.0 million in cash, subject to working capital adjustments in favor of the buyer of $5.9 million. The Company received $82.1 million in cash at closing and the remaining $22.0 million was placed into escrow as security for indemnification obligations provided by the Company pursuant to the sale agreement. Additionally, in the third quarter of 2012, the Company recognized an additional loss related to a change in its estimate of total proceeds to be received from escrowed amounts of $5.0 million, an increase in the carrying value of the FSTech Group through the date of divestiture of $0.8 million and additional costs to sell of approximately $0.5 million. The working capital adjustment, the additional loss related to the change in estimated proceeds to be received from escrowed amounts, the increase in the carrying value of the FSTech Group and the additional costs to sell resulted in an additional loss of $12.2 million for the third quarter of 2012. The Company recorded a total loss of $34.7 million on disposal for the year ended December 31, 2012. | ||||
A significant portion of the escrow identified for general indemnification obligations was held for a period of 18 months following the sale date with the remaining general escrow funds to be held for 36 months following the sale date. | ||||
During the year ended December 31, 2014, the Company received $7.4 million from the escrow identified for general indemnification obligations, which represents the full settlement of that component of the escrow. The net carrying amount of the escrow receivable, classified in other current assets, was $7.8 million at December 31, 2013. A loss of $0.4 million was recorded within gain (loss) from discontinued operations for the year ended December 31, 2014 upon settling a claim from the buyer. | ||||
If and when any additional amounts are received from the remaining general escrow funds, which totaled $4.0 million at December 31, 2014, the Company may recognize an adjustment to the gain (loss) from discontinued operations within its consolidated financial statements. | ||||
In accordance with ASC 205-20-45-6, Allocation of Interest to Discontinued Operations, the Company has allocated interest on debt that is required to be repaid as a result of a disposal transaction to discontinued operations. The consolidated financial statements for all periods presented have been recast to present the operating results of the FSTech Group and previously divested or exited businesses as discontinued operations. | ||||
The Company retains certain liabilities for discontinued operations prior to January 1, 2011, primarily for environmental remediation and product liability. Included in liabilities of discontinued operations at December 31, 2014 and 2013 is $1.3 million and $1.4 million, respectively, related to environmental remediation at the Pearland, Texas facility, and $3.0 million and $3.6 million, respectively, relating to estimated product liability obligations of the discontinued North American refuse truck body business. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-04, Liabilities (Topic 405), Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. This update provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this update is fixed at the reporting date, except for obligations addressed within existing U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The new requirements are effective for fiscal years beginning on or after December 15, 2013, and for interim periods within those fiscal years. Retrospective presentation for all comparative periods presented is required. The Company’s adoption of the guidance on January 1, 2014 did not have an impact on its results of operations, financial position or cash flow. | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830), Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This guidance clarifies the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. The new requirements are effective prospectively for fiscal years beginning on or after December 15, 2013, and for interim periods within those fiscal years. The Company’s adoption of the guidance on January 1, 2014 did not have an impact on its results of operations, financial position or cash flow. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. The new requirements are effective prospectively for fiscal years beginning on or after December 15, 2013, and for interim periods within those fiscal years. The Company’s adoption of the guidance on January 1, 2014 did not have a material impact on its results of operations, financial position or cash flow. | |
In September 2013, the Internal Revenue Service (“IRS”) released final tangible property regulations under Sections 162(a) and 263(a) of the Internal Revenue Code of 1986, as amended (the “Code”), regarding the deduction and capitalization of expenditures related to tangible property. The final regulations replaced temporary regulations that were issued in December 2011. The IRS also released proposed regulations under Section 168 of the Code regarding dispositions of tangible property. These final and proposed regulations are effective for the Company’s fiscal year ended December 31, 2014. The Company’s adoption of the regulations on January 1, 2014 did not have a material impact on its results of operations, financial position or cash flow. | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update revises the required criteria for reporting disposals as discontinued operations, whereby such disposals must represent strategic shifts that had (or will have) a major effect on an entity’s operations and financial results. The guidance also requires additional disclosures about discontinued operations, including expanded disclosure of any significant ongoing involvement. The new requirements are effective prospectively for all disposals that occur within fiscal years beginning on or after December 15, 2014, and for interim periods within those fiscal years. The Company continues to review the requirements, but does not believe there will be a material impact on its results of operations, financial position or cash flow when they are adopted. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flow arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This new guidance is effective for annual reporting periods beginning on or after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. | |
No other new accounting pronouncements issued or effective during 2014 have had or are expected to have a material impact on the Company’s results of operations, financial position or cash flow. |
Selected_Quarterly_Data
Selected Quarterly Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Data (Unaudited) | SELECTED QUARTERLY DATA (UNAUDITED) | |||||||||||||||
The Company reports its interim quarterly periods on a 13-week basis ending on a Saturday with the fiscal year ending on December 31. The effects of this practice are not material and exist only within a reporting year. For convenience purposes, the Company uses “March 31,” “June 30,” “September 30” and “December 31” to refer to its results of operations for the quarterly periods then ended. In 2014, the Company’s interim quarterly periods ended March 29, June 28, September 27 and December 31. In 2013, the Company’s interim quarterly periods ended March 30, June 29, September 28 and December 31, respectively. | ||||||||||||||||
The following table summarizes the quarterly results of operations, including income per share: | ||||||||||||||||
2014 | ||||||||||||||||
(in millions, except per share data) | March 31 | June 30 | September 30 | December 31(a) | ||||||||||||
Net sales | $ | 200.2 | $ | 234.6 | $ | 219.3 | $ | 264.4 | ||||||||
Gross profit | 46.8 | 58.9 | 58.4 | 69.2 | ||||||||||||
Income from continuing operations | 7.6 | 17 | 15.2 | 23.2 | ||||||||||||
Gain (loss) from discontinued operations and disposal, net | (0.2 | ) | 0.1 | 0.2 | 0.6 | |||||||||||
Net income | 7.4 | 17.1 | 15.4 | 23.8 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Earnings from continuing operations | $ | 0.12 | $ | 0.27 | $ | 0.24 | $ | 0.36 | ||||||||
Earnings from discontinued operations | — | — | — | 0.01 | ||||||||||||
Net earnings per share | $ | 0.12 | $ | 0.27 | $ | 0.24 | $ | 0.37 | ||||||||
(a) | Income from continuing operations includes a tax benefit of $3.5 million relating to the release of valuation allowance previously recorded against the Company’s foreign deferred tax assets. | |||||||||||||||
2013 | ||||||||||||||||
(in millions, except per share data) | March 31(a) | June 30 (b) | September 30 | December 31(c) | ||||||||||||
Net sales | $ | 199.8 | $ | 222.6 | $ | 209.3 | $ | 219.6 | ||||||||
Gross profit | 46.8 | 51.8 | 50.5 | 56 | ||||||||||||
Income (loss) from continuing operations | (1.1 | ) | 117.8 | 16.8 | 26.7 | |||||||||||
Gain (loss) from discontinued operations and disposal, net | 0.5 | (0.3 | ) | (0.8 | ) | 0.4 | ||||||||||
Net (loss) income | (0.6 | ) | 117.5 | 16 | 27.1 | |||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Earnings (loss) from continuing operations | $ | (0.02 | ) | $ | 1.87 | $ | 0.26 | $ | 0.42 | |||||||
Earnings (loss) from discontinued operations | 0.01 | — | (0.01 | ) | — | |||||||||||
Net earnings (loss) per share | $ | (0.01 | ) | $ | 1.87 | $ | 0.25 | $ | 0.42 | |||||||
(a) | (Loss) from continuing operations includes $8.7 million of debt settlement charges associated with the Company's debt refinancing in March 2013. | |||||||||||||||
(b) | Income from continuing operations includes $102.4 million of valuation allowance release and income of $0.6 million associated with restructuring activity. | |||||||||||||||
(c) | Income from continuing operations includes a tax benefit of $6.7 million associated with the release of valuation allowance previously recorded against the Company’s foreign tax credits, which would have begun to expire in 2015, following the completion of a tax planning strategy, as well as $1.2 million of restructuring charges. |
SCHEDULE_II_Valuation_and_Qual
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
SCHEDULE II - Valuation and Qualifying Accounts | SCHEDULE II | |||||||||||||||
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES | ||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012 | ||||||||||||||||
(in millions) | Balance at | Additions | Deductions | Balance | ||||||||||||
Beginning | Charged to | Accounts | at End | |||||||||||||
of Year | Costs and | Written off | of Year | |||||||||||||
Expenses | Net of | |||||||||||||||
Recoveries | ||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year Ended December 31, 2014 | $ | 2.3 | $ | 0.3 | $ | (1.3 | ) | $ | 1.3 | |||||||
Year Ended December 31, 2013 | 2.4 | — | (0.1 | ) | 2.3 | |||||||||||
Year Ended December 31, 2012 | 2.4 | 0.6 | (0.6 | ) | 2.4 | |||||||||||
Income tax valuation allowances: | ||||||||||||||||
Year Ended December 31, 2014 | $ | 9.8 | $ | — | $ | (6.0 | ) | $ | 3.8 | |||||||
Year Ended December 31, 2013 | 131.8 | 2.5 | (124.5 | ) | 9.8 | |||||||||||
Year Ended December 31, 2012 | 123.9 | 17.3 | (9.4 | ) | 131.8 | |||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Organization and Description of the Business | Organization and Description of the Business | |
Federal Signal Corporation was founded in 1901 and was reincorporated as a Delaware corporation in 1969. References herein to the “Company,” “we,” “our” or “us” refer collectively to Federal Signal Corporation and its subsidiaries. | ||
Products manufactured and services rendered by the Company are divided into three major operating segments: Environmental Solutions Group, Safety and Security Systems Group and Fire Rescue Group. The individual operating businesses are organized as such because they share certain characteristics, including technology, marketing, distribution and product application, which create long-term synergies. The Company’s reportable segments are consistent with its operating segments. These segments are discussed in Note 13 – Segment Information. | ||
Fiscal period | Our fiscal year ends on December 31. All references to 2014, 2013 and 2012 relate to the fiscal year unless otherwise indicated. | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation | |
The accompanying consolidated financial statements represent the consolidation of Federal Signal Corporation and its subsidiaries included herein and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). Intercompany balances and transactions have been eliminated in consolidation. The operating results of businesses divested in prior years have been excluded since the date of sale, and have been reported as discontinued operations prior to sale. See Note 15 – Discontinued Operations for further details. | ||
Certain prior year amounts have been reclassified to conform to the current year presentation. | ||
Non-U.S. Operations | Non-U.S. Operations | |
Assets and liabilities of non-U.S. subsidiaries, other than those whose functional currency is the U.S. dollar, are translated at current exchange rates with the related translation adjustments reported in stockholders’ equity as a component of Accumulated other comprehensive loss. Accounts within the Consolidated Statements of Operations are translated at the average exchange rate during the period. Non-monetary assets and liabilities are translated at historical exchange rates. | ||
Relating to transactions that are denominated in a currency other than the functional currency, the Company incurs foreign currency transaction gains or losses, which are recognized in the Consolidated Statement of Operations as incurred. For the years ended December 31, 2014, 2013 and 2012, the Company incurred foreign currency transaction losses, included in other expense, net in the Consolidated Statements of Operations, of $1.5 million, $0.3 million and $0.6 million, respectively. | ||
Fair Value of Financial Instruments | Fair Value Measurements | |
The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. The three levels of inputs are classified as follows: | ||
• | Level 1 — quoted prices in active markets for identical assets or liabilities; | |
• | Level 2 — observable inputs, other than quoted prices included in Level 1, such as quoted prices for markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | |
• | Level 3 — unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |
Cash Equivalents | Cash Equivalents | |
The Company considers all highly liquid investments with a maturity of three months or less, when purchased, to be cash equivalents. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity and highly liquid nature of these instruments. | ||
Accounts Receivable | Accounts Receivable | |
The Company carries accounts receivable at the face amount less an allowance for doubtful accounts for estimated losses as a result of a customer’s inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivables that may not be collected in the future and records the appropriate provision. | ||
Inventories | Inventories | |
The Company’s inventories are valued at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Included in the cost of inventories are raw materials, direct wages and associated production costs. | ||
Properties and Equipment | Properties and Equipment | |
Properties and equipment are stated at cost, net of depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Useful lives generally range from eight to 40 years for buildings and three to 15 years for machinery and equipment. Leasehold improvements are depreciated over the shorter of the remaining life of the lease or the useful life of the improvement. Depreciation expense is primarily included as a component of Cost of sales on the Consolidated Statements of Operations, with depreciation expense associated with certain assets used for administrative purposes being presented within Selling, engineering, general and administrative (“SEG&A”) expenses. Depreciation expense was $14.9 million, $14.0 million and $12.1 million in the years ended December 31, 2014, 2013 and 2012, respectively. | ||
Properties and equipment includes certain equipment that is manufactured by the Company and subsequently transferred to a rental fleet for the purpose of leasing to end customers. The related cash flow activity associated with these transactions is reflected within operating activities on the Consolidated Statements of Cash Flows. Non-cash transfers from Inventories to Properties and equipment totaled $4.1 million for the year ended December 31, 2014. The rental income associated with this activity is not considered material to the Company’s consolidated results of operations. | ||
Properties and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. | ||
Goodwill | Goodwill | |
Goodwill represents the excess of the cost of an acquired business over the amounts assigned to its net assets. Goodwill is not amortized but is tested for impairment at a reporting unit level on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performs its annual goodwill impairment test as of October 31. | ||
In 2014 and 2013, the Company applied the qualitative assessment, outlined in Accounting Standards Codification (“ASC”) 350, Intangibles — Goodwill and Other, to certain of its reporting units and concluded that it was not “more likely than not” that the fair values of these reporting units were less than their carrying values. As a result, the Company was not required to perform the two-step impairment test described below for these reporting units. | ||
For the remaining reporting unit, goodwill was tested for impairment based on a two-step test in both 2014 and 2013. In 2012, goodwill for all reporting units was tested for impairment under the two-step approach. The first step in the two-step approach is used to identify potential impairment, by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The Company generally determines the fair value of its reporting units using two valuation methods: the “Income Approach — Discounted Cash Flow Analysis” method, and the “Market Approach — Guideline Public Company Method.” | ||
Under the “Income Approach — Discounted Cash Flow Analysis” method, the key assumptions consider projected sales, cost of sales and operating expenses. These assumptions were determined by management utilizing our internal operating plan, including growth rates for revenues and operating expenses and margin assumptions. An additional key assumption under this approach is the discount rate, which is determined by reviewing current risk-free rates of capital and current market interest rates and by evaluating the risk premium relevant to the business segment. | ||
Under the “Market Approach — Guideline Public Company Method,” the Company identified several publicly traded companies, including Federal Signal, which we believe have sufficiently relevant similarities. For these companies, the Company calculated the mean ratio of invested capital to revenues and invested capital to EBITDA. Similar to the income approach discussed above, sales, cost of sales, operating expenses and their respective growth rates are key assumptions utilized. The market prices of the Company’s common stock and other guideline companies are additional key assumptions. | ||
The results of these two methods are weighted based upon management’s evaluation of the relevance of the two approaches. Consistent with the prior year, management used a combination of the income and market approaches to determine the reporting unit’s fair value in 2014. | ||
The fair value of the reporting unit that was tested for impairment under the two-step approach in the 2014 analysis exceeded its carrying value by more than 20%. Relatively small changes in the Company’s key assumptions would not have resulted in the reporting unit failing the first step of the two-step test. | ||
The Company had no goodwill impairments for its continuing operations in 2014, 2013 or 2012. See Note 4 – Goodwill to the accompanying consolidated financial statements for a summary of the Company’s goodwill by segment. | ||
Pensions | Pensions | |
The Company sponsors domestic and foreign defined benefit pension plans. Key assumptions used in the accounting for these employee benefit plans include the discount rate, expected long-term rate of return on plan assets, rate of increase in employee compensation levels and estimates of future mortality of plan participants. | ||
The weighted-average discount rate used to measure pension liabilities and costs is selected using a hypothetical portfolio of high-quality bonds that would provide the necessary cash flow to match the projected benefit payments of the plans. The discount rate represents the rate at which our benefit obligations could effectively be settled as of the year-end measurement date. The weighted-average discount rate used to measure pension liabilities decreased from 2013 to 2014. See Note 7 – Pensions for further discussion. | ||
The expected long-term rate of return on plan assets is based on historical and expected returns for the asset classes in which the plans are invested. | ||
In October 2014, the Society of Actuaries published new mortality tables and scales that project people will generally live longer than previously anticipated. The Company’s projected benefit obligations as of December 31, 2014 were measured after taking the updated tables into consideration. The estimated impact of adopting these new tables was an increase of approximately 4% in the projected benefit obligation of the Company’s U.S. defined benefit plan. | ||
Stock-based compensation plans | Stock-Based Compensation Plans | |
The Company has various stock-based compensation plans, described more fully in Note 11 – Stock-Based Compensation. The fair value of stock options is determined using a Black-Scholes option pricing model. | ||
Use of estimates | Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Warranty | Warranty | |
Sales of many of the Company’s products carry express warranties based on terms that are generally accepted in the Company’s marketplaces. The Company records provisions for estimated warranty, which are included within Cost of sales, at the time of sale based on historical experience. The Company periodically adjusts these provisions to reflect actual experience. Infrequently, a material warranty issue can arise which is beyond the scope of the Company’s historical experience. The Company records costs related to these issues as they become probable and estimable. | ||
The Company also sells optional extended warranty contracts that extend coverage beyond the initial term of the express warranty period. At the time of sale, revenue related to the extended warranty contract is deferred and recognized as income over the life of the contract. As of December 31, 2014 and 2013, deferred revenue associated with extended warranty contracts was $2.4 million and $2.0 million, respectively, and was included within Other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets. Costs under extended warranty contracts are expensed as incurred. | ||
Product liability and workers' compensation liability | Workers’ Compensation and Product Liability Reserves | |
Due to the nature of the Company’s products, the Company is subject to claims for workers’ compensation and product liability in the normal course of business. The Company is self-funded for a portion of these claims. The Company establishes a reserve using a third-party actuary for any known outstanding matters, including a reserve for claims incurred but not yet reported. The amount and timing of cash payments relating to these claims are considered to be reliably determinable given the nature of the claims and historical claim volumes to support the actuarial assumptions and judgments used to derive the expected loss payment patterns. As such, the reserves recorded are discounted using a risk-free rate that matches the average duration of the claims. | ||
The Company has not established a reserve for potential losses resulting from the firefighter hearing loss litigation (see Note 9 – Legal Proceedings). If the Company is not successful in its defense after exhausting all appellate options, it will record a charge for such claims, to the extent they exceed insurance recoveries, at the appropriate time. | ||
Revenue recognition | Revenue Recognition | |
Net sales consist primarily of revenue from the sale of equipment, environmental vehicles, vehicle-mounted aerial platforms, parts, service and maintenance contracts. | ||
The Company recognizes revenue for products when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) the sales price is fixed or determinable and (iv) collection is reasonably assured. A product is considered delivered to the customer once it has been shipped, and title and risk of loss have been transferred. For most of the Company’s product sales, these criteria are met at the time the product is shipped; however, occasionally title passes later or earlier than shipment due to customer contracts or letter of credit terms. If at the outset of an arrangement the Company determines the arrangement fee is not, or is presumed not to be, fixed or determinable, revenue is deferred and subsequently recognized as amounts become due and payable and all other criteria for revenue recognition have been met. | ||
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. These arrangements may include software and non-software components that function together to deliver the products’ essential functionality. The Company identifies all goods and/or services that are to be delivered separately under the sales arrangement and allocates revenue to each deliverable based on relative fair values. Fair values are generally established using reliable third-party objective evidence, or management’s best estimate of selling price, including prices charged when sold separately by the Company. In general, revenues are separated between hardware, integration and installation services. The allocated revenue for each deliverable is then recognized using appropriate revenue recognition methods. | ||
Revenue recognition, returns and allowances | Net sales are presented net of returns and allowances. Returns and allowances are calculated and recorded as a percentage of revenue based upon historical returns | |
Revenue recognition, freight policy | Net sales include sales of products and billed freight related to product sales. Freight has not historically comprised a material component of Net sales. | |
Product shipping costs | Product Shipping Costs | |
Product shipping costs are expensed as incurred and are included within Cost of Sales. | ||
Research and development | Research and Development | |
The Company invests in research to support development of new products and the enhancement of existing products and services. Expenditures for research and development by the Company were $16.6 million in 2014, $11.0 million in 2013 and $10.0 million in 2012, and are included within SEG&A expenses. | ||
Income taxes | Income Taxes | |
We file a consolidated U.S. federal income tax return for Federal Signal Corporation and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates expected to apply to taxable income in the period in which the deferred tax liability or asset is expected to be settled or realized. A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. | ||
Accounting standards on accounting for uncertainty in income taxes address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under the guidance on accounting for uncertainty in income taxes, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also outlines de-recognition and classification, as well as interest and penalties on income taxes. | ||
Litigation contingencies | Litigation Contingencies | |
The Company is subject to various claims, including pending and possible legal actions for product liability and other damages, and other matters arising in the ordinary course of the Company’s business. The Company believes, based on current knowledge and after consultation with counsel, that the outcome of such claims and actions will not have an adverse effect on the Company’s financial position or results of operations. However, in the event of unexpected future developments, it is possible that the ultimate resolution of such matters, if unfavorable, could have a material adverse effect on the Company’s results of operations. Professional legal fees are expensed when incurred. We accrue for contingent losses when such losses are probable and reasonably estimable. In the event that estimates or assumptions of contingent losses are different from actual results, adjustments are made in subsequent periods to reflect more current information. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Summary of Inventories | The following table summarizes the components of inventories: | |||||||
(in millions) | 2014 | 2013 | ||||||
Raw materials | $ | 53.1 | $ | 46.1 | ||||
Work in process | 23.7 | 24.3 | ||||||
Finished goods | 44.2 | 39.4 | ||||||
Total inventories | $ | 121 | $ | 109.8 | ||||
Properties_And_Equipment_Table
Properties And Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Summarized Properties and Equipment | The following table summarizes the components of properties and equipment, net: | |||||||
(in millions) | 2014 | 2013 | ||||||
Land | $ | 0.3 | $ | 0.3 | ||||
Buildings and improvements | 29.1 | 27 | ||||||
Machinery and equipment | 164.7 | 158.2 | ||||||
Total property and equipment, at cost | 194.1 | 185.5 | ||||||
Less: Accumulated depreciation | 124.6 | 121.7 | ||||||
Properties and equipment, net | $ | 69.5 | $ | 63.8 | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Changes in Carrying Amount of Goodwill | The following table summarizes the carrying amount of goodwill by segment: | |||||||||||||||
(in millions) | Environmental | Fire | Safety & Security | Total | ||||||||||||
Solutions | Rescue | Systems | ||||||||||||||
Balance at December 31, 2012 | $ | 120.4 | $ | 33.8 | $ | 118.1 | $ | 272.3 | ||||||||
Translation adjustments | — | — | 1.5 | 1.5 | ||||||||||||
Balance at December 31, 2013 | 120.4 | 33.8 | 119.6 | 273.8 | ||||||||||||
Translation adjustments | — | (2.7 | ) | (4.8 | ) | (7.5 | ) | |||||||||
Balance at December 31, 2014 | $ | 120.4 | $ | 31.1 | $ | 114.8 | $ | 266.3 | ||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Long-Term Borrowings | ||||||||||||
(in millions) | 2014 | 2013 | ||||||||||
Senior Secured Credit Facility: | ||||||||||||
Revolving Credit Facility | $ | — | $ | 20 | ||||||||
Term Loan | 49.2 | 70.8 | ||||||||||
Capital lease obligations | 1 | 1.3 | ||||||||||
Total long-term borrowings and capital lease obligations, including current portion | 50.2 | 92.1 | ||||||||||
Less: Current maturities | 5.8 | 7 | ||||||||||
Less: Current capital lease obligations | 0.4 | 0.4 | ||||||||||
Total long-term borrowings and capital lease obligations, net | $ | 44 | $ | 84.7 | ||||||||
Summary of Carrying Amount and Fair Value of Financial Instruments | he following table summarizes the carrying amounts and fair values of the Company’s financial instruments: | |||||||||||
2014 | 2013 | |||||||||||
(in millions) | Notional | Fair | Notional | Fair | ||||||||
Amount | Value | Amount | Value | |||||||||
Long-term debt (a) | 50.2 | 50.2 | 92.1 | 92.1 | ||||||||
(a) | Long-term debt includes current portions of long-term debt and current portions of capital lease obligations of $6.2 million and $7.4 million as of December 31, 2014 and 2013, respectively. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of Provision (Benefit) for Income Taxes | The following table summarizes the income tax expense (benefit) from continuing operations: | |||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 3 | $ | — | $ | (1.8 | ) | |||||
Foreign | 0.6 | 2.4 | 3.2 | |||||||||
State and local | 1.3 | 1 | 0.1 | |||||||||
Total current tax expense | 4.9 | 3.4 | 1.5 | |||||||||
Deferred: | ||||||||||||
Federal | 17.8 | (112.1 | ) | 2.1 | ||||||||
Foreign | (2.7 | ) | 0.2 | 0.3 | ||||||||
State and local | 4.3 | 1.3 | — | |||||||||
Total deferred tax expense (benefit) | 19.4 | (110.6 | ) | 2.4 | ||||||||
Total income tax expense (benefit) | $ | 24.3 | $ | (107.2 | ) | $ | 3.9 | |||||
Differences between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The following table summarizes the differences between the statutory federal income tax rate and the effective income tax rate from continuing operations: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal tax benefit | 3.6 | 2.7 | 1 | |||||||||
Valuation allowance | (4.3 | ) | (231.7 | ) | 41.3 | |||||||
Domestic production deduction | (2.0 | ) | (1.2 | ) | — | |||||||
Bad debt deduction | — | — | (24.9 | ) | ||||||||
Asset dispositions and write-offs | — | (3.0 | ) | (29.5 | ) | |||||||
Repatriation effects | — | 1.5 | — | |||||||||
Tax reserves | (1.2 | ) | — | (1.0 | ) | |||||||
R&D tax credits | (0.6 | ) | (1.5 | ) | — | |||||||
Foreign tax rate effects | (2.5 | ) | (4.4 | ) | (7.2 | ) | ||||||
Other, net | (0.2 | ) | 0.3 | 0.4 | ||||||||
Effective income tax rate | 27.8 | % | (202.3 | )% | 15.1 | % | ||||||
Schedule of Income before Income Tax | The following table summarizes income from continuing operations before taxes: | |||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
U.S. | $ | 78.5 | $ | 38.9 | $ | 10 | ||||||
Non-U.S. | 8.8 | 14.1 | 15.9 | |||||||||
Income from continuing operations before taxes | $ | 87.3 | $ | 53 | $ | 25.9 | ||||||
Deferred Income Tax Assets and Liabilities | The following table summarizes deferred income tax assets and liabilities: | |||||||||||
(in millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Depreciation and amortization | $ | 11.1 | $ | 10.8 | ||||||||
Accrued expenses | 28.6 | 28.8 | ||||||||||
Net operating loss, alternative minimum tax, research and development and foreign tax credit carryforwards | 44.6 | 62.8 | ||||||||||
Definite lived intangibles | 1.6 | 1.7 | ||||||||||
Pension benefits | 35.4 | 23.3 | ||||||||||
Other | 1 | 1.1 | ||||||||||
Deferred revenue | 0.1 | 0.1 | ||||||||||
Gross deferred tax assets | 122.4 | 128.6 | ||||||||||
Valuation allowance | (3.8 | ) | (9.8 | ) | ||||||||
Total deferred tax assets | 118.6 | 118.8 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation and amortization | (5.8 | ) | (3.7 | ) | ||||||||
Expenses capitalized for book | (1.4 | ) | (1.0 | ) | ||||||||
Pension benefits | (13.4 | ) | (11.5 | ) | ||||||||
Indefinite lived intangibles | (57.1 | ) | (56.8 | ) | ||||||||
Other | (0.5 | ) | (0.3 | ) | ||||||||
Gross deferred tax liabilities | (78.2 | ) | (73.3 | ) | ||||||||
Net deferred tax assets | $ | 40.4 | $ | 45.5 | ||||||||
Classification of Net Deferred Tax Assets in Balance Sheet | The net deferred tax asset is classified in the Consolidated Balance Sheets as follows: | |||||||||||
(in millions) | 2014 | 2013 | ||||||||||
Current net deferred tax assets | $ | 19.9 | $ | 12.5 | ||||||||
Current valuation allowance | (1.1 | ) | (0.1 | ) | ||||||||
Total current net deferred tax assets | $ | 18.8 | $ | 12.4 | ||||||||
Long-term net deferred tax assets | $ | 28 | $ | 42.8 | ||||||||
Long-term valuation allowance | (2.7 | ) | (9.7 | ) | ||||||||
Long-term net deferred tax assets | $ | 25.3 | $ | 33.1 | ||||||||
Summary of Activities Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: | |||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Balance at January 1 | $ | 4.8 | $ | 4 | $ | 4.3 | ||||||
Increases related to current year tax | 0.4 | 1.4 | 0.2 | |||||||||
Increases from prior period positions | 0.3 | 0.4 | 0.1 | |||||||||
Decreases from prior period positions | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||
Decreases due to lapse of statute of limitations | (2.4 | ) | (0.8 | ) | (0.4 | ) | ||||||
Foreign currency translation | (0.2 | ) | — | — | ||||||||
Balance at December 31 | $ | 2.8 | $ | 4.8 | $ | 4 | ||||||
Pensions_Tables
Pensions (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||
Postretirement Benefits | The following table summarizes net periodic pension expense for U.S. and non-U.S. benefit plans: | |||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Company-sponsored plans: | ||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 0.4 | $ | 0.3 | $ | 0.2 | ||||||||||||||||||||
Interest cost | 7.9 | 7.3 | 7.4 | 2.6 | 2.5 | 2.6 | ||||||||||||||||||||||||||
Expected return on plan assets | (9.1 | ) | (8.8 | ) | (8.1 | ) | (3.6 | ) | (2.6 | ) | (2.6 | ) | ||||||||||||||||||||
Amortization of actuarial loss | 5.1 | 7.5 | 5.5 | 0.4 | 0.9 | 0.8 | ||||||||||||||||||||||||||
Total company-sponsored plans | 3.9 | 6 | 4.8 | (0.2 | ) | 1.1 | 1 | |||||||||||||||||||||||||
Multi-employer plans | 0.2 | 0.2 | 0.3 | — | — | — | ||||||||||||||||||||||||||
Net periodic pension expense | $ | 4.1 | $ | 6.2 | $ | 5.1 | $ | (0.2 | ) | $ | 1.1 | $ | 1 | |||||||||||||||||||
Summary of Changes in Projected Benefit Obligation | The following table summarizes the changes in the projected benefit obligation and plan assets: | |||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 159.3 | $ | 179.7 | $ | 61 | $ | 65.6 | ||||||||||||||||||||||||
Service cost | — | — | 0.4 | 0.3 | ||||||||||||||||||||||||||||
Interest cost | 7.9 | 7.3 | 2.6 | 2.5 | ||||||||||||||||||||||||||||
Actuarial loss (gain) | 28.6 | (17.6 | ) | 6.8 | (5.3 | ) | ||||||||||||||||||||||||||
Benefits and expenses paid | (9.5 | ) | (10.1 | ) | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||
Foreign currency translation | — | — | (4.1 | ) | 1 | |||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 186.3 | $ | 159.3 | $ | 63.6 | $ | 61 | ||||||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 184.4 | $ | 157.3 | $ | 63.1 | $ | 60.4 | ||||||||||||||||||||||||
Summary of Change in Plan Assets | The following summarizes the changes in the fair value of plan assets: | |||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 129.4 | $ | 112.2 | $ | 62.4 | $ | 54.8 | ||||||||||||||||||||||||
Actual return on plan assets | 5.9 | 20.5 | 2.2 | 7.6 | ||||||||||||||||||||||||||||
Company contribution | 8.2 | 6.8 | 1.2 | 1.7 | ||||||||||||||||||||||||||||
Benefits and expenses paid | (9.5 | ) | (10.1 | ) | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||
Foreign currency translation | — | — | (3.7 | ) | 1.4 | |||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 134 | $ | 129.4 | $ | 59 | $ | 62.4 | ||||||||||||||||||||||||
Summary of Pension Assets in Three-Tier Fair Value Hierarchy for Benefit Plan | The following summarizes the Company’s pension assets in a three-tier fair value hierarchy for its benefit plans: | |||||||||||||||||||||||||||||||
U. S. Benefit Plan | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.5 | $ | — | $ | — | $ | 2.5 | $ | 2.9 | $ | — | $ | — | $ | 2.9 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
U.S. Large Cap | 40.1 | 0.1 | — | 40.2 | 37.1 | — | — | 37.1 | ||||||||||||||||||||||||
U.S. Small and Mid Cap | 15.9 | — | — | 15.9 | 15.3 | — | — | 15.3 | ||||||||||||||||||||||||
Federal Signal common stock | 3.6 | — | — | 3.6 | 13.6 | — | — | 13.6 | ||||||||||||||||||||||||
Developed international | 9.9 | 4.5 | — | 14.4 | 9.6 | 0.1 | — | 9.7 | ||||||||||||||||||||||||
Emerging markets | 10.7 | 0.2 | — | 10.9 | 2.7 | — | — | 2.7 | ||||||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||||||||||
Government securities | 1.1 | — | — | 1.1 | 6.8 | — | — | 6.8 | ||||||||||||||||||||||||
Asset-backed securities | — | 7.1 | — | 7.1 | — | 3.5 | — | 3.5 | ||||||||||||||||||||||||
Corporate bonds | — | 19.2 | — | 19.2 | — | — | — | — | ||||||||||||||||||||||||
Mutual funds | 1.2 | — | — | 1.2 | 18 | — | — | 18 | ||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||
Mutual funds | 13.9 | — | — | 13.9 | 19.8 | — | — | 19.8 | ||||||||||||||||||||||||
Real estate | 3.7 | — | — | 3.7 | — | — | — | — | ||||||||||||||||||||||||
Total assets at fair value (a) | $ | 102.6 | $ | 31.1 | $ | — | $ | 133.7 | $ | 125.8 | $ | 3.6 | $ | — | $ | 129.4 | ||||||||||||||||
(a) | Total assets at fair value at December 31, 2014 in the table above excludes a net receivable of $0.3 million. | |||||||||||||||||||||||||||||||
Non-U. S. Benefit Plans | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Cash | $ | 11.5 | $ | — | $ | — | $ | 11.5 | $ | 10.7 | $ | — | $ | — | $ | 10.7 | ||||||||||||||||
Equity securities | 6 | 35.9 | — | 41.9 | 6.3 | 36.9 | — | 43.2 | ||||||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||||||||||
Government securities | 2.9 | — | — | 2.9 | 4 | — | — | 4 | ||||||||||||||||||||||||
Corporate bonds | 1.6 | 1.1 | — | 2.7 | 4.5 | — | — | 4.5 | ||||||||||||||||||||||||
Total assets at fair value | $ | 22 | $ | 37 | $ | — | $ | 59 | $ | 25.5 | $ | 36.9 | $ | — | $ | 62.4 | ||||||||||||||||
Funded Status | The following summarizes the funded status of the Company-sponsored plans: | |||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 134 | $ | 129.4 | $ | 59 | $ | 62.4 | ||||||||||||||||||||||||
Benefit obligation, end of year | 186.3 | 159.3 | 63.6 | 61 | ||||||||||||||||||||||||||||
Funded status, end of year | $ | (52.3 | ) | $ | (29.9 | ) | $ | (4.6 | ) | $ | 1.4 | |||||||||||||||||||||
Components of Amounts Recognized in Accumulated Other Comprehensive Income | The following summarizes the amounts recognized within our Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Amounts recognized in the balance sheet include: | ||||||||||||||||||||||||||||||||
Deferred charges and other assets | $ | — | $ | — | $ | — | $ | 2.5 | ||||||||||||||||||||||||
Long-term pension and other post-retirement benefit liabilities | (52.3 | ) | (29.9 | ) | (4.6 | ) | (1.1 | ) | ||||||||||||||||||||||||
Net (liability) asset recorded | $ | (52.3 | ) | $ | (29.9 | ) | $ | (4.6 | ) | $ | 1.4 | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss include: | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 81.4 | $ | 54.7 | $ | 21.9 | $ | 15.6 | ||||||||||||||||||||||||
Net amount recognized, pre-tax | $ | 81.4 | $ | 54.7 | $ | 21.9 | $ | 15.6 | ||||||||||||||||||||||||
Benefits Expected to be Paid under Defined Benefit Plans | The following summarizes the benefits expected to be paid under the Company’s defined benefit plans in each of the next five years, and in aggregate for the five years thereafter: | |||||||||||||||||||||||||||||||
(in millions) | U.S. Benefit Plan | Non-U.S. Benefit Plans | ||||||||||||||||||||||||||||||
2015 | $ | 8.9 | $ | 2.6 | ||||||||||||||||||||||||||||
2016 | 8.4 | 2.7 | ||||||||||||||||||||||||||||||
2017 | 9.1 | 2.8 | ||||||||||||||||||||||||||||||
2018 | 9.3 | 2.8 | ||||||||||||||||||||||||||||||
2019 | 10 | 2.9 | ||||||||||||||||||||||||||||||
2020-2024 | 54.7 | 16.1 | ||||||||||||||||||||||||||||||
Pension Plans, Defined Benefit | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||
Summary of Weighted-Average Assumptions Used | The following table summarizes the weighted-average assumptions used in determining pension costs: | |||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Discount rate | 5.1 | % | 4.2 | % | 5 | % | 4.5 | % | 4.1 | % | 4.6 | % | ||||||||||||||||||||
Rate of increase in compensation levels | 3.5 | % | 3.5 | % | 3.5 | % | — | — | — | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.6 | % | 7.9 | % | 8.1 | % | 5.9 | % | 5.1 | % | 5.3 | % | ||||||||||||||||||||
Defined Benefit Obligations [Member] | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||
Summary of Weighted-Average Assumptions Used | The following table summarizes the weighted-average assumptions used in determining benefit obligations: | |||||||||||||||||||||||||||||||
U.S. Benefit Plan | Non-U.S. Benefit Plans | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.2 | % | 5.1 | % | 3.5 | % | 4.5 | % | ||||||||||||||||||||||||
Rate of increase in compensation levels | 3.5 | % | 3.5 | % | — | — | ||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Changes in Company's Warranty Liabilities | The following table summarizes the changes in the Company’s warranty liabilities: | |||||||
(in millions) | 2014 | 2013 | ||||||
Balance at January 1 | $ | 8.4 | $ | 6.8 | ||||
Provisions to expense | 8.8 | 10.1 | ||||||
Actual costs incurred | (8.1 | ) | (8.5 | ) | ||||
Balance at December 31 | $ | 9.1 | $ | 8.4 | ||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Computation of Earnings (Loss) Per Common Share | The following table reconciles net income (loss) to basic and diluted EPS: | |||||||||||
(in millions, except per share data) | 2014 | 2013 | 2012 | |||||||||
Income from continuing operations | $ | 63 | $ | 160.2 | $ | 22 | ||||||
Gain (loss) from discontinued operations and disposal, net of tax | 0.7 | (0.2 | ) | (49.5 | ) | |||||||
Net income (loss) | $ | 63.7 | $ | 160 | $ | (27.5 | ) | |||||
Weighted average shares outstanding — Basic | 62.7 | 62.6 | 62.3 | |||||||||
Dilutive effect of common stock equivalents | 0.9 | 0.6 | 0.4 | |||||||||
Weighted average shares outstanding — Diluted | 63.6 | 63.2 | 62.7 | |||||||||
Basic earnings (loss) per share: | ||||||||||||
Earnings from continuing operations | $ | 1 | $ | 2.56 | $ | 0.35 | ||||||
Gain (loss) from discontinued operations and disposal, net of tax | 0.01 | — | (0.79 | ) | ||||||||
Net earnings (loss) per share | $ | 1.01 | $ | 2.56 | $ | (0.44 | ) | |||||
Diluted earnings (loss) per share: | ||||||||||||
Earnings from continuing operations | $ | 0.99 | $ | 2.53 | $ | 0.35 | ||||||
Gain (loss) from discontinued operations and disposal, net of tax | 0.01 | — | (0.79 | ) | ||||||||
Net earnings (loss) per share | $ | 1 | $ | 2.53 | $ | (0.44 | ) | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Stock Option Activity | The following summarizes stock option activity: | ||||||||||||||||||||
Option Shares | Weighted Average Exercise Price | ||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
Outstanding, at beginning of year | 2.1 | 2.3 | 2 | $ | 8.63 | $ | 8.93 | $ | 10.16 | ||||||||||||
Granted | 0.3 | 0.5 | 0.6 | 14.36 | 8.5 | 5.52 | |||||||||||||||
Exercised | (0.3 | ) | (0.3 | ) | — | 7.49 | 7.47 | — | |||||||||||||
Canceled or expired | (0.1 | ) | (0.4 | ) | (0.3 | ) | 14.33 | 10.94 | 9.88 | ||||||||||||
Outstanding, at end of year | 2 | 2.1 | 2.3 | $ | 9.28 | $ | 8.63 | $ | 8.93 | ||||||||||||
Exercisable, at end of year | 1.2 | 1.2 | 1.3 | $ | 8.64 | $ | 9.85 | $ | 11.22 | ||||||||||||
Summary of Information Concerning Stock Options Outstanding | The following table summarizes information for stock options outstanding as of December 31, 2014 under all plans: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average | Weighted Average | Shares | Weighted Average | ||||||||||||||||
Remaining Life | Exercise Price | Exercise Price | |||||||||||||||||||
(in millions) | (in years) | (in millions) | |||||||||||||||||||
$0.00 — $5.00 | — | 6.7 | $ | 4.47 | — | $ | 4.47 | ||||||||||||||
5.01 — 10.00 | 1.3 | 7.1 | 6.75 | 0.8 | 6.44 | ||||||||||||||||
10.01 — 15.00 | 0.5 | 7 | 13.08 | 0.2 | 10.99 | ||||||||||||||||
15.01 — 20.00 | 0.2 | 1.3 | 16.46 | 0.2 | 16.46 | ||||||||||||||||
2 | 6.6 | $ | 9.28 | 1.2 | $ | 8.64 | |||||||||||||||
Summary of Restricted Stock Grants | The following table summarizes restricted stock activity for the year ended December 31, 2014: | ||||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||||
Restricted Shares | Price per Share | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Outstanding and non-vested, at December 31, 2013 | 0.2 | $ | 6.85 | ||||||||||||||||||
Granted | 0.1 | 14.61 | |||||||||||||||||||
Vested | — | 15.03 | |||||||||||||||||||
Forfeited | — | 8.53 | |||||||||||||||||||
Outstanding and non-vested, at December 31, 2014 | 0.3 | $ | 8.63 | ||||||||||||||||||
Equity Option [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Assumptions Used to Calculate Fair Value | The fair value of each option grant was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Dividend yield | 0.8 | % | — | % | 0.7 | % | |||||||||||||||
Expected volatility | 57 | % | 59 | % | 59 | % | |||||||||||||||
Risk free interest rate | 1.9 | % | 1 | % | 0.9 | % | |||||||||||||||
Weighted average expected option life in years | 5.8 | 5.8 | 5.6 | ||||||||||||||||||
PSUs [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of Share-based Compensation, Activity | The following table summarizes PSU activity for the year ended December 31, 2014: | ||||||||||||||||||||
Number of PSUs | Weighted Average Price per Share | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Outstanding and non-vested, at December 31, 2013 | 0.5 | $ | 7.05 | ||||||||||||||||||
Granted (a) | 0.4 | 8.97 | |||||||||||||||||||
Vested | (0.5 | ) | 5.5 | ||||||||||||||||||
Forfeited | — | 8.47 | |||||||||||||||||||
Outstanding and non-vested, at December 31, 2014 | 0.4 | $ | 10.89 | ||||||||||||||||||
(a) | Includes 0.2 million PSUs, representing the effect of the PSUs granted in 2012 being earned at 200% of target. The PSUs granted in 2012 vested on December 31, 2014. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Change in Accumulated Other Comprehensive Loss | The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax: | |||||||||||||||
(in millions) (a) | Actuarial Losses | Foreign | Unrealized | Total | ||||||||||||
Currency Translation | Gain (Loss) on | |||||||||||||||
Derivatives | ||||||||||||||||
Balance at January 1, 2014 | $ | (58.1 | ) | $ | 16 | $ | 0.2 | $ | (41.9 | ) | ||||||
Other comprehensive loss before reclassifications | (24.6 | ) | (15.8 | ) | (0.1 | ) | (40.5 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 2.9 | — | — | 2.9 | ||||||||||||
Net current-period other comprehensive loss | (21.7 | ) | (15.8 | ) | (0.1 | ) | (37.6 | ) | ||||||||
Balance at December 31, 2014 | $ | (79.8 | ) | $ | 0.2 | $ | 0.1 | $ | (79.5 | ) | ||||||
(in millions) (a) | Actuarial Losses | Foreign | Unrealized | Total | ||||||||||||
Currency Translation | Gain (Loss) on | |||||||||||||||
Derivatives | ||||||||||||||||
Balance at January 1, 2013 | $ | (91.0 | ) | $ | 10.8 | $ | 0.1 | $ | (80.1 | ) | ||||||
Other comprehensive income before reclassifications | 23.9 | 4.5 | 0.2 | 28.6 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 9 | 0.7 | (0.1 | ) | 9.6 | |||||||||||
Net current-period other comprehensive income | 32.9 | 5.2 | 0.1 | 38.2 | ||||||||||||
Balance at December 31, 2013 | $ | (58.1 | ) | $ | 16 | $ | 0.2 | $ | (41.9 | ) | ||||||
(a) | Amounts in parenthesis indicate debits. | |||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the amount of actuarial losses reclassified from Accumulated other comprehensive loss, net of tax, and the affected line item in the Consolidated Statements of Operations: | |||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in Consolidated Statements of Operations | ||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) (a) | ||||||||||||||||
Amortization of actuarial losses of defined benefit pension plans | $ | (5.5 | ) | $ | (8.4 | ) | (b) | |||||||||
Amortization of actuarial gains of retiree medical plans | 0.2 | — | SEG&A expenses | |||||||||||||
Total before tax | (5.3 | ) | (8.4 | ) | ||||||||||||
Income tax (expense) benefit | 2.4 | (0.6 | ) | Income tax (expense) benefit | ||||||||||||
Total reclassifications for the period, net of tax | $ | (2.9 | ) | $ | (9.0 | ) | ||||||||||
(a) | Amount in parenthesis indicate debits to profit/loss. | |||||||||||||||
(b) | The actuarial loss components of Accumulated other comprehensive loss are included in the computation of net periodic pension cost for the period, as disclosed in Note 7 – Pensions. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Summary of Continuing Operations by Segment | The following tables summarize the Company’s continuing operations by segment, including net sales, operating income, depreciation and amortization, total assets and capital expenditures: | |||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales: | ||||||||||||
Environmental Solutions | $ | 536.6 | $ | 474 | $ | 427.8 | ||||||
Safety and Security Systems | 242.5 | 238.9 | 240.3 | |||||||||
Fire Rescue | 139.4 | 138.4 | 135.1 | |||||||||
Total net sales | $ | 918.5 | $ | 851.3 | $ | 803.2 | ||||||
Operating income: | ||||||||||||
Environmental Solutions | $ | 81.9 | $ | 58.2 | $ | 42 | ||||||
Safety and Security Systems | 32.1 | 26.1 | 27.9 | |||||||||
Fire Rescue | 3.9 | 9 | 8.9 | |||||||||
Corporate and eliminations | (25.3 | ) | (22.7 | ) | (27.3 | ) | ||||||
Total operating income | 92.6 | 70.6 | 51.5 | |||||||||
Interest expense | 3.8 | 8.8 | 21.4 | |||||||||
Debt settlement charges | — | 8.7 | 3.5 | |||||||||
Other expense, net | 1.5 | 0.1 | 0.7 | |||||||||
Income before income taxes | $ | 87.3 | $ | 53 | $ | 25.9 | ||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Depreciation and amortization: | ||||||||||||
Environmental Solutions | $ | 6.8 | $ | 6.1 | $ | 5.4 | ||||||
Safety and Security Systems | 4.5 | 4.2 | 4.3 | |||||||||
Fire Rescue | 3.5 | 3.2 | 2.6 | |||||||||
Corporate | 0.2 | 0.7 | 0.9 | |||||||||
Total depreciation and amortization | $ | 15 | $ | 14.2 | $ | 13.2 | ||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Total assets: | ||||||||||||
Environmental Solutions | $ | 254.2 | $ | 236 | $ | 237.5 | ||||||
Safety and Security Systems | 208.3 | 213.4 | 209.5 | |||||||||
Fire Rescue | 124 | 116.4 | 122.5 | |||||||||
Corporate and eliminations | 68 | 73.6 | 41.7 | |||||||||
Total assets of continuing operations | 654.5 | 639.4 | 611.2 | |||||||||
Total assets of discontinued operations | 4.2 | 5.4 | 2 | |||||||||
Total assets | $ | 658.7 | $ | 644.8 | $ | 613.2 | ||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Capital expenditures: | ||||||||||||
Environmental Solutions | $ | 6.2 | $ | 4.5 | $ | 6.4 | ||||||
Safety and Security Systems | 6.3 | 5.4 | 2.7 | |||||||||
Fire Rescue | 5.8 | 5.4 | 3.1 | |||||||||
Corporate | 1.2 | 1.7 | 0.8 | |||||||||
Total capital expenditures | $ | 19.5 | $ | 17 | $ | 13 | ||||||
Schedule Of Segment Reporting Information By Geographical Segment Table [Text Block] | The following table summarizes net sales by geographic region based on the location of the end customer: | |||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales: | ||||||||||||
U.S. | $ | 593.7 | $ | 550.2 | $ | 492.7 | ||||||
Europe/Other | 257.7 | 244.6 | 259 | |||||||||
Canada | 67.1 | 56.5 | 51.5 | |||||||||
Total net sales | $ | 918.5 | $ | 851.3 | $ | 803.2 | ||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Analysis of Restructuring Reserves Included in Other Accrued Liabilities | Restructuring reserves are included within Other current liabilities on the Company’s Consolidated Balance Sheets. The | |||||||||||
following table summarizes the changes in the Company’s restructuring reserves: | ||||||||||||
(in millions) | Severance | Severance | Total | |||||||||
(2012 Plan) | (2013 Plan) | |||||||||||
Balance at December 31, 2012 | $ | 1 | $ | — | $ | 1 | ||||||
Charges to restructuring expenses | — | 1.5 | 1.5 | |||||||||
Adjustments | (0.8 | ) | — | (0.8 | ) | |||||||
Cash payments | (0.2 | ) | — | (0.2 | ) | |||||||
Balance at December 31, 2013 | $ | — | 1.5 | 1.5 | ||||||||
Cash payments | (1.4 | ) | (1.4 | ) | ||||||||
Balance at December 31, 2014 | $ | 0.1 | $ | 0.1 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Operating Results of Discontinued Operations | The following table summarizes the operating results of the Company’s discontinued operations: | |||
(in millions) | 2012 | |||
Federal Signal Technologies: | ||||
Net sales | $ | 87 | ||
Interest allocated to discontinued operations | 4.8 | |||
Other costs and expenses | 100.6 | |||
Loss before income taxes | (18.4 | ) | ||
Income tax benefit | 3.6 | |||
Loss from discontinued operations | $ | (14.8 | ) |
Selected_Quarterly_Data_Tables
Selected Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Summary of Quarterly Results of Operations | The following table summarizes the quarterly results of operations, including income per share: | |||||||||||||||
2014 | ||||||||||||||||
(in millions, except per share data) | March 31 | June 30 | September 30 | December 31(a) | ||||||||||||
Net sales | $ | 200.2 | $ | 234.6 | $ | 219.3 | $ | 264.4 | ||||||||
Gross profit | 46.8 | 58.9 | 58.4 | 69.2 | ||||||||||||
Income from continuing operations | 7.6 | 17 | 15.2 | 23.2 | ||||||||||||
Gain (loss) from discontinued operations and disposal, net | (0.2 | ) | 0.1 | 0.2 | 0.6 | |||||||||||
Net income | 7.4 | 17.1 | 15.4 | 23.8 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Earnings from continuing operations | $ | 0.12 | $ | 0.27 | $ | 0.24 | $ | 0.36 | ||||||||
Earnings from discontinued operations | — | — | — | 0.01 | ||||||||||||
Net earnings per share | $ | 0.12 | $ | 0.27 | $ | 0.24 | $ | 0.37 | ||||||||
(a) | Income from continuing operations includes a tax benefit of $3.5 million relating to the release of valuation allowance previously recorded against the Company’s foreign deferred tax assets. | |||||||||||||||
2013 | ||||||||||||||||
(in millions, except per share data) | March 31(a) | June 30 (b) | September 30 | December 31(c) | ||||||||||||
Net sales | $ | 199.8 | $ | 222.6 | $ | 209.3 | $ | 219.6 | ||||||||
Gross profit | 46.8 | 51.8 | 50.5 | 56 | ||||||||||||
Income (loss) from continuing operations | (1.1 | ) | 117.8 | 16.8 | 26.7 | |||||||||||
Gain (loss) from discontinued operations and disposal, net | 0.5 | (0.3 | ) | (0.8 | ) | 0.4 | ||||||||||
Net (loss) income | (0.6 | ) | 117.5 | 16 | 27.1 | |||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Earnings (loss) from continuing operations | $ | (0.02 | ) | $ | 1.87 | $ | 0.26 | $ | 0.42 | |||||||
Earnings (loss) from discontinued operations | 0.01 | — | (0.01 | ) | — | |||||||||||
Net earnings (loss) per share | $ | (0.01 | ) | $ | 1.87 | $ | 0.25 | $ | 0.42 | |||||||
(a) | (Loss) from continuing operations includes $8.7 million of debt settlement charges associated with the Company's debt refinancing in March 2013. | |||||||||||||||
(b) | Income from continuing operations includes $102.4 million of valuation allowance release and income of $0.6 million associated with restructuring activity. | |||||||||||||||
(c) | Income from continuing operations includes a tax benefit of $6.7 million associated with the release of valuation allowance previously recorded against the Company’s foreign tax credits, which would have begun to expire in 2015, following the completion of a tax planning strategy, as well as $1.2 million of restructuring charges. |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||
Significant Of Accounting Policies [Line Items] | |||
Fair Value in Excess of Carrying Value | 20.00% | ||
Number of operating segments | 3 | ||
Foreign currency translation losses | $1.50 | $0.30 | $0.60 |
Depreciation | 14.9 | 14 | 12.1 |
Property, plant and equipment, transfers | 4.1 | ||
Deferred revenue | 2.4 | 2 | |
Selling, General and Administrative Expenses | |||
Significant Of Accounting Policies [Line Items] | |||
Research and development expenses | $16.60 | $11 | $10 |
Building | Minimum | |||
Significant Of Accounting Policies [Line Items] | |||
Useful life | 8 years | ||
Building | Maximum | |||
Significant Of Accounting Policies [Line Items] | |||
Useful life | 40 years | ||
Machinery and Equipment | Minimum | |||
Significant Of Accounting Policies [Line Items] | |||
Useful life | 3 years | ||
Machinery and Equipment | Maximum | |||
Significant Of Accounting Policies [Line Items] | |||
Useful life | 15 years | ||
Leasehold Improvements | |||
Significant Of Accounting Policies [Line Items] | |||
Useful life description | over the shorter of the remaining life of the lease or the useful life of the improvement |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $53.10 | $46.10 |
Work in process | 23.7 | 24.3 |
Finished goods | 44.2 | 39.4 |
Total inventories | $121 | $109.80 |
Summary_of_Properties_and_Equi
Summary of Properties and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $0.30 | $0.30 |
Buildings and improvements | 29.1 | 27 |
Machinery and equipment | 164.7 | 158.2 |
Total property and equipment, at cost | 194.1 | 185.5 |
Less: Accumulated depreciation | 124.6 | 121.7 |
Properties and equipment, net | $69.50 | $63.80 |
Properties_and_Equipment_Addit
Properties and Equipment - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ||||
Net proceeds received from sale-leaseback transactions | $35.80 | |||
Deferred gain on sale-leaseback transactions | 29 | 16.5 | 18.4 | |
Lease period for sale-leaseback transactions | 15 years | |||
Rental expense | 8.2 | 8.5 | 8.9 | |
Minimum future rental commitments | 48.7 | |||
Minimum future rental commitments, year one | 7.7 | |||
Minimum future rental commitments, year two | 7.1 | |||
Minimum future rental commitments, year three | 6.6 | |||
Minimum future rental commitments, year four | 5.1 | |||
Minimum future rental commitments, year five | 5.1 | |||
Minimum future rental commitments, thereafter | 17.1 | |||
Other Current Liabilities [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Deferred gain on sale-leaseback transactions | $1.90 | $1.90 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill and Trade Names (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | $273.80 | $272.30 | |
Translation adjustments | -7.5 | 1.5 | |
Goodwill Ending balance | 266.3 | 273.8 | 272.3 |
Environmental Solutions | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | 120.4 | 120.4 | |
Translation adjustments | 0 | 0 | |
Goodwill Ending balance | 120.4 | 120.4 | 120.4 |
Fire Rescue | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | 33.8 | 33.8 | |
Translation adjustments | -2.7 | 0 | |
Goodwill Ending balance | 31.1 | 33.8 | 33.8 |
Safety And Security Systems | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | 119.6 | 118.1 | |
Translation adjustments | -4.8 | 1.5 | |
Goodwill Ending balance | $114.80 | $119.60 | $118.10 |
LongTerm_Borrowings_Detail
Long-Term Borrowings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term borrowings and capital lease obligations | $50.20 | $92.10 |
Less: Current maturities | 5.8 | 7 |
Less: Current capital lease obligations | 0.4 | 0.4 |
Total long-term borrowings and capital lease obligations, net | 44 | 84.7 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total long-term borrowings and capital lease obligations | 0 | 20 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total long-term borrowings and capital lease obligations | 49.2 | 70.8 |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Total long-term borrowings and capital lease obligations | $1 | $1.30 |
Summary_of_Carrying_Amount_and
Summary of Carrying Amount and Fair Value of Financial Instruments (Detail) (Long-term Debt, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Notional Amount | $50.20 | $92.10 |
Fair Value | $50.20 | $92.10 |
Summary_of_Carrying_Amount_and1
Summary of Carrying Amount and Fair Value of Financial Instruments (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Long term debt and capital lease obligations | $6.20 | $7.40 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2013 | Mar. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 13, 2013 | |
Debt Instrument [Line Items] | |||||||
Secured credit facility | $225,000,000 | ||||||
Line of credit facility, amount outstanding | 0 | ||||||
Breakage Fees And Premium | 4,200,000 | ||||||
Early repayment penalty | 4,200,000 | ||||||
Remaining borrowing capacity | 23,900,000 | ||||||
Interest paid | 3,000,000 | 9,400,000 | 20,600,000 | ||||
Weighted average interest rate on short-term borrowings | 2.20% | ||||||
Line Of Credit Facility Covenant Terms Leverage Ratio Maximum | 3.25 | ||||||
Debt agreement termination costs | 8,700,000 | 8,700,000 | |||||
Debtor Reorganization Items, Write-off of Deferred Financing Costs and Debt Discounts | 4,500,000 | ||||||
Debt Issuance Cost | 1,900,000 | ||||||
Deferred Finance Costs, Net | 100,000 | ||||||
Derivative Liability, Fair Value, Gross Liability | 200,000 | ||||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Secured credit facility | 50,000,000 | ||||||
Non-US lines of credit | |||||||
Debt Instrument [Line Items] | |||||||
Secured credit facility | 12,300,000 | ||||||
Line of Credit Facility, Increase (Decrease), Net | 0 | ||||||
Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Secured credit facility | 75,000,000 | ||||||
Expiration Period | 5 years | ||||||
Repayments of Debt | 15,000,000 | ||||||
ABL Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee | 0.25% | ||||||
ABL Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee | 0.45% | ||||||
ABL Facility | Base Rate [Member] | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Base rate borrowings margin ranges | 1.00% | ||||||
ABL Facility | Base Rate [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Base rate borrowings margin ranges | 2.00% | ||||||
ABL Facility | Libor Borrowings | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Base rate borrowings margin ranges | 2.00% | ||||||
ABL Facility | Libor Borrowings | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Base rate borrowings margin ranges | 3.00% | ||||||
ABL Facility | Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Maturities payment, 2014 | 6,200,000 | ||||||
Maturities payment, 2015 | 7,300,000 | ||||||
Maturities payment, 2016 | 7,400,000 | ||||||
Maturities payment, 2017 | 29,300,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured credit facility | 150,000,000 | ||||||
Expiration Period | 5 years | ||||||
Remaining borrowing capacity | 126,100,000 | ||||||
Senior Secured Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Expiration Period | 5 years | ||||||
Due In Year One [Member] | Senior Secured Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal repayment | 7.50% | ||||||
Due In Year Two [Member] | Senior Secured Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal repayment | 10.00% | ||||||
Due In Year Four [Member] | Senior Secured Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal repayment | 12.50% | ||||||
Interest Rate Swap [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notional Amount | 75,000,000 | ||||||
Interest Rate Derivatives Expiration Date | March 13, 2018 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 200,000 | ||||||
Domestic Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | 6,500,000 | 123,700,000 | 116,700,000 | ||||
Repayments of lines of credit | $26,500,000 | $106,200,000 | $290,000,000 |
Components_of_Provision_Benefi
Components of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $3 | $0 | ($1.80) |
Foreign | 0.6 | 2.4 | 3.2 |
State and local | 1.3 | 1 | 0.1 |
Current, Total | 4.9 | 3.4 | 1.5 |
Deferred: | |||
Federal | 17.8 | -112.1 | 2.1 |
Foreign | -2.7 | 0.2 | 0.3 |
State and local | 4.3 | 1.3 | 0 |
Deferred, Total | 19.4 | -110.6 | 2.4 |
Total income tax provision | $24.30 | ($107.20) | $3.90 |
Differences_between_Statutory_
Differences between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 3.60% | 2.70% | 1.00% |
Valuation allowance | -4.30% | -231.70% | 41.30% |
Domestic production deduction | -2.00% | -1.20% | 0.00% |
Bad debt deduction | 0.00% | 0.00% | -24.90% |
Asset dispositions and write-offs | 0.00% | -3.00% | -29.50% |
Repatriation effects | 0.00% | 1.50% | 0.00% |
Tax reserves | -1.20% | 0.00% | -1.00% |
R&D tax credits | -0.60% | -1.50% | 0.00% |
Foreign tax rate effects | -2.50% | -4.40% | -7.20% |
Other, net | -0.20% | 0.30% | 0.40% |
Effective income tax rate | 27.80% | -202.30% | 15.10% |
Income_Loss_from_Continuing_Op
Income (Loss) from Continuing Operations before Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $78.50 | $38.90 | $10 |
Non-U.S. | 8.8 | 14.1 | 15.9 |
Income before income taxes | $87.30 | $53 | $25.90 |
Deferred_Income_Tax_Assets_and
Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | |||
Deferred tax assets: | |||
Depreciation and amortization | $11.10 | $10.80 | |
Accrued expenses | 28.6 | 28.8 | |
Net operating loss, capital loss, alternative minimum tax, research and development, and foreign tax credit carryforwards | 44.6 | 62.8 | |
Definite lived intangibles | 1.6 | 1.7 | |
Pension benefits | 35.4 | 23.3 | |
Other | 1 | 1.1 | |
Deferred revenue | 0.1 | 0.1 | |
Gross deferred tax assets | 122.4 | 128.6 | |
Valuation allowance | -3.8 | -9.8 | -10.4 |
Total deferred tax assets | 118.6 | 118.8 | |
Deferred tax liabilities: | |||
Depreciation and amortization | -5.8 | -3.7 | |
Expenses capitalized for book | -1.4 | -1 | |
Pension benefits | -13.4 | -11.5 | |
Intangibles liabilities | -57.1 | -56.8 | |
Deferred Tax Liabilities, Other | -0.5 | -0.3 | |
Gross deferred tax liabilities | -78.2 | -73.3 | |
Net deferred tax assets | $40.40 | $45.50 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Line Items] | |||||||
Deferred tax assets | $18.80 | $12.40 | $18.80 | $12.40 | |||
Accumulated undistributed earnings of certain foreign subsidiaries | 40.9 | 59.2 | 40.9 | 59.2 | |||
Previously undistributed earnings of foreign subsidiaries to be repatriated in the future | 24.3 | 24.3 | |||||
Deferred tax liabilities related to previously undistributed earnings of foreign subsidiaries to be repatriated in the future | 9.9 | 9.9 | |||||
Deferred tax asset, federal net operating loss carryforwards | 5.1 | 7.5 | 5.1 | 7.5 | |||
Deferred tax asset, state net operating loss carryforwards | 5.7 | 7.7 | 5.7 | 7.7 | |||
Deferred tax asset, foreign net operating loss carryforwards | 3 | 5.2 | 3 | 5.2 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Motor Vehicle Credits | 0.2 | 0.2 | 0.2 | 0.2 | |||
Deferred tax asset, U.S. research tax credit carryforwards | 5 | 7.9 | 5 | 7.9 | |||
Deferred tax asset, U.S. foreign tax credits carryforwards | 22.3 | 31 | 22.3 | 31 | |||
Deferred tax asset, U.S. alternative minimum tax credits carryforwards | 3.3 | 3.3 | 3.3 | 3.3 | |||
Deferred tax asset, valuation allowance | 3.8 | 9.8 | 10.4 | 3.8 | 9.8 | ||
Total deferred tax assets | 118.6 | 118.8 | 118.6 | 118.8 | |||
Income taxes paid | 8.2 | 4 | 2.9 | ||||
Unrecognized tax benefits | 2.8 | 4.8 | 2.8 | 4.8 | 4 | 4.3 | |
Unrecognized tax benefits that, interests | 0.8 | 0.1 | 0.8 | 0.1 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 3.3 | 4.8 | 3.3 | 4.8 | |||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | -3.4 | ||||||
Decrease in valuation allowance | 3.5 | 6.7 | 102.4 | ||||
Income tax (expense) benefit | 24.3 | -107.2 | 3.9 | ||||
Effective Income Tax Rate Reconciliation, Percent | 27.80% | -202.30% | 15.10% | ||||
Unrecognized tax benefits, period increase (decrease) | -1 | ||||||
Change in enacted tax rate | 0.4 | ||||||
ERROR in label resolution. | |||||||
Income Tax [Line Items] | |||||||
Deferred tax asset, tax credit carryforwards expiration year | 2019 | ||||||
Internal Revenue Service (IRS) | |||||||
Income Tax [Line Items] | |||||||
Deferred tax asset, net operating loss carryforwards expiration year | 2027 | ||||||
State and Local Jurisdiction | |||||||
Income Tax [Line Items] | |||||||
Deferred tax asset, net operating loss carryforwards expiration year | 2015 | ||||||
Foreign Tax Authority | |||||||
Income Tax [Line Items] | |||||||
Deferred tax asset, tax credit carryforwards expiration year | 2017 | ||||||
Foreign Tax Authority | United Kingdom | |||||||
Income Tax [Line Items] | |||||||
Income tax (expense) benefit | 0.8 | ||||||
Foreign Tax Authority | Finland | |||||||
Income Tax [Line Items] | |||||||
Income tax (expense) benefit | -0.8 | ||||||
Other Noncurrent Liabilities [Member] | |||||||
Income Tax [Line Items] | |||||||
Deferred tax assets | 4 | 4 | |||||
Current Deferred Tax Assets [Member] | |||||||
Income Tax [Line Items] | |||||||
Unrecognized tax benefits, period increase (decrease) | ($0.30) |
Classification_of_Net_Deferred
Classification of Net Deferred Tax Assets in Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Current net deferred tax assets | $19.90 | $12.50 |
Current valuation allowance | -1.1 | -0.1 |
Total current net deferred tax assets | 18.8 | 12.4 |
Long-term net deferred tax asset | 28 | 42.8 |
Long-term valuation allowance | -2.7 | -9.7 |
Long-term net deferred tax liability | $25.30 | $33.10 |
Summary_of_Activities_Related_
Summary of Activities Related to Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $4.80 | $4 | $4.30 |
Increases related to current year tax | 0.4 | 1.4 | 0.2 |
Increases from prior period positions | 0.3 | 0.4 | 0.1 |
Decreases from prior period positions | -0.1 | -0.2 | -0.2 |
Decreases due to lapse of statute of limitations | -2.4 | -0.8 | -0.4 |
Foreign currency translation | -0.2 | 0 | 0 |
Ending Balance | $2.80 | $4.80 | $4 |
Pensions_Detail
Pensions (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $0 | $0 | |
Interest cost | 7.9 | 7.3 | |
Amortization of actuarial loss | 28.6 | -17.6 | |
U.S. Benefit Plans | Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 7.9 | 7.3 | 7.4 |
Expected return on plan assets | -9.1 | -8.8 | -8.1 |
Amortization of actuarial loss | 5.1 | 7.5 | 5.5 |
Total company-sponsored plans | 3.9 | 6 | 4.8 |
Multi-employer plans | 0.2 | 0.2 | 0.3 |
Net periodic pension expense | 4.1 | 6.2 | 5.1 |
Non-U.S. Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.4 | 0.3 | |
Interest cost | 2.6 | 2.5 | |
Amortization of actuarial loss | 6.8 | -5.3 | |
Non-U.S. Benefit Plan | Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.4 | 0.3 | 0.2 |
Interest cost | 2.6 | 2.5 | 2.6 |
Expected return on plan assets | -3.6 | -2.6 | -2.6 |
Amortization of actuarial loss | 0.4 | 0.9 | 0.8 |
Total company-sponsored plans | -0.2 | 1.1 | 1 |
Multi-employer plans | 0 | 0 | 0 |
Net periodic pension expense | ($0.20) | $1.10 | $1 |
Pensions_Additional_Informatio
Pensions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to certain multiemployer pension plans | $0.20 | $0.20 | $0.30 |
Purchases of common stock | 10.3 | 0 | 0 |
Amortization of actuarial loss | 7.2 | ||
Cost of defined contribution pension plans | 7.1 | 7 | 6.3 |
Cash dividends paid to stockholders | 5.6 | 0 | 0 |
Defined Benefit Postretirement Health Coverage | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Eligible age for pension plan benefits | 60 years | ||
Minimum service period to be eligible for pension plan benefits | 15 years | ||
Accumulated postretirement benefit liabilities | 0.5 | 0.5 | |
Federal Signal common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity securities, common stock (shares) | 0.2 | 0.9 | |
Equity securities, common stock | 3.6 | 13.6 | |
U.S. Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Purchases of common stock | 10.3 | ||
Funded status | 52.3 | 29.9 | |
Expected contribution to defined benefit plan | 7.8 | ||
Accumulated postretirement benefit liabilities | 184.4 | 157.3 | |
Cash dividends paid to stockholders | 0.1 | ||
U.S. Benefit Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 45.00% | ||
Maximum target allocation | 75.00% | ||
U.S. Benefit Plans | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 15.00% | ||
Maximum target allocation | 45.00% | ||
U.S. Benefit Plans | Other Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 0.00% | ||
Maximum target allocation | 20.00% | ||
U.S. Benefit Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average target return of pension plans | 7.80% | ||
Non-U.S. Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded status | 4.6 | -1.4 | |
Expected contribution to defined benefit plan | 1.1 | ||
Accumulated postretirement benefit liabilities | 63.1 | 60.4 | |
Non-U.S. Benefit Plan | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 50.00% | ||
Maximum target allocation | 70.00% | ||
Non-U.S. Benefit Plan | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 30.00% | ||
Maximum target allocation | 50.00% | ||
Foreign benefit plan underfunded [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded status | $1.10 |
Summary_of_Weighted_Average_As
Summary of Weighted Average Assumptions Used in Determining Pension Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Benefit Plans | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate | 4.20% | 5.10% | |
Rate of increase in compensation levels | 3.50% | 3.50% | |
U.S. Benefit Plans | Pension Plans, Defined Benefit | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate | 5.10% | 4.20% | 5.00% |
Rate of increase in compensation levels | 3.50% | 3.50% | 3.50% |
Expected long term rate of return on plan assets | 7.60% | 7.90% | 8.10% |
Non-U.S. Benefit Plan | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate | 3.50% | 4.50% | |
Non-U.S. Benefit Plan | Pension Plans, Defined Benefit | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate | 4.50% | 4.10% | 4.60% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Expected long term rate of return on plan assets | 5.90% | 5.10% | 5.30% |
Summary_of_Changes_in_Projecte
Summary of Changes in Projected Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
U.S. Benefit Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $159.30 | $179.70 | |
Service cost | 0 | 0 | |
Interest cost | 7.9 | 7.3 | |
Actuarial loss (gain) | 28.6 | -17.6 | |
Benefits and expenses paid | -9.5 | -10.1 | |
Foreign currency translation | 0 | 0 | |
Benefit obligation, end of year | 186.3 | 159.3 | 179.7 |
Accumulated benefit obligation, end of year | 184.4 | 157.3 | |
Non-U.S. Benefit Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 61 | 65.6 | |
Service cost | 0.4 | 0.3 | |
Interest cost | 2.6 | 2.5 | |
Actuarial loss (gain) | 6.8 | -5.3 | |
Benefits and expenses paid | -3.1 | -3.1 | |
Foreign currency translation | -4.1 | 1 | |
Benefit obligation, end of year | 63.6 | 61 | 65.6 |
Accumulated benefit obligation, end of year | $63.10 | $60.40 |
Summary_of_WeightedAverage_Ass
Summary of Weighted-Average Assumptions Used in Determining Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Benefit Plans | ||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | ||
Discount rate | 4.20% | 5.10% |
Rate of increase in compensation levels | 3.50% | 3.50% |
Non-U.S. Benefit Plan | ||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | ||
Discount rate | 3.50% | 4.50% |
Summary_of_Change_in_Plan_Asse
Summary of Change in Plan Assets (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Benefit Plans | ||
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | $129,400,000 | $112,200,000 |
Actual return on plan assets | 5,900,000 | 20,500,000 |
Company contribution | 8,200,000 | 6,800,000 |
Benefits and expenses paid | -9,500,000 | -10,100,000 |
Translation and other | 0 | 0 |
Fair value of plan assets, end of year | 134,000,000 | 129,400,000 |
Non-U.S. Benefit Plan | ||
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | 62,400,000 | 54,800,000 |
Actual return on plan assets | 2,200,000 | 7,600,000 |
Company contribution | 1,200,000 | 1,700,000 |
Benefits and expenses paid | -3,100,000 | -3,100,000 |
Translation and other | -3,700,000 | 1,400,000 |
Fair value of plan assets, end of year | $59,000,000 | $62,400,000 |
Summary_of_Pension_Assets_in_T
Summary of Pension Assets in Three Tier Fair Value Hierarchy for Benefit Plan (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Receivables | $300,000 | |||
U.S. Benefit Plans | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 134,000,000 | 129,400,000 | 112,200,000 | |
U.S. Benefit Plans | Level 1 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 102,600,000 | 125,800,000 | ||
U.S. Benefit Plans | Level 1 | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 2,500,000 | 2,900,000 | ||
U.S. Benefit Plans | Level 1 | US Large Cap Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 40,100,000 | 37,100,000 | ||
U.S. Benefit Plans | Level 1 | US Small / Mid Cap Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 15,900,000 | 15,300,000 | ||
U.S. Benefit Plans | Level 1 | Federal Signal common stock | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 3,600,000 | 13,600,000 | ||
U.S. Benefit Plans | Level 1 | Developed International | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 9,900,000 | 9,600,000 | ||
U.S. Benefit Plans | Level 1 | Equity Securities Emerging Markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 10,700,000 | 2,700,000 | ||
U.S. Benefit Plans | Level 1 | US Government Debt Securities | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 1,100,000 | 6,800,000 | ||
U.S. Benefit Plans | Level 1 | Asset-backed Securities | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 1 | Corporate Bond Securities [Member] | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 1 | Fixed Income Mutual Funds [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 1,200,000 | 18,000,000 | ||
U.S. Benefit Plans | Level 1 | Other Investments Mutual Funds [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 13,900,000 | 19,800,000 | ||
U.S. Benefit Plans | Level 1 | Real Estate [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 3,700,000 | 0 | ||
U.S. Benefit Plans | Level 2 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 31,100,000 | 3,600,000 | ||
U.S. Benefit Plans | Level 2 | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 2 | US Large Cap Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 100,000 | 0 | ||
U.S. Benefit Plans | Level 2 | US Small / Mid Cap Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 2 | Federal Signal common stock | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 2 | Developed International | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,500,000 | 100,000 | ||
U.S. Benefit Plans | Level 2 | Equity Securities Emerging Markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 200,000 | 0 | ||
U.S. Benefit Plans | Level 2 | US Government Debt Securities | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 2 | Asset-backed Securities | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 7,100,000 | 3,500,000 | ||
U.S. Benefit Plans | Level 2 | Corporate Bond Securities [Member] | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 19,200,000 | 0 | ||
U.S. Benefit Plans | Level 2 | Fixed Income Mutual Funds [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 2 | Other Investments Mutual Funds [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 2 | Real Estate [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | US Large Cap Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | US Small / Mid Cap Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Federal Signal common stock | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Developed International | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Equity Securities Emerging Markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | US Government Debt Securities | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Asset-backed Securities | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Corporate Bond Securities [Member] | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Fixed Income Mutual Funds [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Other Investments Mutual Funds [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Level 3 | Real Estate [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plans | Total | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 133,700,000 | [1] | 129,400,000 | |
U.S. Benefit Plans | Total | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 2,500,000 | 2,900,000 | ||
U.S. Benefit Plans | Total | US Large Cap Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 40,200,000 | 37,100,000 | ||
U.S. Benefit Plans | Total | US Small / Mid Cap Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 15,900,000 | 15,300,000 | ||
U.S. Benefit Plans | Total | Federal Signal common stock | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 3,600,000 | 13,600,000 | ||
U.S. Benefit Plans | Total | Developed International | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 14,400,000 | 9,700,000 | ||
U.S. Benefit Plans | Total | Equity Securities Emerging Markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 10,900,000 | 2,700,000 | ||
U.S. Benefit Plans | Total | US Government Debt Securities | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 1,100,000 | 6,800,000 | ||
U.S. Benefit Plans | Total | Asset-backed Securities | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 7,100,000 | 3,500,000 | ||
U.S. Benefit Plans | Total | Corporate Bond Securities [Member] | Fixed Income Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 19,200,000 | 0 | ||
U.S. Benefit Plans | Total | Fixed Income Mutual Funds [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 1,200,000 | 18,000,000 | ||
U.S. Benefit Plans | Total | Other Investments Mutual Funds [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 13,900,000 | 19,800,000 | ||
U.S. Benefit Plans | Total | Real Estate [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 3,700,000 | 0 | ||
Non-U.S. Benefit Plan | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 59,000,000 | 62,400,000 | 54,800,000 | |
Non-U.S. Benefit Plan | Level 1 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 22,000,000 | 25,500,000 | ||
Non-U.S. Benefit Plan | Level 1 | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 11,500,000 | 10,700,000 | ||
Non-U.S. Benefit Plan | Level 1 | Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 6,000,000 | 6,300,000 | ||
Non-U.S. Benefit Plan | Level 1 | US Government Agencies Debt Securities [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 2,900,000 | 4,000,000 | ||
Non-U.S. Benefit Plan | Level 1 | Company bonds and debt securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 1,600,000 | 4,500,000 | ||
Non-U.S. Benefit Plan | Level 2 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 37,000,000 | 36,900,000 | ||
Non-U.S. Benefit Plan | Level 2 | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 2 | Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 35,900,000 | 36,900,000 | ||
Non-U.S. Benefit Plan | Level 2 | US Government Agencies Debt Securities [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 2 | Company bonds and debt securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 1,100,000 | 0 | ||
Non-U.S. Benefit Plan | Level 3 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 3 | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 3 | Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 3 | US Government Agencies Debt Securities [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 3 | Company bonds and debt securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Total | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 59,000,000 | 62,400,000 | ||
Non-U.S. Benefit Plan | Total | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 11,500,000 | 10,700,000 | ||
Non-U.S. Benefit Plan | Total | Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 41,900,000 | 43,200,000 | ||
Non-U.S. Benefit Plan | Total | US Government Agencies Debt Securities [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 2,900,000 | 4,000,000 | ||
Non-U.S. Benefit Plan | Total | Company bonds and debt securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | $2,700,000 | $4,500,000 | ||
[1] | Total assets at fair value at December 31, 2014 in the table above excludes a net receivable of $0.3 million |
Funded_Status_Detail
Funded Status (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.S. Benefit Plans | ||||
Funded status, end of year | ||||
Fair value of plan assets | $134,000,000 | $129,400,000 | $112,200,000 | |
Benefit obligations | 186,300,000 | 159,300,000 | 179,700,000 | |
Funded status | -52,300,000 | -29,900,000 | ||
Non-U.S. Benefit Plan | ||||
Funded status, end of year | ||||
Fair value of plan assets | 59,000,000 | 62,400,000 | 54,800,000 | |
Benefit obligations | 63,600,000 | 61,000,000 | 65,600,000 | |
Funded status | ($4,600,000) | $1,400,000 |
Components_of_Amounts_Recogniz
Components of Amounts Recognized in Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
U.S. Benefit Plans | ||
Amounts recognized in the Balance Sheet consist of | ||
Deferred charges and other assets | $0 | $0 |
Long-term pension and other post-retirement benefit liabilities | -52.3 | -29.9 |
Net (liability) asset recorded | -52.3 | -29.9 |
Non-U.S. Benefit Plan | ||
Amounts recognized in the Balance Sheet consist of | ||
Deferred charges and other assets | 0 | 2.5 |
Long-term pension and other post-retirement benefit liabilities | -4.6 | -1.1 |
Net (liability) asset recorded | ($4.60) | $1.40 |
Components_of_Amounts_Recogniz1
Components of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Benefit Plans | ||
Amounts recognized in Accumulated Other Comprehensive Income consist of | ||
Net actuarial loss | $81.40 | $54.70 |
Net amount recognized, pre-tax | 81.4 | 54.7 |
Non-U.S. Benefit Plan | ||
Amounts recognized in Accumulated Other Comprehensive Income consist of | ||
Net actuarial loss | 21.9 | 15.6 |
Net amount recognized, pre-tax | $21.90 | $15.60 |
Benefits_Expected_to_be_Paid_u
Benefits Expected to be Paid under Defined Benefit Plans (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $8.90 |
2016 | 8.4 |
2017 | 9.1 |
2018 | 9.3 |
2019 | 10 |
2020-2024 | 54.7 |
Non-U.S. Benefit Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 2.6 |
2016 | 2.7 |
2017 | 2.8 |
2018 | 2.8 |
2019 | 2.9 |
2020-2024 | $16.10 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments Disclosure [Line Items] | ||
Amount outstanding standby letters of credit | $47.20 | |
Provisions to expense | 8.8 | 10.1 |
Reserves related to environmental remediation | 1.3 | 1.4 |
Minimum | ||
Commitments Disclosure [Line Items] | ||
Warranty Maturity Periods | 1 year | |
Maximum | ||
Commitments Disclosure [Line Items] | ||
Warranty Maturity Periods | 5 years | |
Environmental Solutions | ||
Commitments Disclosure [Line Items] | ||
Provisions to expense | $1.30 | $0.80 |
Changes_in_Companys_Warranty_L
Changes in Company's Warranty Liabilities (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning Balance | $8.40 | $6.80 |
Provisions to expense | 8.8 | 10.1 |
Actual costs incurred | -8.1 | -8.5 |
Ending Balance | $9.10 | $8.40 |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | 12 Months Ended | 36 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 22, 2011 | Dec. 31, 2009 | Dec. 31, 2010 | Jun. 08, 2012 | Nov. 30, 2011 | Jan. 31, 2015 | Jun. 14, 2013 | Feb. 28, 2014 | Jul. 31, 2013 | Jan. 04, 2011 | Apr. 29, 2011 | |
Plaintiff | Plaintiff | Plaintiff | Plaintiff | Plaintiff | case | Plaintiff | Plaintiff | Plaintiff | ||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs cases dismissed | 2 | |||||||||||||
Damages subsequently reduced, minimum amount | $0 | |||||||||||||
Damages subsequently reduced, maximum amount | 5,000,000 | |||||||||||||
Reimbursement | 300,000 | 500,000 | 700,000 | |||||||||||
Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 74 | |||||||||||||
Number of claimants settled | 308 | |||||||||||||
Court of Common Pleas, Philadelphia County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages maximum amount | 100,000 | |||||||||||||
Damages subsequently reduced, minimum amount | 80,000 | |||||||||||||
Number of claimants settled | 1,125 | |||||||||||||
Settlement Agreement | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 1,069 | |||||||||||||
Claims settled amount | 3,800,000 | |||||||||||||
Percentage of claimants agreed for settlement | 95.02% | 93.00% | ||||||||||||
Percentage of claimants agreed for settlement as per settlement agreement | 100.00% | |||||||||||||
Settlement Agreement payment made | 3,600,000 | |||||||||||||
Supreme Court of Kings County, New York [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of cases dismissed | 4 | |||||||||||||
1999-2004 | Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of additional cases filed by firefighters | 33 | |||||||||||||
Number of plaintiffs | 2,443 | |||||||||||||
2009 | Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of additional cases filed by firefighters | 6 | |||||||||||||
2008 | Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss Contingency, Claims Settled and Dismissed, Number | 27 | |||||||||||||
2007-2009 | Court of Common Pleas, Philadelphia County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of trials occurred | 3 | |||||||||||||
Number of additional cases filed by firefighters | 71 | |||||||||||||
Number of plaintiffs | 71 | |||||||||||||
Loss Contingency, Claims Dismissed, Number | 3 | |||||||||||||
Loss Contingency, Claims Settled and Dismissed, Number | 4 | |||||||||||||
Outside Chicago Firefighter Plaintiffs | 1999-2004 | Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 1,800 | |||||||||||||
Pennsylvania Firefighter Plaintiffs | 2009 | Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 299 | |||||||||||||
Chicago Firefighter Plaintiffs | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 1,800 | 3 | 8 | |||||||||||
Chicago Firefighter Plaintiffs | 2009 | Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of additional cases filed by firefighters | 40 | |||||||||||||
Claims settled amount | $400,000 | |||||||||||||
Philadelphia Firefighter Plaintiffs | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of additional cases filed by firefighters | 7 | |||||||||||||
Number of plaintiffs | 3 | |||||||||||||
Number of cases of plaintiff's claims | 2 | |||||||||||||
Philadelphia Firefighter Plaintiffs | Court of Common Pleas, Philadelphia County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of additional cases filed by firefighters | 20 | |||||||||||||
Number of plaintiffs | 20 | |||||||||||||
Number of cases dismissed | 5 | |||||||||||||
Philadelphia Firefighter Plaintiffs | 2010 | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 9 | |||||||||||||
Philadelphia Firefighter Plaintiffs | 2010 | Court of Common Pleas, Philadelphia County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss Contingency, Trial or Alternative Dispute Resolution | 2 | |||||||||||||
Pittsburgh Firefighter Plaintiffs | Court of Common Pleas, Philadelphia County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 61 | 247 | ||||||||||||
Number of cases dismissed | 38 | |||||||||||||
Erie County Firefighter Plaintiffs | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 32 | |||||||||||||
Buffalo Fire Department Firefighters [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of additional cases filed by firefighters | 20 | |||||||||||||
Number of plaintiffs | 193 | |||||||||||||
Maximum | Chicago Firefighter Plaintiffs | Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 40 | |||||||||||||
Minimum | Chicago Firefighter Plaintiffs | Circuit Court Of Cook County | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs | 9 |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share - Additional Information (Detail) (Stock Options) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | |||
Earnings Per Share [Line Items] | |||
Number of common stock purchased through options | 0.5 | 0.9 | 2.3 |
Computation_of_Earnings_Loss_P
Computation of Earnings (Loss) Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Earnings Per Share [Abstract] | |||||||||||||||
Income from continuing operations | $23.20 | [1] | $15.20 | $17 | $7.60 | $26.70 | $16.80 | $117.80 | [2] | ($1.10) | [3] | $63 | $160.20 | $22 | |
Income (Loss) from discontinued operations and disposal | 0.6 | 0.2 | 0.1 | -0.2 | 0.4 | [4] | -0.8 | -0.3 | 0.5 | 0.7 | -0.2 | -49.5 | |||
Net income (loss) | $23.80 | $15.40 | $17.10 | $7.40 | $27.10 | $16 | $117.50 | ($0.60) | $63.70 | $160 | ($27.50) | ||||
Weighted average shares outstanding - basic (shares) | 62.7 | 62.6 | 62.3 | ||||||||||||
Dilutive effect of common stock equivalents (shares) | 0.9 | 0.6 | 0.4 | ||||||||||||
Weighted average shares outstanding - Diluted (shares) | 63.6 | 63.2 | 62.7 | ||||||||||||
Basic earnings (loss) per share: | |||||||||||||||
Earnings from continuing operations (usd per share) | $1 | $2.56 | $0.35 | ||||||||||||
Loss from discontinued operations and disposal, net of tax (usd per share) | $0.01 | $0 | ($0.79) | ||||||||||||
Net earnings (loss) per share (usd per share) | $1.01 | $2.56 | ($0.44) | ||||||||||||
Diluted earnings (loss) per share: | |||||||||||||||
Earnings from continuing operations (usd per share) | $0.36 | $0.24 | $0.27 | $0.12 | $0.42 | $0.26 | $1.87 | ($0.02) | $0.99 | $2.53 | $0.35 | ||||
Loss from discontinued operations and disposal, net of tax (usd per share) | $0.01 | $0 | $0 | $0 | $0 | ($0.01) | $0 | $0.01 | $0.01 | $0 | ($0.79) | ||||
Net earnings (loss) per share (usd per share) | $0.37 | $0.24 | $0.27 | $0.12 | $0.42 | $0.25 | $1.87 | ($0.01) | $1 | $2.53 | ($0.44) | ||||
[1] | Income from continuing operations includes a tax benefit of $3.5 million relating to the release of valuation allowance previously recorded against the Company’s foreign deferred tax assets. | ||||||||||||||
[2] | Income from continuing operations includes $102.4 million of valuation allowance release and income of $0.6 million associated with restructuring activity. | ||||||||||||||
[3] | (Loss) from continuing operations includes $8.7 million of debt settlement charges associated with the Company's debt refinancing in March 2013. | ||||||||||||||
[4] | Income from continuing operations includes a tax benefit of $6.7 million associated with the release of valuation allowance previously recorded against the Company’s foreign tax credits, which would have begun to expire in 2015, following the completion of a tax planning strategy, as well as $1.2 million of restructuring charges. |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under stock compensation plans | 7.8 | ||
Shares authorized under stock compensation plans | 30-Apr-20 | ||
Stock options vesting period | 3 years | ||
Weighted average fair value of options granted (usd per share) | $7.16 | $4.56 | $2.73 |
Aggregate intrinsic value of stock options outstanding | $8.50 | ||
Performance share units performance period | 1 year | ||
Service requirement | 2 years | ||
Percentage of target shares earned | 200.00% | 200.00% | |
Excess tax benefit from stock-based compensation | 2.2 | 0 | 0 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to share-based compensation plans | 1 | 1.1 | 0.8 |
Unrecognized compensation cost related to stock options | 0.8 | ||
Weighted-average recognition period for unrecognized compensation cost | 1 year 10 months 28 days | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to share-based compensation plans | 1.7 | 1.5 | 1.2 |
Unrecognized compensation cost related to stock options | 2.3 | ||
Weighted-average recognition period for unrecognized compensation cost | 1 year 10 months 28 days | ||
PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | 3.6 | 3.2 | |
Weighted-average recognition period for unrecognized compensation cost | 1 year 8 months 12 days | 1 year 9 months 18 days | |
Compensation expense related to share-based compensation plans | $3.40 | $1.40 | $0.60 |
Minimum | PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price of common stock, percent | 0.00% | ||
Maximum | PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price of common stock, percent | 200.00% |
Assumptions_Used_to_Estimate_F
Assumptions Used to Estimate Fair Value (Detail) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.80% | 0.00% | 0.70% |
Expected volatility | 57.00% | 59.00% | 59.00% |
Risk free interest rate | 1.90% | 1.00% | 0.90% |
Weighted average expected option life in years | 5 years 9 months 18 days | 5 years 9 months 21 days | 5 years 7 months 6 days |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Option Shares | |||
Outstanding at beginning of year (shares) | 2.1 | 2.3 | 2 |
Granted (shares) | 0.3 | 0.5 | 0.6 |
Canceled or expired (shares) | -0.1 | -0.4 | -0.3 |
Exercised (shares) | -0.3 | -0.3 | 0 |
Outstanding at end of year (shares) | 2 | 2.1 | 2.3 |
Exercisable at end of year (shares) | 1.2 | 1.2 | 1.3 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (usd per share) | $8.63 | $8.93 | $10.16 |
Granted (usd per share) | $14.36 | $8.50 | $5.52 |
Exercised (usd per share) | $7.49 | $7.47 | $0 |
Canceled or expired (usd per share) | $14.33 | $10.94 | $9.88 |
Outstanding at end of year (usd per share) | $9.28 | $8.63 | $8.93 |
Exercisable at end of year (usd per share) | $8.64 | $9.85 | $11.22 |
Summary_of_Information_Concern
Summary of Information Concerning Stock Options Outstanding (Detail) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Shares | 2 | 2.1 | 2.3 | 2 |
Weighted Average Remaining life | 6 years 7 months 6 days | |||
Weighted Average Exercise Price (usd per share) | $9.28 | $8.63 | $8.93 | $10.16 |
Shares | 1.2 | 1.2 | 1.3 | |
Weighted Average Exercise Price (usd per share) | $8.64 | $9.85 | $11.22 | |
$0.00 — $5.00 | ||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Range lower (usd per share) | $0 | |||
Range upper (usd per share) | $5 | |||
Shares | 0 | |||
Weighted Average Remaining life | 6 years 8 months 12 days | |||
Weighted Average Exercise Price (usd per share) | $4.47 | |||
Shares | 0 | |||
Weighted Average Exercise Price (usd per share) | $4.47 | |||
5.01 — 10.00 | ||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Range lower (usd per share) | $5.01 | |||
Range upper (usd per share) | $15 | |||
Shares | 1.3 | |||
Weighted Average Remaining life | 7 years 1 month 6 days | |||
Weighted Average Exercise Price (usd per share) | $6.75 | |||
Shares | 0.8 | |||
Weighted Average Exercise Price (usd per share) | $6.44 | |||
10.01 — 15.00 | ||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Range lower (usd per share) | $10.01 | |||
Range upper (usd per share) | $15 | |||
Shares | 0.5 | |||
Weighted Average Remaining life | 7 years | |||
Weighted Average Exercise Price (usd per share) | $13.08 | |||
Shares | 0.2 | |||
Weighted Average Exercise Price (usd per share) | $10.99 | |||
15.01 — 20.00 | ||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Range lower (usd per share) | $15.01 | |||
Range upper (usd per share) | $20 | |||
Shares | 0.2 | |||
Weighted Average Remaining life | 1 year 3 months 18 days | |||
Weighted Average Exercise Price (usd per share) | $16.46 | |||
Shares | 0.2 | |||
Weighted Average Exercise Price (usd per share) | $16.46 |
Summary_of_Restricted_Stock_Gr
Summary of Restricted Stock Grants and PSUs (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | |
Number of Restricted Shares | |||
Granted (shares) | -0.5 | ||
Forfeited (shares) | 0 | ||
Weighted Average Price per Share | |||
Granted (usd per share) | $5.50 | ||
Forfeited (usd per share) | $8.53 | ||
Percentage of target shares earned | 200.00% | 200.00% | |
Restricted Stock | |||
Number of Restricted Shares | |||
Outstanding and non-vested, at December 31, 2012 (shares) | 0.3 | ||
Granted (shares) | -0.1 | ||
Vested (shares) | 0 | ||
Outstanding and non-vested, at December 31, 2013 (shares) | 0.2 | ||
Weighted Average Price per Share | |||
Outstanding and non-vested, at December 31, 2012 (usd per share) | $6.85 | ||
Granted (usd per share) | $14.61 | ||
Forfeited (usd per share) | $15.03 | ||
Outstanding and non-vested, at December 31, 2013 (usd per share) | $8.63 | ||
PSUs [Member] | |||
Number of Restricted Shares | |||
Outstanding and non-vested, at December 31, 2012 (shares) | 0.4 | ||
Granted (shares) | -0.4 | [1] | -0.2 |
Forfeited (shares) | 0 | ||
Outstanding and non-vested, at December 31, 2013 (shares) | 0.5 | ||
Weighted Average Price per Share | |||
Outstanding and non-vested, at December 31, 2012 (usd per share) | $7.05 | ||
Granted (usd per share) | $8.97 | ||
Vested (usd per share) | $8.47 | ||
Outstanding and non-vested, at December 31, 2013 (usd per share) | $10.89 | ||
[1] | Includes 0.2 million PSUs, representing the effect of the PSUs granted in 2012 being earned at 200% of target. The PSUs granted in 2012 vested on December 31, 2014. |
StockBased_Compensation_Shares
Stock-Based Compensation Shares available for future issuance (Details) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1.9 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 20, 2015 | Nov. 30, 2014 | Apr. 30, 2014 |
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 90,000,000 | 90,000,000 | |||||
Common stock, par value (usd per share) | $1 | $1 | |||||
Common stock, shares issued | 64,200,000 | 63,800,000 | |||||
Common stock, shares outstanding | 62,500,000 | 62,800,000 | |||||
Preference stock, shares authorized | 800,000 | ||||||
Preference stock, par value (usd per share) | $1 | ||||||
Cash dividends declared per common share (usd per share) | $0.03 | $0.09 | $0 | $0 | |||
Authorized amount | $75 | $15 | |||||
Shares acquired | 696,263 | ||||||
Stock repurchase program, amount acquired | 10.3 | ||||||
Cash dividends paid to stockholders | $5.60 | $0 | $0 | ||||
Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cash dividends declared per common share (usd per share) | $0.06 |
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | ($41.90) | ($80.10) |
Other comprehensive income (loss) before reclassifications | -40.5 | 28.6 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2.9 | 9.6 |
Net current-period other comprehensive income (loss) | -37.6 | 38.2 |
Ending balance | -79.5 | -41.9 |
Actuarial Losses [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | -58.1 | -91 |
Other comprehensive income (loss) before reclassifications | -24.6 | 23.9 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2.9 | 9 |
Net current-period other comprehensive income (loss) | -21.7 | 32.9 |
Ending balance | -79.8 | -58.1 |
Foreign Currency Translation [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 16 | 10.8 |
Other comprehensive income (loss) before reclassifications | -15.8 | 4.5 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0.7 |
Net current-period other comprehensive income (loss) | -15.8 | 5.2 |
Ending balance | 0.2 | 16 |
Unrealized Gain (Loss) on Derivatives [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.2 | 0.1 |
Other comprehensive income (loss) before reclassifications | -0.1 | 0.2 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | -0.1 |
Net current-period other comprehensive income (loss) | -0.1 | 0.1 |
Ending balance | $0.10 | $0.20 |
Stockholders_Equity_Reclassifi
Stockholders' Equity Reclassifications from Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax (expense) benefit | $24.30 | ($107.20) | $3.90 |
Total reclassifications for the period, net of tax | -2.9 | -9.6 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Actuarial loss (gain) | -5.3 | -8.4 | |
Income tax (expense) benefit | 2.4 | -0.6 | |
Total reclassifications for the period, net of tax | -2.9 | -9 | |
Selling, General and Administrative Expenses | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Actuarial loss (gain) | 0.2 | 0 | |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Actuarial loss (gain) | ($5.50) | ($8.40) |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | 3 | ||||||||||
Net sales | $264.40 | $219.30 | $234.60 | $200.20 | $219.60 | $209.30 | $222.60 | $199.80 | $918.50 | $851.30 | $803.20 |
Outside United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 324.8 | 301.1 | 310.5 | ||||||||
Exports From U S To Other Regions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $152.50 | $131.10 | $127.90 |
Summary_of_Continuing_Operatio
Summary of Continuing Operations by Segment (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total net sales | $918.50 | $851.30 | $803.20 |
Total operating income | 92.6 | 70.6 | 51.5 |
Interest expense | 3.8 | 8.8 | 21.4 |
Debt settlement charges | 0 | 8.7 | 3.5 |
Other expense, net | 1.5 | 0.1 | 0.7 |
Income before income taxes | 87.3 | 53 | 25.9 |
Total depreciation and amortization | 15 | 14.2 | 13.2 |
Total identifiable assets | 658.7 | 644.8 | 613.2 |
Total capital expenditures | 19.5 | 17 | 13 |
Environmental Solutions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 536.6 | 474 | 427.8 |
Total operating income | 81.9 | 58.2 | 42 |
Total depreciation and amortization | 6.8 | 6.1 | 5.4 |
Total identifiable assets | 254.2 | 236 | 237.5 |
Total capital expenditures | 6.2 | 4.5 | 6.4 |
Safety And Security Systems | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 242.5 | 238.9 | 240.3 |
Total operating income | 32.1 | 26.1 | 27.9 |
Total depreciation and amortization | 4.5 | 4.2 | 4.3 |
Total identifiable assets | 208.3 | 213.4 | 209.5 |
Total capital expenditures | 6.3 | 5.4 | 2.7 |
Fire Rescue | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 139.4 | 138.4 | 135.1 |
Total operating income | 3.9 | 9 | 8.9 |
Total depreciation and amortization | 3.5 | 3.2 | 2.6 |
Total identifiable assets | 124 | 116.4 | 122.5 |
Total capital expenditures | 5.8 | 5.4 | 3.1 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total operating income | -25.3 | -22.7 | -27.3 |
Total depreciation and amortization | 0.2 | 0.7 | 0.9 |
Total identifiable assets | 68 | 73.6 | 41.7 |
Total capital expenditures | 1.2 | 1.7 | 0.8 |
Segment, Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | 654.5 | 639.4 | 611.2 |
Segment, Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | $4.20 | $5.40 | $2 |
Segment_Information_Classified
Segment Information Classified Based on Geographic Location (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $264.40 | $219.30 | $234.60 | $200.20 | $219.60 | $209.30 | $222.60 | $199.80 | $918.50 | $851.30 | $803.20 |
Long-lived assets (excluding intangibles) | 73.2 | 68.4 | 73.2 | 68.4 | 71.8 | ||||||
U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 593.7 | 550.2 | 492.7 | ||||||||
Long-lived assets (excluding intangibles) | 53.5 | 46.1 | 53.5 | 46.1 | 54.5 | ||||||
Europe/Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 257.7 | 244.6 | 259 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets (excluding intangibles) | 19.3 | 21.9 | 19.3 | 21.9 | 16.8 | ||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 67.1 | 56.5 | 51.5 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets (excluding intangibles) | $0.40 | $0.40 | $0.40 | $0.40 | $0.50 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $1.20 | $0.60 | ||
Released remaining restructuring cost | 0.6 | |||
2012 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 0.6 | 0.9 | ||
Safety And Security Systems | 2013 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 1.2 | |||
Corporate, Non-Segment [Member] | 2013 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $0.30 |
Analysis_of_Restructuring_Rese
Analysis of Restructuring Reserves Included in Other Accrued Liabilities (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | $1.50 | $1 |
Charges to restructuring expenses | 1.5 | |
Adjustments | -0.8 | |
Cash payments | -1.4 | -0.2 |
Ending balance | 0.1 | 1.5 |
2012 Plan | Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 1 | |
Charges to restructuring expenses | 0 | |
Adjustments | -0.8 | |
Cash payments | -0.2 | |
Ending balance | 0 | |
2013 Plan | Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 1.5 | 0 |
Charges to restructuring expenses | 1.5 | |
Adjustments | 0 | |
Cash payments | -1.4 | 0 |
Ending balance | $0.10 | $1.50 |
Operating_Results_of_Discontin
Operating Results of Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations [Line Items] | |||
Loss before income taxes | ($0.40) | ||
Income tax benefit | 0.3 | -0.8 | -3.6 |
Federal Signal Technologies | |||
Discontinued Operations [Line Items] | |||
Net sales | 87 | ||
Interest allocated to discontinued operations | 4.8 | ||
Costs and expenses | 100.6 | ||
Loss before income taxes | -18.4 | ||
Income tax benefit | 3.6 | ||
Loss from discontinued operations | ($14.80) |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Sep. 04, 2012 | Jun. 21, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Income (Loss) from discontinued operations and disposal | $0.60 | $0.20 | $0.10 | ($0.20) | $0.40 | [1] | ($0.80) | ($0.30) | $0.50 | $0.70 | ($0.20) | ($49.50) | ||||
Severance costs | 0.6 | |||||||||||||||
Proceeds from sale agreement | 110 | 110 | ||||||||||||||
Assets held for sale carrying value | 121.1 | |||||||||||||||
Fair value less cost to sell | 97.6 | |||||||||||||||
Asset held for sale fair value | 101 | |||||||||||||||
Cost to sell assets held for sale | 3.4 | |||||||||||||||
Impairment charges | 23.5 | |||||||||||||||
Escrow receivable | 4 | 4 | 5 | |||||||||||||
Increase in carrying value of asset held for sale | 0.8 | |||||||||||||||
Transaction cost | 0.5 | |||||||||||||||
Total loss on disposal | 12.2 | 34.7 | ||||||||||||||
Escrow identified for general representations and warranties period | 18 months | |||||||||||||||
Remaining general escrow fund to be held | 36 months | |||||||||||||||
Escrow release | 7.4 | 7.4 | ||||||||||||||
Loss before income taxes | -0.4 | |||||||||||||||
Environmental remediation at the Pearland, Texas facility | 1.3 | 1.4 | 1.3 | 1.4 | ||||||||||||
Estimated product liability obligations | 3 | 3.6 | 3 | 3.6 | ||||||||||||
Federal Signal Technologies | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Loss before income taxes | -18.4 | |||||||||||||||
Working Capital Adjustment | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from sale agreement | 5.9 | |||||||||||||||
Cash | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from sale agreement | 82.1 | |||||||||||||||
Escrow | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from sale agreement | 22 | |||||||||||||||
Other current assets [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Escrow receivable | $7.80 | $7.80 | ||||||||||||||
[1] | Income from continuing operations includes a tax benefit of $6.7 million associated with the release of valuation allowance previously recorded against the Company’s foreign tax credits, which would have begun to expire in 2015, following the completion of a tax planning strategy, as well as $1.2 million of restructuring charges. |
Summary_of_Quarterly_Results_o
Summary of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Net sales | $264.40 | $219.30 | $234.60 | $200.20 | $219.60 | $209.30 | $222.60 | $199.80 | $918.50 | $851.30 | $803.20 | ||||
Gross profit | 69.2 | 58.4 | 58.9 | 46.8 | 56 | 50.5 | 51.8 | 46.8 | 233.3 | 205.1 | 189.8 | ||||
Income from continuing operations | 23.2 | [1] | 15.2 | 17 | 7.6 | 26.7 | 16.8 | 117.8 | [2] | -1.1 | [3] | 63 | 160.2 | 22 | |
Income (Loss) from discontinued operations and disposal | 0.6 | 0.2 | 0.1 | -0.2 | 0.4 | [4] | -0.8 | -0.3 | 0.5 | 0.7 | -0.2 | -49.5 | |||
Net income (loss) | $23.80 | $15.40 | $17.10 | $7.40 | $27.10 | $16 | $117.50 | ($0.60) | $63.70 | $160 | ($27.50) | ||||
Earnings from continuing operations (usd per share) | $0.36 | $0.24 | $0.27 | $0.12 | $0.42 | $0.26 | $1.87 | ($0.02) | $0.99 | $2.53 | $0.35 | ||||
Earnings (loss) from discontinued operations (usd per share) | $0.01 | $0 | $0 | $0 | $0 | ($0.01) | $0 | $0.01 | $0.01 | $0 | ($0.79) | ||||
Net earnings (loss) per share (usd per share) | $0.37 | $0.24 | $0.27 | $0.12 | $0.42 | $0.25 | $1.87 | ($0.01) | $1 | $2.53 | ($0.44) | ||||
[1] | Income from continuing operations includes a tax benefit of $3.5 million relating to the release of valuation allowance previously recorded against the Company’s foreign deferred tax assets. | ||||||||||||||
[2] | Income from continuing operations includes $102.4 million of valuation allowance release and income of $0.6 million associated with restructuring activity. | ||||||||||||||
[3] | (Loss) from continuing operations includes $8.7 million of debt settlement charges associated with the Company's debt refinancing in March 2013. | ||||||||||||||
[4] | Income from continuing operations includes a tax benefit of $6.7 million associated with the release of valuation allowance previously recorded against the Company’s foreign tax credits, which would have begun to expire in 2015, following the completion of a tax planning strategy, as well as $1.2 million of restructuring charges. |
Selected_Quarterly_Data_Narrat
Selected Quarterly Data - Narrative (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||
Debt agreement termination costs | $8.70 | $8.70 | |||
Decrease in valuation allowance | -3.5 | -6.7 | -102.4 | ||
Severance costs | $1.20 | $0.60 |
SCHEDULE_II_Valuation_and_Qual1
SCHEDULE II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $2.30 | $2.40 | $2.40 |
Additions | 0.3 | 0 | 0.6 |
Deductions | -1.3 | -0.1 | -0.6 |
Ending balance | 1.3 | 2.3 | 2.4 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 9.8 | 131.8 | 123.9 |
Additions | 0 | 2.5 | 17.3 |
Deductions | -6 | -124.5 | -9.4 |
Ending balance | $3.80 | $9.80 | $131.80 |