Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 27, 2015 | |
Document Document And Entity Information [Abstract] | |||
Entity Registrant Name | FEDERAL SIGNAL CORP /DE/ | ||
Entity Central Index Key | 277,509 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Trading Symbol | FSS | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 62,427,675 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 944,481,371 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 768 | $ 779.1 | $ 712.9 |
Cost of sales | 542.4 | 570.4 | 536.9 |
Gross profit | 225.6 | 208.7 | 176 |
Selling, engineering, general and administrative expenses | 122 | 120 | 113.7 |
Restructuring | 0.4 | 0 | 0.7 |
Operating income | 103.2 | 88.7 | 61.6 |
Interest expense | 2.3 | 3.6 | 8.9 |
Debt settlement charges | 0 | 0 | 8.7 |
Other expense, net | 1 | 1.7 | 0.1 |
Income before income taxes | 99.9 | 83.4 | 43.9 |
Income tax (expense) benefit | (34.1) | (23.7) | 108.6 |
Income from continuing operations | 65.8 | 59.7 | 152.5 |
(Loss) gain from discontinued operations and disposal, net of income tax expense of $8.3, $1.0 and $0.6, respectively | (2.3) | 4 | 7.5 |
Net income | $ 63.5 | $ 63.7 | $ 160 |
Basic earnings per share: | |||
Earnings from continuing operations (usd per share) | $ 1.06 | $ 0.95 | $ 2.44 |
(Loss) gain from discontinued operations and disposal, net of tax | (0.04) | 0.06 | 0.12 |
Net earnings per share (usd per share) | 1.02 | 1.01 | 2.56 |
Diluted earnings per share: | |||
Earnings from continuing operations (usd per share) | 1.04 | 0.94 | 2.41 |
Loss (gain) from discontinued operations and disposal, net of tax (usd per share) | (0.04) | 0.06 | 0.12 |
Net earnings per share (usd per share) | $ 1 | $ 1 | $ 2.53 |
Weighted average shares outstanding: | |||
Basic (shares) | 62.2 | 62.7 | 62.6 |
Diluted (shares) | 63.4 | 63.6 | 63.2 |
Cash dividends declared per common share (usd per share) | $ 0.25 | $ 0.09 | $ 0 |
Consolidated Statements Of Ope3
Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||
Income tax expense of discontinued operations | $ 6.3 | $ 1.5 | $ 8.3 | $ 0.9 | $ 0.6 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 63.5 | $ 63.7 | $ 160 |
Other comprehensive (loss) income: | |||
Change in foreign currency translation adjustment | (13.5) | (15.8) | 5.2 |
Change in unrecognized net actuarial losses related to pension benefit plans, net of income tax expense (benefit) of $1.6, $(11.6) and $15.8, respectively | 4.2 | (21.7) | 32.9 |
Unrealized net (loss) gain on derivatives, net of income tax (benefit) expense of $(0.0), $(0.1) and $0.2, respectively | 0 | (0.1) | 0.1 |
Total other comprehensive (loss) income | (9.3) | (37.6) | 38.2 |
Comprehensive income | $ 54.2 | $ 26.1 | $ 198.2 |
Consolidated Statements Of Com5
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax expense on change in unrecognized losses related to pension benefit plan | $ 1.6 | $ (11.6) | $ 15.8 |
Tax expense on unrealized gain (loss) on derivatives | $ 0 | $ (0.1) | $ 0.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 76 | $ 24.1 |
Accounts receivable, net of allowances for doubtful accounts of $0.8 and $0.7, respectively | 73 | 73.6 |
Inventories | 87.2 | 87.6 |
Prepaid expenses and other current assets | 15.1 | 9.2 |
Current assets of discontinued operations | 63.8 | 76.2 |
Total current assets | 315.1 | 270.7 |
Properties and equipment, net | 52.9 | 52.7 |
Goodwill | 231.6 | 235.2 |
Deferred tax assets | 20.1 | 45.1 |
Deferred charges and other assets | 3.5 | 4 |
Long-term assets of discontinued operations | 43.3 | 51 |
Total assets | 666.5 | 658.7 |
Current liabilities: | ||
Current portion of long-term borrowings and capital lease obligations | 0.4 | 6.2 |
Accounts payable | 38 | 41.7 |
Accrued liabilities: | ||
Compensation and withholding taxes | 18.6 | 22.6 |
Other current liabilities | 31.6 | 35.7 |
Current liabilities of discontinued operations | 28.6 | 32.9 |
Total current liabilities | 117.2 | 139.1 |
Long-term borrowings and capital lease obligations | 43.7 | 44 |
Long-term pension and other post-retirement benefit liabilities | 55.2 | 62.6 |
Deferred gain | 12.6 | 14.6 |
Other long-term liabilities | 16.9 | 16 |
Long-term liabilities of discontinued operations | 15.3 | 10.8 |
Total liabilities | 260.9 | 287.1 |
Stockholders’ equity: | ||
Common stock, $1 par value per share, 90.0 shares authorized, 64.8 and 64.2 shares issued, respectively | 64.8 | 64.2 |
Capital in excess of par value | 195.6 | 187 |
Retained earnings | 274.9 | 227 |
Treasury stock, at cost, 2.6 million and 1.7 million shares, respectively | (40.9) | (27.1) |
Accumulated other comprehensive loss | (88.8) | (79.5) |
Total stockholders’ equity | 405.6 | 371.6 |
Total liabilities and stockholders’ equity | $ 666.5 | $ 658.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts (value) | $ 0.8 | $ 0.7 |
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 90 | 90 |
Common stock, shares issued | 64.8 | 64.2 |
Treasury stock, shares | 2.6 | 1.7 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating activities | |||
Net income | $ 63.5 | $ 63.7 | $ 160 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Net loss (gain) on discontinued operations and disposal | 2.3 | (4) | (7.5) |
Depreciation and amortization | 12.3 | 11.5 | 11 |
Deferred financing costs | 0.4 | 0.5 | 5 |
Deferred gain | (1.9) | (1.9) | (1.9) |
Stock-based compensation expense | 6.8 | 6.1 | 4 |
Excess tax benefit from stock-based compensation | (1.6) | (2.2) | 0 |
Pension expense, net of funding | (3.8) | (5.9) | (1.4) |
Deferred income taxes, including change in valuation allowance | 25.9 | 18.9 | (110.5) |
Changes in operating assets and liabilities, net of effects of discontinued operations: | |||
Accounts receivable | (0.3) | 1.5 | (3.9) |
Inventories | (3.3) | (15.5) | 8 |
Prepaid expenses and other current assets | 1 | (0.1) | 3.7 |
Accounts payable | (3.1) | 0.4 | (0.4) |
Accrued liabilities | (7.2) | 6.8 | (1.7) |
Income taxes | (1.5) | (0.9) | 0 |
Other | 1.6 | 2.2 | 0.4 |
Net cash provided by continuing operating activities | 91.1 | 81.1 | 64.8 |
Net cash provided by (used for) discontinued operating activities | 6.1 | (8.8) | 10 |
Net cash provided by operating activities | 97.2 | 72.3 | 74.8 |
Investing activities: | |||
Purchases of properties and equipment | (9.6) | (13.7) | (11.6) |
Proceeds from sales of properties and equipment | 0.1 | 0.5 | 0.1 |
Proceeds from escrow receivable | 4 | 7.4 | 0 |
Cash provided to customer | (6) | 0 | 0 |
Decrease in restricted cash | 0 | 0 | 1 |
Net cash used for investing activities | (11.5) | (5.8) | (10.5) |
Net cash used for discontinued investing activities | (1.3) | (5.8) | (5.4) |
Net cash used for investing activities | (12.8) | (11.6) | (15.9) |
Financing activities: | |||
(Decrease) increase in revolving lines of credit, net | 0 | (20) | 17.5 |
Proceeds from issuance of long-term borrowings | 0 | 0 | 75 |
Payments on long-term borrowings | (5.8) | (21.6) | (153.6) |
Payments of debt financing fees | 0 | 0 | (6.1) |
Purchases of treasury stock | (10.6) | (10.3) | 0 |
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation | (3.2) | 0 | 0 |
Cash dividends paid to stockholders | (15.6) | (5.6) | 0 |
Proceeds from stock-based compensation activity | 1 | 2.6 | 2.6 |
Excess tax benefit from stock-based compensation | 1.6 | 2.2 | 0 |
Other, net | (0.4) | (1) | (1) |
Net cash used for financing activities | (33) | (53.7) | (65.6) |
Effects of foreign exchange rate changes on cash and cash equivalents | (0.8) | (0.4) | 0.8 |
Increase (decrease) in cash and cash equivalents | 50.6 | 6.6 | (5.9) |
Cash and cash equivalents at beginning of year | 30.4 | 23.8 | 29.7 |
Cash and cash equivalents at end of year | 81 | 30.4 | 23.8 |
Less: Cash and cash equivalents of discontinued operations at end of year | (5) | (6.3) | (10.2) |
Cash and cash equivalents of continuing operations at end of year | $ 76 | $ 24.1 | $ 13.6 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock Par Value | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Beginning 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 | 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 | 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 | 371.6 | 64.2 | 187 | 227 | (27.1) | (79.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 63.5 | 63.5 | ||||
Total other comprehensive income (loss) | (9.3) | (9.3) | ||||
Cash dividends declared | (15.6) | (15.6) | ||||
Stock-based payments: | ||||||
Stock-based compensation | 6.3 | 6.3 | ||||
Stock option exercises and other | 0.8 | 0.1 | 1.2 | (0.5) | ||
Performance share unit transactions | (2.7) | 0.5 | (0.5) | (2.7) | ||
Excess tax benefit from stock-based compensation | 1.6 | 1.6 | ||||
Stock repurchase program | (10.6) | (10.6) | ||||
Ending Balance at Dec. 31, 2015 | $ 405.6 | $ 64.8 | $ 195.6 | $ 274.9 | $ (40.9) | $ (88.8) |
Consolidated Statements Of St10
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per common share (usd per share) | $ 0.25 | $ 0.09 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 two major operating segments: Environmental Solutions Group and Safety and Security Systems 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 2015 , 2014 and 2013 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. As discussed in Note 14 – Discontinued Operations, on January 29, 2016, the Company completed the sale of its Bronto Skylift ® business (“Bronto”) that represented its Fire Rescue Group. The consolidated financial statements for all periods presented have been recast to present the operating results of previously divested or exited businesses as discontinued operations, including the Fire Rescue Group. See Note 14 – Discontinued Operations for further details. Certain prior year amounts have been reclassified to conform to the current year presentation. These include adjustments to present the Fire Rescue Group as a discontinued operation and adjustments to reflect the adoption of Accounting Standards Update (“ASU”) No. 2015-17, “ Balance Sheet Classification of Deferred Taxes ” (“ASU 2015-17”), as discussed further in Note 6 – Income Taxes. 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, 2015, 2014 and 2013 , the Company incurred foreign currency transaction losses, included in other expense, net in the Consolidated Statements of Operations, of $1.5 million , $1.7 million and $0.2 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 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 $12.0 million , $11.4 million and $10.8 million in the years ended December 31, 2015, 2014 and 2013 , 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 $3.1 million and $4.1 million for the years ended December 31, 2015 and 2014 , respectively. 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 G oodwill 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 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 in 2014 or 2013. The Company applies the two-step quantitative test outlined in ASC 350 to each of its reporting units at least once every three years. As such, in 2015, a full valuation was performed for the Company’s reporting units under the two-step test. 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 to our businesses. For these companies, the Company used market values to calculate 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 inputs. The results of these two methods are weighted based upon management’s evaluation of the relevance of the two approaches. Management used a combination of the income and market approaches to determine the fair value of the reporting units in 2015 . The fair value of the reporting units significantly exceeded their carrying value. Relatively small changes in the Company’s key assumptions would not have resulted in any of the reporting units failing the first step of the two-step test. The Company had no goodwill impairments for its continuing operations in 2015 , 2014 or 2013 . 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 increased from 2014 to 2015 . 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, 2015 and 2014 were measured after taking the updated tables into consideration. The estimated impact of adopting these new tables in 2014 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, 2015 and 2014 , deferred revenue associated with extended warranty contracts was $2.6 million and $2.4 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 manufacturing and 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, 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. Taxes collected from customers and remitted to governmental authorities are recorded on a net basis and are excluded from revenue. 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 $14.0 million in 2015 , $13.1 million in 2014 and $11.0 million in 2013 , 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 in the aggregate 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, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES The following table summarizes the components of inventories: (in millions) 2015 2014 Raw materials $ 35.3 $ 40.6 Work in process 6.7 9.2 Finished goods 45.2 37.8 Total inventories $ 87.2 $ 87.6 |
Properties And Equipment, Net
Properties And Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 Land $ 0.2 $ 0.2 Buildings and improvements 24.7 21.8 Machinery and equipment 130.8 130.9 Total property and equipment, at cost 155.7 152.9 Less: Accumulated depreciation 102.8 100.2 Properties and equipment, net $ 52.9 $ 52.7 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 $14.5 million and $16.5 million at December 31, 2015 and 2014 , 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, 2015 and 2014 , 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 $7.2 million in 2015 , $6.6 million in 2014 and $7.0 million in 2013 . Sublease income and contingent rentals relating to operating leases were insignificant. At December 31, 2015 , minimum future rental commitments under operating leases having non-cancelable lease terms in excess of one year aggregated $43.3 million and were payable as follows: $7.6 million in 2016 , $7.0 million in 2017 , $6.0 million in 2018 , $5.5 million in 2019 , $4.9 million in 2020 and $12.3 million thereafter. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL The following table summarizes the carrying amount of goodwill by segment: (in millions) Environmental Solutions Safety & Security Systems Total Balance at December 31, 2013 $ 120.4 $ 119.6 $ 240.0 Translation adjustments — (4.8 ) (4.8 ) Balance at December 31, 2014 120.4 114.8 235.2 Translation adjustments — (3.6 ) (3.6 ) Balance at December 31, 2015 $ 120.4 $ 111.2 $ 231.6 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table summarizes the components of long-term debt and capital lease obligations, net: (in millions) 2015 2014 2013 Credit Agreement: Revolving Credit Facility $ — $ — Term Loan 43.4 49.2 Capital lease obligations 0.7 1.0 Total long-term borrowings and capital lease obligations, including current portion 44.1 50.2 Less: Current maturities — 5.8 Less: Current capital lease obligations 0.4 0.4 Total long-term borrowings and capital lease obligations, net $ 43.7 $ 44.0 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: 2015 2014 (in millions) Notional Amount Fair Value Notional Amount Fair Value Long-term debt (a) $ 44.1 $ 44.1 $ 50.2 $ 50.2 (a) Long-term debt includes current portions of long-term debt and current portions of capital lease obligations of $0.4 million and $6.2 million as of December 31, 2015 and 2014 , respectively. On January 27, 2016, the Company entered into an Amended and Restated Credit Agreement (the “2016 Credit Agreement”), by and among the Company and certain of its foreign subsidiaries (collectively, the “Borrowers”), Wells Fargo Bank, National Association, as administrative agent, swingline lender and issuing lender, JPMorgan Chase Bank, N.A. as syndication agent, KeyBank National Association, as documentation agent, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC, as joint lead arrangers and joint bookrunners, and the other lenders and parties signatory thereto. The 2016 Credit Agreement is a $325.0 million revolving credit facility, maturing on January 27, 2021, that provides for borrowings in the form of loans or letters of credit up to the aggregate availability under the facility, with a sub-limit of $50.0 million for letters of credit. The 2016 Credit Agreement allows for the Borrowers to borrow in denominations of U.S. Dollars, Canadian Dollars (up to a maximum of C $85.0 million ) or euros (up to a maximum of € 20.0 million ). In addition, the Company may cause the commitments to increase by up to an additional $75.0 million , subject to the approval of the applicable lenders providing such additional financing. Borrowings under the 2016 Credit Agreement may be used for working capital and general corporate purposes, including permitted acquisitions. The Company’s domestic subsidiaries provide guarantees for all obligations of the Borrowers under the 2016 Credit Agreement, which is 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 65% of the outstanding voting capital stock of certain first-tier foreign subsidiaries, subject to certain exclusions. Borrowings under the 2016 Credit Agreement 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 0.00% to 1.25% for base rate borrowings and 1.00% to 2.25% for LIBOR borrowings. The Company must also pay a commitment fee to the lenders ranging between 0.15% to 0.30% per annum on the unused portion of the $325.0 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 subject to certain leverage ratio and interest coverage ratio financial covenants under the 2016 Credit Agreement that are to be measured at each fiscal quarter-end. The 2016 Credit Agreement also includes a “covenant holiday” period, which allows for the temporary increase of the minimum leverage ratio following the completion of a permitted acquisition, or a series of permitted acquisitions, when the total consideration exceeds a specified threshold. In addition, the 2016 Credit Agreement includes customary negative covenants, subject to certain exceptions, restricting or limiting the Company’s and its subsidiaries’ ability to, among other things: (i) make non-ordinary course dispositions of assets, (ii) make certain fundamental business changes, such as merge, consolidate or enter into any similar combination, (iii) make restricted payments, including dividends and stock repurchases, (iv) incur indebtedness, (v) make certain loans and investments, (vi) create liens, (vii) transact with affiliates, (viii) enter into sale/leaseback transactions, (ix) make negative pledges and (x) modify subordinated debt documents. Under the 2016 Credit Agreement, restricted payments, including dividends and stock repurchases, shall be permitted if (i) the Company’s leverage ratio is less than or equal to 2.50 , (ii) the Company is in compliance with all other financial covenants and (iii) there are no existing defaults under the 2016 Credit Agreement. If its leverage ratio is more than 2.50 , the Company is still permitted to fund (i) up to $30.0 million of dividend payments, (ii) stock repurchases sufficient to offset dilution created by the issuance of equity as compensation to its officer, directors, employees and consultants and (iii) an incremental $30.0 million of other cash payments. The 2016 Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the Borrowers may be required immediately to repay all amounts outstanding under the 2016 Credit Agreement and the commitments from the lenders may be terminated. The 2016 Credit Agreement amends and restates the Company’s March 13, 2013 Credit Agreement (the “2013 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. The 2013 Credit Agreement provided the Company with a $225.0 million 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 five -year term. The 2013 Credit Agreement was 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. Under the terms of the 2013 Credit Agreement, the Company was required to make quarterly installment payments against the $75.0 million term loan, with any remaining balance due on the maturity date of March 13, 2018. As a result of executing the 2016 Credit Agreement subsequent to December 31, 2015, but prior to the issuance of the financial statements, the $6.9 million current portion of term loan debt outstanding as of December 31, 2015 has been reflected as a component of long-term borrowings and capital lease obligations on the Consolidated Balance Sheet. Under the 2013 Credit Agreement, the Company was 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 . In the first quarter of 2016, the Company repaid the remaining $43.4 million of principal outstanding under the 2013 Credit Agreement. The 2013 Credit Agreement provided 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 2013 Credit Agreement bore interest, at the Company’s option, at a base rate or a LIBOR rate, plus, in each case, an applicable margin. The applicable margin ranged from 1.00% to 2.00% for base rate borrowings and 2.00% to 3.00% for LIBOR borrowings. The Company was also required to 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 were also payable on outstanding letters of credit in an amount equal to the applicable LIBOR margin plus other customary fees. The Company was 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 2013 Credit Agreement required 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 were measured at each fiscal quarter-end. Restricted payments, including dividends, were permitted only if the pro-forma leverage ratio after giving effect to such payment is less than 3.25 x, pro-forma compliance after giving effect to such payment was maintained for all other financial covenants and there were no existing defaults under the 2013 Credit Agreement. The Company was in compliance with all of its debt covenants as of, and throughout the year ended, December 31, 2015 . In the first quarter of 2013, upon execution of the 2013 Credit Agreement, 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 2013 Credit Agreement. Financing costs incurred in connection with the 2013 Credit Agreement were deferred and, prior to the execution of the 2016 Credit Agreement, were being amortized over the five-year term. The Company does not expect to write off a material amount of unamortized deferred financing fees associated with the 2013 Credit Agreement in connection with executing the 2016 Credit Agreement in the first quarter of 2016. The Company estimates that approximately $1 million of debt issuance costs were incurred in connection with the execution of the 2016 Credit Agreement. As of December 31, 2015 , there was no cash drawn and $19.2 million of undrawn letters of credit under the $150.0 million revolving credit facility portion of the 2013 Credit Agreement, with $130.8 million of net availability for borrowings. As of December 31, 2015 , no amounts were drawn against the Company’s non-U.S. lines of credit which provide for borrowings up to $10.0 million . For the years ended December 31, 2014 and December 31, 2013 , gross borrowings under the Company’s domestic revolving credit facility of the 2013 Credit Agreement were $6.5 million and $123.7 million , respectively. For the years ended December 31, 2014 and December 31, 2013 , gross payments under the Company’s domestic revolving credit facility of the 2013 Credit Agreement were $26.5 million and $106.2 million , respectively. There were no borrowings or repayments under the Company’s domestic revolving credit facility of the 2013 Credit Agreement during 2015 . Aggregate maturities of total borrowings, giving effect to the 2016 Credit Agreement, amount to approximately $0.4 million in 2016 , $0.3 million in 2017 , none in 2018 , none in 2019 and $43.4 million in 2020 and thereafter. The weighted average interest rate on long-term borrowings was 2.4% at December 31, 2015 . The Company paid interest of $1.9 million in 2015 , $3.0 million in 2014 and $9.4 million in 2013 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following table summarizes the income tax expense (benefit) from continuing operations: (in millions) 2015 2014 2013 Current: Federal $ 6.6 $ 3.0 $ — Foreign — 0.3 0.4 State and local 1.8 1.3 0.9 Total current tax expense 8.4 4.6 1.3 Deferred: Federal 25.4 17.8 (112.1 ) Foreign (2.0 ) (3.0 ) 0.9 State and local 2.3 4.3 1.3 Total deferred tax expense (benefit) 25.7 19.1 (109.9 ) Total income tax expense (benefit) $ 34.1 $ 23.7 $ (108.6 ) The following table summarizes the differences between the statutory federal income tax rate and the effective income tax rate from continuing operations: 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.3 3.7 3.3 Valuation allowance 1.7 (4.5 ) (279.4 ) Domestic production deduction (2.2 ) (2.1 ) (1.5 ) Tax planning benefits, excluding valuation allowance effects (6.0 ) — — Asset dispositions and write-offs — — (3.3 ) Repatriation effects — — 1.8 Tax reserves 0.2 (1.2 ) — Tax credits 1.9 (0.6 ) (1.8 ) Foreign tax rate effects 0.5 (2.0 ) (2.7 ) Other, net (0.3 ) 0.1 1.2 Effective income tax rate 34.1 % 28.4 % (247.4 )% The following table summarizes income from continuing operations before taxes: (in millions) 2015 2014 2013 U.S. $ 96.4 $ 78.2 $ 39.2 Non-U.S. 3.5 5.2 4.7 Income from continuing operations before taxes $ 99.9 $ 83.4 $ 43.9 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. 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 valuation allowance, initially recorded against U.S. deferred tax assets in 2010 due to the uncertainty of the realization of such 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 2013 , 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. As the Company no longer maintains a valuation allowance against most domestic tax assets, tax expense has been recognized on domestic earnings in each of the years ended December 31, 2015 and 2014 . An income tax provision was recorded in each of the three years ended December 31, 2015 for foreign operations that were not in a cumulative loss position. The Company recognized income tax expense of $34.1 million for the year ended December 31, 2015 , compared to income tax expense of $23.7 million in the prior year. The Company’s effective tax rate for the year ended December 31, 2015 was 34.1% , compared to 28.4% in 2014 . The increase in tax expense in the current year was primarily due to higher pre-tax income levels and the absence of certain tax benefits in the prior year that did not recur, described further below. The Company’s effective tax rate for the year ended December 31, 2015 was favorably impacted by a $4.2 million net tax benefit associated with tax planning strategies, partially offset by a $2.4 million adjustment of deferred tax assets and $0.4 million of expense associated with a change in the enacted tax rate in the United Kingdom (“U.K.”). 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. As noted in Note 15 – New Accounting Pronouncements, the Company adopted the provisions of ASU 2015-17 retrospectively in the fourth quarter of 2015. The adoption of this ASU will simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements. Upon adoption, $18.8 million of deferred tax assets previously classified as a component of current assets in the Consolidated Balance Sheet at December 31, 2014 have been reclassified as a component of long-term deferred tax assets. The adoption of ASU 2015-17 did not have a significant impact on our results of operations or cash flows. The following table summarizes deferred income tax assets and liabilities: (in millions) 2015 2014 Deferred tax assets: Depreciation and amortization $ 10.9 $ 11.1 Accrued expenses 27.6 28.5 Net operating loss, alternative minimum tax, research and development and foreign tax credit carryforwards 29.1 44.6 Definite lived intangibles 1.4 1.6 Pension benefits 33.5 35.3 Deferred revenue — 0.1 Gross deferred tax assets 102.5 121.2 Valuation allowance (5.9 ) (3.8 ) Total deferred tax assets 96.6 117.4 Deferred tax liabilities: Depreciation and amortization (6.6 ) (5.0 ) Expenses capitalized for book (2.0 ) (1.4 ) Pension benefits (14.7 ) (13.4 ) Indefinite lived intangibles (52.6 ) (52.1 ) Other (0.1 ) (0.1 ) Gross deferred tax liabilities (76.0 ) (72.0 ) Net deferred tax assets $ 20.6 $ 45.4 * The above table does not include the deferred tax assets and corresponding full valuation allowance associated with the Company’s discontinued operations, as described in Note 14 - Discontinued Operations. The deferred tax asset for tax loss and tax credit carryforwards at December 31, 2015 includes federal net operating loss carryforwards of $4.0 million , which begin to expire in 2027 , state net operating loss carryforwards of $6.8 million , which will begin to expire in 2016 , and foreign net operating loss carryforwards of $5.2 million , which have an indefinite life. The deferred tax asset for tax credit carryforwards includes U.S. research tax credit carryforwards of $1.5 million , which will begin to expire in 2019 , U.S. foreign tax credits of $8.3 million , which will begin to expire in 2021 , and U.S. alternative minimum tax credit carryforwards of $3.3 million with no expiration. The deferred tax asset for tax loss and tax credit carryforwards at December 31, 2014 , included federal net operating loss carryforwards of $5.1 million , state net operating loss carryforwards of $5.7 million , foreign net operating loss carryforwards of $3.0 million , U.S. research tax credit carryforwards of $5.0 million , U.S. foreign tax credits of $22.3 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, 2015 , the valuation allowance recorded against state net operating loss carryforwards totaled $5.9 million . The $96.6 million of deferred tax assets at December 31, 2015 , 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, 2015 . 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. Federal and state income taxes have not been provided on accumulated undistributed earnings of certain foreign subsidiaries aggregating approximately $28.0 million and $25.2 million at December 31, 2015 and 2014 , respectively, as such undistributed earnings are considered to be indefinitely 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) 2015 2014 2013 Balance at January 1 $ 2.0 $ 3.9 $ 4.0 Increases related to current year tax 0.3 0.4 0.5 Increases from prior period positions — 0.3 0.4 Decreases from prior period positions — (0.1 ) (0.2 ) Decreases due to lapse of statute of limitations (0.1 ) (2.4 ) (0.8 ) Foreign currency translation — (0.1 ) — Balance at December 31 $ 2.2 $ 2.0 $ 3.9 The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. At December 31, 2015 and 2014 , accruals for interest and penalties amounting to $0.8 million and $0.8 million , respectively, are included in the Consolidated Balance Sheets but are not included in the table above. At December 31, 2015 and 2014 , reserves for unrecognized tax benefits, including interest and penalties, of $2.5 million and $2.5 million , respectively, were included within Other long-term liabilities on the Consolidated Balance Sheets. At December 31, 2015 and 2014 , unrecognized tax benefits of $0.5 million and $0.3 million , respectively, were included as a reduction of Deferred tax assets on the Consolidated Balance Sheets. All of the unrecognized tax benefits of $2.2 million at December 31, 2015 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 2011 through 2014 generally remain subject to examination by their respective tax authorities. The Company paid income taxes of $9.6 million in 2015 , $7.2 million in 2014 and $1.3 million in 2013 . |
Pensions
Pensions | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions | PENSIONS The Company and its subsidiaries sponsor two defined benefit pension plans covering certain salaried and hourly employees. These plans have been closed to new participants for a number of years. Benefits under these plans are primarily based on final average compensation and years of service as defined within the provisions of the individual plans. As a result of plan amendments, the latest of which was in 2008, the only new benefits currently being accrued are salary increases for a limited group of participants. Those benefits will cease at the end of 2016, at which point all existing plans will be fully frozen. 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 $0.2 million for 2015 , 2014 and 2013 , 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 Plan (in millions) 2015 2014 2013 2015 2014 2013 Company-sponsored plans: Service cost $ — $ — $ — $ 0.2 $ 0.2 $ 0.2 Interest cost 7.6 7.9 7.3 2.1 2.6 2.5 Expected return on plan assets (10.3 ) (9.1 ) (8.8 ) (2.7 ) (3.6 ) (2.6 ) Amortization of actuarial loss 6.8 5.1 7.5 0.7 0.4 0.8 Total company-sponsored plans 4.1 3.9 6.0 0.3 (0.4 ) 0.9 Multi-employer plans 0.2 0.2 0.2 — — — Net periodic pension expense $ 4.3 $ 4.1 $ 6.2 $ 0.3 $ (0.4 ) $ 0.9 The following table summarizes the weighted-average assumptions used in determining pension costs: U.S. Benefit Plan Non-U.S. Benefit Plan 2015 2014 2013 2015 2014 2013 Discount rate 4.2 % 5.1 % 4.2 % 3.5 % 4.5 % 4.1 % Rate of increase in compensation levels 3.5 % 3.5 % 3.5 % — — — Expected long-term rate of return on plan assets 7.8 % 7.6 % 7.9 % 4.7 % 5.9 % 5.1 % The following table summarizes the changes in the projected benefit obligation and plan assets: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2015 2014 2015 2014 Benefit obligation, beginning of year $ 186.3 $ 159.3 $ 62.7 $ 59.9 Service cost — — 0.2 0.2 Interest cost 7.6 7.9 2.1 2.6 Actuarial (gain) loss (10.0 ) 28.6 (2.5 ) 7.0 Benefits and expenses paid (9.6 ) (9.5 ) (3.5 ) (3.1 ) Foreign currency translation — — (3.3 ) (3.9 ) Benefit obligation, end of year $ 174.3 $ 186.3 $ 55.7 $ 62.7 Accumulated benefit obligation, end of year $ 173.5 $ 184.4 $ 55.7 $ 62.7 The following table summarizes the weighted-average assumptions used in determining benefit obligations: U.S. Benefit Plan Non-U.S. Benefit Plan 2015 2014 2015 2014 Discount rate 4.6 % 4.2 % 3.7 % 3.5 % 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 Plan (in millions) 2015 2014 2015 2014 Fair value of plan assets, beginning of year $ 134.0 $ 129.4 $ 59.0 $ 62.4 Actual return on plan assets (3.3 ) 5.9 0.8 2.2 Company contribution 7.0 8.2 1.1 1.2 Benefits and expenses paid (9.6 ) (9.5 ) (3.5 ) (3.1 ) Foreign currency translation — — (3.1 ) (3.7 ) Fair value of plan assets, end of year $ 128.1 $ 134.0 $ 54.3 $ 59.0 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 NAV, 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 2015 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 6.8 $ — $ — $ 6.8 $ 2.5 $ — $ — $ 2.5 Equity securities: U.S. Large Cap 37.7 0.1 — 37.8 40.1 0.1 — 40.2 U.S. Small and Mid Cap 18.0 — — 18.0 15.9 — — 15.9 Federal Signal common stock — — — — 3.6 — — 3.6 Developed international 12.8 6.9 — 19.7 9.9 4.5 — 14.4 Emerging markets 6.9 — — 6.9 10.7 0.2 — 10.9 Fixed income: Government securities 2.7 0.3 — 3.0 1.1 — — 1.1 Asset-backed securities — 7.7 — 7.7 — 7.1 — 7.1 Corporate bonds — 13.1 — 13.1 — 19.2 — 19.2 Mutual funds 0.7 — — 0.7 1.2 — — 1.2 Other investments: Mutual funds 10.5 — — 10.5 13.9 — — 13.9 Real estate 4.0 — — 4.0 3.7 — — 3.7 Total assets at fair value (a) $ 100.1 $ 28.1 $ — $ 128.2 $ 102.6 $ 31.1 $ — $ 133.7 (a) Total assets at fair value in the table above exclude a net payable of $0.1 million and a net receivable of $0.3 million at December 31, 2015 and 2014 , respectively. Non-U. S. Benefit Plan 2015 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 9.2 $ — $ — $ 9.2 $ 11.5 $ — $ — $ 11.5 Equity securities 5.3 34.8 — 40.1 6.0 35.9 — 41.9 Fixed income: Government securities 2.7 — — 2.7 2.9 — — 2.9 Corporate bonds 1.5 0.8 — 2.3 1.6 1.1 — 2.7 Total assets at fair value $ 18.7 $ 35.6 $ — $ 54.3 $ 22.0 $ 37.0 $ — $ 59.0 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 75% equity securities and between 25% and 50% debt securities. During the year ended December 31, 2015 , the Company repurchased all of the remaining shares of its common stock from its U.S. benefit plan for a total cost of $3.6 million . The repurchases were made under authorized stock repurchase programs further outlined in Note 12 – Stockholders’ Equity. At December 31, 2014 , total assets of the U.S. benefit plan included 0.2 million shares of the Company’s common stock valued at $3.6 million . Dividends paid on the Company’s common stock held in the U.S. benefit plan did not exceed $0.1 million in each of the years ended December 31, 2015 and 2014 . The following summarizes the funded status of the Company-sponsored plans: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2015 2014 2015 2014 Fair value of plan assets, end of year $ 128.1 $ 134.0 $ 54.3 $ 59.0 Benefit obligation, end of year 174.3 186.3 55.7 62.7 Funded status, end of year $ (46.2 ) $ (52.3 ) $ (1.4 ) $ (3.7 ) At December 31, 2015 and 2014 , 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 $1.4 million and $3.7 million , respectively. The following summarizes the amounts recognized within our Consolidated Balance Sheets: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2015 2014 2015 2014 Amounts recognized in Total liabilities include: Long-term pension and other post-retirement benefit liabilities $ (46.2 ) $ (52.3 ) $ (1.4 ) $ (3.7 ) Net liability recorded $ (46.2 ) $ (52.3 ) $ (1.4 ) $ (3.7 ) Amounts recognized in Accumulated other comprehensive loss include: Net actuarial loss $ 78.2 $ 81.4 $ 18.7 $ 21.2 Net amount recognized, pre-tax $ 78.2 $ 81.4 $ 18.7 $ 21.2 The Company expects $6.2 million relating to amortization of the actuarial loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2016 . In addition, following the sale of Bronto, the Company expects that $0.3 million of actuarial losses will be amortized from accumulated other comprehensive loss in the first quarter of 2016 and included in the calculation of the gain on disposal. The Company expects to contribute up to $4.8 million to the U.S. benefit plan and up to $1.5 million to the non-U.S. benefit plan in 2016 . 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 Plan 2016 $ 8.4 $ 3.4 2017 9.0 3.5 2018 9.0 3.6 2019 9.2 3.7 2020 10.5 3.8 2021-2025 54.7 21.0 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 $7.5 million in 2015 , $7.1 million in 2014 and $7.0 million in 2013 . 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, 2015 and 2014 , respectively, were fully accrued. The net periodic post-retirement benefit costs have not been significant during the three-year period ended December 31, 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Financial Commitments 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, 2015 , the Company had outstanding performance and financial standby letters of credit, as well as outstanding bid and performance bonds, aggregating $22.2 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. For certain independent Environmental Solutions Group dealers that purchase products financed by a third-party lender (the “Lender”), the Company also has provided a limited repurchase agreement to the Lender. In the event of a default by the applicable dealer and ultimate repossession of the underlying products by the Lender, the Company is obligated to repurchase those products from the Lender. The arrangement is subject to a maximum repurchase amount and the Company’s repurchase obligation is generally limited to products purchased by the dealer, and financed by the Lender, for a period of one year. The Company’s risk under the repurchase arrangement is partially mitigated by the value of the products repurchased under the agreement. As of December 31, 2015 , the potential cash payments the Company could be required to make under the agreement were $11.7 million . The Company has recorded the fair value of its estimated net liability associated with losses from these guarantee and repurchase obligations on its Consolidated Balance Sheet based on historical experience and current facts and circumstances. Historical cash requirements and losses associated with these obligations have not been significant, but could increase if dealer defaults exceed current expectations. The Company’s repurchase accrual represents the expected losses resulting from obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of those products to alternative customers. At December 31, 2015 , the Company’s accrual for potential losses related to repurchase exposure was insignificant. Subsequent to December 31, 2015 , the Company and the Lender executed an amendment to the agreement which removed the Company’s repurchase obligation effective January 1, 2016 . Product Warranties 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) 2015 2014 Balance at January 1 $ 7.7 $ 6.6 Provisions to expense 5.9 7.1 Actual costs incurred (6.2 ) (6.0 ) Balance at December 31 $ 7.4 $ 7.7 At December 31, 2015 and 2014 , an accrual of $1.1 million and $1.3 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 $0.9 million and $1.3 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, 2015 and 2014 , 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, 2015 | |
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 or financial condition. 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 condition or cash flow. Hearing Loss Litigation The Company has been sued for monetary damages by firefighters who claim 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 2014 , 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, whereby 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. On March 11, 2015, the trial court granted plaintiff’s motions to amend their complaints. Plaintiffs have indicated that they will now file motions to certify classes in these cases. On April 24, 2015, the cases were transferred to Cook County chancery court, which will decide all class certification issues. The Company intends to continue its objections to any attempt at certification. The Company also has filed motions to dismiss cases involving firefighters located outside of Cook County based on improper venue. Plaintiffs have requested discovery from the Company related to these venue motions. The Court has scheduled a further status hearing regarding venue matters for March 18, 2016. 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 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 2012 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. One of the complaints in these cases, which involves 11 firefighter plaintiffs from the District of Columbia, has been removed to federal court in the Eastern District of Pennsylvania. With respect to claims of other out-of-state firefighters involved in these two cases, the Company moved to dismiss these claims as improperly filed in Pennsylvania. The Court granted this motion and dismissed these claims on November 5, 2015. During August through December 2015, another nine new cases were filed in the Court of Common Pleas, Philadelphia County, Pennsylvania. These cases involve a total of 193 firefighters, most of whom are located outside of Pennsylvania. The Company is seeking dismissal of claims filed by these out-of-state firefighters as improperly filed in 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 41 Pittsburgh firefighter plaintiffs. An initial trial involving eight Pittsburgh firefighters has been scheduled for March 2016. During March 2014, an action also 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. During February 2015, a lawsuit involving one New York City firefighter plaintiff was filed in the Supreme Court of the State of New York, New York County. Plaintiff named the Company as well as several other parties as defendants. That case has been transferred to federal court in the Northern District of New York. The Company also is aware that a lawsuit involving eight New York City firefighters was filed in New York County, New York, on April 24, 2015. The Company has not yet been served in that case. During November and December 2015, 23 new cases involving a total of 210 firefighters were filed in various counties in the New York City area. During November 2015, the Company was also served with a complaint filed in Union county, New Jersey state court, involving 34 New Jersey firefighters. During January 2016, three additional cases were filed in various New Jersey state courts. These cases involve a total of 41 firefighters, most of whom reside in New Jersey and worked at New Jersey Fire Departments. 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. For the years ended December 31, 2015, 2014 and 2013 , the Company recorded reimbursements from CNA of $0.3 million , $0.3 million and $0.5 million , respectively, related to legal costs, respectively. Latvian Commercial Dispute On June 12, 2014, a Latvian trial court issued a summary ruling against the Company’s former 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, 2015 , 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 connection with the sale of Bronto to Morita Holdings Corporation (“Morita”), discussed further in Note 14 , the Company and Morita agreed that the Company will remain in control of negotiations and proceedings relating to the appeal and fund the legal costs associated therewith. The Company also agreed to compensate Morita for 50% of any liability resulting from a final and non-appealable decision of a court of competent jurisdiction, less 50% of legal fees incurred by the Company between the date or sale and the date of receiving such decision. In the event that the appeal of the initial judgment is unsuccessful or not fully successful, and after considering the agreement to share any resulting liability, the Company would expect to record a charge as a component of (Loss) gain from discontinued operations and disposal, that could range from zero to approximately $2.5 million . This range includes estimates of interest that will continue to accrue throughout the appeal process. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The Company computes earnings 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, 2015, 2014 and 2013 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, 2015, 2014 and 2013 , options to purchase 0.8 million , 0.5 million and 0.9 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 to basic and diluted EPS: (in millions, except per share data) 2015 2014 2013 Income from continuing operations $ 65.8 $ 59.7 $ 152.5 (Loss) gain from discontinued operations and disposal, net of tax (2.3 ) 4.0 7.5 Net income $ 63.5 $ 63.7 $ 160.0 Weighted average shares outstanding — Basic 62.2 62.7 62.6 Dilutive effect of common stock equivalents 1.2 0.9 0.6 Weighted average shares outstanding — Diluted 63.4 63.6 63.2 Basic earnings per share: Earnings from continuing operations $ 1.06 $ 0.95 $ 2.44 (Loss) gain from discontinued operations and disposal, net of tax (0.04 ) 0.06 0.12 Net earnings per share $ 1.02 $ 1.01 $ 2.56 Diluted earnings per share: Earnings from continuing operations $ 1.04 $ 0.94 $ 2.41 (Loss) gain from discontinued operations and disposal, net of tax (0.04 ) 0.06 0.12 Net earnings per share $ 1.00 $ 1.00 $ 2.53 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company’s stock compensation plan, approved by the Company’s stockholders and administered by the Compensation and Benefits Committee of the Board of Directors of the Company (the “CBC”), provides for the grant of incentive stock options, restricted stock and other stock-based awards or units to key employees and directors. The plan authorizes the grant of up to 7.8 million shares or units through April 2025 . At December 31, 2015 , approximately 7.3 million shares were available for future issuance under the plan. These share or unit amounts exclude amounts that were issued under prior stock compensation 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 plan, 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 2015 , 2014 and 2013 was $6.12 , $7.16 and $4.56 , respectively. The fair value of each option grant was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: 2015 2014 2013 Dividend yield 1.5 % 0.8 % — % Expected volatility 46 % 57 % 59 % Risk free interest rate 1.5 % 1.9 % 1.0 % Weighted average expected option life in years 5.7 5.8 5.8 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) 2015 2014 2013 2015 2014 2013 Outstanding, at beginning of year 2.0 2.1 2.3 $ 9.28 $ 8.63 $ 8.93 Granted 0.3 0.3 0.5 16.08 14.36 8.50 Exercised (0.1 ) (0.3 ) (0.3 ) 7.34 7.49 7.47 Canceled or expired (0.1 ) (0.1 ) (0.4 ) 14.69 14.33 10.94 Outstanding, at end of year 2.1 2.0 2.1 $ 10.29 $ 9.28 $ 8.63 Exercisable, at end of year 1.4 1.2 1.2 $ 8.47 $ 8.64 $ 9.85 The following table summarizes information for stock options outstanding as of December 31, 2015 under all plans: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Life Weighted Average Exercise Price Shares Weighted Average Exercise Price (in millions) (in years) (in millions) $5.01 — $10.00 1.1 6.1 $ 6.73 1.0 $ 6.52 10.01 — 15.00 0.5 6.2 13.11 0.3 12.18 15.01 — 20.00 0.5 7.0 16.22 0.1 16.60 2.1 6.3 $ 10.29 1.4 $ 8.47 The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2015 was $10.6 million . The total compensation expense related to all stock option compensation plans was $ 2.0 million , $ 1.7 million and $ 1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , there was $2.4 million of total unrecognized compensation cost related to stock options that is expected to be recognized over the weighted-average period of approximately 1.8 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, 2015 : Number of Restricted Shares Weighted Average Price per Share (in millions) Outstanding and non-vested, at December 31, 2014 0.3 $ 8.63 Granted 0.1 16.18 Vested (0.2 ) 8.35 Forfeited — 11.66 Outstanding and non-vested, at December 31, 2015 0.2 $ 12.70 The total compensation expense related to all restricted stock compensation plans was $1.2 million , $1.0 million and $1.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , 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 1.7 years. Performance Awards In each of the three years in the period ended December 31, 2015 , 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 CBC. 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, 2015 for the 2013 grants, the three -year period ended December 31, 2016 for the 2014 grants and the three -year period ended December 31, 2017 for the 2015 grants. The PSUs granted in 2015 have a three -year performance period ending December 31, 2017, 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. If earned, these shares would vest in full on December 31, 2017. 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). Based on the achievement of EPS and return on invested capital during the two -year performance period at the maximum level, 200% of the target shares are considered to have been earned. The PSUs granted in 2014 will vest on December 31, 2016, provided that the requisite service requirement is satisfied. The PSUs granted in 2013 had a one -year performance period ending December 31, 2013, in which a certain EPS from continuing operations was targeted, followed by a two -year service requirement. The EPS threshold associated with the 2013 grants was achieved at the maximum level, and 200% of the target shares were earned. The PSUs granted in 2013 became fully vested on December 31, 2015. The underlying shares were issued to participants in the first quarter of 2016. Compensation expense included in the Consolidated Statements of Operations for the PSUs in the years ended December 31, 2015 , 2014 and 2013 was $3.5 million , $3.4 million and $1.4 million , respectively. As of December 31, 2015 and 2014 , there was $2.6 million and $3.6 million of total unrecognized compensation cost related to PSUs, respectively, that is expected to be recognized over the weighted-average period of 1.5 years and 1.7 years, respectively. The following table summarizes PSU activity for the year ended December 31, 2015 : Number of PSUs Weighted Average Price per Share (in millions) Outstanding and non-vested, at December 31, 2014 0.4 $ 10.89 Granted (a) 0.4 11.62 Vested (0.5 ) 8.66 Forfeited — 11.26 Outstanding and non-vested, at December 31, 2015 0.3 $ 15.28 (a) Includes 0.2 million PSUs, representing the effect of the PSUs granted in 2013 being earned at 200% of target. The PSUs granted in 2013 vested on December 31, 2015. 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 years ended December 31, 2015 and 2014 were $1.6 million and $2.2 million , respectively, 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, 2015 | |
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 64.8 million and 64.2 million common shares issued as of December 31, 2015 and 2014 , respectively. Of those amounts, 62.2 million and 62.5 million common shares were outstanding as of December 31, 2015 and 2014 , 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, 2015 . Dividends In 2014, the Board reinstated the Company’s quarterly cash dividend. In the aggregate, the Company declared and paid dividends totaling $15.6 million and $5.6 million during 2015 and 2014 , respectively. On February 9, 2016, the Board declared a quarterly cash dividend of $0.07 per common share payable on March 17, 2016 to holders of record at the close of business on March 1, 2016. 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 was 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 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. During the year ended December 31, 2015 , the Company repurchased 724,792 shares for a total of $10.6 million under the authorized stock repurchase programs. During the second quarter of 2015, cumulative stock repurchases under the April 2014 program reached the maximum authorized level of $15.0 million . No additional stock repurchases will be made under that program. Under its 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 Currency Translation Unrealized Gain (Loss) on Derivatives Total Balance at January 1, 2015 $ (79.8 ) $ 0.2 $ 0.1 $ (79.5 ) Other comprehensive loss before reclassifications (0.6 ) (13.5 ) — (14.1 ) Amounts reclassified from accumulated other comprehensive loss 4.8 — — 4.8 Net current-period other comprehensive income (loss) 4.2 (13.5 ) — (9.3 ) Balance at December 31, 2015 $ (75.6 ) $ (13.3 ) $ 0.1 $ (88.8 ) (in millions) (a) Actuarial Losses Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Total Balance at January 1, 2014 $ (58.1 ) $ 16.0 $ 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 ) (a) Amounts in parenthesis indicate debits. Following the sale of Bronto, the Company expects to recognize the foreign currency translation amount attributable to the Fire Rescue Group and include it in the calculation of the associated gain on disposal in the first quarter of 2016. At December 31, 2015, a foreign currency translation loss of $7.4 million was attributable to the Fire Rescue Group, and was included within Accumulated other comprehensive loss. 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 2015 2014 (in millions) (a) Amortization of actuarial losses of defined benefit pension plans $ (7.5 ) $ (5.5 ) (b) Amortization of actuarial gains of retiree medical plans 0.1 0.2 SEG&A expenses Total before tax (7.4 ) (5.3 ) Income tax benefit 2.6 2.4 Income tax (expense) benefit Total reclassifications for the period, net of tax $ (4.8 ) $ (2.9 ) (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, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company has two operating segments as defined under ASC Topic 280 , Segment Reporting (“ASC 280”) . 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 Jetstream TM 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 Signal TM , Federal Signal VAMA TM and Victor TM brand names. The Group operates manufacturing facilities in the U.S., Europe and South Africa. 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 $191.2 million in 2015 , $198.5 million in 2014 and $175.8 million in 2013 , of which sales exported from the U.S. aggregated $146.2 million , $152.5 million and $131.1 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) 2015 2014 2013 Net sales: Environmental Solutions $ 534.1 $ 536.6 $ 474.0 Safety and Security Systems 233.9 242.5 238.9 Total net sales $ 768.0 $ 779.1 $ 712.9 Operating income: Environmental Solutions $ 96.9 $ 81.9 $ 58.2 Safety and Security Systems 32.3 32.1 26.1 Corporate and eliminations (26.0 ) (25.3 ) (22.7 ) Total operating income 103.2 88.7 61.6 Interest expense 2.3 3.6 8.9 Debt settlement charges — — 8.7 Other expense, net 1.0 1.7 0.1 Income before income taxes $ 99.9 $ 83.4 $ 43.9 (in millions) 2015 2014 2013 Depreciation and amortization: Environmental Solutions $ 7.3 $ 6.8 $ 6.1 Safety and Security Systems 4.8 4.5 4.2 Corporate 0.2 0.2 0.7 Total depreciation and amortization $ 12.3 $ 11.5 $ 11.0 (in millions) 2015 2014 2013 Total assets: Environmental Solutions $ 250.6 $ 254.2 $ 236.0 Safety and Security Systems 209.6 208.3 213.4 Corporate and eliminations 99.2 69.0 73.6 Total assets of continuing operations 559.4 531.5 523.0 Total assets of discontinued operations 107.1 127.2 121.8 Total assets $ 666.5 $ 658.7 $ 644.8 (in millions) 2015 2014 2013 Capital expenditures: Environmental Solutions $ 4.5 $ 6.2 $ 4.5 Safety and Security Systems 3.9 6.3 5.4 Corporate 1.2 1.2 1.7 Total capital expenditures $ 9.6 $ 13.7 $ 11.6 The following table summarizes net sales by geographic region based on the location of the end customer: (in millions) 2015 2014 2013 Net sales: U.S. $ 576.8 $ 580.6 $ 537.1 Europe/Other 115.3 131.4 119.3 Canada 75.9 67.1 56.5 Total net sales $ 768.0 $ 779.1 $ 712.9 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) 2015 2014 2013 Long-lived assets (excluding deferred tax and intangible assets): U.S. $ 53.3 $ 53.5 $ 46.1 Europe 2.6 2.5 5.2 Other 0.3 0.4 0.4 Total long-lived assets $ 56.2 $ 56.4 $ 51.7 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS The Company recorded a net loss from discontinued operations and disposal of $2.3 million in the year ended December 31, 2015 . The net loss was primarily driven by tax expense associated with recording a net deferred tax liability of $6.3 million , partially offset by net income generated by the Fire Rescue Group, which was discontinued in 2015, and the receipt of funds from the escrow associated with the 2012 sale of the Company’s former Federal Signal Technologies Group (“FSTech”). In each of the years ended December 31, 2014 and 2013 , the Company recorded net gains from discontinued operations and disposal of $4.0 million and $7.5 million , respectively. The net gains in each period were primarily driven by net income generated by the Fire Rescue Group, as well as adjustments of estimated product liability obligations of previously discontinued businesses, resulting from updated actuarial valuations. The activity of the Company’s discontinued operations in each of the years ended December 31, 2015 , 2014 and 2013 is described further below: FSTech In connection with the sale of FSTech, $22.0 million was placed into escrow as security for indemnification obligations provided by the Company pursuant to the sale agreement. 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. In 2014 , the Company received $7.4 million from the escrow identified for general indemnification obligations. In the third quarter of 2015, the Company received the remaining general escrow funds of $4.0 million and recorded this income as a component of (Loss) gain from discontinued operations and disposal, net of tax expense of $1.5 million within its Consolidated Statement of Operations for the year ended December 31, 2015 . There are no amounts remaining in escrow as of December 31, 2015 . Fire Rescue Group On December 11, 2015, the Company announced that it has signed a definitive agreement to sell Bronto to Morita for € 80.0 million in cash (approximately $87 million ), subject to certain post-closing working capital and net debt adjustments. Prior to sale, Bronto was the only remaining operation in the Company’s Fire Rescue Group, which was previously identified as an operating segment of the Company as defined under ASC 280. Upon completion of the transaction, the Company will no longer operate the Fire Rescue Group, which the Company considers a significant strategic shift in the Company’s operations. In accordance with ASC Topic 360, Impairment and Disposal of Long-Lived Assets , the Company met the held for sale criteria as of December 31, 2015 and the Fire Rescue Group is being presented as a discontinued operation in the Company’s consolidated financial statements. On January 29, 2016, the Company completed the sale, initially receiving proceeds of € 76 million in cash (approximately $83 million ), with the remaining purchase price expected to be paid, in connection with the payment of the working capital and net debt adjustments, by the end of the second quarter of 2016. Under the terms of the sale, the Company and Morita agreed that the Company will remain in control of negotiations and proceedings relating to the appeal of the ruling issued in the Latvian commercial dispute, discussed further in Note 9 – Legal Proceedings, and also fund the legal costs associated therewith. The Company also agreed to compensate Morita for half of any liability resulting from a final and non-appealable decision of a court of competent jurisdiction, less half of legal fees incurred by the Company between the date or sale and the date of receiving such decision. On December 16, 2015, the Company entered into a foreign currency forward contract to mitigate its foreign exchange exposure related to the receipt of the euro-denominated sales proceeds. The derivative is being marked-to-market on a quarterly basis, with related gains or losses reported in the Company’s Consolidated Statement of Operations. The forward contract had a notional contract value of € 76.0 million and a fair value of $0.6 million at December 31, 2015 . An asset of $0.6 million has been included as a component of Prepaid expenses and other current assets on the Consolidated Balance Sheet as of December 31, 2015 , with a corresponding gain recorded as a component of Other expense, net in the Consolidated Statement of Operations for the year ended December 31, 2015 . The fair value of the forward contract was determined using readily available pricing sources for comparable instruments (Level 2 within the fair value hierarchy described within Note 1 – Summary of Significant Accounting Policies). In accordance with ASC 740, a tax liability should be recognized for the excess of the financial reporting basis over the tax basis (or the tax benefit when the tax basis exceeds the financial reporting basis) of an investment in a subsidiary (outside basis difference) when it is apparent that the temporary differences will reverse in the foreseeable future. In connection with presenting the Fire Rescue Group as a discontinued operation as of December 31, 2015 , the Company was required to re-evaluate its position related to the recognition of a deferred tax asset or liability for the outside basis differences of the Bronto entities being sold to Morita. In prior years, deferred taxes for such outside basis differences had not been recognized, either because of the Company’s assertion of permanent reinvestment, or because recognition was not required applying one of the exceptions provided for in ASC 740. Due to the pending sale, these exceptions no longer applied at December 31, 2015 , as the outside basis differences were expected to reverse in the foreseeable future. As a result, a net deferred tax liability of $6.3 million was recorded as a component of long-term liabilities of discontinued operations as of December 31, 2015 . After recognition of the accumulated foreign currency translation loss attributable to the Fire Rescue Group, as described in Note 12 – Stockholders’ Equity, the actuarial losses described in Note 7 – Pensions, as well as applicable income tax expense, the Company anticipates recognizing a modest net gain on disposal of the Fire Rescue Group upon closing the transaction in the first quarter of 2016. The following table presents the operating results of the Company’s discontinued Fire Rescue Group for each of the three years in the period ended December 31, 2015 : (in millions) 2015 2014 2013 Net sales $ 100.0 $ 139.4 $ 138.4 Cost of sales 80.8 114.8 109.3 Gross profit 19.2 24.6 29.1 Selling, engineering, general and administrative expenses 17.1 20.7 20.1 Restructuring 0.8 — — Operating income 1.3 3.9 9.0 Interest expense (income), net — 0.2 (0.1 ) Other expense (income), net (0.2 ) (0.2 ) — Income before income taxes 1.5 3.9 9.1 Income tax expense 0.3 0.6 1.4 Net income from operations $ 1.2 $ 3.3 $ 7.7 Assets and liabilities of discontinued operations The following table presents the assets and liabilities of the Company’s discontinued operations, which include the Fire Rescue Group, as well as other operations discontinued in prior periods, as of December 31, 2015 and 2014 : 2015 2014 (in millions) Fire Rescue Other Total Fire Rescue Other Total Cash and cash equivalents $ 5.0 $ — $ 5.0 $ 6.3 $ — $ 6.3 Accounts receivable, net 15.5 — 15.5 34.0 — 34.0 Inventories 40.4 — 40.4 33.4 — 33.4 Prepaid expenses 2.7 — 2.7 2.4 — 2.4 Other current assets 0.2 — 0.2 — 0.1 0.1 Current assets of discontinued operations $ 63.8 $ — $ 63.8 $ 76.1 $ 0.1 $ 76.2 Properties and equipment, net $ 13.4 $ — $ 13.4 $ 16.8 $ — $ 16.8 Goodwill 28.3 — 28.3 31.1 — 31.1 Deferred tax assets — 1.6 1.6 — 3.1 3.1 Long-term assets of discontinued operations $ 41.7 $ 1.6 $ 43.3 $ 47.9 $ 3.1 $ 51.0 Accounts payable $ 7.3 $ — $ 7.3 $ 9.0 $ — $ 9.0 Customer deposits 10.6 — 10.6 7.1 — 7.1 Accrued liabilities: Compensation and withholding taxes 4.3 — 4.3 5.6 — 5.6 Other current liabilities 4.0 2.4 6.4 9.5 1.7 11.2 Current liabilities of discontinued operations $ 26.2 $ 2.4 $ 28.6 $ 31.2 $ 1.7 $ 32.9 Long-term pension and other post-retirement benefit liabilities $ 0.7 $ — $ 0.7 $ 0.9 $ — $ 0.9 Other long-term liabilities 5.5 9.1 14.6 4.9 5.0 9.9 Long-term liabilities of discontinued operations $ 6.2 $ 9.1 $ 15.3 $ 5.8 $ 5.0 $ 10.8 The Company retains certain liabilities for other operations discontinued in prior periods, primarily for environmental remediation and product liability. Included in liabilities of discontinued operations at December 31, 2015 and 2014 is $0.9 million and $1.3 million , respectively, related to environmental remediation at the Pearland, Texas facility, and $2.3 million and $3.0 million , respectively, relating to estimated product liability obligations of the discontinued North American refuse truck body business. Long-term assets of discontinued operations at December 31, 2015 and 2014 include gross deferred tax assets of $3.5 million and $4.2 million , respectively, offset by a full valuation allowance. These assets primarily relate to Canadian net operating loss carryforwards that were largely generated by the discontinued North American refuse truck body business. These net operating loss carryforwards begin to expire in 2026. As it is currently not considered more likely than not that such deferred tax assets will be realized, a full valuation allowance has been recorded, such that the net deferred tax assets included assets of discontinued operations is zero at December 31, 2015 and 2014 . However, tax planning strategies or acquisitions may result in these assets being realized as part of the Company’s continuing operations in future periods. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In April 2014, the Financial Accounting Standards Board (“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 adopted this guidance on January 1, 2015 and applied it in concluding that the Fire Rescue Group should be presented as a discontinued operation in the 2015 consolidated financial statements. See Note 14 – Discontinued Operations for further discussion. 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 flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The FASB decided to allow either a “full retrospective” adoption, in which the standard is applied to all periods presented in the financial statements, or a “modified retrospective” adoption, in which the guidance is applied retrospectively only to the most current period presented in the financial statements, with the cumulative effect of initially applying the new standard being recognized as an adjustment to the opening balance of retained earnings. As originally proposed, this guidance was effective for annual reporting periods beginning on or after December 15, 2016, including interim periods within that reporting period, and early adoption was not permitted. In July 2015, the FASB voted to approve a one-year deferral of the effective date, to annual reporting periods beginning on or after December 15, 2017, including interim periods within that reporting period. The final ASU 2015-14 also allows companies to adopt the guidance early, but no earlier than the original effective date. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheets as a direct deduction from the carrying amount of the related debt liability. The new requirement is effective for fiscal years beginning on or after December 15, 2015, and for interim periods within those fiscal years. Retrospective presentation is required for all comparable periods presented. The Company does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-15, Interest – Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which presents the SEC staff’s opinion, in response to ASU No. 2015-03, that debt issuance costs associated with line-of-credit arrangements may be deferred, presented as an asset, and subsequently amortized ratably over the respective term, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The effective date of this guidance, and the expected impact upon adoption, is consistent with that discussed above with respect to ASU No. 2015-03. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , requiring that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. 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 permitted. The Company early adopted the ASU for the year ended December 31, 2015 on a retrospective basis. See Note 6 – Income Taxes for more detail. No other new accounting pronouncements issued or effective during 2015 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, 2015 | |
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 exist only within a reporting year. For ease of presentation, 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 2015 , the Company’s interim quarterly periods ended March 28, June 27, September 26 and December 31. In 2014 , the Company’s interim quarterly periods ended March 29, June 28, September 27 and December 31. The following table summarizes the quarterly results of operations, including earnings per share: 2015 (in millions, except per share data) March 31 June 30 (a) September 30 December 31 (b) Net sales $ 196.5 $ 205.4 $ 179.7 $ 186.4 Gross profit 54.9 60.7 54.7 55.3 Income from continuing operations 14.4 18.2 15.8 17.4 Gain (loss) from discontinued operations and disposal, net 0.5 0.1 3.0 (5.9 ) Net income 14.9 18.3 18.8 11.5 Diluted earnings per share: Earnings from continuing operations $ 0.22 $ 0.29 $ 0.25 $ 0.27 Earnings (loss) from discontinued operations 0.01 0.00 0.05 (0.09 ) Net earnings per share $ 0.23 $ 0.29 $ 0.30 $ 0.18 (a) Income from continuing operations includes restructuring charges of $0.4 million . (b) Income from continuing operations includes a $1.4 million net benefit from special tax items, comprised of a $4.2 million net tax benefit associated with tax planning strategies, offset by a $2.4 million adjustment of deferred tax assets and $0.4 million of expense associated with a change in the enacted tax rate in the U.K. Gain (loss) from discontinued operations and disposal, net includes tax expense of $6.3 million associated with recognizing a net deferred tax liability for the outside basis differences of entities being sold as part of the sale of Bronto. 2014 (in millions, except per share data) March 31 June 30 September 30 December 31 (a) Net sales $ 175.7 $ 200.5 $ 193.8 $ 209.1 Gross profit 42.6 54.4 54.1 57.6 Income from continuing operations 7.9 16.9 15.0 19.9 (Loss) gain from discontinued operations and disposal, net (0.5 ) 0.2 0.4 3.9 Net income 7.4 17.1 15.4 23.8 Diluted earnings per share: Earnings from continuing operations $ 0.13 $ 0.27 $ 0.23 $ 0.31 (Loss) earnings from discontinued operations (0.01 ) 0.00 0.01 0.06 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Acquisition of Westech Vac Systems Ltd. On January 5, 2016 , the Company completed the acquisition of 100% of the stock of Westech Vac Systems, Ltd. (“Westech”), a Canadian manufacturer of high-quality, rugged vacuum trucks, from Advance Engineered Products Ltd. for an initial purchase price of C $8.0 million (approximately U.S. $5.8 million ), subject to certain working capital adjustments. At closing, the Company paid an additional C $0.7 million (approximately U.S. $0.5 million ) as a preliminary working capital adjustment. Any additional working capital adjustment is expected to be finalized in the first quarter of 2016. The preliminary purchase price allocation has not been completed at this time, due to the proximity of the date of acquisition to the date of issuance of the consolidated financial statements. The Company expects that Westech will provide an efficient entry into a new line of product offerings and access to new markets. The post-acquisition operating results of Westech are expected to be included within the Environmental Solutions Group. Execution of 2016 Credit Agreement See Note 5 – Debt for discussion of the execution of the 2016 Credit Agreement on January 27, 2016 . Sale of Bronto See Note 14 – Discontinued Operations for discussion of the completion of the sale of Bronto on January 29, 2016 . Execution of Definitive Agreement to Acquire Joe Johnson Equipment (“JJE”) On February 29, 2016 , the Company announced the signing of a definitive agreement to acquire substantially all of the assets and operations of JJE, a Canadian-based distributor of maintenance equipment for municipal and industrial markets, for initial consideration of C $108.0 million (approximately U.S. $79 million ), subject to certain post-closing adjustments. In addition, there is a deferred payment of C $8.0 million and a contingent earn-out payment of up to C $10.0 million . The earn-out payment is contingent upon the achievement of certain financial targets and objectives. The Company anticipates that the transaction will close by the end of the second quarter of 2016. |
SCHEDULE II - Valuation and Qua
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 (in millions) Balance at Beginning of Year Additions Charged to Costs and Expenses Deductions Accounts Written off Net of Recoveries Balance at End of Year Allowance for doubtful accounts: Year Ended December 31, 2015 $ 0.7 $ 0.6 $ (0.5 ) $ 0.8 Year Ended December 31, 2014 1.4 0.3 (1.0 ) 0.7 Year Ended December 31, 2013 1.3 0.2 (0.1 ) 1.4 Income tax valuation allowances: Year Ended December 31, 2015 $ 3.8 $ 2.1 $ — $ 5.9 Year Ended December 31, 2014 9.3 — (5.5 ) 3.8 Year Ended December 31, 2013 131.2 2.5 (124.4 ) 9.3 |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 two major operating segments: Environmental Solutions Group and Safety and Security Systems 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 2015 , 2014 and 2013 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. As discussed in Note 14 – Discontinued Operations, on January 29, 2016, the Company completed the sale of its Bronto Skylift ® business (“Bronto”) that represented its Fire Rescue Group. The consolidated financial statements for all periods presented have been recast to present the operating results of previously divested or exited businesses as discontinued operations, including the Fire Rescue Group. See Note 14 – Discontinued Operations for further details. Certain prior year amounts have been reclassified to conform to the current year presentation. These include adjustments to present the Fire Rescue Group as a discontinued operation and adjustments to reflect the adoption of Accounting Standards Update (“ASU”) No. 2015-17, “ Balance Sheet Classification of Deferred Taxes ” (“ASU 2015-17”), as discussed further in Note 6 – Income Taxes. |
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, 2015, 2014 and 2013 , the Company incurred foreign currency transaction losses, included in other expense, net in the Consolidated Statements of Operations, of $1.5 million , $1.7 million and $0.2 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 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 $12.0 million , $11.4 million and $10.8 million in the years ended December 31, 2015, 2014 and 2013 , 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 $3.1 million and $4.1 million for the years ended December 31, 2015 and 2014 , respectively. 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 G oodwill 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 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 in 2014 or 2013. The Company applies the two-step quantitative test outlined in ASC 350 to each of its reporting units at least once every three years. As such, in 2015, a full valuation was performed for the Company’s reporting units under the two-step test. 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 to our businesses. For these companies, the Company used market values to calculate 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 inputs. The results of these two methods are weighted based upon management’s evaluation of the relevance of the two approaches. Management used a combination of the income and market approaches to determine the fair value of the reporting units in 2015 . The fair value of the reporting units significantly exceeded their carrying value. Relatively small changes in the Company’s key assumptions would not have resulted in any of the reporting units failing the first step of the two-step test. The Company had no goodwill impairments for its continuing operations in 2015 , 2014 or 2013 . 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 increased from 2014 to 2015 . 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, 2015 and 2014 were measured after taking the updated tables into consideration. The estimated impact of adopting these new tables in 2014 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, 2015 and 2014 , deferred revenue associated with extended warranty contracts was $2.6 million and $2.4 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 | Workers’ Compensation and Product Liability Reserves Due to the nature of the Company’s manufacturing and 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, 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. Taxes collected from customers and remitted to governmental authorities are recorded on a net basis and are excluded from revenue. 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 $14.0 million in 2015 , $13.1 million in 2014 and $11.0 million in 2013 , 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 in the aggregate 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, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table summarizes the components of inventories: (in millions) 2015 2014 Raw materials $ 35.3 $ 40.6 Work in process 6.7 9.2 Finished goods 45.2 37.8 Total inventories $ 87.2 $ 87.6 |
Properties And Equipment (Table
Properties And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summarized Properties and Equipment | The following table summarizes the components of properties and equipment, net: (in millions) 2015 2014 Land $ 0.2 $ 0.2 Buildings and improvements 24.7 21.8 Machinery and equipment 130.8 130.9 Total property and equipment, at cost 155.7 152.9 Less: Accumulated depreciation 102.8 100.2 Properties and equipment, net $ 52.9 $ 52.7 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Solutions Safety & Security Systems Total Balance at December 31, 2013 $ 120.4 $ 119.6 $ 240.0 Translation adjustments — (4.8 ) (4.8 ) Balance at December 31, 2014 120.4 114.8 235.2 Translation adjustments — (3.6 ) (3.6 ) Balance at December 31, 2015 $ 120.4 $ 111.2 $ 231.6 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | (in millions) 2015 2014 2013 Credit Agreement: Revolving Credit Facility $ — $ — Term Loan 43.4 49.2 Capital lease obligations 0.7 1.0 Total long-term borrowings and capital lease obligations, including current portion 44.1 50.2 Less: Current maturities — 5.8 Less: Current capital lease obligations 0.4 0.4 Total long-term borrowings and capital lease obligations, net $ 43.7 $ 44.0 |
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: 2015 2014 (in millions) Notional Amount Fair Value Notional Amount Fair Value Long-term debt (a) $ 44.1 $ 44.1 $ 50.2 $ 50.2 (a) Long-term debt includes current portions of long-term debt and current portions of capital lease obligations of $0.4 million and $6.2 million as of December 31, 2015 and 2014 , respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 Current: Federal $ 6.6 $ 3.0 $ — Foreign — 0.3 0.4 State and local 1.8 1.3 0.9 Total current tax expense 8.4 4.6 1.3 Deferred: Federal 25.4 17.8 (112.1 ) Foreign (2.0 ) (3.0 ) 0.9 State and local 2.3 4.3 1.3 Total deferred tax expense (benefit) 25.7 19.1 (109.9 ) Total income tax expense (benefit) $ 34.1 $ 23.7 $ (108.6 ) |
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: 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.3 3.7 3.3 Valuation allowance 1.7 (4.5 ) (279.4 ) Domestic production deduction (2.2 ) (2.1 ) (1.5 ) Tax planning benefits, excluding valuation allowance effects (6.0 ) — — Asset dispositions and write-offs — — (3.3 ) Repatriation effects — — 1.8 Tax reserves 0.2 (1.2 ) — Tax credits 1.9 (0.6 ) (1.8 ) Foreign tax rate effects 0.5 (2.0 ) (2.7 ) Other, net (0.3 ) 0.1 1.2 Effective income tax rate 34.1 % 28.4 % (247.4 )% |
Schedule of Income before Income Tax | The following table summarizes income from continuing operations before taxes: (in millions) 2015 2014 2013 U.S. $ 96.4 $ 78.2 $ 39.2 Non-U.S. 3.5 5.2 4.7 Income from continuing operations before taxes $ 99.9 $ 83.4 $ 43.9 |
Deferred Income Tax Assets and Liabilities | The following table summarizes deferred income tax assets and liabilities: (in millions) 2015 2014 Deferred tax assets: Depreciation and amortization $ 10.9 $ 11.1 Accrued expenses 27.6 28.5 Net operating loss, alternative minimum tax, research and development and foreign tax credit carryforwards 29.1 44.6 Definite lived intangibles 1.4 1.6 Pension benefits 33.5 35.3 Deferred revenue — 0.1 Gross deferred tax assets 102.5 121.2 Valuation allowance (5.9 ) (3.8 ) Total deferred tax assets 96.6 117.4 Deferred tax liabilities: Depreciation and amortization (6.6 ) (5.0 ) Expenses capitalized for book (2.0 ) (1.4 ) Pension benefits (14.7 ) (13.4 ) Indefinite lived intangibles (52.6 ) (52.1 ) Other (0.1 ) (0.1 ) Gross deferred tax liabilities (76.0 ) (72.0 ) Net deferred tax assets $ 20.6 $ 45.4 |
Summary of Activities Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: (in millions) 2015 2014 2013 Balance at January 1 $ 2.0 $ 3.9 $ 4.0 Increases related to current year tax 0.3 0.4 0.5 Increases from prior period positions — 0.3 0.4 Decreases from prior period positions — (0.1 ) (0.2 ) Decreases due to lapse of statute of limitations (0.1 ) (2.4 ) (0.8 ) Foreign currency translation — (0.1 ) — Balance at December 31 $ 2.2 $ 2.0 $ 3.9 |
Pensions (Tables)
Pensions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Plan (in millions) 2015 2014 2013 2015 2014 2013 Company-sponsored plans: Service cost $ — $ — $ — $ 0.2 $ 0.2 $ 0.2 Interest cost 7.6 7.9 7.3 2.1 2.6 2.5 Expected return on plan assets (10.3 ) (9.1 ) (8.8 ) (2.7 ) (3.6 ) (2.6 ) Amortization of actuarial loss 6.8 5.1 7.5 0.7 0.4 0.8 Total company-sponsored plans 4.1 3.9 6.0 0.3 (0.4 ) 0.9 Multi-employer plans 0.2 0.2 0.2 — — — Net periodic pension expense $ 4.3 $ 4.1 $ 6.2 $ 0.3 $ (0.4 ) $ 0.9 |
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 Plan (in millions) 2015 2014 2015 2014 Benefit obligation, beginning of year $ 186.3 $ 159.3 $ 62.7 $ 59.9 Service cost — — 0.2 0.2 Interest cost 7.6 7.9 2.1 2.6 Actuarial (gain) loss (10.0 ) 28.6 (2.5 ) 7.0 Benefits and expenses paid (9.6 ) (9.5 ) (3.5 ) (3.1 ) Foreign currency translation — — (3.3 ) (3.9 ) Benefit obligation, end of year $ 174.3 $ 186.3 $ 55.7 $ 62.7 Accumulated benefit obligation, end of year $ 173.5 $ 184.4 $ 55.7 $ 62.7 |
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 Plan (in millions) 2015 2014 2015 2014 Fair value of plan assets, beginning of year $ 134.0 $ 129.4 $ 59.0 $ 62.4 Actual return on plan assets (3.3 ) 5.9 0.8 2.2 Company contribution 7.0 8.2 1.1 1.2 Benefits and expenses paid (9.6 ) (9.5 ) (3.5 ) (3.1 ) Foreign currency translation — — (3.1 ) (3.7 ) Fair value of plan assets, end of year $ 128.1 $ 134.0 $ 54.3 $ 59.0 |
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 2015 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 6.8 $ — $ — $ 6.8 $ 2.5 $ — $ — $ 2.5 Equity securities: U.S. Large Cap 37.7 0.1 — 37.8 40.1 0.1 — 40.2 U.S. Small and Mid Cap 18.0 — — 18.0 15.9 — — 15.9 Federal Signal common stock — — — — 3.6 — — 3.6 Developed international 12.8 6.9 — 19.7 9.9 4.5 — 14.4 Emerging markets 6.9 — — 6.9 10.7 0.2 — 10.9 Fixed income: Government securities 2.7 0.3 — 3.0 1.1 — — 1.1 Asset-backed securities — 7.7 — 7.7 — 7.1 — 7.1 Corporate bonds — 13.1 — 13.1 — 19.2 — 19.2 Mutual funds 0.7 — — 0.7 1.2 — — 1.2 Other investments: Mutual funds 10.5 — — 10.5 13.9 — — 13.9 Real estate 4.0 — — 4.0 3.7 — — 3.7 Total assets at fair value (a) $ 100.1 $ 28.1 $ — $ 128.2 $ 102.6 $ 31.1 $ — $ 133.7 (a) Total assets at fair value in the table above exclude a net payable of $0.1 million and a net receivable of $0.3 million at December 31, 2015 and 2014 , respectively. Non-U. S. Benefit Plan 2015 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 9.2 $ — $ — $ 9.2 $ 11.5 $ — $ — $ 11.5 Equity securities 5.3 34.8 — 40.1 6.0 35.9 — 41.9 Fixed income: Government securities 2.7 — — 2.7 2.9 — — 2.9 Corporate bonds 1.5 0.8 — 2.3 1.6 1.1 — 2.7 Total assets at fair value $ 18.7 $ 35.6 $ — $ 54.3 $ 22.0 $ 37.0 $ — $ 59.0 |
Funded Status | The following summarizes the funded status of the Company-sponsored plans: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2015 2014 2015 2014 Fair value of plan assets, end of year $ 128.1 $ 134.0 $ 54.3 $ 59.0 Benefit obligation, end of year 174.3 186.3 55.7 62.7 Funded status, end of year $ (46.2 ) $ (52.3 ) $ (1.4 ) $ (3.7 ) |
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 Plan (in millions) 2015 2014 2015 2014 Amounts recognized in Total liabilities include: Long-term pension and other post-retirement benefit liabilities $ (46.2 ) $ (52.3 ) $ (1.4 ) $ (3.7 ) Net liability recorded $ (46.2 ) $ (52.3 ) $ (1.4 ) $ (3.7 ) Amounts recognized in Accumulated other comprehensive loss include: Net actuarial loss $ 78.2 $ 81.4 $ 18.7 $ 21.2 Net amount recognized, pre-tax $ 78.2 $ 81.4 $ 18.7 $ 21.2 |
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 Plan 2016 $ 8.4 $ 3.4 2017 9.0 3.5 2018 9.0 3.6 2019 9.2 3.7 2020 10.5 3.8 2021-2025 54.7 21.0 |
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 Plan 2015 2014 2013 2015 2014 2013 Discount rate 4.2 % 5.1 % 4.2 % 3.5 % 4.5 % 4.1 % Rate of increase in compensation levels 3.5 % 3.5 % 3.5 % — — — Expected long-term rate of return on plan assets 7.8 % 7.6 % 7.9 % 4.7 % 5.9 % 5.1 % |
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 Plan 2015 2014 2015 2014 Discount rate 4.6 % 4.2 % 3.7 % 3.5 % Rate of increase in compensation levels 3.5 % 3.5 % — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 Balance at January 1 $ 7.7 $ 6.6 Provisions to expense 5.9 7.1 Actual costs incurred (6.2 ) (6.0 ) Balance at December 31 $ 7.4 $ 7.7 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | The following table reconciles net income to basic and diluted EPS: (in millions, except per share data) 2015 2014 2013 Income from continuing operations $ 65.8 $ 59.7 $ 152.5 (Loss) gain from discontinued operations and disposal, net of tax (2.3 ) 4.0 7.5 Net income $ 63.5 $ 63.7 $ 160.0 Weighted average shares outstanding — Basic 62.2 62.7 62.6 Dilutive effect of common stock equivalents 1.2 0.9 0.6 Weighted average shares outstanding — Diluted 63.4 63.6 63.2 Basic earnings per share: Earnings from continuing operations $ 1.06 $ 0.95 $ 2.44 (Loss) gain from discontinued operations and disposal, net of tax (0.04 ) 0.06 0.12 Net earnings per share $ 1.02 $ 1.01 $ 2.56 Diluted earnings per share: Earnings from continuing operations $ 1.04 $ 0.94 $ 2.41 (Loss) gain from discontinued operations and disposal, net of tax (0.04 ) 0.06 0.12 Net earnings per share $ 1.00 $ 1.00 $ 2.53 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 2015 2014 2013 Outstanding, at beginning of year 2.0 2.1 2.3 $ 9.28 $ 8.63 $ 8.93 Granted 0.3 0.3 0.5 16.08 14.36 8.50 Exercised (0.1 ) (0.3 ) (0.3 ) 7.34 7.49 7.47 Canceled or expired (0.1 ) (0.1 ) (0.4 ) 14.69 14.33 10.94 Outstanding, at end of year 2.1 2.0 2.1 $ 10.29 $ 9.28 $ 8.63 Exercisable, at end of year 1.4 1.2 1.2 $ 8.47 $ 8.64 $ 9.85 |
Summary of Information Concerning Stock Options Outstanding | The following table summarizes information for stock options outstanding as of December 31, 2015 under all plans: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Life Weighted Average Exercise Price Shares Weighted Average Exercise Price (in millions) (in years) (in millions) $5.01 — $10.00 1.1 6.1 $ 6.73 1.0 $ 6.52 10.01 — 15.00 0.5 6.2 13.11 0.3 12.18 15.01 — 20.00 0.5 7.0 16.22 0.1 16.60 2.1 6.3 $ 10.29 1.4 $ 8.47 |
Summary of Restricted Stock Grants | The following table summarizes restricted stock activity for the year ended December 31, 2015 : Number of Restricted Shares Weighted Average Price per Share (in millions) Outstanding and non-vested, at December 31, 2014 0.3 $ 8.63 Granted 0.1 16.18 Vested (0.2 ) 8.35 Forfeited — 11.66 Outstanding and non-vested, at December 31, 2015 0.2 $ 12.70 |
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: 2015 2014 2013 Dividend yield 1.5 % 0.8 % — % Expected volatility 46 % 57 % 59 % Risk free interest rate 1.5 % 1.9 % 1.0 % Weighted average expected option life in years 5.7 5.8 5.8 |
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, 2015 : Number of PSUs Weighted Average Price per Share (in millions) Outstanding and non-vested, at December 31, 2014 0.4 $ 10.89 Granted (a) 0.4 11.62 Vested (0.5 ) 8.66 Forfeited — 11.26 Outstanding and non-vested, at December 31, 2015 0.3 $ 15.28 (a) Includes 0.2 million PSUs, representing the effect of the PSUs granted in 2013 being earned at 200% of target. The PSUs granted in 2013 vested on December 31, 2015. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Currency Translation Unrealized Gain (Loss) on Derivatives Total Balance at January 1, 2015 $ (79.8 ) $ 0.2 $ 0.1 $ (79.5 ) Other comprehensive loss before reclassifications (0.6 ) (13.5 ) — (14.1 ) Amounts reclassified from accumulated other comprehensive loss 4.8 — — 4.8 Net current-period other comprehensive income (loss) 4.2 (13.5 ) — (9.3 ) Balance at December 31, 2015 $ (75.6 ) $ (13.3 ) $ 0.1 $ (88.8 ) (in millions) (a) Actuarial Losses Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Total Balance at January 1, 2014 $ (58.1 ) $ 16.0 $ 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 ) (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 2015 2014 (in millions) (a) Amortization of actuarial losses of defined benefit pension plans $ (7.5 ) $ (5.5 ) (b) Amortization of actuarial gains of retiree medical plans 0.1 0.2 SEG&A expenses Total before tax (7.4 ) (5.3 ) Income tax benefit 2.6 2.4 Income tax (expense) benefit Total reclassifications for the period, net of tax $ (4.8 ) $ (2.9 ) (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, 2015 | |
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) 2015 2014 2013 Net sales: Environmental Solutions $ 534.1 $ 536.6 $ 474.0 Safety and Security Systems 233.9 242.5 238.9 Total net sales $ 768.0 $ 779.1 $ 712.9 Operating income: Environmental Solutions $ 96.9 $ 81.9 $ 58.2 Safety and Security Systems 32.3 32.1 26.1 Corporate and eliminations (26.0 ) (25.3 ) (22.7 ) Total operating income 103.2 88.7 61.6 Interest expense 2.3 3.6 8.9 Debt settlement charges — — 8.7 Other expense, net 1.0 1.7 0.1 Income before income taxes $ 99.9 $ 83.4 $ 43.9 (in millions) 2015 2014 2013 Depreciation and amortization: Environmental Solutions $ 7.3 $ 6.8 $ 6.1 Safety and Security Systems 4.8 4.5 4.2 Corporate 0.2 0.2 0.7 Total depreciation and amortization $ 12.3 $ 11.5 $ 11.0 (in millions) 2015 2014 2013 Total assets: Environmental Solutions $ 250.6 $ 254.2 $ 236.0 Safety and Security Systems 209.6 208.3 213.4 Corporate and eliminations 99.2 69.0 73.6 Total assets of continuing operations 559.4 531.5 523.0 Total assets of discontinued operations 107.1 127.2 121.8 Total assets $ 666.5 $ 658.7 $ 644.8 (in millions) 2015 2014 2013 Capital expenditures: Environmental Solutions $ 4.5 $ 6.2 $ 4.5 Safety and Security Systems 3.9 6.3 5.4 Corporate 1.2 1.2 1.7 Total capital expenditures $ 9.6 $ 13.7 $ 11.6 |
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) 2015 2014 2013 Net sales: U.S. $ 576.8 $ 580.6 $ 537.1 Europe/Other 115.3 131.4 119.3 Canada 75.9 67.1 56.5 Total net sales $ 768.0 $ 779.1 $ 712.9 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the operating results of the Company’s discontinued Fire Rescue Group for each of the three years in the period ended December 31, 2015 : (in millions) 2015 2014 2013 Net sales $ 100.0 $ 139.4 $ 138.4 Cost of sales 80.8 114.8 109.3 Gross profit 19.2 24.6 29.1 Selling, engineering, general and administrative expenses 17.1 20.7 20.1 Restructuring 0.8 — — Operating income 1.3 3.9 9.0 Interest expense (income), net — 0.2 (0.1 ) Other expense (income), net (0.2 ) (0.2 ) — Income before income taxes 1.5 3.9 9.1 Income tax expense 0.3 0.6 1.4 Net income from operations $ 1.2 $ 3.3 $ 7.7 The following table presents the assets and liabilities of the Company’s discontinued operations, which include the Fire Rescue Group, as well as other operations discontinued in prior periods, as of December 31, 2015 and 2014 : 2015 2014 (in millions) Fire Rescue Other Total Fire Rescue Other Total Cash and cash equivalents $ 5.0 $ — $ 5.0 $ 6.3 $ — $ 6.3 Accounts receivable, net 15.5 — 15.5 34.0 — 34.0 Inventories 40.4 — 40.4 33.4 — 33.4 Prepaid expenses 2.7 — 2.7 2.4 — 2.4 Other current assets 0.2 — 0.2 — 0.1 0.1 Current assets of discontinued operations $ 63.8 $ — $ 63.8 $ 76.1 $ 0.1 $ 76.2 Properties and equipment, net $ 13.4 $ — $ 13.4 $ 16.8 $ — $ 16.8 Goodwill 28.3 — 28.3 31.1 — 31.1 Deferred tax assets — 1.6 1.6 — 3.1 3.1 Long-term assets of discontinued operations $ 41.7 $ 1.6 $ 43.3 $ 47.9 $ 3.1 $ 51.0 Accounts payable $ 7.3 $ — $ 7.3 $ 9.0 $ — $ 9.0 Customer deposits 10.6 — 10.6 7.1 — 7.1 Accrued liabilities: Compensation and withholding taxes 4.3 — 4.3 5.6 — 5.6 Other current liabilities 4.0 2.4 6.4 9.5 1.7 11.2 Current liabilities of discontinued operations $ 26.2 $ 2.4 $ 28.6 $ 31.2 $ 1.7 $ 32.9 Long-term pension and other post-retirement benefit liabilities $ 0.7 $ — $ 0.7 $ 0.9 $ — $ 0.9 Other long-term liabilities 5.5 9.1 14.6 4.9 5.0 9.9 Long-term liabilities of discontinued operations $ 6.2 $ 9.1 $ 15.3 $ 5.8 $ 5.0 $ 10.8 |
Selected Quarterly Data (Tables
Selected Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following table summarizes the quarterly results of operations, including earnings per share: 2015 (in millions, except per share data) March 31 June 30 (a) September 30 December 31 (b) Net sales $ 196.5 $ 205.4 $ 179.7 $ 186.4 Gross profit 54.9 60.7 54.7 55.3 Income from continuing operations 14.4 18.2 15.8 17.4 Gain (loss) from discontinued operations and disposal, net 0.5 0.1 3.0 (5.9 ) Net income 14.9 18.3 18.8 11.5 Diluted earnings per share: Earnings from continuing operations $ 0.22 $ 0.29 $ 0.25 $ 0.27 Earnings (loss) from discontinued operations 0.01 0.00 0.05 (0.09 ) Net earnings per share $ 0.23 $ 0.29 $ 0.30 $ 0.18 (a) Income from continuing operations includes restructuring charges of $0.4 million . (b) Income from continuing operations includes a $1.4 million net benefit from special tax items, comprised of a $4.2 million net tax benefit associated with tax planning strategies, offset by a $2.4 million adjustment of deferred tax assets and $0.4 million of expense associated with a change in the enacted tax rate in the U.K. Gain (loss) from discontinued operations and disposal, net includes tax expense of $6.3 million associated with recognizing a net deferred tax liability for the outside basis differences of entities being sold as part of the sale of Bronto. 2014 (in millions, except per share data) March 31 June 30 September 30 December 31 (a) Net sales $ 175.7 $ 200.5 $ 193.8 $ 209.1 Gross profit 42.6 54.4 54.1 57.6 Income from continuing operations 7.9 16.9 15.0 19.9 (Loss) gain from discontinued operations and disposal, net (0.5 ) 0.2 0.4 3.9 Net income 7.4 17.1 15.4 23.8 Diluted earnings per share: Earnings from continuing operations $ 0.13 $ 0.27 $ 0.23 $ 0.31 (Loss) earnings from discontinued operations (0.01 ) 0.00 0.01 0.06 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. |
Significant Accounting Polici43
Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Significant Of Accounting Policies [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Foreign currency translation losses | $ 1.5 | $ 1.7 | $ 0.2 |
Depreciation | 12 | 11.4 | 10.8 |
Property, plant and equipment, transfers | 3.1 | 4.1 | |
Deferred revenue | 2.6 | 2.4 | |
Selling, General and Administrative Expenses | |||
Significant Of Accounting Policies [Line Items] | |||
Research and development expenses | $ 14 | $ 13.1 | $ 11 |
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 ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 35.3 | $ 40.6 |
Work in process | 6.7 | 9.2 |
Finished goods | 45.2 | 37.8 |
Total inventories | $ 87.2 | $ 87.6 |
Summary of Properties and Equip
Summary of Properties and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 0.2 | $ 0.2 |
Buildings and improvements | 24.7 | 21.8 |
Machinery and equipment | 130.8 | 130.9 |
Total property and equipment, at cost | 155.7 | 152.9 |
Less: Accumulated depreciation | 102.8 | 100.2 |
Properties and equipment, net | $ 52.9 | $ 52.7 |
Properties and Equipment - Addi
Properties and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2008 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Net proceeds received from sale-leaseback transactions | $ 35.8 | |||
Deferred gain on sale-leaseback transactions | $ 29 | $ 14.5 | $ 16.5 | |
Lease period for sale-leaseback transactions | 15 years | |||
Rental expense | 7.2 | 6.6 | $ 7 | |
Minimum future rental commitments | 43.3 | |||
Minimum future rental commitments, year one | 7.6 | |||
Minimum future rental commitments, year two | 7 | |||
Minimum future rental commitments, year three | 6 | |||
Minimum future rental commitments, year four | 5.5 | |||
Minimum future rental commitments, year five | 4.9 | |||
Minimum future rental commitments, thereafter | 12.3 | |||
Other Current Liabilities [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Deferred gain on sale-leaseback transactions | $ 1.9 | $ 1.9 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill and Trade Names (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | $ 235.2 | $ 240 |
Translation adjustments | (3.6) | (4.8) |
Goodwill Ending balance | 231.6 | 235.2 |
Environmental Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 120.4 | 120.4 |
Translation adjustments | 0 | 0 |
Goodwill Ending balance | 120.4 | 120.4 |
Safety & Security Systems | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 114.8 | 119.6 |
Translation adjustments | (3.6) | (4.8) |
Goodwill Ending balance | $ 111.2 | $ 114.8 |
Long-Term Borrowings (Detail)
Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 13, 2013 |
Debt Instrument [Line Items] | |||
Total long-term borrowings and capital lease obligations | $ 44.1 | $ 50.2 | |
Less: Current maturities | 0 | 5.8 | |
Less: Current capital lease obligations | 0.4 | 0.4 | |
Total long-term borrowings and capital lease obligations, net | 43.7 | 44 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Total long-term borrowings and capital lease obligations | 0 | 0 | |
Less: Current maturities | $ 6.9 | ||
Term Loan | |||
Debt Instrument [Line Items] | |||
Total long-term borrowings and capital lease obligations | 43.4 | 49.2 | |
Capital Lease Obligations | |||
Debt Instrument [Line Items] | |||
Total long-term borrowings and capital lease obligations | $ 0.7 | $ 1 |
Summary of Carrying Amount and
Summary of Carrying Amount and Fair Value of Financial Instruments (Detail) - Long-term Debt - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Notional Amount | $ 44.1 | $ 50.2 |
Fair Value | $ 44.1 | $ 50.2 |
Summary of Carrying Amount an50
Summary of Carrying Amount and Fair Value of Financial Instruments (Phantoms) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Long term debt and capital lease obligations | $ 0.4 | $ 6.2 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jan. 27, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 27, 2016CAD | Jan. 27, 2016EUR (€) | Jan. 27, 2016USD ($) | Mar. 13, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Secured credit facility | $ 225,000,000 | |||||||||||
Less: Current maturities | $ 0 | $ 0 | $ 5,800,000 | |||||||||
Line of credit facility, amount outstanding | 0 | 0 | ||||||||||
Early repayment penalty | $ 4,200,000 | |||||||||||
Remaining borrowing capacity | $ 19,200,000 | 19,200,000 | ||||||||||
Interest paid | $ 1,900,000 | 3,000,000 | $ 9,400,000 | |||||||||
Weighted average interest rate on short-term borrowings | 2.40% | 2.40% | ||||||||||
Line Of Credit Facility Covenant Terms Leverage Ratio Maximum | 3.25 | 3.25 | ||||||||||
Debt agreement termination costs | 8,700,000 | |||||||||||
Debtor Reorganization Items, Write-off of Deferred Financing Costs and Debt Discounts | $ 4,500,000 | |||||||||||
Debt Issuance Cost | $ 1,900,000 | |||||||||||
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 | $ 10,000,000 | $ 10,000,000 | ||||||||||
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 | Term Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturities payment, 2014 | 400,000 | $ 400,000 | ||||||||||
Maturities payment, 2015 | 300,000 | 300,000 | ||||||||||
Maturities payment, 2016 | 0 | 0 | ||||||||||
Maturities payment, 2017 | 0 | $ 0 | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured credit facility | 150,000,000 | |||||||||||
Less: Current maturities | $ 6,900,000 | |||||||||||
Expiration Period | 5 years | |||||||||||
Remaining borrowing capacity | 130,800,000 | $ 130,800,000 | ||||||||||
Senior Secured Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Expiration Period | 5 years | |||||||||||
Domestic Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, amount outstanding | $ 0 | $ 0 | 6,500,000 | 123,700,000 | ||||||||
Repayments of lines of credit | $ 26,500,000 | $ 106,200,000 | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ABL Facility | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base rate borrowings margin ranges | 2.00% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ABL Facility | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base rate borrowings margin ranges | 3.00% | |||||||||||
Base Rate [Member] | ABL Facility | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base rate borrowings margin ranges | 1.00% | |||||||||||
Base Rate [Member] | ABL Facility | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base rate borrowings margin ranges | 2.00% | |||||||||||
Subsequent Event [Member] | Letter of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured credit facility | $ 50,000,000 | |||||||||||
Guaranteed percentage of outstanding voting capital stock (percent) | 65.00% | |||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured credit facility | CAD 85,000,000 | € 20,000,000 | 325,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Available Increament | $ 75,000,000 | |||||||||||
Repayments of Debt | $ 43,400,000 | |||||||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 30,000,000 | |||||||||||
Debt Issuance Cost | $ 1,000,000 | |||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||||||
Credit Facility, Covenants, Permitted Dividend Payments | $ 30,000,000 | |||||||||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base rate borrowings margin ranges | 1.00% | |||||||||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base rate borrowings margin ranges | 2.25% | |||||||||||
Subsequent Event [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line Of Credit Facility Covenant Terms Leverage Ratio Maximum | 2.5 | 2.5 | 2.5 | |||||||||
Subsequent Event [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base rate borrowings margin ranges | 0.00% | |||||||||||
Subsequent Event [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base rate borrowings margin ranges | 1.25% |
Components of Provision (Benefi
Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||
Federal | $ 6.6 | $ 3 | $ 0 | ||
Foreign | 0 | 0.3 | 0.4 | ||
State and local | 1.8 | 1.3 | 0.9 | ||
Current, Total | 8.4 | 4.6 | 1.3 | ||
Deferred: | |||||
Federal | 25.4 | 17.8 | (112.1) | ||
Foreign | (2) | (3) | 0.9 | ||
State and local | 2.3 | 4.3 | 1.3 | ||
Deferred, Total | 25.7 | 19.1 | (109.9) | ||
Total income tax provision | $ (1.4) | $ (3.5) | $ 34.1 | $ 23.7 | $ (108.6) |
Differences between Statutory F
Differences between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 3.30% | 3.70% | 3.30% |
Valuation allowance | 1.70% | (4.50%) | (279.40%) |
Domestic production deduction | (2.20%) | (2.10%) | (1.50%) |
Tax planning benefits, excluding valuation allowance effects | (6.00%) | 0.00% | 0.00% |
Asset dispositions and write-offs | 0.00% | 0.00% | (3.30%) |
Repatriation effects | 0.00% | 0.00% | 1.80% |
Tax reserves | 0.20% | (1.20%) | 0.00% |
Tax credits | 1.90% | (0.60%) | (1.80%) |
Foreign tax rate effects | 0.50% | (2.00%) | (2.70%) |
Other, net | (0.30%) | 0.10% | 1.20% |
Effective income tax rate | 34.10% | 28.40% | (247.40%) |
Income (Loss) from Continuing O
Income (Loss) from Continuing Operations before Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 96.4 | $ 78.2 | $ 39.2 |
Non-U.S. | 3.5 | 5.2 | 4.7 |
Income before income taxes | $ 99.9 | $ 83.4 | $ 43.9 |
Deferred Income Tax Assets and
Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2013 |
Deferred tax assets: | |||
Depreciation and amortization | $ 10.9 | $ 11.1 | |
Accrued expenses | 27.6 | 28.5 | |
Net operating loss, capital loss, alternative minimum tax, research and development, and foreign tax credit carryforwards | 29.1 | 44.6 | |
Definite lived intangibles | 1.4 | 1.6 | |
Pension benefits | 33.5 | 35.3 | |
Deferred revenue | 0 | 0.1 | |
Gross deferred tax assets | 102.5 | 121.2 | |
Valuation allowance | (5.9) | (3.8) | $ (10.4) |
Total deferred tax assets | 96.6 | 117.4 | |
Deferred tax liabilities: | |||
Depreciation and amortization | (6.6) | (5) | |
Expenses capitalized for book | (2) | (1.4) | |
Pension benefits | (14.7) | (13.4) | |
Intangibles liabilities | (52.6) | (52.1) | |
Deferred Tax Liabilities, Other | (0.1) | (0.1) | |
Gross deferred tax liabilities | (76) | (72) | |
Net deferred tax assets | $ 20.6 | $ 45.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Income Tax [Line Items] | ||||||||
Accumulated undistributed earnings of certain foreign subsidiaries | $ 28 | $ 25.2 | $ 28 | $ 25.2 | ||||
Deferred tax asset, federal net operating loss carryforwards | 4 | 5.1 | 4 | 5.1 | ||||
Deferred tax asset, state net operating loss carryforwards | 6.8 | 5.7 | 6.8 | 5.7 | ||||
Deferred tax asset, foreign net operating loss carryforwards | 5.2 | 3 | 5.2 | 3 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Motor Vehicle Credits | 0.2 | 0.2 | ||||||
Deferred tax asset, U.S. research tax credit carryforwards | 1.5 | 5 | 1.5 | 5 | ||||
Deferred tax asset, U.S. foreign tax credits carryforwards | 8.3 | 22.3 | 8.3 | 22.3 | ||||
Deferred tax asset, U.S. alternative minimum tax credits carryforwards | 3.3 | 3.3 | 3.3 | 3.3 | ||||
Deferred tax asset, valuation allowance | 5.9 | 3.8 | 5.9 | 3.8 | $ 10.4 | |||
Total deferred tax assets | 96.6 | 117.4 | 96.6 | 117.4 | ||||
Income taxes paid | 9.6 | 7.2 | $ 1.3 | |||||
Unrecognized tax benefits | 2.2 | 2 | 2.2 | 2 | 3.9 | $ 4 | ||
Unrecognized tax benefits that, interests | 0.8 | 0.8 | 0.8 | 0.8 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2.5 | 2.5 | 2.5 | 2.5 | ||||
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) | (1.4) | (3.5) | $ 34.1 | $ 23.7 | $ (108.6) | |||
Effective Income Tax Rate Reconciliation, Percent | 34.10% | 28.40% | (247.40%) | |||||
Benefit associated with tax planning strategy | 4.2 | $ 4.2 | ||||||
Adjustment of deferred tax assets | $ 2.4 | 2.4 | ||||||
Unrecognized tax benefits, period increase (decrease) | (1) | |||||||
Change in enacted tax rate | $ 0.4 | |||||||
Research Tax Credit Carryforward | ||||||||
Income Tax [Line Items] | ||||||||
Deferred tax asset, tax credit carryforwards expiration year | 2,019 | |||||||
Internal Revenue Service (IRS) | ||||||||
Income Tax [Line Items] | ||||||||
Deferred tax asset, net operating loss carryforwards expiration year | 2,027 | |||||||
State and Local Jurisdiction | ||||||||
Income Tax [Line Items] | ||||||||
Deferred tax asset, net operating loss carryforwards expiration year | 2,016 | |||||||
Foreign Tax Authority | ||||||||
Income Tax [Line Items] | ||||||||
Deferred tax asset, tax credit carryforwards expiration year | 2,021 | |||||||
Current Deferred Tax Assets [Member] | ||||||||
Income Tax [Line Items] | ||||||||
Unrecognized tax benefits, period increase (decrease) | $ (0.5) | $ (0.3) | ||||||
Impact of Adoption | ||||||||
Income Tax [Line Items] | ||||||||
Deferred tax assets | $ (18.8) | $ (18.8) |
Classification of Net Deferred
Classification of Net Deferred Tax Assets in Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | |||
Total current assets | $ 315.1 | $ 270.7 | |
Deferred tax assets | 20.1 | 45.1 | |
Total assets | $ 666.5 | 658.7 | $ 644.8 |
Impact of Adoption | |||
Income Tax Contingency [Line Items] | |||
Deferred tax assets (current) | $ (18.8) |
Summary of Activities Related t
Summary of Activities Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 2 | $ 3.9 | $ 4 |
Increases related to current year tax | 0.3 | 0.4 | 0.5 |
Increases from prior period positions | 0 | 0.3 | 0.4 |
Decreases from prior period positions | 0 | (0.1) | (0.2) |
Decreases due to lapse of statute of limitations | (0.1) | (2.4) | (0.8) |
Foreign currency translation | 0 | (0.1) | 0 |
Ending Balance | $ 2.2 | $ 2 | $ 3.9 |
Pensions (Detail)
Pensions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 7.6 | 7.9 | 7.3 |
Expected return on plan assets | (10.3) | (9.1) | (8.8) |
Amortization of actuarial loss | 6.8 | 5.1 | 7.5 |
Total company-sponsored plans | 4.1 | 3.9 | 6 |
Multi-employer plans | 0.2 | 0.2 | 0.2 |
Net periodic pension expense | 4.3 | 4.1 | 6.2 |
Non-U.S. Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 2.1 | 2.6 | 2.5 |
Expected return on plan assets | (2.7) | (3.6) | (2.6) |
Amortization of actuarial loss | 0.7 | 0.4 | 0.8 |
Total company-sponsored plans | 0.3 | (0.4) | 0.9 |
Multi-employer plans | 0 | 0 | 0 |
Net periodic pension expense | $ 0.3 | $ (0.4) | $ 0.9 |
Pensions - Additional Informati
Pensions - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to certain multiemployer pension plans | $ 0.2 | $ 0.2 | $ 0.2 |
Purchases of common stock | 10.6 | 10.3 | 0 |
Amortization of actuarial loss | 6.2 | ||
Cost of defined contribution pension plans | 7.5 | 7.1 | 7 |
Cash dividends paid to stockholders | $ 15.6 | 5.6 | $ 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 | ||
Equity securities, common stock | $ 3.6 | ||
U.S. Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average target return of pension plans | 7.80% | 7.60% | 7.90% |
Purchases of common stock | $ 3.6 | ||
Funded status | 46.2 | $ 52.3 | |
Expected contribution to defined benefit plan | 4.8 | ||
Accumulated postretirement benefit liabilities | 173.5 | $ 184.4 | |
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] | |||
Weighted-average target return of pension plans | 4.70% | 5.90% | 5.10% |
Funded status | $ 1.4 | $ 3.7 | |
Expected contribution to defined benefit plan | 1.5 | ||
Accumulated postretirement benefit liabilities | $ 55.7 | $ 62.7 | |
Non-U.S. Benefit Plan | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 50.00% | ||
Maximum target allocation | 75.00% | ||
Non-U.S. Benefit Plan | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 25.00% | ||
Maximum target allocation | 50.00% |
Summary of Weighted Average Ass
Summary of Weighted Average Assumptions Used in Determining Pension Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | 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% | 4.20% |
Rate of increase in compensation levels | 3.50% | 3.50% | 3.50% |
Expected long term rate of return on plan assets | 7.80% | 7.60% | 7.90% |
Non-U.S. Benefit Plan | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate | 3.50% | 4.50% | 4.10% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Expected long term rate of return on plan assets | 4.70% | 5.90% | 5.10% |
Summary of Changes in Projected
Summary of Changes in Projected Benefit Obligation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Benefit Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 186.3 | $ 159.3 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 7.6 | 7.9 | 7.3 |
Actuarial (gain) loss | (10) | 28.6 | |
Benefits and expenses paid | (9.6) | (9.5) | |
Foreign currency translation | 0 | 0 | |
Benefit obligation, end of year | 174.3 | 186.3 | 159.3 |
Accumulated benefit obligation, end of year | 173.5 | 184.4 | |
Non-U.S. Benefit Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 62.7 | 59.9 | |
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 2.1 | 2.6 | 2.5 |
Actuarial (gain) loss | (2.5) | 7 | |
Benefits and expenses paid | (3.5) | (3.1) | |
Foreign currency translation | (3.3) | (3.9) | |
Benefit obligation, end of year | 55.7 | 62.7 | $ 59.9 |
Accumulated benefit obligation, end of year | $ 55.7 | $ 62.7 |
Summary of Weighted-Average Ass
Summary of Weighted-Average Assumptions Used in Determining Benefit Obligations (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Benefit Plans | ||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | ||
Discount rate | 4.60% | 4.20% |
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 | 3.70% | 3.50% |
Summary of Change in Plan Asset
Summary of Change in Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Benefit Plans | ||
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | $ 134 | $ 129.4 |
Actual return on plan assets | (3.3) | 5.9 |
Company contribution | 7 | 8.2 |
Benefits and expenses paid | (9.6) | (9.5) |
Translation and other | 0 | 0 |
Fair value of plan assets, end of year | 128.1 | 134 |
Non-U.S. Benefit Plan | ||
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | 59 | 62.4 |
Actual return on plan assets | 0.8 | 2.2 |
Company contribution | 1.1 | 1.2 |
Benefits and expenses paid | (3.5) | (3.1) |
Translation and other | (3.1) | (3.7) |
Fair value of plan assets, end of year | $ 54.3 | $ 59 |
Summary of Pension Assets in Th
Summary of Pension Assets in Three Tier Fair Value Hierarchy for Benefit Plan (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Receivables | $ 100,000 | $ 300,000 | ||
U.S. Benefit Plans | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 128,100,000 | 134,000,000 | $ 129,400,000 | |
U.S. Benefit Plans | Total | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | [1] | 128,200,000 | 133,700,000 | |
U.S. Benefit Plans | Total | Cash and Cash Equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 6,800,000 | 2,500,000 | ||
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 | 37,800,000 | 40,200,000 | ||
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 | 18,000,000 | 15,900,000 | ||
U.S. Benefit Plans | Total | Federal Signal common stock | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 3,600,000 | ||
U.S. Benefit Plans | Total | Developed International | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 19,700,000 | 14,400,000 | ||
U.S. Benefit Plans | Total | Equity Securities Emerging Markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 6,900,000 | 10,900,000 | ||
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 | 3,000,000 | 1,100,000 | ||
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 | 7,700,000 | 7,100,000 | ||
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 | 13,100,000 | 19,200,000 | ||
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 | 700,000 | 1,200,000 | ||
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 | 10,500,000 | 13,900,000 | ||
U.S. Benefit Plans | Total | Real Estate [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,000,000 | 3,700,000 | ||
U.S. Benefit Plans | Level 1 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 100,100,000 | 102,600,000 | ||
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 | 6,800,000 | 2,500,000 | ||
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 | 37,700,000 | 40,100,000 | ||
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 | 18,000,000 | 15,900,000 | ||
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 | 0 | 3,600,000 | ||
U.S. Benefit Plans | Level 1 | Developed International | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 12,800,000 | 9,900,000 | ||
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 | 6,900,000 | 10,700,000 | ||
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 | 2,700,000 | 1,100,000 | ||
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 | 700,000 | 1,200,000 | ||
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 | 10,500,000 | 13,900,000 | ||
U.S. Benefit Plans | Level 1 | Real Estate [Member] | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,000,000 | 3,700,000 | ||
U.S. Benefit Plans | Level 2 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 28,100,000 | 31,100,000 | ||
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 | 100,000 | ||
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 | 6,900,000 | 4,500,000 | ||
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 | 0 | 200,000 | ||
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 | 300,000 | 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 | 7,700,000 | 7,100,000 | ||
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 | 13,100,000 | 19,200,000 | ||
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 | ||
Non-U.S. Benefit Plan | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 54,300,000 | 59,000,000 | $ 62,400,000 | |
Non-U.S. Benefit Plan | Total | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 54,300,000 | 59,000,000 | ||
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 | 9,200,000 | 11,500,000 | ||
Non-U.S. Benefit Plan | Total | Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 40,100,000 | 41,900,000 | ||
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 | 2,700,000 | 2,900,000 | ||
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 | 2,300,000 | 2,700,000 | ||
Non-U.S. Benefit Plan | Level 1 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 18,700,000 | 22,000,000 | ||
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 | 9,200,000 | 11,500,000 | ||
Non-U.S. Benefit Plan | Level 1 | Equity Securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 5,300,000 | 6,000,000 | ||
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 | 2,700,000 | 2,900,000 | ||
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 | 1,500,000 | 1,600,000 | ||
Non-U.S. Benefit Plan | Level 2 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 35,600,000 | 37,000,000 | ||
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 | 34,800,000 | 35,900,000 | ||
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 | 800,000 | 1,100,000 | ||
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 | ||
[1] | Total assets at fair value in the table above exclude a net payable of $0.1 million |
Funded Status (Detail)
Funded Status (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Benefit Plans | |||
Funded status, end of year | |||
Fair value of plan assets | $ 128.1 | $ 134 | $ 129.4 |
Benefit obligations | 174.3 | 186.3 | 159.3 |
Funded status | (46.2) | (52.3) | |
Non-U.S. Benefit Plan | |||
Funded status, end of year | |||
Fair value of plan assets | 54.3 | 59 | 62.4 |
Benefit obligations | 55.7 | 62.7 | $ 59.9 |
Funded status | $ (1.4) | $ (3.7) |
Components of Amounts Recognize
Components of Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Benefit Plans | ||
Amounts recognized in the Balance Sheet consist of | ||
Long-term pension and other post-retirement benefit liabilities | $ (46.2) | $ (52.3) |
Net liability recorded | (46.2) | (52.3) |
Non-U.S. Benefit Plan | ||
Amounts recognized in the Balance Sheet consist of | ||
Long-term pension and other post-retirement benefit liabilities | (1.4) | (3.7) |
Net liability recorded | $ (1.4) | $ (3.7) |
Components of Amounts Recogni68
Components of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Benefit Plans | ||
Amounts recognized in Accumulated Other Comprehensive Income consist of | ||
Net actuarial loss | $ 78.2 | $ 81.4 |
Net amount recognized, pre-tax | 78.2 | 81.4 |
Non-U.S. Benefit Plan | ||
Amounts recognized in Accumulated Other Comprehensive Income consist of | ||
Net actuarial loss | 18.7 | 21.2 |
Net amount recognized, pre-tax | $ 18.7 | $ 21.2 |
Benefits Expected to be Paid un
Benefits Expected to be Paid under Defined Benefit Plans (Detail) $ in Millions | Dec. 31, 2015USD ($) |
U.S. Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | $ 8.4 |
2,017 | 9 |
2,018 | 9 |
2,019 | 9.2 |
2,020 | 10.5 |
2021-2025 | 54.7 |
Non-U.S. Benefit Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 3.4 |
2,017 | 3.5 |
2,018 | 3.6 |
2,019 | 3.7 |
2,020 | 3.8 |
2021-2025 | $ 21 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Case | Dec. 31, 2014USD ($) | |
Commitments Disclosure [Line Items] | ||
Number of additional cases filed | Case | 23 | |
Amount outstanding standby letters of credit | $ 22.2 | |
Provisions to expense | 5.9 | $ 7.1 |
Reserves related to environmental remediation | $ 0.9 | 1.3 |
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 | $ 1.1 | $ 1.3 |
Guarantee and Repurchase Obligation | ||
Commitments Disclosure [Line Items] | ||
Potential cash payment Company may be liable for | $ 11.7 |
Changes in Company's Warranty L
Changes in Company's Warranty Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning Balance | $ 7.7 | $ 6.6 |
Provisions to expense | 5.9 | 7.1 |
Actual costs incurred | (6.2) | (6) |
Ending Balance | $ 7.4 | $ 7.7 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Apr. 24, 2015Case | Jun. 14, 2013case | Jan. 31, 2016PlaintiffCase | Nov. 30, 2015Plaintiff | Feb. 28, 2015Case | Jan. 31, 2015Case | Feb. 28, 2014Plaintiff | Jun. 08, 2012Plaintiff | Nov. 30, 2011Plaintiff | Dec. 31, 2015USD ($)PlaintiffcaseCase | Jul. 31, 2013Plaintiff | Dec. 31, 2015USD ($)PlaintiffcaseCase | Dec. 31, 2015USD ($)PlaintiffcaseCase | Dec. 31, 2015USD ($)PlaintiffcaseCase | Dec. 31, 2015USD ($)PlaintiffcaseCase | Dec. 31, 2015USD ($)plaintiffPlaintiffcaseCase | Dec. 31, 2015USD ($)PlaintiffcaseCase | Dec. 31, 2015USD ($)PlaintiffcaseCase | Dec. 31, 2014USD ($)Plaintiff | Dec. 31, 2013USD ($) | Apr. 22, 2011USD ($)Plaintiff | Dec. 31, 2010 | Dec. 31, 2010plaintiff | Dec. 31, 2010Plaintiff | Dec. 31, 2009PlaintiffCase | Apr. 29, 2011 | Jan. 04, 2011Plaintiff |
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of additional cases filed | Case | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | |||||||||||||||||||
Number of plaintiffs | Case | 210 | ||||||||||||||||||||||||||
Number of plaintiffs cases dismissed | 2 | ||||||||||||||||||||||||||
Reimbursement | $ | $ 300,000 | $ 300,000 | $ 500,000 | ||||||||||||||||||||||||
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 | $ 80,000 | $ 80,000 | $ 80,000 | 80,000 | $ 80,000 | $ 80,000 | $ 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 | Case | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | |||||||||||||||||||
Number of plaintiffs | 2,443 | ||||||||||||||||||||||||||
2009 | Circuit Court Of Cook County | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of additional cases filed | Case | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 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 | Case | 71 | 71 | 71 | 71 | 71 | 71 | 71 | 71 | |||||||||||||||||||
Number of plaintiffs | 71 | ||||||||||||||||||||||||||
Loss Contingency, Claims Dismissed, Number | Case | 3 | ||||||||||||||||||||||||||
Loss Contingency, Claims Settled and Dismissed, Number | Case | 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 | 3 | 8 | 1,800 | ||||||||||||||||||||||||
Chicago Firefighter Plaintiffs | 2009 | Circuit Court Of Cook County | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of additional cases filed | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | |||||||||||||||||||
Claims settled amount | $ | $ 400,000 | ||||||||||||||||||||||||||
Philadelphia Firefighter Plaintiffs | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of additional cases filed | Case | 2 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | ||||||||||||||||||
Number of plaintiffs | plaintiff | 3 | ||||||||||||||||||||||||||
Philadelphia Firefighter Plaintiffs | Court of Common Pleas, Philadelphia County | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of additional cases filed | Case | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||
Number of plaintiffs | 20 | 70 | |||||||||||||||||||||||||
Number of cases dismissed | case | 5 | ||||||||||||||||||||||||||
Philadelphia Firefighter Plaintiffs | 2010 | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of plaintiffs | 9 | 9 | |||||||||||||||||||||||||
Philadelphia Firefighter Plaintiffs | 2010 | Court of Common Pleas, Philadelphia County | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Loss Contingency, Trial or Alternative Dispute Resolution | 2 | ||||||||||||||||||||||||||
District of Columbia Firefighter Plaintiffs [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of plaintiffs | Case | 11 | ||||||||||||||||||||||||||
Outside Pennsylvania Firefighter Plaintiffs [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of additional cases filed | Case | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | |||||||||||||||||||
Number of plaintiffs | Case | 193 | ||||||||||||||||||||||||||
Pittsburgh Firefighter Plaintiffs | Court of Common Pleas, Philadelphia County | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of plaintiffs | 61 | 247 | |||||||||||||||||||||||||
Number of cases dismissed | 41 | ||||||||||||||||||||||||||
Erie County Firefighter Plaintiffs | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of plaintiffs | plaintiff | 32 | ||||||||||||||||||||||||||
Buffalo Fire Department Firefighters [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of additional cases filed | case | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||
Number of plaintiffs | plaintiff | 193 | ||||||||||||||||||||||||||
New York City Firefighter Plaintiffs [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of plaintiffs | Case | 8 | 1 | |||||||||||||||||||||||||
New Jersey Firefighter Plaintiffs [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of plaintiffs | 34 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Subsequent Event [Member] | New Jersey Firefighter Plaintiffs [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Number of additional cases filed | Case | 3 | ||||||||||||||||||||||||||
Number of plaintiffs | 41 | ||||||||||||||||||||||||||
Latvian Commercial Dispute [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Damages subsequently reduced, minimum amount | $ | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Damages subsequently reduced, maximum amount | $ | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | |||||||||||||||||||
Litigation Settlement, Percent of Legal Fees | 50.00% | ||||||||||||||||||||||||||
Litigation Settlement, Percentage of Legal Fees Excluded | 50.00% |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options | |||
Earnings Per Share [Line Items] | |||
Number of common stock purchased through options | 0.8 | 0.5 | 0.9 |
Computation of Earnings (Loss)
Computation of Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Earnings Per Share [Abstract] | ||||||||||||||
Income from continuing operations | $ 17.4 | [1] | $ 15.8 | $ 18.2 | [2] | $ 14.4 | $ 19.9 | [3] | $ 15 | $ 16.9 | $ 7.9 | $ 65.8 | $ 59.7 | $ 152.5 |
(Loss) gain from discontinued operations and disposal, net of tax | (5.9) | 3 | 0.1 | 0.5 | 3.9 | 0.4 | 0.2 | (0.5) | (2.3) | 4 | 7.5 | |||
Net income | $ 11.5 | $ 18.8 | $ 18.3 | $ 14.9 | $ 23.8 | $ 15.4 | $ 17.1 | $ 7.4 | $ 63.5 | $ 63.7 | $ 160 | |||
Weighted average shares outstanding - basic (shares) | 62.2 | 62.7 | 62.6 | |||||||||||
Dilutive effect of common stock equivalents (shares) | 1.2 | 0.9 | 0.6 | |||||||||||
Weighted average shares outstanding - Diluted (shares) | 63.4 | 63.6 | 63.2 | |||||||||||
Basic earnings per share: | ||||||||||||||
Earnings from continuing operations (usd per share) | $ 1.06 | $ 0.95 | $ 2.44 | |||||||||||
(Loss) gain from discontinued operations and disposal, net of tax | (0.04) | 0.06 | 0.12 | |||||||||||
Net earnings per share (usd per share) | 1.02 | 1.01 | 2.56 | |||||||||||
Diluted earnings per share: | ||||||||||||||
Earnings from continuing operations (usd per share) | $ 0.27 | $ 0.25 | $ 0.29 | $ 0.22 | $ 0.31 | $ 0.23 | $ 0.27 | $ 0.13 | 1.04 | 0.94 | 2.41 | |||
Loss (gain) from discontinued operations and disposal, net of tax (usd per share) | (0.09) | 0.05 | 0 | 0.01 | 0.06 | 0.01 | 0 | (0.01) | (0.04) | 0.06 | 0.12 | |||
Net earnings per share (usd per share) | $ 0.18 | $ 0.30 | $ 0.29 | $ 0.23 | $ 0.37 | $ 0.24 | $ 0.27 | $ 0.12 | $ 1 | $ 1 | $ 2.53 | |||
[1] | Income from continuing operations includes a $1.4 million net benefit from special tax items, comprised of a $4.2 million net tax benefit associated with tax planning strategies, offset by a $2.4 million adjustment of deferred tax assets and $0.4 million of expense associated with a change in the enacted tax rate in the U.K. Gain (loss) from discontinued operations and disposal, net includes tax expense of $6.3 million associated with recognizing a net deferred tax liability for the outside basis differences of entities being sold as part of the sale of Bronto. | |||||||||||||
[2] | (a) | |||||||||||||
[3] | Income from continuing operations includes a tax benefit of $3.5 million relating to the release of valuation allowance previously recorded against the Company’s foreign deferred tax assets. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | Apr. 30, 2025 | ||
Stock options vesting period | 3 years | ||
Weighted average fair value of options granted (usd per share) | $ 6.12 | $ 7.16 | $ 4.56 |
Aggregate intrinsic value of stock options outstanding | $ 10.6 | ||
Percentage of target shares earned | 200.00% | ||
Excess tax benefit from stock-based compensation | 1.6 | $ 2.2 | $ 0 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to share-based compensation plans | 1.2 | 1 | 1.1 |
Unrecognized compensation cost related to stock options | $ 0.8 | ||
Weighted-average recognition period for unrecognized compensation cost | 1 year 8 months 12 days | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to share-based compensation plans | $ 2 | 1.7 | 1.5 |
Unrecognized compensation cost related to stock options | $ 2.4 | ||
Weighted-average recognition period for unrecognized compensation cost | 1 year 9 months 18 days | ||
PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 2.6 | $ 3.6 | |
Weighted-average recognition period for unrecognized compensation cost | 1 year 6 months | 1 year 8 months 12 days | |
Compensation expense related to share-based compensation plans | $ 3.5 | $ 3.4 | $ 1.4 |
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% | ||
2013 Grants | PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period | 3 years | ||
Performance share units performance period | 1 year | ||
Service requirement | 2 years | ||
Percentage of target shares earned | 200.00% | ||
2014 Grants | PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period | 3 years | ||
Performance share units performance period | 2 years | ||
Service requirement | 1 year | ||
Percentage of target shares earned | 200.00% | ||
2015 Grants | PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period | 3 years | ||
Performance share units performance period | 3 years |
Assumptions Used to Estimate Fa
Assumptions Used to Estimate Fair Value (Detail) - Stock Options | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.50% | 0.80% | 0.00% |
Expected volatility | 46.00% | 57.00% | 59.00% |
Risk free interest rate | 1.50% | 1.90% | 1.00% |
Weighted average expected option life in years | 5 years 8 months 12 days | 5 years 9 months 18 days | 5 years 9 months 21 days |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Option Shares | |||
Outstanding at beginning of year (shares) | 2 | 2.1 | 2.3 |
Granted (shares) | 0.3 | 0.3 | 0.5 |
Canceled or expired (shares) | (0.1) | (0.1) | (0.4) |
Exercised (shares) | (0.1) | (0.3) | (0.3) |
Outstanding at end of year (shares) | 2.1 | 2 | 2.1 |
Exercisable at end of year (shares) | 1.4 | 1.2 | 1.2 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (usd per share) | $ 9.28 | $ 8.63 | $ 8.93 |
Granted (usd per share) | 16.08 | 14.36 | 8.50 |
Exercised (usd per share) | 7.34 | 7.49 | 7.47 |
Canceled or expired (usd per share) | 14.69 | 14.33 | 10.94 |
Outstanding at end of year (usd per share) | 10.29 | 9.28 | 8.63 |
Exercisable at end of year (usd per share) | $ 8.47 | $ 8.64 | $ 9.85 |
Summary of Information Concerni
Summary of Information Concerning Stock Options Outstanding (Detail) - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Shares | 2.1 | 2 | 2.1 | 2.3 |
Weighted Average Remaining life | 6 years 3 months 18 days | |||
Weighted Average Exercise Price (usd per share) | $ 10.29 | $ 9.28 | $ 8.63 | $ 8.93 |
Shares | 1.4 | 1.2 | 1.2 | |
Weighted Average Exercise Price (usd per share) | $ 8.47 | $ 8.64 | $ 9.85 | |
$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 | 1.1 | |||
Weighted Average Remaining life | 6 years 1 month 6 days | |||
Weighted Average Exercise Price (usd per share) | $ 6.73 | |||
Shares | 1 | |||
Weighted Average Exercise Price (usd per share) | $ 6.52 | |||
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 | 6 years 2 months 12 days | |||
Weighted Average Exercise Price (usd per share) | $ 13.11 | |||
Shares | 0.3 | |||
Weighted Average Exercise Price (usd per share) | $ 12.18 | |||
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 | 0.5 | |||
Weighted Average Remaining life | 7 years | |||
Weighted Average Exercise Price (usd per share) | $ 16.22 | |||
Shares | 0.1 | |||
Weighted Average Exercise Price (usd per share) | $ 16.60 |
Summary of Restricted Stock Gra
Summary of Restricted Stock Grants and PSUs (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | ||
Number of Restricted Shares | |||
Granted (shares) | (0.5) | ||
Forfeited (shares) | 0 | ||
Weighted Average Price per Share | |||
Granted (usd per share) | $ 8.66 | ||
Forfeited (usd per share) | $ 11.66 | ||
Percentage of target shares earned | 200.00% | ||
Restricted Stock | |||
Number of Restricted Shares | |||
Outstanding and non-vested, at December 31, 2012 (shares) | 0.2 | ||
Granted (shares) | (0.1) | ||
Vested (shares) | (0.2) | ||
Outstanding and non-vested, at December 31, 2013 (shares) | 0.3 | ||
Weighted Average Price per Share | |||
Outstanding and non-vested, at December 31, 2012 (usd per share) | $ 8.63 | ||
Granted (usd per share) | 16.18 | ||
Forfeited (usd per share) | 8.35 | ||
Outstanding and non-vested, at December 31, 2013 (usd per share) | $ 12.70 | ||
PSUs [Member] | |||
Number of Restricted Shares | |||
Outstanding and non-vested, at December 31, 2012 (shares) | 0.3 | ||
Granted (shares) | (0.4) | [1] | (0.2) |
Forfeited (shares) | 0 | ||
Outstanding and non-vested, at December 31, 2013 (shares) | 0.4 | ||
Weighted Average Price per Share | |||
Outstanding and non-vested, at December 31, 2012 (usd per share) | $ 10.89 | ||
Granted (usd per share) | 11.62 | ||
Vested (usd per share) | 11.26 | ||
Outstanding and non-vested, at December 31, 2013 (usd per share) | $ 15.28 | ||
[1] | Includes 0.2 million PSUs, representing the effect of the PSUs granted in 2013 being earned at 200% of target. The PSUs granted in 2013 vested on December 31, 2015. |
Stock-Based Compensation Shares
Stock-Based Compensation Shares available for future issuance (Details) shares in Millions | Dec. 31, 2015shares |
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 | 7.3 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 09, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | 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 | 64,800,000 | 64,200,000 | ||||
Common stock, shares outstanding | 62,200,000 | 62,500,000 | ||||
Preference stock, shares authorized | 800,000 | |||||
Preference stock, par value (usd per share) | $ 1 | |||||
Cash dividends declared per common share (usd per share) | $ 0.25 | $ 0.09 | $ 0 | |||
Authorized amount | $ 15 | $ 15 | ||||
Shares acquired | 724,792 | 696,263 | ||||
Stock repurchase program, amount acquired | $ 10.6 | $ 10.3 | ||||
Cash dividends paid to stockholders | 15.6 | 5.6 | $ 0 | |||
Foreign currency translation loss attributable to Fire Rescue Group | 88.8 | 79.5 | 41.9 | |||
Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared per common share (usd per share) | $ 0.07 | |||||
Foreign Currency Translation [Member] | ||||||
Class of Stock [Line Items] | ||||||
Foreign currency translation loss attributable to Fire Rescue Group | 13.3 | $ (0.2) | $ (16) | |||
Fire Rescue | Foreign Currency Translation [Member] | ||||||
Class of Stock [Line Items] | ||||||
Foreign currency translation loss attributable to Fire Rescue Group | $ 7.4 |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ (79.5) | $ (41.9) |
Other comprehensive income (loss) before reclassifications | (14.1) | (40.5) |
Amounts reclassified from accumulated other comprehensive income (loss) | 4.8 | 2.9 |
Net current-period other comprehensive income (loss) | (9.3) | (37.6) |
Ending balance | (88.8) | (79.5) |
Actuarial Losses [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (79.8) | (58.1) |
Other comprehensive income (loss) before reclassifications | (0.6) | (24.6) |
Amounts reclassified from accumulated other comprehensive income (loss) | 4.8 | 2.9 |
Net current-period other comprehensive income (loss) | 4.2 | (21.7) |
Ending balance | (75.6) | (79.8) |
Foreign Currency Translation [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.2 | 16 |
Other comprehensive income (loss) before reclassifications | (13.5) | (15.8) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | (13.5) | (15.8) |
Ending balance | (13.3) | 0.2 |
Unrealized Gain (Loss) on Derivatives [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.1 | 0.2 |
Other comprehensive income (loss) before reclassifications | 0 | (0.1) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | 0 | (0.1) |
Ending balance | $ 0.1 | $ 0.1 |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income tax benefit | $ (1.4) | $ (3.5) | $ 34.1 | $ 23.7 | $ (108.6) |
Total reclassifications for the period, net of tax | (4.8) | (2.9) | |||
Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Actuarial (gain) loss | (7.4) | (5.3) | |||
Income tax benefit | 2.6 | 2.4 | |||
Total reclassifications for the period, net of tax | (4.8) | (2.9) | |||
Selling, General and Administrative Expenses | Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Actuarial (gain) loss | 0.1 | 0.2 | |||
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 (gain) loss | $ 7.5 | $ 5.5 |
Segment Information - Addition
Segment Information - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | Segment | 2 | ||||||||||
Net sales | $ 186.4 | $ 179.7 | $ 205.4 | $ 196.5 | $ 209.1 | $ 193.8 | $ 200.5 | $ 175.7 | $ 768 | $ 779.1 | $ 712.9 |
Outside United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 191.2 | 198.5 | 175.8 | ||||||||
Exports From U S To Other Regions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 146.2 | $ 152.5 | $ 131.1 |
Summary of Continuing Operation
Summary of Continuing Operations by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 768 | $ 779.1 | $ 712.9 |
Total operating income | 103.2 | 88.7 | 61.6 |
Interest expense | 2.3 | 3.6 | 8.9 |
Debt settlement charges | 0 | 0 | 8.7 |
Other expense, net | 1 | 1.7 | 0.1 |
Income before income taxes | 99.9 | 83.4 | 43.9 |
Total depreciation and amortization | 12.3 | 11.5 | 11 |
Total identifiable assets | 666.5 | 658.7 | 644.8 |
Total capital expenditures | 9.6 | 13.7 | 11.6 |
Environmental Solutions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 534.1 | 536.6 | 474 |
Total operating income | 96.9 | 81.9 | 58.2 |
Total depreciation and amortization | 7.3 | 6.8 | 6.1 |
Total identifiable assets | 250.6 | 254.2 | 236 |
Total capital expenditures | 4.5 | 6.2 | 4.5 |
Safety & Security Systems | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 233.9 | 242.5 | 238.9 |
Total operating income | 32.3 | 32.1 | 26.1 |
Total depreciation and amortization | 4.8 | 4.5 | 4.2 |
Total identifiable assets | 209.6 | 208.3 | 213.4 |
Total capital expenditures | 3.9 | 6.3 | 5.4 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total operating income | (26) | (25.3) | (22.7) |
Total depreciation and amortization | 0.2 | 0.2 | 0.7 |
Total identifiable assets | 99.2 | 69 | 73.6 |
Total capital expenditures | 1.2 | 1.2 | 1.7 |
Segment, Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | 559.4 | 531.5 | 523 |
Segment, Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | $ 107.1 | $ 127.2 | $ 121.8 |
Segment Information Classified
Segment Information Classified Based on Geographic Location (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 186.4 | $ 179.7 | $ 205.4 | $ 196.5 | $ 209.1 | $ 193.8 | $ 200.5 | $ 175.7 | $ 768 | $ 779.1 | $ 712.9 |
Long-lived assets (excluding intangibles) | 56.2 | 56.4 | 56.2 | 56.4 | 51.7 | ||||||
U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 576.8 | 580.6 | 537.1 | ||||||||
Long-lived assets (excluding intangibles) | 53.3 | 53.5 | 53.3 | 53.5 | 46.1 | ||||||
Europe/Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 115.3 | 131.4 | 119.3 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets (excluding intangibles) | 2.6 | 2.5 | 2.6 | 2.5 | 5.2 | ||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 75.9 | 67.1 | 56.5 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets (excluding intangibles) | $ 0.3 | $ 0.4 | $ 0.3 | $ 0.4 | $ 0.4 |
Operating Results of Discontinu
Operating Results of Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income tax expense | $ (6.3) | $ (1.5) | $ (8.3) | $ (0.9) | $ (0.6) |
Net income from operations | $ 4 | ||||
Fire Rescue | Discontinued Operations, Held-for-sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 100 | 139.4 | 138.4 | ||
Cost of sales | 80.8 | 114.8 | 109.3 | ||
Gross profit | 19.2 | 24.6 | 29.1 | ||
Selling, engineering, general and administrative expenses | 17.1 | 20.7 | 20.1 | ||
Restructuring | 0.8 | 0 | 0 | ||
Operating income | 1.3 | 3.9 | 9 | ||
Interest expense (income), net | 0 | 0.2 | (0.1) | ||
Other expense (income), net | (0.2) | (0.2) | 0 | ||
Income before income taxes | 1.5 | 3.9 | 9.1 | ||
Income tax expense | (0.3) | (0.6) | (1.4) | ||
Net income from operations | $ 1.2 | $ 3.3 | $ 7.7 |
Discontinued Operations Assets
Discontinued Operations Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Less: Cash and cash equivalents held for sale at end of year | $ 5 | $ 6.3 | $ 10.2 |
Accounts receivable, net | 15.5 | 34 | |
Inventories | 40.4 | 33.4 | |
Prepaid expenses | 2.7 | 2.4 | |
Other current assets | 0.2 | 0.1 | |
Current assets of discontinued operations | 63.8 | 76.2 | |
Properties and equipment, net | 13.4 | 16.8 | |
Goodwill | 28.3 | 31.1 | |
Deferred tax assets | 1.6 | 3.1 | |
Long-term assets of discontinued operations | 43.3 | 51 | |
Accounts payable | 7.3 | 9 | |
Customer deposits | 10.6 | 7.1 | |
Compensation and withholding taxes | 4.3 | 5.6 | |
Other current liabilities | 6.4 | 11.2 | |
Current liabilities of discontinued operations | 28.6 | 32.9 | |
Long-term pension and other post-retirement benefit liabilities | 0.7 | 0.9 | |
Other long-term liabilities | 14.6 | 9.9 | |
Long-term liabilities of discontinued operations | 15.3 | 10.8 | |
Fire Rescue | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Less: Cash and cash equivalents held for sale at end of year | 5 | 6.3 | |
Accounts receivable, net | 15.5 | 34 | |
Inventories | 40.4 | 33.4 | |
Prepaid expenses | 2.7 | 2.4 | |
Other current assets | 0.2 | 0 | |
Current assets of discontinued operations | 63.8 | 76.1 | |
Properties and equipment, net | 13.4 | 16.8 | |
Goodwill | 28.3 | 31.1 | |
Deferred tax assets | 0 | 0 | |
Long-term assets of discontinued operations | 41.7 | 47.9 | |
Accounts payable | 7.3 | 9 | |
Customer deposits | 10.6 | 7.1 | |
Compensation and withholding taxes | 4.3 | 5.6 | |
Other current liabilities | 4 | 9.5 | |
Current liabilities of discontinued operations | 26.2 | 31.2 | |
Long-term pension and other post-retirement benefit liabilities | 0.7 | 0.9 | |
Other long-term liabilities | 5.5 | 4.9 | |
Long-term liabilities of discontinued operations | 6.2 | 5.8 | |
Other Disposal Groups [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Less: Cash and cash equivalents held for sale at end of year | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid expenses | 0 | 0 | |
Other current assets | 0 | 0.1 | |
Current assets of discontinued operations | 0 | 0.1 | |
Properties and equipment, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Deferred tax assets | 1.6 | 3.1 | |
Long-term assets of discontinued operations | 1.6 | 3.1 | |
Accounts payable | 0 | 0 | |
Customer deposits | 0 | 0 | |
Compensation and withholding taxes | 0 | 0 | |
Other current liabilities | 2.4 | 1.7 | |
Current liabilities of discontinued operations | 2.4 | 1.7 | |
Long-term pension and other post-retirement benefit liabilities | 0 | 0 | |
Other long-term liabilities | 9.1 | 5 | |
Long-term liabilities of discontinued operations | $ 9.1 | $ 5 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) € in Millions, $ in Millions | Jan. 29, 2016EUR (€) | Jan. 29, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 11, 2015EUR (€) | Dec. 11, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from escrow receivable | $ 4 | $ 7.4 | $ 0 | |||||||||||||||
(Loss) gain from discontinued operations and disposal, net of tax | $ (5.9) | $ 3 | $ 0.1 | $ 0.5 | $ 3.9 | $ 0.4 | $ 0.2 | $ (0.5) | (2.3) | 4 | 7.5 | |||||||
Escrow identified for general representations and warranties period | 18 months | |||||||||||||||||
Remaining general escrow fund to be held | 36 months | |||||||||||||||||
Escrow Balance, Subsequent Release | 7.4 | 7.4 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4 | |||||||||||||||||
Income tax expense of discontinued operations | $ 6.3 | $ 1.5 | $ 8.3 | 0.9 | $ 0.6 | |||||||||||||
Other current liabilities | 11.2 | 11.2 | $ 6.4 | |||||||||||||||
Other long-term liabilities | 9.9 | 9.9 | 14.6 | |||||||||||||||
Deferred tax assets | 4.2 | 4.2 | 3.5 | |||||||||||||||
Escrow [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from sale agreement | $ 22 | |||||||||||||||||
Fire Rescue | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | € 80 | $ 87 | ||||||||||||||||
Other current liabilities | 9.5 | 9.5 | 4 | |||||||||||||||
Other long-term liabilities | 4.9 | 4.9 | 5.5 | |||||||||||||||
Subsequent Event [Member] | Fire Rescue | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from escrow receivable | € 76 | $ 83 | ||||||||||||||||
Foreign Exchange Forward [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | € | € 76 | |||||||||||||||||
Derivative, Fair Value, Net | 0.6 | |||||||||||||||||
Pearland Texas Facility [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Other current liabilities | 1.3 | 1.3 | 0.9 | |||||||||||||||
Damages from Product Defects [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Other long-term liabilities | $ 3 | $ 3 | $ 2.3 |
Summary of Quarterly Results of
Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net sales | $ 186.4 | $ 179.7 | $ 205.4 | $ 196.5 | $ 209.1 | $ 193.8 | $ 200.5 | $ 175.7 | $ 768 | $ 779.1 | $ 712.9 | |||
Gross profit | 55.3 | 54.7 | 60.7 | 54.9 | 57.6 | 54.1 | 54.4 | 42.6 | 225.6 | 208.7 | 176 | |||
Income from continuing operations | 17.4 | [1] | 15.8 | 18.2 | [2] | 14.4 | 19.9 | [3] | 15 | 16.9 | 7.9 | 65.8 | 59.7 | 152.5 |
(Loss) gain from discontinued operations and disposal, net of tax | (5.9) | 3 | 0.1 | 0.5 | 3.9 | 0.4 | 0.2 | (0.5) | (2.3) | 4 | 7.5 | |||
Net income | $ 11.5 | $ 18.8 | $ 18.3 | $ 14.9 | $ 23.8 | $ 15.4 | $ 17.1 | $ 7.4 | $ 63.5 | $ 63.7 | $ 160 | |||
Earnings from continuing operations (usd per share) | $ 0.27 | $ 0.25 | $ 0.29 | $ 0.22 | $ 0.31 | $ 0.23 | $ 0.27 | $ 0.13 | $ 1.04 | $ 0.94 | $ 2.41 | |||
Earnings (loss) from discontinued operations (usd per share) | (0.09) | 0.05 | 0 | 0.01 | 0.06 | 0.01 | 0 | (0.01) | (0.04) | 0.06 | 0.12 | |||
Net earnings per share (usd per share) | $ 0.18 | $ 0.30 | $ 0.29 | $ 0.23 | $ 0.37 | $ 0.24 | $ 0.27 | $ 0.12 | $ 1 | $ 1 | $ 2.53 | |||
[1] | Income from continuing operations includes a $1.4 million net benefit from special tax items, comprised of a $4.2 million net tax benefit associated with tax planning strategies, offset by a $2.4 million adjustment of deferred tax assets and $0.4 million of expense associated with a change in the enacted tax rate in the U.K. Gain (loss) from discontinued operations and disposal, net includes tax expense of $6.3 million associated with recognizing a net deferred tax liability for the outside basis differences of entities being sold as part of the sale of Bronto. | |||||||||||||
[2] | (a) | |||||||||||||
[3] | Income from continuing operations includes a tax benefit of $3.5 million relating to the release of valuation allowance previously recorded against the Company’s foreign deferred tax assets. |
Selected Quarterly Data - Narra
Selected Quarterly Data - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||
Restructuring Charges | $ 0.4 | $ 0.4 | $ 0 | $ 0.7 | |||||
Debt agreement termination costs | $ 8.7 | ||||||||
Decrease in valuation allowance | $ (3.5) | $ (6.7) | $ (102.4) | ||||||
Income tax benefit | 1.4 | $ 3.5 | (34.1) | (23.7) | 108.6 | ||||
Benefit associated with tax planning strategy | 4.2 | 4.2 | |||||||
Adjustment of deferred tax assets | 2.4 | 2.4 | |||||||
Income tax expense of discontinued operations | $ 6.3 | $ 1.5 | $ 8.3 | $ 0.9 | $ 0.6 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] CAD in Millions, $ in Millions | Feb. 29, 2016CAD | Feb. 29, 2016USD ($) | Jan. 05, 2016CAD | Jan. 05, 2016USD ($) |
Joe Johnson Equipment (''JJE'') [Member] | ||||
Subsequent Event [Line Items] | ||||
Initial purchase price | CAD 108 | $ 78.8 | ||
Acquisition Deferred Payment | 8 | |||
Acquisition contingent earn-out | CAD 10 | |||
Westech Vac Systems, Ltd. (“Westech”) [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of voting interest acquired | 100.00% | 100.00% | ||
Initial purchase price | CAD 8 | $ 5.8 | ||
Preliminary working capital adjustment | CAD 0.7 | $ 0.5 |
SCHEDULE II - Valuation and Q93
SCHEDULE II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 0.7 | $ 1.4 | $ 1.3 |
Additions | 0.6 | 0.3 | 0.2 |
Deductions | (0.5) | (1) | (0.1) |
Ending balance | 0.8 | 0.7 | 1.4 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 3.8 | 9.3 | 131.2 |
Additions | 2.1 | 0 | 2.5 |
Deductions | 0 | (5.5) | (124.4) |
Ending balance | $ 5.9 | $ 3.8 | $ 9.3 |