Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-6003 | ||
Entity Registrant Name | FEDERAL SIGNAL CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-1063330 | ||
Entity Address, Address Line One | 1415 West 22nd Street | ||
Entity Address, City or Town | Oak Brook | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60523 | ||
City Area Code | 630 | ||
Local Phone Number | 954-2000 | ||
Title of 12(b) Security | Common Stock, par value $1.00 per share | ||
Trading Symbol | FSS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,763,701,955 | ||
Entity Common Stock, Shares Outstanding | 60,538,158 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the 2021 Annual Meeting of Stockholders are incorporated by reference in Part III. | ||
Entity Central Index Key | 0000277509 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 1,130.8 | $ 1,221.3 | $ 1,089.5 |
Cost of sales | 837.2 | 898.5 | 807.4 |
Gross profit | 293.6 | 322.8 | 282.1 |
Selling, engineering, general and administrative expenses | 158.8 | 173.2 | 159.1 |
Acquisition and integration-related expenses | 2.1 | 2.5 | 1.5 |
Restructuring | 1.3 | 0 | 0 |
Operating income | 131.4 | 147.1 | 121.5 |
Interest expense | 5.7 | 7.9 | 9.3 |
Other expense, net | 1.1 | 0.6 | 0.6 |
Income before income taxes | 124.6 | 138.6 | 111.6 |
Income tax expense | 28.5 | 30.2 | 17.9 |
Income from continuing operations | 96.1 | 108.4 | 93.7 |
Gain from discontinued operations and disposal, net of tax | 0.1 | 0.1 | 0.3 |
Net income | $ 96.2 | $ 108.5 | $ 94 |
Basic earnings per share: | |||
Earnings from continuing operations (usd per share) | $ 1.59 | $ 1.80 | $ 1.56 |
Earnings from discontinued operations and disposal, net of tax (usd per share) | 0 | 0 | 0.01 |
Net earnings per share (usd per share) | 1.59 | 1.80 | 1.57 |
Diluted earnings per share: | |||
Earnings from continuing operations (usd per share) | 1.56 | 1.76 | 1.53 |
Earnings from discontinued operations and disposal, net of tax (usd per share) | 0 | 0 | 0.01 |
Net earnings per share (usd per share) | $ 1.56 | $ 1.76 | $ 1.54 |
Weighted average shares outstanding: | |||
Basic (shares) | 60.3 | 60.2 | 59.9 |
Diluted (shares) | 61.7 | 61.6 | 61.2 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 96.2 | $ 108.5 | $ 94 |
Other comprehensive income (loss): | |||
Change in foreign currency translation adjustment | 8.4 | 1.8 | (6.4) |
Change in unrecognized net actuarial loss and prior service cost related to pension benefit plans, net of income tax (benefit) expense of $(2.2), $1.9 and $(0.6), respectively | (8) | 7.1 | (3.7) |
Change in unrealized net gain on derivatives, net of income tax (benefit) expense of $(1.0), $(0.3) and $0.1, respectively | (3) | (0.7) | 0.3 |
Total other comprehensive (loss) income | (2.6) | 8.2 | (9.8) |
Comprehensive income | $ 93.6 | $ 116.7 | $ 84.2 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Tax expense (benefit) on change in unrecognized net actuarial losses and prior service cost related to pension benefit plans | $ (2.2) | $ 1.9 | $ (0.6) |
Tax (benefit) expense on unrealized net gain on derivatives | $ (1) | $ (0.3) | $ 0.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 81.7 | $ 31.6 |
Accounts receivable, net of allowances for doubtful accounts of $2.9 and $2.4, respectively | 127 | 134.2 |
Inventories | 185 | 182.9 |
Prepaid expenses and other current assets | 11.8 | 12 |
Total current assets | 405.5 | 360.7 |
Properties and equipment, net | 106.9 | 91.9 |
Rental equipment, net | 113.3 | 115.4 |
Operating lease right-of-use assets | 21.9 | 27.6 |
Goodwill | 394.2 | 388.8 |
Intangible assets, net | 153.5 | 162.9 |
Deferred tax assets | 9.5 | 10 |
Deferred charges and other long-term assets | 3.8 | 7.9 |
Long-term assets of discontinued operations | 0.2 | 0.3 |
Total assets | 1,208.8 | 1,165.5 |
Current liabilities: | ||
Current portion of long-term borrowings and finance lease obligations | 0.2 | 0.2 |
Accounts payable | 51.6 | 65 |
Customer deposits | 13.3 | 11.5 |
Accrued liabilities: | ||
Compensation and withholding taxes | 30.3 | 31.1 |
Current operating lease liabilities | 8.2 | 8.2 |
Other current liabilities | 44.7 | 44 |
Current liabilities of discontinued operations | 0.1 | 0.2 |
Total current liabilities | 148.4 | 160.2 |
Long-term borrowings and finance lease obligations | 209.8 | 220.3 |
Long-term operating lease liabilities | 15.5 | 21.6 |
Long-term pension and other post-retirement benefit liabilities | 54 | 50.9 |
Deferred tax liabilities | 53.7 | 52.7 |
Other long-term liabilities | 24.5 | 17.3 |
Long-term liabilities of discontinued operations | 0.8 | 0.9 |
Total liabilities | 506.7 | 523.9 |
Stockholders’ equity: | ||
Common stock, $1 par value per share, 90.0 shares authorized, 67.8 and 66.9 shares issued, respectively | 67.8 | 66.9 |
Capital in excess of par value | 240.8 | 228.6 |
Retained earnings | 605 | 528.2 |
Treasury stock, at cost, 7.3 and 6.4 shares, respectively | (119.8) | (93) |
Accumulated other comprehensive loss | (91.7) | (89.1) |
Total stockholders’ equity | 702.1 | 641.6 |
Total liabilities and stockholders’ equity | $ 1,208.8 | $ 1,165.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2.9 | $ 2.4 |
Common stock, par value (usd per share) | $ 1 | |
Common stock, shares authorized | 90 | |
Common stock, shares issued | 67.8 | 66.9 |
Treasury stock, shares | 7.3 | 6.4 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net income | $ 96.2 | $ 108.5 | $ 94 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net gain on discontinued operations and disposal | (0.1) | (0.1) | (0.3) |
Depreciation and amortization | 44.8 | 41.5 | 36.4 |
Deferred financing costs | 0.3 | 0.3 | 0.4 |
Deferred gain | 0 | 0 | (1.9) |
Stock-based compensation expense | 8.4 | 8.8 | 7.6 |
Pension-related expense, net of funding | (6.6) | (0.1) | (7.8) |
Changes in fair value of contingent consideration and deferred payment | (0.1) | 1 | 1.1 |
Payments for acquisition-related activity | 0 | (3.1) | 0 |
Deferred income taxes, including change in valuation allowance | 5.8 | 3.3 | (5.6) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 8.6 | (4.7) | (7.9) |
Inventories | 2.5 | (10.4) | (22.6) |
Prepaid expenses and other current assets | (0.6) | (2.2) | (1) |
Rental equipment | (16.9) | (35.5) | (30.6) |
Accounts payable | (13.9) | (6.6) | 15.6 |
Customer deposits | 1.7 | (5.1) | 3.7 |
Accrued liabilities | (1.2) | 2.8 | 8.2 |
Income taxes | 1.3 | 1.3 | 2.2 |
Other | 6.1 | 3.7 | 1.3 |
Net cash provided by continuing operating activities | 136.3 | 103.4 | 92.8 |
Net cash used for discontinued operating activities | (0.1) | (0.3) | 0 |
Net cash provided by operating activities | 136.2 | 103.1 | 92.8 |
Investing activities: | |||
Purchases of properties and equipment | (29.7) | (35.4) | (14.1) |
(Payments for) proceeds from acquisition-related activity | (5.4) | (49.6) | 3 |
Other, net | 0.7 | 0.6 | 0.1 |
Net cash used for investing activities | (34.4) | (84.4) | (11) |
Financing activities: | |||
(Decrease) increase in revolving lines of credit, net | (11.8) | 7.4 | (62.1) |
Payments of debt financing fees | 0 | (1) | 0 |
Purchases of treasury stock | (13.7) | (1) | (1.2) |
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation | (9.1) | (2.1) | (0.5) |
Payments for acquisition-related activity | 0 | (10.3) | 0 |
Cash dividends paid to stockholders | (19.4) | (19.3) | (18.7) |
Proceeds from stock compensation activity | 0.6 | 1.7 | 1.3 |
Net cash used for financing activities | (53.4) | (24.6) | (81.2) |
Effects of foreign exchange rate changes on cash and cash equivalents | 1.7 | 0.1 | (0.7) |
Increase (decrease) in cash and cash equivalents | 50.1 | (5.8) | (0.1) |
Cash and cash equivalents at beginning of year | 31.6 | 37.4 | 37.5 |
Cash and cash equivalents at end of year | $ 81.7 | $ 31.6 | $ 37.4 |
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, 2017 | $ 457.4 | $ 66.1 | $ 207.7 | $ 346.6 | $ (86.1) | $ (76.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 94 | 94 | ||||
Total other comprehensive income (loss) | (9.8) | (9.8) | ||||
Cash dividends declared | (18.7) | (18.7) | ||||
Stock-based payments: | ||||||
Stock-based compensation | 7 | 7 | ||||
Stock option exercises and other | 1.4 | 0.3 | 2.3 | (1.2) | ||
Stock repurchase program | (1.2) | (1.2) | ||||
Ending Balance at Dec. 31, 2018 | $ 530.1 | 66.4 | 217 | 432.5 | (88.5) | (97.3) |
Stock-based payments: | ||||||
Cash dividends declared per common share (usd per share) | $ 0.31 | |||||
Impact of adoption of new accounting principle | Accounting Standards Update 2018-02 | $ 0 | 10.6 | (10.6) | |||
Net income | 108.5 | 108.5 | ||||
Total other comprehensive income (loss) | 8.2 | 8.2 | ||||
Cash dividends declared | (19.3) | (19.3) | ||||
Stock-based compensation | 8.1 | 8.1 | ||||
Stock option exercises and other | 1.4 | 0.4 | 3.6 | (2.6) | ||
Performance share unit transactions | (0.9) | 0.1 | (0.1) | (0.9) | ||
Stock repurchase program | (1) | (1) | ||||
Ending Balance at Dec. 31, 2019 | $ 641.6 | 66.9 | 228.6 | 528.2 | (93) | (89.1) |
Stock-based payments: | ||||||
Cash dividends declared per common share (usd per share) | $ 0.32 | |||||
Impact of adoption of new accounting principle | Accounting Standards Update 2016-02 | $ 6.5 | 6.5 | ||||
Net income | 96.2 | 96.2 | ||||
Total other comprehensive income (loss) | (2.6) | (2.6) | ||||
Cash dividends declared | (19.4) | (19.4) | ||||
Stock-based compensation | 7.8 | 7.8 | ||||
Stock option exercises and other | (4.9) | 0.7 | 4.6 | (10.2) | ||
Performance share unit transactions | (2.9) | 0.2 | (0.2) | (2.9) | ||
Stock repurchase program | (13.7) | (13.7) | ||||
Ending Balance at Dec. 31, 2020 | $ 702.1 | $ 67.8 | $ 240.8 | $ 605 | $ (119.8) | $ (91.7) |
Stock-based payments: | ||||||
Cash dividends declared per common share (usd per share) | $ 0.32 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per common share (usd per share) | $ 0.32 | $ 0.32 | $ 0.31 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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 reportable 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 fiscal year ends on December 31. All references to 2020, 2019 and 2018 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 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. In addition, certain prior year amounts have been reclassified to conform to current year presentation. New Accounting Standards Adopted in 2020 In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements , which requires the measurement of expected credit losses for financial instruments based on historical experience, current conditions, and reasonable forecasts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The amendments in this ASU should be applied on a modified retrospective basis. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) , which eliminates certain disclosure requirements, such as the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy. This ASU adds new disclosure requirements for Level 3 measurements, and is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s disclosures in its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General (Subtopic 715-20) , Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans , which modifies the disclosure requirements for employers that sponsor defined benefit pension and other postretirement plans. The ASU is effective for fiscal years ending after December 15, 2020 and was adopted by the Company in the fourth quarter of 2020. The adoption of this ASU did not have a material impact on the Company’s disclosures in its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. Among other things, for all types of hedging relationships, the guidance allows an entity to change the reference rate and other critical terms related to reference rate reform without having to remeasure the value or reassess a previous accounting determination. The amendments in this guidance should be applied on a prospective basis and, for companies with a fiscal year ending December 31, are effective from January 1, 2020 through December 31, 2022. The Company adopted this guidance effective January 1, 2020. When the transition occurs, the Company expects to apply this expedient to its existing interest rate swap that references LIBOR, and to any other new transactions that reference LIBOR or another reference rate that is discontinued, through December 31, 2022. The adoption of this ASU did not impact the Company’s consolidated financial statements. 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. The Company incurs foreign currency transaction gains or losses, related to transactions that are denominated in a currency other than the functional currency, which are recognized in the Consolidated Statements of Operations as a component of Other expense, net. For the years ended December 31, 2020 and 2019, the Company realized foreign currency transaction gains of $0.4 million and $0.1 million, respectively, and in the year ended December 31, 2018, the Company incurred foreign currency transaction losses of $0.4 million. 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. 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 and net realizable value. 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 accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Useful lives generally range from eight three Properties and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Rental Equipment The Company enters into lease agreements with customers related to the rental of certain equipment. All of these leasing agreements are classified as operating leases and are for periods generally not to exceed five years. In accounting for these leases, the cost of the equipment purchased or manufactured by the Company is recorded as an asset and is depreciated over its estimated useful life. Rental income is recognized ratably over the term of the underlying leases. Rental equipment is depreciated to an estimated residual value on a straight-line basis over the estimated useful lives of the assets and is reviewed for potential impairment whenever an event occurs or circumstances change that indicate the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares non-discounted cash flows expected to be generated by that asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on a non-discounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Rental equipment includes certain equipment that is manufactured by the Company and subsequently transferred to the rental fleet, as well as equipment purchased from third-party manufacturers, for the purpose of renting to end-customers. The related cash flow activity associated with these transactions is reflected within operating activities on the Consolidated Statements of Cash Flows. Goodwill Goodwill represents the excess of the cost of an acquired business over the amounts assigned to its net assets. Goodwill is not amortized but is tested for impairment at a reporting unit level on an annual basis or more frequently if indicators of impairment exist. The Company performed its annual goodwill impairment test as of October 31, 2020. In testing the goodwill of its reporting units for potential impairment, the Company applies either a qualitative or quantitative test, in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other . A qualitative approach may be applied when the Company concludes that it is not “more likely than not” that the fair value of a reporting unit is less than its carrying value. In this situation, the Company would not be required to perform the quantitative impairment test described below. A quantitative approach is performed by comparing the fair value of a reporting unit with its carrying amount. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and no impairment charge is required. If the carrying amount of a reporting unit exceeds its fair value, this difference is recorded as an impairment charge not to exceed the carrying amount of goodwill. The Company generally determines the fair value of its reporting units using both the income and market approaches. Under the income approach, the key assumptions include projected sales, cost of sales, operating expenses and the discount rate. Under the market approach, the Company estimates fair value using marketplace fair value data from within a comparable industry grouping. The results of these two methods are weighted based upon management’s evaluation of the relevance of the two approaches. In 2020, the Company performed a combination of qualitative and quantitative impairment tests to assess the goodwill of its reporting units for potential impairment. For one reporting unit, a quantitative impairment test was performed, using a combination of the income and market approaches to determine the fair value of the reporting unit. The fair value of the reporting unit exceeded its carrying values by approximately 50%, and, therefore, no impairment was recognized. For its other reporting units, the Company applied the qualitative approach to assess the goodwill of its reporting units for potential impairment and concluded that it was not “more likely than not” that the fair value of the Company’s reporting units were less than their carrying values. Accordingly, further quantitative testing was not required to be performed. In 2019, the Company applied the quantitative approach to assess the goodwill of its reporting units for potential impairment, using a combination of the income and market approaches to determine the fair value of its reporting units. The fair values of the Company’s reporting units exceeded their carrying values by more than 20%, and, therefore, no impairment was recognized. The Company applied the qualitative approach to assess the goodwill of its reporting units for potential impairment in 2018 and concluded that it was not “more likely than not” that the fair value of the Company’s reporting units were less than their carrying values. Accordingly, further quantitative testing was not required to be performed. The Company had no goodwill impairments in 2020, 2019 or 2018. See Note 8 – Goodwill and Other Intangible Assets for a summary of the Company’s goodwill by segment. Intangible Assets Definite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives and are tested for impairment if indicators exist in a manner similar to that described above for Rental Equipment . Indefinite-lived intangible assets are tested for impairment on an annual basis at year-end, or more frequently if an event occurs or circumstances change that indicate the fair value of an indefinite-lived intangible asset could be below its carrying amount. In testing the indefinite-lived intangibles assets for potential impairment, the Company applies either a qualitative test, or a quantitative test, in accordance with ASC 350, Intangibles — Goodwill and Other . A qualitative approach may be applied when the Company concludes that it is not “more likely than not” that the fair value of the indefinite-lived intangible assets are less than their carrying value. A quantitative impairment test consists of comparing the fair value of the indefinite-lived intangible asset with its carrying amount. An impairment loss would be recognized for the carrying amount in excess of its fair value. In 2020 and 2019, the Company performed a combination of qualitative and quantitative impairment tests over its indefinite-lived intangible assets. The fair value of the indefinite-lived intangible assets that were quantitatively tested for impairment significantly exceeded their carrying value, and, therefore, no impairment was recognized. Further, the Company concluded that it was not “more likely than not” that the fair value of indefinite-lived intangible assets that were qualitatively tested for impairment were less than the carrying amounts. Accordingly, further quantitative testing was not required to be performed. The Company applied the qualitative approach to assess its indefinite-lived intangible assets for impairment in 2018 and concluded that it was not “more likely than not” that the fair value of indefinite-lived intangible assets were less than the carrying amounts. Accordingly, further quantitative testing was not required to be performed. The Company had no indefinite-lived intangible asset impairments in 2020, 2019 or 2018. See Note 8 – Goodwill and Other Intangible Assets for a summary of the Company’s intangible assets. Warranties Warranties are classified as either assurance-type or service-type warranties. A warranty is considered an assurance-type warranty if it provides the customer with assurance that the product will function as intended. A warranty that goes above and beyond ensuring basic functionality is considered a service-type warranty. The Company offers certain limited warranties that are assurance-type warranties and extended service arrangements that are service-type warranties. Assurance-type warranties are not accounted for as separate performance obligations under the revenue model. If a service-type warranty is sold with a product or separately, revenue is recognized over the life of the warranty. Sales of many of the Company’s products include assurance-type warranties based on terms that are generally accepted in the Company’s marketplaces. The Company records provisions for estimated warranty costs, 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 service-type warranty contracts that extend coverage beyond the initial term of the express warranty period. At the time of sale, revenue related to the service-type warranty contract is deferred and typically recognized as income on a straight-line basis over the life of the contract. As of December 31, 2020 and 2019, deferred revenue associated with service-type warranty contracts was $4.2 million and $3.3 million, respectively, and was included within Other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets. Costs under service-type 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, with the exception of certain estimated losses that have been recognized related to settlement discussions (see Note 13 – Legal Proceedings). If the Company is not successful in its defense after exhausting all appellate options, it would record a charge for such claims, to the extent they exceed insurance recoveries, when the related losses become probable and estimable. 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 and estimates of future mortality of plan participants. The weighted-average discount rate used to measure pension liabilities and costs is selected using a hypothetical portfolio of high-quality bonds that would provide the necessary cash flow to match the projected benefit payments of the plans. The discount rate represents the rate at which our benefit obligations could effectively be settled as of the year-end measurement date. The weighted-average discount rate used to measure pension liabilities decreased from 2019 to 2020. See Note 11 – Pension and Other Post-Employment Plans 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. The Company references published mortality tables and scales in determining its estimate of future mortality. Revenue Recognition See Note 3 – Revenue Recognition for discussion regarding the Company’s revenue recognition accounting policies. 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 $12.2 million in 2020, $13.6 million in 2019 and $13.0 million in 2018, and are included within SEG&A expenses. Stock-Based Compensation Plans The Company has various stock-based compensation plans, described more fully in Note 15 – Stock-Based Compensation. Stock-based compensation expense is recorded net of estimated forfeitures in the Company’s Consolidated Statements of Operations. The Company estimates the forfeiture rate based on historical forfeitures of equity awards and adjusts the rate to reflect changes in facts and circumstances, if any. The Company revises its estimated forfeiture rate if actual forfeitures differ from its initial estimates. Income Taxes The Company accounts 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. The Company files a consolidated U.S. federal income tax return for Federal Signal Corporation and its eligible domestic subsidiaries. The Company’s non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. The Company accounts for taxes on Global Intangible Low-Taxed Income (“GILTI”) as a period expense in the year in which it is incurred. 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, the Company 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 Company presents interest and penalties related to income tax matters as a component of Income tax expense. 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. The Company accrues 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. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | ACQUISITIONS The Company’s acquisitions are accounted for in accordance with ASC 805, Business Combinations . In accordance with this guidance, the fair value of consideration transferred is allocated to assets acquired and liabilities assumed based on their estimated fair values as of the completion of the acquisition, with the remaining amount recognized as goodwill. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company’s judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. Under ASC 805-10, acquisition-related costs (e.g., advisory, legal, valuation and other professional fees) are not included as a component of consideration transferred, but are accounted for as expenses in the periods in which the costs are incurred. Acquisition-related costs are included as a component of Acquisition and integration-related expenses on the Consolidated Statements of Operations. Acquisition of Public Works Equipment and Supply, Inc. On June 12, 2020, the Company acquired certain assets and operations of Public Works Equipment and Supply, Inc. (“PWE”), a distributor of maintenance and infrastructure equipment covering North Carolina, South Carolina and parts of Tennessee. The acquisition included cash consideration of $6.2 million, which included a payment to acquire certain inventory and fixed assets at closing. As the acquisition closed on June 12, 2020, the assets and liabilities of PWE have been consolidated into the Company’s Consolidated Balance Sheet as of December 31, 2020, and the post-acquisition results of operations have been included in the Consolidated Statements of Operations, within the Environmental Solutions Group. The assets acquired and liabilities assumed in the PWE acquisition have been measured at their fair values at the acquisition date, resulting in $2.5 million of goodwill, which is deductible for tax purposes. As of December 31, 2020, the Company’s purchase price allocation is considered to be final. The acquisition was not, and would not have been, material to the Company’s net sales, results of operations or total assets during any period presented. Accordingly, the Company’s consolidated results from operations do not differ materially from historical performance as a result of the acquisition, and therefore, pro-forma results are not presented. Acquisition of Mark Rite Lines Equipment Company, Inc. On July 1, 2019, the Company completed the acquisition of substantially all of the assets and operations of Mark Rite Lines Equipment Company, Inc. (“MRL”), a U.S. manufacturer of truck-mounted and ride-on road-marking and line-removal equipment, including its wholly-owned subsidiary HighMark Traffic Services, Inc. The Company expects that MRL will provide an efficient entry into a new line of product offerings and access to new markets. As the acquisition closed on July 1, 2019, the assets and liabilities of MRL have been consolidated into the Consolidated Balance Sheet as of December 31, 2020, while the post-acquisition results of operations have been included in the Consolidated Statements of Operations, within the Environmental Solutions Group. The initial cash consideration paid by the Company to acquire MRL was $49.8 million, inclusive of a preliminary adjustment for working capital and other post-closing items. The purchase price was subsequently reduced by a final adjustment for working capital and other post-closing items in the amount of $0.8 million, which the Company received in the first quarter of 2020. In addition, there is a contingent earn-out payment of up to $15.5 million, which is contingent upon the achievement of certain financial targets and objectives. The contingent earn-out payment, if earned, would be due to be paid following the third anniversary of the closing. The Company’s purchase price allocation was finalized during the year ended December 31, 2019. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: (in millions) Purchase price, inclusive of adjustment for working capital and other post-closing items (a) $ 49.0 Estimated fair value of additional consideration (b) 4.1 Total consideration 53.1 Cash 0.2 Accounts receivable 3.8 Inventories 13.8 Prepaid expenses and other current assets 0.3 Properties and equipment 6.4 Operating lease right-of-use assets 4.6 Other long-term assets 0.1 Customer relationships (c) 17.7 Trade names (d) 9.0 Other intangible assets 1.4 Operating lease liabilities (4.6) Accounts payable (3.7) Accrued liabilities (1.9) Customer deposits (6.5) Deferred tax liabilities (1.4) Net assets acquired 39.2 Goodwill (e) $ 13.9 (a) The purchase price was funded with borrowings under the Company’s revolving credit facility. The purchase price includes adjustments for working capital and other post-closing items, which were finalized in the fourth quarter of 2019, with the Company receiving $0.8 million in the first quarter of 2020. (b) Represents the estimated fair value of the contingent earn-out payment as of the acquisition date, which is included as a component of Other long-term liabilities on the Consolidated Balance Sheets. See Note 18 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment. (c) Represents the fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with an estimated useful life of approximately 12 years. (d) Represents the fair value assigned to trade names, which are considered to be indefinite-lived intangible assets. (e) Goodwill, the majority of which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment. The following table presents the unaudited pro forma combined net sales of the Company and MRL for the years ended December 31, 2019 and 2018, assuming this transaction occurred on January 1, 2018. Pro forma combined income from continuing operations and pro forma diluted earnings per share are not presented as they would not be materially different from the results reported for the years ended December 31, 2019 and 2018. For the Year Ended December 31, (in millions) 2019 2018 Net sales $ 1,252.7 $ 1,156.4 The unaudited pro forma financial information is presented for informational purposes only and is not intended to represent or be indicative of the consolidated results of operations of the Company that would have been reported had the acquisition been completed as of the beginning of the periods presented, and should not be taken as being representative of the future consolidated results of operations of the Company. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied; generally this occurs at a point in time, with the transfer of control of the Company’s products or services to customers. For most of the Company’s product sales, these criteria are met at the time the product is shipped; however, occasionally control passes later or earlier than shipment due to customer contract or letter of credit terms. In circumstances where credit is extended, payment terms generally range from 30 to 120 days and customer deposits may be required. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring products or providing services. Expected returns and allowances are estimated and recognized based primarily on an analysis of historical experience, with Net sales presented net of such returns and allowances. The Company enters into sales arrangements that may provide for multiple performance obligations 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 performance obligations that are to be delivered separately under the sales arrangement and allocates revenue to each performance obligation based on its relative standalone selling price. The Company uses an observable price to determine the standalone selling price or a cost plus margin approach when one is not available. In general, performance obligations include hardware, integration and installation services. The allocated revenue for each performance obligation is recognized as such performance obligations are satisfied. Net sales include sales of products and billed freight related to product sales. Freight has not historically comprised a material component of Net sales. The Company has elected to account for such shipping and handling activities as a fulfillment cost and not as a separate performance obligation. Taxes collected from customers and remitted to governmental authorities are recorded on a net basis and are excluded from Net sales. During the years ended December 31, 2020, 2019 and 2018, the Company’s Environmental Solutions recorded net sales of $1.3 million, $3.3 million and $1.7 million respectively, relating to products sold to Ingenieria Y Servicios Orbitec SPA, an entity which is majority-owned by affiliates of the former owners of Joe Johnson Equipment, Inc. and Joe Johnson Equipment (USA), Inc. (collectively, “JJE”). Information relating to the disaggregation of Net sales by geographic region, based on the location of the end-customer, is included in Note 17 – Segment Information. The following table presents the Company’s Net sales disaggregated by major product line: (in millions) 2020 2019 Environmental Solutions Vehicles and equipment (a) $ 719.3 $ 788.7 Parts 129.4 132.8 Rental income (b) 36.6 46.2 Other (c) 30.5 25.2 Total net sales 915.8 992.9 Safety and Security Systems Public safety and security equipment 132.6 133.5 Industrial signaling equipment 50.8 59.3 Warning systems 31.6 35.6 Total net sales 215.0 228.4 Total net sales $ 1,130.8 $ 1,221.3 (a) Includes net sales from the sale of new and used vehicles and equipment, including sales of rental equipment. (b) Represents revenues from vehicle and equipment lease arrangements with customers, recognized in accordance with Topic 842 and Topic 840, as applicable. (c) Primarily includes revenues from services such as maintenance and repair work and the sale of extended warranty contracts. Contract Balances The Company recognizes contract liabilities when cash payments, such as customer deposits, are received in advance of the Company’s satisfaction of the related performance obligations. Contract liabilities are recognized as Net sales when the related performance obligations are satisfied, which generally occurs within three to six months of the cash receipt. Contract liability balances are not materially impacted by any other factors. The Company’s contract liabilities were $17.0 million and $13.9 million , as of December 31, 2020 and 2019, respectively. Contract assets, such as unbilled receivables, were not material as of any of the periods presented herein. Practical Expedients As the Company’s standard payment terms are less than a year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. The Company has also elected the practical expedient under ASC 340-40-25-4 and recognizes the incremental costs of obtaining a contract, such as sales commissions, as expense when incurred as the amortization period of the asset that otherwise would have been recognized is one year or less. Further, as permitted by ASC 606-10-50-14, the Company does not disclose the value of its remaining performance obligations for contracts with an original expected duration of one year or less. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES The Company leases certain facilities within the U.S., Europe and Canada from which the Company manufactures vehicles and equipment, and provides sales, service and/or equipment rentals. Some of the Company’s lease agreements contain options to renew. The Company also leases vehicles and various other equipment. The Company’s lease agreements may contain lease and non-lease components, which are accounted for separately. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. In connection with acquisitions completed in recent years, the Company has entered into certain lease agreements for facilities owned by affiliates of the sellers. All lease agreements contain an annual rent that is considered to be market-based. Total rent paid under these arrangements was $1.5 million , $0.8 million and $0.3 million during the years ended December 31, 2020, 2019 and 2018, respectively. The Company’s total lease liabilities under these agreements were $4.7 million as of both December 31, 2020 and 2019. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental collateralized borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Implicit rates are used when readily determinable. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the respective lease term. The following table summarizes the Company’s total lease costs and supplemental cash flow information arising from operating lease transactions: (in millions) For the Years Ended December 31, 2020 2019 Total operating lease costs (a) $ 13.3 $ 12.6 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 9.2 8.6 (a) Includes short-term leases and variable lease costs. Total rental expense on all operating leases previously reported under ASC 840, Leases was $8.8 million in 2018. The following table summarizes the components of lease right-of-use assets and liabilities: (in millions) 2020 2019 Affected Line Item in Consolidated Balance Sheets Assets Operating lease right-of-use assets $ 21.9 $ 27.6 Operating lease right-of-use assets Finance lease right-of-use assets 0.6 0.6 Properties and equipment, net Total lease right-of-use assets $ 22.5 $ 28.2 Liabilities Current: Operating leases $ 8.2 $ 8.2 Current operating lease liabilities Finance leases 0.2 0.2 Current portion of long-term borrowings and finance lease obligations Noncurrent: Operating leases 15.5 21.6 Long-term operating lease liabilities Finance leases 0.4 0.4 Long-term borrowings and finance lease obligations Total lease liabilities $ 24.3 $ 30.4 The weighted-average remaining lease terms and discount rates of the Company’s operating leases were as follows: 2020 2019 Weighted-average remaining lease term of operating leases 3.3 years 3.8 years Weighted-average discount rate of operating leases 3.5 % 3.8 % Maturities of operating lease liabilities as of December 31, 2020 were as follows: (in millions) 2021 $ 8.9 2022 7.9 2023 4.9 2024 1.9 2025 0.5 Thereafter 0.9 Total lease payments 25.0 Less: Imputed interest 1.3 Present value of operating lease liabilities $ 23.7 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES The following table summarizes the components of inventories: (in millions) 2020 2019 Finished goods $ 95.3 $ 86.8 Raw materials 76.6 79.5 Work in process 13.1 16.6 Total inventories $ 185.0 $ 182.9 |
Properties and Equipment, Net
Properties and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 Land $ 4.8 $ 4.3 Buildings and improvements 63.3 53.9 Machinery and equipment 175.0 159.2 Total property and equipment, at cost 243.1 217.4 Less: Accumulated depreciation 136.2 125.5 Properties and equipment, net $ 106.9 $ 91.9 |
Rental Equipment
Rental Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Rental Equipment [Abstract] | |
Rental Equipment | RENTAL EQUIPMENT, NET The following table summarizes the components of rental equipment, net: (in millions) 2020 2019 Rental equipment $ 156.8 $ 149.0 Less: Accumulated depreciation 43.5 33.6 Rental equipment, net $ 113.3 $ 115.4 Rental income associated with the Company’s equipment rental activity, which is included as a component of Net sales on the Consolidated Statements of Operations, totaled $36.6 million in 2020, $46.2 million in 2019 and $41.8 million in 2018. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes the carrying amount of goodwill and changes in the carrying amount of goodwill, by segment: (in millions) Environmental Safety & Security Total Balance at December 31, 2018 $ 263.2 $ 111.9 $ 375.1 Acquisitions 13.9 — 13.9 Translation adjustments 0.2 (0.4) (0.2) Balance at December 31, 2019 277.3 111.5 388.8 Acquisitions 2.5 — 2.5 Translation adjustments 0.1 2.8 2.9 Balance at December 31, 2020 $ 279.9 $ 114.3 $ 394.2 The following table summarizes the gross carrying amount and accumulated amortization of intangible assets for each major class of intangible assets: 2020 2019 (in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Customer relationships (a) $ 108.6 $ (29.6) $ 79.0 $ 108.6 $ (20.5) $ 88.1 Other (a) 4.4 (2.3) 2.1 4.2 (1.6) 2.6 Total definite-lived intangible assets 113.0 (31.9) 81.1 112.8 (22.1) 90.7 Indefinite-lived intangible assets: Trade names 72.4 — 72.4 72.2 — 72.2 Total indefinite-lived intangible assets 72.4 — 72.4 72.2 — 72.2 Total intangible assets $ 185.4 $ (31.9) $ 153.5 $ 185.0 $ (22.1) $ 162.9 (a) Average useful life of customer relationships and other definite-lived intangible assets are estimated to be approximately 12 years and eight years, respectively. The average useful life across all definite-lived intangible assets is estimated to be approximately 12 years. Amortization expense for the years ended December 31, 2020, 2019 and 2018 was $9.6 million, $8.8 million and $8.0 million respectively. The Company currently estimates that aggregate amortization expense will be approximately $9.6 million in 2021, $9.5 million in 2022, $9.3 million in 2023, $9.3 million in 2024, $9.3 million in 2025 and $34.1 million thereafter. Actual amounts of amortization may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency rates, impairment of intangible assets and other events. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table summarizes the components of Long-term borrowings and finance lease obligations: (in millions) 2020 2019 2019 Credit Agreement $ 209.4 $ 219.9 Finance lease obligations 0.6 0.6 Total long-term borrowings and finance lease obligations, including current portion 210.0 220.5 Less: Current finance lease obligations 0.2 0.2 Total long-term borrowings and finance lease obligations $ 209.8 $ 220.3 As more fully described within Note 18 – Fair Value Measurements, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The fair value of long-term debt is based on interest rates that we believe are currently available to us for issuance of debt with similar terms and remaining maturities (Level 2 input). The following table summarizes the carrying amounts and fair values of the Company’s financial instruments: 2020 2019 (in millions) Notional Fair Notional Fair Long-term borrowings (a) $ 210.0 $ 210.0 $ 220.5 $ 220.5 (a) Long-term borrowings includes current portions of finance lease obligations of $0.2 million and $0.2 million as of December 31, 2020 and 2019, respectively. On July 30, 2019, the Company entered into the Second Amended and Restated Credit Agreement (the “2019 Credit Agreement”), by and among the Company (the “U.S. Borrower”) 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, and the other lenders and parties signatory thereto. The 2019 Credit Agreement is a $500 million revolving credit facility, maturing on July 30, 2024, 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 $75 million for letters of credit. The 2019 Credit Agreement allows for the Borrowers to borrow in denominations of U.S. Dollars, Canadian Dollars, Euros or British Pounds (with borrowings in non-U.S. currencies subject to a sublimit of $200 million). In addition, the Company may cause the commitments to increase by up to an additional $250 million, subject to the approval of the applicable lenders providing such additional financing. Borrowings under the 2019 Credit Agreement may be used for working capital and general corporate purposes, including acquisitions. The Company’s material domestic subsidiaries provide guarantees for all obligations of the Borrowers under the 2019 Credit Agreement, which is secured by a first priority security interest in (i) all existing or hereafter acquired domestic property and assets of the U.S. Borrower and material domestic subsidiaries, (ii) the stock or other equity interests in each of the material domestic subsidiaries and (iii) 65% of outstanding voting capital stock of certain first-tier foreign subsidiaries, subject to certain exclusions. Borrowings under the 2019 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 zero to 0.75% for base rate borrowings and 1.00% to 1.75% for LIBOR borrowings. The Company must also pay a commitment fee to the lenders ranging between 0.10% to 0.25% per annum on the unused portion of the $500 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 net leverage ratio and interest coverage ratio financial covenants under the 2019 Credit Agreement that are to be measured at each fiscal quarter-end. The Company was in compliance with all such covenants as of December 31, 2020. The 2019 Credit Agreement also includes a series of “covenant holiday” periods, which allow for the temporary increase of the minimum net leverage ratio following the completion of a permitted acquisition, or a series of acquisitions, when the aggregate consideration over a period of twelve months exceeds $75 million. In addition, the 2019 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 mergers, consolidations or 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 2019 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 3.25; (ii) the Company is in compliance with all other financial covenants; and (iii) there are no existing defaults under the 2019 Credit Agreement. If its leverage ratio is more than 3.25, the Company is still permitted to fund (i) up to $35 million of dividend payments and stock repurchases; and (ii) an incremental $50 million of other cash payments. The 2019 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 2019 Credit Agreement and the commitments from the lenders may be terminated. In connection with the execution of the 2019 Credit Agreement during the year ended December 31, 2019, the Company incurred $1.0 million of debt issuance costs. Such fees have been deferred and are being amortized over the five-year term. As of December 31, 2020, there was $209.4 million of cash drawn and $10.3 million of undrawn letters of credit under the 2019 Credit Agreement, with $280.3 million of net availability for borrowings. The following table summarizes the gross borrowings and gross payments under the Company’s revolving credit facilities: For the Years Ended December 31, (in millions) 2020 2019 2018 Gross borrowings $ 82.6 $ 84.0 $ 8.0 Gross payments 94.4 76.6 70.1 Aggregate maturities of total borrowings due amount to approximately $0.2 million in 2021, $0.2 million in 2022, $0.1 million in 2023 and $209.5 million in 2024. The weighted average interest rate on long-term borrowings was 1.7% at December 31, 2020. The Company paid interest of $5.4 million in 2020, $7.8 million in 2019 and $8.7 million in 2018. Interest Rate Swap On June 2, 2017, the Company entered into an interest rate swap (the “2017 Swap”) with a notional amount of $150.0 million, as a means of fixing the floating interest rate component on $150.0 million of its variable-rate debt. In the third quarter of 2019, the Company terminated the 2017 Swap and received $0.2 million in connection with its settlement. The 2017 Swap was previously designated as a cash flow hedge, with an original termination date of June 2, 2020. On October 2, 2019, the Company entered into an interest rate swap (the “2019 Swap”) with a notional amount of $75.0 million, as a means of fixing the floating interest rate component on $75.0 million of its variable-rate debt. The 2019 Swap is designated as a cash flow hedge, with a maturity date of July 30, 2024. As a result of the application of hedge accounting treatment, all unrealized gains and losses related to the derivative instrument are recorded in Accumulated other comprehensive loss and are reclassified into operations in the same period in which the hedged transaction affects earnings. The gain on the termination of the 2017 Swap has been included in Accumulated other comprehensive loss and was reclassified into earnings ratably through June 2, 2020. Hedge effectiveness is assessed quarterly. We do not use derivative instruments for trading or speculative purposes. The fair value of the Company’s interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve (Level 2 inputs) and measured on a recurring basis in our Consolidated Balance Sheets. At December 31, 2020, the fair value of the 2019 Swap was a liability of $3.0 million, which was included in Other long-term liabilities on the Consolidated Balance Sheet. At December 31, 2019, the fair value of the 2019 Swap was an asset of $0.9 million, which was included in Deferred charges and other long-term assets on the Consolidated Balance Sheet. During the years ended December 31, 2020 and 2019, unrealized pre-tax losses of $3.9 million and $1.0 million, respectively, were recorded in Accumulated other comprehensive loss, whereas during the year ended December 31, 2018, an unrealized pre-tax gain of $0.4 million was recorded in Accumulated other comprehensive loss. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following table summarizes the income tax expense from continuing operations: (in millions) 2020 2019 2018 Current tax expense (benefit): Federal $ 16.4 $ 20.7 $ 17.8 Foreign 1.4 0.4 (0.1) State and local 5.1 6.0 5.7 Total current tax expense 22.9 27.1 23.4 Deferred tax expense (benefit): Federal 2.7 2.8 0.6 Foreign 3.1 2.2 (6.5) State and local (0.2) (1.9) 0.4 Total deferred tax expense (benefit) 5.6 3.1 (5.5) Total income tax expense $ 28.5 $ 30.2 $ 17.9 The following table summarizes the differences between the statutory federal income tax rate and the effective income tax rate from continuing operations: 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 3.5 3.2 4.5 Valuation allowance 0.1 (0.6) — Tax planning benefits, excluding valuation allowance effects — — (8.1) Tax reserves (0.1) (0.4) (0.3) Tax credits (0.3) (0.4) (0.3) Foreign tax rate effects 0.8 0.4 0.3 Excess tax benefits from stock compensation activity (2.9) (1.2) (0.8) Other, net 0.8 (0.2) (0.3) Effective income tax rate 22.9 % 21.8 % 16.0 % The following table summarizes income before income taxes from continuing operations: (in millions) 2020 2019 2018 U.S. $ 107.4 $ 126.0 $ 100.6 Non-U.S. 17.2 12.6 11.0 Income before income taxes $ 124.6 $ 138.6 $ 111.6 Summary The Company recognized income tax expense of $28.5 million for the year ended December 31, 2020, compared to $30.2 million for the year ended December 31, 2019. The reduction in income tax expense in the current year was primarily due to lower earnings and a $1.9 million increase in excess tax benefits from stock compensation activity, partially offset by the non-recurrence of a $0.8 million tax benefit from the release of state deferred tax valuation allowance recognized in the prior year. The Company’s effective tax rate for the year ended December 31, 2020 was 22.9%, compared to 21.8% in 2019. The Company recognized income tax expense of $30.2 million for the year ended December 31, 2019, compared to $17.9 million for the year ended December 31, 2018. The increase in income tax expense in the current year was primarily due to higher earnings and the non-recurrence of an $8.6 million tax planning benefit that was recognized in the prior year, partially offset by the recognition of a $0.8 million tax benefit from the release of state deferred tax valuation allowance, and a $0.8 million increase in excess tax benefits from stock compensation activity. The Company’s effective tax rate for the year ended December 31, 2019 was 21.8%, compared to 16.0% in 2018. The Company paid income taxes of $22.3 million in 2020, $25.7 million in 2019 and $21.6 million in 2018. Deferred Taxes The following table summarizes deferred income tax assets and liabilities of the Company’s continuing operations: (in millions) 2020 2019 Deferred tax assets: Properties and equipment $ 2.6 $ 0.7 Accrued expenses 27.5 28.6 Stock-based compensation 3.7 3.9 Net operating loss and tax credit carryforwards 21.0 21.6 Goodwill and intangibles 1.7 1.5 Pension benefits 21.8 18.5 Gross deferred tax assets 78.3 74.8 Valuation allowance (8.8) (8.2) Total deferred tax assets 69.5 66.6 Deferred tax liabilities: Properties and equipment (32.5) (24.4) Pension benefits (12.1) (11.3) Goodwill and intangibles (67.8) (72.4) Other (1.2) (1.1) Gross deferred tax liabilities (113.6) (109.2) Net deferred tax liabilities $ (44.1) $ (42.6) The deferred tax asset for tax loss and tax credit carryforwards at December 31, 2020 includes state net operating loss carryforwards of $6.6 million and state income tax credits of $0.2 million, both of which will begin to expire in 2021, foreign net operating loss carryforwards of $11.1 million, which will begin to expire in 2025, and U.S. foreign tax credits of $3.1 million, which will begin to expire in 2023. The deferred tax asset for tax loss and tax credit carryforwards at December 31, 2019, included federal net operating loss carryforwards of $0.1 million, state net operating loss carryforwards of $6.7 million, foreign net operating loss carryforwards of $11.7 million, and U.S. foreign tax credits of $3.1 million. The $69.5 million of deferred tax assets at December 31, 2020, 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, 2020. 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. Generally, the Company has considered cash and cash equivalents held by subsidiaries outside the U.S. to be permanently reinvested in its foreign operations and the Company’s current plans do not demonstrate a need to repatriate such cash to fund U.S. operations. However, in the event that these funds were needed to fund U.S. operations or to satisfy U.S. obligations, they generally could be repatriated. The repatriation of these funds may cause the Company to incur additional U.S. income tax expense, dependent on income tax laws and other circumstances at the time any such amounts were repatriated. As of December 31, 2020, the Company continues to assert that its undistributed earnings of certain foreign subsidiaries are indefinitely reinvested. It is not practicable to determine the income tax liability that would be payable if such earnings were not permanently reinvested. Valuation Allowances ASC 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. At December 31, 2020, the total valuation allowance recorded against the Company’s deferred tax assets was $8.8 million, comprised of a $4.2 million valuation allowance recorded against state net operating loss carryforwards, a $3.1 million valuation allowance recorded against U.S. foreign tax credits, a $1.3 million valuation allowance recorded against foreign net deferred tax assets, and a $0.2 million valuation allowance recorded against other deferred tax assets. Unrecognized Tax Benefits The following table summarizes the activity related to the Company’s unrecognized tax benefits: (in millions) 2020 2019 2018 Balance at January 1 $ 1.3 $ 1.6 $ 1.9 Increases related to current year tax — — 0.2 Increases from prior period positions — 0.2 — Decreases from settlements with tax authorities — (0.2) — Decreases due to lapse of statute of limitations (0.1) (0.3) (0.5) Balance at December 31 $ 1.2 $ 1.3 $ 1.6 The Company’s accounting policy is to recognize interest and penalties related to income tax matters in income tax expense. At December 31, 2020 and 2019, accruals for interest and penalties amounting to $0.4 million are included in the Consolidated Balance Sheets but are not included in the table above. At December 31, 2020 and 2019, liabilities for unrecognized tax benefits, including interest and penalties of $1.5 million were included within Other long-term liabilities on the Consolidated Balance Sheets. At December 31, 2020 and 2019, unrecognized tax benefits of $0.1 million were included as a component of Deferred tax liabilities on the Consolidated Balance Sheets. All of the unrecognized tax benefits of $1.2 million and $1.3 million at December 31, 2020 and 2019, respectively, 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 or settlements with tax authorities within the next twelve months. Status of Tax Returns We file U.S., state and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2017 through 2019 tax years generally remain subject to examination by federal tax authorities, whereas the 2016 through 2019 tax years generally remain subject to examination by most state tax authorities. In significant foreign jurisdictions, the tax years from 2016 through 2019 generally remain subject to examination by their respective tax authorities. |
Pension and Other Post-Employme
Pension and Other Post-Employment Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pensions | PENSION AND OTHER POST-EMPLOYMENT PLANS Defined Benefit Pension Plans 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 that were being accrued through the end of 2016 were salary increases for a limited group of participants. Those benefits ceased at the end of 2016, at which point all existing plans became fully frozen. During the year ended December 31, 2018, the U.K. High Court ruled that certain formulas used to calculate guaranteed minimum pension (“GMP”) benefits violated gender-pay equality laws and, as a result, the Company recognized a $2.6 million increase to the benefit obligation of its non-U.S. benefit plan, with a corresponding adjustment to Prior service costs within Accumulated other comprehensive loss. In November 2020, the U.K. High Court further ruled that GMP equalization is applicable to historical transfer payments made since 1990. The Company is currently evaluating the impact of these rulings on its non-U.S. benefit plan’s GMP benefit formulas and monitoring for additional regulatory and interpretive developments. While the non-U.S. benefit plan has not yet been amended to address GMP equalization, the Company has recognized the estimated incremental impact of the November 2020 ruling during the year ended December 31, 2020, resulting in a $0.2 million increase to the benefit obligation of its non-U.S. benefit plan, with a corresponding adjustment to Prior service costs within Accumulated other comprehensive loss. The prior service costs are amortized into net periodic benefit cost over the remaining average life expectancy of plan participants. The following table summarizes net periodic pension (benefit) expense for the U.S. and non-U.S. benefit plans: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2020 2019 2018 2020 2019 2018 Company-sponsored plans: Service cost $ — $ — $ — $ 0.2 $ 0.2 $ 0.2 Interest cost 5.8 6.8 6.4 1.0 1.4 1.3 Expected return on plan assets (9.2) (8.7) (8.7) (1.9) (2.0) (2.2) Amortization of prior service costs — — — 0.1 0.1 — Amortization of actuarial losses 3.2 2.6 3.0 0.5 0.7 0.6 Net periodic pension (benefit) expense $ (0.2) $ 0.7 $ 0.7 $ (0.1) $ 0.4 $ (0.1) The items that comprise Net periodic pension (benefit) expense, other than service cost, are included as a component of Other expense, net on the Consolidated Statements of Operations. The following table summarizes the weighted-average assumptions used in determining pension costs: U.S. Benefit Plan Non-U.S. Benefit Plan 2020 2019 2018 2020 2019 2018 Discount rate 3.5 % 4.4 % 3.7 % 2.0 % 2.8 % 2.5 % Expected long-term rate of return on plan assets 7.4 % 7.0 % 7.0 % 3.6 % 4.2 % 4.2 % 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) 2020 2019 2020 2019 Benefit obligation, beginning of year $ 169.4 $ 161.6 $ 52.3 $ 49.8 Service cost — — 0.2 0.2 Interest cost 5.8 6.8 1.0 1.4 Actuarial loss 15.2 10.8 5.1 2.0 Benefits and expenses paid (10.2) (9.8) (3.0) (3.1) Amendments (a) — — 0.2 — Foreign currency translation — — 1.8 2.0 Benefit obligation, end of year $ 180.2 $ 169.4 $ 57.6 $ 52.3 Accumulated benefit obligation, end of year $ 180.2 $ 169.4 $ 57.6 $ 52.3 (a) While the non-U.S. benefit plan has not yet been amended, this component of the change to the benefit obligation of the non-U.S. benefit plan during the year ended December 31, 2020 represents the estimated incremental impact of the November 2020 U.K. High Court ruling, as described above. The following table summarizes the weighted-average assumptions used in determining benefit obligations: U.S. Benefit Plan Non-U.S. Benefit Plan 2020 2019 2020 2019 Discount rate 2.8 % 3.5 % 1.3 % 2.0 % The following summarizes the changes in the fair value of plan assets: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2020 2019 2020 2019 Fair value of plan assets, beginning of year $ 131.6 $ 118.8 $ 55.2 $ 47.7 Actual return on plan assets (a) 16.1 22.6 2.2 7.2 Company contribution 5.0 — 1.3 1.3 Benefits and expenses paid (10.2) (9.8) (3.0) (3.1) Foreign currency translation — — 1.7 2.1 Fair value of plan assets, end of year $ 142.5 $ 131.6 $ 57.4 $ 55.2 (a) Actual return on plan assets of the U.S. benefit plan for the years ended December 31, 2020 and 2019, was net of fees, commissions and other expenses paid from plan assets of $2.0 million and $1.9 million, respectively. As more fully described within Note 18 – Fair Value Measurements, 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. • 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: • 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 NAV of the shares in the fund. • Diversified investment funds and insurance-linked securities are valued based on a daily NAV per share measured by the fund sponsor and used as the basis for current transactions. • 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 2020 2019 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4.4 $ — $ — $ 4.4 $ 4.0 $ — $ — $ 4.0 Equity investments: U.S. Large Cap 36.3 — — 36.3 46.1 — — 46.1 U.S. Small and Mid Cap 24.6 — — 24.6 23.8 — — 23.8 Developed international 10.2 9.5 — 19.7 7.1 5.9 — 13.0 Emerging markets 9.7 2.2 — 11.9 10.2 0.5 — 10.7 Fixed income investments: Government securities 4.9 — — 4.9 10.5 — — 10.5 Asset-backed securities — 3.8 — 3.8 — 13.5 — 13.5 Corporate bonds — 31.3 — 31.3 — 9.4 — 9.4 Mutual funds 5.0 — — 5.0 — — — — Other investments: Real estate 0.4 — — 0.4 0.4 — — 0.4 Total assets at fair value (a) $ 95.5 $ 46.8 $ — $ 142.3 $ 102.1 $ 29.3 $ — $ 131.4 (a) Total assets at fair value in the table above exclude a net receivable of $0.2 million at December 31, 2020 and 2019, respectively. Non-U. S. Benefit Plan 2020 2019 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.4 $ 7.0 $ — $ 7.4 $ 0.2 $ — $ — $ 0.2 Diversified investment funds (a) — 29.6 — 29.6 — 40.7 — 40.7 Fixed income investments: Government securities — — — — 3.8 — — 3.8 Corporate bonds — 15.9 — 15.9 7.2 3.3 — 10.5 Other investments: Insurance-linked securities — — 4.5 4.5 — — — — Total assets at fair value $ 0.4 $ 52.5 $ 4.5 $ 57.4 $ 11.2 $ 44.0 $ — $ 55.2 (a) These funds primarily invest in a diversified portfolio of equity securities and fixed income securities. The Company maintains a structured investment strategy for its U.S. and non-U.S. benefit plans, which are designed to achieve certain target asset allocations depending on the plans’ relative funded status. The target asset allocations for the U.S. benefit plan are (i) between 54% and 69% in equity investments, (ii) between 29% and 44% in fixed income investments and (iii) between 0% and 20% in 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 plan consist principally of a portfolio of diversified investment funds, corporate bonds and insurance-linked securities. The target asset allocations for the non-U.S. benefit plan assets are generally between 65% and 75% in fixed income investments and cash and cash equivalents, and between 25% and 35% in equity investments. The following summarizes the funded status of the Company’s benefit plans: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2020 2019 2020 2019 Fair value of plan assets, end of year $ 142.5 $ 131.6 $ 57.4 $ 55.2 Benefit obligation, end of year 180.2 169.4 57.6 52.3 Funded status, end of year $ (37.7) $ (37.8) $ (0.2) $ 2.9 The following summarizes the amounts recognized within the Company’s Consolidated Balance Sheets: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2020 2019 2020 2019 Amounts recognized in our Consolidated Balance Sheets include: Deferred charges and other long-term assets $ — $ — $ — $ 2.9 Long-term pension and other post-retirement benefit liabilities (37.7) (37.8) (0.2) — Net (liability) asset recorded $ (37.7) $ (37.8) $ (0.2) $ 2.9 Amounts recognized in Accumulated other comprehensive loss include: Actuarial losses $ 81.3 $ 76.2 $ 19.6 $ 14.6 Prior service costs — — 2.6 2.4 Net amount recognized, pre-tax $ 81.3 $ 76.2 $ 22.2 $ 17.0 As the Company’s benefit plans are fully frozen, all plan participants are now considered to be inactive. As a result, the associated actuarial losses and prior service costs that are included in Accumulated other comprehensive loss are being amortized into net periodic benefit cost over the remaining average life expectancy of plan participants. The Company expects $4.6 million of the actuarial losses and $0.1 million of the prior service costs to be amortized from Accumulated other comprehensive loss into net periodic benefit cost in 2021. In 2021, the Company currently expects to contribute up to $4.3 million to the U.S. benefit plan and up to $1.4 million to the non-U.S. benefit plan. 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 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 2021 $ 9.8 $ 2.7 2022 10.0 2.8 2023 10.1 2.7 2024 10.2 2.8 2025 10.7 2.7 2026-2030 51.9 13.0 Defined Contribution Retirement Plan The Company also sponsors a defined contribution retirement plan (the “401(k) plan”) covering a majority of its employees. Participation is via automatic enrollment and employees may elect to opt out of the 401(k) plan. Company contributions to the 401(k) plan are based on an employee’s years of service, as well as the percentage of employee contributions. The Company’s cost of the 401(k) plan was $7.7 million in 2020, $7.9 million in 2019 and $7.2 million in 2018. Deferred Compensation Plan The Company also provides a deferred compensation plan to certain employees. The deferred compensation plan is a non-qualified, unfunded defined contribution plan, which provides participants with benefits that would have been provided under the 401(k) plan, but could not be provided due to compensation limits for qualified plans under the Internal Revenue Code. At December 31, 2020 and 2019, deferred compensation liabilities of $13.8 million and $11.1 million, respectively, were included on the Consolidated Balance Sheets, primarily within Long-term pension and other post-retirement benefit liabilities. Multi-Employer Pension Plan During the year ended December 31, 2020, the Company withdrew from the Sheet Metal Workers’ National Pension Fund, a multi-employer pension plan that provided defined benefits to employees under a U.S. collective bargaining agreement. As a result, the Company incurred a $2.3 million withdrawal charge, which was recognized as a component of Other expense, net on the Consolidated Statements of Operations. The withdrawal liability was settled in full during the year ended December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, the Company had outstanding performance and financial standby letters of credit, as well as outstanding bid and performance bonds, aggregating to $25.2 million. If any such letters of credit or bonds are called, the Company would be obligated to reimburse the issuer of the letter of credit or bond. The Company believes the likelihood of any currently outstanding letter of credit or bond being called is remote. The Company has transactions involving the sale of equipment to certain of its customers which include (i) guarantees to repurchase the equipment for a fixed price at a future date and (ii) guarantees to repurchase the equipment from the third-party lender in the event of default by the customer. As of December 31, 2020, both the single year and maximum potential cash payments the Company could be required to make to repurchase equipment under these agreements amounted to $4.1 million. The Company’s risk under these repurchase arrangements would be partially mitigated by the value of the products repurchased as part of the transaction. Historical cash requirements and losses associated with these obligations have not been significant, but could increase if customer defaults exceed current expectations. 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 The following table summarizes the changes in the Company’s warranty liabilities: (in millions) 2020 2019 Balance at January 1 $ 11.2 $ 9.8 Provisions to expense 7.6 8.0 Acquisitions — 0.2 Payments (8.7) (6.8) Foreign currency translation 0.1 — Balance at December 31 $ 10.2 $ 11.2 As of December 31, 2020 and 2019, an estimated liability was recorded within the Environmental Solutions Group in connection with a specific warranty matter. It is reasonably possible that the Company’s estimate may change in the near term as more information becomes available; however, the ultimate resolution of this matter is not expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2020 | |
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 2013, another case was filed in Cook County involving 74 Pennsylvania firefighter plaintiffs. The trial of the first 27 of these plaintiffs’ claims occurred in 2008, 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 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 plaintiffs’ motions to amend their complaints. On April 24, 2015, the cases were transferred to Cook County chancery court, which will decide all class certification issues. On March 23, 2018, plaintiffs filed a motion to certify as a class all firefighters from the Chicago Fire Department who have filed lawsuits in this matter. The court has not yet ruled on this motion as the parties continue to engage in discovery and other matters related to this motion. The Company intends to continue its objections to any attempt at certification. The Company has also filed motions to dismiss cases involving firefighters who worked for fire departments located outside of the State of Illinois based on improper venue. On February 24, 2017, the Circuit Court of Cook County entered orders dismissing the cases of 1,770 such firefighter plaintiffs from the jurisdiction of the State of Illinois. Pursuant to these orders, these plaintiffs had six months thereafter to refile their cases in jurisdictions where these firefighters are located. Prior to this six-month deadline, attorneys representing some of these plaintiffs contacted the Company regarding possible settlement of their cases. During the year ended December 31, 2017, the Company entered into a global settlement agreement with two attorneys who represented approximately 1,090 of these plaintiffs. Under the terms of the settlement agreement, the Company offered $700 per plaintiff to settle these cases and 717 plaintiffs accepted this offer as a final settlement. The attorneys representing these plaintiffs agreed to withdraw from representing plaintiffs who did not respond to the settlement offer. It is the Company’s position that the non-settling plaintiffs who failed to timely refile their cases following the February 2017 dismissal by the Circuit Court of Cook County are now barred from doing so by the statute of limitations. The Company filed a venue motion seeking to transfer to DuPage County cases involving 10 plaintiffs who reside and work in Illinois but outside of Cook County. The Court granted this motion on June 28, 2017. The Company has also been sued on this issue outside of the Cook County, Illinois venue. Between 2007 and 2009, a total of 71 lawsuits involving 71 plaintiffs were filed in the Court of Common Pleas, Philadelphia County, Pennsylvania. 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 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% 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, was removed to federal court in the Eastern District of Pennsylvania. Plaintiffs voluntarily dismissed all claims in this case on May 31, 2016. The Company thereafter moved to recover various fees and costs in this case, asserting that plaintiffs’ counsel failed to properly investigate these claims prior to filing suit. The Court granted this motion on April 25, 2017, awarding $0.1 million to the Company. After plaintiffs appealed this Order, the United States Court of Appeals for the Third Circuit affirmed the lower court decision awarding fees and costs to the Company. 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 again moved to dismiss all claims filed by out-of-state firefighters in these cases as improperly filed in Pennsylvania. On May 24, 2016, the Court granted this motion and dismissed these claims. Plaintiffs appealed this decision and, on September 25, 2018, the appellate court reversed this dismissal. The Company then filed a petition with the appellate court requesting that the court reconsider its ruling. On December 7, 2018, the appellate court granted the Company’s petition and withdrew its prior decision. The Court has ordered that the parties file additional briefs and a new panel of appellate judges issue a decision. On June 25, 2020, the Court issued a decision affirming the trial court’s dismissal of these cases. On May 13, 2016, four new cases were filed in Philadelphia state court, involving a total of 55 Philadelphia firefighters who live in Pennsylvania. During August 2016, the Company settled a case involving four Philadelphia firefighters that had been set for trial in Philadelphia state court during September 2016. During 2017, plaintiffs filed additional cases in the Court of Common Pleas, Philadelphia County, involving over 100 Philadelphia firefighter plaintiffs. During January 2017, plaintiffs filed a motion to consolidate and bifurcate, similar to a motion filed in the Pittsburgh hearing loss cases, as described below. The Company has filed an opposition to this motion. These cases were then transferred to the mass tort program in Philadelphia for pretrial purposes. Plaintiffs’ counsel thereafter dismissed several plaintiffs. During November 2017, a trial involving one Philadelphia firefighter occurred. The jury returned a verdict in favor of the Company in this trial. Prior to a dismissal of these cases pursuant to the Tolling Agreement, discussed below, there was a total of 75 firefighters involved in cases pending in the Philadelphia mass tort program. During April through July 2013, additional cases were filed in Allegheny County, Pennsylvania on behalf of 247 plaintiff firefighters from Pittsburgh and against various defendants, including the Company. During May 2016, two additional cases were filed against the Company in Allegheny County involving 19 Pittsburgh firefighters. After the Company filed pretrial motions, the Court dismissed claims of 55 Pittsburgh firefighter plaintiffs. The Court scheduled trials for May, September and November 2016, for eight firefighters per trial. Prior to the first scheduled trial in Pittsburgh, the Court granted the Company’s motion for summary judgment and dismissed all claims asserted by plaintiff firefighters involved in this trial. Following an appeal by the plaintiff firefighters, the appellate court affirmed this dismissal. The next trial for six Pittsburgh firefighters started on November 7, 2016. Shortly after this trial began, plaintiffs’ counsel moved for a mistrial because a key witness suddenly became unavailable. The Court granted this motion and rescheduled this trial for March 6, 2017. During January 2017, plaintiffs also moved to consolidate and bifurcate trials involving Pittsburgh firefighters. In particular, plaintiffs sought one trial involving liability issues which will apply to all Pittsburgh firefighters who filed suit against the Company. The Company filed an opposition to this motion. On April 18, 2017, the trial court granted plaintiffs’ motion to bifurcate the next Pittsburgh trial. Pursuant to a motion for clarification filed by the Company, the Court ruled that the bifurcation order would only apply to six plaintiffs who were part of the next trial group in Pittsburgh. The Company thereafter sought an interlocutory appeal of the Court’s bifurcation order. The appellate court declined to accept the appeal at that time. A bifurcated trial began on September 27, 2017 in Allegheny County, Pennsylvania. Prior to and during trial, two plaintiffs were dismissed, resulting in four plaintiffs remaining for trial. After approximately two weeks of trial, the jury found that the Company’s siren product was not defective or unreasonably dangerous and rendered a verdict in favor of the Company. A second trial involving Pittsburgh firefighters began during January 2018. At the outset of this trial, plaintiffs’ attorneys requested that the Company consider settlement of various cases. This trial was continued to allow the parties to further discuss possible settlement. During March 2018, the parties agreed in principle on a framework (the “Settlement Framework”) to resolve hearing loss claims and cases in all jurisdictions involved in the hearing loss litigation except in Cook County and Lackawanna County, and excluding one case involving one firefighter in New York City. The firefighters excluded from the Settlement Framework are represented by different attorneys. The Company has agreed in principle to settle the cases in Lackawanna County and has settled the case involving one firefighter in New York City for nominal amounts. Pursuant to the Settlement Framework, the Company would pay $700 to each firefighter who has filed a lawsuit and is eligible to be part of the settlement. The Company would pay $300 to each firefighter who has not yet filed a case and is eligible to be part of the settlement. To be eligible for settlement, among other things, firefighters must provide proof that they have high frequency noise-induced hearing loss. There are approximately 3,700 firefighters whose claims may be considered as part of this settlement, including approximately 1,320 firefighters who have ongoing filed lawsuits. This Settlement Framework was finalized in a global settlement agreement executed on November 4, 2019. Pursuant to this global settlement agreement, the parties are now in the process of determining how many of the approximately 3,700 firefighters will be eligible to participate in the settlement. In order to minimize the parties’ respective legal costs and expenses during this settlement process, on July 5, 2018, the parties entered into a tolling agreement (the “Tolling Agreement”). Pursuant to the Tolling Agreement, counsel for the settling firefighters agreed to dismiss the pending lawsuits in all jurisdictions except for the Allegheny County (Pittsburgh), Pennsylvania cases, and the Company agreed to a tolling of any statute of limitations applicable to the dismissed cases. The Tolling Agreement continued in place until the parties executed the global settlement agreement on November 4, 2019. After execution of the global settlement agreement, the Allegheny County (Pittsburgh) cases were dismissed. The global settlement agreement requires plaintiffs’ attorneys to withdraw from representing firefighters who elect not to participate in this settlement. As of December 31, 2020, the Company has recognized an estimated liability for the potential settlement amount. While it is reasonably possible that the ultimate resolution of this matter may result in a loss in excess of the amount accrued, the incremental loss is not expected to be material. 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, 33 Erie County firefighter plaintiffs voluntarily dismissed their claims. During August 2017, five cases involving 70 firefighter plaintiffs were filed in Lackawanna County, Pennsylvania. These cases involve firefighter plaintiffs who originally filed in Cook County and were dismissed pursuant to the Company’s forum nonconveniens motion. As of December 31, 2020, a total of 263 firefighters are involved in cases filed in Allegheny and Lackawanna counties in Pennsylvania. 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. All of the cases filed in Erie County, New York have been removed to federal court in the Western District of New York. Plaintiffs have filed a motion to consolidate and bifurcate these cases, similar to the motion filed in the Pittsburgh hearing loss cases, as described above. The Company has filed an opposition to the motion. 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. The plaintiff named the Company as well as several other parties as defendants. That case subsequently was transferred to federal court in the Northern District of New York and thereafter dismissed. During April 2015 through January 2016, 29 new cases involving a total of 235 firefighters were filed in various counties in the New York City area. During December 2016 through October 2017, additional cases were filed in these jurisdictions. On February 5, 2018, the Company was served with a complaint in an additional case filed in Kings County, New York. This case involves one plaintiff. Prior to a dismissal of these cases pursuant to the Tolling Agreement, there was a total of 536 firefighters involved in cases filed in the State of New York. During November 2015, the Company was served with a complaint filed in Union County, New Jersey state court, involving 34 New Jersey firefighters. This case has been transferred to federal court in the District of New Jersey. During the period from January through May 2016, eight additional cases were filed in various New Jersey state courts. Most of the firefighters in these cases reside in New Jersey and work or worked at New Jersey fire departments. During December 2016, a case involving one New Jersey firefighter was filed in the United States District Court of New Jersey. On May 2, 2017, plaintiffs filed a motion to consolidate and bifurcate in the pending federal court case in New Jersey. This motion was similar to bifurcation motions filed by plaintiffs in Pittsburgh, Buffalo and Philadelphia. The Court has denied this motion as premature. Pursuant to a petition filed by both parties, all New Jersey state court cases were consolidated for pretrial purposes. Prior to a dismissal of these cases pursuant to the Tolling Agreement, there was a total of 61 firefighters involved in cases filed in New Jersey. During May through October 2016, nine cases were filed in Suffolk County, Massachusetts state court, naming the Company as a defendant. These cases involve 194 firefighters who lived and worked in the Boston area. During August 2017, plaintiffs filed additional cases in Suffolk County court. The Company moved to transfer various cases filed in Suffolk County to other counties in Massachusetts where plaintiffs reside and work. Prior to a dismissal of these cases pursuant to the Tolling Agreement, there was a total of 218 firefighters involved in cases filed in Massachusetts. During August and September 2017, plaintiffs’ attorneys filed additional hearing loss cases in Florida. The Company is the only named defendant. These cases were filed in several different counties in Florida, including Tampa, Miami and Orlando municipalities. Plaintiffs have agreed to stipulate that they will not seek more than $75,000 in damages in any individual plaintiff case. Prior to a dismissal of these cases pursuant to the Tolling Agreement, there was a total of 166 firefighters involved in cases filed in Florida. 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 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 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, 2020, 2019 and 2018, options to purchase 0.5 million, 0.2 million and 0.3 million shares of the Company’s common stock, respectively, had an anti-dilutive effect on EPS, and accordingly, are excluded from the calculation of diluted EPS. The following table reconciles net income to basic and diluted EPS: (in millions, except per share data) 2020 2019 2018 Income from continuing operations $ 96.1 $ 108.4 $ 93.7 Gain from discontinued operations and disposal, net of tax 0.1 0.1 0.3 Net income $ 96.2 $ 108.5 $ 94.0 Weighted average shares outstanding — Basic 60.3 60.2 59.9 Dilutive effect of common stock equivalents 1.4 1.4 1.3 Weighted average shares outstanding — Diluted 61.7 61.6 61.2 Basic earnings per share: Earnings from continuing operations $ 1.59 $ 1.80 $ 1.56 Earnings from discontinued operations and disposal, net of tax 0.00 0.00 0.01 Net earnings per share $ 1.59 $ 1.80 $ 1.57 Diluted earnings per share: Earnings from continuing operations $ 1.56 $ 1.76 $ 1.53 Earnings from discontinued operations and disposal, net of tax 0.00 0.00 0.01 Net earnings per share $ 1.56 $ 1.76 $ 1.54 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [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, 2020, approximately 3.0 million shares were available for future issuance under the plan. The total compensation expense related to all grants awarded under the plan was $8.4 million, $8.8 million and $7.6 million, for the years ended December 31, 2020, 2019 and 2018, respectively. The related income tax benefits recognized in earnings were $1.7 million, $2.0 million and $1.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Stock Options Stock options vest ratably (i.e. one-third annually) 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 2020, 2019 and 2018 was $7.86, $8.48 and $7.17, respectively. The fair value of each option grant was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: 2020 2019 2018 Dividend yield 1.2 % 1.2 % 1.4 % Expected volatility 33 % 32 % 32 % Risk free interest rate 0.5 % 2.4 % 2.9 % Weighted average expected option life in years 6.2 6.3 5.9 Dividend yields are based on historical dividend payments. Expected volatility is based on historical volatility of the Company’s common stock. 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. 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 following summarizes stock option activity: Option Shares Weighted Average Exercise Price (in millions, except per share data) 2020 2019 2018 2020 2019 2018 Outstanding, at beginning of year 2.3 2.4 2.3 $ 13.87 $ 12.51 $ 11.08 Granted 0.3 0.2 0.3 27.82 27.29 23.14 Exercised (0.6) (0.3) (0.2) 7.85 13.12 9.49 Canceled or expired — — — 26.44 21.99 18.03 Outstanding, at end of year 2.0 2.3 2.4 $ 17.52 $ 13.87 $ 12.51 Exercisable, at end of year 1.5 1.9 1.8 $ 14.37 $ 11.28 $ 10.59 At December 31, 2020, options that have vested and are expected to vest totaled 1.9 million shares, with a weighted average exercise price of $17.27, and represent the sum of 1.5 million vested (or exercisable) options and 0.4 million options that are expected to vest. Options that are expected to vest are derived by applying the pre-vesting forfeiture rate assumption against outstanding, unvested options as of December 31, 2020. The following table summarizes information for stock options outstanding as of December 31, 2020 under all plans: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Weighted Average Shares Weighted Average (in millions) (in years) (in millions) $5.01 — 10.00 0.3 2.0 $ 7.54 0.3 $ 7.54 10.01 — 15.00 0.6 4.8 13.15 0.6 13.15 15.01 — 20.00 0.4 5.2 16.50 0.4 16.50 20.01 — 25.00 0.2 7.4 23.14 0.1 23.14 25.01 — 30.00 0.5 8.9 27.59 0.1 27.29 2.0 5.7 $ 17.52 1.5 $ 14.37 The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2020 was $31.2 million and $28.0 million, respectively. The total intrinsic value of stock options exercised was $13.9 million, $4.3 million and $3.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. The related tax benefits were $3.3 million, $1.0 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Cash received from the exercise of stock options was $0.6 million, $1.7 million and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. The total compensation expense related to all stock option compensation plans was $1.8 million, $1.9 million and $2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $2.5 million of total unrecognized compensation cost related to stock options that is expected to be recognized over the weighted-average period of approximately 1.9 years. Restricted Stock Restricted stock awards and restricted stock units primarily cliff vest 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 determined using the closing market price on 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, 2020: Number of Weighted Average (in millions) Outstanding and non-vested, at December 31, 2019 0.2 $ 22.53 Granted 0.1 27.85 Vested (0.1) 18.40 Forfeited — 25.96 Outstanding and non-vested, at December 31, 2020 0.2 $ 26.18 The total grant-date fair value of restricted stock that vested in the years ended December 31, 2020, 2019 and 2018 was $1.7 million, $1.1 million and $1.0 million, respectively. The total compensation expense related to all restricted stock compensation plans was $2.5 million, $2.2 million and $1.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $2.4 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over the weighted-average period of approximately 1.9 years. Performance Awards In each of the three years in the period ended December 31, 2020, 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 determined using the closing market price on the date of grant, is charged to expense over the respective vesting periods, which is the three-year period ended December 31, 2020 for the 2018 grants, the three-year period ended December 31, 2021 for the 2019 grants and the three-year period ended December 31, 2022 for the 2020 grants. The PSUs granted in 2020 have a three-year performance period ending December 31, 2022, in which the Company must achieve a certain cumulative EPS from continuing operations and a certain average return on invested capital (“ROIC”), which are performance conditions per ASC 718. If earned, these shares would vest on December 31, 2022. The PSUs granted in 2019 have a three-year performance period ending December 31, 2021, in which the Company must achieve a certain cumulative EPS from continuing operations and a certain average ROIC, which are performance conditions per ASC 718. If earned, these shares would vest on December 31, 2021. The PSUs granted in 2018 had a three-year performance period ending December 31, 2020, in which a certain cumulative EPS from continuing operations and a certain average ROIC was targeted. The PSUs granted in 2018 became fully vested on December 31, 2020. Based on the achievement against targets over the three-year performance period, 156% of the target shares were earned. The underlying shares will be issued to participants in the first quarter of 2021. The total grant-date fair value of PSUs that vested in the years ended December 31, 2020, 2019 and 2018 was $5.4 million, $3.8 million and $1.7 million, respectively. Compensation expense included in the Consolidated Statements of Operations for the PSUs in the years ended December 31, 2020, 2019 and 2018 was $4.1 million, $4.7 million and $3.7 million, respectively. As of December 31, 2020, there was $3.2 million of total unrecognized compensation cost related to PSUs that is expected to be recognized over the weighted-average period of approximately 1.7 years. The following table summarizes PSU activity for the year ended December 31, 2020: Number of PSUs Weighted Average Price per Share (in millions) Outstanding and non-vested, at December 31, 2019 0.3 $ 24.37 Granted (a) 0.2 25.83 Vested (0.3) 22.45 Forfeited — 26.09 Outstanding and non-vested, at December 31, 2020 0.2 $ 27.60 (a) Includes 0.1 million PSUs, representing the effect of the PSUs granted in 2018 being earned at 156% of target. The PSUs granted in 2018 vested on December 31, 2020. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
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 had 67.8 million and 66.9 million common shares issued as of December 31, 2020 and 2019, respectively. Of those amounts, 60.5 million common shares were outstanding as of December 31, 2020 and 2019. 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, 2020. Dividends The Company declared and paid dividends totaling $19.4 million, $19.3 million and $18.7 million during 2020, 2019 and 2018, respectively. On February 18, 2021, the Board declared a quarterly cash dividend of $0.09 per common share payable on March 31, 2021 to stockholders of record at the close of business on March 19, 2021. Stock Repurchase Program In November 2014, the Board authorized a stock repurchase program of up to $75.0 million of the Company’s common stock. In March 2020, the Board authorized an additional stock repurchase program of up to $75.0 million of the Company’s common stock. The March 2020 stock repurchase program supplements the Board’s prior authorization under the November 2014 stock repurchase program, which remains in effect. The stock repurchase programs are 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. 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. During the year ended December 31, 2020, the Company repurchased 498,217 shares for a total of $13.7 million under the stock repurchase program. During the year ended December 31, 2019, the Company repurchased 48,409 shares for a total of $1.0 million under the stock repurchase program. During the year ended December 31, 2018, the Company repurchased 62,500 shares for a total of $1.2 million under the stock repurchase program. 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 Prior Service Costs Foreign Unrealized Gain (Loss) on Interest Rate Swaps Total Balance at January 1, 2020 $ (80.4) $ (2.4) $ (7.1) $ 0.8 $ (89.1) Other comprehensive (loss) income before reclassifications (10.6) (0.3) 8.4 (3.3) (5.8) Amounts reclassified from accumulated other comprehensive loss 2.8 0.1 — 0.3 3.2 Net current-period other comprehensive (loss) income (7.8) (0.2) 8.4 (3.0) (2.6) Balance at December 31, 2020 $ (88.2) $ (2.6) $ 1.3 $ (2.2) $ (91.7) (in millions) (a) Actuarial Losses Prior Service Costs Foreign Unrealized Gain (Loss) on Interest Rate Swaps Total Balance at January 1, 2019 $ (87.4) $ (2.5) $ (8.9) $ 1.5 $ (97.3) Other comprehensive income before reclassifications 4.5 — 1.8 — 6.3 Amounts reclassified from accumulated other comprehensive loss 2.5 0.1 — (0.7) 1.9 Net current-period other comprehensive income (loss) 7.0 0.1 1.8 (0.7) 8.2 Balance at December 31, 2019 $ (80.4) $ (2.4) $ (7.1) $ 0.8 $ (89.1) (a) Amounts in parentheses indicate losses. The following table summarizes the amounts 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 2020 2019 (in millions) (a) Amortization of actuarial losses of defined benefit pension plans $ (3.7) $ (3.3) Other expense, net Amortization of prior service costs of defined benefit pension plans (0.1) (0.1) Other expense, net Interest rate swaps (0.4) 1.0 Interest expense Total before tax (4.2) (2.4) Income tax benefit 1.0 0.5 Income tax expense Total reclassifications for the period, net of tax $ (3.2) $ (1.9) (a) Amount in parentheses indicate debits to profit/loss. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company has two reportable segments. Business units are organized under each reportable 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 reportable segments are as follows: Environmental Solutions — Our Environmental Solutions Group is a leading manufacturer and supplier of a full range of street sweepers, sewer cleaners, industrial vacuum loaders, safe-digging trucks, high-performance waterblasting equipment, road-marking and line-removal equipment, dump truck bodies, and trailers. The Group manufactures vehicles and equipment in the U.S. and Canada that are sold under the Elgin ® , Vactor ® , Guzzler ® , TRUVAC ® , Westech TM , Jetstream ® , Mark Rite Lines, Ox Bodies ® , Crysteel ® , J-Craft ® , Duraclass ® , Rugby ® , and Travis ® brand names. Product offerings also include certain products manufactured by other companies, such as refuse and recycling collection vehicles, camera systems, ice resurfacing equipment and snow-removal equipment. Products are sold to both municipal and industrial customers either through a dealer network or direct sales to service customers generally depending on the type and geographic location of the customer. In addition to vehicle and equipment sales, the Group also engages in the sale of parts, service and repair, equipment rentals and training as part of a comprehensive aftermarket offering to its current and potential customers through its service centers located across North America. Our Environmental Solutions Group includes the aggregated results of two operating segments, including TBEI. 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 community alerting, emergency vehicles, first responder interoperable communications and industrial communications. Specific products include public safety equipment, such as vehicle lightbars and sirens, industrial signaling equipment, public warning systems and general alarm/public address systems. Products are sold under the Federal Signal TM , Federal Signal VAMA ® , and Victor ® 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 reportable segments. Net sales by reportable 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 reportable segment income, neither corporate nor interest expenses are included. Reportable segment depreciation and amortization expense, identifiable assets and capital expenditures relate to those assets that are utilized by the respective reportable segment. Corporate assets consist principally of cash and cash equivalents, deferred tax assets and fixed assets. The accounting policies of each reportable 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 to $258.6 million in 2020, $268.5 million in 2019 and $241.5 million in 2018, of which sales exported from the U.S. aggregated to $69.7 million, $72.8 million and $64.5 million, respectively. The following table summarizes the Company’s continuing operations by segment, including net sales, operating income, depreciation and amortization, total assets and capital expenditures: (in millions) 2020 2019 2018 Net sales: Environmental Solutions $ 915.8 $ 992.9 $ 863.5 Safety and Security Systems 215.0 228.4 226.0 Total net sales $ 1,130.8 $ 1,221.3 $ 1,089.5 Operating income: Environmental Solutions $ 124.3 $ 139.4 $ 113.0 Safety and Security Systems 35.5 38.6 34.1 Corporate and eliminations (28.4) (30.9) (25.6) Total operating income 131.4 147.1 121.5 Interest expense 5.7 7.9 9.3 Other expense, net 1.1 0.6 0.6 Income before income taxes $ 124.6 $ 138.6 $ 111.6 Depreciation and amortization: Environmental Solutions $ 41.3 $ 38.1 $ 32.6 Safety and Security Systems 3.4 3.3 3.7 Corporate 0.1 0.1 0.1 Total depreciation and amortization $ 44.8 $ 41.5 $ 36.4 Total assets: Environmental Solutions $ 926.8 $ 908.1 $ 775.2 Safety and Security Systems 225.5 222.6 211.5 Corporate and eliminations 56.3 34.5 36.7 Total assets of continuing operations 1,208.6 1,165.2 1,023.4 Total assets of discontinued operations 0.2 0.3 0.4 Total assets $ 1,208.8 $ 1,165.5 $ 1,023.8 Capital expenditures: Environmental Solutions $ 24.4 $ 31.6 $ 11.1 Safety and Security Systems 4.1 2.7 2.0 Corporate 1.2 1.1 1.0 Total capital expenditures $ 29.7 $ 35.4 $ 14.1 The following table summarizes net sales by geographic region based on the location of the end-customer: (in millions) 2020 2019 2018 Net sales: U.S. $ 872.2 $ 952.8 $ 848.0 Canada 160.5 169.0 150.9 Europe/Other 98.1 99.5 90.6 Total net sales $ 1,130.8 $ 1,221.3 $ 1,089.5 The following table summarizes long-lived assets by geographic region based on the location of the Company’s subsidiaries: (in millions) 2020 2019 2018 Long-lived assets: U.S. $ 177.4 $ 168.3 $ 110.3 Canada 60.4 62.7 50.4 Europe/Other 4.3 3.9 3.5 Total long-lived assets (a) $ 242.1 $ 234.9 $ 164.2 (a) Amounts as of December 31, 2020 and 2019 include operating lease right-of-use assets, as further described in Note 4 – Leases. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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. In determining fair value, the Company uses various valuation approaches within the fair value measurement framework. The valuation methodologies used for the Company’s assets and liabilities measured at fair value and their classification in the valuation hierarchy are summarized below: Cash Equivalents Cash equivalents primarily consist of time-based deposits and interest-bearing instruments with maturities of three months or less. The Company classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. Interest Rate Swaps As described in Note 9 – Debt, the Company may, from time to time, execute interest rate swaps as a means of fixing the floating interest rate component on a portion of its floating-rate debt. The Company classifies its interest rate swaps as Level 2 due to the use of a discounted cash flow model based on the terms of the contract and the interest rate curve (Level 2 inputs) to calculate the fair value of the swaps. Contingent Consideration As further described in Note 2 – Acquisitions, the Company has a contingent obligation to transfer up to $15.5 million to the former owners of MRL if specified financial results are met over future reporting periods (i.e., an earn-out). In addition, during the year ended December 31, 2019, the Company paid $7.6 million to settle the contingent consideration liability due to the former owners of JJE based on the achievement of specified financial results over the three-year period following the closing of the acquisition in June 2016. Liabilities for contingent consideration are measured at fair value each reporting period, with the acquisition-date fair value included as part of the consideration transferred. Subsequent changes in fair value are included as a component of Acquisition and integration-related expenses on the Consolidated Statements of Operations. The Company uses an income approach to value the contingent consideration obligation based on the present value of risk-adjusted future cash flows under either a scenario-based or option-pricing method, as appropriate. Due to the lack of relevant observable market data over fair value inputs, such as prospective financial information or probabilities of future events, the Company has classified the contingent consideration liability within Level 3 of the fair value hierarchy outlined in ASC 820, Fair Value Measurements . The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019: Fair Value Measurement at December 31, 2020 Using (in millions) Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 33.1 $ — $ — $ 33.1 Liabilities: Contingent consideration — — 4.2 4.2 Interest rate swaps — 3.0 — 3.0 Fair Value Measurement at December 31, 2019 Using (in millions) Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 8.6 $ — $ — $ 8.6 Interest rate swaps — 0.9 — 0.9 Liabilities: Contingent consideration — — 4.3 4.3 The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for the years ended December 31, 2020 and 2019: (in millions) 2020 2019 Contingent consideration liability, at January 1 $ 4.3 $ 6.7 Issuance of contingent consideration in connection with acquisitions — 4.1 Settlements of contingent consideration liabilities — (7.6) Foreign currency translation — 0.3 Total (gains) losses included in earnings (0.1) 0.8 Contingent consideration liability, at December 31 $ 4.2 $ 4.3 |
New Accounting Pronouncements (
New Accounting Pronouncements (Issued But Not Yet Adopted) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS (ISSUED BUT NOT YET ADOPTED) In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The amendments should be applied on a retrospective, modified retrospective or prospective basis, depending on the area covered by the update. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. No other new accounting pronouncements issued, but not yet adopted, are expected to have a material impact on the Company’s results of operations, financial position or cash flow. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Acquisition of OSW On February 17, 2021, the Company completed the acquisition of all of the outstanding equity of OSW Equipment & Repair, LLC (“OSW”), for an initial purchase price of $52.5 million in cash. The initial purchase price, which is subject to certain post-closing adjustments, was funded through existing cash and borrowings under the Company’s revolving credit facility. OSW is a leading manufacturer of dump truck bodies and custom upfitter of truck equipment and trailers. The acquisition also includes OSW’s wholly-owned subsidiaries, Northend Truck Equipment, LLC and Western Truck Body Mfg. ULC. The Company expects that the OSW acquisition will strengthen its specialty vehicle market position by expanding its geographic footprint and enhancing its portfolio of dump truck body and trailer product offerings. |
SCHEDULE II - Valuation and Qua
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, 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, 2020, 2019 and 2018 Additions (in millions) Balance at Charged to Charged to Other Accounts (a) Deductions (b) Balance Allowance for doubtful accounts: Year Ended December 31, 2020 $ 2.4 $ 2.4 $ — $ (1.9) $ 2.9 Year Ended December 31, 2019 1.6 1.9 — (1.1) 2.4 Year Ended December 31, 2018 1.1 1.0 — (0.5) 1.6 Income tax valuation allowances: Year Ended December 31, 2020 $ 8.2 $ 0.1 $ 0.5 $ — $ 8.8 Year Ended December 31, 2019 9.4 (0.8) (0.4) — 8.2 Year Ended December 31, 2018 10.6 — (1.2) — 9.4 (a) Represents amounts recognized in Accumulated other comprehensive loss and other adjustments that had no net impact on Income tax expense in the year. (b) Represents amounts written off, net of related recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation | 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. |
Fiscal period | The Company’s fiscal year ends on December 31. All references to 2020, 2019 and 2018 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 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. In addition, certain prior year amounts have been reclassified to conform to current year presentation. |
New Accounting Standards Adopted in 2020 | New Accounting Standards Adopted in 2020 In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements , which requires the measurement of expected credit losses for financial instruments based on historical experience, current conditions, and reasonable forecasts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The amendments in this ASU should be applied on a modified retrospective basis. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) , which eliminates certain disclosure requirements, such as the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy. This ASU adds new disclosure requirements for Level 3 measurements, and is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s disclosures in its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General (Subtopic 715-20) , Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans , which modifies the disclosure requirements for employers that sponsor defined benefit pension and other postretirement plans. The ASU is effective for fiscal years ending after December 15, 2020 and was adopted by the Company in the fourth quarter of 2020. The adoption of this ASU did not have a material impact on the Company’s disclosures in its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. Among other things, for all types of hedging relationships, the guidance allows an entity to change the reference rate and other critical terms related to reference rate reform without having to remeasure the value or reassess a previous accounting determination. The amendments in this guidance should be applied on a prospective basis and, for companies with a fiscal year ending December 31, are effective from January 1, 2020 through December 31, 2022. The Company adopted this guidance effective January 1, 2020. When the transition occurs, the Company expects to apply this expedient to its existing interest rate swap that references LIBOR, and to |
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. The Company incurs foreign currency transaction gains or losses, related to transactions that are denominated in a currency other than the functional currency, which are recognized in the Consolidated Statements of Operations as a component of Other expense, net. For the years ended December 31, 2020 and 2019, the Company realized foreign currency transaction gains of $0.4 million and $0.1 million, respectively, and in the year ended December 31, 2018, the Company incurred foreign currency transaction losses of $0.4 million. |
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. |
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 and net realizable value. 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 accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Useful lives generally range from eight three Properties and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Rental Equipment The Company enters into lease agreements with customers related to the rental of certain equipment. All of these leasing agreements are classified as operating leases and are for periods generally not to exceed five years. In accounting for these leases, the cost of the equipment purchased or manufactured by the Company is recorded as an asset and is depreciated over its estimated useful life. Rental income is recognized ratably over the term of the underlying leases. Rental equipment is depreciated to an estimated residual value on a straight-line basis over the estimated useful lives of the assets and is reviewed for potential impairment whenever an event occurs or circumstances change that indicate the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares non-discounted cash flows expected to be generated by that asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on a non-discounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Goodwill | Goodwill Goodwill represents the excess of the cost of an acquired business over the amounts assigned to its net assets. Goodwill is not amortized but is tested for impairment at a reporting unit level on an annual basis or more frequently if indicators of impairment exist. The Company performed its annual goodwill impairment test as of October 31, 2020. In testing the goodwill of its reporting units for potential impairment, the Company applies either a qualitative or quantitative test, in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other . A qualitative approach may be applied when the Company concludes that it is not “more likely than not” that the fair value of a reporting unit is less than its carrying value. In this situation, the Company would not be required to perform the quantitative impairment test described below. A quantitative approach is performed by comparing the fair value of a reporting unit with its carrying amount. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and no impairment charge is required. If the carrying amount of a reporting unit exceeds its fair value, this difference is recorded as an impairment charge not to exceed the carrying amount of goodwill. The Company generally determines the fair value of its reporting units using both the income and market approaches. Under the income approach, the key assumptions include projected sales, cost of sales, operating expenses and the discount rate. Under the market approach, the Company estimates fair value using marketplace fair value data from within a comparable industry grouping. The results of these two methods are weighted based upon management’s evaluation of the relevance of the two approaches. In 2020, the Company performed a combination of qualitative and quantitative impairment tests to assess the goodwill of its reporting units for potential impairment. For one reporting unit, a quantitative impairment test was performed, using a combination of the income and market approaches to determine the fair value of the reporting unit. The fair value of the reporting unit exceeded its carrying values by approximately 50%, and, therefore, no impairment was recognized. For its other reporting units, the Company applied the qualitative approach to assess the goodwill of its reporting units for potential impairment and concluded that it was not “more likely than not” that the fair value of the Company’s reporting units were less than their carrying values. Accordingly, further quantitative testing was not required to be performed. In 2019, the Company applied the quantitative approach to assess the goodwill of its reporting units for potential impairment, using a combination of the income and market approaches to determine the fair value of its reporting units. The fair values of the Company’s reporting units exceeded their carrying values by more than 20%, and, therefore, no impairment was recognized. The Company applied the qualitative approach to assess the goodwill of its reporting units for potential impairment in 2018 and concluded that it was not “more likely than not” that the fair value of the Company’s reporting units were less than their carrying values. Accordingly, further quantitative testing was not required to be performed. The Company had no goodwill impairments in 2020, 2019 or 2018. See Note 8 – Goodwill and Other Intangible Assets for a summary of the Company’s goodwill by segment. |
Intangible Assets | Intangible Assets Definite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives and are tested for impairment if indicators exist in a manner similar to that described above for Rental Equipment . Indefinite-lived intangible assets are tested for impairment on an annual basis at year-end, or more frequently if an event occurs or circumstances change that indicate the fair value of an indefinite-lived intangible asset could be below its carrying amount. In testing the indefinite-lived intangibles assets for potential impairment, the Company applies either a qualitative test, or a quantitative test, in accordance with ASC 350, Intangibles — Goodwill and Other . A qualitative approach may be applied when the Company concludes that it is not “more likely than not” that the fair value of the indefinite-lived intangible assets are less than their carrying value. A quantitative impairment test consists of comparing the fair value of the indefinite-lived intangible asset with its carrying amount. An impairment loss would be recognized for the carrying amount in excess of its fair value. In 2020 and 2019, the Company performed a combination of qualitative and quantitative impairment tests over its indefinite-lived intangible assets. The fair value of the indefinite-lived intangible assets that were quantitatively tested for impairment significantly exceeded their carrying value, and, therefore, no impairment was recognized. Further, the Company concluded that it was not “more likely than not” that the fair value of indefinite-lived intangible assets that were qualitatively tested for impairment were less than the carrying amounts. Accordingly, further quantitative testing was not required to be performed. The Company applied the qualitative approach to assess its indefinite-lived intangible assets for impairment in 2018 and concluded that it was not “more likely than not” that the fair value of indefinite-lived intangible assets were less than the carrying amounts. Accordingly, further quantitative testing was not required to be performed. The Company had no indefinite-lived intangible asset impairments in 2020, 2019 or 2018. See Note 8 – Goodwill and Other Intangible Assets for a summary of the Company’s intangible assets. |
Warranties | Warranties Warranties are classified as either assurance-type or service-type warranties. A warranty is considered an assurance-type warranty if it provides the customer with assurance that the product will function as intended. A warranty that goes above and beyond ensuring basic functionality is considered a service-type warranty. The Company offers certain limited warranties that are assurance-type warranties and extended service arrangements that are service-type warranties. Assurance-type warranties are not accounted for as separate performance obligations under the revenue model. If a service-type warranty is sold with a product or separately, revenue is recognized over the life of the warranty. Sales of many of the Company’s products include assurance-type warranties based on terms that are generally accepted in the Company’s marketplaces. The Company records provisions for estimated warranty costs, 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. |
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, with the exception of certain estimated losses that have been recognized related to settlement discussions (see Note 13 – Legal Proceedings). If the Company is not successful in its defense after exhausting all appellate options, it would record a charge for such claims, to the extent they exceed insurance recoveries, when the related losses become probable and estimable. |
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 and estimates of future mortality of plan participants. The weighted-average discount rate used to measure pension liabilities and costs is selected using a hypothetical portfolio of high-quality bonds that would provide the necessary cash flow to match the projected benefit payments of the plans. The discount rate represents the rate at which our benefit obligations could effectively be settled as of the year-end measurement date. The weighted-average discount rate used to measure pension liabilities decreased from 2019 to 2020. See Note 11 – Pension and Other Post-Employment Plans 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. The Company references published mortality tables and scales in determining its estimate of future mortality. |
Revenue Recognition | Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied; generally this occurs at a point in time, with the transfer of control of the Company’s products or services to customers. For most of the Company’s product sales, these criteria are met at the time the product is shipped; however, occasionally control passes later or earlier than shipment due to customer contract or letter of credit terms. In circumstances where credit is extended, payment terms generally range from 30 to 120 days and customer deposits may be required. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring products or providing services. Expected returns and allowances are estimated and recognized based primarily on an analysis of historical experience, with Net sales presented net of such returns and allowances. The Company enters into sales arrangements that may provide for multiple performance obligations 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 performance obligations that are to be delivered separately under the sales arrangement and allocates revenue to each performance obligation based on its relative standalone selling price. The Company uses an observable price to determine the standalone selling price or a cost plus margin approach when one is not available. In general, performance obligations include hardware, integration and installation services. The allocated revenue for each performance obligation is recognized as such performance obligations are satisfied. Net sales include sales of products and billed freight related to product sales. Freight has not historically comprised a material component of Net sales. The Company has elected to account for such shipping and handling activities as a fulfillment cost and not as a separate performance obligation. Taxes collected from customers and remitted to governmental authorities are recorded on a net basis and are excluded from 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 $12.2 million in 2020, $13.6 million in 2019 and $13.0 million in 2018, and are included within SEG&A expenses. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company has various stock-based compensation plans, described more fully in Note 15 – Stock-Based Compensation. Stock-based compensation expense is recorded net of estimated forfeitures in the Company’s Consolidated Statements of Operations. The Company estimates the forfeiture rate based on historical forfeitures of equity awards and adjusts the rate to reflect changes in facts and circumstances, if any. The Company revises its estimated forfeiture rate if actual forfeitures differ from its initial estimates. |
Income Taxes | Income Taxes The Company accounts 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. The Company files a consolidated U.S. federal income tax return for Federal Signal Corporation and its eligible domestic subsidiaries. The Company’s non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. The Company accounts for taxes on Global Intangible Low-Taxed Income (“GILTI”) as a period expense in the year in which it is incurred. 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, the Company 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 Company presents interest and penalties related to income tax matters as a component of Income tax expense. |
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. The Company accrues 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. |
Leases | The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental collateralized borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Implicit rates are used when readily determinable. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the respective lease term. |
Acquisitions (Tables)
Acquisitions (Tables) - MRL | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: (in millions) Purchase price, inclusive of adjustment for working capital and other post-closing items (a) $ 49.0 Estimated fair value of additional consideration (b) 4.1 Total consideration 53.1 Cash 0.2 Accounts receivable 3.8 Inventories 13.8 Prepaid expenses and other current assets 0.3 Properties and equipment 6.4 Operating lease right-of-use assets 4.6 Other long-term assets 0.1 Customer relationships (c) 17.7 Trade names (d) 9.0 Other intangible assets 1.4 Operating lease liabilities (4.6) Accounts payable (3.7) Accrued liabilities (1.9) Customer deposits (6.5) Deferred tax liabilities (1.4) Net assets acquired 39.2 Goodwill (e) $ 13.9 (a) The purchase price was funded with borrowings under the Company’s revolving credit facility. The purchase price includes adjustments for working capital and other post-closing items, which were finalized in the fourth quarter of 2019, with the Company receiving $0.8 million in the first quarter of 2020. (b) Represents the estimated fair value of the contingent earn-out payment as of the acquisition date, which is included as a component of Other long-term liabilities on the Consolidated Balance Sheets. See Note 18 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment. (c) Represents the fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with an estimated useful life of approximately 12 years. (d) Represents the fair value assigned to trade names, which are considered to be indefinite-lived intangible assets. (e) Goodwill, the majority of which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment. |
Business Acquisition, Pro Forma Information | The following table presents the unaudited pro forma combined net sales of the Company and MRL for the years ended December 31, 2019 and 2018, assuming this transaction occurred on January 1, 2018. Pro forma combined income from continuing operations and pro forma diluted earnings per share are not presented as they would not be materially different from the results reported for the years ended December 31, 2019 and 2018. For the Year Ended December 31, (in millions) 2019 2018 Net sales $ 1,252.7 $ 1,156.4 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Net Sales Disaggregated By Major Product Line | The following table presents the Company’s Net sales disaggregated by major product line: (in millions) 2020 2019 Environmental Solutions Vehicles and equipment (a) $ 719.3 $ 788.7 Parts 129.4 132.8 Rental income (b) 36.6 46.2 Other (c) 30.5 25.2 Total net sales 915.8 992.9 Safety and Security Systems Public safety and security equipment 132.6 133.5 Industrial signaling equipment 50.8 59.3 Warning systems 31.6 35.6 Total net sales 215.0 228.4 Total net sales $ 1,130.8 $ 1,221.3 (a) Includes net sales from the sale of new and used vehicles and equipment, including sales of rental equipment. (b) Represents revenues from vehicle and equipment lease arrangements with customers, recognized in accordance with Topic 842 and Topic 840, as applicable. (c) Primarily includes revenues from services such as maintenance and repair work and the sale of extended warranty contracts. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Cost and Other Information | The following table summarizes the Company’s total lease costs and supplemental cash flow information arising from operating lease transactions: (in millions) For the Years Ended December 31, 2020 2019 Total operating lease costs (a) $ 13.3 $ 12.6 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 9.2 8.6 (a) Includes short-term leases and variable lease costs. Total rental expense on all operating leases previously reported under ASC 840, Leases was $8.8 million in 2018. |
Lease Assets And Liabilities | The following table summarizes the components of lease right-of-use assets and liabilities: (in millions) 2020 2019 Affected Line Item in Consolidated Balance Sheets Assets Operating lease right-of-use assets $ 21.9 $ 27.6 Operating lease right-of-use assets Finance lease right-of-use assets 0.6 0.6 Properties and equipment, net Total lease right-of-use assets $ 22.5 $ 28.2 Liabilities Current: Operating leases $ 8.2 $ 8.2 Current operating lease liabilities Finance leases 0.2 0.2 Current portion of long-term borrowings and finance lease obligations Noncurrent: Operating leases 15.5 21.6 Long-term operating lease liabilities Finance leases 0.4 0.4 Long-term borrowings and finance lease obligations Total lease liabilities $ 24.3 $ 30.4 |
Weighted-Average Remaining Lease Terms and Discount Rates of Operating Leases | The weighted-average remaining lease terms and discount rates of the Company’s operating leases were as follows: 2020 2019 Weighted-average remaining lease term of operating leases 3.3 years 3.8 years Weighted-average discount rate of operating leases 3.5 % 3.8 % |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of December 31, 2020 were as follows: (in millions) 2021 $ 8.9 2022 7.9 2023 4.9 2024 1.9 2025 0.5 Thereafter 0.9 Total lease payments 25.0 Less: Imputed interest 1.3 Present value of operating lease liabilities $ 23.7 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table summarizes the components of inventories: (in millions) 2020 2019 Finished goods $ 95.3 $ 86.8 Raw materials 76.6 79.5 Work in process 13.1 16.6 Total inventories $ 185.0 $ 182.9 |
Properties and Equipment (Table
Properties and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summarized Properties and Equipment | The following table summarizes the components of properties and equipment, net: (in millions) 2020 2019 Land $ 4.8 $ 4.3 Buildings and improvements 63.3 53.9 Machinery and equipment 175.0 159.2 Total property and equipment, at cost 243.1 217.4 Less: Accumulated depreciation 136.2 125.5 Properties and equipment, net $ 106.9 $ 91.9 |
Rental Equipment (Tables)
Rental Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Rental Equipment [Abstract] | |
Schedule of Property Subject to or Available for Operating Lease | The following table summarizes the components of rental equipment, net: (in millions) 2020 2019 Rental equipment $ 156.8 $ 149.0 Less: Accumulated depreciation 43.5 33.6 Rental equipment, net $ 113.3 $ 115.4 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following table summarizes the carrying amount of goodwill and changes in the carrying amount of goodwill, by segment: (in millions) Environmental Safety & Security Total Balance at December 31, 2018 $ 263.2 $ 111.9 $ 375.1 Acquisitions 13.9 — 13.9 Translation adjustments 0.2 (0.4) (0.2) Balance at December 31, 2019 277.3 111.5 388.8 Acquisitions 2.5 — 2.5 Translation adjustments 0.1 2.8 2.9 Balance at December 31, 2020 $ 279.9 $ 114.3 $ 394.2 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the gross carrying amount and accumulated amortization of intangible assets for each major class of intangible assets: 2020 2019 (in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Customer relationships (a) $ 108.6 $ (29.6) $ 79.0 $ 108.6 $ (20.5) $ 88.1 Other (a) 4.4 (2.3) 2.1 4.2 (1.6) 2.6 Total definite-lived intangible assets 113.0 (31.9) 81.1 112.8 (22.1) 90.7 Indefinite-lived intangible assets: Trade names 72.4 — 72.4 72.2 — 72.2 Total indefinite-lived intangible assets 72.4 — 72.4 72.2 — 72.2 Total intangible assets $ 185.4 $ (31.9) $ 153.5 $ 185.0 $ (22.1) $ 162.9 (a) Average useful life of customer relationships and other definite-lived intangible assets are estimated to be approximately 12 years and eight years, respectively. The average useful life across all definite-lived intangible assets is estimated to be approximately 12 years. |
Schedule of Indefinite-Lived Intangible Assets | The following table summarizes the gross carrying amount and accumulated amortization of intangible assets for each major class of intangible assets: 2020 2019 (in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Customer relationships (a) $ 108.6 $ (29.6) $ 79.0 $ 108.6 $ (20.5) $ 88.1 Other (a) 4.4 (2.3) 2.1 4.2 (1.6) 2.6 Total definite-lived intangible assets 113.0 (31.9) 81.1 112.8 (22.1) 90.7 Indefinite-lived intangible assets: Trade names 72.4 — 72.4 72.2 — 72.2 Total indefinite-lived intangible assets 72.4 — 72.4 72.2 — 72.2 Total intangible assets $ 185.4 $ (31.9) $ 153.5 $ 185.0 $ (22.1) $ 162.9 (a) Average useful life of customer relationships and other definite-lived intangible assets are estimated to be approximately 12 years and eight years, respectively. The average useful life across all definite-lived intangible assets is estimated to be approximately 12 years. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |
Summary of Components of Long-Term Borrowings and Finance Lease Obligations | The following table summarizes the components of Long-term borrowings and finance lease obligations: (in millions) 2020 2019 2019 Credit Agreement $ 209.4 $ 219.9 Finance lease obligations 0.6 0.6 Total long-term borrowings and finance lease obligations, including current portion 210.0 220.5 Less: Current finance lease obligations 0.2 0.2 Total long-term borrowings and finance lease obligations $ 209.8 $ 220.3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table summarizes the carrying amounts and fair values of the Company’s financial instruments: 2020 2019 (in millions) Notional Fair Notional Fair Long-term borrowings (a) $ 210.0 $ 210.0 $ 220.5 $ 220.5 (a) Long-term borrowings includes current portions of finance lease obligations of $0.2 million and $0.2 million as of December 31, 2020 and 2019, respectively. |
Schedule of Gross Borrowings and Gross Payments | The following table summarizes the gross borrowings and gross payments under the Company’s revolving credit facilities: For the Years Ended December 31, (in millions) 2020 2019 2018 Gross borrowings $ 82.6 $ 84.0 $ 8.0 Gross payments 94.4 76.6 70.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Provision (Benefit) for Income Taxes | The following table summarizes the income tax expense from continuing operations: (in millions) 2020 2019 2018 Current tax expense (benefit): Federal $ 16.4 $ 20.7 $ 17.8 Foreign 1.4 0.4 (0.1) State and local 5.1 6.0 5.7 Total current tax expense 22.9 27.1 23.4 Deferred tax expense (benefit): Federal 2.7 2.8 0.6 Foreign 3.1 2.2 (6.5) State and local (0.2) (1.9) 0.4 Total deferred tax expense (benefit) 5.6 3.1 (5.5) Total income tax expense $ 28.5 $ 30.2 $ 17.9 |
Differences between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The following table summarizes the differences between the statutory federal income tax rate and the effective income tax rate from continuing operations: 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 3.5 3.2 4.5 Valuation allowance 0.1 (0.6) — Tax planning benefits, excluding valuation allowance effects — — (8.1) Tax reserves (0.1) (0.4) (0.3) Tax credits (0.3) (0.4) (0.3) Foreign tax rate effects 0.8 0.4 0.3 Excess tax benefits from stock compensation activity (2.9) (1.2) (0.8) Other, net 0.8 (0.2) (0.3) Effective income tax rate 22.9 % 21.8 % 16.0 % |
Schedule of Income before Income Tax | The following table summarizes income before income taxes from continuing operations: (in millions) 2020 2019 2018 U.S. $ 107.4 $ 126.0 $ 100.6 Non-U.S. 17.2 12.6 11.0 Income before income taxes $ 124.6 $ 138.6 $ 111.6 |
Deferred Income Tax Assets and Liabilities | The following table summarizes deferred income tax assets and liabilities of the Company’s continuing operations: (in millions) 2020 2019 Deferred tax assets: Properties and equipment $ 2.6 $ 0.7 Accrued expenses 27.5 28.6 Stock-based compensation 3.7 3.9 Net operating loss and tax credit carryforwards 21.0 21.6 Goodwill and intangibles 1.7 1.5 Pension benefits 21.8 18.5 Gross deferred tax assets 78.3 74.8 Valuation allowance (8.8) (8.2) Total deferred tax assets 69.5 66.6 Deferred tax liabilities: Properties and equipment (32.5) (24.4) Pension benefits (12.1) (11.3) Goodwill and intangibles (67.8) (72.4) Other (1.2) (1.1) Gross deferred tax liabilities (113.6) (109.2) Net deferred tax liabilities $ (44.1) $ (42.6) |
Summary of Activities Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: (in millions) 2020 2019 2018 Balance at January 1 $ 1.3 $ 1.6 $ 1.9 Increases related to current year tax — — 0.2 Increases from prior period positions — 0.2 — Decreases from settlements with tax authorities — (0.2) — Decreases due to lapse of statute of limitations (0.1) (0.3) (0.5) Balance at December 31 $ 1.2 $ 1.3 $ 1.6 |
Pension and Other Post-Employ_2
Pension and Other Post-Employment Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Pension Expense (Benefit) | The following table summarizes net periodic pension (benefit) expense for the U.S. and non-U.S. benefit plans: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2020 2019 2018 2020 2019 2018 Company-sponsored plans: Service cost $ — $ — $ — $ 0.2 $ 0.2 $ 0.2 Interest cost 5.8 6.8 6.4 1.0 1.4 1.3 Expected return on plan assets (9.2) (8.7) (8.7) (1.9) (2.0) (2.2) Amortization of prior service costs — — — 0.1 0.1 — Amortization of actuarial losses 3.2 2.6 3.0 0.5 0.7 0.6 Net periodic pension (benefit) expense $ (0.2) $ 0.7 $ 0.7 $ (0.1) $ 0.4 $ (0.1) |
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations And Expense | The following table summarizes the weighted-average assumptions used in determining pension costs: U.S. Benefit Plan Non-U.S. Benefit Plan 2020 2019 2018 2020 2019 2018 Discount rate 3.5 % 4.4 % 3.7 % 2.0 % 2.8 % 2.5 % Expected long-term rate of return on plan assets 7.4 % 7.0 % 7.0 % 3.6 % 4.2 % 4.2 % The following table summarizes the weighted-average assumptions used in determining benefit obligations: U.S. Benefit Plan Non-U.S. Benefit Plan 2020 2019 2020 2019 Discount rate 2.8 % 3.5 % 1.3 % 2.0 % |
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) 2020 2019 2020 2019 Benefit obligation, beginning of year $ 169.4 $ 161.6 $ 52.3 $ 49.8 Service cost — — 0.2 0.2 Interest cost 5.8 6.8 1.0 1.4 Actuarial loss 15.2 10.8 5.1 2.0 Benefits and expenses paid (10.2) (9.8) (3.0) (3.1) Amendments (a) — — 0.2 — Foreign currency translation — — 1.8 2.0 Benefit obligation, end of year $ 180.2 $ 169.4 $ 57.6 $ 52.3 Accumulated benefit obligation, end of year $ 180.2 $ 169.4 $ 57.6 $ 52.3 (a) While the non-U.S. benefit plan has not yet been amended, this component of the change to the benefit obligation of the non-U.S. benefit plan during the year ended December 31, 2020 represents the estimated incremental impact of the November 2020 U.K. High Court ruling, as described above. |
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) 2020 2019 2020 2019 Fair value of plan assets, beginning of year $ 131.6 $ 118.8 $ 55.2 $ 47.7 Actual return on plan assets (a) 16.1 22.6 2.2 7.2 Company contribution 5.0 — 1.3 1.3 Benefits and expenses paid (10.2) (9.8) (3.0) (3.1) Foreign currency translation — — 1.7 2.1 Fair value of plan assets, end of year $ 142.5 $ 131.6 $ 57.4 $ 55.2 |
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 2020 2019 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4.4 $ — $ — $ 4.4 $ 4.0 $ — $ — $ 4.0 Equity investments: U.S. Large Cap 36.3 — — 36.3 46.1 — — 46.1 U.S. Small and Mid Cap 24.6 — — 24.6 23.8 — — 23.8 Developed international 10.2 9.5 — 19.7 7.1 5.9 — 13.0 Emerging markets 9.7 2.2 — 11.9 10.2 0.5 — 10.7 Fixed income investments: Government securities 4.9 — — 4.9 10.5 — — 10.5 Asset-backed securities — 3.8 — 3.8 — 13.5 — 13.5 Corporate bonds — 31.3 — 31.3 — 9.4 — 9.4 Mutual funds 5.0 — — 5.0 — — — — Other investments: Real estate 0.4 — — 0.4 0.4 — — 0.4 Total assets at fair value (a) $ 95.5 $ 46.8 $ — $ 142.3 $ 102.1 $ 29.3 $ — $ 131.4 (a) Total assets at fair value in the table above exclude a net receivable of $0.2 million at December 31, 2020 and 2019, respectively. Non-U. S. Benefit Plan 2020 2019 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 0.4 $ 7.0 $ — $ 7.4 $ 0.2 $ — $ — $ 0.2 Diversified investment funds (a) — 29.6 — 29.6 — 40.7 — 40.7 Fixed income investments: Government securities — — — — 3.8 — — 3.8 Corporate bonds — 15.9 — 15.9 7.2 3.3 — 10.5 Other investments: Insurance-linked securities — — 4.5 4.5 — — — — Total assets at fair value $ 0.4 $ 52.5 $ 4.5 $ 57.4 $ 11.2 $ 44.0 $ — $ 55.2 (a) These funds primarily invest in a diversified portfolio of equity securities and fixed income securities. |
Summary of Funded Status | The following summarizes the funded status of the Company’s benefit plans: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2020 2019 2020 2019 Fair value of plan assets, end of year $ 142.5 $ 131.6 $ 57.4 $ 55.2 Benefit obligation, end of year 180.2 169.4 57.6 52.3 Funded status, end of year $ (37.7) $ (37.8) $ (0.2) $ 2.9 |
Schedule of Amounts Recognized In Consolidated Balance Sheet | The following summarizes the amounts recognized within the Company’s Consolidated Balance Sheets: U.S. Benefit Plan Non-U.S. Benefit Plan (in millions) 2020 2019 2020 2019 Amounts recognized in our Consolidated Balance Sheets include: Deferred charges and other long-term assets $ — $ — $ — $ 2.9 Long-term pension and other post-retirement benefit liabilities (37.7) (37.8) (0.2) — Net (liability) asset recorded $ (37.7) $ (37.8) $ (0.2) $ 2.9 Amounts recognized in Accumulated other comprehensive loss include: Actuarial losses $ 81.3 $ 76.2 $ 19.6 $ 14.6 Prior service costs — — 2.6 2.4 Net amount recognized, pre-tax $ 81.3 $ 76.2 $ 22.2 $ 17.0 |
Schedule of Expected Benefit Payments | The following summarizes the benefits expected to be paid under the Company’s 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 2021 $ 9.8 $ 2.7 2022 10.0 2.8 2023 10.1 2.7 2024 10.2 2.8 2025 10.7 2.7 2026-2030 51.9 13.0 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 Balance at January 1 $ 11.2 $ 9.8 Provisions to expense 7.6 8.0 Acquisitions — 0.2 Payments (8.7) (6.8) Foreign currency translation 0.1 — Balance at December 31 $ 10.2 $ 11.2 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Income from continuing operations $ 96.1 $ 108.4 $ 93.7 Gain from discontinued operations and disposal, net of tax 0.1 0.1 0.3 Net income $ 96.2 $ 108.5 $ 94.0 Weighted average shares outstanding — Basic 60.3 60.2 59.9 Dilutive effect of common stock equivalents 1.4 1.4 1.3 Weighted average shares outstanding — Diluted 61.7 61.6 61.2 Basic earnings per share: Earnings from continuing operations $ 1.59 $ 1.80 $ 1.56 Earnings from discontinued operations and disposal, net of tax 0.00 0.00 0.01 Net earnings per share $ 1.59 $ 1.80 $ 1.57 Diluted earnings per share: Earnings from continuing operations $ 1.56 $ 1.76 $ 1.53 Earnings from discontinued operations and disposal, net of tax 0.00 0.00 0.01 Net earnings per share $ 1.56 $ 1.76 $ 1.54 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, except per share data) 2020 2019 2018 2020 2019 2018 Outstanding, at beginning of year 2.3 2.4 2.3 $ 13.87 $ 12.51 $ 11.08 Granted 0.3 0.2 0.3 27.82 27.29 23.14 Exercised (0.6) (0.3) (0.2) 7.85 13.12 9.49 Canceled or expired — — — 26.44 21.99 18.03 Outstanding, at end of year 2.0 2.3 2.4 $ 17.52 $ 13.87 $ 12.51 Exercisable, at end of year 1.5 1.9 1.8 $ 14.37 $ 11.28 $ 10.59 |
Summary of Information Concerning Stock Options Outstanding | The following table summarizes information for stock options outstanding as of December 31, 2020 under all plans: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Weighted Average Shares Weighted Average (in millions) (in years) (in millions) $5.01 — 10.00 0.3 2.0 $ 7.54 0.3 $ 7.54 10.01 — 15.00 0.6 4.8 13.15 0.6 13.15 15.01 — 20.00 0.4 5.2 16.50 0.4 16.50 20.01 — 25.00 0.2 7.4 23.14 0.1 23.14 25.01 — 30.00 0.5 8.9 27.59 0.1 27.29 2.0 5.7 $ 17.52 1.5 $ 14.37 |
Summary of Restricted Stock Grants | The following table summarizes restricted stock activity for the year ended December 31, 2020: Number of Weighted Average (in millions) Outstanding and non-vested, at December 31, 2019 0.2 $ 22.53 Granted 0.1 27.85 Vested (0.1) 18.40 Forfeited — 25.96 Outstanding and non-vested, at December 31, 2020 0.2 $ 26.18 |
Equity Option | |
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: 2020 2019 2018 Dividend yield 1.2 % 1.2 % 1.4 % Expected volatility 33 % 32 % 32 % Risk free interest rate 0.5 % 2.4 % 2.9 % Weighted average expected option life in years 6.2 6.3 5.9 |
PSUs | |
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, 2020: Number of PSUs Weighted Average Price per Share (in millions) Outstanding and non-vested, at December 31, 2019 0.3 $ 24.37 Granted (a) 0.2 25.83 Vested (0.3) 22.45 Forfeited — 26.09 Outstanding and non-vested, at December 31, 2020 0.2 $ 27.60 (a) Includes 0.1 million PSUs, representing the effect of the PSUs granted in 2018 being earned at 156% of target. The PSUs granted in 2018 vested on December 31, 2020. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Prior Service Costs Foreign Unrealized Gain (Loss) on Interest Rate Swaps Total Balance at January 1, 2020 $ (80.4) $ (2.4) $ (7.1) $ 0.8 $ (89.1) Other comprehensive (loss) income before reclassifications (10.6) (0.3) 8.4 (3.3) (5.8) Amounts reclassified from accumulated other comprehensive loss 2.8 0.1 — 0.3 3.2 Net current-period other comprehensive (loss) income (7.8) (0.2) 8.4 (3.0) (2.6) Balance at December 31, 2020 $ (88.2) $ (2.6) $ 1.3 $ (2.2) $ (91.7) (in millions) (a) Actuarial Losses Prior Service Costs Foreign Unrealized Gain (Loss) on Interest Rate Swaps Total Balance at January 1, 2019 $ (87.4) $ (2.5) $ (8.9) $ 1.5 $ (97.3) Other comprehensive income before reclassifications 4.5 — 1.8 — 6.3 Amounts reclassified from accumulated other comprehensive loss 2.5 0.1 — (0.7) 1.9 Net current-period other comprehensive income (loss) 7.0 0.1 1.8 (0.7) 8.2 Balance at December 31, 2019 $ (80.4) $ (2.4) $ (7.1) $ 0.8 $ (89.1) (a) Amounts in parentheses indicate losses. |
Reclassifications from Accumulated Other Comprehensive Loss | The following table summarizes the amounts 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 2020 2019 (in millions) (a) Amortization of actuarial losses of defined benefit pension plans $ (3.7) $ (3.3) Other expense, net Amortization of prior service costs of defined benefit pension plans (0.1) (0.1) Other expense, net Interest rate swaps (0.4) 1.0 Interest expense Total before tax (4.2) (2.4) Income tax benefit 1.0 0.5 Income tax expense Total reclassifications for the period, net of tax $ (3.2) $ (1.9) (a) Amount in parentheses indicate debits to profit/loss. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Continuing Operations by Segment | The following table summarizes the Company’s continuing operations by segment, including net sales, operating income, depreciation and amortization, total assets and capital expenditures: (in millions) 2020 2019 2018 Net sales: Environmental Solutions $ 915.8 $ 992.9 $ 863.5 Safety and Security Systems 215.0 228.4 226.0 Total net sales $ 1,130.8 $ 1,221.3 $ 1,089.5 Operating income: Environmental Solutions $ 124.3 $ 139.4 $ 113.0 Safety and Security Systems 35.5 38.6 34.1 Corporate and eliminations (28.4) (30.9) (25.6) Total operating income 131.4 147.1 121.5 Interest expense 5.7 7.9 9.3 Other expense, net 1.1 0.6 0.6 Income before income taxes $ 124.6 $ 138.6 $ 111.6 Depreciation and amortization: Environmental Solutions $ 41.3 $ 38.1 $ 32.6 Safety and Security Systems 3.4 3.3 3.7 Corporate 0.1 0.1 0.1 Total depreciation and amortization $ 44.8 $ 41.5 $ 36.4 Total assets: Environmental Solutions $ 926.8 $ 908.1 $ 775.2 Safety and Security Systems 225.5 222.6 211.5 Corporate and eliminations 56.3 34.5 36.7 Total assets of continuing operations 1,208.6 1,165.2 1,023.4 Total assets of discontinued operations 0.2 0.3 0.4 Total assets $ 1,208.8 $ 1,165.5 $ 1,023.8 Capital expenditures: Environmental Solutions $ 24.4 $ 31.6 $ 11.1 Safety and Security Systems 4.1 2.7 2.0 Corporate 1.2 1.1 1.0 Total capital expenditures $ 29.7 $ 35.4 $ 14.1 |
Schedule Of Segment Reporting Information By Geographical Segment Table | The following table summarizes net sales by geographic region based on the location of the end-customer: (in millions) 2020 2019 2018 Net sales: U.S. $ 872.2 $ 952.8 $ 848.0 Canada 160.5 169.0 150.9 Europe/Other 98.1 99.5 90.6 Total net sales $ 1,130.8 $ 1,221.3 $ 1,089.5 The following table summarizes long-lived assets by geographic region based on the location of the Company’s subsidiaries: (in millions) 2020 2019 2018 Long-lived assets: U.S. $ 177.4 $ 168.3 $ 110.3 Canada 60.4 62.7 50.4 Europe/Other 4.3 3.9 3.5 Total long-lived assets (a) $ 242.1 $ 234.9 $ 164.2 (a) Amounts as of December 31, 2020 and 2019 include operating lease right-of-use assets, as further described in Note 4 – Leases. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019: Fair Value Measurement at December 31, 2020 Using (in millions) Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 33.1 $ — $ — $ 33.1 Liabilities: Contingent consideration — — 4.2 4.2 Interest rate swaps — 3.0 — 3.0 | Fair Value Measurement at December 31, 2019 Using (in millions) Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 8.6 $ — $ — $ 8.6 Interest rate swaps — 0.9 — 0.9 Liabilities: Contingent consideration — — 4.3 4.3 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for the years ended December 31, 2020 and 2019: (in millions) 2020 2019 Contingent consideration liability, at January 1 $ 4.3 $ 6.7 Issuance of contingent consideration in connection with acquisitions — 4.1 Settlements of contingent consideration liabilities — (7.6) Foreign currency translation — 0.3 Total (gains) losses included in earnings (0.1) 0.8 Contingent consideration liability, at December 31 $ 4.2 $ 4.3 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Foreign currency transaction (gain) loss | $ (0.4) | $ (0.1) | $ 0.4 |
Depreciation expense | 35.2 | 32.7 | 28.4 |
Goodwill impairment | 0 | 0 | 0 |
Indefinite-lived intangible asset impairment | 0 | 0 | 0 |
Deferred revenue | $ 4.2 | $ 3.3 | |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Percentage of reporting unit fair value in excess of carrying amount | 50.00% | 20.00% | |
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Rental equipment operating lease term | 5 years | ||
Building | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Useful life | 8 years | ||
Building | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Useful life | 40 years | ||
Machinery and Equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Useful life | 3 years | ||
Machinery and Equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Useful life | 15 years | ||
Leasehold Improvements | |||
Significant Accounting Policies [Line Items] | |||
Useful life description | over the shorter of the remaining life of the lease or the useful life of the improvement | ||
Selling, engineering, general and administrative expenses | |||
Significant Accounting Policies [Line Items] | |||
Research and development expenses | $ 12.2 | $ 13.6 | $ 13 |
Acquisitions - MRL Acquisition
Acquisitions - MRL Acquisition (Details) - USD ($) $ in Millions | Jul. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Definite-lived intangible asset, useful life | 12 years | |||
Goodwill acquired | $ 2.5 | $ 13.9 | ||
MRL | ||||
Business Acquisition [Line Items] | ||||
Purchase price, inclusive of adjustment for working capital and other post-closing items | [1] | $ 49 | ||
Contingent consideration | [2] | 4.1 | ||
Total consideration | 53.1 | |||
Cash | 0.2 | |||
Accounts receivable | 3.8 | |||
Inventories | 13.8 | |||
Prepaid expenses and other current assets | 0.3 | |||
Properties and equipment | 6.4 | |||
Operating lease right-of use-assets | 4.6 | |||
Other long-term assets | 0.1 | |||
Customer relationships | [3] | 17.7 | ||
Trade names | [4] | 9 | ||
Other intangible assets | 1.4 | |||
Operating lease liabilities | (4.6) | |||
Accounts payable | (3.7) | |||
Accrued liabilities | (1.9) | |||
Customer deposits | (6.5) | |||
Deferred tax liabilities | (1.4) | |||
Net assets acquired | 39.2 | |||
Goodwill acquired | [5] | $ 13.9 | ||
Customer Relationships | MRL | ||||
Business Acquisition [Line Items] | ||||
Definite-lived intangible asset, useful life | 12 years | |||
[1] | The purchase price was funded with borrowings under the Company’s revolving credit facility. The purchase price includes adjustments for working capital and other post-closing items, which were finalized in the fourth quarter of 2019, with the Company receiving $0.8 million in the first quarter of 2020. | |||
[2] | Represents the estimated fair value of the contingent earn-out payment as of the acquisition date, which is included as a component of Other long-term liabilities on the Consolidated Balance Sheets. See Note 18 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment. | |||
[3] | Represents the fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with an estimated useful life of approximately 12 years. | |||
[4] | Represents the fair value assigned to trade names, which are considered to be indefinite-lived intangible assets. | |||
[5] | Goodwill, the majority of which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment. |
Acquisitions - MRL Pro Forma (D
Acquisitions - MRL Pro Forma (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
MRL | ||
Business Acquisition [Line Items] | ||
Net sales | $ 1,252.7 | $ 1,156.4 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | Jul. 01, 2019 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||||
Goodwill acquired | $ 2.5 | $ 13.9 | |||
PWE | |||||
Business Acquisition [Line Items] | |||||
Purchase price, inclusive of preliminary working capital adjustment | 6.2 | ||||
Goodwill acquired | $ 2.5 | ||||
MRL | |||||
Business Acquisition [Line Items] | |||||
Purchase price, inclusive of preliminary working capital adjustment | $ 49.8 | ||||
Goodwill acquired | [1] | 13.9 | |||
Business acquisition purchase price adjustment | $ 0.8 | ||||
Contingent consideration maximum | $ 15.5 | ||||
[1] | Goodwill, the majority of which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment. |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue From Contracts With Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 1,130.8 | $ 1,221.3 | |
Environmental Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 915.8 | 992.9 | |
Environmental Solutions | Vehicles and equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | [1] | 719.3 | 788.7 |
Environmental Solutions | Parts | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 129.4 | 132.8 | |
Environmental Solutions | Rental income | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | [2] | 36.6 | 46.2 |
Environmental Solutions | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | [3] | 30.5 | 25.2 |
Safety And Security Systems | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 215 | 228.4 | |
Safety And Security Systems | Public safety and security equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 132.6 | 133.5 | |
Safety And Security Systems | Industrial signaling equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 50.8 | 59.3 | |
Safety And Security Systems | Warning systems | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 31.6 | $ 35.6 | |
[1] | Includes net sales from the sale of new and used vehicles and equipment, including sales of rental equipment. | ||
[2] | Represents revenues from vehicle and equipment lease arrangements with customers, recognized in accordance with Topic 842 and Topic 840, as applicable. | ||
[3] | Primarily includes revenues from services such as maintenance and repair work and the sale of extended warranty contracts. |
Revenue Recognition - Contract
Revenue Recognition - Contract Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contract with Customer, Liability [Abstract] | ||
Contract liabilities | $ 17 | $ 13.9 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Description of expected returns and allowances | Expected returns and allowances are estimated and recognized based primarily on an analysis of historical experience, with Net sales presented net of such returns and allowances. | ||
Description of payment terms | Contract liabilities are recognized as Net sales when the related performance obligations are satisfied, which generally occurs within three to six months of the cash receipt. | ||
Ingenieria Y Servicios Orbitec SPA | |||
Related Party Transaction [Line Items] | |||
Net sales from related parties | $ 1.3 | $ 3.3 | $ 1.7 |
Leases - Lease Cost and Other I
Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Leases - Lease Costs and Other Information [Abstract] | ||||
Total operating lease costs | [1] | $ 13.3 | $ 12.6 | |
Operating cash flows from operating leases | $ 9.2 | $ 8.6 | ||
Rent expense under ASC 840, Leases | $ 8.8 | |||
[1] | Includes short-term leases and variable lease costs. Total rental expense on all operating leases previously reported under ASC 840, Leases was $8.8 million in 2018 |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Operating lease right-of-use assets | $ 21.9 | $ 27.6 |
Finance lease right-of-use assets | 0.6 | 0.6 |
Total lease right-of-use assets | 22.5 | 28.2 |
Current liabilities: | ||
Operating leases | 8.2 | 8.2 |
Finance leases | 0.2 | 0.2 |
Noncurrent liabilities: | ||
Operating leases | 15.5 | 21.6 |
Finance leases | 0.4 | 0.4 |
Total lease liabilities | $ 24.3 | $ 30.4 |
Leases - Weighted-Average Remai
Leases - Weighted-Average Remaining Lease Terms and Discount Rates of Operating Leases (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted-average remaining lease term of operating leases | 3 years 3 months 18 days | 3 years 9 months 18 days |
Weighted-average discount rate of operating leases | 3.50% | 3.80% |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 8.9 |
2022 | 7.9 |
2023 | 4.9 |
2024 | 1.9 |
2025 | 0.5 |
Thereafter | 0.9 |
Total lease payments | 25 |
Less: Imputed interest | 1.3 |
Present value of operating lease liabilities | $ 23.7 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | $ 23.7 | ||
Affiliated entity | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | 4.7 | $ 4.7 | |
Rent paid on operating leases | $ 1.5 | $ 0.8 | $ 0.3 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 95.3 | $ 86.8 |
Raw materials | 76.6 | 79.5 |
Work in process | 13.1 | 16.6 |
Total inventories | $ 185 | $ 182.9 |
Properties and Equipment - Summ
Properties and Equipment - Summary of Properties and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 4.8 | $ 4.3 |
Buildings and improvements | 63.3 | 53.9 |
Machinery and equipment | 175 | 159.2 |
Total property and equipment, at cost | 243.1 | 217.4 |
Less: Accumulated depreciation | 136.2 | 125.5 |
Properties and equipment, net | $ 106.9 | $ 91.9 |
Rental Equipment (Details)
Rental Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leased Assets [Line Items] | |||
Rental equipment | $ 156.8 | $ 149 | |
Less: Accumulated depreciation | 43.5 | 33.6 | |
Rental equipment, net | 113.3 | 115.4 | |
Rental revenue | $ 36.6 | $ 46.2 | $ 41.8 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 388.8 | $ 375.1 |
Translation adjustments | 2.9 | (0.2) |
Goodwill acquired | 2.5 | 13.9 |
Goodwill, ending balance | 394.2 | 388.8 |
Environmental Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 277.3 | 263.2 |
Translation adjustments | 0.1 | 0.2 |
Goodwill acquired | 2.5 | 13.9 |
Goodwill, ending balance | 279.9 | 277.3 |
Safety And Security Systems | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 111.5 | 111.9 |
Translation adjustments | 2.8 | (0.4) |
Goodwill acquired | 0 | 0 |
Goodwill, ending balance | $ 114.3 | $ 111.5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | $ 113 | $ 112.8 | ||
Accumulated amortization | (31.9) | (22.1) | ||
Net carrying value | 81.1 | 90.7 | ||
Total intangible assets (excluding goodwill), gross carrying value | 185.4 | 185 | ||
Total intangible assets (excluding goodwill), net | $ 153.5 | 162.9 | ||
Definite-lived intangible asset, useful life | 12 years | |||
Amortization expense | $ 9.6 | 8.8 | $ 8 | |
Estimated amortization of intangibles, year one | 9.6 | |||
Estimated amortization of intangibles, year two | 9.5 | |||
Estimated amortization of intangibles, year three | 9.3 | |||
Estimated amortization of intangibles, year four | 9.3 | |||
Estimated amortization of intangibles, year five | 9.3 | |||
Estimated amortization of intangibles, thereafter | 34.1 | |||
Customer Relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | [1] | 108.6 | 108.6 | |
Accumulated amortization | [1] | (29.6) | (20.5) | |
Net carrying value | [1] | $ 79 | 88.1 | |
Customer Relationships | TBEI | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Definite-lived intangible asset, useful life | 12 years | |||
Other Intangible Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | [1] | $ 4.4 | 4.2 | |
Accumulated amortization | [1] | (2.3) | (1.6) | |
Net carrying value | [1] | $ 2.1 | $ 2.6 | |
Definite-lived intangible asset, useful life | 8 years | |||
[1] | Average useful life of customer relationships and other definite-lived intangible assets are estimated to be approximately 12 years and eight years, respectively. The average useful life across all definite-lived intangible assets is estimated to be approximately 12 years. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Indefinite-lived Intangible Assets [Line Items] | ||
Net carrying value | $ 72.4 | $ 72.2 |
Trade Names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net carrying value | $ 72.4 | $ 72.2 |
Debt - Summary of Components of
Debt - Summary of Components of Long-Term Borrowings and Finance Lease Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 0.6 | $ 0.6 |
Total long-term borrowings and finance lease obligations, including current portion | 210 | 220.5 |
Less: Current finance lease obligations | 0.2 | 0.2 |
Total long-term borrowings and finance lease obligations | 209.8 | 220.3 |
2019 Credit Agreement | ||
Debt Instrument [Line Items] | ||
Credit Agreement | $ 209.4 | $ 219.9 |
Debt - Summary of Carrying Amou
Debt - Summary of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 210 | $ 220.5 |
Current portion of long-term borrowings and finance lease obligations | 0.2 | 0.2 |
Notional Amount | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 210 | 220.5 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 210 | $ 220.5 |
Debt - Schedule of Gross Borrow
Debt - Schedule of Gross Borrowings and Gross Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |||
Gross borrowings | $ 82.6 | $ 84 | $ 8 |
Gross payments | $ 94.4 | $ 76.6 | $ 70.1 |
Debt - Additional Information (
Debt - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 02, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Deferred financing costs | $ 0 | $ 1,000,000 | $ 0 | |
Proceeds from early termination of interest rate swap | 200,000 | |||
Interest rate swap, fair value | 900,000 | |||
Aggregate maturities of total borrowings due, year one | 200,000 | |||
Aggregate maturities of total borrowings due, year two | 200,000 | |||
Aggregate maturities of total borrowings due, year three | 100,000 | |||
Aggregate maturities of total borrowings due, year four | $ 209,500,000 | |||
Weighted average interest rate on short-term borrowings | 1.70% | |||
Interest paid | $ 5,400,000 | 7,800,000 | 8,700,000 | |
Unrealized (loss) gain on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | (3,900,000) | $ (1,000,000) | $ 400,000 | |
Interest rate swap fair value | $ (3,000,000) | |||
Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, amount outstanding | $ 150,000,000 | |||
2019 Credit Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, unused capacity, commitment fee percentage | 0.10% | |||
2019 Credit Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | |||
2019 Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Base rate borrowings margin ranges | 1.00% | |||
2019 Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Base rate borrowings margin ranges | 1.75% | |||
2019 Credit Agreement | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Base rate borrowings margin ranges | 0.00% | |||
2019 Credit Agreement | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Base rate borrowings margin ranges | 0.75% | |||
2019 Credit Agreement | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility | $ 75,000,000 | |||
Credit facility outstanding amount | 10,300,000 | |||
2019 Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility | 500,000,000 | |||
Line of credit facility non-U.S. maximum borrowing capacity | 200,000,000 | |||
Secured credit facility, available increment | $ 250,000,000 | |||
Guaranteed percentage of outstanding voting capital stock | 65.00% | |||
Line of credit facility, covenant terms, leverage ratio maximum | 3.25 | |||
Line of credit facility, amount outstanding | $ 209,400,000 | |||
Credit facility outstanding amount | 280,300,000 | |||
2019 Credit Agreement | Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, covenants holiday, permitted acquisition consideration | 75,000,000 | |||
2019 Credit Agreement | Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, covenants, permitted dividends and stock repurchases | 35,000,000 | |||
Line of credit facility, covenants, permitted other incremental cash payments | 50,000,000 | |||
Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, amount outstanding | 75,000,000 | |||
Interest rate swap, notional amount | $ 75,000,000 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax expense (benefit): | |||
Federal | $ 16.4 | $ 20.7 | $ 17.8 |
Foreign | 1.4 | 0.4 | (0.1) |
State and local | 5.1 | 6 | 5.7 |
Total current tax expense | 22.9 | 27.1 | 23.4 |
Deferred tax expense (benefit): | |||
Federal | 2.7 | 2.8 | 0.6 |
Foreign | 3.1 | 2.2 | (6.5) |
State and local | (0.2) | (1.9) | 0.4 |
Deferred tax expense (benefit) | 5.6 | 3.1 | (5.5) |
Total income tax expense | $ 28.5 | $ 30.2 | $ 17.9 |
Income Taxes - Differences betw
Income Taxes - Differences between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal tax benefit | 3.50% | 3.20% | 4.50% |
Valuation allowance | 0.10% | (0.60%) | 0.00% |
Tax planning benefits, excluding valuation allowance effects | 0.00% | 0.00% | (8.10%) |
Tax reserves | (0.10%) | (0.40%) | (0.30%) |
Tax credits | (0.30%) | (0.40%) | (0.30%) |
Foreign tax rate effects | 0.80% | 0.40% | 0.30% |
Excess tax benefits from stock compensation activity | (2.90%) | (1.20%) | (0.80%) |
Other, net | 0.80% | (0.20%) | (0.30%) |
Effective income tax rate | 22.90% | 21.80% | 16.00% |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations before Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 107.4 | $ 126 | $ 100.6 |
Non-U.S. | 17.2 | 12.6 | 11 |
Income before income taxes | $ 124.6 | $ 138.6 | $ 111.6 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Properties and equipment | $ 2.6 | $ 0.7 |
Accrued expenses | 27.5 | 28.6 |
Stock-based compensation | 3.7 | 3.9 |
Net operating loss and tax credit carryforwards | 21 | 21.6 |
Goodwill and intangibles | 1.7 | 1.5 |
Pension benefits | 21.8 | 18.5 |
Gross deferred tax assets | 78.3 | 74.8 |
Valuation allowance | (8.8) | (8.2) |
Total deferred tax assets | 69.5 | 66.6 |
Deferred tax liabilities: | ||
Properties and equipment | (32.5) | (24.4) |
Pension benefits | (12.1) | (11.3) |
Goodwill and intangibles | (67.8) | (72.4) |
Other | (1.2) | (1.1) |
Gross deferred tax liabilities | (113.6) | (109.2) |
Net deferred tax liabilities | $ (44.1) | $ (42.6) |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activities Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 1.3 | $ 1.6 | $ 1.9 |
Increases related to current year tax | 0 | 0 | 0.2 |
Increases from prior period positions | 0 | 0.2 | 0 |
Decreases from settlements with tax authorities | 0 | (0.2) | 0 |
Decreases due to lapse of statute of limitations | (0.1) | (0.3) | (0.5) |
Balance at December 31 | $ 1.2 | $ 1.3 | $ 1.6 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | ||||
Income tax expense | $ 28,500,000 | $ 30,200,000 | $ 17,900,000 | |
Spain tax planning strategy benefit | $ 8,600,000 | |||
Change excess tax benefits from stock compensation activity | $ 1,900,000 | $ 800,000 | ||
Effective income tax rate | 22.90% | 21.80% | 16.00% | |
Income taxes paid | $ 22,300,000 | $ 25,700,000 | $ 21,600,000 | |
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | |
Deferred tax asset, federal net operating loss carryforwards | $ 100,000 | |||
Deferred tax asset, state net operating loss carryforwards | $ 6,600,000 | 6,700,000 | ||
Deferred tax asset, foreign net operating loss carryforwards | 11,100,000 | 11,700,000 | ||
Deferred tax asset, state tax tax credit carryforwards | 200,000 | |||
Deferred tax asset, U.S. foreign tax credits carryforwards | 3,100,000 | 3,100,000 | ||
Total deferred tax assets | 69,500,000 | 66,600,000 | ||
Valuation allowance | 8,800,000 | 8,200,000 | ||
Accrual for interest and penalties | 400,000 | 400,000 | ||
Reserves for unrecognized tax benefits, including interest and penalties | 1,500,000 | 1,500,000 | ||
Unrecognized tax benefits | 1,200,000 | 1,300,000 | $ 1,600,000 | $ 1,900,000 |
Other Deferred Tax Assets | ||||
Income Tax [Line Items] | ||||
Valuation allowance | 200,000 | |||
U.S. state | ||||
Income Tax [Line Items] | ||||
Change in valuation allowance | 800,000 | |||
Valuation allowance | 4,200,000 | |||
U.S. federal | Foreign tax credit carryforward | ||||
Income Tax [Line Items] | ||||
Valuation allowance | 3,100,000 | |||
Foreign | ||||
Income Tax [Line Items] | ||||
Valuation allowance | 1,300,000 | |||
Deferred tax liabilities | ||||
Income Tax [Line Items] | ||||
Unrecognized tax benefits | $ 100,000 | $ 100,000 |
Pension and Other Post-Employ_3
Pension and Other Post-Employment Plans - Schedule of Net Periodic Pension (Benefit) Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 5.8 | 6.8 | 6.4 |
Expected return on plan assets | (9.2) | (8.7) | (8.7) |
Amortization of prior service costs | 0 | 0 | 0 |
Amortization of actuarial losses | 3.2 | 2.6 | 3 |
Net periodic pension (benefit) expense | (0.2) | 0.7 | 0.7 |
Non-U.S. Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 1 | 1.4 | 1.3 |
Expected return on plan assets | (1.9) | (2) | (2.2) |
Amortization of prior service costs | 0.1 | 0.1 | 0 |
Amortization of actuarial losses | 0.5 | 0.7 | 0.6 |
Net periodic pension (benefit) expense | $ (0.1) | $ 0.4 | $ (0.1) |
Pension and Other Post-Employ_4
Pension and Other Post-Employment Plans - Summary of Weighted-Average Actuarial Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. Benefit Plan | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate | 3.50% | 4.40% | 3.70% |
Expected long-term rate of return on plan assets | 7.40% | 7.00% | 7.00% |
Non-U.S. Benefit Plan | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate | 2.00% | 2.80% | 2.50% |
Expected long-term rate of return on plan assets | 3.60% | 4.20% | 4.20% |
Pension and Other Post-Employ_5
Pension and Other Post-Employment Plans - Summary of Changes in Projected Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
U.S. Benefit Plan | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning of year | $ 169.4 | $ 161.6 | ||
Service cost | 0 | 0 | $ 0 | |
Interest cost | 5.8 | 6.8 | 6.4 | |
Actuarial loss | 15.2 | 10.8 | ||
Benefits and expenses paid | (10.2) | (9.8) | ||
Amendments | 0 | 0 | ||
Foreign currency translation | 0 | 0 | ||
Benefit obligation, end of year | 180.2 | 169.4 | 161.6 | |
Accumulated benefit obligation, end of year | 180.2 | 169.4 | ||
Non-U.S. Benefit Plan | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning of year | 52.3 | 49.8 | ||
Service cost | 0.2 | 0.2 | 0.2 | |
Interest cost | 1 | 1.4 | 1.3 | |
Actuarial loss | 5.1 | 2 | ||
Benefits and expenses paid | (3) | (3.1) | ||
Amendments | 0.2 | [1] | 0 | 2.6 |
Foreign currency translation | 1.8 | 2 | ||
Benefit obligation, end of year | 57.6 | 52.3 | $ 49.8 | |
Accumulated benefit obligation, end of year | $ 57.6 | $ 52.3 | ||
[1] | While the non-U.S. benefit plan has not yet been amended, this component of the change to the benefit obligation of the non-U.S. benefit plan during the year ended December 31, 2020 represents the estimated incremental impact of the November 2020 U.K. High Court ruling, as described above. |
Pension and Other Post-Employ_6
Pension and Other Post-Employment Plans - Summary of Weighted-Average Assumptions Used in Determining Benefit Obligations (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. Benefit Plan | ||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | ||
Discount rate | 2.80% | 3.50% |
Non-U.S. Benefit Plan | ||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | ||
Discount rate | 1.30% | 2.00% |
Pension and Other Post-Employ_7
Pension and Other Post-Employment Plans - Summary of Change in Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
U.S. Benefit Plan | |||
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | $ 131.6 | $ 118.8 | |
Actual return on plan assets | [1] | 16.1 | 22.6 |
Company contribution | 5 | 0 | |
Benefits and expenses paid | (10.2) | (9.8) | |
Foreign currency translation | 0 | 0 | |
Fair value of plan assets, end of year | 142.5 | 131.6 | |
Fees, commissions and other expense paid from plan assets | 2 | 1.9 | |
Non-U.S. Benefit Plan | |||
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 55.2 | 47.7 | |
Actual return on plan assets | 2.2 | 7.2 | |
Company contribution | 1.3 | 1.3 | |
Benefits and expenses paid | (3) | (3.1) | |
Foreign currency translation | 1.7 | 2.1 | |
Fair value of plan assets, end of year | $ 57.4 | $ 55.2 | |
[1] | Actual return on plan assets of the U.S. benefit plan for the years ended December 31, 2020 and 2019, was net of fees, commissions and other expenses paid from plan assets of $2.0 million and $1.9 million, respectively. |
Pension and Other Post-Employ_8
Pension and Other Post-Employment Plans - Summary of Pension Assets in Three-Tier Fair Value Hierarchy for Benefit Plan (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Receivables | $ 200,000 | $ 200,000 | ||
U.S. Benefit Plan | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 142,500,000 | 131,600,000 | $ 118,800,000 | |
U.S. Benefit Plan | Total | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | [1] | 142,300,000 | 131,400,000 | |
U.S. Benefit Plan | Total | Cash and cash equivalents | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,400,000 | 4,000,000 | ||
U.S. Benefit Plan | Total | US Large Cap | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 36,300,000 | 46,100,000 | ||
U.S. Benefit Plan | Total | US Small and Mid Cap | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 24,600,000 | 23,800,000 | ||
U.S. Benefit Plan | Total | Developed international | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 19,700,000 | 13,000,000 | ||
U.S. Benefit Plan | Total | Emerging markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 11,900,000 | 10,700,000 | ||
U.S. Benefit Plan | Total | Real estate | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 400,000 | 400,000 | ||
U.S. Benefit Plan | Level 1 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 95,500,000 | 102,100,000 | ||
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 | 4,400,000 | 4,000,000 | ||
U.S. Benefit Plan | Level 1 | US Large Cap | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 36,300,000 | 46,100,000 | ||
U.S. Benefit Plan | Level 1 | US Small and Mid Cap | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 24,600,000 | 23,800,000 | ||
U.S. Benefit Plan | Level 1 | Developed international | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 10,200,000 | 7,100,000 | ||
U.S. Benefit Plan | Level 1 | Emerging markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 9,700,000 | 10,200,000 | ||
U.S. Benefit Plan | Level 1 | Real estate | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 400,000 | 400,000 | ||
U.S. Benefit Plan | Level 2 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 46,800,000 | 29,300,000 | ||
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 | ||
U.S. Benefit Plan | Level 2 | US Large Cap | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plan | Level 2 | US Small and Mid Cap | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plan | Level 2 | Developed international | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 9,500,000 | 5,900,000 | ||
U.S. Benefit Plan | Level 2 | Emerging markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 2,200,000 | 500,000 | ||
U.S. Benefit Plan | Level 2 | Real estate | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plan | Level 3 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
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 | ||
U.S. Benefit Plan | Level 3 | US Large Cap | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plan | Level 3 | US Small and Mid Cap | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plan | Level 3 | Developed international | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plan | Level 3 | Emerging markets | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
U.S. Benefit Plan | Level 3 | Real estate | ||||
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 | 57,400,000 | 55,200,000 | $ 47,700,000 | |
Non-U.S. Benefit Plan | Total | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 57,400,000 | 55,200,000 | ||
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 | 7,400,000 | 200,000 | ||
Non-U.S. Benefit Plan | Total | Government securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 3,800,000 | ||
Non-U.S. Benefit Plan | Total | Diversified investment funds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | [2] | 29,600,000 | 40,700,000 | |
Non-U.S. Benefit Plan | Total | Corporate bonds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 15,900,000 | 10,500,000 | ||
Non-U.S. Benefit Plan | Total | Insurance-linked securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,500,000 | 0 | ||
Non-U.S. Benefit Plan | Level 1 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 400,000 | 11,200,000 | ||
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 | 400,000 | 200,000 | ||
Non-U.S. Benefit Plan | Level 1 | Government securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 3,800,000 | ||
Non-U.S. Benefit Plan | Level 1 | Diversified investment funds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | [2] | 0 | 0 | |
Non-U.S. Benefit Plan | Level 1 | Corporate bonds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 7,200,000 | ||
Non-U.S. Benefit Plan | Level 1 | Insurance-linked securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 2 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 52,500,000 | 44,000,000 | ||
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 | 7,000,000 | 0 | ||
Non-U.S. Benefit Plan | Level 2 | Government securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 2 | Diversified investment funds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | [2] | 29,600,000 | 40,700,000 | |
Non-U.S. Benefit Plan | Level 2 | Corporate bonds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 15,900,000 | 3,300,000 | ||
Non-U.S. Benefit Plan | Level 2 | Insurance-linked 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 | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,500,000 | 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 | Government 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 | Diversified investment funds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | [2] | 0 | 0 | |
Non-U.S. Benefit Plan | Level 3 | Corporate bonds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Non-U.S. Benefit Plan | Level 3 | Insurance-linked securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,500,000 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Total | Government securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,900,000 | 10,500,000 | ||
Fixed Income Securities | U.S. Benefit Plan | Total | Asset-backed securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 3,800,000 | 13,500,000 | ||
Fixed Income Securities | U.S. Benefit Plan | Total | Corporate bonds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 31,300,000 | 9,400,000 | ||
Fixed Income Securities | U.S. Benefit Plan | Total | Diversified investment funds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 5,000,000 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 1 | Government securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 4,900,000 | 10,500,000 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 1 | Asset-backed securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 1 | Corporate bonds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 1 | Diversified investment funds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 5,000,000 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 2 | Government securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 2 | Asset-backed securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 3,800,000 | 13,500,000 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 2 | Corporate bonds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 31,300,000 | 9,400,000 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 2 | Diversified investment funds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 3 | Government securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 3 | Asset-backed securities | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 3 | Corporate bonds | ||||
Fair Value Hierarchy Of Plan Assets By Category [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Fixed Income Securities | U.S. Benefit Plan | Level 3 | Diversified investment funds | ||||
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 receivable of $0.2 million at December 31, 2020 and 2019, respectively. | |||
[2] | These funds primarily invest in a diversified portfolio of equity securities and fixed income securities. |
Pension and Other Post-Employ_9
Pension and Other Post-Employment Plans - Summary of Funded Status (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. Benefit Plan | |||
Funded Status of Plan | |||
Fair value of plan assets, end of year | $ 142.5 | $ 131.6 | $ 118.8 |
Benefit obligation, end of year | 180.2 | 169.4 | 161.6 |
Funded status, end of year | (37.7) | (37.8) | |
Non-U.S. Benefit Plan | |||
Funded Status of Plan | |||
Fair value of plan assets, end of year | 57.4 | 55.2 | 47.7 |
Benefit obligation, end of year | 57.6 | 52.3 | $ 49.8 |
Funded status, end of year | $ (0.2) | $ 2.9 |
Pension and Other Post-Emplo_10
Pension and Other Post-Employment Plans - Schedule of Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. Benefit Plan | ||
Amounts recognized in our Consolidated Balance Sheets include: | ||
Deferred charges and other long-term assets | $ 0 | $ 0 |
Long-term pension and other post-retirement benefit liabilities | (37.7) | (37.8) |
Net (liability) asset recorded | (37.7) | (37.8) |
Amounts recognized In Accumulated other comprehensive loss include: | ||
Actuarial losses | 81.3 | 76.2 |
Prior service costs | 0 | 0 |
Net amount recognized, pre-tax | 81.3 | 76.2 |
Non-U.S. Benefit Plan | ||
Amounts recognized in our Consolidated Balance Sheets include: | ||
Deferred charges and other long-term assets | 0 | 2.9 |
Long-term pension and other post-retirement benefit liabilities | (0.2) | 0 |
Net (liability) asset recorded | (0.2) | 2.9 |
Amounts recognized In Accumulated other comprehensive loss include: | ||
Actuarial losses | 19.6 | 14.6 |
Prior service costs | 2.6 | 2.4 |
Net amount recognized, pre-tax | $ 22.2 | $ 17 |
Pension and Other Post-Emplo_11
Pension and Other Post-Employment Plans - Schedule of Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2020USD ($) |
U.S. Benefit Plan | |
Expected Payments For Defined Benefit Plans | |
2021 | $ 9.8 |
2022 | 10 |
2023 | 10.1 |
2024 | 10.2 |
2025 | 10.7 |
2026-2030 | 51.9 |
Non-U.S. Benefit Plan | |
Expected Payments For Defined Benefit Plans | |
2021 | 2.7 |
2022 | 2.8 |
2023 | 2.7 |
2024 | 2.8 |
2025 | 2.7 |
2026-2030 | $ 13 |
Pension and Other Post-Emplo_12
Pension and Other Post-Employment Plans - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of company sponsored defined benefit pension plans | 2 | |||
Cost of defined contribution pension plans | $ 7.7 | $ 7.9 | $ 7.2 | |
Deferred compensation liability | 13.8 | 11.1 | ||
Other Expense | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Withdrawal charge | 2.3 | |||
U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amendments | $ 0 | $ 0 | ||
Weighted-average target return of pension plans | 7.40% | 7.00% | 7.00% | |
Expected contribution to defined benefit plan | $ 4.3 | |||
Non-U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amendments | $ 0.2 | [1] | $ 0 | $ 2.6 |
Weighted-average target return of pension plans | 3.60% | 4.20% | 4.20% | |
Expected amortization of actuarial loss in next fiscal year | $ 4.6 | |||
Expected amortization of prior service cost in next fiscal year | 0.1 | |||
Expected contribution to defined benefit plan | $ 1.4 | |||
Maximum | Equity Securities | U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 69.00% | |||
Maximum | Equity Securities | Non-U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 35.00% | |||
Maximum | Fixed Income Securities | U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 44.00% | |||
Maximum | Cash and cash equivalents | U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 20.00% | |||
Maximum | Debt Securities | Non-U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 75.00% | |||
Minimum | Equity Securities | U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 54.00% | |||
Minimum | Equity Securities | Non-U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 25.00% | |||
Minimum | Fixed Income Securities | U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 29.00% | |||
Minimum | Cash and cash equivalents | U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 0.00% | |||
Minimum | Debt Securities | Non-U.S. Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation | 65.00% | |||
[1] | While the non-U.S. benefit plan has not yet been amended, this component of the change to the benefit obligation of the non-U.S. benefit plan during the year ended December 31, 2020 represents the estimated incremental impact of the November 2020 U.K. High Court ruling, as described above. |
Commitments and Contingencies -
Commitments and Contingencies - Changes in Company's Warranty Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at January 1 | $ 11.2 | $ 9.8 |
Provisions to expense | 7.6 | 8 |
Acquisitions | 0 | 0.2 |
Payments | (8.7) | (6.8) |
Foreign currency translation | 0.1 | 0 |
Balance at December 31 | $ 10.2 | $ 11.2 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments Disclosure [Line Items] | |
Amount outstanding performance and financial standby letters of credit | $ 25.2 |
Minimum | |
Commitments Disclosure [Line Items] | |
Warranty period | 1 year |
Maximum | |
Commitments Disclosure [Line Items] | |
Warranty period | 5 years |
Property Lease Guarantee | |
Commitments Disclosure [Line Items] | |
Repurchase obligation, single year potential cash payments | $ 4.1 |
Repurchase obligation, maximum potential cash payments | $ 4.1 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Details) | Nov. 04, 2019Plaintiff | Jul. 05, 2018plaintiffPlaintiff | Feb. 05, 2018Plaintiff | Jun. 28, 2017Plaintiff | Feb. 24, 2017Plaintiff | May 13, 2016Plaintiffcase | Jan. 12, 2015Plaintiff | Sep. 17, 2014Plaintiffcase | Apr. 29, 2011USD ($) | Apr. 22, 2011USD ($) | Mar. 31, 2018USD ($)casePlaintiff | Nov. 30, 2017plaintiff | Sep. 30, 2017Plaintiff | Aug. 31, 2017Plaintiff | Dec. 31, 2016Plaintiff | Aug. 31, 2016plaintiff | May 31, 2016Plaintiff | Nov. 30, 2015Plaintiff | Feb. 28, 2015Plaintiff | Jan. 31, 2015casePlaintiffCase | Dec. 31, 2014Plaintiff | Mar. 31, 2014plaintiffPlaintiff | Dec. 31, 2012Plaintiff | Nov. 30, 2011Plaintiff | Sep. 30, 2017USD ($) | Jan. 31, 2015case | Jul. 31, 2013Plaintiff | Apr. 22, 2011Plaintiff | May 31, 2016Case | Dec. 31, 2015Plaintiffcase | Oct. 31, 2016plaintiffCase | May 31, 2017Plaintiff | Nov. 30, 2016plaintiff | Oct. 31, 2012PlaintiffCase | Jan. 31, 2016Case | Nov. 05, 2015Case | Dec. 31, 2020plaintiff | Dec. 31, 2017USD ($)Plaintiff | Dec. 31, 2013plaintiff | Dec. 31, 2010case | Dec. 31, 2010plaintiff | Dec. 31, 2010Plaintiff | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($)plaintiffcasePlaintiff | Dec. 31, 2008Plaintiff | Dec. 31, 2009case | Dec. 31, 2009Plaintiff | Dec. 31, 2009Case | Dec. 31, 2004plaintiffcase | Jun. 30, 2017USD ($) | Jan. 04, 2011Plaintiff |
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 1,320 | 1,090 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain contingency, unrecorded amount | $ | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement offer per eligible plaintiff who has already filed a lawsuit | $ | $ 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement offer per eligible plaintiff who has not already filed a lawsuit | $ | $ 300 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of firefighters considered as part of the settlement | 3,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs cases dismissed | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 1,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Erie County Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of claims dismissed | plaintiff | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Responsive Settlement Candidates | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 717 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement Agreement | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 1,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hearing loss settlement | $ | $ 3,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of claimants agreed for settlement | 93.00% | 95.00% | 95.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of claimants agreed for settlement as per settlement agreement | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation settlement, amount awarded to other party | $ | $ 3,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Circuit Court Of Cook County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | plaintiff | 2,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | case | 6 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of claimants settled | 308 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of claims settled and dismissed | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Court Of Common Pleas Philadelphia County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 1 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | 3 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||
Damages maximum amount | $ | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of claimants settled | 1,125 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation settlement, amount awarded to other party | $ | $ 80,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of claims dismissed | Case | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of claims settled and dismissed | 2 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Supreme Court of Kings County New York | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of claims dismissed | case | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New York Kings County Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Erie County Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outside Pennsylvania Firefighter Plaintiffs | Court Of Common Pleas Philadelphia County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | Case | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
District of Columbia Firefighter Plaintiffs | Federal Court, Eastern District of Pennsylvania | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 11 | 193 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | case | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania Firefighter Plaintiffs | Circuit Court Of Cook County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | plaintiff | 74 | 299 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania Firefighter Plaintiffs | Court Of Common Pleas Philadelphia County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outside Chicago Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 10 | 1,800 | |||||||||||||||||||||||||||||||||||||||||||||||||
Outside Chicago Firefighter Plaintiffs | Circuit Court Of Cook County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | plaintiff | 1,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lackawanna Firefighter Plaintiffs | Lackawanna County Pennsylvania | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 70 | 263 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Florida Firefighters Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | plaintiff | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Damages maximum amount | $ | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 3 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Chicago Firefighter Plaintiffs | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago Firefighter Plaintiffs | Minimum | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | plaintiff | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago Firefighter Plaintiffs | Circuit Court Of Cook County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation settlement, amount awarded to other party | $ | $ 700 | $ 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | Case | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey Firefighter Plaintiffs | Superior Court of New Jersey, Union County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 1 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia Firefighter Plaintiffs | Court Of Common Pleas Philadelphia County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 75 | 1 | 4 | 70 | 3 | 20 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||
Number of cases scheduled | case | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | 4 | 2 | 9 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of claims dismissed | 55 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
New York City Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 536 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | case | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New York City Firefighter Plaintiffs | Supreme Court of State of New York, New York County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 1 | 235 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | Case | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pittsburgh Firefighter Plaintiffs | Allegheny County Pennsylvania | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 19 | 247 | 6 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pittsburgh Firefighter Plaintiffs | Allegheny County Pennsylvania | Dismissed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pittsburgh Firefighter Plaintiffs | Allegheny County Pennsylvania | Remaining | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey Firefighter Plaintiffs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | plaintiff | 218 | 194 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | Case | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Buffalo Firefighter Plaintiffs | Supreme Court of State of New York Erie County | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of plaintiffs | 193 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of new claims filed | case | 20 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations | $ 96.1 | $ 108.4 | $ 93.7 |
Gain from discontinued operations and disposal, net of tax | 0.1 | 0.1 | 0.3 |
Net income | $ 96.2 | $ 108.5 | $ 94 |
Weighted average shares outstanding - basic (shares) | 60.3 | 60.2 | 59.9 |
Dilutive effect of common stock equivalents (shares) | 1.4 | 1.4 | 1.3 |
Weighted average shares outstanding - Diluted (shares) | 61.7 | 61.6 | 61.2 |
Basic earnings per share: | |||
Earnings from continuing operations (usd per share) | $ 1.59 | $ 1.80 | $ 1.56 |
Earnings from discontinued operations and disposal, net of tax (usd per share) | 0 | 0 | 0.01 |
Net earnings per share (usd per share) | 1.59 | 1.80 | 1.57 |
Diluted earnings per share: | |||
Earnings from continuing operations (usd per share) | 1.56 | 1.76 | 1.53 |
Earnings from discontinued operations and disposal, net of tax (usd per share) | 0 | 0 | 0.01 |
Net earnings per share (usd per share) | $ 1.56 | $ 1.76 | $ 1.54 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options | |||
Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the calculation of diluted EPS | 0.5 | 0.2 | 0.3 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Estimate Fair Value (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.20% | 1.20% | 1.40% |
Expected volatility | 33.00% | 32.00% | 32.00% |
Risk free interest rate | 0.50% | 2.40% | 2.90% |
Weighted average expected option life in years | 6 years 2 months 12 days | 6 years 3 months 18 days | 5 years 10 months 24 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Option Shares | |||
Outstanding at beginning of year (shares) | 2.3 | 2.4 | 2.3 |
Granted (shares) | 0.3 | 0.2 | 0.3 |
Exercised (shares) | (0.6) | (0.3) | (0.2) |
Canceled or expired (shares) | 0 | 0 | 0 |
Outstanding at end of year (shares) | 2 | 2.3 | 2.4 |
Exercisable at end of year (shares) | 1.5 | 1.9 | 1.8 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (usd per share) | $ 13.87 | $ 12.51 | $ 11.08 |
Granted (usd per share) | 27.82 | 27.29 | 23.14 |
Exercised (usd per share) | 7.85 | 13.12 | 9.49 |
Canceled or expired (usd per share) | 26.44 | 21.99 | 18.03 |
Outstanding at end of year (usd per share) | 17.52 | 13.87 | 12.51 |
Exercisable at end of year (usd per share) | $ 14.37 | $ 11.28 | $ 10.59 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Details) - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Options Outstanding, Shares | 2 | 2.3 | 2.4 | 2.3 |
Options Outstanding, Weighted Average Remaining Life | 5 years 8 months 12 days | |||
Options Outstanding, Weighted Average Exercise Price (usd per share) | $ 17.52 | $ 13.87 | $ 12.51 | $ 11.08 |
Options Exercisable, Shares | 1.5 | 1.9 | 1.8 | |
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 14.37 | $ 11.28 | $ 10.59 | |
$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) | $ 10 | |||
Options Outstanding, Shares | 0.3 | |||
Options Outstanding, Weighted Average Remaining Life | 2 years | |||
Options Outstanding, Weighted Average Exercise Price (usd per share) | $ 7.54 | |||
Options Exercisable, Shares | 0.3 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 7.54 | |||
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 | |||
Options Outstanding, Shares | 0.6 | |||
Options Outstanding, Weighted Average Remaining Life | 4 years 9 months 18 days | |||
Options Outstanding, Weighted Average Exercise Price (usd per share) | $ 13.15 | |||
Options Exercisable, Shares | 0.6 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 13.15 | |||
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 | |||
Options Outstanding, Shares | 0.4 | |||
Options Outstanding, Weighted Average Remaining Life | 5 years 2 months 12 days | |||
Options Outstanding, Weighted Average Exercise Price (usd per share) | $ 16.50 | |||
Options Exercisable, Shares | 0.4 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 16.50 | |||
20.01 — 25.00 | ||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Range lower (usd per share) | 20.01 | |||
Range upper (usd per share) | $ 25 | |||
Options Outstanding, Shares | 0.2 | |||
Options Outstanding, Weighted Average Remaining Life | 7 years 4 months 24 days | |||
Options Outstanding, Weighted Average Exercise Price (usd per share) | $ 23.14 | |||
Options Exercisable, Shares | 0.1 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 23.14 | |||
25.01 — 30.00 | ||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | ||||
Range lower (usd per share) | 25.01 | |||
Range upper (usd per share) | $ 30 | |||
Options Outstanding, Shares | 0.5 | |||
Options Outstanding, Weighted Average Remaining Life | 8 years 10 months 24 days | |||
Options Outstanding, Weighted Average Exercise Price (usd per share) | $ 27.59 | |||
Options Exercisable, Shares | 0.1 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 27.29 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Grants and PSUs (Details) shares in Millions | 12 Months Ended | |
Dec. 31, 2020$ / sharesshares | ||
Restricted Stock | ||
Number of Restricted Shares | ||
Outstanding and non-vested, at December 31, 2019 | 0.2 | |
Granted | 0.1 | |
Vested | (0.1) | |
Forfeited | 0 | |
Outstanding and non-vested, at December 31, 2020 | 0.2 | |
Weighted Average Price per Share | ||
Outstanding and non-vested, at December 31, 2019 | $ / shares | $ 22.53 | |
Granted | $ / shares | 27.85 | |
Vested | $ / shares | 18.40 | |
Forfeited | $ / shares | 25.96 | |
Outstanding and non-vested, at December 31, 2020 | $ / shares | $ 26.18 | |
PSUs | ||
Number of Restricted Shares | ||
Outstanding and non-vested, at December 31, 2019 | 0.3 | |
Granted | 0.2 | [1] |
Vested | (0.3) | |
Forfeited | 0 | |
Outstanding and non-vested, at December 31, 2020 | 0.2 | |
Weighted Average Price per Share | ||
Outstanding and non-vested, at December 31, 2019 | $ / shares | $ 24.37 | |
Granted | $ / shares | 25.83 | [1] |
Vested | $ / shares | 22.45 | |
Forfeited | $ / shares | 26.09 | |
Outstanding and non-vested, at December 31, 2020 | $ / shares | $ 27.60 | |
Performance-based Restricted Stock Units, 2017 Grants | PSUs | ||
Number of Restricted Shares | ||
Granted | 0.1 | [1] |
[1] | Includes 0.1 million PSUs, representing the effect of the PSUs granted in 2018 being earned at 156% of target. The PSUs granted in 2018 vested on December 31, 2020. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under stock compensation plan | 7.8 | ||
Shares available for grant under stock compensation plan | 3 | ||
Share-based compensation expense | $ 8.4 | $ 8.8 | $ 7.6 |
Tax benefit from share-based compensation expense | $ 1.7 | $ 2 | $ 1.8 |
Vesting period | 3 years | ||
Weighted average fair value of options granted (usd per share) | $ 7.86 | $ 8.48 | $ 7.17 |
Stock options, vested and expected to vest, outstanding (shares) | 1.9 | ||
Stock options, vested and expected to vest, weighted average exercise price (usd per share) | $ 17.27 | ||
Exercisable at end of year (shares) | 1.5 | 1.9 | 1.8 |
Stock options, expected to vest (shares) | 0.4 | ||
Stock options outstanding, aggregate intrinsic value | $ 31.2 | ||
Stock options exercisable, aggregate intrinsic value | 28 | ||
Stock options exercised during the period, total intrinsic value | 13.9 | $ 4.3 | $ 3 |
Tax benefit from stock options exercised | 3.3 | 1 | 0.8 |
Proceeds from stock compensation activity | 0.6 | 1.7 | 1.3 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to share-based compensation plans | 1.8 | 1.9 | 2.1 |
Unrecognized compensation cost | $ 2.5 | ||
Weighted-average recognition period for unrecognized compensation cost | 1 year 10 months 24 days | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to share-based compensation plans | $ 2.5 | 2.2 | 1.8 |
Unrecognized compensation cost | $ 2.4 | ||
Weighted-average recognition period for unrecognized compensation cost | 1 year 10 months 24 days | ||
Grant-date fair value of awards vested | $ 1.7 | 1.1 | 1 |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to share-based compensation plans | 4.1 | 4.7 | 3.7 |
Unrecognized compensation cost, performance share units | $ 3.2 | ||
Weighted-average recognition period for unrecognized compensation cost | 1 year 8 months 12 days | ||
Grant-date fair value of awards vested | $ 5.4 | $ 3.8 | $ 1.7 |
Minimum | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 0.00% | ||
Maximum | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 200.00% | ||
Performance-based Restricted Stock Units, 2020 Grants | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance share units performance period | 3 years | ||
Performance-based Restricted Stock Units, 2019 Grants | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance share units performance period | 3 years | ||
Performance-based Restricted Stock Units, 2018 Grants | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance share units performance period | 3 years | ||
Vesting percentage | 156.00% |
Stockholders' Equity - Change i
Stockholders' Equity - Change in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ (89.1) | ||
Net current-period other comprehensive income (loss) | (2.6) | $ 8.2 | $ (9.8) |
Ending balance | (91.7) | (89.1) | |
Actuarial Losses | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (80.4) | (87.4) | |
Other comprehensive income (loss) before reclassifications | (10.6) | 4.5 | |
Amounts reclassified from accumulated other comprehensive loss | 2.8 | 2.5 | |
Net current-period other comprehensive income (loss) | (7.8) | 7 | |
Ending balance | (88.2) | (80.4) | (87.4) |
Prior Service Costs | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (2.4) | (2.5) | |
Other comprehensive income (loss) before reclassifications | (0.3) | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 0.1 | 0.1 | |
Net current-period other comprehensive income (loss) | (0.2) | 0.1 | |
Ending balance | (2.6) | (2.4) | (2.5) |
Foreign Currency Translation | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (7.1) | (8.9) | |
Other comprehensive income (loss) before reclassifications | 8.4 | 1.8 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Net current-period other comprehensive income (loss) | 8.4 | 1.8 | |
Ending balance | 1.3 | (7.1) | (8.9) |
Unrealized Gain (Loss) on Interest Rate Swaps | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 0.8 | 1.5 | |
Other comprehensive income (loss) before reclassifications | (3.3) | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 0.3 | (0.7) | |
Net current-period other comprehensive income (loss) | (3) | (0.7) | |
Ending balance | (2.2) | 0.8 | 1.5 |
Accumulated Other Comprehensive Loss | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (89.1) | (97.3) | |
Other comprehensive income (loss) before reclassifications | (5.8) | 6.3 | |
Amounts reclassified from accumulated other comprehensive loss | 3.2 | 1.9 | |
Net current-period other comprehensive income (loss) | (2.6) | 8.2 | (9.8) |
Ending balance | $ (91.7) | $ (89.1) | $ (97.3) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of actuarial losses of defined benefit pension plans | $ (3.7) | $ (3.3) |
Amortization of prior service costs of defined benefit pension plans | (0.1) | (0.1) |
Interest rate swaps | (0.4) | 1 |
Total before tax | (4.2) | (2.4) |
Income tax benefit | 1 | 0.5 |
Total reclassifications for the period, net of tax | $ (3.2) | $ (1.9) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Nov. 30, 2014 | |
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 90,000,000 | |||||
Common stock, par value (usd per share) | $ 1 | |||||
Common stock, shares issued | 67,800,000 | 66,900,000 | ||||
Common stock, shares outstanding | 60,500,000 | 60,500,000 | ||||
Preference stock, shares authorized | 800,000 | |||||
Preference stock, par value (usd per share) | $ 1 | |||||
Cash dividends declared per common share (usd per share) | $ 0.32 | $ 0.32 | $ 0.31 | |||
Shares acquired | 498,217 | 48,409 | 62,500 | |||
Purchases of treasury stock | $ 13,700,000 | $ 1,000,000 | $ 1,200,000 | |||
Cash dividends paid to stockholders | $ 19,400,000 | $ 19,300,000 | $ 18,700,000 | |||
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared per common share (usd per share) | $ 0.09 | |||||
November 2014 Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase program, authorized amount | $ 75,000,000 | |||||
March 2020 Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase program, authorized amount | $ 75,000,000 |
Segment Information - Summary o
Segment Information - Summary of Continuing Operations by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,130.8 | $ 1,221.3 | $ 1,089.5 |
Operating income | 131.4 | 147.1 | 121.5 |
Interest expense | 5.7 | 7.9 | 9.3 |
Other expense, net | 1.1 | 0.6 | 0.6 |
Income before income taxes | 124.6 | 138.6 | 111.6 |
Total depreciation and amortization | 44.8 | 41.5 | 36.4 |
Total assets | 1,208.8 | 1,165.5 | 1,023.8 |
Total capital expenditures | 29.7 | 35.4 | 14.1 |
Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,208.6 | 1,165.2 | 1,023.4 |
Discontinued operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 0.2 | 0.3 | 0.4 |
Environmental Solutions | |||
Segment Reporting Information [Line Items] | |||
Net sales | 915.8 | 992.9 | 863.5 |
Operating income | 124.3 | 139.4 | 113 |
Total depreciation and amortization | 41.3 | 38.1 | 32.6 |
Total assets | 926.8 | 908.1 | 775.2 |
Total capital expenditures | 24.4 | 31.6 | 11.1 |
Safety And Security Systems | |||
Segment Reporting Information [Line Items] | |||
Net sales | 215 | 228.4 | 226 |
Operating income | 35.5 | 38.6 | 34.1 |
Total depreciation and amortization | 3.4 | 3.3 | 3.7 |
Total assets | 225.5 | 222.6 | 211.5 |
Total capital expenditures | 4.1 | 2.7 | 2 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating income | (28.4) | (30.9) | (25.6) |
Total depreciation and amortization | 0.1 | 0.1 | 0.1 |
Total assets | 56.3 | 34.5 | 36.7 |
Total capital expenditures | $ 1.2 | $ 1.1 | $ 1 |
Segment Information - Segment I
Segment Information - Segment Information Classified Based on Geographic Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 1,130.8 | $ 1,221.3 | $ 1,089.5 | ||
Long-lived assets | 242.1 | [1] | 234.9 | [1] | 164.2 |
U.S. | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 872.2 | 952.8 | 848 | ||
Long-lived assets | 177.4 | 168.3 | 110.3 | ||
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 160.5 | 169 | 150.9 | ||
Long-lived assets | 60.4 | 62.7 | 50.4 | ||
Europe/Other | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 98.1 | 99.5 | 90.6 | ||
Long-lived assets | $ 4.3 | $ 3.9 | $ 3.5 | ||
[1] | Amounts as of December 31, 2020 and 2019 include operating lease right-of-use assets, as further described in Note 4 – Leases. |
Segment Information - Additiona
Segment Information - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Net sales | $ 1,130.8 | $ 1,221.3 | $ 1,089.5 |
Non-US | |||
Segment Reporting Information [Line Items] | |||
Net sales | 258.6 | 268.5 | 241.5 |
Exports From U.S. To Other Regions | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 69.7 | 72.8 | 64.5 |
Environmental Solutions | |||
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Net sales | $ 915.8 | $ 992.9 | $ 863.5 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 33.1 | $ 8.6 |
Contingent consideration | 4.2 | 4.3 |
Interest rate swaps | 3 | |
Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 33.1 | 8.6 |
Contingent consideration | 0 | 0 |
Interest rate swaps | 0 | |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Contingent consideration | 0 | 0 |
Interest rate swaps | 3 | |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Contingent consideration | 4.2 | 4.3 |
Interest rate swaps | $ 0 | |
Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps | 0.9 | |
Interest Rate Swap | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps | 0 | |
Interest Rate Swap | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps | 0.9 | |
Interest Rate Swap | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps | $ 0 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Input Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent consideration liability, at January 1 | $ 4.3 | $ 6.7 |
Issuance of contingent consideration in connection with acquisitions | 0 | 4.1 |
Settlements of contingent consideration liabilities | 0 | (7.6) |
Foreign currency translation | 0 | 0.3 |
Total losses included in earnings | (0.1) | 0.8 |
Contingent consideration liability, at December 31 | $ 4.2 | $ 4.3 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Settlements of contingent consideration liabilities | $ 0 | $ 7.6 | |
MRL | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration maximum | $ 15.5 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Feb. 17, 2021USD ($) |
OSW | Subsequent Event | |
Subsequent Event [Line Items] | |
Purchase price, inclusive of preliminary working capital adjustment | $ 52.5 |
SCHEDULE II - Valuation and Q_2
SCHEDULE II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 2.4 | $ 1.6 | $ 1.1 | |
Charged to Costs and Expenses | 2.4 | 1.9 | 1 | |
Charged to Other Accounts | [1] | 0 | 0 | 0 |
Deductions | [2] | (1.9) | (1.1) | (0.5) |
Balance at End of Year | 2.9 | 2.4 | 1.6 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | 8.2 | 9.4 | 10.6 | |
Charged to Costs and Expenses | 0.1 | (0.8) | 0 | |
Charged to Other Accounts | [1] | 0.5 | (0.4) | (1.2) |
Deductions | [2] | 0 | 0 | 0 |
Balance at End of Year | $ 8.8 | $ 8.2 | $ 9.4 | |
[1] | epresents amounts recognized in Accumulated other comprehensive loss and other adjustments that had no net impact on Income tax expense in the year. | |||
[2] | Represents amounts written off, net of related recoveries. |