SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 4/30/24 Federal Signal Corp./DE 10-Q 3/31/24 72:10M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 830K 6: EX-99.1 First Quarter Financial Results Press Release HTML 260K 7: EX-99.2 First Quarter Earnings Call Presentation Slides HTML 40K 2: EX-31.1 CEO Certification Under Section 302 of HTML 25K Sarbanes-Oxley Act 3: EX-31.2 CFO Certification Under Section 302 of HTML 25K Sarbanes-Oxley Act 4: EX-32.1 CEO Certification of Periodic Report Under Section HTML 23K 906 of Sarbanes-Oxley Act 5: EX-32.2 CFO Certification of Periodic Report Under Section HTML 23K 906 of Sarbanes-Oxley Act 13: R1 Document and Entity Information HTML 72K 14: R2 Condensed Consolidated Statements of Operations HTML 98K (Unaudited) 15: R3 Condensed Consolidated Statements of Comprehensive HTML 49K Income (Unaudited) 16: R4 Condensed Consolidated Statements of Comprehensive HTML 26K Income (Unaudited) (Parenthetical) 17: R5 Condensed Consolidated Balance Sheets HTML 139K 18: R6 Condensed Consolidated Balance Sheets HTML 41K (Parenthetical) 19: R7 Condensed Consolidated Statements of Cash Flows HTML 91K (Unaudited) 20: R8 Condensed Consolidated Statements of Stockholders' HTML 62K Equity (Unaudited) 21: R9 Condensed Consolidated Statements of Stockholders' HTML 23K Equity (Unaudited) (Parenthetical) 22: R10 Summary of Significant Accounting Policies HTML 31K 23: R11 Acquisitions HTML 38K 24: R12 Revenue Recognition HTML 50K 25: R13 Inventories HTML 29K 26: R14 Debt HTML 47K 27: R15 Income Taxes HTML 27K 28: R16 Pensions HTML 42K 29: R17 Commitments and Contingencies HTML 49K 30: R18 Earnings Per Share HTML 35K 31: R19 Stockholders' Equity HTML 76K 32: R20 Segment Information HTML 51K 33: R21 Fair Value Measurements HTML 51K 34: R22 Summary of Significant Accounting Policies HTML 46K (Policies) 35: R23 Acquisitions (Tables) HTML 38K 36: R24 Revenue Recognition (Tables) HTML 46K 37: R25 Inventories (Tables) HTML 30K 38: R26 Debt (Tables) HTML 42K 39: R27 Pensions (Tables) HTML 38K 40: R28 Commitments and Contingencies (Tables) HTML 31K 41: R29 Earnings Per Share (Tables) HTML 32K 42: R30 Stockholders' Equity (Tables) HTML 71K 43: R31 Segment Information (Tables) HTML 48K 44: R32 Fair Value Measurements (Tables) HTML 46K 45: R33 Summary of Significant Accounting Policies HTML 23K (Details) 46: R34 Acquisitions - Narrative (Details) HTML 51K 47: R35 Acquisitions - Fair Value of Assets Acquired and HTML 58K Liabilities Assumed (Details) 48: R36 Revenue Recognition - Disaggregation of Revenue HTML 56K From Contracts With Customers (Details) 49: R37 Revenue Recognition - Contract Liabilities HTML 26K (Details) 50: R38 Inventories - Components of Inventories (Details) HTML 30K 51: R39 Debt - Summary of Components of Long-Term HTML 43K Borrowings and Finance Lease Obligations (Details) 52: R40 Debt - Summary of Carrying Amounts and Estimated HTML 32K Fair Values of Long-Term Borrowings (Details) 53: R41 Debt - Schedule of Gross Borrowings and Gross HTML 26K Payments (Details) 54: R42 Debt - Additional Information (Details) HTML 97K 55: R43 Income Taxes - Additional Information (Details) HTML 34K 56: R44 Pensions - Summary of Components of Net Periodic HTML 38K Pension Expense (Benefit) (Details) 57: R45 Commitments and Contingencies - Summary of Changes HTML 37K in Warranty Liabilities (Details) 58: R46 Commitments and Contingencies - Additional HTML 184K Information (Details) 59: R47 Earnings Per Share - Reconciliation of Net Income HTML 56K to Basic and Diluted EPS (Details) 60: R48 Stockholders' Equity - Changes in Each Component HTML 51K of Accumulated Other Comprehensive Loss (Details) 61: R49 Stockholders' Equity - Reclassifications from HTML 39K Accumulated Other Comprehensive Loss (Details) 62: R50 Stockholders' Equity - Additional Information HTML 38K (Details) 63: R51 Segment Information - Summary of Net Sales, HTML 64K Operating Income (Loss), and Total Assets by Segment (Details) 64: R52 Segment Information - Additional Information HTML 23K (Details) 65: R53 Fair Value Measurements - Asset and Liabilities HTML 44K Measured at Fair Value (Details) 66: R54 Fair Value Measurements - Roll-Forward of Fair HTML 37K Value of Recurring Level 3 Fair Value Measurements (Details) 67: R55 Fair Value Measurements - Additional Information HTML 35K (Details) 69: XML IDEA XML File -- Filing Summary XML 124K 72: XML XBRL Instance -- fss-20240331_htm XML 1.09M 68: EXCEL IDEA Workbook of Financial Report Info XLSX 122K 9: EX-101.CAL XBRL Calculations -- fss-20240331_cal XML 190K 10: EX-101.DEF XBRL Definitions -- fss-20240331_def XML 684K 11: EX-101.LAB XBRL Labels -- fss-20240331_lab XML 1.55M 12: EX-101.PRE XBRL Presentations -- fss-20240331_pre XML 1.01M 8: EX-101.SCH XBRL Schema -- fss-20240331 XSD 181K 70: JSON XBRL Instance as JSON Data -- MetaLinks 503± 765K 71: ZIP XBRL Zipped Folder -- 0000277509-24-000020-xbrl Zip 354K
fss-20240331 |
i ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 36-1063330 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, par value $1.00 per share | i FSS | i New York Stock Exchange |
i Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||||||||||||||||
Emerging growth company | i ☐ | |||||||||||||||||||
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Page | ||||||||
PART I. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three
Months Ended March 31, | ||||||||||||||||||||
(in millions, except per share data) | 2024 | 2023 | ||||||||||||||||||
Net sales | $ | i 424.9 | $ | i 385.5 | ||||||||||||||||
Cost of sales | i 308.9 | i 289.7 | ||||||||||||||||||
Gross profit | i 116.0 | i 95.8 | ||||||||||||||||||
Selling, engineering, general and administrative expenses | i 57.2 | i 52.0 | ||||||||||||||||||
Amortization expense | i 3.6 | i 3.6 | ||||||||||||||||||
Acquisition and integration-related expenses, net | i 0.9 | i 0.7 | ||||||||||||||||||
Operating income | i 54.3 | i 39.5 | ||||||||||||||||||
Interest expense, net | i 3.2 | i 4.7 | ||||||||||||||||||
Other expense, net | i 0.2 | i 0.1 | ||||||||||||||||||
Income before income taxes | i 50.9 | i 34.7 | ||||||||||||||||||
Income tax (benefit) expense | ( i 0.7) | i 7.3 | ||||||||||||||||||
Net income | $ | i 51.6 | $ | i 27.4 | ||||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | i 0.85 | $ | i 0.45 | ||||||||||||||||
Diluted | i 0.84 | i 0.45 | ||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | i 60.9 | i 60.7 | ||||||||||||||||||
Diluted | i 61.6 | i 61.3 | ||||||||||||||||||
Three
Months Ended March 31, | ||||||||||||||||||||
(in millions) | 2024 | 2023 | ||||||||||||||||||
Net income | $ | i 51.6 | $ | i 27.4 | ||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Change in foreign currency translation adjustment | ( i 3.9) | i 1.5 | ||||||||||||||||||
Change
in unrecognized net actuarial loss and prior service cost related to pension benefit plans, net of income tax expense of $ i 0.2 and $ i 0.0
respectively | i 0.6 | i — | ||||||||||||||||||
Change
in unrealized gain or loss on interest rate swaps, net of income tax expense (benefit) of $ i 0.2 and $( i 0.3)
respectively | i 0.5 | ( i 0.9) | ||||||||||||||||||
Total other comprehensive (loss) income | ( i 2.8) | i 0.6 | ||||||||||||||||||
Comprehensive income | $ | i 48.8 | $ | i 28.0 |
March
31, 2024 | December 31, 2023 | ||||||||||
(in millions, except per share data) | (Unaudited) | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 48.9 | $ | i 61.0 | |||||||
Accounts
receivable, net of allowances for doubtful accounts of $ i 2.4 and $ i 2.5, respectively | i 191.4 | i 186.2 | |||||||||
Inventories | i 322.7 | i 303.4 | |||||||||
Prepaid expenses and other current assets | i 32.3 | i 19.6 | |||||||||
Total current assets | i 595.3 | i 570.2 | |||||||||
Properties and equipment, net of accumulated depreciation of $ i 177.9
and $ i 173.3, respectively | i 193.0 | i 190.8 | |||||||||
Rental
equipment, net of accumulated depreciation of $ i 49.2 and $ i 47.5, respectively | i 143.8 | i 134.8 | |||||||||
Operating lease right-of-use assets | i 20.7 | i 21.0 | |||||||||
Goodwill | i 470.2 | i 472.7 | |||||||||
Intangible
assets, net of accumulated amortization of $ i 74.3 and $ i 70.7, respectively | i 204.6 | i 207.5 | |||||||||
Deferred tax assets | i 11.7 | i 12.0 | |||||||||
Other long-term assets | i 12.1 | i 11.5 | |||||||||
Total assets | $ | i 1,651.4 | $ | i 1,620.5 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term borrowings and finance lease obligations | $ | i 5.5 | $ | i 4.7 | |||||||
Accounts payable | i 88.8 | i 66.7 | |||||||||
Customer deposits | i 28.7 | i 27.1 | |||||||||
Accrued liabilities: | |||||||||||
Compensation and withholding taxes | i 23.4 | i 42.3 | |||||||||
Current income taxes payable | i 12.9 | i 3.2 | |||||||||
Current operating lease liabilities | i 6.6 | i 6.8 | |||||||||
Other current liabilities | i 45.1 | i 45.0 | |||||||||
Total current liabilities | i 211.0 | i 195.8 | |||||||||
Long-term borrowings and finance lease obligations | i 266.8 | i 294.3 | |||||||||
Long-term operating lease liabilities | i 14.7 | i 14.9 | |||||||||
Long-term pension and other postretirement benefit liabilities | i 44.9 | i 44.2 | |||||||||
Deferred tax liabilities | i 54.1 | i 53.2 | |||||||||
Other long-term liabilities | i 15.5 | i 16.2 | |||||||||
Total liabilities | i 607.0 | i 618.6 | |||||||||
Stockholders’ equity: | |||||||||||
Common
stock, $ i 1 par value per share, i 90.0 shares authorized, i 70.2
and i 70.0 shares issued, respectively | i 70.2 | i 70.0 | |||||||||
Capital in excess of par value | i 296.8 | i 291.1 | |||||||||
Retained earnings | i 960.1 | i 915.8 | |||||||||
Treasury
stock, at cost, i 9.1 and i 9.0 shares, respectively | ( i 198.6) | ( i 193.7) | |||||||||
Accumulated other comprehensive loss | ( i 84.1) | ( i 81.3) | |||||||||
Total stockholders’ equity | i 1,044.4 | i 1,001.9 | |||||||||
Total liabilities and stockholders’ equity | $ | i 1,651.4 | $ | i 1,620.5 |
Three
Months Ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Operating activities: | |||||||||||
Net income | $ | i 51.6 | $ | i 27.4 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | i 15.4 | i 14.3 | |||||||||
Stock-based compensation expense | i 4.4 | i 2.0 | |||||||||
Changes in fair value of contingent consideration | i — | ( i 0.2) | |||||||||
Amortization of interest rate swap settlement gain | ( i 0.6) | ( i 0.6) | |||||||||
Deferred income taxes | i 0.8 | ( i 0.3) | |||||||||
Changes in operating assets and liabilities | ( i 40.3) | ( i 35.5) | |||||||||
Net cash provided by operating activities | i 31.3 | i 7.1 | |||||||||
Investing activities: | |||||||||||
Purchases of properties and equipment | ( i 8.4) | ( i 6.0) | |||||||||
Payments for acquisition-related activity, net of cash acquired | i — | ( i 13.5) | |||||||||
Other, net | i 0.8 | i 0.1 | |||||||||
Net cash used for investing activities | ( i 7.6) | ( i 19.4) | |||||||||
Financing activities: | |||||||||||
(Decrease) increase in revolving lines of credit, net | ( i 23.5) | i 12.6 | |||||||||
Payments on long-term borrowings | ( i 0.8) | i — | |||||||||
Purchases of treasury stock | ( i 0.1) | i — | |||||||||
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation | ( i 4.1) | ( i 3.8) | |||||||||
Payments for acquisition-related activity | i — | ( i 0.5) | |||||||||
Cash dividends paid to stockholders | ( i 7.3) | ( i 5.5) | |||||||||
Proceeds from stock-based compensation activity | i 0.8 | i 0.4 | |||||||||
Other, net | ( i 0.3) | ( i 0.1) | |||||||||
Net cash (used for) provided by financing activities | ( i 35.3) | i 3.1 | |||||||||
Effects of foreign exchange rate changes on cash and cash equivalents | ( i 0.5) | i 0.1 | |||||||||
Decrease in cash and cash equivalents | ( i 12.1) | ( i 9.1) | |||||||||
Cash and cash equivalents at beginning of year | i 61.0 | i 47.5 | |||||||||
Cash and cash equivalents at end of period | $ | i 48.9 | $ | i 38.4 | |||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
(in millions) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||
Balance at January 1, 2024 | $ | i 70.0 | $ | i 291.1 | $ | i 915.8 | $ | ( i 193.7) | $ | ( i 81.3) | $ | i 1,001.9 | |||||||||||||||||||||||
Net income | i 51.6 | i 51.6 | |||||||||||||||||||||||||||||||||
Total other comprehensive loss | ( i 2.8) | ( i 2.8) | |||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 0.12 per share) | ( i 7.3) | ( i 7.3) | |||||||||||||||||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||||||||||||||
Stock-based compensation | i 4.4 | i 4.4 | |||||||||||||||||||||||||||||||||
Stock option exercises and other | i 0.1 | i 1.4 | ( i 1.2) | i 0.3 | |||||||||||||||||||||||||||||||
Performance share unit transactions | i 0.1 | ( i 0.1) | ( i 3.6) | ( i 3.6) | |||||||||||||||||||||||||||||||
Stock repurchase program | ( i 0.1) | ( i 0.1) | |||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | i 70.2 | $ | i 296.8 | $ | i 960.1 | $ | ( i 198.6) | $ | ( i 84.1) | $ | i 1,044.4 |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
(in millions) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | i 69.5 | $ | i 271.8 | $ | i 782.2 | $ | ( i 178.6) | $ | ( i 84.0) | $ | i 860.9 | |||||||||||||||||||||||
Net income | i 27.4 | i 27.4 | |||||||||||||||||||||||||||||||||
Total other comprehensive income | i 0.6 | i 0.6 | |||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 0.09 per share) | ( i 5.5) | ( i 5.5) | |||||||||||||||||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||||||||||||||
Stock-based compensation | i 2.0 | i 2.0 | |||||||||||||||||||||||||||||||||
Stock option exercises and other | i 0.1 | i 1.0 | ( i 1.2) | ( i 0.1) | |||||||||||||||||||||||||||||||
Performance share unit transactions | i 0.1 | ( i 0.1) | ( i 3.3) | ( i 3.3) | |||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | i 69.7 | $ | i 274.7 | $ | i 804.1 | $ | ( i 183.1) | $ | ( i 83.4) | $ | i 882.0 |
(in millions) | |||||
Purchase price, inclusive of closing adjustments | $ | i 41.9 | |||
Estimated fair value of additional consideration (a) | i 4.3 | ||||
Total consideration | i 46.2 | ||||
Accounts receivable | i 4.7 | ||||
Inventories | i 15.0 | ||||
Prepaid expenses and other current assets | i 0.1 | ||||
Rental equipment | i 1.6 | ||||
Properties and equipment | i 4.4 | ||||
Customer relationships (b) | i 11.1 | ||||
Trade
names (c) | i 4.6 | ||||
Accounts payable | ( i 1.5) | ||||
Accrued liabilities | ( i 0.5) | ||||
Net assets acquired | i 39.5 | ||||
Goodwill
(d) | $ | i 6.7 |
Three Months Ended March 31, | ||||||||||||||||||||
(in millions) | 2024 | 2023 | ||||||||||||||||||
Geographic Region: | ||||||||||||||||||||
U.S. | $ | i i 334.3 / | $ | i 309.1 | ||||||||||||||||
Canada | i i 59.3 / | i 43.9 | ||||||||||||||||||
Europe/Other | i i 31.3 / | i 32.5 | ||||||||||||||||||
Total net sales | $ | i 424.9 | $ | i 385.5 | ||||||||||||||||
Major Product Line: | ||||||||||||||||||||
Environmental Solutions | ||||||||||||||||||||
Vehicles and equipment (a) | $ | i i 272.3 / | $ | i 245.3 | ||||||||||||||||
Parts | i i 61.0 / | i 54.8 | ||||||||||||||||||
Rental
income (b) | i i 12.0 / | i 11.0 | ||||||||||||||||||
Other
(c) | i i 8.7 / | i 7.7 | ||||||||||||||||||
Total | i 354.0 | i 318.8 | ||||||||||||||||||
Safety and Security Systems | ||||||||||||||||||||
Public safety and security equipment | i i 44.9 / | i 40.2 | ||||||||||||||||||
Industrial signaling equipment | i i 16.9 / | i 18.6 | ||||||||||||||||||
Warning systems | i i 9.1 / | i 7.9 | ||||||||||||||||||
Total | i 70.9 | i 66.7 | ||||||||||||||||||
Total net sales | $ | i 424.9 | $ | i 385.5 |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Finished goods | $ | i 118.7 | $ | i 116.1 | |||||||
Raw materials | i 169.8 | i 154.6 | |||||||||
Work in process | i 34.2 | i 32.7 | |||||||||
Total inventories | $ | i 322.7 | $ | i 303.4 |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
2022 Credit Agreement (a) | $ | i 270.9 | $ | i 297.4 | |||||||
Finance lease obligations | i 1.4 | i 1.6 | |||||||||
Total long-term borrowings and finance lease obligations, including current portion | i 272.3 | i 299.0 | |||||||||
Less: Current maturities | i 4.7 | i 3.9 | |||||||||
Less: Current finance lease obligations | i 0.8 | i 0.8 | |||||||||
Total long-term borrowings and finance lease obligations | $ | i 266.8 | $ | i 294.3 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2024 | 2023 | |||||||||||||||||||||
Gross borrowings | $ | i 10.0 | $ | i 37.6 | |||||||||||||||||||
Gross payments | i 33.5 | i 25.0 |
U.S. Benefit Plan | Non-U.S. Benefit Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Three
Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||
Interest cost | i i 1.4 / | i 1.5 | i i 0.4 / | i 0.4 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | i i 0.5 / | i 0.3 | i i 0.2 / | i 0.2 | |||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( i i 1.8 / ) | ( i 1.9) | ( i i 0.5 / ) | ( i 0.5) | |||||||||||||||||||||||||||||||||||||||||||
Net periodic pension expense (benefit) | $ | i 0.1 | $ | ( i 0.1) | $ | i 0.1 | $ | i 0.1 |
(in millions) | 2024 | 2023 | |||||||||
Balance at January 1 | $ | i 9.6 | $ | i 9.3 | |||||||
Provisions to expense | i 2.2 | i 1.8 | |||||||||
Acquisitions | i — | i 0.1 | |||||||||
Payments | ( i 2.0) | ( i 2.0) | |||||||||
Balance at March 31 | $ | i 9.8 | $ | i 9.2 |
Three Months Ended March 31, | |||||||||||
(in millions, except per share data) | 2024 | 2023 | |||||||||
Net income | $ | i 51.6 | $ | i 27.4 | |||||||
Weighted average shares outstanding – Basic | i 60.9 | i 60.7 | |||||||||
Dilutive effect of common stock equivalents | i 0.7 | i 0.6 | |||||||||
Weighted average shares outstanding – Diluted | i 61.6 | i 61.3 | |||||||||
Earnings per share: | |||||||||||
Basic | $ | i 0.85 | $ | i 0.45 | |||||||
Diluted | i 0.84 | i 0.45 |
(in
millions) (a) | Actuarial Losses | Prior Service Costs | Foreign Currency Translation | Interest Rate Swaps | Total | ||||||||||||||||||||||||
Balance at January 1, 2024 | $ | ( i 69.7) | $ | ( i 2.0) | $ | ( i 10.1) | $ | i 0.5 | $ | ( i 81.3) | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | i i 0.1 / | i i — / | ( i i 3.9 / ) | i i 1.2 / | ( i 2.6) | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | i i 0.5 / | i i — / | i i — / | ( i i 0.7 / ) | ( i 0.2) | ||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | i 0.6 | i — | ( i 3.9) | i 0.5 | ( i 2.8) | ||||||||||||||||||||||||
Balance at March 31, 2024 | $ | ( i 69.1) | $ | ( i 2.0) | $ | ( i 14.0) | $ | i 1.0 | $ | ( i 84.1) |
(in
millions) (a) | Actuarial Losses | Prior Service Costs | Foreign Currency Translation | Interest Rate Swaps | Total | ||||||||||||||||||||||||
Balance at January 1, 2023 | $ | ( i 68.6) | $ | ( i 2.0) | $ | ( i 16.0) | $ | i 2.6 | $ | ( i 84.0) | |||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( i 0.4) | i — | i 1.5 | ( i 0.4) | i 0.7 | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | i 0.4 | i — | i — | ( i 0.5) | ( i 0.1) | ||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | i — | i — | i 1.5 | ( i 0.9) | i 0.6 | ||||||||||||||||||||||||
Balance at March 31, 2023 | $ | ( i 68.6) | $ | ( i 2.0) | $ | ( i 14.5) | $ | i 1.7 | $ | ( i 83.4) |
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in Condensed Consolidated Statements of Operations | ||||||||||||||||||
2024 | 2023 | |||||||||||||||||||
(in millions) (a) | ||||||||||||||||||||
Amortization of actuarial losses of defined benefit pension plans | $ | ( i i 0.7 / ) | $ | ( i 0.5) | Other expense, net | |||||||||||||||
Interest rate swaps | i i 0.9 / | i 0.7 | Interest expense, net | |||||||||||||||||
Total before tax | i 0.2 | i 0.2 | ||||||||||||||||||
Income tax expense | i i — / | ( i 0.1) | Income tax (benefit) expense | |||||||||||||||||
Total reclassifications for the period, net of tax | $ | i 0.2 | $ | i 0.1 |
Three
Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2024 | 2023 | |||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Environmental Solutions | $ | i 354.0 | $ | i 318.8 | |||||||||||||||||||
Safety and Security Systems | i 70.9 | i 66.7 | |||||||||||||||||||||
Total net sales | $ | i 424.9 | $ | i 385.5 | |||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
Environmental Solutions | $ | i 51.7 | $ | i 37.6 | |||||||||||||||||||
Safety and Security Systems | i 13.8 | i 12.1 | |||||||||||||||||||||
Corporate and eliminations | ( i 11.2) | ( i 10.2) | |||||||||||||||||||||
Total operating income | i 54.3 | i 39.5 | |||||||||||||||||||||
Interest expense, net | i 3.2 | i 4.7 | |||||||||||||||||||||
Other expense, net | i 0.2 | i 0.1 | |||||||||||||||||||||
Income before income taxes | $ | i 50.9 | $ | i 34.7 |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Total assets: | |||||||||||
Environmental Solutions | $ | i 1,322.0 | $ | i 1,290.9 | |||||||
Safety and Security Systems | i 287.3 | i 288.1 | |||||||||
Corporate and eliminations | i 42.1 | i 41.5 | |||||||||
Total assets | $ | i 1,651.4 | $ | i 1,620.5 |
Fair Value Measurement at Reporting Date Using | |||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | i 9.3 | $ | i — | $ | i — | $ | i 9.3 | |||||||||||||||
Interest rate swaps | i — | i 0.5 | i — | i 0.5 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration | i — | i — | i 4.6 | i 4.6 | |||||||||||||||||||
(in millions) | 2024 | 2023 | |||||||||
Contingent consideration liability, at January 1 | $ | i 4.9 | ` | $ | i 2.7 | ||||||
Acquisitions, including measurement period adjustments | ( i 0.2) | i 4.0 | |||||||||
Settlements of contingent consideration liabilities | i — | ( i 0.5) | |||||||||
Foreign currency translation | ( i 0.1) | i — | |||||||||
Total
gains included in earnings (a) | i — | ( i 0.2) | |||||||||
Contingent consideration liability, at March 31 | $ | i 4.6 | $ | i 6.0 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
($ in millions, except per share data) | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Net sales | $ | 424.9 | $ | 385.5 | $ | 39.4 | |||||||||||||||||||||||||||||
Cost of sales | 308.9 | 289.7 | 19.2 | ||||||||||||||||||||||||||||||||
Gross profit | 116.0 | 95.8 | 20.2 | ||||||||||||||||||||||||||||||||
Selling, engineering, general and administrative expenses | 57.2 | 52.0 | 5.2 | ||||||||||||||||||||||||||||||||
Amortization expense | 3.6 | 3.6 | — | ||||||||||||||||||||||||||||||||
Acquisition and integration-related expenses, net | 0.9 | 0.7 | 0.2 | ||||||||||||||||||||||||||||||||
Operating income | 54.3 | 39.5 | 14.8 | ||||||||||||||||||||||||||||||||
Interest expense, net | 3.2 | 4.7 | (1.5) | ||||||||||||||||||||||||||||||||
Other expense, net | 0.2 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||
Income before income taxes | 50.9 | 34.7 | 16.2 | ||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (0.7) | 7.3 | (8.0) | ||||||||||||||||||||||||||||||||
Net income | $ | 51.6 | $ | 27.4 | $ | 24.2 | |||||||||||||||||||||||||||||
Operating data: | |||||||||||||||||||||||||||||||||||
Operating margin | 12.8 | % | 10.2 | % | 2.6 | % | |||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.84 | $ | 0.45 | $ | 0.39 | |||||||||||||||||||||||||||||
Total orders | 502.7 | 474.7 | 28.0 | ||||||||||||||||||||||||||||||||
Backlog | 1,099.4 | 967.6 | 131.8 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 15.4 | 14.3 | 1.1 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
($ in millions) | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Net sales | $ | 354.0 | $ | 318.8 | $ | 35.2 | |||||||||||||||||||||||||||||
Operating income | 51.7 | 37.6 | 14.1 | ||||||||||||||||||||||||||||||||
Operating data: | |||||||||||||||||||||||||||||||||||
Operating margin | 14.6 | % | 11.8 | % | 2.8 | % | |||||||||||||||||||||||||||||
Total orders | $ | 427.7 | $ | 395.8 | $ | 31.9 | |||||||||||||||||||||||||||||
Backlog | 1,037.4 | 901.8 | 135.6 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 14.3 | 13.2 | 1.1 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
($ in millions) | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Net sales | $ | 70.9 | $ | 66.7 | $ | 4.2 | |||||||||||||||||||||||||||||
Operating income | 13.8 | 12.1 | 1.7 | ||||||||||||||||||||||||||||||||
Operating data: | |||||||||||||||||||||||||||||||||||
Operating margin | 19.5 | % | 18.1 | % | 1.4 | % | |||||||||||||||||||||||||||||
Total orders | $ | 75.0 | $ | 78.9 | $ | (3.9) | |||||||||||||||||||||||||||||
Backlog | 62.0 | 65.8 | (3.8) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 1.0 | 1.1 | (0.1) |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (a) | ||||||||||||||||||||||
January 2024 (1/1/24 - 2/3/24) | — | $ | — | — | $ | 53,544,951 | ||||||||||||||||||||
February 2024 (2/4/24 - 3/2/24) | — | — | — | 53,544,951 | ||||||||||||||||||||||
March 2024 (3/3/24 - 3/30/24) | 1,600 | 79.0199 | 1,600 | 53,418,519 |
3.1 | ||||||||
3.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
99.1 | ||||||||
99.2 | ||||||||
101.INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
Federal Signal Corporation | ||||||||
Date: | April 30, 2024 | /s/ Ian A. Hudson | ||||||
Ian A. Hudson | ||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
10/21/27 | ||||
10/31/25 | ||||
8/1/25 | ||||
12/15/24 | ||||
7/30/24 | ||||
5/31/24 | ||||
5/17/24 | ||||
Filed on: | 4/30/24 | |||
4/23/24 | 4, 8-K | |||
For Period end: | 3/31/24 | |||
3/28/24 | ||||
3/15/24 | ||||
2/27/24 | 10-K | |||
2/20/24 | ||||
1/1/24 | ||||
12/31/23 | 10-K | |||
12/15/23 | ||||
7/11/23 | ||||
4/3/23 | 4, 8-K | |||
3/31/23 | 10-Q, 4 | |||
1/3/23 | 4 | |||
1/1/23 | ||||
10/21/22 | 8-K | |||
8/5/22 | ||||
12/30/21 | 4, 8-K | |||
12/20/21 | ||||
11/4/19 | 8-K | |||
7/1/19 | 4, 8-K | |||
7/5/18 | ||||
2/24/17 | ||||
5/31/16 | SD | |||
12/17/12 | ||||
4/22/11 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/24/23 Federal Signal Corp./DE 8-K:5 10/24/23 11:7.3M 4/30/10 Federal Signal Corp./DE 8-K:5,9 4/27/10 3:186K Donnelley … Solutions/FA |