Pensions (Tables)

12 Months Ended

Dec. 31, 2013

Defined Benefit Plan Disclosure [Line Items]

The following table summarizes net periodic pension expense for U.S. and non-U.S. benefit plans:



	U.S. Benefit Plan									Non-U.S. Benefit Plans
(in millions)	2013			2012			2011			2013			2012			2011
Company-sponsored plans:
Service cost	$	—		$	—		$	—		$	0.3		$	0.2		$	0.1
Interest cost	7.3			7.4			7.4			2.5			2.6			2.9
Expected return on plan assets	(8.8		)	(8.1		)	(7.2		)	(2.6		)	(2.6		)	(3.3		)
Amortization of actuarial loss	7.5			5.5			4.5			0.9			0.8			0.9
Total company-sponsored plans	6.0			4.8			4.7			1.1			1.0			0.6
Multi-employer plans	0.2			0.3			0.3			—			—			—
Net periodic pension expense	$	6.2		$	5.1		$	5.0		$	1.1		$	1.0		$	0.6

Summary of Changes in Projected Benefit Obligation

The following table summarizes the changes in the projected benefit obligation and plan assets:



	U.S. Benefit Plan						Non-U.S. Benefit Plans
(in millions)	2013			2012			2013			2012
Benefit obligation, beginning of year	$	179.7		$	156.6		$	65.6		$	57.1
Service cost	—			—			0.3			0.2
Interest cost	7.3			7.7			2.5			2.6
Actuarial (gain) loss	(17.6		)	22.4			(5.3		)	5.9
Benefits and expenses paid	(10.1		)	(7.0		)	(3.1		)	(2.9		)
Translation and other	—			—			1.0			2.7
Benefit obligation, end of year	$	159.3		$	179.7		$	61.0		$	65.6
Accumulated benefit obligation, end of year	$	157.3		$	177.2		$	60.4		$	65.6

Summary of Change in Plan Assets

The following summarizes the changes in the fair value of plan assets:



	U.S. Benefit Plan						Non-U.S. Benefit Plans
(in millions)	2013			2012			2013			2012
Fair value of plan assets, beginning of year	$	112.2		$	97.0		$	54.8		$	47.9
Actual return on plan assets	20.5			13.0			7.6			5.3
Company contribution	6.8			9.2			1.7			2.3
Benefits and expenses paid	(10.1		)	(7.0		)	(3.1		)	(2.9		)
Translation and other	—			—			1.4			2.2
Fair value of plan assets, end of year	$	129.4		$	112.2		$	62.4		$	54.8

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
	2013								2012
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	2.9	$	—	$	—	$	2.9	$	3.7	$	—	$	—	$	3.7
Equity securities:
U.S. Large Cap	37.1		—		—		37.1		32.7		—		—		32.7
U.S. Small and Mid Cap	15.3		—		—		15.3		11.9		—		—		11.9
Federal Signal common stock	13.6		—		—		13.6		7.1		—		—		7.1
Developed international	9.6		0.1		—		9.7		6.6		—		—		6.6
Emerging markets	2.7		—		—		2.7		4.5		—		—		4.5
Fixed income:
Government securities	6.8		—		—		6.8		5.7		—		—		5.7
Asset-backed securities	—		3.5		—		3.5		—		5.9		—		5.9
Mutual funds	18.0		—		—		18.0		12.2		—		—		12.2
Other investments:
Mutual funds	19.8		—		—		19.8		21.9		—		—		21.9
Total assets at fair value	$	125.8	$	3.6	$	—	$	129.4	$	106.3	$	5.9	$	—	$	112.2



	Non-U. S. Benefit Plans
	2013								2012
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash	$	10.7	$	—	$	—	$	10.7	$	10.6	$	—	$	—	$	10.6
Equity securities	6.3		36.9		—		43.2		4.8		29.7		—		34.5
Fixed income:
Government securities	4.0		—		—		4.0		4.1		—		—		4.1
Corporate bonds	4.5		—		—		4.5		5.6		—		—		5.6
Total assets at fair value	$	25.5	$	36.9	$	—	$	62.4	$	25.1	$	29.7	$	—	$	54.8

Funded Status

The following summarizes the funded status of the Company-sponsored plans:



	U.S. Benefit Plan						Non-U.S. Benefit Plans
(in millions)	2013			2012			2013		2012
Fair value of plan assets	$	129.4		$	112.2		$	62.4	$	54.8
Benefit obligations	159.3			179.7			61.0		65.6
Funded status	$	(29.9	)	$	(67.5	)	$	1.4	$	(10.8	)

Components of Amounts Recognized in Accumulated Other Comprehensive Income

The following summarizes the amounts recognized within our consolidated balance sheets:



	U.S. Benefit Plan						Non-U.S. Benefit Plans
(in millions)	2013			2012			2013			2012
Amounts recognized in the balance sheet include:
Deferred charges and other assets	$	—		$	—		$	2.5		$	—
Long term pension liabilities	(29.9		)	(67.5		)	(1.1		)	(10.8		)
Net (liability) asset recorded	$	(29.9	)	$	(67.5	)	$	1.4		$	(10.8	)

Amounts recognized in accumulated other comprehensive loss include:
Net actuarial loss	$	54.7		$	91.5		$	15.6		$	26.8
Net amount recognized, pre-tax	$	54.7		$	91.5		$	15.6		$	26.8

Benefits Expected to be Paid under Defined Benefit Plans

The following summarizes the benefits expected to be paid under the Company’s defined benefit plans in each of the next five years, and in aggregate for the five years thereafter:



(in millions)	U.S. Benefit Plan		Non-U.S. Benefit Plans
2014	$	8.0	$	2.7
2015	8.6		2.8
2016	8.5		2.9
2017	9.1		3.0
2018	9.8		3.1
2019-2023	52.7		16.9

Pension Plans, Defined Benefit

Defined Benefit Plan Disclosure [Line Items]

Summary of Weighted-Average Assumptions Used

The following table summarizes the weighted-average assumptions used in determining pension costs:



	U.S. Benefit Plan						Non-U.S. Benefit Plans
	2013		2012		2011		2013		2012		2011
Discount rate	4.2	%	5.0	%	5.8	%	4.1	%	4.6	%	5.4	%
Rate of increase in compensation levels	3.5	%	3.5	%	3.5	%	—		—		—
Expected long term rate of return on plan assets	7.9	%	8.1	%	8.2	%	5.1	%	5.3	%	6.5	%

Defined Benefit Obligations [Member]

Defined Benefit Plan Disclosure [Line Items]

Summary of Weighted-Average Assumptions Used

The following table summarizes the weighted-average assumptions used in determining benefit obligations as of December 31:



	U.S. Benefit Plan				Non-U.S. Benefit Plans
	2013		2012		2013		2012
Discount rate	5.1	%	4.2	%	4.5	%	4.1	%
Rate of increase in compensation levels	3.5	%	3.5	%	—		—