Pensions (Tables)

12 Months Ended

Dec. 31, 2014

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)	2014			2013			2012			2014			2013			2012
Company-sponsored plans:
Service cost	$	—		$	—		$	—		$	0.4		$	0.3		$	0.2
Interest cost	7.9			7.3			7.4			2.6			2.5			2.6
Expected return on plan assets	(9.1		)	(8.8		)	(8.1		)	(3.6		)	(2.6		)	(2.6		)
Amortization of actuarial loss	5.1			7.5			5.5			0.4			0.9			0.8
Total company-sponsored plans	3.9			6.0			4.8			(0.2		)	1.1			1.0
Multi-employer plans	0.2			0.2			0.3			—			—			—
Net periodic pension expense	$	4.1		$	6.2		$	5.1		$	(0.2	)	$	1.1		$	1.0

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 Plans
(in millions)	2014			2013			2014			2013
Benefit obligation, beginning of year	$	159.3		$	179.7		$	61.0		$	65.6
Service cost	—			—			0.4			0.3
Interest cost	7.9			7.3			2.6			2.5
Actuarial loss (gain)	28.6			(17.6		)	6.8			(5.3		)
Benefits and expenses paid	(9.5		)	(10.1		)	(3.1		)	(3.1		)
Foreign currency translation	—			—			(4.1		)	1.0
Benefit obligation, end of year	$	186.3		$	159.3		$	63.6		$	61.0
Accumulated benefit obligation, end of year	$	184.4		$	157.3		$	63.1		$	60.4

Summary of Change in Plan Assets

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



	U.S. Benefit Plan						Non-U.S. Benefit Plans
(in millions)	2014			2013			2014			2013
Fair value of plan assets, beginning of year	$	129.4		$	112.2		$	62.4		$	54.8
Actual return on plan assets	5.9			20.5			2.2			7.6
Company contribution	8.2			6.8			1.2			1.7
Benefits and expenses paid	(9.5		)	(10.1		)	(3.1		)	(3.1		)
Foreign currency translation	—			—			(3.7		)	1.4
Fair value of plan assets, end of year	$	134.0		$	129.4		$	59.0		$	62.4

Summary of Pension Assets in Three-Tier Fair Value Hierarchy for Benefit Plan

The following summarizes the Company’s pension assets in a three-tier fair value hierarchy for its benefit plans:



	U. S. Benefit Plan
	2014								2013
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	2.5	$	—	$	—	$	2.5	$	2.9	$	—	$	—	$	2.9
Equity securities:
U.S. Large Cap	40.1		0.1		—		40.2		37.1		—		—		37.1
U.S. Small and Mid Cap	15.9		—		—		15.9		15.3		—		—		15.3
Federal Signal common stock	3.6		—		—		3.6		13.6		—		—		13.6
Developed international	9.9		4.5		—		14.4		9.6		0.1		—		9.7
Emerging markets	10.7		0.2		—		10.9		2.7		—		—		2.7
Fixed income:
Government securities	1.1		—		—		1.1		6.8		—		—		6.8
Asset-backed securities	—		7.1		—		7.1		—		3.5		—		3.5
Corporate bonds	—		19.2		—		19.2		—		—		—		—
Mutual funds	1.2		—		—		1.2		18.0		—		—		18.0
Other investments:
Mutual funds	13.9		—		—		13.9		19.8		—		—		19.8
Real estate	3.7		—		—		3.7		—		—		—		—
Total assets at fair value ^(a)	$	102.6	$	31.1	$	—	$	133.7	$	125.8	$	3.6	$	—	$	129.4


(a)	Total assets at fair value at December 31, 2014 in the table above excludes a net receivable of $0.3 million.



	Non-U. S. Benefit Plans
	2014								2013
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash	$	11.5	$	—	$	—	$	11.5	$	10.7	$	—	$	—	$	10.7
Equity securities	6.0		35.9		—		41.9		6.3		36.9		—		43.2
Fixed income:
Government securities	2.9		—		—		2.9		4.0		—		—		4.0
Corporate bonds	1.6		1.1		—		2.7		4.5		—		—		4.5
Total assets at fair value	$	22.0	$	37.0	$	—	$	59.0	$	25.5	$	36.9	$	—	$	62.4

Funded Status

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



	U.S. Benefit Plan						Non-U.S. Benefit Plans
(in millions)	2014			2013			2014			2013
Fair value of plan assets, end of year	$	134.0		$	129.4		$	59.0		$	62.4
Benefit obligation, end of year	186.3			159.3			63.6			61.0
Funded status, end of year	$	(52.3	)	$	(29.9	)	$	(4.6	)	$	1.4

Components of Amounts Recognized in Accumulated Other Comprehensive Income

The following summarizes the amounts recognized within our Consolidated Balance Sheets:



	U.S. Benefit Plan						Non-U.S. Benefit Plans
(in millions)	2014			2013			2014			2013
Amounts recognized in the balance sheet include:
Deferred charges and other assets	$	—		$	—		$	—		$	2.5
Long-term pension and other post-retirement benefit liabilities	(52.3		)	(29.9		)	(4.6		)	(1.1		)
Net (liability) asset recorded	$	(52.3	)	$	(29.9	)	$	(4.6	)	$	1.4
Amounts recognized in accumulated other comprehensive loss include:
Net actuarial loss	$	81.4		$	54.7		$	21.9		$	15.6
Net amount recognized, pre-tax	$	81.4		$	54.7		$	21.9		$	15.6

Benefits Expected to be Paid under Defined Benefit Plans

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



(in millions)	U.S. Benefit Plan		Non-U.S. Benefit Plans
2015	$	8.9	$	2.6
2016	8.4		2.7
2017	9.1		2.8
2018	9.3		2.8
2019	10.0		2.9
2020-2024	54.7		16.1

Pension Plans, Defined Benefit

Defined Benefit Plan Disclosure [Line Items]

Summary of Weighted-Average Assumptions Used

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



	U.S. Benefit Plan						Non-U.S. Benefit Plans
	2014		2013		2012		2014		2013		2012
Discount rate	5.1	%	4.2	%	5.0	%	4.5	%	4.1	%	4.6	%
Rate of increase in compensation levels	3.5	%	3.5	%	3.5	%	—		—		—
Expected long-term rate of return on plan assets	7.6	%	7.9	%	8.1	%	5.9	%	5.1	%	5.3	%

Defined Benefit Obligations [Member]

Defined Benefit Plan Disclosure [Line Items]

Summary of Weighted-Average Assumptions Used

The following table summarizes the weighted-average assumptions used in determining benefit obligations:



	U.S. Benefit Plan				Non-U.S. Benefit Plans
	2014		2013		2014		2013
Discount rate	4.2	%	5.1	%	3.5	%	4.5	%
Rate of increase in compensation levels	3.5	%	3.5	%	—		—