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Pensions | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Pensions | PENSIONS The following table summarizes the components of Net periodic pension expense (benefit):
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost | 1.5 |  |  | 1.6 |  |  | 4.4 |  |  | 4.6 |  |  | 0.4 |  |  | 0.3 |  |  | 1.1 |  |  | 1.1 |
Amortization of actuarial loss | 0.5 |  |  | 0.4 |  |  | 1.5 |  |  | 1.0 |  |  | 0.3 |  |  | 0.2 |  |  | 0.7 |  |  | 0.7 |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Expected return on plan assets | (1.8) |  |  | (1.9) |  |  | (5.4) |  |  | (5.7) |  |  | (0.6) |  |  | (0.6) |  |  | (1.7) |  |  | (1.6) |
Net periodic pension expense (benefit) | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.5 |  |  | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.4 |
The items that comprise Net periodic pension expense (benefit), other than service cost, are included as a component of Other expense, net on the Condensed Consolidated Statements of Operations. In October 2024, the Company executed an amendment to the Federal Signal Corporation Retirement Plan (“the Plan”), which enabled the Company to announce a limited-time voluntary lump-sum pension offering to eligible plan participants. The lump-sum settlement payments will be made during the fourth quarter of 2024, using assets from the Plan. In connection with the lump-sum offering, the Company expects to incur a pre-tax, non-cash settlement charge of up to $5 million in the fourth quarter of 2024, when the lump sum settlements are expected to be paid. The Company also anticipates that the lump-sum offering will result in a decrease in the Company’s Long-term pension and other postretirement benefit liabilities as presented on the Condensed Consolidated Balance Sheet.

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