☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 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 | ||||||
Common Stock, par value $1.00 per share | FSS | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ | |||||||||||||||||||
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 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, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2020 | 2019 | (in millions, except per share data) | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 286.1 | $ | 273.8 | Net sales | $ | 278.8 | $ | 286.1 | |||||||||||||||||||||||||||||||||
Cost of sales | 211.3 | 203.5 | Cost of sales | 210.0 | 211.3 | |||||||||||||||||||||||||||||||||||||
Gross profit | 74.8 | 70.3 | Gross profit | 68.8 | 74.8 | |||||||||||||||||||||||||||||||||||||
Selling, engineering, general and administrative expenses | 42.2 | 43.9 | Selling, engineering, general and administrative expenses | 40.8 | 42.2 | |||||||||||||||||||||||||||||||||||||
Acquisition and integration-related expenses | 0.3 | 0.6 | Acquisition and integration-related expenses | 0.2 | 0.3 | |||||||||||||||||||||||||||||||||||||
Operating income | 32.3 | 25.8 | Operating income | 27.8 | 32.3 | |||||||||||||||||||||||||||||||||||||
Interest expense | 1.5 | 2.0 | Interest expense | 1.1 | 1.5 | |||||||||||||||||||||||||||||||||||||
Other expense, net | 0.2 | 0.4 | ||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | Other (income) expense, net | (0.5) | 0.2 | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 30.6 | 23.4 | Income before income taxes | 27.2 | 30.6 | |||||||||||||||||||||||||||||||||||||
Income tax expense | 7.2 | 5.9 | Income tax expense | 5.0 | 7.2 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 23.4 | $ | 17.5 | Net income | $ | 22.2 | $ | 23.4 | |||||||||||||||||||||||||||||||||
Earnings per share: | Earnings per share: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.29 | Basic | $ | 0.37 | $ | 0.39 | |||||||||||||||||||||||||||||||||
Diluted | 0.38 | 0.29 | Diluted | 0.36 | 0.38 | |||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding: | Weighted average common shares outstanding: | |||||||||||||||||||||||||||||||||||||||||
Basic | 60.5 | 60.1 | Basic | 60.6 | 60.5 | |||||||||||||||||||||||||||||||||||||
Diluted | 61.7 | 61.2 | Diluted | 61.7 | 61.7 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | (in millions) | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 23.4 | $ | 17.5 | Net income | $ | 22.2 | $ | 23.4 | |||||||||||||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustment | (6.1 | ) | — | Change in foreign currency translation adjustment | (1.2) | (6.1) | ||||||||||||||||||||||||||||||||||||
Change in unrecognized net actuarial loss and prior service cost related to pension benefit plans, net of income tax expense of $0.2 and $0.2, respectively | 1.8 | 0.2 | Change in unrecognized net actuarial loss and prior service cost related to pension benefit plans, net of income tax expense of $0.2 and $0.2, respectively | 0.7 | 1.8 | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain or loss on interest rate swaps, net of income tax benefit of $(1.0) and $(0.2), respectively | (3.1 | ) | (0.5 | ) | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | (7.4 | ) | (0.3 | ) | ||||||||||||||||||||||||||||||||||||||
Change in unrealized gain or loss on interest rate swaps, net of income tax expense (benefit) of $0.3 and $(1.0), respectively | Change in unrealized gain or loss on interest rate swaps, net of income tax expense (benefit) of $0.3 and $(1.0), respectively | 0.8 | (3.1) | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | 0.3 | (7.4) | |||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 16.0 | $ | 17.2 | Comprehensive income | $ | 22.5 | $ | 16.0 |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||
(in millions, except per share data) | (Unaudited) | (in millions, except per share data) | (Unaudited) | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 69.4 | $ | 31.6 | Cash and cash equivalents | $ | 54.8 | $ | 81.7 | |||||||||
Accounts receivable, net of allowances for doubtful accounts of $2.3 and $2.4, respectively | 141.4 | 134.2 | ||||||||||||||||
Accounts receivable, net of allowances for doubtful accounts of $2.7 and $2.9, respectively | Accounts receivable, net of allowances for doubtful accounts of $2.7 and $2.9, respectively | 136.3 | 127.0 | |||||||||||||||
Inventories | 201.4 | 182.9 | Inventories | 204.6 | 185.0 | |||||||||||||
Prepaid expenses and other current assets | 10.7 | 12.0 | Prepaid expenses and other current assets | 9.2 | 11.8 | |||||||||||||
Total current assets | 422.9 | 360.7 | Total current assets | 404.9 | 405.5 | |||||||||||||
Properties and equipment, net of accumulated depreciation of $127.5 and $125.5, respectively | 98.1 | 91.9 | ||||||||||||||||
Rental equipment, net of accumulated depreciation of $34.6 and $33.6, respectively | 115.9 | 115.4 | ||||||||||||||||
Properties and equipment, net of accumulated depreciation of $140.8 and $136.2, respectively | Properties and equipment, net of accumulated depreciation of $140.8 and $136.2, respectively | 112.5 | 106.9 | |||||||||||||||
Rental equipment, net of accumulated depreciation of $44.0 and $43.5, respectively | Rental equipment, net of accumulated depreciation of $44.0 and $43.5, respectively | 116.2 | 113.3 | |||||||||||||||
Operating lease right-of-use assets | 25.8 | 27.6 | Operating lease right-of-use assets | 33.8 | 21.9 | |||||||||||||
Goodwill | 387.9 | 388.8 | Goodwill | 406.7 | 394.2 | |||||||||||||
Intangible assets, net of accumulated amortization of $24.5 and $22.1, respectively | 159.8 | 162.9 | ||||||||||||||||
Intangible assets, net of accumulated amortization of $34.4 and $31.9, respectively | Intangible assets, net of accumulated amortization of $34.4 and $31.9, respectively | 178.7 | 153.5 | |||||||||||||||
Deferred tax assets | 9.2 | 10.0 | Deferred tax assets | 8.9 | 9.5 | |||||||||||||
Deferred charges and other long-term assets | 7.2 | 7.9 | Deferred charges and other long-term assets | 4.2 | 3.8 | |||||||||||||
Long-term assets of discontinued operations | 0.3 | 0.3 | Long-term assets of discontinued operations | 0.2 | 0.2 | |||||||||||||
Total assets | $ | 1,227.1 | $ | 1,165.5 | Total assets | $ | 1,266.1 | $ | 1,208.8 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||
Current portion of long-term borrowings and finance lease obligations | $ | 0.2 | $ | 0.2 | Current portion of long-term borrowings and finance lease obligations | $ | 0.6 | $ | 0.2 | |||||||||
Accounts payable | 78.0 | 65.0 | Accounts payable | 71.2 | 51.6 | |||||||||||||
Customer deposits | 15.6 | 11.5 | Customer deposits | 15.3 | 13.3 | |||||||||||||
Accrued liabilities: | Accrued liabilities: | |||||||||||||||||
Compensation and withholding taxes | 23.0 | 31.1 | Compensation and withholding taxes | 23.6 | 30.3 | |||||||||||||
Current operating lease liabilities | Current operating lease liabilities | 9.9 | 8.2 | |||||||||||||||
Other current liabilities | 50.1 | 52.2 | Other current liabilities | 46.0 | 44.7 | |||||||||||||
Current liabilities of discontinued operations | 0.2 | 0.2 | Current liabilities of discontinued operations | 0.1 | 0.1 | |||||||||||||
Total current liabilities | 167.1 | 160.2 | Total current liabilities | 166.7 | 148.4 | |||||||||||||
Long-term borrowings and finance lease obligations | 278.7 | 220.3 | Long-term borrowings and finance lease obligations | 222.0 | 209.8 | |||||||||||||
Long-term operating lease liabilities | 19.8 | 21.6 | Long-term operating lease liabilities | 25.8 | 15.5 | |||||||||||||
Long-term pension and other postretirement benefit liabilities | 48.9 | 50.9 | Long-term pension and other postretirement benefit liabilities | 52.9 | 54.0 | |||||||||||||
Deferred tax liabilities | 54.3 | 52.7 | Deferred tax liabilities | 54.4 | 53.7 | |||||||||||||
Other long-term liabilities | 21.2 | 17.3 | Other long-term liabilities | 23.9 | 24.5 | |||||||||||||
Long-term liabilities of discontinued operations | 0.9 | 0.9 | Long-term liabilities of discontinued operations | 0.8 | 0.8 | |||||||||||||
Total liabilities | 590.9 | 523.9 | Total liabilities | 546.5 | 506.7 | |||||||||||||
Stockholders’ equity: | Stockholders’ equity: | |||||||||||||||||
Common stock, $1 par value per share, 90.0 shares authorized, 67.2 and 66.9 shares issued, respectively | 67.2 | 66.9 | ||||||||||||||||
Common stock, $1 par value per share, 90.0 shares authorized, 68.4 and 67.8 shares issued, respectively | Common stock, $1 par value per share, 90.0 shares authorized, 68.4 and 67.8 shares issued, respectively | 68.4 | 67.8 | |||||||||||||||
Capital in excess of par value | 230.1 | 228.6 | Capital in excess of par value | 245.2 | 240.8 | |||||||||||||
Retained earnings | 546.8 | 528.2 | Retained earnings | 621.7 | 605.0 | |||||||||||||
Treasury stock, at cost, 7.0 and 6.4 shares, respectively | (111.4 | ) | (93.0 | ) | ||||||||||||||
Treasury stock, at cost, 7.4 and 7.3 shares, respectively | Treasury stock, at cost, 7.4 and 7.3 shares, respectively | (124.3) | (119.8) | |||||||||||||||
Accumulated other comprehensive loss | (96.5 | ) | (89.1 | ) | Accumulated other comprehensive loss | (91.4) | (91.7) | |||||||||||
Total stockholders’ equity | 636.2 | 641.6 | Total stockholders’ equity | 719.6 | 702.1 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 1,227.1 | $ | 1,165.5 | Total liabilities and stockholders’ equity | $ | 1,266.1 | $ | 1,208.8 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
(in millions) | 2020 | 2019 | (in millions) | 2021 | 2020 | |||||||||||||
Operating activities: | Operating activities: | |||||||||||||||||
Net income | $ | 23.4 | $ | 17.5 | Net income | $ | 22.2 | $ | 23.4 | |||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||||||||||||
Net gain on sales of properties and equipment | (0.2 | ) | — | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 10.8 | 9.5 | Depreciation and amortization | 12.2 | 10.8 | |||||||||||||
Deferred financing costs | 0.1 | 0.1 | ||||||||||||||||
Stock-based compensation expense | 1.0 | 1.4 | Stock-based compensation expense | 1.3 | 1.0 | |||||||||||||
Pension (benefit) expense, net of funding | (0.4 | ) | (0.1 | ) | ||||||||||||||
Changes in fair value of contingent consideration and deferred payment | — | 0.3 | ||||||||||||||||
Deferred income taxes | 2.8 | 1.2 | Deferred income taxes | 0.5 | 2.8 | |||||||||||||
Changes in operating assets and liabilities | (32.3 | ) | (38.7 | ) | Changes in operating assets and liabilities | (10.2) | (32.8) | |||||||||||
Net cash provided by (used for) operating activities | 5.2 | (8.8 | ) | |||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 26.0 | 5.2 | |||||||||||||||
Investing activities: | Investing activities: | |||||||||||||||||
Purchases of properties and equipment | (9.5 | ) | (4.5 | ) | Purchases of properties and equipment | (4.3) | (9.5) | |||||||||||
Proceeds from sales of properties and equipment | 0.3 | — | ||||||||||||||||
Payments for acquisition-related activity, net of cash acquired | Payments for acquisition-related activity, net of cash acquired | (52.2) | 0 | |||||||||||||||
Proceeds from acquisition-related activity | 0.8 | — | Proceeds from acquisition-related activity | 0 | 0.8 | |||||||||||||
Other, net | Other, net | 0.1 | 0.3 | |||||||||||||||
Net cash used for investing activities | (8.4 | ) | (4.5 | ) | Net cash used for investing activities | (56.4) | (8.4) | |||||||||||
Financing activities: | Financing activities: | |||||||||||||||||
Increase in revolving lines of credit, net | 63.6 | 5.5 | Increase in revolving lines of credit, net | 10.1 | 63.6 | |||||||||||||
Purchases of treasury stock | (13.5 | ) | (1.0 | ) | Purchases of treasury stock | 0 | (13.5) | |||||||||||
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation | (4.0 | ) | (1.1 | ) | Redemptions of common stock to satisfy withholding taxes related to stock-based compensation | (4.0) | (4.0) | |||||||||||
Cash dividends paid to stockholders | (4.8 | ) | (4.8 | ) | Cash dividends paid to stockholders | (5.5) | (4.8) | |||||||||||
Proceeds from stock-based compensation activity | Proceeds from stock-based compensation activity | 3.3 | 0 | |||||||||||||||
Other, net | 0.1 | — | Other, net | 0.1 | 0.1 | |||||||||||||
Net cash provided by (used for) financing activities | 41.4 | (1.4 | ) | |||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 4.0 | 41.4 | |||||||||||||||
Effects of foreign exchange rate changes on cash and cash equivalents | (0.4 | ) | — | Effects of foreign exchange rate changes on cash and cash equivalents | (0.5) | (0.4) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 37.8 | (14.7 | ) | |||||||||||||||
(Decrease) increase in cash and cash equivalents | (Decrease) increase in cash and cash equivalents | (26.9) | 37.8 | |||||||||||||||
Cash and cash equivalents at beginning of year | 31.6 | 37.4 | Cash and cash equivalents at beginning of year | 81.7 | 31.6 | |||||||||||||
Cash and cash equivalents at end of period | $ | 69.4 | $ | 22.7 | Cash and cash equivalents at end of period | $ | 54.8 | $ | 69.4 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
(in millions) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 67.8 | $ | 240.8 | $ | 605.0 | $ | (119.8) | $ | (91.7) | $ | 702.1 | |||||||||||||||||||||||
Net income | 22.2 | 22.2 | |||||||||||||||||||||||||||||||||
Total other comprehensive income | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||
Cash dividends declared ($0.09 per share) | (5.5) | (5.5) | |||||||||||||||||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 1.3 | 1.3 | |||||||||||||||||||||||||||||||||
Stock option exercises and other | 0.4 | 3.3 | (0.7) | 3.0 | |||||||||||||||||||||||||||||||
Performance share unit transactions | 0.2 | (0.2) | (3.8) | (3.8) | |||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 68.4 | $ | 245.2 | $ | 621.7 | $ | (124.3) | $ | (91.4) | $ | 719.6 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(in millions) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||
Balance at January 1, 2020 | $ | 66.9 | $ | 228.6 | $ | 528.2 | $ | (93.0 | ) | $ | (89.1 | ) | $ | 641.6 | |||||||||
Net income | 23.4 | 23.4 | |||||||||||||||||||||
Total other comprehensive loss | (7.4 | ) | (7.4 | ) | |||||||||||||||||||
Cash dividends declared ($0.08 per share) | (4.8 | ) | (4.8 | ) | |||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||
Stock-based compensation | 1.0 | 1.0 | |||||||||||||||||||||
Stock option exercises and other | 0.1 | 0.7 | (2.0 | ) | (1.2 | ) | |||||||||||||||||
Performance share unit transactions | 0.2 | (0.2 | ) | (2.9 | ) | (2.9 | ) | ||||||||||||||||
Stock repurchase program | (13.5 | ) | (13.5 | ) | |||||||||||||||||||
Balance at March 31, 2020 | $ | 67.2 | $ | 230.1 | $ | 546.8 | $ | (111.4 | ) | $ | (96.5 | ) | $ | 636.2 |
Three Months Ended March 31, 2019 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | (in millions) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | 66.4 | $ | 217.0 | $ | 432.5 | $ | (88.5 | ) | $ | (97.3 | ) | $ | 530.1 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | Balance at January 1, 2020 | $ | 66.9 | $ | 228.6 | $ | 528.2 | $ | (93.0) | $ | (89.1) | $ | 641.6 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 17.5 | 17.5 | Net income | 23.4 | 23.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | (0.3 | ) | (0.3 | ) | Total other comprehensive loss | (7.4) | (7.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.08 per share) | (4.8 | ) | (4.8 | ) | Cash dividends declared ($0.08 per share) | (4.8) | (4.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adoption of ASU 2016-02 | 6.5 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based payments: | Stock-based payments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 1.4 | 1.4 | Stock-based compensation | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises and other | — | 0.1 | (0.2 | ) | (0.1 | ) | Stock option exercises and other | 0.1 | 0.7 | (2.0) | (1.2) | |||||||||||||||||||||||||||||||||||||||||||||||
Performance share unit transactions | 0.1 | (0.1 | ) | (0.9 | ) | (0.9 | ) | Performance share unit transactions | 0.2 | (0.2) | (2.9) | (2.9) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchase program | (1.0 | ) | (1.0 | ) | Stock repurchase program | (13.5) | (13.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | 66.5 | $ | 218.4 | $ | 451.7 | $ | (90.6 | ) | $ | (97.6 | ) | $ | 548.4 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | Balance at March 31, 2020 | $ | 67.2 | $ | 230.1 | $ | 546.8 | $ | (111.4) | $ | (96.5) | $ | 636.2 |
(in millions) | |||||
Purchase price, inclusive of preliminary closing adjustments (a) | $ | 53.5 | |||
Total consideration | 53.5 | ||||
Cash | 1.3 | ||||
Accounts receivable | 3.6 | ||||
Inventories | 8.7 | ||||
Prepaid expenses and other current assets | 0.7 | ||||
Properties and equipment | 5.8 | ||||
Operating lease right-of-use assets | 12.3 | ||||
Customer relationships (b) | 16.9 | ||||
Trade names (c) | 10.3 | ||||
Other intangible assets | 0.4 | ||||
Operating lease liabilities | (12.3) | ||||
Accounts payable | (3.8) | ||||
Accrued liabilities | (1.4) | ||||
Customer deposits | (0.8) | ||||
Finance lease obligations | (1.7) | ||||
Net assets acquired | 40.0 | ||||
Goodwill (d) | $ | 13.5 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Geographic Region: | |||||||||||||||||||||||||||||||||||
U.S. | $ | 215.5 | $ | 226.6 | |||||||||||||||||||||||||||||||
Canada | 40.6 | 33.5 | |||||||||||||||||||||||||||||||||
Europe/Other | 22.7 | 26.0 | |||||||||||||||||||||||||||||||||
Total net sales | $ | 278.8 | $ | 286.1 | |||||||||||||||||||||||||||||||
Major Product Line: | |||||||||||||||||||||||||||||||||||
Environmental Solutions | |||||||||||||||||||||||||||||||||||
Vehicles and equipment (a) | $ | 179.0 | $ | 186.1 | |||||||||||||||||||||||||||||||
Parts | 35.7 | 33.4 | |||||||||||||||||||||||||||||||||
Rental income (b) | 7.5 | 8.8 | |||||||||||||||||||||||||||||||||
Other (c) | 5.9 | 4.7 | |||||||||||||||||||||||||||||||||
Total | 228.1 | 233.0 | |||||||||||||||||||||||||||||||||
Safety and Security Systems | |||||||||||||||||||||||||||||||||||
Public safety and security equipment | 31.3 | 31.8 | |||||||||||||||||||||||||||||||||
Industrial signaling equipment | 13.4 | 14.3 | |||||||||||||||||||||||||||||||||
Warning systems | 6.0 | 7.0 | |||||||||||||||||||||||||||||||||
Total | 50.7 | 53.1 | |||||||||||||||||||||||||||||||||
Total net sales | $ | 278.8 | $ | 286.1 |
Three Months Ended March 31, | |||||||
(in millions) | 2020 | 2019 | |||||
Geographic Region: | |||||||
U.S. | $ | 226.6 | $ | 204.8 | |||
Canada | 33.5 | 44.4 | |||||
Europe/Other | 26.0 | 24.6 | |||||
Total net sales | $ | 286.1 | $ | 273.8 | |||
Major Product Line: | |||||||
Environmental Solutions | |||||||
Vehicles and equipment (a) | $ | 186.1 | $ | 173.7 | |||
Parts | 33.4 | 31.1 | |||||
Rental income (b) | 8.8 | 9.6 | |||||
Other (c) | 4.7 | 5.1 | |||||
Total | 233.0 | 219.5 | |||||
Safety and Security Systems | |||||||
Public safety and security equipment | 31.8 | 32.4 | |||||
Industrial signaling equipment | 14.3 | 13.8 | |||||
Warning systems | 7.0 | 8.1 | |||||
Total | 53.1 | 54.3 | |||||
Total net sales | $ | 286.1 | $ | 273.8 |
(in millions) | March 31, 2020 | December 31, 2019 | |||||
Finished goods | $ | 93.7 | $ | 86.8 | |||
Raw materials | 86.6 | 79.5 | |||||
Work in process | 21.1 | 16.6 | |||||
Total inventories | $ | 201.4 | $ | 182.9 |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Finished goods | $ | 99.2 | $ | 95.3 | |||||||
Raw materials | 86.2 | 76.6 | |||||||||
Work in process | 19.2 | 13.1 | |||||||||
Total inventories (a) | $ | 204.6 | $ | 185.0 |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
2019 Credit Agreement (a) | $ | 220.1 | $ | 209.4 | |||||||
Finance lease obligations (b) | 2.5 | 0.6 | |||||||||
Total long-term borrowings and finance lease obligations, including current portion | 222.6 | 210.0 | |||||||||
Less: Current finance lease obligations (b) | 0.6 | 0.2 | |||||||||
Total long-term borrowings and finance lease obligations | $ | 222.0 | $ | 209.8 |
(in millions) | March 31, 2020 | December 31, 2019 | |||||
2019 Credit Agreement (a) | $ | 278.2 | $ | 219.9 | |||
Finance lease obligations | 0.7 | 0.6 | |||||
Total long-term borrowings and finance lease obligations, including current portion | 278.9 | 220.5 | |||||
Less: Current finance lease obligations | 0.2 | 0.2 | |||||
Total long-term borrowings and finance lease obligations | $ | 278.7 | $ | 220.3 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in millions) | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||
Long-term borrowings (a) | $ | 222.6 | $ | 222.6 | $ | 210.0 | $ | 210.0 |
March 31, 2020 | December 31, 2019 | ||||||||||||||
(in millions) | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||
Long-term borrowings (a) | $ | 278.9 | $ | 278.9 | $ | 220.5 | $ | 220.5 |
Three Months Ended March 31, | |||||||
(in millions) | 2020 | 2019 | |||||
Gross borrowings | $ | 81.1 | $ | 7.0 | |||
Gross payments | 17.5 | 1.5 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Gross borrowings | $ | 45.0 | $ | 81.1 | |||||||||||||||||||
Gross payments | 34.9 | 17.5 |
(in millions) | Environmental Solutions | Safety & Security Systems | Total | ||||||||||||||
Balance at January 1, 2021 | $ | 279.9 | $ | 114.3 | $ | 394.2 | |||||||||||
Acquisitions | 13.5 | 0 | 13.5 | ||||||||||||||
Translation adjustments | 0.1 | (1.1) | (1.0) | ||||||||||||||
Balance at March 31, 2021 | $ | 293.5 | $ | 113.2 | $ | 406.7 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(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) | $ | 125.5 | $ | (32.0) | $ | 93.5 | $ | 108.6 | $ | (29.6) | $ | 79.0 | |||||||||||||||||||||||
Other (a) | 4.8 | (2.4) | 2.4 | 4.4 | (2.3) | 2.1 | |||||||||||||||||||||||||||||
Total definite-lived intangible assets | 130.3 | (34.4) | 95.9 | 113.0 | (31.9) | 81.1 | |||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
Trade names | 82.8 | — | 82.8 | 72.4 | — | 72.4 | |||||||||||||||||||||||||||||
Total indefinite-lived intangible assets | 82.8 | — | 82.8 | 72.4 | — | 72.4 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 213.1 | $ | (34.4) | $ | 178.7 | $ | 185.4 | $ | (31.9) | $ | 153.5 |
U.S. Benefit Plan | Non-U.S. Benefit Plan | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | $ | 0.1 | |||||||
Interest cost | 1.4 | 1.7 | 0.3 | 0.3 | |||||||||||
Amortization of actuarial loss | 0.8 | 0.6 | 0.1 | 0.2 | |||||||||||
Expected return on plan assets | (2.3 | ) | (2.2 | ) | (0.5 | ) | (0.5 | ) | |||||||
Net periodic pension (benefit) expense | $ | (0.1 | ) | $ | 0.1 | $ | — | $ | 0.1 |
U.S. Benefit Plan | Non-U.S. Benefit Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 0.1 | $ | 0.1 | |||||||||||||||||||||||||||||||||||||||
Interest cost | 1.2 | 1.4 | 0.2 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | 1.0 | 0.8 | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 0 | 0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (2.4) | (2.3) | (0.5) | (0.5) | |||||||||||||||||||||||||||||||||||||||||||
Net periodic pension benefit | $ | (0.2) | $ | (0.1) | $ | 0 | $ | 0 |
(in millions) | 2020 | 2019 | |||||
Balance at January 1 | $ | 11.2 | $ | 9.8 | |||
Provisions to expense | 1.6 | 1.3 | |||||
Payments | (1.8 | ) | (1.5 | ) | |||
Balance at March 31 | $ | 11.0 | $ | 9.6 |
(in millions) | 2021 | 2020 | |||||||||
Balance at January 1 | $ | 10.2 | $ | 11.2 | |||||||
Provisions to expense | 1.6 | 1.6 | |||||||||
Payments | (2.4) | (1.8) | |||||||||
Balance at March 31 | $ | 9.4 | $ | 11.0 |
Three Months Ended March 31, | |||||||
(in millions, except per share data) | 2020 | 2019 | |||||
Net income | $ | 23.4 | $ | 17.5 | |||
Weighted average shares outstanding – Basic | 60.5 | 60.1 | |||||
Dilutive effect of common stock equivalents | 1.2 | 1.1 | |||||
Weighted average shares outstanding – Diluted | 61.7 | 61.2 | |||||
Earnings per share: | |||||||
Basic | $ | 0.39 | $ | 0.29 | |||
Diluted | 0.38 | 0.29 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Net income | $ | 22.2 | $ | 23.4 | |||||||||||||||||||||||||||||||
Weighted average shares outstanding – Basic | 60.6 | 60.5 | |||||||||||||||||||||||||||||||||
Dilutive effect of common stock equivalents | 1.1 | 1.2 | |||||||||||||||||||||||||||||||||
Weighted average shares outstanding – Diluted | 61.7 | 61.7 | |||||||||||||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.37 | $ | 0.39 | |||||||||||||||||||||||||||||||
Diluted | 0.36 | 0.38 |
(in millions) (a) | Actuarial Losses | Prior Service Costs | Foreign Currency Translation | Unrealized Gain (Loss) on Interest Rate Swaps | Total | (in millions) (a) | Actuarial Losses | Prior Service Costs | Foreign Currency Translation | 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 income (loss) before reclassifications | 1.1 | — | (6.1 | ) | (3.0 | ) | (8.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | Balance at January 1, 2021 | $ | (88.2) | $ | (2.6) | $ | 1.3 | $ | (2.2) | $ | (91.7) | |||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | Other comprehensive (loss) income before reclassifications | (0.2) | 0 | (1.2) | 1.0 | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.7 | — | — | (0.1 | ) | 0.6 | Amounts reclassified from accumulated other comprehensive loss | 0.9 | 0 | 0 | (0.2) | 0.7 | ||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 1.8 | — | (6.1 | ) | (3.1 | ) | (7.4 | ) | Net current-period other comprehensive income (loss) | 0.7 | 0 | (1.2) | 0.8 | 0.3 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | (78.6 | ) | $ | (2.4 | ) | $ | (13.2 | ) | $ | (2.3 | ) | $ | (96.5 | ) | |||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | $ | (87.5) | $ | (2.6) | $ | 0.1 | $ | (1.4) | $ | (91.4) |
(in millions) (a) | Actuarial Losses | Prior Service Costs | Foreign Currency Translation | 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 loss before reclassifications | (0.4 | ) | — | — | (0.2 | ) | (0.6 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.6 | — | — | (0.3 | ) | 0.3 | |||||||||||||
Net current-period other comprehensive income (loss) | 0.2 | — | — | (0.5 | ) | (0.3 | ) | ||||||||||||
Balance at March 31, 2019 | $ | (87.2 | ) | $ | (2.5 | ) | $ | (8.9 | ) | $ | 1.0 | $ | (97.6 | ) |
(in millions) (a) | Actuarial Losses | Prior Service Costs | Foreign Currency Translation | 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 income (loss) before reclassifications | 1.1 | 0 | (6.1) | (3.0) | (8.0) | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.7 | 0 | 0 | (0.1) | 0.6 | ||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 1.8 | 0 | (6.1) | (3.1) | (7.4) | ||||||||||||||||||||||||
Balance at March 31, 2020 | $ | (78.6) | $ | (2.4) | $ | (13.2) | $ | (2.3) | $ | (96.5) |
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in Condensed Consolidated Statements of Operations | Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||
(in millions) (a) | (in millions) (a) | |||||||||||||||||||||||||||||
Amortization of actuarial losses of defined benefit pension plans | $ | (0.9 | ) | $ | (0.8 | ) | Other expense, net | Amortization of actuarial losses of defined benefit pension plans | $ | (1.2) | $ | (0.9) | Other (income) expense, net | |||||||||||||||||
Interest income on interest rate swaps | 0.1 | 0.4 | Interest expense | |||||||||||||||||||||||||||
Amortization of prior service costs of defined benefit pension plans | Amortization of prior service costs of defined benefit pension plans | 0.0 | 0.0 | Other (income) expense, net | ||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | 0.2 | 0.1 | Interest expense | ||||||||||||||||||||||||||
Total before tax | (0.8 | ) | (0.4 | ) | Total before tax | (1.0) | (0.8) | |||||||||||||||||||||||
Income tax benefit | 0.2 | 0.1 | Income tax expense | Income tax benefit | 0.3 | 0.2 | Income tax expense | |||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | (0.6 | ) | $ | (0.3 | ) | Total reclassifications for the period, net of tax | $ | (0.7) | $ | (0.6) |
Three Months Ended March 31, | |||||||
(in millions) | 2020 | 2019 | |||||
Net sales: | |||||||
Environmental Solutions | $ | 233.0 | $ | 219.5 | |||
Safety and Security Systems | 53.1 | 54.3 | |||||
Total net sales | $ | 286.1 | $ | 273.8 | |||
Operating income (loss): | |||||||
Environmental Solutions | $ | 29.4 | $ | 25.7 | |||
Safety and Security Systems | 7.4 | 8.7 | |||||
Corporate and eliminations | (4.5 | ) | (8.6 | ) | |||
Total operating income | 32.3 | 25.8 | |||||
Interest expense | 1.5 | 2.0 | |||||
Other expense, net | 0.2 | 0.4 | |||||
Income before income taxes | $ | 30.6 | $ | 23.4 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Environmental Solutions | $ | 228.1 | $ | 233.0 | |||||||||||||||||||
Safety and Security Systems | 50.7 | 53.1 | |||||||||||||||||||||
Total net sales | $ | 278.8 | $ | 286.1 | |||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
Environmental Solutions | $ | 27.1 | $ | 29.4 | |||||||||||||||||||
Safety and Security Systems | 7.2 | 7.4 | |||||||||||||||||||||
Corporate and eliminations | (6.5) | (4.5) | |||||||||||||||||||||
Total operating income | 27.8 | 32.3 | |||||||||||||||||||||
Interest expense | 1.1 | 1.5 | |||||||||||||||||||||
Other (income) expense, net | (0.5) | 0.2 | |||||||||||||||||||||
Income before income taxes | $ | 27.2 | $ | 30.6 |
(in millions) | As of March 31, 2020 | As of December 31, 2019 | |||||
Total assets: | |||||||
Environmental Solutions | $ | 939.0 | $ | 908.1 | |||
Safety and Security Systems | 223.4 | 222.6 | |||||
Corporate and eliminations | 64.4 | 34.5 | |||||
Total assets of continuing operations | 1,226.8 | 1,165.2 | |||||
Total assets of discontinued operations | 0.3 | 0.3 | |||||
Total assets | $ | 1,227.1 | $ | 1,165.5 |
(in millions) | As of March 31, 2021 | As of December 31, 2020 | |||||||||
Total assets: | |||||||||||
Environmental Solutions | $ | 1,013.0 | $ | 926.8 | |||||||
Safety and Security Systems | 222.0 | 225.5 | |||||||||
Corporate and eliminations | 30.9 | 56.3 | |||||||||
Total assets of continuing operations | 1,265.9 | 1,208.6 | |||||||||
Total assets of discontinued operations | 0.2 | 0.2 | |||||||||
Total assets | $ | 1,266.1 | $ | 1,208.8 |
Fair Value Measurement at Reporting Date Using | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 3.2 | $ | — | $ | — | $ | 3.2 | |||||||
Liabilities: | |||||||||||||||
Contingent consideration | — | — | 4.3 | 4.3 | |||||||||||
Interest rate swap | — | 3.1 | — | 3.1 |
Fair Value Measurement at Reporting Date Using | |||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | 3.1 | $ | 0 | $ | 0 | $ | 3.1 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration | 0 | 0 | 4.2 | 4.2 | |||||||||||||||||||
Interest rate swap | 0 | 1.9 | 0 | 1.9 |
(in millions) | 2020 | 2019 (a) | (in millions) | 2021 | 2020 | |||||||||||||
Contingent consideration liability, at January 1 | $ | 4.3 | $ | 6.7 | Contingent consideration liability, at January 1 | $ | 4.2 | $ | 4.3 | |||||||||
Foreign currency translation | — | 0.2 | ||||||||||||||||
Total losses included in earnings | 0.0 | 0.2 | Total losses included in earnings | 0.0 | 0.0 | |||||||||||||
Contingent consideration liability, at March 31 | $ | 4.3 | $ | 7.1 | Contingent consideration liability, at March 31 | $ | 4.2 | $ | 4.3 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
($ in millions, except per share data) | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Net sales | $ | 278.8 | $ | 286.1 | $ | (7.3) | |||||||||||||||||||||||||||||
Cost of sales | 210.0 | 211.3 | (1.3) | ||||||||||||||||||||||||||||||||
Gross profit | 68.8 | 74.8 | (6.0) | ||||||||||||||||||||||||||||||||
Selling, engineering, general and administrative expenses | 40.8 | 42.2 | (1.4) | ||||||||||||||||||||||||||||||||
Acquisition and integration-related expenses | 0.2 | 0.3 | (0.1) | ||||||||||||||||||||||||||||||||
Operating income | 27.8 | 32.3 | (4.5) | ||||||||||||||||||||||||||||||||
Interest expense | 1.1 | 1.5 | (0.4) | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (0.5) | 0.2 | (0.7) | ||||||||||||||||||||||||||||||||
Income before income taxes | 27.2 | 30.6 | (3.4) | ||||||||||||||||||||||||||||||||
Income tax expense | 5.0 | 7.2 | (2.2) | ||||||||||||||||||||||||||||||||
Net income | $ | 22.2 | $ | 23.4 | $ | (1.2) | |||||||||||||||||||||||||||||
Operating data: | |||||||||||||||||||||||||||||||||||
Operating margin | 10.0 | % | 11.3 | % | (1.3) | % | |||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.36 | $ | 0.38 | $ | (0.02) | |||||||||||||||||||||||||||||
Total orders | 384.1 | 303.9 | 80.2 | ||||||||||||||||||||||||||||||||
Backlog | 409.5 | 400.8 | 8.7 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 12.2 | 10.8 | 1.4 |
Three Months Ended March 31, | |||||||||||
($ in millions, except per share data) | 2020 | 2019 | Change | ||||||||
Net sales | $ | 286.1 | $ | 273.8 | $ | 12.3 | |||||
Cost of sales | 211.3 | 203.5 | 7.8 | ||||||||
Gross profit | 74.8 | 70.3 | 4.5 | ||||||||
Selling, engineering, general and administrative expenses | 42.2 | 43.9 | (1.7 | ) | |||||||
Acquisition and integration-related expenses | 0.3 | 0.6 | (0.3 | ) | |||||||
Operating income | 32.3 | 25.8 | 6.5 | ||||||||
Interest expense | 1.5 | 2.0 | (0.5 | ) | |||||||
Other expense, net | 0.2 | 0.4 | (0.2 | ) | |||||||
Income before income taxes | 30.6 | 23.4 | 7.2 | ||||||||
Income tax expense | 7.2 | 5.9 | 1.3 | ||||||||
Net income | $ | 23.4 | $ | 17.5 | $ | 5.9 | |||||
Operating data: | |||||||||||
Operating margin | 11.3 | % | 9.4 | % | 1.9 | % | |||||
Diluted earnings per share | $ | 0.38 | $ | 0.29 | $ | 0.09 | |||||
Total orders | 303.9 | 299.0 | 4.9 | ||||||||
Backlog | 400.8 | 363.5 | 37.3 | ||||||||
Depreciation and amortization | 10.8 | 9.5 | 1.3 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Change | ($ in millions) | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 233.0 | $ | 219.5 | $ | 13.5 | Net sales | $ | 228.1 | $ | 233.0 | $ | (4.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 29.4 | 25.7 | 3.7 | Operating income | 27.1 | 29.4 | (2.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating data: | Operating data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | 12.6 | % | 11.7 | % | 0.9 | % | Operating margin | 11.9 | % | 12.6 | % | (0.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total orders | $ | 237.5 | $ | 243.7 | $ | (6.2 | ) | Total orders | $ | 324.2 | $ | 237.5 | $ | 86.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Backlog | 358.4 | 335.4 | 23.0 | Backlog | 379.3 | 358.4 | 20.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 10.0 | 8.6 | 1.4 | Depreciation and amortization | 11.3 | 10.0 | 1.3 |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Change | ($ in millions) | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 53.1 | $ | 54.3 | $ | (1.2 | ) | Net sales | $ | 50.7 | $ | 53.1 | $ | (2.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 7.4 | 8.7 | (1.3 | ) | Operating income | 7.2 | 7.4 | (0.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating data: | Operating data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | 13.9 | % | 16.0 | % | (2.1 | )% | Operating margin | 14.2 | % | 13.9 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total orders | $ | 66.4 | $ | 55.3 | $ | 11.1 | Total orders | $ | 59.9 | $ | 66.4 | $ | (6.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Backlog | 42.4 | 28.1 | 14.3 | Backlog | 30.2 | 42.4 | (12.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 0.8 | 0.9 | (0.1 | ) | Depreciation and amortization | 0.9 | 0.8 | 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) (b) | ||||||||||
January 2020 (1/1/20 – 2/1/20) | — | $ | — | — | $ | 29,198,155 | ||||||||
February 2020 (2/2/20 – 2/29/20) | — | — | — | 29,198,155 | ||||||||||
March 2020 (3/1/20 – 3/28/20) | 490,990 | 27.4422 | 490,990 | 90,724,309 |
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 |
January 2021 (1/1/21 – 2/6/21) | — | $ | — | — | $ | 90,524,049 | ||||||||||||||||||||
— | — | — | 90,524,049 | |||||||||||||||||||||||
March | — | — | — | 90,524,049 |
3.1 | ||||||||
3.2 | ||||||||
10.1* | ||||||||
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: | May 4, 2021 | |||||||
/s/ Ian A. Hudson | ||||||||
Ian A. Hudson | ||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |