Federal Signal Corp. Files 2023 Annual Report on Form 10-K

Ticker: FSS · Form: 10-K · Filed: Feb 27, 2024 · CIK: 277509

Sentiment: neutral

Topics: 10-K, Annual Report, Federal Signal, Financials, SEC Filing

TL;DR

<b>Federal Signal Corp. has filed its 2023 10-K report, detailing its financial performance and operations.</b>

AI Summary

FEDERAL SIGNAL CORP /DE/ (FSS) filed a Annual Report (10-K) with the SEC on February 27, 2024. Federal Signal Corp. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and its fiscal year ends on December 31st. The filing was made on February 27, 2024. Federal Signal Corp. is classified as a Large Accelerated Filer. The SIC code for the company is 3711 (Motor Vehicles & Passenger Car Bodies).

Why It Matters

For investors and stakeholders tracking FEDERAL SIGNAL CORP /DE/, this filing contains several important signals. This filing provides a comprehensive overview of Federal Signal's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. As a Large Accelerated Filer, the company's detailed disclosures in this 10-K offer significant insights into its business, enabling informed investment decisions and competitive analysis.

Risk Assessment

Risk Level: medium — FEDERAL SIGNAL CORP /DE/ shows moderate risk based on this filing. The company's business is subject to various risks including market conditions, operational challenges, and regulatory changes, as detailed in the risk factors section of the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Federal Signal's performance and potential challenges.

Key Numbers

Key Players & Entities

FAQ

When did FEDERAL SIGNAL CORP /DE/ file this 10-K?

FEDERAL SIGNAL CORP /DE/ filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by FEDERAL SIGNAL CORP /DE/ (FSS).

Where can I read the original 10-K filing from FEDERAL SIGNAL CORP /DE/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FEDERAL SIGNAL CORP /DE/.

What are the key takeaways from FEDERAL SIGNAL CORP /DE/'s 10-K?

FEDERAL SIGNAL CORP /DE/ filed this 10-K on February 27, 2024. Key takeaways: Federal Signal Corp. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023.. The company is incorporated in Delaware and its fiscal year ends on December 31st.. The filing was made on February 27, 2024..

Is FEDERAL SIGNAL CORP /DE/ a risky investment based on this filing?

Based on this 10-K, FEDERAL SIGNAL CORP /DE/ presents a moderate-risk profile. The company's business is subject to various risks including market conditions, operational challenges, and regulatory changes, as detailed in the risk factors section of the 10-K.

What should investors do after reading FEDERAL SIGNAL CORP /DE/'s 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand Federal Signal's performance and potential challenges. The overall sentiment from this filing is neutral.

How does FEDERAL SIGNAL CORP /DE/ compare to its industry peers?

Federal Signal Corporation operates in the manufacturing sector, specifically related to motor vehicles and their bodies.

Are there regulatory concerns for FEDERAL SIGNAL CORP /DE/?

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

Industry Context

Federal Signal Corporation operates in the manufacturing sector, specifically related to motor vehicles and their bodies.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

What Investors Should Do

  1. Analyze the financial statements within the 10-K for revenue, net income, and other key financial metrics.
  2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing the company.
  3. Examine management's discussion and analysis (MD&A) for insights into the company's performance and strategic direction.

Key Dates

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data for Federal Signal Corp.

Filing Stats: 4,296 words · 17 min read · ~14 pages · Grade level 14.8 · Accepted 2024-02-27 14:58:28

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 13

Cybersecurity

Item 1C. Cybersecurity 13

Properties

Item 2. Properties 13

Legal Proceedings

Item 3. Legal Proceedings 14

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 14 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 14

Reserved

Item 6. Reserved 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 28

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 29

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76

Controls and Procedures

Item 9A. Controls and Procedures 76

Other Information

Item 9B. Other Information 76

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 76 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 77

Executive Compensation

Item 11. Executive Compensation 77

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 77

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 77

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 77 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 78

Form 10-K Summary

Item 16. Form 10-K Summary 78 Exhibit Index 79

Signatures

Signatures 82 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Form 10-K") is being filed by Federal Signal Corporation and its subsidiaries (referred to collectively as the "Company," "we," "our" or "us" herein, unless the context otherwise indicates) with the United States ("U.S.") Securities and Exchange Commission (the "SEC"), and includes comments made by management that may contain words such as "may," "will," "believe," "expect," "anticipate," "intend," "plan," "project," "estimate" and "objective" or similar terminology, or the negative thereof, concerning the Company's future financial performance, business strategy, plans, goals and objectives. These expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning the Company's possible or assumed future performance or results of operations and are not guarantees. While these statements are based on assumptions and judgments that management has made in light of industry experience as well as perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances, they are subject to risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different. These risks and uncertainties, some of which are beyond the Company's control, include, but are not limited to, the risk factors described under Item 1A, Risk Factors as set forth in Part I, as well as those discussed elsewhere in this Form 10-K and in our subsequently filed documents, as applicable. These factors may not constitute all factors that could cause actual results to differ materially from those discussed

Business

Item 1. Business. Federal Signal Corporation, founded in 1901, was reincorporated as a Delaware corporation in 1969. The Company designs, manufactures and supplies a suite of products and integrated solutions for municipal, governmental, industrial and commercial customers. The Company's portfolio of products that it manufactures includes (i) vehicles and equipment for maintenance and infrastructure end-markets, including sewer cleaners, industrial vacuum loaders, vacuum- and hydro-excavation trucks (collectively, "safe-digging trucks"), street sweepers, waterblasting equipment, road-marking and line-removal equipment, dump truck bodies, trailers, metal extraction support equipment and multi-purpose tractors, and (ii) public safety equipment, such as vehicle lightbars and sirens, industrial signaling equipment, public warning systems and general alarm/public address systems. In addition, the Company engages in the sale of parts, service and repair, equipment rentals and training as part of a comprehensive aftermarket offering to its customers. The Company operates 23 principal manufacturing facilities in five countries and provides products and integrated solutions to customers in all regions of the world. Narrative Description of Business Products manufactured and supplied, and services rendered, by the Company are divided into two reportable segments: the Environmental Solutions Group and the Safety and Security Systems Group. The individual operating businesses are organized as such because they share certain characteristics, including technology, marketing, distribution and product application, which create long-term synergies. Corporate contains those items that are not included in the Company's reportable segments. Financial information concerning the Company's two reportable segments for each of the three years in the period ended December 31, 2023, is included in Note 17 – Segment Information to the accompanying consolidated financial statements and is i

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