Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
Entity Registrant Name | John Bean Technologies Corp | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 29,323,079 | ||
Entity Public Float | $ 1,740,268,432 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,433,660 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue: | |||
Product revenue | $ 1,133,100 | $ 957,800 | $ 857,500 |
Service revenue | 217,400 | 149,500 | 126,700 |
Total revenue | 1,350,500 | 1,107,300 | 984,200 |
Operating expenses: | |||
Cost of products | 803,800 | 676,200 | 625,700 |
Cost of services | 166,000 | 114,200 | 93,800 |
Selling, general and administrative expense | 236,700 | 207,000 | 183,300 |
Research and development expense | 23,600 | 18,200 | 14,600 |
Restructuring expense | 12,300 | 0 | 14,500 |
Other expense, net | 4,700 | 2,700 | 1,600 |
Operating income: | 103,400 | 89,000 | 50,700 |
Interest income | 1,600 | 1,100 | 1,600 |
Interest expense | (11,000) | (7,900) | (7,600) |
Income from continuing operations before income taxes | 94,000 | 82,200 | 44,700 |
Provision for income taxes | 26,000 | 26,200 | 13,900 |
Income from continuing operations | 68,000 | 56,000 | 30,800 |
Loss from discontinued operations, net of income taxes | (400) | (100) | 0 |
Net income | $ 67,600 | $ 55,900 | $ 30,800 |
Basic earnings per share: | |||
Income from continuing operations (in Dollars per share) | $ 2.31 | $ 1.90 | $ 1.04 |
Loss from discontinued operations (in Dollars per share) | (0.01) | (0.01) | 0 |
Net income (in Dollars per share) | 2.30 | 1.89 | 1.04 |
Diluted earnings per share: | |||
Income from continuing operations (in Dollars per share) | 2.28 | 1.88 | 1.03 |
Loss from discontinued operations (in Dollars per share) | (0.01) | 0 | 0 |
Net income (in Dollars per share) | 2.27 | 1.88 | 1.03 |
Dividends declared per share (in Dollars per share) | $ 0.40 | $ 0.37 | $ 0.36 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 29.4 | 29.5 | 29.5 |
Diluted (in Shares) | 29.8 | 29.8 | 29.9 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 67.6 | $ 55.9 | $ 30.8 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | (5.7) | (21.9) | (20.6) |
Pension and other post-retirement benefits adjustments, net of tax | (4.8) | (7.4) | (36.4) |
Derivatives designated as hedges, net of tax | 0.7 | (0.8) | 0 |
Other comprehensive income (loss) | (9.8) | (30.1) | (57) |
Comprehensive income (loss) | $ 57.8 | $ 25.8 | $ (26.2) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 33.2 | $ 37.2 |
Trade receivables, net of allowances of $3.1 and $2.1, respectively | 260.5 | 212.5 |
Inventories | 139.6 | 104.9 |
Other current assets | 51.7 | 41.6 |
Total current assets | 485 | 396.2 |
Property, plant and equipment, net of accumulated depreciation of $238.0 and $223.8, respectively | 210.2 | 181.1 |
Goodwill | 239.5 | 152.5 |
Intangible assets, net | 186 | 86.8 |
Deferred income taxes | 35 | 32 |
Other assets | 31.7 | 27.5 |
Total Assets | 1,187.4 | 876.1 |
Current Liabilities: | ||
Short-term debt and current portion of long-term debt | 7.1 | 2.2 |
Accounts payable, trade and other | 135.7 | 110.7 |
Advance and progress payments | 110.5 | 115.8 |
Accrued payroll | 49.1 | 45.8 |
Other current liabilities | 90.6 | 78.6 |
Total current liabilities | 393 | 353.1 |
Long-term debt, less current portion | 491.6 | 280.6 |
Accrued pension and other post-retirement benefits, less current portion | 86.1 | 90.7 |
Other liabilities | 36.8 | 22 |
Commitments and contingencies (Note 15) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2016 or 2015 | 0 | 0 |
Common stock, $0.01 par value; 120,000,000 shares authorized; 2016: 29,316,041 issued, and 29,156,847 outstanding; 2015: 29,316,041 issued and 29,147,380 outstanding | 0.3 | 0.3 |
Common stock held in treasury, at cost; 2016: 159,194; and 2015: 168,661 shares | (7.2) | (6.1) |
Additional paid-in capital | 77.2 | 71.6 |
Retained earnings | 266.6 | 211.1 |
Accumulated other comprehensive loss | (157) | (147.2) |
Total Stockholders' Equity | 179.9 | 129.7 |
Total Liabilities and Stockholders' Equity | $ 1,187.4 | $ 876.1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowances, trade receivables (in Dollars) | $ 3.1 | $ 2.1 |
Property, plant and equipment, accumulated depreciation (in Dollars) | $ 238 | $ 223.8 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 29,316,041 | 29,316,041 |
Common stock, shares outstanding | 29,156,847 | 29,147,380 |
Common stock held in treasury, shares | 159,194 | 168,661 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||
Net income | $ 67,600 | $ 55,900 | $ 30,800 |
Loss from discontinued operations, net of income taxes | 400 | 100 | 0 |
Income from continuing operations | 68,000 | 56,000 | 30,800 |
Adjustments to reconcile net income from continuing operations to cash provided by operating activities of continuing operations: | |||
Depreciation | 25,400 | 20,000 | 19,100 |
Amortization | 13,100 | 9,600 | 6,200 |
Stock-based compensation | 9,900 | 7,200 | 7,300 |
Pension and other post-retirement benefits expense | (1,000) | (1,400) | 2,700 |
Deferred income taxes | (100) | 5,800 | 4,900 |
Other | (700) | 100 | (900) |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Trade receivables, net | (29,000) | (11,300) | 9,800 |
Inventories | (2,900) | 15,600 | 7,700 |
Accounts payable, trade and other | 16,100 | 10,400 | 2,100 |
Advance payments and progress billings | (17,000) | 26,900 | 1,400 |
Accrued pension and other post-retirement benefits, net | (10,500) | (14,300) | (19,900) |
Other assets and liabilities, net | (3,400) | (12,400) | 6,800 |
Cash provided by continuing operating activities | 67,900 | 112,200 | 78,000 |
Net cash required by discontinued operating activities | (500) | (300) | (300) |
Cash provided by operating activities | 67,400 | 111,900 | 77,700 |
Cash Flows From Investing Activities: | |||
Acquisitions, net of cash acquired | (232,000) | (150,900) | (91,300) |
Capital expenditures | (37,100) | (37,700) | (36,700) |
Proceeds from disposal of assets | 2,300 | 1,500 | 1,400 |
Proceeds from property available for sale | 0 | 2,000 | 0 |
Cash required by investing activities | (266,800) | (185,100) | (126,600) |
Cash Flows From Financing Activities: | |||
Net increase (decrease) in short-term debt | 900 | (1,500) | 1,500 |
Proceeds from Short-term Debt | 15,300 | 0 | 0 |
Repayments of Short-term Debt | (11,000) | 0 | 0 |
Cash provided by refinancing credit facility | 0 | 183,700 | 0 |
Cash payments to settle existing credit facility | 0 | (183,700) | 0 |
Net borrowings (payments) on credit facilities | 62,400 | 184,300 | 77,500 |
Issuance of long-term debt | 149,500 | 0 | 4,500 |
Cash payments to settle private placement debt | 0 | (75,000) | 0 |
Repayment of long-term debt | (2,000) | (1,400) | (5,600) |
Excess tax benefits | 1,500 | 2,200 | 1,000 |
Tax witholdings on stock-based compensation awards | (2,600) | (5,800) | (3,600) |
Purchase of treasury stock | (4,300) | (7,700) | (2,800) |
Dividends | (11,800) | (11,200) | (10,700) |
Other | (3,000) | 0 | 100 |
Cash provided by financing activities | 194,900 | 83,900 | 61,900 |
Effect of foreign exchange rate changes on cash and cash equivalents | 500 | (6,800) | (9,100) |
Increase (decrease) in cash and cash equivalents | (4,000) | 3,900 | 3,900 |
Cash and cash equivalents, beginning of period | 37,200 | 33,300 | 29,400 |
Cash and cash equivalents, end of period | 33,200 | 37,200 | 33,300 |
Supplemental Cash Flow Information: | |||
Interest paid | 10,400 | 7,700 | 7,700 |
Income taxes paid | 25,800 | 13,800 | 8,200 |
Consideration, due to seller | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions | Total | Common Stock | Common Stock Held in Treasury | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income(Loss) |
Stockholders' equity, beginning balance at Dec. 31, 2013 | $ 154.4 | $ 0.3 | $ 0 | $ 67.7 | $ 146.5 | $ (60.1) |
Net income | 30.8 | 30.8 | ||||
Issuance of common stock | 0 | 1.3 | (1.3) | |||
Taxes withheld on issuance of stock-based awards | (3.6) | (3.6) | ||||
Excess tax benefits on stock-based payment arrangements | 1 | 1 | ||||
Dividends on stock-based payment arrangements | (0.4) | (0.4) | ||||
Common stock cash dividends | (10.5) | (10.5) | ||||
Share repurchases | (2.8) | (2.8) | ||||
Foreign currency translation adjustments | (20.6) | (20.6) | ||||
Derivatives designated as hedges, net of tax | 0 | |||||
Pension and other post-retirement benefits adjustments, net of tax | (36.4) | (36.4) | ||||
Stock-based compensation expense | 7.3 | 7.3 | ||||
Stockholders' equity, ending balance at Dec. 31, 2014 | 119.2 | 0.3 | (1.5) | 71.1 | 166.4 | (117.1) |
Net income | 55.9 | 55.9 | ||||
Issuance of common stock | 0 | 3.1 | (3.1) | |||
Taxes withheld on issuance of stock-based awards | (5.8) | (5.8) | ||||
Excess tax benefits on stock-based payment arrangements | 2.2 | 2.2 | ||||
Dividends on stock-based payment arrangements | (0.4) | (0.4) | ||||
Common stock cash dividends | (10.8) | (10.8) | ||||
Share repurchases | (7.7) | (7.7) | ||||
Foreign currency translation adjustments | (21.9) | (21.9) | ||||
Derivatives designated as hedges, net of tax | (0.8) | (0.8) | ||||
Pension and other post-retirement benefits adjustments, net of tax | (7.4) | (7.4) | ||||
Stock-based compensation expense | 7.2 | 7.2 | ||||
Stockholders' equity, ending balance at Dec. 31, 2015 | 129.7 | 0.3 | (6.1) | 71.6 | 211.1 | (147.2) |
Net income | 67.6 | 67.6 | ||||
Issuance of common stock | 0 | 3.2 | (3.2) | |||
Taxes withheld on issuance of stock-based awards | (2.6) | (2.6) | ||||
Excess tax benefits on stock-based payment arrangements | 1.5 | 1.5 | ||||
Dividends on stock-based payment arrangements | (0.4) | (0.4) | ||||
Common stock cash dividends | (11.7) | (11.7) | ||||
Share repurchases | (4.3) | (4.3) | ||||
Foreign currency translation adjustments | (5.7) | (5.7) | ||||
Derivatives designated as hedges, net of tax | 0.7 | 0.7 | ||||
Pension and other post-retirement benefits adjustments, net of tax | (4.8) | (4.8) | ||||
Stock-based compensation expense | 9.9 | 9.9 | ||||
Stockholders' equity, ending balance at Dec. 31, 2016 | $ 179.9 | $ 0.3 | $ (7.2) | $ 77.2 | $ 266.6 | $ (157) |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - Accumulated Other Comprehensive Income(Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives designated as hedges, income taxes | $ 0.4 | $ 0.6 | $ 0 |
Pension and other post-retirement liability adjustments, income taxes | $ (1.8) | $ 5.5 | $ 21.9 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation The consolidated financial statements include the accounts of John Bean Technologies Corporation (JBT, we, or the Company) and all wholly-owned subsidiaries. All intercompany investments, accounts, and transactions have been eliminated. Use of estimates Preparation of financial statements that follow accounting principles generally accepted in the U.S. (U.S. GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. Inventories Inventories are stated at the lower of cost or net realizable value, which includes an estimate for excess and obsolete inventories. Inventory costs include those costs directly attributable to products, including all manufacturing overhead but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for all domestic inventories, except certain inventories relating to construction-type contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. Property, plant, and equipment Property, plant, and equipment are recorded at cost. Depreciation for financial reporting purposes is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements— 20 to 35 years; buildings— 20 to 50 years; and machinery and equipment— 3 to 20 years). Gains and losses are reflected in other income, net on the consolidated statements of income upon the sale or retirement of assets. Expenditures that extend the useful lives of property, plant, and equipment are capitalized and depreciated over the estimated new remaining life of the asset. Capitalized software costs Other assets include the capitalized cost of internal use software (including Internet web sites). The assets are stated at cost less accumulated amortization and totaled $12.3 million and $8.1 million at December 31, 2016 and 2015, respectively. These software costs include the amount paid for purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three to ten years. For Internet web site costs, the estimated useful lives do not exceed three years. Goodwill We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by first assessing qualitative factors to see if further testing of goodwill is required. If we conclude that it is more likely than not that a reporting unit’s fair value is less than its carrying amount based on our qualitative assessment, then a quantitative test is required. We may also choose to bypass the qualitative assessment and perform the quantitative test. In performing the quantitative test, we determine the fair value of a reporting unit using the “income approach” valuation method. We use a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate cost of capital rate. Judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, and working capital requirements, among others. If the estimated fair value of a reporting unit exceeds its carrying value, we consider that goodwill is not impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. We completed our annual goodwill impairment test as of October 31, 2016 using a quantitative assessment approach. As a result of this assessment we noted that the fair value of each reporting unit exceeds its carrying value and therefore we determined that none of our goodwill was impaired. Intangible assets Our acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives, which range from less than 1 year to 15 years. We have determined the trade names for our recently acquired businesses of CAT and Tipper Tie have indefinite lives. The carrying values of intangible assets with indefinite lives are reviewed for recoverability on a quarterly basis. The facts and circumstances considered include an assessment of the recoverability of the cost of intangible assets from future cash flows to be derived from the use of the asset. It is not possible for us to predict the likelihood of any possible future impairments or, if such an impairment were to occur, the magnitude of any impairment. Intangible assets with finite useful lives are subject to amortization over the expected period of economic benefit to us. We evaluate whether events or circumstances have occurred that warrant a revision to the remaining useful lives of intangible assets. In cases where a revision is deemed appropriate, the remaining carrying amounts of the intangible assets are amortized over the revised remaining useful life. Impairment of long-lived assets Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. Revenue recognition For most of our products we recognize revenue when we have an agreement with the customer, the product has been delivered to the customer, the sales price is fixed or determinable and collectability is reasonably assured. Each customer arrangement is evaluated to determine the presence of multiple deliverables. For multiple-element revenue arrangements, such as the sale of equipment with a service agreement, we allocate the contract value to the various elements based on relative selling price for each element and recognize revenue consistent with the nature of each deliverable. Our standard agreements generally do not include customer acceptance provisions. However, if there is a customer-specific acceptance provision, the associated revenue is deferred until we have satisfied the acceptance provision. Certain of our product sales are generated from construction-type contracts and revenue is recognized under the percentage of completion method. Under this method, revenue is recognized as work progresses on each contract. However, revenue recognition does not begin until a substantial portion of the labor hours are incurred to ensure that revenue is not recognized based solely upon materials procurement. Depending upon the product, we measure progress using an input method, such as costs incurred, or an output method, such as units completed or milestones achieved. Any expected losses are charged to earnings, in total, in the period the losses are identified. Progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. Revenue in excess of progress billings on contracts amounted to $63.0 million and $61.5 million at December 31, 2016 and 2015 , respectively. These unbilled receivables are reported in trade receivables on the consolidated balance sheets. Progress billings and cash collections in excess of revenue recognized on a contract are classified as advance and progress payments on the consolidated balance sheets. All unbilled trade payables are accrued in other current liabilities when revenue is recognized. Unbilled trade payables were $8.3 million and $7.8 million at December 31, 2016 and 2015 , respectively. Service revenue is recognized either when performance is complete or proportionately over the period of the underlying contract, depending on the terms of the arrangement. Some of our operating lease revenue is earned from full-service leases for which we are paid annual fixed rates plus, in some cases, an additional amount based on production volumes. Revenue from production volumes is recognized when determinable and collectible. We provide an allowance for doubtful accounts on trade receivables equal to the estimated uncollectible amounts. This estimate is based on historical collection experience and a specific review of each customer’s trade receivable balance. Income taxes Income taxes are provided on income reported for financial statement purposes, adjusted for permanent differences between financial statement reporting and income tax regulations. Deferred tax assets and liabilities are measured using enacted tax rates, and reflect the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. A liability for uncertain tax positions is recorded whenever management believes it is not likely that the position will be sustained on examination based solely on its technical merits. Interest and penalties related to underpayment of income taxes are classified as income tax expense. Income taxes are not provided on undistributed earnings of foreign subsidiaries or affiliates when it is management’s intention that such earnings will remain invested in those companies. Taxes are provided on such earnings in the year in which the decision is made to repatriate the earnings. Stock-based employee compensation We measure compensation cost on restricted stock awards based on the market price of our common stock at the grant date and the number of shares awarded. The compensation cost for each award is recognized ratably over the lesser of the stated vesting period or the period until the employee becomes retirement eligible, after taking into account estimated forfeitures. Foreign currency Financial statements of operations for which the U.S. dollar is not the functional currency are translated to the U.S. dollar prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive loss in stockholders’ equity until the foreign entity is sold or liquidated. Derivative financial instruments Derivatives are recognized in the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. We do not offset fair value amounts for derivative instruments held with the same counterparty. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive loss, depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. In the consolidated statements of income, earnings from foreign currency derivatives related to sales and remeasurement of sales-related assets, liabilities and contracts are recorded in revenue, while earnings from foreign currency derivatives related to purchases and remeasurement of purchase-related assets, liabilities and contracts are recorded in cost of sales. Earnings from foreign currency derivatives related to cash management of foreign currencies throughout the world and remeasurement of cash are recorded in other income (expense), net. When hedge accounting is applied, we ensure that the derivative is highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge and on a quarterly basis. Effectiveness of forward contract cash flow hedges is assessed solely on changes in fair value attributable to the change in the spot rate. The change in the fair value of the contract related to the change in forward rates is excluded from the assessment of hedge effectiveness. Changes in this excluded component of the derivative instrument, along with any ineffectiveness identified, are recorded in earnings as incurred. We document our risk management strategy and method for assessing hedge effectiveness at the inception of and throughout the term of each hedge. Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. Recently Issued Accounting Standards Not Yet Adopted Beginning in 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), plus a number of related statements designed to clarify and interpret Topic 606. The new standard will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU requires companies to reevaluate when revenue is recorded based upon newly defined criteria, either at a point in time or over time as goods or services are delivered. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and estimates, and changes in those estimates. The new standard becomes effective for us as of January 1, 2018, with the option to early adopt the standard for annual periods beginning on or after December 15, 2016, and allows for both retrospective and modified-retrospective methods of adoption. The Company does not plan to early adopt the standard. We have preliminarily concluded that we will apply the retrospective transition method to adopt Topic 606, applying the allowed practical expedients, and restating our consolidated financial statements for 2016 and 2017. We are complete with our gap assessment and have determined that we will qualify for over-time recognition for a large portion of our manufactured equipment as well as refurbishments. To the extent we begin recognizing revenue over time in the future, we believe this will result in an acceleration of revenue as compared to our current revenue recognition methodology of recognizing revenue at a point in time. We are continuing to quantify the impact of this change, and are in the process of executing our implementation plan. In February 2016, the FASB issued ASU No. 2016-02, Leases . The new standard will replace most existing lease guidance in U.S. GAAP. The core principle of the ASU is that lessees are required to report a right to use asset and a lease payment obligation on the balance sheet but recognize expenses on their income statements in a manner similar to today’s accounting, and for lessors the guidance remains substantially similar to current U.S. GAAP. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018. However, early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We have not yet evaluated and cannot determine the impact this standard will have on our consolidated financial statements and related disclosures. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Consistent with our growth strategy, we completed several acquisitions during 2016 and 2015 focused on strengthening our Protein and Liquid Foods portfolios. Fiscal year 2016 Tipper Tie, Inc. On November 1, 2016, John Bean Technologies Corporation acquired the shares of Tipper Tie, Inc. ("Tipper Tie"), headquartered in Apex, North Carolina, for $156.5 million , which is net of cash acquired of $2.4 million . Tipper Tie is a leading provider of engineered processing and packaging solutions, and related consumables to the food industry and has four manufacturing facilities around the world. This acquisition, along with other recently completed acquisition of C.A.T., greatly strengthens JBT's Protein portfolio and our ability to provide complete solutions to customers. This acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired. Assembled workforce is not recognized separate and apart from goodwill as it is neither separable nor contractual in nature. We are currently assessing the amount of goodwill that we expect to be deductible for tax purposes. Acquisition-related transaction costs totaling $1.9 million were recognized in the FoodTech segment results as Selling, General and Administrative expense in the consolidated statements of income at the time they were incurred. Because the transaction was completed on November 1, 2016, the purchase accounting is preliminary as the final review of intangible asset, valuation of income tax balances, valuation of certain working capital balances and residual goodwill related to this acquisition is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for Tipper Tie: (In millions) Other assets acquired $ 29.6 Inventories 17.0 Property, plant and equipment 17.4 Other identifiable intangible assets 66.3 Deferred taxes (5.6 ) Other liabilities assumed (20.1 ) Total identifiable net assets $ 104.6 Total purchase price $ 158.9 Goodwill $ 54.3 The customer relationships and technology will be amortized over their estimated useful lives of fourteen and ten years, respectively. The tradename has been identified as an indefinite lived intangible asset and will be reviewed annually for impairment. Cooling and Applied Technologies, Inc. On October 14, 2016, John Bean Technologies Corporation acquired substantially all of the assets and assumed certain liabilities of Cooling & Applied Technology, Inc. (“C.A.T.”), an Arkansas based corporation for $84.2 million . This includes a holdback amount of $12.0 million , subject to certain conditions specified in the definitive transaction documents, to be paid in two equal installments on December 31, 2017 and 2018. C.A.T. is is a leading manufacturer of value-added food solutions, primarily for the poultry industry. This acquisition, along with the recently completed acquisition of Tipper Tie greatly strengthens JBT's Protein portfolio and our ability to provide complete solutions to customers. This acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired. Assembled workforce is not recognized separate and apart from goodwill as it is neither separable nor contractual in nature. We are currently assessing the amount of goodwill that we expect to be deductible for tax purposes. Acquisition-related transaction costs totaling $0.8 million were recognized in the Foodtech segment results as Selling, General and Administrative expense in the consolidated statements of income at the time they were incurred. Because the transaction was completed on October 14, 2016, the purchase accounting is preliminary as the final review of the intangible assets, valuation of income tax balances and residual goodwill related to this acquisition is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for C.A.T.: (In millions) Other assets acquired $ 3.6 Inventories 16.4 Property, plant and equipment 2.9 Other identifiable intangible assets 48.0 Liabilities assumed (14.6 ) Total identifiable net assets $ 56.3 Cash consideration paid $ 72.2 Payments due to seller 12.0 Total purchase price $ 84.2 Goodwill $ 27.9 The customer relationships, technology and non-compete agreements will be amortized over their estimated useful lives of fifteen , twelve and five years, respectively. The tradename has been identified as an indefinite lived intangible asset and will be reviewed annually for impairment. The combined revenue and earnings for both Tipper Tie and C.A.T. during the period ending December 31, 2016 was $33.3 million and $0.3 million , respectively. Novus X-Ray During the first quarter of 2016, JBT Corporation acquired certain assets and liabilities of Novus X-ray. Novus X-ray specializes in the manufacture of modular X-ray systems, allowing us to enter the growing market for automated food inspection equipment. This transaction was accounted for as a business combination. The purchase price was $3.3 million . While the acquisition was not material to our 2016 results, it is strategically important to our efforts to strengthen our Protein portfolio. Pro forma Financial Information (unaudited) The following information reflects the results of JBT’s operations for the years ended December 31, 2016 and 2015 on a pro forma basis as if the acquisitions of Tipper Tie and C.A.T. had been completed on January 1, 2015. Pro forma adjustments have been made to illustrate the incremental impact on earnings of interest costs on the borrowings to acquire the companies, amortization expense related to acquire intangible assets, depreciation expense related to the fair value of the acquired depreciable tangible assets and the related tax impact associated with the incremental interest costs and amortization and depreciation expense. The following unaudited pro forma information includes $4.3 million of additional expense related to the fair value adjustment of inventories. (In millions, except per share data) 2016 2015 Revenue Pro forma $ 1,460.1 $ 1,258.5 As reported 1,350.5 1,107.3 Net Earnings Pro forma 74.8 63.9 As reported 68.0 56.0 Net earnings from continuing operations per share Pro forma Basic 2.54 2.17 Fully diluted 2.51 2.15 As reported Basic 2.31 1.90 Fully diluted 2.28 1.88 The unaudited pro forma information is provided for illustrative purposes only and does not purport to represent what our consolidated results of operations would have been had the transactions actually occurred as of January 1, 2015, and does not purport to project our future consolidated results of operations. Fiscal year 2015 A&B Process Systems On October 1, 2015, John Bean Technologies Corporation acquired the shares of A&B Process Systems ("A&B"), located in Stratford, WI, for $103 million , which includes a $3.0 million earnout and a working capital adjustment of $0.1 million . We have determined that the goodwill amount that is deductible for tax purposes is $60.3 million . During the quarter ended March 31, 2016, we refined our estimates of the customer relationship by ( $0.9 million ), tradename by ( $0.4 million ), technological know-how for skidded systems by ( $0.2 million ), backlog by ( $0.1 million ), and noncompete agreements by ( $0.1 million ). The impact of these adjustments was reflected as an increase in goodwill of $1.8 million , and resulted in an immaterial impact to the consolidated statement of income. No other refinements of the valuation occurred as of December 31, 2016. The following table summarizes the fair values recorded for the assets acquired and liabilities assumed for A&B: (In millions) Other assets acquired $ 21.6 Inventories 1.0 Property, plant and equipment 18.1 Other identifiable intangible assets 25.0 Liabilities assumed (16.0 ) Total identifiable net assets $ 49.7 Total purchase price 103.0 Goodwill $ 53.3 The customer relationships and tradename will be amortized over their estimated useful lives of eight and fourteen years, respectively. Technological know-how for skidded systems and tanks & vessels will be amortized over their terms of six and nine years, respectively. The noncompete agreements will be amortized over the contractual life of five years, and backlog was amortized over six months , consistent with the completion of backlog. The A&B purchase agreement includes a requirement to make an additional payment of $3.0 million to the sellers that was contingent upon exceeding an earnings target for the period from May 1, 2015 through April 30, 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date was $3.0 million , which was included in Other Current Liabilities on the Consolidated Balance Sheet prior to payment. Had the earnings target not been achieved, the payment would have been $0. However, the agreed upon financial targets were met and the Company made the $3.0 million payment to the sellers in the fourth quarter of 2016. Stork Food and Dairy Systems B.V. On July 31, 2015, John Bean Technologies Corporation and its wholly-owned subsidiary John Bean Technologies Europe B.V. acquired the shares of Stork Food & Dairy Systems, B.V. (“SFDS”), located in Amsterdam, The Netherlands for $50.7 million , which is net of cash acquired of $1.1 million . During the quarter ended June 30, 2016, we finalized our estimates of the customer relationships and patents, resulting in a reduction in value of $2.0 million and $1.0 million , respectively. We also increased other liabilities by $1.1 million . These changes resulted in an increase to deferred tax assets of $0.5 million and a decrease to deferred tax liabilities $0.6 million . The impact of these adjustments was reflected as an increase in goodwill of $3.0 million and resulted in an immaterial impact to the consolidated statement of income. No further refinements of the valuation occurred as of December 31, 2016. The following table summarizes the fair values recorded for the assets acquired and liabilities assumed for SFDS: (In millions) Other assets acquired $ 23.0 Inventories 4.8 Property, plant and equipment 9.8 Other identifiable intangible assets 5.2 Deferred taxes (2.7 ) Liabilities assumed (28.1 ) Total identifiable net assets $ 12.0 Total purchase price $ 51.8 Goodwill $ 39.8 We also revised the estimated useful life and amortization period associated with customer relationships from fifteen years to eight years during the quarter ended June 30, 2016. Patents and the tradename will continue to be amortized over their estimated useful lives of seven years and three months, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories as of December 31, consisted of the following: (In millions) 2016 2015 Raw materials $ 62.9 $ 55.0 Work in process 57.3 36.8 Finished goods 86.2 81.8 Gross inventories before LIFO reserves and valuation adjustments 206.4 173.6 LIFO reserves and valuation adjustments (66.8 ) (68.7 ) Net inventories $ 139.6 $ 104.9 Inventories accounted for under the LIFO method totaled $119.1 million and $105.2 million at December 31, 2016 and 2015 , respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $47.9 million at December 31, 2016 and $47.5 million at December 31, 2015 . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of December 31, consisted of the following: (In millions) 2016 2015 Land and land improvements $ 14.7 $ 10.6 Buildings 92.7 87.6 Machinery and equipment 326.0 293.6 Construction in process 14.8 13.1 448.2 404.9 Accumulated depreciation (238.0 ) (223.8 ) Property, plant and equipment, net $ 210.2 $ 181.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill by business segment were as follows: (In millions) JBT FoodTech JBT AeroTech Total Balance as of January 1, 2015 $ 61.4 $ 7.8 $ 69.2 Acquisitions 85.0 — 85.0 Currency translation (1.6 ) (0.1 ) (1.7 ) Balance as of December 31, 2015 144.8 7.7 152.5 Acquisitions 90.1 — 90.1 Currency translation (3.1 ) — (3.1 ) Balance as of December 31, 2016 $ 231.8 $ 7.7 $ 239.5 The components of intangible assets as of December 31, were as follows: 2016 2015 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 141.5 $ 21.5 $ 70.8 $ 15.9 Patents and acquired technology 64.8 24.5 35.4 23.5 Tradenames (1) 27.6 8.4 19.5 7.8 Other 14.8 8.3 13.8 5.5 Total intangible assets $ 248.7 $ 62.7 $ 139.5 $ 52.7 (1) Includes $9.5 million of indefinite lived intangibles acquired as part of the acquisitions completed in the fourth quarter of 2016. See Note 2 . Acquisitions for additional details. Intangible asset amortization expense was $10.9 million , $7.1 million , and $3.9 million for 2016 , 2015 and 2014 , respectively. Annual amortization expense for intangible assets is estimated to be $13.7 million in 2017 , $13.4 million in 2018 , $13.3 million in 2019 , $13.0 million in 2020 and $12.6 million in 2021 . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Our short-term debt consists of borrowings under short-term credit facilities entered into by our wholly-owned subsidiaries in China and India. The Chinese short-term credit facilities, which mature on June 30, 2017, allow us to borrow up to a total of $12 million .We had $4.4 million in borrowings under the credit facilities in China as of December 31, 2016 , and no borrowings under the credit facilities in China as of December 31, 2015 . The Indian credit facility allows us to borrow up to a total of $2.3 million ; we had no borrowings outstanding as of December 31, 2016 and 2015 . Five-year Revolving Credit Facility and Term Loan We have a five -year $600.0 million revolving credit facility, with Wells Fargo Bank, N.A. as administrative agent. This revolving credit facility permits borrowings in the U.S. and in The Netherlands. Borrowings bear interest, at our option, at one month U.S. LIBOR subject to a floor rate of zero or an alternative base rate, which is the greater of Wells Fargo’s Prime Rate, the Federal Funds Rate plus 50 basis points, and LIBOR plus 1% , plus, in each case, a margin dependent on our leverage ratio. We are required to make periodic interest payments on the borrowed amounts and to pay an annual facility fee ranging from 15.0 to 30.0 basis points, depending on our leverage ratio. As of December 31, 2016 we had $342.1 million drawn on the revolving credit facility at a weighted-average interest rate of 2.11% . On October 20, 2016 we modified the Credit Agreement to provide for an incremental term loan in the aggregate principal amount of $150.0 million , utilizing a portion of the expansion feature in the Credit Agreement. As of December 31, 2016 we had $150.0 million borrowed under the term loan at a weighted average interest rate of 2.14% . During 2014, the Brazilian subsidiary entered into a Brazilian real denominated loan with an outstanding balance of BRL 4.8 million ( $1.5 million ) as of December 31, 2016, that bears an annual interest rate of 8.0% . The first payment on this loan was made on November 15, 2015, with equal monthly payments required for 24 months thereafter. Our credit facility includes restrictive covenants that, if not met, could lead to renegotiation of our credit facility, a requirement to repay our borrowings, and/or a significant increase in our cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, and limitations on payments made to stockholders. Our debt as of December 31, consisted of the following: (In millions) Interest Rate at December 31, 2016 Maturity Date 2016 2015 Short-term borrowings Foreign credit facilities 5.1 % June 30, 2017 $ 4.4 $ — Other 1.8 % 1.2 0.4 Total short-term borrowings $ 5.6 $ 0.4 Long-term debt Revolving credit facility 2.1 % February 10, 2020 $ 342.1 $ 279.4 Term loan 2.1 % February 10, 2020 150.0 — Brazilian Real Loan 5.5 % April 15, 2016 — 0.3 Brazilian Real Loan 8.0 % October 16, 2017 1.5 2.7 Total long-term debt 493.6 282.4 Less: current portion (1.5 ) (1.8 ) Long-term debt, less current portion 492.1 280.6 Less: unamortized debt issuance costs - term loan (0.5 ) — Long-term debt, net $ 491.6 $ 280.6 Scheduled maturities of long-term debt for the years ending December 31, are as follows: (In millions) Maturities of Long-term debt 2017 $ 1.5 2018 — 2019 — 2020 492.1 2021 — Total $ 493.6 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Domestic and foreign components of income from continuing operations before income taxes for the years ended on December 31, are shown below: (In millions) 2016 2015 2014 Domestic $ 43.6 $ 38.2 $ 18.1 Foreign 50.4 44.0 26.6 Income before income taxes $ 94.0 $ 82.2 $ 44.7 The provision for income taxes related to income from continuing operations for the years ended on December 31, consisted of: (In millions) 2016 2015 2014 Current: Federal $ 7.8 $ 6.0 $ 0.4 State 2.2 1.2 0.3 Foreign 16.1 13.2 8.3 Total current 26.1 20.4 9.0 Deferred: Federal 1.0 4.8 4.8 State 0.3 0.9 0.8 Foreign (0.9 ) (0.8 ) 0.2 Change in the valuation allowance for deferred tax assets — — (0.3 ) Change in deferred tax liabilities due to foreign tax rate change — 0.4 — Benefits of operating loss carryforward (0.5 ) 0.5 (0.6 ) Total deferred (0.1 ) 5.8 4.9 Provision for income taxes $ 26.0 $ 26.2 $ 13.9 Significant components of our deferred tax assets and liabilities at December 31, were as follows: (In millions) 2016 2015 Deferred tax assets attributable to: Accrued pension and other post-retirement benefits $ 30.1 $ 33.2 Accrued expenses and accounts receivable allowances 20.5 15.8 Net operating loss carryforwards 2.3 2.5 Inventories 9.0 9.1 Stock-based compensation 8.4 6.5 Research and development credit carryforwards 1.5 2.2 Foreign tax credit carryforward 0.2 0.5 Total deferred tax assets 72.0 69.8 Valuation allowance — — Deferred tax assets, net of valuation allowance 72.0 69.8 Deferred tax liabilities attributable to: Liquidation of subsidiary for income tax purposes 13.3 13.3 Property, plant and equipment 14.1 10.9 Goodwill and amortization 15.5 14.6 Other 0.2 0.8 Total deferred tax liabilities 43.1 39.6 Net deferred tax assets $ 28.9 $ 30.2 Included in our deferred tax assets are tax benefits related to net operating loss carryforwards attributable to our foreign operations. At December 31, 2016 , we had $7.7 million of net operating losses that are available to offset future taxable income in several foreign jurisdictions indefinitely, and $0.6 million of net operating losses that are available to offset future taxable income through 2024. During 2017 , we expect to use $2.3 million of net operating losses relating to prior years in the filing of our 2016 corporate income tax returns. Also included in our deferred tax assets at December 31, 2016 are $1.5 million of research and development credit carryforward, which will expire by 2021, if unused. We anticipate fully utilizing the net operating loss carryforwards and the research and development credit carryforward before any expiration. The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following: 2016 2015 2014 Statutory U.S. federal tax rate 35 % 35 % 35 % Net difference resulting from: Research and development tax credit (4 ) (2 ) (3 ) Foreign earnings subject to different tax rates (3 ) (3 ) (3 ) Tax on foreign intercompany dividends and deemed dividends for tax purposes — 6 1 Nondeductible expenses — — 1 State income taxes 2 2 2 Foreign tax credits (1 ) (7 ) (2 ) Foreign withholding taxes — 1 1 Change in valuation allowance — — (1 ) Other (1 ) — — Total difference (7 ) (3 ) (4 ) Effective income tax rate 28 % 32 % 31 % U.S. income taxes have not been provided on $97.2 million of undistributed earnings of foreign subsidiaries at December 31, 2016 as these amounts are considered permanently invested under ASC 740-30-25-17 [formerly known as APB 23]. A liability could arise if our intention to permanently invest such earnings were to change and amounts are distributed by such subsidiaries, or if such subsidiaries are ultimately disposed. It is not practicable to estimate the additional income taxes related to the hypothetical distribution of permanently invested earnings. We are a party to a Tax Sharing Agreement with FMC Technologies whereby we have agreed to indemnify FMC Technologies for any additional tax liability resulting from JBT Corporation businesses. As of December 31, 2016 , we are not aware of any additional tax liability. The following tax years remain subject to examination in the following significant jurisdictions: Belgium 2013-2016 Brazil 2011-2016 Italy 2011-2016 Netherlands 2011-2016 Sweden 2010-2016 United States 2013-2016 |
Pension and Post-retirement and
Pension and Post-retirement and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Post-retirement and Other Benefit Plans | PENSION AND POST-RETIREMENT AND OTHER BENEFIT PLANS We sponsor qualified and nonqualified defined benefit pension plans that together cover many of our U.S. employees. The plans provide defined benefits based on years of service and final average salary. We also sponsor a noncontributory plan that provides post-retirement life insurance benefits to some of our U.S. employees. Foreign-based employees are eligible to participate in either Company-sponsored or government-sponsored benefit plans to which we contribute. We also sponsor separate defined contribution plans that cover substantially all of our U.S. employees and some international employees. The funded status of our pension and post-retirement benefit plans, together with the associated balances recognized in our consolidated financial statements as of December 31, 2016 and 2015 , were as follows: Pensions Other post-retirement benefits (In millions) 2016 2015 2016 2015 Projected benefit obligation at January 1 $ 316.3 $ 350.6 $ 3.2 $ 5.5 Service cost 1.4 1.5 — — Interest cost 11.4 13.7 0.1 0.2 Actuarial (gain) loss 11.4 (20.9 ) 0.4 (1.1 ) Plan participants' contributions 0.2 0.1 — — Business combinations 2.1 2.4 — — Plan amendments — — — (1.1 ) Benefits paid (23.2 ) (27.4 ) (0.4 ) (0.3 ) Currency translation adjustments (2.2 ) (3.7 ) — — Projected benefit obligation at December 31 $ 317.4 $ 316.3 $ 3.3 $ 3.2 Fair value of plan assets at January 1 $ 227.3 $ 260.7 $ — $ — Company contributions 10.3 12.3 0.4 0.3 Actual return (loss) on plan assets 18.8 (17.4 ) — — Plan participants' contributions 0.2 0.1 — — Benefits paid (23.2 ) (27.4 ) (0.4 ) (0.3 ) Currency translation adjustments (0.4 ) (1.0 ) — — Fair value of plan assets at December 31 $ 233.0 $ 227.3 $ — $ — Funded status of the plans (liability) at December 31 $ (84.4 ) $ (89.0 ) $ (3.3 ) $ (3.2 ) Amounts recognized in the Consolidated Balance Sheets at December 31 Other current liabilities (1.3 ) (1.2 ) (0.2 ) (0.4 ) Accrued pension and other post-retirement benefits, less current portion (83.1 ) (87.8 ) (3.1 ) (2.8 ) Net amount recognized $ (84.4 ) $ (89.0 ) $ (3.3 ) $ (3.2 ) Amounts recognized in accumulated other comprehensive loss at December 31, 2016 and 2015 were $174.1 million and $168.2 million , respectively for pensions and (.1) million and $(0.6) million for other post-retirement benefits, respectively. These amounts were primarily unrecognized actuarial gains and losses. The accumulated benefit obligation for all pension plans was $ 310.3 million and $ 307.7 million at December 31, 2016 and 2015 , respectively. All pension plans had accumulated benefit obligations in excess of plan assets as of December 31. Pension and other post-retirement benefit costs (income) for the years ended December 31, were as follows: Pensions Other post-retirement benefits (In millions) 2016 2015 2014 2016 2015 2014 Service cost $ 1.4 $ 1.5 $ 1.8 $ — $ — $ 0.1 Interest cost 11.4 13.7 14.7 0.1 0.2 0.3 Expected return on plan assets (18.0 ) (19.1 ) (19.7 ) — — — Settlement charge 0.1 0.3 2.8 — — — Amortization of prior service (credit) cost — — 0.1 — (2.5 ) — Amortization of net actuarial (gain) loss 4.1 4.5 2.7 — — (0.1 ) Total (income) costs $ (1.0 ) $ 0.9 $ 2.4 $ 0.1 $ (2.3 ) $ 0.3 Pre-tax changes in projected benefit obligations and plan assets recognized in other comprehensive income during 2016 were as follows: (In millions) Pensions Other post-retirement benefits Actuarial (gain) loss $ 10.8 $ 0.4 Amortization of net actuarial gain (loss) (4.2 ) — Total (income) loss recognized in other comprehensive income $ 6.6 $ 0.4 Total recognized in net periodic benefit cost and other comprehensive income $ 5.6 $ 0.5 The Company uses a corridor approach to recognize actuarial gains and losses that result from changes in actuarial assumptions. The corridor approach defers all actuarial gains and losses resulting from changes in assumptions in other accumulated other comprehensive income (loss), such as those related to changes in the discount rate and differences between actual and expected returns on plan assets. These unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the higher of the market-related value of the assets or the projected benefit obligation for each respective plan. The amortization is on a straight-line basis over the life expectancy of the plan’s participants for the frozen plans and the expected remaining service periods for the other plans. We expect to amortize $5.1 million of net actuarial loss from accumulated other comprehensive income (loss) into net periodic benefit cost in 2017 . Beginning in 2010, the U.S. defined benefit plans were frozen to new entrants and future benefit accruals for non-union participants were discontinued. On August 31, 2015, JBT amended the Retiree Welfare Benefits Plan to terminate future healthcare benefits effective January 1, 2016, which resulted in a release of $1.2 million of other post-retirement benefit liability into other comprehensive income. The resulting negative prior service cost of $1.8 million was amortized out of accumulated other comprehensive income into net income over the remaining life of the plan (through January 1, 2016). The following weighted-average assumptions were used to determine the benefit obligations: Pensions Other post-retirement benefits 2016 2015 2014 2016 2015 2014 Discount rate 4.00 % 4.40 % 4.00 % 4.30 % 4.60 % 4.25 % Rate of compensation increase 3.09 % 3.19 % 3.23 % — — — The following weighted-average assumptions were used to determine net periodic benefit cost: Pensions Other post-retirement benefits 2016 2015 2014 2016 2015 2014 Discount rate 4.34 % 4.03 % 4.93 % 4.60 % 4.25 % 5.10 % Rate of compensation increase 3.09 % 3.19 % 3.23 % — — — Expected rate of return on plan assets 6.83 % 7.08 % 7.77 % — — — The estimate of the expected rate of return on plan assets is based primarily on the historical performance of plan assets, asset allocation, current market conditions and long-term growth expectations. Plan assets Our pension investment strategy balances the requirements to generate returns using higher-returning assets, such as equity securities, with the need to control risk in the pension plan with less volatile assets, such as fixed-income securities. Risks include, among others, the likelihood of the pension plans being underfunded, thereby increasing their dependence on Company contributions. The assets are managed by professional investment firms and performance is evaluated against specific benchmarks. Our target asset allocations and actual allocations as of December 31, 2016 and 2015 were as follows: Target 2016 2015 Equity 30% - 70% 50% 48% Fixed income 20% - 40% 30% 31% Real estate and other 10% - 30% 19% 20% Cash 0% - 10% 1% 1% 100% 100% Our actual pension plans’ asset holdings by category and level within the fair value hierarchy are presented in the following table: As of December 31, 2016 As of December 31, 2015 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3.4 $ 3.4 $ — $ — $ 3.9 $ 3.9 $ — $ — Equity securities: Large cap (1) 44.0 — 44.0 — 42.5 — 42.5 — Small cap (2) 71.1 71.1 — — 66.8 66.8 — — Fixed income securities: Government securities (3) 12.5 — 12.5 — 12.7 — 12.7 — Corporate bonds (4) 57.4 46.2 11.2 — 57.8 45.6 12.2 — Real estate and other investments (5) 44.6 19.3 25.3 — 43.6 16.8 26.8 — Total assets at fair value $ 233.0 $ 140.0 $ 93.0 $ — $ 227.3 $ 133.1 $ 94.2 $ — (1) Includes funds that invest primarily in large cap equity securities. (2) Includes small cap equity securities and funds that invest primarily in small cap equity securities. (3) Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. (4) Includes investment grade bonds, high yield bonds and mortgage-backed fixed income securities and funds that invest in such securities. (5) Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by our foreign pension plans. The fair value of assets classified as Level 1 is based on unadjusted quoted prices in active markets for identical assets. The fair value of assets classified as Level 2 is based on quoted prices for similar assets or based on valuations made using inputs that are either directly or indirectly observable as of the reporting date. Such inputs include net asset values reported at a minimum on a monthly basis by investment funds or contract values provided by the issuing insurance company. We are able to sell any of our investment funds with notice of no more than 30 days. For more information on the fair value hierarchy, see Note 14 . Fair Value of Financial Instruments . Contributions We expect to contribute $14.0 million to our pension and other post-retirement benefit plans in 2017 . The pension contributions will be primarily for the U.S. qualified pension plan. All of the contributions are expected to be in the form of cash. Estimated future benefit payments The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2026. Actual benefit payments may differ from expected benefit payments. (In millions) Pensions Other post-retirement benefits 2017 $ 14.5 $ 0.3 2018 15.2 0.2 2019 15.5 0.2 2020 18.7 0.2 2021 16.7 0.2 2022-2026 94.1 1.0 Savings Plans Our U.S. and some international employees participate in defined contribution savings plans that we sponsor. These plans generally provide company matching contributions on participants’ voluntary contributions and/or company non-elective contributions. Additionally, certain highly compensated employees participate in a non-qualified deferred compensation plan, which also allows for company matching contributions and company non-elective contributions on compensation in excess of the Internal Revenue Code Section 401(a) (17) limit. The expense for matching contributions was $11.3 million , $9.0 million and $9.6 million in 2016 , 2015 and 2014 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For JBT, AOCI is primarily composed of adjustments related to pension and other post-retirement benefits plans, derivatives designated as hedges and foreign currency translation adjustments. Changes in the AOCI balances for the years ended December 31, 2016 and 2015 by component are shown in the following table: Pension and Other Post-retirement Benefits Derivatives Designated as Hedges Foreign Currency Translation Total (In millions) Balance as of January 1, 2015 $ (96.4 ) $ — $ (20.7 ) $ (117.1 ) Other comprehensive gain (loss) before reclassification (8.8 ) (0.8 ) (21.9 ) (31.5 ) Amounts reclassified from accumulated other comprehensive income 1.4 — — 1.4 Balance as of December 31, 2015 (103.8 ) (0.8 ) (42.6 ) (147.2 ) Other comprehensive gain (loss) before reclassification (7.3 ) (0.1 ) (5.7 ) (13.1 ) Amounts reclassified from accumulated other comprehensive income 2.5 0.8 — 3.3 Balance as of December 31, 2016 $ (108.6 ) $ (0.1 ) $ (48.3 ) $ (157.0 ) Reclassification adjustments from AOCI into earnings for pension and other post-retirement benefits plans for the year ended December 31, 2016 were $4.1 million of charges in selling, general and administrative expenses net of $1.6 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $1.3 million of charges in interest expense, net of $0.5 million in provision for income taxes. Reclassification adjustments from AOCI into earnings for pension and other post-retirement benefits plans for the year ended December 31, 2015 were $1.5 million of benefit in cost of sales, and $3.6 million of charges in selling, general and administrative expenses net of $0.7 million in provision for income taxes. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We recorded stock-based compensation expense and related income tax effects for the years ended December 31, as follows: (In millions) 2016 2015 2014 Stock-based compensation expense $ 9.9 $ 7.2 $ 7.3 Tax benefit recorded in consolidated statements of income $ 3.9 $ 2.9 $ 2.8 As of December 31, 2016 , there was $12.0 million of unrecognized stock-based compensation expense for outstanding awards expected to be recognized over a weighted average period of 1.9 years. Incentive Compensation Plan We sponsor a stock-based compensation plan (the “Incentive Compensation Plan”) that provides certain incentives and awards to our officers, employees, directors and consultants. The Incentive Compensation Plan allows our Board of Directors (the “Board”) to make various types of awards to non-employee directors and the Compensation Committee (the “Committee”) of the Board to make various types of awards to other eligible individuals. Awards that may be issued include common stock, stock options, stock appreciation rights, restricted stock and stock units. Restricted stock unit awards specify any applicable performance goals, the time and rate of vesting and such other provisions as determined by the Committee. Restricted stock units generally vest after 3 years of service, but may also vest upon a change of control as defined in the Incentive Compensation Plan. A total of 3.7 million shares of our common stock are authorized to be issued under the Incentive Compensation Plan. Impact of Retirement on Outstanding LTIP Awards In the event of a named executive officer’s retirement from the Company upon or after attaining age 62 and a specified number of years of service, any unvested long-term incentive plan (LTIP) equity or cash awards remain outstanding after retirement and vest on the originally scheduled vesting date. This permits flexibility in retirement planning, permits us to provide an incentive for the vesting period and does not penalize our employees who receive long-term cash and equity awards as incentive compensation when they retire. For awards granted prior to 2016, separation prior to attaining age 62 and 10 years of service will result in the forfeiture of unvested awards. In 2016, the Compensation Committee approved a variation to these terms, permitting the Compensation Committee to selectively grant awards that will permit unvested equity awards outstanding after retirement to vest on their originally scheduled vesting date following a retirement upon or after attaining the age of 62 and 5 years of service. This variation was approved to allow the Company the option to offer long term equity incentive compensation as a means of attracting and retaining personnel hired near their retirement or to incentivize existing employees who are nearing retirement, but who have not been with the Company for a full ten year period. Restricted Stock Units A summary of the non-vested restricted stock units as of December 31, 2016 and changes during the year is presented below: Shares Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2015 973,238 $ 26.93 Granted 239,875 $ 45.18 Vested (144,745 ) $ 18.30 Forfeited (2,161 ) $ 31.29 Nonvested at December 31, 2016 1,066,207 $ 32.21 We grant time-based and performance-based restricted stock units that typically vest after three years , but can vary based on the discretion of the Committee. The fair value of these awards is determined using the market value of our common stock on the grant date. Compensation cost is recognized over the lesser of the stated vesting period or the period until the employee meets the retirement eligible age and service requirements under the plan. For performance-based restricted stock units awards made in 2016, the number of shares to be issued is dependent upon our performance over the three year period ending December 31, 2018 with respect to cumulative earnings per share and average operating return on invested capital (ROIC). ROIC is defined as net income plus after tax net interest expense divided by average invested capital, which is an average of total shareholders equity plus debt plus future pension expenses held in AOCI less cash and cash equivalents. Based on results achieved in 2016 and 2015, and the forecasted amounts over the remainder of the performance period, we expect to issue a total of 152,551 and 199,912 shares at the vesting dates in April 2019, and April 2018, respectively. Compensation cost has been measured in 2016 based on the projected performance values calculated against the established target. The following summarizes values for restricted stock activity in each of the years in the three year period ended December 31: 2016 2015 2014 Weighted-average grant-date fair value of restricted stock units granted (per share) $ 45.18 $ 35.48 $ 30.12 Fair value of restricted stock vested (in millions) $ 7.0 $ 14.9 $ 9.4 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following is a summary of our capital stock activity (in shares) for the year ended on December 31, 2016 : Common stock outstanding Common stock held in treasury December 31, 2015 29,147,380 168,661 Stock awards issued 90,346 (90,346 ) Treasury stock purchases (80,879 ) 80,879 December 31, 2016 29,156,847 159,194 On December 2, 2015, the Board authorized a share repurchase program for up to $30 million of our common stock beginning January 1, 2016 and continuing through December 31, 2018. Shares may be purchased from time to time in open market transactions, subject to market conditions. Repurchased shares become treasury shares, which are accounted for using the cost method and are used for future awards under the Incentive Compensation Plan. During January 2017, we issued 159,194 shares from treasury to satisfy the vesting of restricted stock unit awards. We repurchased $4.3 million of common stock in 2016. On October 27, 2011, the Board authorized a share repurchase program for up to $30 million of our common stock through December 31, 2014. In December 2014, the Board of Directors extended the term of the repurchase authorization which expired on December 31, 2015. We repurchased $7.7 million of common stock in 2015. On July 31, 2008, our Board declared a dividend distribution to each record holder of common stock of one Preferred Share Purchase Right for each share of common stock outstanding on that date. Each right entitles the holder to purchase, under certain circumstances related to a change in control of the Company, one one-hundredth of a share of Series A Junior Participating Preferred Stock, par value $0.01 , at a price of $72 per share (subject to adjustment), subject to the terms and conditions of a Rights Agreement dated July 31, 2008. The rights expire on July 31, 2018, unless redeemed by us at an earlier date. The redemption price of $0.01 per right is subject to adjustment to reflect stock splits, stock dividends or similar transactions. We have reserved 1,500,000 shares of Series A Junior Participating Preferred Stock for possible issuance under the agreement. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive securities. The following table sets forth the computation of basic and diluted EPS utilizing income from continuing operations for the respective periods and our basic and dilutive shares outstanding: (In millions, except per share data) 2016 2015 2014 Basic earnings per share: Income from continuing operations $ 68.0 $ 55.9 $ 30.8 Weighted average number of shares outstanding 29.4 29.5 29.5 Basic earnings per share from continuing operations $ 2.31 $ 1.90 $ 1.04 Diluted earnings per share: Income from continuing operations $ 68.0 $ 55.9 $ 30.8 Weighted average number of shares outstanding 29.4 29.5 29.5 Effect of dilutive securities: Restricted stock units 0.4 0.3 0.4 Total shares and dilutive securities 29.8 29.8 29.9 Diluted earnings per share from continuing operations $ 2.28 $ 1.88 $ 1.03 |
Derivative Financial Instrument
Derivative Financial Instruments and Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Credit Risk | DERIVATIVE FINANCIAL INSTRUMENTS AND CREDIT RISK Derivative financial instruments All derivatives are recorded as other assets or liabilities in the Consolidated Balance Sheets at their respective fair values. For derivatives designated as cash flow hedges, the effective portion of the unrealized gain or loss related to the derivatives are recorded in other comprehensive income (loss) until the transaction affects earnings. We assess both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been, and will continue to be, highly effective in offsetting changes in cash flows of the hedged item. The impact of any ineffectiveness is recognized in the Consolidated Statements of Income. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings. Foreign Exchange: We manufacture and sell our products in a number of countries throughout the world and, as a result, are exposed to movements in foreign currency exchange rates. Our major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some of our sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which we take into consideration as part of our risk management policy. The purpose of our foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. We primarily utilize forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. We have not designated these forward foreign exchange contracts, which have a notional value at December 31, 2016 of $474.8 million , as hedges and therefore do not apply hedge accounting. The following table presents the fair value of foreign currency derivatives included within the consolidated balance sheets: As of December 31, 2016 As of December 31, 2015 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Other current assets / liabilities $ 7.2 $ 4.8 $ 5.8 $ 1.3 Other assets / liabilities — — 1.2 0.1 Total $ 7.2 $ 4.8 $ 7.0 $ 1.4 A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. We enter into master netting arrangements with our counterparties when possible to mitigate credit risk in derivative transactions by permitting us to net settle for transactions with the same counterparty. However, we do not net settle with such counterparties. As a result, we present derivatives at their gross fair values in the consolidated balance sheets. As of December 31, 2016 and 2015 , information related to these offsetting arrangements was as follows: (in millions) As of December 31, 2016 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 7.2 $ — $ 7.2 $ (4.3 ) $ 2.9 Offsetting of Liabilities As of December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 5.0 $ — $ 5.0 $ (4.3 ) $ 0.7 (in millions) As of December 31, 2015 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 7.0 $ — $ 7.0 $ (1.7 ) $ 5.3 Offsetting of Liabilities As of December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 2.9 $ — $ 2.9 $ (1.7 ) $ 1.2 The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the consolidated statements of income: Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income (In millions) 2016 2015 2014 Foreign exchange contracts Revenue $ (0.5 ) $ 0.8 $ (1.5 ) Foreign exchange contracts Cost of sales (0.5 ) (0.3 ) 0.9 Foreign exchange contracts Other income, net (1.0 ) (0.1 ) (0.1 ) Total (2.0 ) 0.4 (0.7 ) Remeasurement of assets and liabilities in foreign currencies 0.4 (1.3 ) 1.0 Net gain (loss) on foreign currency transactions $ (1.6 ) $ (0.9 ) $ 0.3 Interest Rates : We have entered into three interest rate swaps to fix the interest rate applicable to certain of our variable-rate debt, including a forward starting interest rate swap entered into on January 15, 2016 covering the period beginning January 19, 2017 to January 19, 2021. The agreements swap one-month LIBOR for fixed rates. We have designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in Accumulated other comprehensive income (loss). At December 31, 2016 , the fair value recorded in other liabilities on the Consolidated Balance Sheet is $0.3 million . The effective portion of these derivatives designated as cash flow hedges of $0.2 million has been reported in other comprehensive income (loss) on the Consolidated Statements of Comprehensive Income (Loss) as of December 31, 2016 . Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of December 31, 2016 . Refer to Note 14. Fair Value of Financial Instruments, for a description of how the values of the above financial instruments are determined. Credit risk By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject us to credit risk primarily consist of trade receivables and derivative contracts. We manage the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and establishing credit limits, and monitoring counterparties’ financial condition. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for losses are established based on collectability assessments. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities that the Company can assess at the measurement date. • Level 2 : Observable inputs other than those included in Level 1 that are observable for the asset or liability, either directly or indirectly. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of December 31, 2016 As of December 31, 2015 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 11.9 $ 11.9 $ — $ — $ 8.9 $ 8.9 $ — $ — Derivatives 7.2 — 7.2 — 7.0 — 7.0 — Total assets $ 19.1 $ 11.9 $ 7.2 $ — $ 15.9 $ 8.9 $ 7.0 $ — Liabilities: Derivatives $ 5.0 $ — $ 5.0 $ — $ 2.9 $ — $ 2.9 $ — Contingent Consideration 0.8 — — 0.8 3.0 — — 3.0 Total liabilities $ 5.8 $ — $ 5.0 $ 0.8 $ 5.9 $ — $ 2.9 $ 3.0 Investments represent securities held in a trust for the non-qualified deferred compensation plan. Investments are classified as trading securities and are valued based on quoted prices in active markets for identical assets that we have the ability to access. Investments are reported separately on the consolidated balance sheet. Investments include an unrealized gain of $0.6 million as of December 31, 2016 and an unrealized loss of $0.7 million as of December 31, 2015 . We use the income approach to measure the fair value of derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change between the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values, and applying an appropriate discount rate as well as a factor of credit risk. The contingent consideration relates to the earnout provision recorded in conjunction with the acquisition completed in the first quarter of 2016 for $0.8 million . The carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities. The carrying values and the estimated fair values of our debt financial instruments as of December 31 are as follows: 2016 2015 (In millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility, expires February 10, 2020 $ 342.1 $ 342.1 $ 279.4 $ 279.4 Term loan due February 10, 2020 150.0 150.0 — — Brazilian loan due April 15, 2016 — — 0.3 0.3 Brazilian loan due October 16, 2017 1.5 1.4 2.7 2.4 Foreign credit facilities 4.4 4.4 — — Other 1.2 1.2 0.3 0.3 There is no active or observable market for our fixed rate Brazilian loans. Therefore, the estimated fair value is based on discounted cash flows using current interest rates available for debt with similar terms and remaining maturities. The estimates of the all-in interest rate for discounting the loans are based on a broker quote for loans with similar terms. We do not have a rate adjustment for risk profile changes, covenant issues or credit rating changes, therefore the broker quote is deemed to be the closest approximation of current market rates. The carrying values of the remaining borrowings approximate their fair values due to their variable interest rates. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES In the normal course of our business, we are at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although we are not able to predict the outcome of such actions, after reviewing all pending and threatened actions with counsel and based on information currently available, management believes that the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the results of operations or financial position of our Company. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to the results of operations in a particular future period as the time and amount of any resolution of such actions and its relationship to the future results of operations are not currently known. Liabilities are established for pending legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. In many lawsuits and arbitrations, it is not considered probable that a liability has been incurred or not possible to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case no liability would be recognized until that time. We are currently the subject of an audit being conducted by the State of Delaware to determine whether the Company has complied with Delaware unclaimed property (escheat) laws. This audit is being conducted by an outside firm on behalf of the State of Delaware and covers the years from 1986 through the present. In addition to seeking the turnover of unclaimed property subject to escheat laws, the State of Delaware may seek interest, penalties, and other relief. An estimate of a possible loss from this audit cannot be made at this time. Guarantees and Product Warranties In the ordinary course of business with customers, vendors and others, we issue standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled approximately $182.5 million at December 31, 2016 , represent guarantees of our future performance. We also have provided approximately $10.5 million of bank guarantees and letters of credit to secure a portion of our existing financial obligations. The majority of these financial instruments expire within two years ; we expect to replace them through the issuance of new or the extension of existing letters of credit and surety bonds. In some instances, we guarantee our customers’ financing arrangements. We are responsible for payment of any unpaid amounts but will receive indemnification from third parties for between seventy-five and ninety-five percent of the contract values. In addition, we generally retain recourse to the equipment sold. As of December 31, 2016 , the gross value of such arrangements was $8.0 million , of which our net exposure under such guarantees was $0.6 million . We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. We provide for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists. We also provide specific warranty for significant claims for which initial estimates are not likely to be sufficient. The warranty obligation reflected in other current liabilities in the consolidated balance sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information is as follows: (In millions) 2016 2015 Balance at beginning of year $ 12.5 $ 10.2 Expenses for new warranties 13.4 11.1 Adjustments to existing accruals (0.3 ) (1.1 ) Claims paid (11.2 ) (8.7 ) Added through acquisition 0.3 1.4 Translation (0.2 ) (0.4 ) Balance at end of year $ 14.5 $ 12.5 Leases We lease office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide that we pay for repairs, property taxes and insurance. Substantially all leases are classified as operating leases for accounting purposes. Rent expense under operating leases amounted to $6.2 million , $8.9 million and $9.6 million in 2016 , 2015 and 2014 , respectively. Future minimum lease payments under non-cancelable operating leases as of December 31, 2016 , for the following fiscal years were: (In millions) Total Amount 2017 2018 2019 2020 2021 After 2022 Operating lease obligations $ 22.3 $ 6.3 $ 4.2 $ 3.2 $ 2.6 $ 2.3 $ 3.7 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Our determination of the two reportable segments was made on the basis of our strategic business units and the commonalities among the products and services within each segment, and corresponds to the manner in which management reviews and evaluates operating performance. Our reportable segments are: • JBT FoodTech—designs, manufactures and services technologically sophisticated food processing systems used for, among other things, fruit juice production, frozen food production, in-container food production, automated systems and convenience food preparation by the food industry. • JBT AeroTech—designs, manufactures and services technologically sophisticated airport ground support and gate equipment and provides services for airport authorities; airlines, airfreight, and ground handling companies; the defense contractors and other industries. Total revenue by segment includes intersegment sales, which are made at prices that reflect, as nearly as practicable, the market value of the transaction. Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate expense, restructuring costs, interest income and expense, and income taxes. See the table below for further details on corporate expense. Segment revenue and segment operating profit (In millions) 2016 2015 2014 Revenue JBT FoodTech $ 928.0 $ 725.1 $ 634.7 JBT AeroTech 422.5 383.1 350.2 Intercompany eliminations — (0.9 ) (0.7 ) Total revenue $ 1,350.5 $ 1,107.3 $ 984.2 Income before income taxes Segment operating profit: JBT FoodTech $ 113.2 $ 85.4 $ 72.7 JBT AeroTech 45.1 38.2 30.0 Total segment operating profit 158.3 123.6 102.7 Corporate items: Corporate expense (1) (42.6 ) (34.6 ) (37.5 ) Restructuring expense (2) (12.3 ) — (14.5 ) Net interest expense (9.4 ) (6.8 ) (6.0 ) Total corporate items (64.3 ) (41.4 ) (58.0 ) Income from continuing operations before income taxes 94.0 82.2 44.7 Provision for income taxes 26.0 26.2 13.9 Income from continuing operations 68.0 56.0 30.8 Loss from discontinued operations, net of income taxes (0.4 ) (0.1 ) — Net income $ 67.6 $ 55.9 $ 30.8 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, pension and other post-retirement benefits expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. (2) Refer to Note 17 . Restructuring for further information on restructuring expense. Segment operating capital employed and segment assets (In millions) 2016 2015 2014 Segment operating capital employed (1) : JBT FoodTech $ 654.2 $ 414.7 $ 298.1 JBT AeroTech 125.9 114.1 114.0 Total segment operating capital employed 780.1 528.8 412.1 Segment liabilities included in total segment operating capital employed (2) 365.2 322.6 248.6 Corporate (3) 42.1 24.7 37.1 Total assets $ 1,187.4 $ 876.1 $ 697.8 Segment assets: JBT FoodTech $ 950.5 $ 663.1 $ 478.1 JBT AeroTech 194.8 188.9 183.8 Intercompany eliminations — (0.6 ) (1.2 ) Total segment assets 1,145.3 851.4 660.7 Corporate (3) 42.1 24.7 37.1 Total assets $ 1,187.4 $ 876.1 $ 697.8 (1) Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income taxes and LIFO inventory reserves. (2) Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities. (3) Corporate includes cash, LIFO inventory reserves, income tax balances, investments, and property, plant and equipment not associated with a specific segment. Geographic segment information Geographic segment sales were identified based on the location where our products and services were delivered. Geographic segment long-lived assets include property, plant and equipment, net and certain other non-current assets. (In millions) 2016 2015 2014 Revenue (by location of customers): United States $ 807.7 $ 600.9 $ 512.5 All other countries 542.8 506.4 471.7 Total revenue $ 1,350.5 $ 1,107.3 $ 984.2 (In millions) 2016 2015 2014 Long-lived assets: United States $ 154.1 $ 132.7 $ 99.0 Brazil 12.6 9.5 12.5 All other countries 57.8 49.1 41.3 Total long-lived assets $ 224.5 $ 191.3 $ 152.8 Other business segment information Capital Expenditures Depreciation and Amortization Research and Development Expense (In millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 JBT FoodTech $ 30.7 $ 31.9 $ 32.8 $ 34.6 $ 25.5 $ 22.2 $ 18.0 $ 13.5 $ 12.1 JBT AeroTech 3.9 3.5 2.5 2.2 2.0 1.8 5.6 4.7 2.5 Corporate 2.5 2.3 1.4 1.7 2.1 1.3 — — — Total $ 37.1 $ 37.7 $ 36.7 $ 38.5 $ 29.6 $ 25.3 $ 23.6 $ 18.2 $ 14.6 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING Restructuring costs primarily consist of employee separation benefits under our existing severance programs, foreign statutory termination benefits, certain one-time termination benefits, contract termination costs, asset impairment charges and other costs that are associated with restructuring actions. Certain restructuring charges are accrued prior to payments in accordance with applicable guidance. For such charges, the amounts are determined based on estimates prepared at the time the restructuring actions were approved by management. In the first quarter of 2014, we implemented a plan to optimize the overall JBT cost structure on a global basis. The initiatives under this plan included streamlining operations, consolidating certain facilities and enhancing our general and administrative infrastructure. We released $1.1 million of the liability during the year ended December 31, 2016 which we no longer expect to pay in connection with this plan due to actual severance payments differing from the original estimates and natural attrition of employees. We recorded $1.4 million in restructuring expense, $0.3 million net of the release, as of December 31, 2016. We do not expect to incur additional restructuring costs under this plan in 2017, and substantially all of the payments required under this plan were paid as of December 31, 2016. In the first quarter of 2016, we implemented our optimization program to realign FoodTech’s Protein business in North America and Liquid Foods business in Europe, accelerate JBT’s strategic sourcing initiatives, and consolidate smaller facilities. The total estimated cost in connection with this plan is in the range of $10 million to $12 million . We released $0.7 million of the liability during the year ended December 31, 2016 which we no longer expect to pay in connection with this plan due to actual severance payments differing from the original estimates and natural attrition of employees. We recorded $11.3 million in restructuring expense, $10.6 million net of the release, as of December 31, 2016. Remaining payments required under this plan are expected to be made during 2017 and early 2018. As a result of our acquisition of Tipper Tie in the fourth quarter 2016, we have recorded an additional restructuring reserve of $4.0 million , $2.6 million of which is related to an acquired restructuring plan that we have committed to completing. The remaining $1.4 million was a restructuring charge we incurred post acquisition as we implemented a plan to consolidate certain facilities and optimize our general and administrative infrastructure. The total estimated cost in connection with this plan is in the range of $1 million to $2 million . Additional information regarding the restructuring activities is presented in the tables below: (In millions) Charges incurred during the twelve months ended December 31, 2016 2015 2014 Severance and related expense $ 6.1 $ (1.5 ) $ 11.1 Asset write-offs 0.1 — 0.5 Other 6.1 1.5 2.9 Total Restructuring charges $ 12.3 $ — $ 14.5 The restructuring charges are associated with the FoodTech segment, and are excluded from our calculation of segment operating profit. Restructuring charges are included in their own line item within operating expenses on the consolidated statements of income. Liability balances for restructuring activities are included in other current liabilities in the accompanying consolidated balance sheets. The table below details the activity in 2016 : (In millions) Balance as of Charged to Earnings Payments Made /Charges Applied Acquired Restructuring Reserve Balance as of Severance and related expense $ 2.6 $ 6.1 $ (2.4 ) $ 2.0 $ 8.3 Asset write-offs — 0.1 (0.1 ) — — Other — 6.1 (6.1 ) 0.6 0.6 Total $ 2.6 $ 12.3 $ (8.6 ) $ 2.6 $ 8.9 |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | QUARTERLY INFORMATION (UNAUDITED) (In millions, except per share data and common stock prices) 2016 2015 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. Revenue $ 405.0 $ 349.6 $ 328.8 $ 267.1 $ 354.4 $ 273.3 $ 254.6 $ 225.0 Cost of sales 291.0 255.5 233.0 190.3 252.5 197.1 180.4 160.5 Income from continuing operations 23.4 20.6 18.8 5.2 20.9 12.7 14.4 8.0 Loss from discontinued operations, net of tax (0.3 ) — — (0.1 ) — (0.1 ) — — Net income $ 23.1 $ 20.6 $ 18.8 $ 5.1 $ 20.9 $ 12.6 $ 14.4 $ 8.0 Basic earnings per share (1) : Income from continuing operations $ 0.79 $ 0.70 $ 0.64 $ 0.18 $ 0.71 $ 0.43 $ 0.49 $ 0.27 Loss from discontinued operations, net of tax (0.01 ) — — (0.01 ) — — — — Net income $ 0.78 $ 0.70 $ 0.64 $ 0.17 $ 0.71 $ 0.43 $ 0.49 $ 0.27 Diluted earnings per share (1) : Income from continuing operations $ 0.78 $ 0.69 $ 0.63 $ 0.17 $ 0.70 $ 0.43 $ 0.48 $ 0.27 Loss from discontinued operations, net of tax (0.01 ) — — — — (0.01 ) — — Net income $ 0.77 $ 0.69 $ 0.63 $ 0.17 $ 0.70 $ 0.42 $ 0.48 $ 0.27 Dividends declared per share $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.09 $ 0.09 $ 0.09 Weighted average shares outstanding Basic 29.4 29.4 29.4 29.5 29.5 29.5 29.5 29.6 Diluted 29.9 29.8 29.8 29.8 29.8 29.8 29.8 29.8 Common stock sales price High $ 93.55 $ 71.00 $ 65.67 $ 57.48 $ 51.34 $ 38.92 $ 39.25 $ 35.84 Low $ 70.55 $ 59.90 $ 51.20 $ 41.35 $ 36.64 $ 31.89 $ 34.22 $ 29.69 (1) Basic and diluted earnings per share (EPS) are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS As a result of an acquisition, we continued a relationship with a supplier of parts for use in our manufacturing of equipment. An employee hired by JBT as part of this acquisition has a noncontrolling ownership interest in this supplier. We have made purchases of $4.3 million and $4.1 million from this supplier during the years ended December 31, 2016 and 2015 , respectively. We have outstanding accounts payable to this supplier of $0.2 million and $0.6 million as of December 31, 2016 and 2015 , respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On February 17, 2017, the Board of Directors approved a quarterly cash dividend of $0.10 per share of outstanding common stock. The dividend will be paid on March 13, 2017 to stockholders of record at the close of business on February 27, 2017. On February 27, 2017, we completed our acquisition of Avure Technologies, Inc. ("Avure"), headquartered in Erlanger, Kentucky. Avure is a leading provider of high pressure processing (HPP) systems. This acquisition will allow us to offer comprehensive thermal and non-thermal preservation solutions, and has a broad application within FoodTech. The purchase price was $57.0 million , which was funded with borrowings under our revolving credit facility. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts (In thousands) Additions Description Balance at beginning of period Charged to costs and expenses Charged to other accounts (a) Deductions and other (b) Balance at end of period Year ended December 31, 2014: Allowance for doubtful accounts $ 3,742 $ 1,630 $ — $ 2,330 $ 3,042 Valuation allowance for deferred tax assets $ 254 $ — $ — $ 254 $ — Year ended December 31, 2015: Allowance for doubtful accounts $ 3,042 $ 471 $ — $ 1,450 $ 2,063 Valuation allowance for deferred tax assets $ — $ — $ — $ — $ — Year ended December 31, 2016: Allowance for doubtful accounts $ 2,063 $ 2,060 $ — $ 1,054 $ 3,069 Valuation allowance for deferred tax assets $ — $ — $ — $ — $ — (a) “Additions charged to other accounts” includes translation adjustments and allowances added through business combinations. (b) “Deductions and other” includes translation adjustments, write-offs, net of recoveries, and reductions in the allowances credited to expense. See accompanying Report of Independent Registered Public Accounting Firm. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of John Bean Technologies Corporation (JBT, we, or the Company) and all wholly-owned subsidiaries. All intercompany investments, accounts, and transactions have been eliminated. |
Use of estimates | Use of estimates Preparation of financial statements that follow accounting principles generally accepted in the U.S. (U.S. GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, which includes an estimate for excess and obsolete inventories. Inventory costs include those costs directly attributable to products, including all manufacturing overhead but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for all domestic inventories, except certain inventories relating to construction-type contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. |
Property, plant, and equipment | Property, plant, and equipment Property, plant, and equipment are recorded at cost. Depreciation for financial reporting purposes is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements— 20 to 35 years; buildings— 20 to 50 years; and machinery and equipment— 3 to 20 years). Gains and losses are reflected in other income, net on the consolidated statements of income upon the sale or retirement of assets. Expenditures that extend the useful lives of property, plant, and equipment are capitalized and depreciated over the estimated new remaining life of the asset. |
Capitalized software costs | Capitalized software costs Other assets include the capitalized cost of internal use software (including Internet web sites). The assets are stated at cost less accumulated amortization and totaled $12.3 million and $8.1 million at December 31, 2016 and 2015, respectively. These software costs include the amount paid for purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three to ten years. For Internet web site costs, the estimated useful lives do not exceed three years. |
Goodwill | Goodwill We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by first assessing qualitative factors to see if further testing of goodwill is required. If we conclude that it is more likely than not that a reporting unit’s fair value is less than its carrying amount based on our qualitative assessment, then a quantitative test is required. We may also choose to bypass the qualitative assessment and perform the quantitative test. In performing the quantitative test, we determine the fair value of a reporting unit using the “income approach” valuation method. We use a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate cost of capital rate. Judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, and working capital requirements, among others. If the estimated fair value of a reporting unit exceeds its carrying value, we consider that goodwill is not impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. |
Intangible assets | Intangible assets Our acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives, which range from less than 1 year to 15 years. We have determined the trade names for our recently acquired businesses of CAT and Tipper Tie have indefinite lives. |
Impairment of long-lived assets | Impairment of long-lived assets Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. |
Revenue recognition | Revenue recognition For most of our products we recognize revenue when we have an agreement with the customer, the product has been delivered to the customer, the sales price is fixed or determinable and collectability is reasonably assured. Each customer arrangement is evaluated to determine the presence of multiple deliverables. For multiple-element revenue arrangements, such as the sale of equipment with a service agreement, we allocate the contract value to the various elements based on relative selling price for each element and recognize revenue consistent with the nature of each deliverable. Our standard agreements generally do not include customer acceptance provisions. However, if there is a customer-specific acceptance provision, the associated revenue is deferred until we have satisfied the acceptance provision. Certain of our product sales are generated from construction-type contracts and revenue is recognized under the percentage of completion method. Under this method, revenue is recognized as work progresses on each contract. However, revenue recognition does not begin until a substantial portion of the labor hours are incurred to ensure that revenue is not recognized based solely upon materials procurement. Depending upon the product, we measure progress using an input method, such as costs incurred, or an output method, such as units completed or milestones achieved. Any expected losses are charged to earnings, in total, in the period the losses are identified. Progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. Revenue in excess of progress billings on contracts amounted to $63.0 million and $61.5 million at December 31, 2016 and 2015 , respectively. These unbilled receivables are reported in trade receivables on the consolidated balance sheets. Progress billings and cash collections in excess of revenue recognized on a contract are classified as advance and progress payments on the consolidated balance sheets. All unbilled trade payables are accrued in other current liabilities when revenue is recognized. Unbilled trade payables were $8.3 million and $7.8 million at December 31, 2016 and 2015 , respectively. Service revenue is recognized either when performance is complete or proportionately over the period of the underlying contract, depending on the terms of the arrangement. Some of our operating lease revenue is earned from full-service leases for which we are paid annual fixed rates plus, in some cases, an additional amount based on production volumes. Revenue from production volumes is recognized when determinable and collectible. We provide an allowance for doubtful accounts on trade receivables equal to the estimated uncollectible amounts. This estimate is based on historical collection experience and a specific review of each customer’s trade receivable balance. |
Income taxes | Income taxes Income taxes are provided on income reported for financial statement purposes, adjusted for permanent differences between financial statement reporting and income tax regulations. Deferred tax assets and liabilities are measured using enacted tax rates, and reflect the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. A liability for uncertain tax positions is recorded whenever management believes it is not likely that the position will be sustained on examination based solely on its technical merits. Interest and penalties related to underpayment of income taxes are classified as income tax expense. Income taxes are not provided on undistributed earnings of foreign subsidiaries or affiliates when it is management’s intention that such earnings will remain invested in those companies. Taxes are provided on such earnings in the year in which the decision is made to repatriate the earnings. |
Stock-based employee compensation | Stock-based employee compensation We measure compensation cost on restricted stock awards based on the market price of our common stock at the grant date and the number of shares awarded. The compensation cost for each award is recognized ratably over the lesser of the stated vesting period or the period until the employee becomes retirement eligible, after taking into account estimated forfeitures. |
Foreign currency | Foreign currency Financial statements of operations for which the U.S. dollar is not the functional currency are translated to the U.S. dollar prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive loss in stockholders’ equity until the foreign entity is sold or liquidated. |
Derivative financial instruments | Derivative financial instruments Derivatives are recognized in the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. We do not offset fair value amounts for derivative instruments held with the same counterparty. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive loss, depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. In the consolidated statements of income, earnings from foreign currency derivatives related to sales and remeasurement of sales-related assets, liabilities and contracts are recorded in revenue, while earnings from foreign currency derivatives related to purchases and remeasurement of purchase-related assets, liabilities and contracts are recorded in cost of sales. Earnings from foreign currency derivatives related to cash management of foreign currencies throughout the world and remeasurement of cash are recorded in other income (expense), net. When hedge accounting is applied, we ensure that the derivative is highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge and on a quarterly basis. Effectiveness of forward contract cash flow hedges is assessed solely on changes in fair value attributable to the change in the spot rate. The change in the fair value of the contract related to the change in forward rates is excluded from the assessment of hedge effectiveness. Changes in this excluded component of the derivative instrument, along with any ineffectiveness identified, are recorded in earnings as incurred. We document our risk management strategy and method for assessing hedge effectiveness at the inception of and throughout the term of each hedge. Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information includes $4.3 million of additional expense related to the fair value adjustment of inventories. (In millions, except per share data) 2016 2015 Revenue Pro forma $ 1,460.1 $ 1,258.5 As reported 1,350.5 1,107.3 Net Earnings Pro forma 74.8 63.9 As reported 68.0 56.0 Net earnings from continuing operations per share Pro forma Basic 2.54 2.17 Fully diluted 2.51 2.15 As reported Basic 2.31 1.90 Fully diluted 2.28 1.88 |
Tipper Tie, Inc. | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for Tipper Tie: (In millions) Other assets acquired $ 29.6 Inventories 17.0 Property, plant and equipment 17.4 Other identifiable intangible assets 66.3 Deferred taxes (5.6 ) Other liabilities assumed (20.1 ) Total identifiable net assets $ 104.6 Total purchase price $ 158.9 Goodwill $ 54.3 |
Cooling and Applied Technologies, Inc. | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for C.A.T.: (In millions) Other assets acquired $ 3.6 Inventories 16.4 Property, plant and equipment 2.9 Other identifiable intangible assets 48.0 Liabilities assumed (14.6 ) Total identifiable net assets $ 56.3 Cash consideration paid $ 72.2 Payments due to seller 12.0 Total purchase price $ 84.2 Goodwill $ 27.9 |
A&B Process Systems | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values recorded for the assets acquired and liabilities assumed for A&B: (In millions) Other assets acquired $ 21.6 Inventories 1.0 Property, plant and equipment 18.1 Other identifiable intangible assets 25.0 Liabilities assumed (16.0 ) Total identifiable net assets $ 49.7 Total purchase price 103.0 Goodwill $ 53.3 |
Stork Food Dairy Systems BV | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values recorded for the assets acquired and liabilities assumed for SFDS: (In millions) Other assets acquired $ 23.0 Inventories 4.8 Property, plant and equipment 9.8 Other identifiable intangible assets 5.2 Deferred taxes (2.7 ) Liabilities assumed (28.1 ) Total identifiable net assets $ 12.0 Total purchase price $ 51.8 Goodwill $ 39.8 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories as of December 31, consisted of the following: (In millions) 2016 2015 Raw materials $ 62.9 $ 55.0 Work in process 57.3 36.8 Finished goods 86.2 81.8 Gross inventories before LIFO reserves and valuation adjustments 206.4 173.6 LIFO reserves and valuation adjustments (66.8 ) (68.7 ) Net inventories $ 139.6 $ 104.9 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment as of December 31, consisted of the following: (In millions) 2016 2015 Land and land improvements $ 14.7 $ 10.6 Buildings 92.7 87.6 Machinery and equipment 326.0 293.6 Construction in process 14.8 13.1 448.2 404.9 Accumulated depreciation (238.0 ) (223.8 ) Property, plant and equipment, net $ 210.2 $ 181.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill by business segment were as follows: (In millions) JBT FoodTech JBT AeroTech Total Balance as of January 1, 2015 $ 61.4 $ 7.8 $ 69.2 Acquisitions 85.0 — 85.0 Currency translation (1.6 ) (0.1 ) (1.7 ) Balance as of December 31, 2015 144.8 7.7 152.5 Acquisitions 90.1 — 90.1 Currency translation (3.1 ) — (3.1 ) Balance as of December 31, 2016 $ 231.8 $ 7.7 $ 239.5 |
Schedule of Intangible Assets | The components of intangible assets as of December 31, were as follows: 2016 2015 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 141.5 $ 21.5 $ 70.8 $ 15.9 Patents and acquired technology 64.8 24.5 35.4 23.5 Tradenames (1) 27.6 8.4 19.5 7.8 Other 14.8 8.3 13.8 5.5 Total intangible assets $ 248.7 $ 62.7 $ 139.5 $ 52.7 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt as of December 31, consisted of the following: (In millions) Interest Rate at December 31, 2016 Maturity Date 2016 2015 Short-term borrowings Foreign credit facilities 5.1 % June 30, 2017 $ 4.4 $ — Other 1.8 % 1.2 0.4 Total short-term borrowings $ 5.6 $ 0.4 Long-term debt Revolving credit facility 2.1 % February 10, 2020 $ 342.1 $ 279.4 Term loan 2.1 % February 10, 2020 150.0 — Brazilian Real Loan 5.5 % April 15, 2016 — 0.3 Brazilian Real Loan 8.0 % October 16, 2017 1.5 2.7 Total long-term debt 493.6 282.4 Less: current portion (1.5 ) (1.8 ) Long-term debt, less current portion 492.1 280.6 Less: unamortized debt issuance costs - term loan (0.5 ) — Long-term debt, net $ 491.6 $ 280.6 |
Schedule of Maturities of Long-term Debt | Scheduled maturities of long-term debt for the years ending December 31, are as follows: (In millions) Maturities of Long-term debt 2017 $ 1.5 2018 — 2019 — 2020 492.1 2021 — Total $ 493.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Domestic and foreign components of income from continuing operations before income taxes for the years ended on December 31, are shown below: (In millions) 2016 2015 2014 Domestic $ 43.6 $ 38.2 $ 18.1 Foreign 50.4 44.0 26.6 Income before income taxes $ 94.0 $ 82.2 $ 44.7 |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes related to income from continuing operations for the years ended on December 31, consisted of: (In millions) 2016 2015 2014 Current: Federal $ 7.8 $ 6.0 $ 0.4 State 2.2 1.2 0.3 Foreign 16.1 13.2 8.3 Total current 26.1 20.4 9.0 Deferred: Federal 1.0 4.8 4.8 State 0.3 0.9 0.8 Foreign (0.9 ) (0.8 ) 0.2 Change in the valuation allowance for deferred tax assets — — (0.3 ) Change in deferred tax liabilities due to foreign tax rate change — 0.4 — Benefits of operating loss carryforward (0.5 ) 0.5 (0.6 ) Total deferred (0.1 ) 5.8 4.9 Provision for income taxes $ 26.0 $ 26.2 $ 13.9 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities at December 31, were as follows: (In millions) 2016 2015 Deferred tax assets attributable to: Accrued pension and other post-retirement benefits $ 30.1 $ 33.2 Accrued expenses and accounts receivable allowances 20.5 15.8 Net operating loss carryforwards 2.3 2.5 Inventories 9.0 9.1 Stock-based compensation 8.4 6.5 Research and development credit carryforwards 1.5 2.2 Foreign tax credit carryforward 0.2 0.5 Total deferred tax assets 72.0 69.8 Valuation allowance — — Deferred tax assets, net of valuation allowance 72.0 69.8 Deferred tax liabilities attributable to: Liquidation of subsidiary for income tax purposes 13.3 13.3 Property, plant and equipment 14.1 10.9 Goodwill and amortization 15.5 14.6 Other 0.2 0.8 Total deferred tax liabilities 43.1 39.6 Net deferred tax assets $ 28.9 $ 30.2 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following: 2016 2015 2014 Statutory U.S. federal tax rate 35 % 35 % 35 % Net difference resulting from: Research and development tax credit (4 ) (2 ) (3 ) Foreign earnings subject to different tax rates (3 ) (3 ) (3 ) Tax on foreign intercompany dividends and deemed dividends for tax purposes — 6 1 Nondeductible expenses — — 1 State income taxes 2 2 2 Foreign tax credits (1 ) (7 ) (2 ) Foreign withholding taxes — 1 1 Change in valuation allowance — — (1 ) Other (1 ) — — Total difference (7 ) (3 ) (4 ) Effective income tax rate 28 % 32 % 31 % |
Summary of Income Tax Examinations | The following tax years remain subject to examination in the following significant jurisdictions: Belgium 2013-2016 Brazil 2011-2016 Italy 2011-2016 Netherlands 2011-2016 Sweden 2010-2016 United States 2013-2016 |
Pension and Post-retirement a37
Pension and Post-retirement and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Funded Status | The funded status of our pension and post-retirement benefit plans, together with the associated balances recognized in our consolidated financial statements as of December 31, 2016 and 2015 , were as follows: Pensions Other post-retirement benefits (In millions) 2016 2015 2016 2015 Projected benefit obligation at January 1 $ 316.3 $ 350.6 $ 3.2 $ 5.5 Service cost 1.4 1.5 — — Interest cost 11.4 13.7 0.1 0.2 Actuarial (gain) loss 11.4 (20.9 ) 0.4 (1.1 ) Plan participants' contributions 0.2 0.1 — — Business combinations 2.1 2.4 — — Plan amendments — — — (1.1 ) Benefits paid (23.2 ) (27.4 ) (0.4 ) (0.3 ) Currency translation adjustments (2.2 ) (3.7 ) — — Projected benefit obligation at December 31 $ 317.4 $ 316.3 $ 3.3 $ 3.2 Fair value of plan assets at January 1 $ 227.3 $ 260.7 $ — $ — Company contributions 10.3 12.3 0.4 0.3 Actual return (loss) on plan assets 18.8 (17.4 ) — — Plan participants' contributions 0.2 0.1 — — Benefits paid (23.2 ) (27.4 ) (0.4 ) (0.3 ) Currency translation adjustments (0.4 ) (1.0 ) — — Fair value of plan assets at December 31 $ 233.0 $ 227.3 $ — $ — Funded status of the plans (liability) at December 31 $ (84.4 ) $ (89.0 ) $ (3.3 ) $ (3.2 ) Amounts recognized in the Consolidated Balance Sheets at December 31 Other current liabilities (1.3 ) (1.2 ) (0.2 ) (0.4 ) Accrued pension and other post-retirement benefits, less current portion (83.1 ) (87.8 ) (3.1 ) (2.8 ) Net amount recognized $ (84.4 ) $ (89.0 ) $ (3.3 ) $ (3.2 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive loss at December 31, 2016 and 2015 were $174.1 million and $168.2 million , respectively for pensions and (.1) million and $(0.6) million for other post-retirement benefits, respectively. These amounts were primarily unrecognized actuarial gains and losses. |
Schedule of Net Benefit Costs | Pension and other post-retirement benefit costs (income) for the years ended December 31, were as follows: Pensions Other post-retirement benefits (In millions) 2016 2015 2014 2016 2015 2014 Service cost $ 1.4 $ 1.5 $ 1.8 $ — $ — $ 0.1 Interest cost 11.4 13.7 14.7 0.1 0.2 0.3 Expected return on plan assets (18.0 ) (19.1 ) (19.7 ) — — — Settlement charge 0.1 0.3 2.8 — — — Amortization of prior service (credit) cost — — 0.1 — (2.5 ) — Amortization of net actuarial (gain) loss 4.1 4.5 2.7 — — (0.1 ) Total (income) costs $ (1.0 ) $ 0.9 $ 2.4 $ 0.1 $ (2.3 ) $ 0.3 |
Schedule of Changes in Projected Benefit Obligations | Pre-tax changes in projected benefit obligations and plan assets recognized in other comprehensive income during 2016 were as follows: (In millions) Pensions Other post-retirement benefits Actuarial (gain) loss $ 10.8 $ 0.4 Amortization of net actuarial gain (loss) (4.2 ) — Total (income) loss recognized in other comprehensive income $ 6.6 $ 0.4 Total recognized in net periodic benefit cost and other comprehensive income $ 5.6 $ 0.5 The following weighted-average assumptions were used to determine the benefit obligations: Pensions Other post-retirement benefits 2016 2015 2014 2016 2015 2014 Discount rate 4.00 % 4.40 % 4.00 % 4.30 % 4.60 % 4.25 % Rate of compensation increase 3.09 % 3.19 % 3.23 % — — — |
Schedule of Assumptions Used | The following weighted-average assumptions were used to determine net periodic benefit cost: Pensions Other post-retirement benefits 2016 2015 2014 2016 2015 2014 Discount rate 4.34 % 4.03 % 4.93 % 4.60 % 4.25 % 5.10 % Rate of compensation increase 3.09 % 3.19 % 3.23 % — — — Expected rate of return on plan assets 6.83 % 7.08 % 7.77 % — — — |
Schedule of Allocation of Plan Assets | Our target asset allocations and actual allocations as of December 31, 2016 and 2015 were as follows: Target 2016 2015 Equity 30% - 70% 50% 48% Fixed income 20% - 40% 30% 31% Real estate and other 10% - 30% 19% 20% Cash 0% - 10% 1% 1% 100% 100% Our actual pension plans’ asset holdings by category and level within the fair value hierarchy are presented in the following table: As of December 31, 2016 As of December 31, 2015 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3.4 $ 3.4 $ — $ — $ 3.9 $ 3.9 $ — $ — Equity securities: Large cap (1) 44.0 — 44.0 — 42.5 — 42.5 — Small cap (2) 71.1 71.1 — — 66.8 66.8 — — Fixed income securities: Government securities (3) 12.5 — 12.5 — 12.7 — 12.7 — Corporate bonds (4) 57.4 46.2 11.2 — 57.8 45.6 12.2 — Real estate and other investments (5) 44.6 19.3 25.3 — 43.6 16.8 26.8 — Total assets at fair value $ 233.0 $ 140.0 $ 93.0 $ — $ 227.3 $ 133.1 $ 94.2 $ — (1) Includes funds that invest primarily in large cap equity securities. (2) Includes small cap equity securities and funds that invest primarily in small cap equity securities. (3) Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. (4) Includes investment grade bonds, high yield bonds and mortgage-backed fixed income securities and funds that invest in such securities. (5) Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by our foreign pension plans. |
Schedule of Expected Benefit Payments | The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2026. Actual benefit payments may differ from expected benefit payments. (In millions) Pensions Other post-retirement benefits 2017 $ 14.5 $ 0.3 2018 15.2 0.2 2019 15.5 0.2 2020 18.7 0.2 2021 16.7 0.2 2022-2026 94.1 1.0 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Changes in the AOCI balances for the years ended December 31, 2016 and 2015 by component are shown in the following table: Pension and Other Post-retirement Benefits Derivatives Designated as Hedges Foreign Currency Translation Total (In millions) Balance as of January 1, 2015 $ (96.4 ) $ — $ (20.7 ) $ (117.1 ) Other comprehensive gain (loss) before reclassification (8.8 ) (0.8 ) (21.9 ) (31.5 ) Amounts reclassified from accumulated other comprehensive income 1.4 — — 1.4 Balance as of December 31, 2015 (103.8 ) (0.8 ) (42.6 ) (147.2 ) Other comprehensive gain (loss) before reclassification (7.3 ) (0.1 ) (5.7 ) (13.1 ) Amounts reclassified from accumulated other comprehensive income 2.5 0.8 — 3.3 Balance as of December 31, 2016 $ (108.6 ) $ (0.1 ) $ (48.3 ) $ (157.0 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-based Compensation Expense | We recorded stock-based compensation expense and related income tax effects for the years ended December 31, as follows: (In millions) 2016 2015 2014 Stock-based compensation expense $ 9.9 $ 7.2 $ 7.3 Tax benefit recorded in consolidated statements of income $ 3.9 $ 2.9 $ 2.8 |
Schedule of Nonvested Restricted Stock Unit Activity | A summary of the non-vested restricted stock units as of December 31, 2016 and changes during the year is presented below: Shares Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2015 973,238 $ 26.93 Granted 239,875 $ 45.18 Vested (144,745 ) $ 18.30 Forfeited (2,161 ) $ 31.29 Nonvested at December 31, 2016 1,066,207 $ 32.21 |
Summary of Restricted Stock Activity | The following summarizes values for restricted stock activity in each of the years in the three year period ended December 31: 2016 2015 2014 Weighted-average grant-date fair value of restricted stock units granted (per share) $ 45.18 $ 35.48 $ 30.12 Fair value of restricted stock vested (in millions) $ 7.0 $ 14.9 $ 9.4 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Capital Stock Activity | The following is a summary of our capital stock activity (in shares) for the year ended on December 31, 2016 : Common stock outstanding Common stock held in treasury December 31, 2015 29,147,380 168,661 Stock awards issued 90,346 (90,346 ) Treasury stock purchases (80,879 ) 80,879 December 31, 2016 29,156,847 159,194 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted EPS utilizing income from continuing operations for the respective periods and our basic and dilutive shares outstanding: (In millions, except per share data) 2016 2015 2014 Basic earnings per share: Income from continuing operations $ 68.0 $ 55.9 $ 30.8 Weighted average number of shares outstanding 29.4 29.5 29.5 Basic earnings per share from continuing operations $ 2.31 $ 1.90 $ 1.04 Diluted earnings per share: Income from continuing operations $ 68.0 $ 55.9 $ 30.8 Weighted average number of shares outstanding 29.4 29.5 29.5 Effect of dilutive securities: Restricted stock units 0.4 0.3 0.4 Total shares and dilutive securities 29.8 29.8 29.9 Diluted earnings per share from continuing operations $ 2.28 $ 1.88 $ 1.03 |
Derivative Financial Instrume42
Derivative Financial Instruments and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Foreign Currency Derivatives | The following table presents the fair value of foreign currency derivatives included within the consolidated balance sheets: As of December 31, 2016 As of December 31, 2015 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Other current assets / liabilities $ 7.2 $ 4.8 $ 5.8 $ 1.3 Other assets / liabilities — — 1.2 0.1 Total $ 7.2 $ 4.8 $ 7.0 $ 1.4 |
Schedule of Derivative Assets at Fair Value | (in millions) As of December 31, 2016 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 7.2 $ — $ 7.2 $ (4.3 ) $ 2.9 (in millions) As of December 31, 2015 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 7.0 $ — $ 7.0 $ (1.7 ) $ 5.3 |
Schedule of Derivative Liabilities at Fair Value | Offsetting of Liabilities As of December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 5.0 $ — $ 5.0 $ (4.3 ) $ 0.7 Offsetting of Liabilities As of December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 2.9 $ — $ 2.9 $ (1.7 ) $ 1.2 |
Schedule of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the consolidated statements of income: Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income (In millions) 2016 2015 2014 Foreign exchange contracts Revenue $ (0.5 ) $ 0.8 $ (1.5 ) Foreign exchange contracts Cost of sales (0.5 ) (0.3 ) 0.9 Foreign exchange contracts Other income, net (1.0 ) (0.1 ) (0.1 ) Total (2.0 ) 0.4 (0.7 ) Remeasurement of assets and liabilities in foreign currencies 0.4 (1.3 ) 1.0 Net gain (loss) on foreign currency transactions $ (1.6 ) $ (0.9 ) $ 0.3 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of December 31, 2016 As of December 31, 2015 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 11.9 $ 11.9 $ — $ — $ 8.9 $ 8.9 $ — $ — Derivatives 7.2 — 7.2 — 7.0 — 7.0 — Total assets $ 19.1 $ 11.9 $ 7.2 $ — $ 15.9 $ 8.9 $ 7.0 $ — Liabilities: Derivatives $ 5.0 $ — $ 5.0 $ — $ 2.9 $ — $ 2.9 $ — Contingent Consideration 0.8 — — 0.8 3.0 — — 3.0 Total liabilities $ 5.8 $ — $ 5.0 $ 0.8 $ 5.9 $ — $ 2.9 $ 3.0 |
Schedule of Long-term Debt Instruments | The carrying values and the estimated fair values of our debt financial instruments as of December 31 are as follows: 2016 2015 (In millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility, expires February 10, 2020 $ 342.1 $ 342.1 $ 279.4 $ 279.4 Term loan due February 10, 2020 150.0 150.0 — — Brazilian loan due April 15, 2016 — — 0.3 0.3 Brazilian loan due October 16, 2017 1.5 1.4 2.7 2.4 Foreign credit facilities 4.4 4.4 — — Other 1.2 1.2 0.3 0.3 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Warranty cost and accrual information is as follows: (In millions) 2016 2015 Balance at beginning of year $ 12.5 $ 10.2 Expenses for new warranties 13.4 11.1 Adjustments to existing accruals (0.3 ) (1.1 ) Claims paid (11.2 ) (8.7 ) Added through acquisition 0.3 1.4 Translation (0.2 ) (0.4 ) Balance at end of year $ 14.5 $ 12.5 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancelable operating leases as of December 31, 2016 , for the following fiscal years were: (In millions) Total Amount 2017 2018 2019 2020 2021 After 2022 Operating lease obligations $ 22.3 $ 6.3 $ 4.2 $ 3.2 $ 2.6 $ 2.3 $ 3.7 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Revenue and Segment Operating Profit | (In millions) 2016 2015 2014 Revenue JBT FoodTech $ 928.0 $ 725.1 $ 634.7 JBT AeroTech 422.5 383.1 350.2 Intercompany eliminations — (0.9 ) (0.7 ) Total revenue $ 1,350.5 $ 1,107.3 $ 984.2 Income before income taxes Segment operating profit: JBT FoodTech $ 113.2 $ 85.4 $ 72.7 JBT AeroTech 45.1 38.2 30.0 Total segment operating profit 158.3 123.6 102.7 Corporate items: Corporate expense (1) (42.6 ) (34.6 ) (37.5 ) Restructuring expense (2) (12.3 ) — (14.5 ) Net interest expense (9.4 ) (6.8 ) (6.0 ) Total corporate items (64.3 ) (41.4 ) (58.0 ) Income from continuing operations before income taxes 94.0 82.2 44.7 Provision for income taxes 26.0 26.2 13.9 Income from continuing operations 68.0 56.0 30.8 Loss from discontinued operations, net of income taxes (0.4 ) (0.1 ) — Net income $ 67.6 $ 55.9 $ 30.8 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, pension and other post-retirement benefits expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. (2) Refer to Note 17 . Restructuring for further information on restructuring expense. |
Schedule of Segment Operating Capital Employed and Segment Assets | Segment operating capital employed and segment assets (In millions) 2016 2015 2014 Segment operating capital employed (1) : JBT FoodTech $ 654.2 $ 414.7 $ 298.1 JBT AeroTech 125.9 114.1 114.0 Total segment operating capital employed 780.1 528.8 412.1 Segment liabilities included in total segment operating capital employed (2) 365.2 322.6 248.6 Corporate (3) 42.1 24.7 37.1 Total assets $ 1,187.4 $ 876.1 $ 697.8 Segment assets: JBT FoodTech $ 950.5 $ 663.1 $ 478.1 JBT AeroTech 194.8 188.9 183.8 Intercompany eliminations — (0.6 ) (1.2 ) Total segment assets 1,145.3 851.4 660.7 Corporate (3) 42.1 24.7 37.1 Total assets $ 1,187.4 $ 876.1 $ 697.8 (1) Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income taxes and LIFO inventory reserves. (2) Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities. (3) Corporate includes cash, LIFO inventory reserves, income tax balances, investments, and property, plant and equipment not associated with a specific segment. |
Schedule of Geographic Segment Sales | (In millions) 2016 2015 2014 Revenue (by location of customers): United States $ 807.7 $ 600.9 $ 512.5 All other countries 542.8 506.4 471.7 Total revenue $ 1,350.5 $ 1,107.3 $ 984.2 |
Schedule of Geographic Segment Long-lived Assets | (In millions) 2016 2015 2014 Long-lived assets: United States $ 154.1 $ 132.7 $ 99.0 Brazil 12.6 9.5 12.5 All other countries 57.8 49.1 41.3 Total long-lived assets $ 224.5 $ 191.3 $ 152.8 |
Schedule of Other Business Segment Information | Other business segment information Capital Expenditures Depreciation and Amortization Research and Development Expense (In millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 JBT FoodTech $ 30.7 $ 31.9 $ 32.8 $ 34.6 $ 25.5 $ 22.2 $ 18.0 $ 13.5 $ 12.1 JBT AeroTech 3.9 3.5 2.5 2.2 2.0 1.8 5.6 4.7 2.5 Corporate 2.5 2.3 1.4 1.7 2.1 1.3 — — — Total $ 37.1 $ 37.7 $ 36.7 $ 38.5 $ 29.6 $ 25.3 $ 23.6 $ 18.2 $ 14.6 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Charges for Ongoing Activities | Additional information regarding the restructuring activities is presented in the tables below: (In millions) Charges incurred during the twelve months ended December 31, 2016 2015 2014 Severance and related expense $ 6.1 $ (1.5 ) $ 11.1 Asset write-offs 0.1 — 0.5 Other 6.1 1.5 2.9 Total Restructuring charges $ 12.3 $ — $ 14.5 |
Schedule of Restructuring Charges by Segment | |
Schedule of Restructuring Reserve Activity | The table below details the activity in 2016 : (In millions) Balance as of Charged to Earnings Payments Made /Charges Applied Acquired Restructuring Reserve Balance as of Severance and related expense $ 2.6 $ 6.1 $ (2.4 ) $ 2.0 $ 8.3 Asset write-offs — 0.1 (0.1 ) — — Other — 6.1 (6.1 ) 0.6 0.6 Total $ 2.6 $ 12.3 $ (8.6 ) $ 2.6 $ 8.9 |
Quarterly Information (Unaudi47
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | (In millions, except per share data and common stock prices) 2016 2015 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. Revenue $ 405.0 $ 349.6 $ 328.8 $ 267.1 $ 354.4 $ 273.3 $ 254.6 $ 225.0 Cost of sales 291.0 255.5 233.0 190.3 252.5 197.1 180.4 160.5 Income from continuing operations 23.4 20.6 18.8 5.2 20.9 12.7 14.4 8.0 Loss from discontinued operations, net of tax (0.3 ) — — (0.1 ) — (0.1 ) — — Net income $ 23.1 $ 20.6 $ 18.8 $ 5.1 $ 20.9 $ 12.6 $ 14.4 $ 8.0 Basic earnings per share (1) : Income from continuing operations $ 0.79 $ 0.70 $ 0.64 $ 0.18 $ 0.71 $ 0.43 $ 0.49 $ 0.27 Loss from discontinued operations, net of tax (0.01 ) — — (0.01 ) — — — — Net income $ 0.78 $ 0.70 $ 0.64 $ 0.17 $ 0.71 $ 0.43 $ 0.49 $ 0.27 Diluted earnings per share (1) : Income from continuing operations $ 0.78 $ 0.69 $ 0.63 $ 0.17 $ 0.70 $ 0.43 $ 0.48 $ 0.27 Loss from discontinued operations, net of tax (0.01 ) — — — — (0.01 ) — — Net income $ 0.77 $ 0.69 $ 0.63 $ 0.17 $ 0.70 $ 0.42 $ 0.48 $ 0.27 Dividends declared per share $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.09 $ 0.09 $ 0.09 Weighted average shares outstanding Basic 29.4 29.4 29.4 29.5 29.5 29.5 29.5 29.6 Diluted 29.9 29.8 29.8 29.8 29.8 29.8 29.8 29.8 Common stock sales price High $ 93.55 $ 71.00 $ 65.67 $ 57.48 $ 51.34 $ 38.92 $ 39.25 $ 35.84 Low $ 70.55 $ 59.90 $ 51.20 $ 41.35 $ 36.64 $ 31.89 $ 34.22 $ 29.69 (1) Basic and diluted earnings per share (EPS) are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Capitalized cost of internal use software | $ 12,300,000 | $ 8,100,000 | $ 12,300,000 | $ 8,100,000 | |||||||
Goodwill impairment loss | 0 | ||||||||||
As reported | 405,000,000 | $ 349,600,000 | $ 328,800,000 | $ 267,100,000 | 354,400,000 | $ 273,300,000 | $ 254,600,000 | $ 225,000,000 | 1,350,500,000 | 1,107,300,000 | $ 984,200,000 |
Unbilled Revenues | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
As reported | 63,000,000 | 61,500,000 | |||||||||
Accounts Payable | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Unbilled trade payables | $ 8,300,000 | $ 7,800,000 | $ 8,300,000 | $ 7,800,000 | |||||||
Minimum | Internal Use Software | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Capitalized software costs, useful lives | 3 years | ||||||||||
Minimum | Acquired Intangible Assets | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Intangible assets, useful lives | 1 year | ||||||||||
Minimum | Land Improvements | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, plant, and equipment, useful lives | P20Y | ||||||||||
Minimum | Building | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, plant, and equipment, useful lives | P20Y | ||||||||||
Minimum | Machinery and Equipment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, plant, and equipment, useful lives | P3Y | ||||||||||
Maximum | Internal Use Software | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Capitalized software costs, useful lives | 10 years | ||||||||||
Maximum | Internet Web Site Costs | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Capitalized software costs, useful lives | 3 years | ||||||||||
Maximum | Acquired Intangible Assets | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Intangible assets, useful lives | 15 years | ||||||||||
Maximum | Land Improvements | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, plant, and equipment, useful lives | P35Y | ||||||||||
Maximum | Building | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, plant, and equipment, useful lives | P50Y | ||||||||||
Maximum | Machinery and Equipment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, plant, and equipment, useful lives | P20Y |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | Nov. 01, 2016USD ($) | Oct. 14, 2016USD ($)installment | Oct. 01, 2015USD ($) | Jul. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||
Consideration, due to seller | $ 0 | $ 0 | $ 0 | ||||||||||||||
Acquisition, net of cash acquired | 232,000,000 | 150,900,000 | 91,300,000 | ||||||||||||||
As reported | $ 405,000,000 | $ 349,600,000 | $ 328,800,000 | $ 267,100,000 | $ 354,400,000 | $ 273,300,000 | $ 254,600,000 | $ 225,000,000 | 1,350,500,000 | 1,107,300,000 | 984,200,000 | ||||||
As reported | $ 23,100,000 | 20,600,000 | $ 18,800,000 | 5,100,000 | $ 20,900,000 | $ 12,600,000 | $ 14,400,000 | $ 8,000,000 | 67,600,000 | 55,900,000 | $ 30,800,000 | ||||||
NovuS | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Consideration transferred | 3,300,000 | ||||||||||||||||
Tipper Tie, Inc. | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Consideration transferred | $ 158,900,000 | ||||||||||||||||
Acquisition, net of cash acquired | 156,500,000 | ||||||||||||||||
Acquisition-related costs | 1,900,000 | ||||||||||||||||
Cash acquired | $ 2,400,000 | ||||||||||||||||
Tipper Tie, Inc. | Customer relationships | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 14 years | ||||||||||||||||
Tipper Tie, Inc. | Technology | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 10 years | ||||||||||||||||
Stork Food Dairy Systems BV | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquisition, net of cash acquired | $ 50,700,000 | ||||||||||||||||
Cash acquired | $ 1,100,000 | ||||||||||||||||
Purchase accounting adjustment, other liabilities | 1,100,000 | ||||||||||||||||
Purchase accounting adjustment, deferred tax assets | 500,000 | ||||||||||||||||
Purchase accounting adjustment, deferred tax liabilities | (600,000) | ||||||||||||||||
Purchase accounting adjustment, goodwill | 3,000,000 | ||||||||||||||||
Stork Food Dairy Systems BV | Customer relationships | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 15 years | ||||||||||||||||
Purchase accounting adjustment, intangible assets | (2,000,000) | ||||||||||||||||
Stork Food Dairy Systems BV | Patents | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 7 years | ||||||||||||||||
Purchase accounting adjustment, intangible assets | $ (1,000,000) | ||||||||||||||||
Stork Food Dairy Systems BV | Tradename | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 3 months | ||||||||||||||||
A&B Process Systems | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Consideration transferred | $ 103,000,000 | ||||||||||||||||
Working capital adjustment | 100,000 | ||||||||||||||||
Goodwill acquired, tax deductible | 60,300,000 | ||||||||||||||||
Purchase accounting adjustment, goodwill | 1,800,000 | ||||||||||||||||
A&B Process Systems | Earnout | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Contingent consideration | $ 3,000,000 | ||||||||||||||||
A&B Process Systems | Backlog & other assets | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 6 months | ||||||||||||||||
Purchase accounting adjustment, intangible assets | 100,000 | ||||||||||||||||
A&B Process Systems | Customer relationships | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 8 years | ||||||||||||||||
Purchase accounting adjustment, intangible assets | 900,000 | ||||||||||||||||
A&B Process Systems | Noncompete agreement | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 5 years | ||||||||||||||||
Purchase accounting adjustment, intangible assets | 100,000 | ||||||||||||||||
A&B Process Systems | Tradename | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 14 years | ||||||||||||||||
Purchase accounting adjustment, intangible assets | 400,000 | ||||||||||||||||
A&B Process Systems | Technological know-how - skidded systems | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 6 years | ||||||||||||||||
Purchase accounting adjustment, intangible assets | $ 200,000 | ||||||||||||||||
A&B Process Systems | Technological know-how - tanks and vessels | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 9 years | ||||||||||||||||
Cooling and Applied Technologies, Inc. | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Due to seller, number of installments | installment | 2 | ||||||||||||||||
Consideration transferred | $ 84,200,000 | ||||||||||||||||
Consideration, due to seller | 12,000,000 | ||||||||||||||||
Acquisition, net of cash acquired | $ 72,200,000 | ||||||||||||||||
Acquisition-related costs | 800,000 | ||||||||||||||||
Cooling and Applied Technologies, Inc. | Customer relationships | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 15 years | ||||||||||||||||
Cooling and Applied Technologies, Inc. | Technology | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 12 years | ||||||||||||||||
Cooling and Applied Technologies, Inc. | Noncompete agreement | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 5 years | ||||||||||||||||
Cooling and Applied Technologies, Inc. and Tipper Tie, Inc. | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
As reported | $ 33,300,000 | $ 1,350,500,000 | $ 1,107,300,000 | ||||||||||||||
As reported | $ 300,000 | ||||||||||||||||
Intangible Assets, Amortization Period | Stork Food Dairy Systems BV | Customer relationships | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 8 years |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation and Provisional Fair Values (Details) - USD ($) | Nov. 01, 2016 | Oct. 14, 2016 | Oct. 01, 2015 | Jul. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||||
Acquisitions, net of cash acquired | $ (232,000,000) | $ (150,900,000) | $ (91,300,000) | |||||
Consideration, due to seller | 0 | 0 | 0 | |||||
Goodwill | $ 239,500,000 | $ 152,500,000 | $ 69,200,000 | |||||
Tipper Tie, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Accounts receivable | $ 29,600,000 | |||||||
Inventories | 17,000,000 | |||||||
Property, plant and equipment | 17,400,000 | |||||||
Other identifiable intangible assets | 66,300,000 | |||||||
Other liabilities assumed | 5,600,000 | |||||||
Other liabilities | (20,100,000) | |||||||
Total assets | 104,600,000 | |||||||
Acquisitions, net of cash acquired | (156,500,000) | |||||||
Consideration transferred | 158,900,000 | |||||||
Goodwill | $ 54,300,000 | |||||||
Stork Food Dairy Systems BV | ||||||||
Business Acquisition [Line Items] | ||||||||
Accounts receivable | $ 23,000,000 | |||||||
Inventories | 4,800,000 | |||||||
Property, plant and equipment | 9,800,000 | |||||||
Other identifiable intangible assets | 5,200,000 | |||||||
Other liabilities assumed | 2,700,000 | |||||||
Other liabilities | (28,100,000) | |||||||
Total assets | 12,000,000 | |||||||
Acquisitions, net of cash acquired | (50,700,000) | |||||||
Total purchase price | 51,800,000 | |||||||
Goodwill | $ 39,800,000 | |||||||
A&B Process Systems | ||||||||
Business Acquisition [Line Items] | ||||||||
Accounts receivable | $ 21,600,000 | |||||||
Inventories | 1,000,000 | |||||||
Property, plant and equipment | 18,100,000 | |||||||
Other identifiable intangible assets | 25,000,000 | |||||||
Other liabilities | (16,000,000) | |||||||
Total assets | 49,700,000 | |||||||
Consideration transferred | 103,000,000 | |||||||
Goodwill | $ 53,300,000 | |||||||
Cooling and Applied Technologies, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Accounts receivable | $ 3,600,000 | |||||||
Inventories | 16,400,000 | |||||||
Property, plant and equipment | 2,900,000 | |||||||
Other identifiable intangible assets | 48,000,000 | |||||||
Other liabilities | (14,600,000) | |||||||
Total assets | 56,300,000 | |||||||
Acquisitions, net of cash acquired | (72,200,000) | |||||||
Consideration, due to seller | 12,000,000 | |||||||
Consideration transferred | 84,200,000 | |||||||
Goodwill | $ 27,900,000 | |||||||
NovuS | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $ 3,300,000 |
Acquisitions - Proforma (Detail
Acquisitions - Proforma (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue: | ||||||||||||
As reported | $ 405 | $ 349.6 | $ 328.8 | $ 267.1 | $ 354.4 | $ 273.3 | $ 254.6 | $ 225 | $ 1,350.5 | $ 1,107.3 | $ 984.2 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||||||||||||
Income from continuing operations | $ 23.4 | $ 20.6 | $ 18.8 | $ 5.2 | $ 20.9 | $ 12.7 | $ 14.4 | $ 8 | $ 68 | $ 56 | $ 30.8 | |
Net earnings from continuing operations per share | ||||||||||||
As reported Basic (in Dollars per share) | $ 0.78 | $ 0.70 | $ 0.64 | $ 0.17 | $ 0.71 | $ 0.43 | $ 0.49 | $ 0.27 | $ 2.30 | $ 1.89 | $ 1.04 | |
As reported Diluted (in Dollars per share) | $ 0.77 | $ 0.69 | $ 0.63 | $ 0.17 | $ 0.70 | $ 0.42 | $ 0.48 | $ 0.27 | $ 2.27 | $ 1.88 | $ 1.03 | |
Cooling and Applied Technologies, Inc. and Tipper Tie, Inc. | ||||||||||||
Revenue: | ||||||||||||
Pro forma | $ 1,460.1 | $ 1,258.5 | ||||||||||
As reported | $ 33.3 | 1,350.5 | 1,107.3 | |||||||||
Net Income (Loss) Attributable to Parent [Abstract] | ||||||||||||
Pro forma | 74.8 | 63.9 | ||||||||||
Income from continuing operations | $ 68 | $ 56 | ||||||||||
Net earnings from continuing operations per share | ||||||||||||
Pro Forma Basic (in Dollars per share) | $ 2.54 | $ 2.17 | ||||||||||
Pro Forma Diluted (in Dollars per share) | 2.51 | 2.15 | ||||||||||
As reported Basic (in Dollars per share) | 2.31 | 1.90 | ||||||||||
As reported Diluted (in Dollars per share) | $ 2.28 | $ 1.88 | ||||||||||
Pro Forma | Fair Value Adjustment to Inventory | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net Income | $ 4.3 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
LIFO inventory | $ 119.1 | $ 105.2 |
Excess of replacement costs over stated LIFO value | $ 47.9 | $ 47.5 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 62.9 | $ 55 |
Work in process | 57.3 | 36.8 |
Finished goods | 86.2 | 81.8 |
Gross inventories before LIFO reserves and valuation adjustments | 206.4 | 173.6 |
LIFO reserves and valuation adjustments | (66.8) | (68.7) |
Net inventories | $ 139.6 | $ 104.9 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 14.7 | $ 10.6 |
Buildings | 92.7 | 87.6 |
Machinery and equipment | 326 | 293.6 |
Construction in process | 14.8 | 13.1 |
Property, plant and equipment, gross | 448.2 | 404.9 |
Accumulated depreciation | (238) | (223.8) |
Property, plant and equipment, net | $ 210.2 | $ 181.1 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Intangible assets, amortization expense | $ 10.9 | $ 7.1 | $ 3.9 | |
Intangible assets, amortization expense 2017 | $ 13.7 | 13.7 | ||
Intangible assets, amortization expense 2018 | 13.4 | 13.4 | ||
Intangible assets, amortization expense 2019 | 13.3 | 13.3 | ||
Intangible assets, amortization expense 2020 | 13 | 13 | ||
Intangible assets, amortization expense 2021 | 12.6 | $ 12.6 | ||
Tradename | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | $ 9.5 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 152.5 | $ 69.2 |
Acquisitions | 90.1 | 85 |
Currency translation | (3.1) | (1.7) |
Ending balance | 239.5 | 152.5 |
JBT FoodTech | ||
Goodwill [Roll Forward] | ||
Beginning balance | 144.8 | 61.4 |
Acquisitions | 90.1 | 85 |
Currency translation | (3.1) | (1.6) |
Ending balance | 231.8 | 144.8 |
JBT AeroTech | ||
Goodwill [Roll Forward] | ||
Beginning balance | 7.7 | 7.8 |
Acquisitions | 0 | 0 |
Currency translation | 0 | (0.1) |
Ending balance | $ 7.7 | $ 7.7 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 248.7 | $ 139.5 |
Accumulated amortization | 62.7 | 52.7 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 141.5 | 70.8 |
Accumulated amortization | 21.5 | 15.9 |
Patents and acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 64.8 | 35.4 |
Accumulated amortization | 24.5 | 23.5 |
Tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 27.6 | 19.5 |
Accumulated amortization | 8.4 | 7.8 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 14.8 | 13.8 |
Accumulated amortization | $ 8.3 | $ 5.5 |
Debt - Narrative (Details)
Debt - Narrative (Details) BRL in Millions | 12 Months Ended | |||||
Dec. 31, 2016BRL | Dec. 31, 2014 | Dec. 31, 2016USD ($) | Oct. 20, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 10, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||
Outstanding borrowings | $ 5,600,000 | $ 400,000 | ||||
Long-term debt | 491,600,000 | 280,600,000 | ||||
Brazilian Real Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 0 | 300,000 | ||||
Brazilian Real Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,500,000 | $ 2,700,000 | ||||
Line of Credit | Credit Facilities China | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity (up to) | 12,000,000 | |||||
Outstanding borrowings | 4,400,000 | |||||
Line of Credit | Credit Facilities India | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity (up to) | 2,300,000 | |||||
Outstanding borrowings | $ 0 | |||||
Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity (up to) | $ 600,000,000 | |||||
Debt term | 5 years | |||||
Weighted-average interest rate (as a percent) | 2.11% | 2.11% | ||||
Long-term debt | $ 342,100,000 | |||||
Line of Credit | Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee (as a percent) | 15.00% | |||||
Line of Credit | Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee (as a percent) | 30.00% | |||||
Line of Credit | LIBOR | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate floor (as a percent) | 0.00% | |||||
Interest rate, basis spread (as a percent) | 1.00% | |||||
Line of Credit | Federal Funds Rate | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, basis spread (as a percent) | 50.00% | |||||
Secured Debt | Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 150,000,000 | |||||
Debt instrument, face amount | $ 150,000,000 | |||||
Carrying value, line of credit | $ 150,000,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.14% | 2.14% | ||||
Secured Debt | Brazilian Real Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 24 months | |||||
Long-term debt | BRL 4.8 | $ 1,500,000 | ||||
Stated interest rate (as a percent) | 8.00% |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) BRL in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016BRL | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Short-term borrowings | |||
Short-term debt | $ 5.6 | $ 0.4 | |
Long-term debt | |||
Long-term debt, gross | 493.6 | 282.4 | |
Less: current portion | (1.5) | (1.8) | |
Long-term debt, less current portion | 492.1 | 280.6 | |
Less: unamortized debt issuance costs - term loan | (0.5) | 0 | |
Long-term debt | 491.6 | 280.6 | |
Foreign credit facilities | Foreign Line of Credit | |||
Short-term borrowings | |||
Short-term debt | $ 4.4 | 0 | |
Interest Rate at December 31, 2016 | 5.10% | 5.10% | |
Long-term debt | |||
Maturity Date | Jun. 30, 2017 | ||
Brazilian Real Loan | |||
Long-term debt | |||
Long-term debt | $ 0 | 0.3 | |
Brazilian Real Loan | Secured Debt | |||
Long-term debt | |||
Interest Rate at December 31, 2016 | 5.50% | 5.50% | |
Maturity Date | Apr. 15, 2016 | ||
Long-term debt, gross | $ 0 | 0.3 | |
Brazilian Real Loan | |||
Long-term debt | |||
Long-term debt | $ 1.5 | 2.7 | |
Brazilian Real Loan | Secured Debt | |||
Long-term debt | |||
Interest Rate at December 31, 2016 | 8.00% | 8.00% | |
Maturity Date | Oct. 16, 2017 | ||
Long-term debt, gross | $ 1.5 | 2.7 | |
Long-term debt | BRL 4.8 | $ 1.5 | |
Other | |||
Short-term borrowings | |||
Interest Rate at December 31, 2016 | 1.80% | 1.80% | |
Other | Loans Payable | |||
Short-term borrowings | |||
Short-term debt | $ 1.2 | 0.4 | |
Credit Agreement | Secured Debt | |||
Long-term debt | |||
Interest Rate at December 31, 2016 | 2.10% | 2.10% | |
Maturity Date | Feb. 10, 2020 | ||
Long-term debt, gross | $ 150 | 0 | |
Long-term debt | 150 | ||
Revolving Credit Facility | Line of Credit | |||
Long-term debt | |||
Long-term debt | $ 342.1 | ||
Revolving Credit Facility | Revolving credit facility | Line of Credit | |||
Long-term debt | |||
Interest Rate at December 31, 2016 | 2.10% | 2.10% | |
Maturity Date | Feb. 10, 2020 | ||
Long-term debt, gross | $ 342.1 | $ 279.4 |
Debt - Maturities of Long-term
Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Maturities of Long-term Debt [Abstract] | ||
2,017 | $ 1.5 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 492.1 | |
2,021 | 0 | |
Long-term debt, gross | $ 493.6 | $ 282.4 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Research and development credit carryforwards | $ 1.5 | $ 2.2 | |
Undistributed earnings of foreign subsidiaries | 97.2 | ||
Scenario, Forecast | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Net operating loss carryforwards | $ 2.3 | ||
Foreign Tax Authority | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Net operating loss carryforwards, not subject to expiration | 7.7 | ||
Net operating loss carryforwards, subject to expiration | $ 0.6 |
Income Taxes - Domestic and For
Income Taxes - Domestic and Foreign Components of Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 43.6 | $ 38.2 | $ 18.1 |
Foreign | 50.4 | 44 | 26.6 |
Income from continuing operations before income taxes | $ 94 | $ 82.2 | $ 44.7 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 7.8 | $ 6 | $ 0.4 |
State | 2.2 | 1.2 | 0.3 |
Foreign | 16.1 | 13.2 | 8.3 |
Total current | 26.1 | 20.4 | 9 |
Deferred: | |||
Federal | 1 | 4.8 | 4.8 |
State | 0.3 | 0.9 | 0.8 |
Foreign | (0.9) | (0.8) | 0.2 |
Change in the valuation allowance for deferred tax assets | 0 | 0 | (0.3) |
Change in deferred tax liabilities due to foreign tax rate change | 0 | 0.4 | 0 |
Benefits of operating loss carryforward | (0.5) | 0.5 | (0.6) |
Total deferred | (0.1) | 5.8 | 4.9 |
Provision for income taxes | $ 26 | $ 26.2 | $ 13.9 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets attributable to: | ||
Accrued pension and other post-retirement benefits | $ 30.1 | $ 33.2 |
Accrued expenses and accounts receivable allowances | 20.5 | 15.8 |
Net operating loss carryforwards | 2.3 | 2.5 |
Inventories | 9 | 9.1 |
Stock-based compensation | 8.4 | 6.5 |
Research and development credit carryforwards | 1.5 | 2.2 |
Foreign tax credit carryforward | 0.2 | 0.5 |
Total deferred tax assets | 72 | 69.8 |
Valuation allowance | 0 | 0 |
Deferred tax assets, net of valuation allowance | 72 | 69.8 |
Deferred tax liabilities attributable to: | ||
Liquidation of subsidiary for income tax purposes | 13.3 | 13.3 |
Property, plant and equipment | 14.1 | 10.9 |
Goodwill and amortization | 15.5 | 14.6 |
Other | 0.2 | 0.8 |
Total deferred tax liabilities | 43.1 | 39.6 |
Net deferred tax assets | $ 28.9 | $ 30.2 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Net difference resulting from: | |||
Research and development tax credit | (4.00%) | (2.00%) | (3.00%) |
Foreign earnings subject to different tax rates | (3.00%) | (3.00%) | (3.00%) |
Tax on foreign intercompany dividends and deemed dividends for tax purposes | 0.00% | 6.00% | 1.00% |
Nondeductible expenses | 0.00% | 0.00% | 1.00% |
State income taxes | 2.00% | 2.00% | 2.00% |
Foreign tax credits | (1.00%) | (7.00%) | (2.00%) |
Foreign withholding taxes | 0.00% | 1.00% | 1.00% |
Change in valuation allowance | 0.00% | 0.00% | (1.00%) |
Other | (1.00%) | 0.00% | 0.00% |
Total difference | (7.00%) | (3.00%) | (4.00%) |
Effective income tax rate | 28.00% | 32.00% | 31.00% |
Income Taxes - Tax Years Subjec
Income Taxes - Tax Years Subject to Examination by Significant Jurisdictions (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Foreign Tax Authority | Earliest Tax Year | Belgium | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,013 |
Foreign Tax Authority | Earliest Tax Year | Brazil | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,011 |
Foreign Tax Authority | Earliest Tax Year | Italy | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,011 |
Foreign Tax Authority | Earliest Tax Year | Netherlands | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,011 |
Foreign Tax Authority | Earliest Tax Year | Swedish Tax Agency | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,010 |
Foreign Tax Authority | Latest Tax Year | Belgium | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,016 |
Foreign Tax Authority | Latest Tax Year | Brazil | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,016 |
Foreign Tax Authority | Latest Tax Year | Italy | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,016 |
Foreign Tax Authority | Latest Tax Year | Netherlands | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,016 |
Foreign Tax Authority | Latest Tax Year | Swedish Tax Agency | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,016 |
Domestic Tax Authority | Earliest Tax Year | United States | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,013 |
Domestic Tax Authority | Latest Tax Year | United States | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2,016 |
Pension and Post-retirement a67
Pension and Post-retirement and Other Benefit Plans - Narrative (Details) - USD ($) $ in Millions | Aug. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||||
Release of other postretirement benefit liability into other comprehensive income | $ 1.2 | ||||
Net prior service cost amortized out of other comprehensive income | $ 1.8 | ||||
Aggregate accumulated benefit obligation | $ 310.3 | $ 307.7 | |||
Expected future employer contributions | 14 | ||||
Employer matching contributions expense | 11.3 | 9 | $ 9.6 | ||
Scenario, Forecast | |||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||||
Expected amortization of net actuarial loss from accumulated other comprehensive income (loss) next fiscal year | $ 5.1 | ||||
Pensions | |||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||||
Pension and other post-retirement plans, accumulated other comprehensive income | 174.1 | 168.2 | |||
Accumulated benefit obligation for all pension plans | 317.4 | 316.3 | 350.6 | ||
Other post-retirement benefits | |||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||||
Pension and other post-retirement plans, accumulated other comprehensive income | (0.1) | (0.6) | |||
Accumulated benefit obligation for all pension plans | $ 3.3 | $ 3.2 | $ 5.5 |
Pension and Post-retirement a68
Pension and Post-retirement and Other Benefit Plans - Net Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | $ 227.3 | ||
Fair value of plan assets at December 31 | 233 | $ 227.3 | |
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Accrued pension and other post-retirement benefits, less current portion | (86.1) | (90.7) | |
Pensions | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at January 1 | 316.3 | 350.6 | |
Service cost | 1.4 | 1.5 | $ 1.8 |
Interest cost | 11.4 | 13.7 | 14.7 |
Actuarial (gain) loss | 11.4 | (20.9) | |
Plan participants' contributions | 0.2 | 0.1 | |
Business combinations | 2.1 | 2.4 | |
Benefits paid | (23.2) | (27.4) | |
Currency translation adjustments | (2.2) | (3.7) | |
Projected benefit obligation at December 31 | 317.4 | 316.3 | 350.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 227.3 | 260.7 | |
Company contributions | 10.3 | 12.3 | |
Actual return (loss) on plan assets | 18.8 | (17.4) | |
Plan participants' contributions | 0.2 | 0.1 | |
Benefits paid | (23.2) | (27.4) | |
Currency translation adjustments | (0.4) | (1) | |
Fair value of plan assets at December 31 | 233 | 227.3 | 260.7 |
Funded status of the plans (liability) at December 31 | (84.4) | (89) | |
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Other current liabilities | (1.3) | (1.2) | |
Accrued pension and other post-retirement benefits, less current portion | (83.1) | (87.8) | |
Net amount recognized | (84.4) | (89) | |
Other post-retirement benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at January 1 | 3.2 | 5.5 | |
Service cost | 0 | 0 | 0.1 |
Interest cost | 0.1 | 0.2 | 0.3 |
Actuarial (gain) loss | 0.4 | (1.1) | |
Plan amendments | 0 | (1.1) | |
Benefits paid | (0.4) | (0.3) | |
Projected benefit obligation at December 31 | 3.3 | 3.2 | $ 5.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Company contributions | 0.4 | 0.3 | |
Benefits paid | (0.4) | (0.3) | |
Funded status of the plans (liability) at December 31 | (3.3) | (3.2) | |
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Other current liabilities | (0.2) | (0.4) | |
Accrued pension and other post-retirement benefits, less current portion | (3.1) | (2.8) | |
Net amount recognized | $ (3.3) | $ (3.2) |
Pension and Post-retirement a69
Pension and Post-retirement and Other Benefit Plans - Key Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Aggregate accumulated benefit obligation | $ 310.3 | $ 307.7 |
Pension and Post-retirement a70
Pension and Post-retirement and Other Benefit Plans - Pension and Other Postretirement Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pensions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1.4 | $ 1.5 | $ 1.8 |
Interest cost | 11.4 | 13.7 | 14.7 |
Expected return on plan assets | (18) | (19.1) | (19.7) |
Settlement charge | 0.1 | 0.3 | 2.8 |
Amortization of prior service (credit) cost | 0 | 0 | 0.1 |
Amortization of net actuarial (gain) loss | 4.1 | 4.5 | 2.7 |
Total (income) costs | (1) | 0.9 | 2.4 |
Other post-retirement benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0.1 |
Interest cost | 0.1 | 0.2 | 0.3 |
Amortization of prior service (credit) cost | 0 | (2.5) | 0 |
Amortization of net actuarial (gain) loss | 0 | 0 | (0.1) |
Total (income) costs | $ 0.1 | $ (2.3) | $ 0.3 |
Pension and Post-retirement a71
Pension and Post-retirement and Other Benefit Plans - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions | Aug. 31, 2015 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost (credit) | $ 1.2 | |
Pensions | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | $ 10.8 | |
Amortization of net actuarial gain (loss) | (4.2) | |
Total (income) loss recognized in other comprehensive income | (6.6) | |
Total recognized in net periodic benefit cost and other comprehensive income | 5.6 | |
Other post-retirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | 0.4 | |
Amortization of net actuarial gain (loss) | 0 | |
Total (income) loss recognized in other comprehensive income | (0.4) | |
Total recognized in net periodic benefit cost and other comprehensive income | $ 0.5 |
Pension and Post-retirement a72
Pension and Post-retirement and Other Benefit Plans - Weighted-average Assumptions Used to Determine Benefit Obligations (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Pensions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 4.40% | 4.00% |
Rate of compensation increase | 3.09% | 3.19% | 3.23% |
Other post-retirement benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.30% | 4.60% | 4.25% |
Pension and Post-retirement a73
Pension and Post-retirement and Other Benefit Plans - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pensions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.34% | 4.03% | 4.93% |
Rate of compensation increase | 3.09% | 3.19% | 3.23% |
Expected rate of return on plan assets | 6.83% | 7.08% | 7.77% |
Other post-retirement benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.60% | 4.25% | 5.10% |
Pension and Post-retirement a74
Pension and Post-retirement and Other Benefit Plans - Target and Actual Asset Allocations (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target - minimum | 30.00% | |
Target - maximum | 70.00% | |
Weighted average asset allocations | 50.00% | 48.00% |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target - minimum | 20.00% | |
Target - maximum | 40.00% | |
Weighted average asset allocations | 30.00% | 31.00% |
Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target - minimum | 10.00% | |
Target - maximum | 30.00% | |
Weighted average asset allocations | 19.00% | 20.00% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target - minimum | 0.00% | |
Target - maximum | 10.00% | |
Weighted average asset allocations | 1.00% | 1.00% |
Pension and Post-retirement a75
Pension and Post-retirement and Other Benefit Plans - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 233 | $ 227.3 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 3.4 | 3.9 |
Equity securities, Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 44 | 42.5 |
Equity securities, Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 71.1 | 66.8 |
Government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 12.5 | 12.7 |
Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 57.4 | 57.8 |
Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 44.6 | 43.6 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 140 | 133.1 |
Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 3.4 | 3.9 |
Level 1 | Equity securities, Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | Equity securities, Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 71.1 | 66.8 |
Level 1 | Government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 46.2 | 45.6 |
Level 1 | Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 19.3 | 16.8 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 93 | 94.2 |
Level 2 | Equity securities, Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 44 | 42.5 |
Level 2 | Equity securities, Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | Government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 12.5 | 12.7 |
Level 2 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 11.2 | 12.2 |
Level 2 | Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 25.3 | 26.8 |
Level 3 | Equity securities, Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Equity securities, Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 0 | $ 0 |
Pension and Post-retirement a76
Pension and Post-retirement and Other Benefit Plans - Summary of Expected Benefit Payments from Various Pension and Postretirement Plans (Details) $ in Millions | Dec. 31, 2016USD ($) |
Pensions | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 14.5 |
2,018 | 15.2 |
2,019 | 15.5 |
2,020 | 18.7 |
2,021 | 16.7 |
2022 - 2026 | 94.1 |
Other post-retirement benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 0.3 |
2,018 | 0.2 |
2,019 | 0.2 |
2,020 | 0.2 |
2,021 | 0.2 |
2022 - 2026 | $ 1 |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest Expense | $ 11 | $ 7.9 | $ 7.6 |
Provision for income taxes | 26 | 26.2 | $ 13.9 |
Cost of sales | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefits plans | (1.5) | ||
Selling, General and Administrative Expenses | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefits plans | (4.1) | (3.6) | |
Provision for Income Taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefits plans | 1.6 | $ 0.7 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest Expense | 1.3 | ||
Provision for income taxes | $ 0.5 |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | $ 129.7 | $ 119.2 |
Stockholders' equity, ending balance | 179.9 | 129.7 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (103.8) | (96.4) |
Other comprehensive gain (loss) before reclassification | (7.3) | (8.8) |
Amounts reclassified from accumulated other comprehensive income | 2.5 | 1.4 |
Stockholders' equity, ending balance | (108.6) | (103.8) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (0.8) | 0 |
Other comprehensive gain (loss) before reclassification | (0.1) | (0.8) |
Amounts reclassified from accumulated other comprehensive income | 0.8 | 0 |
Stockholders' equity, ending balance | (0.1) | (0.8) |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (42.6) | (20.7) |
Other comprehensive gain (loss) before reclassification | (5.7) | (21.9) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Stockholders' equity, ending balance | (48.3) | (42.6) |
Accumulated Other Comprehensive Income(Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (147.2) | (117.1) |
Other comprehensive gain (loss) before reclassification | (13.1) | (31.5) |
Amounts reclassified from accumulated other comprehensive income | 3.3 | 1.4 |
Stockholders' equity, ending balance | $ (157) | $ (147.2) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | $ 12 | ||
Weighted average period for recognition of outstanding awards (in years) | 1 year 10 months 24 days | ||
Shares authorized under stock-based compensation plan (in shares) | 3,700,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Performance-based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance measurement period (in years) | 3 years | ||
Performance-based RSUs | Scenario, Forecast | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in future periods (in Shares) | 152,551 | 199,912 | |
2015 Plans and Prior | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period (in years) | 10 years | ||
2016 Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period (in years) | 5 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock-based compensation expense | $ 9.9 | $ 7.2 | $ 7.3 |
Tax benefit recorded in consolidated statements of income | $ 3.9 | $ 2.9 | $ 2.8 |
Stock-Based Compensation - Nonv
Stock-Based Compensation - Nonvested Restricted Stock Unit Activity (Details) - Nonvested Restricted Stock Units | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested beginning balance (in Shares) | shares | 973,238 |
Granted (in Shares) | shares | 239,875 |
Vested (in Shares) | shares | (144,745) |
Forfeited (in Shares) | shares | (2,161) |
Nonvested ending balance (in Shares) | shares | 1,066,207 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested, weighted-average grant date fair value, beginning balance (in Dollars per share) | $ / shares | $ 26.93 |
Granted, weighted-average grant date fair value (in Dollars per share) | $ / shares | 45.18 |
Vested, weighted-average grant date fair value (in Dollars per share) | $ / shares | 18.30 |
Forfeited, weighted-average grant date fair value (in Dollars per share) | $ / shares | 31.29 |
Nonvested, weighted-average grant date fair value, ending balance (in Dollars per share) | $ / shares | $ 32.21 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of restricted stock units granted (in Dollars per share) | $ 45.18 | $ 35.48 | $ 30.12 |
Fair value of restricted stock vested | $ 7 | $ 14.9 | $ 9.4 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 02, 2015 | Oct. 27, 2011 | Jul. 31, 2008 | |
Class of Stock [Line Items] | ||||||
Stock repurchase program, authorized amount (in Dollars) | $ 30,000,000 | $ 30,000,000 | ||||
Repurchase of common stock | $ 4,300,000 | $ 7,700,000 | $ 2,800,000 | |||
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Series A Junior Participating Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, purchase rights (in shares) | 0.01 | |||||
Preferred stock par value (in Dollars per share) | $ 0.01 | |||||
Preferred stock, redemption price (in Dollars per share) | $ 72 | |||||
Preferred stock, shares reserved for future issuance (in Shares) | 1,500,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Stock Activity (Details) | 12 Months Ended |
Dec. 31, 2016shares | |
Class of Stock [Line Items] | |
Stock outstanding, beginning balance (in Shares) | 29,147,380 |
Stock outstanding, ending balance (in Shares) | 29,156,847 |
Common Stock | |
Class of Stock [Line Items] | |
Stock outstanding, beginning balance (in Shares) | 29,147,380 |
Stock awards issued (in Shares) | 90,346 |
Treasury stock purchased (in Shares) | 80,879 |
Stock outstanding, ending balance (in Shares) | 29,156,847 |
Common Stock Held in Treasury | |
Class of Stock [Line Items] | |
Stock outstanding, beginning balance (in Shares) | 168,661 |
Stock awards issued (in Shares) | 90,346 |
Treasury stock purchased (in Shares) | 80,879 |
Stock outstanding, ending balance (in Shares) | 159,194 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic earnings per share: | |||||||||||
Income from continuing operations (in Dollars) | $ 68 | $ 55.9 | $ 30.8 | ||||||||
Weighted average number of shares outstanding (in Shares) | 29.4 | 29.4 | 29.4 | 29.5 | 29.5 | 29.5 | 29.5 | 29.6 | 29.4 | 29.5 | 29.5 |
Basic earnings per share from continuing operations (in Dollars per share) | $ 0.79 | $ 0.70 | $ 0.64 | $ 0.18 | $ 0.71 | $ 0.43 | $ 0.49 | $ 0.27 | $ 2.31 | $ 1.90 | $ 1.04 |
Diluted earnings per share: | |||||||||||
Income from continuing operations (in Dollars) | $ 68 | $ 55.9 | $ 30.8 | ||||||||
Weighted average number of shares outstanding (in Shares) | 29.4 | 29.4 | 29.4 | 29.5 | 29.5 | 29.5 | 29.5 | 29.6 | 29.4 | 29.5 | 29.5 |
Effect of dilutive securities: | |||||||||||
Restricted stock units (in Shares) | 0.4 | 0.3 | 0.4 | ||||||||
Total shares and dilutive securities (in Shares) | 29.9 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.9 |
Diluted earnings per share from continuing operations (in Dollars per share) | $ 0.78 | $ 0.69 | $ 0.63 | $ 0.17 | $ 0.70 | $ 0.43 | $ 0.48 | $ 0.27 | $ 2.28 | $ 1.88 | $ 1.03 |
Derivative Financial Instrume86
Derivative Financial Instruments and Credit Risk - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Derivative, fair value | $ 5,000,000 | $ 2,900,000 |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 474,800,000 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | 3 | |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, effective portion recognized in other comprehensive income (loss) | $ 200,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, fair value | $ 300,000 |
Derivative Financial Instrume87
Derivative Financial Instruments and Credit Risk - Fair Value of Foreign Currency Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative asset, current | $ 7.2 | $ 5.8 |
Derivative asset, noncurrent | 0 | 1.2 |
Total derivative asset | 7.2 | 7 |
Derivative liability, current | 4.8 | 1.3 |
Derivative liability, noncurrent | 0 | 0.1 |
Total derivative liability | $ 4.8 | $ 1.4 |
Derivative Financial Instrume88
Derivative Financial Instruments and Credit Risk - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $ 7.2 | $ 7 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Amount Presented in the Consolidated Balance Sheets | 7.2 | 7 |
Amount Subject to Master Netting Agreement | (4.3) | (1.7) |
Net Amount | $ 2.9 | $ 5.3 |
Derivative Financial Instrume89
Derivative Financial Instruments and Credit Risk - Derivative Liabilities at Fair Value (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Liabilities | $ 5,000,000 | $ 2,900,000 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Amount Presented in the Consolidated Balance Sheets | 5,000,000 | 2,900,000 |
Amount Subject to Master Netting Agreement | (4,300,000) | (1,700,000) |
Net Amount | $ 700,000 | $ 1,200,000 |
Derivative Financial Instrume90
Derivative Financial Instruments and Credit Risk - Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Foreign exchange contracts | $ (2) | $ 0.4 | $ (0.7) |
Remeasurement of assets and liabilities in foreign currencies | 0.4 | (1.3) | 1 |
Net gain (loss) on foreign currency transactions | (1.6) | (0.9) | 0.3 |
Revenue | |||
Derivative [Line Items] | |||
Foreign exchange contracts | (0.5) | 0.8 | (1.5) |
Cost of sales | |||
Derivative [Line Items] | |||
Foreign exchange contracts | (0.5) | (0.3) | 0.9 |
Other income, net | |||
Derivative [Line Items] | |||
Foreign exchange contracts | $ (1) | $ (0.1) | $ (0.1) |
Fair Value of Financial Instr91
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Unrealized loss on investments | $ 0.6 | $ 0.7 |
Fair Value of Financial Instr92
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Derivatives | $ 7,200,000 | $ 7,000,000 |
Liabilities: | ||
Derivatives | 5,000,000 | 2,900,000 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Investments | 11,900,000 | 8,900,000 |
Derivatives | 7,200,000 | 7,000,000 |
Total assets | 19,100,000 | 15,900,000 |
Liabilities: | ||
Derivatives | 5,000,000 | 2,900,000 |
Contingent Consideration | 800,000 | 3,000,000 |
Total liabilities | 5,800,000 | 5,900,000 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Investments | 11,900,000 | 8,900,000 |
Derivatives | 0 | 0 |
Total assets | 11,900,000 | 8,900,000 |
Liabilities: | ||
Derivatives | 0 | 0 |
Contingent Consideration | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 7,200,000 | 7,000,000 |
Total assets | 7,200,000 | 7,000,000 |
Liabilities: | ||
Derivatives | 5,000,000 | 2,900,000 |
Contingent Consideration | 0 | 0 |
Total liabilities | 5,000,000 | 2,900,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Contingent Consideration | 800,000 | 3,000,000 |
Total liabilities | 800,000 | $ 3,000,000 |
NovuS | ||
Liabilities: | ||
Contingent Consideration | $ 800,000 |
Fair Value of Financial Instr93
Fair Value of Financial Instruments - Carrying Values and the Estimated Fair Values of Debt Financial Instruments (Details) BRL in Millions, $ in Millions | Dec. 31, 2016BRL | Dec. 31, 2016USD ($) | Oct. 20, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Carrying value, long-term debt | $ 491.6 | $ 280.6 | ||
Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Carrying value, line of credit | 342.1 | 279.4 | ||
Estimated fair value, line of credit | 342.1 | 279.4 | ||
Brazilian Real Loan | ||||
Debt Instrument [Line Items] | ||||
Carrying value, long-term debt | 0 | 0.3 | ||
Estimated fair value, long-term debt | 0 | 0.3 | ||
Brazilian Real Loan | ||||
Debt Instrument [Line Items] | ||||
Carrying value, long-term debt | 1.5 | 2.7 | ||
Estimated fair value, long-term debt | 1.4 | 2.4 | ||
Foreign credit facilities | ||||
Debt Instrument [Line Items] | ||||
Carrying value, line of credit | 4.4 | 0 | ||
Estimated fair value, line of credit | 4.4 | 0 | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Carrying value, long-term debt | 1.2 | 0.3 | ||
Estimated fair value, long-term debt | 1.2 | $ 0.3 | ||
Secured Debt | Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Carrying value, long-term debt | 150 | |||
Estimated fair value, long-term debt | 150 | |||
Carrying value, line of credit | $ 150 | |||
Secured Debt | Brazilian Real Loan | ||||
Debt Instrument [Line Items] | ||||
Carrying value, long-term debt | BRL 4.8 | $ 1.5 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Product Liability Contingency [Line Items] | |||
Guarantor obligations, expiration term | P2Y | ||
Operating leases, rent expense | $ 6.2 | $ 8.9 | $ 9.6 |
Performance Guarantee | |||
Product Liability Contingency [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 182.5 | ||
Financial Guarantee | |||
Product Liability Contingency [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 10.5 | ||
Customers' Financing Arrangements Guarantee | |||
Product Liability Contingency [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 8 | ||
Guarantor obligations, maximum exposure, undiscounted, net | $ 0.6 | ||
Minimum | |||
Product Liability Contingency [Line Items] | |||
Guarantor obligations, amount recoverable from third-parties (as a percent) | 95.00% | ||
Maximum | |||
Product Liability Contingency [Line Items] | |||
Guarantor obligations, amount recoverable from third-parties (as a percent) | 75.00% |
Commitments and Contingencies95
Commitments and Contingencies - Product Warranty Cost and Accrual (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of year | $ 12.5 | $ 10.2 |
Expenses for new warranties | 13.4 | 11.1 |
Adjustments to existing accruals | (0.3) | (1.1) |
Claims paid | (11.2) | (8.7) |
Added through acquisition | 0.3 | 1.4 |
Translation | (0.2) | (0.4) |
Balance at end of year | $ 14.5 | $ 12.5 |
Commitments and Contingencies96
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Operating lease obligations | |
Operating lease obligations, total | $ 22.3 |
Operating lease obligations, 2016 | 6.3 |
Operating lease obligations, 2017 | 4.2 |
Operating lease obligations, 2018 | 3.2 |
Operating lease obligations, 2019 | 2.6 |
Operating lease obligations, 2020 | 2.3 |
Operating lease obligations, after 2021 | $ 3.7 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2016segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Business Segments - Segment Rev
Business Segments - Segment Revenue and Segment Operating Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
As reported | $ 405,000 | $ 349,600 | $ 328,800 | $ 267,100 | $ 354,400 | $ 273,300 | $ 254,600 | $ 225,000 | $ 1,350,500 | $ 1,107,300 | $ 984,200 |
Segment operating profit | 158,300 | 123,600 | 102,700 | ||||||||
Restructuring expense | (12,300) | 0 | (14,500) | ||||||||
Net interest expense | (11,000) | (7,900) | (7,600) | ||||||||
Total corporate items | (64,300) | (41,400) | (58,000) | ||||||||
Income from continuing operations before income taxes | 94,000 | 82,200 | 44,700 | ||||||||
Provision for income taxes | 26,000 | 26,200 | 13,900 | ||||||||
Income from continuing operations | 23,400 | 20,600 | 18,800 | 5,200 | 20,900 | 12,700 | 14,400 | 8,000 | 68,000 | 56,000 | 30,800 |
Loss from discontinued operations, net of income taxes | (300) | 0 | 0 | (100) | 0 | (100) | 0 | 0 | (400) | (100) | 0 |
Net income | $ 23,100 | $ 20,600 | $ 18,800 | $ 5,100 | $ 20,900 | $ 12,600 | $ 14,400 | $ 8,000 | 67,600 | 55,900 | 30,800 |
Intercompany Eliminations | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
As reported | 0 | (900) | (700) | ||||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Corporate expense | (42,600) | (34,600) | (37,500) | ||||||||
Restructuring expense | (12,300) | 0 | (14,500) | ||||||||
Net interest expense | (9,400) | (6,800) | (6,000) | ||||||||
JBT FoodTech | Operating Segments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
As reported | 928,000 | 725,100 | 634,700 | ||||||||
Segment operating profit | 113,200 | 85,400 | 72,700 | ||||||||
JBT AeroTech | Operating Segments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
As reported | 422,500 | 383,100 | 350,200 | ||||||||
Segment operating profit | $ 45,100 | $ 38,200 | $ 30,000 |
Business Segments - Segment Ope
Business Segments - Segment Operating Capital Employed and Segment Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | $ 1,187.4 | $ 876.1 | $ 697.8 |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Operating capital employed | 780.1 | 528.8 | 412.1 |
Segment liabilities included in total segment operating capital employed | 365.2 | 322.6 | 248.6 |
Assets | 1,145.3 | 851.4 | 660.7 |
Intercompany Eliminations | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 0 | (0.6) | (1.2) |
Corporate, Non-Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 42.1 | 24.7 | 37.1 |
JBT FoodTech | Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Operating capital employed | 654.2 | 414.7 | 298.1 |
Assets | 950.5 | 663.1 | 478.1 |
JBT AeroTech | Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Operating capital employed | 125.9 | 114.1 | 114 |
Assets | $ 194.8 | $ 188.9 | $ 183.8 |
Business Segments - Revenue by
Business Segments - Revenue by Geographic Location (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
As reported | $ 405 | $ 349.6 | $ 328.8 | $ 267.1 | $ 354.4 | $ 273.3 | $ 254.6 | $ 225 | $ 1,350.5 | $ 1,107.3 | $ 984.2 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
As reported | 807.7 | 600.9 | 512.5 | ||||||||
All other countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
As reported | $ 542.8 | $ 506.4 | $ 471.7 |
Business Segments - Long-lived
Business Segments - Long-lived Assets by Geographic Location (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 224.5 | $ 191.3 | $ 152.8 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 154.1 | 132.7 | 99 |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 12.6 | 9.5 | 12.5 |
All other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 57.8 | $ 49.1 | $ 41.3 |
Business Segments - Other Busin
Business Segments - Other Business Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 37.1 | $ 37.7 | $ 36.7 |
Depreciation and Amortization | 38.5 | 29.6 | 25.3 |
Research and Development Expense | 23.6 | 18.2 | 14.6 |
Operating Segments | JBT FoodTech | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 30.7 | 31.9 | 32.8 |
Depreciation and Amortization | 34.6 | 25.5 | 22.2 |
Research and Development Expense | 18 | 13.5 | 12.1 |
Operating Segments | JBT AeroTech | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 3.9 | 3.5 | 2.5 |
Depreciation and Amortization | 2.2 | 2 | 1.8 |
Research and Development Expense | 5.6 | 4.7 | 2.5 |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 2.5 | 2.3 | 1.4 |
Depreciation and Amortization | 1.7 | 2.1 | 1.3 |
Research and Development Expense | $ 0 | $ 0 | $ 0 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 12.3 | $ 0 | $ 14.5 |
Restructuring Charges Assumed At Acquisition | 2.6 | ||
Restructuring Plan, 2014 | |||
Restructuring Cost and Reserve [Line Items] | |||
Acquired Restructuring Reserve | (1.1) | ||
Restructuring expense | 1.4 | ||
Restructuring Reserve, Period Increase (Decrease) | 0.3 | ||
Restructuring Plan, 2016 | |||
Restructuring Cost and Reserve [Line Items] | |||
Acquired Restructuring Reserve | (0.7) | ||
Restructuring expense | 11.3 | ||
Restructuring Reserve, Period Increase (Decrease) | 10.6 | ||
Tipper Tie, Inc. | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 1.4 | ||
Restructuring reserve | 4 | ||
Restructuring Charges Assumed At Acquisition | 2.6 | ||
Severance and related expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 6.1 | ||
Restructuring Charges Assumed At Acquisition | $ 2 | ||
Minimum | Restructuring Plan, 2016 | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, expected cost | 10 | ||
Minimum | Tipper Tie, Inc. | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, expected cost | 1 | ||
Maximum | Restructuring Plan, 2016 | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, expected cost | 12 | ||
Maximum | Tipper Tie, Inc. | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, expected cost | $ 2 |
Restructuring - Restructuring C
Restructuring - Restructuring Charges for All Ongoing Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |||
Severance and related expense | $ 6.1 | $ (1.5) | $ 11.1 |
Asset write-offs | 0.1 | 0 | 0.5 |
Other | 6.1 | 1.5 | 2.9 |
Total Restructuring charges | 12.3 | 0 | $ 14.5 |
Restructuring reserve | $ 8.9 | $ 2.6 |
Restructuring - Restructuring R
Restructuring - Restructuring Reserve Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | $ 2.6 | ||
Charged to Earnings | 12.3 | $ 0 | $ 14.5 |
Payments Made /Charges Applied | (8.6) | ||
Ending Balance | 8.9 | 2.6 | |
Restructuring Charges Assumed At Acquisition | 2.6 | ||
Severance and related expense | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 2.6 | ||
Charged to Earnings | 6.1 | ||
Payments Made /Charges Applied | (2.4) | ||
Ending Balance | 8.3 | 2.6 | |
Restructuring Charges Assumed At Acquisition | 2 | ||
Asset Write Offs | |||
Restructuring Reserve [Roll Forward] | |||
Charged to Earnings | 0.1 | ||
Payments Made /Charges Applied | (0.1) | ||
Restructuring Charges Assumed At Acquisition | 0 | ||
Other | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 0 | ||
Charged to Earnings | 6.1 | ||
Payments Made /Charges Applied | (6.1) | ||
Ending Balance | $ 0.6 | 0 | |
Restructuring Charges Assumed At Acquisition | $ 0.6 |
Quarterly Information (Unaud106
Quarterly Information (Unaudited) - Schedule of Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
As reported | $ 405,000 | $ 349,600 | $ 328,800 | $ 267,100 | $ 354,400 | $ 273,300 | $ 254,600 | $ 225,000 | $ 1,350,500 | $ 1,107,300 | $ 984,200 |
Cost of sales | 291,000 | 255,500 | 233,000 | 190,300 | 252,500 | 197,100 | 180,400 | 160,500 | |||
Income from continuing operations | 23,400 | 20,600 | 18,800 | 5,200 | 20,900 | 12,700 | 14,400 | 8,000 | 68,000 | 56,000 | 30,800 |
Loss from discontinued operations, net of tax | (300) | 0 | 0 | (100) | 0 | (100) | 0 | 0 | (400) | (100) | 0 |
Net income | $ 23,100 | $ 20,600 | $ 18,800 | $ 5,100 | $ 20,900 | $ 12,600 | $ 14,400 | $ 8,000 | $ 67,600 | $ 55,900 | $ 30,800 |
Basic earnings per share: | |||||||||||
Income from continuing operations (in Dollars per share) | $ 0.79 | $ 0.70 | $ 0.64 | $ 0.18 | $ 0.71 | $ 0.43 | $ 0.49 | $ 0.27 | $ 2.31 | $ 1.90 | $ 1.04 |
Loss from discontinued operations, net of tax (in Dollars per share) | (0.01) | 0 | 0 | (0.01) | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0 |
Net income (in Dollars per share) | 0.78 | 0.70 | 0.64 | 0.17 | 0.71 | 0.43 | 0.49 | 0.27 | 2.30 | 1.89 | 1.04 |
Diluted earnings per share: | |||||||||||
Income from continuing operations (in Dollars per share) | 0.78 | 0.69 | 0.63 | 0.17 | 0.70 | 0.43 | 0.48 | 0.27 | 2.28 | 1.88 | 1.03 |
Income (loss) from discontinued operations, net of tax (in Dollars per share) | (0.01) | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | (0.01) | 0 | 0 |
Net income (in Dollars per share) | 0.77 | 0.69 | 0.63 | 0.17 | 0.70 | 0.42 | 0.48 | 0.27 | 2.27 | 1.88 | 1.03 |
Dividends declared per share (in Dollars per share) | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.40 | $ 0.37 | $ 0.36 |
Weighted average shares outstanding: | |||||||||||
Basic (in Shares) | 29.4 | 29.4 | 29.4 | 29.5 | 29.5 | 29.5 | 29.5 | 29.6 | 29.4 | 29.5 | 29.5 |
Diluted (in Shares) | 29.9 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.9 |
Maximum | |||||||||||
Weighted average shares outstanding: | |||||||||||
Common stock sales price (in Dollars per share) | $ 93.55 | $ 71 | $ 65.67 | $ 57.48 | $ 51.34 | $ 38.92 | $ 39.25 | $ 35.84 | $ 93.55 | $ 51.34 | |
Minimum | |||||||||||
Weighted average shares outstanding: | |||||||||||
Common stock sales price (in Dollars per share) | $ 70.55 | $ 59.90 | $ 51.20 | $ 41.35 | $ 36.64 | $ 31.89 | $ 34.22 | $ 29.69 | $ 70.55 | $ 36.64 |
Related Party Transactions (Det
Related Party Transactions (Details) - General Manager - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Purchases from related party | $ 4.3 | $ 4.1 |
Accounts payable, related party | $ 0.6 | $ 0.2 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 27, 2017 | Feb. 17, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||||||||||||
Quarterly cash dividend approved | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.40 | $ 0.37 | $ 0.36 | ||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Quarterly cash dividend approved | $ 0.10 | ||||||||||||
Avure Technologies, Inc. | Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Consideration transferred | $ 57 |
Schedule II - Valuation and 109
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 2,063 | $ 3,042 | $ 3,742 |
Charged to costs and expenses | 2,060 | 471 | 1,630 |
Charged to other accounts | 0 | 0 | 0 |
Deductions and other | 1,054 | 1,450 | 2,330 |
Ending balance | 3,069 | 2,063 | 3,042 |
Valuation allowance for deferred tax assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 0 | 254 |
Charged to other accounts | 0 | 0 | 0 |
Deductions and other | 0 | 0 | 254 |
Ending balance | $ 0 | $ 0 | $ 0 |