Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 23, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | John Bean Technologies Corporation | |
Entity Central Index Key | 1,433,660 | |
Trading Symbol | jbt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 31,623,079 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 344.5 | $ 267.1 |
Operating expenses: | ||
Cost of sales | 246.9 | 190.3 |
Selling, general and administrative expense | 70.5 | 53.9 |
Research and development expense | 6.3 | 5.5 |
Restructuring expense | 0.4 | 7.2 |
Other expense (income), net | (0.1) | 0.5 |
Operating income | 20.5 | 9.7 |
Interest expense | (3.4) | (2) |
Income from continuing operations before income taxes | 17.1 | 7.7 |
Provision (benefit) for income taxes | (0.5) | 2.5 |
Income from continuing operations | 17.6 | 5.2 |
Loss from discontinued operations, net of income taxes | (0.2) | (0.1) |
Net income | $ 17.4 | $ 5.1 |
Basic earnings per share: | ||
Income from continuing operations (in dollars per share) | $ 0.59 | $ 0.18 |
Loss from discontinued operations (in dollars per share) | (0.01) | (0.01) |
Net income (in dollars per share) | 0.58 | 0.17 |
Diluted earnings per share: | ||
Income from continuing operations (in dollars per share) | 0.58 | 0.17 |
Loss from discontinued operations (in dollars per share) | (0.01) | 0 |
Net income (in dollars per share) | 0.57 | 0.17 |
Cash dividends declared per share (in dollars per share) | $ 0.1 | $ 0.1 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 17.4 | $ 5.1 |
Other comprehensive income | ||
Foreign currency translation adjustments | 4.3 | 7.6 |
Pension and other postretirement benefits adjustments, net of tax of $0.4 and $0.3 for 2017 and 2016, respectively | 0.8 | 0.5 |
Derivatives designated as hedges, net of tax of $0.3 and ($1.4) for 2017 and 2016, respectively | 0.4 | (2.2) |
Other comprehensive income | 5.5 | 5.9 |
Comprehensive income | $ 22.9 | $ 11 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Pension and other postretirement benefits adjustments, tax | $ (0.4) | $ 0.3 |
Derivatives designated as hedges, tax | $ (0.3) | $ (1.4) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 42.9 | $ 33.2 |
Trade receivables, net of allowances of $3.2 and $3.1, respectively | 246.6 | 260.5 |
Inventories, net | 178.4 | 139.6 |
Other current assets | 52.6 | 51.7 |
Total current assets | 520.5 | 485 |
Property, plant and equipment, net of accumulated depreciation of $246.3 and $238.0, respectively | 216.8 | 210.2 |
Goodwill | 274.6 | 239.5 |
Intangible assets, net | 200.3 | 186 |
Deferred income taxes | 26.2 | 35 |
Other assets | 33.4 | 31.7 |
Total Assets | 1,271.8 | 1,187.4 |
Current Liabilities: | ||
Short-term debt and current portion of long-term debt | 7.8 | 7.1 |
Accounts payable, trade and other | 137.3 | 135.7 |
Advance and progress payments | 136.4 | 110.5 |
Other current liabilities | 120.7 | 139.7 |
Total current liabilities | 402.2 | 393 |
Long-term debt, less current portion | 372.6 | 491.6 |
Accrued pension and other postretirement benefits, less current portion | 85.4 | 86.1 |
Other liabilities | 35.3 | 36.8 |
Commitments and contingencies (Note 11) | ||
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued | 0 | 0 |
Common stock, $0.01 par value; 120,000,000 shares authorized; March 31, 2017: 31,623,079 issued and outstanding; December 31, 2016: 29,316,041 issued and 29,156,847 outstanding | 0.3 | 0.3 |
Common stock held in treasury, at cost; December 31, 2016: 159,194 shares | 0 | (7.2) |
Additional paid-in capital | 247.2 | 77.2 |
Retained earnings | 280.3 | 266.6 |
Accumulated other comprehensive loss | (151.5) | (157) |
Total stockholders’ equity | 376.3 | 179.9 |
Total Liabilities and Stockholders’ Equity | $ 1,271.8 | $ 1,187.4 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowances, trade receivables | $ 3.2 | $ 3.1 |
Property, plant and equipment, accumulated depreciation | $ 246.3 | $ 238 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issues (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 31,623,079 | 29,316,041 |
Common stock, shares outstanding (in shares) | 31,623,079 | 29,156,847 |
Common stock held in treasury (in shares) | 0 | 159,194 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows provided by operating activities: | ||
Net income | $ 17.4 | $ 5.1 |
Loss from discontinued operations, net | 0.2 | 0.1 |
Income from continuing operations | 17.6 | 5.2 |
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities: | ||
Depreciation and amortization | 12.2 | 8.6 |
Loss (gain) on disposal of assets | (0.4) | 0.1 |
Stock-based compensation | 1.8 | 2.2 |
Pension expense (income) | 0.1 | (0.3) |
Other | 0 | 1.5 |
Changes in operating assets and liabilities: | ||
Trade receivables, net | 18.5 | 4.6 |
Inventories | (22.8) | (29.6) |
Accounts payable, trade and other | (2.6) | (1.6) |
Advance and progress payments | 20.5 | 19.9 |
Accrued pension and other postretirement benefits, net | (0.4) | (5.3) |
Other assets and liabilities, net | (20.5) | (5.1) |
Cash provided by continuing operating activities | 24 | 0.2 |
Cash required by discontinued operating activities | (0.2) | 0 |
Cash provided by operating activities | 23.8 | 0.2 |
Cash flows required by investing activities: | ||
Acquisitions, net of cash acquired | (61) | (3.2) |
Capital expenditures | (7.9) | (11.4) |
Proceeds from property available for sale | 0.5 | 0.4 |
Cash required by investing activities | (68.4) | (14.2) |
Cash flows provided by financing activities: | ||
Net payments on short-term debt | (1) | (0.2) |
Proceeds from short-term foreign credit facilities | 1 | 0 |
Payments of short-term foreign credit facilities | (0.8) | 0 |
Net proceeds (payments) from credit facilities | 184.6 | 0 |
Payment of long-term debt | (117.1) | 17.2 |
Repayment of long-term debt | (0.5) | (0.6) |
Settlement of taxes withheld on equity compensation awards | (9.5) | (2.6) |
Excess tax benefits | 0 | 1.5 |
Purchase of treasury stock | 0 | (1.1) |
Dividends | (3.2) | (3.1) |
Cash provided by financing activities | 53.5 | 11.1 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0.8 | 1.7 |
Increase (decrease) in cash and cash equivalents | 9.7 | (1.2) |
Cash and cash equivalents, beginning of period | 33.2 | 37.2 |
Cash and cash equivalents, end of period | $ 42.9 | $ 36 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (the “Company,” “JBT,” “our,” “us,” or “we”) provide global technology solutions to high-value segments of the food and beverage and air transportation industries. We design, produce and service sophisticated products and systems for multi-national and regional customers through our JBT FoodTech and JBT AeroTech segments. We have manufacturing operations worldwide and are strategically located to facilitate delivery of our products and services to our customers. Basis of Presentation In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the JBT Annual Report on Form 10-K for the year ended December 31, 2016 , which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated balance sheet was derived from audited financial statements. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period. Use of estimates Preparation of financial statements that follow 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. Recently adopted accounting standards In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) – Simplifying the Measurement of Inventory . The core principle of the ASU is that entities that historically used the lower of cost or market in the subsequent measurement of inventory will instead be required to measure inventory at the lower of cost and net realizable value. The guidance will not change U.S. GAAP for inventory measured using LIFO or the retail inventory method. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016. This guidance became effective for us as of January 1, 2017 and there was no effect on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting . The new guidance was developed as part of the FASB’s simplification initiative. The core principle of the ASU requires income tax effects of awards to be recognized in the income statement when the awards vest or are settled, and eliminates the requirement to report excess tax benefits in additional paid-in capital (APIC pool). It also allows an employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, and allows an employer to make a policy election to account for forfeitures as they occur. The new standard became effective for us as of January 1, 2017. During the first quarter 2017, 278,316 awards vested, and resulted in a $5.8 million tax benefit reported in earnings, and is classified as an operating activity within the condensed consolidated Statements of Cash Flows. The elimination of the APIC pool affects the treasury stock method used to calculate weighted average shares outstanding; however, the impact was not material. We elected to change our policy surrounding forfeitures, and beginning January 2017 we no longer estimate the number awards expected to be forfeited but rather account for them as they occur. We are required to implement this portion of the guidance using a modified retrospective approach, and as such have recorded a cumulative adjustment of $0.6 million in retained earnings as of January 1, 2017. We also amended our incentive compensation and stock plan to allow JBT to have the discretion to withhold up to the maximum statutory rates, on an individual tax basis. A liability was not established as the withholding limits do not exceed the maximum. Cash paid for tax withholdings are classified as financing activity on the condensed consolidated Statement of Cash Flows, consistent with prior years. 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 (Topic 842) . 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. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments . The new guidance is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The core principle of the ASU requires the classification of eight specific cash flow issues identified under ASC 230 to be presented as either financing, investing or operating, or some combination thereof, depending upon the nature of the issue. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted. Entities are required to use a retrospective transition approach for all of the issues identified for each period presented. We are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory . The new guidance is intended to simplify the accounting for intercompany asset transfers. The core principle requires an entity to immediately recognize the tax consequences of intercompany asset transfers. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted only at the beginning of an annual period for which no financial statements (interim or annual) have already been issued. The Company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business . The core principle of the ASU is to clarify the definition of a business to require certain transactions to be accounted for as business combinations versus an acquisition of assets. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted for transactions that have occurred prior to the issuance of this update, but have not yet been disclosed in previous financial statements. The Company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. The new guidance will simplify the accounting for goodwill impairment. The core principle of the ASU is to remove the requirement to calculate an implied fair value to determine impairment (Step 2 of the goodwill impairment test) and allow instead for goodwill impairment to equal the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019. However, early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate that the ASU will have a material effect on our consolidated financial statements and related disclosures. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (ASC 715) - Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Cost. The new guidance will improve the presentation of pension cost by providing additional guidance on the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets. The core principle of the ASU is to provide more transparency in the presentation of these costs by requiring the service cost component to be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented separately from the service cost component and outside a subtotal of income from operations. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Consistent with our growth strategy, we completed several acquisitions during 2016 and 2017 focused on strengthening our Protein and Liquid Foods portfolios. Fiscal year 2017 Avure On February 24, 2017, John Bean Technologies Corporation acquired the shares of of Avure Technologies, Inc. (“Avure”), for $58.8 million . Avure is headquartered in Erlanger, Kentucky, with a manufacturing center in Middletown, Ohio. Avure is a leading provider of high pressure processing (HPP) systems. HPP is a cold pasteurization technology that ensures food safety without heat or preservatives, maintaining fresh food characteristics such as flavor and nutritional value, while extending shelf life. This acquisition will allow us to offer comprehensive thermal and non-thermal preservation solutions, which have a broad application within FoodTech. 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 $0.4 million were recognized in the FoodTech segment results and Other Expense (Income), net in the consolidated statements of income at the time they were incurred. Because the transaction was completed on February 24, 2017, the purchase accounting is preliminary as the valuation of intangible assets, income tax balances, certain working capital balances and residual goodwill related to this acquisition is not complete. These amounts are subject to adjustment as we complete our purchase accounting 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 Avure: (In millions) Financial assets 6.7 Inventories 15.1 Property, plant and equipment 4.5 Other intangible assets 18.2 Deferred Taxes (7.1 ) Financial liabilities (10.1 ) Total identifiable net assets 27.3 Total cash consideration paid 58.8 Goodwill 31.5 The acquired intangibles are being amortized on a straight-line basis over their estimated useful lives, which range from five to ten years. The tradename has been identified as an indefinite-lived intangible asset and will be reviewed annually for impairment. 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 $158.2 million in cash, 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. Because the transaction was completed on November 1, 2016, the purchase accounting is preliminary as the 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 Tipper Tie: (In millions) (as initially reported) November 1, 2016 Measurement Period Adjustments (as adjusted) November 1, 2016 Financial assets 29.6 (0.9 ) 28.7 Inventories 17.0 17.0 Property, plant and equipment 17.4 17.4 Other intangible assets 66.3 66.3 Deferred taxes (5.6 ) (5.6 ) Financial liabilities (20.1 ) (0.3 ) (20.4 ) Total identifiable net assets 104.6 (1.2 ) 103.4 Total cash consideration paid 158.9 1.7 160.6 Goodwill 54.3 2.9 57.2 The acquired intangibles are being amortized on a straight-line basis over their estimated useful lives, which range from ten to fourteen years. 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 $84.7 million . This includes a working capital adjustment of $0.5 million , and 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. Because the transaction was completed on October 14, 2016, the purchase accounting is preliminary as the 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) (as initially reported) October 14, 2016 Measurement Period Adjustments (as adjusted) October 14, 2016 Financial assets 3.6 (0.3 ) 3.3 Inventories 16.4 16.4 Property, plant and equipment 2.9 2.9 Other intangible assets 48.0 48.0 Financial liabilities (14.6 ) (0.3 ) (14.9 ) Total identifiable net assets 56.3 (0.6 ) 55.7 Cash consideration paid 72.2 0.5 72.7 Holdback payments due to seller 12.0 12.0 Total consideration 84.2 0.5 84.7 Goodwill 27.9 1.1 29.0 The acquired intangibles are being amortized on a straight-line basis over their estimated useful lives, which range from five to twelve years. The tradename has been identified as an indefinite-lived intangible asset and will be reviewed annually for impairment. 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 $3.3 million . While the acquisition was not material to our 2016 results, it is strategically important to our efforts to strengthen our Protein portfolio. Pro forma Financial Information (unaudited) The following information reflects the results of JBT’s operations for the three months ended March 31, 2017 and 2016 on a pro forma basis as if the acquisitions of Tipper Tie and C.A.T. had been completed on January 1, 2015. Pro forma adjustments have been made to illustrate the incremental impact on earnings of interest costs on the borrowings to acquire the companies, amortization expense related to acquire intangible assets, depreciation expense related to the fair value of the acquired depreciable tangible assets and the related tax impact associated with the incremental interest costs and amortization and depreciation expense. Three Months Ended March 31, ($ in millions, except per share data) 2017 2016 Revenue Pro forma $ 344.5 $ 297.7 As reported 344.5 267.1 Net Earnings Pro forma $ 17.3 $ 7.4 As reported 17.6 5.2 Net earnings from continuing operations per share Pro forma Basic 0.58 0.25 Fully diluted 0.57 0.25 As reported Basic 0.59 0.18 Fully diluted 0.58 0.17 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 actual consolidated results of operations. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 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 December 31, 2016 $ 231.8 $ 7.7 $ 239.5 Acquisitions 34.0 — 34.0 Currency translation 1.1 — 1.1 Balance as of March 31, 2017 $ 266.9 $ 7.7 $ 274.6 Intangible assets consisted of the following: March 31, 2017 December 31, 2016 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 148.2 $ 24.2 $ 141.5 $ 21.5 Patents and acquired technology 72.8 25.9 64.8 24.5 Tradenames 18.2 8.6 18.1 8.4 Indefinite lived intangible assets 13.7 — 9.5 — Other 14.6 8.5 14.8 8.3 Total intangible assets $ 267.5 $ 67.2 $ 248.7 $ 62.7 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following: (In millions) March 31, 2017 December 31, 2016 Raw materials $ 64.2 $ 62.9 Work in process 82.4 57.3 Finished goods 98.1 86.2 Gross inventories before LIFO reserves and valuation adjustments 244.7 206.4 LIFO reserves and valuation adjustments (66.3 ) (66.8 ) Inventories, net $ 178.4 $ 139.6 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | PENSION Components of net periodic benefit cost (income) were as follows: Pension Benefits Three Months Ended (In millions) 2017 2016 Service cost $ 0.4 $ 0.4 Interest cost 2.7 2.8 Expected return on plan assets (4.3 ) (4.5 ) Amortization of net actuarial losses 1.3 1.0 Net periodic cost (income) $ 0.1 $ (0.3 ) We expect to contribute $14.0 million to our pension and other postretirement benefit plans in 2017 . |
Stockholder's Equity Stockholde
Stockholder's Equity Stockholder's Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholder's Equity | STOCKHOLDERS' EQUITY On March 13, 2017 we issued 2.3 million shares of common stock in an underwritten public offering which resulted in net proceeds of $184.3 million , net of underwriting discounts and offering expenses. We used the net proceeds from this offering to repay a portion of our outstanding borrowings under our revolving credit facility and for general corporate purposes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [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 postretirement benefit plans, derivatives designated as hedges, and foreign currency translation adjustments. Changes in the AOCI balances for the three months ended March 31, 2017 by component are shown in the following table: Pension and Other Postretirement Benefits Derivatives Designated as Hedges Foreign Currency Translation Total (In millions) Beginning balance, December 31, 2016 $ (108.6 ) $ (0.1 ) $ (48.3 ) $ (157.0 ) Other comprehensive income before reclassification — 0.2 4.3 4.5 Amounts reclassified from accumulated other comprehensive income 0.8 0.2 — 1.0 Ending balance, March 31, 2017 $ (107.8 ) $ 0.3 $ (44.0 ) $ (151.5 ) Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2017 were $1.3 million of charges in selling, general and administrative expense, net of $0.5 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.4 million of charges in interest expense, net of $0.2 million in provision for income taxes. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the respective periods and our basic and diluted shares outstanding: Three Months Ended (In millions, except per share data) 2017 2016 Basic earnings per share: Income from continuing operations $ 17.6 $ 5.2 Weighted average number of shares outstanding 30.0 29.5 Basic earnings per share from continuing operations $ 0.59 $ 0.18 Diluted earnings per share: Income from continuing operations $ 17.6 $ 5.2 Weighted average number of shares outstanding 30.0 29.5 Effect of dilutive securities: Restricted stock 0.4 0.3 Total shares and dilutive securities 30.4 29.8 Diluted earnings per share from continuing operations $ 0.58 $ 0.17 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 As of December 31, 2016 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 12.4 $ 12.4 $ — $ — $ 11.9 $ 11.9 $ — $ — Derivatives 5.1 — 5.1 — 7.2 — 7.2 — Total assets $ 17.5 $ 12.4 $ 5.1 $ — $ 19.1 $ 11.9 $ 7.2 $ — Liabilities: Derivatives $ 3.9 $ — $ 3.9 $ — $ 5.0 $ — $ 5.0 $ — Contingent consideration 0.8 — — 0.8 0.8 — — 0.8 Total liabilities $ 4.7 $ — $ 3.9 $ 0.8 $ 5.8 $ — $ 5.0 $ 0.8 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 in Other assets on the Condensed Consolidated Balance Sheets. Investments include an unrealized gain of $0.5 million as of March 31, 2017 and unrealized gain of $0.6 million as of December 31, 2016 . 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 are summarized in the table below: As of March 31, 2017 As of December 31, 2016 (In millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility, expires February 10, 2020 $ 225.0 $ 225.0 $ 342.1 $ 342.1 Term loan due February 10, 2020 150.0 150.0 150.0 150.0 Brazilian loan due October 16, 2017 1.1 1.0 1.5 1.4 Foreign credit facilities 4.8 4.8 4.4 4.4 Other — — 1.2 1.2 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. |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Risk Management | DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Derivative Financial Instruments All derivatives are recorded as other assets or liabilities in the Condensed 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 Condensed 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 products in a number of countries throughout the world and, as a result, we 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 March 31, 2017 of $446.1 million , as hedges and therefore do not apply hedge accounting. The following table presents the fair value of foreign currency derivatives included within the Condensed Consolidated Balance Sheets: As of March 31, 2017 As of December 31, 2016 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Other current assets / liabilities $ 5.1 $ 3.9 $ 7.2 $ 4.8 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 Condensed Consolidated Balance Sheets. As of March 31, 2017 and December 31, 2016 , information related to these offsetting arrangements was as follows: (In millions) As of March 31, 2017 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 5.2 $ — $ 5.2 $ (3.1 ) $ 2.1 (In millions) As of March 31, 2017 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 3.9 $ — $ 3.9 $ (3.1 ) $ 0.8 (In millions) As of December 31, 2016 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net 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, 2016 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 5.0 $ — $ 5.0 $ (4.3 ) $ 0.7 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 Condensed Consolidated Statements of Income: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Loss Recognized in Income on Derivatives Three Months Ended (In millions) 2017 2016 Foreign exchange contracts Revenue $ 0.1 $ (0.5 ) Foreign exchange contracts Cost of sales (0.1 ) (0.1 ) Foreign exchange contracts Other income, net 0.2 (0.2 ) Total 0.2 (0.8 ) Remeasurement of assets and liabilities in foreign currencies (0.3 ) (0.3 ) Net loss on foreign currency transactions $ (0.1 ) $ (1.1 ) 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 March 31, 2017 , the fair value recorded in other assets on the Condensed Consolidated Balance Sheet was $0.4 million . The effective portion of these derivatives designated as cash flow hedges of ( $0.3 million ) has been reported in Other comprehensive income (loss), net of tax, on the Condensed Consolidated Statement of Comprehensive Income. Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of March 31, 2017 . Refer to Note 9 . 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 our results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to our 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 we have 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. We are not able to reasonably estimate a possible assessment from this audit 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 $173.8 million at March 31, 2017 , represent guarantees of our future performance. We also have provided $8.2 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 March 31, 2017 , the gross value of such arrangements was $7.3 million , of which our net exposure under such guarantees was $0.5 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 a warranty liability when additional specific obligations are identified. 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 were as follows: Three Months Ended (In millions) 2017 2016 Balance at beginning of period $ 14.5 $ 12.5 Expense for new warranties 2.5 2.8 Adjustments to existing accruals 0.4 (0.2 ) Claims paid (3.5 ) (2.5 ) Added through acquisition 1.7 — Translation 0.1 0.2 Balance at end of period $ 15.7 $ 12.8 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION Segment operating profit is defined as total segment revenue less segment operating expenses. Business segment information was as follows: Three Months Ended (In millions) 2017 2016 Revenue: JBT FoodTech $ 241.6 $ 177.5 JBT AeroTech 102.9 90.1 Intercompany eliminations — (0.5 ) Total revenue $ 344.5 $ 267.1 Income before income taxes Segment operating profit: JBT FoodTech $ 20.5 $ 18.8 JBT AeroTech 9.6 8.5 Total segment operating profit 30.1 27.3 Corporate items: Corporate expense (1) (9.2 ) (10.4 ) Restructuring expense (2) (0.4 ) (7.2 ) Operating income 20.5 9.7 Net interest expense (3.4 ) (2.0 ) Income from continuing operations before income taxes $ 17.1 $ 7.7 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, pension and other postretirement benefit expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations. (2) Refer to Note 13 . Restructuring for further information on restructuring expense. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2017 | |
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 made 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 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 approximately $11 million , with $10.5 million recorded to date. We released $0.3 during the quarter ended March 31, 2017, 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 $0.2 million in restructuring expense, ($0.1) million net of the release, during the quarter ended March 31, 2017. Remaining payments required under this plan are expected to be made during 2017 and early 2018. During the fourth quarter of 2016 we recorded recorded a restructuring reserve of $4.0 million for a plan to consolidate certain facilities and optimize our general and administrative infrastructure within Tipper Tie. We recorded an addition al $0.5 million in re structuring reserve related to this plan during the quarter ended March 31, 2017. The total estimated remaining cost in connection with this plan is in the range of $0.5 million to $1 million . Additional information regarding the amount reported in Restructuring Expense on the condensed consolidated statement of income is presented in the tables below: Charges Incurred During the Three Months Ended March 31, (In millions) 2017 2016 Severance and related expense $ 0.5 $ 5.9 Other 0.2 1.3 Total restructuring charges to expense $ 0.7 $ 7.2 The restructuring expense is associated with the FoodTech segment, and is excluded from our calculation of segment operating profit. Expenses incurred during the three months ended March 31, 2017 primarily relate to costs to streamline operations as a direct result of our plan. Liability balances for restructuring activities are included in other current liabilities in the accompanying condensed consolidated balance sheets. The table below details the activities in 2017: (In millions) Balance as of Charged to Earnings Payments Made Release of Liability Balance as of Severance and related expense $ 8.3 $ 0.5 $ (0.8 ) $ (0.3 ) $ 7.7 Other 0.6 0.2 (0.2 ) — 0.6 Total $ 8.9 $ 0.7 $ (1.0 ) $ (0.3 ) $ 8.3 |
Description of Business and B21
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the JBT Annual Report on Form 10-K for the year ended December 31, 2016 , which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated balance sheet was derived from audited financial statements. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period. |
Use of Estimates | Use of estimates Preparation of financial statements that follow 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. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently adopted accounting standards In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) – Simplifying the Measurement of Inventory . The core principle of the ASU is that entities that historically used the lower of cost or market in the subsequent measurement of inventory will instead be required to measure inventory at the lower of cost and net realizable value. The guidance will not change U.S. GAAP for inventory measured using LIFO or the retail inventory method. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016. This guidance became effective for us as of January 1, 2017 and there was no effect on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting . The new guidance was developed as part of the FASB’s simplification initiative. The core principle of the ASU requires income tax effects of awards to be recognized in the income statement when the awards vest or are settled, and eliminates the requirement to report excess tax benefits in additional paid-in capital (APIC pool). It also allows an employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, and allows an employer to make a policy election to account for forfeitures as they occur. The new standard became effective for us as of January 1, 2017. During the first quarter 2017, 278,316 awards vested, and resulted in a $5.8 million tax benefit reported in earnings, and is classified as an operating activity within the condensed consolidated Statements of Cash Flows. The elimination of the APIC pool affects the treasury stock method used to calculate weighted average shares outstanding; however, the impact was not material. We elected to change our policy surrounding forfeitures, and beginning January 2017 we no longer estimate the number awards expected to be forfeited but rather account for them as they occur. We are required to implement this portion of the guidance using a modified retrospective approach, and as such have recorded a cumulative adjustment of $0.6 million in retained earnings as of January 1, 2017. We also amended our incentive compensation and stock plan to allow JBT to have the discretion to withhold up to the maximum statutory rates, on an individual tax basis. A liability was not established as the withholding limits do not exceed the maximum. Cash paid for tax withholdings are classified as financing activity on the condensed consolidated Statement of Cash Flows, consistent with prior years. 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 (Topic 842) . 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. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments . The new guidance is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The core principle of the ASU requires the classification of eight specific cash flow issues identified under ASC 230 to be presented as either financing, investing or operating, or some combination thereof, depending upon the nature of the issue. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted. Entities are required to use a retrospective transition approach for all of the issues identified for each period presented. We are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory . The new guidance is intended to simplify the accounting for intercompany asset transfers. The core principle requires an entity to immediately recognize the tax consequences of intercompany asset transfers. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted only at the beginning of an annual period for which no financial statements (interim or annual) have already been issued. The Company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business . The core principle of the ASU is to clarify the definition of a business to require certain transactions to be accounted for as business combinations versus an acquisition of assets. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted for transactions that have occurred prior to the issuance of this update, but have not yet been disclosed in previous financial statements. The Company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. The new guidance will simplify the accounting for goodwill impairment. The core principle of the ASU is to remove the requirement to calculate an implied fair value to determine impairment (Step 2 of the goodwill impairment test) and allow instead for goodwill impairment to equal the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019. However, early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate that the ASU will have a material effect on our consolidated financial statements and related disclosures. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (ASC 715) - Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Cost. The new guidance will improve the presentation of pension cost by providing additional guidance on the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets. The core principle of the ASU is to provide more transparency in the presentation of these costs by requiring the service cost component to be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented separately from the service cost component and outside a subtotal of income from operations. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
A&B Process Systems | |
Business Acquisition [Line Items] | |
Schedule of Fair Values Recorded for Assets Acquired and Liabilities Assumed | (In millions) (as initially reported) November 1, 2016 Measurement Period Adjustments (as adjusted) November 1, 2016 Financial assets 29.6 (0.9 ) 28.7 Inventories 17.0 17.0 Property, plant and equipment 17.4 17.4 Other intangible assets 66.3 66.3 Deferred taxes (5.6 ) (5.6 ) Financial liabilities (20.1 ) (0.3 ) (20.4 ) Total identifiable net assets 104.6 (1.2 ) 103.4 Total cash consideration paid 158.9 1.7 160.6 Goodwill 54.3 2.9 57.2 |
Stork Food Dairy Systems BV | |
Business Acquisition [Line Items] | |
Schedule of Fair Values Recorded for Assets Acquired and Liabilities Assumed | (In millions) (as initially reported) October 14, 2016 Measurement Period Adjustments (as adjusted) October 14, 2016 Financial assets 3.6 (0.3 ) 3.3 Inventories 16.4 16.4 Property, plant and equipment 2.9 2.9 Other intangible assets 48.0 48.0 Financial liabilities (14.6 ) (0.3 ) (14.9 ) Total identifiable net assets 56.3 (0.6 ) 55.7 Cash consideration paid 72.2 0.5 72.7 Holdback payments due to seller 12.0 12.0 Total consideration 84.2 0.5 84.7 Goodwill 27.9 1.1 29.0 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 December 31, 2016 $ 231.8 $ 7.7 $ 239.5 Acquisitions 34.0 — 34.0 Currency translation 1.1 — 1.1 Balance as of March 31, 2017 $ 266.9 $ 7.7 $ 274.6 |
Schedule of Finite Lived Intangible Assets | Intangible assets consisted of the following: March 31, 2017 December 31, 2016 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 148.2 $ 24.2 $ 141.5 $ 21.5 Patents and acquired technology 72.8 25.9 64.8 24.5 Tradenames 18.2 8.6 18.1 8.4 Indefinite lived intangible assets 13.7 — 9.5 — Other 14.6 8.5 14.8 8.3 Total intangible assets $ 267.5 $ 67.2 $ 248.7 $ 62.7 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets consisted of the following: March 31, 2017 December 31, 2016 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 148.2 $ 24.2 $ 141.5 $ 21.5 Patents and acquired technology 72.8 25.9 64.8 24.5 Tradenames 18.2 8.6 18.1 8.4 Indefinite lived intangible assets 13.7 — 9.5 — Other 14.6 8.5 14.8 8.3 Total intangible assets $ 267.5 $ 67.2 $ 248.7 $ 62.7 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: (In millions) March 31, 2017 December 31, 2016 Raw materials $ 64.2 $ 62.9 Work in process 82.4 57.3 Finished goods 98.1 86.2 Gross inventories before LIFO reserves and valuation adjustments 244.7 206.4 LIFO reserves and valuation adjustments (66.3 ) (66.8 ) Inventories, net $ 178.4 $ 139.6 |
Pension and Other Postretirem25
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost (income) were as follows: Pension Benefits Three Months Ended (In millions) 2017 2016 Service cost $ 0.4 $ 0.4 Interest cost 2.7 2.8 Expected return on plan assets (4.3 ) (4.5 ) Amortization of net actuarial losses 1.3 1.0 Net periodic cost (income) $ 0.1 $ (0.3 ) |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Changes in the AOCI Balances | Pension and Other Postretirement Benefits Derivatives Designated as Hedges Foreign Currency Translation Total (In millions) Beginning balance, December 31, 2016 $ (108.6 ) $ (0.1 ) $ (48.3 ) $ (157.0 ) Other comprehensive income before reclassification — 0.2 4.3 4.5 Amounts reclassified from accumulated other comprehensive income 0.8 0.2 — 1.0 Ending balance, March 31, 2017 $ (107.8 ) $ 0.3 $ (44.0 ) $ (151.5 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the respective periods and our basic and diluted shares outstanding: Three Months Ended (In millions, except per share data) 2017 2016 Basic earnings per share: Income from continuing operations $ 17.6 $ 5.2 Weighted average number of shares outstanding 30.0 29.5 Basic earnings per share from continuing operations $ 0.59 $ 0.18 Diluted earnings per share: Income from continuing operations $ 17.6 $ 5.2 Weighted average number of shares outstanding 30.0 29.5 Effect of dilutive securities: Restricted stock 0.4 0.3 Total shares and dilutive securities 30.4 29.8 Diluted earnings per share from continuing operations $ 0.58 $ 0.17 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of March 31, 2017 As of December 31, 2016 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 12.4 $ 12.4 $ — $ — $ 11.9 $ 11.9 $ — $ — Derivatives 5.1 — 5.1 — 7.2 — 7.2 — Total assets $ 17.5 $ 12.4 $ 5.1 $ — $ 19.1 $ 11.9 $ 7.2 $ — Liabilities: Derivatives $ 3.9 $ — $ 3.9 $ — $ 5.0 $ — $ 5.0 $ — Contingent consideration 0.8 — — 0.8 0.8 — — 0.8 Total liabilities $ 4.7 $ — $ 3.9 $ 0.8 $ 5.8 $ — $ 5.0 $ 0.8 |
Schedule of Carrying Values and Estimated Fair Values of Debt Financial Instruments | The carrying values and the estimated fair values of our debt financial instruments are summarized in the table below: As of March 31, 2017 As of December 31, 2016 (In millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility, expires February 10, 2020 $ 225.0 $ 225.0 $ 342.1 $ 342.1 Term loan due February 10, 2020 150.0 150.0 150.0 150.0 Brazilian loan due October 16, 2017 1.1 1.0 1.5 1.4 Foreign credit facilities 4.8 4.8 4.4 4.4 Other — — 1.2 1.2 |
Derivative Financial Instrume29
Derivative Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Foreign Currency Derivatives in Balance Sheet | The following table presents the fair value of foreign currency derivatives included within the Condensed Consolidated Balance Sheets: As of March 31, 2017 As of December 31, 2016 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Other current assets / liabilities $ 5.1 $ 3.9 $ 7.2 $ 4.8 |
Schedule of Derivative Assets at Fair Value | As of March 31, 2017 and December 31, 2016 , information related to these offsetting arrangements was as follows: (In millions) As of March 31, 2017 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 5.2 $ — $ 5.2 $ (3.1 ) $ 2.1 (In millions) As of December 31, 2016 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 7.2 $ — $ 7.2 $ (4.3 ) $ 2.9 |
Schedule of Derivative Liabilities at Fair Value | (In millions) As of December 31, 2016 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net 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 March 31, 2017 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 3.9 $ — $ 3.9 $ (3.1 ) $ 0.8 |
Schedule of Location and Amount of Gain (Loss) on Foreign Currency Derivatives and on the Remeasurement of Assets and Liabilities Denominated in Foreign Currencies | 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 Condensed Consolidated Statements of Income: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Loss Recognized in Income on Derivatives Three Months Ended (In millions) 2017 2016 Foreign exchange contracts Revenue $ 0.1 $ (0.5 ) Foreign exchange contracts Cost of sales (0.1 ) (0.1 ) Foreign exchange contracts Other income, net 0.2 (0.2 ) Total 0.2 (0.8 ) Remeasurement of assets and liabilities in foreign currencies (0.3 ) (0.3 ) Net loss on foreign currency transactions $ (0.1 ) $ (1.1 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Warranty Cost and Accrual Information | Warranty cost and accrual information were as follows: Three Months Ended (In millions) 2017 2016 Balance at beginning of period $ 14.5 $ 12.5 Expense for new warranties 2.5 2.8 Adjustments to existing accruals 0.4 (0.2 ) Claims paid (3.5 ) (2.5 ) Added through acquisition 1.7 — Translation 0.1 0.2 Balance at end of period $ 15.7 $ 12.8 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Revenue and Operating Profit | Business segment information was as follows: Three Months Ended (In millions) 2017 2016 Revenue: JBT FoodTech $ 241.6 $ 177.5 JBT AeroTech 102.9 90.1 Intercompany eliminations — (0.5 ) Total revenue $ 344.5 $ 267.1 Income before income taxes Segment operating profit: JBT FoodTech $ 20.5 $ 18.8 JBT AeroTech 9.6 8.5 Total segment operating profit 30.1 27.3 Corporate items: Corporate expense (1) (9.2 ) (10.4 ) Restructuring expense (2) (0.4 ) (7.2 ) Operating income 20.5 9.7 Net interest expense (3.4 ) (2.0 ) Income from continuing operations before income taxes $ 17.1 $ 7.7 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, pension and other postretirement benefit expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations. (2) Refer to Note 13 . Restructuring for further information on restructuring expense. |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Activities | Additional information regarding the amount reported in Restructuring Expense on the condensed consolidated statement of income is presented in the tables below: Charges Incurred During the Three Months Ended March 31, (In millions) 2017 2016 Severance and related expense $ 0.5 $ 5.9 Other 0.2 1.3 Total restructuring charges to expense $ 0.7 $ 7.2 |
Schedule of Restructuring Reserve by Type of Cost | Liability balances for restructuring activities are included in other current liabilities in the accompanying condensed consolidated balance sheets. The table below details the activities in 2017: (In millions) Balance as of Charged to Earnings Payments Made Release of Liability Balance as of Severance and related expense $ 8.3 $ 0.5 $ (0.8 ) $ (0.3 ) $ 7.7 Other 0.6 0.2 (0.2 ) — 0.6 Total $ 8.9 $ 0.7 $ (1.0 ) $ (0.3 ) $ 8.3 |
Description of Business and B33
Description of Business and Basis of Presentation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 5.8 | |
Additional Paid-in Capital | Accounting Standards Update 2016-09, Forfeiture Rate Component | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (0.6) | |
Retained Earnings | Accounting Standards Update 2016-09, Forfeiture Rate Component | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | Feb. 24, 2017USD ($) | Nov. 01, 2016USD ($)facility | Oct. 14, 2016USD ($)installment | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||
Cash consideration paid | $ 61 | $ 3.2 | |||
Avure Technologies, Inc. | |||||
Business Acquisition [Line Items] | |||||
Consideration paid to acquire business | $ 58.8 | ||||
Business Combination, Acquisition Related Costs | $ 0.4 | ||||
Tipper Tie, Inc. | |||||
Business Acquisition [Line Items] | |||||
Consideration paid to acquire business | $ 160.6 | ||||
Cash consideration paid | 158.2 | ||||
Cash acquired from acquisition | $ 2.4 | ||||
Number of manufacturing facilities | facility | 4 | ||||
Cooling and Applied Technologies, Inc. | |||||
Business Acquisition [Line Items] | |||||
Consideration paid to acquire business | $ 84.7 | ||||
Working capital adjustment | 0.5 | ||||
Cash consideration paid | 72.7 | ||||
Holdback payments due to seller | $ 12 | ||||
Due to sellers, number of installment payments | installment | 2 | ||||
Novus | |||||
Business Acquisition [Line Items] | |||||
Consideration paid to acquire business | $ 3.3 | ||||
Minimum | Avure Technologies, Inc. | |||||
Business Acquisition [Line Items] | |||||
Intangible assets, useful life | 5 years | ||||
Minimum | Cooling and Applied Technologies, Inc. | |||||
Business Acquisition [Line Items] | |||||
Intangible assets, useful life | 5 years | ||||
Maximum | Avure Technologies, Inc. | |||||
Business Acquisition [Line Items] | |||||
Intangible assets, useful life | 10 years | ||||
Maximum | Cooling and Applied Technologies, Inc. | |||||
Business Acquisition [Line Items] | |||||
Intangible assets, useful life | 12 years |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Feb. 24, 2017 | Nov. 01, 2016 | Oct. 14, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Cash consideration paid | $ 61 | $ 3.2 | ||||
Goodwill | $ 274.6 | $ 239.5 | ||||
Cooling and Applied Technologies, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Financial assets | $ 3.3 | |||||
Property, plant and equipment | 16.4 | |||||
Financial liabilities | 2.9 | |||||
Other intangible assets | 48 | |||||
Financial liabilities | (14.9) | |||||
Total identifiable net assets | 55.7 | |||||
Cash consideration paid | 72.7 | |||||
Holdback payments due to seller | 12 | |||||
Total cash consideration paid and accrued | 84.7 | |||||
Goodwill | 29 | |||||
Avure Technologies, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Financial assets | $ 6.7 | |||||
Property, plant and equipment | 15.1 | |||||
Financial liabilities | 4.5 | |||||
Other intangible assets | 18.2 | |||||
Deferred taxes | 7.1 | |||||
Financial liabilities | (10.1) | |||||
Total identifiable net assets | 27.3 | |||||
Total cash consideration paid and accrued | 58.8 | |||||
Goodwill | $ 31.5 | |||||
Tipper Tie, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Financial assets | $ 28.7 | |||||
Property, plant and equipment | 17 | |||||
Financial liabilities | 17.4 | |||||
Other intangible assets | 66.3 | |||||
Deferred taxes | 5.6 | |||||
Financial liabilities | (20.4) | |||||
Total identifiable net assets | 103.4 | |||||
Cash consideration paid | 158.2 | |||||
Total cash consideration paid and accrued | 160.6 | |||||
Goodwill | 57.2 | |||||
Scenario, Previously Reported | Cooling and Applied Technologies, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Financial assets | 3.6 | |||||
Property, plant and equipment | 16.4 | |||||
Financial liabilities | 2.9 | |||||
Other intangible assets | 48 | |||||
Financial liabilities | (14.6) | |||||
Total identifiable net assets | 56.3 | |||||
Cash consideration paid | 72.2 | |||||
Holdback payments due to seller | 12 | |||||
Total cash consideration paid and accrued | 84.2 | |||||
Goodwill | 27.9 | |||||
Scenario, Previously Reported | Tipper Tie, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Financial assets | 29.6 | |||||
Property, plant and equipment | 17 | |||||
Financial liabilities | 17.4 | |||||
Other intangible assets | 66.3 | |||||
Deferred taxes | 5.6 | |||||
Financial liabilities | (20.1) | |||||
Total identifiable net assets | 104.6 | |||||
Total cash consideration paid and accrued | 158.9 | |||||
Goodwill | 54.3 | |||||
Restatement Adjustment | Cooling and Applied Technologies, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Financial assets | (0.3) | |||||
Financial liabilities | (0.3) | |||||
Total identifiable net assets | (0.6) | |||||
Cash consideration paid | 0.5 | |||||
Total cash consideration paid and accrued | 0.5 | |||||
Goodwill | $ 1.1 | |||||
Restatement Adjustment | Tipper Tie, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Financial assets | (0.9) | |||||
Financial liabilities | (0.3) | |||||
Total identifiable net assets | (1.2) | |||||
Total cash consideration paid and accrued | 1.7 | |||||
Goodwill | $ 2.9 |
Acquisitions - Proforma (Detail
Acquisitions - Proforma (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | ||
As reported | $ 344.5 | $ 267.1 |
Net Earnings | ||
As reported | $ 17.6 | $ 5.2 |
Net earnings from continuing operations per share | ||
As Reported Basic (in dollars per share) | $ 0.58 | $ 0.17 |
As Reported Fully Diluted (in dollars per share) | $ 0.57 | $ 0.17 |
Cooling and Applied Technologies, Inc. and Tipper Tie, Inc. | ||
Revenue | ||
Pro forma | $ 344.5 | $ 297.7 |
As reported | 344.5 | 267.1 |
Net Earnings | ||
Pro forma | 17.3 | 7.4 |
As reported | $ 17.6 | $ 5.2 |
Net earnings from continuing operations per share | ||
Pro Forma Basic (in dollars per share) | $ 0.58 | $ 0.25 |
Pro Forma Fully Diluted (in dollars per share) | 0.57 | 0.25 |
As Reported Basic (in dollars per share) | 0.59 | 0.18 |
As Reported Fully Diluted (in dollars per share) | $ 0.58 | $ 0.17 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
March 31, 2017 | $ 274.6 |
Acquisitions | 34 |
Currency translation | 1.1 |
December 31, 2016 | 239.5 |
JBT Food Tech | |
Goodwill [Roll Forward] | |
March 31, 2017 | 266.9 |
Acquisitions | 34 |
Currency translation | 1.1 |
December 31, 2016 | 231.8 |
JBT Aero Tech | |
Goodwill [Roll Forward] | |
March 31, 2017 | 7.7 |
Acquisitions | 0 |
Currency translation | 0 |
December 31, 2016 | $ 7.7 |
Intangible Assets - Schedule 38
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 267.5 | $ 248.7 |
Accumulated amortization | 67.2 | 62.7 |
Non-amortizing intangible assets | 13.7 | 9.5 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 148.2 | 141.5 |
Accumulated amortization | 24.2 | 21.5 |
Patents and acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 72.8 | 64.8 |
Accumulated amortization | 25.9 | 24.5 |
Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 18.2 | 18.1 |
Accumulated amortization | 8.6 | 8.4 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 14.6 | 14.8 |
Accumulated amortization | $ 8.5 | $ 8.3 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 64.2 | $ 62.9 |
Work in process | 82.4 | 57.3 |
Finished goods | 98.1 | 86.2 |
Gross inventories before LIFO reserves and valuation adjustments | 244.7 | 206.4 |
LIFO reserves and valuation adjustments | (66.3) | (66.8) |
Inventories, net | $ 178.4 | $ 139.6 |
Pension and Other Postretirem40
Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions to pension and other postretirement benefit plans in current year | $ 14 |
Pension and Other Postretirem41
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0.4 | $ 0.4 |
Interest cost | 2.7 | 2.8 |
Expected return on plan assets | (4.3) | (4.5) |
Amortization of net actuarial losses | 1.3 | 1 |
Net periodic cost (income) | $ 0.1 | $ (0.3) |
Stockholder's Equity (Details)
Stockholder's Equity (Details) $ in Millions | Mar. 13, 2017USD ($)shares |
Class of Stock [Line Items] | |
Proceeds from issuance of common stock | $ | $ 184.3 |
Common Stock | |
Class of Stock [Line Items] | |
Stock issued during period, shares, new issues | shares | 2,300,000 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | $ 179.9 |
Ending balance | 376.3 |
AOCI Attributable to Parent | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (157) |
Other comprehensive income (loss) before reclassification | 4.5 |
Amounts reclassified from accumulated other comprehensive income | 1 |
Ending balance | (151.5) |
Pension and Other Postretirement Benefits | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (108.6) |
Other comprehensive income (loss) before reclassification | 0 |
Amounts reclassified from accumulated other comprehensive income | 0.8 |
Ending balance | (107.8) |
Derivatives Designated as Hedges | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (0.1) |
Other comprehensive income (loss) before reclassification | 0.2 |
Amounts reclassified from accumulated other comprehensive income | 0.2 |
Ending balance | 0.3 |
Foreign Currency Translation | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (48.3) |
Other comprehensive income (loss) before reclassification | 4.3 |
Amounts reclassified from accumulated other comprehensive income | 0 |
Ending balance | $ (44) |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Selling, general and administrative expense | $ 70.5 | $ 53.9 |
Provision (benefit) for income taxes | (0.5) | 2.5 |
Interest expense, net | 3.4 | $ 2 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Selling, general and administrative expense | 1.3 | |
Provision (benefit) for income taxes | 0.5 | |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Designated as Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Provision (benefit) for income taxes | 0.2 | |
Interest expense, net | $ 0.4 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic earnings per share: | ||
Income from continuing operations | $ 17.6 | $ 5.2 |
Weighted average number of shares outstanding (in shares) | 30 | 29.5 |
Basic earnings per share from continuing operations (in dollars per share) | $ 0.59 | $ 0.18 |
Diluted earnings per share: | ||
Income from continuing operations | $ 17.6 | $ 5.2 |
Weighted average number of shares outstanding (in shares) | 30 | 29.5 |
Effect of dilutive securities: | ||
Restricted stock (in shares) | 0.4 | 0.3 |
Total shares and dilutive securities (in shares) | 30.4 | 29.8 |
Diluted earnings per share from continuing operations (in dollars per share) | $ 0.58 | $ 0.17 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Unrealized gain (loss) on investments | $ 0.5 | $ (0.6) | |
Novus | |||
Business Acquisition [Line Items] | |||
Contingent consideration | $ 0.8 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Derivatives | $ 5.2 | $ 7.2 |
Liabilities: | ||
Derivatives | 3.9 | 5 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Investments | 12.4 | 11.9 |
Derivatives | 5.1 | 7.2 |
Total assets | 17.5 | 19.1 |
Liabilities: | ||
Derivatives | 3.9 | 5 |
Contingent consideration | 0.8 | 0.8 |
Total liabilities | 4.7 | 5.8 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Investments | 12.4 | 11.9 |
Derivatives | 0 | 0 |
Total assets | 12.4 | 11.9 |
Liabilities: | ||
Derivatives | 0 | 0 |
Contingent consideration | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 5.1 | 7.2 |
Total assets | 5.1 | 7.2 |
Liabilities: | ||
Derivatives | 3.9 | 5 |
Contingent consideration | 0 | 0 |
Total liabilities | 3.9 | 5 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Contingent consideration | 0.8 | 0.8 |
Total liabilities | $ 0.8 | $ 0.8 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Revolving credit facility, expires February 10, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value, line of credit | $ 225 | $ 342.1 |
Estimated fair value, line of credit | 225 | 342.1 |
Term loan due February 10, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value, long-term debt | 150 | 150 |
Estimated fair value, long-term debt | 150 | 150 |
Brazilian loan due October 16, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value, long-term debt | 1.1 | 1.5 |
Estimated fair value, long-term debt | 1 | 1.4 |
Foreign credit facilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value, line of credit | 4.8 | 4.4 |
Estimated fair value, line of credit | 4.8 | 4.4 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value, long-term debt | 0 | 1.2 |
Estimated fair value, long-term debt | $ 0 | $ 1.2 |
Derivative Financial Instrume49
Derivative Financial Instruments and Risk Management - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 3.9 | $ 5 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, term of contract (less than) | 2 years | |
Notional amount | $ 446.1 | |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Gain recognized in other comprehensive income (loss), effective portion | 0.3 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 0.4 |
Derivative Financial Instrume50
Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative asset, current | $ 5.1 | $ 7.2 |
Derivative liability, current | $ 3.9 | $ 4.8 |
Derivative Financial Instrume51
Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $ 5.2 | $ 7.2 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Presented in the Consolidated Balance Sheets | 5.2 | 7.2 |
Amount Subject to Master Netting Agreement | (3.1) | (4.3) |
Net Amount | $ 2.1 | $ 2.9 |
Derivative Financial Instrume52
Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Liabilities | $ 3.9 | $ 5 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Presented in the Consolidated Balance Sheets | 3.9 | 5 |
Amount Subject to Master Netting Agreement | (3.1) | (4.3) |
Net Amount | $ 0.8 | $ 0.7 |
Derivative Financial Instrume53
Derivative Financial Instruments and Risk Management - Location and Amount of Gain (Loss) on Foreign Currency Derivatives (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | $ 0 | $ 0 |
Net loss on foreign currency transactions | (0.1) | (1.1) |
Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | 0 | 0 |
Cost of sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | 0 | 0 |
Other income, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, expiration term | P2Y |
Customers Financing Arrangements Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 7.3 |
Guarantor obligations, maximum exposure, undiscounted, net | 0.5 |
Performance Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 173.8 |
Financial Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 8.2 |
Maximum | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, amount recoverable from third-parties (as a percent) | 95.00% |
Minimum | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, amount recoverable from third-parties (as a percent) | 75.00% |
Commitments and Contingencies55
Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 14.5 | $ 12.5 |
Expense for new warranties | 2.5 | 2.8 |
Adjustments to existing accruals | 0.4 | (0.2) |
Claims paid | (3.5) | (2.5) |
Added through acquisition | 1.7 | 0 |
Translation | 0.1 | 0.2 |
Balance at end of period | $ 15.7 | $ 12.8 |
Business Segment Information -
Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 344.5 | $ 267.1 |
Segment operating profit | 30.1 | 27.3 |
Corporate expense | (70.5) | (53.9) |
Restructuring expense | (0.4) | (7.2) |
Operating income | 20.5 | 9.7 |
Net interest expense | (3.4) | (2) |
Income from continuing operations before income taxes | 17.1 | 7.7 |
Operating Segments | JBT FoodTech | ||
Segment Reporting Information [Line Items] | ||
Revenue | 241.6 | 177.5 |
Segment operating profit | 20.5 | 18.8 |
Operating Segments | JBT AeroTech | ||
Segment Reporting Information [Line Items] | ||
Revenue | 102.9 | 90.1 |
Segment operating profit | 9.6 | 8.5 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | (0.5) |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Corporate expense | (9.2) | (10.4) |
Restructuring expense | (0.4) | (7.2) |
Operating income | 20.5 | 9.7 |
Net interest expense | $ (3.4) | $ (2) |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 15 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | $ 0.4 | $ 7.2 | ||
Restructuring Plan, 2016 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reduction of restructuring reserve | 0.3 | |||
Restructuring expense | 0.2 | $ 10.5 | ||
Restructuring reserve, period increase (decrease) | (0.1) | |||
Restructuring Plan, Tipper Tie | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs, incurred cost | 0.5 | $ 4 | ||
Minimum | Restructuring Plan, 2016 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total expected restructuring cost under plan | 11 | 11 | ||
Minimum | Restructuring Plan, Tipper Tie | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total expected restructuring cost under plan | 0.5 | 0.5 | ||
Maximum | Restructuring Plan, Tipper Tie | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total expected restructuring cost under plan | $ 1 | $ 1 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | ||
Severance and related expense | $ 0.5 | $ 5.9 |
Other | 0.2 | 1.3 |
Restructuring Charges, Gross | 0.7 | 7.2 |
Total restructuring charges | $ 0.4 | $ 7.2 |
Restructuring - Schedule of R59
Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Reserve [Roll Forward] | ||
December 31, 2016 | $ 8.9 | |
Charged to Earnings | 0.7 | $ 7.2 |
Payments Made | (1) | |
Release of Liability | (0.3) | |
March 31, 2017 | 8.3 | |
Severance and related expense | ||
Restructuring Reserve [Roll Forward] | ||
December 31, 2016 | 8.3 | |
Charged to Earnings | 0.5 | |
Payments Made | (0.8) | |
Release of Liability | (0.3) | |
March 31, 2017 | 7.7 | |
Other | ||
Restructuring Reserve [Roll Forward] | ||
December 31, 2016 | 0.6 | |
Charged to Earnings | 0.2 | |
Payments Made | (0.2) | |
Release of Liability | 0 | |
March 31, 2017 | $ 0.6 |