Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
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 Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 31,607,896 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenue | $ 481,900,000 | $ 420,800,000 | $ 1,382,400,000 | $ 1,151,400,000 |
Operating expenses: | ||||
Cost of sales | 346,800,000 | 299,300,000 | 1,003,400,000 | 817,500,000 |
Selling, general and administrative expense | 79,000,000 | 74,000,000 | 237,400,000 | 222,100,000 |
Research and development expense | 5,700,000 | 6,900,000 | 20,700,000 | 19,600,000 |
Restructuring expense | 11,600,000 | 300,000 | 32,800,000 | 1,300,000 |
Other expense (income), net | 2,200,000 | (1,600,000) | 3,400,000 | (600,000) |
Operating income | 36,600,000 | 41,900,000 | 84,700,000 | 91,500,000 |
Other income (expense), net | 0 | 300,000 | (600,000) | 900,000 |
Interest expense, net | (3,400,000) | (3,600,000) | (10,500,000) | (10,300,000) |
Income from continuing operations before income taxes | 33,200,000 | 38,600,000 | 73,600,000 | 82,100,000 |
Provision for income taxes | 6,800,000 | 12,200,000 | 12,100,000 | 19,800,000 |
Income from continuing operations | 26,400,000 | 26,400,000 | 61,500,000 | 62,300,000 |
Loss from discontinued operations, net of taxes | 0 | (600,000) | (300,000) | (1,200,000) |
Net income | $ 26,400,000 | $ 25,800,000 | $ 61,200,000 | $ 61,100,000 |
Basic earnings per share: | ||||
Income from continuing operations (in dollars per share) | $ 0.83 | $ 0.83 | $ 1.93 | $ 1.99 |
Loss from discontinued operations (in dollars per share) | 0 | (0.02) | (0.01) | (0.04) |
Net income (in dollars per share) | 0.83 | 0.81 | 1.92 | 1.95 |
Diluted earnings per share: | ||||
Income from continuing operations (in dollars per share) | 0.82 | 0.82 | 1.91 | 1.97 |
Loss from discontinued operations (in dollars per share) | 0 | (0.02) | (0.01) | (0.04) |
Net income (in dollars per share) | 0.82 | 0.80 | 1.90 | 1.93 |
Cash dividends declared per share (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 26,400,000 | $ 25,800,000 | $ 61,200,000 | $ 61,100,000 |
Other comprehensive (loss) income, net of income taxes | ||||
Foreign currency translation adjustments | (3,200,000) | 7,300,000 | (21,000,000) | 20,300,000 |
Pension and other postretirement benefits adjustments, net of tax of ($0.5) and ($1.3) for 2018, and ($0.5) and ($1.4) for 2017, respectively | 1,200,000 | 800,000 | 4,000,000 | 2,400,000 |
Derivatives designated as hedges, net of tax of $0 and ($0.5) for 2018, and ($0.1) and ($0.3) for 2017, respectively | 0 | 200,000 | 1,500,000 | 500,000 |
Other comprehensive (loss) income | (2,000,000) | 8,300,000 | (15,500,000) | 23,200,000 |
Comprehensive income | $ 24,400,000 | $ 34,100,000 | $ 45,700,000 | $ 84,300,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension and other postretirement benefits adjustments, tax | $ (0.5) | $ (0.5) | $ (1.3) | $ (1.4) |
Derivatives designated as hedges, tax | $ 0 | $ (0.1) | $ (0.5) | $ (0.3) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 38.5 | $ 34 |
Trade receivables, net of allowances of $3.5 and $3.2, respectively | 334 | 316.4 |
Inventories | 256.6 | 190.2 |
Other current assets | 57.6 | 48 |
Total current assets | 686.7 | 588.6 |
Property, plant and equipment, net of accumulated depreciation of $281.3 and $273.3, respectively | 238.9 | 233 |
Goodwill | 321.6 | 301.8 |
Intangible assets, net | 221.4 | 216.8 |
Deferred income taxes | 14.4 | 13.1 |
Other assets | 38.2 | 38.1 |
Total Assets | 1,521.2 | 1,391.4 |
Current Liabilities: | ||
Short-term debt and current portion of long-term debt | 0.1 | 10.5 |
Accounts payable, trade and other | 174.1 | 157.1 |
Advance and progress payments | 173.3 | 127.6 |
Other current liabilities | 148.9 | 146.2 |
Total current liabilities | 496.4 | 441.4 |
Long-term debt, less current portion | 486.1 | 372.7 |
Accrued pension and other postretirement benefits, less current portion | 62.5 | 85.9 |
Other liabilities | 43.8 | 49.5 |
Commitments and contingencies (Note 12) | ||
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; September 30, 2018: 31,741,607 issued and 31,605,218 outstanding and December 31, 2017: 31,623,079 issued and 31,577,182 outstanding | 0.3 | 0.3 |
Common stock held in treasury, at cost; September 30, 2018: 136,389 shares and December 31, 2017: 45,897 shares | (12) | (4) |
Additional paid-in capital | 245.2 | 252.2 |
Retained earnings | 354.7 | 333.7 |
Accumulated other comprehensive loss | (155.8) | (140.3) |
Total stockholders' equity | 432.4 | 441.9 |
Total Liabilities and Stockholders' Equity | $ 1,521.2 | $ 1,391.4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowances, trade receivables | $ 3.5 | $ 3.2 |
Property, plant and equipment, accumulated depreciation | $ 281.3 | $ 273.3 |
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) | 31,741,607 | 31,623,079 |
Common stock, shares outstanding (in shares) | 31,605,218 | 31,577,182 |
Common stock held in treasury (in shares) | 136,389 | 45,897 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows provided by operating activities: | ||
Net income | $ 61,200,000 | $ 61,100,000 |
Loss from discontinued operations, net | 300,000 | 1,200,000 |
Income from continuing operations | 61,500,000 | 62,300,000 |
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities: | ||
Depreciation and amortization | 43,100,000 | 37,900,000 |
Stock-based compensation | 7,600,000 | 6,200,000 |
Other | (23,600,000) | 1,000,000 |
Changes in operating assets and liabilities: | ||
Trade receivables - billed, net | (18,500,000) | (20,600,000) |
Inventories | (49,200,000) | (53,800,000) |
Accounts payable, trade and other | 16,400,000 | 11,700,000 |
Advance and progress payments | 17,300,000 | 37,000,000 |
Accrued pension and other postretirement benefits, net | (18,300,000) | (8,400,000) |
Other assets and liabilities, net | (9,700,000) | (4,100,000) |
Cash provided by continuing operating activities | 26,600,000 | 69,200,000 |
Cash required by discontinued operating activities | (600,000) | (1,200,000) |
Cash provided by operating activities | 26,000,000 | 68,000,000 |
Cash flows required by investing activities: | ||
Acquisitions, net of cash acquired | (57,600,000) | (103,100,000) |
Capital expenditures | (28,500,000) | (27,500,000) |
Proceeds from disposal of assets | 1,800,000 | 1,400,000 |
Cash required by investing activities | (84,300,000) | (129,200,000) |
Cash flows provided by financing activities: | ||
Payments in connection with modification of credit facilities | (468,600,000) | 0 |
Net proceeds (payments) from domestic credit facilities | 576,000,000 | (93,100,000) |
Repayment of long-term debt | 0 | (1,400,000) |
Proceeds from stock issuance, net of stock issuance costs | 0 | 184,100,000 |
Settlement of taxes withheld on equity compensation awards | (10,600,000) | (9,500,000) |
Purchase of treasury stock | (12,000,000) | (5,000,000) |
Dividends | (9,800,000) | (9,600,000) |
Other | (9,800,000) | (500,000) |
Cash provided by financing activities | 65,200,000 | 65,000,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | (2,400,000) | 1,400,000 |
Cash and cash equivalents, beginning of period | 4,500,000 | 5,200,000 |
Cash and cash equivalents, beginning of period | 34,000,000 | 33,200,000 |
Cash and cash equivalents, end of period | $ 38,500,000 | $ 38,400,000 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 , 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 (the “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 Beginning in 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606") , plus a number of related ASU’s designed to clarify and interpret ASC 606. The new standard replaced most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU requires revenue recognition based upon newly defined criteria, either at a point in time or over time as control of goods or services is transferred. 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 became effective for us as of January 1, 2018 and was adopted on a modified-retrospective basis. Upon adoption of the new standard we have availed ourselves of certain practical expedients and elected certain accounting policies as allowed per ASC 606: • Acquisition costs are expensed and not capitalized as contract assets for contracts with duration of less than one year. • We do not disclose information about remaining performance obligations that have original expected durations of one year or less. • We do not adjust the transaction price for significant financing component for contracts with duration of less than one year. • Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. • Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is below (in millions). The application of IRS guidance issued during the second and third quarters resulted in the conclusion regarding the tax year the revenue recognition impacts of the adoption of ASC 606 would be included for tax purposes. This resulted in a $2.2 million increase to the income tax impact of adoption reflected within opening retained earnings as well as a $6.6 million reduction in taxes receivable and a $4.4 million increase in deferred tax assets recorded upon the adoption of ASC 606. As Reported As Restated December 31, 2017 Adjustments due to ASC 606 January 1, 2018 Trade receivables, net of allowance $ 316.4 $ (31.3 ) $ 285.1 Inventories 190.2 103.6 293.8 Other current assets 48.0 0.4 48.4 Deferred income taxes $ 13.1 6.7 $ 19.8 Total Assets $ 1,391.4 $ 79.4 $ 1,470.8 Advance and progress payments 127.6 113.1 240.7 Other current liabilities 96.4 (2.3 ) 94.1 Other long-term liabilities 49.5 (1.2 ) 48.3 Retained earnings 333.7 (30.2 ) 303.5 Total Liabilities and Stockholders' Equity $ 1,391.4 $ 79.4 $ 1,470.8 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. The Company adopted the new ASU as of January 1, 2018. There was no impact on our consolidated financial statements and related disclosures as a result of adopting the ASU. 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 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 amendments require that the Consolidated Statements of Income impacts be applied retrospectively, while Balance Sheet changes be applied prospectively. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. The Company adopted the new ASU as of January 1, 2018. As such, the Company revised operating income for the three and nine months ended September 30, 2017 by $0.3 million and $0.9 million , respectively, and reported this income in non operating income. There was no impact to net income or to the Balance Sheet or Statement of Cash Flows. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging ("ASC 815") - Targeted Improvements to Accounting for Hedging Activities. The core principle is to simplify hedge accounting, as well as improve the financial reporting of hedging results, for both financial and commodity risks, in the financial statements and related disclosures. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted in any interim period after the issuance of the amendment, however, any adjustments should be made as of the beginning of the fiscal year in which the interim period occurred. The Company adopted ASU 2017-12 in June 2018 under a modified retrospective approach for hedge accounting treatment, and under a prospective approach for the amended disclosure requirements. Adoption of this ASU, which resulted in the following primary changes, did not have a material impact on the Company's financial condition, results of operations, or cash flows. • The ineffective hedging portion of derivatives designated as hedging instruments is no longer required to be separately measured, recognized or reported. The entire change in the fair value of the designated hedging instrument is recorded in accumulated other comprehensive income; • The Company will perform ongoing prospective and retrospective hedge ineffectiveness assessments qualitatively after performing the initial test of hedge effectiveness on a quantitative basis, and only to the extent that an expectation of high effectiveness can be supported on a qualitative basis in subsequent periods; • For derivatives with components excluded from the assessment of hedge effectiveness, the accumulated gains or losses recorded in accumulated other comprehensive income on such excluded components in a qualifying cash flow or net investment hedging relationship are reclassified to earnings on a systematic and rational basis over the hedge term. In December 2017, the SEC issued SAB 118 which provides guidance on how companies should account for the tax effects related to The Tax Cuts and Jobs Act (the "Tax Act"). According to SAB 118, companies should make a good faith effort to compute the impact of the Tax Act in a timely manner once the company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements under ASC 740, Income Taxes , which should not extend beyond one year from the enactment date. However, in situations when the company’s accounting is incomplete, SAB 118 authorizes companies to record a reasonable provisional estimate of the tax impact resulting from the Tax Act. Refer to Note 15. Income Taxes, for further discussion. Recently issued accounting standards not yet adopted Beginning in February 2016, the FASB issued ASU No. 2016-02, Leases ("ASC 842") , plus a number of related statements designed to clarify and interpret ASC 842. The new standard will replace most existing lease guidance in U.S. GAAP. The core principle of the ASU is the requirement for lessees 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. During the nine months ended September 30, 2018 we developed an adoption plan to guide our implementation of ASC 842. We have completed elements of this plan in the third quarter, including surveying our businesses and compiling a central repository of active leases. We are substantially complete with the implementation of our selected lease accounting software, and have made significant progress on extracting and loading lease data elements required for lease accounting into the software solution. We are in the process of developing new lease accounting policies and procedures, changing our internal controls over accounting for leases, developing pro forma disclosures, and concluding on key estimates including the consolidated lessee discount rate used to evaluate lease classification and calculate the lease liability and right of use assets. During the fourth quarter, we will continue to gather and review contracts for embedded leases to ensure we have identified all leases in scope for this standard. Although we are still finalizing our evaluation of the impact of the new lease accounting guidance, we expect to recognize right of use assets and liabilities for our operating leases in the Balance Sheet upon adoption. In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income ("ASC 220"): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The core principle is to reclassify the tax effects of items within accumulated other comprehensive income to retained earnings in order to reflect the adjustment of deferred taxes due to the Tax Cuts and Jobs Act enacted in December 2017. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted in any interim period for reporting periods for which financial statements have not yet been issued. The Company is currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement, which amends Topic 820, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2018-13 on its disclosures. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The core principle is to clarify the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract, regardless of whether they convey a license to the hosted software. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted in any interim period for reporting periods for which financial statements have not yet been issued. The Company is currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 modifies disclosure requirements for defined benefit plans by removing, modifying, or adding certain disclosures. The amendments in ASU 2018-14 would need to be applied on a retrospective basis. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2018-14 on its disclosures. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS During 2018 and 2017 the Company acquired five businesses for an aggregate consideration of $166.2 million , net of cash acquired. A summary of the acquisitions made during the period is as follows: Acquisition Date Type Company/Product Line Location (Near) Segment July 12, 2018 Stock FTNON. Almelo, Netherlands FoodTech A manufacturer of equipment and solutions for the fresh produce, ready meals, and pet food industries. January 26, 2018 Stock Schröder. Breidenbach, Germany FoodTech Manufacturer of engineered processing solutions to the food industry. July 31, 2017 Stock PLF International Ltd. Harwich (Sussex), England FoodTech Manufacturer and leading provider of powder filling systems for global food and beverage, and nutraceutical markets. July 3, 2017 Stock Aircraft Maintenance Support Services, Ltd. ("AMSS") Mid Glamorgan, Wales AeroTech Manufacturer of military and commercial aviation equipment. February 24, 2017 Stock Avure Technologies, Inc. Middletown, OH FoodTech Manufacturer 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. Each 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. The following presents the allocation of acquisition consideration to the assets acquired and the liabilities assumed, based on their estimated values: PLF (2) Avure (2) FTNON (1) Other (3) Total (In millions) Financial assets $ 20.8 $ 4.3 $ 19.3 $ 11.2 $ 55.6 Inventories 1.0 14.4 2.8 10.2 28.4 Property, plant and equipment 2.2 4.5 4.4 9.9 21.0 Other intangible assets (4) 17.9 20.8 19.4 8.9 67.0 Deferred taxes (3.5 ) (3.6 ) (4.6 ) (0.9 ) (12.6 ) Financial liabilities (5.5 ) (10.5 ) (20.0 ) (9.1 ) (45.1 ) Total identifiable net assets $ 32.9 $ 29.9 $ 21.3 $ 30.2 $ 114.3 Cash consideration paid $ 49.8 $ 58.9 $ 43.6 $ 32.6 $ 184.9 Holdback payments due to seller 1.8 — — 1.9 3.7 Total purchase price 51.6 58.9 43.6 34.5 188.6 Cash acquired $ 15.5 $ — $ 4.7 $ 2.2 $ 22.4 Net consideration 36.1 58.9 38.9 32.3 166.2 Goodwill $ 18.7 $ 29.0 $ 22.3 $ 4.3 $ 74.3 (1) The purchase accounting for FTNON is provisional. The valuation of certain working capital balances, property, plant and equipment, intangibles, income tax balances and residual goodwill related to each 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). (2) The purchase accounting for these acquisitions was final as of June 30, 2018. (3) Other balances include AMSS and Schröder. The purchase accounting for AMSS was final with tax adjustments recorded as a measurement period adjustment during the three months ended June 30, 2018. The purchase accounting for Schröder is provisional as valuation of certain working capital balances and residual goodwill 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). All measurement period adjustments in the quarter and nine months ended September 30, 2018 were not material. (4) The acquired definite-lived intangibles are being amortized on a straight-line basis over their estimated useful lives, which range from five to twenty years. The tradename intangible assets for Avure and PLF have been identified as indefinite-lived intangible assets and will be reviewed annually for impairment. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill by business segment were as follows: (In millions) JBT FoodTech JBT AeroTech Total Balance as of December 31, 2017 $ 290.8 $ 11.0 $ 301.8 Acquisitions 23.5 0.3 23.8 Currency translation (3.7 ) (0.3 ) (4.0 ) Balance as of September 30, 2018 $ 310.6 $ 11.0 $ 321.6 Intangible assets consisted of the following: September 30, 2018 December 31, 2017 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 166.7 $ 42.3 $ 158.8 $ 33.5 Patents and acquired technology 100.5 28.6 92.1 32.1 Tradenames 23.1 17.8 20.0 9.5 Indefinite lived intangible assets 15.7 — 15.9 — Other 14.5 10.4 14.5 9.4 Total intangible assets $ 320.5 $ 99.1 $ 301.3 $ 84.5 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following: (In millions) September 30, 2018 December 31, 2017 Raw materials $ 89.6 $ 72.6 Work in process 110.1 73.7 Finished goods 122.4 109.2 Gross inventories before LIFO reserves and valuation adjustments 322.1 255.5 LIFO reserves and valuation adjustments (65.5 ) (65.3 ) Inventories, net $ 256.6 $ 190.2 |
Pension
Pension | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension | PENSION Components of net periodic benefit cost (income) were as follows: Pension Benefits Three Months Ended Nine Months Ended (In millions) 2018 2017 2018 2017 Service cost $ 0.4 $ 0.5 $ 1.4 $ 1.3 Interest cost 2.7 2.7 8.1 8.1 Expected return on plan assets (4.4 ) (4.3 ) (12.9 ) (12.9 ) Settlement charge — — 0.4 — Amortization of net actuarial losses 1.7 1.3 5.0 3.9 Net periodic cost $ 0.4 $ 0.2 $ 2.0 $ 0.4 We expect to contribute $20.1 million to our pension and other postretirement benefit plans in 2018 , $15.5 million of which would be contributed to our U.S. qualified pension plan. We contributed $15.5 million to our U.S. qualified pension plan during the nine months ended September 30, 2018 . The components of net periodic cost other than service cost are included in other income (expense), net below operating income in our consolidated statements of income. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and 2017 by component are shown in the following tables: Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, June 30, 2018 $ (111.1 ) $ 2.9 $ (45.6 ) $ (153.8 ) Other comprehensive income (loss) before reclassification — 0.3 (3.2 ) (2.9 ) Amounts reclassified from accumulated other comprehensive income 1.2 (0.3 ) — 0.9 Ending balance, September 30, 2018 $ (109.9 ) $ 2.9 $ (48.8 ) $ (155.8 ) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended September 30, 2018 were $1.7 million of charges to non-operating other income (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 $0.1 million in provision for income taxes. Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, June 30, 2017 $ (107.0 ) $ 0.2 $ (35.3 ) $ (142.1 ) Other comprehensive income (loss) before reclassification — — 7.3 7.3 Amounts reclassified from accumulated other comprehensive income 0.8 0.2 — 1.0 Ending balance, September 30, 2017 $ (106.2 ) $ 0.4 $ (28.0 ) $ (133.8 ) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended September 30, 2017 were $1.3 million of charges to non-operating other income (expense) net of $0.5 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.3 million of charges in interest expense, net of $0.1 million in provision for income taxes. Changes in the AOCI balances for the nine months ended September 30, 2018 and 2017 by component are shown in the following tables: Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, December 31, 2017 $ (113.9 ) $ 1.4 $ (27.8 ) $ (140.3 ) Other comprehensive income (loss) before reclassification — 1.9 (21.0 ) (19.1 ) Amounts reclassified from accumulated other comprehensive income 4.0 (0.4 ) — 3.6 Ending balance, September 30, 2018 $ (109.9 ) $ 2.9 $ (48.8 ) $ (155.8 ) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2018 were $5.3 million of charges to non-operating other income (expense) net of $1.3 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $(0.6) million of charges in interest expense, net of $0.2 million in provision for income taxes. Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, December 31, 2016 $ (108.6 ) $ (0.1 ) $ (48.3 ) $ (157.0 ) Other comprehensive income (loss) before reclassification — (0.1 ) 20.3 20.2 Amounts reclassified from accumulated other comprehensive income 2.4 0.6 — 3.0 Ending balance, September 30, 2017 $ (106.2 ) $ 0.4 $ (28.0 ) $ (133.8 ) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2017 were $3.9 million of charges to non-operating other income (expense) net of $1.5 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $1.0 million of charges in interest expense, net of $0.4 million in provision for income taxes. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT On June 19, 2018, the Company and its wholly owned subsidiary John Bean Technologies Europe B.V. (the “Dutch Borrower” and together with the Company, the “Borrowers”) entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto. The Credit Agreement provides for a $1 billion revolving credit facility that matures in June 2023. The borrowings under the Credit Agreement were used to repay in full all outstanding indebtedness under an existing credit agreement. Revolving loans under the credit facility bear interest, at our option, at LIBOR (subject to a floor rate of zero ) or an alternative base rate (which is the greater of Wells Fargo’s Prime Rate, the Federal Funds Rate plus 50 basis points, and LIBOR plus 1% ) plus, in each case, a margin dependent on our leverage ratio. We must also pay an annual commitment fee of 15.0 to 35.0 basis points dependent on our leverage ratio. The Credit Agreement contains customary representations, warranties, and covenants, including a minimum interest coverage ratio and maximum leverage ratio, as well as certain events of default. As of September 30, 2018 we had $489.8 million drawn under the revolving credit facility. The Borrowers’ obligations under the Credit Agreement are guaranteed by six of the Company’s domestic subsidiaries and subsequently formed or acquired domestic subsidiaries (the “Domestic Subsidiary Guarantors”), and the Dutch Borrower’s obligations under the Credit Agreement are guaranteed by two of the Company’s Dutch subsidiaries and subsequently formed or acquired Dutch subsidiaries (collectively, the “Foreign Subsidiary Guarantors”). T he Borrowers’ obligations under the Credit Agreement are secured by a first-priority security interest in substantially all of the tangible and intangible personal property of the Borrowers and the Domestic Subsidiary Guarantors and a pledge of the capital stock of each existing or subsequently acquired or organized domestic Subsidiary or first-tier foreign subsidiary (in each case, limited to 65% of the voting stock and 100% of the non-voting stock of any such foreign subsidiary). The Dutch Borrower’s obligations under the Credit Agreement are secured by a pledge of the existing or subsequently acquired equity interests held directly by the Dutch Borrower and each Foreign Subsidiary Guarantor. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION We adopted ASC 606 Revenue from Contracts with Customers on January 1, 2018. As a result, we have changed our accounting policy for revenue recognition as detailed below. Revenue is measured based on consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties when JBT is acting in an agent capacity. We recognize revenue when we satisfy a performance obligation by transferring control of a product or service to a customer. Performance Obligations & Contract Estimates A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation based on its respective stand-alone selling price and recognized as revenue when, or as, the performance obligation is satisfied. A large portion of our revenue across JBT is derived from manufactured equipment, which may be customized to meet customer specifications, or is standard or turnkey. JBT FoodTech designs, manufactures and services technologically sophisticated food processing systems and customized solutions for the preparation of meat, seafood and poultry products, ready-to-eat meals, shelf stable packaged foods, bakery products, juice and dairy products, and fruit and vegetable products. JBT AeroTech supplies customized solutions and services used for applications in the air transportation industry, including airport authorities, airlines, airfreight, ground handling companies, the military and defense contractors. We customize our equipment and services utilizing differentiated technology to meet the specific needs of our customers. Our contracts with customers in both segments often include multiple promised goods and/or services. For instance, a contract may include equipment, installation, optional warranties, periodic service calls, etc. We frequently have contracts for which the equipment and installation are considered a single performance obligation as in these instances the installation services are not separately identifiable. However, due to the varying nature of contracts across JBT, we also have contracts where the installation services are deemed to be separately identifiable and are therefore deemed to be a separate performance obligation. When an obligation is distinct, as defined in ASC 606, we allocate a portion of the contract price to the obligation and recognize it separately from the other performance obligations. Contract price allocation among multiple obligations is based on standalone selling price of each distinct good or service in the contract. When not sold separately, an estimate of the standalone selling price is determined using cost plus a reasonable margin. The timing of revenue recognition for each performance obligation is either over time as control transfers or at a point in time. We recognize revenue over time for contracts that provide: service over a period of time, for refurbishments of customer-owned equipment, and for highly customized equipment for which we have a contractual, enforceable right to collect payment upon customer cancellation for performance completed to date. Revenue generated from standard equipment, highly customized equipment contracts without an enforceable right to payment for performance completed to-date, as well as aftermarket parts and services sales, are recognized at a point in time. We utilize the input method of “cost-to-cost” to recognize revenue over time. We measure progress based on costs incurred to date relative to total estimated cost at completion. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, and certain allocated overhead expenses. Cost estimates are based on various assumptions to project the outcome of future events; including labor productivity and availability, the complexity of the work to be performed, the cost of materials, and the performance of subcontractors. Revenue attributable to equipment which qualifies as point in time is recognized when our customers take control of the asset. We define this as the point in time in which we are able to objectively verify that the customer has the capability of full beneficial use of the asset as intended per the contract. Service revenue is recognized over time either proportionately over the period of the underlying contract or as invoiced, depending on the terms of the arrangement. Within our AeroTech segment we also provide maintenance and repair expertise for baggage handling systems, facilities, gate systems, and ground support equipment. The timing of these contract billings is concurrent with the completion of the services, and therefore we have availed ourselves of the practical expedient that allows us to recognize revenue commensurate with the amount to which we have a right to invoice, which corresponds directly to the value to the customer of our performance completed to date. Transaction price allocated to the remaining performance obligations The majority of our contracts are completed within twelve months. For performance obligations that extend beyond one year, we had $302 million of remaining performance obligations as of September 30, 2018, 40% of which we expect to recognize as revenue in 2018 and the remainder in 2019 and beyond. Disaggregation of revenue In the following table, revenue is disaggregated by type of good or service and primary geographical market. The table also includes a reconciliation of the disaggregated revenue with the reportable segments. Three Months Ended Nine Months Ended in millions September 30, 2018 September 30, 2018 Type of Good or Service FoodTech AeroTech FoodTech AeroTech Recurring (1) $ 129.4 $ 45.7 $ 387.6 $ 135.1 Non-recurring (1) 203.1 103.8 610.1 249.5 Total $ 332.5 $ 149.5 $ 997.7 $ 384.6 Geographical Region (2) FoodTech AeroTech FoodTech AeroTech North America $ 174.7 $ 105.2 $ 501.5 $ 298.2 Europe, Middle East and Africa 101.7 32.8 308.1 58.4 Asia Pacific 27.7 9.2 126.9 25.2 Latin America 28.4 2.3 61.2 2.8 Total $ 332.5 $ 149.5 $ 997.7 $ 384.6 (1) Aftermarket parts and services and revenue from leasing contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) Geographical region represents the region in which the end customer resides. Contract balances The timing of revenue recognition, billings and cash collections results in Trade receivables, Contract assets, and Advance and progress payments (contract liabilities). Progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, we often receive payments from our customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Balance Sheet within Trade receivables and Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period. Our contract asset and liability balances for the period were as follows: Balances as of in millions January 1, 2018 September 30, 2018 Contract Assets $ 18.2 $ 87.7 Contract Liabilities $ 222.8 $ 149.1 In the nine months ended September 30, 2018, we recognized approximately 75% of the amount included in Contract Liabilities at January 1, 2018 into revenue. Impacts on financial statements Under the new standard, revenue recognition for many areas of JBT’s business remains substantially unchanged; including revenue earned from airport services, maintenance and other service agreements, lease agreements and most of our standard equipment and parts. The costs of our revenue do not change as a result of the new standard. This standard does not change our customer billing or cash flows. However, in certain contracts, we qualify for over time recognition for our manufactured equipment that is highly engineered to unique customer specifications. In addition, due to the nature of our equipment and installation services we will combine these into one performance obligation. Under ASC 606, revenue recognized for contracts that meet certain criteria result in revenue being recognized as the equipment is being manufactured which is an acceleration of revenue as compared to our legacy revenue recognition methodology of recognizing revenue, when shipped to the customer. This conclusion, specific to equipment contracts for which the equipment is highly engineered to unique customer specifications, is dependent on whether our contract with the customer provides us, upon customer cancellation, with an enforceable right to payment for performance completed to date. Where the contract does not provide us with an enforceable right to payment for performance completed to-date, revenue will be recognized at a point in time, usually upon completion of the installation of the equipment. Therefore, some revenue will be recognized at a later date than compared to our legacy revenue recognition methodology. This impacts both equipment contracts with installation that qualify as one performance obligation, and that were previously recognized upon shipment, as well as certain equipment contracts for which revenue was recognized under percentage of completion accounting under legacy GAAP. The following tables summarize the impacts of adopting ASC 606 on the Company's financial statements. These tables provide visibility into our financial statement presentation had we not adopted ASC 606. They do not necessarily reflect values of future earnings or expected balances. Consolidated Statements of Income: As reported Adjustments Nine Months Ended Nine Months Ended due to September 30, 2018 in millions September 30, 2018 ASC 606 Without Adoption Revenue $ 1,382.4 $ (99.9 ) $ 1,282.5 Cost of sales 1,003.4 (75.4 ) 928.0 Gross profit 379.0 (24.5 ) 354.5 Income from continuing operations before income taxes 73.6 (24.5 ) 49.1 Income tax provision (benefit) 12.1 (6.3 ) 5.8 Net income 61.2 (18.2 ) 43.0 As reported Adjustments Three Months Ended Three Months Ended due to September 30, 2018 in millions September 30, 2018 ASC 606 Without Adoption Revenue $ 481.9 $ (17.8 ) $ 464.1 Cost of sales 346.8 (13.7 ) 333.1 Gross profit 135.1 (4.1 ) 131.0 Income from continuing operations before income taxes 33.2 (4.1 ) 29.1 Income tax provision (benefit) 6.8 (1.1 ) 5.7 Net income 26.4 (3.0 ) 23.4 Consolidated Balance Sheets: Adjustments As reported due to Balances without in millions September 30, 2018 ASC 606 Adoption Trade receivables, net of allowance $ 334.0 $ 13.6 $ 347.6 Inventories 256.6 (23.7 ) 232.9 Other current assets 57.6 (1.0 ) 56.6 Total current assets 686.7 (11.1 ) 675.6 Deferred income taxes 14.4 (1.5 ) 12.9 Total Assets 1,521.2 (12.6 ) 1,508.6 Accounts payable, trade and other 174.1 0.7 174.8 Advance and progress payments 173.3 (27.4 ) 145.9 Other current liabilities 148.9 0.8 149.7 Total current liabilities 496.4 (25.9 ) 470.5 Other liabilities 43.8 1.4 45.2 Retained earnings 354.7 11.9 366.6 Total Liabilities and stockholders' equity 1,521.2 (12.6 ) 1,508.6 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
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 Nine Months Ended (In millions, except per share data) 2018 2017 2018 2017 Basic earnings per share: Income from continuing operations $ 26.4 $ 26.4 $ 61.5 $ 62.3 Weighted average number of shares outstanding 31.9 31.9 31.9 31.3 Basic earnings per share from continuing operations $ 0.83 $ 0.83 $ 1.93 $ 1.99 Diluted earnings per share: Income from continuing operations $ 26.4 $ 26.4 $ 61.5 $ 62.3 Weighted average number of shares outstanding 31.9 31.9 31.9 31.3 Effect of dilutive securities: Restricted stock 0.2 0.4 0.3 0.4 Total shares and dilutive securities 32.1 32.3 32.2 31.7 Diluted earnings per share from continuing operations $ 0.82 $ 0.82 $ 1.91 $ 1.97 On August 10, 2018, the Board authorized new share repurchase program of up to $30 million of the Company's common stock, effective January 1, 2019 through December 31, 2021, which replaced the prior share repurchase program. Shares may be purchased from time to time in open market transactions, subject to market conditions. Repurchased shares become treasury shares, which are accounted for using the cost method and are intended to be used for future awards under the Incentive Compensation Plan. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 As of December 31, 2017 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 14.0 $ 14.0 $ — $ — $ 13.1 $ 13.1 $ — $ — Derivatives 7.6 — 7.6 — 5.2 — 5.2 — Total assets $ 21.6 $ 14.0 $ 7.6 $ — $ 18.3 $ 13.1 $ 5.2 $ — Liabilities: Derivatives $ 5.2 $ — $ 5.2 $ — $ 5.5 $ — $ 5.5 $ — Total liabilities $ 5.2 $ — $ 5.2 $ — $ 5.5 $ — $ 5.5 $ — 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 Balance Sheets. Investments include an unrealized gain of $0.3 million as of September 30, 2018 and unrealized gain of $0.5 million as of December 31, 2017 . 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 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 of our borrowings approximate their fair values due to their variable interest rates. |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 9 Months Ended |
Sep. 30, 2018 | |
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 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 (the “Income Statement”). 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 had a notional value at September 30, 2018 of $436.8 million , as hedges and therefore do not apply hedge accounting. The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheets: As of September 30, 2018 As of December 31, 2017 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Other current assets / liabilities $ 4.0 $ 3.8 $ 3.3 $ 5.7 Total $ 4.0 $ 3.8 $ 3.3 $ 5.7 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 Balance Sheets. As of September 30, 2018 and December 31, 2017 , information related to these offsetting arrangements was as follows: (In millions) As of September 30, 2018 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 $ 7.6 $ — $ 7.6 $ (2.7 ) $ 4.9 (In millions) As of September 30, 2018 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 $ 5.2 $ — $ 5.2 $ (2.6 ) $ 2.6 (In millions) As of December 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 $ (1.3 ) $ 3.9 (In millions) As of December 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 $ 5.5 $ — $ 5.5 $ (1.3 ) $ 4.2 The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Income Statement: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of (Loss) Gain Recognized in Income on Derivatives Three Months Ended Nine Months Ended (In millions) 2018 2017 2018 2017 Foreign exchange contracts Revenue $ (0.8 ) $ 1.3 $ (4.3 ) $ 1.2 Foreign exchange contracts Cost of sales (0.1 ) — 0.1 0.7 Foreign exchange contracts Other expense (income), net 0.1 0.7 0.4 0.9 Total (0.8 ) 2.0 (3.8 ) 2.8 Remeasurement of assets and liabilities in foreign currencies 0.7 (1.0 ) 2.2 (1.9 ) Net (loss) Gain on foreign currency transactions $ (0.1 ) $ 1.0 $ (1.6 ) $ 0.9 Interest Rates : We have entered into three interest rate swaps to fix the interest rate applicable to certain of our variable-rate debt. The agreements swap one-month LIBOR for fixed rates. We have re-designated these swaps as cash flow hedges of variable-rate interest expense on the new borrowings from the new credit agreement. Refer to Note 6 - Debt for further information regarding the new credit agreement. All changes in fair value of the swaps are recognized in accumulated other comprehensive income. At September 30, 2018 , the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $4.0 million and as other comprehensive income, net of tax, of $2.8 million . Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of September 30, 2017. Net Investment hedges: We have entered into a cross currency swap agreement that synthetically swaps $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreement is designated as a net investment hedge for accounting purposes. Accordingly, the gain or loss on this derivative instrument is included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Coupons received for the cross currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the condensed consolidated statements of income. For the three months and the nine months ended September 30, 2018, gains recorded in interest expense, net under the cross currency swap agreement were $0.6 million . At September 30, 2018, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other liabilities and as other comprehensive income (loss) of $1.5 million . Refer to Note 10. 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, for all receivables and derivative contracts as of September 30, 2018, 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 | 9 Months Ended |
Sep. 30, 2018 | |
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. In 2013, we received a notice of examination from the Delaware Department of Finance commencing an examination of our books and records to determine compliance with Delaware unclaimed property law. The examination was not complete when, in 2017, Delaware promulgated a law which permitted companies an election to convert an examination to a review under the Secretary of State’s voluntary disclosure agreement program. In December 2017, we elected this alternative and are in the process of meeting the requirements under the voluntary disclosure agreement program. The requirements include reviewing our books and records and filing any previously unfiled reports for all unclaimed property presumed unclaimed, under the law, from 2003. We are required to work with the Secretary of State to complete this exercise by December 2019. We are not able to estimate whether we have significant unclaimed property obligations 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 $232.4 million at September 30, 2018 , represent guarantees of our future performance. We also have provided $6.6 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 September 30, 2018 , the gross value of such arrangements was $6.9 million , of which our net exposure under such guarantees was $0.3 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 Nine Months Ended (In millions) 2018 2017 2018 2017 Balance at beginning of period $ 13.2 $ 14.7 $ 14.5 $ 14.5 Expense for new warranties 4.0 2.9 9.2 8.9 Adjustments to existing accruals (0.3 ) — (1.3 ) (0.4 ) Claims paid (4.0 ) (3.4 ) (9.4 ) (10.8 ) Added through acquisition 0.3 0.6 0.5 2.3 Translation — 0.2 (0.3 ) 0.5 Balance at end of period $ 13.2 $ 15.0 $ 13.2 $ 15.0 |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION Operating segments for the Company are determined based on information used by the chief operating decision maker (CODM) in deciding how to evaluate performance and allocate resources to each of the segments. JBT’s CODM is the Chief Executive Officer (CEO). While there are many measures the CEO reviews in this capacity, the key segment measures reviewed include operating profit, operating profit margin, and EBITDA. Segment operating profit is defined as total segment revenue less segment operating expenses. Business segment information was as follows: Three Months Ended Nine Months Ended (In millions) 2018 2017 2018 2017 Revenue: JBT FoodTech $ 332.5 $ 296.1 $ 997.7 $ 816.6 JBT AeroTech 149.5 124.8 384.6 334.8 Other revenue and intercompany eliminations (0.1 ) (0.1 ) 0.1 — Total revenue $ 481.9 $ 420.8 $ 1,382.4 $ 1,151.4 Income before income taxes Segment operating profit: JBT FoodTech $ 41.9 $ 37.8 $ 110.8 $ 89.4 JBT AeroTech 17.6 15.4 40.2 35.8 Total segment operating profit 59.5 53.2 151.0 125.2 Corporate items: Corporate expense (1) (11.3 ) (11.0 ) (33.5 ) (32.4 ) Restructuring expense (2) (11.6 ) (0.3 ) (32.8 ) (1.3 ) Operating income 36.6 41.9 84.7 91.5 Other income (expense), net (3) — 0.3 (0.6 ) 0.9 Net interest expense (3.4 ) (3.6 ) (10.5 ) (10.3 ) Income from continuing operations before income taxes $ 33.2 $ 38.6 $ 73.6 $ 82.1 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, 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 14 . Restructuring for further information on restructuring expense. (3) Other income (expense), net represents components of net benefit costs other than service costs required to be presented outside of income from operations. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2018 | |
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 ("2016 restructuring plan") 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 cost in connection with this plan was approximately $12.0 million . We completed this plan in the first quarter 2018, and in doing so released $1.7 million in remaining liability during the quarter. Approximately half of this release was related to amounts we no longer expect to pay in connection with this plan due to actual severance payments differing from original estimates and natural attrition of employees. The remainder was included in the restructuring liability balance recorded in the first quarter attributable to the 2018 restructuring plan. During the fourth quarter of 2016 we implemented and acquired a restructuring plan to consolidate certain facilities and optimize our general and administrative infrastructure subsequent to a FoodTech acquisition. The total estimated cost in connection with this plan is approximately $4.0 million . We incurred no additional expense in the quarter, and have incurred $3.0 million to date. We expect to complete this plan by first quarter of 2019. In the first quarter of 2018, we implemented a restructuring program ("2018 restructuring plan") to address JBT's global processes to flatten the organization, improve efficiency and better leverage general and administrative resources. During the nine months ended September 30, 2018, we incurred $36.3 million in expense primarily associated with the FoodTech segment, of which $22.4 million is related to consulting fees and $13.9 million is related to severance amounts incurred as a direct result of the 2018 restructuring plan. The total estimated cost in connection with this plan is approximately $50 million , of which we have recognized $36.3 million during the nine months ended September 30, 2018, and the remainder we expect to recognize by mid 2019. The following table details the amounts reported in Restructuring expense on the consolidated statement of income since the implementation of these plans: Cumulative Amount For the Three Months Ended Cumulative Amount (In millions) As of December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 As of September 30, 2018 2016 restructuring plan Severance and related expense $ 6.1 $ — $ — $ — $ 6.1 Other 6.2 — — — 6.2 2018 and other restructuring plans Severance and related expense — 11.0 2.5 0.4 13.9 Other — 3.4 7.8 11.2 22.4 Total Restructuring charges $ 12.3 $ 14.4 $ 10.3 $ 11.6 $ 48.6 The restructuring expense is primarily associated with the FoodTech segment, and is excluded from our calculation of segment operating profit. Expenses incurred during the nine months ended September 30, 2018 primarily relate to costs to streamline operations and consolidate facilities as a direct result of our plan. Liability balances for restructuring activities are included in other current liabilities in the accompanying balance sheets. The table below details the activities in 2018: Impact to Earnings (In millions) Balance as of Charged to Earnings Release of Liability Payments Made Balance as of Severance and related expense $ 3.2 $ 13.9 $ (3.5 ) $ (4.4 ) 9.2 Other — 22.4 — (16.6 ) 5.8 Total $ 3.2 $ 36.3 $ (3.5 ) $ (21.0 ) 15.0 We released $ 3.5 million of the liability during the nine months ended September 30, 2018 which we no longer expect to pay in connection with the 2016 and 2018 restructuring plans due to actual severance payments differing from the original estimates and natural attrition of employees. |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES On December 22, 2017, Congress passed, and the President signed, “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. Tax Code, including, but not limited to, (1) reducing the U.S. federal corporate income tax rate from 35.0 percent to 21.0 percent; (2) requiring companies to pay a one-time transitional tax on certain un-repatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income tax on dividends from foreign subsidiaries of U.S. corporations; (4) repealing the domestic production activity deduction; (5) providing for the full expensing of qualified property; (6) adding a new provision designed to tax global intangible low-taxed income (“GILTI”); (7) revising the limitation imposed on deductions for executive compensation paid by publicly-traded companies; (8) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be utilized; (9) creating a base erosion-anti-abuse tax (“BEAT”), a new minimum tax on payments made by certain U.S. corporations to related foreign parties; (10) imposing a new limitation on the deductibility of interest expense; (11) allowing for a deduction related to foreign-derived intangible income (“FDII”); and (12) changing the rules related to the uses and limitations of net operating loss carryforwards generated in tax years beginning after December 31, 2017. The SEC issued SAB 118 which provides guidance on how companies should account for the tax effects related to the Tax Act. According to SAB 118, companies should make a good faith effort to compute the impact of the Tax Act in a timely manner once the company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements under ASC 740, which should not extend beyond one year from the enactment date. However, in situations when the company’s accounting is incomplete, SAB 118 authorizes companies to record a reasonable provisional estimate of the tax impact resulting from the Tax Act. For the period ended December 31, 2017, JBT reported a provisional estimate of the one-time deemed repatriation transition tax on previously untaxed and un-repatriated current and accumulated post-1986 foreign earnings of certain foreign subsidiaries, an adjustment to deferred tax assets related to future stock compensation deductions for amounts that it does not expect it will be able to deduct in the future, and an adjustment to re-measure deferred tax assets and deferred tax liabilities at the 21.0 percent US corporate tax rate. These provisional estimates were computed in accordance with SAB 118. The Company recorded the tax effects of filing its federal tax return for the 2017 tax year in the period ending September 30, 2018. Consequently, the provisional estimate for the transition tax and the remeasurement of deferred taxes due to the change in the federal tax rate were adjusted. The Company reported a discrete tax expense of $0.6 million for the change in transition tax with the filed tax return and a discrete tax benefit of $1.5 million for the change in remeasurement of deferred taxes due to the change in the federal tax rate. These updated provisional estimates were computed in accordance with the most recent technical guidance, and updated and disclosed in accordance with SAB 118. The Tax Act requires the Company to analyze other impacted areas including the limitation on deducting executive compensation, net interest expense deductibility, GILTI, BEAT, FDII, and accelerated cost recovery of fixed assets. The annualized effective tax rate reflects the relevant provisions of the Tax Act. The Company will continue to analyze the tax effects of the new legislation during 2018 as more information is available and more technical guidance is issued at the federal and state level. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 , 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 (the “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 Beginning in 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606") , plus a number of related ASU’s designed to clarify and interpret ASC 606. The new standard replaced most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU requires revenue recognition based upon newly defined criteria, either at a point in time or over time as control of goods or services is transferred. 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 became effective for us as of January 1, 2018 and was adopted on a modified-retrospective basis. Upon adoption of the new standard we have availed ourselves of certain practical expedients and elected certain accounting policies as allowed per ASC 606: • Acquisition costs are expensed and not capitalized as contract assets for contracts with duration of less than one year. • We do not disclose information about remaining performance obligations that have original expected durations of one year or less. • We do not adjust the transaction price for significant financing component for contracts with duration of less than one year. • Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. • Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is below (in millions). The application of IRS guidance issued during the second and third quarters resulted in the conclusion regarding the tax year the revenue recognition impacts of the adoption of ASC 606 would be included for tax purposes. This resulted in a $2.2 million increase to the income tax impact of adoption reflected within opening retained earnings as well as a $6.6 million reduction in taxes receivable and a $4.4 million increase in deferred tax assets recorded upon the adoption of ASC 606. As Reported As Restated December 31, 2017 Adjustments due to ASC 606 January 1, 2018 Trade receivables, net of allowance $ 316.4 $ (31.3 ) $ 285.1 Inventories 190.2 103.6 293.8 Other current assets 48.0 0.4 48.4 Deferred income taxes $ 13.1 6.7 $ 19.8 Total Assets $ 1,391.4 $ 79.4 $ 1,470.8 Advance and progress payments 127.6 113.1 240.7 Other current liabilities 96.4 (2.3 ) 94.1 Other long-term liabilities 49.5 (1.2 ) 48.3 Retained earnings 333.7 (30.2 ) 303.5 Total Liabilities and Stockholders' Equity $ 1,391.4 $ 79.4 $ 1,470.8 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. The Company adopted the new ASU as of January 1, 2018. There was no impact on our consolidated financial statements and related disclosures as a result of adopting the ASU. 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 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 amendments require that the Consolidated Statements of Income impacts be applied retrospectively, while Balance Sheet changes be applied prospectively. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. The Company adopted the new ASU as of January 1, 2018. As such, the Company revised operating income for the three and nine months ended September 30, 2017 by $0.3 million and $0.9 million , respectively, and reported this income in non operating income. There was no impact to net income or to the Balance Sheet or Statement of Cash Flows. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging ("ASC 815") - Targeted Improvements to Accounting for Hedging Activities. The core principle is to simplify hedge accounting, as well as improve the financial reporting of hedging results, for both financial and commodity risks, in the financial statements and related disclosures. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted in any interim period after the issuance of the amendment, however, any adjustments should be made as of the beginning of the fiscal year in which the interim period occurred. The Company adopted ASU 2017-12 in June 2018 under a modified retrospective approach for hedge accounting treatment, and under a prospective approach for the amended disclosure requirements. Adoption of this ASU, which resulted in the following primary changes, did not have a material impact on the Company's financial condition, results of operations, or cash flows. • The ineffective hedging portion of derivatives designated as hedging instruments is no longer required to be separately measured, recognized or reported. The entire change in the fair value of the designated hedging instrument is recorded in accumulated other comprehensive income; • The Company will perform ongoing prospective and retrospective hedge ineffectiveness assessments qualitatively after performing the initial test of hedge effectiveness on a quantitative basis, and only to the extent that an expectation of high effectiveness can be supported on a qualitative basis in subsequent periods; • For derivatives with components excluded from the assessment of hedge effectiveness, the accumulated gains or losses recorded in accumulated other comprehensive income on such excluded components in a qualifying cash flow or net investment hedging relationship are reclassified to earnings on a systematic and rational basis over the hedge term. In December 2017, the SEC issued SAB 118 which provides guidance on how companies should account for the tax effects related to The Tax Cuts and Jobs Act (the "Tax Act"). According to SAB 118, companies should make a good faith effort to compute the impact of the Tax Act in a timely manner once the company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements under ASC 740, Income Taxes , which should not extend beyond one year from the enactment date. However, in situations when the company’s accounting is incomplete, SAB 118 authorizes companies to record a reasonable provisional estimate of the tax impact resulting from the Tax Act. Refer to Note 15. Income Taxes, for further discussion. Recently issued accounting standards not yet adopted Beginning in February 2016, the FASB issued ASU No. 2016-02, Leases ("ASC 842") , plus a number of related statements designed to clarify and interpret ASC 842. The new standard will replace most existing lease guidance in U.S. GAAP. The core principle of the ASU is the requirement for lessees 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. During the nine months ended September 30, 2018 we developed an adoption plan to guide our implementation of ASC 842. We have completed elements of this plan in the third quarter, including surveying our businesses and compiling a central repository of active leases. We are substantially complete with the implementation of our selected lease accounting software, and have made significant progress on extracting and loading lease data elements required for lease accounting into the software solution. We are in the process of developing new lease accounting policies and procedures, changing our internal controls over accounting for leases, developing pro forma disclosures, and concluding on key estimates including the consolidated lessee discount rate used to evaluate lease classification and calculate the lease liability and right of use assets. During the fourth quarter, we will continue to gather and review contracts for embedded leases to ensure we have identified all leases in scope for this standard. Although we are still finalizing our evaluation of the impact of the new lease accounting guidance, we expect to recognize right of use assets and liabilities for our operating leases in the Balance Sheet upon adoption. In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income ("ASC 220"): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The core principle is to reclassify the tax effects of items within accumulated other comprehensive income to retained earnings in order to reflect the adjustment of deferred taxes due to the Tax Cuts and Jobs Act enacted in December 2017. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted in any interim period for reporting periods for which financial statements have not yet been issued. The Company is currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement, which amends Topic 820, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2018-13 on its disclosures. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The core principle is to clarify the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract, regardless of whether they convey a license to the hosted software. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted in any interim period for reporting periods for which financial statements have not yet been issued. The Company is currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 modifies disclosure requirements for defined benefit plans by removing, modifying, or adding certain disclosures. The amendments in ASU 2018-14 would need to be applied on a retrospective basis. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2018-14 on its disclosures. |
Description of Business and B_3
Description of Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | As Reported As Restated December 31, 2017 Adjustments due to ASC 606 January 1, 2018 Trade receivables, net of allowance $ 316.4 $ (31.3 ) $ 285.1 Inventories 190.2 103.6 293.8 Other current assets 48.0 0.4 48.4 Deferred income taxes $ 13.1 6.7 $ 19.8 Total Assets $ 1,391.4 $ 79.4 $ 1,470.8 Advance and progress payments 127.6 113.1 240.7 Other current liabilities 96.4 (2.3 ) 94.1 Other long-term liabilities 49.5 (1.2 ) 48.3 Retained earnings 333.7 (30.2 ) 303.5 Total Liabilities and Stockholders' Equity $ 1,391.4 $ 79.4 $ 1,470.8 The following tables summarize the impacts of adopting ASC 606 on the Company's financial statements. These tables provide visibility into our financial statement presentation had we not adopted ASC 606. They do not necessarily reflect values of future earnings or expected balances. Consolidated Statements of Income: As reported Adjustments Nine Months Ended Nine Months Ended due to September 30, 2018 in millions September 30, 2018 ASC 606 Without Adoption Revenue $ 1,382.4 $ (99.9 ) $ 1,282.5 Cost of sales 1,003.4 (75.4 ) 928.0 Gross profit 379.0 (24.5 ) 354.5 Income from continuing operations before income taxes 73.6 (24.5 ) 49.1 Income tax provision (benefit) 12.1 (6.3 ) 5.8 Net income 61.2 (18.2 ) 43.0 As reported Adjustments Three Months Ended Three Months Ended due to September 30, 2018 in millions September 30, 2018 ASC 606 Without Adoption Revenue $ 481.9 $ (17.8 ) $ 464.1 Cost of sales 346.8 (13.7 ) 333.1 Gross profit 135.1 (4.1 ) 131.0 Income from continuing operations before income taxes 33.2 (4.1 ) 29.1 Income tax provision (benefit) 6.8 (1.1 ) 5.7 Net income 26.4 (3.0 ) 23.4 Consolidated Balance Sheets: Adjustments As reported due to Balances without in millions September 30, 2018 ASC 606 Adoption Trade receivables, net of allowance $ 334.0 $ 13.6 $ 347.6 Inventories 256.6 (23.7 ) 232.9 Other current assets 57.6 (1.0 ) 56.6 Total current assets 686.7 (11.1 ) 675.6 Deferred income taxes 14.4 (1.5 ) 12.9 Total Assets 1,521.2 (12.6 ) 1,508.6 Accounts payable, trade and other 174.1 0.7 174.8 Advance and progress payments 173.3 (27.4 ) 145.9 Other current liabilities 148.9 0.8 149.7 Total current liabilities 496.4 (25.9 ) 470.5 Other liabilities 43.8 1.4 45.2 Retained earnings 354.7 11.9 366.6 Total Liabilities and stockholders' equity 1,521.2 (12.6 ) 1,508.6 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of business combinations | A summary of the acquisitions made during the period is as follows: Acquisition Date Type Company/Product Line Location (Near) Segment July 12, 2018 Stock FTNON. Almelo, Netherlands FoodTech A manufacturer of equipment and solutions for the fresh produce, ready meals, and pet food industries. January 26, 2018 Stock Schröder. Breidenbach, Germany FoodTech Manufacturer of engineered processing solutions to the food industry. July 31, 2017 Stock PLF International Ltd. Harwich (Sussex), England FoodTech Manufacturer and leading provider of powder filling systems for global food and beverage, and nutraceutical markets. July 3, 2017 Stock Aircraft Maintenance Support Services, Ltd. ("AMSS") Mid Glamorgan, Wales AeroTech Manufacturer of military and commercial aviation equipment. February 24, 2017 Stock Avure Technologies, Inc. Middletown, OH FoodTech Manufacturer 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. |
Schedule of assets acquired and liabilities assumed | The following presents the allocation of acquisition consideration to the assets acquired and the liabilities assumed, based on their estimated values: PLF (2) Avure (2) FTNON (1) Other (3) Total (In millions) Financial assets $ 20.8 $ 4.3 $ 19.3 $ 11.2 $ 55.6 Inventories 1.0 14.4 2.8 10.2 28.4 Property, plant and equipment 2.2 4.5 4.4 9.9 21.0 Other intangible assets (4) 17.9 20.8 19.4 8.9 67.0 Deferred taxes (3.5 ) (3.6 ) (4.6 ) (0.9 ) (12.6 ) Financial liabilities (5.5 ) (10.5 ) (20.0 ) (9.1 ) (45.1 ) Total identifiable net assets $ 32.9 $ 29.9 $ 21.3 $ 30.2 $ 114.3 Cash consideration paid $ 49.8 $ 58.9 $ 43.6 $ 32.6 $ 184.9 Holdback payments due to seller 1.8 — — 1.9 3.7 Total purchase price 51.6 58.9 43.6 34.5 188.6 Cash acquired $ 15.5 $ — $ 4.7 $ 2.2 $ 22.4 Net consideration 36.1 58.9 38.9 32.3 166.2 Goodwill $ 18.7 $ 29.0 $ 22.3 $ 4.3 $ 74.3 (1) The purchase accounting for FTNON is provisional. The valuation of certain working capital balances, property, plant and equipment, intangibles, income tax balances and residual goodwill related to each 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). (2) The purchase accounting for these acquisitions was final as of June 30, 2018. (3) Other balances include AMSS and Schröder. The purchase accounting for AMSS was final with tax adjustments recorded as a measurement period adjustment during the three months ended June 30, 2018. The purchase accounting for Schröder is provisional as valuation of certain working capital balances and residual goodwill 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). All measurement period adjustments in the quarter and nine months ended September 30, 2018 were not material. (4) The acquired definite-lived intangibles are being amortized on a straight-line basis over their estimated useful lives, which range from five to twenty years. The tradename intangible assets for Avure and PLF have been identified as indefinite-lived intangible assets and will be reviewed annually for impairment. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 $ 290.8 $ 11.0 $ 301.8 Acquisitions 23.5 0.3 23.8 Currency translation (3.7 ) (0.3 ) (4.0 ) Balance as of September 30, 2018 $ 310.6 $ 11.0 $ 321.6 |
Schedule of finite-lived intangible assets | Intangible assets consisted of the following: September 30, 2018 December 31, 2017 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 166.7 $ 42.3 $ 158.8 $ 33.5 Patents and acquired technology 100.5 28.6 92.1 32.1 Tradenames 23.1 17.8 20.0 9.5 Indefinite lived intangible assets 15.7 — 15.9 — Other 14.5 10.4 14.5 9.4 Total intangible assets $ 320.5 $ 99.1 $ 301.3 $ 84.5 |
Schedule of indefinite-lived intangible assets | Intangible assets consisted of the following: September 30, 2018 December 31, 2017 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 166.7 $ 42.3 $ 158.8 $ 33.5 Patents and acquired technology 100.5 28.6 92.1 32.1 Tradenames 23.1 17.8 20.0 9.5 Indefinite lived intangible assets 15.7 — 15.9 — Other 14.5 10.4 14.5 9.4 Total intangible assets $ 320.5 $ 99.1 $ 301.3 $ 84.5 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: (In millions) September 30, 2018 December 31, 2017 Raw materials $ 89.6 $ 72.6 Work in process 110.1 73.7 Finished goods 122.4 109.2 Gross inventories before LIFO reserves and valuation adjustments 322.1 255.5 LIFO reserves and valuation adjustments (65.5 ) (65.3 ) Inventories, net $ 256.6 $ 190.2 |
Pension (Tables)
Pension (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost (income) | Components of net periodic benefit cost (income) were as follows: Pension Benefits Three Months Ended Nine Months Ended (In millions) 2018 2017 2018 2017 Service cost $ 0.4 $ 0.5 $ 1.4 $ 1.3 Interest cost 2.7 2.7 8.1 8.1 Expected return on plan assets (4.4 ) (4.3 ) (12.9 ) (12.9 ) Settlement charge — — 0.4 — Amortization of net actuarial losses 1.7 1.3 5.0 3.9 Net periodic cost $ 0.4 $ 0.2 $ 2.0 $ 0.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Changes in the AOCI Balances | Changes in the AOCI balances for the three months ended September 30, 2018 and 2017 by component are shown in the following tables: Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, June 30, 2018 $ (111.1 ) $ 2.9 $ (45.6 ) $ (153.8 ) Other comprehensive income (loss) before reclassification — 0.3 (3.2 ) (2.9 ) Amounts reclassified from accumulated other comprehensive income 1.2 (0.3 ) — 0.9 Ending balance, September 30, 2018 $ (109.9 ) $ 2.9 $ (48.8 ) $ (155.8 ) (1) All amounts are net of income taxes. Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, June 30, 2017 $ (107.0 ) $ 0.2 $ (35.3 ) $ (142.1 ) Other comprehensive income (loss) before reclassification — — 7.3 7.3 Amounts reclassified from accumulated other comprehensive income 0.8 0.2 — 1.0 Ending balance, September 30, 2017 $ (106.2 ) $ 0.4 $ (28.0 ) $ (133.8 ) (1) All amounts are net of income taxes. Changes in the AOCI balances for the nine months ended September 30, 2018 and 2017 by component are shown in the following tables: Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, December 31, 2017 $ (113.9 ) $ 1.4 $ (27.8 ) $ (140.3 ) Other comprehensive income (loss) before reclassification — 1.9 (21.0 ) (19.1 ) Amounts reclassified from accumulated other comprehensive income 4.0 (0.4 ) — 3.6 Ending balance, September 30, 2018 $ (109.9 ) $ 2.9 $ (48.8 ) $ (155.8 ) (1) All amounts are net of income taxes. Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, December 31, 2016 $ (108.6 ) $ (0.1 ) $ (48.3 ) $ (157.0 ) Other comprehensive income (loss) before reclassification — (0.1 ) 20.3 20.2 Amounts reclassified from accumulated other comprehensive income 2.4 0.6 — 3.0 Ending balance, September 30, 2017 $ (106.2 ) $ 0.4 $ (28.0 ) $ (133.8 ) (1) All amounts are net of income taxes. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by type of good or service and primary geographical market. The table also includes a reconciliation of the disaggregated revenue with the reportable segments. Three Months Ended Nine Months Ended in millions September 30, 2018 September 30, 2018 Type of Good or Service FoodTech AeroTech FoodTech AeroTech Recurring (1) $ 129.4 $ 45.7 $ 387.6 $ 135.1 Non-recurring (1) 203.1 103.8 610.1 249.5 Total $ 332.5 $ 149.5 $ 997.7 $ 384.6 Geographical Region (2) FoodTech AeroTech FoodTech AeroTech North America $ 174.7 $ 105.2 $ 501.5 $ 298.2 Europe, Middle East and Africa 101.7 32.8 308.1 58.4 Asia Pacific 27.7 9.2 126.9 25.2 Latin America 28.4 2.3 61.2 2.8 Total $ 332.5 $ 149.5 $ 997.7 $ 384.6 (1) Aftermarket parts and services and revenue from leasing contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) Geographical region represents the region in which the end customer resides. |
Contract with Customer, Asset and Liability | Our contract asset and liability balances for the period were as follows: Balances as of in millions January 1, 2018 September 30, 2018 Contract Assets $ 18.2 $ 87.7 Contract Liabilities $ 222.8 $ 149.1 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | As Reported As Restated December 31, 2017 Adjustments due to ASC 606 January 1, 2018 Trade receivables, net of allowance $ 316.4 $ (31.3 ) $ 285.1 Inventories 190.2 103.6 293.8 Other current assets 48.0 0.4 48.4 Deferred income taxes $ 13.1 6.7 $ 19.8 Total Assets $ 1,391.4 $ 79.4 $ 1,470.8 Advance and progress payments 127.6 113.1 240.7 Other current liabilities 96.4 (2.3 ) 94.1 Other long-term liabilities 49.5 (1.2 ) 48.3 Retained earnings 333.7 (30.2 ) 303.5 Total Liabilities and Stockholders' Equity $ 1,391.4 $ 79.4 $ 1,470.8 The following tables summarize the impacts of adopting ASC 606 on the Company's financial statements. These tables provide visibility into our financial statement presentation had we not adopted ASC 606. They do not necessarily reflect values of future earnings or expected balances. Consolidated Statements of Income: As reported Adjustments Nine Months Ended Nine Months Ended due to September 30, 2018 in millions September 30, 2018 ASC 606 Without Adoption Revenue $ 1,382.4 $ (99.9 ) $ 1,282.5 Cost of sales 1,003.4 (75.4 ) 928.0 Gross profit 379.0 (24.5 ) 354.5 Income from continuing operations before income taxes 73.6 (24.5 ) 49.1 Income tax provision (benefit) 12.1 (6.3 ) 5.8 Net income 61.2 (18.2 ) 43.0 As reported Adjustments Three Months Ended Three Months Ended due to September 30, 2018 in millions September 30, 2018 ASC 606 Without Adoption Revenue $ 481.9 $ (17.8 ) $ 464.1 Cost of sales 346.8 (13.7 ) 333.1 Gross profit 135.1 (4.1 ) 131.0 Income from continuing operations before income taxes 33.2 (4.1 ) 29.1 Income tax provision (benefit) 6.8 (1.1 ) 5.7 Net income 26.4 (3.0 ) 23.4 Consolidated Balance Sheets: Adjustments As reported due to Balances without in millions September 30, 2018 ASC 606 Adoption Trade receivables, net of allowance $ 334.0 $ 13.6 $ 347.6 Inventories 256.6 (23.7 ) 232.9 Other current assets 57.6 (1.0 ) 56.6 Total current assets 686.7 (11.1 ) 675.6 Deferred income taxes 14.4 (1.5 ) 12.9 Total Assets 1,521.2 (12.6 ) 1,508.6 Accounts payable, trade and other 174.1 0.7 174.8 Advance and progress payments 173.3 (27.4 ) 145.9 Other current liabilities 148.9 0.8 149.7 Total current liabilities 496.4 (25.9 ) 470.5 Other liabilities 43.8 1.4 45.2 Retained earnings 354.7 11.9 366.6 Total Liabilities and stockholders' equity 1,521.2 (12.6 ) 1,508.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 Nine Months Ended (In millions, except per share data) 2018 2017 2018 2017 Basic earnings per share: Income from continuing operations $ 26.4 $ 26.4 $ 61.5 $ 62.3 Weighted average number of shares outstanding 31.9 31.9 31.9 31.3 Basic earnings per share from continuing operations $ 0.83 $ 0.83 $ 1.93 $ 1.99 Diluted earnings per share: Income from continuing operations $ 26.4 $ 26.4 $ 61.5 $ 62.3 Weighted average number of shares outstanding 31.9 31.9 31.9 31.3 Effect of dilutive securities: Restricted stock 0.2 0.4 0.3 0.4 Total shares and dilutive securities 32.1 32.3 32.2 31.7 Diluted earnings per share from continuing operations $ 0.82 $ 0.82 $ 1.91 $ 1.97 On August 10, 2018, the Board authorized new share repurchase program of up to $30 million of the Company's common stock, effective January 1, 2019 through December 31, 2021, which replaced the prior share repurchase program. Shares may be purchased from time to time in open market transactions, subject to market conditions. Repurchased shares become treasury shares, which are accounted for using the cost method and are intended to be used for future awards under the Incentive Compensation Plan. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 As of December 31, 2017 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 14.0 $ 14.0 $ — $ — $ 13.1 $ 13.1 $ — $ — Derivatives 7.6 — 7.6 — 5.2 — 5.2 — Total assets $ 21.6 $ 14.0 $ 7.6 $ — $ 18.3 $ 13.1 $ 5.2 $ — Liabilities: Derivatives $ 5.2 $ — $ 5.2 $ — $ 5.5 $ — $ 5.5 $ — Total liabilities $ 5.2 $ — $ 5.2 $ — $ 5.5 $ — $ 5.5 $ — |
Derivative Financial Instrume_2
Derivative Financial Instruments and Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 and embedded derivatives included within the Balance Sheets: As of September 30, 2018 As of December 31, 2017 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Other current assets / liabilities $ 4.0 $ 3.8 $ 3.3 $ 5.7 Total $ 4.0 $ 3.8 $ 3.3 $ 5.7 |
Schedule of derivative assets at fair value | (In millions) As of December 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 $ (1.3 ) $ 3.9 As of September 30, 2018 and December 31, 2017 , information related to these offsetting arrangements was as follows: (In millions) As of September 30, 2018 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 $ 7.6 $ — $ 7.6 $ (2.7 ) $ 4.9 |
Schedule of derivative liabilities at fair value | (In millions) As of December 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 $ 5.5 $ — $ 5.5 $ (1.3 ) $ 4.2 (In millions) As of September 30, 2018 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 $ 5.2 $ — $ 5.2 $ (2.6 ) $ 2.6 |
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 Income Statement: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of (Loss) Gain Recognized in Income on Derivatives Three Months Ended Nine Months Ended (In millions) 2018 2017 2018 2017 Foreign exchange contracts Revenue $ (0.8 ) $ 1.3 $ (4.3 ) $ 1.2 Foreign exchange contracts Cost of sales (0.1 ) — 0.1 0.7 Foreign exchange contracts Other expense (income), net 0.1 0.7 0.4 0.9 Total (0.8 ) 2.0 (3.8 ) 2.8 Remeasurement of assets and liabilities in foreign currencies 0.7 (1.0 ) 2.2 (1.9 ) Net (loss) Gain on foreign currency transactions $ (0.1 ) $ 1.0 $ (1.6 ) $ 0.9 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of warranty cost and accrual information | Warranty cost and accrual information were as follows: Three Months Ended Nine Months Ended (In millions) 2018 2017 2018 2017 Balance at beginning of period $ 13.2 $ 14.7 $ 14.5 $ 14.5 Expense for new warranties 4.0 2.9 9.2 8.9 Adjustments to existing accruals (0.3 ) — (1.3 ) (0.4 ) Claims paid (4.0 ) (3.4 ) (9.4 ) (10.8 ) Added through acquisition 0.3 0.6 0.5 2.3 Translation — 0.2 (0.3 ) 0.5 Balance at end of period $ 13.2 $ 15.0 $ 13.2 $ 15.0 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment revenue and operating profit | Business segment information was as follows: Three Months Ended Nine Months Ended (In millions) 2018 2017 2018 2017 Revenue: JBT FoodTech $ 332.5 $ 296.1 $ 997.7 $ 816.6 JBT AeroTech 149.5 124.8 384.6 334.8 Other revenue and intercompany eliminations (0.1 ) (0.1 ) 0.1 — Total revenue $ 481.9 $ 420.8 $ 1,382.4 $ 1,151.4 Income before income taxes Segment operating profit: JBT FoodTech $ 41.9 $ 37.8 $ 110.8 $ 89.4 JBT AeroTech 17.6 15.4 40.2 35.8 Total segment operating profit 59.5 53.2 151.0 125.2 Corporate items: Corporate expense (1) (11.3 ) (11.0 ) (33.5 ) (32.4 ) Restructuring expense (2) (11.6 ) (0.3 ) (32.8 ) (1.3 ) Operating income 36.6 41.9 84.7 91.5 Other income (expense), net (3) — 0.3 (0.6 ) 0.9 Net interest expense (3.4 ) (3.6 ) (10.5 ) (10.3 ) Income from continuing operations before income taxes $ 33.2 $ 38.6 $ 73.6 $ 82.1 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, 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 14 . Restructuring for further information on restructuring expense. (3) Other income (expense), net represents components of net benefit costs other than service costs required to be presented outside of income from operations. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring expense | The following table details the amounts reported in Restructuring expense on the consolidated statement of income since the implementation of these plans: Cumulative Amount For the Three Months Ended Cumulative Amount (In millions) As of December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 As of September 30, 2018 2016 restructuring plan Severance and related expense $ 6.1 $ — $ — $ — $ 6.1 Other 6.2 — — — 6.2 2018 and other restructuring plans Severance and related expense — 11.0 2.5 0.4 13.9 Other — 3.4 7.8 11.2 22.4 Total Restructuring charges $ 12.3 $ 14.4 $ 10.3 $ 11.6 $ 48.6 |
Schedule of restructuring reserve by type of cost | Liability balances for restructuring activities are included in other current liabilities in the accompanying balance sheets. The table below details the activities in 2018: Impact to Earnings (In millions) Balance as of Charged to Earnings Release of Liability Payments Made Balance as of Severance and related expense $ 3.2 $ 13.9 $ (3.5 ) $ (4.4 ) 9.2 Other — 22.4 — (16.6 ) 5.8 Total $ 3.2 $ 36.3 $ (3.5 ) $ (21.0 ) 15.0 We released $ 3.5 million of the liability during the nine months ended September 30, 2018 which we no longer expect to pay in connection with the 2016 and 2018 restructuring plans due to actual severance payments differing from the original estimates and natural attrition of employees. |
Description of Business and B_4
Description of Business and Basis of Presentation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating income | $ 36.6 | $ 41.9 | $ 84.7 | $ 91.5 | |
Accounting Standards Update 2017-07, Year 2017 Effect | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating income | $ 0.3 | $ 0.9 | |||
Accounting Standards Update 2014-09 | Adjustments due to ASC 606 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 2.2 | ||||
Taxes receivable | (6.6) | ||||
Deferred tax assets | $ 4.4 |
Description of Business and B_5
Description of Business and Basis of Presentation - Effect of New Accounting Pronouncement (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Trade receivables, net of allowance | $ 334 | $ 285.1 | $ 316.4 |
Inventories | 256.6 | 293.8 | 190.2 |
Other current assets | 57.6 | 48.4 | 48 |
Deferred income taxes | 14.4 | 19.8 | 13.1 |
Total Assets | 1,521.2 | 1,470.8 | 1,391.4 |
Advance and progress payments | 173.3 | 240.7 | 127.6 |
Other current liabilities | 148.9 | 94.1 | 146.2 |
Other long-term liabilities | 43.8 | 48.3 | 49.5 |
Retained earnings | 354.7 | 303.5 | 333.7 |
Total Liabilities and Stockholders' Equity | 1,521.2 | 1,470.8 | 1,391.4 |
As Reported | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Trade receivables, net of allowance | 347.6 | 316.4 | |
Inventories | 232.9 | 190.2 | |
Other current assets | 56.6 | 48 | |
Deferred income taxes | 12.9 | 13.1 | |
Total Assets | 1,508.6 | 1,391.4 | |
Advance and progress payments | 145.9 | 127.6 | |
Other current liabilities | 149.7 | 96.4 | |
Other long-term liabilities | 45.2 | 49.5 | |
Retained earnings | 366.6 | 333.7 | |
Total Liabilities and Stockholders' Equity | 1,508.6 | $ 1,391.4 | |
Accounting Standards Update 2014-09 | Adjustments due to ASC 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Trade receivables, net of allowance | 13.6 | (31.3) | |
Inventories | (23.7) | 103.6 | |
Other current assets | (1) | 0.4 | |
Deferred income taxes | (1.5) | 6.7 | |
Total Assets | (12.6) | 79.4 | |
Advance and progress payments | (27.4) | 113.1 | |
Other current liabilities | 0.8 | (2.3) | |
Other long-term liabilities | 1.4 | (1.2) | |
Retained earnings | 11.9 | (30.2) | |
Total Liabilities and Stockholders' Equity | $ (12.6) | $ 79.4 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | Feb. 24, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)acquisition |
Business Combinations [Abstract] | ||||
Number of businesses acquired | acquisition | 5 | |||
Consideration paid to acquire business | $ | $ 166.2 | $ 57.6 | $ 103.1 | $ 166.2 |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jul. 12, 2018 | Feb. 24, 2017 | Feb. 17, 2017 | Nov. 01, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||
Financial assets | $ 55.6 | |||||||
Inventories | 28.4 | |||||||
Property, plant and equipment | 21 | |||||||
Other intangible assets | 67 | |||||||
Deferred taxes | (12.6) | |||||||
Financial liabilities | (45.1) | |||||||
Total identifiable net assets | 114.3 | |||||||
Cash consideration paid | 184.9 | |||||||
Holdback payments due to seller | 3.7 | |||||||
Total purchase price | 188.6 | |||||||
Cash acquired | 22.4 | |||||||
Net consideration | 166.2 | $ 57.6 | $ 103.1 | $ 166.2 | ||||
Goodwill | 74.3 | $ 321.6 | $ 321.6 | $ 301.8 | ||||
PLF International Ltd. | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||
Financial assets | $ 20.8 | |||||||
Inventories | 1 | |||||||
Property, plant and equipment | 2.2 | |||||||
Other intangible assets | 17.9 | |||||||
Deferred taxes | (3.5) | |||||||
Financial liabilities | (5.5) | |||||||
Total identifiable net assets | 32.9 | |||||||
Cash consideration paid | 49.8 | |||||||
Holdback payments due to seller | 1.8 | |||||||
Total purchase price | 51.6 | |||||||
Cash acquired | 15.5 | |||||||
Net consideration | 36.1 | |||||||
Goodwill | $ 18.7 | |||||||
Avure Technologies, Inc. | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||
Financial assets | 4.3 | |||||||
Inventories | 14.4 | |||||||
Property, plant and equipment | 4.5 | |||||||
Other intangible assets | 20.8 | |||||||
Deferred taxes | (3.6) | |||||||
Financial liabilities | (10.5) | |||||||
Total identifiable net assets | 29.9 | |||||||
Cash consideration paid | 58.9 | |||||||
Holdback payments due to seller | 0 | |||||||
Total purchase price | 58.9 | |||||||
Cash acquired | 0 | |||||||
Net consideration | 58.9 | |||||||
Goodwill | $ 29 | |||||||
FTNON | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||
Financial assets | $ 19.3 | |||||||
Inventories | 2.8 | |||||||
Property, plant and equipment | 4.4 | |||||||
Other intangible assets | 19.4 | |||||||
Deferred taxes | (4.6) | |||||||
Financial liabilities | (20) | |||||||
Total identifiable net assets | 21.3 | |||||||
Cash consideration paid | 43.6 | |||||||
Holdback payments due to seller | 0 | |||||||
Total purchase price | 43.6 | |||||||
Cash acquired | 4.7 | |||||||
Net consideration | 38.9 | |||||||
Goodwill | $ 22.3 | |||||||
Other | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||
Financial assets | $ 11.2 | |||||||
Inventories | 10.2 | |||||||
Property, plant and equipment | 9.9 | |||||||
Other intangible assets | 8.9 | |||||||
Deferred taxes | (0.9) | |||||||
Financial liabilities | (9.1) | |||||||
Total identifiable net assets | 30.2 | |||||||
Cash consideration paid | 32.6 | |||||||
Holdback payments due to seller | 1.9 | |||||||
Total purchase price | 34.5 | |||||||
Cash acquired | 2.2 | |||||||
Net consideration | 32.3 | |||||||
Goodwill | $ 4.3 | |||||||
Minimum | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets useful lives | 5 years | |||||||
Maximum | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets useful lives | 20 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
December 31, 2017 | $ 301.8 |
Acquisitions | 23.8 |
Currency translation | (4) |
September 30, 2018 | 321.6 |
JBT FoodTech | |
Goodwill [Roll Forward] | |
December 31, 2017 | 290.8 |
Acquisitions | 23.5 |
Currency translation | (3.7) |
September 30, 2018 | 310.6 |
JBT AeroTech | |
Goodwill [Roll Forward] | |
December 31, 2017 | 11 |
Acquisitions | 0.3 |
Currency translation | (0.3) |
September 30, 2018 | $ 11 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 320.5 | $ 301.3 |
Accumulated amortization | 99.1 | 84.5 |
Non-amortizing intangible assets | 15.7 | 15.9 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 166.7 | 158.8 |
Accumulated amortization | 42.3 | 33.5 |
Patents and acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100.5 | 92.1 |
Accumulated amortization | 28.6 | 32.1 |
Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 23.1 | 20 |
Accumulated amortization | 17.8 | 9.5 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 14.5 | 14.5 |
Accumulated amortization | $ 10.4 | $ 9.4 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 89.6 | $ 72.6 | |
Work in process | 110.1 | 73.7 | |
Finished goods | 122.4 | 109.2 | |
Gross inventories before LIFO reserves and valuation adjustments | 322.1 | 255.5 | |
LIFO reserves and valuation adjustments | (65.5) | (65.3) | |
Inventories, net | $ 256.6 | $ 293.8 | $ 190.2 |
Pension - Narrative (Details)
Pension - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions to pension and other postretirement benefit plans in current year | $ 20.1 |
Employer contributions made | 15.5 |
Domestic Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions to pension and other postretirement benefit plans in current year | $ 15.5 |
Pension - Components of Net Per
Pension - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.4 | $ 0.5 | $ 1.4 | $ 1.3 |
Interest cost | 2.7 | 2.7 | 8.1 | 8.1 |
Expected return on plan assets | (4.4) | (4.3) | (12.9) | (12.9) |
Settlement charge | 0 | 0 | 0.4 | 0 |
Amortization of net actuarial losses | 1.7 | 1.3 | 5 | 3.9 |
Net periodic cost | $ 0.4 | $ 0.2 | $ 2 | $ 0.4 |
Debt - Narrative (Details)
Debt - Narrative (Details) - Revolving Credit Facility $ in Millions | Jun. 19, 2018USD ($)gaurantorsubsidiaries | Sep. 30, 2018USD ($) |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity (up to) | $ | $ 1,000 | |
Outstanding borrowings | $ | $ 489.8 | |
Percentage of voting stock pledged | 65.00% | |
Percentage of non-voting stock pledged | 100.00% | |
LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread (as a percent) | 1.00% | |
LIBOR | Line of Credit | ||
Debt Instrument [Line Items] | ||
Interest rate floor (as a percent) | 0.00% | |
Federal Funds Rate | Line of Credit | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread (as a percent) | 50.00% | |
Minimum | Line of Credit | ||
Debt Instrument [Line Items] | ||
Commitment fee (as a percent) | 15.00% | |
Maximum | Line of Credit | ||
Debt Instrument [Line Items] | ||
Commitment fee (as a percent) | 30.00% | |
Domestic Subsidiaries | Line of Credit | ||
Debt Instrument [Line Items] | ||
Number of guarantors | gaurantor | 6 | |
Debt instrument, guarantees, number of subsidiaries | subsidiaries | 6 | |
Dutch Subsidiaries | Line of Credit | ||
Debt Instrument [Line Items] | ||
Number of guarantors | gaurantor | 2 | |
Debt instrument, guarantees, number of subsidiaries | subsidiaries | 2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 441.9 | |||
Other comprehensive income (loss) before reclassification | $ (2.9) | $ 7.3 | (19.1) | $ 20.2 |
Amounts reclassified from accumulated other comprehensive income | 0.9 | 1 | 3.6 | 3 |
Ending balance | 432.4 | 432.4 | ||
AOCI Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (153.8) | (142.1) | (140.3) | (157) |
Ending balance | (155.8) | (133.8) | (155.8) | (133.8) |
Pension and Other Postretirement Benefits (1) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (111.1) | (107) | (113.9) | (108.6) |
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 1.2 | 0.8 | 4 | 2.4 |
Ending balance | (109.9) | (106.2) | (109.9) | (106.2) |
Derivatives Designated as Hedges (1) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 2.9 | 0.2 | 1.4 | (0.1) |
Other comprehensive income (loss) before reclassification | 0.3 | 0 | 1.9 | (0.1) |
Amounts reclassified from accumulated other comprehensive income | (0.3) | 0.2 | (0.4) | 0.6 |
Ending balance | 2.9 | 0.4 | 2.9 | 0.4 |
Foreign Currency Translation (1) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (45.6) | (35.3) | (27.8) | (48.3) |
Other comprehensive income (loss) before reclassification | (3.2) | 7.3 | (21) | 20.3 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Ending balance | $ (48.8) | $ (28) | $ (48.8) | $ (28) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other (expense) income | $ 0 | $ (0.3) | $ 0.6 | $ (0.9) |
Selling, general and administrative expense | 79 | 74 | 237.4 | 222.1 |
Provision for income taxes | 6.8 | 12.2 | 12.1 | 19.8 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefits (1) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other (expense) income | 1.7 | 1.3 | ||
Selling, general and administrative expense | 5.3 | 3.9 | ||
Provision for income taxes | 0.5 | 0.5 | 1.3 | 1.5 |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Designated as Hedges (1) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision for income taxes | 0.1 | 0.1 | 0.2 | 0.4 |
Interest expense, net | $ (0.4) | $ 0.3 | $ (0.6) | $ 1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
FoodTech | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 332.5 | $ 997.7 |
FoodTech | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 174.7 | 501.5 |
FoodTech | Europe, Middle East and Africa | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 101.7 | 308.1 |
FoodTech | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 27.7 | 126.9 |
FoodTech | Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28.4 | 61.2 |
FoodTech | Recurring | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 129.4 | 387.6 |
FoodTech | Non-Recurring | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 203.1 | 610.1 |
AeroTech | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 149.5 | 384.6 |
AeroTech | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 105.2 | 298.2 |
AeroTech | Europe, Middle East and Africa | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 32.8 | 58.4 |
AeroTech | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9.2 | 25.2 |
AeroTech | Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2.3 | 2.8 |
AeroTech | Recurring | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 45.7 | 135.1 |
AeroTech | Non-Recurring | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 103.8 | $ 249.5 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Contract Assets | $ 87.7 | $ 18.2 |
Contract Liabilities | $ 149.1 | $ 222.8 |
Revenue Recognition - Impact on
Revenue Recognition - Impact on Statement of Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Sales | $ 481,900,000 | $ 420,800,000 | $ 1,382,400,000 | $ 1,151,400,000 |
Cost of sales | 346,800,000 | 299,300,000 | 1,003,400,000 | 817,500,000 |
Gross profit | 135,100,000 | 379,000,000 | ||
Income from continuing operations before income taxes | 33,200,000 | 38,600,000 | 73,600,000 | 82,100,000 |
Income tax provision (benefit) | 6,800,000 | 12,200,000 | 12,100,000 | 19,800,000 |
Net income | 26,400,000 | $ 25,800,000 | 61,200,000 | $ 61,100,000 |
Balances without Adoption | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Sales | 464,100,000 | 1,282,500,000 | ||
Cost of sales | 333,100,000 | 928,000,000 | ||
Gross profit | 131,000,000 | 354,500,000 | ||
Income from continuing operations before income taxes | 29,100,000 | 49,100,000 | ||
Income tax provision (benefit) | 5,700,000 | 5,800,000 | ||
Net income | 23,400,000 | 43,000,000 | ||
Accounting Standards Update 2014-09 | Adjustments due to ASC 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Sales | (17,800,000) | (99,900,000) | ||
Cost of sales | (13,700,000) | (75,400,000) | ||
Gross profit | (4,100,000) | (24,500,000) | ||
Income from continuing operations before income taxes | (4,100,000) | (24,500,000) | ||
Income tax provision (benefit) | (1,100,000) | (6,300,000) | ||
Net income | $ (3,000,000) | $ (18,200,000) |
Revenue Recognition - Impact _2
Revenue Recognition - Impact on Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Trade receivables, net of allowance | $ 334 | $ 285.1 | $ 316.4 |
Inventories | 256.6 | 293.8 | 190.2 |
Other current assets | 57.6 | 48.4 | 48 |
Total current assets | 686.7 | 588.6 | |
Deferred income taxes | 14.4 | 19.8 | 13.1 |
Total Assets | 1,521.2 | 1,470.8 | 1,391.4 |
Accounts payable, trade and other | 174.1 | 157.1 | |
Advance and progress payments | 173.3 | 240.7 | 127.6 |
Other current liabilities | 148.9 | 94.1 | 146.2 |
Total current liabilities | 496.4 | 441.4 | |
Other liabilities | 43.8 | 48.3 | 49.5 |
Retained earnings | 354.7 | 303.5 | 333.7 |
Total Liabilities and Stockholders' Equity | 1,521.2 | 1,470.8 | 1,391.4 |
Adjustments due to ASC 606 | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Trade receivables, net of allowance | 13.6 | (31.3) | |
Inventories | (23.7) | 103.6 | |
Other current assets | (1) | 0.4 | |
Total current assets | (11.1) | ||
Deferred income taxes | (1.5) | 6.7 | |
Total Assets | (12.6) | 79.4 | |
Accounts payable, trade and other | 0.7 | ||
Advance and progress payments | (27.4) | 113.1 | |
Other current liabilities | 0.8 | (2.3) | |
Total current liabilities | (25.9) | ||
Other liabilities | 1.4 | (1.2) | |
Retained earnings | 11.9 | (30.2) | |
Total Liabilities and Stockholders' Equity | (12.6) | $ 79.4 | |
Balances without Adoption | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Trade receivables, net of allowance | 347.6 | 316.4 | |
Inventories | 232.9 | 190.2 | |
Other current assets | 56.6 | 48 | |
Total current assets | 675.6 | ||
Deferred income taxes | 12.9 | 13.1 | |
Total Assets | 1,508.6 | 1,391.4 | |
Accounts payable, trade and other | 174.8 | ||
Advance and progress payments | 145.9 | 127.6 | |
Other current liabilities | 149.7 | 96.4 | |
Total current liabilities | 470.5 | ||
Other liabilities | 45.2 | 49.5 | |
Retained earnings | 366.6 | 333.7 | |
Total Liabilities and Stockholders' Equity | $ 1,508.6 | $ 1,391.4 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract liability, revenue recognized | $ 0.75 |
Remaining performance obligation | $ 302,000,000 |
Remaining performance obligation, percentage | 40.00% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Aug. 10, 2018 | |
Basic earnings per share: | |||||
Income from continuing operations | $ 26,400,000 | $ 26,400,000 | $ 61,500,000 | $ 62,300,000 | |
Weighted average number of shares outstanding (in shares) | 31.9 | 31.9 | 31.9 | 31.3 | |
Basic earnings per share from continuing operations (in dollars per share) | $ 0.83 | $ 0.83 | $ 1.93 | $ 1.99 | |
Diluted earnings per share: | |||||
Income from continuing operations | $ 26,400,000 | $ 26,400,000 | $ 61,500,000 | $ 62,300,000 | |
Weighted average number of shares outstanding (in shares) | 31.9 | 31.9 | 31.9 | 31.3 | |
Effect of dilutive securities: | |||||
Restricted stock (in shares) | 0.2 | 0.4 | 0.3 | 0.4 | |
Total shares and dilutive securities (in shares) | 32.1 | 32.3 | 32.2 | 31.7 | |
Diluted earnings per share from continuing operations (in dollars per share) | $ 0.82 | $ 0.82 | $ 1.91 | $ 1.97 | |
Stock repurchase program, authorized amount | $ 30,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Unrealized gain (loss) on investments | $ 0.3 | $ (0.5) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Derivatives | $ 7.6 | $ 5.2 |
Liabilities: | ||
Derivatives | 5.2 | 5.5 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Investments | 14 | 13.1 |
Derivatives | 7.6 | 5.2 |
Total assets | 21.6 | 18.3 |
Liabilities: | ||
Derivatives | 5.2 | 5.5 |
Total liabilities | 5.2 | 5.5 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Investments | 14 | 13.1 |
Derivatives | 0 | 0 |
Total assets | 14 | 13.1 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 7.6 | 5.2 |
Total assets | 7.6 | 5.2 |
Liabilities: | ||
Derivatives | 5.2 | 5.5 |
Total liabilities | 5.2 | 5.5 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Risk Management - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018USD ($)derivative | Sep. 30, 2018USD ($)derivative | Dec. 31, 2017USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | $ 7.6 | $ 7.6 | $ 5.2 |
Fair value of derivative liability | 5.2 | $ 5.2 | $ 5.5 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, term of contract (less than) | 2 years | ||
Notional amount | 436.8 | $ 436.8 | |
Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Cross currency swap amount | $ 116.4 | 116.4 | |
Net investment hedge recorded in other comprehensive income (loss) | $ 1.5 | ||
Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Number of derivative instruments held | derivative | 3 | 3 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Derivative recorded other comprehensive income (loss) | $ 2.8 | ||
Other Noncurrent Assets | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | $ 4 | 4 | |
Other Noncurrent Liabilities | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | 1.5 | 1.5 | |
Interest Expense | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) recorded in interest expense | $ 0.6 | $ 0.6 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Derivative Assets | $ 7.6 | $ 5.2 |
Derivative Liabilities | 5.2 | 5.5 |
Foreign Currency Derivatives and Embedded Derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 4 | 3.3 |
Derivative Liabilities | 3.8 | 5.7 |
Other Current Assets | Foreign Currency Derivatives and Embedded Derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 4 | 3.3 |
Other Current Liabilities | Foreign Currency Derivatives and Embedded Derivatives | ||
Derivative [Line Items] | ||
Derivative Liabilities | $ 3.8 | $ 5.7 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Assets | $ 7.6 | $ 5.2 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Presented in the Consolidated Balance Sheets | 7.6 | 5.2 |
Amount Subject to Master Netting Agreement | (2.7) | (1.3) |
Net Amount | $ 4.9 | $ 3.9 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liabilities | $ 5.2 | $ 5.5 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Presented in the Consolidated Balance Sheets | 5.2 | 5.5 |
Amount Subject to Master Netting Agreement | (2.6) | (1.3) |
Net Amount | $ 2.6 | $ 4.2 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Risk Management - Location and Amount of Gain (Loss) on Foreign Currency Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Income on Derivatives | $ (0.8) | $ 2 | $ (3.8) | $ 2.8 |
Remeasurement of assets and liabilities in foreign currencies | 0.7 | (1) | 2.2 | (1.9) |
Net (loss) Gain on foreign currency transactions | (0.1) | 1 | (1.6) | 0.9 |
Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Income on Derivatives | (0.8) | 1.3 | (4.3) | 1.2 |
Cost of sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Income on Derivatives | (0.1) | 0 | 0.1 | 0.7 |
Other expense (income), net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Income on Derivatives | $ 0.1 | $ 0.7 | $ 0.4 | $ 0.9 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, expiration term | P2Y |
Performance Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 232.4 |
Financial Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 6.6 |
Customers Financing Arrangements Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 6.9 |
Guarantor obligations, maximum exposure, undiscounted, net | $ 0.3 |
Minimum | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, amount recoverable from third-parties (as a percent) | 75.00% |
Maximum | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, amount recoverable from third-parties (as a percent) | 95.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | $ 13.2 | $ 14.7 | $ 14.5 | $ 14.5 |
Expense for new warranties | 4 | 2.9 | 9.2 | 8.9 |
Adjustments to existing accruals | (0.3) | 0 | (1.3) | (0.4) |
Claims paid | (4) | (3.4) | (9.4) | (10.8) |
Added through acquisition | 0.3 | 0.6 | 0.5 | 2.3 |
Translation | 0 | 0.2 | (0.3) | 0.5 |
Balance at end of period | $ 13.2 | $ 15 | $ 13.2 | $ 15 |
Business Segment Information -
Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 481.9 | $ 420.8 | $ 1,382.4 | $ 1,151.4 |
Segment operating profit | 135.1 | 379 | ||
Corporate expense | (79) | (74) | (237.4) | (222.1) |
Restructuring expense | (11.6) | (0.3) | (32.8) | (1.3) |
Operating income | 36.6 | 41.9 | 84.7 | 91.5 |
Periodic pension cost, net | 0 | 0.3 | (0.6) | 0.9 |
Income from continuing operations before income taxes | 33.2 | 38.6 | 73.6 | 82.1 |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating profit | 59.5 | 53.2 | 151 | 125.2 |
Operating segments | JBT FoodTech | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 332.5 | 296.1 | 997.7 | 816.6 |
Segment operating profit | 41.9 | 37.8 | 110.8 | 89.4 |
Operating segments | JBT AeroTech | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 149.5 | 124.8 | 384.6 | 334.8 |
Segment operating profit | 17.6 | 15.4 | 40.2 | 35.8 |
Other revenue and intercompany eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (0.1) | (0.1) | 0.1 | 0 |
Corporate, non-segment | ||||
Segment Reporting Information [Line Items] | ||||
Corporate expense | (11.3) | (11) | (33.5) | (32.4) |
Restructuring expense | (11.6) | (0.3) | (32.8) | (1.3) |
Operating income | 36.6 | 41.9 | 84.7 | 91.5 |
Periodic pension cost, net | 0 | 0.3 | (0.6) | 0.9 |
Net interest expense | $ (3.4) | $ (3.6) | $ (10.5) | $ (10.3) |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, release of liability | $ 3,500,000 | ||||
Restructuring costs incurred to date | 48.6 | $ 12.3 | |||
Restructuring Plan, 2016 | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost under plan | $ 12,000,000 | ||||
Restructuring charges, release of liability | $ 1,700,000 | ||||
Restructuring Plan, Tipper Tie | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost under plan | $ 4,000,000 | ||||
Restructuring costs incurred to date | 3,000,000 | ||||
JBT Global Business | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost under plan | 50,000,000 | ||||
Restructuring and related costs, incurred cost | 36,300,000 | ||||
Consulting Fees | JBT Global Business | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related costs, incurred cost | 22,400,000 | ||||
Severance and related expense | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, release of liability | 3,500,000 | ||||
Severance and related expense | Restructuring Plan, 2016 | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred to date | 6,100,000 | $ 6,100,000 | |||
Severance and related expense | JBT Global Business | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related costs, incurred cost | $ 13,900,000 |
Restructuring - Restructuring E
Restructuring - Restructuring Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative amount of restructuring costs | $ 48.6 | $ 48.6 | $ 12.3 | ||
Restructuring charges | 11.6 | $ 10.3 | $ 14.4 | 36,300,000 | |
Severance and related expense | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 13,900,000 | ||||
Severance and related expense | 2016 restructuring plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative amount of restructuring costs | 6,100,000 | 6,100,000 | 6,100,000 | ||
Restructuring charges | 0 | 0 | 0 | ||
Severance and related expense | 2018 and other restructuring plans | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative amount of restructuring costs | 13.9 | 13.9 | 0 | ||
Restructuring charges | 0.4 | 2.5 | 11 | ||
Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 22,400,000 | ||||
Other | 2016 restructuring plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative amount of restructuring costs | 6,200,000 | 6,200,000 | 6,200,000 | ||
Restructuring charges | 0 | 0 | 0 | ||
Other | 2018 and other restructuring plans | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative amount of restructuring costs | 22.4 | $ 22.4 | $ 0 | ||
Restructuring charges | $ 11.2 | $ 7.8 | $ 3.4 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2018 | |
Restructuring Reserve [Roll Forward] | ||||
December 31, 2017 | $ 3,200,000 | $ 3,200,000 | ||
Charged to Earnings | $ 11.6 | $ 10.3 | 14.4 | 36,300,000 |
Release of Liability | (3,500,000) | |||
Payments Made | (21,000,000) | |||
September 30, 2018 | 0 | 0 | ||
Severance and related expense | ||||
Restructuring Reserve [Roll Forward] | ||||
December 31, 2017 | 3,200,000 | 3,200,000 | ||
Charged to Earnings | 13,900,000 | |||
Release of Liability | (3,500,000) | |||
Payments Made | (4,400,000) | |||
September 30, 2018 | 0 | 0 | ||
Other | ||||
Restructuring Reserve [Roll Forward] | ||||
December 31, 2017 | $ 0 | 0 | ||
Charged to Earnings | 22,400,000 | |||
Release of Liability | 0 | |||
Payments Made | (16,600,000) | |||
September 30, 2018 | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Discrete income tax expense relate to change in transition tax | $ 0.6 |
Discrete tax benefit for change in remeasurement of deferred taxes | $ 1.5 |