Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 18, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-34036 | ||
Entity Registrant Name | John Bean Technologies Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 91-1650317 | ||
Entity Address, Address Line One | 70 West Madison Street | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60602 | ||
City Area Code | 312 | ||
Local Phone Number | 861-5900 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | JBT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,666,110,073 | ||
Entity Common Stock, Shares Outstanding | 31,729,736 | ||
Entity Central Index Key | 0001433660 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Revenue | $ 1,727.8 | $ 1,945.7 | $ 1,919.7 |
Operating expenses: | |||
Selling, general and administrative expense | 358.5 | 396.4 | 346.8 |
Restructuring expense | 12.1 | 13.5 | 47 |
Operating income: | 163.1 | 188.2 | 143.8 |
Pension expense, other than service cost | 3.7 | 2.5 | 0.9 |
Interest expense, net | 13.9 | 18.8 | 13.9 |
Income from continuing operations before income taxes | 145.5 | 166.9 | 129 |
Income tax provision | 36.7 | 37.6 | 24.6 |
Income from continuing operations | 108.8 | 129.3 | 104.4 |
Loss from discontinued operations, net of income taxes | 0 | 0.3 | 0.3 |
Net income | $ 108.8 | $ 129 | $ 104.1 |
Basic earnings per share: | |||
Income from continuing operations (in Dollars per share) | $ 3.40 | $ 4.05 | $ 3.27 |
Loss from discontinued operations (in Dollars per share) | 0 | (0.01) | (0.01) |
Net income (in Dollars per share) | 3.40 | 4.04 | 3.26 |
Diluted earnings per share: | |||
Income from continuing operations (in Dollars per share) | 3.39 | 4.03 | 3.24 |
Loss from discontinued operations (in Dollars per share) | 0 | (0.01) | (0.01) |
Net income (in Dollars per share) | $ 3.39 | $ 4.02 | $ 3.23 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 32 | 31.9 | 31.9 |
Diluted (in Shares) | 32.1 | 32 | 32.2 |
Product | |||
Revenue: | |||
Revenue | $ 1,498.3 | $ 1,684.1 | $ 1,659.7 |
Operating expenses: | |||
Operating expenses | 1,029 | 1,154.4 | 1,182.3 |
Service | |||
Revenue: | |||
Revenue | 229.5 | 261.6 | 260 |
Operating expenses: | |||
Operating expenses | $ 165.1 | $ 193.2 | $ 199.8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 108.8 | $ 129 | $ 104.1 |
Other comprehensive income (loss), net of income taxes | |||
Foreign currency translation adjustments | (8.8) | 2.2 | (20.3) |
Pension and other post-retirement benefits adjustments | (14.4) | (6.6) | (4.4) |
Derivatives designated as hedges | (3.9) | (1.9) | 0.5 |
Other comprehensive loss | (27.1) | (6.3) | (24.2) |
Comprehensive income | $ 81.7 | $ 122.7 | $ 79.9 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 47.5 | $ 39.5 |
Trade receivables, net of allowances | 236.1 | 288.9 |
Contract assets | 68.3 | 74.4 |
Inventories | 197.3 | 245 |
Other current assets | 66.9 | 60.4 |
Total current assets | 616.1 | 708.2 |
Property, plant and equipment, net of accumulated depreciation of $334.8 and $308.2, respectively | 268 | 265.6 |
Goodwill | 543.9 | 528.9 |
Intangible assets, net | 299.1 | 325.9 |
Other assets | 78.8 | 86.3 |
Total Assets | 1,805.9 | 1,914.9 |
Current Liabilities: | ||
Short-term debt | 2.4 | 0.9 |
Accounts payable, trade and other | 140.7 | 198.6 |
Advance and progress payments | 137.5 | 107 |
Accrued payroll | 42.9 | 54 |
Other current liabilities | 134 | 114 |
Total current liabilities | 457.5 | 474.5 |
Long-term debt | 522.5 | 698.3 |
Accrued pension and other post-retirement benefits, less current portion | 94.1 | 73.9 |
Other liabilities | 94.7 | 98.7 |
Commitments and contingencies (Note 16) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2020 or 2019 | 0 | 0 |
Common stock, $0.01 par value; 120,000,000 shares authorized; 2020: 31,741,607 issued, and 31,729,736 outstanding; 2019: 31,741,607 issued, and 31,666,654 outstanding | 0.3 | 0.3 |
Common stock held in treasury, at cost; 2020: 11,871; and 2019: 74,953 | (1) | (12.6) |
Additional paid-in capital | 229.9 | 241.8 |
Retained earnings | 627.8 | 532.8 |
Accumulated other comprehensive loss | (219.9) | (192.8) |
Total stockholders' equity | 637.1 | 569.5 |
Total Liabilities and Stockholders' Equity | $ 1,805.9 | $ 1,914.9 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation (in Dollars) | $ 334.8 | $ 308.2 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized, shares | 20,000,000 | 20,000,000 |
Preferred stock, shares issued, shares | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized, shares | 120,000,000 | 120,000,000 |
Common stock, shares issued, shares | 31,741,607 | 31,741,607 |
Common stock, shares outstanding, shares | 31,729,736 | 31,666,654 |
Common stock held in treasury, shares | 11,871 | 74,953 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows From Operating Activities: | |||
Net income | $ 108,800,000 | $ 129,000,000 | $ 104,100,000 |
Loss from discontinued operations, net of taxes | 0 | 300,000 | 300,000 |
Income from continuing operations | 108,800,000 | 129,300,000 | 104,400,000 |
Adjustments to reconcile net income from continuing operations to cash provided by continuing operations activities: | |||
Depreciation | 33,800,000 | 31,700,000 | 31,800,000 |
Amortization | 38,000,000 | 33,900,000 | 25,900,000 |
Stock-based compensation | 1,900,000 | 9,400,000 | 9,700,000 |
Pension and other post-retirement benefits expense | 5,900,000 | 4,500,000 | 2,800,000 |
Deferred income taxes | 9,800,000 | 19,800,000 | 4,800,000 |
Other | 4,700,000 | 11,000,000 | (22,700,000) |
Changes in operating assets and liabilities: | |||
Trade receivables, net and contract assets | 62,500,000 | (18,800,000) | (7,200,000) |
Inventories | 44,000,000 | (5,700,000) | (7,500,000) |
Accounts payable, trade and other | (61,000,000) | (3,700,000) | 35,800,000 |
Accrued pension and other post-retirement benefits, net | (12,500,000) | (8,000,000) | (19,500,000) |
Other assets and liabilities, net | (10,000,000) | (44,100,000) | (3,300,000) |
Cash provided by continuing operating activities | 252,000,000 | 110,600,000 | 154,600,000 |
Cash required by discontinued operating activities | 0 | (400,000) | (700,000) |
Cash provided by operating activities | 252,000,000 | 110,200,000 | 153,900,000 |
Cash Flows From Investing Activities: | |||
Acquisitions, net of cash acquired | (4,500,000) | (365,900,000) | (57,500,000) |
Capital expenditures | (34,300,000) | (37,900,000) | (39,800,000) |
Proceeds from disposal of assets | 1,500,000 | 2,100,000 | 2,900,000 |
Cash required by investing activities | (37,300,000) | (401,700,000) | (94,400,000) |
Cash Flows From Financing Activities: | |||
Net proceeds from short-term debt | 1,500,000 | 400,000 | 300,000 |
Payments of short-term foreign credit facilities | 0 | 0 | (2,900,000) |
Payment in connection with modification of credit facilities | 0 | 0 | (468,600,000) |
Repayments of Long-term Lines of Credit | (193,900,000) | ||
Proceeds from Long-term Lines of Credit | 311,100,000 | 477,300,000 | |
Settlement of taxes withheld on equity compensation awards | (2,200,000) | (6,800,000) | (11,300,000) |
Purchase of treasury stock | 0 | 0 | (20,000,000) |
Dividends | (12,800,000) | (12,700,000) | (13,100,000) |
Deferred acquisition payments | 0 | (4,500,000) | (10,000,000) |
Cash (required) provided by financing activities | (207,400,000) | 287,500,000 | (48,300,000) |
Effect of foreign exchange rate changes on cash and cash equivalents | 700,000 | 500,000 | (2,200,000) |
Increase (decrease) in cash and cash equivalents | 8,000,000 | (3,500,000) | 9,000,000 |
Cash and cash equivalents, beginning of period | 39,500,000 | 43,000,000 | 34,000,000 |
Cash and cash equivalents, end of period | 47,500,000 | 39,500,000 | 43,000,000 |
Supplemental Cash Flow Information: | |||
Interest paid | 14,200,000 | 21,900,000 | 16,000,000 |
Income taxes paid | 36,400,000 | 29,200,000 | 19,800,000 |
Acquisition - deferred consideration (non-cash) | 2,200,000 | 17,400,000 | 3,700,000 |
Increase (Decrease) In Contract With Customer, Liability, Advance And Progress Payments | $ 26,100,000 | $ (48,700,000) | $ (400,000) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Common Stock Held in Treasury | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income(Loss) |
Stockholders' equity, beginning balance at Dec. 31, 2017 | $ 441.9 | $ (30.2) | $ 0.3 | $ (4) | $ 252.2 | $ 333.7 | $ (30.2) | $ (140.3) |
Net income | 104.1 | 104.1 | ||||||
Issuance of treasury stock | 0 | 4.7 | (4.7) | |||||
Common stock cash dividends, $0.40 per share | (13.1) | (13.1) | ||||||
Foreign currency translation adjustments | (20.3) | (20.3) | ||||||
Derivatives designated as hedges, net of income taxes | 0.5 | 0.5 | ||||||
Pension and other post-retirement liability adjustments, net of income taxes | (4.4) | (4.4) | ||||||
Stock-based compensation expense | 9.7 | 9.7 | ||||||
Taxes withheld on issuance of stock-based awards | (11.3) | (11.3) | ||||||
Share repurchases | (20) | (20) | ||||||
OCI tax reclassification | 0 | 22 | (22) | |||||
Stockholders' equity, ending balance at Dec. 31, 2018 | 456.9 | 0.3 | (19.3) | 245.9 | 416.5 | (186.5) | ||
Net income | 129 | 129 | ||||||
Issuance of treasury stock | 0 | 6.7 | (6.7) | |||||
Common stock cash dividends, $0.40 per share | (12.7) | (12.7) | ||||||
Foreign currency translation adjustments | 2.2 | 2.2 | ||||||
Derivatives designated as hedges, net of income taxes | (1.9) | (1.9) | ||||||
Pension and other post-retirement liability adjustments, net of income taxes | (6.6) | (6.6) | ||||||
Stock-based compensation expense | 9.4 | 9.4 | ||||||
Taxes withheld on issuance of stock-based awards | (6.8) | (6.8) | ||||||
Stockholders' equity, ending balance at Dec. 31, 2019 | $ 569.5 | $ (1) | 0.3 | (12.6) | 241.8 | 532.8 | $ (1) | (192.8) |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Net income | $ 108.8 | 108.8 | ||||||
Issuance of treasury stock | 0 | 11.6 | (11.6) | |||||
Common stock cash dividends, $0.40 per share | (12.8) | (12.8) | ||||||
Foreign currency translation adjustments | (8.8) | (8.8) | ||||||
Derivatives designated as hedges, net of income taxes | (3.9) | (3.9) | ||||||
Pension and other post-retirement liability adjustments, net of income taxes | (14.4) | (14.4) | ||||||
Stock-based compensation expense | 1.9 | 1.9 | ||||||
Taxes withheld on issuance of stock-based awards | (2.2) | (2.2) | ||||||
Stockholders' equity, ending balance at Dec. 31, 2020 | $ 637.1 | $ 0.3 | $ (1) | $ 229.9 | $ 627.8 | $ (219.9) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends, Common Stock, Cash | $ 0.40 | $ 0.40 | $ 0.40 |
Foreign currency translation adjustments, net of income taxes | $ 1.9 | $ (1.3) | |
Derivatives designated as hedges, net of income taxes | 1.4 | (0.6) | $ 0.2 |
Pension and other post-retirement liability adjustments, net of income taxes | $ 5.2 | $ 2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation The consolidated financial statements include the accounts of John Bean Technologies Corporation (JBT, we, or the Company) and all wholly-owned subsidiaries. All intercompany investments, accounts, and transactions have been eliminated. Use of estimates Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. Allowance for credit losses and doubtful accounts The Company adopted ASC 326, Measurement of Credit Losses on Financial Instruments, as of January 1, 2020 with the cumulative-effect transition method with the required prospective approach. The measurement of expected credit losses under the Current Expected Credit Loss ("CECL") methodology is applicable to financial assets measured at amortized cost, which includes trade receivables, contract assets, and non-current receivables. An allowance for credit losses under the CECL methodology is determined using the loss rate approach and measured on a collective (pool) basis when similar risk characteristics exist. Where financial instruments do not share risk characteristics, they are evaluated on an individual basis. The CECL allowance is based on relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses as of December 31, 2020 and change in the allowance for credit losses during the year ended December 31, 2020 was not material to the consolidated financial statements. Prior to adoption of ASC 326, the Company maintained an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts as of December 31, 2019 was not material to the consolidated financial statements. Inventories Inventories are stated at the lower of cost or net realizable value, which includes an estimate for excess and obsolete inventories. Inventory costs include those costs directly attributable to products, including all manufacturing overhead but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for certain of our domestic inventories. We exclude certain inventories relating to over time contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. Property, plant, and equipment Property, plant, and equipment are recorded at cost. Depreciation for financial reporting purposes is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements—20 to 35 years; buildings—20 to 50 years; and machinery and equipment—3 to 20 years). Gains and losses are reflected in other expense, net on the Consolidated Statements of Income upon the sale or retirement of assets. Expenditures that extend the useful lives of property, plant, and equipment are capitalized and depreciated over the estimated new remaining life of the asset. Leasehold improvements are recorded at cost and depreciated over the standard life of the type of asset or the remaining life of the lease, whichever is shorter. Capitalized software costs Other assets include the capitalized cost of internal use software and software sold as part of a product. The assets are stated at cost less accumulated amortization and were $16.9 million and $13.9 million at December 31, 2020 and 2019, respectively. These software costs include the amount paid for purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three Goodwill The Company tests goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of the Company's reporting units by first assessing qualitative factors to see if further testing of goodwill is required. If the Company concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying amount based on the qualitative assessment, then a quantitative test is required. The Company may also choose to bypass the qualitative assessment and perform the quantitative test. In performing the quantitative test, the Company determines the fair value of a reporting unit using the “income approach” valuation method. The Company uses a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate cost of capital rate. Judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, and working capital requirements, among others. If the estimated fair value of a reporting unit exceeds its carrying value, the Company considers that goodwill is not impaired. If the carrying value exceeds estimated fair value, there is an indication of impairment, and an impairment loss would be recorded. The Company calculates the impairment loss by comparing the fair value of the reporting unit less its carrying amount, including goodwill, and would be limited to the carrying value of the goodwill. The Company completed its annual goodwill impairment test as of October 31, 2020 using a quantitative assessment approach. As a result of this assessment the Company noted that the fair value of each reporting unit exceeds its carrying value, and therefore it determined that none of its goodwill was impaired. Similar conclusions were reached as of October 31, 2019 and 2018. Acquired intangible assets Intangible assets with finite useful lives are subject to amortization on a straight-line basis over the expected period of economic benefit, which range from less than 7 years to 21 years. The Company evaluates whether events or circumstances have occurred that warrant a revision to the remaining useful lives of intangible assets. In cases where a revision is deemed appropriate, the remaining carrying amounts of the intangible assets are amortized over the revised remaining useful life. The carrying values of intangible assets with indefinite lives are reviewed for recoverability on an annual basis, and whenever events occur or changes in circumstances indicate that impairment may have occurred. The facts and circumstances considered include an assessment of the recoverability of the cost of intangible assets from future cash flows to be derived from the use of the asset. It is not possible to predict the likelihood of any possible future impairments or, if such an impairment were to occur, the magnitude of any impairment. However, any potential impairment would be limited to the carrying value of the indefinite-lived intangible asset. For intangible assets with indefinite lives, the Company also evaluates whether events or circumstances have occurred that warrant a revision of their useful lives from an indefinite life to finite useful life. In cases where a revision is deemed appropriate, the carrying amounts of such intangible assets are amortized over the revised finite useful life. During the year 2020, we revised the indefinite useful lives of certain trade name intangible assets in the amount of $5.0 million to amortize them prospectively. The Company completed its annual evaluation for impairment of all indefinite-lived intangible assets as of October 31, 2020, which did not result in any impairment. Similar conclusions were reached as of October 31, 2019 and 2018. Impairment of long-lived assets Long-lived assets other than goodwill and acquired indefinite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. We have evaluated the current environment as of December 31, 2020 and the year then ended and have concluded there is no event or circumstance that has occurred to trigger an impairment assessment of our long-lived assets. We will continue to monitor the environment to determine whether the impacts to the Company represent an event or change in circumstances that may trigger a need to assess for useful life revision or impairment. Revenue recognition 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 the Company is acting in an agent capacity. The Company recognizes revenue when it satisfies 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 revenue across the Company is derived from manufactured equipment, which may be customized to meet customer specifications. The Company's 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. The Company frequently has contracts for which the equipment and installation are considered a single performance obligation. In these instances the installation services are not separately identifiable as the installation goes above and beyond the basic assembly, set-up and testing and therefore significantly customizes or modifies the equipment. However, the Company also has contracts where the installation services are deemed to be separately identifiable as the nature of these services are considered basic assembly, set-up and testing, and are therefore deemed to be a separate performance obligation. This generally occurs in contracts where the Company manufactures standard equipment. When a performance obligation is separately identifiable, as defined in ASC 606, the Company allocates a portion of the contract price to the obligation and recognizes it separately from the other performance obligations. Contract price allocation among multiple performance obligations is based on the relative 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 expected 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. The Company recognizes 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 the Company has 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. The Company utilizes the input method of “cost-to-cost” to recognize revenue over time. The Company measures progress based on costs incurred to date relative to total estimated cost at completion. Incurred cost represents work performed, which corresponds with, and therefore depicts, the transfer of control to the customer. Contract costs include labor, material, and certain allocated overhead expense. Material costs are considered incurred, and therefore included in the cost-to-cost measure of progress, when they are used in manufacturing and therefore customize the asset. 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. During the year, we recognized $599.8 million in revenue for over time projects using the cost-to-cost method. Revenue attributable to equipment which qualifies as point in time is recognized when customers take control of the asset. For equipment where installation is separately identifiable, the Company generally determines that control transfers when the customer has obtained legal title and the risks and rewards of ownership, which is dependent upon the shipping terms within the contract. For customized equipment where installation is not separately identifiable, but where the Company does not have an enforceable right to payment for performance completed to-date, it defines control transfer as the point in time in which it is able to objectively verify that the customer has the capability of full use of the asset as intended per the contract as this is when control is considered to have passed to the customer. Service revenue is recognized over time either proportionately over the period of the underlying contract or when services are complete, depending on the terms of the arrangement. Any expected losses for a contract are charged to earnings, in total, in the period such losses are identified. The Company generally bills customers in advance, and progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. The Company may extend credit to customers in line with industry standards where it is strategically advantageous. Within the JBT AeroTech segment, maintenance and repair service for baggage handling systems, facilities, gate systems, and ground support equipment is provided. The timing of contract billings is concurrent with the completion of the services, and therefore the Company has availed itself of the practical expedient that allows it to recognize revenue commensurate with the amount to which it has a right to invoice, which corresponds directly to the value to the customer of performance completed to date. Research and development The objectives of the research and development programs are to create new products and business opportunities in relevant fields, and to improve existing products. Research and development costs are expensed as incurred. Research and development expense of $29.3 million, $28.5 million, and $26.9 million for 2020, 2019 and 2018, respectively, is recorded in selling, general and administrative expense. Income taxes Income taxes are provided on income reported for financial statement purposes, adjusted for permanent differences between financial statement reporting and income tax regulations. Deferred tax assets and liabilities are measured using enacted tax rates, and reflect the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. A liability for uncertain tax positions is recorded whenever management believes it is not likely that the position will be sustained on examination based solely on its technical merits. Interest and penalties related to underpayment of income taxes are classified as income tax expense. Income taxes are not provided on undistributed earnings of foreign subsidiaries or affiliates when it is management’s intention that such earnings will remain invested in those companies. Taxes are provided on such earnings in the year in which the decision is made to repatriate the earnings. Stock-based employee compensation The Company measures compensation cost on restricted stock awards based on the market price of common stock at the grant date and the number of shares awarded. The compensation cost for each award is recognized ratably over the lesser of the stated vesting period or the period until the employee becomes retirement eligible, after taking into account forfeitures. Foreign currency Financial statements of operations for which the U.S. dollar is not the functional currency are translated to the U.S. dollar prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive loss in stockholders’ equity until the foreign entity is sold or liquidated. Derivative financial instruments Derivatives are recognized in the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. The Company does not offset fair value amounts for derivative instruments held with the same counterparty. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive loss, depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. In the Consolidated Statements of Income, earnings from foreign currency derivatives related to sales and remeasurement of sales-related assets, liabilities and contracts are recorded in revenue, while earnings from foreign currency derivatives related to purchases and remeasurement of purchase-related assets, liabilities and contracts are recorded in cost of products. Earnings from foreign currency derivatives related to cash management of foreign currencies throughout the world and remeasurement of cash are recorded in selling, general and administrative expenses. When hedge accounting is applied, the Company ensures that the derivative is highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge. The Company documents risk management strategy and method for assessing hedge effectiveness at the inception of and throughout the term of each hedge. The Company's cross-currency swap agreements synthetically swap U.S. dollar denominated fixed rate debt for Euro denominated fixed rate debt and are designated as net investment hedges for accounting purposes. The gains or losses on these derivative instruments are included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Interest payments received for the cross currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the Consolidated Statements of Income. 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. Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. Leases Lessee accounting The Company leases office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide that the Company pays for repairs, property taxes and insurance. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on whether the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. Operating leases are included in operating lease ROU assets, other current liabilities, and operating lease liabilities in the consolidated Balance Sheet, which are reported within other assets other current liabilities other liabilities ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit rate is generally not readily determinable for most of its leases, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. We determined the incremental borrowing rate for all leases, based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company used an unsecured borrowing rate and risk-adjusted that rate to approximate a collateralized rate. The operating lease ROU asset also includes prepaid rent and reflects the unamortized balance of lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components for leases other than leases of vehicles and communication equipment. For the asset categories of real estate, manufacturing, office and IT equipment, the Company accounts for the lease and non-lease components as a single lease component. The Company's leases may include renewal and termination options, which are included in the lease term if the Company concludes that it is reasonably certain that it will exercise the option. Some leases give the option to renew, with renewal terms that may extend the lease term. The exercise of lease renewal options is at the Company's sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of the ROU assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the Consolidated Statements of Income. The Company's lease agreements do not contain any material residual value guarantees. Lessor accounting The Company leases certain JBT FoodTech equipment primarily, such as high capacity industrial extractors, to customers. In most instances, the Company includes maintenance as a component of the lease agreement. Lease accounting requires lessors to separate lease and non-lease components and further defines maintenance as a non-lease component. The Company elected to exercise the available practical expedient of combining lease and non-lease components where the components meet both of the following criteria: • The timing and pattern of transfer to the lessee of the lease and non-lease component are the same, and • The lease component, if accounted for separately, would be classified as an operating lease. As such, the leased asset and its respective maintenance component will not be accounted for separately. In certain leases, consumables are included as a non-lease component. For these leases, the components do not qualify for the practical expedient as the timing and pattern of transfer to the lessee are not the same. In these instances, the non-lease component will be accounted for in accordance with ASC 606. The Company monitors the risk associated with residual value of its leased assets. It reviews on an annual basis or more often as deemed necessary, and adjusted residual values and useful lives of equipment leased to outside parties, as appropriate. Adjustments to residual values result in an adjustment to depreciation expense. The Company's annual review is based on a long-term view considering historical market price changes, market price trends, and expected life of the equipment. Lease agreements with the Company's customers do not contain any material residual value guarantees. Certain lease agreements include terms and conditions resulting in variable lease payments. These payments typically rely upon the usage of the underlying asset. Certain lease agreements provide renewal options, including some leases with an evergreen renewal option. The exercise of the lease renewal option is at the sole discretion of the lessee. In most instances, the lease can only be terminated in cases of breach of contract. In these instances, termination fees do not apply. Certain lease agreements also allow the lessee to purchase the leased asset at fair market value or a specific agreed upon price. The exercise of the lease purchase option is at the sole discretion of the lessee. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (ASC 326), which amends the Board’s guidance on credit losses on financial instruments. The ASU adds an impairment model that is based on expected losses rather than incurred losses, which is known as the current expected credit loss (“CECL”) model. The CECL model applies to most debt instruments (other than those measured at fair value), trade and other receivables, financial guarantee contracts, and loan commitments. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted ASC 326 as of January 1, 2020, using the cumulative-effect transition method with the required prospective approach. The cumulative-effect transition method enables an entity to record an allowance for expected credit loss at the date of adoption without restating comparative periods. The adoption of ASC 326 as of January 1, 2020 did not materially impact Trade receivables, net of allowances and Retained earnings and had no impact on consolidated net income and cash flows. 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 removes, modifies, and adds disclosure requirements for fair value measurements. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019. The adoption of ASU 2018-13 as of January 1, 2020 did not materially impact the Company's disclosures in Note 9. Fair Value of Financial Instruments. 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 core principle of the ASU is the requirement for lessees to report a right of use asset ("ROU asset") and a lease payment obligation on the Balance Sheet, but recognize expenses on their Income Statement in a manner similar to legacy accounting. For lessors, the guidance remains substantially unchanged from legacy U.S. GAAP. The Company designed disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted ASC 842 as of January 1, 2019, using the cumulative-effect transition method with the required modified retrospective approach. The cumulative-effect transition method enables an entity to record existing leases at the date of adoption without restating comparative periods; rather the cumulative effect of the change is recorded as an adjustment to equity, if needed, at the beginning of the year of adoption. The Company elected the following practical expedients as permitted per the guidance: • The ‘package of practical expedients’ which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company has elected this package of practical expedients in its entirety. • The short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities for existing short-term leases of assets. • The practical expedient to not separate lease and non-lease components for all of its leases other than leases of vehicles and communication equipment given the predominance of the service component for these leases. • The use of hindsight to determine the lease term for existing leases and assessing the likelihood that a lessee renewal, termination or purchase option will be exercised. The adoption of ASC 842 resulted in recording ROU assets of $32.3 million in other assets and lease liabilities of $10.8 million in other current liabilities and $23.3 million in other liabilities, as of January 1, 2019. The difference between the ROU assets and lease liabilities is driven primarily by lease incentives that were reclassified from a long-term liability account to the ROU asset balance. The income tax accounting impact of ASC 842 adoption resulted in recording a deferred tax asset and deferred tax liability of $8.8 million as of January 1, 2019. The adoption of the standard did not materially impact retained earnings or consolidated net income, and had no impact on cash flows. 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 removes, modifies, and adds disclosure requirements for defined benefit plans. The disclosure modifications in ASU 2018-14 will be applied on a retrospective basis. The ASU is effective for annual reporting periods ending after December 15, 2020, with early adoption permitted. The adoption of ASU 2018-14 as of December 31, 2020 did not materially impact the Company's disclosures in Note 8. Pension and post-retirement and other benefit plans. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the method for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, and the Company is electing to early adopt ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, as of December 31, 2020, using the cumulative-effect transition method with the required modified retrospective approach. The adoption of this standard had no material impact to the Company's financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS During 2020 and 2019, the Company acquired 100% voting equity of three businesses and assets and liabilities of one business for an aggregate consideration of $387.9 million, net of cash acquired. A summary of the acquisitions made during the period is as follows: Date Type Company/Product Line Location Segment May 29, 2020 Asset MARS Food Processing Solutions, LLC Denver, North Carolina JBT FoodTech A provider of solutions for monitoring and managing the efficiency of poultry processing plants. May 31, 2019 Stock Proseal UK Limited Adlington, UK JBT FoodTech A leading provider of tray sealing technology for the fresh produce, ready meals, proteins, sandwiches, and snack industries. May 31, 2019 Stock Prime Equipment Group, LLC Columbus, Ohio JBT FoodTech A manufacturer of turnkey primary and water re–use solutions to the poultry industry. February 1, 2019 Stock LEKTRO, Inc. Warrenton, Oregon JBT AeroTech A manufacturer of commercial aviation ground support equipment, including electric towbarless aircraft pushback tractors for narrow body and smaller aircrafts. 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. During the second quarter of 2020, we acquired certain assets and liabilities of MARS Food Processing Solutions, LLC ("MARS") with a purchase price of $5 million. The Company expects goodwill of $3.1 million from this acquisition to be deductible for income tax purposes. The MARS acquisition allows us to offer our Protein customers proprietary solutions for monitoring and managing the efficiency of poultry processing plants. The purchase accounting for MARS was final as of December 31, 2020. Purchase price allocation for 2019 acquisitions: Proseal (1) Prime (1) LEKTRO (2) Total (In millions) Financial assets $ 46.4 $ 12.9 $ 4.2 $ 63.5 Inventories 24.8 11.6 7.0 43.4 Property, plant and equipment 22.2 1.5 0.3 24.0 Other intangible assets (3) 91.5 28.4 19.4 139.3 Deferred taxes (19.2) — (4.9) (24.1) Financial liabilities (35.3) (21.0) (4.6) (60.9) Total identifiable net assets $ 130.4 $ 33.4 $ 21.4 $ 185.2 Cash consideration paid $ 264.5 $ 60.6 $ 48.3 $ 373.4 Contingent consideration (4) 14.7 1.3 — 16.0 Holdback payment due to seller — 0.9 — 0.9 Total consideration 279.2 62.8 48.3 390.3 Cash acquired 4.3 1.4 1.7 7.4 Net consideration $ 274.9 $ 61.4 46.6 382.9 Goodwill (5) $ 148.8 $ 29.4 $ 26.9 205.1 (1) The purchase accounting for Proseal and Prime was complete as of March 31, 2020. During the quarter ended March 31, 2020, there were no significant measurement period adjustments. (2) The purchase accounting for LEKTRO was final as of December 31, 2019. (3) The acquired intangible assets subject to amortization are being amortized on a straight-line basis over their estimated useful lives, which range from seven (4) Proseal and Prime purchase agreements include contingent consideration due to the sellers to the extent Proseal and Prime achieve certain earnings targets. Proseal earnings performance for the earnout period of calendar year 2020 has exceeded earnings targets, and therefore will result in an earnout payment of $19.1 million. Acquisition date fair value of this contingent consideration was determined to be $14.7 million for Proseal. Prime contingent consideration determined based on earnings performance for the calendar years 2019 and 2020 has resulted in no earnout payment. Acquisition date fair value of this contingent consideration was determined at $1.3 million for Prime. Refer to Note 15. Fair Value of Financial Instruments for a description of how these values for contingent consideration obligations were determined. (5) The Company expects goodwill of $49.3 million from these acquisitions to be deductible for income tax purposes. Pro forma financial information (unaudited) The Company's acquisition of Proseal was material to its overall results and as such the Company is required under ASC Topic 805, Business Combinations, to present pro forma information. The following information reflects the results of the Company’s operations for the years ended December 31, 2020 and 2019 on a pro forma basis as if the acquisition of Proseal had been completed on January 1, 2018. Pro forma adjustments have been made to illustrate the incremental impact on earnings of interest costs on the borrowings to acquire the company, amortization expense related to acquired intangible assets, depreciation expense related to the fair value of the acquired depreciable tangible assets, and the related tax impact associated with the incremental interest costs and amortization and depreciation expense. Year ended December 31, (In millions, except per share data) 2020 2019 Revenue Pro forma $ 1,727.8 1,984.1 As reported 1,727.8 1,945.7 Income from continuing operations Pro forma $ 108.8 135.1 As reported 108.8 129.3 Income from continuing operations per share Pro forma Basic $ 3.40 $ 4.24 Fully diluted 3.39 4.20 As reported Basic $ 3.40 $ 4.05 Fully diluted 3.39 4.03 The unaudited pro forma information is provided for illustrative purposes only and does not purport to represent what the Company's consolidated results of operations would have been had the transaction actually occurred as of January 1, 2018, and does not purport to project actual consolidated results of operations. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories as of December 31, consisted of the following: (In millions) 2020 2019 Raw materials $ 87.3 $ 100.8 Work in process 51.4 65.8 Finished goods 136.4 149.5 Gross inventories before LIFO reserves and valuation adjustments 275.1 316.1 LIFO reserves (49.2) (49.5) Valuation adjustments (28.6) (21.6) Net inventories $ 197.3 $ 245.0 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of December 31, consisted of the following: (In millions) 2020 2019 Land and land improvements $ 19.7 $ 21.1 Buildings 138.3 125.1 Machinery and equipment 423.7 400.7 Construction in process 21.1 26.9 602.8 573.8 Accumulated depreciation (334.8) (308.2) Property, plant and equipment, net $ 268.0 $ 265.6 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill by business segment were as follows: (In millions) JBT FoodTech JBT AeroTech Total Balance as of January 1, 2019 $ 310.3 $ 11.1 $ 321.4 Acquisitions 177.9 26.9 204.8 Currency translation 2.7 — 2.7 Balance as of December 31, 2019 490.9 38.0 528.9 Acquisitions 3.7 — 3.7 Currency translation 11.1 0.2 11.3 Balance as of December 31, 2020 $ 505.7 $ 38.2 $ 543.9 Intangible assets consisted of the following: 2020 2019 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 256.9 $ 82.8 $ 251.3 $ 61.9 Patents and acquired technology 151.3 65.2 138.7 48.5 Trademarks 44.8 16.8 38.0 11.6 Indefinite lived intangibles assets 10.8 — 15.6 — Other 9.4 9.3 16.7 12.4 Total intangible assets $ 473.2 $ 174.1 $ 460.3 $ 134.4 Intangible asset amortization expense was $34.6 million, $30.1 million, and $22.3 million for 2020, 2019 and 2018, respectively. Annual amortization expense for intangible assets is estimated to be $35.7 million in 2021, $34.8 million in 2022, $33.8 million in 2023, $32.8 million in 2024, and $31.1 million in 2025. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Five-year Revolving Credit Facility On June 19, 2018, the Company 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 the previous credit agreement. Revolving loans under the credit facility bear interest, at the Company's 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, or LIBOR plus 1%) plus, in each case, a margin dependent on the leverage ratio. The Company is required to make periodic interest payments on borrowed amounts and to pay an annual commitment fee of 15.0 to 35.0 basis points, depending on its leverage ratio. As of December 31, 2020, the Company had $523.9 million drawn on and $467.7 million of availability under the revolving credit facility. The ability to use this availability is limited by the leverage ratio covenant described below. The obligations under the Credit Agreement are guaranteed by the Company’s domestic and certain foreign subsidiaries and subsequently formed or acquired subsidiaries (the “Guarantors”). The obligations under the Credit Agreement are secured by a first-priority security interest in substantially all of the Guarantor’s tangible and intangible personal property and a pledge of the capital stock of permitted borrowers and certain Guarantors. The Company's credit facility includes restrictive covenants that, if not met, could lead to renegotiation of its credit facility, a requirement to repay its borrowings, and/or a significant increase in its cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, as well as certain events of default. Long term debt as of December 31, consisted of the following: (In millions) Weighted-Average Interest Rate at December 31, 2020 Maturity Date 2020 2019 Revolving credit facility 1.5 % June 19, 2023 $ 523.9 $ 700.9 Less: unamortized debt issuance costs $ (1.4) $ (2.6) Long-term debt, net $ 522.5 $ 698.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Domestic and foreign components of income from continuing operations before income taxes for the years ended on December 31, are shown below: (In millions) 2020 2019 2018 Domestic $ 78.6 $ 85.2 $ 55.2 Foreign 66.9 81.7 73.8 Income before income taxes $ 145.5 $ 166.9 $ 129.0 The provision for income taxes related to income from continuing operations for the years ended on December 31, consisted of: (In millions) 2020 2019 2018 Current: Federal $ 4.6 $ (8.1) $ (1.3) State 3.0 4.1 0.9 Foreign 19.3 21.8 20.2 Total current 26.9 17.8 19.8 Deferred: Federal 8.9 18.2 3.8 State 1.5 1.0 1.8 Foreign (3.2) 0.3 (4.3) Change in the valuation allowance for deferred tax assets 0.7 — 1.2 Change in deferred tax liabilities due to foreign tax rate change 1.6 (0.1) — Benefits of operating loss carryforward 0.3 0.4 2.3 Total deferred 9.8 19.8 4.8 Provision for income taxes $ 36.7 $ 37.6 $ 24.6 Significant components of deferred tax assets and liabilities at December 31, were as follows: (In millions) 2020 2019 Deferred tax assets attributable to: Accrued pension and other postretirement benefits $ 24.2 $ 20.5 Accrued expenses and accounts receivable allowances 13.0 10.6 Net operating loss carryforwards 7.1 6.3 Inventories 8.4 9.4 Stock-based compensation 3.3 4.1 Operating lease DTA 7.3 7.1 Research and development credit carryforwards 4.1 7.5 Foreign tax credit carryforward 0.4 0.8 Other 1.5 — Total deferred tax assets 69.3 66.3 Valuation allowance (4.6) (3.9) Deferred tax assets, net of valuation allowance 64.7 62.4 Deferred tax liabilities attributable to: Liquidation of subsidiary for income tax purposes 13.3 13.3 Property, plant and equipment 23.2 19.3 Goodwill and amortization 51.7 47.1 Operating lease DTL 7.2 7.9 Other — 1.8 Total deferred tax liabilities 95.4 89.4 Net deferred tax liabilities $ (30.7) $ (27.0) Included in deferred tax assets are tax benefits related to net operating loss carryforwards attributable to foreign and domestic operations. At December 31, 2020, the Company had $10.2 million of net operating losses that are available to offset future taxable income in several foreign jurisdictions indefinitely, and $24.3 million of net operating losses that are available to offset future taxable income through 2026. Of the $24.3 million, approximately $23.4 million of net operating losses in Switzerland and China are subject to a full valuation allowance. During 2020, the Company utilized $1.0 million of net operating losses relating to prior years in the filing of the Company's 2019 corporate income tax returns. Also included in deferred tax assets at December 31, 2020 are $3.7 million of U.S. state research and development credit carryforwards, which will expire beginning in 2028, if unused. The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following: 2020 2019 2018 Statutory U.S. federal tax rate 21 % 21 % 21 % Net difference resulting from: Research and development tax credit (5) (4) (5) Foreign earnings subject to different tax rates 2 3 3 Nondeductible expenses 2 — 1 State income taxes 3 3 2 Foreign tax credits (4) (4) (4) Foreign withholding taxes 1 1 1 Effect of US Law Change — — (1) Global Intangible Low-Taxed Income (GILTI) 3 4 5 Stock Based Compensation - Excess Tax Benefit — (1) (4) Other 2 — — Total difference 4 % 2 % (2) % Effective income tax rate 25 % 23 % 19 % The Company does not provide for deferred taxes and foreign withholding taxes on the unremitted previously taxed earnings of approximately $255.8 million as of December 31, 2019, unremitted pre-1987 earnings of approximately $23.3 million or unremitted current year earnings of approximately $34.2 million of certain international subsidiaries as of December 31, 2020 as these earnings are considered permanently reinvested under ASC 740-30-25-17. In accordance with ASC 740-30-25-17, management has determined that certain foreign subsidiaries may make distributions out of current-year GAAP earnings of $19.2 million. A distribution from current-year GAAP earnings does not invalidate the indefinite reinvestment assertion of undistributed earnings existing as of the end of its prior fiscal year. The Company has determined that certain foreign subsidiaries may declare and make a distribution out of previously taxed earnings. The Company has provided the associated material tax impact in connection with such repatriations. Undistributed earnings from these foreign subsidiaries are deemed permanently reinvested on a prospective basis to maintain foreign business operations and for working capital needs, capital expenditures, and business acquisitions that arise in these foreign jurisdictions. While the Company's earnings are deemed permanently reinvested, in the event that additional foreign funds are needed in the U.S., the Company has the ability to repatriate additional funds out of previously taxed earnings. The repatriation could result in an adjustment to the tax liability for foreign withholding taxes, foreign or U.S. state income taxes, and the impact of foreign currency movements. As such, it is not practicable to calculate the unrecognized deferred tax liability on undistributed foreign earnings. The Company has not recorded liabilities or reserves for uncertain tax positions under FIN 48. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted into law in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions, such as enhanced interest deductibility, repeal of the 80% limitation with respect to net operating losses arising in taxable years 2018, 2019, and 2020, and additional depreciation deductions related to qualified improvement property. The Company has concluded the analysis of these provisions as of year-end and the CARES Act did not have a material impact on the Company’s income taxes for 2020. The following tax years remain subject to examination in the following significant jurisdictions: Belgium 2016-2020 Brazil 2016-2020 Italy 2016-2020 Netherlands 2016-2020 Sweden 2016-2020 United Kingdom 2019-2020 United States 2016-2020 |
Pension and Post-retirement and
Pension and Post-retirement and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Post-retirement and Other Benefit Plans | PENSION AND POST-RETIREMENT AND OTHER BENEFIT PLANS The Company sponsors qualified and nonqualified defined benefit pension plans that together cover many of its U.S. employees. The plans provide defined benefits based on years of service and final average salary. The Company also sponsors a noncontributory plan that provides post-retirement life insurance benefits ("OPEB") to some of its U.S. employees. Non-U.S. based employees are eligible to participate in either Company-sponsored or government-sponsored benefit plans to which the Company contributes. The Company also sponsors separate defined contribution plans that cover substantially all of its U.S. employees and some non-U.S. employees. The funded status of is pension plans, together with the associated balances recognized in its consolidated financial statements as of December 31, 2020 and 2019, were as follows: (In millions) 2020 2019 Projected benefit obligation at January 1 $ 356.3 $ 314.1 Service cost 2.2 2.1 Interest cost 8.7 11.5 Actuarial (gain) loss 28.0 45.8 Plan participants' contributions 0.2 0.2 Benefits paid (17.4) (16.0) Plan amendments 0.2 — Currency translation adjustments 5.8 (1.4) Projected benefit obligation at December 31 $ 384.0 $ 356.3 Fair value of plan assets at January 1 $ 281.3 $ 243.4 Company contributions 12.3 7.8 Actual return on plan assets 13.7 46.2 Plan participants' contributions 0.2 0.2 Benefits paid (17.4) (16.0) Currency translation adjustments 0.7 (0.3) Fair value of plan assets at December 31 $ 290.8 $ 281.3 Funded status of the plans (liability) at December 31 $ (93.2) $ (75.0) Amounts recognized in the Consolidated Balance Sheets at December 31 Other current liabilities (1.5) (3.7) Accrued pension and other post-retirement benefits, less current portion (91.7) (71.3) Net amount recognized $ (93.2) $ (75.0) The liability associated with the OPEB plan included in the consolidated financial statements was $(2.8) million as of December 31, 2020 and 2019. Amounts recognized in accumulated other comprehensive loss at December 31, 2020 and 2019 were $217.6 million and $196.4 million, respectively for pensions, and $(0.1) million and $(0.2) million for the OPEB plan, respectively. These amounts were primarily unrecognized actuarial gains and losses. The accumulated benefit obligation for all pension plans was $375.2 million and $347.2 million at December 31, 2020 and 2019, respectively. All pension plans had accumulated benefit obligations in excess of plan assets as of December 31, 2020. For the years ended December 31, 2020 and 2019, accumulated benefit obligation for the pension plans increased primarily due to actuarial losses incurred from the decrease in discount rates driven by a decrease in bond yields. Pension costs (income) for the years ended December 31, were as follows: (In millions) 2020 2019 2018 Service cost $ 2.2 $ 2.1 $ 1.9 Interest cost 8.7 11.5 10.7 Expected return on plan assets (13.1) (15.2) (16.9) Amortization of net actuarial loss 8.1 6.0 6.3 Settlement loss recognized — — 0.7 Total costs $ 5.9 $ 4.4 $ 2.7 OPEB plan costs were not material for the years ended December 31, 2020, 2019, and 2018. Pre-tax changes in projected benefit obligations and plan assets recognized in other comprehensive income during 2020 for the OPEB plan were $0.1 million and for the pension plans were as follows: (In millions) Pensions Actuarial loss $ 27.6 Amortization of net actuarial loss (8.0) Net loss recognized in other comprehensive income $ 19.6 Total recognized in net periodic benefit cost and other comprehensive income $ 25.5 The Company uses a corridor approach to recognize actuarial gains and losses that result from changes in actuarial assumptions. The corridor approach defers all actuarial gains and losses resulting from changes in assumptions in other accumulated other comprehensive income (loss), such as those related to changes in the discount rate and differences between actual and expected returns on plan assets. These unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the higher of the market-related value of the assets or the projected benefit obligation for each respective plan. The amortization is on a straight-line basis over the life expectancy of the plan’s participants for the frozen plans and the expected remaining service periods for the other plans. Beginning in 2010, the U.S. defined benefit plans were frozen to new entrants and future benefit accruals for non-union participants were discontinued. The following weighted-average assumptions were used to determine the benefit obligations for the pension plans: 2020 2019 2018 Discount rate 2.31 % 2.98 % 4.05 % Rate of compensation increase 3.07 % 3.09 % 3.07 % The following weighted-average assumptions were used to determine net periodic benefit cost for the pension plans: 2020 2019 2018 Discount rate 2.98 % 4.06 % 3.47 % Rate of compensation increase 3.07 % 3.09 % 3.07 % Expected rate of return on plan assets 4.86 % 5.63 % 6.33 % The estimate of the expected rate of return on plan assets is based primarily on the historical performance of plan assets, asset allocation, current market conditions and long-term growth expectations. Plan assets The Company's pension investment strategy balances the requirements to generate returns using higher-returning assets, such as equity securities, with the need to control risk in the pension plan with less volatile assets, such as fixed-income securities. Risks include, among others, the likelihood of the pension plans being underfunded, thereby increasing their dependence on Company contributions. The assets are managed by professional investment firms and performance is evaluated against specific benchmarks. Target asset allocations and actual allocations as of December 31, 2020 and 2019 were as follows: Target 2020 2019 Equity 10% - 40% 38% 33% Fixed income 40% - 70% 53% 57% Real estate and other 0% - 15% 8% 8% Cash 0% - 10% 1% 2% 100% 100% Actual pension plans’ asset holdings by category and level within the fair value hierarchy are presented in the following table: As of December 31, 2020 As of December 31, 2019 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1.9 $ 1.9 $ — $ — $ 4.7 $ 4.7 $ — $ — Equity securities: All caps (1) 25.4 — 25.4 — — — — — Large cap (2) — — — — 34.8 — 34.8 — Small cap (3) — — — — 36.1 36.1 — — International (4) 71.6 — 71.6 — 22.4 22.4 — — Infrastructure (5) 14.2 14.2 — — — — — — Fixed income securities: Government securities (6) 25.9 — 25.9 — 9.7 — 9.7 — Corporate bonds (7) 128.6 8.7 119.9 — 152.3 139.4 12.9 — Real estate and other investments (8) 23.2 — 23.2 — 21.3 — 21.3 — Total assets at fair value $ 290.8 $ 24.8 $ 266.0 $ — $ 281.3 $ 202.6 $ 78.7 $ — (1) Includes funds that invest in large, medium and small cap equity securities. (2) Includes funds that invest primarily in large cap equity securities. (3) Includes small cap equity securities and funds that invest primarily in small cap equity securities. (4) Includes funds that invest primarily in international equity securities. (5) Includes funds that invest primarily in infrastructure equity securities. (6) Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. (7) Includes funds that invest in investment grade bonds, high yield bonds and mortgage-backed fixed income securities. (8) Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by the Company's foreign pension plans. The fair value of assets classified as Level 1 is based on unadjusted quoted prices in active markets for identical assets. The fair value of assets classified as Level 2 is based on quoted prices for similar assets or based on valuations made using inputs that are either directly or indirectly observable as of the reporting date. Such inputs include net asset values reported at a minimum on a monthly basis by investment funds or contract values provided by the issuing insurance company. The Company is able to sell any of its investment funds with notice of no more than 30 days. For more information on the fair value hierarchy, see Note 15. Fair Value of Financial Instruments. Contributions The Company expects to contribute $15.2 million to its pension and other post-retirement benefit plans in 2021. The pension contributions will be primarily for the U.S. qualified pension plan. All of the contributions are expected to be in the form of cash. Estimated future benefit payments The following table summarizes expected benefit payments from various pension benefit plans through 2029. Actual benefit payments may differ from expected benefit payments. (In millions) Pensions 2021 $ 17.2 2022 17.9 2023 18.2 2024 19.9 2025 21.0 2025-2029 101.2 Savings Plans U.S. and some international employees participate in defined contribution savings plans that the Company sponsors. These plans generally provide company matching contributions on participants’ voluntary contributions and/or company non-elective contributions. Additionally, certain highly compensated employees participate in a non-qualified deferred compensation plan, which also allows for company matching contributions and company non-elective contributions on compensation in excess of the Internal Revenue Code Section 401(a) (17) limit. The expense for matching contributions was $15.1 million, $12.9 million, and $13.2 million in 2020, 2019 and 2018, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the Balance Sheet date. For the Company, AOCI is composed of adjustments related to pension and other post-retirement benefits plans, derivatives designated as hedges, and foreign currency translation adjustments. Changes in the AOCI balances for the years ended December 31, 2020 and 2019 by component are shown in the following table: Pension and Other Post-retirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Balance as of January 1, 2019 $ (140.4) $ 2.0 $ (48.1) $ (186.5) Other comprehensive income (loss) before reclassification (10.8) (0.7) 4.3 (7.2) Amounts reclassified from accumulated other comprehensive income 4.2 (1.2) (2.1) 0.9 Balance as of December 31, 2019 (147.0) 0.1 (45.9) (192.8) Other comprehensive income (loss) before reclassification (20.4) (5.0) (6.7) (32.1) Amounts reclassified from accumulated other comprehensive income 6.0 1.1 (2.1) 5.0 Balance as of December 31, 2020 $ (161.4) $ (3.8) $ (54.7) $ (219.9) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other post-retirement benefits plans for the year ended December 31, 2020 were $8.1 million of charges to pension expense, other than service cost, net of $2.1 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the year ended December 31, 2020 were $1.5 million of interest expense, net of $0.4 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the year ended December 31, 2020 were $2.9 million of benefit in interest expense, net of $0.8 million in provision for income taxes. Reclassification adjustments from AOCI into earnings for pension and other post-retirement benefits plans for the year ended December 31, 2019 were $6.0 million of charges to pension expense (income), other than service cost, net of $1.8 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the year ended December 31, 2019 were $1.6 million of benefit in interest expense, net of $0.4 million in provision for income taxes. Reclassification adjustments for foreign currency translation related to net investment hedges for the year ended December 31, 2019 were $2.9 million of benefit in interest expense, net of $0.8 million in provision for income taxes. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company recorded stock-based compensation expense and related income tax effects for the years ended December 31, as follows: (In millions) 2020 2019 2018 Stock-based compensation expense $ 1.9 $ 9.4 $ 9.7 Tax (expense) benefit recorded in consolidated statements of income $ (0.1) $ 4.6 $ 7.3 As of December 31, 2020, there was $6.6 million of unrecognized stock-based compensation expense for outstanding awards expected to be recognized over a weighted average period of 1.7 years. Incentive Compensation Plan The Company sponsors a stock-based compensation plan (the “Incentive Compensation Plan”) that provides certain incentives and awards to its officers, employees, directors and consultants. The Incentive Compensation Plan allows the Compensation Committee (the “Committee”) of the Board of Directors to make various types of awards to eligible individuals. Awards that may be issued include common stock, stock options, stock appreciation rights, restricted stock and stock units. Restricted stock unit awards specify any applicable performance goals, the time and rate of vesting and such other provisions as determined by the Committee. Restricted stock units generally vest after 3 years of service, but may also vest upon a change of control as defined in the Incentive Compensation Plan. The 2017 Incentive Compensation Plan was approved by stockholders in May 2017. The 2017 Incentive Compensation Plan replaced the prior incentive compensation plan (the “2008 Incentive Compensation Plan”), which remains in existence solely for the purpose of governing the terms of awards that had been granted under the 2008 Incentive Compensation Plan prior to May 2017. The aggregate number of shares of common stock that are authorized for issuance under the 2017 Incentive Compensation Plan is (i) 1,000,000 shares, plus (ii) the number of shares of common stock that remained available for issuance under the 2008 Incentive Compensation Plan on the effective date of the 2017 Incentive Compensation Plan, plus (iii) the number of shares of common stock that were subject to outstanding awards under the 2008 Incentive Compensation Plan on the effective date of the 2017 Incentive Compensation Plan that are canceled, forfeited, returned or withheld without the issuance of shares thereunder. Impact of Retirement on Outstanding Awards In the event of an executive officer’s retirement from the Company upon or after attaining age 62 and a specified number of years of service, any nonvested awards remain outstanding after retirement and vest on the originally scheduled vesting date. This permits flexibility in retirement planning, permits the Company to provide an incentive for the vesting period and does not penalize employees who receive awards as incentive compensation when they retire. Restricted Stock Units A summary of the nonvested restricted stock units as of December 31, 2020 and changes during the year is presented below: Shares Weighted-Average Nonvested at December 31, 2019 523,763 $ 61.46 Granted 110,180 $ 96.81 Vested (97,362) $ 90.23 Forfeited (141,868) $ 100.55 Nonvested at December 31, 2020 394,713 $ 56.24 The Company grants time-based and performance-based restricted stock units that typically vest after three years, but can vary based on the discretion of the Committee. The fair value of these awards is determined using the market value of common stock on the grant date. Compensation cost is recognized over the lesser of the stated vesting period or the period until the employee meets the retirement eligible age and service requirements under the plan. For performance-based restricted stock units awards made in 2020, 2019, and 2018, the number of shares to be issued is dependent upon performance over the three year period ending December 31st of the respective term, with respect to cumulative diluted earnings per share from continuing operations and average operating return on invested capital (ROIC). ROIC is defined as net income plus after tax net interest expense divided by average invested capital, which is an average of total shareholders equity plus debt plus future pension expenses held in AOCI less cash and cash equivalents. Based on results achieved in 2020, 2019, and 2018, and the forecasted amounts over the remainder of the performance period, the Company expects to issue a total of 16,047, 7,813, and 25,090, shares at the vesting dates in March 2023, April 2022 and April 2021, respectively. Compensation cost has been measured in 2020 based on these expectations. The following summarizes values for restricted stock activity in each of the years in the three year period ended December 31: 2020 2019 2018 Weighted-average grant-date fair value of restricted stock units granted $ 96.81 $ 91.92 $ 117.11 Fair value of restricted stock vested (in millions) $ 6.5 $ 20.7 $ 29.9 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following is a summary of capital stock activity (in shares) for the year ended December 31, 2020: Common Common stock held in treasury December 31, 2019 31,666,654 74,953 Stock awards issued 63,082 (63,082) December 31, 2020 31,729,736 11,871 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Transaction price allocated to the remaining performance obligations The majority of the Company's contracts are completed within twelve months. For performance obligations that extend beyond one year, the Company estimated that $221.2 million in revenue is expected to be recognized in the future periods related to remaining performance obligations as of December 31, 2020. The Company expects to complete these obligations and recognize 78% of the remaining transaction price in 2021, and the remainder in 2022. The Company has elected the following optional exemptions from the remaining performance obligation disclosures: • Contracts that have an original expected duration of one year or less; and • Performance obligations related to revenue recognized over time using the as-invoiced practical expedient. Disaggregation of Revenue In the following table, revenue is disaggregated by type of good or service, primary geographical market, and timing of recognition for each reportable segment. The table also includes a reconciliation of the disaggregated revenue to total revenue of each reportable segment. December 31, 2020 2019 2018 (In millions) JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech Type of Good or Service Recurring (1) $ 610.7 $ 155.4 $ 586.6 $ 200.2 $ 518.1 $ 186.8 Non-recurring (1) 623.8 337.9 742.8 415.7 843.3 371.3 Total 1,234.5 493.3 1,329.4 615.9 1,361.4 558.1 Geographical Region (2) North America 666.5 423.9 703.3 500.7 699.7 438.5 Europe, Middle East and Africa 365.3 41.5 376.7 81.6 394.2 84.2 Asia Pacific 135.3 23.9 171.0 27.3 196.4 27.6 Latin America 67.4 4.0 78.4 6.3 71.1 7.8 Total 1,234.5 493.3 1,329.4 615.9 1,361.4 558.1 Timing of Recognition (3) Point in Time 593.5 251.7 618.1 370.1 739.7 352.7 Over Time 641.0 241.6 711.3 245.8 621.7 205.4 Total 1,234.5 493.3 1,329.4 615.9 1,361.4 558.1 (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. (3) These amounts include the transition impacts from the adoption of ASC 606 that were recognized throughout 2018. The majority of the impact was driven by "previously recognized" amounts where installation was completed in 2018 and revenue on the full contract was recognized, however the same contract was previously recognized under legacy GAAP upon shipment in 2017.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). 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, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Balance Sheet as contract assets and within advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period. Contract asset and liability balances for the period were as follows: Balances as of (In millions) December 31, 2020 December 31, 2019 December 31, 2018 Contract Assets $ 68.3 $ 74.4 $ 70.3 Contract Liabilities 123.8 92.5 124.5 The revenue recognized during the year ended December 31, 2020, 2019 and 2018 that was included in contract liabilities at the beginning of the period amounted to $74.9 million, $112.5 million, and $190.0 million respectively. Additionally, the Company |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share ("EPS") from continuing operations for the respective periods and basic and diluted shares outstanding: (In millions, except per share data) 2020 2019 2018 Basic earnings per share: Income from continuing operations $ 108.8 $ 129.3 $ 104.4 Weighted average number of shares outstanding 32.0 31.9 31.9 Basic earnings per share from continuing operations $ 3.40 $ 4.05 $ 3.27 Diluted earnings per share: Income from continuing operations $ 108.8 $ 129.3 $ 104.4 Weighted average number of shares outstanding 32.0 31.9 31.9 Effect of dilutive securities: Restricted stock units 0.1 0.1 0.3 Total shares and dilutive securities 32.1 32.0 32.2 Diluted earnings per share from continuing operations $ 3.39 $ 4.03 $ 3.24 |
Derivative Financial Instrument
Derivative Financial Instruments and Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Credit Risk | DERIVATIVE FINANCIAL INSTRUMENTS AND CREDIT RISK Derivative financial instruments All derivatives are recorded as other assets or liabilities in the 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. The Company assesses 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. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings. Foreign Exchange: The Company manufactures and sells products in a number of countries throughout the world and, as a result, the Company is exposed to movements in foreign currency exchange rates. The Company's major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which the Company takes into consideration as part of its risk management policy. The purpose of 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. The Company primarily utilizes forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at December 31, 2020 of $571.7 million, as hedges and therefore does 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 December 31, 2020 As of December 31, 2019 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Total $ 10.0 $ 12.7 $ 5.7 $ 3.5 A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. The Company enters into master netting arrangements with its counterparties when possible to mitigate credit risk in derivative transactions by permitting it to net settle for transactions with the same counterparty. However, the Company does not net settle with such counterparties. As a result, the Company presents derivatives at their gross fair values in the Balance Sheets. As of December 31, 2020 and 2019, information related to these offsetting arrangements was as follows: (In millions) As of December 31, 2020 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 10.0 $ — $ 10.0 $ (8.6) $ 1.4 Offsetting of Liabilities As of December 31, 2020 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 16.6 $ — $ 16.6 $ (8.6) $ 8.0 (In millions) As of December 31, 2019 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 12.0 $ — $ 12.0 $ (2.1) $ 9.9 Offsetting of Liabilities As of December 31, 2019 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 2.8 $ — $ 2.8 $ (2.1) $ 0.7 The following table presents the location and amount of the loss on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Consolidated Statements of Income: Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income (In millions) 2020 2019 2018 Foreign exchange contracts Revenue $ 2.7 $ (2.7) $ (4.6) Foreign exchange contracts Cost of sales (3.1) 1.1 (0.4) Foreign exchange contracts Selling, general and administrative expense 2.5 (1.7) 0.6 Total 2.1 (3.3) (4.4) Remeasurement of assets and liabilities in foreign currencies (3.1) 1.1 2.8 Net loss on foreign currency transactions $ (1.0) $ (2.2) $ (1.6) Interest Rates : The Company have one interest rate swap executed in January 2016 with a notional amount of $50 million which expired in January 2021, four interest rate swaps executed in March 2020 with a combined notional amount of $200 million expiring in April 2025, and one interest rate swap executed in May 2020 with a notional amount of $50 million expiring in May 2025. These interest rate swaps fix the interest rate applicable to certain of the Company's variable-rate debt. The agreements swap one-month LIBOR for fixed rates. Refer to Note 6. Debt for further information regarding the credit agreement. We have designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income (loss). At December 31, 2020, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other liabilities of $5.2 million and as accumulated other comprehensive income, net of tax, of $3.8 million. Net Investment hedges: The Company has entered into cross currency swap agreements that synthetically swap $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreements are designated as net investment hedges for accounting purposes. Accordingly, the gains or losses on these derivative instruments are 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 swaps 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 year ended December 31, 2020, gains recorded in interest expense, net under the cross currency swap agreements were $2.9 million. At December 31, 2020 , the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other liabilities of $0.9 million and as accumulated other comprehensive income, net of tax, of $0.7 million. Refer to Note 15. 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 the Company to credit risk primarily consist of trade receivables and derivative contracts. The Company manages 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. The Company's maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of December 31, 2020, is limited to the amount outstanding on the financial instrument. Allowances for losses are established based on collectability assessments. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities that the Company can assess at the measurement date. • Level 2 : Observable inputs other than those included in Level 1 that are observable for the asset or liability, either directly or indirectly. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of December 31, 2020 As of December 31, 2019 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 12.3 $ 12.3 $ — $ — $ 14.3 $ 14.3 $ — $ — Derivatives 10.0 — 10.0 12.0 — 12.0 — Total assets $ 22.3 $ 12.3 $ 10.0 $ — $ 26.3 $ 14.3 $ 12.0 $ — Liabilities: Derivatives $ 18.8 $ — $ 18.8 $ — $ 2.8 $ — $ 2.8 $ — Contingent Consideration 19.1 — — 19.1 17.4 — — 17.4 Total liabilities $ 37.9 $ — $ 18.8 $ 19.1 $ 20.2 $ — $ 2.8 $ 17.4 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 the Company has the ability to access. As of December 31, 2020, $3.8 million of investments are recorded in other current assets on the Balance Sheet related to investments that are expected to be redeemed within the next twelve months. The remaining balance of investments are reported separately in Other assets on the Balance Sheets. Investments include an unrealized gain of $1.1 million as of December 31, 2020 and unrealized gain of $1.8 million as of December 31, 2019. The Company uses 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. Contingent consideration obligation represents the estimated fair value of the additional consideration payable in connection with the Company's acquisitions of Proseal and Prime completed in the second quarter of 2019. The Company estimated the acquisition date fair value of the contingent consideration obligation for Proseal using a Monte Carlo simulation, and a scenario based method for Prime. The significant unobservable inputs used in the fair value measurement of the contingent consideration obligations were the acquired company's projected performance, a risk-adjusted discount rate and performance volatility driven by industry peers. At each reporting date, the Company revalued the contingent consideration obligations to their fair values and recorded any changes in fair value within selling, general and administrative expenses in the Income Statement. As of December 31, 2020, the contingent consideration obligation is based on the achievement of earnings targets for the earnout period of calendar year 2020, resulting in an expected earnout payment of $19.1 million for Proseal, and no earnout payment for Prime. Following table provides a summary of changes in fair value of contingent consideration during the year ended December 31, 2020: For year ended December 31, 2020 Beginning balance $ 17.4 Acquisitions — Measurement adjustments recorded to earnings 1.1 Foreign currency translation adjustment 0.6 Ending balance $ 19.1 As of December 31, 2020, the contingent consideration obligation of $19.1 million was included in other current liabilities within the Balance Sheet. The carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities. The carrying values and the estimated fair values of debt financial instruments as of December 31 are as follows: 2020 2019 (In millions) Carrying Estimated Carrying Estimated Revolving credit facility, expires June 19, 2023 $ 523.9 $ 523.9 $ 700.9 $ 700.9 Foreign credit facilities — — 0.4 0.4 Other 2.4 2.4 0.5 0.5 The carrying values of the borrowings approximate their fair values due to their variable interest rates. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company is at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although the Company is 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 results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to 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, the Company received a notice of examination from the Delaware Department of Finance commencing an examination of the Company's 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. The Company had, in December 2017, elected this alternative and submitted our conclusions to the Secretary of State in December 2019 and received notice of the Secretary of State's agreement of the amount owed and closure of the examination in June 2020. Our voluntary payment was not material to our financial results. Guarantees and Product Warranties In the ordinary course of business with customers, vendors and others, the Company issues standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled approximately $200.1 million at December 31, 2020, represent guarantees of future performance. The Company also has provided approximately $7.6 million of bank guarantees and letters of credit to secure a portion of its existing financial obligations. The majority of these financial instruments expire within two years; the Company expects to replace them through the issuance of new or the extension of existing letters of credit and surety bonds. In some instances, the Company guarantees its customers’ financing arrangements. The Company is responsible for payment of any unpaid amounts but will receive indemnification from third parties for ninety-five percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of December 31, 2020, the gross value of such arrangements was $2.1 million, of which the Company's net exposure under such guarantees was $0.1 million. The Company provides warranties of various lengths and terms to certain customers based on standard terms and conditions and negotiated agreements. The Company provides for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists. The Company also provides 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: (In millions) 2020 2019 Balance at beginning of the year $ 12.0 $ 13.5 Expenses for new warranties 12.4 14.7 Adjustments to existing accruals (0.9) (0.7) Claims paid (12.4) (16.9) Added through acquisition — 1.5 Translation 0.4 (0.1) Balance at end of year $ 11.5 $ 12.0 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES Lessee Accounting Operating Leases: The Company's lease cost for the year ended December 31, 2020 was $16.3 million, including variable lease cost of $1.6 million and short-term lease cost of $1.0 million. The Company's lease and for the year ended December 31, 2019 was $14.1 million, including variable lease cost of $1.0 million and an immaterial short-term lease cost. Sub-lease income were immaterial for the years ended December 31, 2020 and 2019. The following tables provide the required information regarding operating leases for which the Company is lessee: Balance as of (In millions) December 31, 2020 December 31, 2019 Assets ROU assets $ 27.0 $ 30.7 Total ROU assets $ 27.0 $ 30.7 Liabilities Current $ 9.0 $ 10.0 Non-current 19.7 22.3 Total lease liabilities $ 28.7 $ 32.3 Weighted-average remaining lease term (years ) 4.5 4.5 Weighted-average discount rate 5.1 % 5.4 % The majority of ROU assets and lease liabilities, approximately 78%, relate to real estate leases, with the remaining amount primarily comprised of vehicle leases. Maturity of Operating Lease Liabilities as of December 31, 2020, in millions: Year 1 (a) $ 10.2 Year 2 6.8 Year 3 5.2 Year 4 3.5 Year 5 2.8 After Year 5 3.7 Total lease payments 32.2 Less: Interest on lease payments (3.5) Present value of lease liabilities $ 28.7 (a) Represents the next 12 months Other Information for Operating Leases: Year-to-Date (In millions) December 31, 2020 December 31, 2019 Operating cash flows from operating leases $ 12.9 $ 13.3 ROU assets arising from obtaining new operating lease obligations 4.8 10.9 Refer to Note 21. Related Party Transactions for details of operating lease agreements with related parties. Finance Leases : During the second quarter of 2019, the Company acquired, through a business combination, real estate leases for which it is the lessee for an indefinite lease term and that are classified as financing. The ROU asset balance for these leases is $3.3 million and is included in property, plant, and equipment, net in the Balance Sheet as of December 31, 2020 and 2019. These finance leases have no lease liability outstanding as of December 31, 2020 as no amounts are due under the lease. The reduction in the carrying amount of the ROU asset balance for the years ended December 31, 2020 and 2019 was immaterial. Prior Year Disclosures Although the Company has adopted ASC 842 using the cumulative effect transition method, which enables the Company to record existing leases at the date of adoption without restating comparative periods, it is required to include prior year disclosures that were in accordance with legacy GAAP. These disclosures included in the Form 10-K for the year ended December 31, 2018 are included below: The Company leases office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide that it pays for repairs, property taxes and insurance. Substantially all leases are classified as operating leases for accounting purposes. Rent expense under operating leases amounted to $10.5 million for the year ended December 31, 2018. Lessor Accounting Operating Leases: The following tables provide the required information regarding operating leases for which the Company is lessor. Operating Lease Revenue: (In millions) December 31, 2020 December 31, 2019 Fixed payment revenue $ 66.7 $ 67.7 Variable payment revenue 14.0 18.0 Total $ 80.7 $ 85.7 Operating Lessor Maturity Analysis as of December 31, 2020, in millions: Less than 1 Year (a) $ 53.2 Year 1 31.9 Year 2 22.2 Year 3 16.5 Year 4 9.5 Year 5 4.5 After Year 5 4.1 Total lease receivables $ 141.9 (a) Represents the next 12 months Sales-Type Leases: Sales-Type Lessor Maturity Analysis as of December 31, 2020, in millions: Less than 1 Year (a) $ 5.4 Year 1 1.0 Year 2 0.1 Year 3 0.1 Total lease receivables $ 6.6 (a) Represents the next 12 months |
Leases | LEASES Lessee Accounting Operating Leases: The Company's lease cost for the year ended December 31, 2020 was $16.3 million, including variable lease cost of $1.6 million and short-term lease cost of $1.0 million. The Company's lease and for the year ended December 31, 2019 was $14.1 million, including variable lease cost of $1.0 million and an immaterial short-term lease cost. Sub-lease income were immaterial for the years ended December 31, 2020 and 2019. The following tables provide the required information regarding operating leases for which the Company is lessee: Balance as of (In millions) December 31, 2020 December 31, 2019 Assets ROU assets $ 27.0 $ 30.7 Total ROU assets $ 27.0 $ 30.7 Liabilities Current $ 9.0 $ 10.0 Non-current 19.7 22.3 Total lease liabilities $ 28.7 $ 32.3 Weighted-average remaining lease term (years ) 4.5 4.5 Weighted-average discount rate 5.1 % 5.4 % The majority of ROU assets and lease liabilities, approximately 78%, relate to real estate leases, with the remaining amount primarily comprised of vehicle leases. Maturity of Operating Lease Liabilities as of December 31, 2020, in millions: Year 1 (a) $ 10.2 Year 2 6.8 Year 3 5.2 Year 4 3.5 Year 5 2.8 After Year 5 3.7 Total lease payments 32.2 Less: Interest on lease payments (3.5) Present value of lease liabilities $ 28.7 (a) Represents the next 12 months Other Information for Operating Leases: Year-to-Date (In millions) December 31, 2020 December 31, 2019 Operating cash flows from operating leases $ 12.9 $ 13.3 ROU assets arising from obtaining new operating lease obligations 4.8 10.9 Refer to Note 21. Related Party Transactions for details of operating lease agreements with related parties. Finance Leases : During the second quarter of 2019, the Company acquired, through a business combination, real estate leases for which it is the lessee for an indefinite lease term and that are classified as financing. The ROU asset balance for these leases is $3.3 million and is included in property, plant, and equipment, net in the Balance Sheet as of December 31, 2020 and 2019. These finance leases have no lease liability outstanding as of December 31, 2020 as no amounts are due under the lease. The reduction in the carrying amount of the ROU asset balance for the years ended December 31, 2020 and 2019 was immaterial. Prior Year Disclosures Although the Company has adopted ASC 842 using the cumulative effect transition method, which enables the Company to record existing leases at the date of adoption without restating comparative periods, it is required to include prior year disclosures that were in accordance with legacy GAAP. These disclosures included in the Form 10-K for the year ended December 31, 2018 are included below: The Company leases office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide that it pays for repairs, property taxes and insurance. Substantially all leases are classified as operating leases for accounting purposes. Rent expense under operating leases amounted to $10.5 million for the year ended December 31, 2018. Lessor Accounting Operating Leases: The following tables provide the required information regarding operating leases for which the Company is lessor. Operating Lease Revenue: (In millions) December 31, 2020 December 31, 2019 Fixed payment revenue $ 66.7 $ 67.7 Variable payment revenue 14.0 18.0 Total $ 80.7 $ 85.7 Operating Lessor Maturity Analysis as of December 31, 2020, in millions: Less than 1 Year (a) $ 53.2 Year 1 31.9 Year 2 22.2 Year 3 16.5 Year 4 9.5 Year 5 4.5 After Year 5 4.1 Total lease receivables $ 141.9 (a) Represents the next 12 months Sales-Type Leases: Sales-Type Lessor Maturity Analysis as of December 31, 2020, in millions: Less than 1 Year (a) $ 5.4 Year 1 1.0 Year 2 0.1 Year 3 0.1 Total lease receivables $ 6.6 (a) Represents the next 12 months |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS 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, EBITDA, adjusted when applicable, and EBITDA margins. Reportable segments are: • JBT FoodTech—provides comprehensive solutions throughout the food production value chain extending from primary processing through packaging systems for a large variety of food and beverage groups, including poultry, beef, pork, seafood, ready-to-eat meals, fruits, vegetables, dairy, bakery, pet foods, soups, sauces, and juices. • JBT AeroTech— supplies customized solutions and services used for applications in the air transportation industry, including airport authorities, airlines, airfreight, ground handling companies, militaries and defense contractors. Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate expense, restructuring costs, interest income and expense, and income taxes. See the table below for further details on corporate expense. Segment revenue and segment operating profit Segment operating profit is defined as total segment revenue less segment operating expenses. Business segment information is as follows: (In millions) 2020 2019 2018 Revenue JBT FoodTech $ 1,234.5 $ 1,329.4 $ 1,361.4 JBT AeroTech 493.3 615.9 558.1 Intercompany eliminations — 0.4 0.2 Total revenue $ 1,727.8 $ 1,945.7 $ 1,919.7 Income before income taxes Segment operating profit: JBT FoodTech $ 170.6 $ 184.7 $ 169.5 JBT AeroTech 52.9 78.9 64.1 Total segment operating profit 223.5 263.6 233.6 Corporate items: Corporate expense (1) 48.3 61.9 42.8 Restructuring expense (2) 12.1 13.5 47.0 Operating income 163.1 188.2 143.8 Pension expense, other than service cost 3.7 2.5 0.9 Net interest expense 13.9 18.8 13.9 Income from continuing operations before income taxes 145.5 166.9 129.0 Provision for income taxes 36.7 37.6 24.6 Income from continuing operations 108.8 129.3 104.4 Loss from discontinued operations, net of income taxes — 0.3 0.3 Net income $ 108.8 $ 129.0 $ 104.1 (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 transactions not representative of segment operations. (2) Refer to Note 19. Restructuring for further information on restructuring expense. Segment operating capital employed and segment assets (In millions) 2020 2019 2018 Segment operating capital employed (1) : JBT FoodTech $ 1,145.4 $ 1,200.3 $ 829.0 JBT AeroTech 208.1 241.7 148.4 Total segment operating capital employed 1,353.5 1,442.0 977.4 Segment liabilities included in total segment operating capital employed (2) 406.1 436.9 440.1 Corporate (3) 46.3 36.0 25.0 Total assets $ 1,805.9 $ 1,914.9 $ 1,442.5 Segment assets: JBT FoodTech $ 1,468.9 $ 1,528.4 $ 1,172.4 JBT AeroTech 290.7 350.5 245.1 Total segment assets 1,759.6 1,878.9 1,417.5 Corporate (3) 46.3 36.0 25.0 Total assets $ 1,805.9 $ 1,914.9 $ 1,442.5 (1) Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income taxes and LIFO inventory reserves. (2) Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities. (3) Corporate includes cash, LIFO inventory reserves, income tax balances, investments, and property, plant and equipment not associated with a specific segment. Geographic segment information Geographic segment sales were identified based on the location where the Company's products and services were delivered. Geographic segment long-lived assets include property, plant and equipment, net and certain other non-current assets. (In millions) 2020 2019 2018 Revenue (by location of customers): United States $ 1,034.0 $ 1,133.7 $ 1,063.0 All other countries 693.8 812.0 856.7 Total revenue $ 1,727.8 $ 1,945.7 $ 1,919.7 (In millions) 2020 2019 2018 Long-lived assets: United States $ 181.9 $ 180.6 $ 166.0 United Kingdom 29.8 27.4 11.4 All other countries 79.9 77.5 82.4 Total long-lived assets $ 291.6 $ 285.5 $ 259.8 Other business segment information Capital Expenditures Depreciation and Amortization (In millions) 2020 2019 2018 2020 2019 2018 JBT FoodTech $ 27.9 $ 29.9 $ 33.1 $ 63.6 $ 58.1 $ 51.6 JBT AeroTech 2.1 5.6 3.7 5.5 4.7 3.0 Corporate 4.3 2.4 3.0 2.7 2.8 3.1 Total $ 34.3 $ 37.9 $ 39.8 $ 71.8 $ 65.6 $ 57.7 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING Restructuring charges primarily consist of employee separation benefits under 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. Inventory write offs due to restructuring are reported in Cost of products and are included in each segment's operating profit given the nature of the item. All other restructuring charges that are reported as Restructuring expenses are excluded from the calculation of each segment's operating profit. In the first quarter of 2018, the Company implemented a restructuring plan ("2018 restructuring plan") to address its global processes to flatten the organization, improve efficiency and better leverage general and administrative resources primarily within the JBT FoodTech segment. We recognized cumulative restructuring charges of $62.2 million, net of cumulative releases of the related liability of $11.9 million. We completed this plan in the third quarter of 2020 and transferred the remaining liability into the 2020 restructuring plan in the fourth quarter of 2020. In the first quarter of 2020, the Company implemented an immaterial restructuring plan primarily within the JBT AeroTech segment. We recognized restructuring charges of $2.4 million related to severance, net of cumulative release of related liability of $0.2 million. We completed this plan in the third quarter of 2020 and transferred the remaining liability into the 2020 restructuring plan in the fourth quarter of 2020. In the third quarter of 2020, the Company implemented a restructuring plan ("2020 restructuring plan") for manufacturing capacity rationalization affecting both JBT FoodTech and JBT AeroTech segments. The total estimated cost in connection with this plan is in the range of $8.0 million to $10.0 million for FoodTech and approximately $6 million AeroTech. We recognized restructuring charges of $9.9 million, net of cumulative release of the related liability of $0.3 million, through December 31, 2020, and expect to recognize the remaining costs by end of the year 2021. The following table details the cumulative restructuring charges reported in operating income for the active restructuring plans since the implementation of these plans: Cumulative Amount As of the Quarter Ended Cumulative Amount (In millions) As of December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 As of December 31, 2020 2018 restructuring plan Severance and related expense $ 25.4 $ 2.2 $ 0.1 $ — $ — $ 27.7 Other 45.6 0.1 0.5 0.2 — 46.4 2020 restructuring plan Severance and related expense — — — 5.9 1.1 7.0 Inventory write-off — — — 1.9 — 1.9 Other — — — 0.7 0.6 1.3 Other Severance and related expense — 0.7 1.6 0.3 — 2.6 Total Restructuring charges $ 71.0 $ 3.0 $ 2.2 $ 9.0 $ 1.7 $ 86.9 Restructuring charges, net of related release of liability, is reported within the following financial statement line items of the accompanying Consolidated Statements of Income: Twelve Months Ended December 31, (In millions) 2020 2019 2018 Cost of products (1) $ 1.9 $ — $ — Restructuring expense 12.1 13.5 47.0 Total restructuring charge $ 14.0 $ 13.5 $ 47.0 (1) Restructuring charge reported in Cost of products is related to an inventory write-off resulting from the 2020 restructuring plan. Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheets. The table below details the restructuring activities for the year ended December 31, 2020: Impacts to earnings (In millions) Balance as of December 31, 2019 Charged to Earnings Releases Cash Payments Transfer of Liability Balance as of December 31, 2020 2018 restructuring plan Severance and related expense $ 4.2 $ 2.3 $ (1.1) $ (4.4) $ (1.0) $ — Other 1.5 0.8 (0.3) (2.0) — — 2020 restructuring plan Severance and related expense — 7.0 (0.3) (4.3) 1.3 3.7 Other — 1.3 — (1.0) — 0.3 Other Severance and related expense — 2.6 (0.2) (2.1) (0.3) — Total $ 5.7 $ 14.0 $ (1.9) $ (13.8) $ — $ 4.0 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONSThe Company has entered into an agreement to lease a manufacturing facility in Columbus, Ohio from an entity owned by certain of the Company's employees who were former owners or employees of its newly acquired business. The lease commenced on September 1, 2019, with an eight year term. The operating lease right-of-use asset and the lease liability related to this agreement is $3.6 million and $3.8 million, respectively . |
Management Succession Costs
Management Succession Costs | 12 Months Ended |
Dec. 31, 2020 | |
Compensation Related Costs [Abstract] | |
Management Succession Costs | MANAGEMENT SUCCESSION COSTS On September 24, 2020, the Company initiated a management succession plan after Tom Giacomini, the Company's former CEO, resigned from the Company. In connection with this succession plan, the Company entered into a separation agreement with Mr. Giacomini that provides for a lump sum separation payment of $6.4 million. This separation cost of $6.4 million was paid and recognized as Selling, general, and administrative expense in the consolidated statement of income during the year ended December 31, 2020. In connection with Mr. Giacomini’s departure from the Company, 96,427 nonvested shares under the Company’s stock-based compensation plans were forfeited. Accordingly, the Company recorded a benefit of $2.9 million associated with the reversal of previously accrued amounts for these unvested shares as stock based compensation expense within Selling, general, and administrative expense during the year ended September 30, 2020. In December 2020, our Board of Directors named Brian Deck, former Executive Vice President and Chief Financial Officer, as the President and Chief Executive Officer, and Matt Meister, former Vice President and Chief Financial Officer for JBT Protein, as the Executive Vice President and Chief Financial Officer of the Company. In connection with these transitions, the Company recognized a one-time compensation cost of $0.5 million and other related costs of $0.8 million as Selling, general, and administrative expense in the consolidated statement of income during the year ended December 31, 2020. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts (In thousands) Additions Description Balance at Charged to Charged to other accounts (a) Deductions and other (b) Balance Year ended December 31, 2018: Allowance for doubtful accounts $ 3,210 $ 1,408 $ — $ 920 $ 3,698 Valuation allowance for deferred tax assets $ 2,654 $ — $ 1,207 $ — $ 3,861 Year ended December 31, 2019: Allowance for doubtful accounts $ 3,698 $ 2,064 $ — $ 1,438 $ 4,324 Valuation allowance for deferred tax assets $ 3,861 $ — $ 37 $ — $ 3,898 Year ended December 31, 2020: Allowance for credit losses $ 4,324 $ 1,846 $ 954 $ 1,845 $ 5,279 Valuation allowance for deferred tax assets $ 3,898 $ — $ 719 $ — $ 4,617 (a) "Additions charged to other accounts" includes allowances added through business combinations and allowance for credit losses charged to retained earnings upon adoption of adoption of ASC 326 as of January 1, 2020. (b) “Deductions and other” includes translation adjustments, write-offs, net of recoveries, and reductions in the allowances credited to expense. See accompanying Report of Independent Registered Public Accounting Firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of John Bean Technologies Corporation (JBT, we, or the Company) and all wholly-owned subsidiaries. All intercompany investments, accounts, and transactions have been eliminated. |
Use of estimates | Use of estimates Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. |
Allowance for for credit losses and doubtful account | Allowance for credit losses and doubtful accounts The Company adopted ASC 326, Measurement of Credit Losses on Financial Instruments, as of January 1, 2020 with the cumulative-effect transition method with the required prospective approach. The measurement of expected credit losses under the Current Expected Credit Loss ("CECL") methodology is applicable to financial assets measured at amortized cost, which includes trade receivables, contract assets, and non-current receivables. An allowance for credit losses under the CECL methodology is determined using the loss rate approach and measured on a collective (pool) basis when similar risk characteristics exist. Where financial instruments do not share risk characteristics, they are evaluated on an individual basis. The CECL allowance is based on relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses as of December 31, 2020 and change in the allowance for credit losses during the year ended December 31, 2020 was not material to the consolidated financial statements. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, which includes an estimate for excess and obsolete inventories. Inventory costs include those costs directly attributable to products, including all manufacturing overhead but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for certain of our domestic inventories. We exclude certain inventories relating to over time contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. |
Property, plant, and equipment | Property, plant, and equipmentProperty, plant, and equipment are recorded at cost. Depreciation for financial reporting purposes is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements—20 to 35 years; buildings—20 to 50 years; and machinery and equipment—3 to 20 years). Gains and losses are reflected in other expense, net on the Consolidated Statements of Income upon the sale or retirement of assets. Expenditures that extend the useful lives of property, plant, and equipment are capitalized and depreciated over the estimated new remaining life of the asset. Leasehold improvements are recorded at cost and depreciated over the standard life of the type of asset or the remaining life of the lease, whichever is shorter. |
Capitalized software costs | Capitalized software costs Other assets include the capitalized cost of internal use software and software sold as part of a product. The assets are stated at cost less accumulated amortization and were $16.9 million and $13.9 million at December 31, 2020 and 2019, respectively. These software costs include the amount paid for purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal three |
Goodwill | GoodwillThe Company tests goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of the Company's reporting units by first assessing qualitative factors to see if further testing of goodwill is required. If the Company concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying amount based on the qualitative assessment, then a quantitative test is required. The Company may also choose to bypass the qualitative assessment and perform the quantitative test. In performing the quantitative test, the Company determines the fair value of a reporting unit using the “income approach” valuation method. The Company uses a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate cost of capital rate. Judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, and working capital requirements, among others. If the estimated fair value of a reporting unit exceeds its carrying value, the Company considers that goodwill is not impaired. If the carrying value exceeds estimated fair value, there is an indication of impairment, and an impairment loss would be recorded. The Company calculates the impairment loss by comparing the fair value of the reporting unit less its carrying amount, including goodwill, and would be limited to the carrying value of the goodwill. |
Acquired intangible assets | Acquired intangible assets Intangible assets with finite useful lives are subject to amortization on a straight-line basis over the expected period of economic benefit, which range from less than 7 years to 21 years. The Company evaluates whether events or circumstances have occurred that warrant a revision to the remaining useful lives of intangible assets. In cases where a revision is deemed appropriate, the remaining carrying amounts of the intangible assets are amortized over the revised remaining useful life. The carrying values of intangible assets with indefinite lives are reviewed for recoverability on an annual basis, and whenever events occur or changes in circumstances indicate that impairment may have occurred. The facts and circumstances considered include an assessment of the recoverability of the cost of intangible assets from future cash flows to be derived from the use of the asset. It is not possible to predict the likelihood of any possible future impairments or, if such an impairment were to occur, the magnitude of any impairment. However, any potential impairment would be limited to the carrying value of the indefinite-lived intangible asset. For intangible assets with indefinite lives, the Company also evaluates whether events or circumstances have occurred that warrant a revision of their useful lives from an indefinite life to finite useful life. In cases where a revision is deemed appropriate, the carrying amounts of such intangible assets are amortized over the revised finite useful life. During the year 2020, we revised the indefinite useful lives of certain trade name intangible assets in the amount of $5.0 million to amortize them prospectively. |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets other than goodwill and acquired indefinite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. We have evaluated the current environment as of December 31, 2020 and the year then ended and have concluded there is no event or circumstance that has occurred to trigger an impairment assessment of our long-lived assets. We will continue to monitor the environment to determine whether the impacts to the Company represent an event or change in circumstances that may trigger a need to assess for useful life revision or impairment. |
Revenue recognition | Revenue recognition 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 the Company is acting in an agent capacity. The Company recognizes revenue when it satisfies 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 revenue across the Company is derived from manufactured equipment, which may be customized to meet customer specifications. The Company's 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. The Company frequently has contracts for which the equipment and installation are considered a single performance obligation. In these instances the installation services are not separately identifiable as the installation goes above and beyond the basic assembly, set-up and testing and therefore significantly customizes or modifies the equipment. However, the Company also has contracts where the installation services are deemed to be separately identifiable as the nature of these services are considered basic assembly, set-up and testing, and are therefore deemed to be a separate performance obligation. This generally occurs in contracts where the Company manufactures standard equipment. When a performance obligation is separately identifiable, as defined in ASC 606, the Company allocates a portion of the contract price to the obligation and recognizes it separately from the other performance obligations. Contract price allocation among multiple performance obligations is based on the relative 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 expected 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. The Company recognizes 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 the Company has 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. The Company utilizes the input method of “cost-to-cost” to recognize revenue over time. The Company measures progress based on costs incurred to date relative to total estimated cost at completion. Incurred cost represents work performed, which corresponds with, and therefore depicts, the transfer of control to the customer. Contract costs include labor, material, and certain allocated overhead expense. Material costs are considered incurred, and therefore included in the cost-to-cost measure of progress, when they are used in manufacturing and therefore customize the asset. 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. During the year, we recognized $599.8 million in revenue for over time projects using the cost-to-cost method. Revenue attributable to equipment which qualifies as point in time is recognized when customers take control of the asset. For equipment where installation is separately identifiable, the Company generally determines that control transfers when the customer has obtained legal title and the risks and rewards of ownership, which is dependent upon the shipping terms within the contract. For customized equipment where installation is not separately identifiable, but where the Company does not have an enforceable right to payment for performance completed to-date, it defines control transfer as the point in time in which it is able to objectively verify that the customer has the capability of full use of the asset as intended per the contract as this is when control is considered to have passed to the customer. Service revenue is recognized over time either proportionately over the period of the underlying contract or when services are complete, depending on the terms of the arrangement. Any expected losses for a contract are charged to earnings, in total, in the period such losses are identified. The Company generally bills customers in advance, and progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. The Company may extend credit to customers in line with industry standards where it is strategically advantageous. Within the JBT AeroTech segment, maintenance and repair service for baggage handling systems, facilities, gate systems, and ground support equipment is provided. The timing of contract billings is concurrent with the completion of the services, and therefore the |
Research and Development | Research and developmentThe objectives of the research and development programs are to create new products and business opportunities in relevant fields, and to improve existing products. Research and development costs are expensed as incurred. |
Income taxes | Income taxes Income taxes are provided on income reported for financial statement purposes, adjusted for permanent differences between financial statement reporting and income tax regulations. Deferred tax assets and liabilities are measured using enacted tax rates, and reflect the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. A liability for uncertain tax positions is recorded whenever management believes it is not likely that the position will be sustained on examination based solely on its technical merits. Interest and penalties related to underpayment of income taxes are classified as income tax expense. Income taxes are not provided on undistributed earnings of foreign subsidiaries or affiliates when it is management’s intention that such earnings will remain invested in those companies. Taxes are provided on such earnings in the year in which the decision is made to repatriate the earnings. |
Stock-based employee compensation | Stock-based employee compensation The Company measures compensation cost on restricted stock awards based on the market price of common stock at the grant date and the number of shares awarded. The compensation cost for each award is recognized ratably over the lesser of the stated vesting period or the period until the employee becomes retirement eligible, after taking into account forfeitures. |
Foreign currency | Foreign currency Financial statements of operations for which the U.S. dollar is not the functional currency are translated to the U.S. dollar prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive loss in stockholders’ equity until the foreign entity is sold or liquidated. |
Derivative financial instruments | Derivative financial instruments Derivatives are recognized in the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. The Company does not offset fair value amounts for derivative instruments held with the same counterparty. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive loss, depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. In the Consolidated Statements of Income, earnings from foreign currency derivatives related to sales and remeasurement of sales-related assets, liabilities and contracts are recorded in revenue, while earnings from foreign currency derivatives related to purchases and remeasurement of purchase-related assets, liabilities and contracts are recorded in cost of products. Earnings from foreign currency derivatives related to cash management of foreign currencies throughout the world and remeasurement of cash are recorded in selling, general and administrative expenses. When hedge accounting is applied, the Company ensures that the derivative is highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge. The Company documents risk management strategy and method for assessing hedge effectiveness at the inception of and throughout the term of each hedge. The Company's cross-currency swap agreements synthetically swap U.S. dollar denominated fixed rate debt for Euro denominated fixed rate debt and are designated as net investment hedges for accounting purposes. The gains or losses on these derivative instruments are included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Interest payments received for the cross currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the Consolidated Statements of Income. 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. Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. |
Leases | Leases Lessee accounting The Company leases office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide that the Company pays for repairs, property taxes and insurance. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on whether the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. Operating leases are included in operating lease ROU assets, other current liabilities, and operating lease liabilities in the consolidated Balance Sheet, which are reported within other assets other current liabilities other liabilities ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit rate is generally not readily determinable for most of its leases, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. We determined the incremental borrowing rate for all leases, based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company used an unsecured borrowing rate and risk-adjusted that rate to approximate a collateralized rate. The operating lease ROU asset also includes prepaid rent and reflects the unamortized balance of lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components for leases other than leases of vehicles and communication equipment. For the asset categories of real estate, manufacturing, office and IT equipment, the Company accounts for the lease and non-lease components as a single lease component. The Company's leases may include renewal and termination options, which are included in the lease term if the Company concludes that it is reasonably certain that it will exercise the option. Some leases give the option to renew, with renewal terms that may extend the lease term. The exercise of lease renewal options is at the Company's sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of the ROU assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the Consolidated Statements of Income. The Company's lease agreements do not contain any material residual value guarantees. Lessor accounting The Company leases certain JBT FoodTech equipment primarily, such as high capacity industrial extractors, to customers. In most instances, the Company includes maintenance as a component of the lease agreement. Lease accounting requires lessors to separate lease and non-lease components and further defines maintenance as a non-lease component. The Company elected to exercise the available practical expedient of combining lease and non-lease components where the components meet both of the following criteria: • The timing and pattern of transfer to the lessee of the lease and non-lease component are the same, and • The lease component, if accounted for separately, would be classified as an operating lease. As such, the leased asset and its respective maintenance component will not be accounted for separately. In certain leases, consumables are included as a non-lease component. For these leases, the components do not qualify for the practical expedient as the timing and pattern of transfer to the lessee are not the same. In these instances, the non-lease component will be accounted for in accordance with ASC 606. The Company monitors the risk associated with residual value of its leased assets. It reviews on an annual basis or more often as deemed necessary, and adjusted residual values and useful lives of equipment leased to outside parties, as appropriate. Adjustments to residual values result in an adjustment to depreciation expense. The Company's annual review is based on a long-term view considering historical market price changes, market price trends, and expected life of the equipment. Lease agreements with the Company's customers do not contain any material residual value guarantees. Certain lease agreements include terms and conditions resulting in variable lease payments. These payments typically rely upon the usage of the underlying asset. |
Leases | Leases Lessee accounting The Company leases office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide that the Company pays for repairs, property taxes and insurance. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on whether the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. Operating leases are included in operating lease ROU assets, other current liabilities, and operating lease liabilities in the consolidated Balance Sheet, which are reported within other assets other current liabilities other liabilities ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit rate is generally not readily determinable for most of its leases, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. We determined the incremental borrowing rate for all leases, based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company used an unsecured borrowing rate and risk-adjusted that rate to approximate a collateralized rate. The operating lease ROU asset also includes prepaid rent and reflects the unamortized balance of lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components for leases other than leases of vehicles and communication equipment. For the asset categories of real estate, manufacturing, office and IT equipment, the Company accounts for the lease and non-lease components as a single lease component. The Company's leases may include renewal and termination options, which are included in the lease term if the Company concludes that it is reasonably certain that it will exercise the option. Some leases give the option to renew, with renewal terms that may extend the lease term. The exercise of lease renewal options is at the Company's sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of the ROU assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the Consolidated Statements of Income. The Company's lease agreements do not contain any material residual value guarantees. Lessor accounting The Company leases certain JBT FoodTech equipment primarily, such as high capacity industrial extractors, to customers. In most instances, the Company includes maintenance as a component of the lease agreement. Lease accounting requires lessors to separate lease and non-lease components and further defines maintenance as a non-lease component. The Company elected to exercise the available practical expedient of combining lease and non-lease components where the components meet both of the following criteria: • The timing and pattern of transfer to the lessee of the lease and non-lease component are the same, and • The lease component, if accounted for separately, would be classified as an operating lease. As such, the leased asset and its respective maintenance component will not be accounted for separately. In certain leases, consumables are included as a non-lease component. For these leases, the components do not qualify for the practical expedient as the timing and pattern of transfer to the lessee are not the same. In these instances, the non-lease component will be accounted for in accordance with ASC 606. The Company monitors the risk associated with residual value of its leased assets. It reviews on an annual basis or more often as deemed necessary, and adjusted residual values and useful lives of equipment leased to outside parties, as appropriate. Adjustments to residual values result in an adjustment to depreciation expense. The Company's annual review is based on a long-term view considering historical market price changes, market price trends, and expected life of the equipment. Lease agreements with the Company's customers do not contain any material residual value guarantees. Certain lease agreements include terms and conditions resulting in variable lease payments. These payments typically rely upon the usage of the underlying asset. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (ASC 326), which amends the Board’s guidance on credit losses on financial instruments. The ASU adds an impairment model that is based on expected losses rather than incurred losses, which is known as the current expected credit loss (“CECL”) model. The CECL model applies to most debt instruments (other than those measured at fair value), trade and other receivables, financial guarantee contracts, and loan commitments. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted ASC 326 as of January 1, 2020, using the cumulative-effect transition method with the required prospective approach. The cumulative-effect transition method enables an entity to record an allowance for expected credit loss at the date of adoption without restating comparative periods. The adoption of ASC 326 as of January 1, 2020 did not materially impact Trade receivables, net of allowances and Retained earnings and had no impact on consolidated net income and cash flows. 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 removes, modifies, and adds disclosure requirements for fair value measurements. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019. The adoption of ASU 2018-13 as of January 1, 2020 did not materially impact the Company's disclosures in Note 9. Fair Value of Financial Instruments. 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 core principle of the ASU is the requirement for lessees to report a right of use asset ("ROU asset") and a lease payment obligation on the Balance Sheet, but recognize expenses on their Income Statement in a manner similar to legacy accounting. For lessors, the guidance remains substantially unchanged from legacy U.S. GAAP. The Company designed disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted ASC 842 as of January 1, 2019, using the cumulative-effect transition method with the required modified retrospective approach. The cumulative-effect transition method enables an entity to record existing leases at the date of adoption without restating comparative periods; rather the cumulative effect of the change is recorded as an adjustment to equity, if needed, at the beginning of the year of adoption. The Company elected the following practical expedients as permitted per the guidance: • The ‘package of practical expedients’ which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company has elected this package of practical expedients in its entirety. • The short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities for existing short-term leases of assets. • The practical expedient to not separate lease and non-lease components for all of its leases other than leases of vehicles and communication equipment given the predominance of the service component for these leases. • The use of hindsight to determine the lease term for existing leases and assessing the likelihood that a lessee renewal, termination or purchase option will be exercised. The adoption of ASC 842 resulted in recording ROU assets of $32.3 million in other assets and lease liabilities of $10.8 million in other current liabilities and $23.3 million in other liabilities, as of January 1, 2019. The difference between the ROU assets and lease liabilities is driven primarily by lease incentives that were reclassified from a long-term liability account to the ROU asset balance. The income tax accounting impact of ASC 842 adoption resulted in recording a deferred tax asset and deferred tax liability of $8.8 million as of January 1, 2019. The adoption of the standard did not materially impact retained earnings or consolidated net income, and had no impact on cash flows. 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 removes, modifies, and adds disclosure requirements for defined benefit plans. The disclosure modifications in ASU 2018-14 will be applied on a retrospective basis. The ASU is effective for annual reporting periods ending after December 15, 2020, with early adoption permitted. The adoption of ASU 2018-14 as of December 31, 2020 did not materially impact the Company's disclosures in Note 8. Pension and post-retirement and other benefit plans. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the method for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, and the Company is electing to early adopt ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, as of December 31, 2020, using the cumulative-effect transition method with the required modified retrospective approach. The adoption of this standard had no material impact to the Company's financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of business combinations | A summary of the acquisitions made during the period is as follows: Date Type Company/Product Line Location Segment May 29, 2020 Asset MARS Food Processing Solutions, LLC Denver, North Carolina JBT FoodTech A provider of solutions for monitoring and managing the efficiency of poultry processing plants. May 31, 2019 Stock Proseal UK Limited Adlington, UK JBT FoodTech A leading provider of tray sealing technology for the fresh produce, ready meals, proteins, sandwiches, and snack industries. May 31, 2019 Stock Prime Equipment Group, LLC Columbus, Ohio JBT FoodTech A manufacturer of turnkey primary and water re–use solutions to the poultry industry. February 1, 2019 Stock LEKTRO, Inc. Warrenton, Oregon JBT AeroTech A manufacturer of commercial aviation ground support equipment, including electric towbarless aircraft pushback tractors for narrow body and smaller aircrafts. |
Schedule of assets acquired and liabilities assumed | Purchase price allocation for 2019 acquisitions: Proseal (1) Prime (1) LEKTRO (2) Total (In millions) Financial assets $ 46.4 $ 12.9 $ 4.2 $ 63.5 Inventories 24.8 11.6 7.0 43.4 Property, plant and equipment 22.2 1.5 0.3 24.0 Other intangible assets (3) 91.5 28.4 19.4 139.3 Deferred taxes (19.2) — (4.9) (24.1) Financial liabilities (35.3) (21.0) (4.6) (60.9) Total identifiable net assets $ 130.4 $ 33.4 $ 21.4 $ 185.2 Cash consideration paid $ 264.5 $ 60.6 $ 48.3 $ 373.4 Contingent consideration (4) 14.7 1.3 — 16.0 Holdback payment due to seller — 0.9 — 0.9 Total consideration 279.2 62.8 48.3 390.3 Cash acquired 4.3 1.4 1.7 7.4 Net consideration $ 274.9 $ 61.4 46.6 382.9 Goodwill (5) $ 148.8 $ 29.4 $ 26.9 205.1 (1) The purchase accounting for Proseal and Prime was complete as of March 31, 2020. During the quarter ended March 31, 2020, there were no significant measurement period adjustments. (2) The purchase accounting for LEKTRO was final as of December 31, 2019. (3) The acquired intangible assets subject to amortization are being amortized on a straight-line basis over their estimated useful lives, which range from seven (4) Proseal and Prime purchase agreements include contingent consideration due to the sellers to the extent Proseal and Prime achieve certain earnings targets. Proseal earnings performance for the earnout period of calendar year 2020 has exceeded earnings targets, and therefore will result in an earnout payment of $19.1 million. Acquisition date fair value of this contingent consideration was determined to be $14.7 million for Proseal. Prime contingent consideration determined based on earnings performance for the calendar years 2019 and 2020 has resulted in no earnout payment. Acquisition date fair value of this contingent consideration was determined at $1.3 million for Prime. Refer to Note 15. Fair Value of Financial Instruments for a description of how these values for contingent consideration obligations were determined. (5) The Company expects goodwill of $49.3 million from these acquisitions to be deductible for income tax purposes. |
Schedule of pro forma information | The following information reflects the results of the Company’s operations for the years ended December 31, 2020 and 2019 on a pro forma basis as if the acquisition of Proseal had been completed on January 1, 2018. Pro forma adjustments have been made to illustrate the incremental impact on earnings of interest costs on the borrowings to acquire the company, amortization expense related to acquired intangible assets, depreciation expense related to the fair value of the acquired depreciable tangible assets, and the related tax impact associated with the incremental interest costs and amortization and depreciation expense. Year ended December 31, (In millions, except per share data) 2020 2019 Revenue Pro forma $ 1,727.8 1,984.1 As reported 1,727.8 1,945.7 Income from continuing operations Pro forma $ 108.8 135.1 As reported 108.8 129.3 Income from continuing operations per share Pro forma Basic $ 3.40 $ 4.24 Fully diluted 3.39 4.20 As reported Basic $ 3.40 $ 4.05 Fully diluted 3.39 4.03 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories as of December 31, consisted of the following: (In millions) 2020 2019 Raw materials $ 87.3 $ 100.8 Work in process 51.4 65.8 Finished goods 136.4 149.5 Gross inventories before LIFO reserves and valuation adjustments 275.1 316.1 LIFO reserves (49.2) (49.5) Valuation adjustments (28.6) (21.6) Net inventories $ 197.3 $ 245.0 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment as of December 31, consisted of the following: (In millions) 2020 2019 Land and land improvements $ 19.7 $ 21.1 Buildings 138.3 125.1 Machinery and equipment 423.7 400.7 Construction in process 21.1 26.9 602.8 573.8 Accumulated depreciation (334.8) (308.2) Property, plant and equipment, net $ 268.0 $ 265.6 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill by business segment were as follows: (In millions) JBT FoodTech JBT AeroTech Total Balance as of January 1, 2019 $ 310.3 $ 11.1 $ 321.4 Acquisitions 177.9 26.9 204.8 Currency translation 2.7 — 2.7 Balance as of December 31, 2019 490.9 38.0 528.9 Acquisitions 3.7 — 3.7 Currency translation 11.1 0.2 11.3 Balance as of December 31, 2020 $ 505.7 $ 38.2 $ 543.9 |
Schedule of Intangible Assets | Intangible assets consisted of the following: 2020 2019 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationships $ 256.9 $ 82.8 $ 251.3 $ 61.9 Patents and acquired technology 151.3 65.2 138.7 48.5 Trademarks 44.8 16.8 38.0 11.6 Indefinite lived intangibles assets 10.8 — 15.6 — Other 9.4 9.3 16.7 12.4 Total intangible assets $ 473.2 $ 174.1 $ 460.3 $ 134.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long term debt as of December 31, consisted of the following: (In millions) Weighted-Average Interest Rate at December 31, 2020 Maturity Date 2020 2019 Revolving credit facility 1.5 % June 19, 2023 $ 523.9 $ 700.9 Less: unamortized debt issuance costs $ (1.4) $ (2.6) Long-term debt, net $ 522.5 $ 698.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Domestic and foreign components of income from continuing operations before income taxes for the years ended on December 31, are shown below: (In millions) 2020 2019 2018 Domestic $ 78.6 $ 85.2 $ 55.2 Foreign 66.9 81.7 73.8 Income before income taxes $ 145.5 $ 166.9 $ 129.0 |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes related to income from continuing operations for the years ended on December 31, consisted of: (In millions) 2020 2019 2018 Current: Federal $ 4.6 $ (8.1) $ (1.3) State 3.0 4.1 0.9 Foreign 19.3 21.8 20.2 Total current 26.9 17.8 19.8 Deferred: Federal 8.9 18.2 3.8 State 1.5 1.0 1.8 Foreign (3.2) 0.3 (4.3) Change in the valuation allowance for deferred tax assets 0.7 — 1.2 Change in deferred tax liabilities due to foreign tax rate change 1.6 (0.1) — Benefits of operating loss carryforward 0.3 0.4 2.3 Total deferred 9.8 19.8 4.8 Provision for income taxes $ 36.7 $ 37.6 $ 24.6 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities at December 31, were as follows: (In millions) 2020 2019 Deferred tax assets attributable to: Accrued pension and other postretirement benefits $ 24.2 $ 20.5 Accrued expenses and accounts receivable allowances 13.0 10.6 Net operating loss carryforwards 7.1 6.3 Inventories 8.4 9.4 Stock-based compensation 3.3 4.1 Operating lease DTA 7.3 7.1 Research and development credit carryforwards 4.1 7.5 Foreign tax credit carryforward 0.4 0.8 Other 1.5 — Total deferred tax assets 69.3 66.3 Valuation allowance (4.6) (3.9) Deferred tax assets, net of valuation allowance 64.7 62.4 Deferred tax liabilities attributable to: Liquidation of subsidiary for income tax purposes 13.3 13.3 Property, plant and equipment 23.2 19.3 Goodwill and amortization 51.7 47.1 Operating lease DTL 7.2 7.9 Other — 1.8 Total deferred tax liabilities 95.4 89.4 Net deferred tax liabilities $ (30.7) $ (27.0) |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following: 2020 2019 2018 Statutory U.S. federal tax rate 21 % 21 % 21 % Net difference resulting from: Research and development tax credit (5) (4) (5) Foreign earnings subject to different tax rates 2 3 3 Nondeductible expenses 2 — 1 State income taxes 3 3 2 Foreign tax credits (4) (4) (4) Foreign withholding taxes 1 1 1 Effect of US Law Change — — (1) Global Intangible Low-Taxed Income (GILTI) 3 4 5 Stock Based Compensation - Excess Tax Benefit — (1) (4) Other 2 — — Total difference 4 % 2 % (2) % Effective income tax rate 25 % 23 % 19 % |
Summary of Income Tax Examinations | The following tax years remain subject to examination in the following significant jurisdictions: Belgium 2016-2020 Brazil 2016-2020 Italy 2016-2020 Netherlands 2016-2020 Sweden 2016-2020 United Kingdom 2019-2020 United States 2016-2020 |
Pension and Post-retirement a_2
Pension and Post-retirement and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | The funded status of is pension plans, together with the associated balances recognized in its consolidated financial statements as of December 31, 2020 and 2019, were as follows: (In millions) 2020 2019 Projected benefit obligation at January 1 $ 356.3 $ 314.1 Service cost 2.2 2.1 Interest cost 8.7 11.5 Actuarial (gain) loss 28.0 45.8 Plan participants' contributions 0.2 0.2 Benefits paid (17.4) (16.0) Plan amendments 0.2 — Currency translation adjustments 5.8 (1.4) Projected benefit obligation at December 31 $ 384.0 $ 356.3 Fair value of plan assets at January 1 $ 281.3 $ 243.4 Company contributions 12.3 7.8 Actual return on plan assets 13.7 46.2 Plan participants' contributions 0.2 0.2 Benefits paid (17.4) (16.0) Currency translation adjustments 0.7 (0.3) Fair value of plan assets at December 31 $ 290.8 $ 281.3 Funded status of the plans (liability) at December 31 $ (93.2) $ (75.0) Amounts recognized in the Consolidated Balance Sheets at December 31 Other current liabilities (1.5) (3.7) Accrued pension and other post-retirement benefits, less current portion (91.7) (71.3) Net amount recognized $ (93.2) $ (75.0) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive loss at December 31, 2020 and 2019 were $217.6 million and $196.4 million, respectively for pensions, and $(0.1) million and $(0.2) million for the OPEB plan, respectively. These amounts were primarily unrecognized actuarial gains and losses. |
Schedule of Net Benefit Costs | Pension costs (income) for the years ended December 31, were as follows: (In millions) 2020 2019 2018 Service cost $ 2.2 $ 2.1 $ 1.9 Interest cost 8.7 11.5 10.7 Expected return on plan assets (13.1) (15.2) (16.9) Amortization of net actuarial loss 8.1 6.0 6.3 Settlement loss recognized — — 0.7 Total costs $ 5.9 $ 4.4 $ 2.7 |
Schedule of Changes in Projected Benefit Obligations | Pre-tax changes in projected benefit obligations and plan assets recognized in other comprehensive income during 2020 for the OPEB plan were $0.1 million and for the pension plans were as follows: (In millions) Pensions Actuarial loss $ 27.6 Amortization of net actuarial loss (8.0) Net loss recognized in other comprehensive income $ 19.6 Total recognized in net periodic benefit cost and other comprehensive income $ 25.5 The following weighted-average assumptions were used to determine the benefit obligations for the pension plans: 2020 2019 2018 Discount rate 2.31 % 2.98 % 4.05 % Rate of compensation increase 3.07 % 3.09 % 3.07 % |
Schedule of Assumptions Used | The following weighted-average assumptions were used to determine net periodic benefit cost for the pension plans: 2020 2019 2018 Discount rate 2.98 % 4.06 % 3.47 % Rate of compensation increase 3.07 % 3.09 % 3.07 % Expected rate of return on plan assets 4.86 % 5.63 % 6.33 % |
Schedule of Allocation of Plan Assets | Target asset allocations and actual allocations as of December 31, 2020 and 2019 were as follows: Target 2020 2019 Equity 10% - 40% 38% 33% Fixed income 40% - 70% 53% 57% Real estate and other 0% - 15% 8% 8% Cash 0% - 10% 1% 2% 100% 100% Actual pension plans’ asset holdings by category and level within the fair value hierarchy are presented in the following table: As of December 31, 2020 As of December 31, 2019 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1.9 $ 1.9 $ — $ — $ 4.7 $ 4.7 $ — $ — Equity securities: All caps (1) 25.4 — 25.4 — — — — — Large cap (2) — — — — 34.8 — 34.8 — Small cap (3) — — — — 36.1 36.1 — — International (4) 71.6 — 71.6 — 22.4 22.4 — — Infrastructure (5) 14.2 14.2 — — — — — — Fixed income securities: Government securities (6) 25.9 — 25.9 — 9.7 — 9.7 — Corporate bonds (7) 128.6 8.7 119.9 — 152.3 139.4 12.9 — Real estate and other investments (8) 23.2 — 23.2 — 21.3 — 21.3 — Total assets at fair value $ 290.8 $ 24.8 $ 266.0 $ — $ 281.3 $ 202.6 $ 78.7 $ — (1) Includes funds that invest in large, medium and small cap equity securities. (2) Includes funds that invest primarily in large cap equity securities. (3) Includes small cap equity securities and funds that invest primarily in small cap equity securities. (4) Includes funds that invest primarily in international equity securities. (5) Includes funds that invest primarily in infrastructure equity securities. (6) Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. (7) Includes funds that invest in investment grade bonds, high yield bonds and mortgage-backed fixed income securities. (8) Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by the Company's foreign pension plans. |
Schedule of Expected Benefit Payments | The following table summarizes expected benefit payments from various pension benefit plans through 2029. Actual benefit payments may differ from expected benefit payments. (In millions) Pensions 2021 $ 17.2 2022 17.9 2023 18.2 2024 19.9 2025 21.0 2025-2029 101.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Changes in the AOCI balances for the years ended December 31, 2020 and 2019 by component are shown in the following table: Pension and Other Post-retirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Balance as of January 1, 2019 $ (140.4) $ 2.0 $ (48.1) $ (186.5) Other comprehensive income (loss) before reclassification (10.8) (0.7) 4.3 (7.2) Amounts reclassified from accumulated other comprehensive income 4.2 (1.2) (2.1) 0.9 Balance as of December 31, 2019 (147.0) 0.1 (45.9) (192.8) Other comprehensive income (loss) before reclassification (20.4) (5.0) (6.7) (32.1) Amounts reclassified from accumulated other comprehensive income 6.0 1.1 (2.1) 5.0 Balance as of December 31, 2020 $ (161.4) $ (3.8) $ (54.7) $ (219.9) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The Company recorded stock-based compensation expense and related income tax effects for the years ended December 31, as follows: (In millions) 2020 2019 2018 Stock-based compensation expense $ 1.9 $ 9.4 $ 9.7 Tax (expense) benefit recorded in consolidated statements of income $ (0.1) $ 4.6 $ 7.3 |
Schedule of Nonvested Restricted Stock Unit Activity | A summary of the nonvested restricted stock units as of December 31, 2020 and changes during the year is presented below: Shares Weighted-Average Nonvested at December 31, 2019 523,763 $ 61.46 Granted 110,180 $ 96.81 Vested (97,362) $ 90.23 Forfeited (141,868) $ 100.55 Nonvested at December 31, 2020 394,713 $ 56.24 |
Summary of Restricted Stock Activity | The following summarizes values for restricted stock activity in each of the years in the three year period ended December 31: 2020 2019 2018 Weighted-average grant-date fair value of restricted stock units granted $ 96.81 $ 91.92 $ 117.11 Fair value of restricted stock vested (in millions) $ 6.5 $ 20.7 $ 29.9 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Capital Stock Activity | The following is a summary of capital stock activity (in shares) for the year ended December 31, 2020: Common Common stock held in treasury December 31, 2019 31,666,654 74,953 Stock awards issued 63,082 (63,082) December 31, 2020 31,729,736 11,871 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | December 31, 2020 2019 2018 (In millions) JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech Type of Good or Service Recurring (1) $ 610.7 $ 155.4 $ 586.6 $ 200.2 $ 518.1 $ 186.8 Non-recurring (1) 623.8 337.9 742.8 415.7 843.3 371.3 Total 1,234.5 493.3 1,329.4 615.9 1,361.4 558.1 Geographical Region (2) North America 666.5 423.9 703.3 500.7 699.7 438.5 Europe, Middle East and Africa 365.3 41.5 376.7 81.6 394.2 84.2 Asia Pacific 135.3 23.9 171.0 27.3 196.4 27.6 Latin America 67.4 4.0 78.4 6.3 71.1 7.8 Total 1,234.5 493.3 1,329.4 615.9 1,361.4 558.1 Timing of Recognition (3) Point in Time 593.5 251.7 618.1 370.1 739.7 352.7 Over Time 641.0 241.6 711.3 245.8 621.7 205.4 Total 1,234.5 493.3 1,329.4 615.9 1,361.4 558.1 (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. (3) These amounts include the transition impacts from the adoption of ASC 606 that were recognized throughout 2018. The majority of the impact was driven by "previously recognized" amounts where installation was completed in 2018 and revenue on the full contract was recognized, however the same contract was previously recognized under legacy GAAP upon shipment in 2017.region represents the region in which the end customer resides. |
Contract with Customer, Asset and Liability | Contract asset and liability balances for the period were as follows: Balances as of (In millions) December 31, 2020 December 31, 2019 December 31, 2018 Contract Assets $ 68.3 $ 74.4 $ 70.3 Contract Liabilities 123.8 92.5 124.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share ("EPS") from continuing operations for the respective periods and basic and diluted shares outstanding: (In millions, except per share data) 2020 2019 2018 Basic earnings per share: Income from continuing operations $ 108.8 $ 129.3 $ 104.4 Weighted average number of shares outstanding 32.0 31.9 31.9 Basic earnings per share from continuing operations $ 3.40 $ 4.05 $ 3.27 Diluted earnings per share: Income from continuing operations $ 108.8 $ 129.3 $ 104.4 Weighted average number of shares outstanding 32.0 31.9 31.9 Effect of dilutive securities: Restricted stock units 0.1 0.1 0.3 Total shares and dilutive securities 32.1 32.0 32.2 Diluted earnings per share from continuing operations $ 3.39 $ 4.03 $ 3.24 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Foreign Currency Derivatives | As of December 31, 2020 As of December 31, 2019 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Total $ 10.0 $ 12.7 $ 5.7 $ 3.5 |
Schedule of Derivative Assets at Fair Value | (In millions) As of December 31, 2020 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 10.0 $ — $ 10.0 $ (8.6) $ 1.4 (In millions) As of December 31, 2019 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 12.0 $ — $ 12.0 $ (2.1) $ 9.9 |
Schedule of Derivative Liabilities at Fair Value | Offsetting of Liabilities As of December 31, 2020 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 16.6 $ — $ 16.6 $ (8.6) $ 8.0 Offsetting of Liabilities As of December 31, 2019 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amount Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 2.8 $ — $ 2.8 $ (2.1) $ 0.7 |
Schedule of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | The following table presents the location and amount of the loss on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Consolidated Statements of Income: Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income (In millions) 2020 2019 2018 Foreign exchange contracts Revenue $ 2.7 $ (2.7) $ (4.6) Foreign exchange contracts Cost of sales (3.1) 1.1 (0.4) Foreign exchange contracts Selling, general and administrative expense 2.5 (1.7) 0.6 Total 2.1 (3.3) (4.4) Remeasurement of assets and liabilities in foreign currencies (3.1) 1.1 2.8 Net loss on foreign currency transactions $ (1.0) $ (2.2) $ (1.6) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of December 31, 2020 As of December 31, 2019 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 12.3 $ 12.3 $ — $ — $ 14.3 $ 14.3 $ — $ — Derivatives 10.0 — 10.0 12.0 — 12.0 — Total assets $ 22.3 $ 12.3 $ 10.0 $ — $ 26.3 $ 14.3 $ 12.0 $ — Liabilities: Derivatives $ 18.8 $ — $ 18.8 $ — $ 2.8 $ — $ 2.8 $ — Contingent Consideration 19.1 — — 19.1 17.4 — — 17.4 Total liabilities $ 37.9 $ — $ 18.8 $ 19.1 $ 20.2 $ — $ 2.8 $ 17.4 |
Schedule of Changes in Fair Value of Contingent Consideration | Following table provides a summary of changes in fair value of contingent consideration during the year ended December 31, 2020: For year ended December 31, 2020 Beginning balance $ 17.4 Acquisitions — Measurement adjustments recorded to earnings 1.1 Foreign currency translation adjustment 0.6 Ending balance $ 19.1 |
Schedule of Long-term Debt Instruments | The carrying values and the estimated fair values of debt financial instruments as of December 31 are as follows: 2020 2019 (In millions) Carrying Estimated Carrying Estimated Revolving credit facility, expires June 19, 2023 $ 523.9 $ 523.9 $ 700.9 $ 700.9 Foreign credit facilities — — 0.4 0.4 Other 2.4 2.4 0.5 0.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Warranty cost and accrual information were as follows: (In millions) 2020 2019 Balance at beginning of the year $ 12.0 $ 13.5 Expenses for new warranties 12.4 14.7 Adjustments to existing accruals (0.9) (0.7) Claims paid (12.4) (16.9) Added through acquisition — 1.5 Translation 0.4 (0.1) Balance at end of year $ 11.5 $ 12.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | The following tables provide the required information regarding operating leases for which the Company is lessee: Balance as of (In millions) December 31, 2020 December 31, 2019 Assets ROU assets $ 27.0 $ 30.7 Total ROU assets $ 27.0 $ 30.7 Liabilities Current $ 9.0 $ 10.0 Non-current 19.7 22.3 Total lease liabilities $ 28.7 $ 32.3 Weighted-average remaining lease term (years ) 4.5 4.5 Weighted-average discount rate 5.1 % 5.4 % |
Lessee, Operating Lease, Liability, Maturity | Maturity of Operating Lease Liabilities as of December 31, 2020, in millions: Year 1 (a) $ 10.2 Year 2 6.8 Year 3 5.2 Year 4 3.5 Year 5 2.8 After Year 5 3.7 Total lease payments 32.2 Less: Interest on lease payments (3.5) Present value of lease liabilities $ 28.7 |
Lease, Cost | Other Information for Operating Leases: Year-to-Date (In millions) December 31, 2020 December 31, 2019 Operating cash flows from operating leases $ 12.9 $ 13.3 ROU assets arising from obtaining new operating lease obligations 4.8 10.9 |
Lessor, Lease Revenue | Operating Lease Revenue: (In millions) December 31, 2020 December 31, 2019 Fixed payment revenue $ 66.7 $ 67.7 Variable payment revenue 14.0 18.0 Total $ 80.7 $ 85.7 |
Lessor, Operating Lease, Payments to be Received, Maturity | Operating Lessor Maturity Analysis as of December 31, 2020, in millions: Less than 1 Year (a) $ 53.2 Year 1 31.9 Year 2 22.2 Year 3 16.5 Year 4 9.5 Year 5 4.5 After Year 5 4.1 Total lease receivables $ 141.9 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Sales-Type Lessor Maturity Analysis as of December 31, 2020, in millions: Less than 1 Year (a) $ 5.4 Year 1 1.0 Year 2 0.1 Year 3 0.1 Total lease receivables $ 6.6 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Revenue and Segment Operating Profit | Segment operating profit is defined as total segment revenue less segment operating expenses. Business segment information is as follows: (In millions) 2020 2019 2018 Revenue JBT FoodTech $ 1,234.5 $ 1,329.4 $ 1,361.4 JBT AeroTech 493.3 615.9 558.1 Intercompany eliminations — 0.4 0.2 Total revenue $ 1,727.8 $ 1,945.7 $ 1,919.7 Income before income taxes Segment operating profit: JBT FoodTech $ 170.6 $ 184.7 $ 169.5 JBT AeroTech 52.9 78.9 64.1 Total segment operating profit 223.5 263.6 233.6 Corporate items: Corporate expense (1) 48.3 61.9 42.8 Restructuring expense (2) 12.1 13.5 47.0 Operating income 163.1 188.2 143.8 Pension expense, other than service cost 3.7 2.5 0.9 Net interest expense 13.9 18.8 13.9 Income from continuing operations before income taxes 145.5 166.9 129.0 Provision for income taxes 36.7 37.6 24.6 Income from continuing operations 108.8 129.3 104.4 Loss from discontinued operations, net of income taxes — 0.3 0.3 Net income $ 108.8 $ 129.0 $ 104.1 (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 transactions not representative of segment operations. |
Schedule of Segment Operating Capital Employed and Segment Assets | Segment operating capital employed and segment assets (In millions) 2020 2019 2018 Segment operating capital employed (1) : JBT FoodTech $ 1,145.4 $ 1,200.3 $ 829.0 JBT AeroTech 208.1 241.7 148.4 Total segment operating capital employed 1,353.5 1,442.0 977.4 Segment liabilities included in total segment operating capital employed (2) 406.1 436.9 440.1 Corporate (3) 46.3 36.0 25.0 Total assets $ 1,805.9 $ 1,914.9 $ 1,442.5 Segment assets: JBT FoodTech $ 1,468.9 $ 1,528.4 $ 1,172.4 JBT AeroTech 290.7 350.5 245.1 Total segment assets 1,759.6 1,878.9 1,417.5 Corporate (3) 46.3 36.0 25.0 Total assets $ 1,805.9 $ 1,914.9 $ 1,442.5 (1) Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income taxes and LIFO inventory reserves. (2) Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities. (3) Corporate includes cash, LIFO inventory reserves, income tax balances, investments, and property, plant and equipment not associated with a specific segment. |
Schedule of Geographic Segment Sales | (In millions) 2020 2019 2018 Revenue (by location of customers): United States $ 1,034.0 $ 1,133.7 $ 1,063.0 All other countries 693.8 812.0 856.7 Total revenue $ 1,727.8 $ 1,945.7 $ 1,919.7 |
Schedule of Geographic Segment Long-lived Assets | (In millions) 2020 2019 2018 Long-lived assets: United States $ 181.9 $ 180.6 $ 166.0 United Kingdom 29.8 27.4 11.4 All other countries 79.9 77.5 82.4 Total long-lived assets $ 291.6 $ 285.5 $ 259.8 |
Schedule of Other Business Segment Information | Other business segment information Capital Expenditures Depreciation and Amortization (In millions) 2020 2019 2018 2020 2019 2018 JBT FoodTech $ 27.9 $ 29.9 $ 33.1 $ 63.6 $ 58.1 $ 51.6 JBT AeroTech 2.1 5.6 3.7 5.5 4.7 3.0 Corporate 4.3 2.4 3.0 2.7 2.8 3.1 Total $ 34.3 $ 37.9 $ 39.8 $ 71.8 $ 65.6 $ 57.7 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Charges for Ongoing Activities | The following table details the cumulative restructuring charges reported in operating income for the active restructuring plans since the implementation of these plans: Cumulative Amount As of the Quarter Ended Cumulative Amount (In millions) As of December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 As of December 31, 2020 2018 restructuring plan Severance and related expense $ 25.4 $ 2.2 $ 0.1 $ — $ — $ 27.7 Other 45.6 0.1 0.5 0.2 — 46.4 2020 restructuring plan Severance and related expense — — — 5.9 1.1 7.0 Inventory write-off — — — 1.9 — 1.9 Other — — — 0.7 0.6 1.3 Other Severance and related expense — 0.7 1.6 0.3 — 2.6 Total Restructuring charges $ 71.0 $ 3.0 $ 2.2 $ 9.0 $ 1.7 $ 86.9 |
Schedule of restructuring expense by consolidated income statement location | Restructuring charges, net of related release of liability, is reported within the following financial statement line items of the accompanying Consolidated Statements of Income: Twelve Months Ended December 31, (In millions) 2020 2019 2018 Cost of products (1) $ 1.9 $ — $ — Restructuring expense 12.1 13.5 47.0 Total restructuring charge $ 14.0 $ 13.5 $ 47.0 (1) Restructuring charge reported in Cost of products is related to an inventory write-off resulting from the 2020 restructuring plan. |
Schedule of Restructuring Reserve Activity | The table below details the restructuring activities for the year ended December 31, 2020: Impacts to earnings (In millions) Balance as of December 31, 2019 Charged to Earnings Releases Cash Payments Transfer of Liability Balance as of December 31, 2020 2018 restructuring plan Severance and related expense $ 4.2 $ 2.3 $ (1.1) $ (4.4) $ (1.0) $ — Other 1.5 0.8 (0.3) (2.0) — — 2020 restructuring plan Severance and related expense — 7.0 (0.3) (4.3) 1.3 3.7 Other — 1.3 — (1.0) — 0.3 Other Severance and related expense — 2.6 (0.2) (2.1) (0.3) — Total $ 5.7 $ 14.0 $ (1.9) $ (13.8) $ — $ 4.0 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Capitalized cost of internal use software | $ 16,900,000 | $ 13,900,000 | ||
Capitalized software amortization expense | 3,400,000 | 3,800,000 | $ 3,600,000 | |
Goodwill impairment loss | 0 | |||
Revenue recognized | 1,727,800,000 | 1,945,700,000 | 1,919,700,000 | |
Research and development expense | $ 29,300,000 | $ 28,500,000 | $ 26,900,000 | |
Operating lease, right-of-use asset, balance sheet location [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | ||
Operating Lease liability, current, balance sheet location [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent | ||
Operating Lease liability, noncurrent, balance sheet location [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent | ||
Right-of-use asset | $ 27,000,000 | $ 30,700,000 | ||
Current | 9,000,000 | 10,000,000 | ||
Non-current | 19,700,000 | 22,300,000 | ||
Deferred tax asset | 69,300,000 | 66,300,000 | ||
Deferred tax liability | 95,400,000 | $ 89,400,000 | ||
Acquired Intangible Assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Revision of useful lives from indefinite to finite, amount to be amortized | $ 5,000,000 | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible assets, useful lives | 7 years | |||
Minimum | Internal Use Software | ||||
Property, Plant and Equipment [Line Items] | ||||
Capitalized software costs, useful lives | 3 years | |||
Minimum | Acquired Intangible Assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible assets, useful lives | 7 years | |||
Minimum | Land Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant, and equipment, useful lives | 20 | |||
Minimum | Building | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant, and equipment, useful lives | 20 | |||
Minimum | Machinery and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant, and equipment, useful lives | 3 | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible assets, useful lives | 21 years | |||
Maximum | Internal Use Software | ||||
Property, Plant and Equipment [Line Items] | ||||
Capitalized software costs, useful lives | 10 years | |||
Maximum | Acquired Intangible Assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible assets, useful lives | 21 years | |||
Maximum | Land Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant, and equipment, useful lives | 35 | |||
Maximum | Building | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant, and equipment, useful lives | 50 | |||
Maximum | Machinery and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant, and equipment, useful lives | 20 | |||
Accounting Standards Update 2016-02 | ||||
Property, Plant and Equipment [Line Items] | ||||
Right-of-use asset | $ 32,300,000 | |||
Current | 10,800,000 | |||
Non-current | 23,300,000 | |||
Deferred tax asset | 8,800,000 | |||
Deferred tax liability | $ 8,800,000 | |||
Over Time | ||||
Property, Plant and Equipment [Line Items] | ||||
Revenue recognized | $ 599,800,000 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||
Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)acquisition | |
Business Acquisition [Line Items] | |||||
Aggregate consideration | $ 387.9 | ||||
Equity interests acquired | 100.00% | 100.00% | |||
Number of businesses acquired | acquisition | 3 | ||||
Consideration paid to acquire business | $ 4.5 | $ 365.9 | $ 57.5 | ||
Goodwill expected to be tax deductible | 49.3 | $ 49.3 | |||
MARS | |||||
Business Acquisition [Line Items] | |||||
Consideration paid to acquire business | $ 5 | ||||
Goodwill expected to be tax deductible | $ 3.1 | $ 3.1 |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) | May 31, 2019 | Feb. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Contingent Consideration | $ 19,100,000 | $ 17,400,000 | $ 19,100,000 | |||
Purchase price | 387,900,000 | |||||
Consideration paid to acquire business | 4,500,000 | 365,900,000 | $ 57,500,000 | |||
Goodwill | 543,900,000 | 528,900,000 | $ 321,400,000 | 543,900,000 | ||
Goodwill expected to be tax deductible | 49,300,000 | 49,300,000 | ||||
Proseal | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Financial assets | $ 46,400,000 | |||||
Inventories | 24,800,000 | |||||
Property, plant and equipment | 22,200,000 | |||||
Other intangible assets | 91,500,000 | |||||
Deferred taxes | (19,200,000) | |||||
Financial liabilities | (35,300,000) | |||||
Total identifiable net assets | 130,400,000 | |||||
Cash consideration paid | 264,500,000 | |||||
Contingent Consideration | 14,700,000 | |||||
Holdback payment due to seller | 0 | |||||
Purchase price | 279,200,000 | |||||
Cash acquired | 4,300,000 | |||||
Consideration paid to acquire business | 274,900,000 | |||||
Goodwill | 148,800,000 | |||||
Contingent consideration, earn-out payment | 19,100,000 | 19,100,000 | ||||
Prime | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Financial assets | 12,900,000 | |||||
Inventories | 11,600,000 | |||||
Property, plant and equipment | 1,500,000 | |||||
Other intangible assets | 28,400,000 | |||||
Deferred taxes | 0 | |||||
Financial liabilities | (21,000,000) | |||||
Total identifiable net assets | 33,400,000 | |||||
Cash consideration paid | 60,600,000 | |||||
Contingent Consideration | 1,300,000 | |||||
Holdback payment due to seller | 900,000 | |||||
Purchase price | 62,800,000 | |||||
Cash acquired | 1,400,000 | |||||
Consideration paid to acquire business | 61,400,000 | |||||
Goodwill | $ 29,400,000 | |||||
Contingent consideration, earn-out payment | $ 0 | $ 0 | ||||
LEKTRO | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Financial assets | $ 4,200,000 | |||||
Inventories | 7,000,000 | |||||
Property, plant and equipment | 300,000 | |||||
Other intangible assets | 19,400,000 | |||||
Deferred taxes | (4,900,000) | |||||
Financial liabilities | (4,600,000) | |||||
Total identifiable net assets | 21,400,000 | |||||
Cash consideration paid | 48,300,000 | |||||
Contingent Consideration | 0 | |||||
Holdback payment due to seller | 0 | |||||
Purchase price | 48,300,000 | |||||
Cash acquired | 1,700,000 | |||||
Consideration paid to acquire business | 46,600,000 | |||||
Goodwill | $ 26,900,000 | |||||
Proseal, Prime and Lektro | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Financial assets | 63,500,000 | |||||
Inventories | 43,400,000 | |||||
Property, plant and equipment | 24,000,000 | |||||
Other intangible assets | 139,300,000 | |||||
Deferred taxes | (24,100,000) | |||||
Financial liabilities | (60,900,000) | |||||
Total identifiable net assets | 185,200,000 | |||||
Cash consideration paid | 373,400,000 | |||||
Contingent Consideration | 16,000,000 | |||||
Holdback payment due to seller | 900,000 | |||||
Purchase price | 390,300,000 | |||||
Cash acquired | 7,400,000 | |||||
Consideration paid to acquire business | 382,900,000 | |||||
Goodwill | $ 205,100,000 | |||||
Minimum | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Acquired finite-lived intangible assets, useful life | 7 years | |||||
Maximum | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Acquired finite-lived intangible assets, useful life | 21 years | |||||
Customer Relationships | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Other intangible assets | $ 87,000,000 | |||||
Acquired finite-lived intangible assets, useful life | 14 years | |||||
Technology | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Other intangible assets | $ 37,600,000 | |||||
Acquired finite-lived intangible assets, useful life | 9 years | |||||
Tradename | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Other intangible assets | $ 14,700,000 | |||||
Acquired finite-lived intangible assets, useful life | 20 years | |||||
June 1, 2019 Through December 31, 2019 | Prime | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Contingent consideration, earn-out payment | $ 0 | |||||
Januray 1, 2020 Through December 31, 2020 | Proseal | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Contingent consideration, earn-out payment | 19,100,000 | |||||
Januray 1, 2020 Through December 31, 2020 | Prime | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||
Contingent consideration, earn-out payment | $ 0 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||
As reported | $ 1,727.8 | $ 1,945.7 | $ 1,919.7 |
Income from continuing operations | |||
As reported | $ 108.8 | $ 129.3 | $ 104.4 |
As reported | |||
Basic earnings per share from continuing operations (in Dollars per share) | $ 3.40 | $ 4.05 | $ 3.27 |
Diluted earnings per share from continuing operations (in Dollars per share) | $ 3.39 | $ 4.03 | $ 3.24 |
Proseal | |||
Revenue | |||
Pro forma | $ 1,727.8 | $ 1,984.1 | |
As reported | 1,727.8 | 1,945.7 | |
Income from continuing operations | |||
Pro forma | 108.8 | 135.1 | |
As reported | $ 108.8 | $ 129.3 | |
Pro forma | |||
Basic (in dollars per share) | $ 3.40 | $ 4.24 | |
Fully diluted (in dollars per share) | 3.39 | 4.20 | |
As reported | |||
Basic earnings per share from continuing operations (in Dollars per share) | 3.40 | 4.05 | |
Diluted earnings per share from continuing operations (in Dollars per share) | $ 3.39 | $ 4.03 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
LIFO inventory | $ 123.8 | $ 151.7 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 87.3 | $ 100.8 |
Work in process | 51.4 | 65.8 |
Finished goods | 136.4 | 149.5 |
Gross inventories before LIFO reserves and valuation adjustments | 275.1 | 316.1 |
LIFO reserves | 49.2 | 49.5 |
Valuation adjustments | (28.6) | (21.6) |
Net inventories | $ 197.3 | $ 245 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 19.7 | $ 21.1 |
Buildings | 138.3 | 125.1 |
Machinery and equipment | 423.7 | 400.7 |
Construction in process | 21.1 | 26.9 |
Property, plant and equipment, gross | 602.8 | 573.8 |
Accumulated depreciation | (334.8) | (308.2) |
Property, plant and equipment, net | $ 268 | $ 265.6 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 34.6 | $ 30.1 | $ 22.3 |
Intangible assets, amortization expense 2021 | 35.7 | ||
Intangible assets, amortization expense 2022 | 34.8 | ||
Intangible assets, amortization expense 2023 | 33.8 | ||
Intangible assets, amortization expense 2024 | 32.8 | ||
Intangible assets, amortization expense 2025 | $ 31.1 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 528.9 | $ 321.4 |
Acquisitions | 3.7 | 204.8 |
Currency translation | 11.3 | 2.7 |
Ending balance | 543.9 | 528.9 |
JBT FoodTech | ||
Goodwill [Roll Forward] | ||
Beginning balance | 490.9 | 310.3 |
Acquisitions | 3.7 | 177.9 |
Currency translation | 11.1 | 2.7 |
Ending balance | 505.7 | 490.9 |
JBT AeroTech | ||
Goodwill [Roll Forward] | ||
Beginning balance | 38 | 11.1 |
Acquisitions | 0 | 26.9 |
Currency translation | 0.2 | 0 |
Ending balance | $ 38.2 | $ 38 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 473.2 | $ 460.3 |
Accumulated amortization | 174.1 | 134.4 |
Indefinite lived intangibles assets | 10.8 | 15.6 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 256.9 | 251.3 |
Accumulated amortization | 82.8 | 61.9 |
Patents and acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 151.3 | 138.7 |
Accumulated amortization | 65.2 | 48.5 |
Tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 44.8 | 38 |
Accumulated amortization | 16.8 | 11.6 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9.4 | 16.7 |
Accumulated amortization | $ 9.3 | $ 12.4 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Jun. 19, 2018 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | $ 467,700,000 | |
LIBOR | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread (as a percent) | 1.00% | |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 5 years | |
Maximum borrowing capacity (up to) | $ 1,000,000,000 | |
Outstanding borrowings | $ 523,900,000 | |
Line of Credit | Revolving Credit Facility | Minimum | ||
Debt Instrument [Line Items] | ||
Commitment fee (as a percent) | 0.15% | |
Line of Credit | Revolving Credit Facility | Maximum | ||
Debt Instrument [Line Items] | ||
Commitment fee (as a percent) | 0.35% | |
Line of Credit | LIBOR | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest rate floor (as a percent) | 0.00% | |
Line of Credit | Federal Funds Rate | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread (as a percent) | 0.50% |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term debt | ||
Less: unamortized debt issuance costs | $ (1.4) | $ (2.6) |
Long-term debt | $ 522.5 | 698.3 |
Revolving Credit Facility | Revolving credit facility | Line of Credit | ||
Long-term debt | ||
Weighted-Average Interest Rate at December 31, 2020 | 1.50% | |
Maturity Date | Jun. 19, 2023 | |
Long-term debt, gross | $ 523.9 | $ 700.9 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 1986 |
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Net operating loss carryforwards | $ 1 | ||
Research and development credit carryforwards | 4.1 | $ 7.5 | |
Undistributed earnings of domestic subsidiaries | $ 255.8 | $ 23.3 | |
Undistributed earnings of foreign subsidiaries | 34.2 | ||
Allowance for distributions out of current year GAAP | 19.2 | ||
Foreign Tax Authority | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Net operating loss carryforwards, not subject to expiration | 10.2 | ||
Net operating loss carryforwards, subject to expiration | 24.3 | ||
Domestic Tax Authority | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Research and development credit carryforwards | 3.7 | ||
SWITZERLAND | Foreign Tax Authority | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Net operating loss carryforwards, subject to expiration | $ 23.4 |
Income Taxes - Domestic and For
Income Taxes - Domestic and Foreign Components of Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 78.6 | $ 85.2 | $ 55.2 |
Foreign | 66.9 | 81.7 | 73.8 |
Income from continuing operations before income taxes | $ 145.5 | $ 166.9 | $ 129 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 4.6 | $ (8.1) | $ (1.3) |
State | 3 | 4.1 | 0.9 |
Foreign | 19.3 | 21.8 | 20.2 |
Total current | 26.9 | 17.8 | 19.8 |
Deferred: | |||
Federal | 8.9 | 18.2 | 3.8 |
State | 1.5 | 1 | 1.8 |
Foreign | (3.2) | 0.3 | (4.3) |
Change in the valuation allowance for deferred tax assets | 0.7 | 0 | 1.2 |
Change in deferred tax liabilities due to foreign tax rate change | 1.6 | (0.1) | 0 |
Benefits of operating loss carryforward | 0.3 | 0.4 | 2.3 |
Total deferred | 9.8 | 19.8 | 4.8 |
Provision for income taxes | $ 36.7 | $ 37.6 | $ 24.6 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets attributable to: | ||
Accrued pension and other postretirement benefits | $ 24.2 | $ 20.5 |
Accrued expenses and accounts receivable allowances | 13 | 10.6 |
Net operating loss carryforwards | 7.1 | 6.3 |
Inventories | 8.4 | 9.4 |
Stock-based compensation | 3.3 | 4.1 |
Operating lease DTA | 7.3 | 7.1 |
Research and development credit carryforwards | 4.1 | 7.5 |
Foreign tax credit carryforward | 0.4 | 0.8 |
Other | 1.5 | 0 |
Total deferred tax assets | 69.3 | 66.3 |
Valuation allowance | (4.6) | (3.9) |
Deferred tax assets, net of valuation allowance | 64.7 | 62.4 |
Deferred tax liabilities attributable to: | ||
Liquidation of subsidiary for income tax purposes | 13.3 | 13.3 |
Property, plant and equipment | 23.2 | 19.3 |
Goodwill and amortization | 51.7 | 47.1 |
Operating lease DTL | 7.2 | 7.9 |
Other | 0 | 1.8 |
Total deferred tax liabilities | 95.4 | 89.4 |
Net deferred tax assets (liabilities) | $ (30.7) | $ (27) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal tax rate | 21.00% | 21.00% | 21.00% |
Net difference resulting from: | |||
Research and development tax credit | (5.00%) | (4.00%) | (5.00%) |
Foreign earnings subject to different tax rates | 2.00% | 3.00% | 3.00% |
Nondeductible expenses | 2.00% | 0.00% | 1.00% |
State income taxes | 3.00% | 3.00% | 2.00% |
Foreign tax credits | (4.00%) | (4.00%) | (4.00%) |
Foreign withholding taxes | 1.00% | 1.00% | 1.00% |
Effect of US Law Change | 0.00% | 0.00% | (1.00%) |
Global Intangible Low-Taxed Income (GILTI) | 3.00% | 4.00% | 5.00% |
Stock Based Compensation - Excess Tax Benefit | 0.00% | (1.00%) | (4.00%) |
Other | 2.00% | 0.00% | 0.00% |
Total difference | 4.00% | 2.00% | (2.00%) |
Effective income tax rate | 25.00% | 23.00% | 19.00% |
Pension and Post-retirement a_3
Pension and Post-retirement and Other Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||
Accrued pension and other post-retirement benefits, less current portion | $ (94.1) | $ (73.9) | |
Aggregate accumulated benefit obligation | 375.2 | 347.2 | |
Pre-tax changes in projected benefit obligations | 0.1 | ||
Expected future employer contributions | 15.2 | ||
Employer matching contributions expense | 15.1 | 12.9 | $ 13.2 |
Pensions | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||
Accrued pension and other post-retirement benefits, less current portion | (91.7) | (71.3) | |
Pension and other post-retirement plans, accumulated other comprehensive income | 217.6 | 196.4 | |
Pre-tax changes in projected benefit obligations | 25.5 | ||
Other post-retirement benefits | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||
Accrued pension and other post-retirement benefits, less current portion | (2.8) | (2.8) | |
Pension and other post-retirement plans, accumulated other comprehensive income | $ (0.1) | $ (0.2) |
Pension and Post-retirement a_4
Pension and Post-retirement and Other Benefit Plans - Net Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | $ 281.3 | ||
Fair value of plan assets at December 31 | 290.8 | $ 281.3 | |
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Accrued pension and other post-retirement benefits, less current portion | (94.1) | (73.9) | |
Pensions | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at January 1 | 356.3 | 314.1 | |
Service cost | 2.2 | 2.1 | $ 1.9 |
Interest cost | 8.7 | 11.5 | 10.7 |
Actuarial (gain) loss | 28 | 45.8 | |
Plan participants' contributions | 0.2 | 0.2 | |
Benefits paid | (17.4) | (16) | |
Currency translation adjustments | 5.8 | (1.4) | |
Projected benefit obligation at December 31 | 384 | 356.3 | 314.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 281.3 | 243.4 | |
Company contributions | 12.3 | 7.8 | |
Actual return on plan assets | 13.7 | 46.2 | |
Plan participants' contributions | 0.2 | 0.2 | |
Benefits paid | 17.4 | 16 | |
Plan amendments | 0.2 | 0 | |
Currency translation adjustments | 0.7 | (0.3) | |
Fair value of plan assets at December 31 | 290.8 | 281.3 | $ 243.4 |
Funded status of the plans (liability) at December 31 | (93.2) | (75) | |
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Other current liabilities | (1.5) | (3.7) | |
Accrued pension and other post-retirement benefits, less current portion | (91.7) | (71.3) | |
Net amount recognized | (93.2) | (75) | |
Other post-retirement benefits | |||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Accrued pension and other post-retirement benefits, less current portion | $ (2.8) | $ (2.8) |
Pension and Post-retirement a_5
Pension and Post-retirement and Other Benefit Plans - Key Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||
Aggregate accumulated benefit obligation | $ 375.2 | $ 347.2 |
Pension and Post-retirement a_6
Pension and Post-retirement and Other Benefit Plans - Pension and Other Postretirement Benefit Costs (Details) - Pensions - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2.2 | $ 2.1 | $ 1.9 |
Interest cost | 8.7 | 11.5 | 10.7 |
Expected return on plan assets | (13.1) | (15.2) | (16.9) |
Amortization of net actuarial loss | 8.1 | 6 | 6.3 |
Settlement loss recognized | 0 | 0 | 0.7 |
Total costs | $ 5.9 | $ 4.4 | $ 2.7 |
Pension and Post-retirement a_7
Pension and Post-retirement and Other Benefit Plans - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Total recognized in net periodic benefit cost and other comprehensive income | $ 0.1 |
Pensions | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 27.6 |
Amortization of net actuarial loss | (8) |
Net loss recognized in other comprehensive income | (19.6) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 25.5 |
Pension and Post-retirement a_8
Pension and Post-retirement and Other Benefit Plans - Weighted-average Assumptions Used to Determine Benefit Obligations (Details) - Pensions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.31% | 2.98% | 4.05% |
Rate of compensation increase | 3.07% | 3.09% | 3.07% |
Pension and Post-retirement a_9
Pension and Post-retirement and Other Benefit Plans - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost (Details) - Pensions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.98% | 4.06% | 3.47% |
Rate of compensation increase | 3.07% | 3.09% | 3.07% |
Expected rate of return on plan assets | 4.86% | 5.63% | 6.33% |
Pension and Post-retirement _10
Pension and Post-retirement and Other Benefit Plans - Target and Actual Asset Allocations (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 38.00% | 33.00% |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 53.00% | 57.00% |
Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 8.00% | 8.00% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 1.00% | 2.00% |
Minimum | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 10.00% | 10.00% |
Minimum | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 40.00% | 40.00% |
Minimum | Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.00% | 0.00% |
Minimum | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.00% | 0.00% |
Maximum | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 40.00% | 40.00% |
Maximum | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 70.00% | 70.00% |
Maximum | Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 15.00% | 15.00% |
Maximum | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 10.00% | 10.00% |
Pension and Post-retirement _11
Pension and Post-retirement and Other Benefit Plans - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 290.8 | $ 281.3 |
All caps | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 25.4 | 0 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 1.9 | 4.7 |
Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 34.8 |
Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 36.1 |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 71.6 | 22.4 |
Infrastructure | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 14.2 | 0 |
Government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 25.9 | 9.7 |
Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 128.6 | 152.3 |
Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 23.2 | 21.3 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 24.8 | 202.6 |
Level 1 | All caps | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 1.9 | 4.7 |
Level 1 | Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 36.1 |
Level 1 | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 22.4 |
Level 1 | Infrastructure | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 14.2 | 0 |
Level 1 | Government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 8.7 | 139.4 |
Level 1 | Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 266 | 78.7 |
Level 2 | All caps | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 25.4 | 0 |
Level 2 | Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 34.8 |
Level 2 | Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 71.6 | 0 |
Level 2 | Infrastructure | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | Government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 25.9 | 9.7 |
Level 2 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 119.9 | 12.9 |
Level 2 | Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 23.2 | 21.3 |
Level 3 | All caps | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Infrastructure | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Real estate and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 0 | $ 0 |
Pension and Post-retirement _12
Pension and Post-retirement and Other Benefit Plans - Summary of Expected Benefit Payments from Various Pension and Postretirement Plans (Details) - Pensions $ in Millions | Dec. 31, 2020USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 17.2 |
2021 | 17.9 |
2022 | 18.2 |
2023 | 19.9 |
2024 | 21 |
2024 - 2028 | $ 101.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net interest expense | $ 13.9 | $ 18.8 | $ 13.9 |
Income tax provision | 36.7 | 37.6 | $ 24.6 |
Reclassification adjustments for foreign currency translation | 2.9 | ||
Reclassification adjustments for foreign currency translation, tax | 0.8 | ||
Selling, General and Administrative Expenses | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefits plans | (8.1) | (6) | |
Provision for Income Taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefits plans | 2.1 | 1.8 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net interest expense | 1.5 | 1.6 | |
Income tax provision | $ 0.4 | 0.4 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Foreign Currency Adjustment Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net interest expense | 2.9 | ||
Income tax provision | $ 0.8 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | $ 569.5 | $ 456.9 |
Stockholders' equity, ending balance | 637.1 | 569.5 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (147) | (140.4) |
Other comprehensive income (loss) before reclassification | (20.4) | (10.8) |
Amounts reclassified from accumulated other comprehensive income | 6 | 4.2 |
Stockholders' equity, ending balance | (161.4) | (147) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | 0.1 | 2 |
Other comprehensive income (loss) before reclassification | (5) | (0.7) |
Amounts reclassified from accumulated other comprehensive income | 1.1 | (1.2) |
Stockholders' equity, ending balance | (3.8) | 0.1 |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (45.9) | (48.1) |
Other comprehensive income (loss) before reclassification | (6.7) | 4.3 |
Amounts reclassified from accumulated other comprehensive income | (2.1) | (2.1) |
Stockholders' equity, ending balance | (54.7) | (45.9) |
Accumulated Other Comprehensive Income(Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (192.8) | (186.5) |
Other comprehensive income (loss) before reclassification | (32.1) | (7.2) |
Amounts reclassified from accumulated other comprehensive income | 5 | 0.9 |
Stockholders' equity, ending balance | $ (219.9) | $ (192.8) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | Dec. 31, 2020 | May 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense | $ 6.6 | ||||
Weighted average period for recognition of outstanding awards (in years) | 1 year 8 months 12 days | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Performance-based RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance measurement period (in years) | 3 years | ||||
Performance-based RSUs | Scenario, Forecast | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in future periods (in Shares) | 16,047 | 7,813 | 25,090 | ||
2017 Incentive Compensation Plan | Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized under stock-based compensation plan (in shares) | 1,000,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation expense | $ 1.9 | $ 9.4 | $ 9.7 |
Tax (expense) benefit recorded in consolidated statements of income | $ (0.1) | $ 4.6 | $ 7.3 |
Stock-Based Compensation - Nonv
Stock-Based Compensation - Nonvested Restricted Stock Unit Activity (Details) - Nonvested Restricted Stock Units | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested beginning balance (in Shares) | 523,763 |
Granted (in Shares) | 110,180 |
Vested (in Shares) | (97,362) |
Forfeited (in Shares) | (141,868) |
Nonvested ending balance (in Shares) | 394,713 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested, weighted-average grant date fair value, beginning balance (in Dollars per share) | $ / shares | $ 61.46 |
Vested, weighted-average grant date fair value (in Dollars per share) | $ / shares | 90.23 |
Forfeited, weighted-average grant date fair value (in Dollars per share) | $ / shares | 100.55 |
Nonvested, weighted-average grant date fair value, ending balance (in Dollars per share) | $ / shares | $ 56.24 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, weighted-average grant date fair value (in Dollars per share) | $ 96.81 | $ 91.92 | $ 117.11 |
Fair value of restricted stock vested | $ 6.5 | $ 20.7 | $ 29.9 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 10, 2018 | |
Stockholders' Equity Note [Abstract] | ||||
Stock repurchase program, authorized amount | $ 30,000,000 | |||
Repurchase of common stock | $ 0 | $ 0 | $ 20,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Stock Activity (Details) | 12 Months Ended |
Dec. 31, 2020shares | |
Class of Stock [Line Items] | |
Stock outstanding, beginning balance (in Shares) | 31,666,654 |
Stock outstanding, ending balance (in Shares) | 31,729,736 |
Common Stock | |
Class of Stock [Line Items] | |
Stock outstanding, beginning balance (in Shares) | 31,666,654 |
Stock awards issued (in Shares) | 63,082 |
Stock outstanding, ending balance (in Shares) | 31,729,736 |
Common Stock Held in Treasury | |
Class of Stock [Line Items] | |
Stock outstanding, beginning balance (in Shares) | 74,953 |
Stock awards issued (in Shares) | 63,082 |
Stock outstanding, ending balance (in Shares) | 11,871 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue, remaining performance obligation, amount | $ 221.2 | ||
Contract liability, revenue recognized | $ 74.9 | $ 112.5 | $ 190 |
Contract liabilities assumed from acquisitions | $ 10.1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,727.8 | $ 1,945.7 | $ 1,919.7 |
FoodTech | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,234.5 | 1,329.4 | 1,361.4 |
FoodTech | North America | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 666.5 | 703.3 | 699.7 |
FoodTech | Europe, Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 365.3 | 376.7 | 394.2 |
FoodTech | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 135.3 | 171 | 196.4 |
FoodTech | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 67.4 | 78.4 | 71.1 |
FoodTech | Recurring | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 610.7 | 586.6 | 518.1 |
FoodTech | Non-Recurring | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 623.8 | 742.8 | 843.3 |
AeroTech | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 493.3 | 615.9 | 558.1 |
AeroTech | North America | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 423.9 | 500.7 | 438.5 |
AeroTech | Europe, Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 41.5 | 81.6 | 84.2 |
AeroTech | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 23.9 | 27.3 | 27.6 |
AeroTech | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4 | 6.3 | 7.8 |
AeroTech | Recurring | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 155.4 | 200.2 | 186.8 |
AeroTech | Non-Recurring | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 337.9 | 415.7 | 371.3 |
Point in Time | FoodTech | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 593.5 | 618.1 | 739.7 |
Point in Time | AeroTech | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 251.7 | 370.1 | 352.7 |
Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 599.8 | ||
Over Time | FoodTech | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 641 | 711.3 | 621.7 |
Over Time | AeroTech | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 241.6 | $ 245.8 | $ 205.4 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | |||
Contract Assets | $ 68.3 | $ 74.4 | $ 70.3 |
Contract Liabilities | $ 123.8 | $ 92.5 | $ 124.5 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 221.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue, percentage to be recognized | 78.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic earnings per share: | |||
Income from continuing operations (in Dollars) | $ 108.8 | $ 129.3 | $ 104.4 |
Weighted average number of shares outstanding (in Shares) | 32 | 31.9 | 31.9 |
Basic earnings per share from continuing operations (in Dollars per share) | $ 3.40 | $ 4.05 | $ 3.27 |
Diluted earnings per share: | |||
Income from continuing operations (in Dollars) | $ 108.8 | $ 129.3 | $ 104.4 |
Weighted average number of shares outstanding (in Shares) | 32 | 31.9 | 31.9 |
Effect of dilutive securities: | |||
Restricted stock units (in Shares) | 0.1 | 0.1 | 0.3 |
Total shares and dilutive securities (in Shares) | 32.1 | 32 | 32.2 |
Diluted earnings per share from continuing operations (in Dollars per share) | $ 3.39 | $ 4.03 | $ 3.24 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Credit Risk - Narrative (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | May 31, 2020USD ($)derivative | Mar. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($) | Jan. 31, 2016USD ($)derivative | |
Derivative [Line Items] | |||||
Derivative, fair value | $ 16.6 | $ 2.8 | |||
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||||
Derivative [Line Items] | |||||
Derivative, Term of Contract | 2 years | ||||
Derivative asset, notional amount | $ 571.7 | ||||
Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative, effective portion recognized in other comprehensive income (loss) | 3.8 | ||||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives held | derivative | 1 | 1 | |||
Notional amount | $ 50 | ||||
Cash Flow Hedging | Designated as Hedging Instrument | Forward Starting Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives held | derivative | 4 | ||||
Notional amount | $ 50 | $ 200 | |||
Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional amount | 116.4 | ||||
Net investment hedges | 0.7 | ||||
Other Liabilities | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative, fair value | 5.2 | ||||
Other Liabilities | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative, fair value | 0.9 | ||||
Interest Expense | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Gains recorded under cross currency agreement | $ 2.9 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Credit Risk - Fair Value of Foreign Currency Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $ 10 | $ 5.7 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 12.7 | $ 3.5 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Credit Risk - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $ 10 | $ 12 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Amount Presented in the Consolidated Balance Sheets | 10 | 12 |
Amount Subject to Master Netting Agreement | (8.6) | (2.1) |
Net Amount | $ 1.4 | $ 9.9 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Credit Risk - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Liabilities | $ 16.6 | $ 2.8 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Amount Presented in the Consolidated Balance Sheets | 16.6 | 2.8 |
Amount Subject to Master Netting Agreement | (8.6) | (2.1) |
Net Amount | $ 8 | $ 0.7 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Credit Risk - Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Foreign exchange contracts | $ 2.1 | $ (3.3) | $ (4.4) |
Remeasurement of assets and liabilities in foreign currencies | (3.1) | 1.1 | 2.8 |
Net loss on foreign currency transactions | (1) | (2.2) | (1.6) |
Revenue | |||
Derivative [Line Items] | |||
Foreign exchange contracts | 2.7 | (2.7) | (4.6) |
Cost of sales | |||
Derivative [Line Items] | |||
Foreign exchange contracts | (3.1) | 1.1 | (0.4) |
Selling, general and administrative expense | |||
Derivative [Line Items] | |||
Foreign exchange contracts | $ 2.5 | $ (1.7) | $ 0.6 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, unrealized holding gain | $ 1,100,000 | $ 1,800,000 |
Contingent consideration obligations, current | 19,100,000 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 12,300,000 | $ 14,300,000 |
Other Current Assets | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,800,000 | |
Proseal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration, earn-out payment | 19,100,000 | |
Prime | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration, earn-out payment | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Derivatives | $ 10 | $ 12 |
Liabilities: | ||
Derivatives | 16.6 | 2.8 |
Contingent Consideration | 19.1 | 17.4 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Investments | 12.3 | 14.3 |
Derivatives | 10 | 12 |
Total assets | 22.3 | 26.3 |
Liabilities: | ||
Derivatives | 18.8 | 2.8 |
Contingent Consideration | 19.1 | 17.4 |
Total liabilities | 37.9 | 20.2 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Investments | 12.3 | 14.3 |
Derivatives | 0 | 0 |
Total assets | 12.3 | 14.3 |
Liabilities: | ||
Derivatives | 0 | 0 |
Contingent Consideration | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 10 | 12 |
Total assets | 10 | 12 |
Liabilities: | ||
Derivatives | 18.8 | 2.8 |
Contingent Consideration | 0 | 0 |
Total liabilities | 18.8 | 2.8 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 0 | |
Total assets | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Contingent Consideration | 19.1 | 17.4 |
Total liabilities | $ 19.1 | $ 17.4 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Changes in Fair Value of Contingent Consideration (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Beginning balance | $ 17.4 |
Acquisitions | 0 |
Measurement adjustments recorded to earnings | 1.1 |
Foreign currency translation adjustment | 0.6 |
Ending balance | $ 19.1 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Carrying Values and the Estimated Fair Values of Debt Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Carrying value, long-term debt | $ 522.5 | $ 698.3 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Carrying value, line of credit | 523.9 | 700.9 |
Estimated fair value, line of credit | 523.9 | 700.9 |
Foreign credit facilities | ||
Debt Instrument [Line Items] | ||
Carrying value, line of credit | 0 | 0.4 |
Estimated fair value, line of credit | 0 | 0.4 |
Other | ||
Debt Instrument [Line Items] | ||
Carrying value, long-term debt | 2.4 | 0.5 |
Estimated fair value, long-term debt | $ 2.4 | $ 0.5 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Product Liability Contingency [Line Items] | |
Guarantor obligations, expiration term | two years |
Guarantor Obligations, Liquidation Proceeds, Percentage | 95.00% |
Performance Guarantee | |
Product Liability Contingency [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 200.1 |
Financial Guarantee | |
Product Liability Contingency [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 7.6 |
Customers' Financing Arrangements Guarantee | |
Product Liability Contingency [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 2.1 |
Guarantor obligations, maximum exposure, undiscounted, net | $ 0.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Product Warranty Cost and Accrual (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of the year | $ 12 | $ 13.5 |
Expenses for new warranties | 12.4 | 14.7 |
Adjustments to existing accruals | (0.9) | (0.7) |
Claims paid | (12.4) | (16.9) |
Added through acquisition | 0 | 1.5 |
Translation | 0.4 | (0.1) |
Balance at end of year | $ 11.5 | $ 12 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | $ 16,300,000 | $ 14,100,000 | |
Variable Lease, Cost | 1,600,000 | 1,000,000 | |
Short-term Lease, Cost | 1,000,000 | ||
Operating Leases, Rent Expense | $ 10,500,000 | ||
Sales-type and Direct Financing Leases, Profit (Loss) | $ 8,300,000 | $ 5,600,000 | |
Real Estate Leases | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Percentage Of Leased Assets And Liabilities | 78.00% | ||
Finance Lease, Right-of-Use Asset | $ 3,300,000 | ||
Finance Lease, Liability | $ 0 |
Leases - Lease Information (Det
Leases - Lease Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
ROU assets | $ 27 | $ 30.7 |
Current | 9 | 10 |
Non-current | 19.7 | 22.3 |
Total lease liabilities | $ 28.7 | $ 32.3 |
Weighted-average remaining lease term (years ) | 4 years 6 months | 4 years 6 months |
Weighted-average discount rate | 5.10% | 5.40% |
Leases - Maturity of Operating
Leases - Maturity of Operating Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Year 1 | $ 10,200 | |
Year 2 | 6,800 | |
Year 3 | 5,200 | |
Year 4 | 3,500 | |
Year 5 | 2,800 | |
After Year 5 | 3,700 | |
Total lease payments | 32,200 | |
Less: Interest on lease payments | (3,500) | |
Present value of lease liabilities | $ 28,700 | $ 32,300 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 12.9 | $ 13.3 |
ROU assets arising from obtaining new operating lease obligations | $ 4.8 | $ 10.9 |
Leases - Lease Revenue (Details
Leases - Lease Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Fixed payment revenue | $ 66.7 | $ 67.7 |
Variable payment revenue | 14 | 18 |
Total | $ 80.7 | $ 85.7 |
Leases - Lessor Maturity Analys
Leases - Lessor Maturity Analysis (Details) $ in Millions | Dec. 31, 2020USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Less than 1 Year | $ 53.2 |
Year 1 | 31.9 |
Year 2 | 22.2 |
Year 3 | 16.5 |
Year 4 | 9.5 |
Year 5 | 4.5 |
After Year 5 | 4.1 |
Total lease receivables | $ 141.9 |
Leases Sales-Type Lessor Maturi
Leases Sales-Type Lessor Maturity Analysis (Details) $ in Millions | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Less than 1 Year | $ 5.4 |
Year 1 | 1 |
Year 2 | 0.1 |
Year 3 | 0.1 |
Total lease receivables | $ 6.6 |
Business Segments - Segment Rev
Business Segments - Segment Revenue and Segment Operating Profit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
As reported | $ 1,727.8 | $ 1,945.7 | $ 1,919.7 |
Segment operating profit | 223.5 | 263.6 | 233.6 |
Restructuring expense | 12.1 | 13.5 | 47 |
Operating income | 163.1 | 188.2 | 143.8 |
Pension expense, other than service cost | 3.7 | 2.5 | 0.9 |
Net interest expense | 13.9 | 18.8 | 13.9 |
Income from continuing operations before income taxes | 145.5 | 166.9 | 129 |
Income tax provision | 36.7 | 37.6 | 24.6 |
Income from continuing operations | 108.8 | 129.3 | 104.4 |
Loss from discontinued operations, net of income taxes | 0 | 0.3 | 0.3 |
Net income | 108.8 | 129 | 104.1 |
Intercompany Eliminations | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
As reported | 0 | 0.4 | 0.2 |
Corporate, Non-Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Corporate expense | (48.3) | (61.9) | (42.8) |
Restructuring expense | 12.1 | 13.5 | 47 |
Pension expense, other than service cost | 3.7 | 2.5 | 0.9 |
Net interest expense | 13.9 | 18.8 | 13.9 |
JBT FoodTech | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
As reported | 1,234.5 | 1,329.4 | 1,361.4 |
Segment operating profit | 170.6 | 184.7 | 169.5 |
JBT AeroTech | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
As reported | 493.3 | 615.9 | 558.1 |
Segment operating profit | $ 52.9 | $ 78.9 | $ 64.1 |
Business Segments - Segment Ope
Business Segments - Segment Operating Capital Employed and Segment Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | $ 1,805.9 | $ 1,914.9 | $ 1,442.5 |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Operating capital employed | 1,353.5 | 1,442 | 977.4 |
Segment liabilities included in total segment operating capital employed | 406.1 | 436.9 | 440.1 |
Assets | 1,759.6 | 1,878.9 | 1,417.5 |
Corporate, Non-Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 46.3 | 36 | 25 |
JBT FoodTech | Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Operating capital employed | 1,145.4 | 1,200.3 | 829 |
Assets | 1,468.9 | 1,528.4 | 1,172.4 |
JBT AeroTech | Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Operating capital employed | 208.1 | 241.7 | 148.4 |
Assets | $ 290.7 | $ 350.5 | $ 245.1 |
Business Segments - Revenue by
Business Segments - Revenue by Geographic Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
As reported | $ 1,727.8 | $ 1,945.7 | $ 1,919.7 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
As reported | 1,034 | 1,133.7 | 1,063 |
All other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
As reported | $ 693.8 | $ 812 | $ 856.7 |
Business Segments - Long-lived
Business Segments - Long-lived Assets by Geographic Location (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 291.6 | $ 285.5 | $ 259.8 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 181.9 | 180.6 | 166 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 29.8 | 27.4 | 11.4 |
All other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 79.9 | $ 77.5 | $ 82.4 |
Business Segments - Other Busin
Business Segments - Other Business Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 34.3 | $ 37.9 | $ 39.8 |
Depreciation and Amortization | 71.8 | 65.6 | 57.7 |
Operating Segments | JBT FoodTech | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 27.9 | 29.9 | 33.1 |
Depreciation and Amortization | 63.6 | 58.1 | 51.6 |
Operating Segments | JBT AeroTech | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 2.1 | 5.6 | 3.7 |
Depreciation and Amortization | 5.5 | 4.7 | 3 |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 4.3 | 2.4 | 3 |
Depreciation and Amortization | $ 2.7 | $ 2.8 | $ 3.1 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Releases | $ 1.9 | |||
Restructuring cost incurred to date | 86.9 | $ 71 | ||
Restructuring charges | 12.1 | 13.5 | $ 47 | |
Restructuring Plan, 2018 | JBT FoodTech | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 62.2 | |||
Releases | 11.9 | |||
Restructuring Plan, 2020 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Releases | 0.3 | |||
Restructuring charges | 9.9 | |||
Restructuring Plan, 2020 | JBT AeroTech | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, expected cost | $ 6 | |||
Severance and related expense | Restructuring Plan, 2018 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Releases | 1.1 | |||
Restructuring cost incurred to date | 27.7 | 25.4 | ||
Severance and related expense | Restructuring Plan, 2020 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Releases | 0.3 | |||
Restructuring cost incurred to date | 7 | 0 | ||
Severance and related expense | Immaterial Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Releases | 0.2 | |||
Restructuring cost incurred to date | 2.6 | $ 0 | ||
Restructuring charges | $ 2.4 | |||
Minimum | Restructuring Plan, 2020 | JBT FoodTech | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, expected cost | 8 | |||
Maximum | Restructuring Plan, 2020 | JBT FoodTech | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, expected cost | $ 10 |
Restructuring - Restructuring E
Restructuring - Restructuring Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost, cumulative amount | $ 86.9 | $ 86.9 | $ 71 | ||||
Restructuring charges | 1.7 | $ 9 | $ 2.2 | $ 3 | 14 | 13.5 | $ 47 |
Inventory write-off | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost, cumulative amount | 1.9 | 1.9 | |||||
Restructuring Plan, 2018 | Severance and related expense | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost, cumulative amount | 27.7 | 27.7 | 25.4 | ||||
Restructuring charges | 0 | 0 | 0.1 | 2.2 | 2.3 | ||
Restructuring Plan, 2018 | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost, cumulative amount | 46.4 | 46.4 | 45.6 | ||||
Restructuring charges | 0 | 0.2 | 0.5 | 0.1 | 0.8 | ||
Restructuring Plan, 2020 | Severance and related expense | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost, cumulative amount | 7 | 7 | 0 | ||||
Restructuring charges | 1.1 | 5.9 | 0 | 0 | 7 | ||
Restructuring Plan, 2020 | Inventory write-off | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost, cumulative amount | 0 | ||||||
Restructuring charges | 0 | 1.9 | 0 | 0 | |||
Restructuring Plan, 2020 | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost, cumulative amount | 1.3 | 1.3 | 0 | ||||
Restructuring charges | 0.6 | 0.7 | 0 | 0 | 1.3 | ||
Restructuring Plan, Other [Member] | Severance and related expense | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost, cumulative amount | 2.6 | 2.6 | $ 0 | ||||
Restructuring charges | $ 0 | $ 0.3 | $ 1.6 | $ 0.7 | $ 2.6 |
Restructuring - Consolidated In
Restructuring - Consolidated Income Statement Location (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ 1.7 | $ 9 | $ 2.2 | $ 3 | $ 14 | $ 13.5 | $ 47 |
Costs of products | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 1.9 | 0 | 0 | ||||
Restructuring expense | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ 12.1 | $ 13.5 | $ 47 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | $ 5.7 | $ 5.7 | |||||
Restructuring charges | $ 1.7 | $ 9 | $ 2.2 | 3 | 14 | $ 13.5 | $ 47 |
Releases | (1.9) | ||||||
Cash Payments | (13.8) | ||||||
Transfer of Liability | 0 | ||||||
Ending Balance | 4 | 4 | 5.7 | ||||
Restructuring Plan, 2018 | Severance and related expense | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 4.2 | 4.2 | |||||
Restructuring charges | 0 | 0 | 0.1 | 2.2 | 2.3 | ||
Releases | (1.1) | ||||||
Cash Payments | (4.4) | ||||||
Transfer of Liability | (1) | ||||||
Ending Balance | 0 | 0 | 4.2 | ||||
Restructuring Plan, 2018 | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 1.5 | 1.5 | |||||
Restructuring charges | 0 | 0.2 | 0.5 | 0.1 | 0.8 | ||
Releases | (0.3) | ||||||
Cash Payments | (2) | ||||||
Transfer of Liability | 0 | ||||||
Ending Balance | 0 | 0 | 1.5 | ||||
Restructuring Plan, Other [Member] | Severance and related expense | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | |||||
Restructuring charges | 0 | 0.3 | 1.6 | 0.7 | 2.6 | ||
Releases | (0.2) | ||||||
Cash Payments | (2.1) | ||||||
Transfer of Liability | (0.3) | ||||||
Ending Balance | 0 | 0 | 0 | ||||
Restructuring Plan, 2020 | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Releases | (0.3) | ||||||
Restructuring Plan, 2020 | Severance and related expense | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | |||||
Restructuring charges | 1.1 | 5.9 | 0 | 0 | 7 | ||
Releases | (0.3) | ||||||
Cash Payments | (4.3) | ||||||
Transfer of Liability | 1.3 | ||||||
Ending Balance | 3.7 | 3.7 | 0 | ||||
Restructuring Plan, 2020 | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | |||||
Restructuring charges | 0.6 | $ 0.7 | $ 0 | $ 0 | 1.3 | ||
Releases | 0 | ||||||
Cash Payments | (1) | ||||||
Transfer of Liability | 0 | ||||||
Ending Balance | $ 0.3 | $ 0.3 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 01, 2019 |
Related Party Transaction [Line Items] | |||
Right-of-use asset | $ 27 | $ 30.7 | |
Lease liability | $ 28.7 | $ 32.3 | |
Manufacturing Facility Lease | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Term of lease | 8 years | ||
Right-of-use asset | $ 3.6 | ||
Lease liability | $ 3.8 |
Management Succession Costs (De
Management Succession Costs (Details) - USD ($) $ in Millions | Sep. 24, 2020 | Dec. 30, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Reversal of compensation of expense | $ 2.9 | |
Former Chief Executive Officer | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Separation payment | $ 6.4 | |
Nonvested shares forfeited | 96,427 | |
Executive Vice President and Chief Financial Officer | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Compensation cost | $ 0.5 | |
Other related cost | $ 0.8 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 4,324 | $ 3,698 | $ 3,210 |
Charged to costs and expenses | 1,846 | 2,064 | 1,408 |
Charged to other accounts | 954 | 0 | 0 |
Deductions and other | 1,845 | 1,438 | 920 |
Ending balance | 5,279 | 4,324 | 3,698 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 3,898 | 3,861 | 2,654 |
Charged to costs and expenses | 0 | 0 | 0 |
Charged to other accounts | 719 | 37 | 1,207 |
Deductions and other | 0 | 0 | 0 |
Ending balance | $ 4,617 | $ 3,898 | $ 3,861 |
Uncategorized Items - jbt-20201
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201409Member |