Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 21, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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, Address Line Two | Suite 4400 | |
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, par value $0.01 per share | |
Trading Symbol | JBT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,858,398 | |
Entity Central Index Key | 0001433660 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 555.4 | $ 477.4 | $ 1,566.9 | $ 1,370.7 |
Operating expenses: | ||||
Selling, general and administrative expense | 112.3 | 100.9 | 329 | 296.9 |
Restructuring expense | 1.5 | 1.1 | 2.8 | 3.1 |
Operating income | 45.9 | 40.5 | 118.7 | 125.6 |
Pension expense, other than service cost | 0.1 | 0.1 | 0.1 | 0.1 |
Interest expense, net | 3.6 | 2.1 | 8.2 | 6.3 |
Net income before income taxes | 42.2 | 38.3 | 110.4 | 119.2 |
Income tax provision | 8 | 9 | 17.2 | 32.4 |
Net income | $ 34.2 | $ 29.3 | $ 93.2 | $ 86.8 |
Basic earnings per share: | ||||
Net income (in dollars per share) | $ 1.07 | $ 0.91 | $ 2.91 | $ 2.71 |
Diluted earnings per share: | ||||
Net income (in dollars per share) | $ 1.07 | $ 0.91 | $ 2.90 | $ 2.71 |
Product | ||||
Revenue | $ 484.8 | $ 411.7 | $ 1,352.3 | $ 1,184.5 |
Operating expenses: | ||||
Cost of goods and services | 344.6 | 289.4 | 963.6 | 816.1 |
Service | ||||
Revenue | 70.6 | 65.7 | 214.6 | 186.2 |
Operating expenses: | ||||
Cost of goods and services | $ 51.1 | $ 45.5 | $ 152.8 | $ 129 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 34.2 | $ 29.3 | $ 93.2 | $ 86.8 |
Other comprehensive income, net of income taxes | ||||
Foreign currency translation adjustments | (22.6) | (8.7) | (49.2) | (0.6) |
Pension and other postretirement benefits adjustments | 1.5 | 1.7 | 4.5 | 5.1 |
Derivatives designated as hedges | 4.4 | 0.2 | 13.5 | 3.1 |
Other comprehensive income | (16.7) | (6.8) | (31.2) | 7.6 |
Comprehensive income | $ 17.5 | $ 22.5 | $ 62 | $ 94.4 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 52.6 | $ 78.8 |
Trade receivables, net of allowances | 278.7 | 239.1 |
Contract assets | 95.4 | 94.4 |
Inventories | 346.8 | 229.1 |
Other current assets | 100.9 | 77.3 |
Total current assets | 874.4 | 718.7 |
Property, plant and equipment, net of accumulated depreciation of $336.8 and $339.2 respectively | 262.2 | 267.6 |
Goodwill | 788.5 | 684.8 |
Intangible assets, net | 447.5 | 342.6 |
Other assets | 181.9 | 127.7 |
Total Assets | 2,554.5 | 2,141.4 |
Current Liabilities: | ||
Short-term debt | 0.8 | 0 |
Accounts payable, trade and other | 221 | 186 |
Advance and progress payments | 216.4 | 190.2 |
Other current liabilities | 181 | 173.7 |
Total current liabilities | 619.2 | 549.9 |
Long-term debt | 979 | 674.4 |
Accrued pension and other postretirement benefits, less current portion | 44.4 | 57.6 |
Other liabilities | 105.7 | 109 |
Commitments and contingencies (Note 13) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2022 or 2021 | 0 | 0 |
Common stock, $0.01 par value; 120,000,000 shares authorized; September 30, 2022: 31,861,680 issued and outstanding; December 31, 2021: 31,769,967 issued and outstanding | 0.3 | 0.3 |
Common stock held in treasury, at cost September 30, 2022: 3,596 shares and December 31, 2021: 0 shares | (0.4) | 0 |
Additional paid-in capital | 217.9 | 214.2 |
Retained earnings | 817 | 733.4 |
Accumulated other comprehensive loss | (228.6) | (197.4) |
Total stockholders' equity | 806.2 | 750.5 |
Total Liabilities and Stockholders' Equity | $ 2,554.5 | $ 2,141.4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 336.8 | $ 339.2 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock , shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 31,861,680 | 31,769,967 |
Common stock, shares outstanding (in shares) | 31,861,680 | 31,769,967 |
Common stock held in treasury (in shares) | 3,596 | 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 93.2 | $ 86.8 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 59.2 | 56.6 |
Stock-based compensation | 7.3 | 6.5 |
Other | 10.4 | 3 |
Changes in operating assets and liabilities: | ||
Trade receivables, net and contract assets | (43) | (16.1) |
Inventories | (92.7) | (26.6) |
Accounts payable, trade and other | 41.6 | 40 |
Advance and progress payments | 15.1 | 22.7 |
Accrued pension and other postretirement benefits, net | (2.9) | (12.3) |
Other assets and liabilities, net | (13.6) | 2.7 |
Cash provided by operating activities | 74.6 | 163.3 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | (329.7) | (185.3) |
Capital expenditures | (65.7) | (33.9) |
Proceeds from disposal of assets | 0.9 | 2 |
Cash required by investing activities | (394.5) | (217.2) |
Cash flows from financing activities: | ||
Net payments on short-term debt | 0.6 | (2.1) |
Net proceeds (payments) for domestic credit facilities | 311.8 | (258.7) |
Proceeds from issuance of 2026 convertible senior notes, net of issuance costs | 0 | 391.5 |
Purchase of convertible bond hedge | 0 | (65.6) |
Proceeds from sale of warrants | 0 | 29.5 |
Settlement of taxes withheld on stock-based compensation awards | (1.2) | (2.1) |
Payment of acquisition date earnout liability | 0 | (16.1) |
Dividends | (9.8) | (9.5) |
Common stock repurchases | (2.8) | 0 |
Cash provided by financing activities | 298.6 | 66.9 |
Effect of foreign exchange rate changes on cash and cash equivalents | (4.9) | (2.3) |
(Decrease) increase in cash and cash equivalents | (26.2) | 10.7 |
Cash and cash equivalents, beginning of period | 78.8 | 47.5 |
Cash and cash equivalents, end of period | 52.6 | 58.2 |
Supplemental Cash Flow Information: | ||
Non-cash investing in capital expenditures, accrued but not paid | $ 12 | $ 5.4 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Common Stock Held in Treasury | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2020 | $ 637.1 | $ 0.3 | $ (1) | $ 229.9 | $ 627.8 | $ (219.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 86.8 | 86.8 | ||||
Issuance of treasury stock | 0 | 1 | (1) | |||
Common stock cash dividends | (9.6) | (9.6) | ||||
Foreign currency translation adjustments, net of income taxes | (0.6) | (0.6) | ||||
Derivatives designated as hedges, net of income taxes | 3.1 | 3.1 | ||||
Proceeds from sale of warrants | 29.5 | 29.5 | ||||
Purchase of convertible bond hedge, net of income tax | (48.5) | (48.5) | ||||
Pension and other postretirement liability adjustments, net of income taxes | 5.1 | 5.1 | ||||
Stock-based compensation expense | 6.5 | 6.5 | ||||
Taxes withheld on issuance of stock-based awards | (2.1) | (2.1) | ||||
Ending balance at Sep. 30, 2021 | 707.3 | 0.3 | 0 | 214.3 | 705 | (212.3) |
Beginning balance at Jun. 30, 2021 | 685.7 | 0.3 | 0 | 212 | 678.9 | (205.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 29.3 | 29.3 | ||||
Common stock cash dividends | (3.2) | (3.2) | ||||
Foreign currency translation adjustments, net of income taxes | (8.7) | (8.7) | ||||
Derivatives designated as hedges, net of income taxes | 0.2 | 0.2 | ||||
Pension and other postretirement liability adjustments, net of income taxes | 1.7 | 1.7 | ||||
Stock-based compensation expense | 2.4 | 2.4 | ||||
Taxes withheld on issuance of stock-based awards | (0.1) | (0.1) | ||||
Ending balance at Sep. 30, 2021 | 707.3 | 0.3 | 0 | 214.3 | 705 | (212.3) |
Beginning balance at Dec. 31, 2021 | 750.5 | 0.3 | 0 | 214.2 | 733.4 | (197.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 93.2 | 93.2 | ||||
Issuance of treasury stock | 0 | 2.4 | (2.4) | |||
Share repurchases | (2.8) | (2.8) | ||||
Common stock cash dividends | (9.6) | (9.6) | ||||
Foreign currency translation adjustments, net of income taxes | (49.2) | (49.2) | ||||
Derivatives designated as hedges, net of income taxes | 13.5 | 13.5 | ||||
Pension and other postretirement liability adjustments, net of income taxes | 4.5 | 4.5 | ||||
Stock-based compensation expense | 7.3 | 7.3 | ||||
Taxes withheld on issuance of stock-based awards | (1.2) | (1.2) | ||||
Ending balance at Sep. 30, 2022 | 806.2 | 0.3 | (0.4) | 217.9 | 817 | (228.6) |
Beginning balance at Jun. 30, 2022 | 789.8 | 0.3 | 0 | 215.4 | 786 | (211.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 34.2 | 34.2 | ||||
Issuance of treasury stock | 0 | 0.1 | (0.1) | |||
Share repurchases | (0.5) | (0.5) | ||||
Common stock cash dividends | (3.2) | (3.2) | ||||
Foreign currency translation adjustments, net of income taxes | (22.6) | (22.6) | ||||
Derivatives designated as hedges, net of income taxes | 4.4 | 4.4 | ||||
Pension and other postretirement liability adjustments, net of income taxes | 1.5 | 1.5 | ||||
Stock-based compensation expense | 2.6 | 2.6 | ||||
Ending balance at Sep. 30, 2022 | $ 806.2 | $ 0.3 | $ (0.4) | $ 217.9 | $ 817 | $ (228.6) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock cash dividends (in usd per share) | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
Foreign currency, translation adjustments, tax | $ (1.7) | $ (0.6) | $ (3.4) | $ (1.3) |
Derivatives designated as hedges, tax | (1.6) | (0.1) | (4.8) | (1.1) |
Pension and other postretirement liability adjustments, tax | $ (0.5) | $ (0.5) | $ (1.5) | (1.7) |
Purchase of convertible bond hedge, tax | $ 17.1 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (the “Company,” “JBT,” “our,” “us,” or “we”) provide global technology solutions to high-value segments of the food and beverage and air transportation industries. The Company designs, produces and services sophisticated products and systems for multi-national and regional customers through JBT FoodTech and JBT AeroTech segments. The Company has manufacturing operations worldwide that are strategically located to facilitate delivery of its products and services to its customers. Basis of Presentation In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2021, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period. Use of estimates Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Recently Issued Accounting Standards Not Yet Adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This standard is effective for annual periods beginning after December 15, 2021 and should be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting ASU 2021-10 within its Form 10-K for the fiscal year 2022. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS During the nine months ended September 30, 2022 and fiscal year 2021 the Company acquired 100% of voting equity of two and three businesses, respectively. A summary of the acquisitions made during the periods is as follows: Date Type Company/Product Line Location (Near) Segment September 1, 2022 Stock Bevcorp, LLC ("Bevcorp") Eastlake, Ohio JBT FoodTech A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications. July 1, 2022 Stock Alco-food-machines GmbH & Co. KG ("Alco") Bad Iburg, Germany JBT FoodTech A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings. November 2, 2021 Stock Urtasun Tecnología Alimentaria S.L ("Urtasun") Navarra, Spain JBT FoodTech A provider of fruit and vegetable processing solutions, particularly in the fresh packaged and frozen markets. The Urtasun acquisition extends the Company's capabilities in providing fruit and vegetable processing solutions. July 2, 2021 Stock CMS Technology, Inc ("Prevenio") Bridgewater, New Jersey JBT FoodTech A provider of innovative food safety solutions primarily for the poultry industry as well as produce applications. Prevenio provides a pathogen protection solution through its anti-microbial delivery equipment that enhances food safety and integrity, and creates a safer work environment for its customers and their employees. This acquisition enhances the Company’s recurring revenue portfolio and furthers its investment in solutions that support its customers’ daily operations. February 28, 2021 Stock AutoCoding Systems Ltd. ("ACS") Cheshire, U.K. JBT FoodTech A provider of a central command solution for the integration of packaging process devices. The ACS acquisition extends the Company's capabilities in packaging line equipment and associated devices, including coding and label inspection and verification. 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. (In millions) Bevcorp (1) Alco (1) Urtasun (2) Prevenio (3) ACS (4) Total Financial assets $ 21.1 $ 12.2 $ 8.8 $ 8.1 $ 2.9 $ 53.1 Inventories 33.1 12.7 3.4 0.2 0.7 50.1 Property, plant and equipment 6.0 0.7 3.2 4.1 — 14.0 Customer relationship (5) 127.0 9.1 11.0 41.0 3.7 191.8 Patents and acquired technology (5) 3.8 4.6 6.0 17.5 3.4 35.3 Trademarks (5) 10.0 3.1 2.2 0.7 0.8 16.8 Deferred taxes — — (5.7) (15.1) (0.9) (21.7) Financial liabilities (19.8) (22.2) (7.8) (3.4) (2.9) (56.1) Total identifiable net assets $ 181.2 $ 20.2 $ 21.1 $ 53.1 $ 7.7 $ 283.3 Cash consideration paid $ 293.8 $ 45.1 $ 44.2 $ 173.3 $ 16.8 $ 573.2 Cash acquired 5.7 3.9 4.8 3.5 1.1 19.0 Net consideration $ 288.1 $ 41.2 $ 39.4 $ 169.8 $ 15.7 $ 554.2 Goodwill (6) $ 112.6 $ 24.9 $ 23.1 $ 120.2 $ 9.1 $ 289.9 (1) The purchase accounting for each of Alco and Bevcorp is provisional. The valuation of certain working capital balances, property, plant and equipment, intangibles, income tax balances and residual goodwill is not complete. For each, these amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). (2) The purchase accounting for Urtasun is final as of September 30, 2022. During the quarter ended September 30, 2022, the Company made no significant measurement period adjustments for this acquisition. (3) The purchase accounting for Prevenio was final as of June 30, 2022. (4) The purchase accounting for ACS was final as of December 31, 2021. (5) The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from four |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill by business segment were as follows: (In millions) JBT FoodTech JBT AeroTech Total Balance as of December 31, 2021 $ 646.7 $ 38.1 $ 684.8 Acquisitions 139.0 — 139.0 Currency translation (34.5) (0.8) (35.3) Balance as of September 30, 2022 $ 751.2 $ 37.3 $ 788.5 Intangible assets consisted of the following: September 30, 2022 December 31, 2021 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationship $ 430.8 $ 114.8 $ 309.3 $ 102.0 Patents and acquired technology 167.5 86.2 174.5 82.0 Trademarks 55.8 15.8 47.2 15.0 Non-amortizing intangible assets 10.2 — 10.6 — Other 8.6 8.6 8.7 8.7 Total intangible assets $ 672.9 $ 225.4 $ 550.3 $ 207.7 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following: (In millions) September 30, 2022 December 31, 2021 Raw materials $ 127.6 $ 101.0 Work in process 96.5 59.1 Finished goods 210.2 151.8 Gross inventories before LIFO reserves and valuation adjustments 434.3 311.9 LIFO reserves (58.5) (53.3) Valuation adjustments (29.0) (29.5) Net inventories $ 346.8 $ 229.1 |
Pension
Pension | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension | PENSION Components of net periodic benefit cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Service cost $ 0.4 $ 0.5 $ 1.3 $ 1.7 Interest cost 1.9 1.7 5.7 5.0 Expected return on plan assets (3.9) (4.0) (11.7) (11.8) Settlement charge 0.2 — 0.2 — Amortization of net actuarial losses 1.9 2.3 5.9 6.9 Net periodic cost $ 0.5 $ 0.5 $ 1.4 $ 1.8 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The components of the Company's borrowings were as follows: (In millions) Maturity Date September 30, 2022 December 31, 2021 Revolving credit facility (1) December 14, 2026 $ 587.0 $ 282.9 Less: unamortized debt issuance costs $ (2.3) $ (1.2) Revolving credit facility, net $ 584.7 $ 281.7 Convertible senior notes (2) May 15, 2026 $ 402.5 $ 402.5 Less: unamortized debt issuance costs $ (8.2) $ (9.8) Convertible senior notes, net $ 394.3 $ 392.7 Long-term debt, net $ 979.0 $ 674.4 (1) Weighted-average interest rate at September 30, 2022 was 3.24% (2) Effective interest rate for the Notes (as defined below) for the quarter ended September 30, 2022 was 0.82% Components of interest expense recognized for the 0.25% Convertible Senior Notes due 2026 (the "Notes") were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Contractual interest expense $ 0.3 $ 0.3 $ 0.8 $ 0.4 Interest cost related to amortization of issuance costs 0.5 0.5 1.6 0.7 Total interest expense $ 0.8 $ 0.8 $ 2.4 $ 1.1 Convertible Note Hedge Transactions On May 28, 2021, the Company closed a private offering of $402.5 million aggregate principal amount of the Notes to qualified institutional buyers. The initial conversion rate of the Notes is 5.8958 shares of the Company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $169.61 per share. The conversion rate of the Notes is subject to adjustment upon the occurrence of certain specified events. On May 28, 2021, the Company paid an aggregate amount of $65.6 million for the Convertible Note Hedge Transactions (the "Hedge Transactions"). The Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Notes, approximately 2.4 million shares of the Company's common stock. These are the same number of shares initially underlying the Notes, at a strike price of $169.61, subject to customary adjustments. The Hedge Transactions will expire upon the maturity of the Notes, subject to earlier exercise or termination. The Hedge Transactions are expected generally to reduce the potential dilutive effect of the conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted Notes, in the event that the market price per share of the Company's common stock, as measured under the terms of the Hedge Transactions, is greater than the Hedge Transactions strike price of $169.61. The Hedge Transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore these transactions are not revalued after their issuance. The Company made a tax election to integrate the Notes and the Hedge Transactions. The accounting impact of this tax election makes the Hedge Transactions deductible as original issue discount interest for tax purposes over the term of the note, and results in a $17.1 million deferred tax asset recorded as an adjustment to Additional paid-in capital on our Balance Sheet as of September 30, 2022. Warrant Transactions In addition, concurrently with entering into the Hedge Transactions, the Company separately entered into privately-negotiated Warrant Transactions (the "Warrant Transactions"), whereby the Company sold to the counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 2.4 million shares of its common stock at an initial strike price of $240.02 per share. The Company received aggregate proceeds of $29.5 million from the Warrant Transactions with the counterparties, with such proceeds partially offsetting the costs of entering into the Hedge Transactions. The warrants expire in August 2026. If the market value per share of the common stock, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless the Company elects, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the Balance Sheet date. For the Company, AOCI is composed of adjustments related to pension and other postretirement benefit plans, derivatives designated as hedges, and foreign currency translation adjustments. Changes in the AOCI balances for the three months ended September 30, 2022 and 2021 by component are shown in the following tables: Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, June 30, 2022 $ (142.5) $ 10.9 $ (80.3) $ (211.9) Other comprehensive income (loss) before reclassification 0.1 5.1 (22.0) (16.8) Amounts reclassified from accumulated other comprehensive income 1.4 (0.7) (0.6) 0.1 Ending balance, September 30, 2022 $ (141.0) $ 15.3 $ (102.9) $ (228.6) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended September 30, 2022 were $1.9 million of charges to pension expense, other than service cost, net of $0.5 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $0.9 million of interest income, net of $0.2 million income tax provision.Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended September 30, 2022 were $0.8 million of benefit in interest expense, net of $0.2 million income tax provision. Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, June 30, 2021 $ (158.0) $ (0.9) $ (46.6) $ (205.5) Other comprehensive income (loss) before reclassification — (0.1) (8.1) (8.2) Amounts reclassified from accumulated other comprehensive income 1.7 0.3 (0.6) 1.4 Ending balance, September 30, 2021 $ (156.3) $ (0.7) $ (55.3) $ (212.3) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended September 30, 2021 were $2.3 million of charges to pension expense, other than service cost, net of $0.6 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.5 million of interest expense, net of $0.2 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended September 30, 2021 were $0.8 million of benefit in interest expense, net of $0.2 million income tax provision. Changes in the AOCI balances for the nine months ended September 30, 2022 and 2021 by component are shown in the following tables: Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, December 31, 2021 $ (145.5) $ 1.8 $ (53.7) $ (197.4) Other comprehensive income (loss) before reclassification 0.1 13.9 (47.6) (33.6) Amounts reclassified from accumulated other comprehensive income 4.4 (0.4) (1.6) 2.4 Ending balance, September 30, 2022 $ (141.0) $ 15.3 $ (102.9) $ (228.6) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2022 were $5.9 million of charges to pension expense, other than service cost, net of $1.5 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $0.5 million of interest income, net of $0.1 million income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the nine months ended September 30, 2022 were $2.2 million of benefit in interest expense, net of $0.6 million income tax provision. Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, December 31, 2020 $ (161.4) $ (3.8) $ (54.7) $ (219.9) Other comprehensive income before reclassification — 2.1 1.0 3.1 Amounts reclassified from accumulated other comprehensive income 5.1 1.0 (1.6) 4.5 Ending balance, September 30, 2021 $ (156.3) $ (0.7) $ (55.3) $ (212.3) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2021 were $6.9 million of charges to pension expense, other than service cost, net of $1.8 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $1.4 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 nine months ended September 30, 2021 were $2.2 million of benefit in interest expense, net of $0.6 million income tax provision. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Transaction price allocated to remaining performance obligations The Company has estimated that $1.0 billion in revenue is expected to be recognized in the future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of September 30, 2022. The Company expects to complete these obligations and recognize 45% as revenue in 2022, 43% in 2023, 11% in 2024 and the remaining after 2024. 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. Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 (In millions) JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech Type of Good or Service Recurring (1) $ 185.9 $ 56.2 $ 541.4 $ 161.2 Non-recurring (1) 213.0 100.4 607.9 256.6 Total 398.9 156.6 1,149.3 417.8 Geographical Region (2) North America 232.3 141.8 668.2 379.6 Europe, Middle East and Africa 100.2 7.5 293.2 20.2 Asia Pacific 35.4 6.1 106.8 14.9 Latin America 31.0 1.2 81.1 3.1 Total 398.9 156.6 1,149.3 417.8 Timing of Recognition Point in Time 205.6 80.9 556.8 201.9 Over Time 193.3 75.7 592.5 215.9 Total 398.9 156.6 1,149.3 417.8 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 (In millions) JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech Type of Good or Service Recurring (1) $ 169.4 $ 45.1 $ 484.2 $ 130.9 Non-recurring (1) 189.7 73.2 547.4 208.2 Total 359.1 118.3 1,031.6 339.1 Geographical Region (2) North America 201.0 107.8 567.2 297.8 Europe, Middle East and Africa 89.9 7.2 264.0 30.7 Asia Pacific 45.5 2.3 132.1 7.0 Latin America 22.7 1.0 68.3 3.6 Total 359.1 118.3 1,031.6 339.1 Timing of Recognition Point in Time 170.7 54.0 487.0 149.2 Over Time 188.4 64.3 544.6 189.9 Total 359.1 118.3 1,031.6 339.1 (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) Geographical region represents the region in which the end customer resides. Contract balances The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). 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) September 30, 2022 December 31, 2021 Contract Assets $ 95.4 $ 94.4 Contract Liabilities 207.1 178.0 Balances as of September 30, 2021 December 31, 2020 Contract Assets 92.1 68.3 Contract Liabilities 147.4 123.8 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share from net income for the respective periods and basic and diluted shares outstanding: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2022 2021 2022 2021 Basic earnings per share: Net income $ 34.2 $ 29.3 $ 93.2 $ 86.8 Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Basic earnings per share from net income $ 1.07 $ 0.91 $ 2.91 $ 2.71 Diluted earnings per share: Net income $ 34.2 $ 29.3 $ 93.2 $ 86.8 Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Effect of dilutive securities: Restricted stock 0.1 0.1 0.1 0.1 Total shares and dilutive securities 32.1 32.1 32.1 32.1 Diluted earnings per share from net income $ 1.07 $ 0.91 $ 2.90 $ 2.71 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities that the Company can assess at the measurement date. • Level 2 : Observable inputs other than those included in Level 1 that are observable for the asset or liability, either directly or indirectly. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of September 30, 2022 As of December 31, 2021 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 11.2 $ 11.2 $ — $ — $ 13.5 $ 13.5 $ — $ — Derivatives 49.3 — 49.3 — 18.4 — 18.4 — Total assets $ 60.5 $ 11.2 $ 49.3 $ — $ 31.9 $ 13.5 $ 18.4 $ — Liabilities: Derivatives $ 18.0 $ — $ 18.0 $ — $ 9.4 $ — $ 9.4 $ — Total liabilities $ 18.0 $ — $ 18.0 $ — $ 9.4 $ — $ 9.4 $ — 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. Investments are reported separately in other assets on the Balance Sheet, and include an unrealized loss of $4.2 million and $0.5 million as of September 30, 2022 and December 31, 2021, respectively. 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. The Notes are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. The fair value of the Notes estimated using Level 2 inputs was $336.6 million as of September 30, 2022. The carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities. The carrying values of the Company's revolving credit facility recorded in long-term debt on the Balance Sheet approximate their fair values due to their variable interest rates. |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Risk Management | DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Derivative Financial Instruments All derivatives are recorded as assets or liabilities in the Balance Sheet at their respective fair values. For derivatives designated as cash flow hedges, the unrealized gain or loss related to the derivatives is recorded in Other comprehensive income (loss) until the hedged transaction affects earnings. The Company assesses at inception of the hedge, whether the derivative in the hedging transaction will 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. Major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some of the Company's sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which are taken into consideration as part of the Company's risk management policy. The purpose of the Company's 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 September 30, 2022 of $705.2 million, as hedges and therefore does not apply hedge accounting. Commodity Price Risk: The Company's operations subject us to risk related to the price volatility of certain commodities. We principally use a combination of purchase orders and various short-term supply arrangements in connection with the purchase of our raw materials and components required to manufacture our products. To mitigate the commodity price risk associated with the Company's operations, the Company may enter into commodity derivative instruments. During April 2022, the Company entered into various commodity forward contracts with a maturity of less than 1 year to mitigate this commodity price volatility. The Company has not designated these commodity forward contracts, which had a notional value at September 30, 2022 of $0.8 million, as hedges and therefore does not apply hedge accounting. The fair values of our foreign currency and commodity derivative assets are recorded within other current assets and other assets, and the fair values of foreign currency and commodity derivative liabilities are recorded within other current liabilities and other liabilities. The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet: As of September 30, 2022 As of December 31, 2021 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Foreign exchange contracts $ 10.2 $ 17.6 $ 10.6 $ 9.4 Commodity contracts — 0.4 — — Total $ 10.2 $ 18.0 $ 10.6 $ 9.4 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 for foreign exchange contracts, when possible, to mitigate credit risk in derivative transactions by permitting the Company to net settle for transactions with the same counterparty. However, it does not net settle with such counterparties. As a result, derivatives are presented at their gross fair values in the Balance Sheet. As of September 30, 2022 and December 31, 2021, information related to these offsetting arrangements was as follows: (In millions) As of September 30, 2022 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Presented in the Consolidated Balance Sheet Amount Subject to Master Netting Agreement Net Amount Derivatives $ 46.8 $ — $ 46.8 $ (7.6) $ 39.2 (In millions) As of September 30, 2022 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Presented in the Consolidated Balance Sheet Amount Subject to Master Netting Agreement Net Amount Derivatives $ 18.0 $ — $ 18.0 $ (7.6) $ 10.4 (In millions) As of December 31, 2021 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Presented in the Consolidated Balance Sheet Amount Subject to Master Netting Agreement Net Amount Derivatives $ 17.5 $ — $ 17.5 $ (7.3) $ 10.2 (In millions) As of December 31, 2021 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Presented in the Consolidated Balance Sheet Amount Subject to Master Netting Agreement Net Amount Derivatives $ 9.1 $ — $ 9.1 $ (7.3) $ 1.8 The following table presents the location and amount of the gain (loss) on foreign currency and commodity derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Income Statement: Derivatives Not Designated Location of Gain (Loss) Recognized Amount of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Foreign exchange contracts Revenue $ (2.0) $ (1.0) $ (6.9) $ (0.6) Foreign exchange contracts Cost of sales (2.1) (0.3) (4.4) 0.5 Foreign exchange contracts Selling, general and administrative expense 1.2 0.8 2.6 1.1 Commodity contracts Cost of sales (0.1) — (0.6) — Total (3.0) (0.5) (9.3) 1.0 Remeasurement of assets and liabilities in foreign currencies 6.8 0.4 10.9 (1.4) Net gain (loss) $ 3.8 $ (0.1) $ 1.6 $ (0.4) Interest Rates : The Company has entered into 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. The Company has 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 September 30, 2022, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $20.6 million and as accumulated other comprehensive income, net of tax, of $15.3 million. Net Investment: The Company has entered into a cross currency swap agreement that synthetically swaps $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreement is designated as a net investment hedge for accounting purposes. Accordingly, the gain or loss on this derivative instrument is included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Coupons received for the cross currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the condensed consolidated statements of income. Coupon interest from cross currency swap agreement recorded in interest expense, net was approximately $2.2 million for both the nine months ended September 30, 2022 and 2021. At September 30, 2022, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $18.5 million and as accumulated other comprehensive income, net of tax, of $13.7 million. Refer to Note 10. Fair Value Of Financial Instruments for a description of how the values of the above financial instruments are determined. Credit Risk By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject 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. Maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of September 30, 2022, is limited to the amount drawn and outstanding on the financial instrument. Refer to Note 1. Description of Business and Basis of Presentation in Item 8. Financial Statements and Supplementary Data of the Company's most recent Annual Report on Form 10-K, for a description of how allowance for credit loss is determined on financial assets measured at amortized cost, which includes Trade receivables, Contract assets, and non-current receivables. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASES The following table provides the required information regarding operating and sales-type leases for which the Company is lessor. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Fixed payment revenue $ 16.6 $ 16.6 $ 49.0 $ 49.5 Variable payment revenue 6.3 3.9 22.7 12.3 Operating lease revenue $ 22.9 $ 20.5 $ 71.7 $ 61.8 Sales-type lease revenue $ 0.5 $ 5.6 $ 3.0 $ 9.9 Refer to Note 16. Related Party Transactions for details of operating lease agreements with related parties. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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 the Company's results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to its 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. 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 $140.2 million at September 30, 2022, represent guarantees of future performance. The Company has also provided $6.2 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 one year and are expected to be replaced 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 September 30, 2022, the gross value of such arrangements was $1.5 million, of which the Company's net exposure under such guarantees was $0.3 million. The Company provides warranties to certain of its 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. Cost of warranties includes an estimate for products where reliable, historical experience of failure rates, as well as the related costs in correcting a product failure warranty claims and cost exist. The Company also provides a warranty liability when additional specific warranty costs are identified. The warranty obligation reflected in other current liabilities in the consolidated Balance Sheet is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Balance at beginning of period $ 12.7 $ 12.5 $ 12.7 $ 11.5 Expense for new warranties 3.6 3.1 9.6 10.2 Adjustments to existing accruals (0.1) — (0.4) (0.2) Claims paid (2.7) (2.5) (8.1) (8.3) Added through acquisition 1.0 — 1.1 — Translation (0.3) (0.1) (0.7) (0.2) Balance at end of period $ 14.2 $ 13.0 $ 14.2 $ 13.0 |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION Operating segments for the Company are determined based on information used by the chief operating decision maker (CODM) in deciding how to evaluate performance and allocate resources to each of the segments. JBT’s CODM is the Chief Executive Officer (CEO). While there are many measures the CEO reviews in this capacity, the key segment measures reviewed include operating profit, 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, plant-based meats, juices, and carbonated beverages. • 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, pension expense, other than service cost, interest income and expense, and income taxes. See the table below for further details on corporate expense. Business segment information was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Revenue JBT FoodTech $ 398.9 $ 359.1 $ 1,149.3 $ 1,031.6 JBT AeroTech 156.6 118.3 417.8 339.1 Other revenue and intercompany eliminations (0.1) — (0.2) — Total revenue 555.4 477.4 1,566.9 1,370.7 Income before income taxes Segment operating profit: JBT FoodTech 57.3 48.9 147.4 141.9 JBT AeroTech 11.6 7.0 28.4 29.0 Total segment operating profit 68.9 55.9 175.8 170.9 Corporate items: Corporate expense (1) 21.5 14.3 54.3 42.2 Restructuring expense (2) 1.5 1.1 2.8 3.1 Operating income 45.9 40.5 118.7 125.6 Pension expense, other than service cost 0.1 0.1 0.1 0.1 Interest expense, net 3.6 2.1 8.2 6.3 Net income before income taxes $ 42.2 $ 38.3 $ 110.4 $ 119.2 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations. (2) Refer to Note 15. Restructuring for further information on restructuring charges. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2022 | |
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 third quarter of 2020, the Company implemented a restructuring plan ("2020 restructuring plan") for manufacturing capacity rationalization affecting both the JBT FoodTech and JBT AeroTech segments. The Company completed the 2020 restructuring plan as of June 30, 2022. The total cost in connection with the 2020 restructuring plan was $11.0 million for FoodTech and $6.0 million for AeroTech. In the third quarter of 2022, the Company implemented the first phase of a restructuring plan (the "2022/2023 restructuring plan") to optimize the overall JBT FoodTech cost structure on a global basis. The initiatives under this plan will include streamlining operations and enhancing our general and administrative infrastructure. The total cost as of September 30, 2022 related to this plan is $1.3 million. The following table details the cumulative restructuring charges reported in operating income for the 2022 and 2020 restructuring plans since the implementation of these plans: Cumulative Amount For the Three Months Ended Cumulative Amount (In millions) Balance as of December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Balance as of 2020 restructuring plan Severance and related expense $ 9.2 $ 0.2 $ 0.7 $ 0.1 $ 10.2 Inventory write-off 2.1 0.2 — — 2.3 Employee overlap costs 2.1 0.2 0.1 — 2.4 Retention bonus 0.5 — 0.1 — 0.6 Other 3.3 0.2 — 0.1 3.6 2022/2023 restructuring plan Severance and related expense — — — 1.3 1.3 Total Restructuring charges $ 17.2 $ 0.8 $ 0.9 $ 1.5 $ 20.4 Restructuring charges, net of related release of liability, is reported within the following financial statement line items of the accompanying Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Cost of products (1) — — 0.2 — Restructuring expense 1.5 1.1 2.8 3.1 Total restructuring charge $ 1.5 $ 1.1 $ 3.0 $ 3.1 (1) Restructuring charge reported in Cost of products is related to inventory write-off resulting from the 2020 restructuring plan. Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheet. The table below details the activities in 2022: Impact to Earnings (In millions) Balance as of December 31, 2021 Charged to Earnings Releases Cash Payments Balance as of September 30, 2022 2020 restructuring plan Severance and related expense $ 0.7 $ 1.0 $ (0.2) $ (1.3) $ 0.2 Employee overlap costs — 0.3 — (0.3) — Retention bonus 0.1 0.1 — (0.1) 0.1 Other — 0.3 — (0.3) — 2022/2023 restructuring plan Severance and related expense — 1.3 — (0.2) 1.1 Total $ 0.8 $ 3.0 $ (0.2) $ (2.2) $ 1.4 The Company released $0.2 million of liability during the nine months ended September 30, 2022 which it no longer expects to pay in connection with the 2020 restructuring plan due to actual severance payments differing from the original estimates and natural attrition of employees. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONSThe Company is a party to lease agreements to lease manufacturing facilities from entities owned by certain of the Company's employees who were former owners or employees of acquired businesses. As of September 30, 2022, the operating lease right-of-use asset and the lease liability related to these agreements is $4.1 million and $4.3 million, respectively. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2021, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period. |
Use of estimates | Use of estimates Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This standard is effective for annual periods beginning after December 15, 2021 and should be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting ASU 2021-10 within its Form 10-K for the fiscal year 2022. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of business combinations | A summary of the acquisitions made during the periods is as follows: Date Type Company/Product Line Location (Near) Segment September 1, 2022 Stock Bevcorp, LLC ("Bevcorp") Eastlake, Ohio JBT FoodTech A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications. July 1, 2022 Stock Alco-food-machines GmbH & Co. KG ("Alco") Bad Iburg, Germany JBT FoodTech A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings. November 2, 2021 Stock Urtasun Tecnología Alimentaria S.L ("Urtasun") Navarra, Spain JBT FoodTech A provider of fruit and vegetable processing solutions, particularly in the fresh packaged and frozen markets. The Urtasun acquisition extends the Company's capabilities in providing fruit and vegetable processing solutions. July 2, 2021 Stock CMS Technology, Inc ("Prevenio") Bridgewater, New Jersey JBT FoodTech A provider of innovative food safety solutions primarily for the poultry industry as well as produce applications. Prevenio provides a pathogen protection solution through its anti-microbial delivery equipment that enhances food safety and integrity, and creates a safer work environment for its customers and their employees. This acquisition enhances the Company’s recurring revenue portfolio and furthers its investment in solutions that support its customers’ daily operations. February 28, 2021 Stock AutoCoding Systems Ltd. ("ACS") Cheshire, U.K. JBT FoodTech A provider of a central command solution for the integration of packaging process devices. The ACS acquisition extends the Company's capabilities in packaging line equipment and associated devices, including coding and label inspection and verification. |
Schedule of assets acquired and liabilities assumed | 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. (In millions) Bevcorp (1) Alco (1) Urtasun (2) Prevenio (3) ACS (4) Total Financial assets $ 21.1 $ 12.2 $ 8.8 $ 8.1 $ 2.9 $ 53.1 Inventories 33.1 12.7 3.4 0.2 0.7 50.1 Property, plant and equipment 6.0 0.7 3.2 4.1 — 14.0 Customer relationship (5) 127.0 9.1 11.0 41.0 3.7 191.8 Patents and acquired technology (5) 3.8 4.6 6.0 17.5 3.4 35.3 Trademarks (5) 10.0 3.1 2.2 0.7 0.8 16.8 Deferred taxes — — (5.7) (15.1) (0.9) (21.7) Financial liabilities (19.8) (22.2) (7.8) (3.4) (2.9) (56.1) Total identifiable net assets $ 181.2 $ 20.2 $ 21.1 $ 53.1 $ 7.7 $ 283.3 Cash consideration paid $ 293.8 $ 45.1 $ 44.2 $ 173.3 $ 16.8 $ 573.2 Cash acquired 5.7 3.9 4.8 3.5 1.1 19.0 Net consideration $ 288.1 $ 41.2 $ 39.4 $ 169.8 $ 15.7 $ 554.2 Goodwill (6) $ 112.6 $ 24.9 $ 23.1 $ 120.2 $ 9.1 $ 289.9 (1) The purchase accounting for each of Alco and Bevcorp is provisional. The valuation of certain working capital balances, property, plant and equipment, intangibles, income tax balances and residual goodwill is not complete. For each, these amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). (2) The purchase accounting for Urtasun is final as of September 30, 2022. During the quarter ended September 30, 2022, the Company made no significant measurement period adjustments for this acquisition. (3) The purchase accounting for Prevenio was final as of June 30, 2022. (4) The purchase accounting for ACS was final as of December 31, 2021. (5) The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from four |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill by business segment were as follows: (In millions) JBT FoodTech JBT AeroTech Total Balance as of December 31, 2021 $ 646.7 $ 38.1 $ 684.8 Acquisitions 139.0 — 139.0 Currency translation (34.5) (0.8) (35.3) Balance as of September 30, 2022 $ 751.2 $ 37.3 $ 788.5 |
Schedule of finite-lived intangible assets | Intangible assets consisted of the following: September 30, 2022 December 31, 2021 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationship $ 430.8 $ 114.8 $ 309.3 $ 102.0 Patents and acquired technology 167.5 86.2 174.5 82.0 Trademarks 55.8 15.8 47.2 15.0 Non-amortizing intangible assets 10.2 — 10.6 — Other 8.6 8.6 8.7 8.7 Total intangible assets $ 672.9 $ 225.4 $ 550.3 $ 207.7 |
Schedule of indefinite-lived intangible assets | Intangible assets consisted of the following: September 30, 2022 December 31, 2021 (In millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Customer relationship $ 430.8 $ 114.8 $ 309.3 $ 102.0 Patents and acquired technology 167.5 86.2 174.5 82.0 Trademarks 55.8 15.8 47.2 15.0 Non-amortizing intangible assets 10.2 — 10.6 — Other 8.6 8.6 8.7 8.7 Total intangible assets $ 672.9 $ 225.4 $ 550.3 $ 207.7 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: (In millions) September 30, 2022 December 31, 2021 Raw materials $ 127.6 $ 101.0 Work in process 96.5 59.1 Finished goods 210.2 151.8 Gross inventories before LIFO reserves and valuation adjustments 434.3 311.9 LIFO reserves (58.5) (53.3) Valuation adjustments (29.0) (29.5) Net inventories $ 346.8 $ 229.1 |
Pension (Tables)
Pension (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost (income) | Components of net periodic benefit cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Service cost $ 0.4 $ 0.5 $ 1.3 $ 1.7 Interest cost 1.9 1.7 5.7 5.0 Expected return on plan assets (3.9) (4.0) (11.7) (11.8) Settlement charge 0.2 — 0.2 — Amortization of net actuarial losses 1.9 2.3 5.9 6.9 Net periodic cost $ 0.5 $ 0.5 $ 1.4 $ 1.8 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The components of the Company's borrowings were as follows: (In millions) Maturity Date September 30, 2022 December 31, 2021 Revolving credit facility (1) December 14, 2026 $ 587.0 $ 282.9 Less: unamortized debt issuance costs $ (2.3) $ (1.2) Revolving credit facility, net $ 584.7 $ 281.7 Convertible senior notes (2) May 15, 2026 $ 402.5 $ 402.5 Less: unamortized debt issuance costs $ (8.2) $ (9.8) Convertible senior notes, net $ 394.3 $ 392.7 Long-term debt, net $ 979.0 $ 674.4 (1) Weighted-average interest rate at September 30, 2022 was 3.24% (2) Effective interest rate for the Notes (as defined below) for the quarter ended September 30, 2022 was 0.82% |
Components of Interest Expense | Components of interest expense recognized for the 0.25% Convertible Senior Notes due 2026 (the "Notes") were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Contractual interest expense $ 0.3 $ 0.3 $ 0.8 $ 0.4 Interest cost related to amortization of issuance costs 0.5 0.5 1.6 0.7 Total interest expense $ 0.8 $ 0.8 $ 2.4 $ 1.1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Changes in the AOCI Balances | Changes in the AOCI balances for the three months ended September 30, 2022 and 2021 by component are shown in the following tables: Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, June 30, 2022 $ (142.5) $ 10.9 $ (80.3) $ (211.9) Other comprehensive income (loss) before reclassification 0.1 5.1 (22.0) (16.8) Amounts reclassified from accumulated other comprehensive income 1.4 (0.7) (0.6) 0.1 Ending balance, September 30, 2022 $ (141.0) $ 15.3 $ (102.9) $ (228.6) (1) All amounts are net of income taxes. Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, June 30, 2021 $ (158.0) $ (0.9) $ (46.6) $ (205.5) Other comprehensive income (loss) before reclassification — (0.1) (8.1) (8.2) Amounts reclassified from accumulated other comprehensive income 1.7 0.3 (0.6) 1.4 Ending balance, September 30, 2021 $ (156.3) $ (0.7) $ (55.3) $ (212.3) (1) All amounts are net of income taxes. Changes in the AOCI balances for the nine months ended September 30, 2022 and 2021 by component are shown in the following tables: Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, December 31, 2021 $ (145.5) $ 1.8 $ (53.7) $ (197.4) Other comprehensive income (loss) before reclassification 0.1 13.9 (47.6) (33.6) Amounts reclassified from accumulated other comprehensive income 4.4 (0.4) (1.6) 2.4 Ending balance, September 30, 2022 $ (141.0) $ 15.3 $ (102.9) $ (228.6) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) (In millions) Beginning balance, December 31, 2020 $ (161.4) $ (3.8) $ (54.7) $ (219.9) Other comprehensive income before reclassification — 2.1 1.0 3.1 Amounts reclassified from accumulated other comprehensive income 5.1 1.0 (1.6) 4.5 Ending balance, September 30, 2021 $ (156.3) $ (0.7) $ (55.3) $ (212.3) (1) All amounts are net of income taxes. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
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. Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 (In millions) JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech Type of Good or Service Recurring (1) $ 185.9 $ 56.2 $ 541.4 $ 161.2 Non-recurring (1) 213.0 100.4 607.9 256.6 Total 398.9 156.6 1,149.3 417.8 Geographical Region (2) North America 232.3 141.8 668.2 379.6 Europe, Middle East and Africa 100.2 7.5 293.2 20.2 Asia Pacific 35.4 6.1 106.8 14.9 Latin America 31.0 1.2 81.1 3.1 Total 398.9 156.6 1,149.3 417.8 Timing of Recognition Point in Time 205.6 80.9 556.8 201.9 Over Time 193.3 75.7 592.5 215.9 Total 398.9 156.6 1,149.3 417.8 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 (In millions) JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech Type of Good or Service Recurring (1) $ 169.4 $ 45.1 $ 484.2 $ 130.9 Non-recurring (1) 189.7 73.2 547.4 208.2 Total 359.1 118.3 1,031.6 339.1 Geographical Region (2) North America 201.0 107.8 567.2 297.8 Europe, Middle East and Africa 89.9 7.2 264.0 30.7 Asia Pacific 45.5 2.3 132.1 7.0 Latin America 22.7 1.0 68.3 3.6 Total 359.1 118.3 1,031.6 339.1 Timing of Recognition Point in Time 170.7 54.0 487.0 149.2 Over Time 188.4 64.3 544.6 189.9 Total 359.1 118.3 1,031.6 339.1 (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) Geographical region represents the region in which the end customer resides. |
Contract with Customer, Asset and Liability | Contract asset and liability balances for the period were as follows: Balances as of (In millions) September 30, 2022 December 31, 2021 Contract Assets $ 95.4 $ 94.4 Contract Liabilities 207.1 178.0 Balances as of September 30, 2021 December 31, 2020 Contract Assets 92.1 68.3 Contract Liabilities 147.4 123.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share from net income for the respective periods and basic and diluted shares outstanding: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2022 2021 2022 2021 Basic earnings per share: Net income $ 34.2 $ 29.3 $ 93.2 $ 86.8 Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Basic earnings per share from net income $ 1.07 $ 0.91 $ 2.91 $ 2.71 Diluted earnings per share: Net income $ 34.2 $ 29.3 $ 93.2 $ 86.8 Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Effect of dilutive securities: Restricted stock 0.1 0.1 0.1 0.1 Total shares and dilutive securities 32.1 32.1 32.1 32.1 Diluted earnings per share from net income $ 1.07 $ 0.91 $ 2.90 $ 2.71 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of September 30, 2022 As of December 31, 2021 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 11.2 $ 11.2 $ — $ — $ 13.5 $ 13.5 $ — $ — Derivatives 49.3 — 49.3 — 18.4 — 18.4 — Total assets $ 60.5 $ 11.2 $ 49.3 $ — $ 31.9 $ 13.5 $ 18.4 $ — Liabilities: Derivatives $ 18.0 $ — $ 18.0 $ — $ 9.4 $ — $ 9.4 $ — Total liabilities $ 18.0 $ — $ 18.0 $ — $ 9.4 $ — $ 9.4 $ — |
Derivative Financial Instrume_2
Derivative Financial Instruments and Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of foreign currency derivatives in balance sheet | The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet: As of September 30, 2022 As of December 31, 2021 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Foreign exchange contracts $ 10.2 $ 17.6 $ 10.6 $ 9.4 Commodity contracts — 0.4 — — Total $ 10.2 $ 18.0 $ 10.6 $ 9.4 |
Schedule of derivative assets at fair value | As of September 30, 2022 and December 31, 2021, information related to these offsetting arrangements was as follows: (In millions) As of September 30, 2022 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Presented in the Consolidated Balance Sheet Amount Subject to Master Netting Agreement Net Amount Derivatives $ 46.8 $ — $ 46.8 $ (7.6) $ 39.2 (In millions) As of December 31, 2021 Offsetting of Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Presented in the Consolidated Balance Sheet Amount Subject to Master Netting Agreement Net Amount Derivatives $ 17.5 $ — $ 17.5 $ (7.3) $ 10.2 |
Schedule of derivative liabilities at fair value | (In millions) As of September 30, 2022 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Presented in the Consolidated Balance Sheet Amount Subject to Master Netting Agreement Net Amount Derivatives $ 18.0 $ — $ 18.0 $ (7.6) $ 10.4 (In millions) As of December 31, 2021 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Presented in the Consolidated Balance Sheet Amount Subject to Master Netting Agreement Net Amount Derivatives $ 9.1 $ — $ 9.1 $ (7.3) $ 1.8 |
Schedule of location and amount of gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies | The following table presents the location and amount of the gain (loss) on foreign currency and commodity derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Income Statement: Derivatives Not Designated Location of Gain (Loss) Recognized Amount of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Foreign exchange contracts Revenue $ (2.0) $ (1.0) $ (6.9) $ (0.6) Foreign exchange contracts Cost of sales (2.1) (0.3) (4.4) 0.5 Foreign exchange contracts Selling, general and administrative expense 1.2 0.8 2.6 1.1 Commodity contracts Cost of sales (0.1) — (0.6) — Total (3.0) (0.5) (9.3) 1.0 Remeasurement of assets and liabilities in foreign currencies 6.8 0.4 10.9 (1.4) Net gain (loss) $ 3.8 $ (0.1) $ 1.6 $ (0.4) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Lessor, Lease Revenue | The following table provides the required information regarding operating and sales-type leases for which the Company is lessor. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Fixed payment revenue $ 16.6 $ 16.6 $ 49.0 $ 49.5 Variable payment revenue 6.3 3.9 22.7 12.3 Operating lease revenue $ 22.9 $ 20.5 $ 71.7 $ 61.8 Sales-type lease revenue $ 0.5 $ 5.6 $ 3.0 $ 9.9 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of warranty cost and accrual information | Warranty cost and accrual information were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Balance at beginning of period $ 12.7 $ 12.5 $ 12.7 $ 11.5 Expense for new warranties 3.6 3.1 9.6 10.2 Adjustments to existing accruals (0.1) — (0.4) (0.2) Claims paid (2.7) (2.5) (8.1) (8.3) Added through acquisition 1.0 — 1.1 — Translation (0.3) (0.1) (0.7) (0.2) Balance at end of period $ 14.2 $ 13.0 $ 14.2 $ 13.0 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment revenue and operating profit | Business segment information was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Revenue JBT FoodTech $ 398.9 $ 359.1 $ 1,149.3 $ 1,031.6 JBT AeroTech 156.6 118.3 417.8 339.1 Other revenue and intercompany eliminations (0.1) — (0.2) — Total revenue 555.4 477.4 1,566.9 1,370.7 Income before income taxes Segment operating profit: JBT FoodTech 57.3 48.9 147.4 141.9 JBT AeroTech 11.6 7.0 28.4 29.0 Total segment operating profit 68.9 55.9 175.8 170.9 Corporate items: Corporate expense (1) 21.5 14.3 54.3 42.2 Restructuring expense (2) 1.5 1.1 2.8 3.1 Operating income 45.9 40.5 118.7 125.6 Pension expense, other than service cost 0.1 0.1 0.1 0.1 Interest expense, net 3.6 2.1 8.2 6.3 Net income before income taxes $ 42.2 $ 38.3 $ 110.4 $ 119.2 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations. (2) Refer to Note 15. Restructuring for further information on restructuring charges. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring expense | The following table details the cumulative restructuring charges reported in operating income for the 2022 and 2020 restructuring plans since the implementation of these plans: Cumulative Amount For the Three Months Ended Cumulative Amount (In millions) Balance as of December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Balance as of 2020 restructuring plan Severance and related expense $ 9.2 $ 0.2 $ 0.7 $ 0.1 $ 10.2 Inventory write-off 2.1 0.2 — — 2.3 Employee overlap costs 2.1 0.2 0.1 — 2.4 Retention bonus 0.5 — 0.1 — 0.6 Other 3.3 0.2 — 0.1 3.6 2022/2023 restructuring plan Severance and related expense — — — 1.3 1.3 Total Restructuring charges $ 17.2 $ 0.8 $ 0.9 $ 1.5 $ 20.4 |
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: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Cost of products (1) — — 0.2 — Restructuring expense 1.5 1.1 2.8 3.1 Total restructuring charge $ 1.5 $ 1.1 $ 3.0 $ 3.1 (1) Restructuring charge reported in Cost of products is related to inventory write-off resulting from the 2020 restructuring plan. |
Schedule of restructuring reserve by type of cost | Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheet. The table below details the activities in 2022: Impact to Earnings (In millions) Balance as of December 31, 2021 Charged to Earnings Releases Cash Payments Balance as of September 30, 2022 2020 restructuring plan Severance and related expense $ 0.7 $ 1.0 $ (0.2) $ (1.3) $ 0.2 Employee overlap costs — 0.3 — (0.3) — Retention bonus 0.1 0.1 — (0.1) 0.1 Other — 0.3 — (0.3) — 2022/2023 restructuring plan Severance and related expense — 1.3 — (0.2) 1.1 Total $ 0.8 $ 3.0 $ (0.2) $ (2.2) $ 1.4 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 USD ($) acquisition | Sep. 30, 2021 acquisition | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Revenues | $ 17.2 | ||
Net loss | $ 0.3 | ||
Number of businesses acquired | acquisition | 2 | 3 | |
2021 Acquisitions | |||
Business Acquisition [Line Items] | |||
Percentage of voting interests acquired | 100% |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Nov. 02, 2021 | Jul. 02, 2021 | Feb. 28, 2021 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Net consideration | $ 329.7 | $ 185.3 | |||||
Goodwill | $ 788.5 | $ 684.8 | |||||
Urtasun | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Financial assets | $ 8.8 | ||||||
Inventories | 3.4 | ||||||
Property, plant and equipment | 3.2 | ||||||
Deferred taxes | (5.7) | ||||||
Financial liabilities | (7.8) | ||||||
Total identifiable net assets | 21.1 | ||||||
Cash consideration paid | 44.2 | ||||||
Cash acquired | 4.8 | ||||||
Net consideration | 39.4 | ||||||
Goodwill | 23.1 | ||||||
Urtasun | Customer relationship | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 11 | ||||||
Urtasun | Patents and acquired technology | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 6 | ||||||
Urtasun | Trademarks | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 2.2 | ||||||
Prevenio | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Financial assets | $ 8.1 | ||||||
Inventories | 0.2 | ||||||
Property, plant and equipment | 4.1 | ||||||
Deferred taxes | (15.1) | ||||||
Financial liabilities | (3.4) | ||||||
Total identifiable net assets | 53.1 | ||||||
Cash consideration paid | 173.3 | ||||||
Cash acquired | 3.5 | ||||||
Net consideration | 169.8 | ||||||
Goodwill | 120.2 | ||||||
Prevenio | Customer relationship | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 41 | ||||||
Prevenio | Patents and acquired technology | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 17.5 | ||||||
Prevenio | Trademarks | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | $ 0.7 | ||||||
AutoCoding Systems | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Financial assets | $ 2.9 | ||||||
Inventories | 0.7 | ||||||
Property, plant and equipment | 0 | ||||||
Deferred taxes | (0.9) | ||||||
Financial liabilities | (2.9) | ||||||
Total identifiable net assets | 7.7 | ||||||
Cash consideration paid | 16.8 | ||||||
Cash acquired | 1.1 | ||||||
Net consideration | 15.7 | ||||||
Goodwill | 9.1 | ||||||
AutoCoding Systems | Customer relationship | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 3.7 | ||||||
AutoCoding Systems | Patents and acquired technology | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 3.4 | ||||||
AutoCoding Systems | Trademarks | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | $ 0.8 | ||||||
2021 Acquisitions | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Financial assets | 53.1 | ||||||
Inventories | 50.1 | ||||||
Property, plant and equipment | 14 | ||||||
Deferred taxes | (21.7) | ||||||
Financial liabilities | (56.1) | ||||||
Total identifiable net assets | 283.3 | ||||||
Cash consideration paid | $ 573.2 | ||||||
Cash acquired | 19 | ||||||
Net consideration | $ 554.2 | ||||||
Goodwill | 289.9 | ||||||
Goodwill expected to be tax deductible | 134.6 | ||||||
2021 Acquisitions | Minimum | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Intangible assets useful lives | 4 years | ||||||
2021 Acquisitions | Maximum | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Intangible assets useful lives | 24 years | ||||||
2021 Acquisitions | Customer relationship | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 191.8 | ||||||
2021 Acquisitions | Customer relationship | Weighted Average | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Intangible assets useful lives | 19 years | ||||||
2021 Acquisitions | Patents and acquired technology | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 35.3 | ||||||
2021 Acquisitions | Patents and acquired technology | Weighted Average | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Intangible assets useful lives | 8 years | ||||||
2021 Acquisitions | Trademarks | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | $ 16.8 | ||||||
2021 Acquisitions | Trademarks | Weighted Average | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Intangible assets useful lives | 22 years | ||||||
Bevcorp | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Financial assets | 21.1 | ||||||
Inventories | 33.1 | ||||||
Property, plant and equipment | 6 | ||||||
Deferred taxes | 0 | ||||||
Financial liabilities | (19.8) | ||||||
Total identifiable net assets | 181.2 | ||||||
Cash consideration paid | 293.8 | ||||||
Cash acquired | 5.7 | ||||||
Net consideration | 288.1 | ||||||
Goodwill | 112.6 | ||||||
Bevcorp | Customer relationship | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 127 | ||||||
Bevcorp | Patents and acquired technology | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 3.8 | ||||||
Bevcorp | Trademarks | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 10 | ||||||
Alco | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Financial assets | 12.2 | ||||||
Inventories | 12.7 | ||||||
Property, plant and equipment | 0.7 | ||||||
Deferred taxes | 0 | ||||||
Financial liabilities | (22.2) | ||||||
Total identifiable net assets | 20.2 | ||||||
Cash consideration paid | 45.1 | ||||||
Cash acquired | 3.9 | ||||||
Net consideration | 41.2 | ||||||
Goodwill | 24.9 | ||||||
Alco | Customer relationship | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 9.1 | ||||||
Alco | Patents and acquired technology | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | 4.6 | ||||||
Alco | Trademarks | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Other intangible assets | $ 3.1 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2021 | $ 684.8 |
Acquisitions | 139 |
Currency translation | (35.3) |
Balance as of September 30, 2022 | 788.5 |
JBT FoodTech | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2021 | 646.7 |
Acquisitions | 139 |
Currency translation | (34.5) |
Balance as of September 30, 2022 | 751.2 |
JBT AeroTech | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2021 | 38.1 |
Acquisitions | 0 |
Currency translation | (0.8) |
Balance as of September 30, 2022 | $ 37.3 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 672.9 | $ 550.3 |
Accumulated amortization | 225.4 | 207.7 |
Non-amortizing intangible assets | 10.2 | 10.6 |
Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 430.8 | 309.3 |
Accumulated amortization | 114.8 | 102 |
Patents and acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 167.5 | 174.5 |
Accumulated amortization | 86.2 | 82 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 55.8 | 47.2 |
Accumulated amortization | 15.8 | 15 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 8.6 | 8.7 |
Accumulated amortization | $ 8.6 | $ 8.7 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 127.6 | $ 101 |
Work in process | 96.5 | 59.1 |
Finished goods | 210.2 | 151.8 |
Gross inventories before LIFO reserves and valuation adjustments | 434.3 | 311.9 |
LIFO reserves | (58.5) | (53.3) |
Valuation adjustments | (29) | (29.5) |
Net inventories | $ 346.8 | $ 229.1 |
Pension - Components of Net Per
Pension - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.4 | $ 0.5 | $ 1.3 | $ 1.7 |
Interest cost | 1.9 | 1.7 | 5.7 | 5 |
Expected return on plan assets | (3.9) | (4) | (11.7) | (11.8) |
Settlement charge | 0.2 | 0 | 0.2 | 0 |
Amortization of net actuarial losses | 1.9 | 2.3 | 5.9 | 6.9 |
Net periodic cost | $ 0.5 | $ 0.5 | $ 1.4 | $ 1.8 |
Pension - Narrative (Details)
Pension - Narrative (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions to pension and other postretirement benefit plans in current year | $ 3.1 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 979 | $ 674.4 |
Convertible Senior Notes | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2026 | |
Long-term debt, gross | $ 402.5 | 402.5 |
Less: unamortized debt issuance costs | (8.2) | (9.8) |
Long-term debt, net | $ 394.3 | 392.7 |
Weighted average interest rate | 3.24% | |
Effective interest rate | 0.82% | |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Maturity Date | Dec. 14, 2026 | |
Long-term debt, gross | $ 587 | 282.9 |
Less: unamortized debt issuance costs | (2.3) | (1.2) |
Long-term debt, net | $ 584.7 | $ 281.7 |
Debt - Components of Interest E
Debt - Components of Interest Expense (Details) - Convertible Senior Notes - Convertible Debt - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 0.3 | $ 0.3 | $ 0.8 | $ 0.4 |
Interest cost related to amortization of issuance costs | 0.5 | 0.5 | 1.6 | 0.7 |
Total interest expense | $ 0.8 | $ 0.8 | $ 2.4 | $ 1.1 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | 9 Months Ended | ||
May 28, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||
Proceeds from sale of warrants | $ 0 | $ 29,500,000 | |
Convertible Debt | Convertible Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate on debt (percent) | 0.25% | ||
Aggregate principal amount of debt | $ 402,500,000 | ||
Conversion rate | 589.58% | ||
Redemption multiple | $ 1,000 | ||
Conversion price on convertible debt (in USD per share) | $ 169.61 | ||
Convertible Debt | Convertible Senior Notes | Convertible Note Hedge | |||
Debt Instrument [Line Items] | |||
Purchase of convertible bond hedge | $ 65,600,000 | ||
Number of shares covered in transaction (in shares) | 2.4 | ||
Approximate strike price (in dollars per share) | $ 169.61 | $ 169.61 | |
Adjustments to additional paid in capital, convertible note hedge transactions | $ 17,100,000 | ||
Convertible Debt | Convertible Senior Notes | Convertible Note Warrants | |||
Debt Instrument [Line Items] | |||
Number of shares covered in transaction (in shares) | 2.4 | ||
Approximate strike price (in dollars per share) | $ 240.02 | ||
Proceeds from sale of warrants | $ 29,500,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 789.8 | $ 685.7 | $ 750.5 | $ 637.1 |
Other comprehensive income (loss) before reclassification | (16.8) | (8.2) | (33.6) | 3.1 |
Amounts reclassified from accumulated other comprehensive income | 0.1 | 1.4 | 2.4 | 4.5 |
Ending balance | 806.2 | 707.3 | 806.2 | 707.3 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (211.9) | (205.5) | (197.4) | (219.9) |
Ending balance | (228.6) | (212.3) | (228.6) | (212.3) |
Pension and Other Postretirement Benefits | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (142.5) | (158) | (145.5) | (161.4) |
Other comprehensive income (loss) before reclassification | 0.1 | 0 | 0.1 | 0 |
Amounts reclassified from accumulated other comprehensive income | 1.4 | 1.7 | 4.4 | 5.1 |
Ending balance | (141) | (156.3) | (141) | (156.3) |
Derivatives Designated as Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 10.9 | (0.9) | 1.8 | (3.8) |
Other comprehensive income (loss) before reclassification | 5.1 | (0.1) | 13.9 | 2.1 |
Amounts reclassified from accumulated other comprehensive income | (0.7) | 0.3 | (0.4) | 1 |
Ending balance | 15.3 | (0.7) | 15.3 | (0.7) |
Foreign Currency Translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (80.3) | (46.6) | (53.7) | (54.7) |
Other comprehensive income (loss) before reclassification | (22) | (8.1) | (47.6) | 1 |
Amounts reclassified from accumulated other comprehensive income | (0.6) | (0.6) | (1.6) | (1.6) |
Ending balance | $ (102.9) | $ (55.3) | $ (102.9) | $ (55.3) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustments for foreign currency translation | $ 0.8 | $ 0.8 | $ 2.2 | $ 2.2 |
Income tax provision (benefit) | 8 | 9 | 17.2 | 32.4 |
Reclassification adjustment for foreign currency translation, tax | 0.2 | 0.2 | 0.6 | 0.6 |
Derivatives Designated as Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustments for pension and postretirement benefit plans | 0.9 | |||
Reclassification adjustment for derivatives designated as hedges, tax | 0.2 | |||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense, net | 0.5 | 0.5 | 1.4 | |
Income tax provision (benefit) | (0.2) | 0.1 | (0.4) | |
Selling, General and Administrative Expenses | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustments for pension and postretirement benefit plans | 1.9 | 2.3 | 5.9 | 6.9 |
Provision for Income Taxes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustments for pension and postretirement benefit plans | $ 0.5 | $ 0.6 | $ 1.5 | $ 1.8 |
Revenue Recognition - Revenue R
Revenue Recognition - Revenue Recognition (Details) $ in Billions | Sep. 30, 2022 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, percentage to be recognized | 45% |
Revenue, remaining performance obligation, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, percentage to be recognized | 43% |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, percentage to be recognized | 11% |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, percentage to be recognized | 1% |
Revenue, remaining performance obligation, period | 1 year |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 555.4 | $ 477.4 | $ 1,566.9 | $ 1,370.7 |
JBT FoodTech | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 398.9 | 359.1 | 1,149.3 | 1,031.6 |
JBT FoodTech | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 232.3 | 201 | 668.2 | 567.2 |
JBT FoodTech | Europe, Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 100.2 | 89.9 | 293.2 | 264 |
JBT FoodTech | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 35.4 | 45.5 | 106.8 | 132.1 |
JBT FoodTech | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 31 | 22.7 | 81.1 | 68.3 |
JBT FoodTech | Recurring | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 185.9 | 169.4 | 541.4 | 484.2 |
JBT FoodTech | Non-Recurring | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 213 | 189.7 | 607.9 | 547.4 |
JBT AeroTech | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 156.6 | 118.3 | 417.8 | 339.1 |
JBT AeroTech | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 141.8 | 107.8 | 379.6 | 297.8 |
JBT AeroTech | Europe, Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7.5 | 7.2 | 20.2 | 30.7 |
JBT AeroTech | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6.1 | 2.3 | 14.9 | 7 |
JBT AeroTech | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.2 | 1 | 3.1 | 3.6 |
JBT AeroTech | Recurring | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56.2 | 45.1 | 161.2 | 130.9 |
JBT AeroTech | Non-Recurring | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 100.4 | 73.2 | 256.6 | 208.2 |
Point in Time | JBT FoodTech | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 205.6 | 170.7 | 556.8 | 487 |
Point in Time | JBT AeroTech | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 80.9 | 54 | 201.9 | 149.2 |
Over Time | JBT FoodTech | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 193.3 | 188.4 | 592.5 | 544.6 |
Over Time | JBT AeroTech | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 75.7 | $ 64.3 | $ 215.9 | $ 189.9 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||||
Contract Assets | $ 95.4 | $ 94.4 | $ 92.1 | $ 68.3 |
Contract Liabilities | $ 207.1 | $ 178 | $ 147.4 | $ 123.8 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liability, revenue recognized | $ 133.6 | $ 97.1 |
Increase in contract liabilities from acquisition | $ 22 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic earnings per share: | ||||
Net income | $ 34.2 | $ 29.3 | $ 93.2 | $ 86.8 |
Weighted average number of shares outstanding (in shares) | 32 | 32 | 32 | 32 |
Basic earnings per share from continuing operations (in dollars per share) | $ 1.07 | $ 0.91 | $ 2.91 | $ 2.71 |
Diluted earnings per share: | ||||
Net income | $ 34.2 | $ 29.3 | $ 93.2 | $ 86.8 |
Weighted average number of shares outstanding (in shares) | 32 | 32 | 32 | 32 |
Effect of dilutive securities: | ||||
Restricted stock (in shares) | 0.1 | 0.1 | 0.1 | 0.1 |
Total shares and dilutive securities (in shares) | 32.1 | 32.1 | 32.1 | 32.1 |
Diluted earnings per share from continuing operations (in dollars per share) | $ 1.07 | $ 0.91 | $ 2.90 | $ 2.71 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Derivatives | $ 46.8 | $ 17.5 |
Liabilities: | ||
Derivatives | 18 | 9.1 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Investments | 11.2 | 13.5 |
Derivatives | 49.3 | 18.4 |
Total assets | 60.5 | 31.9 |
Liabilities: | ||
Derivatives | 18 | 9.4 |
Total liabilities | 18 | 9.4 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Investments | 11.2 | 13.5 |
Derivatives | 0 | 0 |
Total assets | 11.2 | 13.5 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 49.3 | 18.4 |
Total assets | 49.3 | 18.4 |
Liabilities: | ||
Derivatives | 18 | 9.4 |
Total liabilities | 18 | 9.4 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Investments | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Mar. 31, 2022 | Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, unrealized gain | $ 0.5 | $ 4.2 |
Level 2 | Convertible Senior Notes | Convertible Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible debt, fair value | $ 336.6 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Risk Management - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2020 USD ($) derivative | May 31, 2020 USD ($) derivative | |
Derivatives, Fair Value [Line Items] | |||||||
Fair value of derivative liability | $ 18 | $ 18 | $ 9.1 | ||||
Accumulated other comprehensive income (loss) | 4.4 | $ 0.2 | $ 13.5 | $ 3.1 | |||
Not Designated as Hedging Instrument | Foreign exchange contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, term of contract (less than) | 2 years | ||||||
Notional amount | 705.2 | $ 705.2 | |||||
Not Designated as Hedging Instrument | Commodity contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, term of contract (less than) | 1 year | ||||||
Notional amount | 0.8 | $ 0.8 | |||||
Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Cross currency swap amount | 116.4 | 116.4 | |||||
Net investment hedge recorded in other comprehensive income (loss) | 13.7 | ||||||
Cash Flow Hedging | Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Accumulated other comprehensive income (loss) | 15.3 | ||||||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Number of derivative instruments held | derivative | 4 | 1 | |||||
Cross currency swap amount | $ 200 | $ 50 | |||||
Other Liabilities | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of derivative liability | $ 20.6 | 20.6 | |||||
Other Assets | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net investment hedge recorded in other comprehensive income (loss) | 18.5 | ||||||
Interest Expense | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Gain (loss) recorded in interest expense | $ 2.2 | $ 2.2 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $ 10.2 | $ 10.6 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 18 | 9.4 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 10.2 | 10.6 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 17.6 | 9.4 |
Commodity contracts | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 0.4 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Assets | $ 46.8 | $ 17.5 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Presented in the Consolidated Balance Sheet | 46.8 | 17.5 |
Amount Subject to Master Netting Agreement | (7.6) | (7.3) |
Net Amount | $ 39.2 | $ 10.2 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liabilities | $ 18 | $ 9.1 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Presented in the Consolidated Balance Sheet | 18 | 9.1 |
Amount Subject to Master Netting Agreement | (7.6) | (7.3) |
Net Amount | $ 10.4 | $ 1.8 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Risk Management - Location and Amount of Gain (Loss) on Foreign Currency Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $ (3) | $ (0.5) | $ (9.3) | $ 1 |
Remeasurement of assets and liabilities in foreign currencies | 6.8 | 0.4 | 10.9 | (1.4) |
Net gain (loss) | 3.8 | (0.1) | 1.6 | (0.4) |
Revenue | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | (2) | (1) | (6.9) | (0.6) |
Cost of sales | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | (2.1) | (0.3) | (4.4) | 0.5 |
Cost of sales | Commodity contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | (0.1) | 0 | (0.6) | 0 |
Selling, general and administrative expense | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $ 1.2 | $ 0.8 | $ 2.6 | $ 1.1 |
Leases - Lease Revenue (Details
Leases - Lease Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Fixed payment revenue | $ 16.6 | $ 16.6 | $ 49 | $ 49.5 |
Variable payment revenue | 6.3 | 3.9 | 22.7 | 12.3 |
Operating lease revenue | 22.9 | 20.5 | 71.7 | 61.8 |
Sales-type lease revenue | $ 0.5 | $ 5.6 | $ 3 | $ 9.9 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, expiration term | one year |
Guarantor obligations, amount recoverable from third-parties (as a percent) | 95% |
Performance Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 140.2 |
Financial Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 6.2 |
Customers Financing Arrangements Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 1.5 |
Guarantor obligations, maximum exposure, undiscounted, net | $ 0.3 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | $ 12.7 | $ 12.5 | $ 12.7 | $ 11.5 |
Expense for new warranties | 3.6 | 3.1 | 9.6 | 10.2 |
Adjustments to existing accruals | (0.1) | 0 | (0.4) | (0.2) |
Claims paid | (2.7) | (2.5) | (8.1) | (8.3) |
Added through acquisition | 1 | 0 | 1.1 | 0 |
Translation | (0.3) | (0.1) | (0.7) | (0.2) |
Balance at end of period | $ 14.2 | $ 13 | $ 14.2 | $ 13 |
Business Segment Information -
Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Corporate expense | $ 112.3 | $ 100.9 | $ 329 | $ 296.9 |
Restructuring expense | 1.5 | 1.1 | 2.8 | 3.1 |
Operating income | 45.9 | 40.5 | 118.7 | 125.6 |
Pension expense, other than service cost | (0.1) | (0.1) | (0.1) | (0.1) |
Net income before income taxes | 42.2 | 38.3 | 110.4 | 119.2 |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 555.4 | 477.4 | 1,566.9 | 1,370.7 |
Segment operating profit | 68.9 | 55.9 | 175.8 | 170.9 |
Operating segments | JBT FoodTech | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 398.9 | 359.1 | 1,149.3 | 1,031.6 |
Segment operating profit | 57.3 | 48.9 | 147.4 | 141.9 |
Operating segments | JBT AeroTech | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 156.6 | 118.3 | 417.8 | 339.1 |
Segment operating profit | 11.6 | 7 | 28.4 | 29 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (0.1) | 0 | (0.2) | 0 |
Corporate, non-segment | ||||
Segment Reporting Information [Line Items] | ||||
Corporate expense | 21.5 | 14.3 | 54.3 | 42.2 |
Restructuring expense | 1.5 | 1.1 | 2.8 | 3.1 |
Operating income | 45.9 | 40.5 | 118.7 | 125.6 |
Pension expense, other than service cost | 0.1 | 0.1 | 0.1 | 0.1 |
Interest expense, net | $ 3.6 | $ 2.1 | $ 8.2 | $ 6.3 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 1.5 | $ 1.1 | $ 2.8 | $ 3.1 | |
Restructuring charges, release of liability | (0.2) | ||||
Restructuring costs incurred to date | 20.4 | 20.4 | $ 17.2 | ||
2020 restructuring plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, release of liability | 0.2 | ||||
2020 restructuring plan | JBT FoodTech | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost under plan | 11 | 11 | |||
2020 restructuring plan | JBT AeroTech | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost under plan | 6 | 6 | |||
2022 Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred to date | 1.3 | 1.3 | |||
Severance and related expense | 2020 restructuring plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, release of liability | 0.2 | ||||
Restructuring costs incurred to date | 10.2 | 10.2 | 9.2 | ||
Severance and related expense | 2022 Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, release of liability | 0 | ||||
Restructuring costs incurred to date | $ 1.3 | $ 1.3 | $ 0 |
Restructuring - Restructuring E
Restructuring - Restructuring Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Reserve [Roll Forward] | ||||||
Cumulative amount of restructuring costs, beginning balance | $ 17.2 | $ 17.2 | ||||
Charged to Earnings | $ 1.5 | $ 0.9 | 0.8 | $ 1.1 | 3 | $ 3.1 |
Cumulative amount of restructuring costs, ending balance | 20.4 | 20.4 | ||||
2020 restructuring plan | Severance and related expense | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cumulative amount of restructuring costs, beginning balance | 9.2 | 9.2 | ||||
Charged to Earnings | 0.1 | 0.7 | 0.2 | |||
Cumulative amount of restructuring costs, ending balance | 10.2 | 10.2 | ||||
2020 restructuring plan | Inventory write-off | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cumulative amount of restructuring costs, beginning balance | 2.1 | 2.1 | ||||
Charged to Earnings | 0 | 0 | 0.2 | |||
Cumulative amount of restructuring costs, ending balance | 2.3 | 2.3 | ||||
2020 restructuring plan | Employee overlap costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cumulative amount of restructuring costs, beginning balance | 2.1 | 2.1 | ||||
Charged to Earnings | 0 | 0.1 | 0.2 | |||
Cumulative amount of restructuring costs, ending balance | 2.4 | 2.4 | ||||
2020 restructuring plan | Retention bonus | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cumulative amount of restructuring costs, beginning balance | 0.5 | 0.5 | ||||
Charged to Earnings | 0 | 0.1 | 0 | |||
Cumulative amount of restructuring costs, ending balance | 0.6 | 0.6 | ||||
2020 restructuring plan | Other | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cumulative amount of restructuring costs, beginning balance | 3.3 | 3.3 | ||||
Charged to Earnings | 0.1 | 0 | 0.2 | |||
Cumulative amount of restructuring costs, ending balance | 3.6 | 3.6 | ||||
2022 Restructuring Plan | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cumulative amount of restructuring costs, ending balance | 1.3 | 1.3 | ||||
2022 Restructuring Plan | Severance and related expense | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cumulative amount of restructuring costs, beginning balance | 0 | 0 | ||||
Charged to Earnings | 1.3 | $ 0 | $ 0 | |||
Cumulative amount of restructuring costs, ending balance | $ 1.3 | $ 1.3 |
Restructuring - Consolidated In
Restructuring - Consolidated Income Statement Location (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 1.5 | $ 0.9 | $ 0.8 | $ 1.1 | $ 3 | $ 3.1 |
Costs of products | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 0 | 0 | 0.2 | 0 | ||
Restructuring expense | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 1.5 | $ 1.1 | $ 2.8 | $ 3.1 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 0.8 |
Charged to Earnings | 3 |
Releases | 0.2 |
Cash Payments | (2.2) |
Restructuring reserve, ending balance | 1.4 |
2020 restructuring plan | |
Restructuring Reserve [Roll Forward] | |
Releases | (0.2) |
2020 restructuring plan | Severance and related expense | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 0.7 |
Charged to Earnings | 1 |
Releases | (0.2) |
Cash Payments | (1.3) |
Restructuring reserve, ending balance | 0.2 |
2020 restructuring plan | Employee overlap costs | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 0 |
Charged to Earnings | 0.3 |
Releases | 0 |
Cash Payments | (0.3) |
Restructuring reserve, ending balance | 0 |
2020 restructuring plan | Retention bonus | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 0.1 |
Charged to Earnings | 0.1 |
Releases | 0 |
Cash Payments | (0.1) |
Restructuring reserve, ending balance | 0.1 |
2020 restructuring plan | Other | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 0 |
Charged to Earnings | 0.3 |
Releases | 0 |
Cash Payments | (0.3) |
Restructuring reserve, ending balance | 0 |
2022 Restructuring Plan | Severance and related expense | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 0 |
Charged to Earnings | 1.3 |
Releases | 0 |
Cash Payments | (0.2) |
Restructuring reserve, ending balance | $ 1.1 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - Manufacturing Facility Lease - Affiliated Entity $ in Millions | Sep. 30, 2022 USD ($) |
Related Party Transaction [Line Items] | |
Right of use asset | $ 4.1 |
Lease liability | $ 4.3 |