Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'John Bean Technologies Corp | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 29,138,162 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001433660 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue | $198 | $185.70 |
Operating expenses: | ' | ' |
Cost of sales | 146 | 135.4 |
Selling, general and administrative expense | 43.6 | 40.9 |
Research and development expense | 3.5 | 3.2 |
Restructuring expense | 10.2 | ' |
Other income, net | -0.1 | -0.4 |
Operating income (loss) | -5.2 | 6.6 |
Interest income | 0.5 | 0.5 |
Interest expense | -1.8 | -1.9 |
Income (loss) from continuing operations before income taxes | -6.5 | 5.2 |
Provision (benefit) for income taxes | -1.8 | 1.1 |
Income (loss) from continuing operations | -4.7 | 4.1 |
Loss from discontinued operations, net of taxes | -0.1 | ' |
Net income (loss) | ($4.80) | $4.10 |
Basic earnings (loss) per share: | ' | ' |
Income (loss) from continuing operations (in Dollars per share) | ($0.16) | $0.14 |
Loss from discontinued operations (in Dollars per share) | $0 | $0 |
Net income (loss) (in Dollars per share) | ($0.16) | $0.14 |
Diluted earnings (loss) per share: | ' | ' |
Income (loss) from continuing operations (in Dollars per share) | ($0.16) | $0.14 |
Loss from discontinued operations (in Dollars per share) | $0 | $0 |
Net income (loss) (in Dollars per share) | ($0.16) | $0.14 |
Cash dividends declared per share (in Dollars per share) | $0.09 | $0.07 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (loss) | ($4.80) | $4.10 |
Other comprehensive income (loss) | ' | ' |
Foreign currency translation adjustments | 0.7 | -1.8 |
Pension and other postretirement benefits adjustments, net of tax | 0.6 | 0.5 |
Other comprehensive income (loss) | 1.3 | -1.3 |
Comprehensive income (loss) | ($3.50) | $2.80 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $19.10 | $29.40 |
Trade receivables, net of allowances of $3.2 and $3.7, respectively | 148.7 | 186.4 |
Inventories | 142.4 | 117.6 |
Other current assets | 68.3 | 63.2 |
Total current assets | 378.5 | 396.6 |
Property, plant and equipment, net of accumulated depreciation of $245.9 and $241.9, respectively | 134.9 | 132.7 |
Other assets | 87.4 | 91.9 |
Total Assets | 600.8 | 621.2 |
Current Liabilities: | ' | ' |
Short-term debt and current portion of long-term debt | 4.2 | 6.3 |
Accounts payable, trade and other | 88.8 | 88.1 |
Advance and progress payments | 94.9 | 88.3 |
Other current liabilities | 101.4 | 94.9 |
Total current liabilities | 289.3 | 277.6 |
Long-term debt, less current portion | 79.2 | 94.1 |
Accrued pension and other postretirement benefits, less current portion | 46.1 | 52.5 |
Other liabilities | 38.2 | 42.6 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued | 0 | 0 |
Common stock, $0.01 par value; 120,000,000 shares authorized; 2014: 29,138,162 issued and outstanding; 2013: 28,979,080 issued and outstanding | 0.3 | 0.3 |
Additional paid-in capital | 67.6 | 67.7 |
Retained earnings | 138.9 | 146.5 |
Accumulated other comprehensive loss | -58.8 | -60.1 |
Total stockholders' equity | 148 | 154.4 |
Total Liabilities and Stockholders' Equity | $600.80 | $621.20 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowances, trade receivables (in Dollars) | $3.20 | $3.70 |
Property, plant and equipment, accumulated depreciation (in Dollars) | $245.90 | $241.90 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 29,138,162 | 28,979,080 |
Common stock, shares outstanding | 29,138,162 | 28,979,080 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net income (loss) | ($4.80) | $4.10 |
Loss from discontinued operations, net of income taxes | -0.1 | ' |
Income (loss) from continuing operations | -4.7 | 4.1 |
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations: | ' | ' |
Depreciation and amortization | 5.6 | 6.1 |
Stock-based compensation | 1.7 | 1.7 |
Other | 3.8 | -3.4 |
Changes in operating assets and liabilities: | ' | ' |
Trade receivables, net | 38.4 | 37.8 |
Inventories | -22.1 | -24.8 |
Accounts payable, trade and other | 1.4 | -13.5 |
Advance and progress payments | 6.5 | 27.2 |
Other assets and liabilities, net | -9.5 | -17.3 |
Cash provided by continuing operating activities | 21.1 | 17.9 |
Net cash required by discontinued operating activities | -0.1 | -0.1 |
Cash provided by operating activities | 21 | 17.8 |
Cash Flows From Investing Activities: | ' | ' |
Acquisitions | -1.7 | ' |
Capital expenditures | -8.5 | -8.3 |
Proceeds from disposal of assets | 0.3 | 0.3 |
Cash required by investing activities | -9.9 | -8 |
Cash Flows From Financing Activities: | ' | ' |
Net increase (decrease) in short-term debt | -0.6 | 0.1 |
Net payments on credit facilities | -14.1 | -93.2 |
Repayment of long-term debt | -2.5 | ' |
Issuance of long-term debt | ' | 4 |
Excess tax benefits | 0.9 | 0.2 |
Tax withholdings on stock-based compensation awards | -2.6 | -2.3 |
Dividends | -2.8 | -2.3 |
Other | ' | -0.1 |
Cash required by financing activities | -21.7 | -93.6 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0.3 | 0.1 |
Decrease in cash and cash equivalents | -10.3 | -83.7 |
Cash and cash equivalents, beginning of period | 29.4 | 99 |
Cash and cash equivalents, end of period | $19.10 | $15.30 |
Note_1_Description_of_Business
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1. Description of Business and Basis of Presentation | |
Description of Business | |
John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (“JBT” or “we”) provide global technology solutions for the food processing and air transportation industries. We design, manufacture, test and service technologically sophisticated systems and products for customers through our JBT FoodTech and JBT AeroTech segments. We have manufacturing operations worldwide and are strategically located to facilitate delivery of our products and services to our customers. | |
Basis of Presentation | |
The preceding condensed consolidated balance sheet as of December 31, 2013, which has been derived from audited financial statements, and unaudited interim condensed consolidated financial statements, together with the notes thereto (the “statements”), of JBT have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As permitted under those rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States has been condensed or omitted. Therefore, these statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
In the opinion of management, the statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these statements may not be representative of those for the full year or any future period. | |
Use of estimates | |
Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. |
Note_2_Inventories
Note 2 - Inventories | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||
Inventory Disclosure [Text Block] | ' | |||||||||
Note 2. Inventories | ||||||||||
Inventories consisted of the following: | ||||||||||
(In millions) | 31-Mar-14 | 31-Dec-13 | ||||||||
Raw materials | $ | 61.5 | $ | 59.9 | ||||||
Work in process | 60.6 | 41.7 | ||||||||
Finished goods | 86 | 80.5 | ||||||||
Gross inventories before LIFO reserves and valuation adjustments | 208.1 | 182.1 | ||||||||
LIFO reserves and valuation adjustments | (65.7 | ) | (64.5 | ) | ||||||
Net inventories | $ | 142.4 | $ | 117.6 | ||||||
Note_3_Pension_and_Other_Postr
Note 3 - Pension and Other Postretirement Benefits | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||||
Note 3. Pension and Other Postretirement Benefits | ||||||||||||||||||
Components of net periodic benefit cost were as follows: | ||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
March 31, | March 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 0.4 | $ | 0.4 | $ | - | $ | - | ||||||||||
Interest cost | 3.7 | 3.4 | 0.1 | 0.1 | ||||||||||||||
Expected return on plan assets | (4.9 | ) | (4.5 | ) | - | - | ||||||||||||
Amortization of prior service (credit) cost | - | - | - | (0.1 | ) | |||||||||||||
Amortization of net actuarial losses | 0.7 | 1 | - | - | ||||||||||||||
Settlements | 0.2 | - | - | - | ||||||||||||||
Net periodic benefit cost | $ | 0.1 | $ | 0.3 | $ | 0.1 | $ | - | ||||||||||
Note_4_Accumulated_Other_Compr
Note 4 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income Loss [Text Block] | ' | ||||||||||||
Note 4. accumulated other comprehensive income (loss) | |||||||||||||
Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For JBT, AOCI is primarily composed of adjustments related to pension and other postretirement benefits plans and foreign currency translation adjustments. Changes in the AOCI balances for the quarter ended March 31, 2014 by component are shown in the following table: | |||||||||||||
Pension and | Foreign | Total | |||||||||||
Other | Currency | ||||||||||||
Postretirement | Translation | ||||||||||||
Benefits | |||||||||||||
(In millions) | |||||||||||||
Beginning balance, December 31, 2013 | $ | (60.0 | ) | $ | (0.1 | ) | $ | (60.1 | ) | ||||
Other comprehensive income before reclassification | - | 0.7 | 0.7 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.6 | - | 0.6 | ||||||||||
Ending balance, March 31, 2014 | $ | (59.4 | ) | $ | 0.6 | $ | (58.8 | ) | |||||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefits plans for the three months ended March 31, 2014, which includes current period settlements, were $0.9 million in selling, general and administrative expense net of $0.3 million in provision for income taxes. |
Note_5_Earnings_Per_Share
Note 5 - Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
Note 5. Earnings Per Share | |||||||||
The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the respective periods and our basic and diluted shares outstanding: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions, except per share data) | 2014 | 2013 | |||||||
Basic earnings (loss) per share: | |||||||||
Income (loss) from continuing operations | $ | (4.7 | ) | $ | 4.1 | ||||
Weighted average number of shares outstanding | 29.4 | 29.2 | |||||||
Basic earnings (loss) per share from continuing operations | $ | (0.16 | ) | $ | 0.14 | ||||
Diluted earnings (loss) per share: | |||||||||
Income (loss) from continuing operations | $ | (4.7 | ) | $ | 4.1 | ||||
Weighted average number of shares outstanding | 29.4 | 29.2 | |||||||
Effect of dilutive securities: | |||||||||
Restricted stock | - | 0.3 | |||||||
Total shares and dilutive securities | 29.4 | 29.5 | |||||||
Diluted earnings (loss) per share from continuing operations | $ | (0.16 | ) | $ | 0.14 | ||||
Due to the loss from continuing operations generated during the three months ended March 31, 2014, 0.4 million shares of restricted stock were excluded from the diluted earnings per share calculation as their effect was anti-dilutive. |
Note_6_Derivative_Financial_In
Note 6 - Derivative Financial Instruments and Risk Management | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||||
Note 6. Derivative Financial Instruments and Risk Management | |||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
We hold derivative financial instruments for the purpose of hedging foreign currency risks for certain identifiable and anticipated transactions. | |||||||||||||||||||||
We manufacture and sell our products in a number of countries throughout the world and, as a result, are exposed to movements in foreign currency exchange rates. Our major foreign currency exposures involve the markets in Western Europe, South America and Asia. Many of our sales and purchase contracts are written contemplating this risk and therefore contain embedded derivatives, which we take into consideration as part of our risk management policy. The purpose of our foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. We primarily utilize forward foreign exchange contracts with maturities of less than 2 years. We do not apply hedge accounting for these forward foreign exchange contracts. As of March 31, 2014, we held forward foreign exchange contracts with an aggregate notional value of $428.7 million. | |||||||||||||||||||||
The following table presents the fair value of foreign currency derivatives included within the condensed consolidated balance sheets: | |||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||
(In millions) | Derivative | Derivative | Derivative | Derivative | |||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||
Other current assets / liabilities | $ | 3.1 | $ | 3 | $ | 5.8 | $ | 3 | |||||||||||||
Other assets / liabilities | 2.4 | 0.4 | 2.6 | 0.6 | |||||||||||||||||
Total | $ | 5.5 | $ | 3.4 | $ | 8.4 | $ | 3.6 | |||||||||||||
Refer to Note 7. Fair Value of Financial Instruments, for a description of how the values of the above financial instruments are determined. | |||||||||||||||||||||
A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. We enter into master netting arrangements with our counterparties when possible in order to mitigate credit risk in derivative transactions by permitting us to net settle for transactions with the same counterparty. However, we do not net settle with such counterparties. As a result, we present our derivatives at gross fair values in the condensed consolidated balance sheets. As of March 31, 2014 and December 31, 2013, information related to these offsetting arrangements was as follows: | |||||||||||||||||||||
(in millions) | As of March 31, 2014 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts Not Offset in the | ||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Presented in the Consolidated | Financial | Net Amount | |||||||||||||||||
Recognized Assets | Offset in the | Balance Sheets | Instruments | ||||||||||||||||||
Consolidated | |||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Derivatives | $ | 5.5 | $ | - | $ | 5.5 | $ | (2.0 | ) | $ | 3.5 | ||||||||||
Offsetting of Liabilities | As of March 31, 2014 | ||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Presented in the Consolidated | Financial | Net Amount | |||||||||||||||||
Recognized Liabilities | Offset in the | Balance Sheets | Instruments | ||||||||||||||||||
Consolidated | |||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Derivatives | $ | 3.4 | $ | - | $ | 3.4 | $ | (2.0 | ) | $ | 1.4 | ||||||||||
(in millions) | As of December 31, 2013 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts Not Offset in the | ||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Presented in the Consolidated | Financial | Net Amount | |||||||||||||||||
Recognized Assets | Offset in the | Balance Sheets | Instruments | ||||||||||||||||||
Consolidated | |||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Derivatives | $ | 8.4 | $ | - | $ | 8.4 | $ | (2.9 | ) | $ | 5.5 | ||||||||||
Offsetting of Liabilities | As of December 31, 2013 | ||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Presented in the Consolidated | Financial | Net Amount | |||||||||||||||||
Recognized Liabilities | Offset in the | Balance Sheets | Instruments | ||||||||||||||||||
Consolidated | |||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Derivatives | $ | 3.6 | $ | - | $ | 3.6 | $ | (2.9 | ) | $ | 0.7 | ||||||||||
The following table presents the location and amount of gain (loss) from derivatives and the remeasurement of assets and liabilities in foreign currencies, as well as the net impact recognized in the condensed consolidated statements of income (loss): | |||||||||||||||||||||
Derivatives not designated | Location of Gain (Loss) Recognized | Amount of Gain (Loss) Recognized | |||||||||||||||||||
as hedging instruments | in Income on Derivatives | in Income on Derivatives | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||
Foreign exchange contracts | Revenue | $ | (0.3 | ) | $ | 3.9 | |||||||||||||||
Foreign exchange contracts | Cost of sales | 0.4 | (1.1 | ) | |||||||||||||||||
Foreign exchange contracts | Other income, net | - | (0.1 | ) | |||||||||||||||||
Total | 0.1 | 2.7 | |||||||||||||||||||
Remeasurement of assets and liabilities in foreign currencies | 0.2 | (0.6 | ) | ||||||||||||||||||
Net gain on foreign currency transactions | $ | 0.3 | $ | 2.1 | |||||||||||||||||
Credit Risk | |||||||||||||||||||||
By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject us to credit risk primarily consist of trade receivables and derivative contracts. We manage the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and credit limits, and monitoring counterparties’ financial condition. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for the losses are established based on collectability assessments. |
Note_7_Fair_Value_of_Financial
Note 7 - Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||||||||||||
Note 7. Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||
The fair value framework requires the categorization of assets and liabilities measured at fair value 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. | ||||||||||||||||||||||||||||||||||
• | Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | ||||||||||||||||||||||||||||||||||
• | Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | ||||||||||||||||||||||||||||||||||
Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Investments | $ | 12 | $ | 12 | $ | - | $ | - | $ | 11.9 | $ | 11.9 | $ | - | $ | - | |||||||||||||||||||
Derivatives | $ | 5.5 | - | 5.5 | - | $ | 8.4 | - | 8.4 | - | |||||||||||||||||||||||||
Total assets | $ | 17.5 | $ | 12 | $ | 5.5 | $ | - | $ | 20.3 | $ | 11.9 | $ | 8.4 | $ | - | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Derivatives | $ | 3.4 | $ | - | $ | 3.4 | $ | - | $ | 3.6 | $ | - | $ | 3.6 | $ | - | |||||||||||||||||||
Investments represent securities held in a trust for the non-qualified deferred compensation plan. Investments are classified as trading securities and are valued based on quoted prices in active markets for identical assets that we have the ability to access. Investments are reported in other assets on the condensed consolidated balance sheets. Investments include an unrealized gain of $0.1 million as of March 31, 2014 and an unrealized gain of $0.5 million as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
We use the income approach to measure the fair value of derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change between the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values, and applying an appropriate discount rate as well as a factor of credit risk. | |||||||||||||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities. | |||||||||||||||||||||||||||||||||||
The carrying values and the estimated fair values of our debt financial instruments are summarized in the table below: | |||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
(In millions) | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||||||||||||||||||
Senior unsecured notes due July 31, 2015 | $ | 75 | $ | 80 | $ | 75 | $ | 80.7 | |||||||||||||||||||||||||||
Revolving credit facility, expires November 30, 2017 | 2.3 | 2.3 | 16.5 | 16.5 | |||||||||||||||||||||||||||||||
Brazilian loan due August 20, 2014 | 2 | 2 | 4 | 4 | |||||||||||||||||||||||||||||||
Brazilian loan due April 15, 2016 | 3.5 | 3.1 | 3.4 | 2.9 | |||||||||||||||||||||||||||||||
Foreign credit facilities | 0.6 | 0.6 | 1 | 1 | |||||||||||||||||||||||||||||||
Other | - | - | 0.5 | 0.5 | |||||||||||||||||||||||||||||||
There is no active or observable market for our fixed rate borrowings, which include our senior unsecured notes and our Brazilian loans. Therefore, the estimated fair value of the notes and the Brazilian loans are based on discounted cash flows using current interest rates available for debt with similar terms and remaining maturities. The estimates of the all-in interest rate for discounting the notes and the loans are based on a broker quote for notes and loans with similar terms. We do not have a rate adjustment for risk profile changes, covenant issues or credit rating changes, therefore the broker quote is deemed to be the closest approximation of current market rates. The carrying values of the remaining borrowings approximate their fair values due to their variable interest rates. |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
Note 8. Commitments and Contingencies | |||||||||
We are involved in legal proceedings arising in the ordinary course of business. Although the results of litigation cannot be predicted with certainty, we do not believe that the resolution of the proceedings that we are involved in, either individually or taken as a whole, will have a material adverse effect on our business, results of operations or financial condition. | |||||||||
We have assumed liabilities related to specified legal proceedings arising from our business prior to our 2008 spin-off from FMC Technologies, Inc. As a result, although FMC Technologies, Inc. will in many cases remain the named defendant, we will manage the litigation and indemnify FMC Technologies, Inc. for costs, expenses and judgments arising from such litigation. We do not believe that any existing litigation we have assumed will have a material effect on our business, results of operations or financial condition. | |||||||||
Guarantees and Product Warranties | |||||||||
In the ordinary course of business with customers, vendors and others, we issue standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled approximately $87.7 million at March 31, 2014, represent guarantees of our future performance. We also have provided approximately $6.2 million of bank guarantees and letters of credit to secure a portion of our existing financial obligations. The majority of these financial instruments expire within two years; we expect to replace them through the issuance of new or the extension of existing letters of credit and surety bonds. In some instances, we guarantee a small portion of our customers’ financing arrangements and retain recourse to the equipment sold. As of March 31, 2014, the maximum future payment obligation under such guarantees was $2.7 million. Historically, we have not made significant payments associated with guarantees of our customers’ financing arrangements. | |||||||||
We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. We provide for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists. We also provide a warranty liability when additional specific obligations are identified. The warranty obligation reflected in other current liabilities in the condensed consolidated balance sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Balance at beginning of period | $ | 10.1 | $ | 7.3 | |||||
Expense for new warranties | 2.2 | 2.3 | |||||||
Adjustments to existing accruals | (0.2 | ) | (0.2 | ) | |||||
Claims paid | (2.1 | ) | (2.5 | ) | |||||
Balance at end of period | $ | 10 | $ | 6.9 | |||||
Note_9_Business_Segment_Inform
Note 9 - Business Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
Note 9. Business Segment Information | |||||||||
Segment operating profit is defined as total segment revenue less segment operating expenses. Business segment information was as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Revenue | |||||||||
JBT FoodTech | $ | 135.4 | $ | 111.9 | |||||
JBT AeroTech | 62.6 | 70.7 | |||||||
Other revenue (1) and intercompany eliminations | - | 3.1 | |||||||
Total revenue | $ | 198 | $ | 185.7 | |||||
Income (loss) before income taxes | |||||||||
Segment operating profit: | |||||||||
JBT FoodTech | $ | 11.4 | $ | 7.9 | |||||
JBT AeroTech | 2.4 | 4.2 | |||||||
Total segment operating profit | 13.8 | 12.1 | |||||||
Corporate items: | |||||||||
Corporate expense (2) | (8.8 | ) | (5.5 | ) | |||||
Restructuring expense (3) | (10.2 | ) | - | ||||||
Operating income (loss) | (5.2 | ) | 6.6 | ||||||
Net interest expense | (1.3 | ) | (1.4 | ) | |||||
Income (loss) from continuing operations before income taxes | $ | (6.5 | ) | $ | 5.2 | ||||
-1 | Other revenue is comprised of certain gains and losses related to foreign exchange exposures. | ||||||||
-2 | Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefits expenses not related to service, LIFO adjustments, foreign exchange gains and losses, and the impact of unusual or strategic events not representative of segment operations. | ||||||||
-3 | Refer to Note 10 for detailed restructuring expense discussion. | ||||||||
Note_10_Restructuring
Note 10 - Restructuring | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 10. RESTRUCTURING | |||||||||||||||||
Restructuring costs primarily consist of employee separation benefits under our existing severance programs, foreign statutory termination benefits, certain one-time termination benefits, contract termination costs, asset impairment charges and other costs that are associated with restructuring actions. Restructuring charges are determined based on estimates prepared at the time the restructuring actions were approved by the management and also include amounts recognized as incurred. | |||||||||||||||||
During the fourth quarter of 2013, we implemented a restructuring plan that included management changes both in the U.S. and in non-U.S. subsidiaries. We incurred severance costs of $1.6 million in connection with this plan in the fourth quarter of 2013; such costs were determined based on the Company’s existing severance programs and other one-time termination benefits arrangements. We made payments of approximately $1.1 million under this plan in the first quarter of 2014 and expect to complete the plan within 2014. | |||||||||||||||||
In the first quarter of 2014, we implemented a plan to optimize the overall JBT cost structure on a global basis. The initiatives under this plan include streamlining operations, consolidating certain facilities and enhancing the Company’s general and administrative infrastructure. The total estimated cost in connection with this plan is in the range of $12 million to $13 million with $10.2 million recorded in the first quarter of 2014. We anticipate incurring approximately $2 million to $3 million by the end of 2014. All payments required under this plan are expected to be made during 2014 and 2015. | |||||||||||||||||
Additional information regarding the restructuring charges for all ongoing activities is presented in the table below: | |||||||||||||||||
(In millions) | |||||||||||||||||
Charges incurred to date | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Severance and related expense | $ | 9.3 | $ | - | |||||||||||||
Asset write-offs | 0.5 | - | |||||||||||||||
Other | 0.4 | - | |||||||||||||||
Total Restructuring charges | $ | 10.2 | $ | - | |||||||||||||
While restructuring charges are excluded from our calculation of segment operating profit, the table below presents the restructuring charges associated with each segment: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||
JBT FoodTech | $ | 8.6 | $ | - | |||||||||||||
JBT AeroTech | 1.1 | - | |||||||||||||||
Corporate | 0.5 | - | |||||||||||||||
Total Restructuring charges | $ | 10.2 | $ | - | |||||||||||||
Restructuring reserves are included in other current liabilities in the accompanying condensed consolidated balance sheets. The table below details the activities in 2014: | |||||||||||||||||
(In millions) | Balance as of | Charged to | Payments Made / | Balance as of | |||||||||||||
31-Dec-13 | Earnings | Charges Applied | 31-Mar-14 | ||||||||||||||
Severance and related expense | $ | 1.6 | $ | 9.3 | $ | (1.4 | ) | $ | 9.5 | ||||||||
Asset write-offs | - | 0.5 | (0.5 | ) | - | ||||||||||||
Other | - | 0.4 | (0.2 | ) | 0.2 | ||||||||||||
Total | $ | 1.6 | $ | 10.2 | $ | (2.1 | ) | $ | 9.7 | ||||||||
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||||
(In millions) | 31-Mar-14 | 31-Dec-13 | ||||||||
Raw materials | $ | 61.5 | $ | 59.9 | ||||||
Work in process | 60.6 | 41.7 | ||||||||
Finished goods | 86 | 80.5 | ||||||||
Gross inventories before LIFO reserves and valuation adjustments | 208.1 | 182.1 | ||||||||
LIFO reserves and valuation adjustments | (65.7 | ) | (64.5 | ) | ||||||
Net inventories | $ | 142.4 | $ | 117.6 |
Note_3_Pension_and_Other_Postr1
Note 3 - Pension and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
March 31, | March 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 0.4 | $ | 0.4 | $ | - | $ | - | ||||||||||
Interest cost | 3.7 | 3.4 | 0.1 | 0.1 | ||||||||||||||
Expected return on plan assets | (4.9 | ) | (4.5 | ) | - | - | ||||||||||||
Amortization of prior service (credit) cost | - | - | - | (0.1 | ) | |||||||||||||
Amortization of net actuarial losses | 0.7 | 1 | - | - | ||||||||||||||
Settlements | 0.2 | - | - | - | ||||||||||||||
Net periodic benefit cost | $ | 0.1 | $ | 0.3 | $ | 0.1 | $ | - |
Note_4_Accumulated_Other_Compr1
Note 4 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | ' | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||
Pension and | Foreign | Total | |||||||||||
Other | Currency | ||||||||||||
Postretirement | Translation | ||||||||||||
Benefits | |||||||||||||
(In millions) | |||||||||||||
Beginning balance, December 31, 2013 | $ | (60.0 | ) | $ | (0.1 | ) | $ | (60.1 | ) | ||||
Other comprehensive income before reclassification | - | 0.7 | 0.7 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.6 | - | 0.6 | ||||||||||
Ending balance, March 31, 2014 | $ | (59.4 | ) | $ | 0.6 | $ | (58.8 | ) |
Note_5_Earnings_Per_Share_Tabl
Note 5 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions, except per share data) | 2014 | 2013 | |||||||
Basic earnings (loss) per share: | |||||||||
Income (loss) from continuing operations | $ | (4.7 | ) | $ | 4.1 | ||||
Weighted average number of shares outstanding | 29.4 | 29.2 | |||||||
Basic earnings (loss) per share from continuing operations | $ | (0.16 | ) | $ | 0.14 | ||||
Diluted earnings (loss) per share: | |||||||||
Income (loss) from continuing operations | $ | (4.7 | ) | $ | 4.1 | ||||
Weighted average number of shares outstanding | 29.4 | 29.2 | |||||||
Effect of dilutive securities: | |||||||||
Restricted stock | - | 0.3 | |||||||
Total shares and dilutive securities | 29.4 | 29.5 | |||||||
Diluted earnings (loss) per share from continuing operations | $ | (0.16 | ) | $ | 0.14 |
Note_6_Derivative_Financial_In1
Note 6 - Derivative Financial Instruments and Risk Management (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||
(In millions) | Derivative | Derivative | Derivative | Derivative | |||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||
Other current assets / liabilities | $ | 3.1 | $ | 3 | $ | 5.8 | $ | 3 | |||||||||||||
Other assets / liabilities | 2.4 | 0.4 | 2.6 | 0.6 | |||||||||||||||||
Total | $ | 5.5 | $ | 3.4 | $ | 8.4 | $ | 3.6 | |||||||||||||
Schedule of Derivative Assets at Fair Value [Table Text Block] | ' | ||||||||||||||||||||
(in millions) | As of March 31, 2014 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts Not Offset in the | ||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Presented in the Consolidated | Financial | Net Amount | |||||||||||||||||
Recognized Assets | Offset in the | Balance Sheets | Instruments | ||||||||||||||||||
Consolidated | |||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Derivatives | $ | 5.5 | $ | - | $ | 5.5 | $ | (2.0 | ) | $ | 3.5 | ||||||||||
(in millions) | As of December 31, 2013 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts Not Offset in the | ||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Presented in the Consolidated | Financial | Net Amount | |||||||||||||||||
Recognized Assets | Offset in the | Balance Sheets | Instruments | ||||||||||||||||||
Consolidated | |||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Derivatives | $ | 8.4 | $ | - | $ | 8.4 | $ | (2.9 | ) | $ | 5.5 | ||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||||||||||||||||||
Offsetting of Liabilities | As of March 31, 2014 | ||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Presented in the Consolidated | Financial | Net Amount | |||||||||||||||||
Recognized Liabilities | Offset in the | Balance Sheets | Instruments | ||||||||||||||||||
Consolidated | |||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Derivatives | $ | 3.4 | $ | - | $ | 3.4 | $ | (2.0 | ) | $ | 1.4 | ||||||||||
Offsetting of Liabilities | As of December 31, 2013 | ||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Presented in the Consolidated | Financial | Net Amount | |||||||||||||||||
Recognized Liabilities | Offset in the | Balance Sheets | Instruments | ||||||||||||||||||
Consolidated | |||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Derivatives | $ | 3.6 | $ | - | $ | 3.6 | $ | (2.9 | ) | $ | 0.7 | ||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||||
Derivatives not designated | Location of Gain (Loss) Recognized | Amount of Gain (Loss) Recognized | |||||||||||||||||||
as hedging instruments | in Income on Derivatives | in Income on Derivatives | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||
Foreign exchange contracts | Revenue | $ | (0.3 | ) | $ | 3.9 | |||||||||||||||
Foreign exchange contracts | Cost of sales | 0.4 | (1.1 | ) | |||||||||||||||||
Foreign exchange contracts | Other income, net | - | (0.1 | ) | |||||||||||||||||
Total | 0.1 | 2.7 | |||||||||||||||||||
Remeasurement of assets and liabilities in foreign currencies | 0.2 | (0.6 | ) | ||||||||||||||||||
Net gain on foreign currency transactions | $ | 0.3 | $ | 2.1 |
Note_7_Fair_Value_of_Financial1
Note 7 - Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Investments | $ | 12 | $ | 12 | $ | - | $ | - | $ | 11.9 | $ | 11.9 | $ | - | $ | - | |||||||||||||||||||
Derivatives | $ | 5.5 | - | 5.5 | - | $ | 8.4 | - | 8.4 | - | |||||||||||||||||||||||||
Total assets | $ | 17.5 | $ | 12 | $ | 5.5 | $ | - | $ | 20.3 | $ | 11.9 | $ | 8.4 | $ | - | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Derivatives | $ | 3.4 | $ | - | $ | 3.4 | $ | - | $ | 3.6 | $ | - | $ | 3.6 | $ | - | |||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
(In millions) | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||||||||||||||||||
Senior unsecured notes due July 31, 2015 | $ | 75 | $ | 80 | $ | 75 | $ | 80.7 | |||||||||||||||||||||||||||
Revolving credit facility, expires November 30, 2017 | 2.3 | 2.3 | 16.5 | 16.5 | |||||||||||||||||||||||||||||||
Brazilian loan due August 20, 2014 | 2 | 2 | 4 | 4 | |||||||||||||||||||||||||||||||
Brazilian loan due April 15, 2016 | 3.5 | 3.1 | 3.4 | 2.9 | |||||||||||||||||||||||||||||||
Foreign credit facilities | 0.6 | 0.6 | 1 | 1 | |||||||||||||||||||||||||||||||
Other | - | - | 0.5 | 0.5 |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Balance at beginning of period | $ | 10.1 | $ | 7.3 | |||||
Expense for new warranties | 2.2 | 2.3 | |||||||
Adjustments to existing accruals | (0.2 | ) | (0.2 | ) | |||||
Claims paid | (2.1 | ) | (2.5 | ) | |||||
Balance at end of period | $ | 10 | $ | 6.9 |
Note_9_Business_Segment_Inform1
Note 9 - Business Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Revenue | |||||||||
JBT FoodTech | $ | 135.4 | $ | 111.9 | |||||
JBT AeroTech | 62.6 | 70.7 | |||||||
Other revenue (1) and intercompany eliminations | - | 3.1 | |||||||
Total revenue | $ | 198 | $ | 185.7 | |||||
Income (loss) before income taxes | |||||||||
Segment operating profit: | |||||||||
JBT FoodTech | $ | 11.4 | $ | 7.9 | |||||
JBT AeroTech | 2.4 | 4.2 | |||||||
Total segment operating profit | 13.8 | 12.1 | |||||||
Corporate items: | |||||||||
Corporate expense (2) | (8.8 | ) | (5.5 | ) | |||||
Restructuring expense (3) | (10.2 | ) | - | ||||||
Operating income (loss) | (5.2 | ) | 6.6 | ||||||
Net interest expense | (1.3 | ) | (1.4 | ) | |||||
Income (loss) from continuing operations before income taxes | $ | (6.5 | ) | $ | 5.2 |
Note_10_Restructuring_Tables
Note 10 - Restructuring (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||
(In millions) | |||||||||||||||||
Charges incurred to date | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Severance and related expense | $ | 9.3 | $ | - | |||||||||||||
Asset write-offs | 0.5 | - | |||||||||||||||
Other | 0.4 | - | |||||||||||||||
Total Restructuring charges | $ | 10.2 | $ | - | |||||||||||||
Restructuring and Related Costs, by Operating Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||
JBT FoodTech | $ | 8.6 | $ | - | |||||||||||||
JBT AeroTech | 1.1 | - | |||||||||||||||
Corporate | 0.5 | - | |||||||||||||||
Total Restructuring charges | $ | 10.2 | $ | - | |||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||||||
(In millions) | Balance as of | Charged to | Payments Made / | Balance as of | |||||||||||||
31-Dec-13 | Earnings | Charges Applied | 31-Mar-14 | ||||||||||||||
Severance and related expense | $ | 1.6 | $ | 9.3 | $ | (1.4 | ) | $ | 9.5 | ||||||||
Asset write-offs | - | 0.5 | (0.5 | ) | - | ||||||||||||
Other | - | 0.4 | (0.2 | ) | 0.2 | ||||||||||||
Total | $ | 1.6 | $ | 10.2 | $ | (2.1 | ) | $ | 9.7 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventories (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $61.50 | $59.90 |
Work in process | 60.6 | 41.7 |
Finished goods | 86 | 80.5 |
Gross inventories before LIFO reserves and valuation adjustments | 208.1 | 182.1 |
LIFO reserves and valuation adjustments | -65.7 | -64.5 |
Net inventories | $142.40 | $117.60 |
Note_3_Pension_and_Other_Postr2
Note 3 - Pension and Other Postretirement Benefits (Details) - Pension and Other Postretirement Benefit Costs (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plan, Defined Benefit [Member] | ' | ' |
Note 3 - Pension and Other Postretirement Benefits (Details) - Pension and Other Postretirement Benefit Costs [Line Items] | ' | ' |
Service cost | $0.40 | $0.40 |
Interest cost | 3.7 | 3.4 |
Expected return on plan assets | -4.9 | -4.5 |
Amortization of net actuarial losses | 0.7 | 1 |
Settlements | 0.2 | ' |
Net periodic benefit cost | 0.1 | 0.3 |
Other Postretirement Benefits [Member] | ' | ' |
Note 3 - Pension and Other Postretirement Benefits (Details) - Pension and Other Postretirement Benefit Costs [Line Items] | ' | ' |
Interest cost | 0.1 | 0.1 |
Amortization of prior service (credit) cost | ' | -0.1 |
Net periodic benefit cost | $0.10 | ' |
Note_4_Accumulated_Other_Compr2
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Selling, General and Administrative Expenses [Member] | ' |
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) [Line Items] | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $0.90 |
Provision for Income Taxes [Member] | ' |
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) [Line Items] | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $0.30 |
Note_4_Accumulated_Other_Compr3
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) - Changes in AOCI Balances (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Beginning balance, December 31, 2013 | ($60.10) |
Other comprehensive income before reclassification | 0.7 |
Amounts reclassified from accumulated other comprehensive income | 0.6 |
Ending balance, March 31, 2014 | -58.8 |
Pension And Other Postretirement Benefits [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Beginning balance, December 31, 2013 | -60 |
Amounts reclassified from accumulated other comprehensive income | 0.6 |
Ending balance, March 31, 2014 | -59.4 |
Foreign Currency Translation [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Beginning balance, December 31, 2013 | -0.1 |
Other comprehensive income before reclassification | 0.7 |
Ending balance, March 31, 2014 | $0.60 |
Note_5_Earnings_Per_Share_Deta
Note 5 - Earnings Per Share (Details) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 |
Note_5_Earnings_Per_Share_Deta1
Note 5 - Earnings Per Share (Details) - Basic and Diluted EPS from Continuing Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic earnings (loss) per share: | ' | ' |
Income (loss) from continuing operations (in Dollars) | ($4.70) | $4.10 |
Weighted average number of shares outstanding | 29.4 | 29.2 |
Basic earnings (loss) per share from continuing operations (in Dollars per share) | ($0.16) | $0.14 |
Diluted earnings (loss) per share: | ' | ' |
Income (loss) from continuing operations (in Dollars) | ($4.70) | $4.10 |
Weighted average number of shares outstanding | 29.4 | 29.2 |
Effect of dilutive securities: | ' | ' |
Restricted stock | ' | 0.3 |
Total shares and dilutive securities | 29.4 | 29.5 |
Diluted earnings (loss) per share from continuing operations (in Dollars per share) | ($0.16) | $0.14 |
Note_6_Derivative_Financial_In2
Note 6 - Derivative Financial Instruments and Risk Management (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Asset, Notional Amount | $428.70 |
Note_6_Derivative_Financial_In3
Note 6 - Derivative Financial Instruments and Risk Management (Details) - Fair Value of Derivatives Included Within the Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value of Derivatives Included Within the Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Other current assets / liabilities | $3.10 | $5.80 |
Other current assets / liabilities | 3 | 3 |
Other assets / liabilities | 2.4 | 2.6 |
Other assets / liabilities | 0.4 | 0.6 |
Total | 5.5 | 8.4 |
Total | $3.40 | $3.60 |
Note_6_Derivative_Financial_In4
Note 6 - Derivative Financial Instruments and Risk Management (Details) - Derivative Assets at Fair Value (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Assets at Fair Value [Abstract] | ' | ' |
Gross Amounts of Recognized Assets | $5.50 | $8.40 |
Amount Presented in the Consolidated Balance Sheets | 5.5 | 8.4 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -2 | -2.9 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $3.50 | $5.50 |
Note_6_Derivative_Financial_In5
Note 6 - Derivative Financial Instruments and Risk Management (Details) - Derivative Liabilities at Fair Value (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Liabilities at Fair Value [Abstract] | ' | ' |
Gross Amounts of Recognized Liabilities | $3.40 | $3.60 |
Amount Presented in the Consolidated Balance Sheets | 3.4 | 3.6 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -2 | -2.9 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $1.40 | $0.70 |
Note_6_Derivative_Financial_In6
Note 6 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Note 6 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Foreign exchange contracts | $0.10 | $2.70 |
Remeasurement of assets and liabilities in foreign currencies | 0.2 | -0.6 |
Net gain on foreign currency transactions | 0.3 | 2.1 |
Sales [Member] | ' | ' |
Note 6 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Foreign exchange contracts | -0.3 | 3.9 |
Cost of Sales [Member] | ' | ' |
Note 6 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Foreign exchange contracts | 0.4 | -1.1 |
Other Income [Member] | ' | ' |
Note 6 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Foreign exchange contracts | ' | ($0.10) |
Note_7_Fair_Value_of_Financial2
Note 7 - Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Trading Securities, Change in Unrealized Holding Gain (Loss) | $0.10 | $0.50 |
Note_7_Fair_Value_of_Financial3
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Derivatives | $5.50 | $8.40 |
Liabilities: | ' | ' |
Derivatives | 3.4 | 3.6 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investments | 12 | 11.9 |
Total assets | 12 | 11.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Derivatives | 5.5 | 8.4 |
Total assets | 5.5 | 8.4 |
Liabilities: | ' | ' |
Derivatives | 3.4 | 3.6 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Investments | 12 | 11.9 |
Derivatives | 5.5 | 8.4 |
Total assets | 17.5 | 20.3 |
Liabilities: | ' | ' |
Derivatives | $3.40 | $3.60 |
Note_7_Fair_Value_of_Financial4
Note 7 - Fair Value of Financial Instruments (Details) - Carrying Values and the Estimated Fair Values of Debt Financial Instruments (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Senior unsecured notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | $75 | $75 |
Estimated Fair Value | 80 | 80.7 |
Revolving credit facility1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 2.3 | 16.5 |
Estimated Fair Value | 2.3 | 16.5 |
Brazilian Loan Due August 20, 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 2 | 4 |
Estimated Fair Value | 2 | 4 |
Brazilian Real loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 3.5 | 3.4 |
Estimated Fair Value | 3.1 | 2.9 |
Foreign credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 0.6 | 1 |
Estimated Fair Value | 0.6 | 1 |
Other debt financial instrument [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | ' | 0.5 |
Estimated Fair Value | ' | $0.50 |
Note_8_Commitments_and_Conting2
Note 8 - Commitments and Contingencies (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Performance Guarantee [Member] | ' |
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $87.70 |
Financial Guarantee [Member] | ' |
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6.2 |
Customers' Financing Arrangements Guarantee [Member] | ' |
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $2.70 |
Note_8_Commitments_and_Conting3
Note 8 - Commitments and Contingencies (Details) - Product Warranty Cost and Accrual Information (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Product Warranty Cost and Accrual Information [Abstract] | ' | ' |
Balance at beginning of period | $10.10 | $7.30 |
Expense for new warranties | 2.2 | 2.3 |
Adjustments to existing accruals | -0.2 | -0.2 |
Claims paid | -2.1 | -2.5 |
Balance at end of period | $10 | $6.90 |
Note_9_Business_Segment_Inform2
Note 9 - Business Segment Information (Details) - Segment Revenue and Segment Operating Profit (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | ||
Revenue | ' | ' | ' | ||
Other revenue and intercompany eliminations | $198 | $185.70 | ' | ||
Segment operating profit: | ' | ' | ' | ||
Segment operating profit | 13.8 | 12.1 | ' | ||
Corporate items: | ' | ' | ' | ||
Restructuring expense (3) | 10.2 | ' | 10.2 | ||
Operating income (loss) | -5.2 | 6.6 | ' | ||
Net interest expense | 1.8 | 1.9 | ' | ||
Income (loss) from continuing operations before income taxes | -6.5 | 5.2 | ' | ||
JBT FoodTech [Member] | ' | ' | ' | ||
Revenue | ' | ' | ' | ||
Other revenue and intercompany eliminations | 135.4 | 111.9 | ' | ||
Segment operating profit: | ' | ' | ' | ||
Segment operating profit | 11.4 | 7.9 | ' | ||
JBT AeroTech [Member] | ' | ' | ' | ||
Revenue | ' | ' | ' | ||
Other revenue and intercompany eliminations | 62.6 | 70.7 | ' | ||
Segment operating profit: | ' | ' | ' | ||
Segment operating profit | 2.4 | 4.2 | ' | ||
Other Revenue and Intercompany Eliminations [Member] | ' | ' | ' | ||
Revenue | ' | ' | ' | ||
Other revenue and intercompany eliminations | ' | [1] | 3.1 | [1] | ' |
Corporate Segment [Member] | ' | ' | ' | ||
Corporate items: | ' | ' | ' | ||
Corporate expense (2) | -8.8 | [2] | -5.5 | [2] | ' |
Restructuring expense (3) | -10.2 | [3] | ' | [3] | ' |
Operating income (loss) | -5.2 | 6.6 | ' | ||
Net interest expense | ($1.30) | ($1.40) | ' | ||
[1] | Other revenue is comprised of certain gains and losses related to foreign exchange exposures. | ||||
[2] | Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefits expenses not related to service, LIFO adjustments, foreign exchange gains and losses, and the impact of unusual or strategic events not representative of segment operations. | ||||
[3] | Refer to Note 10 for detailed restructuring expense discussion. |
Note_10_Restructuring_Details
Note 10 - Restructuring (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Scenario, Forecast [Member] | Scenario, Forecast [Member] | U.S. and Non-U.S. Subsidiary Management Plan [Member] | Minimum [Member] | Maximum [Member] | |||
Minimum [Member] | Maximum [Member] | ||||||
Note 10 - Restructuring (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Severance Plan Costs | ' | ' | ' | ' | $1.60 | ' | ' |
Payments for Restructuring | -2.1 | ' | ' | ' | 1.1 | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | ' | 12 | 13 |
Restructuring Charges | 10.2 | 10.2 | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ' | ' | $2 | $3 | ' | ' | ' |
Note_10_Restructuring_Details_
Note 10 - Restructuring (Details) - Restructuring Charges for all Ongoing Activities (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 |
Restructuring Charges for all Ongoing Activities [Abstract] | ' | ' |
Severance and related expense | ' | $9.30 |
Asset write-offs | ' | 0.5 |
Other | ' | 0.4 |
Total Restructuring charges | $10.20 | $10.20 |
Note_10_Restructuring_Details_1
Note 10 - Restructuring (Details) - Restructuring Charges by Segment (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Note 10 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | ' |
Restructuring charges | $10.20 |
JBT FoodTech [Member] | ' |
Note 10 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | ' |
Restructuring charges | 8.6 |
JBT AeroTech [Member] | ' |
Note 10 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | ' |
Restructuring charges | 1.1 |
Corporate Segment [Member] | ' |
Note 10 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | ' |
Restructuring charges | $0.50 |
Note_10_Restructuring_Details_2
Note 10 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Employee Severance [Member] | Asset Write-Offs [Member] | Other Restructuring [Member] | |||
Employee Severance [Member] | Employee Severance [Member] | Other Restructuring [Member] | ||||||||
Note 10 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | ' | $9.50 | $1.60 | $0.20 | $9.70 | $1.60 | ' | ' | ' |
Charged to Earnings | 10.2 | 10.2 | ' | ' | ' | ' | ' | 9.3 | 0.5 | 0.4 |
Payments Made / Charges Applied | -2.1 | ' | ' | ' | ' | ' | ' | -1.4 | -0.5 | -0.2 |
Balance | ' | ' | $9.50 | $1.60 | $0.20 | $9.70 | $1.60 | ' | ' | ' |