Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 19, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | John Bean Technologies Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 29,316,041 | ||
Entity Public Float | $875,899,523 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1433660 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Product revenue | $857.50 | $811.80 | $793.90 |
Service revenue | 126.7 | 122.4 | 123.4 |
Total revenue | 984.2 | 934.2 | 917.3 |
Operating expenses: | |||
Cost of products | 629.7 | 608.7 | 591.8 |
Cost of services | 93.8 | 92.6 | 94.7 |
Selling, general and administrative expense | 179.3 | 164.3 | 156.6 |
Research and development expense | 14.6 | 14 | 14.3 |
Restructuring expense | 14.5 | 1.6 | 0.1 |
Other (income) expense, net | 1.6 | -0.2 | -1.1 |
Operating income: | 50.7 | 53.2 | 60.9 |
Interest income | 1.6 | 2.2 | 0.5 |
Interest expense | -7.6 | -7.6 | -7.4 |
Income from continuing operations before income taxes | 44.7 | 47.8 | 54 |
Provision for income taxes | 13.9 | 13.8 | 16.9 |
Income from continuing operations | 30.8 | 34 | 37.1 |
Loss from discontinued operations, net of income taxes | -0.9 | -0.9 | |
Net income | $30.80 | $33.10 | $36.20 |
Basic earnings per share: | |||
Income from continuing operations (in Dollars per share) | $1.04 | $1.16 | $1.27 |
Loss from discontinued operations (in Dollars per share) | ($0.03) | ($0.03) | |
Net income (in Dollars per share) | $1.04 | $1.13 | $1.24 |
Diluted earnings per share: | |||
Income from continuing operations (in Dollars per share) | $1.03 | $1.15 | $1.26 |
Loss from discontinued operations (in Dollars per share) | ($0.04) | ($0.03) | |
Net income (in Dollars per share) | $1.03 | $1.11 | $1.23 |
Dividends declared per share (in Dollars per share) | $0.36 | $0.34 | $0.28 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 29.5 | 29.2 | 29.1 |
Diluted (in Shares) | 29.9 | 29.7 | 29.5 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $30.80 | $33.10 | $36.20 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | -20.6 | -4.5 | 0.7 |
Pension and other postretirement benefits adjustments, net of tax | -36.4 | 25.4 | -5.2 |
Derivatives designated as hedges, net of tax | 0.2 | ||
Other comprehensive income (loss) | -57 | 20.9 | -4.3 |
Comprehensive income (loss) | ($26.20) | $54 | $31.90 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $33.30 | $29.40 |
Trade receivables, net of allowances of $3.0 and $3.7, respectively | 176.2 | 186.4 |
Inventories | 111.8 | 117.6 |
Prepaid expenses | 7.3 | 6.5 |
Deferred income taxes | 23.2 | 20.6 |
Assets held for sale | 2.9 | 3 |
Other current assets | 33.2 | 33.1 |
Total current assets | 387.9 | 396.6 |
Investments | 11 | 12.2 |
Property, plant and equipment, net of accumulated depreciation of $232.7 and $241.9, respectively | 147.6 | 132.7 |
Goodwill | 69.2 | 30.8 |
Intangible assets, net | 60 | 21.4 |
Deferred income taxes | 12.5 | 9.9 |
Other assets | 9.6 | 17.6 |
Total Assets | 697.8 | 621.2 |
Current Liabilities: | ||
Short-term debt and current portion of long-term debt | 4.2 | 6.3 |
Accounts payable, trade and other | 89.5 | 88.1 |
Advance and progress payments | 86.2 | 88.3 |
Accrued payroll | 34.4 | 35.5 |
Deferred income taxes | 4.1 | 5.1 |
Other current liabilities | 68 | 54.3 |
Total current liabilities | 286.4 | 277.6 |
Long-term debt, less current portion | 173.8 | 94.1 |
Accrued pension and other postretirement benefits, less current portion | 93.1 | 52.5 |
Deferred income taxes | 1.3 | 10.9 |
Other liabilities | 24 | 31.7 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2014 or 2013 | 0 | 0 |
Common stock, $0.01 par value; 120,000,000 shares authorized; 2014: 29,138,162 issued and 29,091,502 outstanding; 2013: 28,979,080 issued and outstanding | 0.3 | 0.3 |
Common stock held in treasury, at cost; 2014: 46,660 shares | -1.5 | |
Additional paid-in capital | 71.1 | 67.7 |
Retained earnings | 166.4 | 146.5 |
Accumulated other comprehensive loss | -117.1 | -60.1 |
Total Stockholders' Equity | 119.2 | 154.4 |
Total Liabilities and Stockholders' Equity | $697.80 | $621.20 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowances, trade receivables (in Dollars) | $3 | $3.70 |
Property, plant and equipment, accumulated depreciation (in Dollars) | $232.70 | $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 | 29,091,502 | 28,979,080 |
Common stock held in treasury, shares | 46,660 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | |||
Net income | $30.80 | $33.10 | $36.20 |
Loss from discontinued operations, net of income taxes | 0.9 | 0.9 | |
Income from continuing operations | 30.8 | 34 | 37.1 |
Adjustments to reconcile net income from continuing operations to cash provided by operating activities of continuing operations: | |||
Depreciation | 19.1 | 20.6 | 20.3 |
Amortization | 6.2 | 4.4 | 3.3 |
Stock-based compensation | 7.3 | 6.9 | 7.5 |
Pension and other postretirement benefits expense | 2.7 | 1.3 | 0.4 |
Deferred income taxes | 4.9 | 5.7 | 6.7 |
Other | -0.9 | -3.5 | 0.8 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Trade receivables, net | 9.8 | 0.8 | 2.3 |
Inventories | 7.7 | -9.6 | 14.6 |
Accounts payable, trade and other | 2.1 | -1.9 | 5.2 |
Advance payments and progress billings | 1.4 | 14.1 | 15.8 |
Accrued pension and other postretirement benefits, net | -19.9 | -10.7 | -14.7 |
Other assets and liabilities, net | 6.8 | 1 | -12.7 |
Cash provided by continuing operating activities | 78 | 63.1 | 86.6 |
Net cash required by discontinued operating activities | -0.3 | -1.1 | -0.6 |
Cash provided by operating activities | 77.7 | 62 | 86 |
Cash Flows From Investing Activities: | |||
Acquisitions, net of cash acquired | -91.3 | -10 | |
Capital expenditures | -36.7 | -29.2 | -24.7 |
Proceeds from disposal of assets | 1.4 | 1.1 | 2.1 |
Cash required by investing activities | -126.6 | -28.1 | -32.6 |
Cash Flows From Financing Activities: | |||
Net increase (decrease) in short-term debt | 1.5 | -0.3 | -0.9 |
Net proceeds (payments) on credit facilities | 77.5 | -97 | 52.7 |
Issuance of long-term debt | 4.5 | 8 | 0.8 |
Payments of long-term debt | -5.6 | -0.2 | -1.4 |
Excess tax benefits | 1 | 0.5 | 0.7 |
Tax witholdings on stock-based compensation awards | -3.6 | -2.3 | -2.3 |
Purchase of stock held in treasury | -2.8 | -0.2 | -3.6 |
Dividends paid | -10.7 | -10.1 | -8.5 |
Other | 0.1 | -1.4 | |
Cash provided (required) by financing activities | 61.9 | -101.6 | 36.1 |
Effect of foreign exchange rate changes on cash and cash equivalents | -9.1 | -1.9 | 0.5 |
Increase (decrease) in cash and cash equivalents | 3.9 | -69.6 | 90 |
Cash and cash equivalents, beginning of period | 29.4 | 99 | 9 |
Cash and cash equivalents, end of period | 33.3 | 29.4 | 99 |
Supplemental Cash Flow Information: | |||
Interest paid | 7.7 | 6.7 | 6.9 |
Income taxes paid | $8.20 | $7.70 | $9.20 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes In Stockholders' Equity (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Millions | ||||||
Balance at Dec. 31, 2011 | $0.30 | ($0.30) | $60.70 | $95.80 | ($76.70) | $79.80 |
Net income | 36.2 | 36.2 | ||||
Issuance of common stock | 0.5 | -0.4 | 0.1 | |||
Taxes withheld on issuance of stock-based awards | -2.3 | -2.3 | ||||
Excess tax benefits on stock-based payment arrangements | 0.7 | 0.7 | ||||
Dividends on stock-based payment arrangements | -0.4 | -0.4 | ||||
Common stock cash dividends | -8.1 | -8.1 | ||||
Share repurchases | -3.6 | -3.6 | ||||
Foreign currency translation adjustments | 0.7 | 0.7 | ||||
Derivatives designated as hedges, net of income taxes of $0.0 | 0.2 | 0.2 | ||||
Pension and other postretirement liability adjustments, net of income taxes | -5.2 | -5.2 | ||||
Stock-based compensation expense | 7.5 | 7.5 | ||||
Balance at Dec. 31, 2012 | 0.3 | -3.4 | 66.2 | 123.5 | -81 | 105.6 |
Net income | 33.1 | 33.1 | ||||
Issuance of common stock | 3.6 | -3.6 | ||||
Taxes withheld on issuance of stock-based awards | -2.3 | -2.3 | ||||
Excess tax benefits on stock-based payment arrangements | 0.5 | 0.5 | ||||
Dividends on stock-based payment arrangements | -0.3 | -0.3 | ||||
Common stock cash dividends | -9.8 | -9.8 | ||||
Share repurchases | -0.2 | -0.2 | ||||
Foreign currency translation adjustments | -4.5 | -4.5 | ||||
Pension and other postretirement liability adjustments, net of income taxes | 25.4 | 25.4 | ||||
Stock-based compensation expense | 6.9 | 6.9 | ||||
Balance at Dec. 31, 2013 | 0.3 | 0 | 67.7 | 146.5 | -60.1 | 154.4 |
Net income | 30.8 | 30.8 | ||||
Issuance of common stock | 1.3 | -1.3 | ||||
Taxes withheld on issuance of stock-based awards | -3.6 | -3.6 | ||||
Excess tax benefits on stock-based payment arrangements | 1 | 1 | ||||
Dividends on stock-based payment arrangements | -0.4 | -0.4 | ||||
Common stock cash dividends | -10.5 | -10.5 | ||||
Share repurchases | -2.8 | -2.8 | ||||
Foreign currency translation adjustments | -20.6 | -20.6 | ||||
Pension and other postretirement liability adjustments, net of income taxes | -36.4 | -36.4 | ||||
Stock-based compensation expense | 7.3 | 7.3 | ||||
Balance at Dec. 31, 2014 | $0.30 | ($1.50) | $71.10 | $166.40 | ($117.10) | $119.20 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes In Stockholders' Equity (Parentheticals) (Accumulated Other Comprehensive Income (Loss) [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
DP5rivativP5s dP5signatP5d as hP5dgP5s, incomP5 taxP5s | $0 | ||
PP5nsion and othP5r postrP5tirP5mP5nt liability adjustmP5nts, incomP5 taxP5s | $21.90 | $15.50 | $3 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Consolidation | |
The consolidated financial statements include the accounts of John Bean Technologies Corporation (JBT, we, or the Company) and all wholly-owned subsidiaries. All intercompany investments, accounts, and transactions have been eliminated. | |
Use of estimates | |
Preparation of financial statements that follow accounting principles generally accepted in the U.S. (U.S. GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Cash and cash equivalents | |
Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. | |
Inventories | |
Inventories are stated at the lower of cost or net realizable value, which includes an estimate for excess and obsolete inventories. Inventory costs include those costs directly attributable to products, including all manufacturing overhead but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for all domestic inventories, except certain inventories relating to construction-type contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. | |
Property, plant, and equipment | |
Property, plant, and equipment are recorded at cost. Depreciation for financial reporting purposes is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements—20 to 35 years; buildings—20 to 50 years; and machinery and equipment—3 to 20 years). Gains and losses are reflected in other income, net on the consolidated statements of income upon the sale or retirement of assets. Expenditures that extend the useful lives of property, plant, and equipment are capitalized and depreciated over the estimated new remaining life of the asset. | |
Capitalized software costs | |
Other assets include the capitalized cost of internal use software (including Internet web sites). The assets are stated at cost less accumulated amortization and totaled $4.1 million and $5.2 million at December 31, 2014 and 2013, respectively. These software costs include the amount paid for purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three to ten years. For Internet web site costs, the estimated useful lives do not exceed three years. | |
Goodwill | |
We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by first assessing qualitative factors to see if further testing of goodwill is required. If we conclude that it is more likely than not that a reporting unit’s fair value is less than its carrying amount based on our qualitative assessment, then a quantitative test is required. We may also choose to bypass the qualitative assessment and perform the quantitative test. In performing the quantitative test, we determine the fair value of a reporting unit using the “income approach” valuation method. We use a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate cost of capital rate. Judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, and working capital requirements, among others. If the estimated fair value of a reporting unit exceeds its carrying value, we consider that goodwill is not impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. | |
Based on our 2014 annual assessment, we determined that none of our goodwill was impaired. | |
Intangible assets | |
Our acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives, which generally range from less than 1 year to 15 years. None of our acquired intangible assets have indefinite lives. | |
Impairment of long-lived assets | |
Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. | |
Revenue recognition | |
We recognize product revenue when we have an agreement with the customer, the product has been delivered to the customer, the sales price is fixed or determinable and collectability is assured. | |
Each customer arrangement is evaluated to determine the presence of multiple deliverables. For multiple-element revenue arrangements, such as the sale of equipment with a service agreement, we allocate the contract value to the various elements based on relative selling price for each element and recognize revenue consistent with the nature of each deliverable. | |
Our standard agreements generally do not include customer acceptance provisions. However, if there is a customer acceptance provision, the associated revenue is deferred until we have satisfied the acceptance provision. | |
Certain of our product sales are generated from construction-type contracts and revenue is recognized under the percentage of completion method. Under this method, revenue is recognized as work progresses on each contract. However, revenue recognition does not begin until a substantial portion of the labor hours are incurred to ensure that revenue is not recognized based solely upon materials procurement. We primarily measure progress toward completion by the units of completion method. Any expected losses are charged to earnings, in total, in the period the losses are identified. | |
Progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. Revenue in excess of progress billings on contracts amounted to $57.5 million and $56.8 million at December 31, 2014 and 2013, respectively. These unbilled receivables are reported in trade receivables on the consolidated balance sheets. Progress billings and cash collections in excess of revenue recognized on a contract are classified as advance and progress payments on the consolidated balance sheets. All unbilled trade payables are accrued in other current liabilities when revenue is recognized. Unbilled trade payables were $3.4 million and $2.7 million at December 31, 2014 and 2013, respectively. | |
Service revenue is recognized either when performance is complete or proportionately over the period of the underlying contract, depending on the terms of the arrangement. | |
Some of our operating lease revenue is earned from full-service leases for which we are paid annual fixed rates plus, in some cases, an additional amount based on production volumes. Revenue from production volumes is recognized when determinable and collectible. | |
We provide an allowance for doubtful accounts on trade receivables equal to the estimated uncollectible amounts. This estimate is based on historical collection experience and a specific review of each customer’s trade receivable balance. | |
Income taxes | |
Income taxes are provided on income reported for financial statement purposes, adjusted for permanent differences between financial statement reporting and income tax regulations. Deferred tax assets and liabilities are measured using enacted tax rates, and reflect the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. | |
A liability for uncertain tax positions is recorded whenever management believes it is not likely that the position will be sustained on examination based solely on its technical merits. Interest and penalties related to underpayment of income taxes are classified as income tax expense. | |
Income taxes are not provided on undistributed earnings of foreign subsidiaries or affiliates when it is management’s intention that such earnings will remain invested in those companies. Taxes are provided on such earnings in the year in which the decision is made to repatriate the earnings. | |
Stock-based employee compensation | |
We measure compensation cost on restricted stock awards based on the market price of our common stock at the grant date and the number of shares awarded. The compensation cost for each award is recognized ratably over the lesser of the stated vesting period or the period until the employee becomes retirement eligible, after taking into account estimated forfeitures. | |
Foreign currency | |
Financial statements of operations for which the U.S. dollar is not the functional currency are translated to the U.S. dollar prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive loss in stockholders’ equity until the foreign entity is sold or liquidated. | |
Derivative financial instruments | |
Derivatives are recognized in the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. We do not offset fair value amounts for derivative instruments held with the same counterparty. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive income (loss), depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. | |
Changes in fair value of derivatives contracts that are not designated as hedges for accounting purposes are recognized in earnings as they occur and, to the extent these derivatives economically hedge existing assets or liabilities as opposed to anticipated transactions, offset gains or losses on the remeasurement of the related asset or liability. In the consolidated statements of income, earnings from foreign currency derivatives related to sales and remeasurement of sales-related assets, liabilities and contracts are recorded in revenue, while earnings from foreign currency derivatives related to purchases and remeasurement of purchase-related assets, liabilities and contracts are recorded in cost of sales. | |
When hedge accounting is applied, we ensure that the derivative is highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge and on a quarterly basis. Effectiveness of forward contract cash flow hedges is assessed based solely on changes in fair value attributable to the change in the spot rate. The change in the fair value of the contract related to the change in forward rates is excluded from the assessment of hedge effectiveness. Changes in this excluded component of the derivative instrument, along with any ineffectiveness identified, are recorded in earnings as incurred. We document our risk management strategy and method for assessing hedge effectiveness at the inception of and throughout the term of each hedge. | |
Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. |
Note_2_Acquisition
Note 2 - Acquisition | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | Note 2. Acquisitions | ||||
Consistent with our growth strategy, we completed three acquisitions during 2014 focused on strengthening our protein processing and liquid foods portfolios. | |||||
Wolf-Tec Acquisition | |||||
On December 1, 2014, John Bean Technologies Corporation and its wholly-owned subsidiaries JBT Holdings, LLC and John Bean Technologies Limited, acquired substantially all of the assets and assumed certain liabilities of Wolf-Tec, Inc. (Wolf-Tec) for $53.9 million in cash. Consideration for the transaction was provided by cash on hand supplemented with borrowings under our revolving line of credit. The acquisition enables us to better meet customer needs through an expanded portfolio of protein processing equipment and solutions. Our product lines and those of Wolf-Tec are highly complementary, with equipment of both companies frequently utilized on the same production line. The acquisition also provides us with further entry into the beef, pork, and seafood processing markets. The acquisition is strategic in that Wolf-Tec has a strong brand presence, excellent technology and is renowned for its sales and customer support. The acquisition of Wolf-Tec combined with our global reach will create strong future growth opportunities. | |||||
This acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies in our protein processing business coupled with the assembled workforce acquired that is not recognized separate and apart from goodwill as it is neither separable nor contractual in nature. We are currently assessing the amount of goodwill that we expect to be deductible for tax purposes. | |||||
Acquisition related costs totaling $0.7 million were recognized as other expense at the time they were incurred. | |||||
Because the transaction was completed on December 1, 2014, the purchase accounting is preliminary as the valuation of substantially all assets acquired, including inventories, property, plant and equipment, and all identifiable intangibles, and liabilities assumed, including payables and contingent liabilities, as well as income tax balances and residual goodwill related to this acquisition is not complete; and significant information is still being assembled and reviewed. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). | |||||
The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for Wolf-Tec: | |||||
(In millions) | |||||
Assets: | |||||
Cash | $ | 0.2 | |||
Accounts receivable | 2.4 | ||||
Other current assets | 0.4 | ||||
Inventories | 6.1 | ||||
Property, plant and equipment | 7.3 | ||||
Intangible assets: | |||||
Customer relationships | 14.6 | ||||
Intellectual property | 6.2 | ||||
Backlog | 0.4 | ||||
Total assets | $ | 37.6 | |||
Liabilities: | |||||
Accounts payable | 1.7 | ||||
Deferred revenue | 0.3 | ||||
Other liabilities | 2.5 | ||||
Total liabilities | $ | 4.5 | |||
Total purchase price | $ | 53.9 | |||
Goodwill | $ | 20.8 | |||
The customer relationships and intellectual property will be amortized over their estimated useful lives of ten years. The non-compete agreement will be amortized over its term of five years and the backlog asset will be amortized over four months, reflecting its expected pattern of use. | |||||
ICS Solutions Acquisition | |||||
On July 1, 2014, we completed the acquisition of 100% of the outstanding shares of ICS Solutions, a subsidiary of Stork Food & Dairy Systems B.V., for cash consideration of $35.7 million, which is net of cash acquired of $10.0 million. We funded this acquisition with cash on hand as well as borrowings against our revolving line of credit. ICS Solutions, located in Amsterdam, The Netherlands and Gainesville, Georgia, is a worldwide leader in the engineering, installation and servicing of high-capacity food preservation equipment. While the acquisition will not have a material impact to our revenue or earnings in fiscal year 2014, it is strategically important as ICS Solutions’ Hydromatic continuous sterilizer is complementary to our product portfolio of fillers, seamers and in-container sterilization technologies. With this acquisition, we will leverage our worldwide presence and provide a complete range of high-capacity, in-container sterilization solutions to our customers in the growing global beverage, dairy and canning industries. In addition, this acquisition will allow us to improve operational effectiveness as well as enhance sales and service support for our customers through the combination of the businesses. | |||||
This acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets acquired has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to expected synergistic benefits from the expansion of our in-container product portfolio. Approximately $4 million of the goodwill is expected to be deductible for tax purposes. Acquisition-related costs were recognized in other expense as incurred and totaled $0.9 million for the year ended December 31, 2014. | |||||
Because the transaction was completed in the third quarter, the purchase accounting is preliminary. The primary areas of purchase accounting that are not yet finalized relate to amounts for intangible assets, contingent liabilities, deferred taxes and residual goodwill. The preliminary fair values recorded were determined based upon a valuation and the estimates and assumptions used in such valuation are subject to change as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). | |||||
The following table summarizes the preliminary fair values recorded for the assets acquired and liabilities assumed for ICS: | |||||
Assets: | |||||
Cash | $ | 10 | |||
Accounts receivable | 2.3 | ||||
Inventories | 0.4 | ||||
Property, plant and equipment | 0.1 | ||||
Intangible assets: | |||||
Customer relationships | 15.7 | ||||
Other intangible assets | 8.2 | ||||
Total assets | $ | 36.7 | |||
Liabilities: | |||||
Accounts payable | 1.3 | ||||
Deferred revenue | 2.3 | ||||
Other liabilities | 2.1 | ||||
Deferred taxes | 4.1 | ||||
Total liabilities | 9.8 | ||||
Total purchase price | $ | 45.7 | |||
Goodwill | $ | 18.8 | |||
The customer relationship and other intangible assets will be amortized over a weighted-average useful life of approximately 12 years. | |||||
Formcook Acquisition | |||||
During the first quarter of 2014, John Bean Technologies AB (JBT AB), our wholly-owned subsidiary, acquired certain assets and liabilities of Helsingborg, Sweden-based Formcook AB, a regional leader in designing, manufacturing and servicing custom-built industrial cooking and forming technologies for the food processing industry. This transaction was accounted for as a business combination. The purchase price was less than $2 million. While the acquisition was not material to our 2014 results, it is strategically important to our efforts to strengthen our protein processing portfolio. | |||||
The pro forma impact of these acquisitions is not material individually or in the aggregate and as such, is not presented. |
Note_3_Inventories
Note 3 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | NOTE 3. INVENTORIES | ||||||||
Inventories as of December 31 consisted of the following: | |||||||||
(In millions) | 2014 | 2013 | |||||||
Raw materials | $ | 53.7 | $ | 59.9 | |||||
Work in process | 45.3 | 41.7 | |||||||
Finished goods | 79.2 | 80.5 | |||||||
Gross inventories before LIFO reserves and valuation adjustments | 178.2 | 182.1 | |||||||
LIFO reserves and valuation adjustments | (66.4 | ) | (64.5 | ) | |||||
Net inventories | $ | 111.8 | $ | 117.6 | |||||
Inventories accounted for under the LIFO method totaled $106.5 million and $106.0 million at December 31, 2014 and 2013, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $48.1 million at December 31, 2014 and $49.2 million at December 31, 2013. Liquidation of LIFO layers in 2014 resulted in $0.8 million of income. |
Note_4_Property_Plant_and_Equi
Note 4 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4. PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment as of December 31 consisted of the following: | |||||||||
(In millions) | 2014 | 2013 | |||||||
Land and land improvements | $ | 9.7 | $ | 9 | |||||
Buildings | 66.7 | 62.7 | |||||||
Machinery and equipment | 282.6 | 289 | |||||||
Construction in process | 21.3 | 13.9 | |||||||
380.3 | 374.6 | ||||||||
Accumulated depreciation | (232.7 | ) | (241.9 | ) | |||||
Property, plant and equipment, net | $ | 147.6 | $ | 132.7 | |||||
Note_5_Goodwill_and_Intangible
Note 5 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5. GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
The changes in the carrying amount of goodwill by business segment were as follows: | |||||||||||||||||
(In millions) | JBT FoodTech | JBT AeroTech | Total | ||||||||||||||
Balance as of January 1, 2013 | $ | 22.8 | $ | 7.8 | $ | 30.6 | |||||||||||
Currency translation | 0.1 | 0.1 | 0.2 | ||||||||||||||
Balance as of December 31, 2013 | 22.9 | 7.9 | 30.8 | ||||||||||||||
Acquisitions | 39.8 | - | 39.8 | ||||||||||||||
Currency translation | (1.3 | ) | (0.1 | ) | (1.4 | ) | |||||||||||
Balance as of December 31, 2014 | $ | 61.4 | $ | 7.8 | $ | 69.2 | |||||||||||
The components of intangible assets as of December 31 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In millions) | Gross carrying amount | Accumulated amortization | Gross carrying amount | Accumulated amortization | |||||||||||||
Customer relationships | $ | 49.8 | $ | 12.4 | $ | 20.8 | $ | 11.2 | |||||||||
Patents and acquired technology | 36.7 | 23.4 | 26.6 | 25.3 | |||||||||||||
Trademarks | 14.8 | 7.4 | 16.1 | 7.6 | |||||||||||||
Other | 5.6 | 3.7 | 4.4 | 2.4 | |||||||||||||
Total intangible assets | $ | 106.9 | $ | 46.9 | $ | 67.9 | $ | 46.5 | |||||||||
Intangible asset amortization expense was $3.9 million, $2.3 million, and $2.1 million for 2014, 2013 and 2012, respectively. Annual amortization expense is expected to be $5.8 million in 2015, $5.3 million in 2016, $5.0 in 2017, and $4.7 million in 2018 and 2019. |
Note_6_Debt
Note 6 - Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt Disclosure [Text Block] | NOTE 6. DEBT | |||||||||||||||
Our short-term debt consists of borrowings under short-term credit facilities entered into by our wholly-owned subsidiaries in China and India. The China short-term credit facilities allow us to borrow up to a total of $12 million maturing on June 30, 2015 and we had $2.3 million and $0.5 million of outstanding borrowings as of December 31, 2014 and 2013, respectively. The Indian credit facility allows us to borrow up to a total of approximately $2.3 million; we had no borrowings and $0.5 million of outstanding borrowings as of December 31, 2014 and 2013, respectively. | ||||||||||||||||
Five-year Revolving Credit Facility and Other Long-term Borrowings | ||||||||||||||||
We entered into a $300 million 5-year credit facility agreement in November 2012. This credit facility permits borrowings in the U.S., Sweden and The Netherlands. Borrowings bear interest, at our option, at LIBOR or an alternative base rate, which is the greater of JPMorgan Chase, N.A.’s Prime Rate, the Federal Funds Rate plus 50 basis points, and LIBOR plus 1%, plus a margin dependent on our leverage ratio. | ||||||||||||||||
We are required to make periodic interest payments on the borrowed amounts and to pay an annual facility fee ranging from 15.0 to 27.5 basis points, depending on our leverage ratio. Our unused commitment totaled approximately $197 million at December 31, 2014. Outstanding letters of credit issued against the credit facility at December 31, 2014 were $9.1 million. | ||||||||||||||||
We have $75 million of 6.66% senior unsecured notes. The senior unsecured notes are due on July 31, 2015 and require us to make semiannual interest payments. We have classified this debt as long-term in the consolidated balance sheet as of December 31, 2014 as we have the ability and intent to use our $450 million five-year revolving credit facility entered into on February 10, 2015 to fund payment of these senior unsecured notes if needed. | ||||||||||||||||
Our Brazilian subsidiary entered into two loans during 2013. The first loan was a $4.0 million loan with an annual interest cost of 5.5% that matured and was paid in full on August 20, 2014. The second loan was a Brazilian real denominated loan with an outstanding balance of Br 5.3 million (approximately $2.0 million) as of December 31, 2014, that bears an annual interest rate of 5.5%. The first payment on this loan was made on May 15, 2014, with equal monthly payments required for 24 months thereafter. | ||||||||||||||||
During 2014, the Brazilian subsidiary entered into an additional Brazilian real denominated loan with an outstanding balance of Br 11.5 million (approximately $4.3 million) as of December 31, 2014, that bears an annual interest rate of 8.0%. The first payment on this loan is due November 15, 2015, with equal monthly payments required for 24 months thereafter. | ||||||||||||||||
Our credit facility and notes include restrictive covenants that, if not met, could lead to renegotiation of our credit lines, a requirement to repay our borrowings, and/or a significant increase in our cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, and limitations on payments made to shareholders. | ||||||||||||||||
Our debt as of December 31 consisted of the following: | ||||||||||||||||
(In millions) | Weighted-Average | Maturity | 2014 | 2013 | ||||||||||||
Interest Rate at | Date | |||||||||||||||
31-Dec-14 | ||||||||||||||||
Short-term borrowings | ||||||||||||||||
Foreign credit facilities | 6.7 | % | $ | 2.3 | $ | 1 | ||||||||||
Total short-term borrowings | $ | 2.3 | $ | 1 | ||||||||||||
Long-term debt | ||||||||||||||||
Senior unsecured notes | 6.7 | % | 31-Jul-15 | $ | 75 | $ | 75 | |||||||||
Revolving credit facility | 2.2 | % | 30-Nov-17 | 94.3 | 16.5 | |||||||||||
Brazilian US Dollar loan | 5.5 | % | 20-Aug-14 | - | 4 | |||||||||||
Brazilian Real Loan | 5.5 | % | 15-Apr-16 | 2 | 3.4 | |||||||||||
Brazilian Real Loan | 8 | % | 16-Oct-17 | 4.3 | - | |||||||||||
Other | Various | Various | 0.1 | 0.5 | ||||||||||||
Total long-term debt | 175.7 | 99.4 | ||||||||||||||
Less: current portion | (1.9 | ) | (5.3 | ) | ||||||||||||
Long-term debt, less current portion | $ | 173.8 | $ | 94.1 | ||||||||||||
Scheduled maturities of long-term debt for the years ending December 31 are as follows: | ||||||||||||||||
(In millions) | Maturities of Long-term debt | |||||||||||||||
2015 | $ | 1.9 | ||||||||||||||
2016 | 2.9 | |||||||||||||||
2017 | 170.9 | |||||||||||||||
Total | $ | 175.7 | ||||||||||||||
On February 10, 2015, we entered into a new five year revolving credit facility and repaid all amounts outstanding under our existing revolving credit facility. See Note 19. Subsequent Events, for information regarding the new revolving credit facility. |
Note_7_Income_Taxes
Note 7 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | NOTE 7. INCOME TAXES | ||||||||||||
Domestic and foreign components of income from continuing operations before income taxes for the years ended on December 31 are shown below: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 18.1 | $ | 18.9 | $ | 23 | |||||||
Foreign | 26.6 | 28.9 | 31 | ||||||||||
Income before income taxes | $ | 44.7 | $ | 47.8 | $ | 54 | |||||||
The provision for income taxes related to income from continuing operations for the years ended on December 31 consisted of: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 0.4 | $ | 0.6 | $ | 2.1 | |||||||
State | 0.3 | 0.5 | 0.5 | ||||||||||
Foreign | 8.3 | 7 | 7.6 | ||||||||||
Total current | 9 | 8.1 | 10.2 | ||||||||||
Deferred: | |||||||||||||
Federal | 4.8 | 3 | 6 | ||||||||||
State | 0.8 | 0.7 | 1 | ||||||||||
Foreign | 0.2 | 2.7 | 2.2 | ||||||||||
Decrease in the valuation allowance for deferred tax assets | (0.3 | ) | (0.3 | ) | (0.3 | ) | |||||||
Decrease in deferred tax liabilities due to foreign tax rate change | - | - | (1.3 | ) | |||||||||
Benefits of operating loss carryforward | (0.6 | ) | (0.4 | ) | (0.9 | ) | |||||||
Total deferred | 4.9 | 5.7 | 6.7 | ||||||||||
Provision for income taxes | $ | 13.9 | $ | 13.8 | $ | 16.9 | |||||||
Significant components of our deferred tax assets and liabilities at December 31 were as follows: | |||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Deferred tax assets attributable to: | |||||||||||||
Accrued pension and other postretirement benefits | $ | 34.1 | $ | 17.3 | |||||||||
Accrued expenses and accounts receivable allowances | 15.4 | 13.6 | |||||||||||
Net operating loss carryforwards | 4.7 | 6.9 | |||||||||||
Inventories | 9 | 7.9 | |||||||||||
Stock-based compensation | 6.8 | 6.1 | |||||||||||
Research and development credit carryforwards | 2.1 | 0.8 | |||||||||||
Foreign tax credit carryforward | 0.4 | 0.2 | |||||||||||
Total deferred tax assets | 72.5 | 52.8 | |||||||||||
Valuation allowance | - | (0.3 | ) | ||||||||||
Deferred tax assets, net of valuation allowance | 72.5 | 52.5 | |||||||||||
Deferred tax liabilities attributable to: | |||||||||||||
Liquidation of subsidiary for income tax purposes | 13.3 | 13.3 | |||||||||||
Property, plant and equipment | 9.7 | 9 | |||||||||||
Goodwill and amortization | 13.4 | 9.3 | |||||||||||
Other | 5.8 | 6.4 | |||||||||||
Deferred tax liabilities | 42.2 | 38 | |||||||||||
Net deferred tax assets | $ | 30.3 | $ | 14.5 | |||||||||
Included in our deferred tax assets are tax benefits related to net operating loss carryforwards attributable to our foreign operations. At December 31, 2014, we had $12.6 million of net operating losses that are available to offset future taxable income in several foreign jurisdictions indefinitely, and $3.6 million of net operating losses that are available to offset future taxable income through 2029. We expect to use $6.4 million of net operating losses relating to prior years in the filing of our 2014 corporate income tax returns. | |||||||||||||
Also included in our deferred tax assets at December 31, 2014 are $0.4 million of foreign tax credit carryforwards related to our foreign operations, which will expire by 2020 if unused and $2.1 million of research and development credit carryforward, which will expire by 2033, if unused. We anticipate being able to fully utilize the net operating loss carryforwards, the foreign tax credit carryforward, and the research and development credit carryforward before any expiration. | |||||||||||||
The effective income tax rate on income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the following: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
Net difference resulting from: | |||||||||||||
Research and development tax credit | (3 | ) | (4 | ) | - | ||||||||
Foreign earnings subject to different tax rates | (3 | ) | (2 | ) | (4 | ) | |||||||
Effect of Swedish tax rate decrease | - | - | (2 | ) | |||||||||
Tax on foreign intercompany dividends and deemed dividends for tax purposes | 1 | - | 3 | ||||||||||
Nondeductible expenses | 1 | 1 | 1 | ||||||||||
State income taxes | 2 | 2 | 2 | ||||||||||
Foreign tax credits | (2 | ) | (2 | ) | (3 | ) | |||||||
Foreign withholding taxes | 1 | 1 | 1 | ||||||||||
Change in valuation allowance | (1 | ) | (1 | ) | - | ||||||||
Other | - | (1 | ) | (2 | ) | ||||||||
Total difference | (4 | ) | (6 | ) | (4 | ) | |||||||
Effective income tax rate | 31 | % | 29 | % | 31 | % | |||||||
U.S. income taxes have not been provided on $74.2 million of undistributed earnings of foreign subsidiaries at December 31, 2014 as these amounts are considered permanently invested. A liability could arise if our intention to permanently invest such earnings were to change and amounts are distributed by such subsidiaries, or if such subsidiaries are ultimately disposed. It is not practicable to estimate the additional income taxes related to the hypothetical distribution of permanently invested earnings. | |||||||||||||
We are a party to a Tax Sharing Agreement with FMC Technologies whereby we have agreed to indemnify FMC Technologies for any additional tax liability resulting from John Bean Technologies Corporation businesses. As of December 31, 2014, we are not aware of any additional tax liability. | |||||||||||||
The following tax years remain subject to examination in the following significant jurisdictions: | |||||||||||||
Belgium | 2010 – 2014 | ||||||||||||
Brazil | 2009 – 2014 | ||||||||||||
Italy | 2009 – 2014 | ||||||||||||
Sweden | 2008 – 2014 | ||||||||||||
United States | 2011 – 2014 | ||||||||||||
Note_8_Pension_and_Postretirem
Note 8 - Pension and Postretirement and Other Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 8. PENSION AND POSTRETIREMENT AND OTHER BENEFIT PLANS | ||||||||||||||||||||||||||||||||
We sponsor qualified and nonqualified defined benefit pension plans that together cover many of our U.S. employees. The plans provide defined benefits based on years of service and final average salary. We also provide postretirement medical and life insurance benefits to some of our U.S. employees. The postretirement medical plan is contributory while the postretirement life insurance plan is noncontributory. Foreign-based employees are eligible to participate in either Company-sponsored or government sponsored benefit plans to which we contribute. We also sponsor separate defined contribution plans that cover substantially all of our U.S. employees and some international employees. | |||||||||||||||||||||||||||||||||
Beginning in 2010, the domestic defined benefit plans were frozen to new entrants and future benefit accruals for non-union participants were discontinued. | |||||||||||||||||||||||||||||||||
The funded status of our pension and postretirement benefit plans, together with the associated balances recognized in our consolidated financial statements as of December 31, 2014 and 2013, were as follows: | |||||||||||||||||||||||||||||||||
Pensions | Other | ||||||||||||||||||||||||||||||||
postretirement | |||||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 306.3 | $ | 331.5 | $ | 6.9 | $ | 7.8 | |||||||||||||||||||||||||
Service cost | 1.8 | 1.9 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Interest cost | 14.7 | 13.7 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Actuarial (gain) loss | 53.4 | (31.9 | ) | (1.5 | ) | (0.9 | ) | ||||||||||||||||||||||||||
Transition | - | 1.9 | - | - | |||||||||||||||||||||||||||||
Plan participants' contributions | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||
Benefits paid | (20.1 | ) | (12.0 | ) | (0.3 | ) | (0.4 | ) | |||||||||||||||||||||||||
Currency translation adjustments | (5.7 | ) | 1 | - | - | ||||||||||||||||||||||||||||
Projected benefit obligation at December 31 | $ | 350.6 | $ | 306.3 | $ | 5.5 | $ | 6.9 | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 255.4 | $ | 231.9 | $ | - | $ | - | |||||||||||||||||||||||||
Company contributions | 19.6 | 10 | 0.3 | 0.4 | |||||||||||||||||||||||||||||
Actual return on plan assets | 7.3 | 21.9 | - | - | |||||||||||||||||||||||||||||
Plan participants' contributions | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||
Transition | - | 3 | - | - | |||||||||||||||||||||||||||||
Benefits paid | (20.1 | ) | (12.0 | ) | (0.3 | ) | (0.4 | ) | |||||||||||||||||||||||||
Currency translation adjustments | (1.7 | ) | 0.4 | - | - | ||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 260.7 | $ | 255.4 | $ | - | $ | - | |||||||||||||||||||||||||
Funded status of the plans (liability) at December 31 | $ | (89.9 | ) | $ | (50.9 | ) | $ | (5.5 | ) | $ | (6.9 | ) | |||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||||||||||||||||||||||||||||||||
Other current liabilities | $ | (2.0 | ) | $ | (4.9 | ) | $ | (0.3 | ) | $ | (0.4 | ) | |||||||||||||||||||||
Accrued pension and other postretirement benefits, less current portion | (87.9 | ) | (46.0 | ) | (5.2 | ) | (6.5 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (89.9 | ) | $ | (50.9 | ) | $ | (5.5 | ) | $ | (6.9 | ) | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss at December 31 were as follows: | |||||||||||||||||||||||||||||||||
Pensions | Other | ||||||||||||||||||||||||||||||||
postretirement | |||||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Unrecognized actuarial (gain) loss | $ | 158.3 | $ | 98.4 | $ | (2.5 | ) | $ | (1.0 | ) | |||||||||||||||||||||||
Unrecognized prior service cost | 0.2 | 0.3 | - | - | |||||||||||||||||||||||||||||
Total recognized in accumulated other comprehensive (gain) loss | $ | 158.5 | $ | 98.7 | $ | (2.5 | ) | $ | (1.0 | ) | |||||||||||||||||||||||
The accumulated benefit obligation for all pension plans was $343.1 million and $299.8 million at December 31, 2014 and 2013. Key information for our plans with accumulated benefit obligations in excess of plan assets as of December 31 was as follows: | |||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Aggregate projected benefit obligation | $ | 350.6 | $ | 306.3 | |||||||||||||||||||||||||||||
Aggregate accumulated benefit obligation | 343.1 | 299.8 | |||||||||||||||||||||||||||||||
Aggregate fair value of plan assets | 260.7 | 255.4 | |||||||||||||||||||||||||||||||
Pension and other postretirement benefit costs (income) for the years ended December 31 were as follows: | |||||||||||||||||||||||||||||||||
Pensions | Other postretirement | ||||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Service cost | $ | 1.8 | $ | 1.9 | $ | 1.5 | $ | 0.1 | $ | 0.1 | $ | 0.1 | |||||||||||||||||||||
Interest cost | 14.7 | 13.7 | 13.8 | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||||||
Expected return on plan assets | (19.7 | ) | (18.2 | ) | (17.7 | ) | - | - | - | ||||||||||||||||||||||||
Curtailment gain | - | - | (0.1 | ) | - | - | - | ||||||||||||||||||||||||||
Settlement charge | 2.8 | - | - | - | - | - | |||||||||||||||||||||||||||
Amortization of prior service (credit) cost | 0.1 | 0.2 | 0.2 | - | (0.3 | ) | (0.8 | ) | |||||||||||||||||||||||||
Amortization of net actuarial (gain) loss | 2.7 | 4.2 | 3.1 | (0.1 | ) | - | - | ||||||||||||||||||||||||||
Total (income) costs | $ | 2.4 | $ | 1.8 | $ | 0.8 | $ | 0.3 | $ | 0.1 | $ | (0.4 | ) | ||||||||||||||||||||
Pre-tax changes in projected benefit obligations and plan assets recognized in other comprehensive income during 2014 were as follows: | |||||||||||||||||||||||||||||||||
Changes recognized in OCI | |||||||||||||||||||||||||||||||||
(In millions) | Pensions | Other postretirement | |||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
Actuarial (gain) loss | $ | 65.7 | $ | (1.6 | ) | ||||||||||||||||||||||||||||
Amortization of net actuarial gain (loss) | (5.5 | ) | 0.1 | ||||||||||||||||||||||||||||||
Amortization of prior service credit (cost) | (0.1 | ) | - | ||||||||||||||||||||||||||||||
Total (income) loss recognized in other comprehensive income | 60.1 | (1.5 | ) | ||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 62.5 | $ | (1.2 | ) | ||||||||||||||||||||||||||||
The Company uses a corridor approach to recognize actuarial gains and losses that result from changes in actuarial assumptions. The corridor approach defers all actuarial gains and losses resulting from changes in assumptions in other accumulated comprehensive income (loss), such as those related to changes in the discount rate and differences between actual and expected returns on plan assets. These unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the higher of the market-related value of the assets or the projected benefit obligation for each respective plan. The amortization is on a straight-line basis over the life expectancy of the plan’s participants for the frozen plans and the expected remaining service periods for the other plans. We expect to amortize $4.6 million of net actuarial loss from accumulated other comprehensive income (loss) into net periodic benefit cost in 2015. | |||||||||||||||||||||||||||||||||
The following weighted-average assumptions were used to determine the benefit obligations: | |||||||||||||||||||||||||||||||||
Weighted-average assumption to determine benefit obligation | |||||||||||||||||||||||||||||||||
Pensions | Other postretirement | ||||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Discount rate | 4 | % | 4.92 | % | 4.19 | % | 4.25 | % | 5.1 | % | 4.3 | % | |||||||||||||||||||||
Rate of compensation increase | 3.23 | % | 3.45 | % | 3.45 | % | - | - | - | ||||||||||||||||||||||||
The following weighted-average assumptions were used to determine net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Pensions | Other postretirement | ||||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Discount rate | 4.93 | % | 4.17 | % | 4.55 | % | 5.1 | % | 4.3 | % | 4.6 | % | |||||||||||||||||||||
Rate of compensation increase | 3.23 | % | 3.45 | % | 3.45 | % | - | - | - | ||||||||||||||||||||||||
Expected rate of return on plan assets | 7.77 | % | 7.81 | % | 7.82 | % | - | - | - | ||||||||||||||||||||||||
The estimate of expected rate of return on plan assets is based primarily on the historical performance of plan assets, asset allocation, current market conditions and long-term growth expectations. | |||||||||||||||||||||||||||||||||
Assumed health care cost trend rates for future periods will not have an effect on the amounts reported for the postretirement health care plan as our benefit obligation under the plan was fully capped at the 2002 benefit level. | |||||||||||||||||||||||||||||||||
Plan assets | |||||||||||||||||||||||||||||||||
Our pension investment strategy balances the requirements to generate returns using higher-returning assets, such as equity securities, with the need to control risk in the pension plan with less volatile assets, such as fixed-income securities. Risks include, among others, the likelihood of the pension plans being underfunded, thereby increasing their dependence on Company contributions. The assets are managed by professional investment firms and performance is evaluated against specific benchmarks. Our target asset allocations and actual allocations as of December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||
Target | 2014 | 2013 | |||||||||||||||||||||||||||||||
Equity | 30% - 70% | 48% | 47% | ||||||||||||||||||||||||||||||
Fixed income | 20% - 40% | 24% | 25% | ||||||||||||||||||||||||||||||
Real estate and other | 10% - 30% | 27% | 26% | ||||||||||||||||||||||||||||||
Cash | 0% - 10% | 1% | 2% | ||||||||||||||||||||||||||||||
100% | 100% | 100% | |||||||||||||||||||||||||||||||
Our actual pension plans’ asset holdings by category and level within the fair value hierarchy are presented in the following table: | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.4 | $ | 2.4 | $ | - | $ | - | $ | 4.3 | $ | 4.3 | $ | - | $ | - | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Large cap (1) | 45.5 | - | 45.5 | - | 40.2 | - | 40.2 | - | |||||||||||||||||||||||||
Small cap (2) | 79.1 | 79.1 | - | - | 81.2 | 81.2 | - | - | |||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||
Government securities (3) | 17.6 | - | 17.6 | - | 17.5 | - | 17.5 | - | |||||||||||||||||||||||||
Corporate bonds (4) | 46.4 | 15.2 | 31.2 | - | 45.1 | 14.8 | 30.3 | - | |||||||||||||||||||||||||
Real estate and other investments (5) | 69.7 | 26.6 | 43.1 | - | 67.1 | 27.9 | 39.2 | - | |||||||||||||||||||||||||
Total assets at fair value | $ | 260.7 | $ | 123.3 | $ | 137.4 | $ | - | $ | 255.4 | $ | 128.2 | $ | 127.2 | $ | - | |||||||||||||||||
-1 | Includes funds that invest primarily in large cap equity securities. | ||||||||||||||||||||||||||||||||
-2 | Includes small cap equity securities and funds that invest primarily in small cap equity securities. | ||||||||||||||||||||||||||||||||
-3 | Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. | ||||||||||||||||||||||||||||||||
-4 | Includes investment grade bonds, high yield bonds and mortgage-backed fixed income securities and funds that invest in such securities. | ||||||||||||||||||||||||||||||||
-5 | Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by one of our foreign pension plans. | ||||||||||||||||||||||||||||||||
The fair value of assets classified as Level 1 is based on unadjusted quoted prices in active markets for identical assets. The fair value of assets classified as Level 2 is based on quoted prices for similar assets or based on valuations made using inputs that are either directly or indirectly observable as of the reporting date. Such inputs include net asset values reported at a minimum on a monthly basis by investment funds or contract values provided by the issuing insurance company. We are able to sell any of our investment funds with notice of no more than 30 days. For more information on the fair value hierarchy, see Note 14. | |||||||||||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||||||||
We expect to contribute $15.0 million to our pension and other postretirement benefit plans in 2015. The pension contributions will be primarily for the U.S. qualified pension plan. All of the contributions are expected to be in the form of cash. | |||||||||||||||||||||||||||||||||
Estimated future benefit payments | |||||||||||||||||||||||||||||||||
The following table summarizes expected benefit payments from our various pension and postretirement benefit plans through 2024. Actual benefit payments may differ from expected benefit payments. | |||||||||||||||||||||||||||||||||
(In millions) | Pensions | Other postretirement | |||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
2015 | $ | 14 | $ | 0.3 | |||||||||||||||||||||||||||||
2016 | 13.4 | 0.3 | |||||||||||||||||||||||||||||||
2017 | 15.3 | 0.4 | |||||||||||||||||||||||||||||||
2018 | 15.8 | 0.4 | |||||||||||||||||||||||||||||||
2019 | 15.8 | 0.4 | |||||||||||||||||||||||||||||||
2020 - 2024 | 92.7 | 1.8 | |||||||||||||||||||||||||||||||
Savings Plans | |||||||||||||||||||||||||||||||||
Our U.S. and some international employees participate in defined contribution savings plans that we sponsor. These plans generally provide company matching contributions on participants’ voluntary contributions and/or company non-elective contributions. Additionally, certain highly compensated employees participate in a non-qualified deferred compensation plan, which also allows for company matching contributions and company non-elective contributions on compensation in excess of the Internal Revenue Code Section 401(a) (17) limit. The expense for matching contributions was $9.6 million, $9.4 million and $8.9 million in 2014, 2013 and 2012, respectively. |
Note_9_Accumulated_Other_Compr
Note 9 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income Loss [Text Block] | Note 9. 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 year ended December 31, 2014 by component are shown in the following table: | |||||||||||||
Pension and Other Postretirement Benefits | Foreign Currency Translation | Total | |||||||||||
(In millions) | |||||||||||||
Beginning balance, December 31, 2013 | $ | (60.0 | ) | $ | (0.1 | ) | $ | (60.1 | ) | ||||
Other comprehensive gain (loss) before reclassification | (38.0 | ) | (20.6 | ) | (58.6 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 1.6 | - | 1.6 | ||||||||||
Ending balance, December 31, 2014 | $ | (96.4 | ) | $ | (20.7 | ) | $ | (117.1 | ) | ||||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefits plans for the year ended December 31, 2014 were $2.7 million in selling, general and administrative expenses net of $1.1 million in provision for income taxes. |
Note_10_Stockbased_Compensatio
Note 10 - Stock-based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 10. STOCK-BASED COMPENSATION | ||||||||||||
We recorded stock-based compensation expense and related income tax effects for the years ended December 31 as follows: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Stock-based compensation expense | $ | 7.3 | $ | 6.9 | $ | 7.5 | |||||||
Tax benefit recorded in consolidated statements of income | $ | 2.8 | $ | 2.6 | $ | 2.7 | |||||||
As of December 31, 2014, there was $7.2 million of unrecognized stock-based compensation expense for outstanding awards expected to be recognized over a weighted average period of 1.9 years. | |||||||||||||
Incentive Compensation Plan | |||||||||||||
We sponsor a stock-based compensation plan (the “Incentive Compensation Plan”) that provides certain incentives and awards to our officers, employees, directors and consultants. The Incentive Compensation Plan allows our Board of Directors (the “Board”) to make various types of awards to non-employee directors and the Compensation Committee (the “Committee”) of the Board to make various types of awards to other eligible individuals. Awards that may be issued include common stock, stock options, stock appreciation rights, restricted stock and stock units. | |||||||||||||
Grants of common stock options may be incentive and/or nonqualified stock options. Under the Incentive Compensation Plan, the exercise price for options cannot be less than the market value of our common stock at the date of grant. Options vest in accordance with the terms of the award as determined by the Committee, which is generally after three years of service, and expire no later than 10 years after the grant date. Restricted stock grants specify any applicable performance goals, the time and rate of vesting and such other provisions as determined by the Committee. Restricted stock grants generally vest after three years of service, but may also vest upon a change of control as defined in the Incentive Compensation Plan. A total of 3.7 million shares of our common stock are authorized to be issued under the Incentive Compensation Plan. | |||||||||||||
Restricted Stock Units | |||||||||||||
A summary of the non-vested restricted stock units as of December 31, 2014 and changes during the year is presented below: | |||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at December 31, 2013 | 1,229,394 | $ | 18.5 | ||||||||||
Granted | 346,833 | $ | 30.12 | ||||||||||
Vested | (326,274 | ) | $ | 19.55 | |||||||||
Forfeited | (127,400 | ) | $ | 20.56 | |||||||||
Nonvested at December 31, 2014 | 1,122,553 | $ | 21.06 | ||||||||||
We grant time-based and performance-based restricted stock units that vest after three years. The fair value of these awards is determined using the market value of our common stock on the grant date. Compensation cost is recognized over the lesser of the stated vesting period or the period until the employee reaches age 62, the retirement eligible age under the plan. | |||||||||||||
For current year performance-based awards, the number of shares to be issued was dependent upon our performance relative to the prior year with respect to growth in earnings and net contribution (which is an economic value added measure calculated by determining the amount by which our net income from continuing operations, after adding back interest expense, exceeds our cost of capital) for the year ended December 31, 2014. Based on results for the performance period, we expect to issue a total of 216,895 shares at the vesting date in January 2017. Compensation cost has been measured for 2014 based on actual performance against the established target. | |||||||||||||
The following summarizes values for restricted stock activity in each of the years in the three year period ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average grant-date fair value of restricted stock units granted | $ | 30.12 | $ | 20.88 | $ | 17.53 | |||||||
Fair value of restricted stock vested (in millions) | $ | 9.4 | $ | 6.7 | $ | 6.8 | |||||||
Stock Options | |||||||||||||
There were no options granted, forfeited, expired, or outstanding during the year ended December 31, 2014. For December 31, 2013 and 2012, options exercised were 23,651 and 30,244, respectively. |
Note_11_Stockholders_Equity
Note 11 - Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 11. STOCKHOLDERS’ EQUITY | ||||||||
The following is a summary of our capital stock activity (in shares) for the year ended on December 31, 2014: | |||||||||
Common | Common | ||||||||
stock outstanding | stock held in | ||||||||
treasury | |||||||||
31-Dec-13 | 28,979,080 | - | |||||||
Stock awards | 112,422 | (44,746 | ) | ||||||
Treasury stock purchases | - | 91,406 | |||||||
31-Dec-14 | 29,091,502 | 46,660 | |||||||
On October 27, 2011, the Board authorized a share repurchase program for up to $30 million of our common stock through December 31, 2014. In December 2014, the Board of Directors extended the term of the repurchase authorization through December 31, 2015. Shares may be purchased from time to time in open market transactions, subject to market conditions. Repurchased shares become treasury shares, which are accounted for using the cost method and are used for future awards under the Incentive Compensation Plan. | |||||||||
On July 31, 2008, our Board declared a dividend distribution to each record holder of common stock of one Preferred Share Purchase Right for each share of common stock outstanding on that date. Each right entitles the holder to purchase, under certain circumstances related to a change in control of the Company, one one-hundredth of a share of Series A Junior Participating Preferred Stock, par value $0.01, at a price of $72 per share (subject to adjustment), subject to the terms and conditions of a Rights Agreement dated July 31, 2008. The rights expire on July 31, 2018, unless redeemed by us at an earlier date. The redemption price of $0.01 per right is subject to adjustment to reflect stock splits, stock dividends or similar transactions. We have reserved 1,500,000 shares of Series A Junior Participating Preferred Stock for possible issuance under the agreement. | |||||||||
Accumulated other comprehensive loss as of December 31 consisted of the following: | |||||||||
(In millions) | 2014 | 2013 | |||||||
Cumulative foreign currency translation adjustments | $ | (20.7 | ) | $ | (0.1 | ) | |||
Cumulative deferral of pension net losses, net of tax of $59.6 in 2014 and $37.7 in 2013 | (96.4 | ) | (60.0 | ) | |||||
Accumulated other comprehensive loss | $ | (117.1 | ) | $ | (60.1 | ) | |||
Note_12_Earnings_Per_Share
Note 12 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | NOTE 12. EARNINGS PER SHARE | ||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive securities. | |||||||||||||
The following table sets forth the computation of basic and diluted EPS utilizing income from continuing operations for the respective periods and our basic and dilutive shares outstanding: | |||||||||||||
(In millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Basic earnings per share: | |||||||||||||
Income from continuing operations | $ | 30.8 | $ | 34 | $ | 37.1 | |||||||
Weighted average number of shares outstanding | 29.5 | 29.2 | 29.1 | ||||||||||
Basic earnings per share from continuing operations | $ | 1.04 | $ | 1.16 | $ | 1.27 | |||||||
Diluted earnings per share: | |||||||||||||
Income from continuing operations | $ | 30.8 | $ | 34 | $ | 37.1 | |||||||
Weighted average number of shares outstanding | 29.5 | 29.2 | 29.1 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock | 0.4 | 0.5 | 0.4 | ||||||||||
Total shares and dilutive securities | 29.9 | 29.7 | 29.5 | ||||||||||
Diluted earnings per share from continuing operations | $ | 1.03 | $ | 1.15 | $ | 1.26 | |||||||
Note_13_Derivative_Financial_I
Note 13 - Derivative Financial Instruments and Credit Risk | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS AND CREDIT RISK | ||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||
We hold derivative financial instruments for the purpose of hedging foreign currency risks of 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. Some of our sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which we take into consideration as part of our risk management policy. The purpose of our foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. We primarily utilize forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. We do not apply hedge accounting for these forward foreign exchange contracts. As of December 31, 2014, we held forward foreign exchange contracts with an aggregate notional value of $320.0 million. | |||||||||||||||||||||
The following table presents the fair value of foreign currency derivatives included within the consolidated balance sheets: | |||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||
(In millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||
Other current assets / liabilities | $ | 6.9 | $ | 3.9 | $ | 5.8 | $ | 3 | |||||||||||||
Other assets / liabilities | 2.2 | - | 2.6 | 0.6 | |||||||||||||||||
Total | $ | 9.1 | $ | 3.9 | $ | 8.4 | $ | 3.6 | |||||||||||||
Refer to Note 14. 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 to mitigate credit risk in derivative transactions by permitting us to net settle for transactions with the same counterparty. However, we do not net settle with such counterparties. As a result, we present derivatives at their gross fair values in the consolidated balance sheets. As of December 31, 2014 and 2013, information related to these offsetting arrangements was as follows: | |||||||||||||||||||||
(in millions) | As of December 31, 2014 | ||||||||||||||||||||
Offsetting of Assets | |||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | |||||||||||||||||
Derivatives | $ | 9.1 | $ | - | $ | 9.1 | $ | (3.8 | ) | $ | 5.3 | ||||||||||
Offsetting of Liabilities | As of December 31, 2014 | ||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | |||||||||||||||||
Derivatives | $ | 3.9 | $ | - | $ | 3.9 | $ | (3.8 | ) | $ | 0.1 | ||||||||||
(in millions) | As of December 31, 2013 | ||||||||||||||||||||
Offsetting of Assets | |||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | |||||||||||||||||
Derivatives | $ | 8.4 | $ | - | $ | 8.4 | $ | (2.9 | ) | $ | 5.5 | ||||||||||
Offsetting of Liabilities | As of December 31, 2013 | ||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | |||||||||||||||||
Derivatives | $ | 3.6 | $ | - | $ | 3.6 | $ | (2.9 | ) | $ | 0.7 | ||||||||||
The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the consolidated statements of income: | |||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Foreign exchange contracts | Revenue | $ | (1.5 | ) | $ | - | $ | 3.7 | |||||||||||||
Foreign exchange contracts | Cost of sales | 0.9 | 0.4 | (0.6 | ) | ||||||||||||||||
Foreign exchange contracts | Other income, net | (0.1 | ) | (0.7 | ) | 0.4 | |||||||||||||||
Total | (0.7 | ) | (0.3 | ) | 3.5 | ||||||||||||||||
Remeasurement of assets and liabilities in foreign currencies | 1 | (0.2 | ) | (1.0 | ) | ||||||||||||||||
Net gain (loss) on foreign currency transactions | $ | 0.3 | $ | (0.5 | ) | $ | 2.5 | ||||||||||||||
Credit risk | |||||||||||||||||||||
By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject us to credit risk primarily consist of trade receivables and derivative contracts. We manage the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and establishing credit limits, and monitoring counterparties’ financial condition. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for losses are established based on collectability assessments. |
Note_14_Fair_Value_of_Financia
Note 14 - Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE 14. 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. | ||||||||||||||||||||||||||||||||
• | 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 December 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 | $ | 10.7 | $ | 10.7 | - | - | $ | 11.9 | $ | 11.9 | - | - | |||||||||||||||||||||
Derivatives | 9.1 | - | $ | 9.1 | - | 8.4 | - | $ | 8.4 | - | |||||||||||||||||||||||
Total assets | $ | 19.8 | $ | 10.7 | $ | 9.1 | - | $ | 20.3 | $ | 11.9 | $ | 8.4 | - | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 3.9 | - | $ | 3.9 | - | $ | 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 separately on the consolidated balance sheet. Investments include an unrealized loss of $0.2 million as of December 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 as of December 31 are as follows: | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||||||||||||||||
Senior unsecured notes due July 31, 2015 | $ | 75 | $ | 77.6 | $ | 75 | $ | 80.7 | |||||||||||||||||||||||||
Revolving credit facility, expires November 30, 2017 | 94.3 | 94.3 | 16.5 | 16.5 | |||||||||||||||||||||||||||||
Brazilian loan due August 20, 2014 | - | - | 4 | 4 | |||||||||||||||||||||||||||||
Brazilian loan due April 15, 2016 | 2 | 1.8 | 3.4 | 2.9 | |||||||||||||||||||||||||||||
Brazilian loan due October 16, 2017 | 4.3 | 3.7 | - | - | |||||||||||||||||||||||||||||
Foreign credit facilities | 2.3 | 2.3 | 1 | 1 | |||||||||||||||||||||||||||||
Other | 0.1 | 0.1 | 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_15_Commitments_and_Contin
Note 15 - Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 15. COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||
We are involved in legal proceedings arising in the ordinary course of business. We also 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. | |||||||||||||||||||||||||||||
We are currently the subject of an audit being conducted by the State of Delaware to determine whether the Company has complied with Delaware unclaimed property (escheat) laws. This audit is being conducted by an outside firm on behalf of the State of Delaware and covers the years from 1986 through the present. In addition to seeking the turnover of unclaimed property subject to escheat laws, the State of Delaware may seek interest, penalties, and other relief. An estimate of a possible loss from this audit cannot be made at this time. | |||||||||||||||||||||||||||||
In the normal course of our business, we are at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although we are not able to predict the outcome of such actions, after reviewing all pending and threatened actions with counsel and based on information currently available, management believes that the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the results of operations or financial position of our Company. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to the 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, we issue standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled approximately $67.2 million at December 31, 2014, represent guarantees of our future performance. We also have provided approximately $11.1 million of bank guarantees and letters of credit to secure a portion of our existing financial obligations. The majority of these financial instruments expire within two years; we expect to replace them through the issuance of new or the extension of existing letters of credit and surety bonds. | |||||||||||||||||||||||||||||
In some instances, we guarantee our customers’ financing arrangements. We are responsible for payment of any unpaid amounts but will receive indemnification from third parties for between sixty and ninety-five percent of the contract values. In addition, we generally retain recourse to the equipment sold. As of December 31, 2014, the gross value of such arrangements was $13.2 million, of which our net exposure under such guarantees is $1.8 million. | |||||||||||||||||||||||||||||
We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. We provide for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists. We also provide a warranty liability when additional specific obligations are identified. The warranty obligation reflected in other current liabilities in the consolidated balance sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information is as follows: | |||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 10.1 | $ | 7.3 | |||||||||||||||||||||||||
Expenses for new warranties | 10 | 13.1 | |||||||||||||||||||||||||||
Adjustments to existing accruals | (1.1 | ) | (0.6 | ) | |||||||||||||||||||||||||
Claims paid | (9.4 | ) | (9.7 | ) | |||||||||||||||||||||||||
Added through acquisition | 1.2 | - | |||||||||||||||||||||||||||
Translation | (0.6 | ) | - | ||||||||||||||||||||||||||
Balance at end of year | $ | 10.2 | $ | 10.1 | |||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
We lease office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide that we pay for repairs, property taxes and insurance. Substantially all leases are classified as operating leases for accounting purposes. Rent expense under operating leases amounted to $9.6 million, $10.4 million and $9.0 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Future minimum lease payments under non-cancelable operating leases as of December 31, 2014, for the following fiscal years were: | |||||||||||||||||||||||||||||
(In millions) | Total | 2015 | 2016 | 2017 | 2018 | 2019 | After | ||||||||||||||||||||||
Amount | 2019 | ||||||||||||||||||||||||||||
Operating lease obligations | $ | 21.1 | $ | 5 | $ | 4.2 | $ | 3.1 | $ | 2.1 | $ | 1.2 | $ | 5.5 | |||||||||||||||
Note_16_Business_Segments
Note 16 - Business Segments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 16. BUSINESS SEGMENTS | ||||||||||||||||||||||||||||||||||||
Our determination of the two reportable segments was made on the basis of our strategic business units and the commonalities among the products and services within each segment, and corresponds to the manner in which management reviews and evaluates operating performance. | |||||||||||||||||||||||||||||||||||||
Our reportable segments are: | |||||||||||||||||||||||||||||||||||||
• | JBT FoodTech—designs, manufactures and services technologically sophisticated food processing systems used for, among other things, fruit juice production, frozen food production, in-container food production, automated systems and convenience food preparation by the food industry. | ||||||||||||||||||||||||||||||||||||
• | JBT AeroTech—designs, manufactures and services technologically sophisticated airport ground support and gate equipment and provides services for airport authorities; airlines, airfreight, and ground handling companies; the military and other industries. | ||||||||||||||||||||||||||||||||||||
Total revenue by segment includes intersegment sales, which are made at prices that reflect, as nearly as practicable, the market value of the transaction. 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 staff expense, LIFO provisions, restructuring costs, certain employee benefit expenses, interest income and expense and income taxes. | |||||||||||||||||||||||||||||||||||||
During the fourth quarter of 2014, management revised our measure of segment operating profit to include foreign currency gains and losses from (i) hedging anticipated foreign currency purchases and sales in the normal course of segment operations, and (ii) the remeasurement of sales-related asset and purchases-related liabilities denominated in foreign currencies. These gains and losses were previously reported in corporate expense; and we have retroactively adjusted the previously reported amounts of segment operating profit for all periods presented to reflect this change. The change was made to reflect our Chief Operating Decision Maker’s long-term strategic view of our business, and to include these foreign currency gains and losses together with the underlying transactions to which they relate in the measure used to evaluate segment performance. | |||||||||||||||||||||||||||||||||||||
Segment revenue and segment operating profit | |||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 634.7 | $ | 611.1 | $ | 592.5 | |||||||||||||||||||||||||||||||
JBT AeroTech | 350.2 | 323.6 | 325 | ||||||||||||||||||||||||||||||||||
Intercompany eliminations | (0.7 | ) | (0.5 | ) | (0.2 | ) | |||||||||||||||||||||||||||||||
Total revenue | $ | 984.2 | $ | 934.2 | $ | 917.3 | |||||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||||||||||
Segment operating profit: | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 72.7 | $ | 64.5 | $ | 61.3 | |||||||||||||||||||||||||||||||
JBT AeroTech | 30 | 26.8 | 28.2 | ||||||||||||||||||||||||||||||||||
Total segment operating profit | 102.7 | 91.3 | 89.5 | ||||||||||||||||||||||||||||||||||
Corporate items: | |||||||||||||||||||||||||||||||||||||
Corporate expense (1) | (37.5 | ) | (36.5 | ) | (28.5 | ) | |||||||||||||||||||||||||||||||
Restructuring expense | (14.5 | ) | (1.6 | ) | (0.1 | ) | |||||||||||||||||||||||||||||||
Net interest expense | (6.0 | ) | (5.4 | ) | (6.9 | ) | |||||||||||||||||||||||||||||||
Total corporate items | (58.0 | ) | (43.5 | ) | (35.5 | ) | |||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 44.7 | 47.8 | 54 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 13.9 | 13.8 | 16.9 | ||||||||||||||||||||||||||||||||||
Income from continuing operations | 30.8 | 34 | 37.1 | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | - | (0.9 | ) | (0.9 | ) | ||||||||||||||||||||||||||||||||
Net income | $ | 30.8 | $ | 33.1 | $ | 36.2 | |||||||||||||||||||||||||||||||
-1 | Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefits expenses not related to service, LIFO adjustments, and the impact of unusual or strategic transactions not representative of segment operations. | ||||||||||||||||||||||||||||||||||||
Segment operating capital employed and segment assets | |||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Segment operating capital employed (1): | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 298.1 | $ | 204.5 | $ | 271.5 | |||||||||||||||||||||||||||||||
JBT AeroTech | 114 | 138.1 | 132 | ||||||||||||||||||||||||||||||||||
Total segment operating capital employed | 412.1 | 342.6 | 403.5 | ||||||||||||||||||||||||||||||||||
Segment liabilities included in total segment operating capital employed (2) | 248.6 | 243.2 | 226.6 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 37.1 | 35.4 | 47.9 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 697.8 | $ | 621.2 | $ | 678 | |||||||||||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 478.1 | $ | 392.4 | $ | 445.7 | |||||||||||||||||||||||||||||||
JBT AeroTech | 183.8 | 194 | 184.8 | ||||||||||||||||||||||||||||||||||
Intercompany eliminations | (1.2 | ) | (0.6 | ) | (0.4 | ) | |||||||||||||||||||||||||||||||
Total segment assets | 660.7 | 585.8 | 630.1 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 37.1 | 35.4 | 47.9 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 697.8 | $ | 621.2 | $ | 678 | |||||||||||||||||||||||||||||||
-1 | Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income taxes and LIFO inventory reserves. | ||||||||||||||||||||||||||||||||||||
-2 | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities. | ||||||||||||||||||||||||||||||||||||
-3 | Corporate includes cash, LIFO inventory reserves, income tax balances, investments, and property, plant and equipment not associated with a specific segment. | ||||||||||||||||||||||||||||||||||||
Geographic segment information | |||||||||||||||||||||||||||||||||||||
Geographic segment sales were identified based on the location where our products and services were delivered. Geographic segment long-lived assets include property, plant and equipment, net and certain other non-current assets. | |||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Revenue (by location of customers): | |||||||||||||||||||||||||||||||||||||
United States | $ | 512.5 | $ | 460.9 | $ | 475.5 | |||||||||||||||||||||||||||||||
All other countries | 471.7 | 473.3 | 441.8 | ||||||||||||||||||||||||||||||||||
Total revenue | $ | 984.2 | $ | 934.2 | $ | 917.3 | |||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||||||||||
United States | $ | 99 | $ | 79.4 | $ | 75 | |||||||||||||||||||||||||||||||
Brazil | 12.5 | 14 | 15.7 | ||||||||||||||||||||||||||||||||||
All other countries | 41.3 | 45.8 | 43.2 | ||||||||||||||||||||||||||||||||||
Total long-lived assets | $ | 152.8 | $ | 139.2 | $ | 133.9 | |||||||||||||||||||||||||||||||
Other business segment information | |||||||||||||||||||||||||||||||||||||
Capital Expenditures | Depreciation and Amortization | Research and Development | |||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
JBT FoodTech | $ | 32.8 | $ | 27.7 | $ | 22.7 | $ | 22.2 | $ | 22 | $ | 20.7 | $ | 12.1 | $ | 11.2 | $ | 10.8 | |||||||||||||||||||
JBT AeroTech | 2.5 | 1 | 1.3 | 1.8 | 1.8 | 1.9 | 2.5 | 2.8 | 3.5 | ||||||||||||||||||||||||||||
Corporate | 1.4 | 0.5 | 0.7 | 1.3 | 1.2 | 1 | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 36.7 | $ | 29.2 | $ | 24.7 | $ | 25.3 | $ | 25 | $ | 23.6 | $ | 14.6 | $ | 14 | $ | 14.3 | |||||||||||||||||||
Note_17_Restructuring
Note 17 - Restructuring | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | NOTE 17. RESTRUCTURING | ||||||||||||||||
Restructuring costs primarily consist of employee separation benefits under our existing severance programs, foreign statutory termination benefits, certain one-time termination benefits, contract termination costs, asset impairment charges and other costs that are associated with restructuring actions. Certain restructuring charges are accrued prior to payments made in accordance with applicable guidance. For such charges, the amounts are determined based on estimates prepared at the time the restructuring actions were approved by management. | |||||||||||||||||
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. We expect to complete the plan in 2015. | |||||||||||||||||
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. Remaining payments required under this plan are expected to be paid during 2015. | |||||||||||||||||
Additional information regarding the restructuring activities is presented in the tables below: | |||||||||||||||||
(In millions) | |||||||||||||||||
Charges incurred during the twelve months ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Severance and related expense | $ | 11.1 | $ | 1.6 | $ | 0.1 | |||||||||||
Asset write-offs | 0.5 | - | - | ||||||||||||||
Other | 2.9 | - | - | ||||||||||||||
Total Restructuring charges | $ | 14.5 | $ | 1.6 | $ | 0.1 | |||||||||||
While restructuring charges are excluded from our calculation of segment operating profit, the table below presents the restructuring charges associated with each segment and with corporate activities for the years ended on December 31: | |||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||
JBT FoodTech | $ | 11.1 | $ | 0.6 | $ | 0.1 | |||||||||||
JBT AeroTech | 1.5 | - | - | ||||||||||||||
Corporate | 1.9 | 1 | - | ||||||||||||||
Total Restructuring charges | $ | 14.5 | $ | 1.6 | $ | 0.1 | |||||||||||
Liability balances for restructuring activities are included in other current liabilities in the accompanying consolidated balance sheets. The table below details the activity in 2014: | |||||||||||||||||
(In millions) | Balance as of | Charged to | Payments Made | Balance as of | |||||||||||||
31-Dec-13 | Earnings | /Charges Applied | 31-Dec-14 | ||||||||||||||
Severance and related expense | $ | 1.6 | $ | 11.1 | $ | (5.1 | ) | $ | 7.6 | ||||||||
Asset write-offs | - | 0.5 | (0.5 | ) | - | ||||||||||||
Other | - | 2.9 | (2.9 | ) | - | ||||||||||||
Total | $ | 1.6 | $ | 14.5 | $ | (8.5 | ) | $ | 7.6 | ||||||||
Note_18_Quarterly_Information_
Note 18 - Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | NOTE 18. QUARTERLY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||
(In millions, except per share data and common stock prices) | 2014 | 2013 | |||||||||||||||||||||||||||||||
4th | 3rd | 2nd | 1st | 4th | 3rd | 2nd | 1st | ||||||||||||||||||||||||||
Qtr. | Qtr. | Qtr. | Qtr. | Qtr. | Qtr. | Qtr. | Qtr. | ||||||||||||||||||||||||||
Revenue | $ | 295.4 | $ | 243.2 | $ | 247.6 | $ | 198 | $ | 288.1 | $ | 233.5 | $ | 226.9 | $ | 185.7 | |||||||||||||||||
Cost of sales | 219.2 | 179 | 179.3 | 146 | 218.8 | 179.3 | 167.8 | 135.4 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 15.1 | 9 | 11.4 | (4.7 | ) | 13.7 | 7.4 | 8.8 | 4.1 | ||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 0.1 | - | - | (0.1 | ) | (0.1 | ) | (0.6 | ) | (0.2 | ) | - | |||||||||||||||||||||
Net income | $ | 15.2 | $ | 9 | $ | 11.4 | $ | (4.8 | ) | $ | 13.6 | $ | 6.8 | $ | 8.6 | $ | 4.1 | ||||||||||||||||
Basic earnings per share (1): | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.51 | $ | 0.3 | $ | 0.39 | $ | (0.16 | ) | $ | 0.47 | $ | 0.25 | $ | 0.3 | $ | 0.14 | ||||||||||||||||
Loss from discontinued operations, net of tax | 0.01 | - | - | - | - | (0.02 | ) | (0.01 | ) | - | |||||||||||||||||||||||
Net income | $ | 0.52 | $ | 0.3 | $ | 0.39 | $ | (0.16 | ) | $ | 0.47 | $ | 0.23 | $ | 0.29 | $ | 0.14 | ||||||||||||||||
Diluted earnings per share (1): | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.51 | $ | 0.3 | $ | 0.38 | $ | (0.16 | ) | $ | 0.46 | $ | 0.25 | $ | 0.3 | $ | 0.14 | ||||||||||||||||
Income (loss) from discontinued operations, net of tax | - | - | - | - | - | (0.02 | ) | (0.01 | ) | - | |||||||||||||||||||||||
Net income | $ | 0.51 | $ | 0.3 | $ | 0.38 | $ | (0.16 | ) | $ | 0.46 | $ | 0.23 | $ | 0.29 | $ | 0.14 | ||||||||||||||||
Dividends declared per share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.07 | |||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||||||
Basic | 29.6 | 29.6 | 29.5 | 29.4 | 29.3 | 29.2 | 29.2 | 29.2 | |||||||||||||||||||||||||
Diluted | 29.9 | 29.9 | 29.8 | 29.4 | 29.8 | 29.7 | 29.6 | 29.5 | |||||||||||||||||||||||||
Common stock sales price | |||||||||||||||||||||||||||||||||
High | $ | 33.99 | $ | 31.53 | $ | 31.74 | $ | 32.83 | $ | 30 | $ | 24.97 | $ | 22.22 | $ | 21.21 | |||||||||||||||||
Low | $ | 27.02 | $ | 25.52 | $ | 27.83 | $ | 28.24 | $ | 24.66 | $ | 21.01 | $ | 19.26 | $ | 17.78 | |||||||||||||||||
-1 | Basic and diluted earnings per share (EPS) are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. | ||||||||||||||||||||||||||||||||
Note_19_Subsequent_Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 19. SUBSEQUENT EVENTS |
On February 25, 2015, the Board of Directors approved a quarterly cash dividend of $0.09 per share of outstanding common stock. The dividend will be paid on March 23, 2015 to stockholders of record at the close of business on March 9, 2015. | |
On February 10, 2015, we entered into a new five-year $450 million revolving credit facility, with Wells Fargo Securities, LLC as lead arranger, and repaid our existing revolving credit facility. This credit facility permits borrowings in the U.S. and in The Netherlands. Borrowings bear interest, at our option, at LIBOR or an alternative base rate, which is the greater of Wells Fargo’s Prime Rate, the Federal Funds Rate plus 50 basis points, and LIBOR plus 1%, plus, in each case, a margin dependent on our leverage ratio. We must also pay an annual commitment fee of 15.0 to 30.0 basis points dependent on our leverage ratio. The credit agreement evidencing the facility contains customary representations, warranties, and covenants, including a minimum interest coverage ratio and minimum leverage ratio, as well as certain events of default. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II—Valuation and Qualifying Accounts | ||||||||||||||||||||
(In thousands) | Additions | ||||||||||||||||||||
Decription | Balance at | charged to | charged to | Deductions | Balance | ||||||||||||||||
beginning | costs and | other accounts (a) | and other (b) | at end | |||||||||||||||||
of period | expenses | of period | |||||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,281 | $ | 1,077 | $ | - | $ | 1,680 | $ | 3,678 | |||||||||||
Valuation allowance for deferred tax assets | $ | 779 | $ | - | $ | - | $ | 230 | $ | 549 | |||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,678 | $ | 2,479 | $ | - | $ | 2,415 | $ | 3,742 | |||||||||||
Valuation allowance for deferred tax assets | $ | 549 | $ | - | $ | - | $ | 295 | $ | 254 | |||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,742 | $ | 1,630 | $ | - | $ | 2,330 | $ | 3,042 | |||||||||||
Valuation allowance for deferred tax assets | $ | 254 | $ | - | $ | - | $ | 254 | $ | - | |||||||||||
(a) – “Additions charged to other accounts” includes translation adjustments and allowances added through business combinations. | |||||||||||||||||||||
(b) – “Deductions and other” includes translation adjustments, write-offs, net of recoveries, and reductions in the allowances credited to expense. | |||||||||||||||||||||
See accompanying Report of Independent Registered Public Accounting Firm. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation |
The consolidated financial statements include the accounts of John Bean Technologies Corporation (JBT, we, or the Company) and all wholly-owned subsidiaries. All intercompany investments, accounts, and transactions have been eliminated. | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Preparation of financial statements that follow accounting principles generally accepted in the U.S. (U.S. GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents |
Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. | |
Inventory, Policy [Policy Text Block] | Inventories |
Inventories are stated at the lower of cost or net realizable value, which includes an estimate for excess and obsolete inventories. Inventory costs include those costs directly attributable to products, including all manufacturing overhead but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for all domestic inventories, except certain inventories relating to construction-type contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant, and equipment |
Property, plant, and equipment are recorded at cost. Depreciation for financial reporting purposes is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements—20 to 35 years; buildings—20 to 50 years; and machinery and equipment—3 to 20 years). Gains and losses are reflected in other income, net on the consolidated statements of income upon the sale or retirement of assets. Expenditures that extend the useful lives of property, plant, and equipment are capitalized and depreciated over the estimated new remaining life of the asset. | |
Research, Development, and Computer Software, Policy [Policy Text Block] | Capitalized software costs |
Other assets include the capitalized cost of internal use software (including Internet web sites). The assets are stated at cost less accumulated amortization and totaled $4.1 million and $5.2 million at December 31, 2014 and 2013, respectively. These software costs include the amount paid for purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three to ten years. For Internet web site costs, the estimated useful lives do not exceed three years. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill |
We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by first assessing qualitative factors to see if further testing of goodwill is required. If we conclude that it is more likely than not that a reporting unit’s fair value is less than its carrying amount based on our qualitative assessment, then a quantitative test is required. We may also choose to bypass the qualitative assessment and perform the quantitative test. In performing the quantitative test, we determine the fair value of a reporting unit using the “income approach” valuation method. We use a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate cost of capital rate. Judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, and working capital requirements, among others. If the estimated fair value of a reporting unit exceeds its carrying value, we consider that goodwill is not impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets |
Our acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives, which generally range from less than 1 year to 15 years. None of our acquired intangible assets have indefinite lives. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets |
Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition |
We recognize product revenue when we have an agreement with the customer, the product has been delivered to the customer, the sales price is fixed or determinable and collectability is assured. | |
Each customer arrangement is evaluated to determine the presence of multiple deliverables. For multiple-element revenue arrangements, such as the sale of equipment with a service agreement, we allocate the contract value to the various elements based on relative selling price for each element and recognize revenue consistent with the nature of each deliverable. | |
Our standard agreements generally do not include customer acceptance provisions. However, if there is a customer acceptance provision, the associated revenue is deferred until we have satisfied the acceptance provision. | |
Certain of our product sales are generated from construction-type contracts and revenue is recognized under the percentage of completion method. Under this method, revenue is recognized as work progresses on each contract. However, revenue recognition does not begin until a substantial portion of the labor hours are incurred to ensure that revenue is not recognized based solely upon materials procurement. We primarily measure progress toward completion by the units of completion method. Any expected losses are charged to earnings, in total, in the period the losses are identified. | |
Progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. Revenue in excess of progress billings on contracts amounted to $57.5 million and $56.8 million at December 31, 2014 and 2013, respectively. These unbilled receivables are reported in trade receivables on the consolidated balance sheets. Progress billings and cash collections in excess of revenue recognized on a contract are classified as advance and progress payments on the consolidated balance sheets. All unbilled trade payables are accrued in other current liabilities when revenue is recognized. Unbilled trade payables were $3.4 million and $2.7 million at December 31, 2014 and 2013, respectively. | |
Service revenue is recognized either when performance is complete or proportionately over the period of the underlying contract, depending on the terms of the arrangement. | |
Some of our operating lease revenue is earned from full-service leases for which we are paid annual fixed rates plus, in some cases, an additional amount based on production volumes. Revenue from production volumes is recognized when determinable and collectible. | |
We provide an allowance for doubtful accounts on trade receivables equal to the estimated uncollectible amounts. This estimate is based on historical collection experience and a specific review of each customer’s trade receivable balance. | |
Income Tax, Policy [Policy Text Block] | Income taxes |
Income taxes are provided on income reported for financial statement purposes, adjusted for permanent differences between financial statement reporting and income tax regulations. Deferred tax assets and liabilities are measured using enacted tax rates, and reflect the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. | |
A liability for uncertain tax positions is recorded whenever management believes it is not likely that the position will be sustained on examination based solely on its technical merits. Interest and penalties related to underpayment of income taxes are classified as income tax expense. | |
Income taxes are not provided on undistributed earnings of foreign subsidiaries or affiliates when it is management’s intention that such earnings will remain invested in those companies. Taxes are provided on such earnings in the year in which the decision is made to repatriate the earnings. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based employee compensation |
We measure compensation cost on restricted stock awards based on the market price of our common stock at the grant date and the number of shares awarded. The compensation cost for each award is recognized ratably over the lesser of the stated vesting period or the period until the employee becomes retirement eligible, after taking into account estimated forfeitures. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency |
Financial statements of operations for which the U.S. dollar is not the functional currency are translated to the U.S. dollar prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive loss in stockholders’ equity until the foreign entity is sold or liquidated. | |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments |
Derivatives are recognized in the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. We do not offset fair value amounts for derivative instruments held with the same counterparty. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive income (loss), depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. | |
Changes in fair value of derivatives contracts that are not designated as hedges for accounting purposes are recognized in earnings as they occur and, to the extent these derivatives economically hedge existing assets or liabilities as opposed to anticipated transactions, offset gains or losses on the remeasurement of the related asset or liability. In the consolidated statements of income, earnings from foreign currency derivatives related to sales and remeasurement of sales-related assets, liabilities and contracts are recorded in revenue, while earnings from foreign currency derivatives related to purchases and remeasurement of purchase-related assets, liabilities and contracts are recorded in cost of sales. | |
When hedge accounting is applied, we ensure that the derivative is highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge and on a quarterly basis. Effectiveness of forward contract cash flow hedges is assessed based solely on changes in fair value attributable to the change in the spot rate. The change in the fair value of the contract related to the change in forward rates is excluded from the assessment of hedge effectiveness. Changes in this excluded component of the derivative instrument, along with any ineffectiveness identified, are recorded in earnings as incurred. We document our risk management strategy and method for assessing hedge effectiveness at the inception of and throughout the term of each hedge. | |
Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. |
Note_2_Acquisition_Tables
Note 2 - Acquisition (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In millions) | ||||
Assets: | |||||
Cash | $ | 0.2 | |||
Accounts receivable | 2.4 | ||||
Other current assets | 0.4 | ||||
Inventories | 6.1 | ||||
Property, plant and equipment | 7.3 | ||||
Intangible assets: | |||||
Customer relationships | 14.6 | ||||
Intellectual property | 6.2 | ||||
Backlog | 0.4 | ||||
Total assets | $ | 37.6 | |||
Liabilities: | |||||
Accounts payable | 1.7 | ||||
Deferred revenue | 0.3 | ||||
Other liabilities | 2.5 | ||||
Total liabilities | $ | 4.5 | |||
Total purchase price | $ | 53.9 | |||
Goodwill | $ | 20.8 | |||
Assets: | |||||
Cash | $ | 10 | |||
Accounts receivable | 2.3 | ||||
Inventories | 0.4 | ||||
Property, plant and equipment | 0.1 | ||||
Intangible assets: | |||||
Customer relationships | 15.7 | ||||
Other intangible assets | 8.2 | ||||
Total assets | $ | 36.7 | |||
Liabilities: | |||||
Accounts payable | 1.3 | ||||
Deferred revenue | 2.3 | ||||
Other liabilities | 2.1 | ||||
Deferred taxes | 4.1 | ||||
Total liabilities | 9.8 | ||||
Total purchase price | $ | 45.7 | |||
Goodwill | $ | 18.8 |
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | (In millions) | 2014 | 2013 | ||||||
Raw materials | $ | 53.7 | $ | 59.9 | |||||
Work in process | 45.3 | 41.7 | |||||||
Finished goods | 79.2 | 80.5 | |||||||
Gross inventories before LIFO reserves and valuation adjustments | 178.2 | 182.1 | |||||||
LIFO reserves and valuation adjustments | (66.4 | ) | (64.5 | ) | |||||
Net inventories | $ | 111.8 | $ | 117.6 |
Note_4_Property_Plant_and_Equi1
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | (In millions) | 2014 | 2013 | ||||||
Land and land improvements | $ | 9.7 | $ | 9 | |||||
Buildings | 66.7 | 62.7 | |||||||
Machinery and equipment | 282.6 | 289 | |||||||
Construction in process | 21.3 | 13.9 | |||||||
380.3 | 374.6 | ||||||||
Accumulated depreciation | (232.7 | ) | (241.9 | ) | |||||
Property, plant and equipment, net | $ | 147.6 | $ | 132.7 |
Note_5_Goodwill_and_Intangible1
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | (In millions) | JBT FoodTech | JBT AeroTech | Total | |||||||||||||
Balance as of January 1, 2013 | $ | 22.8 | $ | 7.8 | $ | 30.6 | |||||||||||
Currency translation | 0.1 | 0.1 | 0.2 | ||||||||||||||
Balance as of December 31, 2013 | 22.9 | 7.9 | 30.8 | ||||||||||||||
Acquisitions | 39.8 | - | 39.8 | ||||||||||||||
Currency translation | (1.3 | ) | (0.1 | ) | (1.4 | ) | |||||||||||
Balance as of December 31, 2014 | $ | 61.4 | $ | 7.8 | $ | 69.2 | |||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2014 | 2013 | |||||||||||||||
(In millions) | Gross carrying amount | Accumulated amortization | Gross carrying amount | Accumulated amortization | |||||||||||||
Customer relationships | $ | 49.8 | $ | 12.4 | $ | 20.8 | $ | 11.2 | |||||||||
Patents and acquired technology | 36.7 | 23.4 | 26.6 | 25.3 | |||||||||||||
Trademarks | 14.8 | 7.4 | 16.1 | 7.6 | |||||||||||||
Other | 5.6 | 3.7 | 4.4 | 2.4 | |||||||||||||
Total intangible assets | $ | 106.9 | $ | 46.9 | $ | 67.9 | $ | 46.5 |
Note_6_Debt_Tables
Note 6 - Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Debt [Table Text Block] | (In millions) | Weighted-Average | Maturity | 2014 | 2013 | ||||||||||||||||
Interest Rate at | Date | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||
Foreign credit facilities | 6.7 | % | $ | 2.3 | $ | 1 | |||||||||||||||
Total short-term borrowings | $ | 2.3 | $ | 1 | |||||||||||||||||
Long-term debt | |||||||||||||||||||||
Senior unsecured notes | 6.7 | % | 31-Jul-15 | $ | 75 | $ | 75 | ||||||||||||||
Revolving credit facility | 2.2 | % | 30-Nov-17 | 94.3 | 16.5 | ||||||||||||||||
Brazilian US Dollar loan | 5.5 | % | 20-Aug-14 | - | 4 | ||||||||||||||||
Brazilian Real Loan | 5.5 | % | 15-Apr-16 | 2 | 3.4 | ||||||||||||||||
Brazilian Real Loan | 8 | % | 16-Oct-17 | 4.3 | - | ||||||||||||||||
Other | Various | Various | 0.1 | 0.5 | |||||||||||||||||
Total long-term debt | 175.7 | 99.4 | |||||||||||||||||||
Less: current portion | (1.9 | ) | (5.3 | ) | |||||||||||||||||
Long-term debt, less current portion | $ | 173.8 | $ | 94.1 | |||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | (In millions) | Maturities of Long-term debt | |||||||||||||||||||
2015 | $ | 1.9 | |||||||||||||||||||
2016 | 2.9 | ||||||||||||||||||||
2017 | 170.9 | ||||||||||||||||||||
Total | $ | 175.7 |
Note_7_Income_Taxes_Tables
Note 7 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 18.1 | $ | 18.9 | $ | 23 | |||||||
Foreign | 26.6 | 28.9 | 31 | ||||||||||
Income before income taxes | $ | 44.7 | $ | 47.8 | $ | 54 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||||
Federal | $ | 0.4 | $ | 0.6 | $ | 2.1 | |||||||
State | 0.3 | 0.5 | 0.5 | ||||||||||
Foreign | 8.3 | 7 | 7.6 | ||||||||||
Total current | 9 | 8.1 | 10.2 | ||||||||||
Deferred: | |||||||||||||
Federal | 4.8 | 3 | 6 | ||||||||||
State | 0.8 | 0.7 | 1 | ||||||||||
Foreign | 0.2 | 2.7 | 2.2 | ||||||||||
Decrease in the valuation allowance for deferred tax assets | (0.3 | ) | (0.3 | ) | (0.3 | ) | |||||||
Decrease in deferred tax liabilities due to foreign tax rate change | - | - | (1.3 | ) | |||||||||
Benefits of operating loss carryforward | (0.6 | ) | (0.4 | ) | (0.9 | ) | |||||||
Total deferred | 4.9 | 5.7 | 6.7 | ||||||||||
Provision for income taxes | $ | 13.9 | $ | 13.8 | $ | 16.9 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets attributable to: | |||||||||||||
Accrued pension and other postretirement benefits | $ | 34.1 | $ | 17.3 | |||||||||
Accrued expenses and accounts receivable allowances | 15.4 | 13.6 | |||||||||||
Net operating loss carryforwards | 4.7 | 6.9 | |||||||||||
Inventories | 9 | 7.9 | |||||||||||
Stock-based compensation | 6.8 | 6.1 | |||||||||||
Research and development credit carryforwards | 2.1 | 0.8 | |||||||||||
Foreign tax credit carryforward | 0.4 | 0.2 | |||||||||||
Total deferred tax assets | 72.5 | 52.8 | |||||||||||
Valuation allowance | - | (0.3 | ) | ||||||||||
Deferred tax assets, net of valuation allowance | 72.5 | 52.5 | |||||||||||
Deferred tax liabilities attributable to: | |||||||||||||
Liquidation of subsidiary for income tax purposes | 13.3 | 13.3 | |||||||||||
Property, plant and equipment | 9.7 | 9 | |||||||||||
Goodwill and amortization | 13.4 | 9.3 | |||||||||||
Other | 5.8 | 6.4 | |||||||||||
Deferred tax liabilities | 42.2 | 38 | |||||||||||
Net deferred tax assets | $ | 30.3 | $ | 14.5 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||
Statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
Net difference resulting from: | |||||||||||||
Research and development tax credit | (3 | ) | (4 | ) | - | ||||||||
Foreign earnings subject to different tax rates | (3 | ) | (2 | ) | (4 | ) | |||||||
Effect of Swedish tax rate decrease | - | - | (2 | ) | |||||||||
Tax on foreign intercompany dividends and deemed dividends for tax purposes | 1 | - | 3 | ||||||||||
Nondeductible expenses | 1 | 1 | 1 | ||||||||||
State income taxes | 2 | 2 | 2 | ||||||||||
Foreign tax credits | (2 | ) | (2 | ) | (3 | ) | |||||||
Foreign withholding taxes | 1 | 1 | 1 | ||||||||||
Change in valuation allowance | (1 | ) | (1 | ) | - | ||||||||
Other | - | (1 | ) | (2 | ) | ||||||||
Total difference | (4 | ) | (6 | ) | (4 | ) | |||||||
Effective income tax rate | 31 | % | 29 | % | 31 | % | |||||||
Summary of Income Tax Examinations [Table Text Block] | Belgium | 2010 – 2014 | |||||||||||
Brazil | 2009 – 2014 | ||||||||||||
Italy | 2009 – 2014 | ||||||||||||
Sweden | 2008 – 2014 | ||||||||||||
United States | 2011 – 2014 |
Note_8_Pension_and_Postretirem1
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | Pensions | Other | |||||||||||||||||||||||||||||||
postretirement | |||||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 306.3 | $ | 331.5 | $ | 6.9 | $ | 7.8 | |||||||||||||||||||||||||
Service cost | 1.8 | 1.9 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Interest cost | 14.7 | 13.7 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Actuarial (gain) loss | 53.4 | (31.9 | ) | (1.5 | ) | (0.9 | ) | ||||||||||||||||||||||||||
Transition | - | 1.9 | - | - | |||||||||||||||||||||||||||||
Plan participants' contributions | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||
Benefits paid | (20.1 | ) | (12.0 | ) | (0.3 | ) | (0.4 | ) | |||||||||||||||||||||||||
Currency translation adjustments | (5.7 | ) | 1 | - | - | ||||||||||||||||||||||||||||
Projected benefit obligation at December 31 | $ | 350.6 | $ | 306.3 | $ | 5.5 | $ | 6.9 | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 255.4 | $ | 231.9 | $ | - | $ | - | |||||||||||||||||||||||||
Company contributions | 19.6 | 10 | 0.3 | 0.4 | |||||||||||||||||||||||||||||
Actual return on plan assets | 7.3 | 21.9 | - | - | |||||||||||||||||||||||||||||
Plan participants' contributions | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||
Transition | - | 3 | - | - | |||||||||||||||||||||||||||||
Benefits paid | (20.1 | ) | (12.0 | ) | (0.3 | ) | (0.4 | ) | |||||||||||||||||||||||||
Currency translation adjustments | (1.7 | ) | 0.4 | - | - | ||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 260.7 | $ | 255.4 | $ | - | $ | - | |||||||||||||||||||||||||
Funded status of the plans (liability) at December 31 | $ | (89.9 | ) | $ | (50.9 | ) | $ | (5.5 | ) | $ | (6.9 | ) | |||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||||||||||||||||||||||||||||||||
Other current liabilities | $ | (2.0 | ) | $ | (4.9 | ) | $ | (0.3 | ) | $ | (0.4 | ) | |||||||||||||||||||||
Accrued pension and other postretirement benefits, less current portion | (87.9 | ) | (46.0 | ) | (5.2 | ) | (6.5 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (89.9 | ) | $ | (50.9 | ) | $ | (5.5 | ) | $ | (6.9 | ) | |||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pensions | Other | |||||||||||||||||||||||||||||||
postretirement | |||||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Unrecognized actuarial (gain) loss | $ | 158.3 | $ | 98.4 | $ | (2.5 | ) | $ | (1.0 | ) | |||||||||||||||||||||||
Unrecognized prior service cost | 0.2 | 0.3 | - | - | |||||||||||||||||||||||||||||
Total recognized in accumulated other comprehensive (gain) loss | $ | 158.5 | $ | 98.7 | $ | (2.5 | ) | $ | (1.0 | ) | |||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | (In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Aggregate projected benefit obligation | $ | 350.6 | $ | 306.3 | |||||||||||||||||||||||||||||
Aggregate accumulated benefit obligation | 343.1 | 299.8 | |||||||||||||||||||||||||||||||
Aggregate fair value of plan assets | 260.7 | 255.4 | |||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Pensions | Other postretirement | |||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Service cost | $ | 1.8 | $ | 1.9 | $ | 1.5 | $ | 0.1 | $ | 0.1 | $ | 0.1 | |||||||||||||||||||||
Interest cost | 14.7 | 13.7 | 13.8 | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||||||
Expected return on plan assets | (19.7 | ) | (18.2 | ) | (17.7 | ) | - | - | - | ||||||||||||||||||||||||
Curtailment gain | - | - | (0.1 | ) | - | - | - | ||||||||||||||||||||||||||
Settlement charge | 2.8 | - | - | - | - | - | |||||||||||||||||||||||||||
Amortization of prior service (credit) cost | 0.1 | 0.2 | 0.2 | - | (0.3 | ) | (0.8 | ) | |||||||||||||||||||||||||
Amortization of net actuarial (gain) loss | 2.7 | 4.2 | 3.1 | (0.1 | ) | - | - | ||||||||||||||||||||||||||
Total (income) costs | $ | 2.4 | $ | 1.8 | $ | 0.8 | $ | 0.3 | $ | 0.1 | $ | (0.4 | ) | ||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | (In millions) | Pensions | Other postretirement | ||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
Actuarial (gain) loss | $ | 65.7 | $ | (1.6 | ) | ||||||||||||||||||||||||||||
Amortization of net actuarial gain (loss) | (5.5 | ) | 0.1 | ||||||||||||||||||||||||||||||
Amortization of prior service credit (cost) | (0.1 | ) | - | ||||||||||||||||||||||||||||||
Total (income) loss recognized in other comprehensive income | 60.1 | (1.5 | ) | ||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 62.5 | $ | (1.2 | ) | ||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | Target | 2014 | 2013 | ||||||||||||||||||||||||||||||
Equity | 30% - 70% | 48% | 47% | ||||||||||||||||||||||||||||||
Fixed income | 20% - 40% | 24% | 25% | ||||||||||||||||||||||||||||||
Real estate and other | 10% - 30% | 27% | 26% | ||||||||||||||||||||||||||||||
Cash | 0% - 10% | 1% | 2% | ||||||||||||||||||||||||||||||
100% | 100% | 100% | |||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | (In millions) | Pensions | Other postretirement | ||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
2015 | $ | 14 | $ | 0.3 | |||||||||||||||||||||||||||||
2016 | 13.4 | 0.3 | |||||||||||||||||||||||||||||||
2017 | 15.3 | 0.4 | |||||||||||||||||||||||||||||||
2018 | 15.8 | 0.4 | |||||||||||||||||||||||||||||||
2019 | 15.8 | 0.4 | |||||||||||||||||||||||||||||||
2020 - 2024 | 92.7 | 1.8 | |||||||||||||||||||||||||||||||
Allocation by Level with the Fair Value Hierarchy [Member] | |||||||||||||||||||||||||||||||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.4 | $ | 2.4 | $ | - | $ | - | $ | 4.3 | $ | 4.3 | $ | - | $ | - | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Large cap (1) | 45.5 | - | 45.5 | - | 40.2 | - | 40.2 | - | |||||||||||||||||||||||||
Small cap (2) | 79.1 | 79.1 | - | - | 81.2 | 81.2 | - | - | |||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||
Government securities (3) | 17.6 | - | 17.6 | - | 17.5 | - | 17.5 | - | |||||||||||||||||||||||||
Corporate bonds (4) | 46.4 | 15.2 | 31.2 | - | 45.1 | 14.8 | 30.3 | - | |||||||||||||||||||||||||
Real estate and other investments (5) | 69.7 | 26.6 | 43.1 | - | 67.1 | 27.9 | 39.2 | - | |||||||||||||||||||||||||
Total assets at fair value | $ | 260.7 | $ | 123.3 | $ | 137.4 | $ | - | $ | 255.4 | $ | 128.2 | $ | 127.2 | $ | - | |||||||||||||||||
Assumptions to Determine the Benefit Obligation [Member] | |||||||||||||||||||||||||||||||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Pensions | Other postretirement | |||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Discount rate | 4 | % | 4.92 | % | 4.19 | % | 4.25 | % | 5.1 | % | 4.3 | % | |||||||||||||||||||||
Rate of compensation increase | 3.23 | % | 3.45 | % | 3.45 | % | - | - | - | ||||||||||||||||||||||||
Assumptions to Determine Net Periodic Benefit Cost [Member] | |||||||||||||||||||||||||||||||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | Pensions | Other postretirement | |||||||||||||||||||||||||||||||
benefits | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Discount rate | 4.93 | % | 4.17 | % | 4.55 | % | 5.1 | % | 4.3 | % | 4.6 | % | |||||||||||||||||||||
Rate of compensation increase | 3.23 | % | 3.45 | % | 3.45 | % | - | - | - | ||||||||||||||||||||||||
Expected rate of return on plan assets | 7.77 | % | 7.81 | % | 7.82 | % | - | - | - |
Note_9_Accumulated_Other_Compr1
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Pension and Other Postretirement Benefits | Foreign Currency Translation | Total | ||||||||||
(In millions) | |||||||||||||
Beginning balance, December 31, 2013 | $ | (60.0 | ) | $ | (0.1 | ) | $ | (60.1 | ) | ||||
Other comprehensive gain (loss) before reclassification | (38.0 | ) | (20.6 | ) | (58.6 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 1.6 | - | 1.6 | ||||||||||
Ending balance, December 31, 2014 | $ | (96.4 | ) | $ | (20.7 | ) | $ | (117.1 | ) |
Note_10_Stockbased_Compensatio1
Note 10 - Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||
Stock-based compensation expense | $ | 7.3 | $ | 6.9 | $ | 7.5 | |||||||
Tax benefit recorded in consolidated statements of income | $ | 2.8 | $ | 2.6 | $ | 2.7 | |||||||
Schedule of Nonvested Share Activity [Table Text Block] | Shares | Weighted-Average | |||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at December 31, 2013 | 1,229,394 | $ | 18.5 | ||||||||||
Granted | 346,833 | $ | 30.12 | ||||||||||
Vested | (326,274 | ) | $ | 19.55 | |||||||||
Forfeited | (127,400 | ) | $ | 20.56 | |||||||||
Nonvested at December 31, 2014 | 1,122,553 | $ | 21.06 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Weighted-average grant-date fair value of restricted stock units granted | $ | 30.12 | $ | 20.88 | $ | 17.53 | |||||||
Fair value of restricted stock vested (in millions) | $ | 9.4 | $ | 6.7 | $ | 6.8 |
Note_11_Stockholders_Equity_Ta
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common | Common | |||||||
stock outstanding | stock held in | ||||||||
treasury | |||||||||
31-Dec-13 | 28,979,080 | - | |||||||
Stock awards | 112,422 | (44,746 | ) | ||||||
Treasury stock purchases | - | 91,406 | |||||||
31-Dec-14 | 29,091,502 | 46,660 | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In millions) | 2014 | 2013 | ||||||
Cumulative foreign currency translation adjustments | $ | (20.7 | ) | $ | (0.1 | ) | |||
Cumulative deferral of pension net losses, net of tax of $59.6 in 2014 and $37.7 in 2013 | (96.4 | ) | (60.0 | ) | |||||
Accumulated other comprehensive loss | $ | (117.1 | ) | $ | (60.1 | ) |
Note_12_Earnings_Per_Share_Tab
Note 12 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In millions, except per share data) | 2014 | 2013 | 2012 | |||||||||
Basic earnings per share: | |||||||||||||
Income from continuing operations | $ | 30.8 | $ | 34 | $ | 37.1 | |||||||
Weighted average number of shares outstanding | 29.5 | 29.2 | 29.1 | ||||||||||
Basic earnings per share from continuing operations | $ | 1.04 | $ | 1.16 | $ | 1.27 | |||||||
Diluted earnings per share: | |||||||||||||
Income from continuing operations | $ | 30.8 | $ | 34 | $ | 37.1 | |||||||
Weighted average number of shares outstanding | 29.5 | 29.2 | 29.1 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock | 0.4 | 0.5 | 0.4 | ||||||||||
Total shares and dilutive securities | 29.9 | 29.7 | 29.5 | ||||||||||
Diluted earnings per share from continuing operations | $ | 1.03 | $ | 1.15 | $ | 1.26 |
Note_13_Derivative_Financial_I1
Note 13 - Derivative Financial Instruments and Credit Risk (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 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 December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||
(In millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||
Other current assets / liabilities | $ | 6.9 | $ | 3.9 | $ | 5.8 | $ | 3 | |||||||||||||
Other assets / liabilities | 2.2 | - | 2.6 | 0.6 | |||||||||||||||||
Total | $ | 9.1 | $ | 3.9 | $ | 8.4 | $ | 3.6 | |||||||||||||
Schedule of Derivative Assets at Fair Value [Table Text Block] | (in millions) | As of December 31, 2014 | |||||||||||||||||||
Offsetting of Assets | |||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | |||||||||||||||||
Derivatives | $ | 9.1 | $ | - | $ | 9.1 | $ | (3.8 | ) | $ | 5.3 | ||||||||||
(in millions) | As of December 31, 2013 | ||||||||||||||||||||
Offsetting of Assets | |||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | |||||||||||||||||
Derivatives | $ | 8.4 | $ | - | $ | 8.4 | $ | (2.9 | ) | $ | 5.5 | ||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Offsetting of Liabilities | As of December 31, 2014 | |||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | |||||||||||||||||
Derivatives | $ | 3.9 | $ | - | $ | 3.9 | $ | (3.8 | ) | $ | 0.1 | ||||||||||
Offsetting of Liabilities | As of December 31, 2013 | ||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | |||||||||||||||||
Derivatives | $ | 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 as hedging instruments | Location of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Foreign exchange contracts | Revenue | $ | (1.5 | ) | $ | - | $ | 3.7 | |||||||||||||
Foreign exchange contracts | Cost of sales | 0.9 | 0.4 | (0.6 | ) | ||||||||||||||||
Foreign exchange contracts | Other income, net | (0.1 | ) | (0.7 | ) | 0.4 | |||||||||||||||
Total | (0.7 | ) | (0.3 | ) | 3.5 | ||||||||||||||||
Remeasurement of assets and liabilities in foreign currencies | 1 | (0.2 | ) | (1.0 | ) | ||||||||||||||||
Net gain (loss) on foreign currency transactions | $ | 0.3 | $ | (0.5 | ) | $ | 2.5 |
Note_14_Fair_Value_of_Financia1
Note 14 - Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of December 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 | $ | 10.7 | $ | 10.7 | - | - | $ | 11.9 | $ | 11.9 | - | - | |||||||||||||||||||||
Derivatives | 9.1 | - | $ | 9.1 | - | 8.4 | - | $ | 8.4 | - | |||||||||||||||||||||||
Total assets | $ | 19.8 | $ | 10.7 | $ | 9.1 | - | $ | 20.3 | $ | 11.9 | $ | 8.4 | - | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 3.9 | - | $ | 3.9 | - | $ | 3.6 | - | $ | 3.6 | - | |||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||||||||||
(In millions) | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||||||||||||||||
Senior unsecured notes due July 31, 2015 | $ | 75 | $ | 77.6 | $ | 75 | $ | 80.7 | |||||||||||||||||||||||||
Revolving credit facility, expires November 30, 2017 | 94.3 | 94.3 | 16.5 | 16.5 | |||||||||||||||||||||||||||||
Brazilian loan due August 20, 2014 | - | - | 4 | 4 | |||||||||||||||||||||||||||||
Brazilian loan due April 15, 2016 | 2 | 1.8 | 3.4 | 2.9 | |||||||||||||||||||||||||||||
Brazilian loan due October 16, 2017 | 4.3 | 3.7 | - | - | |||||||||||||||||||||||||||||
Foreign credit facilities | 2.3 | 2.3 | 1 | 1 | |||||||||||||||||||||||||||||
Other | 0.1 | 0.1 | 0.5 | 0.5 |
Note_15_Commitments_and_Contin1
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | (In millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of year | $ | 10.1 | $ | 7.3 | |||||||||||||||||||||||||
Expenses for new warranties | 10 | 13.1 | |||||||||||||||||||||||||||
Adjustments to existing accruals | (1.1 | ) | (0.6 | ) | |||||||||||||||||||||||||
Claims paid | (9.4 | ) | (9.7 | ) | |||||||||||||||||||||||||
Added through acquisition | 1.2 | - | |||||||||||||||||||||||||||
Translation | (0.6 | ) | - | ||||||||||||||||||||||||||
Balance at end of year | $ | 10.2 | $ | 10.1 | |||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In millions) | Total | 2015 | 2016 | 2017 | 2018 | 2019 | After | |||||||||||||||||||||
Amount | 2019 | ||||||||||||||||||||||||||||
Operating lease obligations | $ | 21.1 | $ | 5 | $ | 4.2 | $ | 3.1 | $ | 2.1 | $ | 1.2 | $ | 5.5 |
Note_16_Business_Segments_Tabl
Note 16 - Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 634.7 | $ | 611.1 | $ | 592.5 | |||||||||||||||||||||||||||||||
JBT AeroTech | 350.2 | 323.6 | 325 | ||||||||||||||||||||||||||||||||||
Intercompany eliminations | (0.7 | ) | (0.5 | ) | (0.2 | ) | |||||||||||||||||||||||||||||||
Total revenue | $ | 984.2 | $ | 934.2 | $ | 917.3 | |||||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||||||||||
Segment operating profit: | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 72.7 | $ | 64.5 | $ | 61.3 | |||||||||||||||||||||||||||||||
JBT AeroTech | 30 | 26.8 | 28.2 | ||||||||||||||||||||||||||||||||||
Total segment operating profit | 102.7 | 91.3 | 89.5 | ||||||||||||||||||||||||||||||||||
Corporate items: | |||||||||||||||||||||||||||||||||||||
Corporate expense (1) | (37.5 | ) | (36.5 | ) | (28.5 | ) | |||||||||||||||||||||||||||||||
Restructuring expense | (14.5 | ) | (1.6 | ) | (0.1 | ) | |||||||||||||||||||||||||||||||
Net interest expense | (6.0 | ) | (5.4 | ) | (6.9 | ) | |||||||||||||||||||||||||||||||
Total corporate items | (58.0 | ) | (43.5 | ) | (35.5 | ) | |||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 44.7 | 47.8 | 54 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 13.9 | 13.8 | 16.9 | ||||||||||||||||||||||||||||||||||
Income from continuing operations | 30.8 | 34 | 37.1 | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | - | (0.9 | ) | (0.9 | ) | ||||||||||||||||||||||||||||||||
Net income | $ | 30.8 | $ | 33.1 | $ | 36.2 | |||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Segment operating capital employed (1): | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 298.1 | $ | 204.5 | $ | 271.5 | |||||||||||||||||||||||||||||||
JBT AeroTech | 114 | 138.1 | 132 | ||||||||||||||||||||||||||||||||||
Total segment operating capital employed | 412.1 | 342.6 | 403.5 | ||||||||||||||||||||||||||||||||||
Segment liabilities included in total segment operating capital employed (2) | 248.6 | 243.2 | 226.6 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 37.1 | 35.4 | 47.9 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 697.8 | $ | 621.2 | $ | 678 | |||||||||||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 478.1 | $ | 392.4 | $ | 445.7 | |||||||||||||||||||||||||||||||
JBT AeroTech | 183.8 | 194 | 184.8 | ||||||||||||||||||||||||||||||||||
Intercompany eliminations | (1.2 | ) | (0.6 | ) | (0.4 | ) | |||||||||||||||||||||||||||||||
Total segment assets | 660.7 | 585.8 | 630.1 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 37.1 | 35.4 | 47.9 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 697.8 | $ | 621.2 | $ | 678 | |||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Revenue (by location of customers): | |||||||||||||||||||||||||||||||||||||
United States | $ | 512.5 | $ | 460.9 | $ | 475.5 | |||||||||||||||||||||||||||||||
All other countries | 471.7 | 473.3 | 441.8 | ||||||||||||||||||||||||||||||||||
Total revenue | $ | 984.2 | $ | 934.2 | $ | 917.3 | |||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||||||||||
United States | $ | 99 | $ | 79.4 | $ | 75 | |||||||||||||||||||||||||||||||
Brazil | 12.5 | 14 | 15.7 | ||||||||||||||||||||||||||||||||||
All other countries | 41.3 | 45.8 | 43.2 | ||||||||||||||||||||||||||||||||||
Total long-lived assets | $ | 152.8 | $ | 139.2 | $ | 133.9 | |||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Capital Expenditures | Depreciation and Amortization | Research and Development | ||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
JBT FoodTech | $ | 32.8 | $ | 27.7 | $ | 22.7 | $ | 22.2 | $ | 22 | $ | 20.7 | $ | 12.1 | $ | 11.2 | $ | 10.8 | |||||||||||||||||||
JBT AeroTech | 2.5 | 1 | 1.3 | 1.8 | 1.8 | 1.9 | 2.5 | 2.8 | 3.5 | ||||||||||||||||||||||||||||
Corporate | 1.4 | 0.5 | 0.7 | 1.3 | 1.2 | 1 | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 36.7 | $ | 29.2 | $ | 24.7 | $ | 25.3 | $ | 25 | $ | 23.6 | $ | 14.6 | $ | 14 | $ | 14.3 |
Note_17_Restructuring_Tables
Note 17 - Restructuring (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring and Related Costs [Table Text Block] | (In millions) | ||||||||||||||||
Charges incurred during the twelve months ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Severance and related expense | $ | 11.1 | $ | 1.6 | $ | 0.1 | |||||||||||
Asset write-offs | 0.5 | - | - | ||||||||||||||
Other | 2.9 | - | - | ||||||||||||||
Total Restructuring charges | $ | 14.5 | $ | 1.6 | $ | 0.1 | |||||||||||
Restructuring and Related Costs, by Operating Segment [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||||||
JBT FoodTech | $ | 11.1 | $ | 0.6 | $ | 0.1 | |||||||||||
JBT AeroTech | 1.5 | - | - | ||||||||||||||
Corporate | 1.9 | 1 | - | ||||||||||||||
Total Restructuring charges | $ | 14.5 | $ | 1.6 | $ | 0.1 | |||||||||||
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-Dec-14 | ||||||||||||||
Severance and related expense | $ | 1.6 | $ | 11.1 | $ | (5.1 | ) | $ | 7.6 | ||||||||
Asset write-offs | - | 0.5 | (0.5 | ) | - | ||||||||||||
Other | - | 2.9 | (2.9 | ) | - | ||||||||||||
Total | $ | 1.6 | $ | 14.5 | $ | (8.5 | ) | $ | 7.6 |
Note_18_Quarterly_Information_1
Note 18 - Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | (In millions, except per share data and common stock prices) | 2014 | 2013 | ||||||||||||||||||||||||||||||
4th | 3rd | 2nd | 1st | 4th | 3rd | 2nd | 1st | ||||||||||||||||||||||||||
Qtr. | Qtr. | Qtr. | Qtr. | Qtr. | Qtr. | Qtr. | Qtr. | ||||||||||||||||||||||||||
Revenue | $ | 295.4 | $ | 243.2 | $ | 247.6 | $ | 198 | $ | 288.1 | $ | 233.5 | $ | 226.9 | $ | 185.7 | |||||||||||||||||
Cost of sales | 219.2 | 179 | 179.3 | 146 | 218.8 | 179.3 | 167.8 | 135.4 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 15.1 | 9 | 11.4 | (4.7 | ) | 13.7 | 7.4 | 8.8 | 4.1 | ||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 0.1 | - | - | (0.1 | ) | (0.1 | ) | (0.6 | ) | (0.2 | ) | - | |||||||||||||||||||||
Net income | $ | 15.2 | $ | 9 | $ | 11.4 | $ | (4.8 | ) | $ | 13.6 | $ | 6.8 | $ | 8.6 | $ | 4.1 | ||||||||||||||||
Basic earnings per share (1): | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.51 | $ | 0.3 | $ | 0.39 | $ | (0.16 | ) | $ | 0.47 | $ | 0.25 | $ | 0.3 | $ | 0.14 | ||||||||||||||||
Loss from discontinued operations, net of tax | 0.01 | - | - | - | - | (0.02 | ) | (0.01 | ) | - | |||||||||||||||||||||||
Net income | $ | 0.52 | $ | 0.3 | $ | 0.39 | $ | (0.16 | ) | $ | 0.47 | $ | 0.23 | $ | 0.29 | $ | 0.14 | ||||||||||||||||
Diluted earnings per share (1): | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.51 | $ | 0.3 | $ | 0.38 | $ | (0.16 | ) | $ | 0.46 | $ | 0.25 | $ | 0.3 | $ | 0.14 | ||||||||||||||||
Income (loss) from discontinued operations, net of tax | - | - | - | - | - | (0.02 | ) | (0.01 | ) | - | |||||||||||||||||||||||
Net income | $ | 0.51 | $ | 0.3 | $ | 0.38 | $ | (0.16 | ) | $ | 0.46 | $ | 0.23 | $ | 0.29 | $ | 0.14 | ||||||||||||||||
Dividends declared per share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.07 | |||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||||||
Basic | 29.6 | 29.6 | 29.5 | 29.4 | 29.3 | 29.2 | 29.2 | 29.2 | |||||||||||||||||||||||||
Diluted | 29.9 | 29.9 | 29.8 | 29.4 | 29.8 | 29.7 | 29.6 | 29.5 | |||||||||||||||||||||||||
Common stock sales price | |||||||||||||||||||||||||||||||||
High | $ | 33.99 | $ | 31.53 | $ | 31.74 | $ | 32.83 | $ | 30 | $ | 24.97 | $ | 22.22 | $ | 21.21 | |||||||||||||||||
Low | $ | 27.02 | $ | 25.52 | $ | 27.83 | $ | 28.24 | $ | 24.66 | $ | 21.01 | $ | 19.26 | $ | 17.78 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | (In thousands) | Additions | |||||||||||||||||||
Decription | Balance at | charged to | charged to | Deductions | Balance | ||||||||||||||||
beginning | costs and | other accounts (a) | and other (b) | at end | |||||||||||||||||
of period | expenses | of period | |||||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,281 | $ | 1,077 | $ | - | $ | 1,680 | $ | 3,678 | |||||||||||
Valuation allowance for deferred tax assets | $ | 779 | $ | - | $ | - | $ | 230 | $ | 549 | |||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,678 | $ | 2,479 | $ | - | $ | 2,415 | $ | 3,742 | |||||||||||
Valuation allowance for deferred tax assets | $ | 549 | $ | - | $ | - | $ | 295 | $ | 254 | |||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,742 | $ | 1,630 | $ | - | $ | 2,330 | $ | 3,042 | |||||||||||
Valuation allowance for deferred tax assets | $ | 254 | $ | - | $ | - | $ | 254 | $ | - |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Capitalized Computer Software, Net | $4,100,000 | $5,200,000 | $4,100,000 | $5,200,000 | |||||||
Goodwill, Impairment Loss | 0 | ||||||||||
Revenues | 295,400,000 | 243,200,000 | 247,600,000 | 198,000,000 | 288,100,000 | 233,500,000 | 226,900,000 | 185,700,000 | 984,200,000 | 934,200,000 | 917,300,000 |
Land Improvements [Member] | Minimum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 20 | ||||||||||
Land Improvements [Member] | Maximum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 35 years | ||||||||||
Building [Member] | Minimum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 20 | ||||||||||
Building [Member] | Maximum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 50 years | ||||||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 3 | ||||||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 20 years | ||||||||||
Internal Use Software [Member] | Minimum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||
Internal Use Software [Member] | Maximum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||
Internet Web Site Costs [Member] | Maximum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||
Acquired Intangible Assets [Member] | Minimum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | ||||||||||
Acquired Intangible Assets [Member] | Maximum [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||
Unbilled Revenues [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Revenues | 57,500,000 | 56,800,000 | |||||||||
Unbilled Trade Payables [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Accounts Payable, Trade | $3,400,000 | $2,700,000 | $3,400,000 | $2,700,000 |
Note_2_Acquisition_Details
Note 2 - Acquisition (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 01, 2014 | Dec. 31, 2014 | Jul. 01, 2014 | Mar. 31, 2014 |
Other Nonoperating Income (Expense) [Member] | Wolf-Tec, Inc. [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Business Combination, Acquisition Related Costs | $0.70 | |||
Other Nonoperating Income (Expense) [Member] | ICS Solutions [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Business Combination, Acquisition Related Costs | 0.9 | |||
Customer Relationships [Member] | Wolf-Tec, Inc. [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Customer Relationships [Member] | ICS Solutions [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | |||
Intellectual Property [Member] | Wolf-Tec, Inc. [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Noncompete Agreements [Member] | Wolf-Tec, Inc. [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Order or Production Backlog [Member] | Wolf-Tec, Inc. [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 months | |||
Other Intangible Assets [Member] | ICS Solutions [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | |||
Wolf-Tec, Inc. [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Business Combination, Consideration Transferred | 53.9 | 35.7 | ||
Cash Acquired from Acquisition | 10 | |||
ICS Solutions [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 4 | |||
Formcook [Member] | ||||
Note 2 - Acquisition (Details) [Line Items] | ||||
Business Combination, Consideration Transferred | $2 |
Note_2_Acquisition_Details_Pur
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values (USD $) | 0 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 01, 2014 | Jul. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | |||||
Goodwill | $69.20 | $30.80 | $30.60 | ||
Customer Relationships [Member] | Wolf-Tec, Inc. [Member] | |||||
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | |||||
Intangible assets acquired | 14.6 | ||||
Customer Relationships [Member] | ICS Solutions [Member] | |||||
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | |||||
Intangible assets acquired | 15.7 | ||||
Intellectual Property [Member] | Wolf-Tec, Inc. [Member] | |||||
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | |||||
Intangible assets acquired | 6.2 | ||||
Order or Production Backlog [Member] | Wolf-Tec, Inc. [Member] | |||||
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | |||||
Intangible assets acquired | 0.4 | ||||
Other Intangible Assets [Member] | ICS Solutions [Member] | |||||
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | |||||
Intangible assets acquired | 8.2 | ||||
Wolf-Tec, Inc. [Member] | |||||
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | |||||
Cash | 0.2 | ||||
Accounts receivable | 2.4 | ||||
Other current assets | 0.4 | ||||
Inventories | 6.1 | ||||
Property, plant and equipment | 7.3 | ||||
Total assets | 37.6 | ||||
Total liabilities | 4.5 | ||||
Total purchase price | 53.9 | ||||
Goodwill | 20.8 | ||||
Accounts payable | 1.7 | ||||
Deferred revenue | 0.3 | ||||
Other liabilities | 2.5 | ||||
ICS Solutions [Member] | |||||
Note 2 - Acquisition (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | |||||
Cash | 10 | ||||
Accounts receivable | 2.3 | ||||
Inventories | 0.4 | ||||
Property, plant and equipment | 0.1 | ||||
Total assets | 36.7 | ||||
Total liabilities | 9.8 | ||||
Total purchase price | 45.7 | ||||
Goodwill | 18.8 | ||||
Accounts payable | 1.3 | ||||
Deferred revenue | 2.3 | ||||
Other liabilities | 2.1 | ||||
Deferred taxes | $4.10 |
Note_3_Inventories_Details
Note 3 - Inventories (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ||
LIFO Inventory Amount | $106.50 | $106 |
Excess of Replacement or Current Costs over Stated LIFO Value | 48.1 | 49.2 |
Effect of LIFO Inventory Liquidation on Income | $0.80 |
Note_3_Inventories_Details_Inv
Note 3 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $53.70 | $59.90 |
Work in process | 45.3 | 41.7 |
Finished goods | 79.2 | 80.5 |
Gross inventories before LIFO reserves and valuation adjustments | 178.2 | 182.1 |
LIFO reserves and valuation adjustments | -66.4 | -64.5 |
Net inventories | $111.80 | $117.60 |
Note_4_Property_Plant_and_Equi2
Note 4 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $9.70 | $9 |
Buildings | 66.7 | 62.7 |
Machinery and equipment | 282.6 | 289 |
Construction in process | 21.3 | 13.9 |
380.3 | 374.6 | |
Accumulated depreciation | -232.7 | -241.9 |
Property, plant and equipment, net | $147.60 | $132.70 |
Note_5_Goodwill_and_Intangible2
Note 5 - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $3.90 | $2.30 | $2.10 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5.8 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $4.70 |
Note_5_Goodwill_and_Intangible3
Note 5 - Goodwill and Intangible Assets (Details) - Summary of Goodwill (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Balance as of January 1, 2013 | $30.80 | $30.60 |
Goodwill | 69.2 | 30.8 |
Acquisitions | 39.8 | |
Currency translation | -1.4 | 0.2 |
JBT FoodTech [Member] | ||
Goodwill [Line Items] | ||
Balance as of January 1, 2013 | 22.9 | 22.8 |
Goodwill | 61.4 | 22.9 |
Acquisitions | 39.8 | |
Currency translation | -1.3 | 0.1 |
JBT AeroTech [Member] | ||
Goodwill [Line Items] | ||
Balance as of January 1, 2013 | 7.9 | 7.8 |
Goodwill | 7.8 | 7.9 |
Currency translation | ($0.10) | $0.10 |
Note_5_Goodwill_and_Intangible4
Note 5 - Goodwill and Intangible Assets (Details) - Summary of Finite-lived Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $106.90 | $67.90 |
Accumulated amortization | 46.9 | 46.5 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 49.8 | 20.8 |
Accumulated amortization | 12.4 | 11.2 |
Patents and Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 36.7 | 26.6 |
Accumulated amortization | 23.4 | 25.3 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 14.8 | 16.1 |
Accumulated amortization | 7.4 | 7.6 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5.6 | 4.4 |
Accumulated amortization | $3.70 | $2.40 |
Note_6_Debt_Details
Note 6 - Debt (Details) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||
Feb. 10, 2015 | Feb. 10, 2015 | Feb. 10, 2015 | Feb. 10, 2015 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 30, 2012 | Dec. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Spread On Federal Funds Rate [Member] | Spread On LIBOR [Member] | Senior Unsecured Notes [Member] | Brazilian US Dollar Loan [Member] | First Brazilian Real Loan [Member] | First Brazilian Real Loan [Member] | Second Brazilian Real Loan [Member] | Second Brazilian Real Loan [Member] | Credit Facilities China [Member] | Credit Facilities China [Member] | Credit Facilities India [Member] | Credit Facilities India [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | USD ($) | USD ($) | USD ($) | BRL | USD ($) | BRL | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | |
Minimum [Member] | Maximum [Member] | USD ($) | ||||||||||||||||||
Note 6 - Debt (Details) [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $450,000,000 | $12,000,000 | $2,300,000 | $300,000,000 | ||||||||||||||||
Long-term Line of Credit | 2,300,000 | 500,000 | 0 | 500,000 | ||||||||||||||||
Debt Instrument, Term | 5 years | 5 years | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | 1.00% | ||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | 0.30% | 0.15% | 0.28% | ||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 197,000,000 | |||||||||||||||||||
Letters of Credit Outstanding, Amount | 9,100,000 | |||||||||||||||||||
Debt Instrument, Face Amount | $75,000,000 | $4,000,000 | $2,000,000 | 5,300,000 | $4,300,000 | 11,500,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.66% | 5.50% | 5.50% | 5.50% | 8.00% | 8.00% |
Note_6_Debt_Details_Debt
Note 6 - Debt (Details) - Debt (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Short-term borrowings | ||
Debt | $2.30 | $1 |
Long-term debt | ||
Debt | 175.7 | 99.4 |
Less: current portion | -1.9 | -5.3 |
Long-term debt, less current portion | 173.8 | 94.1 |
Foreign Credit Facilities [Member] | ||
Short-term borrowings | ||
Weighted-Average Interest Rate | 6.70% | |
Debt | 2.3 | 1 |
Senior Unsecured Notes [Member] | ||
Long-term debt | ||
Weighted-Average Interest Rate | 6.70% | |
Maturity Date | 31-Jul-15 | |
Debt | 75 | 75 |
Revolving Credit Facility1 [Member] | ||
Long-term debt | ||
Weighted-Average Interest Rate | 2.20% | |
Maturity Date | 30-Nov-17 | |
Debt | 94.3 | 16.5 |
Brazilian US Dollar Loan [Member] | ||
Long-term debt | ||
Weighted-Average Interest Rate | 5.50% | |
Maturity Date | 20-Aug-14 | |
Debt | 4 | |
First Brazilian Real Loan [Member] | ||
Long-term debt | ||
Weighted-Average Interest Rate | 5.50% | |
Maturity Date | 15-Apr-16 | |
Debt | 2 | 3.4 |
Second Brazilian Real Loan [Member] | ||
Long-term debt | ||
Weighted-Average Interest Rate | 8.00% | |
Maturity Date | 16-Oct-17 | |
Debt | 4.3 | |
Other Long Term Borrowing [Member] | ||
Long-term debt | ||
Debt | $0.10 | $0.50 |
Note_6_Debt_Details_Maturities
Note 6 - Debt (Details) - Maturities of Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ||
2015 | $1.90 | |
2016 | 2.9 | |
2017 | 170.9 | |
Total | $175.70 | $99.40 |
Note_7_Income_Taxes_Details
Note 7 - Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Note 7 - Income Taxes (Details) [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $0.40 | $0.20 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 2.1 | 0.8 |
Undistributed Earnings of Foreign Subsidiaries | 74.2 | |
Foreign Tax Authority [Member] | ||
Note 7 - Income Taxes (Details) [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 12.6 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3.6 | |
Expected To Be Used In Next Year [Member] | ||
Note 7 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $6.40 |
Note_7_Income_Taxes_Details_Do
Note 7 - Income Taxes (Details) - Domestic and Foreign Components of Income Before Income Taxes (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Domestic and Foreign Components of Income Before Income Taxes [Abstract] | |||
Domestic | $18.10 | $18.90 | $23 |
Foreign | 26.6 | 28.9 | 31 |
Income before income taxes | $44.70 | $47.80 | $54 |
Note_7_Income_Taxes_Details_Pr
Note 7 - Income Taxes (Details) - Provision for Income Taxes (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $0.40 | $0.60 | $2.10 |
State | 0.3 | 0.5 | 0.5 |
Foreign | 8.3 | 7 | 7.6 |
Total current | 9 | 8.1 | 10.2 |
Deferred: | |||
Federal | 4.8 | 3 | 6 |
State | 0.8 | 0.7 | 1 |
Foreign | 0.2 | 2.7 | 2.2 |
Decrease in the valuation allowance for deferred tax assets | -0.3 | -0.3 | -0.3 |
Decrease in deferred tax liabilities due to foreign tax rate change | -1.3 | ||
Benefits of operating loss carryforward | -0.6 | -0.4 | -0.9 |
Total deferred | 4.9 | 5.7 | 6.7 |
Provision for income taxes | $13.90 | $13.80 | $16.90 |
Note_7_Income_Taxes_Details_Si
Note 7 - Income Taxes (Details) - Significant Components of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets attributable to: | ||
Accrued pension and other postretirement benefits | $34.10 | $17.30 |
Accrued expenses and accounts receivable allowances | 15.4 | 13.6 |
Net operating loss carryforwards | 4.7 | 6.9 |
Inventories | 9 | 7.9 |
Stock-based compensation | 6.8 | 6.1 |
Research and development credit carryforwards | 2.1 | 0.8 |
Foreign tax credit carryforward | 0.4 | 0.2 |
Total deferred tax assets | 72.5 | 52.8 |
Valuation allowance | -0.3 | |
Deferred tax assets, net of valuation allowance | 72.5 | 52.5 |
Deferred tax liabilities attributable to: | ||
Liquidation of subsidiary for income tax purposes | 13.3 | 13.3 |
Property, plant and equipment | 9.7 | 9 |
Goodwill and amortization | 13.4 | 9.3 |
Other | 5.8 | 6.4 |
Deferred tax liabilities | 42.2 | 38 |
Net deferred tax assets | $30.30 | $14.50 |
Note_7_Income_Taxes_Details_Ef
Note 7 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Net difference resulting from: | |||
Research and development tax credit | -3.00% | -4.00% | |
Foreign earnings subject to different tax rates | -3.00% | -2.00% | -4.00% |
Effect of Swedish tax rate decrease | -2.00% | ||
Tax on foreign intercompany dividends and deemed dividends for tax purposes | 1.00% | 3.00% | |
Nondeductible expenses | 1.00% | 1.00% | 1.00% |
State income taxes | 2.00% | 2.00% | 2.00% |
Foreign tax credits | -2.00% | -2.00% | -3.00% |
Foreign withholding taxes | 1.00% | 1.00% | 1.00% |
Change in valuation allowance | -1.00% | -1.00% | |
Other | -1.00% | -2.00% | |
Total difference | -4.00% | -6.00% | -4.00% |
Effective income tax rate | 31.00% | 29.00% | 31.00% |
Note_7_Income_Taxes_Details_Ta
Note 7 - Income Taxes (Details) - Tax Years Subject to Examination by Significant Jurisdictions | 12 Months Ended |
Dec. 31, 2014 | |
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | Administration of the Treasury, Belgium [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2010 |
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2009 |
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2009 |
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | Swedish Tax Agency [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2008 |
Foreign Tax Authority [Member] | Latest Tax Year [Member] | Administration of the Treasury, Belgium [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2014 |
Foreign Tax Authority [Member] | Latest Tax Year [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2014 |
Foreign Tax Authority [Member] | Latest Tax Year [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2014 |
Foreign Tax Authority [Member] | Latest Tax Year [Member] | Swedish Tax Agency [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2014 |
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2011 |
Domestic Tax Authority [Member] | Latest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Tax years which remain subject to examination | 2014 |
Note_8_Pension_and_Postretirem2
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $343.10 | $299.80 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 15 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 9.6 | 9.4 | 8.9 |
Net Actuarial Loss [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) [Line Items] | |||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $4.60 |
Note_8_Pension_and_Postretirem3
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - The Funded Status of Our Pension and Postretirement Benefit Plans, Together with the Associated Balances Recognized in Our Consolidated Financial Statements (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Accrued pension and other postretirement benefits, less current portion | ($93.10) | ($52.50) | |
Projected benefit obligation at December 31 | 343.1 | 299.8 | |
Projected Benefit Obligation Component [Member] | Pension Plan [Member] | |||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Transition | 1.9 | ||
Benefits paid | -20.1 | -12 | |
Projected Benefit Obligation Component [Member] | Other Postretirement Benefits [Member] | |||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Benefits paid | -0.3 | -0.4 | |
Fair Value Of Plan Assets Component [Member] | Pension Plan [Member] | |||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Transition | 3 | ||
Benefits paid | -20.1 | -12 | |
Fair Value Of Plan Assets Component [Member] | Other Postretirement Benefits [Member] | |||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Benefits paid | -0.3 | -0.4 | |
Pension Plan [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - The Funded Status of Our Pension and Postretirement Benefit Plans, Together with the Associated Balances Recognized in Our Consolidated Financial Statements [Line Items] | |||
Projected benefit obligation at January 1 | 306.3 | 331.5 | |
Fair value of plan assets at January 1 | 255.4 | 231.9 | |
Funded status of the plans (liability) at December 31 | -89.9 | -50.9 | |
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Other current liabilities | -2 | -4.9 | |
Accrued pension and other postretirement benefits, less current portion | -87.9 | -46 | |
Net amount recognized | -89.9 | -50.9 | |
Service cost | 1.8 | 1.9 | 1.5 |
Interest cost | 14.7 | 13.7 | 13.8 |
Actuarial (gain) loss | 53.4 | -31.9 | |
Company contributions | 19.6 | 10 | |
Actual return on plan assets | 7.3 | 21.9 | |
Plan participants' contributions | 0.2 | 0.2 | |
Currency translation adjustments | -1.7 | 0.4 | |
Fair value of plan assets at December 31 | 260.7 | 255.4 | 231.9 |
Currency translation adjustments | -5.7 | 1 | |
Projected benefit obligation at December 31 | 350.6 | 306.3 | 331.5 |
Other Postretirement Benefits [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - The Funded Status of Our Pension and Postretirement Benefit Plans, Together with the Associated Balances Recognized in Our Consolidated Financial Statements [Line Items] | |||
Projected benefit obligation at January 1 | 6.9 | 7.8 | |
Funded status of the plans (liability) at December 31 | -5.5 | -6.9 | |
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||
Other current liabilities | -0.3 | -0.4 | |
Accrued pension and other postretirement benefits, less current portion | -5.2 | -6.5 | |
Net amount recognized | -5.5 | -6.9 | |
Service cost | 0.1 | 0.1 | |
Interest cost | 0.3 | 0.3 | |
Actuarial (gain) loss | -1.5 | -0.9 | |
Company contributions | 0.3 | 0.4 | |
Projected benefit obligation at December 31 | $5.50 | $6.90 |
Note_8_Pension_and_Postretirem4
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plan [Member] | ||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss [Line Items] | ||
Unrecognized actuarial (gain) loss | $158.30 | $98.40 |
Unrecognized prior service cost | 0.2 | 0.3 |
Total recognized in accumulated other comprehensive (gain) loss | 158.5 | 98.7 |
Other Postretirement Benefits [Member] | ||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss [Line Items] | ||
Unrecognized actuarial (gain) loss | -2.5 | -1 |
Total recognized in accumulated other comprehensive (gain) loss | ($2.50) | ($1) |
Note_8_Pension_and_Postretirem5
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Key Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Key Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Aggregate projected benefit obligation | $350.60 | $306.30 |
Aggregate accumulated benefit obligation | 343.1 | 299.8 |
Aggregate fair value of plan assets | $260.70 | $255.40 |
Note_8_Pension_and_Postretirem6
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs [Line Items] | |||
Service cost | $1.80 | $1.90 | $1.50 |
Interest cost | 14.7 | 13.7 | 13.8 |
Expected return on plan assets | -19.7 | -18.2 | -17.7 |
Curtailment gain | -0.1 | ||
Settlement charge | 2.8 | ||
Amortization of prior service (credit) cost | 0.1 | 0.2 | 0.2 |
Amortization of net actuarial (gain) loss | 2.7 | 4.2 | 3.1 |
Total (income) costs | 2.4 | 1.8 | 0.8 |
Other Postretirement Benefit Plan [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs [Line Items] | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.3 | 0.3 | 0.3 |
Amortization of prior service (credit) cost | -0.3 | -0.8 | |
Amortization of net actuarial (gain) loss | -0.1 | ||
Total (income) costs | $0.30 | $0.10 | ($0.40) |
Note_8_Pension_and_Postretirem7
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Discount Rate Change [Member] | Pension Plan [Member] | |
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | |
Actuarial (gain) loss | $65.70 |
Discount Rate Change [Member] | Other Postretirement Benefits [Member] | |
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | |
Actuarial (gain) loss | -1.6 |
Pension Plan [Member] | |
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | |
Amortization of net actuarial gain (loss) | -5.5 |
Amortization of prior service credit (cost) | -0.1 |
Total (income) loss recognized in other comprehensive income | 60.1 |
Total recognized in net periodic benefit cost and other comprehensive income | 62.5 |
Other Postretirement Benefits [Member] | |
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | |
Amortization of net actuarial gain (loss) | 0.1 |
Total (income) loss recognized in other comprehensive income | -1.5 |
Total recognized in net periodic benefit cost and other comprehensive income | ($1.20) |
Note_8_Pension_and_Postretirem8
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-average Assumptions Used to Determine Benefit Obligations | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-average Assumptions Used to Determine Benefit Obligations [Line Items] | |||
Discount rate | 4.00% | 4.92% | 4.19% |
Rate of compensation increase | 3.23% | 3.45% | 3.45% |
Other Postretirement Benefits [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-average Assumptions Used to Determine Benefit Obligations [Line Items] | |||
Discount rate | 4.25% | 5.10% | 4.30% |
Note_8_Pension_and_Postretirem9
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plan [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost [Line Items] | |||
Discount rate | 4.93% | 4.17% | 4.55% |
Rate of compensation increase | 3.23% | 3.45% | 3.45% |
Expected rate of return on plan assets | 7.77% | 7.81% | 7.82% |
Other Postretirement Benefits [Member] | |||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost [Line Items] | |||
Discount rate | 5.10% | 4.30% | 4.60% |
Recovered_Sheet1
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ||
Target | 100.00% | |
Weighted average asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ||
Target - minimum | 30.00% | |
Target - maximum | 70.00% | |
Weighted average asset allocations | 48.00% | 47.00% |
Fixed Income Securities [Member] | ||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ||
Target - minimum | 20.00% | |
Target - maximum | 40.00% | |
Weighted average asset allocations | 24.00% | 25.00% |
Real Estate And Other Investments [Member] | ||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ||
Target - minimum | 10.00% | |
Target - maximum | 30.00% | |
Weighted average asset allocations | 27.00% | 26.00% |
Cash [Member] | ||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ||
Target - minimum | 0.00% | |
Target - maximum | 10.00% | |
Weighted average asset allocations | 1.00% | 2.00% |
Recovered_Sheet2
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $2.40 | $4.30 | ||
Estimate of Fair Value Measurement [Member] | Equity Securities Large Cap [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 45.5 | [1] | 40.2 | [1] |
Estimate of Fair Value Measurement [Member] | Equity Securities Small Cap [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 79.1 | [2] | 81.2 | [2] |
Estimate of Fair Value Measurement [Member] | US Treasury and Government [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 17.6 | [3] | 17.5 | [3] |
Estimate of Fair Value Measurement [Member] | Corporate Debt Securities [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 46.4 | [4] | 45.1 | [4] |
Estimate of Fair Value Measurement [Member] | Real Estate And Other Investments [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 69.7 | [5] | 67.1 | [5] |
Estimate of Fair Value Measurement [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 260.7 | 255.4 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 2.4 | 4.3 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities Large Cap [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [1] | [1] | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities Small Cap [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 79.1 | [2] | 81.2 | [2] |
Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [3] | [3] | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 15.2 | [4] | 14.8 | [4] |
Fair Value, Inputs, Level 1 [Member] | Real Estate And Other Investments [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 26.6 | [5] | 27.9 | [5] |
Fair Value, Inputs, Level 1 [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 123.3 | 128.2 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities Large Cap [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 45.5 | [1] | 40.2 | [1] |
Fair Value, Inputs, Level 2 [Member] | Equity Securities Small Cap [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [2] | [2] | ||
Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 17.6 | [3] | 17.5 | [3] |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 31.2 | [4] | 30.3 | [4] |
Fair Value, Inputs, Level 2 [Member] | Real Estate And Other Investments [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 43.1 | [5] | 39.2 | [5] |
Fair Value, Inputs, Level 2 [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 137.4 | 127.2 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities Large Cap [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [1] | [1] | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities Small Cap [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [2] | [2] | ||
Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [3] | [3] | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [4] | [4] | ||
Fair Value, Inputs, Level 3 [Member] | Real Estate And Other Investments [Member] | ||||
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plans' Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ||||
Defined benefit plan, fair value of plan assets | [5] | [5] | ||
[1] | Includes funds that invest primarily in large cap equity securities. | |||
[2] | Includes small cap equity securities and funds that invest primarily in small cap equity securities. | |||
[3] | Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. | |||
[4] | Includes investment grade bonds, high yield bonds and mortgage-backed fixed income securities and funds that invest in such securities. | |||
[5] | Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by one of our foreign pension plans. |
Recovered_Sheet3
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Summary of Expected Benefit Payments from Various Pension and Postretirement Plans (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Plan [Member] | |
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Summary of Expected Benefit Payments from Various Pension and Postretirement Plans [Line Items] | |
2015 | $14 |
2016 | 13.4 |
2017 | 15.3 |
2018 | 15.8 |
2019 | 15.8 |
2020 - 2024 | 92.7 |
Other Postretirement Benefits [Member] | |
Note 8 - Pension and Postretirement and Other Benefit Plans (Details) - Summary of Expected Benefit Payments from Various Pension and Postretirement Plans [Line Items] | |
2015 | 0.3 |
2016 | 0.3 |
2017 | 0.4 |
2018 | 0.4 |
2019 | 0.4 |
2020 - 2024 | $1.80 |
Note_9_Accumulated_Other_Compr2
Note 9 - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Note 9 - Accumulated Other Comprehensive Income (Loss) (Details) [Line Items] | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $1.60 |
Selling, General and Administrative Expenses [Member] | |
Note 9 - Accumulated Other Comprehensive Income (Loss) (Details) [Line Items] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2.7 |
Provision for Income Taxes [Member] | |
Note 9 - Accumulated Other Comprehensive Income (Loss) (Details) [Line Items] | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $1.10 |
Note_9_Accumulated_Other_Compr3
Note 9 - Accumulated Other Comprehensive Income (Loss) (Details) - Changes in AOCI Balances (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Changes in AOCI Balances [Abstract] | |
Beginning balance, December 31, 2013 | ($60) |
Beginning balance, December 31, 2013 | -0.1 |
Beginning balance, December 31, 2013 | -60.1 |
Ending balance, December 31, 2014 | -96.4 |
Ending balance, December 31, 2014 | -20.7 |
Ending balance, December 31, 2014 | -117.1 |
Other comprehensive gain (loss) before reclassification | -38 |
Other comprehensive gain (loss) before reclassification | -20.6 |
Other comprehensive gain (loss) before reclassification | -58.6 |
Amounts reclassified from accumulated other comprehensive income | 1.6 |
Amounts reclassified from accumulated other comprehensive income | $1.60 |
Note_10_Stockbased_Compensatio2
Note 10 - Stock-based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2017 |
Note 10 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 23,651 | 30,244 | ||
Employee Stock Option [Member] | ||||
Note 10 - Stock-based Compensation (Details) [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 7.2 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Term | 10 years | |||
Restricted Stock [Member] | ||||
Note 10 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Performance Shares [Member] | Scenario, Forecast [Member] | ||||
Note 10 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Future Period | 216,895 |
Note_10_Stockbased_Compensatio3
Note 10 - Stock-based Compensation (Details) - Stock-based Compensation Expense and Related Income Tax Effects (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-based Compensation Expense and Related Income Tax Effects [Abstract] | |||
Stock-based compensation expense | $7.30 | $6.90 | $7.50 |
Tax benefit recorded in consolidated statements of income | $2.80 | $2.60 | $2.70 |
Note_10_Stockbased_Compensatio4
Note 10 - Stock-based Compensation (Details) - Summary of Nonvested Restricted Stock Units and Changes (Nonvested Restricted Stock Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Nonvested Restricted Stock Units [Member] | |
Note 10 - Stock-based Compensation (Details) - Summary of Nonvested Restricted Stock Units and Changes [Line Items] | |
Nonvested at December 31, 2013 | 1,229,394 |
Nonvested at December 31, 2013 | $18.50 |
Nonvested at December 31, 2014 | 1,122,553 |
Nonvested at December 31, 2014 | $21.06 |
Granted | 346,833 |
Granted | $30.12 |
Vested | -326,274 |
Vested | $19.55 |
Forfeited | -127,400 |
Forfeited | $20.56 |
Note_10_Stockbased_Compensatio5
Note 10 - Stock-based Compensation (Details) - Summary of Values for Restricted Stock Activity (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units (RSUs) [Member] | |||
Note 10 - Stock-based Compensation (Details) - Summary of Values for Restricted Stock Activity [Line Items] | |||
Weighted-average grant-date fair value of restricted stock units granted | $30.12 | $20.88 | $17.53 |
Fair value of restricted stock vested (in millions) | $9.40 | $6.70 | $6.80 |
Note_11_Stockholders_Equity_De
Note 11 - Stockholders' Equity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 27, 2011 | Jul. 31, 2008 |
In Millions, except Share data, unless otherwise specified | ||||
Note 11 - Stockholders' Equity (Details) [Line Items] | ||||
Stock Repurchase Program, Authorized Amount (in Dollars) | $30 | |||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ||
Series A Junior Participating Preferred Stock [Member] | ||||
Note 11 - Stockholders' Equity (Details) [Line Items] | ||||
Preferred Stock, Par or Stated Value Per Share | $0.01 | |||
Preferred Stock, Redemption Price Per Share | $72 | |||
Preferred Stock, Capital Shares Reserved for Future Issuance (in Shares) | 1,500,000 |
Note_11_Stockholders_Equity_De1
Note 11 - Stockholders' Equity (Details) - Summary of Capital Stock Activity | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Capital Stock Activity [Abstract] | |
31-Dec-13 | 28,979,080 |
31-Dec-14 | 29,091,502 |
31-Dec-14 | 46,660 |
Stock awards | 112,422 |
Stock awards | -44,746 |
Treasury stock purchases | 91,406 |
Note_11_Stockholders_Equity_De2
Note 11 - Stockholders' Equity (Details) - Accumulated Other Comprehensive Loss (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Loss [Abstract] | ||
Cumulative foreign currency translation adjustments | ($20.70) | ($0.10) |
Cumulative deferral of pension net losses, net of tax of $59.6 in 2014 and $37.7 in 2013 | -96.4 | -60 |
Accumulated other comprehensive loss | ($117.10) | ($60.10) |
Note_11_Stockholders_Equity_De3
Note 11 - Stockholders' Equity (Details) - Accumulated Other Comprehensive Loss (Parentheticals) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Cumulative deferral of pension net losses, tax | $59.60 | $37.70 |
Note_12_Earnings_Per_Share_Det
Note 12 - Earnings Per Share (Details) - Basic and Diluted EPS from Continuing Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Basic earnings per share: | |||||||||||||||||||
Income from continuing operations (in Dollars) | $15.10 | $9 | $11.40 | ($4.70) | $13.70 | $7.40 | $8.80 | $4.10 | $30.80 | $34 | $37.10 | ||||||||
Weighted average number of shares outstanding | 29.6 | 29.6 | 29.5 | 29.4 | 29.3 | 29.2 | 29.2 | 29.2 | 29.5 | 29.2 | 29.1 | ||||||||
Basic earnings per share from continuing operations (in Dollars per share) | $0.51 | [1] | $0.30 | [1] | $0.39 | [1] | ($0.16) | [1] | $0.47 | [1] | $0.25 | [1] | $0.30 | [1] | $0.14 | [1] | $1.04 | $1.16 | $1.27 |
Diluted earnings per share: | |||||||||||||||||||
Income from continuing operations (in Dollars) | $15.10 | $9 | $11.40 | ($4.70) | $13.70 | $7.40 | $8.80 | $4.10 | $30.80 | $34 | $37.10 | ||||||||
Weighted average number of shares outstanding | 29.6 | 29.6 | 29.5 | 29.4 | 29.3 | 29.2 | 29.2 | 29.2 | 29.5 | 29.2 | 29.1 | ||||||||
Effect of dilutive securities: | |||||||||||||||||||
Restricted stock | 0.4 | 0.5 | 0.4 | ||||||||||||||||
Total shares and dilutive securities | 29.9 | 29.9 | 29.8 | 29.4 | 29.8 | 29.7 | 29.6 | 29.5 | 29.9 | 29.7 | 29.5 | ||||||||
Diluted earnings per share from continuing operations (in Dollars per share) | $0.51 | [1] | $0.30 | [1] | $0.38 | [1] | ($0.16) | [1] | $0.46 | [1] | $0.25 | [1] | $0.30 | [1] | $0.14 | [1] | $1.03 | $1.15 | $1.26 |
[1] | Basic and diluted earnings per share (EPS) are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Note_13_Derivative_Financial_I2
Note 13 - Derivative Financial Instruments and Credit Risk (Details) (Foreign Exchange Contract [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Foreign Exchange Contract [Member] | |
Note 13 - Derivative Financial Instruments and Credit Risk (Details) [Line Items] | |
Derivative Asset, Notional Amount | $320 |
Note_13_Derivative_Financial_I3
Note 13 - Derivative Financial Instruments and Credit Risk (Details) - Fair Value of Derivatives Included Within the Condensed Consolidated Balance Sheets (USD $) | Dec. 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 | $6.90 | $5.80 |
Other current assets / liabilities | 3.9 | 3 |
Other assets / liabilities | 2.2 | 2.6 |
Other assets / liabilities | 0.6 | |
Total | 9.1 | 8.4 |
Total | $3.90 | $3.60 |
Note_13_Derivative_Financial_I4
Note 13 - Derivative Financial Instruments and Credit Risk (Details) - Derivative Assets at Fair Value (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Assets at Fair Value [Abstract] | ||
Gross Amounts of Recognized Assets | $9.10 | $8.40 |
Amount Presented in the Consolidated Balance Sheets | 9.1 | 8.4 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -3.8 | -2.9 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $5.30 | $5.50 |
Note_13_Derivative_Financial_I5
Note 13 - Derivative Financial Instruments and Credit Risk (Details) - Derivative Liabilities at Fair Value (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Liabilities at Fair Value [Abstract] | ||
Gross Amounts of Recognized Liabilities | $3.90 | $3.60 |
Amount Presented in the Consolidated Balance Sheets | 3.9 | 3.6 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -3.8 | -2.9 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $0.10 | $0.70 |
Note_13_Derivative_Financial_I6
Note 13 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 13 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | |||
Foreign exchange contracts | ($0.70) | ($0.30) | $3.50 |
Remeasurement of assets and liabilities in foreign currencies | 1 | -0.2 | -1 |
Net gain (loss) on foreign currency transactions | 0.3 | -0.5 | 2.5 |
Sales [Member] | |||
Note 13 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | |||
Foreign exchange contracts | -1.5 | 3.7 | |
Cost of Sales [Member] | |||
Note 13 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | |||
Foreign exchange contracts | 0.9 | 0.4 | -0.6 |
Other Income [Member] | |||
Note 13 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | |||
Foreign exchange contracts | ($0.10) | ($0.70) | $0.40 |
Note_14_Fair_Value_of_Financia2
Note 14 - Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Trading Securities, Change in Unrealized Holding Gain (Loss) | ($0.20) | $0.50 |
Note_14_Fair_Value_of_Financia3
Note 14 - Fair Value of Financial Instruments (Details) - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Derivatives | $9.10 | $8.40 |
Liabilities: | ||
Derivatives | 3.9 | 3.6 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investments | 10.7 | 11.9 |
Total assets | 10.7 | 11.9 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Derivatives | 9.1 | 8.4 |
Total assets | 9.1 | 8.4 |
Liabilities: | ||
Derivatives | 3.9 | 3.6 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investments | 10.7 | 11.9 |
Derivatives | 9.1 | 8.4 |
Total assets | 19.8 | 20.3 |
Liabilities: | ||
Derivatives | $3.90 | $3.60 |
Note_14_Fair_Value_of_Financia4
Note 14 - Fair Value of Financial Instruments (Details) - Carrying Values and the Estimated Fair Values of Debt Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Carrying Value | $175,700,000 | $99,400,000 |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 75,000,000 | 75,000,000 |
Estimated Fair Value | 77,600,000 | 80,700,000 |
Revolving Credit Facility1 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 94,300,000 | 16,500,000 |
Estimated Fair Value | 94,300,000 | 16,500,000 |
Brazilian Loan Due August 20, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 4,000,000 | |
Estimated Fair Value | 4,000,000 | |
First Brazilian Real Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 2,000,000 | 3,400,000 |
Estimated Fair Value | 1,800,000 | 2,900,000 |
Second Brazilian Real Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 4,300,000 | |
Estimated Fair Value | 3,700,000 | |
Foreign Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 2,300,000 | 1,000,000 |
Estimated Fair Value | 2,300,000 | 1,000,000 |
Other Debt Financial Instrument [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 100,000 | 500,000 |
Estimated Fair Value | $100,000 | $500,000 |
Note_15_Commitments_and_Contin2
Note 15 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||
Operating Leases, Rent Expense | $9.60 | $10.40 | $9 |
Performance Guarantee [Member] | |||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 67.2 | ||
Financial Guarantee [Member] | |||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 11.1 | ||
Customers' Financing Arrangements Guarantee [Member] | |||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 13.2 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted, Net | $1.80 |
Note_15_Commitments_and_Contin3
Note 15 - Commitments and Contingencies (Details) - Product Warranty Cost and Accrual Information (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Product Warranty Cost and Accrual Information [Abstract] | ||
Balance at beginning of year | $10.10 | $7.30 |
Expenses for new warranties | 10 | 13.1 |
Adjustments to existing accruals | -1.1 | -0.6 |
Claims paid | -9.4 | -9.7 |
Added through acquisition | 1.2 | |
Translation | -0.6 | |
Balance at end of year | $10.20 | $10.10 |
Note_15_Commitments_and_Contin4
Note 15 - Commitments and Contingencies (Details) - Future Minimum Lease Payments under Non-cancelable Operating Leases (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Future Minimum Lease Payments under Non-cancelable Operating Leases [Abstract] | |
Operating lease obligations | $21.10 |
Operating lease obligations | 5 |
Operating lease obligations | 4.2 |
Operating lease obligations | 3.1 |
Operating lease obligations | 2.1 |
Operating lease obligations | 1.2 |
Operating lease obligations | $5.50 |
Note_16_Business_Segments_Deta
Note 16 - Business Segments (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Note_16_Business_Segments_Deta1
Note 16 - Business Segments (Details) - Segment Revenue and Segment Operating Profit (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenue | ||||||||||||||
Other revenue and intercompany eliminations | $295.40 | $243.20 | $247.60 | $198 | $288.10 | $233.50 | $226.90 | $185.70 | $984.20 | $934.20 | $917.30 | |||
Segment operating profit: | ||||||||||||||
Segment operating profit | 102.7 | 91.3 | 89.5 | |||||||||||
Corporate items: | ||||||||||||||
Restructuring expense | -14.5 | -1.6 | -0.1 | |||||||||||
Net interest expense | -7.6 | -7.6 | -7.4 | |||||||||||
Total corporate items | -58 | -43.5 | -35.5 | |||||||||||
Income from continuing operations before income taxes | 44.7 | 47.8 | 54 | |||||||||||
Provision for income taxes | 13.9 | 13.8 | 16.9 | |||||||||||
Income from continuing operations | 15.1 | 9 | 11.4 | -4.7 | 13.7 | 7.4 | 8.8 | 4.1 | 30.8 | 34 | 37.1 | |||
Loss from discontinued operations, net of income taxes | 0.1 | -0.1 | -0.1 | -0.6 | -0.2 | -0.9 | -0.9 | |||||||
Net income | 15.2 | 9 | 11.4 | -4.8 | 13.6 | 6.8 | 8.6 | 4.1 | 30.8 | 33.1 | 36.2 | |||
JBT FoodTech [Member] | ||||||||||||||
Revenue | ||||||||||||||
Other revenue and intercompany eliminations | 634.7 | 611.1 | 592.5 | |||||||||||
Segment operating profit: | ||||||||||||||
Segment operating profit | 72.7 | 64.5 | 61.3 | |||||||||||
JBT AeroTech [Member] | ||||||||||||||
Revenue | ||||||||||||||
Other revenue and intercompany eliminations | 350.2 | 323.6 | 325 | |||||||||||
Segment operating profit: | ||||||||||||||
Segment operating profit | 30 | 26.8 | 28.2 | |||||||||||
Other Revenue and Intercompany Eliminations [Member] | ||||||||||||||
Revenue | ||||||||||||||
Other revenue and intercompany eliminations | -0.7 | -0.5 | -0.2 | |||||||||||
Corporate Segment [Member] | ||||||||||||||
Corporate items: | ||||||||||||||
Corporate expense (1) | -37.5 | [1] | -36.5 | [1] | -28.5 | [1] | ||||||||
Restructuring expense | -14.5 | -1.6 | -0.1 | |||||||||||
Net interest expense | ($6) | ($5.40) | ($6.90) | |||||||||||
[1] | Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefits expenses not related toservice, LIFO adjustments, and the impact of unusual or strategic transactions not representative of segment operations. |
Note_16_Business_Segments_Deta2
Note 16 - Business Segments (Details) - Segment Operating Capital Employed and Segment Assets (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment operating capital employed (1): | ||||||
Operating capital employed | $412.10 | [1] | $342.60 | [1] | $403.50 | [1] |
Segment liabilities included in total segment operating capital employed (2) | 248.6 | [2] | 243.2 | [2] | 226.6 | [2] |
Assets | 697.8 | 621.2 | 678 | |||
JBT FoodTech [Member] | Operating Segments [Member] | ||||||
Segment operating capital employed (1): | ||||||
Assets | 478.1 | 392.4 | 445.7 | |||
JBT FoodTech [Member] | ||||||
Segment operating capital employed (1): | ||||||
Operating capital employed | 298.1 | [1] | 204.5 | [1] | 271.5 | [1] |
JBT AeroTech [Member] | Operating Segments [Member] | ||||||
Segment operating capital employed (1): | ||||||
Assets | 183.8 | 194 | 184.8 | |||
JBT AeroTech [Member] | ||||||
Segment operating capital employed (1): | ||||||
Operating capital employed | 114 | [1] | 138.1 | [1] | 132 | [1] |
Corporate Segment [Member] | ||||||
Segment operating capital employed (1): | ||||||
Assets | 37.1 | [3] | 35.4 | [3] | 47.9 | [3] |
Operating Segments [Member] | ||||||
Segment operating capital employed (1): | ||||||
Assets | 660.7 | 585.8 | 630.1 | |||
Intersegment Eliminations [Member] | ||||||
Segment operating capital employed (1): | ||||||
Assets | -1.2 | -0.6 | -0.4 | |||
Corporate, Non-Segment [Member] | ||||||
Segment operating capital employed (1): | ||||||
Assets | $37.10 | [3] | $35.40 | [3] | $47.90 | [3] |
[1] | Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income taxes and LIFO inventory reserves. | |||||
[2] | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities. | |||||
[3] | Corporate includes cash, LIFO inventory reserves, income tax balances, investments, and property, plant and equipment not associated with a specific segment. |
Note_16_Business_Segments_Deta3
Note 16 - Business Segments (Details) - Revenue by Geographic Location (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue (by location of customers): | |||||||||||
Revenue | $295.40 | $243.20 | $247.60 | $198 | $288.10 | $233.50 | $226.90 | $185.70 | $984.20 | $934.20 | $917.30 |
UNITED STATES | |||||||||||
Revenue (by location of customers): | |||||||||||
Revenue | 512.5 | 460.9 | 475.5 | ||||||||
All Other Countries [Member] | |||||||||||
Revenue (by location of customers): | |||||||||||
Revenue | $471.70 | $473.30 | $441.80 |
Note_16_Business_Segments_Deta4
Note 16 - Business Segments (Details) - Long-lived Assets by Geographic Location (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Long-lived assets: | |||
Long-lived assets | $152.80 | $139.20 | $133.90 |
UNITED STATES | |||
Long-lived assets: | |||
Long-lived assets | 99 | 79.4 | 75 |
BRAZIL | |||
Long-lived assets: | |||
Long-lived assets | 12.5 | 14 | 15.7 |
All Other Countries [Member] | |||
Long-lived assets: | |||
Long-lived assets | $41.30 | $45.80 | $43.20 |
Note_16_Business_Segments_Deta5
Note 16 - Business Segments (Details) - Other Business Segment Information (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $36.70 | $29.20 | $24.70 |
Depreciation and amortization | 25.3 | 25 | 23.6 |
Research and development expense | 14.6 | 14 | 14.3 |
JBT FoodTech [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 32.8 | 27.7 | 22.7 |
Depreciation and amortization | 22.2 | 22 | 20.7 |
Research and development expense | 12.1 | 11.2 | 10.8 |
JBT AeroTech [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 2.5 | 1 | 1.3 |
Depreciation and amortization | 1.8 | 1.8 | 1.9 |
Research and development expense | 2.5 | 2.8 | 3.5 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 1.4 | 0.5 | 0.7 |
Depreciation and amortization | $1.30 | $1.20 | $1 |
Note_17_Restructuring_Details
Note 17 - Restructuring (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Restructuring and Related Activities [Abstract] | |
Severance Plan Costs | $1.60 |
Note_17_Restructuring_Details_
Note 17 - Restructuring (Details) - Restructuring Charges for All Ongoing Activities (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Charges for All Ongoing Activities [Abstract] | |||
Severance and related expense | $11.10 | $1.60 | $0.10 |
Asset write-offs | 0.5 | ||
Other | 2.9 | ||
Total Restructuring charges | $14.50 | $1.60 | $0.10 |
Note_17_Restructuring_Details_1
Note 17 - Restructuring (Details) - Restructuring Charges by Segment (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 17 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | |||
Restructuring charges | $14.50 | $1.60 | $0.10 |
JBT FoodTech [Member] | |||
Note 17 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | |||
Restructuring charges | 11.1 | 0.6 | 0.1 |
JBT AeroTech [Member] | |||
Note 17 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | |||
Restructuring charges | 1.5 | ||
Corporate Segment [Member] | |||
Note 17 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | |||
Restructuring charges | $1.90 | $1 |
Note_17_Restructuring_Details_2
Note 17 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 17 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | |||
Charged to earnings | $14.50 | $1.60 | $0.10 |
Payments made/charges applied | -8.5 | ||
Employee Severance [Member] | Other Current Liabilities [Member] | |||
Note 17 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | |||
Balance | 7.6 | 1.6 | |
Employee Severance [Member] | |||
Note 17 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | |||
Charged to earnings | 11.1 | ||
Payments made/charges applied | -5.1 | ||
Asset Write-Offs [Member] | |||
Note 17 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | |||
Charged to earnings | 0.5 | ||
Payments made/charges applied | -0.5 | ||
Other Restructuring [Member] | |||
Note 17 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | |||
Charged to earnings | 2.9 | ||
Payments made/charges applied | -2.9 | ||
Other Current Liabilities [Member] | |||
Note 17 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | |||
Balance | $7.60 | $1.60 |
Note_18_Quarterly_Information_2
Note 18 - Quarterly Information (Unaudited) (Details) - Quarterly Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Note 18 - Quarterly Information (Unaudited) (Details) - Quarterly Information [Line Items] | |||||||||||||||||||
Revenue (in Dollars) | $295.40 | $243.20 | $247.60 | $198 | $288.10 | $233.50 | $226.90 | $185.70 | $984.20 | $934.20 | $917.30 | ||||||||
Cost of sales (in Dollars) | 219.2 | 179 | 179.3 | 146 | 218.8 | 179.3 | 167.8 | 135.4 | |||||||||||
Income (loss) from continuing operations (in Dollars) | 15.1 | 9 | 11.4 | -4.7 | 13.7 | 7.4 | 8.8 | 4.1 | 30.8 | 34 | 37.1 | ||||||||
Income (loss) from discontinued operations, net of tax (in Dollars) | 0.1 | -0.1 | -0.1 | -0.6 | -0.2 | -0.9 | -0.9 | ||||||||||||
Net income (in Dollars) | $15.20 | $9 | $11.40 | ($4.80) | $13.60 | $6.80 | $8.60 | $4.10 | $30.80 | $33.10 | $36.20 | ||||||||
Basic earnings per share (1): | |||||||||||||||||||
Income (loss) from continuing operations | $0.51 | [1] | $0.30 | [1] | $0.39 | [1] | ($0.16) | [1] | $0.47 | [1] | $0.25 | [1] | $0.30 | [1] | $0.14 | [1] | $1.04 | $1.16 | $1.27 |
Loss from discontinued operations, net of tax | $0.01 | [1] | [1] | [1] | [1] | [1] | ($0.02) | [1] | ($0.01) | [1] | [1] | ($0.03) | ($0.03) | ||||||
Net income | $0.52 | [1] | $0.30 | [1] | $0.39 | [1] | ($0.16) | [1] | $0.47 | [1] | $0.23 | [1] | $0.29 | [1] | $0.14 | [1] | $1.04 | $1.13 | $1.24 |
Diluted earnings per share (1): | |||||||||||||||||||
Income (loss) from continuing operations | $0.51 | [1] | $0.30 | [1] | $0.38 | [1] | ($0.16) | [1] | $0.46 | [1] | $0.25 | [1] | $0.30 | [1] | $0.14 | [1] | $1.03 | $1.15 | $1.26 |
Income (loss) from discontinued operations, net of tax | [1] | [1] | [1] | [1] | [1] | ($0.02) | [1] | ($0.01) | [1] | [1] | ($0.04) | ($0.03) | |||||||
Net income | $0.51 | [1] | $0.30 | [1] | $0.38 | [1] | ($0.16) | [1] | $0.46 | [1] | $0.23 | [1] | $0.29 | [1] | $0.14 | [1] | $1.03 | $1.11 | $1.23 |
Dividends declared per share | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.07 | $0.36 | $0.34 | $0.28 | ||||||||
Weighted average shares outstanding | |||||||||||||||||||
Basic (in Shares) | 29.6 | 29.6 | 29.5 | 29.4 | 29.3 | 29.2 | 29.2 | 29.2 | 29.5 | 29.2 | 29.1 | ||||||||
Diluted (in Shares) | 29.9 | 29.9 | 29.8 | 29.4 | 29.8 | 29.7 | 29.6 | 29.5 | 29.9 | 29.7 | 29.5 | ||||||||
Maximum [Member] | |||||||||||||||||||
Common stock sales price | |||||||||||||||||||
Common stock sales price | $33.99 | $31.53 | $31.74 | $32.83 | $30 | $24.97 | $22.22 | $21.21 | $33.99 | $30 | |||||||||
Minimum [Member] | |||||||||||||||||||
Common stock sales price | |||||||||||||||||||
Common stock sales price | $27.02 | $25.52 | $27.83 | $28.24 | $24.66 | $21.01 | $19.26 | $17.78 | $27.02 | $24.66 | |||||||||
[1] | Basic and diluted earnings per share (EPS) are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Note_19_Subsequent_Events_Deta
Note 19 - Subsequent Events (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 10, 2015 | Feb. 25, 2015 | Nov. 30, 2012 |
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.07 | $0.36 | $0.34 | $0.28 | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 450 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | $0.09 | |||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.28% | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $300 |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Valuation Allowance [Line Items] | ||||||
Beginning balance | $3,742 | $3,678 | $4,281 | |||
Charged to costs and expenses | 1,630 | 2,479 | 1,077 | |||
Charged to other accounts | [1] | [1] | [1] | |||
Deductions and other | 2,330 | [2] | 2,415 | [2] | 1,680 | [2] |
Ending balance | 3,042 | 3,742 | 3,678 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Valuation Allowance [Line Items] | ||||||
Beginning balance | 254 | 549 | 779 | |||
Charged to other accounts | [1] | [1] | [1] | |||
Deductions and other | 254 | [2] | 295 | [2] | 230 | [2] |
Ending balance | $254 | $549 | ||||
[1] | "Additions charged to other accounts" includes translation adjustments and allowances added through business combinations. | |||||
[2] | Deductions and other" includes translation adjustments, write-offs, net of recoveries, and reductions in the allowances credited to expense. |