Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | John Bean Technologies Corp | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 29,226,041 | |
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-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue | $225 | $198 |
Operating expenses: | ||
Cost of sales | 162 | 146 |
Selling, general and administrative expense | 45.9 | 43.6 |
Research and development expense | 3.7 | 3.5 |
Restructuring expense | 10.2 | |
Other income, net | -0.3 | -0.1 |
Operating income (loss) | 13.7 | -5.2 |
Interest income | 0.3 | 0.5 |
Interest expense | -2.1 | -1.8 |
Income (loss) from continuing operations before income taxes | 11.9 | -6.5 |
Provision for income taxes | 3.9 | -1.8 |
Income (loss) from continuing operations | 8 | -4.7 |
Loss from discontinued operations, net of taxes | -0.1 | |
Net income (loss) | $8 | ($4.80) |
Basic earnings (loss) per share: | ||
Income (loss) from continuing operations (in Dollars per share) | $0.27 | ($0.16) |
Loss from discontinued operations (in Dollars per share) | ||
Net income (loss) (in Dollars per share) | $0.27 | ($0.16) |
Diluted earnings (loss) per share: | ||
Income (loss) from continuing operations (in Dollars per share) | $0.27 | ($0.16) |
Loss from discontinued operations (in Dollars per share) | ||
Net income (loss) (in Dollars per share) | $0.27 | ($0.16) |
Cash dividends declared per share (in Dollars per share) | $0.09 | $0.09 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income (loss) | $8 | ($4.80) |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | -16.3 | 0.7 |
Pension and other postretirement benefits adjustments, net of tax of $0.4 million and $0.3 million for 2015 and 2014, respectively | 0.9 | 0.6 |
Derivatives designated as hedges, net of tax of ($0.3) million for 2015 | -0.4 | |
Other comprehensive income (loss) | -15.8 | 1.3 |
Comprehensive loss | ($7.80) | ($3.50) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and other postretirement benefits adjustments, tax | $0.40 | $0.30 |
Derivatives designated as hedges, tax | ($0.30) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $19.80 | $33.30 |
Trade receivables, net of allowances of $2.3 and $3.0, respectively | 145.8 | 176.2 |
Inventories | 118 | 111.8 |
Other current assets | 70.9 | 66.6 |
Total current assets | 354.5 | 387.9 |
Property, plant and equipment, net of accumulated depreciation of $220.3 and $232.7, respectively | 143.2 | 147.6 |
Goodwill | 65.9 | 69.2 |
Other assets | 28.5 | 33.1 |
Total Assets | 650.2 | 697.8 |
Current Liabilities: | ||
Short-term debt and current portion of long-term debt | 4 | 4.2 |
Accounts payable, trade and other | 86.4 | 89.5 |
Advance and progress payments | 106.5 | 86.2 |
Other current liabilities | 91.3 | 106.5 |
Total current liabilities | 288.2 | 286.4 |
Long-term debt, less current portion | 150.6 | 173.8 |
Accrued pension and other postretirement benefits, less current portion | 82.9 | 93.1 |
Other liabilities | 24.1 | 25.3 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued | 0 | |
Common stock, $0.01 par value; 120,000,000 shares authorized; 2015: 29,316,041 issued and 29,226,041 outstanding; 2014: 29,138,162 issued and 29,091,502 outstanding; | 0.3 | 0.3 |
Common stock held in treasury, at cost; 2015: 90,000 shares; 2014: 46,660 shares | -3.1 | -1.5 |
Additional paid-in capital | 68.4 | 71.1 |
Retained earnings | 171.7 | 166.4 |
Accumulated other comprehensive loss | -132.9 | -117.1 |
Total stockholders' equity | 104.4 | 119.2 |
Total Liabilities and Stockholders' Equity | 650.2 | 697.8 |
Customer Relationships [Member] | ||
Current Assets: | ||
Intangible assets, net | 38.4 | 37.4 |
Other Intangible Assets [Member] | ||
Current Assets: | ||
Intangible assets, net | $19.70 | $22.60 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Allowances, trade receivables (in Dollars) | $2.30 | $3 |
Property, plant and equipment, accumulated depreciation (in Dollars) | 220.3 | 232.7 |
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 | 29,316,041 | 29,138,162 |
Common stock, shares outstanding | 29,226,041 | 29,091,502 |
Common stock held in treasury, shares | 90,000 | 46,660 |
Customer Relationships [Member] | ||
Intangible assets, accumulated amortization (in Dollars) | 12.9 | 12.4 |
Other Intangible Assets [Member] | ||
Intangible assets, accumulated amortization (in Dollars) | $33.40 | $34.50 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows From Operating Activities: | ||
Net income (loss) | $8 | ($4.80) |
Loss from discontinued operations, net of income taxes | 0.1 | |
Income (loss) from continuing operations | 8 | -4.7 |
Adjustments to reconcile income (loss) from continuing operations to cash provided by operating activities of continuing operations: | ||
Depreciation and amortization | 6.8 | 5.6 |
Stock-based compensation | 1.4 | 1.7 |
Other | 4 | 3.8 |
Changes in operating assets and liabilities: | ||
Trade receivables, net | 26.2 | 38.4 |
Inventories | -11.7 | -22.1 |
Accounts payable, trade and other | 0.8 | 1.4 |
Advance and progress payments | 24.9 | 6.5 |
Other assets and liabilities, net | -29.9 | -9.5 |
Cash provided by continuing operating activities | 30.5 | 21.1 |
Net cash required by discontinued operating activities | -0.1 | |
Cash provided by operating activities | 30.5 | 21 |
Cash Flows required by Investing Activities: | ||
Acquisitions, net of cash acquired | -1.7 | |
Capital expenditures | -7.8 | -8.5 |
Proceeds from disposal of assets | 0.3 | 0.3 |
Cash required by investing activities | -7.5 | -9.9 |
Cash Flows required by Financing Activities: | ||
Net decrease in short-term debt | -0.6 | |
Cash provided by refinancing of credit facility | 183.7 | |
Cash payments to settle existing credit facility | -183.7 | |
Net payments on credit facilities | -22 | -14.1 |
Repayment of long-term debt | -0.3 | -2.5 |
Excess tax benefits | 1.8 | 0.9 |
Tax withholdings on stock-based compensation awards | -4.3 | -2.6 |
Purchase of stock held in treasury | -3.1 | |
Dividends | -3 | -2.8 |
Cash required by financing activities | -30.9 | -21.7 |
Effect of foreign exchange rate changes on cash and cash equivalents | -5.6 | 0.3 |
Decrease in cash and cash equivalents | -13.5 | -10.3 |
Cash and cash equivalents, beginning of period | 33.3 | 29.4 |
Cash and cash equivalents, end of period | $19.80 | $19.10 |
Note_1_Description_of_Business
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Description of Business and Basis of Presentation |
Description of Business | |
John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (“JBT” or “we”) provide global technology solutions for the food processing and air transportation industries. We design, manufacture, test and service technologically sophisticated systems and products for customers through our JBT FoodTech and JBT AeroTech segments. We have manufacturing operations worldwide and are strategically located to facilitate delivery of our products and services to our customers. | |
Basis of Presentation | |
In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) does not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the JBT Annual Report on Form 10-K for the year ended December 31, 2014, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated balance sheet was derived from audited financial statements. | |
In the opinion of management, the statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in these statements may not be representative of those for the full year or any future period. | |
Use of estimates | |
Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Recently issued accounting standards not yet adopted | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of good or services equal to the amount it expects to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and estimates, and changes in those estimates. The new standard becomes effective for us as of January 1, 2017, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30). The core principle of the ASU is that an entity should present debt issuance costs as a direct deduction from the face amount of that debt in the balance sheet similar to the manner in which a debt discount or premium is presented. Furthermore, debt issuance costs shall not be reflected as a deferred charge or deferred credit. The ASU requires additional disclosure about the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line item (that is, the debt issuance cost asset and the debt liability). The new standard becomes effective for us as of January 1, 2016, and requires retrospective implementation in which the balance sheet of each individual period presented is to be adjusted to reflect the period-specific effects of applying the new guidance, early adoption is permitted. We anticipate a reduction of assets and liabilities of $2.7 million and $1.1 million on our balance sheet as of March 31, 2015 and December 31, 2014, respectively, and we are currently evaluating the requirements of the standard to determine when we will adopt and implement its provisions. | |
In April 2015, the FASB issued ASU No. 2015-05, Internal-Use Software (Subtopic 350-40) -Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The ASU applies to cloud computing arrangements including software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements. The ASU was issued to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The ASU provides guidance about whether the arrangement includes a software license. The core principle of the ASU is that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change U.S. GAAP for a customer’s accounting for service contracts. The new standard becomes effective for us as of January 1, 2017, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures. |
Note_2_Acquisitions
Note 2 - Acquisitions | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | Note 2. Acquisitions | ||||
Fiscal year 2014 | |||||
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, revenue enhancement synergies in our protein processing business and the acquisition of an assembled workforce. We are currently assessing the amount of goodwill that will be tax deductible. | |||||
Acquisition related costs totaling $0.7 million were recognized as other expense in the condensed consolidated statements of income at the time they were incurred. | |||||
Because the transaction was completed on December 1, 2014, the purchase accounting is preliminary as the valuation of certain assets acquired, including 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). In accordance with the 12 month measurement period provisions, the Company refined its estimates of the customer relationship, intellectual property and the non-compete agreement by $2.6 million, ($1.9 million) and $0.8 million, respectively, along with immaterial refinements of accounts receivable, inventory and property, plant and equipment during the quarter ended March 31, 2015. The net impact of these adjustments was reflected as a decrease in goodwill of $1.9 million. | |||||
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 | 2.2 | ||||
Other current assets | 0.3 | ||||
Inventories | 6.5 | ||||
Property, plant and equipment | 7.7 | ||||
Intangible assets: | |||||
Customer relationships | 17.2 | ||||
Intellectual property | 4.3 | ||||
Noncompete agreement | 0.8 | ||||
Backlog & other assets | 0.3 | ||||
Total assets | $ | 39.5 | |||
Liabilities: | |||||
Accounts payable | 1.7 | ||||
Deferred revenue | 0.3 | ||||
Other liabilities | 2.5 | ||||
Total liabilities | $ | 4.5 | |||
Total purchase price | $ | 53.9 | |||
Goodwill | $ | 18.9 | |||
The customer relationships and intellectual property will be amortized over their estimated useful lives of fifteen and ten years, respectively. The non-compete agreement will be amortized over its term of five years and the backlog asset was amortized over four months, reflecting its 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 did 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 is allowing 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. | |||||
The primary areas of purchase accounting that are not yet finalized relate to amounts for 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: | |||||
(In millions) | |||||
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 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | Note 3. Inventories | ||||||||
Inventories consisted of the following: | |||||||||
(In millions) | 31-Mar-15 | 31-Dec-14 | |||||||
Raw materials | $ | 54.3 | $ | 53.7 | |||||
Work in process | 51.8 | 45.3 | |||||||
Finished goods | 78.8 | 79.2 | |||||||
Gross inventories before LIFO reserves and valuation adjustments | 184.9 | 178.2 | |||||||
LIFO reserves and valuation adjustments | (66.9 | ) | (66.4 | ) | |||||
Net inventories | $ | 118 | $ | 111.8 | |||||
Note_4_Debt
Note 4 - Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 4. DEBT |
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 one month U.S. LIBOR subject to a floor rate of zero or an alternative base rate, which is the greater of Wells Fargo’s Prime Rate, the Federal Funds Rate plus 50 basis points, and LIBOR plus 1%, plus, in each case, a margin dependent on our leverage ratio. We must also pay an annual commitment fee of 15.0 to 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 maximum leverage ratio, as well as certain events of default. As of March 31, 2015 we had $72.7 million drawn on the credit facility at a weighted-average interest rate of 1.45%. |
Note_5_Pension_and_Other_Postr
Note 5 - Pension and Other Postretirement Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 5. Pension and Other Postretirement Benefits | ||||||||||||||||
Components of net periodic benefit cost were as follows: | |||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 0.4 | $ | 0.4 | $ | - | $ | - | |||||||||
Interest cost | 3.4 | 3.7 | 0.1 | 0.1 | |||||||||||||
Expected return on plan assets | (4.8 | ) | (4.9 | ) | - | - | |||||||||||
Amortization of net actuarial losses | 1.1 | 0.7 | (0.1 | ) | - | ||||||||||||
Settlements | 0.3 | 0.2 | - | - | |||||||||||||
Net periodic cost | $ | 0.4 | $ | 0.1 | $ | - | $ | 0.1 | |||||||||
We expect to contribute $15 million to our pension and other postretirement benefit plans in 2015. We contributed $5 million to our U.S. qualified pension plan during the three months ended March 31, 2015. |
Note_6_Accumulated_Other_Compr
Note 6 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income Loss [Text Block] | Note 6. accumulated other comprehensive income (loss) | ||||||||||||||||
Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For JBT, AOCI is primarily composed of adjustments related to pension and other postretirement benefit plans, derivatives designated as hedges, and foreign currency translation adjustments. Changes in the AOCI balances for the three months ended March 31, 2015 by component are shown in the following table: | |||||||||||||||||
Pension and Other Postretirement Benefits | Derivatives Designated as Hedges | Foreign Currency Translation | Total | ||||||||||||||
(In millions) | |||||||||||||||||
Beginning balance, December 31, 2014 | $ | (96.4 | ) | $ | - | $ | (20.7 | ) | $ | (117.1 | ) | ||||||
Other comprehensive income before reclassification | - | (0.4 | ) | (16.3 | ) | (16.7 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.9 | - | - | 0.9 | |||||||||||||
Ending balance, March 31, 2015 | $ | (95.5 | ) | $ | (0.4 | ) | $ | (37.0 | ) | $ | (132.9 | ) | |||||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2015, were $1.3 million in selling, general and administrative expense net of $0.4 million in provision for income taxes. |
Note_7_Stockbased_Compensation
Note 7 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7. stock-based compensation |
On March 13, 2015, the Company granted 192,589 restricted stock units with a total fair value of $6.7 million to certain employees under an existing stock-based compensation plan. The units will vest three years from the date of grant, in March 2018, and are expected to be amortized over the vesting period. |
Note_8_Earnings_Per_Share
Note 8 - Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | Note 8. Earnings Per Share | ||||||||
The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the respective periods and our basic and diluted shares outstanding: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions, except per share data) | 2015 | 2014 | |||||||
Basic earnings (loss) per share: | |||||||||
Income (loss) from continuing operations | $ | 8 | $ | (4.7 | ) | ||||
Weighted average number of shares outstanding | 29.6 | 29.4 | |||||||
Basic earnings (loss) per share from continuing operations | $ | 0.27 | $ | (0.16 | ) | ||||
Diluted earnings (loss) per share: | |||||||||
Income (loss) from continuing operations | $ | 8 | $ | (4.7 | ) | ||||
Weighted average number of shares outstanding | 29.6 | 29.4 | |||||||
Effect of dilutive securities: | |||||||||
Restricted stock | 0.2 | - | |||||||
Total shares and dilutive securities | 29.8 | 29.4 | |||||||
Diluted earnings (loss) per share from continuing operations | $ | 0.27 | $ | (0.16 | ) | ||||
Due to the loss from continuing operations generated during the three months ended March 31, 2014, 0.4 million of shares of restricted stock were excluded from the diluted earnings per share calculation as their effect was anti-dilutive. |
Note_9_Derivative_Financial_In
Note 9 - Derivative Financial Instruments and Risk Management | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 9. Derivative Financial Instruments and Risk Management | ||||||||||||||||||||
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 March 31, 2015, we held forward foreign exchange contracts with an aggregate notional value of $354.8 million. | |||||||||||||||||||||
The following table presents the fair value of foreign currency derivatives included within the condensed consolidated balance sheets: | |||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||||
(In millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||
Other current assets / liabilities | $ | 8 | $ | 8 | $ | 6.9 | $ | 3.9 | |||||||||||||
Other assets / liabilities | 2.3 | 0.1 | 2.2 | - | |||||||||||||||||
Total | $ | 10.3 | $ | 8.1 | $ | 9.1 | $ | 3.9 | |||||||||||||
Additionally, we have entered into two forward starting interest rate swaps to hedge the cash flow variability related to the interest rate exposure on a portion of our variable rate debt. The first swap is for the period beginning August 10, 2015 through February 10, 2020 for variability in cash flow related to interest expense on $75 million of our borrowings, fixing the annual interest rate at 1.592% plus a margin dependent on our leverage ratio. The second swap is for the period from January 11, 2016 through February 10, 2020 for variability in cash flow related to interest expense on an additional $100 million of our borrowings, fixing the annual interest rate at 1.711% plus a margin dependent on our leverage ratio. We have applied hedge accounting to these swaps and, as such, substantially all changes in their fair value are deferred in accumulated other comprehensive income (loss) until the interest expense on the forecasted balances are recognized in earnings. At March 31, 2015 we have $0.7 million recorded in other liabilities on the condensed consolidated balance sheet. For the three month period ended March 31, 2015 the effective portion of these derivatives designated as cash flow hedges, ($0.4) million, has been reported in other comprehensive income (loss) on the condensed consolidated statements of comprehensive income (loss). | |||||||||||||||||||||
Ineffectiveness from the cash flow hedges, all of which are interest rates swaps, was immaterial as of March 31, 2015. | |||||||||||||||||||||
Refer to Note 10. 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 March 31, 2015 and December 31, 2014, information related to these offsetting arrangements was as follows: | |||||||||||||||||||||
(in millions) | As of March 31, 2015 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | ||||||||||||||||
Derivatives | $ | 10.3 | $ | - | $ | 10.3 | $ | (6.5 | ) | $ | 3.8 | ||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Offsetting of Liabilities | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | ||||||||||||||||
Derivatives | $ | 8.1 | $ | - | $ | 8.1 | $ | (6.5 | ) | $ | 1.6 | ||||||||||
(in millions) | As of December 31, 2014 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | ||||||||||||||||
Derivatives | $ | 9.1 | $ | - | $ | 9.1 | $ | (3.8 | ) | $ | 5.3 | ||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Offsetting of Liabilities | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | ||||||||||||||||
Derivatives | $ | 3.9 | $ | - | $ | 3.9 | $ | (3.8 | ) | $ | 0.1 | ||||||||||
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 on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2015 | 2014 | |||||||||||||||||||
Foreign exchange contracts | Revenue | $ | 0.1 | $ | (0.3 | ) | |||||||||||||||
Foreign exchange contracts | Cost of sales | (0.9 | ) | 0.4 | |||||||||||||||||
Foreign exchange contracts | Other income, net | 0.1 | - | ||||||||||||||||||
Total | (0.7 | ) | 0.1 | ||||||||||||||||||
Remeasurement of assets and liabilities in foreign currencies | (0.7 | ) | 0.2 | ||||||||||||||||||
Net gain (loss) on foreign currency transactions | $ | (1.4 | ) | $ | 0.3 | ||||||||||||||||
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_10_Fair_Value_of_Financia
Note 10 - Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 10. 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 March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Investments | $ | 9.2 | $ | 9.2 | $ | - | $ | - | $ | 10.7 | $ | 10.7 | $ | - | $ | - | |||||||||||||||||
Derivatives | 10.3 | - | 10.3 | - | 9.1 | - | 9.1 | - | |||||||||||||||||||||||||
Total assets | $ | 19.5 | $ | 9.2 | $ | 10.3 | $ | - | $ | 19.8 | $ | 10.7 | $ | 9.1 | $ | - | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 8.8 | $ | - | $ | 8.8 | $ | - | $ | 3.9 | $ | - | $ | 3.9 | $ | - | |||||||||||||||||
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 gain of $0.1 million as of March 31, 2015 and an unrealized loss of $0.2 million as of December 31, 2014. | |||||||||||||||||||||||||||||||||
We use the income approach to measure the fair value of derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change between the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values, and applying an appropriate discount rate as well as a factor of credit risk. | |||||||||||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities. | |||||||||||||||||||||||||||||||||
The carrying values and the estimated fair values of our debt financial instruments are summarized on the table below: | |||||||||||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||||||||||||||||
(In millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||
Senior unsecured notes due July 31, 2015 | $ | 75 | $ | 76.5 | $ | 75 | $ | 77.6 | |||||||||||||||||||||||||
Five-year revolving credit facility, expires February 10, 2020 | 72.7 | 72.7 | 94.3 | 94.3 | |||||||||||||||||||||||||||||
Brazilian loan due April 15, 2016 | 1.3 | 1.2 | 2 | 1.8 | |||||||||||||||||||||||||||||
Brazilian loan due October 16, 2017 | 3.6 | 3.1 | 4.3 | 3.7 | |||||||||||||||||||||||||||||
Foreign credit facilities | 1.9 | 1.9 | 2.3 | 2.3 | |||||||||||||||||||||||||||||
Other | - | - | 0.1 | 0.1 | |||||||||||||||||||||||||||||
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_11_Commitments_and_Contin
Note 11 - Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies Disclosure [Text Block] | Note 11. Commitments and Contingencies | ||||||||
In the normal course of our business, we are at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although we are not able to predict the outcome of such actions, after reviewing all pending and threatened actions with counsel and based on information currently available, management believes that the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on 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. | |||||||||
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. | |||||||||
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 $73.4 million at March 31, 2015, represent guarantees of our future performance. We also have provided approximately $8.4 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 March 31, 2015, the gross value of such arrangements was $11.3 million, of which our net exposure under such guarantees is $1.6 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: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2015 | 2014 | |||||||
Balance at beginning of period | $ | 10.2 | $ | 10.1 | |||||
Expense for new warranties | 2.4 | 2.2 | |||||||
Adjustments to existing accruals | - | (0.1 | ) | ||||||
Claims paid | (2.4 | ) | (2.1 | ) | |||||
Translation | (0.3 | ) | (0.1 | ) | |||||
Balance at end of period | $ | 9.9 | $ | 10 | |||||
Note_12_Business_Segment_Infor
Note 12 - Business Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | Note 12. Business Segment Information | ||||||||
Segment operating profit is defined as total segment revenue less segment operating expenses. Business segment information was as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2015 | 2014 | |||||||
Revenue | |||||||||
JBT FoodTech | $ | 139.2 | $ | 135.5 | |||||
JBT AeroTech | 86.2 | 62.7 | |||||||
Intercompany eliminations | (0.4 | ) | (0.2 | ) | |||||
Total revenue | $ | 225 | $ | 198 | |||||
Income (loss) before income taxes | |||||||||
Segment operating profit: | |||||||||
JBT FoodTech | $ | 13.1 | $ | 11.8 | |||||
JBT AeroTech | 8.4 | 2.3 | |||||||
Total segment operating profit | 21.5 | 14.1 | |||||||
Corporate items: | |||||||||
Corporate expense (1) | (7.8 | ) | (9.1 | ) | |||||
Restructuring expense (2) | - | (10.2 | ) | ||||||
Operating income (loss) | 13.7 | (5.2 | ) | ||||||
Net interest expense | (1.8 | ) | (1.3 | ) | |||||
Income (loss) from continuing operations before income taxes | $ | 11.9 | $ | (6.5 | ) | ||||
-1 | Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations. | ||||||||
-2 | Refer to Note 13. | ||||||||
Note_13_Restructuring
Note 13 - Restructuring | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | NOTE 13. 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: | |||||||||||||||||||||
Charges incurred during the three months ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Severance and related expense | $ | - | $ | 9.3 | |||||||||||||||||
Asset write-offs | - | 0.5 | |||||||||||||||||||
Other | - | 0.4 | |||||||||||||||||||
$ | - | $ | 10.2 | ||||||||||||||||||
While restructuring charges are excluded from our calculation of segment operating profit, the table below presents the restructuring charges associated with each segment and with corporate activities: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2015 | 2014 | |||||||||||||||||||
JBT FoodTech | $ | - | $ | 8.6 | |||||||||||||||||
JBT AeroTech | - | 1.1 | |||||||||||||||||||
Corporate | - | 0.5 | |||||||||||||||||||
$ | - | $ | 10.2 | ||||||||||||||||||
Liability balances for restructuring activities are included in other current liabilities in the accompanying condensed consolidated balance sheets. The table below details the activity in the first quarter of 2015: | |||||||||||||||||||||
Balance as of | Payments Made | Foreign | |||||||||||||||||||
December 31, | Charged to | /Charges | Exchange | Balance as of | |||||||||||||||||
(In millions) | 2014 | Earnings | Applied | Translation | 31-Mar-15 | ||||||||||||||||
Severance and related expense | $ | 7.6 | $ | - | $ | (1.4 | ) | $ | (0.2 | ) | $ | 6 | |||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) does not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the JBT Annual Report on Form 10-K for the year ended December 31, 2014, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated balance sheet was derived from audited financial statements. | |
In the opinion of management, the statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in these statements may not be representative of those for the full year or any future period. | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting standards not yet adopted |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of good or services equal to the amount it expects to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and estimates, and changes in those estimates. The new standard becomes effective for us as of January 1, 2017, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30). The core principle of the ASU is that an entity should present debt issuance costs as a direct deduction from the face amount of that debt in the balance sheet similar to the manner in which a debt discount or premium is presented. Furthermore, debt issuance costs shall not be reflected as a deferred charge or deferred credit. The ASU requires additional disclosure about the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line item (that is, the debt issuance cost asset and the debt liability). The new standard becomes effective for us as of January 1, 2016, and requires retrospective implementation in which the balance sheet of each individual period presented is to be adjusted to reflect the period-specific effects of applying the new guidance, early adoption is permitted. We anticipate a reduction of assets and liabilities of $2.7 million and $1.1 million on our balance sheet as of March 31, 2015 and December 31, 2014, respectively, and we are currently evaluating the requirements of the standard to determine when we will adopt and implement its provisions. | |
In April 2015, the FASB issued ASU No. 2015-05, Internal-Use Software (Subtopic 350-40) -Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The ASU applies to cloud computing arrangements including software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements. The ASU was issued to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The ASU provides guidance about whether the arrangement includes a software license. The core principle of the ASU is that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change U.S. GAAP for a customer’s accounting for service contracts. The new standard becomes effective for us as of January 1, 2017, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures. |
Note_2_Acquisitions_Tables
Note 2 - Acquisitions (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In millions) | ||||
Assets: | |||||
Cash | $ | 0.2 | |||
Accounts receivable | 2.2 | ||||
Other current assets | 0.3 | ||||
Inventories | 6.5 | ||||
Property, plant and equipment | 7.7 | ||||
Intangible assets: | |||||
Customer relationships | 17.2 | ||||
Intellectual property | 4.3 | ||||
Noncompete agreement | 0.8 | ||||
Backlog & other assets | 0.3 | ||||
Total assets | $ | 39.5 | |||
Liabilities: | |||||
Accounts payable | 1.7 | ||||
Deferred revenue | 0.3 | ||||
Other liabilities | 2.5 | ||||
Total liabilities | $ | 4.5 | |||
Total purchase price | $ | 53.9 | |||
Goodwill | $ | 18.9 | |||
(In millions) | |||||
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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | (In millions) | 31-Mar-15 | 31-Dec-14 | ||||||
Raw materials | $ | 54.3 | $ | 53.7 | |||||
Work in process | 51.8 | 45.3 | |||||||
Finished goods | 78.8 | 79.2 | |||||||
Gross inventories before LIFO reserves and valuation adjustments | 184.9 | 178.2 | |||||||
LIFO reserves and valuation adjustments | (66.9 | ) | (66.4 | ) | |||||
Net inventories | $ | 118 | $ | 111.8 |
Note_5_Pension_and_Other_Postr1
Note 5 - Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 0.4 | $ | 0.4 | $ | - | $ | - | |||||||||
Interest cost | 3.4 | 3.7 | 0.1 | 0.1 | |||||||||||||
Expected return on plan assets | (4.8 | ) | (4.9 | ) | - | - | |||||||||||
Amortization of net actuarial losses | 1.1 | 0.7 | (0.1 | ) | - | ||||||||||||
Settlements | 0.3 | 0.2 | - | - | |||||||||||||
Net periodic cost | $ | 0.4 | $ | 0.1 | $ | - | $ | 0.1 |
Note_6_Accumulated_Other_Compr1
Note 6 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | |||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Pension and Other Postretirement Benefits | Derivatives Designated as Hedges | Foreign Currency Translation | Total | |||||||||||||
(In millions) | |||||||||||||||||
Beginning balance, December 31, 2014 | $ | (96.4 | ) | $ | - | $ | (20.7 | ) | $ | (117.1 | ) | ||||||
Other comprehensive income before reclassification | - | (0.4 | ) | (16.3 | ) | (16.7 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.9 | - | - | 0.9 | |||||||||||||
Ending balance, March 31, 2015 | $ | (95.5 | ) | $ | (0.4 | ) | $ | (37.0 | ) | $ | (132.9 | ) |
Note_8_Earnings_Per_Share_Tabl
Note 8 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
(In millions, except per share data) | 2015 | 2014 | |||||||
Basic earnings (loss) per share: | |||||||||
Income (loss) from continuing operations | $ | 8 | $ | (4.7 | ) | ||||
Weighted average number of shares outstanding | 29.6 | 29.4 | |||||||
Basic earnings (loss) per share from continuing operations | $ | 0.27 | $ | (0.16 | ) | ||||
Diluted earnings (loss) per share: | |||||||||
Income (loss) from continuing operations | $ | 8 | $ | (4.7 | ) | ||||
Weighted average number of shares outstanding | 29.6 | 29.4 | |||||||
Effect of dilutive securities: | |||||||||
Restricted stock | 0.2 | - | |||||||
Total shares and dilutive securities | 29.8 | 29.4 | |||||||
Diluted earnings (loss) per share from continuing operations | $ | 0.27 | $ | (0.16 | ) |
Note_9_Derivative_Financial_In1
Note 9 - Derivative Financial Instruments and Risk Management (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||
(In millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||
Other current assets / liabilities | $ | 8 | $ | 8 | $ | 6.9 | $ | 3.9 | |||||||||||||
Other assets / liabilities | 2.3 | 0.1 | 2.2 | - | |||||||||||||||||
Total | $ | 10.3 | $ | 8.1 | $ | 9.1 | $ | 3.9 | |||||||||||||
Schedule of Derivative Assets at Fair Value [Table Text Block] | (in millions) | As of March 31, 2015 | |||||||||||||||||||
Offsetting of Assets | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | ||||||||||||||||
Derivatives | $ | 10.3 | $ | - | $ | 10.3 | $ | (6.5 | ) | $ | 3.8 | ||||||||||
(in millions) | As of December 31, 2014 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | ||||||||||||||||
Derivatives | $ | 9.1 | $ | - | $ | 9.1 | $ | (3.8 | ) | $ | 5.3 | ||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | As of March 31, 2015 | ||||||||||||||||||||
Offsetting of Liabilities | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | ||||||||||||||||
Derivatives | $ | 8.1 | $ | - | $ | 8.1 | $ | (6.5 | ) | $ | 1.6 | ||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Offsetting of Liabilities | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Presented in the Consolidated Balance Sheets | Amount Subject to Master Netting Agreement | Net Amount | ||||||||||||||||
Derivatives | $ | 3.9 | $ | - | $ | 3.9 | $ | (3.8 | ) | $ | 0.1 | ||||||||||
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 on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2015 | 2014 | |||||||||||||||||||
Foreign exchange contracts | Revenue | $ | 0.1 | $ | (0.3 | ) | |||||||||||||||
Foreign exchange contracts | Cost of sales | (0.9 | ) | 0.4 | |||||||||||||||||
Foreign exchange contracts | Other income, net | 0.1 | - | ||||||||||||||||||
Total | (0.7 | ) | 0.1 | ||||||||||||||||||
Remeasurement of assets and liabilities in foreign currencies | (0.7 | ) | 0.2 | ||||||||||||||||||
Net gain (loss) on foreign currency transactions | $ | (1.4 | ) | $ | 0.3 |
Note_10_Fair_Value_of_Financia1
Note 10 - Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Investments | $ | 9.2 | $ | 9.2 | $ | - | $ | - | $ | 10.7 | $ | 10.7 | $ | - | $ | - | |||||||||||||||||
Derivatives | 10.3 | - | 10.3 | - | 9.1 | - | 9.1 | - | |||||||||||||||||||||||||
Total assets | $ | 19.5 | $ | 9.2 | $ | 10.3 | $ | - | $ | 19.8 | $ | 10.7 | $ | 9.1 | $ | - | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 8.8 | $ | - | $ | 8.8 | $ | - | $ | 3.9 | $ | - | $ | 3.9 | $ | - | |||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||||||
(In millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||
Senior unsecured notes due July 31, 2015 | $ | 75 | $ | 76.5 | $ | 75 | $ | 77.6 | |||||||||||||||||||||||||
Five-year revolving credit facility, expires February 10, 2020 | 72.7 | 72.7 | 94.3 | 94.3 | |||||||||||||||||||||||||||||
Brazilian loan due April 15, 2016 | 1.3 | 1.2 | 2 | 1.8 | |||||||||||||||||||||||||||||
Brazilian loan due October 16, 2017 | 3.6 | 3.1 | 4.3 | 3.7 | |||||||||||||||||||||||||||||
Foreign credit facilities | 1.9 | 1.9 | 2.3 | 2.3 | |||||||||||||||||||||||||||||
Other | - | - | 0.1 | 0.1 |
Note_11_Commitments_and_Contin1
Note 11 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
(In millions) | 2015 | 2014 | |||||||
Balance at beginning of period | $ | 10.2 | $ | 10.1 | |||||
Expense for new warranties | 2.4 | 2.2 | |||||||
Adjustments to existing accruals | - | (0.1 | ) | ||||||
Claims paid | (2.4 | ) | (2.1 | ) | |||||
Translation | (0.3 | ) | (0.1 | ) | |||||
Balance at end of period | $ | 9.9 | $ | 10 |
Note_12_Business_Segment_Infor1
Note 12 - Business Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
(In millions) | 2015 | 2014 | |||||||
Revenue | |||||||||
JBT FoodTech | $ | 139.2 | $ | 135.5 | |||||
JBT AeroTech | 86.2 | 62.7 | |||||||
Intercompany eliminations | (0.4 | ) | (0.2 | ) | |||||
Total revenue | $ | 225 | $ | 198 | |||||
Income (loss) before income taxes | |||||||||
Segment operating profit: | |||||||||
JBT FoodTech | $ | 13.1 | $ | 11.8 | |||||
JBT AeroTech | 8.4 | 2.3 | |||||||
Total segment operating profit | 21.5 | 14.1 | |||||||
Corporate items: | |||||||||
Corporate expense (1) | (7.8 | ) | (9.1 | ) | |||||
Restructuring expense (2) | - | (10.2 | ) | ||||||
Operating income (loss) | 13.7 | (5.2 | ) | ||||||
Net interest expense | (1.8 | ) | (1.3 | ) | |||||
Income (loss) from continuing operations before income taxes | $ | 11.9 | $ | (6.5 | ) |
Note_13_Restructuring_Tables
Note 13 - Restructuring (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | Charges incurred during the three months ended March 31, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Severance and related expense | $ | - | $ | 9.3 | |||||||||||||||||
Asset write-offs | - | 0.5 | |||||||||||||||||||
Other | - | 0.4 | |||||||||||||||||||
$ | - | $ | 10.2 | ||||||||||||||||||
Restructuring and Related Costs, by Operating Segment [Table Text Block] | Three Months Ended | ||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2015 | 2014 | |||||||||||||||||||
JBT FoodTech | $ | - | $ | 8.6 | |||||||||||||||||
JBT AeroTech | - | 1.1 | |||||||||||||||||||
Corporate | - | 0.5 | |||||||||||||||||||
$ | - | $ | 10.2 | ||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Balance as of | Payments Made | Foreign | ||||||||||||||||||
December 31, | Charged to | /Charges | Exchange | Balance as of | |||||||||||||||||
(In millions) | 2014 | Earnings | Applied | Translation | 31-Mar-15 | ||||||||||||||||
Severance and related expense | $ | 7.6 | $ | - | $ | (1.4 | ) | $ | (0.2 | ) | $ | 6 |
Note_1_Description_of_Business1
Note 1 - Description of Business and Basis of Presentation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Adjustment at March 31, 2015 [Member] | |
Note 1 - Description of Business and Basis of Presentation (Details) [Line Items] | |
Anticipated Reduction in Assets and Liabilities Upon Adoption of New Accounting Standard | $2.70 |
Adjustment at December 31, 2014 [Member] | |
Note 1 - Description of Business and Basis of Presentation (Details) [Line Items] | |
Anticipated Reduction in Assets and Liabilities Upon Adoption of New Accounting Standard | $1.10 |
Note_2_Acquisitions_Details
Note 2 - Acquisitions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 01, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Jul. 01, 2014 | Mar. 31, 2014 |
Other Nonoperating Income (Expense) [Member] | Wolf-Tec, Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Acquisition Related Costs | $0.70 | ||||
Other Nonoperating Income (Expense) [Member] | ICS Solutions [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Acquisition Related Costs | 0.9 | ||||
Wolf-Tec, Inc. [Member] | Customer Relationships [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 2.6 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||
Wolf-Tec, Inc. [Member] | Intellectual Property [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | -1.9 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||
Wolf-Tec, Inc. [Member] | Noncompete Agreements [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0.8 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||
Wolf-Tec, Inc. [Member] | Order or Production Backlog [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 months | ||||
Wolf-Tec, Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | 53.9 | 35.7 | |||
Goodwill, Purchase Accounting Adjustments | -1.9 | ||||
Cash Acquired from Acquisition | 10 | ||||
ICS Solutions [Member] | Customer Relationships [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||
ICS Solutions [Member] | Other Intangible Assets [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||
ICS Solutions [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 4 | ||||
Formcook [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | $2 |
Note_2_Acquisitions_Details_Pu
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values (USD $) | 0 Months Ended | |||
In Millions, unless otherwise specified | Dec. 01, 2014 | Jul. 01, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | ||||
Goodwill | $65.90 | $69.20 | ||
Wolf-Tec, Inc. [Member] | Customer Relationships [Member] | ||||
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | ||||
Intangible assets acquired | 17.2 | |||
Wolf-Tec, Inc. [Member] | Intellectual Property [Member] | ||||
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | ||||
Intangible assets acquired | 4.3 | |||
Wolf-Tec, Inc. [Member] | Noncompete Agreements [Member] | ||||
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | ||||
Intangible assets acquired | 0.8 | |||
Wolf-Tec, Inc. [Member] | Order or Production Backlog [Member] | ||||
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | ||||
Intangible assets acquired | 0.3 | |||
Wolf-Tec, Inc. [Member] | ||||
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | ||||
Cash | 0.2 | |||
Accounts receivable | 2.2 | |||
Other current assets | 0.3 | |||
Inventories | 6.5 | |||
Property, plant and equipment | 7.7 | |||
Total assets | 39.5 | |||
Accounts payable | 1.7 | |||
Deferred revenue | 0.3 | |||
Other liabilities | 2.5 | |||
Total liabilities | 4.5 | |||
Total purchase price | 53.9 | |||
Goodwill | 18.9 | |||
ICS Solutions [Member] | Customer Relationships [Member] | ||||
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | ||||
Intangible assets acquired | 15.7 | |||
ICS Solutions [Member] | Other Intangible Assets [Member] | ||||
Note 2 - Acquisitions (Details) - Purchase Price Allocations and Provisional Fair Values [Line Items] | ||||
Intangible assets acquired | 8.2 | |||
ICS Solutions [Member] | ||||
Note 2 - Acquisitions (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 | |||
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 | $18.80 |
Note_3_Inventories_Details_Sum
Note 3 - Inventories (Details) - Summary of Inventories (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Summary of Inventories [Abstract] | ||
Raw materials | $54.30 | $53.70 |
Work in process | 51.8 | 45.3 |
Finished goods | 78.8 | 79.2 |
Gross inventories before LIFO reserves and valuation adjustments | 184.9 | 178.2 |
LIFO reserves and valuation adjustments | -66.9 | -66.4 |
Net inventories | $118 | $111.80 |
Note_4_Debt_Details
Note 4 - Debt (Details) (Wells Fargo Securities, LLC [Member], Revolving Credit Facility [Member], USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 10, 2015 | Mar. 31, 2015 | Feb. 10, 2015 |
Note 4 - Debt (Details) [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity | $450 | $450 | |
Long-term Line of Credit | $72.70 | ||
Line of Credit Facility, Interest Rate During Period | 1.45% | ||
Minimum [Member] | |||
Note 4 - Debt (Details) [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | ||
Maximum [Member] | |||
Note 4 - Debt (Details) [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Note 4 - Debt (Details) [Line Items] | |||
Debt Instrument, Floor Rate | 0.00% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Federal Funds Rate [Member] | |||
Note 4 - Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note_5_Pension_and_Other_Postr2
Note 5 - Pension and Other Postretirement Benefit Plans (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | $15 |
Defined Benefit Plan, Contributions by Employer | $5 |
Note_5_Pension_and_Other_Postr3
Note 5 - Pension and Other Postretirement Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plan [Member] | ||
Note 5 - Pension and Other Postretirement Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs [Line Items] | ||
Service cost | $0.40 | $0.40 |
Interest cost | 3.4 | 3.7 |
Expected return on plan assets | -4.8 | -4.9 |
Amortization of net actuarial losses | 1.1 | 0.7 |
Settlements | 0.3 | 0.2 |
Net periodic cost | 0.4 | 0.1 |
Other Postretirement Benefit Plan [Member] | ||
Note 5 - Pension and Other Postretirement Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs [Line Items] | ||
Interest cost | 0.1 | 0.1 |
Amortization of net actuarial losses | -0.1 | |
Net periodic cost | $0.10 |
Note_6_Accumulated_Other_Compr2
Note 6 - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Note 6 - 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 | $0.90 |
Selling, General and Administrative Expenses [Member] | |
Note 6 - Accumulated Other Comprehensive Income (Loss) (Details) [Line Items] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1.3 |
Provision for Income Taxes [Member] | |
Note 6 - 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 | $0.40 |
Note_6_Accumulated_Other_Compr3
Note 6 - Accumulated Other Comprehensive Income (Loss) (Details) - Changes in AOCI Balances (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Changes in AOCI Balances [Abstract] | |
Beginning balance, December 31, 2014 | ($96.40) |
Beginning balance, December 31, 2014 | -20.7 |
Beginning balance, December 31, 2014 | -117.1 |
Other comprehensive income before reclassification | -0.4 |
Other comprehensive income before reclassification | -16.3 |
Other comprehensive income before reclassification | -16.7 |
Amounts reclassified from accumulated other comprehensive income | 0.9 |
Amounts reclassified from accumulated other comprehensive income | 0.9 |
Ending balance, March 31, 2015 | -95.5 |
Ending balance, March 31, 2015 | -0.4 |
Ending balance, March 31, 2015 | -37 |
Ending balance, March 31, 2015 | ($132.90) |
Note_7_Stockbased_Compensation1
Note 7 - Stock-based Compensation (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 13, 2015 |
Restricted Stock Units (RSUs) [Member] | |
Note 7 - Stock-based Compensation (Details) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 192,589 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Fair Value | $6.70 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note_8_Earnings_Per_Share_Deta
Note 8 - Earnings Per Share (Details) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Earnings Per Share [Abstract] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 |
Note_8_Earnings_Per_Share_Deta1
Note 8 - Earnings Per Share (Details) - Basic and Diluted EPS from Continuing Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic earnings (loss) per share: | ||
Income (loss) from continuing operations (in Dollars) | $8 | ($4.70) |
Weighted average number of shares outstanding | 29.6 | 29.4 |
Basic earnings (loss) per share from continuing operations (in Dollars per share) | $0.27 | ($0.16) |
Diluted earnings (loss) per share: | ||
Income (loss) from continuing operations (in Dollars) | $8 | ($4.70) |
Weighted average number of shares outstanding | 29.6 | 29.4 |
Effect of dilutive securities: | ||
Restricted stock | 0.2 | |
Total shares and dilutive securities | 29.8 | 29.4 |
Diluted earnings (loss) per share from continuing operations (in Dollars per share) | $0.27 | ($0.16) |
Note_9_Derivative_Financial_In2
Note 9 - Derivative Financial Instruments and Risk Management (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Note 9 - Derivative Financial Instruments and Risk Management (Details) [Line Items] | |
Derivative Liability, Noncurrent | $0.10 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -0.4 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | |
Note 9 - Derivative Financial Instruments and Risk Management (Details) [Line Items] | |
Derivative Liability, Noncurrent | 0.7 |
Foreign Exchange Contract [Member] | |
Note 9 - Derivative Financial Instruments and Risk Management (Details) [Line Items] | |
Derivative Asset, Notional Amount | 354.8 |
Interest Rate Swap [Member] | |
Note 9 - Derivative Financial Instruments and Risk Management (Details) [Line Items] | |
Derivative, Number of Instruments Held | 2 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -0.4 |
First Interest Rate Swap [Member] | |
Note 9 - Derivative Financial Instruments and Risk Management (Details) [Line Items] | |
Derivative, Amount of Hedged Item | 75 |
Derivative, Fixed Interest Rate | 1.59% |
Second Interest Rate Swap [Member] | |
Note 9 - Derivative Financial Instruments and Risk Management (Details) [Line Items] | |
Derivative, Amount of Hedged Item | $100 |
Derivative, Fixed Interest Rate | 1.71% |
Note_9_Derivative_Financial_In3
Note 9 - Derivative Financial Instruments and Risk Management (Details) - Fair Value of Derivatives Included Within the Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value of Derivatives Included Within the Condensed Consolidated Balance Sheets [Abstract] | ||
Other current assets / liabilities | $8 | $6.90 |
Other current assets / liabilities | 8 | 3.9 |
Other assets / liabilities | 2.3 | 2.2 |
Other assets / liabilities | 0.1 | |
Total | 10.3 | 9.1 |
Total | $8.10 | $3.90 |
Note_9_Derivative_Financial_In4
Note 9 - Derivative Financial Instruments and Risk Management (Details) - Derivative Assets at Fair Value (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivative Assets at Fair Value [Abstract] | ||
Gross Amounts of Recognized Assets | $10.30 | $9.10 |
Amount Presented in the Consolidated Balance Sheets | 10.3 | 9.1 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -6.5 | -3.8 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $3.80 | $5.30 |
Note_9_Derivative_Financial_In5
Note 9 - Derivative Financial Instruments and Risk Management (Details) - Derivative Liabilities at Fair Value (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivative Liabilities at Fair Value [Abstract] | ||
Gross Amounts of Recognized Liabilities | $8.10 | $3.90 |
Amount Presented in the Consolidated Balance Sheets | 8.1 | 3.9 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -6.5 | -3.8 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $1.60 | $0.10 |
Note_9_Derivative_Financial_In6
Note 9 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 9 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ||
Foreign exchange contracts | ($0.70) | $0.10 |
Remeasurement of assets and liabilities in foreign currencies | -0.7 | 0.2 |
Net gain (loss) on foreign currency transactions | -1.4 | 0.3 |
Sales [Member] | ||
Note 9 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ||
Foreign exchange contracts | 0.1 | -0.3 |
Cost of Sales [Member] | ||
Note 9 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ||
Foreign exchange contracts | -0.9 | 0.4 |
Other Income [Member] | ||
Note 9 - Derivative Financial Instruments and Risk Management (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ||
Foreign exchange contracts | $0.10 |
Note_10_Fair_Value_of_Financia2
Note 10 - Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $0.10 | ($0.20) |
Note_10_Fair_Value_of_Financia3
Note 10 - Fair Value of Financial Instruments (Details) - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets: | ||
Derivatives | $10.30 | $9.10 |
Liabilities: | ||
Derivatives | 8.1 | 3.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments | 9.2 | 10.7 |
Total assets | 9.2 | 10.7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivatives | 10.3 | 9.1 |
Total assets | 10.3 | 9.1 |
Liabilities: | ||
Derivatives | 8.8 | 3.9 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investments | 9.2 | 10.7 |
Derivatives | 10.3 | 9.1 |
Total assets | 19.5 | 19.8 |
Liabilities: | ||
Derivatives | $8.80 | $3.90 |
Note_10_Fair_Value_of_Financia4
Note 10 - Fair Value of Financial Instruments (Details) - Carrying Values and the Estimated Fair Values of Debt Financial Instruments (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $75 | $75 |
Estimated Fair Value | 76.5 | 77.6 |
Revolving Credit Facility1 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 72.7 | 94.3 |
Estimated Fair Value | 72.7 | 94.3 |
First Brazilian Real Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1.3 | 2 |
Estimated Fair Value | 1.2 | 1.8 |
Second Brazilian Real Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 3.6 | 4.3 |
Estimated Fair Value | 3.1 | 3.7 |
Foreign Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1.9 | 2.3 |
Estimated Fair Value | 1.9 | 2.3 |
Other Debt Financial Instrument [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 0.1 | |
Estimated Fair Value | $0.10 |
Note_11_Commitments_and_Contin2
Note 11 - Commitments and Contingencies (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Performance Guarantee [Member] | |
Note 11 - Commitments and Contingencies (Details) [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $73.40 |
Financial Guarantee [Member] | |
Note 11 - Commitments and Contingencies (Details) [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 8.4 |
Customers' Financing Arrangements Guarantee [Member] | |
Note 11 - Commitments and Contingencies (Details) [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 11.3 |
Guarantor Obligations, Maximum Exposure, Undiscounted, Net | $1.60 |
Note_11_Commitments_and_Contin3
Note 11 - Commitments and Contingencies (Details) - Product Warranty Cost and Accrual Information (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Product Warranty Cost and Accrual Information [Abstract] | ||
Balance at beginning of period | $10.20 | $10.10 |
Expense for new warranties | 2.4 | 2.2 |
Adjustments to existing accruals | -0.1 | |
Claims paid | -2.4 | -2.1 |
Translation | -0.3 | -0.1 |
Balance at end of period | $9.90 | $10 |
Note_12_Business_Segment_Infor2
Note 12 - Business Segment Information (Details) - Segment Revenue and Segment Operating Profit (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenue | ||||
Segment revenue and intercompany eliminations | $225 | $198 | ||
Segment operating profit: | ||||
Segment operating profit | 21.5 | 14.1 | ||
Corporate items: | ||||
Restructuring expense (2) | -10.2 | |||
Operating income (loss) | 13.7 | -5.2 | ||
Net interest expense | -2.1 | -1.8 | ||
Income (loss) from continuing operations before income taxes | 11.9 | -6.5 | ||
JBT FoodTech [Member] | ||||
Revenue | ||||
Segment revenue and intercompany eliminations | 139.2 | 135.5 | ||
Segment operating profit: | ||||
Segment operating profit | 13.1 | 11.8 | ||
JBT AeroTech [Member] | ||||
Revenue | ||||
Segment revenue and intercompany eliminations | 86.2 | 62.7 | ||
Segment operating profit: | ||||
Segment operating profit | 8.4 | 2.3 | ||
Other Revenue and Intercompany Eliminations [Member] | ||||
Revenue | ||||
Segment revenue and intercompany eliminations | -0.4 | -0.2 | ||
Corporate Segment [Member] | ||||
Corporate items: | ||||
Corporate expense (1) | -7.8 | [1] | -9.1 | [1] |
Restructuring expense (2) | [2] | -10.2 | [2] | |
Operating income (loss) | 13.7 | -5.2 | ||
Net interest expense | ($1.80) | ($1.30) | ||
[1] | Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations. | |||
[2] | Refer to Note 13. |
Note_13_Restructuring_Details
Note 13 - 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_13_Restructuring_Details_
Note 13 - Restructuring (Details) - Restructuring Charges for All Ongoing Activities (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Restructuring Charges for All Ongoing Activities [Abstract] | |
Severance and related expense | $9.30 |
Asset write-offs | 0.5 |
Other | 0.4 |
$10.20 |
Note_13_Restructuring_Details_1
Note 13 - Restructuring (Details) - Restructuring Charges by Segment (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Note 13 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | |
Restructuring charges | $10.20 |
JBT FoodTech [Member] | |
Note 13 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | |
Restructuring charges | 8.6 |
JBT AeroTech [Member] | |
Note 13 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | |
Restructuring charges | 1.1 |
Corporate Segment [Member] | |
Note 13 - Restructuring (Details) - Restructuring Charges by Segment [Line Items] | |
Restructuring charges | $0.50 |
Note_13_Restructuring_Details_2
Note 13 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities (Employee Severance [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Note 13 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | ||
Severance and related expense | ($1.40) | |
Severance and related expense | -0.2 | |
Other Current Liabilities [Member] | ||
Note 13 - Restructuring (Details) - Restructuring Reserves Included in Other Current Liabilities [Line Items] | ||
Severance and related expense | 7.6 | |
Severance and related expense | $6 | $7.60 |