Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 19, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-34036 | |
Entity Registrant Name | John Bean Technologies Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-1650317 | |
Entity Address, Address Line One | 70 West Madison Street, | |
Entity Address, Address Line Two | Suite 4400 | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60602 | |
City Area Code | 312 | |
Local Phone Number | 861-5900 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | JBT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,820,355 | |
Entity Central Index Key | 0001433660 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 529.5 | $ 469.2 |
Operating expenses: | ||
Selling, general and administrative expense | 117.8 | 108.4 |
Restructuring expense | 0.6 | 0.5 |
Operating income | 40 | 30.6 |
Pension expense, other than service cost | 0.2 | 0 |
Interest expense, net | 7.2 | 2.1 |
Net income before income taxes | 32.6 | 28.5 |
Income tax provision | 7 | 2.9 |
Net income | $ 25.6 | $ 25.6 |
Basic earnings per share: | ||
Basic earnings per share from net income | $ 0.80 | $ 0.80 |
Diluted earnings per share: | ||
Net income | $ 0.80 | $ 0.80 |
Product | ||
Revenue | $ 450.8 | $ 400.9 |
Operating expenses: | ||
Cost of products | 316.4 | 281.8 |
Service | ||
Revenue | 78.7 | 68.3 |
Operating expenses: | ||
Cost of products | $ 54.7 | $ 47.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 25.6 | $ 25.6 |
Other comprehensive income, net of income taxes | ||
Foreign currency translation adjustments | 5.7 | 0.1 |
Pension and other postretirement benefits adjustments | 0.9 | 1.6 |
Derivatives designated as hedges | (2.2) | 7.3 |
Other comprehensive income | 4.4 | 9 |
Comprehensive income | $ 30 | $ 34.6 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 45.7 | $ 73.1 |
Trade receivables, net of allowances | 287.4 | 299 |
Contract assets | 96.4 | 89.6 |
Inventories | 351.9 | 322.5 |
Other current assets | 84.8 | 85.4 |
Total current assets | 866.2 | 869.6 |
Property, plant and equipment, net of accumulated depreciation of $353.3 and $346.4 respectively | 273.1 | 269.9 |
Goodwill | 813.4 | 807.8 |
Intangible assets, net | 436.3 | 445.4 |
Other assets | 190.6 | 191.4 |
Total Assets | 2,579.6 | 2,584.1 |
Current Liabilities: | ||
Short-term debt | 0.8 | 0.6 |
Accounts payable, trade and other | 215.3 | 237 |
Advance and progress payments | 220.4 | 194.7 |
Other current liabilities | 181.8 | 188.9 |
Total current liabilities | 618.3 | 621.2 |
Long-term debt | 956.5 | 977.3 |
Accrued pension and other postretirement benefits, less current portion | 31.4 | 32 |
Other liabilities | 82.4 | 90.9 |
Commitments and contingencies (Note 13) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2023 or 2022 | 0 | 0 |
Common stock, $0.01 par value; 120,000,000 shares authorized; March 31, 2023: 31,861,680 issued, and 31,820,355 outstanding; December 31, 2022: 31,861,680 issued, and 31,803,721 outstanding | 0.3 | 0.3 |
Common stock held in treasury, at cost March 31, 2023: 41,325 shares; December 31, 2022: 57,959 shares | (3.7) | (5.3) |
Additional paid-in capital | 220.6 | 220.7 |
Retained earnings | 873.7 | 851.3 |
Accumulated other comprehensive loss | (199.9) | (204.3) |
Total stockholders' equity | 891 | 862.7 |
Total Liabilities and Stockholders' Equity | $ 2,579.6 | $ 2,584.1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 353.3 | $ 346.4 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock , shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 31,861,680 | 31,861,680 |
Common stock, shares outstanding (in shares) | 31,820,355 | 31,803,721 |
Common stock held in treasury (in shares) | 41,325 | 57,959 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Statement) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 25.6 | $ 25.6 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 23.9 | 19.9 |
Stock-based compensation | 2.6 | 1.7 |
Other | 4.9 | 1.7 |
Trade receivables, net and contract assets | 4.4 | (6.5) |
Inventories | (30.9) | (47.2) |
Accounts payable, trade and other | (21.5) | 27.2 |
Advance and progress payments | 27 | 28.4 |
Accrued pension and other postretirement benefits, net | (0.3) | (2) |
Other assets and liabilities, net | (14.1) | (9.7) |
Cash provided by operating activities | 21.6 | 39.1 |
Acquisitions, net of cash acquired | (1.1) | (0.4) |
Capital expenditures | (17.9) | (26.7) |
Proceeds from disposal of assets | 0.1 | 0.1 |
Cash required by investing activities | (18.9) | (27) |
Net proceeds on short-term debt | 0.2 | 0.1 |
Net payments for domestic credit facilities | (25.9) | (4.5) |
Payment, Tax Withholding, Share-based Payment Arrangement | (1.1) | 0 |
Dividends | (3.2) | (3.2) |
Cash required by financing activities | (30) | (7.6) |
Effect of foreign exchange rate changes on cash and cash equivalents | (0.1) | 0.9 |
(Decrease) increase in cash and cash equivalents | (27.4) | 5.4 |
Cash and cash equivalents, beginning of period | 73.1 | 78.8 |
Cash and cash equivalents, end of period | 45.7 | 84.2 |
Supplemental Cash Flow Information: | ||
Non-cash investing in capital expenditures, accrued but not paid | $ 10.3 | $ 6 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Common Stock Held in Treasury | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021 | $ 750.5 | $ 0.3 | $ 0 | $ 214.2 | $ 733.4 | $ (197.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 25.6 | 25.6 | ||||
Common stock cash dividends, $0.10 per share | (3.2) | (3.2) | ||||
Foreign currency translation adjustments, net of income taxes of $0.4 | 0.1 | 0.1 | ||||
Derivatives designated as hedges, net of income taxes of $0.8 | 7.3 | 7.3 | ||||
Pension and other postretirement liability adjustments, net of income taxes of $(0.3) | 1.6 | 1.6 | ||||
Stock-based compensation expense | 1.7 | 1.7 | ||||
Ending balance at Mar. 31, 2022 | 783.6 | 0.3 | 0 | 215.9 | 755.8 | (188.4) |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021 | 750.5 | 0.3 | 0 | 214.2 | 733.4 | (197.4) |
Ending balance at Dec. 31, 2022 | 862.7 | 0.3 | (5.3) | 220.7 | 851.3 | (204.3) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 25.6 | 25.6 | ||||
Issuance of treasury stock | 0 | 1.6 | (1.6) | |||
Common stock cash dividends, $0.10 per share | (3.2) | (3.2) | ||||
Foreign currency translation adjustments, net of income taxes of $0.4 | 5.7 | 5.7 | ||||
Derivatives designated as hedges, net of income taxes of $0.8 | (2.2) | (2.2) | ||||
Pension and other postretirement liability adjustments, net of income taxes of $(0.3) | 0.9 | 0.9 | ||||
Stock-based compensation expense | 2.6 | 2.6 | ||||
Taxes withheld on issuance of stock-based awards | (1.1) | (1.1) | ||||
Ending balance at Mar. 31, 2023 | $ 891 | $ 0.3 | $ (3.7) | $ 220.6 | $ 873.7 | $ (199.9) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock cash dividends (in usd per share) | $ 0.10 | $ 0.10 |
Foreign currency, translation adjustments, tax | $ 0.4 | $ (0.2) |
Derivatives designated as hedges, tax | 0.8 | (2.6) |
Pension and other postretirement liability adjustments, tax | $ (0.3) | $ (0.5) |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (the “Company,” “JBT,” “our,” “us,” or “we”) provide global technology solutions to high-value segments of the food and beverage and air transportation industries. The Company designs, produces and services sophisticated products and systems for multi-national and regional customers through FoodTech and AeroTech segments. The Company has manufacturing operations worldwide that are strategically located to facilitate delivery of its products and services to its customers. Basis of Presentation In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2022, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period. Use of estimates Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS During fiscal year 2022, the Company acquired 100% of voting equity of two businesses. The Company did not make any acquisitions during the three months ended March 31, 2023. A summary of the acquisitions made during 2022 is as follows: Date Type Company/Product Line Location (Near) Segment September 1, 2022 Stock Bevcorp, LLC ("Bevcorp") Eastlake, Ohio FoodTech A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications. July 1, 2022 Stock Alco-food-machines GmbH & Co. KG ("Alco") Bad Iburg, Germany FoodTech A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings. Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired. (In millions) Bevcorp (1) Alco (2) Total Financial assets $ 20.8 $ 9.1 $ 29.9 Inventories 33.1 11.7 44.8 Property, plant and equipment 5.5 0.9 6.4 Customer relationship (3) 127.0 9.2 136.2 Patents and acquired technology (3) 3.8 4.7 8.5 Trademarks (3) 10.0 3.2 13.2 Financial liabilities (18.7) (19.9) (38.6) Total identifiable net assets $ 181.5 $ 18.9 $ 200.4 Cash consideration paid $ 294.9 $ 45.1 $ 340.0 Cash acquired 5.7 3.9 9.6 Net consideration $ 289.2 $ 41.2 $ 330.4 Goodwill (4) $ 113.4 $ 26.2 $ 139.6 (1) During the quarter ended March 31, 2023, the Company recorded an increase in cash consideration paid of $1.1 million due to finalization of the working capital adjustments, and refined estimates for financial liabilities by $(1.0) million, resulting in a corresponding net increase in residual goodwill of $0.1 million. The purchase accounting for Bevcorp is final as of March 31, 2023. (2) The purchase accounting for Alco is provisional as of March 31, 2023. The valuation of intangibles, income tax balances, and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). During the quarter ended March 31, 2023, the Company made no significant measurement period adjustments for this acquisition. (3) The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill by business segment were as follows: (In millions) FoodTech AeroTech Total Balance as of December 31, 2022 $ 770.2 $ 37.6 $ 807.8 Acquisitions 0.1 — 0.1 Currency translation 5.4 0.1 5.5 Balance as of March 31, 2023 $ 775.7 $ 37.7 $ 813.4 Intangible assets consisted of the following: March 31, 2023 December 31, 2022 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 439.8 $ 132.7 $ 437.8 $ 124.1 Patents and acquired technology 176.5 99.1 174.4 93.9 Trademarks 58.4 17.1 57.8 17.0 Non-amortizing intangible assets 10.5 — 10.4 — Other 8.8 8.8 8.6 8.6 Total intangible assets $ 694.0 $ 257.7 $ 689.0 $ 243.6 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following: (In millions) March 31, 2023 December 31, 2022 Raw materials $ 132.8 $ 123.5 Work in process 92.4 77.7 Finished goods 221.4 212.6 Gross inventories before LIFO reserves and valuation adjustments 446.6 413.8 LIFO reserves (63.1) (62.0) Valuation adjustments (31.6) (29.3) Net inventories $ 351.9 $ 322.5 |
Pension
Pension | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension | PENSION Components of net periodic benefit cost were as follows: Three Months Ended March 31, (In millions) 2023 2022 Service cost $ 0.3 $ 0.5 Interest cost 3.2 1.9 Expected return on plan assets (4.3) (3.9) Amortization of net actuarial losses 1.3 2.0 Net periodic cost $ 0.5 $ 0.5 The Company expects to contribute $14.5 million to its pension and other post-retirement benefit plans in 2023. The pension contributions will be primarily for the U.S. qualified pension plan, and all of the contributions are expected to be in the form of cash. We have made no contribution to our U.S. qualified pension plan during the three months ended March 31, 2023. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The components of the Company's borrowings were as follows: (In millions) Maturity Date March 31, 2023 December 31, 2022 Revolving credit facility (1) December 14, 2026 $ 563.0 $ 584.6 Less: unamortized debt issuance costs (2.0) (2.2) Revolving credit facility, net $ 561.0 $ 582.4 Convertible senior notes (2) May 15, 2026 $ 402.5 $ 402.5 Less: unamortized debt issuance costs (7.0) (7.6) Convertible senior notes, net $ 395.5 $ 394.9 Long-term debt, net $ 956.5 $ 977.3 (1) Weighted-average interest rate at March 31, 2023 was 5.54% (2) Effective interest rate for the Notes (as defined below) for the quarter ended March 31, 2023 was 0.82% Components of interest expense recognized for the 0.25% Convertible Senior Notes due 2026 (the "Notes") were as follows: Three Months Ended March 31, (In millions) 2023 2022 Contractual interest expense $ 0.3 $ 0.3 Interest cost related to amortization of issuance costs 0.6 0.5 Total interest expense $ 0.9 $ 0.8 Convertible Note Hedge Transactions On May 28, 2021, the Company closed a private offering of $402.5 million aggregate principal amount of the Notes to qualified institutional buyers. The initial conversion rate of the Notes is 5.8958 shares of the Company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $169.61 per share. The conversion rate of the Notes is subject to adjustment upon the occurrence of certain specified events. On May 28, 2021, the Company paid an aggregate amount of $65.6 million for the Convertible Note Hedge Transactions (the "Hedge Transactions"). The Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Notes, approximately 2.4 million shares of the Company's common stock. These are the same number of shares initially underlying the Notes, at a strike price of $169.61, subject to customary adjustments. The Hedge Transactions will expire upon the maturity of the Notes, subject to earlier exercise or termination. The Hedge Transactions are expected generally to reduce the potential dilutive effect of the conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted Notes, in the event that the market price per share of the Company's common stock, as measured under the terms of the Hedge Transactions, is greater than the Hedge Transactions strike price of $169.61. The Hedge Transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore these transactions are not revalued after their issuance. The Company made a tax election to integrate the Notes and the Hedge Transactions. The accounting impact of this tax election makes the Hedge Transactions deductible as original issue discount interest for tax purposes over the term of the note, and results in a $17.1 million deferred tax asset recorded as an adjustment to Additional paid-in capital on our Balance Sheet as of March 31, 2023. Warrant Transactions In addition, concurrently with entering into the Hedge Transactions, the Company separately entered into privately-negotiated Warrant Transactions (the "Warrant Transactions"), whereby the Company sold to the counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 2.4 million shares of its common stock at an initial strike price of $240.02 per share. The Company received aggregate proceeds of $29.5 million from the Warrant Transactions with the counterparties, with such proceeds partially offsetting the costs of entering into the Hedge Transactions. The warrants expire in August 2026. If the market value per share of the common stock, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless the Company elects, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the Balance Sheet date. For the Company, AOCI is composed of adjustments related to pension and other postretirement benefit plans, derivatives designated as hedges, and foreign currency translation adjustments. Changes in the AOCI balances for the three months ended March 31, 2023 and 2022 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, December 31, 2022 $ (130.9) $ 14.8 $ (88.2) $ (204.3) Other comprehensive income (loss) before reclassification (0.1) (0.4) 6.2 5.7 Amounts reclassified from accumulated other comprehensive income 1.0 (1.8) (0.5) (1.3) Ending balance, March 31, 2023 $ (130.0) $ 12.6 $ (82.5) $ (199.9) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2023 were $1.4 million of charges to pension expense, other than service cost, net of $0.4 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $2.4 million of interest income, net of $0.60 income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended March 31, 2023 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision. (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, December 31, 2021 $ (145.5) $ 1.8 $ (53.7) $ (197.4) Other comprehensive income (loss) before reclassification — 7.0 0.6 7.6 Amounts reclassified from accumulated other comprehensive income 1.6 0.3 (0.5) 1.4 Ending balance, March 31, 2022 $ (143.9) $ 9.1 $ (53.6) $ (188.4) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2022 were $2.0 million of charges to pension expense, other than service cost, net of $0.4 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.4 million of interest expense, net of $0.1 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended March 31, 2022 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Transaction price allocated to remaining performance obligations The Company has estimated that $1.2 billion in revenue is expected to be recognized in the future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of March 31, 2023. The Company expects to complete these obligations and recognize 70% as revenue in 2023, 25% in 2024, and the remainder after 2024. Disaggregation of Revenue In the following table, revenue is disaggregated by type of good or service, primary geographical market, and timing of recognition for each reportable segment. The table also includes a reconciliation of the disaggregated revenue to total revenue of each reportable segment. Three Months Ended Three Months Ended March 31, 2023 March 31, 2022 (In millions) FoodTech AeroTech FoodTech AeroTech Type of Good or Service Recurring (1) $ 219.3 $ 54.5 $ 174.2 $ 48.7 Non-recurring (1) 169.2 86.5 182.1 64.2 Total 388.5 141.0 356.3 112.9 Geographical Region (2) North America 240.6 127.3 210.3 104.1 Europe, Middle East and Africa 95.2 7.2 89.4 5.3 Asia Pacific 29.8 4.9 36.0 2.7 Latin America 22.9 1.6 20.6 0.8 Total 388.5 141.0 356.3 112.9 Timing of Recognition Point in Time 201.8 69.4 171.9 49.6 Over Time 186.7 71.6 184.4 63.3 Total 388.5 141.0 356.3 112.9 (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) Geographical region represents the region in which the end customer resides. Contract balances The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Balance Sheet as Contract assets and within Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period. Contract asset and liability balances for the period were as follows: Balances as of (In millions) March 31, 2023 December 31, 2022 Contract Assets $ 96.4 $ 89.6 Contract Liabilities 209.8 182.1 Balances as of March 31, 2022 December 31, 2021 Contract Assets 104.0 94.4 Contract Liabilities 207.1 178.0 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share from net income for the respective periods and basic and diluted shares outstanding: Three Months Ended March 31, (In millions, except per share data) 2023 2022 Basic earnings per share: Net income $ 25.6 $ 25.6 Weighted average number of shares outstanding 32.0 32.0 Basic earnings per share from net income $ 0.80 $ 0.80 Diluted earnings per share: Net income $ 25.6 $ 25.6 Weighted average number of shares outstanding 32.0 32.0 Effect of dilutive securities: Restricted stock 0.1 0.1 Total shares and dilutive securities 32.1 32.1 Diluted earnings per share from net income $ 0.80 $ 0.80 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities that the Company can assess at the measurement date. • Level 2 : Observable inputs other than those included in Level 1 that are observable for the asset or liability, either directly or indirectly. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of March 31, 2023 As of December 31, 2022 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 12.9 $ 12.9 $ — $ — $ 12.1 $ 12.1 $ — $ — Derivatives 30.4 — 30.4 — 34.3 — 34.3 — Total assets $ 43.3 $ 12.9 $ 30.4 $ — $ 46.4 $ 12.1 $ 34.3 $ — Liabilities: Derivatives $ 4.7 $ — $ 4.7 $ — $ 7.2 $ — $ 7.2 $ — Total liabilities $ 4.7 $ — $ 4.7 $ — $ 7.2 $ — $ 7.2 $ — Investments represent securities held in a trust for the non-qualified deferred compensation plan. Investments are classified as trading securities and are valued based on quoted prices in active markets for identical assets that the Company has the ability to access. Investments are reported separately in other assets on the Balance Sheet, and include an unrealized gain of $0.7 million and an unrealized loss of $3.9 million as of March 31, 2023 and December 31, 2022, respectively. The Company uses the income approach to measure the fair value of derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change between the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values, and applying an appropriate discount rate as well as a factor of credit risk. The Notes are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. The fair value of the Notes estimated using Level 2 inputs was $366.3 million as of March 31, 2023. The carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities. The carrying values of the Company's revolving credit facility recorded in long-term debt on the Balance Sheet approximate their fair values due to their variable interest rates. |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Risk Management | DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Derivative Financial Instruments All derivatives are recorded as assets or liabilities in the Balance Sheet at their respective fair values. For derivatives designated as cash flow hedges, the unrealized gain or loss related to the derivatives is recorded in Other comprehensive income (loss) until the hedged transaction affects earnings. The Company assesses at inception of the hedge, whether the derivative in the hedging transaction will be highly effective in offsetting changes in cash flows of the hedged item. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings. Foreign Exchange: The Company manufactures and sells products in a number of countries throughout the world and, as a result, the Company is exposed to movements in foreign currency exchange rates. The Company's major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which the Company takes into consideration as part of its risk management policy. The purpose of foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. The Company primarily utilizes forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at March 31, 2023 of $553.5 million, as hedges and therefore does not apply hedge accounting. Commodity Price Risk: The Company's operations subject us to risk related to the price volatility of certain commodities. The Company principally uses a combination of purchase orders and various short-term supply arrangements in connection with the purchase of our raw materials and components required to manufacture our products. To mitigate the commodity price risk associated with the Company's operations, the Company may enter into commodity derivative instruments. During April 2022, the Company entered into various commodity forward contracts with a maturity of less than 1 year to mitigate this commodity price volatility. All of the Company's commodity forward contracts expired as of December 31, 2022. The fair values of our foreign currency and commodity derivative assets are recorded within other current assets and other assets, and the fair values of foreign currency and commodity derivative liabilities are recorded within other current liabilities and other liabilities. The following table presents the fair value of foreign currency derivatives, commodity derivatives, and embedded derivatives included within the Balance Sheet: As of March 31, 2023 As of December 31, 2022 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Total $ 5.1 $ 4.7 $ 4.5 $ 7.2 A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. The Company enters into master netting arrangements with its counterparties when possible to mitigate credit risk in derivative transactions by permitting it to net settle for transactions with the same counterparty. However, the Company does not net settle with such counterparties. As a result, derivatives are presented at their gross fair values in the Balance Sheet. As of March 31, 2023 and December 31, 2022, information related to these offsetting arrangements was as follows: (In millions) As of March 31, 2023 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 $ 28.8 $ — $ 28.8 $ (2.8) $ 26.0 (In millions) As of March 31, 2023 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 $ 4.7 $ — $ 4.7 $ (2.8) $ 1.9 (In millions) As of December 31, 2022 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 $ 33.0 $ — $ 33.0 $ (3.0) $ 30.0 (In millions) As of December 31, 2022 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 $ 7.3 $ — $ 7.3 $ (3.0) $ 4.3 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 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 Three Months Ended March 31, (In millions) 2023 2022 Foreign exchange contracts Revenue $ 0.9 $ (0.2) Foreign exchange contracts Cost of sales 0.6 (0.9) Foreign exchange contracts Selling, general and administrative expense 0.2 0.5 Total 1.7 (0.6) Remeasurement of assets and liabilities in foreign currencies (1.1) 1.1 Net gain (loss) $ 0.6 $ 0.5 Interest Rates : The Company has entered into four interest rate swaps executed in March 2020 with a combined notional amount of $200 million expiring in April 2025, and one interest rate swap executed in May 2020 with a notional amount of $50 million expiring in May 2025. These interest rate swaps fix the interest rate applicable to certain of the Company's variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The Company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income (loss). At March 31, 2023, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $17.0 million and as accumulated other comprehensive income, net of tax, of $12.5 million. At December 31, 2022, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $19.9 million and as accumulated other comprehensive income, net of tax, of $14.8 million. Net Investment: The Company has entered into cross currency swap agreements that synthetically swap $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreements are designated as net investment hedges for accounting purposes. Accordingly, the gains or losses on these derivative instruments are included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Coupons received for the cross currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the Statements of Income. Coupon interest from cross currency swap agreements recorded in interest expense, net was approximately $0.7 million for both the three months ended March 31, 2023 and 2022. At March 31, 2023, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $8.3 million and as accumulated other comprehensive income, net of tax, of $6.2 million. At December 31, 2022, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $9.9 million and as accumulated other comprehensive income, net of tax, of $7.3 million. Refer to Note 10. Fair Value Of Financial Instruments for a description of how the values of the above financial instruments are determined. Credit Risk By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject the Company to credit risk primarily consist of trade receivables and derivative contracts. The Company manages the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and establishing credit limits, and monitoring counterparties’ financial condition. The Company's maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of March 31, 2023, is limited to the amount drawn and outstanding on the financial instrument. Refer to Note 1. Description of Business and Basis of Presentation in Item 8. Financial Statements and Supplementary Data of the Company's most recent Annual Report on Form 10-K, for a description of how allowance for credit loss is determined on financial assets measured at amortized cost, which includes Trade receivables, Contract assets, and non-current receivables. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | LEASES The following table provides the required information regarding operating and sales-type leases for which the Company is lessor. Three Months Ended March 31, (In millions) 2023 2022 Fixed payment revenue $ 15.1 $ 15.6 Variable payment revenue 12.5 9.4 Operating lease revenue $ 27.6 $ 25.0 Sales-type lease revenue $ — $ 0.7 Refer to Note 16. Related Party Transactions for details of operating lease agreements with related parties. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company is at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although the Company is not able to predict the outcome of such actions, after reviewing all pending and threatened actions with counsel and based on information currently available, management believes that the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the Company's results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to its results of operations in a particular future period as the time and amount of any resolution of such actions and its relationship to the future results of operations are not currently known. Liabilities are established for pending legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. In many lawsuits and arbitrations, it is not considered probable that a liability has been incurred or not possible to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case no liability would be recognized until that time. Guarantees and Product Warranties In the ordinary course of business with customers, vendors and others, the Company issues standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled $165.7 million at March 31, 2023, represent guarantees of future performance. The Company has also provided approximately $6.2 million of bank guarantees and letters of credit to secure a portion of its existing financial obligations. The majority of these financial instruments expire within one year and are expected to be replaced through the issuance of new or the extension of existing letters of credit and surety bonds. In some instances, the Company guarantees its customers’ financing arrangements. The Company is responsible for payment of any unpaid amounts, but will receive indemnification from third parties for seventy-five percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of March 31, 2023, the gross value of such arrangements was $2.0 million, of which the Company's net exposure under such guarantees was $0.3 million. The Company provides warranties of various lengths and terms to certain customers based on standard terms and conditions and negotiated agreements. The Company provides for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exist. The Company also provides a warranty liability when additional specific obligations are identified. The warranty obligation reflected in other current liabilities in the consolidated Balance Sheet is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information were as follows: Three Months Ended March 31, (In millions) 2023 2022 Balance at beginning of period $ 15.1 $ 12.7 Expense for new warranties 4.6 2.7 Adjustments to existing accruals (0.3) (0.1) Claims paid (4.2) (3.0) Added through acquisition 0.1 — Translation 0.1 (0.1) Balance at end of period $ 15.4 $ 12.2 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION Operating segments for the Company are determined based on information used by the chief operating decision maker (CODM) in deciding how to evaluate performance and allocate resources to each of the segments. JBT’s CODM is the Chief Executive Officer (CEO). While there are many measures the CEO reviews in this capacity, the key segment measures reviewed include operating profit, EBITDA, adjusted when applicable, and EBITDA margins. Reportable segments are: • FoodTech—provides comprehensive solutions throughout the food production value chain extending from primary processing through packaging systems for a large variety of food and beverage groups, including poultry, beef, pork, seafood, ready-to-eat meals, fruits, vegetables, dairy, bakery, pet foods, soups, sauces, plant-based meats, juices, and carbonated beverages. • AeroTech— supplies customized solutions and services used for applications in the air transportation industry, including airport authorities, airlines, airfreight, ground handling companies, militaries and defense contractors. Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate expense, restructuring costs, pension expense, other than service cost, interest income and expense, and income taxes. See the table below for further details on corporate expense. Business segment information was as follows: Three Months Ended March 31, (In millions) 2023 2022 Revenue FoodTech $ 388.5 $ 356.3 AeroTech 141.0 112.9 Total revenue 529.5 469.2 Income before income taxes Segment operating profit: FoodTech 46.3 39.9 AeroTech 13.2 6.8 Total segment operating profit 59.5 46.7 Corporate items: Corporate expense (1) 18.9 15.6 Restructuring expense (2) 0.6 0.5 Operating income 40.0 30.6 Pension expense, other than service cost 0.2 — Interest expense, net 7.2 2.1 Net income before income taxes $ 32.6 $ 28.5 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations. (2) Refer to Note 15. Restructuring for further information on restructuring charges. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING Restructuring charges primarily consist of employee separation benefits under existing severance programs, foreign statutory termination benefits, certain one-time termination benefits, contract termination costs, asset impairment charges and other costs that are associated with restructuring actions. Certain restructuring charges are accrued prior to payments made in accordance with applicable guidance. For such charges, the amounts are determined based on estimates prepared at the time the restructuring actions were approved by management. Inventory write offs due to restructuring are reported in Cost of products and are included in each segment's operating profit given the nature of the item. All other restructuring charges that are reported as Restructuring expenses are excluded from the calculation of each segment's operating profit. In the third quarter of 2022, the Company implemented a restructuring plan (the "2022/2023 restructuring plan") to optimize the overall FoodTech cost structure on a global basis. The initiatives under this plan will include streamlining operations and enhancing our general and administrative infrastructure. As of March 31, 2023, the Company recognized restructuring charges of $6.0 million, net of a cumulative release of the related liability of $1.3 million. The total estimated cost, net release of liability in connection with this plan is in the range of $8.0 million to $10.0 million expected to be recognized by the end of 2023. The following table details the cumulative restructuring charges reported in operating income for the 2022/2023 restructuring plan since the implementation of this plan: Cumulative Amount As of the Quarter Ended Cumulative Amount (In millions) Balance as of December 31, 2022 March 31, 2023 Balance as of March 31, 2023 2022/2023 restructuring plan Severance and related expense $ 5.4 $ 0.6 $ 6.0 Total Restructuring charges, net release of liability $ 5.4 $ 0.6 $ 6.0 Restructuring charges, net of related release of liability, is reported in restructuring expense within the Consolidated Statements of Income. Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheets. The table below details the activities in 2023: Impact to Earnings (In millions) Balance as of December 31, 2022 Charged to Earnings Releases Cash Payments Balance as of March 31, 2023 2022/2023 restructuring plan Severance and related expense $ 4.3 $ 1.6 $ (1.0) $ (1.1) $ 3.8 Total $ 4.3 $ 1.6 $ (1.0) $ (1.1) $ 3.8 The Company released $1.0 million of the liability during the three months ended March 31, 2023, which it no longer expects to pay in connection with the restructuring plans due to actual severance payments differing from the original estimates and natural attrition of employees. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONSThe Company is a party to lease agreements to lease manufacturing facilities from entities owned by certain of the Company's employees who were former owners or employees of acquired businesses. As of March 31, 2023, the operating lease right-of-use asset and the lease liability related to these agreements is $3.9 million and $4.1 million, respectively. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2022, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period. |
Use of estimates | Use of estimates Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of business combinations | A summary of the acquisitions made during 2022 is as follows: Date Type Company/Product Line Location (Near) Segment September 1, 2022 Stock Bevcorp, LLC ("Bevcorp") Eastlake, Ohio FoodTech A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications. July 1, 2022 Stock Alco-food-machines GmbH & Co. KG ("Alco") Bad Iburg, Germany FoodTech A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings. |
Schedule of assets acquired and liabilities assumed | Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired. (In millions) Bevcorp (1) Alco (2) Total Financial assets $ 20.8 $ 9.1 $ 29.9 Inventories 33.1 11.7 44.8 Property, plant and equipment 5.5 0.9 6.4 Customer relationship (3) 127.0 9.2 136.2 Patents and acquired technology (3) 3.8 4.7 8.5 Trademarks (3) 10.0 3.2 13.2 Financial liabilities (18.7) (19.9) (38.6) Total identifiable net assets $ 181.5 $ 18.9 $ 200.4 Cash consideration paid $ 294.9 $ 45.1 $ 340.0 Cash acquired 5.7 3.9 9.6 Net consideration $ 289.2 $ 41.2 $ 330.4 Goodwill (4) $ 113.4 $ 26.2 $ 139.6 (1) During the quarter ended March 31, 2023, the Company recorded an increase in cash consideration paid of $1.1 million due to finalization of the working capital adjustments, and refined estimates for financial liabilities by $(1.0) million, resulting in a corresponding net increase in residual goodwill of $0.1 million. The purchase accounting for Bevcorp is final as of March 31, 2023. (2) The purchase accounting for Alco is provisional as of March 31, 2023. The valuation of intangibles, income tax balances, and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). During the quarter ended March 31, 2023, the Company made no significant measurement period adjustments for this acquisition. (3) The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill by business segment were as follows: (In millions) FoodTech AeroTech Total Balance as of December 31, 2022 $ 770.2 $ 37.6 $ 807.8 Acquisitions 0.1 — 0.1 Currency translation 5.4 0.1 5.5 Balance as of March 31, 2023 $ 775.7 $ 37.7 $ 813.4 |
Schedule of finite-lived intangible assets | Intangible assets consisted of the following: March 31, 2023 December 31, 2022 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 439.8 $ 132.7 $ 437.8 $ 124.1 Patents and acquired technology 176.5 99.1 174.4 93.9 Trademarks 58.4 17.1 57.8 17.0 Non-amortizing intangible assets 10.5 — 10.4 — Other 8.8 8.8 8.6 8.6 Total intangible assets $ 694.0 $ 257.7 $ 689.0 $ 243.6 |
Schedule of indefinite-lived intangible assets | Intangible assets consisted of the following: March 31, 2023 December 31, 2022 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 439.8 $ 132.7 $ 437.8 $ 124.1 Patents and acquired technology 176.5 99.1 174.4 93.9 Trademarks 58.4 17.1 57.8 17.0 Non-amortizing intangible assets 10.5 — 10.4 — Other 8.8 8.8 8.6 8.6 Total intangible assets $ 694.0 $ 257.7 $ 689.0 $ 243.6 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: (In millions) March 31, 2023 December 31, 2022 Raw materials $ 132.8 $ 123.5 Work in process 92.4 77.7 Finished goods 221.4 212.6 Gross inventories before LIFO reserves and valuation adjustments 446.6 413.8 LIFO reserves (63.1) (62.0) Valuation adjustments (31.6) (29.3) Net inventories $ 351.9 $ 322.5 |
Pension (Tables)
Pension (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost (income) | Components of net periodic benefit cost were as follows: Three Months Ended March 31, (In millions) 2023 2022 Service cost $ 0.3 $ 0.5 Interest cost 3.2 1.9 Expected return on plan assets (4.3) (3.9) Amortization of net actuarial losses 1.3 2.0 Net periodic cost $ 0.5 $ 0.5 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The components of the Company's borrowings were as follows: (In millions) Maturity Date March 31, 2023 December 31, 2022 Revolving credit facility (1) December 14, 2026 $ 563.0 $ 584.6 Less: unamortized debt issuance costs (2.0) (2.2) Revolving credit facility, net $ 561.0 $ 582.4 Convertible senior notes (2) May 15, 2026 $ 402.5 $ 402.5 Less: unamortized debt issuance costs (7.0) (7.6) Convertible senior notes, net $ 395.5 $ 394.9 Long-term debt, net $ 956.5 $ 977.3 (1) Weighted-average interest rate at March 31, 2023 was 5.54% (2) Effective interest rate for the Notes (as defined below) for the quarter ended March 31, 2023 was 0.82% |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Changes in the AOCI Balances | Changes in the AOCI balances for the three months ended March 31, 2023 and 2022 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, December 31, 2022 $ (130.9) $ 14.8 $ (88.2) $ (204.3) Other comprehensive income (loss) before reclassification (0.1) (0.4) 6.2 5.7 Amounts reclassified from accumulated other comprehensive income 1.0 (1.8) (0.5) (1.3) Ending balance, March 31, 2023 $ (130.0) $ 12.6 $ (82.5) $ (199.9) (1) All amounts are net of income taxes. (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, December 31, 2021 $ (145.5) $ 1.8 $ (53.7) $ (197.4) Other comprehensive income (loss) before reclassification — 7.0 0.6 7.6 Amounts reclassified from accumulated other comprehensive income 1.6 0.3 (0.5) 1.4 Ending balance, March 31, 2022 $ (143.9) $ 9.1 $ (53.6) $ (188.4) (1) All amounts are net of income taxes. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by type of good or service, primary geographical market, and timing of recognition for each reportable segment. The table also includes a reconciliation of the disaggregated revenue to total revenue of each reportable segment. Three Months Ended Three Months Ended March 31, 2023 March 31, 2022 (In millions) FoodTech AeroTech FoodTech AeroTech Type of Good or Service Recurring (1) $ 219.3 $ 54.5 $ 174.2 $ 48.7 Non-recurring (1) 169.2 86.5 182.1 64.2 Total 388.5 141.0 356.3 112.9 Geographical Region (2) North America 240.6 127.3 210.3 104.1 Europe, Middle East and Africa 95.2 7.2 89.4 5.3 Asia Pacific 29.8 4.9 36.0 2.7 Latin America 22.9 1.6 20.6 0.8 Total 388.5 141.0 356.3 112.9 Timing of Recognition Point in Time 201.8 69.4 171.9 49.6 Over Time 186.7 71.6 184.4 63.3 Total 388.5 141.0 356.3 112.9 (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) Geographical region represents the region in which the end customer resides. |
Contract with Customer, Asset and Liability | Contract asset and liability balances for the period were as follows: Balances as of (In millions) March 31, 2023 December 31, 2022 Contract Assets $ 96.4 $ 89.6 Contract Liabilities 209.8 182.1 Balances as of March 31, 2022 December 31, 2021 Contract Assets 104.0 94.4 Contract Liabilities 207.1 178.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share from net income for the respective periods and basic and diluted shares outstanding: Three Months Ended March 31, (In millions, except per share data) 2023 2022 Basic earnings per share: Net income $ 25.6 $ 25.6 Weighted average number of shares outstanding 32.0 32.0 Basic earnings per share from net income $ 0.80 $ 0.80 Diluted earnings per share: Net income $ 25.6 $ 25.6 Weighted average number of shares outstanding 32.0 32.0 Effect of dilutive securities: Restricted stock 0.1 0.1 Total shares and dilutive securities 32.1 32.1 Diluted earnings per share from net income $ 0.80 $ 0.80 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of March 31, 2023 As of December 31, 2022 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 12.9 $ 12.9 $ — $ — $ 12.1 $ 12.1 $ — $ — Derivatives 30.4 — 30.4 — 34.3 — 34.3 — Total assets $ 43.3 $ 12.9 $ 30.4 $ — $ 46.4 $ 12.1 $ 34.3 $ — Liabilities: Derivatives $ 4.7 $ — $ 4.7 $ — $ 7.2 $ — $ 7.2 $ — Total liabilities $ 4.7 $ — $ 4.7 $ — $ 7.2 $ — $ 7.2 $ — |
Derivative Financial Instrume_2
Derivative Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of foreign currency derivatives in balance sheet | The following table presents the fair value of foreign currency derivatives, commodity derivatives, and embedded derivatives included within the Balance Sheet: As of March 31, 2023 As of December 31, 2022 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Total $ 5.1 $ 4.7 $ 4.5 $ 7.2 |
Schedule of derivative assets at fair value | As of March 31, 2023 and December 31, 2022, information related to these offsetting arrangements was as follows: (In millions) As of March 31, 2023 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 $ 28.8 $ — $ 28.8 $ (2.8) $ 26.0 (In millions) As of December 31, 2022 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 $ 33.0 $ — $ 33.0 $ (3.0) $ 30.0 |
Schedule of derivative liabilities at fair value | (In millions) As of March 31, 2023 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 $ 4.7 $ — $ 4.7 $ (2.8) $ 1.9 (In millions) As of December 31, 2022 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 $ 7.3 $ — $ 7.3 $ (3.0) $ 4.3 |
Schedule of location and amount of gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies | The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the 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 Three Months Ended March 31, (In millions) 2023 2022 Foreign exchange contracts Revenue $ 0.9 $ (0.2) Foreign exchange contracts Cost of sales 0.6 (0.9) Foreign exchange contracts Selling, general and administrative expense 0.2 0.5 Total 1.7 (0.6) Remeasurement of assets and liabilities in foreign currencies (1.1) 1.1 Net gain (loss) $ 0.6 $ 0.5 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lessor, Lease Revenue | The following table provides the required information regarding operating and sales-type leases for which the Company is lessor. Three Months Ended March 31, (In millions) 2023 2022 Fixed payment revenue $ 15.1 $ 15.6 Variable payment revenue 12.5 9.4 Operating lease revenue $ 27.6 $ 25.0 Sales-type lease revenue $ — $ 0.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of warranty cost and accrual information | Warranty cost and accrual information were as follows: Three Months Ended March 31, (In millions) 2023 2022 Balance at beginning of period $ 15.1 $ 12.7 Expense for new warranties 4.6 2.7 Adjustments to existing accruals (0.3) (0.1) Claims paid (4.2) (3.0) Added through acquisition 0.1 — Translation 0.1 (0.1) Balance at end of period $ 15.4 $ 12.2 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of segment revenue and operating profit | Business segment information was as follows: Three Months Ended March 31, (In millions) 2023 2022 Revenue FoodTech $ 388.5 $ 356.3 AeroTech 141.0 112.9 Total revenue 529.5 469.2 Income before income taxes Segment operating profit: FoodTech 46.3 39.9 AeroTech 13.2 6.8 Total segment operating profit 59.5 46.7 Corporate items: Corporate expense (1) 18.9 15.6 Restructuring expense (2) 0.6 0.5 Operating income 40.0 30.6 Pension expense, other than service cost 0.2 — Interest expense, net 7.2 2.1 Net income before income taxes $ 32.6 $ 28.5 (1) Corporate expense generally includes corporate staff-related expense, stock-based compensation, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations. (2) Refer to Note 15. Restructuring for further information on restructuring charges. |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring expense | The following table details the cumulative restructuring charges reported in operating income for the 2022/2023 restructuring plan since the implementation of this plan: Cumulative Amount As of the Quarter Ended Cumulative Amount (In millions) Balance as of December 31, 2022 March 31, 2023 Balance as of March 31, 2023 2022/2023 restructuring plan Severance and related expense $ 5.4 $ 0.6 $ 6.0 Total Restructuring charges, net release of liability $ 5.4 $ 0.6 $ 6.0 |
Schedule of restructuring reserve by type of cost | Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheets. The table below details the activities in 2023: Impact to Earnings (In millions) Balance as of December 31, 2022 Charged to Earnings Releases Cash Payments Balance as of March 31, 2023 2022/2023 restructuring plan Severance and related expense $ 4.3 $ 1.6 $ (1.0) $ (1.1) $ 3.8 Total $ 4.3 $ 1.6 $ (1.0) $ (1.1) $ 3.8 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - 2021 Acquisitions | 3 Months Ended |
Mar. 31, 2023 acquisition | |
Business Acquisition [Line Items] | |
Percentage of voting interests acquired | 100% |
Number of businesses acquired | 2 |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Sep. 01, 2022 | Jul. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Net consideration | $ 1.1 | $ 0.4 | |||
Goodwill | 813.4 | $ 807.8 | |||
2021 Acquisitions | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Financial assets | 29.9 | ||||
Inventories | 44.8 | ||||
Property, plant and equipment | 6.4 | ||||
Financial liabilities | (38.6) | ||||
Total identifiable net assets | 200.4 | ||||
Cash consideration paid | 340 | ||||
Cash acquired | 9.6 | ||||
Net consideration | 330.4 | ||||
Goodwill | 139.6 | ||||
Goodwill expected to be tax deductible | $ 136.4 | ||||
2021 Acquisitions | Minimum | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets useful lives | 6 years | ||||
2021 Acquisitions | Maximum | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets useful lives | 24 years | ||||
2021 Acquisitions | Customer relationship | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | $ 136.2 | ||||
2021 Acquisitions | Customer relationship | Weighted Average | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets useful lives | 20 years | ||||
2021 Acquisitions | Patents and acquired technology | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | $ 8.5 | ||||
2021 Acquisitions | Patents and acquired technology | Weighted Average | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets useful lives | 7 years | ||||
2021 Acquisitions | Trademarks | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | $ 13.2 | ||||
2021 Acquisitions | Trademarks | Weighted Average | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets useful lives | 23 years | ||||
Bevcorp | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Financial assets | $ 20.8 | ||||
Inventories | 33.1 | ||||
Property, plant and equipment | 5.5 | ||||
Financial liabilities | (18.7) | ||||
Total identifiable net assets | 181.5 | ||||
Cash consideration paid | 294.9 | ||||
Cash acquired | 5.7 | ||||
Net consideration | 289.2 | ||||
Goodwill | 113.4 | ||||
Increase in cash from working capital adjustments | $ 1.1 | ||||
Increase in financial liabilities from working capital adjustments | (1) | ||||
Increase in goodwill from purchase accounting adjustments | $ 0.1 | ||||
Bevcorp | Customer relationship | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | 127 | ||||
Bevcorp | Patents and acquired technology | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | 3.8 | ||||
Bevcorp | Trademarks | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | $ 10 | ||||
Alco-food-machines GmbH & Co. KG | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Financial assets | $ 9.1 | ||||
Inventories | 11.7 | ||||
Property, plant and equipment | 0.9 | ||||
Financial liabilities | (19.9) | ||||
Total identifiable net assets | 18.9 | ||||
Cash consideration paid | 45.1 | ||||
Cash acquired | 3.9 | ||||
Net consideration | 41.2 | ||||
Goodwill | 26.2 | ||||
Alco-food-machines GmbH & Co. KG | Customer relationship | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | 9.2 | ||||
Alco-food-machines GmbH & Co. KG | Patents and acquired technology | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | 4.7 | ||||
Alco-food-machines GmbH & Co. KG | Trademarks | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Other intangible assets | $ 3.2 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2022 | $ 807.8 |
Acquisitions | 0.1 |
Currency translation | 5.5 |
Balance as of March 31, 2023 | 813.4 |
FoodTech | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2022 | 770.2 |
Acquisitions | 0.1 |
Currency translation | 5.4 |
Balance as of March 31, 2023 | 775.7 |
AeroTech | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2022 | 37.6 |
Acquisitions | 0 |
Currency translation | 0.1 |
Balance as of March 31, 2023 | $ 37.7 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 694 | $ 689 |
Accumulated Amortization | 257.7 | 243.6 |
Non-amortizing intangible assets | 10.5 | 10.4 |
Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 439.8 | 437.8 |
Accumulated Amortization | 132.7 | 124.1 |
Patents and acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 176.5 | 174.4 |
Accumulated Amortization | 99.1 | 93.9 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 58.4 | 57.8 |
Accumulated Amortization | 17.1 | 17 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 8.8 | 8.6 |
Accumulated Amortization | $ 8.8 | $ 8.6 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 132.8 | $ 123.5 |
Work in process | 92.4 | 77.7 |
Finished goods | 221.4 | 212.6 |
Gross inventories before LIFO reserves and valuation adjustments | 446.6 | 413.8 |
LIFO reserves | (63.1) | (62) |
Valuation adjustments | (31.6) | (29.3) |
Net inventories | $ 351.9 | $ 322.5 |
Pension - Components of Net Per
Pension - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0.3 | $ 0.5 |
Interest cost | 3.2 | 1.9 |
Expected return on plan assets | (4.3) | (3.9) |
Amortization of net actuarial losses | 1.3 | 2 |
Net periodic cost | $ 0.5 | $ 0.5 |
Pension - Narrative (Details)
Pension - Narrative (Details) - United States | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions to pension and other postretirement benefit plans in current year | $ 14,500,000 |
US Qualified Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions made | $ 0 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 956.5 | $ 977.3 |
Convertible Senior Notes | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2026 | |
Long-term debt, gross | $ 402.5 | 402.5 |
Less: unamortized debt issuance costs | (7) | (7.6) |
Long-term debt, net | $ 395.5 | 394.9 |
Weighted average interest rate | 5.54% | |
Effective interest rate | 0.82% | |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Maturity Date | Dec. 14, 2026 | |
Long-term debt, gross | $ 563 | 584.6 |
Less: unamortized debt issuance costs | (2) | (2.2) |
Long-term debt, net | $ 561 | $ 582.4 |
Debt - Narrative (Details)
Debt - Narrative (Details) - Convertible Debt - Convertible Senior Notes - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | ||
May 28, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | |||
Interest expense, debt | $ 900,000 | $ 800,000 | |
Contractual interest expense | 300,000 | 300,000 | |
Amortization of debt issuance cost | $ 600,000 | $ 500,000 | |
Aggregate principal amount of debt | $ 402,500,000 | ||
Stated interest rate on debt (percent) | 0.25% | ||
Conversion rate | 589.58% | ||
Redemption multiple | $ 1,000 | ||
Conversion price on convertible debt (in USD per share) | $ 169.61 | ||
Convertible Note Hedge | |||
Debt Instrument [Line Items] | |||
Purchase of convertible bond hedge | $ 65,600,000 | ||
Number of shares covered in transaction (in shares) | 2.4 | ||
Approximate strike price (in dollars per share) | $ 169.61 | $ 169.61 | |
Adjustments to additional paid in capital, convertible note hedge transactions | $ 17,100,000 | ||
Convertible Note Warrants | |||
Debt Instrument [Line Items] | |||
Number of shares covered in transaction (in shares) | 2.4 | ||
Approximate strike price (in dollars per share) | $ 240.02 | ||
Proceeds from Issuance of Warrants | $ 29,500,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity Attributable to Parent, Beginning Balance | $ 862.7 | $ 750.5 |
Other comprehensive income (loss) before reclassification | 5.7 | 7.6 |
Amounts reclassified from accumulated other comprehensive income | (1.3) | 1.4 |
Ending balance | 891 | 783.6 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity Attributable to Parent, Beginning Balance | (204.3) | (197.4) |
Ending balance | (199.9) | (188.4) |
Pension and Other Postretirement Benefits | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity Attributable to Parent, Beginning Balance | (130.9) | (145.5) |
Other comprehensive income (loss) before reclassification | (0.1) | 0 |
Amounts reclassified from accumulated other comprehensive income | 1 | 1.6 |
Ending balance | (130) | (143.9) |
Derivatives Designated as Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity Attributable to Parent, Beginning Balance | 14.8 | 1.8 |
Other comprehensive income (loss) before reclassification | (0.4) | 7 |
Amounts reclassified from accumulated other comprehensive income | (1.8) | 0.3 |
Ending balance | 12.6 | 9.1 |
Foreign Currency Translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity Attributable to Parent, Beginning Balance | (88.2) | (53.7) |
Other comprehensive income (loss) before reclassification | 6.2 | 0.6 |
Amounts reclassified from accumulated other comprehensive income | (0.5) | (0.5) |
Ending balance | $ (82.5) | $ (53.6) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax provision (benefit) | $ 7 | $ 2.9 |
Reclassification adjustments for foreign currency translation | 0.7 | |
Reclassification adjustment for foreign currency translation, tax | 0.2 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (0.7) | |
Reclassification from AOCI, Current Period, Tax | 0.2 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense, net | (2.4) | 0.4 |
Income tax provision (benefit) | 0.6 | (0.1) |
Selling, General and Administrative Expenses | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustments for pension and postretirement benefit plans | 1.4 | 2 |
Provision for Income Taxes | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustments for pension and postretirement benefit plans | $ (0.4) | $ 0.4 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 529.5 | $ 469.2 |
FoodTech | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 388.5 | 356.3 |
FoodTech | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 240.6 | 210.3 |
FoodTech | Europe, Middle East and Africa | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 95.2 | 89.4 |
FoodTech | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 29.8 | 36 |
FoodTech | Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 22.9 | 20.6 |
FoodTech | Recurring | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 219.3 | 174.2 |
FoodTech | Non-Recurring | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 169.2 | 182.1 |
AeroTech | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 141 | 112.9 |
AeroTech | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 127.3 | 104.1 |
AeroTech | Europe, Middle East and Africa | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7.2 | 5.3 |
AeroTech | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4.9 | 2.7 |
AeroTech | Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1.6 | 0.8 |
AeroTech | Recurring | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 54.5 | 48.7 |
AeroTech | Non-Recurring | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 86.5 | 64.2 |
Point in Time | FoodTech | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 201.8 | 171.9 |
Point in Time | AeroTech | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 69.4 | 49.6 |
Over Time | FoodTech | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 186.7 | 184.4 |
Over Time | AeroTech | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 71.6 | $ 63.3 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||||
Contract Assets | $ 96.4 | $ 89.6 | $ 104 | $ 94.4 |
Contract Liabilities | $ 209.8 | $ 182.1 | $ 207.1 | $ 178 |
Revenue Recognition - Revenue R
Revenue Recognition - Revenue Recognition (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 1,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, percentage to be recognized | 70% |
Revenue, remaining performance obligation, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, percentage to be recognized | 25% |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liability, revenue recognized | $ 77.1 | $ 83.5 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic earnings per share: | ||
Net income | $ 25.6 | $ 25.6 |
Weighted average number of shares outstanding | 32 | 32 |
Basic earnings per share from net income | $ 0.80 | $ 0.80 |
Diluted earnings per share: | ||
Net income | $ 25.6 | $ 25.6 |
Weighted average number of shares outstanding | 32 | 32 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Restricted stock | 0.1 | 0.1 |
Total shares and dilutive securities | 32.1 | 32.1 |
Net income | $ 0.80 | $ 0.80 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Derivatives | $ 28.8 | $ 33 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivatives | 4.7 | 7.3 |
Fair Value, Measurements, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 12.9 | 12.1 |
Derivatives | 30.4 | 34.3 |
Total assets | 43.3 | 46.4 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivatives | 4.7 | 7.2 |
Total liabilities | 4.7 | 7.2 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 12.9 | 12.1 |
Derivatives | 0 | 0 |
Total assets | 12.9 | 12.1 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Derivatives | 30.4 | 34.3 |
Total assets | 30.4 | 34.3 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivatives | 4.7 | 7.2 |
Total liabilities | 4.7 | 7.2 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivatives | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, unrealized gain | $ 0.7 | $ 3.9 |
Convertible debt, fair value | $ 366.3 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Risk Management - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | May 31, 2020 USD ($) derivative | Mar. 31, 2020 USD ($) derivative | |
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative liability | $ 4.7 | $ 7.3 | |||
Accumulated other comprehensive income (loss) | (2.2) | $ 7.3 | |||
Derivative Asset | $ 28.8 | 33 | |||
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, term of contract (less than) | 2 years | ||||
Notional amount | $ 553.5 | ||||
Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Net investment hedge recorded in other comprehensive income (loss) | 6.2 | 7.3 | |||
Derivative Asset | 8.3 | 9.9 | |||
Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivatives, Fair Value [Line Items] | |||||
Cross currency swap amount | 116.4 | ||||
Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Accumulated other comprehensive income (loss) | 12.5 | 14.8 | |||
Derivative Asset | 17 | $ 19.9 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of derivative instruments held | derivative | 1 | ||||
Cash Flow Hedging | Designated as Hedging Instrument | Forward Starting Interest Rate Swap | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of derivative instruments held | derivative | 4 | ||||
Cross currency swap amount | $ 50 | $ 200 | |||
Interest Expense | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivatives, Fair Value [Line Items] | |||||
Gain (loss) recorded in interest expense | $ 0.7 | $ 0.7 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Assets | $ 5.1 | $ 4.5 |
Derivative Liabilities | $ 4.7 | $ 7.2 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Assets | $ 28.8 | $ 33 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Presented in the Consolidated Balance Sheets | 28.8 | 33 |
Amount Subject to Master Netting Agreement | (2.8) | (3) |
Net Amount | $ 26 | $ 30 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liabilities | $ 4.7 | $ 7.3 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Presented in the Consolidated Balance Sheets | 4.7 | 7.3 |
Amount Subject to Master Netting Agreement | (2.8) | (3) |
Net Amount | $ 1.9 | $ 4.3 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Risk Management - Location and Amount of Gain (Loss) on Foreign Currency Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $ 1.7 | $ (0.6) |
Remeasurement of assets and liabilities in foreign currencies | (1.1) | 1.1 |
Net gain (loss) | 0.6 | 0.5 |
Revenue | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | 0.9 | (0.2) |
Cost of sales | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | 0.6 | (0.9) |
Selling, general and administrative expense | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $ 0.2 | $ 0.5 |
Leases - Lease Revenue (Details
Leases - Lease Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Fixed payment revenue | $ 15.1 | $ 15.6 |
Variable payment revenue | 12.5 | 9.4 |
Operating lease revenue | 27.6 | 25 |
Sales-type lease revenue | $ 0 | $ 0.7 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, expiration term | one year |
Guarantor obligations, amount recoverable from third-parties (as a percent) | 75% |
Performance Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 165.7 |
Financial Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 6.2 |
Customers Financing Arrangements Guarantee | |
Product Warranty Liability [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 2 |
Guarantor obligations, maximum exposure, undiscounted, net | $ 0.3 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 15.1 | $ 12.7 |
Expense for new warranties | 4.6 | 2.7 |
Adjustments to existing accruals | (0.3) | (0.1) |
Claims paid | (4.2) | (3) |
Added through acquisition | 0.1 | 0 |
Translation | 0.1 | (0.1) |
Balance at end of period | $ 15.4 | $ 12.2 |
Business Segment Information -
Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Corporate expense | $ 117.8 | $ 108.4 |
Restructuring expense | (0.6) | (0.5) |
Operating income | 40 | 30.6 |
Net income before income taxes | 32.6 | 28.5 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (0.2) | 0 |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 529.5 | 469.2 |
Segment operating profit | 59.5 | 46.7 |
Operating segments | JBT Food Tech [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 388.5 | 356.3 |
Segment operating profit | 46.3 | 39.9 |
Operating segments | JBT Aero Tech [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 141 | 112.9 |
Segment operating profit | 13.2 | 6.8 |
Corporate, non-segment | ||
Segment Reporting Information [Line Items] | ||
Corporate expense | 18.9 | 15.6 |
Restructuring expense | (0.6) | (0.5) |
Operating income | 40 | 30.6 |
Interest expense, net | 7.2 | 2.1 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 0.2 | $ 0 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 0.6 | $ 0.5 | |
Decrease in restructuring reserve | 1.3 | ||
Restructuring costs incurred to date | 6 | $ 5.4 | |
Charged to Earnings | 1.6 | ||
Restructuring charges, release of liability | 1 | ||
2022/2023 restructuring plan | Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected restructuring cost under plan | 8 | ||
2022/2023 restructuring plan | Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected restructuring cost under plan | 10 | ||
Severance and related expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs incurred to date | 6 | $ 5.4 | |
Charged to Earnings | 1.6 | ||
Restructuring charges, release of liability | $ 1 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 4.3 |
Charged to Earnings | 1.6 |
Releases | (1) |
Cash Payments | (1.1) |
Restructuring reserve, ending balance | 3.8 |
Severance and related expense | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 4.3 |
Charged to Earnings | 1.6 |
Releases | (1) |
Cash Payments | (1.1) |
Restructuring reserve, ending balance | $ 3.8 |
Restructuring - Restructuring E
Restructuring - Restructuring Expense (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring and Related Cost, Cost Incurred to Date | $ 5.4 |
Charged to Earnings | 0.6 |
Cumulative amount of restructuring costs, ending balance | 6 |
Severance and related expense | |
Restructuring Reserve [Roll Forward] | |
Restructuring and Related Cost, Cost Incurred to Date | 5.4 |
Charged to Earnings | 0.6 |
Cumulative amount of restructuring costs, ending balance | $ 6 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - Manufacturing Facility Lease - Affiliated Entity $ in Millions | Mar. 31, 2023 USD ($) |
Related Party Transaction [Line Items] | |
Right of use asset | $ 3.9 |
Lease liability | $ 4.1 |