10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2021

or

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period from ______ to ______

Commission File Number 1-34036

John Bean Technologies Corporation
(Exact name of registrant as specified in its charter)
Delaware			91-1650317
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification No.)
70 West Madison Street,		Suite 4400
	Chicago,	Illinois	60602
(Address of principal executive offices)			(Zip code)

(312) 861-5900

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:
Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	JBT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at July 26, 2021
Common Stock, par value $0.01 per share	31,767,154

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2021		2020		2021		2020
Revenue:
Product revenue	$	412.1	$	362.2	$	772.8	$	762.3
Service revenue	63.4		49.3		120.5		106.9
Total revenue	475.5		411.5		893.3		869.2
Operating expenses:
Cost of products	281.6		245.2		526.7		518.4
Cost of services	44.0		36.1		83.5		77.6
Selling, general and administrative expense	101.6		80.5		196.0		177.8
Restructuring expense	1.0		2.1		2.0		4.1
Operating income	47.3		47.6		85.1		91.3
Pension expense, other than service cost	—		1.0		—		2.0
Interest expense, net	2.1		3.5		4.2		8.3
Income from continuing operations before income taxes	45.2		43.1		80.9		81.0
Income tax provision	14.7		10.6		23.4		19.5
Income from continuing operations	30.5		32.5		57.5		61.5
Net income	$	30.5	$	32.5	$	57.5	$	61.5
Basic earnings per share:
Income from continuing operations	$	0.95	$	1.02	$	1.80	$	1.92
Net income	$	0.95	$	1.02	$	1.80	$	1.92
Diluted earnings per share:
Income from continuing operations	$	0.95	$	1.01	$	1.79	$	1.92
Net income	$	0.95	$	1.01	$	1.79	$	1.92

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.  

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JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Net income	$	30.5	$	32.5	$	57.5	$	61.5
Other comprehensive income (loss), net of income taxes
Foreign currency translation adjustments	3.6		(0.1)		8.1		(25.3)
Pension and other postretirement benefits adjustments	1.7		1.3		3.4		2.8
Derivatives designated as hedges	(0.3)		(2.0)		2.9		(4.4)
Other comprehensive income (loss)	5.0		(0.8)		14.4		(26.9)
Comprehensive income	$	35.5	$	31.7	$	71.9	$	34.6

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.  

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JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except per share data and number of shares)	June 30, 2021		December 31, 2020
Assets:
Current Assets:
Cash and cash equivalents	$	202.3	$	47.5
Trade receivables, net of allowances	218.0		236.1
Contract assets	89.1		68.3
Inventories	204.1		197.3
Other current assets	64.6		66.9
Total current assets	778.1		616.1
Property, plant and equipment, net of accumulated depreciation of $344.6 and $334.8 respectively	267.8		268.0
Goodwill	552.1		543.9
Intangible assets, net	289.2		299.1
Other assets	89.1		78.8
Total Assets	$	1,976.3	$	1,805.9
Liabilities and Stockholders' Equity:
Current Liabilities:
Short-term debt	$	0.6	$	2.4
Accounts payable, trade and other	177.9		140.7
Advance and progress payments	144.9		137.5
Other current liabilities	155.5		176.9
Total current liabilities	478.9		457.5
Long-term debt	641.1		522.5
Accrued pension and other postretirement benefits, less current portion	88.8		94.1
Other liabilities	81.8		94.7
Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2021 or 2020	—		—
Common stock, $0.01 par value; 120,000,000 shares authorized; June 30, 2021:31,766,654 issued and 31,766,654 outstanding; December 31, 2020: 31,741,607 issued and 31,729,736 outstanding	0.3		0.3
Common stock held in treasury, at cost June 30, 2021: 0 shares and December 31, 2020: 11,871 shares	—		(1.0)
Additional paid-in capital	212.0		229.9
Retained earnings	678.9		627.8
Accumulated other comprehensive loss	(205.5)		(219.9)
Total stockholders' equity	685.7		637.1
Total Liabilities and Stockholders' Equity	$	1,976.3	$	1,805.9

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended June 30,
(In millions)	2021		2020
Cash flows from operating activities:
Net income	$	57.5	$	61.5
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Depreciation and amortization	36.6		35.2
Stock-based compensation	4.1		2.1
Other	2.4		4.1
Changes in operating assets and liabilities:
Trade receivables, net and contract assets	(2.8)		53.5
Inventories	(11.0)		2.6
Accounts payable, trade and other	37.6		(46.2)
Advance and progress payments	8.4		(3.5)
Accrued pension and other postretirement benefits, net	(0.5)		(0.4)
Other assets and liabilities, net	(2.0)		(7.9)
Cash provided by continuing operating activities	130.3		101.0
Cash provided by operating activities	130.3		101.0
Cash flows from investing activities:
Acquisitions, net of cash acquired	(15.9)		(4.5)
Capital expenditures	(20.3)		(16.2)
Proceeds from disposal of assets	1.7		1.7
Cash required by investing activities	(34.5)		(19.0)
Cash flows from financing activities:
Net payments on short-term debt	(1.8)		(0.8)
Net payments from domestic credit facilities	(270.1)		(50.9)
Proceeds from issuance of 2026 convertible senior notes, net of issuance costs	392.2		—
Purchase of convertible bond hedge	(65.6)		—
Proceeds from sale of warrants	29.5		—
Settlement of taxes withheld on stock-based compensation awards	(2.0)		(2.2)
Payment of acquisition date earnout liability	(16.1)		—
Dividends	(6.3)		(6.3)
Cash provided (required) by financing activities	59.8		(60.2)
Effect of foreign exchange rate changes on cash and cash equivalents	(0.8)		(3.3)
Increase in cash and cash equivalents	154.8		18.5
Cash and cash equivalents, beginning of period	47.5		39.5
Cash and cash equivalents, end of period	$	202.3	$	58.0

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited)

	Three Months Ended June 30, 2021
(In millions)	Common Stock		Common Stock Held in Treasury		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance at March 31, 2021	$	0.3	$	(0.9)	$	231.6	$	651.6	$	(210.5)	$	672.1
Net income	—		—		—		30.5		—		30.5
Issuance of treasury stock	—		0.9		(0.9)		—		—		—
Common stock cash dividends, $0.10 per share	—		—		—		(3.2)		—		(3.2)
Foreign currency translation adjustments, net of income taxes of $(0.4)	—		—		—		—		3.6		3.6
Derivatives designated as hedges, net of income taxes of $(0.1)	—		—		—		—		(0.3)		(0.3)
Proceeds from sale of warrants	—		—		29.5		—		—		29.5
Purchase of convertible bond hedge, net of income tax of $(17.1)	—		—		(48.5)		—		—		(48.5)
Pension and other postretirement liability adjustments, net of income taxes of $0.6	—		—		—		—		1.7		1.7
Stock-based compensation expense	—		—		2.3		—		—		2.3
Taxes withheld on issuance of stock-based awards	—		—		(2.0)		—		—		(2.0)
Balance at June 30, 2021	$	0.3	$	—	$	212.0	$	678.9	$	(205.5)	$	685.7

	Six Months Ended June 30, 2021
(In millions)	Common Stock		Common Stock Held in Treasury		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance at December 31, 2020	$	0.3	$	(1.0)	$	229.9	$	627.8	$	(219.9)	$	637.1
Net income	—		—		—		57.5		—		57.5
Issuance of treasury stock	—		1.0		(1.0)		—		—		—
Common stock cash dividends, $0.20 per share	—		—		—		(6.4)		—		(6.4)
Foreign currency translation adjustments, net of income taxes of $0.7	—		—		—		—		8.1		8.1
Derivatives designated as hedges, net of income taxes of $1.0	—		—		—		—		2.9		2.9
Proceeds from sale of warrants	—		—		29.5		—		—		29.5
Purchase of convertible bond hedge, net of income tax of $(17.1)	—		—		(48.5)		—		—		(48.5)
Pension and other postretirement liability adjustments, net of income taxes of $1.2	—		—		—		—		3.4		3.4
Stock-based compensation expense	—		—		4.1		—		—		4.1
Taxes withheld on issuance of stock-based awards	—		—		(2.0)		—		—		(2.0)
Balance at June 30, 2021	$	0.3	$	—	$	212.0	$	678.9	$	(205.5)	$	685.7

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	Three Months Ended June 30, 2020
(In millions)	Common Stock		Common Stock Held in Treasury		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance at March 31, 2020	$	0.3	$	(12.6)	$	244.3	$	557.6	$	(218.9)	$	570.7
Net income	—		—		—		32.5		—		32.5
Issuance of treasury stock	—		5.6		(5.6)		—		—		—
Common stock cash dividends, $0.10 per share	—		—		—		(3.2)		—		(3.2)
Foreign currency translation adjustments, net of income taxes of $0.6	—		—		—		—		(0.1)		(0.1)
Derivatives designated as hedges, net of income taxes of $(0.5)	—		—		—		—		(2.0)		(2.0)
Pension and other postretirement liability adjustments, net of income taxes of $0.4	—		—		—		—		1.3		1.3
Stock-based compensation expense	—		—		(0.4)		—		—		(0.4)
Taxes withheld on issuance of stock-based awards	—		—		(2.2)		—		—		(2.2)
Balance at June 30, 2020	$	0.3	$	(7.0)	$	236.1	$	586.9	$	(219.7)	$	596.6

	Six Months Ended June 30, 2020
(In millions)	Common Stock		Common Stock Held in Treasury		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance at December 31, 2019	$	0.3	$	(12.6)	$	241.8	$	532.8	$	(192.8)	$	569.5
Net income	—		—		—		61.5		—		61.5
Issuance of treasury stock	—		5.6		(5.6)		—		—		—
Common stock cash dividends, $0.20 per share	—		—		—		(6.4)		—		(6.4)
Foreign currency translation adjustments, net of income taxes of $(1.0)	—		—		—		—		(25.3)		(25.3)
Derivatives designated as hedges, net of income taxes of $(1.1)	—		—		—		—		(4.4)		(4.4)
Pension and other postretirement liability adjustments, net of income taxes of $0.9	—		—		—		—		2.8		2.8
Stock-based compensation expense	—		—		2.1		—		—		2.1
Taxes withheld on issuance of stock-based awards	—		—		(2.2)		—		—		(2.2)
Adoption of ASC 326	—		—		—		(1.0)		—		(1.0)
Balance at June 30, 2020	$	0.3	$	(7.0)	$	236.1	$	586.9	$	(219.7)	$	596.6

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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JOHN BEAN TECHNOLOGIES CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business

John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (the “Company,” “JBT,” “our,” “us,” or “we”) provide global technology solutions to high-value segments of the food and beverage and air transportation industries. The Company designs, produces and services sophisticated products and systems for multi-national and regional customers through JBT FoodTech and JBT AeroTech segments. The Company has manufacturing operations worldwide that are strategically located to facilitate delivery of its products and services to its customers.

Basis of Presentation

In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2020, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America.

In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period.

Use of estimates

Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.

Recently adopted accounting pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments in this update simplifies accounting for certain convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. As a result, convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. Additionally, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer be available for convertible debt instruments. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company early adopted the new standard effective January 1, 2021 using the modified retrospective method. There was no impact on the Company's financial statements as of the adoption date. As further discussed in Note 6, "Debt," the Company issued $402.5 million principal amount of convertible senior notes on May 28, 2021, which have been accounted for in accordance with the provisions of ASU 2020-06.

Recently issued accounting standards not yet adopted

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. ASU 2019-12 requires accounting of lessor leases with variable lease payments that do not depend on a reference index or a rate as operating leases if any other lease classification would require lessor to recognize a day-one loss. The new standard will be effective for the Company as of January 1, 2022 with early adoption permitted and allows for both prospective and

8

retrospective methods of adoption. The Company is currently evaluating the potential impact ASU 2021-05 may have on its financial position and results of operations upon adoption.

NOTE 2. ACQUISITIONS

During the six months ended June 30, 2021 and fiscal year 2020 the Company acquired 100% of voting equity of one business, and the assets and liabilities of another business. A summary of the acquisitions made during the periods is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
February 28, 2021	Stock	AutoCoding Systems Ltd. ("ACS")	Cheshire, U.K.	JBT FoodTech
A provider of a central command solution for the integration of packaging process devices. The ACS acquisition extends the Company's capabilities in packaging line equipment and associated devices, including coding and label inspection and verification.
May 29, 2020	Asset	MARS Food Processing Solutions, LLC ("MARS")	Denver, North Carolina	JBT FoodTech
A provider of solutions for monitoring and managing the efficiency of poultry processing plants. The MARS acquisition allows the Company to offer its Protein customers proprietary solutions for monitoring and managing the efficiency of poultry processing plants.

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.

	ACS(1)
(In millions)
Financial assets	$	2.9
Inventories	0.7
Other intangible assets (2)	7.9
Deferred taxes	(1.4)
Financial liabilities	(2.9)
Total identifiable net assets	$	7.2
Cash consideration paid	$	17.0
Cash acquired	1.1
Net consideration	$	15.9
Goodwill (3)	$	9.8

(1)The purchase accounting for ACS is provisional. The valuation of certain working capital balances, 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 June 30, 2021, the Company refined its estimates for other intangibles by ($2.0) million, deferred taxes by $0.5 million, and other working capital balances by immaterial amounts. The impact of these adjustments was reflected as a net increase in goodwill of $2.0 million. These adjustments resulted in an immaterial impact to the consolidated statement of income.

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(2)The intangible assets acquired include customer relationships of $3.7 million with 14 years of useful life, technology of $3.4 million with 4 years of useful life, and trade names of $0.8 million with 19 years of useful life.

(3)The Company expects goodwill of $0.7 million from this acquisition to be deductible for income tax purposes.

During the second quarter of 2020, the Company acquired certain assets and liabilities of MARS Food Processing Solutions, LLC ("MARS") for a purchase price of $5 million. The Company expects goodwill of $3.1 million from this acquisition to be deductible for income tax purposes.

NOTE 3. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by business segment were as follows:

(In millions)	JBT FoodTech		JBT AeroTech		Total
Balance as of December 31, 2020	$	505.7	$	38.2	$	543.9
Acquisitions	9.8		—		9.8
Currency translation	(1.6)		—		(1.6)
Balance as of June 30, 2021	$	513.9	$	38.2	$	552.1

Intangible assets consisted of the following:

	June 30, 2021				December 31, 2020
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	259.9	$	92.0	$	256.9	$	82.8
Patents and acquired technology	154.7		75.4		151.3		65.2
Trademarks	45.5		14.3		44.8		16.8
Non-amortizing intangible assets	10.7		—		10.8		—
Other	8.8		8.7		9.4		9.3
Total intangible assets	$	479.6	$	190.4	$	473.2	$	174.1

NOTE 4. INVENTORIES

Inventories consisted of the following:

(In millions)	June 30, 2021		December 31, 2020
Raw materials	$	92.1	$	87.3
Work in process	55.8		51.4
Finished goods	137.1		136.4
Gross inventories before LIFO reserves and valuation adjustments	285.0		275.1
LIFO reserves	(50.8)		(49.2)
Valuation adjustments	(30.1)		(28.6)
Net inventories	$	204.1	$	197.3

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NOTE 5. PENSION

Components of net periodic benefit cost were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	0.6	$	0.6	$	1.2	$	1.1
Interest cost	1.7		2.3		3.3		4.6
Expected return on plan assets	(3.9)		(3.3)		(7.8)		(6.6)
Amortization of net actuarial losses	2.3		2.0		4.6		4.0
Net periodic cost	$	0.7	$	1.6	$	1.3	$	3.1

The Company expects to contribute $15.2 million to its pension and other post-retirement benefit plans in 2021. The pension contributions will be primarily for the U.S. qualified pension plan. All of the contributions are expected to be in the form of cash. The Company has made no contribution to its U.S. qualified pension plan during the six months ended June 30, 2021.

NOTE 6. DEBT

Five-year Revolving Credit Facility

On June 19, 2018, the Company entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto. The Credit Agreement provides for a $1 billion revolving credit facility that matures in June 2023. On May 25, 2021, the Company entered into the first amendment to the Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto (the “Credit Agreement Amendment”). The purpose of the Credit Agreement Amendment was to permit the issuance of the Convertible Senior Notes.

Convertible Senior Notes

On May 28, 2021, the Company closed a private offering of $402.5 million aggregate principal amount of the Company's 0.25% Convertible Senior Notes due 2026 (the "Notes") to qualified institutional buyers, resulting in net proceeds of approximately $392.2 million after deducting initial purchasers’ discounts of the Notes. Interest on the Notes will accrue from May 28, 2021 and is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021, at a rate of 0.25% per year. The Notes will mature on May 15, 2026 unless earlier converted, redeemed or repurchased. No sinking fund is provided for the Notes.

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. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the Notes (the "Indenture")) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

On or after March 20, 2024, the Company has the option to redeem for cash all or part of the Notes, if the last reported sales price of the Company's common stock (the "common stock") has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides redemption notice, during any 30 consecutive trading days ending on, and including, the last trading day immediately before the date the Company sends the related redemption notice. The redemption price of each Note to be redeemed will be the principal amount of such note, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company redeems less than all the outstanding Notes, at least $100 million aggregate principal amount of Notes must be outstanding and not subject to redemption as of the relevant redemption notice date.

Prior to the close of business on the business day immediately preceding February 15, 2026, the Notes are convertible at the option of the holders only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on September 30, 2021 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not

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consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day;

•if the Company calls such Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the Notes called (or deemed called) for redemption; or

•upon the occurrence of certain corporate events, as specified in the Indenture governing the Notes.

At any time on or after February 15, 2026, holders may convert their Notes at their option, and in multiples of $1,000 principle amount, without regard to the foregoing circumstances. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes and for the remainder of our conversion obligation in excess of the aggregate principal amount will pay or deliver cash, shares of common stock, or a combination of cash and shares of common stock at the Company’s election.

The Notes were not convertible during the quarter ended June 30, 2021 and none have been converted to date. Also given the average market price of the common stock has not exceeded the exercise price since inception, there is no impact to the diluted earnings per share.

Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their Notes in multiples of $1,000 principal amounts, at its repurchase price, plus accrued and unpaid interest to, but excluding, the repurchase date.

The Notes are senior unsecured obligations and rank equally in right of payment with all of the Company's existing and unsubordinated debt and senior in right of payment to any future debt that is expressly subordinated in right of payment to the Notes. The Notes will be effectively subordinated to any of the Company's existing and future secured debt to the extent of the assets securing such indebtedness.

The Indenture includes customary terms and covenants, including certain events of default after which the Notes may become due and payable immediately.

Convertible Note Hedge Transactions

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 June 30, 2021.

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

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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.

The components of the Company's borrowings were as follows:

(In millions)	Maturity Date	June 30, 2021		December 31, 2020
Revolving credit facility (1)	June 19, 2023	$	250.0	$	523.9
Less: unamortized debt issuance costs		$	(0.5)	$	(1.4)
Revolving credit facility, net		$	249.5	$	522.5
Convertible senior notes (2)	May 15, 2026	$	402.5	$	—
Less: unamortized debt issuance costs		$	(10.9)	$	—
Convertible senior notes, net		$	391.6	$	—
Long-term debt, net		$	641.1	$	522.5

(1) Weighted-average interest rate at June 30, 2021 was 1.32%

(2) Effective interest rate for the Notes for the quarter ended June 30, 2021 was 0.82%

Interest expense of $0.3 million recognized for the Notes included contractual interest expense of $0.1 million and the amortization of debt issuance cost of $0.2 million for the three and six month ended June 30, 2021.

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NOTE 7. 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 June 30, 2021 and 2020 by component are shown in the following tables:

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
(In millions)
Beginning balance, March 31, 2021	$	(159.7)	$	(0.6)	$	(50.2)	$	(210.5)
Other comprehensive income (loss) before reclassification	—		(0.7)		4.1		3.4
Amounts reclassified from accumulated other comprehensive income	1.7		0.4		(0.5)		1.6
Ending balance, June 30, 2021	$	(158.0)	$	(0.9)	$	(46.6)	$	(205.5)

(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 June 30, 2021 were $2.3 million of charges to pension expense, other than service cost, net of $0.6 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.5 million of interest expense, net of $0.1 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended June 30, 2021 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
(In millions)
Beginning balance, March 31, 2020	$	(145.5)	$	(2.3)	$	(71.1)	$	(218.9)
Other comprehensive income (loss) before reclassification	—		(2.3)		0.5		(1.8)
Amounts reclassified from accumulated other comprehensive income	1.3		0.3		(0.6)		1.0
Ending balance, June 30, 2020	$	(144.2)	$	(4.3)	$	(71.2)	$	(219.7)

(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 June 30, 2020 were $1.7 million of charges to pension expense, other than service cost, net of $0.4 million in benefit for 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 June 30, 2020 were $0.7 million of benefit in interest expense, net of $0.1 million income tax provision.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
(In millions)
Beginning balance, December 31, 2020	$	(161.4)	$	(3.8)	$	(54.7)	$	(219.9)
Other comprehensive income (loss) before reclassification	—		2.2		9.1		11.3
Amounts reclassified from accumulated other comprehensive income	3.4		0.7		(1.0)		3.1
Ending balance, June 30, 2021	$	(158.0)	$	(0.9)	$	(46.6)	$	(205.5)

(1) All amounts are net of income taxes.

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Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the six months ended June 30, 2021 were $4.6 million of charges to pension expense, other than service cost, net of $1.2 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.9 million of interest expense, net of $0.2 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the six months ended June 30, 2021 were $1.4 million of benefit in interest expense, net of $0.4 million income tax provision.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
(In millions)
Beginning balance, December 31, 2019	$	(147.0)	$	0.1	$	(45.9)	$	(192.8)
Other comprehensive income (loss) before reclassification	—		(4.7)		(24.2)		(28.9)
Amounts reclassified from accumulated other comprehensive income	2.8		0.3		(1.1)		2.0
Ending balance, June 30, 2020	$	(144.2)	$	(4.3)	$	(71.2)	$	(219.7)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the six months ended June 30, 2020 were $3.7 million of charges to pension expense, other than service cost, net of $0.9 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 six months ended June 30, 2020 were $1.4 million of benefit in interest expense, net of $0.3 million income tax provision.

NOTE 8. REVENUE RECOGNITION

Transaction price allocated to the remaining performance obligations

The Company has estimated that $880.1 million 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 June 30, 2021. The Company expects to complete these obligations and recognize 68% as revenue in 2021, 26% in 2022 and the remainder in 2023.

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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				Six Months Ended
	June 30, 2021				June 30, 2021
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	164.4	$	44.3	$	314.8	$	85.8
Non-recurring (1)	196.3		70.5		357.7		135.0
Total	360.7		114.8		672.5		220.8
Geographical Region (2)
North America	197.1		100.0		366.2		190.0
Europe, Middle East and Africa	90.2		12.0		174.1		23.5
Asia Pacific	45.3		1.4		86.6		4.7
Latin America	28.1		1.4		45.6		2.6
Total	360.7		114.8		672.5		220.8
Timing of Recognition
Point in Time	169.2		51.7		316.3		95.2
Over Time	191.5		63.1		356.2		125.6
Total	360.7		114.8		672.5		220.8

	Three Months Ended				Six Months Ended
	June 30, 2020				June 30, 2020
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	147.7	$	32.9	$	301.4	$	78.6
Non-recurring (1)	155.1		75.8		311.1		178.1
Total	302.8		108.7		612.5		256.7
Geographical Region (2)
North America	167.1		94.8		321.2		225.2
Europe, Middle East and Africa	88.2		7.5		187.8		18.1
Asia Pacific	32.0		5.8		67.4		11.5
Latin America	15.5		0.6		36.1		1.9
Total	302.8		108.7		612.5		256.7
Timing of Recognition
Point in Time	141.7		47.5		290.1		124.6
Over Time	161.1		61.2		322.4		132.1
Total	302.8		108.7		612.5		256.7

(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.

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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)	June 30, 2021		December 31, 2020
Contract assets	$	89.1	$	68.3
Contract liabilities	135.9		123.8
	Balances as of
	June 30, 2020		December 31, 2019
Contract assets	76.4		74.4
Contract liabilities	90.9		92.5

The revenue recognized during the six months ended June 30, 2021 and 2020 that was included in contract liabilities at the beginning of the period amounted to $86.3 million and $68.4 million, respectively. The remainder of the change from December 31, 2020 and December 31, 2019 is driven by the timing of advance and milestone payments received from customers, customer returns and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.

NOTE 9. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the respective periods and basic and diluted shares outstanding:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2021		2020		2021		2020
Basic earnings per share:
Income from continuing operations	$	30.5	$	32.5	$	57.5	$	61.5
Weighted average number of shares outstanding	32.0		32.0		32.0		31.9
Basic earnings per share from continuing operations	$	0.95	$	1.02	$	1.80	$	1.92
Diluted earnings per share:
Income from continuing operations	$	30.5	$	32.5	$	57.5	$	61.5
Weighted average number of shares outstanding	32.0		32.0		32.0		31.9
Effect of dilutive securities:
Restricted stock	0.1		—		0.1		0.2
Total shares and dilutive securities	32.1		32.0		32.1		32.1
Diluted earnings per share from continuing operations	$	0.95	$	1.01	$	1.79	$	1.92

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NOTE 10. FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

•Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities 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 June 30, 2021								As of December 31, 2020
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	13.1	$	13.1	$	—	$	—	$	12.3	$	12.3	$	—	$	—
Derivatives	7.4		—		7.4		—		10.0		—		10.0		—
Total assets	$	20.5	$	13.1	$	7.4	$	—	$	22.3	$	12.3	$	10.0	$	—
Liabilities:
Derivatives	$	4.8	$	—	$	4.8	$	—	$	18.8	$	—	$	18.8	$	—
Contingent consideration	—		—		—		—		19.1		—		—		19.1
Total liabilities	$	4.8	$	—	$	4.8	$	—	$	37.9	$	—	$	18.8	$	19.1

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 $0.9 million as of June 30, 2021 and unrealized gain of $1.1 million as of December 31, 2020.

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 $427.5 million as of June 30, 2021.

The purchase agreement for the Company's acquisition of Proseal, in the second quarter of 2019, included contingent consideration due to the sellers of Proseal upon achievement of certain earnings targets. The contingent consideration obligation included in the Balance Sheet as other current liabilities as of December 31, 2020, was paid during the current quarter.

The following table provides a summary of changes in fair value of contingent consideration during the six months ended June 30, 2021 and 2020:

	Six months ended
	June 30, 2021		June 30, 2020
Beginning balance	$	19.1	$	17.4
Measurement adjustments recorded to earnings	—		(0.1)
Cash payment	(19.4)		—
Foreign currency translation adjustment	0.3		(1.2)
Ending balance	$	—	$	16.1

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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 long-term debt approximate their fair values due to their variable interest rates.

NOTE 11. DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Derivative Financial Instruments

All derivatives are recorded as assets or liabilities in the Balance Sheet at their respective fair values. For derivatives designated as cash flow hedges, the unrealized gain or loss related to the derivatives is recorded in Other comprehensive income (loss) until the hedged transaction affects earnings. The Company assesses at inception of the hedge, whether the derivative in the hedging transaction will be highly effective in offsetting changes in cash flows of the hedged item. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings.

Foreign Exchange: The Company manufactures and sells products in a number of countries throughout the world and, as a result, the Company is exposed to movements in foreign currency exchange rates. Major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some of the Company's sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which are taken into consideration as part of the Company's risk management policy. The purpose of the Company's foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. The Company primarily utilizes forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at June 30, 2021 of $830.1 million, as hedges and therefore does not apply hedge accounting.

The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet:

	As of June 30, 2021				As of December 31, 2020
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Total	$	5.5	$	3.5	$	10.0	$	12.7

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 the Company to net settle for transactions with the same counterparty. However, it does not net settle with such counterparties. As a result, derivatives are presented at their gross fair values in the Balance Sheet.  

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As of June 30, 2021 and December 31, 2020, information related to these offsetting arrangements was as follows:

(In millions)	As of June 30, 2021
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	7.3	$	—	$	7.3	$	(1.2)	$	6.1

(In millions)	As of June 30, 2021
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	3.9	$	—	$	3.9	$	(1.2)	$	2.7

(In millions)	As of December 31, 2020
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	10.0	$	—	$	10.0	$	(8.6)	$	1.4

(In millions)	As of December 31, 2020
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	16.6	$	—	$	16.6	$	(8.6)	$	8.0

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 Income Statement: 

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 June 30,				Six Months Ended June 30,
(In millions)		2021		2020		2021		2020
Foreign exchange contracts	Revenue	$	1.6	$	2.3	$	0.4	$	(2.3)
Foreign exchange contracts	Cost of sales	(0.1)		(2.9)		0.8		(0.1)
Foreign exchange contracts	Selling, general and administrative expense	0.3		0.9		0.3		1.3
Total		1.8		0.3		1.5		(1.1)
Remeasurement of assets and liabilities in foreign currencies		(1.6)		(1.2)		(1.8)		1.8
Net gain (loss) on foreign currency transactions		$	0.2	$	(0.9)	$	(0.3)	$	0.7

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 June 30, 2021, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other liabilities of $1.3 million and as accumulated other comprehensive income, net of tax, of $1.0 million.

Net Investment: The Company has entered into a cross currency swap agreement that synthetically swaps $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreement is designated as a net investment hedge for accounting

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purposes. Accordingly, the gain or loss on this derivative instrument is included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Coupons received for the cross currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the condensed consolidated statements of income. For the six months ended June 30, 2021 and 2020, gains recorded in interest expense, net under the cross currency swap agreement were approximately $1.4 million.

At June 30, 2021, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other assets of $1.9 million and as accumulated other comprehensive income, net of tax, of $1.4 million.

Refer to Note 10. Fair Value Of Financial Instruments for a description of how the values of the above financial instruments are determined.

Credit Risk

By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject the Company to credit risk primarily consist of trade receivables and derivative contracts. The Company manages the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and establishing credit limits, and monitoring counterparties’ financial condition. Maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of June 30, 2021, 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.

NOTE 12. LEASES

The following table provides the required information regarding operating and sales-type leases for which the Company is lessor.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Fixed payment revenue	$	16.6	$	16.3	$	32.9	$	32.6
Variable payment revenue	3.9		3.7		8.4		8.8
Operating lease revenue	$	20.5	$	20.0	$	41.3	$	41.4
Sales-type lease revenue	$	3.1	$	2.1	$	4.3	$	3.6

Refer to Note 16. Related Party Transactions for details of operating lease agreements with related parties.

NOTE 13. 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.

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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 $202.1 million at June 30, 2021, represent guarantees of future performance. The Company has also provided $7.6 million of bank guarantees and letters of credit to secure a portion of its existing financial obligations. The majority of these financial instruments expire within one year and are expected to be replaced through the issuance of new or the extension of existing letters of credit and surety bonds.

In some instances, the Company guarantees its customers’ financing arrangements. The Company is responsible for payment of any unpaid amounts, but will receive indemnification from third parties for ninety-five percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of June 30, 2021, the gross value of such arrangements was $1.0 million, of which its net exposure under such guarantees was $0.1 million.

The Company provides warranties to certain of its customers based on standard terms and conditions and negotiated agreements. The Company provides for the estimated cost of warranties at the time revenue is recognized. Cost of warranties includes an estimate for products where reliable, historical experience of failure rates, as well as the related costs in correcting a product failure warranty claims and cost exist. The Company also provides a warranty liability when additional specific warranty costs are identified. The warranty obligation reflected in other current liabilities in the consolidated Balance Sheet is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Balance at beginning of period	$	11.6	$	11.7	$	11.5	$	12.0
Expense for new warranties	3.4		3.9		7.1		6.9
Adjustments to existing accruals	—		(0.6)		(0.2)		(0.4)
Claims paid	(2.6)		(3.0)		(5.8)		(6.4)
Added through acquisition	—		(0.1)		—		—
Translation	0.1		0.1		(0.1)		(0.1)
Balance at end of period	$	12.5	$	12.0	$	12.5	$	12.0

NOTE 14. 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, operating profit margin, EBITDA, adjusted when applicable, and EBITDA margins.

Reportable segments are:

•JBT FoodTech—provides comprehensive solutions throughout the food production value chain extending from primary processing through packaging systems for a large variety of food and beverage groups, including poultry, beef, pork, seafood, ready-to-eat meals, fruits, vegetables, dairy, bakery, pet foods, soups, sauces, and juices.

•JBT AeroTech— supplies customized solutions and services used for applications in the air transportation industry, including airport authorities, airlines, airfreight, ground handling companies, militaries and defense contractors.

Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate expense, restructuring costs, pension expense, other than service cost, interest income and expense, and income taxes. See the table below for further details on corporate expense.

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Business segment information was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Revenue
JBT FoodTech	$	360.7	$	302.8	$	672.5	$	612.5
JBT AeroTech	114.8		108.7		220.8		256.7
Total revenue	475.5		411.5		893.3		869.2
Income before income taxes
Segment operating profit:
JBT FoodTech	51.5		49.0		93.0		89.7
JBT AeroTech	12.1		10.3		22.0		28.8
Total segment operating profit	63.6		59.3		115.0		118.5
Corporate items:
Corporate expense (1)	15.3		9.6		27.9		23.1
Restructuring expense (2)	1.0		2.1		2.0		4.1
Operating income	47.3		47.6		85.1		91.3
Pension expense, other than service cost	—		1.0		—		2.0
Interest expense, net	2.1		3.5		4.2		8.3
Income from continuing operations before income taxes	$	45.2	$	43.1	$	80.9	$	81.0

(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.

NOTE 15. 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 first quarter of 2018, the Company implemented a restructuring plan ("2018 restructuring plan") to address its global processes to flatten the organization, improve efficiency and better leverage general and administrative resources primarily within the JBT FoodTech segment. The Company recognized cumulative restructuring charges of $62.2 million, net of cumulative releases of the related liability of $11.9 million. The Company completed this plan in the third quarter of 2020 and transferred the remaining liability into the 2020 restructuring plan in the fourth quarter of 2020.

In the first quarter of 2020, the Company implemented an immaterial restructuring plan primarily within the JBT AeroTech segment. The Company recognized cumulative restructuring charges of $2.4 million related to severance, net of a cumulative release of related liability of $0.2 million. The Company completed this plan in the third quarter of 2020 and transferred the remaining liability into the 2020 restructuring plan in the fourth quarter of 2020.

In the third quarter of 2020, the Company implemented a restructuring plan ("2020 restructuring plan") for manufacturing capacity rationalization affecting both the JBT FoodTech and JBT AeroTech segments. The total estimated cost in connection

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with this plan is in the range of $9.0 million to $10.0 million for FoodTech and approximately $6.0 million for AeroTech. The Company recognized restructuring charges of $13.0 million, net of a cumulative release of the related liability of $1.1 million, through June 30, 2021, and expect to recognize the remaining costs by end of the year 2021.

The following table details the cumulative restructuring charges reported in operating income for the 2020 restructuring plan since the implementation of this plan: 

	Cumulative Amount		For The Three Months Ended				Cumulative Amount
(In millions)	Balance as of December 31, 2020		March 31, 2021		June 30, 2021		Balance as of June 30, 2021
2020 restructuring plan
Severance and related expense	7.0		0.2		0.8		8.0
Inventory write-off	1.9		—		—		1.9
Employee overlap costs	0.3		0.4		0.3		1.0
Retention bonus	0.3		0.4		—		0.7
Other	0.7		0.2		0.5		1.4
Total Restructuring charges	$	10.2	$	1.2	$	1.6	$	13.0

Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheet. The table below details the activities in 2021:

			Impact to Earnings
(In millions)	Balance as of December 31, 2020		Charged to Earnings		Releases		Cash Payments		Balance as of June 30, 2021
2020 restructuring plan
Severance and related expense	$	3.7	$	1.0	$	(0.8)	$	(2.1)	$	1.8
Employee overlap costs	—		0.7		—		(0.7)		—
Retention bonus	0.1		0.4		—		(0.1)		0.4
Other	0.2		0.7		—		(0.9)		—
Total	$	4.0	$	2.8	$	(0.8)	$	(3.8)	$	2.2

The Company released $0.8 million of liability during the six months ended June 30, 2021 which it no longer expects to pay in connection with the 2020 restructuring plan due to actual severance payments differing from the original estimates and natural attrition of employees.

NOTE 16. RELATED PARTY TRANSACTIONS

The Company is a party to an agreement to lease a manufacturing facility in Columbus, Ohio from an entity owned by certain of the Company's employees who were former owners or employees of an acquired business. The lease commenced on September 1, 2019, with an eight year term. The operating lease right-of-use asset and the lease liability related to this agreement is $3.3 million and $3.6 million, respectively.

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NOTE 17. SUBSEQUENT EVENTS

On July 2, 2021, the Company completed the acquisition of Prevenio, located in Bridgewater, New Jersey. Prevenio is a provider of innovative food safety solutions primarily for the poultry industry. Prevenio provides highly effective pathogen protection through its unique anti-microbial delivery solution that significantly enhances food safety and integrity, and creates a safer work environment for its customers and their employees. This acquisition will enhance the Company’s recurring revenue portfolio and furthers its investment in solutions that support its customers’ daily operations. The purchase price was $172.4 million, which was funded with cash on hand as well as borrowings under the Company's revolving credit facility. Due to the timing of the acquisition, the initial accounting for the acquisition, including the valuation of assets and liabilities acquired is incomplete. As such, the Company is not able to disclose the preliminary fair value of assets acquired and liabilities assumed.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, our Annual Report on Form 10-K and other materials filed or to be filed by us with the Securities and Exchange Commission, as well as information in oral statements or other written statements made or to be made by us, contain statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are forward-looking statements. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or the negative version of those words or other comparable words and phrases. Any forward-looking statements contained in this Form 10-Q are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements include, among others, statements relating to the expected impact of the COVID-19 pandemic on our business and our results of operations, our plans to mitigate the impact of the pandemic, our strategic plans, our restructuring plans and expected cost savings from those plans, our liquidity and our covenant compliance. The factors that could cause our actual results to differ materially from expectations include but are not limited to the following factors:

•the duration of the COVID-19 pandemic and the effects of the pandemic on our ability to operate our business and facilities, on our customers, on our supply chains, on our cost of labor due to higher labor turnover and shortage of skilled labor and on the economy generally;

•fluctuations in our financial results;

•unanticipated delays or acceleration in our sales cycles;

•deterioration of economic conditions;

•disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business;

•changes to trade regulation, quotas, duties or tariffs;

•risks associated with acquisitions;

•effects of the U.K.’s exit from the E.U.;

•fluctuations in currency exchange rates;

•difficulty in implementing our business strategies;

•increases in energy or raw material prices, freight costs, and lack of availability of raw materials driven by supply chain delays and inflationary pressures;

•changes in food consumption patterns;

•impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products;

•weather conditions and natural disasters;

•impact of climate change and environmental protection initiatives;

•our ability to comply with the laws and regulations governing our U.S. government contracts;

•acts of terrorism or war;

•termination or loss of major customer contracts and risks associated with fixed-price contracts;

•customer sourcing initiatives;

•competition and innovation in our industries;

•our ability to develop and introduce new or enhanced products and services and keep pace with technological developments;

•difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement;

•catastrophic loss at any of our facilities and business continuity of our information systems;

•cyber-security risks such as network intrusion or ransomware schemes;

•loss of key management and other personnel;

•potential liability arising out of the installation or use of our systems;

•our ability to comply with U.S. and international laws governing our operations and industries;

•increases in tax liabilities;

•work stoppages;

•fluctuations in interest rates and returns on pension assets;

•availability of and access to financial and other resources; and

•the factors described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q.

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In addition, many of our Risk Factors and uncertainties are currently amplified by and will continue to be amplified by the COVID-19 pandemic. Given the highly fluid nature of the COVID-19 pandemic, it is not possible to predict all such risks and uncertainties. Refer to the section below titled “Impact of COVID-19 on our Business” in this Form 10-Q for additional information. If one or more of those or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Consequently, actual events and results may vary significantly from those included in or contemplated or implied by our forward-looking statements. The forward-looking statements included in this Form 10-Q are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

Executive Overview

We are a leading global technology solutions provider to high-value segments of the food and beverage industry with focus on proteins, diversified food and health and automated guided vehicle systems. We design, produce, and service sophisticated products and systems for multi-national and regional customers through our FoodTech segment. We also sell critical equipment and services to domestic and international air transportation customers through our AeroTech segment.

Our strategic plan, Elevate, was designed to capitalize on the leadership position of our businesses and favorable macroeconomic trends. The Elevate plan is based on a four-pronged approach to deliver continued growth and margin expansion.

•Accelerate New Product & Service Development. We are accelerating the development of innovative products and services to provide customers with solutions that enhance yield and productivity and reduce lifetime cost of ownership.

•Grow Recurring Revenue. We are capitalizing on our extensive installed base to expand recurring revenue from aftermarket parts and services, equipment leases, consumables and our Airport Services offerings.

•Execute Impact Initiatives. We are enhancing organic growth through initiatives that enable us to sell the entire FoodTech portfolio globally, including enhancing our international sales and support infrastructure, localizing targeted products for emerging markets, and strategic cross selling of products. In AeroTech, we plan to continue to develop advanced military product offering and customer support capability to service global military customers. Additionally, our impact initiatives are designed to support the reduction in operating costs including strategic sourcing, relentless continuous improvement (lean) efforts, and the optimization of organizational structure.

•Maintain a Disciplined Acquisition Program. We are also continuing our strategic acquisition program focused on companies that add complementary products, which enable us to offer more comprehensive solutions to customers, and meet our strict economic criteria for returns and synergies.

We operate under the JBT Operating System which provides a level of process rigor across the company, and is designed to standardize and streamline reporting and problem resolution processes for increased visibility, efficiency, effectiveness and productivity in all business units.

Our approach to Environmental, Social and Corporate Governance (ESG) builds on our culture and long tradition of concern for our employees’ health, safety, and well-being; partnering with our customers to find ways to make better use of the earth’s precious resources; and giving back to the communities where we live and work. Our FoodTech equipment and technologies continue to deliver quality performance while striving to minimize food waste, extend food product life, and maximize efficiency in order to create shared value for our food and beverage customers. Our AeroTech equipment business offers a variety of power options, including electrically powered ground support equipment, that help customers meet their environmental objectives.We recognize the responsibility we have to make a positive impact on our shareholders, the environment and our communities in a manner that is consistent with our fiduciary duties. We have engaged in structured education for enhancing inclusive leadership skills in our organization designed to ensure more diversity in our leadership and hiring practices. We have completed a comprehensive evaluation to determine which ESG topics are most pressing for our business resulting in a materiality matrix informing our development of an ESG strategy, balanced to ensure we invest responsibly in initiatives that can address the risks and opportunities presented by ESG.

We evaluate our operating results considering key performance indicators including segment operating profit, segment operating profit margin, segment EBITDA (adjusted when appropriate) and segment EBITDA margins.

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Impact of COVID-19 on our Business

The COVID-19 pandemic has resulted and will continue to result in significant economic disruption, and we have seen adverse affects as a result on our business. While we begin to see positive signs of recovery as the world begins to reopen, the following uncertainties still exist and may contribute to additional negative impacts on our overall financial results to the extent there is a significant resurgence of COVID-19 infections in locations where we or our customers operate:

•our ability to obtain raw material from domestic and international suppliers required to manufacture our products and execution of services;

•our ability to secure inbound and outbound logistics to and from our facilities, with additional delays linked to international border crossings and the associated approvals and documentation;

•our ability to access customer locations in order to execute installations, new product deliveries, maintenance and repair services;

•our ability to efficiently operate our facilities and meet customer obligations due to modified employee work patterns resulting from social distancing guidelines, absence due to illness and cautionary quarantines and/or government ordered closures, or labor shortages;

•limitations on the ability of our customers to conduct their business, and resulting impacts to our customers' purchasing patterns, from food and travel disruption, social distancing guidelines, absence due to illness or government ordered closures; and

•limitations on the ability of our customers to meet their financial obligations to JBT.

As a result of the global COVID-19 restrictions and social distancing requirements that have continued from the prior year, the food industry has experienced a notable rise in retail demand which has persisted throughout the first half of 2021. In addition, during the second quarter as these global health restrictions began to lift as the result of increased vaccination rates, decreasing infection rates and political pressures, food service has also begun to revitalize as restaurants reopen and travel picks up. These increases in demand, however promising, are dependent on the continued trend towards reopening which could be slowed if COVID-19 infections and hospitalizations increase.

FoodTech customers are present in both the retail and food service channels, and this shifting in demand can create volatility and uncertainty in our customer's purchasing patterns. However, in the second quarter of 2021, our inbound FoodTech orders increased by 51% compared to the same period in 2020 as we continued to see positive recovery specifically for food processors in the quick service restaurant drive through businesses, those servicing the sustained "eat-at-home" trend and ready meals, as well as capital investments ramping back up for our food service customers. Our customers appear to be investing more to support these trends, addressing immediate capacity needs and creating strong interest in FoodTech's broad product offerings. Expected to offset some of these improvements in orders are continued supply chain challenges that we see across many of our markets, driving inefficiencies in our production process. Although the pandemic continues to have negative impacts on our results of operations in FoodTech, we believe it presents an opportunity to accelerate initiatives that were previously underway to bring automation solutions as well as satisfying food safety and hygiene requirements and responding to changes in consumer preferences. Recurring revenue for the FoodTech segment for the quarter has remained strong, and has seen improvement when compared to the same period last year with a 11% increase year over year. These second quarter improvements are driven largely by the reopening of certain areas and the resulting increase in demand across the food service industry, as well as sustained operations within the food processing companies requiring critical maintenance and parts.

For AeroTech, a large portion of our revenue depends on the passenger airline industry. Passenger air travel continues to increase from 2020 levels as vaccines are rolled out globally and travel routes are re-opened. During the second quarter we saw activity at US airports begin to increase compared to the prior year, driving improving demand for our airport services. However global passenger traffic continues to be well below pre-pandemic levels which continues to directly impact our mobile equipment business. We expect this impact of the pandemic to continue at least into 2022. Airport infrastructure spending, which is subject to long lead time contracts, remained healthy in the second quarter as we saw record inbound for fixed equipment. Although our projections have more uncertainty than in pre-pandemic periods, we expect demand and inbound orders for these products to continue throughout 2021. In addition, the ongoing benefits of cost controls including restructuring, as well as the diversity of revenue streams within the business, have allowed for AeroTech to remain solidly profitable despite these impacts and uncertainties.

Specifically for aftermarket revenue streams, within the AeroTech segment we have begun to see recovery in demand as equipment utilization increases for our customers in line with air traffic demand. While still below pre-pandemic levels, we have seen a 35% increase in aftermarket revenue in the second quarter of 2021 compared to the same period in 2020, and a 7%

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sequential increase from the first quarter 2021. We note, however, that these improvements may not continue if a broader resurgence in COVID-19 cases causes restrictions to be reinstated.

Furthermore, an outbreak of COVID-19 in one of our production facilities may lead to a temporary shut-down, which would negatively impact our results. However, there is no significant concentration of our operations across our manufacturing facilities such that a short-term single plant closure would be expected to have a material impact to our consolidated results.

Although we cannot reasonably estimate the duration and severity, or potential for resurgence, of these COVID-19 related events or the impact this will have on the global economy or our business, we believe that our positive order trends, improving revenues and strong balance sheet and cash flows will allow us to emerge from these events well-positioned for long-term growth. For a discussion of the risks and uncertainties associated with the COVID-19 pandemic, see “The COVID-19 pandemic could have a material adverse impact on our business operations, results of operations, cash flows and financial position” in Item 1A. Risk Factors of our most recent Annual Report on Form 10-K.

Our Strategy to Mitigate Impacts of COVID-19

As we manage through these uncertainties, our focus is on obtaining orders, maintaining disciplined working capital management, continuing to execute as a critical supplier to the essential food and air transportation industries, and investing in key growth strategies. We are also availing ourselves of tax benefits available under the CARES Act. As of the date of this filing, all of our factories and warehouses remain operational.

We continue to maintain protocols under the guidance of our Crisis Response Team to protect the health and safety of our workers in our facilities, including daily symptoms screening for clearance to work, social distancing requirements in our workplaces, face covering requirements where social distancing is not possible (with some relief available to employees who are vaccinated), facilitation of work from home arrangements for our employees who can perform work functions remotely, and global travel restrictions consistent with CDC and local government guidelines. Our Crisis Response Team issues frequent guidance to our managers and employees to reinforce these protocols and policies designed to keep our employees safe, and maintain our business operations. Furthermore, we have largely maintained our supply chain to date through our geographically diversified supplier base, and are providing enhanced remote support options and extended hours to our customers to support them through the disruption caused by the pandemic.

We will continue to actively monitor the situation and may take further actions that alter our business operations as may be required by federal, state or local authorities or that we determine are in the best interests of our employees and our other stakeholders.

Non-GAAP Financial Measures

We present non-GAAP financial measures in this quarterly report on Form 10-Q. These non-GAAP financial measures exclude certain amounts that are included in a measure calculated under U.S. GAAP, or include certain amounts that are excluded from a measure calculated under U.S. GAAP. By excluding or including these items, we believe we provide greater transparency into our operating results and trends, and a more meaningful comparison of our ongoing operating results, consistent with how management evaluates performance. Management uses these non-GAAP financial measures in financial and operational evaluation, planning and forecasting. The adjustments generally fall within the following categories: restructuring costs, M&A related costs, pension-related costs, constant currency adjustments and other major items affecting comparability of our ongoing operating results.

The non-GAAP financial measures presented in this report may differ from similarly-titled measures used by other companies. The non-GAAP financial measures are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures prepared in accordance with U.S. GAAP.

Additional details for each Non-GAAP financial measure follow:

•Free cash flow: We define free cash flow as cash provided by continuing operating activities, less capital expenditures, plus proceeds from sale of fixed assets and pension contributions. For free cash flow purposes we consider contributions to pension plans to be more comparable to payment of debt, and therefore exclude these contributions from the calculation of free cash flow.

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•Adjusted income from continuing operations and Adjusted diluted earnings per share from continuing operations: We adjust earnings for restructuring expense, M&A related costs, which include integration costs and the amortization of inventory step-up from business combinations, advisory and transaction costs for both potential and completed M&A transactions and strategy (“M&A related costs”), and impact on tax provision from remeasurement of deferred taxes for material tax rate changes.

•EBITDA and Adjusted EBITDA: We define EBITDA as earnings before income taxes, interest expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA before restructuring, pension expense other than service cost, and M&A related costs.

•Segment Adjusted Operating Profit and Segment Adjusted EBITDA: We report segment operating profit, which is the measure of segment profit or loss required to be disclosed in accordance with GAAP. We adjust segment operating profit for restructuring, and M&A related costs. We calculate segment Adjusted EBITDA by subtracting depreciation and amortization from segment adjusted operating profit.

•Constant currency measures: We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation excludes the impact of fluctuations in foreign currency exchange rates. We calculate constant currency percentages by converting our financial results in local currency for a period using the average exchange rate for the prior period to which we are comparing.

The tables included below reconcile each non-GAAP financial measure to the most comparable GAAP financial measure.

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The table below provides a reconciliation of cash provided by continuing operating activities to free cash flow:

	Six Months Ended June 30,
(In millions)	2021		2020
Cash provided by continuing operating activities	$	130.3	$	101.0
Less: capital expenditures	20.3		16.2
Plus: proceeds from sale of fixed assets	1.7		1.7
Plus: pension contributions	0.5		0.4
Free cash flow (FCF)	$	112.2	$	86.9

The table below provides a reconciliation of income from continuing operations as reported to adjusted income from continuing operations and adjusted diluted earnings per share from continuing operations.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2021		2020		2021		2020
Income from continuing operations as reported	$	30.5	$	32.5	$	57.5	$	61.5
Non-GAAP adjustments
Restructuring expense	1.0		2.1		2.0		4.1
M&A related cost	3.5		1.0		4.9		3.5
Impact on tax provision from Non-GAAP adjustments(1)	(1.1)		(0.7)		(1.7)		(1.8)
Impact on tax provision from remeasurement of deferred taxes from material tax rate changes	4.4		—		4.4		—
Adjusted income from continuing operations	$	38.3	34.9		$	67.1	67.3
Income from continuing operations as reported	30.5		32.5		57.5		61.5
Total shares and dilutive securities	32.1		32.0		32.1		32.1
Diluted earnings per share from continuing operations	0.95		1.01		1.79		1.92
Adjusted income from continuing operations	38.3		34.9		67.1		67.3
Total shares and dilutive securities	32.1		32.0		32.1		32.1
Adjusted diluted earnings per share from continuing operations	1.19		1.09		2.09		2.10

(1)     Impact on income tax provision was calculated using our annual effective tax rate of 24.4% and 23.8% for the quarters ended June 30, 2021 and 2020, respectively.

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The tables below provide a reconciliation of net income to EBITDA and Adjusted EBITDA:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Net income	$	30.5	$	32.5	$	57.5	$	61.5
Income from continuing operations as reported	30.5		32.5		57.5		61.5
Income tax provision	14.7		10.6		23.4		19.5
Interest expense, net	2.1		3.5		4.2		8.3
Depreciation and amortization	18.3		17.7		36.6		35.2
EBITDA	65.6		64.3		121.7		124.5
Restructuring expense	1.0		2.1		2.0		4.1
Pension expense, other than service cost	—		1.0		—		2.0
M&A related cost	3.5		1.0		4.9		3.5
Adjusted EBITDA	$	70.1	$	68.4	$	128.6	$	134.1

The tables below provide a reconciliation of segment operating profit to segment adjusted operating profit and segment Adjusted EBITDA:

	Three Months Ended June 30, 2021
(In millions)	JBT FoodTech			JBT AeroTech			Corporate (Unallocated)		Consolidated
Operating profit	$	51.5		$	12.1		$	(16.3)	$	47.3
Restructuring expense	—			—			1.0		1.0
M&A related cost	0.3			—			3.2		3.5
Adjusted operating profit	51.8			12.1			(12.1)		51.8
Depreciation and amortization	16.9			0.6			0.8		18.3
Adjusted EBITDA	$	68.7		$	12.7		$	(11.3)	$	70.1
Revenue	$	360.7		$	114.8		$	—	$	475.5
Operating profit %	14.3		%	10.5		%			9.9		%
Adjusted operating profit %	14.4		%	10.5		%			10.9		%
Adjusted EBITDA %	19.0		%	11.1		%			14.7		%

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	Six Months Ended June 30, 2021
(In millions)	JBT FoodTech			JBT AeroTech			Corporate (Unallocated)		Consolidated
Operating profit	$	93.0		$	22.0		$	(29.9)	$	85.1
Restructuring expense	—			—			2.0		2.0
M&A related cost	0.8			—			4.1		4.9
Adjusted operating profit	93.8			22.0			(23.8)		92.0
Depreciation and amortization	33.2			2.0			1.4		36.6
Adjusted EBITDA	$	127.0		$	24.0		$	(22.4)	$	128.6
Revenue	$	672.5		$	220.8		$	—	$	893.3
Operating profit %	13.8		%	10.0		%			9.5		%
Adjusted operating profit %	13.9		%	10.0		%			10.3		%
Adjusted EBITDA %	18.9		%	10.9		%			14.4		%

	Three Months Ended June 30, 2020
(In millions)	JBT FoodTech			JBT AeroTech			Corporate (Unallocated)		Consolidated
Operating profit	$	49.0		$	10.3		$	(11.7)	$	47.6
Restructuring expense	—			—			2.1		2.1
M&A related cost	0.3			—			0.7		1.0
Adjusted operating profit	49.3			10.3			(8.9)		50.7
Depreciation and amortization	15.6			1.5			0.6		17.7
Adjusted EBITDA	$	64.9		$	11.8		$	(8.3)	$	68.4
Revenue	$	302.8		$	108.7		$	—	$	411.5
Operating profit %	16.2		%	9.5		%			11.6		%
Adjusted operating profit %	16.3		%	9.5		%			12.3		%
Adjusted EBITDA %	21.4		%	10.9		%			16.6		%

	Six Months Ended June 30, 2020
(In millions)	JBT FoodTech			JBT AeroTech			Corporate (Unallocated)		Consolidated
Operating profit	$	89.7		$	28.8		$	(27.2)	$	91.3
Restructuring expense	—			—			4.1		4.1
M&A related cost	0.3			—			3.2		3.5
Adjusted operating profit	90.0			28.8			(19.9)		98.9
Depreciation and amortization	31.2			2.7			1.3		35.2
Adjusted EBITDA	$	121.2		$	31.5		$	(18.6)	$	134.1
Revenue	$	612.5		$	256.7		$	—	$	869.2
Operating profit %	14.6		%	11.2		%			10.5		%
Adjusted operating profit %	14.7		%	11.2		%			11.4		%
Adjusted EBITDA %	19.8		%	12.3		%			15.4		%

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CONSOLIDATED RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2021 AND 2020

	Three Months Ended June 30,						Favorable/(Unfavorable)
(In millions, except %)	2021			2020			Change		%
Total revenue	$	475.5		$	411.5		$	64.0	15.6	%
Cost of sales	325.6			281.3			(44.3)		(15.7)	%
Gross profit	149.9			130.2			19.7		15.1	%
Gross profit %	31.5		%	31.6		%	-10 bps
Selling, general and administrative expense	101.6			80.5			(21.1)		(26.2)	%
Restructuring expense	1.0			2.1			1.1		52.4	%
Operating income	47.3			47.6			(0.3)		(0.6)	%
Operating income %	9.9		%	11.6		%	-170 bps
Pension expense, other than service cost	—			1.0			1.0		100.0	%
Interest expense, net	2.1			3.5			1.4		40.0	%
Income from continuing operations before income taxes	45.2			43.1			2.1		4.9	%
Income tax provision	14.7			10.6			(4.1)		(38.7)	%
Income from continuing operations	30.5			32.5			(2.0)		(6.2)	%
Net income	$	30.5		$	32.5		$	(2.0)	(6.2)	%

Total revenue for the three months ended June 30, 2021 increased $64.0 million compared to the same period in 2020. This was a 16% increase, with an 11% growth from organic revenue, a 4% gain from foreign currency translation, and a 1% gain from acquisitions.

Operating income margin was 9.9% for the three months ended June 30, 2021 compared to 11.6% in the same period in 2020, a decrease of 170 bps, as a result of the following drivers:

•Gross profit margin decreased 10 bps to 31.5% compared to 31.6% in the same period last year. This decrease was the result of lower margins in FoodTech driven by a higher mix of equipment revenue in the quarter as compared to the higher margin recurring revenue, partially offset by a favorable mix of aftermarket revenue within AeroTech.

•Selling, general and administrative expense increased $21.1 million from prior year, and as a percent of revenues increased to 21.3% in the second quarter 2021 from 19.5% in the prior year. This is driven by an increase in M&A related costs, incentive compensation expense and the return of variable costs that were reduced in the prior year as a result of the impact of COVID-19.

•Restructuring expense decreased $1.1 million. As a percent of revenue, these expenses have decreased 30 bps to 0.2% compared to 0.5% in the same period last year.

•Currency translation increased operating income by $2.1 million.

Pension expense, other than service cost decreased from $1.0 million in 2020 to $0 for the three months ended June 30, 2021, resulting from a lower interest cost on pension obligation and a higher expected return on pension assets, partially offset by the amortization of higher actuarial losses.

Interest expense, net decreased $1.4 million resulting from lower interest rates and lower average debt levels in the period.

Income tax expense for the three months ended June 30, 2021 reflected an effective income tax rate of 24.4% compared to 23.8% in the same period in 2020. In addition, discrete tax expense of $4.4 million related to the remeasurement of UK deferred taxes to reflect the UK income tax rate increase was recognized in the second quarter of 2021 when enacted. Additionally, a discrete tax benefit of $0.4 million and discrete tax expense of $0.6 million were recognized for the three months ended June 30, 2021 and 2020, respectively, resulting from the vesting of stock based compensation awards.

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OPERATING RESULTS OF BUSINESS SEGMENTS

THREE MONTHS ENDED JUNE 30, 2021 AND 2020

	Three Months Ended June 30,						Favorable/(Unfavorable)
(In millions, except %)	2021			2020			Change		%
Revenue
JBT FoodTech	$	360.7		$	302.8		$	57.9	19.1	%
JBT AeroTech	114.8			108.7			6.1		5.6	%
Total revenue	$	475.5		$	411.5		$	64.0	15.6	%
Operating income before income taxes
Segment operating profit(1)(2):
JBT FoodTech	$	51.5		$	49.0		$	2.5	5.1	%
JBT FoodTech segment operating profit %	14.3		%	16.2		%	-190 bps
JBT AeroTech	12.1			10.3			1.8		17.5	%
JBT AeroTech segment operating profit %	10.5		%	9.5		%	100 bps
Total segment operating profit	63.6			59.3			4.3		7.3	%
Total segment operating profit %	13.4		%	14.4		%	-100 bps
Corporate items:
Corporate expense	15.3			9.6			(5.7)		(59.4)	%
Restructuring expense	1.0			2.1			1.1		52.4	%
Operating income	$	47.3		$	47.6		$	(0.3)	(0.6)	%
Operating income %	9.9		%	11.6		%	-170 bps
Inbound orders:
JBT FoodTech	$	397.6		$	262.7
JBT AeroTech	182.5			81.9
Total inbound orders	$	580.1		$	344.6

(1)Refer to Note 14. Business Segment Information of the Notes to Condensed Consolidated Financial Statements.

(2)Segment operating profit is defined as total segment revenue less segment operating expense. Corporate expense, restructuring expense, interest income and expense and income taxes are not allocated to the segments. 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.

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JBT FoodTech

FoodTech revenue increased by $57.9 million for the second quarter ended June 30, 2021 compared to the same period in 2020. Organic revenue grew $40.9 million in the period compared to the prior year, as well as favorable foreign currency translation providing an additional $15.0 million in revenue year over year. Revenue from ACS acquired in March 2021 was $2.0 million. Equipment revenue represented 68% of the total revenue growth on a constant currency basis, with $29.2 million of additional revenue in the second quarter 2021 compared to the same period in 2020. Recurring revenue also increased by $13.7 million.

FoodTech operating profit increased $2.5 million, or 5.1%, for the quarter ended June 30, 2021 compared to the same period in 2020. Operating profit margin was 14.3% in 2021 compared to 16.2% in the prior year. This margin decrease was partially driven by gross profit margins which declined 170 bps in the quarter compared to the same period in 2020. These margins reflected a higher mix of revenue from equipment as compared to the higher margin recurring revenue streams as recurring revenues dropped from 49% to 47% of total revenue year over year. In addition, margins were negatively impacted by the supply chain disruptions and resulting inefficiencies driving increases in material costs, as well as additional labor costs resulting from the current labor shortage and increased market competition. Selling, general and administrative expenses also increased $9.6 million, and as a percentage of total revenues to 20.4% in the second quarter 2021 from 20.1% in the second quarter 2020. The increase was primarily due to the return of variable costs that were reduced in the prior year as a result of the impact of COVID-19. Currency translation increased operating income by $2.5 million in the quarter.

JBT AeroTech

JBT AeroTech's revenue increased $6.1 million in the second quarter of 2021 compared to the same period in 2020. This is a 6% increase, with a 7% increase contributed by our mobile equipment business and a 3% increase contributed by our service business partially offset by a 4% decline in our fixed equipment business. The mobile equipment increase was due to higher equipment and aftermarket sales driven by an increase in demand compared to the prior year, which was significantly impacted by COVID-19. The increase in service revenue was a result of an increase in service hours on our maintenance contracts as activity at US airports began to increase as a result of the elimination of customer imposed service hour reductions relating to COVID-19 compared to the prior year. The decline in our fixed equipment business was driven by lower passenger boarding bridge revenue and related products and services primarily due to customer related delays partially offset by an increase in aftermarket sales. Currency translation had an immaterial impact.

AeroTech operating profit increased $1.8 million in the second quarter of 2021 compared to 2020. JBT AeroTech's operating profit margin was 10.5% compared to 9.5% in the prior year, reflecting an increase of 100 bps. Gross profit margins increased 220 bps due to a favorable mix of aftermarket revenue as well as productivity improvements, partially offset by higher material costs. Selling, general and administrative expenses in 2021 were $1.8 million above 2020 which is an increase of 17%. The increase in 2021 was primarily due to the return of variable costs that were reduced in the prior year as a result of the impact of COVID-19. Currency translation did not have a significant impact on our operating profit comparative results for AeroTech.

Corporate Expense

Corporate expense increased $5.7 million during the three months ended June 30, 2021, compared to the same period in 2020. The increase was driven primarily by higher M&A related costs and incentive compensation expense, both of which were reduced in the prior year as a result of the impact of COVID-19. Corporate expense increased as a percentage of sales from 2.3% in the prior year to 3.2% for the three months ended June 30, 2021.

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CONSOLIDATED RESULTS OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2021 AND 2020

	Six Months Ended June 30,						Favorable/(Unfavorable)
(In millions, except %)	2021			2020			Change		%
Total revenue	$	893.3		$	869.2		$	24.1	2.8	%
Cost of sales	610.2			596.0			(14.2)		(2.4)	%
Gross profit	283.1			273.2			9.9		3.6	%
Gross profit %	31.7		%	31.4		%	30 bps
Selling, general and administrative expense	196.0			177.8			(18.2)		(10.2)	%
Restructuring expense	2.0			4.1			2.1		51.2	%
Operating income	85.1			91.3			(6.2)		(6.8)	%
Operating income %	9.5		%	10.5		%	-100 bps
Pension expense, other than service cost	—			2.0			2.0		100.0	%
Interest expense, net	4.2			8.3			4.1		49.4	%
Income from continuing operations before income taxes	80.9			81.0			(0.1)		(0.1)	%
Income tax provision	23.4			19.5			(3.9)		(20.0)	%
Income from continuing operations	57.5			61.5			(4.0)		(6.5)	%
Net income	$	57.5		$	61.5		$	(4.0)	(6.5)	%

Total revenue for the six months ended June 30, 2021 increased $24.1 million compared to the same period in 2020. This is a 2.8% increase primarily due to a favorable foreign currency translation. There was a decline in organic revenue which was caused by lower customer demand for AeroTech equipment in 2021 resulting from global passenger air traffic not yet reaching pre-pandemic levels. This organic revenue decline was partially offset by higher FoodTech equipment and recurring revenue compared to the same period in 2020.

Operating income margin was 9.5% for the six months ended June 30, 2021 compared to 10.5% in the same period in 2020, a decrease of 100 bps, as a result of the following drivers:

•Gross profit margin increased 30 bps to 31.7% compared to 31.4% in the same period last year. This increase was due to a favorable mix of aftermarket revenues within AeroTech as well as productivity improvements for both FoodTech and AeroTech. However these improvements were almost entirely offset by a combination of lost leverage of fixed manufacturing costs on lower AeroTech revenue, and a higher mix of FoodTech equipment revenue in the period as compared to the higher margin recurring revenue.

•Selling, general and administrative expense increased $18.2 million from prior year, and as a percent of revenue increased to 21.9% compared to 20.5% in the same period last year. This was due to an increase in M&A related costs, incentive compensation expense and the return of variable costs that were reduced in the prior year as a result of the impact of COVID-19.

•Restructuring expense decreased $2.1 million. As a percent of revenue, these expenses have decreased 30 bps to 0.2% compared to 0.5% in the same period last year.

•Currency translation increased operating income by $2.4 million.

Pension expense, other than service cost, decreased from $2.0 million in 2020 to $0.0 million for the six months ended June 30, 2021, resulting from a lower interest cost on pension obligation and a higher expected return on pension assets, partially offset by the amortization of higher actuarial losses.

Interest expense, net decreased $4.1 million resulting from lower average debt levels and lower interest rates.

Income tax expense for the six months ended June 30, 2021 reflected an effective income tax rate of 24.4% compared to 23.8% in the same period in 2020. In addition, discrete tax expense of $4.4 million related to the remeasurement of UK deferred taxes to reflect the UK income tax rate increase was recognized in the second quarter of 2021 when enacted. Additionally, a discrete tax benefit of $0.4 million and discrete tax expense of $0.6 million were recognized for the six months ended June 30, 2021 and 2020, respectively, resulting from the vesting of stock based compensation awards.

37

OPERATING RESULTS OF BUSINESS SEGMENTS

SIX MONTHS ENDED JUNE 30, 2021 AND 2020

	Six Months Ended June 30,						Favorable/(Unfavorable)
(In millions, except %)	2021			2020			Change		%
Revenue
JBT FoodTech	$	672.5		$	612.5		$	60.0	9.8	%
JBT AeroTech	220.8			256.7			(35.9)		(14.0)	%
Total revenue	$	893.3		$	869.2		$	24.1	2.8	%
Operating income before income taxes
Segment operating profit(1)(2):
JBT FoodTech	$	93.0		$	89.7		$	3.3	3.7	%
JBT FoodTech segment operating profit %	13.8		%	14.6		%	-80 bps
JBT AeroTech	22.0			28.8			(6.8)		(23.6)	%
JBT AeroTech segment operating profit %	10.0		%	11.2		%	-120 bps
Total segment operating profit	115.0			118.5			(3.5)		(3.0)	%
Total segment operating profit %	12.9		%	13.6		%	-70 bps
Corporate items:
Corporate expense	27.9			23.1			(4.8)		(20.8)	%
Restructuring expense	2.0			4.1			2.1		51.2	%
Operating income	$	85.1		$	91.3		$	(6.2)	(6.8)	%
Operating income %	9.5		%	10.5		%	-100 bps
Inbound orders:
JBT FoodTech	$	783.3		$	578.2
JBT AeroTech	282.9			236.5
Total inbound orders	$	1,066.2		$	814.7

(1)Refer to Note 14. Business Segment Information of the Notes to Condensed Consolidated Financial Statements.

(2)Segment operating profit is defined as total segment revenue less segment operating expense. Corporate expense, restructuring expense, interest income and expense and income taxes are not allocated to the segments. 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.

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JBT FoodTech

FoodTech revenue increased by $60.0 million in the six months ended June 30, 2021 compared to the same period in 2020. Organic revenue grew $32.5 million in the period compared to the prior year, and favorable foreign currency translation provided an additional $25.2 million in revenue year over year. Revenue from the March 2021 acquisition was $2.3 million. Equipment revenue represented 80% of the total revenue growth year-to-date on a constant currency basis, with $27.8 million of additional revenue in the six months ended 2021 compared to the same period in 2020. Recurring revenue drove the remaining increase of $7.0 million.

FoodTech operating profit increased $3.3 million, or 3.7%, in the six months ended June 30, 2021 compared to the same period in 2020. Operating profit margin was 13.8% in 2021 compared to 14.6% in the prior year. This decrease was driven by gross profit margins which declined 110 bps in the six months ended June 30, 2021 compared to the same period in 2020. These margins reflected a higher mix of revenue from equipment as compared to the higher margin recurring revenue streams as recurring revenue dropped from 49% to 48% of total year-to-date revenue year over year. In addition, margins were negatively impacted in the quarter by the supply chain disruptions and resulting inefficiencies driving increases in material and labor costs. Selling, general and administrative expense increased $5.5 million from prior year, but as a percent of revenue decreased to 21.2% compared to 21.5% in the same period last year. The increase in expense was primarily due to the return of variable costs that were reduced in the prior year as a result of the impact of COVID-19. Currency translation increased operating income by $3.2 million in the six months ended June 20, 2021.

JBT AeroTech

JBT AeroTech's revenue declined $35.9 million for the six months ended June 30, 2021 compared to the same period in 2020. This is a 14% decrease with a 10% decline from our fixed equipment business and a 4% decline from our mobile equipment business. Revenue in our service business was essentially flat. The decline in our fixed equipment business was driven by lower passenger boarding bridge revenue and related products and services primarily due to customer related delays partly offset by an increase in aftermarket sales. The mobile equipment decline was due to lower equipment sales and slightly lower aftermarket sales driven by lower customer demand as a result of COVID-19. Currency translation had an immaterial impact.

AeroTech operating profit declined $6.8 million for the six months ended June 30, 2021 compared to the same period in 2020. JBT AeroTech's operating profit margin was 10.0% compared to 11.2% in the prior year, reflecting a decline of 120 bps. Gross profit margins increased 60 bps due a favorable mix of aftermarket revenue and productivity improvements partly offset by lost leverage of fixed manufacturing costs as a result of lower revenue. Selling, general and administrative expenses in 2021 were $0.7 million above 2020 which is an increase of 3%. The increase in 2021 was due to the return of variable costs that were reduced in the prior year as a result of the impact of COVID-19. Currency translation did not have a significant impact on our operating profit comparative results for AeroTech.

Corporate Expense

Corporate expense increased $4.8 million during the six months ended June 30, 2021, compared to the same period in 2020. The increase was driven primarily by higher M&A related costs and incentive compensation expense, both of which were reduced in the prior year as a result of the impact of COVID-19. Corporate expense increased as a percentage of sales from 2.7% in the prior year to 3.1% for the six months ended June 30, 2021.

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Restructuring

In the third quarter of 2020, the Company implemented a restructuring plan ("2020 restructuring plan") for manufacturing capacity rationalization affecting both the JBT FoodTech and JBT AeroTech segments. The total estimated cost in connection with this plan is in the range of $9.0 million to $10.0 million for FoodTech and approximately $6 million for AeroTech. We recognized restructuring charges of $13.0 million, net of a cumulative release of the related liability of $1.1 million, through June 30, 2021. We expect to recognize the remaining costs by end of the year 2021.

The following table details the cumulative amount of annualized savings and incremental savings for the 2020 restructuring plan:

	Cumulative Amount		Incremental Amount				Cumulative Amount
(In millions)	As of December 31, 2020		During the quarter ended March 31, 2021		During the quarter ended June 30, 2021		As of June 30, 2021
Cost of sales	$	0.5	$	0.8	$	1.3	$	2.6
Selling, general and administrative	0.2		0.2		0.4		0.8
Total restructuring savings	$	0.7	$	1.0	$	1.7	$	3.4

For the 2020 restructuring plan, incremental cost savings we expect to realize during the remaining six months in 2021 and in the year 2022 are as follows:

(In millions)	Remainder of 2021 (est.)		2022 (est.)
Cost of sales	$	2.4	$	1.7
Selling, general and administrative	0.8		1.4
Total expected incremental cost savings	$	3.2	$	3.1

For additional financial information about restructuring, refer to Note 15. Restructuring of the Notes to Condensed Consolidated Financial Statements.

Liquidity and Capital Resources

Our primary sources of liquidity are cash flows provided by operating activities from our U.S. and foreign operations, borrowings from our revolving credit facility, and proceeds from the issuance of the convertible notes on May 28, 2021. We used a portion of the net proceeds from the convertible notes to pay the net cost of the convertible note hedge and the warrant transactions, and to partially pay down our borrowings under our revolving credit facility. We expect to use the remaining net proceeds from the convertible notes for general corporate purposes, which may include potential acquisitions.

Our liquidity as of June 30, 2021, or cash plus borrowing capacity under our revolving credit facilities was $490.8 million. The cash flows generated by our operations and the revolving credit facility are expected to be sufficient to satisfy our working capital needs, new product development, restructuring expense, capital expenditures, dividend payments, pension contributions and other financing requirements.

For the six months ended June 30, 2021, we had total operating cash flow of $130.3 million and $112.2 million in free cash flow. For full year 2021, we expect to generate positive cash flows. In addition, we anticipate capital expenditures of $45 - 50 million for 2021 compared to $34.3 million in the prior year. We believe JBT's strong balance sheet, operating cash flows, and access to capital at June 30, 2021 positions us to navigate through the challenging economic conditions associated with the COVID-19 pandemic and continue to invest in growth strategies including our acquisition program and new product development.

As of June 30, 2021, we had $202.3 million of cash and cash equivalents, $33.5 million of which was held by our foreign subsidiaries. Although these funds are considered permanently invested in our foreign subsidiaries, we are not presently aware of any restriction on the repatriation of these funds. We maintain significant operations outside of the U.S., and many of our uses of cash for working capital, capital expenditures and business acquisitions arise in these foreign jurisdictions. If these

40

funds were needed to fund our operations or satisfy obligations in the U.S., they could be repatriated and their repatriation into the U.S. could cause us to incur additional U.S. income taxes and foreign withholding taxes. At this time it is not practicable to determine the unrecognized deferred tax liability related to foreign cash permanently reinvested in foreign subsidiaries.

As noted above, funds held outside of the U.S. are considered permanently invested in our non-U.S. subsidiaries. At times, these foreign subsidiaries have cash balances that exceed their immediate working capital or other cash needs. In these circumstances, the foreign subsidiaries may loan funds to the U.S. parent company on a temporary basis; the U.S. parent company has in the past and may in the future use the proceeds of these temporary intercompany loans to reduce outstanding borrowings under our committed revolving credit facilities. By using available non-U.S. cash to repay our debt on a short-term basis, we can optimize our leverage ratio, which has the effect of lowering our interest expense.

Under Internal Revenue Service (IRS) guidance, no incremental tax liability is incurred on the proceeds of these loans as long as each individual loan has a term of 30 days or less and all such loans from each subsidiary are outstanding for a total of less than 60 days during the year. During the six months ended June 30, 2021, any such loan was outstanding for less than 30 days, and all such loans were outstanding for less than 60 days in the aggregate. We use the proceeds of these intercompany loans to reduce outstanding borrowings under our revolving credit facility. We may choose to access such funds again in the future to the extent they are available and can be transferred without significant cost, and use them on a temporary basis to repay outstanding borrowings or for other corporate purposes, but intend to do so only as allowed under this IRS guidance. There is no amount outstanding subject to this IRS guidance as of June 30, 2021.

Cash Flows

Cash flows for the six months ended June 30, 2021 and 2020 were as follows:

	Six Months Ended June 30,
(In millions)	2021		2020
Cash provided by continuing operating activities	$	130.3	$	101.0
Cash required by investing activities	(34.5)		(19.0)
Cash provided (required) by financing activities	59.8		(60.2)
Effect of foreign exchange rate changes on cash and cash equivalents	(0.8)		(3.3)
Increase in cash and cash equivalents	$	154.8	$	18.5

Cash provided by continuing operating activities during the six months ended June 30, 2021 was $130.3 million, representing a $29.3 million increase compared to the same period in 2020. This increase was driven primarily by lower payments for accounts payable and higher customer collection of advance payments partially offset by higher investment in inventory.

Cash required by investing activities during the six months ended June 30, 2021 was $34.5 million, an increase of $15.5 million compared to the same period in 2020, primarily due to an increase in acquisition spending year over year.

Cash provided by financing activities of $59.8 million during the six months ended June 30, 2021 was primarily due to net proceeds from the issuance of the convertible notes, bond hedge and warrant transactions, partially offset by paying down borrowings under our revolving credit facility and payment of acquisition date earn-out liability. Cash required by financing activities of $60.2 million during the six months ended June 30, 2020 was primarily due to paying down our borrowings from domestic credit facility in 2020.

Financing Arrangements

As of June 30, 2021 we had $250.0 million drawn on and $742.2 million of availability under the revolving credit facility. Our ability to use this revolving credit facility is limited by the leverage ratio covenant described below.

Our credit agreement includes restrictive covenants that, if not met, could lead to a renegotiation of our credit lines, a requirement to repay our borrowings and/or a significant increase in our cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, as well as certain events of default. As of June 30, 2021, we were in compliance with all covenants in our credit agreement. We expect to remain in compliance with all covenants in the foreseeable future. However, there can be no assurance that continued or increased volatility in global economic conditions will not impair our ability to meet our covenants, or that we will continue to be able to access the capital and credit markets on terms acceptable to us or at all.

41

On May 28, 2021, we closed a private offering of $402.5 million aggregate principal amount of the Company's 0.25% Convertible Senior Notes due 2026 to qualified institutional buyers, resulting in net proceeds to us of approximately $392.2 million after deducting initial purchasers’ discounts. The convertible notes will mature on May 15, 2026 unless earlier converted, redeemed or repurchased. Concurrently with the issuance of the convertible notes, we entered into the convertible note hedge transactions that reduce potential dilution upon conversion of the Notes and into the warrant transactions to raise additional capital to partially offset the costs of entering into the convertible note hedge transactions.

For additional information about our credit agreement, convertible secured notes, convertible note hedge and warrant transactions, refer to Note 6. Debt of the Notes to Condensed Consolidated Financial Statements.

As of June 30, 2021, we have 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. We have designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in Accumulated other comprehensive income (loss). As a result, as of June 30, 2021 all of our variable rate debt was effectively fixed rate debt subject to an average fixed rate of 0.81%.

CRITICAL ACCOUNTING ESTIMATES

There were no material changes in our judgments and assumptions associated with the development of our critical accounting estimates during the period ended June 30, 2021. Refer to our Annual Report on Form 10-K for the year ended December 31, 2020 for a discussion of our critical accounting estimates.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in reported market risks from the information reported in our Annual Report on Form 10-K for the year ended December 31, 2020.

ITEM 4. CONTROLS AND PROCEDURES

Under the direction of our principal executive officer and principal financial officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of June 30, 2021. We have concluded that, as of June 30, 2021, our disclosure controls and procedures were:

i)effective in ensuring that information required to be disclosed is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and

ii)effective in ensuring that information required to be disclosed is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

In the ordinary course of business, we review our system of internal control over financial reporting and make changes to our systems and processes to improve such controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, automating manual processes and updating existing systems.

There were no changes in controls identified in the evaluation for the quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act.

42

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There have been no material legal proceedings identified or material developments in existing material legal proceedings during the three months ended June 30, 2021.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the following risk factors and the factors discussed in Item 1A. "Risk Factors" in JBT's Annual Report on Form 10-K for the year ended December 31, 2020.

RISKS RELATED TO OWNERSHIP OF OUR SECURITIES

The convertible note hedge and warrant transactions may negatively affect the value of the Notes and our common stock.

In connection with the pricing of the Notes, we have entered into convertible note hedge transactions (the "Hedge Transactions") with the option counterparties. We have also entered into warrant transactions with the option counterparties. The Hedge Transactions are expected generally to reduce the potential dilution to our common stock upon any conversion of Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be. However, the warrant transactions could separately have a dilutive effect on our common stock to the extent that the market price per share of our common stock exceeds the strike price of the warrants.

The option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to our common stock and/or purchasing or selling our common stock or other securities of ours in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do in connection with any conversion of the notes or redemption or repurchase of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of our common stock or the Notes, which could affect the note holders' ability to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the number of shares and value of the consideration that note holders will receive upon conversion of the Notes.

We are subject to counterparty risk with respect to the convertible note hedge transactions.

The option counterparties are financial institutions, and we will be subject to the risk that any or all of them might default under the Hedge Transactions. Our exposure to the credit risk of the option counterparties will not be secured by any collateral.

If an option counterparty becomes subject to insolvency proceedings, we will become an unsecured creditor in those proceedings with a claim equal to our exposure at that time under the Hedge Transactions with such option counterparty. Our exposure will depend on many factors but, generally, an increase in our exposure will be correlated to an increase in the market price and in the volatility of our common stock. In addition, upon a default by an option counterparty, we may suffer adverse tax consequences and more dilution than we currently anticipate with respect to our common stock. We can provide no assurances as to the financial stability or viability of the option counterparties.

Conversion of the Notes or exercise of the warrants evidenced by the warrant transactions may dilute the ownership interest of existing stockholders.

At our election, we may settle Notes tendered for conversion entirely or partly in shares of our common stock. Furthermore, the warrants evidenced by the warrant transactions are expected to be settled on a net-share basis. As a result, the conversion of some or all of the Notes or the exercise of some or all of such warrants may dilute the ownership interests of existing stockholders. Any sales in the public market of the common stock issuable upon such conversion of the Notes or such exercise of the warrants could adversely affect prevailing market prices of our common stock and, in turn, the price of the Notes. In addition, the existence of the Notes may encourage short selling by market participants because the conversion of the Notes could depress the price of our common stock.

43

BUSINESS AND OPERATIONAL RISKS

Our results of operations can be adversely affected by labor shortages, turnover and labor cost increases.

We have from time-to-time experienced labor shortages and other labor-related issues. These labor shortages have become more pronounced as a result of the COVID-19 pandemic and a sharp increase in industrial goods as global economy recovers from the effects of the pandemic. A number of factors may adversely affect the labor force available to us in one or more of our markets, including high employment levels, federal unemployment subsidies, and other government regulations, which include laws and regulations related to workers’ health and safety, wage and hour practices and immigration. These factors can also impact the cost of labor. Increased turnover rates within our employee base can lead to decreased efficiency and increased costs, such as increased overtime to meet demand and increased wage rates to attract and retain employees. An overall labor shortage or lack of skilled labor, increased turnover or labor inflation could have a material adverse effect on our results of operations.

GENERAL RISKS

Our indebtedness and liabilities could limit the cash flow available for our operations and we may not be able to generate sufficient cash to service all of our indebtedness. We may be forced to take certain actions to satisfy our obligations under our indebtedness or we may experience a financial failure.

Our ability to make scheduled payments on or to refinance our debt obligations, including our $402.5 million of 0.25% Convertible senior notes due 2026 (“Notes”), will depend on our financial and operating performance. If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay capital expenditures, sell assets or operations, seek additional capital or restructure or refinance our indebtedness, including the Notes. We may not be able to take any of these actions, these actions may not be successful and permit us to meet our scheduled debt service obligations and these actions may not be permitted under the terms of our future debt agreements. In the absence of sufficient operating results and resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations. We may not be able to consummate those dispositions or obtain sufficient proceeds from those dispositions to meet our debt service and other obligations then due.

•Our current and future indebtedness could have negative consequences for our business, results of operations and financial condition by, among other things:

•increasing our vulnerability to adverse economic and industry conditions;

•limiting our ability to obtain additional financing;

•requiring the dedication of a substantial portion of our cash flow from operations to service our indebtedness, which will reduce the amount of cash available for other purposes;

•limiting our flexibility to plan for, or react to, changes in our business;

•diluting the interests of our existing stockholders as a result of issuing shares of our common stock upon conversion of the Convertible Senior Notes; and

•placing us at a possible competitive disadvantage with competitors that are less leveraged than us or have better access to capital.

In addition, our credit facility contains, and any future indebtedness that we may incur may contain, restrictive covenants that limit our ability to operate our business, raise capital or make payments under our other indebtedness. If we fail to comply with these covenants or to make payments under our indebtedness when due, then we would be in default under that indebtedness, which could, in turn, result in that and our other indebtedness becoming immediately payable in full.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table includes information about the Company’s stock repurchases during the three months ended June 30, 2021:

(Dollars in millions, except per share amounts)
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as part of Publicly Announced Program	Approximate Dollar Value of Shares that may yet be Purchased under the Program (1)
April 1, 2021 through April 30, 2021	—	$	—	—	$	30.0
May 1, 2021 through May 31, 2021	—	—		—	30.0
June 1, 2021 through June 30, 2021	—	—		—	30.0
	—	$	—	—	$	30.0

(1)Shares that may be repurchased under a share repurchase program for up to $30 million of common stock that was authorized by the Board of Directors in 2018 and is set to expire on December 31, 2021. Refer to the Annual Report on Form 10-K for the year ended December 31, 2020, Note 11. Stockholders' Equity for share repurchase program details.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

45

EXHIBIT INDEX

Number in Exhibit Table	Description
10.1*	Form of Executive Officer Long Term Incentive Performance Share Restricted Stock Unit Agreement - 2-Year Performance Period; 5 Years of Service Retirement Vesting (Effective 2021).
10.2*	Form of Executive Officer Long Term Incentive Performance Share Restricted Stock Unit Agreement - 2-Year Performance Period; 10 Years of Service Retirement Vesting (Effective 2021).
10.3*	Form of Executive Officer Long Term Incentive Performance Share Restricted Stock Unit Agreement - 10 Years of Service Retirement Vesting (Effective 2021).
10.4*	Form of Executive Officer Long Term Incentive Performance Share Restricted Stock Unit Agreement - 5 Years of Service Retirement Vesting (Effective 2021).
31.1*	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) /15d-14(a).
31.2*	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) /15d-14(a).
32.1*	Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).
*	Filed herewith.

46

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

John Bean Technologies Corporation

(Registrant)

/s/ Jessi L. Corcoran

Jessi L. Corcoran

Vice President, Corporate Controller and duly authorized officer

(Principal Accounting Officer)

Date: July 30, 2021

47

EX-10.1

Exhibit 10.1

LONG TERM INCENTIVE PERFORMANCE SHARE
RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE JOHN BEAN TECHNOLOGIES CORPORATION
2017 INCENTIVE COMPENSATION AND STOCK PLAN

(PERFORMANCE-BASED)
(2-Year Performance Period; 5 Years of Service Retirement Vesting)

This Agreement is made as of <<Grant Date>>(the “Grant Date”) by JOHN BEAN TECHNOLOGIES CORPORATION, a Delaware corporation, (the “Company”) and <<Participant Name>> (the “Employee”).

In 2017, the Board of Directors of the Company (the “Board”) adopted the John Bean Technologies Corporation 2017 Incentive Compensation and Stock Plan (the “Plan”). The Plan, as it may be amended and continued, is incorporated by reference and made a part of this Agreement and will control the rights and obligations of the Company and the Employee under this Agreement.  Except as otherwise expressly provided herein, all capitalized terms have the meanings provided in the Plan. To the extent there is a conflict between the Plan and this Agreement, the provisions of the Plan will control.

The Compensation Committee of the Board (the “Committee”) determined that it would be to the competitive advantage and interest of the Company and its stockholders to grant an award of restricted stock units to the Employee, the amount of which will vary based on the Company’s performance, as an inducement to remain in the service of the Company or one of its affiliates (collectively, the “Employer”), and as an incentive for increased efforts during such service.  

The Committee, on behalf of the Company, grants to the Employee an award (the “Award”) of << Quantity Granted>>restricted stock units (the “RSUs”), which is equal to an equivalent number of shares of the Company’s common stock par value of $0.01 per share (the “Common Stock”).  The number of RSUs ultimately earned by the Employee will depend upon the Company’s performance in each year during a two year performance period, <<insert applicable years>> as measured by two performance criteria –EPS and Average Operating ROIC. One-half of the total RSUs subject to the Award will relate to performance in each year during the two-year performance period. The performance criteria will be measured independently for each year during the performance period.  The actual number of RSUs earned by the Employee with respect to each year in the performance period will be determined at a meeting of the Committee following the completion of each year of the performance period, at which time the Committee will determine whether the performance criteria have been satisfied for the year most recently ended and will review and approve the Company’s calculation of the Company’s performance on the two measures’ specified performance criteria.  The total number of RSUs earned with respect to each year in the performance period will vary between 0-200% of one-half of the total target RSU award amount depending on where in the specified performance range for each measure the Company’s performance on the two measures falls for such year.  For each year, there will be a minimum level for each measure below which the Employee will receive 0% of the one-half of the total target RSU award associated with that year, and correspondingly a maximum performance level which, even if exceeded, will not generate more than 200% of the one-half of the total target RSU award associated with that year.  In between the minimum and maximum performance targets the performance level of each measure will be plotted on a predefined curve which will indicate for each year the percent of the total target RSU award amount associated with such year that has been achieved (see attached).  The performance achieved on each measure will be weighted 70% for EPS and 30% for ROIC, with the weighted amounts then added together to determine the actual percentage payout of the total target RSU award amount associated with that year.

The award is made upon the following terms and conditions:

1.Vesting.  The RSUs ultimately earned by the Employee will vest on [Vest Date] (the “Vesting Date”).  Upon the Vesting Date, the RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter.  In the event of the Employee’s retirement from the Company upon or after attaining age 62 and 5 Years of Service, the RSUs will not vest until the Vesting Date and upon such Vesting Date, such RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter (and, in any event, within 70 days thereafter), with the amount of the resulting award to be determined on the basis of the Company’s achievement of the performance criteria.

Notwithstanding the foregoing, the RSUs will vest and will be immediately settled in shares of Common Stock and be immediately transferable thereafter (but in any event within 70 days) upon the occurrence of any of the following events:

(a)the Employee’s death;

(b)the Employee’s Disability;

(c)a Change in Control under which the successor corporation does not assume the Awards that remain outstanding under the Plan as of the effective date of the Change in Control, provided, if the Employee has attained (or could have attained) age 62 and 5 Years of Service prior to the Expiration Date of the Employee’s Award, this Section 1(c) shall not be applicable and, as such, the Employee’s Award shall not vest and be settled under this Section 1(c). For purposes herein, upon a Change in Control, the successor corporation shall be deemed to have assumed the Awards that remain outstanding under the Plan as of the effective date of the Change in Control if and only if such Awards are either (i) assumed or continued by the successor corporation, preserving the terms and conditions and existing value of the Awards as of the effective date of the Change in Control or (ii) replaced by the successor corporation with equity awards that preserve the existing value of the Awards as of the effective date of the Change in Control and provide terms and conditions that are the same or more favorable to the participants as those existing as of the effective date of the Change in Control and that otherwise comply with, and do not result in a violation of, Section 409A of the Code, which replacement shall be subject to the Compensation Committee’s approval;

(d)an involuntary Termination of Employment of the Employee’s employment by the Company for reasons other than Cause within twenty-four (24) calendar months following the month in which a Change in Control of the Company occurs; or

(e)a voluntary Termination of Employment by the Employee for Good Reason within twenty-four (24) calendar months following the month in which a Change in Control of the Company occurs pursuant to a notice of termination of employment delivered to the Company by the Employee.

For purposes of determining the amount of the resulting award in such an event, the number of RSUs relating to any then-completed year in the performance period that are deemed earned will be determined based on actual performance and, for any year(s) that have not then been completed, it will be assumed that the Company achieved “target” performance on each of the performance measures for such year(s), resulting in the payment of 100% of the one-half of the total target RSU award amount of this grant relating to such year(s).  All RSUs will be forfeited upon termination of the Employee’s employment with the Employer before the Vesting Date for a reason other than death, Disability or retirement from the Company upon or after attaining age 62 and 5 Years of Service.

2.Adjustment.  The Committee shall make equitable substitutions or adjustments in the RSUs as it determines to be appropriate in the event of any corporate event or transaction such as a stock split, merger, consolidation, separation, including a spin-off or other distribution of stock or property of the Company, reorganization or any partial or complete liquidation of the Company and shall make equitable adjustments to the financial results utilized for determining the level of achievement of the performance criteria as it determines to be appropriate to eliminate the impact of subsequent events that are objective, represent unusual or extraordinary items or events or are otherwise determined to be appropriate to adjust for, including (i) restructurings, discontinued operations, foreign currency translation, acquisitions and dispositions and mark-to-market accounting, (ii) charges relating to impairment and other unusual or nonrecurring charges and (iii) a change in tax law or accounting standards, practices or policies.

3.Rights as Stockholder.

(a)Until the RSUs are vested and settled in shares of Common Stock, the Employee shall have no rights as a stockholder of the Company.  The vested RSUs will be settled in shares of Common Stock and issued in the form of a book entry registration in the amount earned as a result of Company performance.

2

(b)Prior to the Vesting Date, the Employee may not vote, sell, exchange, transfer, pledge, hypothecate or otherwise dispose of any of the RSUs.  The RSUs have Dividend Equivalent Rights subject to the same vesting requirements as stated in Section 1 of this agreement and such rights are subject to forfeiture to the same extent as the underlying RSUs.

4.No Limitation on Rights of the Company.  The granting of RSUs will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

5.Employment.  Nothing in this Agreement or in the Plan will be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Employer will continue to employ the Employee, or as affecting in any way the right of the Employer to terminate the employment of the Employee at any time.

6.Government Regulation.  The Company’s obligation to deliver Common Stock following the Vesting Date will be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

7.Withholding.  The Employer will comply with all applicable withholding tax laws, and will be entitled to take any action necessary to effectuate such compliance. The Company may withhold a portion of the Common Stock to which the Employee or beneficiary otherwise would be entitled equivalent in value to the taxes required to be withheld, determined based upon the Fair Market Value of the Common Stock.  For purposes of withholding, Fair Market Value shall be equal to the closing price of the amount of Common Stock earned by the Employee pursuant to this award on the Vesting Date, or, if the Vesting Date is not a business day, the next business day immediately following the Vesting Date.

8.Notice.  Any notice to the Company provided for in this Agreement will be addressed to it in care of its Secretary, John Bean Technologies Corporation, 70 West Madison Street, Suite 4400, Chicago, Illinois 60602, and any notice to the Employee (or other person entitled to receive the RSUs) will be addressed to such person at the Employee’s address now on file with the Company, or to such other address as either may designate to the other in writing.  Any notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as stated above and deposited, postage paid, in a post office or branch post office regularly maintained by the United States government.

9.Administration.  The Committee administers the Plan.  The Employee’s rights under this Agreement are expressly subject to the terms and conditions of the Plan, a copy of which may be accessed through the Fidelity NetBenefits website, including any guidelines the Committee adopts from time to time.

10.Binding Effect.  This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

11.Sole Agreement.  This Agreement is the entire agreement between the parties to it, and any and all prior oral and written representations are merged into this Agreement.  This Agreement may only be amended by written agreement between the Company and the Employee.  Employee expressly acknowledges that the form of the grant agreement that the Employee accepts electronically through the Fidelity NetBenefits website is intended to facilitate the administration of this RSU award and may not be a full version of this Agreement due to limitations inherit in such website that are imposed by Fidelity.  The terms of this Agreement will govern the Employee’s award in the event of any inconsistency with the agreement viewed or accepted by the Employee on the Fidelity NetBenefits website.

12.Governing Law.  The interpretation, performance and enforcement of this Agreement will be governed by the laws of the State of Delaware.

13.Privacy.  Employee acknowledges and agrees to the Employer transferring certain personal data of such Employee to the Company for purposes of implementing, performing or administering the Plan or any related benefit.  Employee expressly gives his consent to the Employer and the Company to process such personal data.

14.Code Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent. In the event the terms of this Agreement would

3

subject Employee to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and Employee shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent the RSUs under this Agreement are payable by reference to Employee’s “termination of employment” such term and similar terms shall be deemed to refer to Employee’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent the RSUs constitute nonqualified deferred compensation, within the meaning of Section 409A, then (i) if such RSUs are conditioned upon Employee’s execution of a release and are scheduled to be paid during a designated period that begins in one taxable year and ends in a second taxable year, such RSUs shall be paid in the later of the two taxable years and (ii) if Employee is a specified employee (within the meaning of Section 409A of the Code) as of the date of Employee’s separation from service, if such RSUs are payable upon Employee’s separation from service and would have been paid prior to the six-month anniversary of Employee’s separation from service, then the payment of such RSUs shall be delayed until the earlier to occur of (A) the first day of the seventh month following Employee’s separation from service or (B) the date of Employee’s death.

Executed as of the Grant Date.

JOHN BEAN TECHNOLOGIES CORPORATION

By:	____________________________	<<Electronic Signature>>
	<<Title>>	<<Participant Name>>
		<<Acceptance Date>>

This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.

4

EX-10.2

Exhibit 10.2

LONG TERM INCENTIVE PERFORMANCE SHARE
RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE JOHN BEAN TECHNOLOGIES CORPORATION
2017 INCENTIVE COMPENSATION AND STOCK PLAN

(PERFORMANCE-BASED)
(2-Year Performance Period; 10 Years of Service Retirement Vesting)

This Agreement is made as of <<Grant Date>>(the “Grant Date”) by JOHN BEAN TECHNOLOGIES CORPORATION, a Delaware corporation, (the “Company”) and <<Participant Name>> (the “Employee”).

In 2017, the Board of Directors of the Company (the “Board”) adopted the John Bean Technologies Corporation 2017 Incentive Compensation and Stock Plan (the “Plan”). The Plan, as it may be amended and continued, is incorporated by reference and made a part of this Agreement and will control the rights and obligations of the Company and the Employee under this Agreement.  Except as otherwise expressly provided herein, all capitalized terms have the meanings provided in the Plan. To the extent there is a conflict between the Plan and this Agreement, the provisions of the Plan will control.

The Compensation Committee of the Board (the “Committee”) determined that it would be to the competitive advantage and interest of the Company and its stockholders to grant an award of restricted stock units to the Employee, the amount of which will vary based on the Company’s performance, as an inducement to remain in the service of the Company or one of its affiliates (collectively, the “Employer”), and as an incentive for increased efforts during such service.  

The Committee, on behalf of the Company, grants to the Employee an award (the “Award”) of << Quantity Granted>>restricted stock units (the “RSUs”), which is equal to an equivalent number of shares of the Company’s common stock par value of $0.01 per share (the “Common Stock”).  The number of RSUs ultimately earned by the Employee will depend upon the Company’s performance in each year during a two year performance period, <<insert applicable years>> as measured by two performance criteria –EPS and Average Operating ROIC. One-half of the total RSUs subject to the Award will relate to performance in each year during the two-year performance period. The performance criteria will be measured independently for each year during the performance period.  The actual number of RSUs earned by the Employee with respect to each year in the performance period will be determined at a meeting of the Committee following the completion of each year of the performance period, at which time the Committee will determine whether the performance criteria have been satisfied for the year most recently ended and will review and approve the Company’s calculation of the Company’s performance on the two measures’ specified performance criteria.  The total number of RSUs earned with respect to each year in the performance period will vary between 0-200% of one-half of the total target RSU award amount depending on where in the specified performance range for each measure the Company’s performance on the two measures falls for such year.  For each year, there will be a minimum level for each measure below which the Employee will receive 0% of the one-half of the total target RSU award associated with that year, and correspondingly a maximum performance level which, even if exceeded, will not generate more than 200% of the one-half of the total target RSU award associated with that year.  In between the minimum and maximum performance targets the performance level of each measure will be plotted on a predefined curve which will indicate for each year the percent of the total target RSU award amount associated with such year that has been achieved (see attached).  The performance achieved on each measure will be weighted 70% for EPS and 30% for ROIC, with the weighted amounts then added together to determine the actual percentage payout of the total target RSU award amount associated with that year.

The award is made upon the following terms and conditions:

1.Vesting.  The RSUs ultimately earned by the Employee will vest on [Vest Date] (the “Vesting Date”).  Upon the Vesting Date, the RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter.  In the event of the Employee’s retirement from the Company upon or after attaining age 62 and 10 Years of Service, the RSUs will not vest until the Vesting Date and upon such Vesting Date, such RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter (and, in any event, within 70 days thereafter), with the amount of the resulting award to be determined on the basis of the Company’s achievement of the performance criteria.

1

Notwithstanding the foregoing, the RSUs will vest and will be immediately settled in shares of Common Stock and be immediately transferable thereafter (but in any event within 70 days) upon the occurrence of any of the following events:

(a)the Employee’s death;

(b)the Employee’s Disability;

(c)a Change in Control under which the successor corporation does not assume the Awards that remain outstanding under the Plan as of the effective date of the Change in Control, provided, if the Employee has attained (or could have attained) age 62 and 10 Years of Service prior to the Expiration Date of the Employee’s Award, this Section 1(c) shall not be applicable and, as such, the Employee’s Award shall not vest and be settled under this Section 1(c). For purposes herein, upon a Change in Control, the successor corporation shall be deemed to have assumed the Awards that remain outstanding under the Plan as of the effective date of the Change in Control if and only if such Awards are either (i) assumed or continued by the successor corporation, preserving the terms and conditions and existing value of the Awards as of the effective date of the Change in Control or (ii) replaced by the successor corporation with equity awards that preserve the existing value of the Awards as of the effective date of the Change in Control and provide terms and conditions that are the same or more favorable to the participants as those existing as of the effective date of the Change in Control and that otherwise comply with, and do not result in a violation of, Section 409A of the Code, which replacement shall be subject to the Compensation Committee’s approval;

(d)an involuntary Termination of Employment of the Employee’s employment by the Company for reasons other than Cause within twenty-four (24) calendar months following the month in which a Change in Control of the Company occurs; or

(e)a voluntary Termination of Employment by the Employee for Good Reason within twenty-four (24) calendar months following the month in which a Change in Control of the Company occurs pursuant to a notice of termination of employment delivered to the Company by the Employee.

For purposes of determining the amount of the resulting award in such an event, the number of RSUs relating to any then-completed year in the performance period that are deemed earned will be determined based on actual performance and, for any year(s) that have not then been completed, it will be assumed that the Company achieved “target” performance on each of the performance measures for such year(s), resulting in the payment of 100% of the one-half of the total target RSU award amount of this grant relating to such year(s).   All RSUs will be forfeited upon termination of the Employee’s employment with the Employer before the Vesting Date for a reason other than death, Disability or retirement from the Company upon or after attaining age 62 and 10 Years of Service.

2.Adjustment.  The Committee shall make equitable substitutions or adjustments in the RSUs as it determines to be appropriate in the event of any corporate event or transaction such as a stock split, merger, consolidation, separation, including a spin-off or other distribution of stock or property of the Company, reorganization or any partial or complete liquidation of the Company and shall make equitable adjustments to the financial results utilized for determining the level of achievement of the performance criteria as it determines to be appropriate to eliminate the impact of subsequent events that are objective, represent unusual or extraordinary items or events or are otherwise determined to be appropriate to adjust for, including (i) restructurings, discontinued operations, foreign currency translation, acquisitions and dispositions and mark-to-market accounting, (ii) charges relating to impairment and other unusual or nonrecurring charges and (iii) a change in tax law or accounting standards, practices or policies.

3.Rights as Stockholder.

(a)Until the RSUs are vested and settled in shares of Common Stock, the Employee shall have no rights as a stockholder of the Company.  The vested RSUs will be settled in shares of Common Stock and issued in the form of a book entry registration in the amount earned as a result of Company performance.

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(b)Prior to the Vesting Date, the Employee may not vote, sell, exchange, transfer, pledge, hypothecate or otherwise dispose of any of the RSUs.  The RSUs have Dividend Equivalent Rights subject to the same vesting requirements as stated in Section 1 of this agreement and such rights are subject to forfeiture to the same extent as the underlying RSUs.

4.No Limitation on Rights of the Company.  The granting of RSUs will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

5.Employment.  Nothing in this Agreement or in the Plan will be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Employer will continue to employ the Employee, or as affecting in any way the right of the Employer to terminate the employment of the Employee at any time.

6.Government Regulation.  The Company’s obligation to deliver Common Stock following the Vesting Date will be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

7.Withholding.  The Employer will comply with all applicable withholding tax laws, and will be entitled to take any action necessary to effectuate such compliance. The Company may withhold a portion of the Common Stock to which the Employee or beneficiary otherwise would be entitled equivalent in value to the taxes required to be withheld, determined based upon the Fair Market Value of the Common Stock.  For purposes of withholding, Fair Market Value shall be equal to the closing price of the amount of Common Stock earned by the Employee pursuant to this award on the Vesting Date, or, if the Vesting Date is not a business day, the next business day immediately following the Vesting Date.

8.Notice.  Any notice to the Company provided for in this Agreement will be addressed to it in care of its Secretary, John Bean Technologies Corporation, 70 West Madison Street, Suite 4400, Chicago, Illinois 60602, and any notice to the Employee (or other person entitled to receive the RSUs) will be addressed to such person at the Employee’s address now on file with the Company, or to such other address as either may designate to the other in writing.  Any notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as stated above and deposited, postage paid, in a post office or branch post office regularly maintained by the United States government.

9.Administration.  The Committee administers the Plan.  The Employee’s rights under this Agreement are expressly subject to the terms and conditions of the Plan, a copy of which may be accessed through the Fidelity NetBenefits website, including any guidelines the Committee adopts from time to time.

10.Binding Effect.  This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

11.Sole Agreement.  This Agreement is the entire agreement between the parties to it, and any and all prior oral and written representations are merged into this Agreement.  This Agreement may only be amended by written agreement between the Company and the Employee.  Employee expressly acknowledges that the form of the grant agreement that the Employee accepts electronically through the Fidelity NetBenefits website is intended to facilitate the administration of this RSU award and may not be a full version of this Agreement due to limitations inherit in such website that are imposed by Fidelity.  The terms of this Agreement will govern the Employee’s award in the event of any inconsistency with the agreement viewed or accepted by the Employee on the Fidelity NetBenefits website.

12.Governing Law.  The interpretation, performance and enforcement of this Agreement will be governed by the laws of the State of Delaware.

13.Privacy.  Employee acknowledges and agrees to the Employer transferring certain personal data of such Employee to the Company for purposes of implementing, performing or administering the Plan or any related benefit.  Employee expressly gives his consent to the Employer and the Company to process such personal data.

14.Code Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent. In the event the terms of this Agreement would

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subject Employee to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and Employee shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent the RSUs under this Agreement are payable by reference to Employee’s “termination of employment” such term and similar terms shall be deemed to refer to Employee’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent the RSUs constitute nonqualified deferred compensation, within the meaning of Section 409A, then (i) if such RSUs are conditioned upon Employee’s execution of a release and are scheduled to be paid during a designated period that begins in one taxable year and ends in a second taxable year, such RSUs shall be paid in the later of the two taxable years and (ii) if Employee is a specified employee (within the meaning of Section 409A of the Code) as of the date of Employee’s separation from service, if such RSUs are payable upon Employee’s separation from service and would have been paid prior to the six-month anniversary of Employee’s separation from service, then the payment of such RSUs shall be delayed until the earlier to occur of (A) the first day of the seventh month following Employee’s separation from service or (B) the date of Employee’s death.

Executed as of the Grant Date.

JOHN BEAN TECHNOLOGIES CORPORATION

By:		<<Electronic Signature>>
	<<Title>>	<<Participant Name>>
		<<Acceptance Date>>

This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.

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EX-10.3

Exhibit 10.3

LONG TERM INCENTIVE PERFORMANCE SHARE
RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE JOHN BEAN TECHNOLOGIES CORPORATION
2017 INCENTIVE COMPENSATION AND STOCK PLAN

(PERFORMANCE-BASED)
(10 Years of Service Retirement Vesting)

This Agreement is made as of <<Grant Date>>(the “Grant Date”) by JOHN BEAN TECHNOLOGIES CORPORATION, a Delaware corporation, (the “Company”) and <<Participant Name>> (the “Employee”).

In 2017, the Board of Directors of the Company (the “Board”) adopted the John Bean Technologies Corporation 2017 Incentive Compensation and Stock Plan (the “Plan”). The Plan, as it may be amended and continued, is incorporated by reference and made a part of this Agreement and will control the rights and obligations of the Company and the Employee under this Agreement.  Except as otherwise expressly provided herein, all capitalized terms have the meanings provided in the Plan. To the extent there is a conflict between the Plan and this Agreement, the provisions of the Plan will control.

The Compensation Committee of the Board (the “Committee”) determined that it would be to the competitive advantage and interest of the Company and its stockholders to grant an award of restricted stock units to the Employee, the amount of which will vary based on the Company’s performance, as an inducement to remain in the service of the Company or one of its affiliates (collectively, the “Employer”), and as an incentive for increased efforts during such service.  

The Committee, on behalf of the Company, grants to the Employee an award (the “Award”) of << Quantity Granted>>restricted stock units (the “RSUs”), which is equal to an equivalent number of shares of the Company’s common stock par value of $0.01 per share (the “Common Stock”).  The number of RSUs ultimately earned by the Employee will depend upon the Company’s performance in each year during a three year performance period, <<insert applicable years>> as measured by two performance criteria –EPS and Average Operating ROIC. One-third of the total RSUs subject to the Award will relate to performance in each year during the three-year performance period. The performance criteria will be measured independently for each year during the performance period.  The actual number of RSUs earned by the Employee with respect to each year in the performance period will be determined at a meeting of the Committee following the completion of each year of the performance period, at which time the Committee will determine whether the performance criteria have been satisfied for the year most recently ended and will review and approve the Company’s calculation of the Company’s performance on the two measures’ specified performance criteria.  The total number of RSUs earned with respect to each year in the performance period will vary between 0-200% of one-third of the total target RSU award amount depending on where in the specified performance range for each measure the Company’s performance on the two measures falls for such year.  For each year, there will be a minimum level for each measure below which the Employee will receive 0% of the one-third of the total target RSU award associated with that year, and correspondingly a maximum performance level which, even if exceeded, will not generate more than 200% of the one-third of the total target RSU award associated with that year.  In between the minimum and maximum performance targets the performance level of each measure will be plotted on a predefined curve which will indicate for each year the percent of the total target RSU award amount associated with such year that has been achieved (see attached).  The performance achieved on each measure will be weighted 70% for EPS and 30% for ROIC, with the weighted amounts then added together to determine the actual percentage payout of the total target RSU award amount associated with that year.

The award is made upon the following terms and conditions:

1.Vesting.  The RSUs ultimately earned by the Employee will vest on [Vest Date] (the “Vesting Date”).  Upon the Vesting Date, the RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter.  In the event of the Employee’s retirement from the Company upon or after attaining age 62 and 10 Years of Service, the RSUs will not vest until the Vesting Date and upon such Vesting Date, such RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter (and, in any event, within 70 days thereafter), with the amount of the resulting award to be determined on the basis of the Company’s achievement of the performance criteria.

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Notwithstanding the foregoing, the RSUs will vest and will be immediately settled in shares of Common Stock and be immediately transferable thereafter (but in any event within 70 days) upon the occurrence of any of the following events:

(a)the Employee’s death;

(b)the Employee’s Disability;

(c)a Change in Control under which the successor corporation does not assume the Awards that remain outstanding under the Plan as of the effective date of the Change in Control, provided, if the Employee has attained (or could have attained) age 62 and 10 Years of Service prior to the Expiration Date of the Employee’s Award, this Section 1(c) shall not be applicable and, as such, the Employee’s Award shall not vest and be settled under this Section 1(c). For purposes herein, upon a Change in Control, the successor corporation shall be deemed to have assumed the Awards that remain outstanding under the Plan as of the effective date of the Change in Control if and only if such Awards are either (i) assumed or continued by the successor corporation, preserving the terms and conditions and existing value of the Awards as of the effective date of the Change in Control or (ii) replaced by the successor corporation with equity awards that preserve the existing value of the Awards as of the effective date of the Change in Control and provide terms and conditions that are the same or more favorable to the participants as those existing as of the effective date of the Change in Control and that otherwise comply with, and do not result in a violation of, Section 409A of the Code, which replacement shall be subject to the Compensation Committee’s approval;

(d)an involuntary Termination of Employment of the Employee’s employment by the Company for reasons other than Cause within twenty-four (24) calendar months following the month in which a Change in Control of the Company occurs; or

(e)a voluntary Termination of Employment by the Employee for Good Reason within twenty-four (24) calendar months following the month in which a Change in Control of the Company occurs pursuant to a notice of termination of employment delivered to the Company by the Employee.

For purposes of determining the amount of the resulting award in such an event, the number of RSUs relating to any then-completed year(s) in the performance period that are deemed earned will be determined based on actual performance and, for any year(s) that have not then been completed, it will be assumed that the Company achieved “target” performance on each of the performance measures for such year(s), resulting in the payment of 100% of the one-third of the total target RSU award amount of this grant relating to such year(s).   All RSUs will be forfeited upon termination of the Employee’s employment with the Employer before the Vesting Date for a reason other than death, Disability or retirement from the Company upon or after attaining age 62 and 10 Years of Service.

2.Adjustment.  The Committee shall make equitable substitutions or adjustments in the RSUs as it determines to be appropriate in the event of any corporate event or transaction such as a stock split, merger, consolidation, separation, including a spin-off or other distribution of stock or property of the Company, reorganization or any partial or complete liquidation of the Company and shall make equitable adjustments to the financial results utilized for determining the level of achievement of the performance criteria as it determines to be appropriate to eliminate the impact of subsequent events that are objective, represent unusual or extraordinary items or events or are otherwise determined to be appropriate to adjust for, including (i) restructurings, discontinued operations, foreign currency translation, acquisitions and dispositions and mark-to-market accounting, (ii) charges relating to impairment and other unusual or nonrecurring charges and (iii) a change in tax law or accounting standards, practices or policies.

3.Rights as Stockholder.

(a)Until the RSUs are vested and settled in shares of Common Stock, the Employee shall have no rights as a stockholder of the Company.  The vested RSUs will be settled in shares of Common Stock and issued in the form of a book entry registration in the amount earned as a result of Company performance.

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(b)Prior to the Vesting Date, the Employee may not vote, sell, exchange, transfer, pledge, hypothecate or otherwise dispose of any of the RSUs.  The RSUs have Dividend Equivalent Rights subject to the same vesting requirements as stated in Section 1 of this agreement and such rights are subject to forfeiture to the same extent as the underlying RSUs.

4.No Limitation on Rights of the Company.  The granting of RSUs will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

5.Employment.  Nothing in this Agreement or in the Plan will be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Employer will continue to employ the Employee, or as affecting in any way the right of the Employer to terminate the employment of the Employee at any time.

6.Government Regulation.  The Company’s obligation to deliver Common Stock following the Vesting Date will be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

7.Withholding.  The Employer will comply with all applicable withholding tax laws, and will be entitled to take any action necessary to effectuate such compliance. The Company may withhold a portion of the Common Stock to which the Employee or beneficiary otherwise would be entitled equivalent in value to the taxes required to be withheld, determined based upon the Fair Market Value of the Common Stock.  For purposes of withholding, Fair Market Value shall be equal to the closing price of the amount of Common Stock earned by the Employee pursuant to this award on the Vesting Date, or, if the Vesting Date is not a business day, the next business day immediately following the Vesting Date.

8.Notice.  Any notice to the Company provided for in this Agreement will be addressed to it in care of its Secretary, John Bean Technologies Corporation, 70 West Madison Street, Suite 4400, Chicago, Illinois 60602, and any notice to the Employee (or other person entitled to receive the RSUs) will be addressed to such person at the Employee’s address now on file with the Company, or to such other address as either may designate to the other in writing.  Any notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as stated above and deposited, postage paid, in a post office or branch post office regularly maintained by the United States government.

9.Administration.  The Committee administers the Plan.  The Employee’s rights under this Agreement are expressly subject to the terms and conditions of the Plan, a copy of which may be accessed through the Fidelity NetBenefits website, including any guidelines the Committee adopts from time to time.

10.Binding Effect.  This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

11.Sole Agreement.  This Agreement is the entire agreement between the parties to it, and any and all prior oral and written representations are merged into this Agreement.  This Agreement may only be amended by written agreement between the Company and the Employee.  Employee expressly acknowledges that the form of the grant agreement that the Employee accepts electronically through the Fidelity NetBenefits website is intended to facilitate the administration of this RSU award and may not be a full version of this Agreement due to limitations inherit in such website that are imposed by Fidelity.  The terms of this Agreement will govern the Employee’s award in the event of any inconsistency with the agreement viewed or accepted by the Employee on the Fidelity NetBenefits website.

12.Governing Law.  The interpretation, performance and enforcement of this Agreement will be governed by the laws of the State of Delaware.

13.Privacy.  Employee acknowledges and agrees to the Employer transferring certain personal data of such Employee to the Company for purposes of implementing, performing or administering the Plan or any related benefit.  Employee expressly gives his consent to the Employer and the Company to process such personal data.

14.Code Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent. In the event the terms of this Agreement would

3

subject Employee to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and Employee shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent the RSUs under this Agreement are payable by reference to Employee’s “termination of employment” such term and similar terms shall be deemed to refer to Employee’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent the RSUs constitute nonqualified deferred compensation, within the meaning of Section 409A, then (i) if such RSUs are conditioned upon Employee’s execution of a release and are scheduled to be paid during a designated period that begins in one taxable year and ends in a second taxable year, such RSUs shall be paid in the later of the two taxable years and (ii) if Employee is a specified employee (within the meaning of Section 409A of the Code) as of the date of Employee’s separation from service, if such RSUs are payable upon Employee’s separation from service and would have been paid prior to the six-month anniversary of Employee’s separation from service, then the payment of such RSUs shall be delayed until the earlier to occur of (A) the first day of the seventh month following Employee’s separation from service or (B) the date of Employee’s death.

Executed as of the Grant Date.

JOHN BEAN TECHNOLOGIES CORPORATION

By:		<<Electronic Signature>>
	<<Title>>	<<Participant Name>>
		<<Acceptance Date>>

This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.

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EX-10.4

Exhibit 10.4

LONG TERM INCENTIVE PERFORMANCE SHARE
RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE JOHN BEAN TECHNOLOGIES CORPORATION
2017 INCENTIVE COMPENSATION AND STOCK PLAN

(PERFORMANCE-BASED)
(5 Years of Service Retirement Vesting)

This Agreement is made as of <<Grant Date>>(the “Grant Date”) by JOHN BEAN TECHNOLOGIES CORPORATION, a Delaware corporation, (the “Company”) and <<Participant Name>> (the “Employee”).

In 2017, the Board of Directors of the Company (the “Board”) adopted the John Bean Technologies Corporation 2017 Incentive Compensation and Stock Plan (the “Plan”). The Plan, as it may be amended and continued, is incorporated by reference and made a part of this Agreement and will control the rights and obligations of the Company and the Employee under this Agreement.  Except as otherwise expressly provided herein, all capitalized terms have the meanings provided in the Plan. To the extent there is a conflict between the Plan and this Agreement, the provisions of the Plan will control.

The Compensation Committee of the Board (the “Committee”) determined that it would be to the competitive advantage and interest of the Company and its stockholders to grant an award of restricted stock units to the Employee, the amount of which will vary based on the Company’s performance, as an inducement to remain in the service of the Company or one of its affiliates (collectively, the “Employer”), and as an incentive for increased efforts during such service.  

The Committee, on behalf of the Company, grants to the Employee an award (the “Award”) of << Quantity Granted>>restricted stock units (the “RSUs”), which is equal to an equivalent number of shares of the Company’s common stock par value of $0.01 per share (the “Common Stock”).  The number of RSUs ultimately earned by the Employee will depend upon the Company’s performance in each year during a three year performance period, <<insert applicable years>> as measured by two performance criteria –EPS and Average Operating ROIC. One-third of the total RSUs subject to the Award will relate to performance in each year during the three-year performance period. The performance criteria will be measured independently for each year during the performance period.  The actual number of RSUs earned by the Employee with respect to each year in the performance period will be determined at a meeting of the Committee following the completion of each year of the performance period, at which time the Committee will determine whether the performance criteria have been satisfied for the year most recently ended and will review and approve the Company’s calculation of the Company’s performance on the two measures’ specified performance criteria.  The total number of RSUs earned with respect to each year in the performance period will vary between 0-200% of one-third of the total target RSU award amount depending on where in the specified performance range for each measure the Company’s performance on the two measures falls for such year.  For each year, there will be a minimum level for each measure below which the Employee will receive 0% of the one-third of the total target RSU award associated with that year, and correspondingly a maximum performance level which, even if exceeded, will not generate more than 200% of the one-third of the total target RSU award associated with that year.  In between the minimum and maximum performance targets the performance level of each measure will be plotted on a predefined curve which will indicate for each year the percent of the total target RSU award amount associated with such year that has been achieved (see attached).  The performance achieved on each measure will be weighted 70% for EPS and 30% for ROIC, with the weighted amounts then added together to determine the actual percentage payout of the total target RSU award amount associated with that year.

The award is made upon the following terms and conditions:

1.Vesting.  The RSUs ultimately earned by the Employee will vest on [Vest Date] (the “Vesting Date”).  Upon the Vesting Date, the RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter.  In the event of the Employee’s retirement from the Company upon or after attaining age 62 and 5 Years of Service, the RSUs will not vest until the Vesting Date and upon such Vesting Date, such RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter (and, in any event, within 70 days thereafter), with the amount of the resulting award to be determined on the basis of the Company’s achievement of the performance criteria.

Notwithstanding the foregoing, the RSUs will vest and will be immediately settled in shares of Common Stock and be immediately transferable thereafter (but in any event within 70 days) upon the occurrence of any of the following events:

(a)the Employee’s death;

(b)the Employee’s Disability;

(c)a Change in Control under which the successor corporation does not assume the Awards that remain outstanding under the Plan as of the effective date of the Change in Control, provided, if the Employee has attained (or could have attained) age 62 and 5 Years of Service prior to the Expiration Date of the Employee’s Award, this Section 1(c) shall not be applicable and, as such, the Employee’s Award shall not vest and be settled under this Section 1(c). For purposes herein, upon a Change in Control, the successor corporation shall be deemed to have assumed the Awards that remain outstanding under the Plan as of the effective date of the Change in Control if and only if such Awards are either (i) assumed or continued by the successor corporation, preserving the terms and conditions and existing value of the Awards as of the effective date of the Change in Control or (ii) replaced by the successor corporation with equity awards that preserve the existing value of the Awards as of the effective date of the Change in Control and provide terms and conditions that are the same or more favorable to the participants as those existing as of the effective date of the Change in Control and that otherwise comply with, and do not result in a violation of, Section 409A of the Code, which replacement shall be subject to the Compensation Committee’s approval;

(d)an involuntary Termination of Employment of the Employee’s employment by the Company for reasons other than Cause within twenty-four (24) calendar months following the month in which a Change in Control of the Company occurs; or

(e)a voluntary Termination of Employment by the Employee for Good Reason within twenty-four (24) calendar months following the month in which a Change in Control of the Company occurs pursuant to a notice of termination of employment delivered to the Company by the Employee.

For purposes of determining the amount of the resulting award in such an event, the number of RSUs relating to any then-completed year(s) in the performance period that are deemed earned will be determined based on actual performance and, for any year(s) that have not then been completed, it will be assumed that the Company achieved “target” performance on each of the performance measures for such year(s), resulting in the payment of 100% of the one-third of the total target RSU award amount of this grant relating to such year(s).  All RSUs will be forfeited upon termination of the Employee’s employment with the Employer before the Vesting Date for a reason other than death, Disability or retirement from the Company upon or after attaining age 62 and 5 Years of Service.

2.Adjustment.  The Committee shall make equitable substitutions or adjustments in the RSUs as it determines to be appropriate in the event of any corporate event or transaction such as a stock split, merger, consolidation, separation, including a spin-off or other distribution of stock or property of the Company, reorganization or any partial or complete liquidation of the Company and shall make equitable adjustments to the financial results utilized for determining the level of achievement of the performance criteria as it determines to be appropriate to eliminate the impact of subsequent events that are objective, represent unusual or extraordinary items or events or are otherwise determined to be appropriate to adjust for, including (i) restructurings, discontinued operations, foreign currency translation, acquisitions and dispositions and mark-to-market accounting, (ii) charges relating to impairment and other unusual or nonrecurring charges and (iii) a change in tax law or accounting standards, practices or policies.

3.Rights as Stockholder.

(a)Until the RSUs are vested and settled in shares of Common Stock, the Employee shall have no rights as a stockholder of the Company.  The vested RSUs will be settled in shares of Common Stock and issued in the form of a book entry registration in the amount earned as a result of Company performance.

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(b)Prior to the Vesting Date, the Employee may not vote, sell, exchange, transfer, pledge, hypothecate or otherwise dispose of any of the RSUs.  The RSUs have Dividend Equivalent Rights subject to the same vesting requirements as stated in Section 1 of this agreement and such rights are subject to forfeiture to the same extent as the underlying RSUs.

4.No Limitation on Rights of the Company.  The granting of RSUs will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

5.Employment.  Nothing in this Agreement or in the Plan will be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Employer will continue to employ the Employee, or as affecting in any way the right of the Employer to terminate the employment of the Employee at any time.

6.Government Regulation.  The Company’s obligation to deliver Common Stock following the Vesting Date will be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

7.Withholding.  The Employer will comply with all applicable withholding tax laws, and will be entitled to take any action necessary to effectuate such compliance. The Company may withhold a portion of the Common Stock to which the Employee or beneficiary otherwise would be entitled equivalent in value to the taxes required to be withheld, determined based upon the Fair Market Value of the Common Stock.  For purposes of withholding, Fair Market Value shall be equal to the closing price of the amount of Common Stock earned by the Employee pursuant to this award on the Vesting Date, or, if the Vesting Date is not a business day, the next business day immediately following the Vesting Date.

8.Notice.  Any notice to the Company provided for in this Agreement will be addressed to it in care of its Secretary, John Bean Technologies Corporation, 70 West Madison Street, Suite 4400, Chicago, Illinois 60602, and any notice to the Employee (or other person entitled to receive the RSUs) will be addressed to such person at the Employee’s address now on file with the Company, or to such other address as either may designate to the other in writing.  Any notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as stated above and deposited, postage paid, in a post office or branch post office regularly maintained by the United States government.

9.Administration.  The Committee administers the Plan.  The Employee’s rights under this Agreement are expressly subject to the terms and conditions of the Plan, a copy of which may be accessed through the Fidelity NetBenefits website, including any guidelines the Committee adopts from time to time.

10.Binding Effect.  This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

11.Sole Agreement.  This Agreement is the entire agreement between the parties to it, and any and all prior oral and written representations are merged into this Agreement.  This Agreement may only be amended by written agreement between the Company and the Employee.  Employee expressly acknowledges that the form of the grant agreement that the Employee accepts electronically through the Fidelity NetBenefits website is intended to facilitate the administration of this RSU award and may not be a full version of this Agreement due to limitations inherit in such website that are imposed by Fidelity.  The terms of this Agreement will govern the Employee’s award in the event of any inconsistency with the agreement viewed or accepted by the Employee on the Fidelity NetBenefits website.

12.Governing Law.  The interpretation, performance and enforcement of this Agreement will be governed by the laws of the State of Delaware.

13.Privacy.  Employee acknowledges and agrees to the Employer transferring certain personal data of such Employee to the Company for purposes of implementing, performing or administering the Plan or any related benefit.  Employee expressly gives his consent to the Employer and the Company to process such personal data.

14.Code Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent. In the event the terms of this Agreement would

3

subject Employee to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and Employee shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent the RSUs under this Agreement are payable by reference to Employee’s “termination of employment” such term and similar terms shall be deemed to refer to Employee’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent the RSUs constitute nonqualified deferred compensation, within the meaning of Section 409A, then (i) if such RSUs are conditioned upon Employee’s execution of a release and are scheduled to be paid during a designated period that begins in one taxable year and ends in a second taxable year, such RSUs shall be paid in the later of the two taxable years and (ii) if Employee is a specified employee (within the meaning of Section 409A of the Code) as of the date of Employee’s separation from service, if such RSUs are payable upon Employee’s separation from service and would have been paid prior to the six-month anniversary of Employee’s separation from service, then the payment of such RSUs shall be delayed until the earlier to occur of (A) the first day of the seventh month following Employee’s separation from service or (B) the date of Employee’s death.

Executed as of the Grant Date.

JOHN BEAN TECHNOLOGIES CORPORATION

By:		<<Electronic Signature>>
	<<Title>>	<<Participant Name>>
		<<Acceptance Date>>

This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.

4

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Brian A. Deck, certify that:

1.I have reviewed this quarterly report on Form 10-Q of John Bean Technologies Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting, to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 30, 2021

/s/ Brian A. Deck

Brian A. Deck

President and Chief Executive Officer

(Principal executive officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Matthew J. Meister, certify that:

1.I have reviewed this quarterly report on Form 10-Q of John Bean Technologies Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting, to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 30, 2021

/s/ Matthew J. Meister

Matthew J. Meister

Executive Vice President and Chief Financial Officer

(Principal financial officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian A. Deck, President and Chief Executive Officer of John Bean Technologies Corporation (the “Company”), do hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a)    the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended June 30, 2021, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 30, 2021

/s/ Brian A. Deck

Brian A. Deck

President and Chief Executive Officer

(Principal executive officer)

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew J. Meister, Executive Vice President and Chief Financial Officer of John Bean Technologies Corporation (the “Company”), do hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a)    the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended June 30, 2021, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 30, 2021

/s/ Matthew J. Meister

Matthew J. Meister

Executive Vice President and Chief Financial Officer

(Principal financial officer)

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		31,767,154
Entity Central Index Key	0001433660
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 475.5	$ 411.5	$ 893.3	$ 869.2
Operating expenses:
Selling, general and administrative expense	101.6	80.5	196.0	177.8
Restructuring expense	1.0	2.1	2.0	4.1
Operating income	47.3	47.6	85.1	91.3
Pension expense, other than service cost	0.0	1.0	0.0	2.0
Interest expense, net	2.1	3.5	4.2	8.3
Income from continuing operations before income taxes	45.2	43.1	80.9	81.0
Income tax provision	14.7	10.6	23.4	19.5
Income from continuing operations	30.5	32.5	57.5	61.5
Net income	$ 30.5	$ 32.5	$ 57.5	$ 61.5
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 0.95	$ 1.02	$ 1.80	$ 1.92
Net income (in dollars per share)	0.95	1.02	1.80	1.92
Diluted earnings per share:
Income from continuing operations (in dollars per share)	0.95	1.01	1.79	1.92
Net income (in dollars per share)	$ 0.95	$ 1.01	$ 1.79	$ 1.92
Product
Revenue	$ 412.1	$ 362.2	$ 772.8	$ 762.3
Operating expenses:
Cost of goods and services	281.6	245.2	526.7	518.4
Service
Revenue	63.4	49.3	120.5	106.9
Operating expenses:
Cost of goods and services	$ 44.0	$ 36.1	$ 83.5	$ 77.6

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 30.5	$ 32.5	$ 57.5	$ 61.5
Other comprehensive income (loss), net of income taxes
Foreign currency translation adjustments	3.6	(0.1)	8.1	(25.3)
Pension and other postretirement benefits adjustments	1.7	1.3	3.4	2.8
Derivatives designated as hedges	(0.3)	(2.0)	2.9	(4.4)
Other comprehensive income (loss)	5.0	(0.8)	14.4	(26.9)
Comprehensive income	$ 35.5	$ 31.7	$ 71.9	$ 34.6

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 202.3	$ 47.5
Trade receivables, net of allowances	218.0	236.1
Contract assets	89.1	68.3
Inventories	204.1	197.3
Other current assets	64.6	66.9
Total current assets	778.1	616.1
Property, plant and equipment, net of accumulated depreciation of $344.6 and $334.8 respectively	267.8	268.0
Goodwill	552.1	543.9
Intangible assets, net	289.2	299.1
Other assets	89.1	78.8
Total Assets	1,976.3	1,805.9
Current Liabilities:
Short-term debt	0.6	2.4
Accounts payable, trade and other	177.9	140.7
Advance and progress payments	144.9	137.5
Other current liabilities	155.5	176.9
Total current liabilities	478.9	457.5
Long-term debt	641.1	522.5
Accrued pension and other postretirement benefits, less current portion	88.8	94.1
Other liabilities	81.8	94.7
Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2021 or 2020	0.0	0.0
Common stock, $0.01 par value; 120,000,000 shares authorized; June 30, 2021:31,766,654 issued and 31,766,654 outstanding; December 31, 2020: 31,741,607 issued and 31,729,736 outstanding	0.3	0.3
Common stock held in treasury, at cost June 30, 2021: 0 shares and December 31, 2020: 11,871 shares	0.0	(1.0)
Additional paid-in capital	212.0	229.9
Retained earnings	678.9	627.8
Accumulated other comprehensive loss	(205.5)	(219.9)
Total stockholders' equity	685.7	637.1
Total Liabilities and Stockholders' Equity	$ 1,976.3	$ 1,805.9

XML

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 344.6	$ 334.8
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)	31,766,654	31,741,607
Common stock, shares outstanding (in shares)	31,766,654	31,729,736
Common stock held in treasury (in shares)	0	11,871

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 57.5	$ 61.5
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Depreciation and amortization	36.6	35.2
Stock-based compensation	4.1	2.1
Other	2.4	4.1
Changes in operating assets and liabilities:
Trade receivables, net and contract assets	(2.8)	53.5
Inventories	(11.0)	2.6
Accounts payable, trade and other	37.6	(46.2)
Advance and progress payments	8.4	(3.5)
Accrued pension and other postretirement benefits, net	(0.5)	(0.4)
Other assets and liabilities, net	(2.0)	(7.9)
Cash provided by continuing operating activities	130.3	101.0
Cash provided by operating activities	130.3	101.0
Cash flows from investing activities:
Acquisitions, net of cash acquired	(15.9)	(4.5)
Capital expenditures	(20.3)	(16.2)
Proceeds from disposal of assets	1.7	1.7
Cash required by investing activities	(34.5)	(19.0)
Cash flows from financing activities:
Net payments on short-term debt	(1.8)	(0.8)
Net payments from domestic credit facilities	(270.1)	(50.9)
Proceeds from issuance of 2026 convertible senior notes, net of issuance costs	392.2	0.0
Purchase of convertible bond hedge	(65.6)	0.0
Proceeds from sale of warrants	29.5	0.0
Settlement of taxes withheld on stock-based compensation awards	(2.0)	(2.2)
Payment of acquisition date earnout liability	(16.1)	0.0
Dividends	(6.3)	(6.3)
Cash provided (required) by financing activities	59.8	(60.2)
Effect of foreign exchange rate changes on cash and cash equivalents	(0.8)	(3.3)
Increase in cash and cash equivalents	154.8	18.5
Cash and cash equivalents, beginning of period	47.5	39.5
Cash and cash equivalents, end of period	$ 202.3	$ 58.0

XML

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)	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjustment Retained Earnings
Beginning balance at Dec. 31, 2019	$ 569.5	$ 0.3	$ (12.6)	$ 241.8	$ 532.8	$ (192.8)	$ (1.0)	$ (1.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61.5				61.5
Issuance of treasury stock	0.0		5.6	(5.6)
Common stock cash dividends	(6.4)				(6.4)
Foreign currency translation adjustments, net of income taxes	(25.3)					(25.3)
Derivatives designated as hedges, net of income taxes	(4.4)					(4.4)
Pension and other postretirement liability adjustments, net of income taxes	2.8					2.8
Stock-based compensation expense	2.1			2.1
Taxes withheld on issuance of stock-based awards	(2.2)			(2.2)
Ending balance at Jun. 30, 2020	596.6	0.3	(7.0)	236.1	586.9	(219.7)
Beginning balance at Mar. 31, 2020	570.7	0.3	(12.6)	244.3	557.6	(218.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32.5				32.5
Issuance of treasury stock	0.0		5.6	(5.6)
Common stock cash dividends	(3.2)				(3.2)
Foreign currency translation adjustments, net of income taxes	(0.1)					(0.1)
Derivatives designated as hedges, net of income taxes	(2.0)					(2.0)
Pension and other postretirement liability adjustments, net of income taxes	1.3					1.3
Stock-based compensation expense	(0.4)			(0.4)
Taxes withheld on issuance of stock-based awards	(2.2)			(2.2)
Ending balance at Jun. 30, 2020	596.6	0.3	(7.0)	236.1	586.9	(219.7)
Beginning balance at Dec. 31, 2020	637.1	0.3	(1.0)	229.9	627.8	(219.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57.5				57.5
Issuance of treasury stock	0.0		1.0	(1.0)
Common stock cash dividends	(6.4)				(6.4)
Foreign currency translation adjustments, net of income taxes	8.1					8.1
Derivatives designated as hedges, net of income taxes	2.9					2.9
Proceeds from sale of warrants	29.5			29.5
Purchase of convertible bond hedge, net of income tax of $(17.1)	(48.5)			(48.5)
Pension and other postretirement liability adjustments, net of income taxes	3.4					3.4
Stock-based compensation expense	4.1			4.1
Taxes withheld on issuance of stock-based awards	(2.0)			(2.0)
Ending balance at Jun. 30, 2021	685.7	0.3	0.0	212.0	678.9	(205.5)
Beginning balance at Mar. 31, 2021	672.1	0.3	(0.9)	231.6	651.6	(210.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30.5				30.5
Issuance of treasury stock	0.0		0.9	(0.9)
Common stock cash dividends	(3.2)				(3.2)
Foreign currency translation adjustments, net of income taxes	3.6					3.6
Derivatives designated as hedges, net of income taxes	(0.3)					(0.3)
Proceeds from sale of warrants	29.5			29.5
Purchase of convertible bond hedge, net of income tax of $(17.1)	(48.5)			(48.5)
Pension and other postretirement liability adjustments, net of income taxes	1.7					1.7
Stock-based compensation expense	2.3			2.3
Taxes withheld on issuance of stock-based awards	(2.0)			(2.0)
Ending balance at Jun. 30, 2021	$ 685.7	$ 0.3	$ 0.0	$ 212.0	$ 678.9	$ (205.5)

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common stock cash dividends (in usd per share)	$ 0.10	$ 0.10	$ 0.20	$ 0.20
Foreign currency, translation adjustments, tax	$ (0.4)	$ 0.6	$ 0.7	$ (1.0)
Derivatives designated as hedges, tax	(0.1)	(0.5)	1.0	(1.1)
Purchase of convertible bond hedge, tax	(17.1)		(17.1)
Pension and other postretirement liability adjustments, tax	$ 0.6	$ 0.4	$ 1.2	$ 0.9

XML

Description of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business

John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (the “Company,” “JBT,” “our,” “us,” or “we”) provide global technology solutions to high-value segments of the food and beverage and air transportation industries. The Company designs, produces and services sophisticated products and systems for multi-national and regional customers through JBT FoodTech and JBT AeroTech segments. The Company has manufacturing operations worldwide that are strategically located to facilitate delivery of its products and services to its customers.

Basis of Presentation

In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2020, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America.

In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period.

Use of estimates

Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.

Recently adopted accounting pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments in this update simplifies accounting for certain convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. As a result, convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. Additionally, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer be available for convertible debt instruments. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company early adopted the new standard effective January 1, 2021 using the modified retrospective method. There was no impact on the Company's financial statements as of the adoption date. As further discussed in Note 6, "Debt," the Company issued $402.5 million principal amount of convertible senior notes on May 28, 2021, which have been accounted for in accordance with the provisions of ASU 2020-06.

Recently issued accounting standards not yet adopted

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. ASU 2019-12 requires accounting of lessor leases with variable lease payments that do not depend on a reference index or a rate as operating leases if any other lease classification would require lessor to recognize a day-one loss. The new standard will be effective for the Company as of January 1, 2022 with early adoption permitted and allows for both prospective and

retrospective methods of adoption. The Company is currently evaluating the potential impact ASU 2021-05 may have on its financial position and results of operations upon adoption.

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Acquisitions

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

During the six months ended June 30, 2021 and fiscal year 2020 the Company acquired 100% of voting equity of one business, and the assets and liabilities of another business. A summary of the acquisitions made during the periods is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
February 28, 2021	Stock	AutoCoding Systems Ltd. ("ACS")	Cheshire, U.K.	JBT FoodTech
A provider of a central command solution for the integration of packaging process devices. The ACS acquisition extends the Company's capabilities in packaging line equipment and associated devices, including coding and label inspection and verification.
May 29, 2020	Asset	MARS Food Processing Solutions, LLC ("MARS")	Denver, North Carolina	JBT FoodTech
A provider of solutions for monitoring and managing the efficiency of poultry processing plants. The MARS acquisition allows the Company to offer its Protein customers proprietary solutions for monitoring and managing the efficiency of poultry processing plants.

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.

	ACS(1)
(In millions)
Financial assets	$	2.9
Inventories	0.7
Other intangible assets (2)	7.9
Deferred taxes	(1.4)
Financial liabilities	(2.9)
Total identifiable net assets	$	7.2
Cash consideration paid	$	17.0
Cash acquired	1.1
Net consideration	$	15.9
Goodwill (3)	$	9.8

(1)The purchase accounting for ACS is provisional. The valuation of certain working capital balances, 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 June 30, 2021, the Company refined its estimates for other intangibles by ($2.0) million, deferred taxes by $0.5 million, and other working capital balances by immaterial amounts. The impact of these adjustments was reflected as a net increase in goodwill of $2.0 million. These adjustments resulted in an immaterial impact to the consolidated statement of income.

(2)The intangible assets acquired include customer relationships of $3.7 million with 14 years of useful life, technology of $3.4 million with 4 years of useful life, and trade names of $0.8 million with 19 years of useful life.

(3)The Company expects goodwill of $0.7 million from this acquisition to be deductible for income tax purposes.

During the second quarter of 2020, the Company acquired certain assets and liabilities of MARS Food Processing Solutions, LLC ("MARS") for a purchase price of $5 million. The Company expects goodwill of $3.1 million from this acquisition to be deductible for income tax purposes.

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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by business segment were as follows:

(In millions)	JBT FoodTech		JBT AeroTech		Total
Balance as of December 31, 2020	$	505.7	$	38.2	$	543.9
Acquisitions	9.8		—		9.8
Currency translation	(1.6)		—		(1.6)
Balance as of June 30, 2021	$	513.9	$	38.2	$	552.1

Intangible assets consisted of the following:

	June 30, 2021				December 31, 2020
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	259.9	$	92.0	$	256.9	$	82.8
Patents and acquired technology	154.7		75.4		151.3		65.2
Trademarks	45.5		14.3		44.8		16.8
Non-amortizing intangible assets	10.7		—		10.8		—
Other	8.8		8.7		9.4		9.3
Total intangible assets	$	479.6	$	190.4	$	473.2	$	174.1

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Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:

(In millions)	June 30, 2021		December 31, 2020
Raw materials	$	92.1	$	87.3
Work in process	55.8		51.4
Finished goods	137.1		136.4
Gross inventories before LIFO reserves and valuation adjustments	285.0		275.1
LIFO reserves	(50.8)		(49.2)
Valuation adjustments	(30.1)		(28.6)
Net inventories	$	204.1	$	197.3

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Pension

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Pension

PENSION

Components of net periodic benefit cost were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	0.6	$	0.6	$	1.2	$	1.1
Interest cost	1.7		2.3		3.3		4.6
Expected return on plan assets	(3.9)		(3.3)		(7.8)		(6.6)
Amortization of net actuarial losses	2.3		2.0		4.6		4.0
Net periodic cost	$	0.7	$	1.6	$	1.3	$	3.1

The Company expects to contribute $15.2 million to its pension and other post-retirement benefit plans in 2021. The pension contributions will be primarily for the U.S. qualified pension plan. All of the contributions are expected to be in the form of cash. The Company has made no contribution to its U.S. qualified pension plan during the six months ended June 30, 2021.

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Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

DEBT

Five-year Revolving Credit Facility

On June 19, 2018, the Company entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto. The Credit Agreement provides for a $1 billion revolving credit facility that matures in June 2023. On May 25, 2021, the Company entered into the first amendment to the Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto (the “Credit Agreement Amendment”). The purpose of the Credit Agreement Amendment was to permit the issuance of the Convertible Senior Notes.

Convertible Senior Notes

On May 28, 2021, the Company closed a private offering of $402.5 million aggregate principal amount of the Company's 0.25% Convertible Senior Notes due 2026 (the "Notes") to qualified institutional buyers, resulting in net proceeds of approximately $392.2 million after deducting initial purchasers’ discounts of the Notes. Interest on the Notes will accrue from May 28, 2021 and is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021, at a rate of 0.25% per year. The Notes will mature on May 15, 2026 unless earlier converted, redeemed or repurchased. No sinking fund is provided for the Notes.

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. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the Notes (the "Indenture")) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

On or after March 20, 2024, the Company has the option to redeem for cash all or part of the Notes, if the last reported sales price of the Company's common stock (the "common stock") has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides redemption notice, during any 30 consecutive trading days ending on, and including, the last trading day immediately before the date the Company sends the related redemption notice. The redemption price of each Note to be redeemed will be the principal amount of such note, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company redeems less than all the outstanding Notes, at least $100 million aggregate principal amount of Notes must be outstanding and not subject to redemption as of the relevant redemption notice date.

Prior to the close of business on the business day immediately preceding February 15, 2026, the Notes are convertible at the option of the holders only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on September 30, 2021 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not

consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day;

•if the Company calls such Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the Notes called (or deemed called) for redemption; or

•upon the occurrence of certain corporate events, as specified in the Indenture governing the Notes.

At any time on or after February 15, 2026, holders may convert their Notes at their option, and in multiples of $1,000 principle amount, without regard to the foregoing circumstances. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes and for the remainder of our conversion obligation in excess of the aggregate principal amount will pay or deliver cash, shares of common stock, or a combination of cash and shares of common stock at the Company’s election.

The Notes were not convertible during the quarter ended June 30, 2021 and none have been converted to date. Also given the average market price of the common stock has not exceeded the exercise price since inception, there is no impact to the diluted earnings per share.

Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their Notes in multiples of $1,000 principal amounts, at its repurchase price, plus accrued and unpaid interest to, but excluding, the repurchase date.

The Notes are senior unsecured obligations and rank equally in right of payment with all of the Company's existing and unsubordinated debt and senior in right of payment to any future debt that is expressly subordinated in right of payment to the Notes. The Notes will be effectively subordinated to any of the Company's existing and future secured debt to the extent of the assets securing such indebtedness.

The Indenture includes customary terms and covenants, including certain events of default after which the Notes may become due and payable immediately.

Convertible Note Hedge Transactions

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 June 30, 2021.

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.

The components of the Company's borrowings were as follows:

(In millions)	Maturity Date	June 30, 2021		December 31, 2020
Revolving credit facility (1)	June 19, 2023	$	250.0	$	523.9
Less: unamortized debt issuance costs		$	(0.5)	$	(1.4)
Revolving credit facility, net		$	249.5	$	522.5
Convertible senior notes (2)	May 15, 2026	$	402.5	$	—
Less: unamortized debt issuance costs		$	(10.9)	$	—
Convertible senior notes, net		$	391.6	$	—
Long-term debt, net		$	641.1	$	522.5

(1) Weighted-average interest rate at June 30, 2021 was 1.32%

(2) Effective interest rate for the Notes for the quarter ended June 30, 2021 was 0.82%

Interest expense of $0.3 million recognized for the Notes included contractual interest expense of $0.1 million and the amortization of debt issuance cost of $0.2 million for the three and six month ended June 30, 2021.

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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and 2020 by component are shown in the following tables:

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
(In millions)
Beginning balance, March 31, 2021	$	(159.7)	$	(0.6)	$	(50.2)	$	(210.5)
Other comprehensive income (loss) before reclassification	—		(0.7)		4.1		3.4
Amounts reclassified from accumulated other comprehensive income	1.7		0.4		(0.5)		1.6
Ending balance, June 30, 2021	$	(158.0)	$	(0.9)	$	(46.6)	$	(205.5)

(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 June 30, 2021 were $2.3 million of charges to pension expense, other than service cost, net of $0.6 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.5 million of interest expense, net of $0.1 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended June 30, 2021 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
(In millions)
Beginning balance, March 31, 2020	$	(145.5)	$	(2.3)	$	(71.1)	$	(218.9)
Other comprehensive income (loss) before reclassification	—		(2.3)		0.5		(1.8)
Amounts reclassified from accumulated other comprehensive income	1.3		0.3		(0.6)		1.0
Ending balance, June 30, 2020	$	(144.2)	$	(4.3)	$	(71.2)	$	(219.7)

(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 June 30, 2020 were $1.7 million of charges to pension expense, other than service cost, net of $0.4 million in benefit for 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 June 30, 2020 were $0.7 million of benefit in interest expense, net of $0.1 million income tax provision.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
(In millions)
Beginning balance, December 31, 2020	$	(161.4)	$	(3.8)	$	(54.7)	$	(219.9)
Other comprehensive income (loss) before reclassification	—		2.2		9.1		11.3
Amounts reclassified from accumulated other comprehensive income	3.4		0.7		(1.0)		3.1
Ending balance, June 30, 2021	$	(158.0)	$	(0.9)	$	(46.6)	$	(205.5)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the six months ended June 30, 2021 were $4.6 million of charges to pension expense, other than service cost, net of $1.2 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.9 million of interest expense, net of $0.2 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the six months ended June 30, 2021 were $1.4 million of benefit in interest expense, net of $0.4 million income tax provision.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
(In millions)
Beginning balance, December 31, 2019	$	(147.0)	$	0.1	$	(45.9)	$	(192.8)
Other comprehensive income (loss) before reclassification	—		(4.7)		(24.2)		(28.9)
Amounts reclassified from accumulated other comprehensive income	2.8		0.3		(1.1)		2.0
Ending balance, June 30, 2020	$	(144.2)	$	(4.3)	$	(71.2)	$	(219.7)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the six months ended June 30, 2020 were $3.7 million of charges to pension expense, other than service cost, net of $0.9 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 six months ended June 30, 2020 were $1.4 million of benefit in interest expense, net of $0.3 million income tax provision.

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Revenue Recognition (Notes)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Transaction price allocated to the remaining performance obligations

The Company has estimated that $880.1 million 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 June 30, 2021. The Company expects to complete these obligations and recognize 68% as revenue in 2021, 26% in 2022 and the remainder in 2023.

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				Six Months Ended
	June 30, 2021				June 30, 2021
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	164.4	$	44.3	$	314.8	$	85.8
Non-recurring (1)	196.3		70.5		357.7		135.0
Total	360.7		114.8		672.5		220.8
Geographical Region (2)
North America	197.1		100.0		366.2		190.0
Europe, Middle East and Africa	90.2		12.0		174.1		23.5
Asia Pacific	45.3		1.4		86.6		4.7
Latin America	28.1		1.4		45.6		2.6
Total	360.7		114.8		672.5		220.8
Timing of Recognition
Point in Time	169.2		51.7		316.3		95.2
Over Time	191.5		63.1		356.2		125.6
Total	360.7		114.8		672.5		220.8

	Three Months Ended				Six Months Ended
	June 30, 2020				June 30, 2020
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	147.7	$	32.9	$	301.4	$	78.6
Non-recurring (1)	155.1		75.8		311.1		178.1
Total	302.8		108.7		612.5		256.7
Geographical Region (2)
North America	167.1		94.8		321.2		225.2
Europe, Middle East and Africa	88.2		7.5		187.8		18.1
Asia Pacific	32.0		5.8		67.4		11.5
Latin America	15.5		0.6		36.1		1.9
Total	302.8		108.7		612.5		256.7
Timing of Recognition
Point in Time	141.7		47.5		290.1		124.6
Over Time	161.1		61.2		322.4		132.1
Total	302.8		108.7		612.5		256.7

(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)	June 30, 2021		December 31, 2020
Contract assets	$	89.1	$	68.3
Contract liabilities	135.9		123.8
	Balances as of
	June 30, 2020		December 31, 2019
Contract assets	76.4		74.4
Contract liabilities	90.9		92.5

The revenue recognized during the six months ended June 30, 2021 and 2020 that was included in contract liabilities at the beginning of the period amounted to $86.3 million and $68.4 million, respectively. The remainder of the change from December 31, 2020 and December 31, 2019 is driven by the timing of advance and milestone payments received from customers, customer returns and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.

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Earnings Per Share

6 Months Ended

Jun. 30, 2021

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 continuing operations for the respective periods and basic and diluted shares outstanding:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2021		2020		2021		2020
Basic earnings per share:
Income from continuing operations	$	30.5	$	32.5	$	57.5	$	61.5
Weighted average number of shares outstanding	32.0		32.0		32.0		31.9
Basic earnings per share from continuing operations	$	0.95	$	1.02	$	1.80	$	1.92
Diluted earnings per share:
Income from continuing operations	$	30.5	$	32.5	$	57.5	$	61.5
Weighted average number of shares outstanding	32.0		32.0		32.0		31.9
Effect of dilutive securities:
Restricted stock	0.1		—		0.1		0.2
Total shares and dilutive securities	32.1		32.0		32.1		32.1
Diluted earnings per share from continuing operations	$	0.95	$	1.01	$	1.79	$	1.92

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

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 June 30, 2021								As of December 31, 2020
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	13.1	$	13.1	$	—	$	—	$	12.3	$	12.3	$	—	$	—
Derivatives	7.4		—		7.4		—		10.0		—		10.0		—
Total assets	$	20.5	$	13.1	$	7.4	$	—	$	22.3	$	12.3	$	10.0	$	—
Liabilities:
Derivatives	$	4.8	$	—	$	4.8	$	—	$	18.8	$	—	$	18.8	$	—
Contingent consideration	—		—		—		—		19.1		—		—		19.1
Total liabilities	$	4.8	$	—	$	4.8	$	—	$	37.9	$	—	$	18.8	$	19.1

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 $0.9 million as of June 30, 2021 and unrealized gain of $1.1 million as of December 31, 2020.

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 $427.5 million as of June 30, 2021.

The purchase agreement for the Company's acquisition of Proseal, in the second quarter of 2019, included contingent consideration due to the sellers of Proseal upon achievement of certain earnings targets. The contingent consideration obligation included in the Balance Sheet as other current liabilities as of December 31, 2020, was paid during the current quarter.

The following table provides a summary of changes in fair value of contingent consideration during the six months ended June 30, 2021 and 2020:

	Six months ended
	June 30, 2021		June 30, 2020
Beginning balance	$	19.1	$	17.4
Measurement adjustments recorded to earnings	—		(0.1)
Cash payment	(19.4)		—
Foreign currency translation adjustment	0.3		(1.2)
Ending balance	$	—	$	16.1

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 long-term debt approximate their fair values due to their variable interest rates.

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Derivative Financial Instruments and Risk Management

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Risk Management

DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Derivative Financial Instruments

All derivatives are recorded as assets or liabilities in the Balance Sheet at their respective fair values. For derivatives designated as cash flow hedges, the unrealized gain or loss related to the derivatives is recorded in Other comprehensive income (loss) until the hedged transaction affects earnings. The Company assesses at inception of the hedge, whether the derivative in the hedging transaction will be highly effective in offsetting changes in cash flows of the hedged item. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings.

Foreign Exchange: The Company manufactures and sells products in a number of countries throughout the world and, as a result, the Company is exposed to movements in foreign currency exchange rates. Major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some of the Company's sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which are taken into consideration as part of the Company's risk management policy. The purpose of the Company's foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. The Company primarily utilizes forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at June 30, 2021 of $830.1 million, as hedges and therefore does not apply hedge accounting.

The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet:

	As of June 30, 2021				As of December 31, 2020
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Total	$	5.5	$	3.5	$	10.0	$	12.7

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 the Company to net settle for transactions with the same counterparty. However, it does not net settle with such counterparties. As a result, derivatives are presented at their gross fair values in the Balance Sheet.  

As of June 30, 2021 and December 31, 2020, information related to these offsetting arrangements was as follows:

(In millions)	As of June 30, 2021
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	7.3	$	—	$	7.3	$	(1.2)	$	6.1

(In millions)	As of June 30, 2021
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	3.9	$	—	$	3.9	$	(1.2)	$	2.7

(In millions)	As of December 31, 2020
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	10.0	$	—	$	10.0	$	(8.6)	$	1.4

(In millions)	As of December 31, 2020
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	16.6	$	—	$	16.6	$	(8.6)	$	8.0

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 Income Statement: 

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 June 30,				Six Months Ended June 30,
(In millions)		2021		2020		2021		2020
Foreign exchange contracts	Revenue	$	1.6	$	2.3	$	0.4	$	(2.3)
Foreign exchange contracts	Cost of sales	(0.1)		(2.9)		0.8		(0.1)
Foreign exchange contracts	Selling, general and administrative expense	0.3		0.9		0.3		1.3
Total		1.8		0.3		1.5		(1.1)
Remeasurement of assets and liabilities in foreign currencies		(1.6)		(1.2)		(1.8)		1.8
Net gain (loss) on foreign currency transactions		$	0.2	$	(0.9)	$	(0.3)	$	0.7

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 June 30, 2021, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other liabilities of $1.3 million and as accumulated other comprehensive income, net of tax, of $1.0 million.

Net Investment: The Company has entered into a cross currency swap agreement that synthetically swaps $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreement is designated as a net investment hedge for accounting

purposes. Accordingly, the gain or loss on this derivative instrument is included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Coupons received for the cross currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the condensed consolidated statements of income. For the six months ended June 30, 2021 and 2020, gains recorded in interest expense, net under the cross currency swap agreement were approximately $1.4 million.

At June 30, 2021, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other assets of $1.9 million and as accumulated other comprehensive income, net of tax, of $1.4 million.

Refer to Note 10. Fair Value Of Financial Instruments for a description of how the values of the above financial instruments are determined.

Credit Risk

By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject the Company to credit risk primarily consist of trade receivables and derivative contracts. The Company manages the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and establishing credit limits, and monitoring counterparties’ financial condition. Maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of June 30, 2021, 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.

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Leases

6 Months Ended

Jun. 30, 2021

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 June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Fixed payment revenue	$	16.6	$	16.3	$	32.9	$	32.6
Variable payment revenue	3.9		3.7		8.4		8.8
Operating lease revenue	$	20.5	$	20.0	$	41.3	$	41.4
Sales-type lease revenue	$	3.1	$	2.1	$	4.3	$	3.6

Refer to Note 16. Related Party Transactions for details of operating lease agreements with related parties.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

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 $202.1 million at June 30, 2021, represent guarantees of future performance. The Company has also provided $7.6 million of bank guarantees and letters of credit to secure a portion of its existing financial obligations. The majority of these financial instruments expire within one year and are expected to be replaced through the issuance of new or the extension of existing letters of credit and surety bonds.

In some instances, the Company guarantees its customers’ financing arrangements. The Company is responsible for payment of any unpaid amounts, but will receive indemnification from third parties for ninety-five percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of June 30, 2021, the gross value of such arrangements was $1.0 million, of which its net exposure under such guarantees was $0.1 million.

The Company provides warranties to certain of its customers based on standard terms and conditions and negotiated agreements. The Company provides for the estimated cost of warranties at the time revenue is recognized. Cost of warranties includes an estimate for products where reliable, historical experience of failure rates, as well as the related costs in correcting a product failure warranty claims and cost exist. The Company also provides a warranty liability when additional specific warranty costs are identified. The warranty obligation reflected in other current liabilities in the consolidated Balance Sheet is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Balance at beginning of period	$	11.6	$	11.7	$	11.5	$	12.0
Expense for new warranties	3.4		3.9		7.1		6.9
Adjustments to existing accruals	—		(0.6)		(0.2)		(0.4)
Claims paid	(2.6)		(3.0)		(5.8)		(6.4)
Added through acquisition	—		(0.1)		—		—
Translation	0.1		0.1		(0.1)		(0.1)
Balance at end of period	$	12.5	$	12.0	$	12.5	$	12.0

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Business Segment Information

6 Months Ended

Jun. 30, 2021

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, operating profit margin, EBITDA, adjusted when applicable, and EBITDA margins.

Reportable segments are:

•JBT FoodTech—provides comprehensive solutions throughout the food production value chain extending from primary processing through packaging systems for a large variety of food and beverage groups, including poultry, beef, pork, seafood, ready-to-eat meals, fruits, vegetables, dairy, bakery, pet foods, soups, sauces, and juices.

•JBT AeroTech— supplies customized solutions and services used for applications in the air transportation industry, including airport authorities, airlines, airfreight, ground handling companies, militaries and defense contractors.

Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate expense, restructuring costs, pension expense, other than service cost, interest income and expense, and income taxes. See the table below for further details on corporate expense.

Business segment information was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Revenue
JBT FoodTech	$	360.7	$	302.8	$	672.5	$	612.5
JBT AeroTech	114.8		108.7		220.8		256.7
Total revenue	475.5		411.5		893.3		869.2
Income before income taxes
Segment operating profit:
JBT FoodTech	51.5		49.0		93.0		89.7
JBT AeroTech	12.1		10.3		22.0		28.8
Total segment operating profit	63.6		59.3		115.0		118.5
Corporate items:
Corporate expense (1)	15.3		9.6		27.9		23.1
Restructuring expense (2)	1.0		2.1		2.0		4.1
Operating income	47.3		47.6		85.1		91.3
Pension expense, other than service cost	—		1.0		—		2.0
Interest expense, net	2.1		3.5		4.2		8.3
Income from continuing operations before income taxes	$	45.2	$	43.1	$	80.9	$	81.0

(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.

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Restructuring

6 Months Ended

Jun. 30, 2021

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 first quarter of 2018, the Company implemented a restructuring plan ("2018 restructuring plan") to address its global processes to flatten the organization, improve efficiency and better leverage general and administrative resources primarily within the JBT FoodTech segment. The Company recognized cumulative restructuring charges of $62.2 million, net of cumulative releases of the related liability of $11.9 million. The Company completed this plan in the third quarter of 2020 and transferred the remaining liability into the 2020 restructuring plan in the fourth quarter of 2020.

In the first quarter of 2020, the Company implemented an immaterial restructuring plan primarily within the JBT AeroTech segment. The Company recognized cumulative restructuring charges of $2.4 million related to severance, net of a cumulative release of related liability of $0.2 million. The Company completed this plan in the third quarter of 2020 and transferred the remaining liability into the 2020 restructuring plan in the fourth quarter of 2020.

In the third quarter of 2020, the Company implemented a restructuring plan ("2020 restructuring plan") for manufacturing capacity rationalization affecting both the JBT FoodTech and JBT AeroTech segments. The total estimated cost in connection

with this plan is in the range of $9.0 million to $10.0 million for FoodTech and approximately $6.0 million for AeroTech. The Company recognized restructuring charges of $13.0 million, net of a cumulative release of the related liability of $1.1 million, through June 30, 2021, and expect to recognize the remaining costs by end of the year 2021.

The following table details the cumulative restructuring charges reported in operating income for the 2020 restructuring plan since the implementation of this plan: 

	Cumulative Amount		For The Three Months Ended				Cumulative Amount
(In millions)	Balance as of December 31, 2020		March 31, 2021		June 30, 2021		Balance as of June 30, 2021
2020 restructuring plan
Severance and related expense	7.0		0.2		0.8		8.0
Inventory write-off	1.9		—		—		1.9
Employee overlap costs	0.3		0.4		0.3		1.0
Retention bonus	0.3		0.4		—		0.7
Other	0.7		0.2		0.5		1.4
Total Restructuring charges	$	10.2	$	1.2	$	1.6	$	13.0

Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheet. The table below details the activities in 2021:

			Impact to Earnings
(In millions)	Balance as of December 31, 2020		Charged to Earnings		Releases		Cash Payments		Balance as of June 30, 2021
2020 restructuring plan
Severance and related expense	$	3.7	$	1.0	$	(0.8)	$	(2.1)	$	1.8
Employee overlap costs	—		0.7		—		(0.7)		—
Retention bonus	0.1		0.4		—		(0.1)		0.4
Other	0.2		0.7		—		(0.9)		—
Total	$	4.0	$	2.8	$	(0.8)	$	(3.8)	$	2.2

The Company released $0.8 million of liability during the six months ended June 30, 2021 which it no longer expects to pay in connection with the 2020 restructuring plan due to actual severance payments differing from the original estimates and natural attrition of employees.

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Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONSThe Company is a party to an agreement to lease a manufacturing facility in Columbus, Ohio from an entity owned by certain of the Company's employees who were former owners or employees of an acquired business. The lease commenced on September 1, 2019, with an eight year term. The operating lease right-of-use asset and the lease liability related to this agreement is $3.3 million and $3.6 million, respectively.

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Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn July 2, 2021, the Company completed the acquisition of Prevenio, located in Bridgewater, New Jersey. Prevenio is a provider of innovative food safety solutions primarily for the poultry industry. Prevenio provides highly effective pathogen protection through its unique anti-microbial delivery solution that significantly enhances food safety and integrity, and creates a safer work environment for its customers and their employees. This acquisition will enhance the Company’s recurring revenue portfolio and furthers its investment in solutions that support its customers’ daily operations. The purchase price was $172.4 million, which was funded with cash on hand as well as borrowings under the Company's revolving credit facility. Due to the timing of the acquisition, the initial accounting for the acquisition, including the valuation of assets and liabilities acquired is incomplete. As such, the Company is not able to disclose the preliminary fair value of assets acquired and liabilities assumed.

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Description of Business and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2021

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, 2020, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America.

In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period.

Use of estimates

Use of estimates

Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.

Recently Adopted Accounting Pronouncements and Recently issued accounting standards not yet adopted

Recently adopted accounting pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments in this update simplifies accounting for certain convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. As a result, convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. Additionally, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer be available for convertible debt instruments. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company early adopted the new standard effective January 1, 2021 using the modified retrospective method. There was no impact on the Company's financial statements as of the adoption date. As further discussed in Note 6, "Debt," the Company issued $402.5 million principal amount of convertible senior notes on May 28, 2021, which have been accounted for in accordance with the provisions of ASU 2020-06.

Recently issued accounting standards not yet adopted

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. ASU 2019-12 requires accounting of lessor leases with variable lease payments that do not depend on a reference index or a rate as operating leases if any other lease classification would require lessor to recognize a day-one loss. The new standard will be effective for the Company as of January 1, 2022 with early adoption permitted and allows for both prospective and

retrospective methods of adoption. The Company is currently evaluating the potential impact ASU 2021-05 may have on its financial position and results of operations upon adoption.

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Schedule of business combinations

A summary of the acquisitions made during the periods is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
February 28, 2021	Stock	AutoCoding Systems Ltd. ("ACS")	Cheshire, U.K.	JBT FoodTech
A provider of a central command solution for the integration of packaging process devices. The ACS acquisition extends the Company's capabilities in packaging line equipment and associated devices, including coding and label inspection and verification.
May 29, 2020	Asset	MARS Food Processing Solutions, LLC ("MARS")	Denver, North Carolina	JBT FoodTech
A provider of solutions for monitoring and managing the efficiency of poultry processing plants. The MARS acquisition allows the Company to offer its Protein customers proprietary solutions for monitoring and managing the efficiency of poultry processing plants.

Schedule of assets acquired and liabilities assumed

	ACS(1)
(In millions)
Financial assets	$	2.9
Inventories	0.7
Other intangible assets (2)	7.9
Deferred taxes	(1.4)
Financial liabilities	(2.9)
Total identifiable net assets	$	7.2
Cash consideration paid	$	17.0
Cash acquired	1.1
Net consideration	$	15.9
Goodwill (3)	$	9.8

(1)The purchase accounting for ACS is provisional. The valuation of certain working capital balances, 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 June 30, 2021, the Company refined its estimates for other intangibles by ($2.0) million, deferred taxes by $0.5 million, and other working capital balances by immaterial amounts. The impact of these adjustments was reflected as a net increase in goodwill of $2.0 million. These adjustments resulted in an immaterial impact to the consolidated statement of income.

(2)The intangible assets acquired include customer relationships of $3.7 million with 14 years of useful life, technology of $3.4 million with 4 years of useful life, and trade names of $0.8 million with 19 years of useful life. (3)The Company expects goodwill of $0.7 million from this acquisition to be deductible for income tax purposes.

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Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in the carrying amount of goodwill by business segment were as follows:

(In millions)	JBT FoodTech		JBT AeroTech		Total
Balance as of December 31, 2020	$	505.7	$	38.2	$	543.9
Acquisitions	9.8		—		9.8
Currency translation	(1.6)		—		(1.6)
Balance as of June 30, 2021	$	513.9	$	38.2	$	552.1

Schedule of finite-lived intangible assets

Intangible assets consisted of the following:

	June 30, 2021				December 31, 2020
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	259.9	$	92.0	$	256.9	$	82.8
Patents and acquired technology	154.7		75.4		151.3		65.2
Trademarks	45.5		14.3		44.8		16.8
Non-amortizing intangible assets	10.7		—		10.8		—
Other	8.8		8.7		9.4		9.3
Total intangible assets	$	479.6	$	190.4	$	473.2	$	174.1

Schedule of indefinite-lived intangible assets

Intangible assets consisted of the following:

	June 30, 2021				December 31, 2020
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	259.9	$	92.0	$	256.9	$	82.8
Patents and acquired technology	154.7		75.4		151.3		65.2
Trademarks	45.5		14.3		44.8		16.8
Non-amortizing intangible assets	10.7		—		10.8		—
Other	8.8		8.7		9.4		9.3
Total intangible assets	$	479.6	$	190.4	$	473.2	$	174.1

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Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

(In millions)	June 30, 2021		December 31, 2020
Raw materials	$	92.1	$	87.3
Work in process	55.8		51.4
Finished goods	137.1		136.4
Gross inventories before LIFO reserves and valuation adjustments	285.0		275.1
LIFO reserves	(50.8)		(49.2)
Valuation adjustments	(30.1)		(28.6)
Net inventories	$	204.1	$	197.3

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Pension (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Components of net periodic benefit cost (income)

Components of net periodic benefit cost were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	0.6	$	0.6	$	1.2	$	1.1
Interest cost	1.7		2.3		3.3		4.6
Expected return on plan assets	(3.9)		(3.3)		(7.8)		(6.6)
Amortization of net actuarial losses	2.3		2.0		4.6		4.0
Net periodic cost	$	0.7	$	1.6	$	1.3	$	3.1

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Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The components of the Company's borrowings were as follows:

(In millions)	Maturity Date	June 30, 2021		December 31, 2020
Revolving credit facility (1)	June 19, 2023	$	250.0	$	523.9
Less: unamortized debt issuance costs		$	(0.5)	$	(1.4)
Revolving credit facility, net		$	249.5	$	522.5
Convertible senior notes (2)	May 15, 2026	$	402.5	$	—
Less: unamortized debt issuance costs		$	(10.9)	$	—
Convertible senior notes, net		$	391.6	$	—
Long-term debt, net		$	641.1	$	522.5

(1) Weighted-average interest rate at June 30, 2021 was 1.32%

(2) Effective interest rate for the Notes for the quarter ended June 30, 2021 was 0.82%

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Changes in the AOCI Balances

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
(In millions)
Beginning balance, March 31, 2021	$	(159.7)	$	(0.6)	$	(50.2)	$	(210.5)
Other comprehensive income (loss) before reclassification	—		(0.7)		4.1		3.4
Amounts reclassified from accumulated other comprehensive income	1.7		0.4		(0.5)		1.6
Ending balance, June 30, 2021	$	(158.0)	$	(0.9)	$	(46.6)	$	(205.5)

(1) All amounts are net of income taxes.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
(In millions)
Beginning balance, March 31, 2020	$	(145.5)	$	(2.3)	$	(71.1)	$	(218.9)
Other comprehensive income (loss) before reclassification	—		(2.3)		0.5		(1.8)
Amounts reclassified from accumulated other comprehensive income	1.3		0.3		(0.6)		1.0
Ending balance, June 30, 2020	$	(144.2)	$	(4.3)	$	(71.2)	$	(219.7)

(1) All amounts are net of income taxes.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
(In millions)
Beginning balance, December 31, 2020	$	(161.4)	$	(3.8)	$	(54.7)	$	(219.9)
Other comprehensive income (loss) before reclassification	—		2.2		9.1		11.3
Amounts reclassified from accumulated other comprehensive income	3.4		0.7		(1.0)		3.1
Ending balance, June 30, 2021	$	(158.0)	$	(0.9)	$	(46.6)	$	(205.5)

(1) All amounts are net of income taxes.

	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
(In millions)
Beginning balance, December 31, 2019	$	(147.0)	$	0.1	$	(45.9)	$	(192.8)
Other comprehensive income (loss) before reclassification	—		(4.7)		(24.2)		(28.9)
Amounts reclassified from accumulated other comprehensive income	2.8		0.3		(1.1)		2.0
Ending balance, June 30, 2020	$	(144.2)	$	(4.3)	$	(71.2)	$	(219.7)

(1) All amounts are net of income taxes.

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Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

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				Six Months Ended
	June 30, 2021				June 30, 2021
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	164.4	$	44.3	$	314.8	$	85.8
Non-recurring (1)	196.3		70.5		357.7		135.0
Total	360.7		114.8		672.5		220.8
Geographical Region (2)
North America	197.1		100.0		366.2		190.0
Europe, Middle East and Africa	90.2		12.0		174.1		23.5
Asia Pacific	45.3		1.4		86.6		4.7
Latin America	28.1		1.4		45.6		2.6
Total	360.7		114.8		672.5		220.8
Timing of Recognition
Point in Time	169.2		51.7		316.3		95.2
Over Time	191.5		63.1		356.2		125.6
Total	360.7		114.8		672.5		220.8

	Three Months Ended				Six Months Ended
	June 30, 2020				June 30, 2020
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	147.7	$	32.9	$	301.4	$	78.6
Non-recurring (1)	155.1		75.8		311.1		178.1
Total	302.8		108.7		612.5		256.7
Geographical Region (2)
North America	167.1		94.8		321.2		225.2
Europe, Middle East and Africa	88.2		7.5		187.8		18.1
Asia Pacific	32.0		5.8		67.4		11.5
Latin America	15.5		0.6		36.1		1.9
Total	302.8		108.7		612.5		256.7
Timing of Recognition
Point in Time	141.7		47.5		290.1		124.6
Over Time	161.1		61.2		322.4		132.1
Total	302.8		108.7		612.5		256.7

(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)	June 30, 2021		December 31, 2020
Contract assets	$	89.1	$	68.3
Contract liabilities	135.9		123.8
	Balances as of
	June 30, 2020		December 31, 2019
Contract assets	76.4		74.4
Contract liabilities	90.9		92.5

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

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 continuing operations for the respective periods and basic and diluted shares outstanding:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2021		2020		2021		2020
Basic earnings per share:
Income from continuing operations	$	30.5	$	32.5	$	57.5	$	61.5
Weighted average number of shares outstanding	32.0		32.0		32.0		31.9
Basic earnings per share from continuing operations	$	0.95	$	1.02	$	1.80	$	1.92
Diluted earnings per share:
Income from continuing operations	$	30.5	$	32.5	$	57.5	$	61.5
Weighted average number of shares outstanding	32.0		32.0		32.0		31.9
Effect of dilutive securities:
Restricted stock	0.1		—		0.1		0.2
Total shares and dilutive securities	32.1		32.0		32.1		32.1
Diluted earnings per share from continuing operations	$	0.95	$	1.01	$	1.79	$	1.92

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021								As of December 31, 2020
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	13.1	$	13.1	$	—	$	—	$	12.3	$	12.3	$	—	$	—
Derivatives	7.4		—		7.4		—		10.0		—		10.0		—
Total assets	$	20.5	$	13.1	$	7.4	$	—	$	22.3	$	12.3	$	10.0	$	—
Liabilities:
Derivatives	$	4.8	$	—	$	4.8	$	—	$	18.8	$	—	$	18.8	$	—
Contingent consideration	—		—		—		—		19.1		—		—		19.1
Total liabilities	$	4.8	$	—	$	4.8	$	—	$	37.9	$	—	$	18.8	$	19.1

Schedule of changes in fair value of contingent consideration

The following table provides a summary of changes in fair value of contingent consideration during the six months ended June 30, 2021 and 2020:

	Six months ended
	June 30, 2021		June 30, 2020
Beginning balance	$	19.1	$	17.4
Measurement adjustments recorded to earnings	—		(0.1)
Cash payment	(19.4)		—
Foreign currency translation adjustment	0.3		(1.2)
Ending balance	$	—	$	16.1

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Derivative Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of foreign currency derivatives in balance sheet

The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet:

	As of June 30, 2021				As of December 31, 2020
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Total	$	5.5	$	3.5	$	10.0	$	12.7

Schedule of derivative assets at fair value

As of June 30, 2021 and December 31, 2020, information related to these offsetting arrangements was as follows:

(In millions)	As of June 30, 2021
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	7.3	$	—	$	7.3	$	(1.2)	$	6.1

(In millions)	As of December 31, 2020
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	10.0	$	—	$	10.0	$	(8.6)	$	1.4

Schedule of derivative liabilities at fair value

(In millions)	As of June 30, 2021
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	3.9	$	—	$	3.9	$	(1.2)	$	2.7

(In millions)	As of December 31, 2020
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Presented in the Consolidated Balance Sheet		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	16.6	$	—	$	16.6	$	(8.6)	$	8.0

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 Income Statement: 

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 June 30,				Six Months Ended June 30,
(In millions)		2021		2020		2021		2020
Foreign exchange contracts	Revenue	$	1.6	$	2.3	$	0.4	$	(2.3)
Foreign exchange contracts	Cost of sales	(0.1)		(2.9)		0.8		(0.1)
Foreign exchange contracts	Selling, general and administrative expense	0.3		0.9		0.3		1.3
Total		1.8		0.3		1.5		(1.1)
Remeasurement of assets and liabilities in foreign currencies		(1.6)		(1.2)		(1.8)		1.8
Net gain (loss) on foreign currency transactions		$	0.2	$	(0.9)	$	(0.3)	$	0.7

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Leases (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Fixed payment revenue	$	16.6	$	16.3	$	32.9	$	32.6
Variable payment revenue	3.9		3.7		8.4		8.8
Operating lease revenue	$	20.5	$	20.0	$	41.3	$	41.4
Sales-type lease revenue	$	3.1	$	2.1	$	4.3	$	3.6

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of warranty cost and accrual information

Warranty cost and accrual information were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Balance at beginning of period	$	11.6	$	11.7	$	11.5	$	12.0
Expense for new warranties	3.4		3.9		7.1		6.9
Adjustments to existing accruals	—		(0.6)		(0.2)		(0.4)
Claims paid	(2.6)		(3.0)		(5.8)		(6.4)
Added through acquisition	—		(0.1)		—		—
Translation	0.1		0.1		(0.1)		(0.1)
Balance at end of period	$	12.5	$	12.0	$	12.5	$	12.0

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Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of segment revenue and operating profit

Business segment information was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Revenue
JBT FoodTech	$	360.7	$	302.8	$	672.5	$	612.5
JBT AeroTech	114.8		108.7		220.8		256.7
Total revenue	475.5		411.5		893.3		869.2
Income before income taxes
Segment operating profit:
JBT FoodTech	51.5		49.0		93.0		89.7
JBT AeroTech	12.1		10.3		22.0		28.8
Total segment operating profit	63.6		59.3		115.0		118.5
Corporate items:
Corporate expense (1)	15.3		9.6		27.9		23.1
Restructuring expense (2)	1.0		2.1		2.0		4.1
Operating income	47.3		47.6		85.1		91.3
Pension expense, other than service cost	—		1.0		—		2.0
Interest expense, net	2.1		3.5		4.2		8.3
Income from continuing operations before income taxes	$	45.2	$	43.1	$	80.9	$	81.0

(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.

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Restructuring (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Schedule of restructuring expense

The following table details the cumulative restructuring charges reported in operating income for the 2020 restructuring plan since the implementation of this plan: 

	Cumulative Amount		For The Three Months Ended				Cumulative Amount
(In millions)	Balance as of December 31, 2020		March 31, 2021		June 30, 2021		Balance as of June 30, 2021
2020 restructuring plan
Severance and related expense	7.0		0.2		0.8		8.0
Inventory write-off	1.9		—		—		1.9
Employee overlap costs	0.3		0.4		0.3		1.0
Retention bonus	0.3		0.4		—		0.7
Other	0.7		0.2		0.5		1.4
Total Restructuring charges	$	10.2	$	1.2	$	1.6	$	13.0

Schedule of restructuring reserve by type of cost

Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheet. The table below details the activities in 2021:

			Impact to Earnings
(In millions)	Balance as of December 31, 2020		Charged to Earnings		Releases		Cash Payments		Balance as of June 30, 2021
2020 restructuring plan
Severance and related expense	$	3.7	$	1.0	$	(0.8)	$	(2.1)	$	1.8
Employee overlap costs	—		0.7		—		(0.7)		—
Retention bonus	0.1		0.4		—		(0.1)		0.4
Other	0.2		0.7		—		(0.9)		—
Total	$	4.0	$	2.8	$	(0.8)	$	(3.8)	$	2.2

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Description of Business and Basis of Presentation (Details)	May 28, 2021 USD ($)
Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 402,500,000

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Acquisitions - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2021 acquisition	Feb. 28, 2021 USD ($)
AutoCoding Systems
Business Acquisition [Line Items]
Percentage of voting interests acquired		100.00%
Number of businesses acquired | acquisition		1
Goodwill expected to be tax deductible			$ 0.7
MARS
Business Acquisition [Line Items]
Purchase price	$ 5.0
Goodwill expected to be tax deductible	$ 3.1

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Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Feb. 28, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Net consideration			$ 15.9	$ 4.5
Goodwill		$ 552.1	$ 552.1		$ 543.9
AutoCoding Systems
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets	$ 2.9
Inventories	0.7
Other intangible assets	7.9
Deferred taxes	(1.4)
Financial liabilities	(2.9)
Total identifiable net assets	7.2
Cash consideration paid	17.0
Cash acquired	1.1
Net consideration	15.9
Goodwill	9.8
Refined adjustment for intangibles		(2.0)
Refined adjustment for deferred taxes		0.5
Net increase in goodwill		$ 2.0
Goodwill expected to be tax deductible	0.7
AutoCoding Systems | Customer Relationships
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 3.7
Intangible assets useful lives	14 years
AutoCoding Systems | Technology-Based Intangible Assets
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 3.4
Intangible assets useful lives	4 years
AutoCoding Systems | Trade Names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 0.8
Intangible assets useful lives	19 years

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Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2020	$ 543.9
Acquisitions	9.8
Currency translation	(1.6)
Balance as of June 30, 2021	552.1
JBT FoodTech
Goodwill [Roll Forward]
Balance as of December 31, 2020	505.7
Acquisitions	9.8
Currency translation	(1.6)
Balance as of June 30, 2021	513.9
JBT AeroTech
Goodwill [Roll Forward]
Balance as of December 31, 2020	38.2
Acquisitions	0.0
Currency translation	0.0
Balance as of June 30, 2021	$ 38.2

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Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 479.6	$ 473.2
Accumulated amortization	190.4	174.1
Non-amortizing intangible assets	10.7	10.8
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	259.9	256.9
Accumulated amortization	92.0	82.8
Patents and acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	154.7	151.3
Accumulated amortization	75.4	65.2
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	45.5	44.8
Accumulated amortization	14.3	16.8
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	8.8	9.4
Accumulated amortization	$ 8.7	$ 9.3

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Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 92.1	$ 87.3
Work in process	55.8	51.4
Finished goods	137.1	136.4
Gross inventories before LIFO reserves and valuation adjustments	285.0	275.1
LIFO reserves	(50.8)	(49.2)
Valuation adjustments	(30.1)	(28.6)
Net inventories	$ 204.1	$ 197.3

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Pension - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.6	$ 0.6	$ 1.2	$ 1.1
Interest cost	1.7	2.3	3.3	4.6
Expected return on plan assets	(3.9)	(3.3)	(7.8)	(6.6)
Amortization of net actuarial losses	2.3	2.0	4.6	4.0
Net periodic cost	$ 0.7	$ 1.6	$ 1.3	$ 3.1

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Pension - Narrative (Details) - UNITED STATES	6 Months Ended
	Jun. 30, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions to pension and other postretirement benefit plans in current year	$ 15,200,000
US Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions made	$ 0

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Debt - Narrative (Details) $ / shares in Units, shares in Millions		6 Months Ended
	May 28, 2021 USD ($) $ / shares Rate	Jun. 30, 2021 USD ($) day $ / shares shares	Jun. 30, 2020 USD ($)	Jun. 19, 2018 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 392,200,000	$ 0
Purchase of convertible bond hedge		65,600,000	0
Proceeds from sale of warrants		29,500,000	$ 0
Convertible Debt | Convertible Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 402,500,000
Stated interest rate on debt (percent)	0.25%
Proceeds from issuance of debt	$ 392,200,000
Debt Instrument, Convertible, Conversion Ratio | Rate	589.58%
Debt Instrument, Convertible, Redemption Multiple of Principal	$ 1,000	1,000
Conversion price on convertible debt (in USD per share) | $ / shares	$ 169.61
Aggregate principal amount of notes that must be outstanding not subject to redemption		100,000,000
Interest expense, debt		300,000
Contractual interest expense		100,000
Amortization of debt issuance cost		$ 200,000
Convertible Debt | Convertible Senior Notes | Debt Instrument, Convertible, Term One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger		130.00%
Number of trading days | day		20
Number of consecutive trading days | day		30
Convertible Debt | Convertible Senior Notes | Debt Instrument, Convertible, Term Two
Debt Instrument [Line Items]
Threshold percentage of stock price trigger		98.00%
Number of trading days | day		5
Number of consecutive trading days | day		10
Convertible Debt | Convertible Senior Notes | Convertible Note Hedge
Debt Instrument [Line Items]
Purchase of convertible bond hedge		$ 65,600,000
Number of shares covered in transaction (in shares) | shares		2.4
Approximate strike price (in dollars per share) | $ / shares		$ 169.61
Adjustments to additional paid in capital, convertible note hedge transactions		$ 17,100,000
Convertible Debt | Convertible Senior Notes | Convertible Note Warrants
Debt Instrument [Line Items]
Number of shares covered in transaction (in shares) | shares		2.4
Approximate strike price (in dollars per share) | $ / shares		$ 240.02
Proceeds from sale of warrants		$ 29,500,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity (up to)				$ 1,000,000,000

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Debt - Schedule of Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, net	$ 641.1	$ 522.5
Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Maturity Date	May 15, 2026
Long-term debt, gross	$ 402.5	0.0
Less: unamortized debt issuance costs	(10.9)	0.0
Long-term debt, net	$ 391.6	0.0
Effective interest rate	0.82%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maturity Date	Jun. 19, 2023
Long-term debt, gross	$ 250.0	523.9
Less: unamortized debt issuance costs	(0.5)	(1.4)
Long-term debt, net	$ 249.5	$ 522.5
Weighted average interest rate	1.32%

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Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 672.1	$ 570.7	$ 637.1	$ 569.5
Other comprehensive income (loss) before reclassification	3.4	(1.8)	11.3	(28.9)
Amounts reclassified from accumulated other comprehensive income	1.6	1.0	3.1	2.0
Ending balance	685.7	596.6	685.7	596.6
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(210.5)	(218.9)	(219.9)	(192.8)
Ending balance	(205.5)	(219.7)	(205.5)	(219.7)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(159.7)	(145.5)	(161.4)	(147.0)
Other comprehensive income (loss) before reclassification	0.0	0.0	0.0	0.0
Amounts reclassified from accumulated other comprehensive income	1.7	1.3	3.4	2.8
Ending balance	(158.0)	(144.2)	(158.0)	(144.2)
Derivatives Designated as Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(0.6)	(2.3)	(3.8)	0.1
Other comprehensive income (loss) before reclassification	(0.7)	(2.3)	2.2	(4.7)
Amounts reclassified from accumulated other comprehensive income	0.4	0.3	0.7	0.3
Ending balance	(0.9)	(4.3)	(0.9)	(4.3)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(50.2)	(71.1)	(54.7)	(45.9)
Other comprehensive income (loss) before reclassification	4.1	0.5	9.1	(24.2)
Amounts reclassified from accumulated other comprehensive income	(0.5)	(0.6)	(1.0)	(1.1)
Ending balance	$ (46.6)	$ (71.2)	$ (46.6)	$ (71.2)

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Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax provision (benefit)	$ 14.7	$ 10.6	$ 23.4	$ 19.5
Reclassification adjustments for foreign currency translation	0.7	0.7	1.4	1.4
Reclassification adjustment for foreign currency translation, tax	0.2	0.1	0.4	0.3
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense, net	0.5	0.4	0.9	0.4
Income tax provision (benefit)	(0.1)	(0.1)	(0.2)	(0.1)
Selling, General and Administrative Expenses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments for pension and postretirement benefit plans	2.3	1.7	4.6	3.7
Provision for Income Taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments for pension and postretirement benefit plans	$ 0.6	$ 0.4	$ 1.2	$ 0.9

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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 475.5	$ 411.5	$ 893.3	$ 869.2
JBT FoodTech
Disaggregation of Revenue [Line Items]
Revenue	360.7	302.8	672.5	612.5
JBT FoodTech | North America
Disaggregation of Revenue [Line Items]
Revenue	197.1	167.1	366.2	321.2
JBT FoodTech | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue	90.2	88.2	174.1	187.8
JBT FoodTech | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	45.3	32.0	86.6	67.4
JBT FoodTech | Latin America
Disaggregation of Revenue [Line Items]
Revenue	28.1	15.5	45.6	36.1
JBT FoodTech | Recurring
Disaggregation of Revenue [Line Items]
Revenue	164.4	147.7	314.8	301.4
JBT FoodTech | Non-Recurring
Disaggregation of Revenue [Line Items]
Revenue	196.3	155.1	357.7	311.1
JBT AeroTech
Disaggregation of Revenue [Line Items]
Revenue	114.8	108.7	220.8	256.7
JBT AeroTech | North America
Disaggregation of Revenue [Line Items]
Revenue	100.0	94.8	190.0	225.2
JBT AeroTech | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue	12.0	7.5	23.5	18.1
JBT AeroTech | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	1.4	5.8	4.7	11.5
JBT AeroTech | Latin America
Disaggregation of Revenue [Line Items]
Revenue	1.4	0.6	2.6	1.9
JBT AeroTech | Recurring
Disaggregation of Revenue [Line Items]
Revenue	44.3	32.9	85.8	78.6
JBT AeroTech | Non-Recurring
Disaggregation of Revenue [Line Items]
Revenue	70.5	75.8	135.0	178.1
Point in Time | JBT FoodTech
Disaggregation of Revenue [Line Items]
Revenue	169.2	141.7	316.3	290.1
Point in Time | JBT AeroTech
Disaggregation of Revenue [Line Items]
Revenue	51.7	47.5	95.2	124.6
Over Time | JBT FoodTech
Disaggregation of Revenue [Line Items]
Revenue	191.5	161.1	356.2	322.4
Over Time | JBT AeroTech
Disaggregation of Revenue [Line Items]
Revenue	$ 63.1	$ 61.2	$ 125.6	$ 132.1

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Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 89.1	$ 68.3	$ 76.4	$ 74.4
Contract liabilities	$ 135.9	$ 123.8	$ 90.9	$ 92.5

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Revenue Recognition - Revenue Recognition (Details) $ in Millions	Jun. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 880.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 880.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	68.00%
Revenue, remaining performance obligation, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	26.00%
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	7.00%
Revenue, remaining performance obligation, period	1 year

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Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 86.3	$ 68.4

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Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic earnings per share:
Income from continuing operations	$ 30.5	$ 32.5	$ 57.5	$ 61.5
Weighted average number of shares outstanding (in shares)	32.0	32.0	32.0	31.9
Basic earnings per share from continuing operations (in dollars per share)	$ 0.95	$ 1.02	$ 1.80	$ 1.92
Diluted earnings per share:
Income from continuing operations	$ 30.5	$ 32.5	$ 57.5	$ 61.5
Weighted average number of shares outstanding (in shares)	32.0	32.0	32.0	31.9
Effect of dilutive securities:
Restricted stock (in shares)	0.1	0.0	0.1	0.2
Total shares and dilutive securities (in shares)	32.1	32.0	32.1	32.1
Diluted earnings per share from continuing operations (in dollars per share)	$ 0.95	$ 1.01	$ 1.79	$ 1.92

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Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized holding gain	$ 1.1	$ 0.9
Level 1 | Convertible Senior Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value		$ 427.5

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Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets:
Derivatives	$ 7.3	$ 10.0
Liabilities:
Derivatives	3.9	16.6
Contingent consideration	0.0	19.1	$ 16.1	$ 17.4
Fair Value, Measurements, Recurring
Assets:
Investments	13.1	12.3
Derivatives	7.4	10.0
Total assets	20.5	22.3
Liabilities:
Derivatives	4.8	18.8
Contingent consideration	0.0	19.1
Total liabilities	4.8	37.9
Fair Value, Measurements, Recurring | Level 1
Assets:
Investments	13.1	12.3
Derivatives	0.0	0.0
Total assets	13.1	12.3
Liabilities:
Derivatives	0.0	0.0
Contingent consideration	0.0	0.0
Total liabilities	0.0	0.0
Fair Value, Measurements, Recurring | Level 2
Assets:
Investments	0.0	0.0
Derivatives	7.4	10.0
Total assets	7.4	10.0
Liabilities:
Derivatives	4.8	18.8
Contingent consideration	0.0	0.0
Total liabilities	4.8	18.8
Fair Value, Measurements, Recurring | Level 3
Assets:
Investments	0.0	0.0
Derivatives	0.0	0.0
Total assets	0.0	0.0
Liabilities:
Derivatives	0.0	0.0
Contingent consideration	0.0	19.1
Total liabilities	$ 0.0	$ 19.1

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Fair Value of Financial Instruments - Changes in Contingent Consideration (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	$ 19.1	$ 17.4
Measurement adjustments recorded to earnings	0.0	(0.1)
Cash payment	(19.4)	0.0
Foreign currency translation adjustment	0.3	(1.2)
Ending balance	$ 0.0	$ 16.1

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Derivative Financial Instruments and Risk Management - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($) derivative	Dec. 31, 2020 USD ($)	May 31, 2020 USD ($) derivative
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 3.9		$ 16.6
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative, term of contract (less than)	2 years
Notional amount	$ 830.1
Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Cross currency swap amount	116.4
Net investment hedge recorded in other comprehensive income (loss)	1.4
Cash Flow Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income (loss)	1.0
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		$ 200.0		$ 50.0
Other Liabilities | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	1.3
Other Assets | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Net investment hedge recorded in other comprehensive income (loss)	1.9
Interest Expense | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Gain (loss) recorded in interest expense	$ 1.4	$ 1.4

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Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative Assets	$ 7.3	$ 10.0
Derivative Liabilities	3.9	16.6
Foreign Currency Derivatives and Embedded Derivatives
Derivative [Line Items]
Derivative Assets	5.5	10.0
Derivative Liabilities	$ 3.5	$ 12.7

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Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets	$ 7.3	$ 10.0
Gross Amounts Offset in the Consolidated Balance Sheet	0.0	0.0
Net Presented in the Consolidated Balance Sheet	7.3	10.0
Amount Subject to Master Netting Agreement	(1.2)	(8.6)
Net Amount	$ 6.1	$ 1.4

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Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	$ 3.9	$ 16.6
Gross Amounts Offset in the Consolidated Balance Sheet	0.0	0.0
Net Presented in the Consolidated Balance Sheet	3.9	16.6
Amount Subject to Master Netting Agreement	(1.2)	(8.6)
Net Amount	$ 2.7	$ 8.0

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Derivative Financial Instruments and Risk Management - Location and Amount of Gain (Loss) on Foreign Currency Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ 1.8	$ 0.3	$ 1.5	$ (1.1)
Remeasurement of assets and liabilities in foreign currencies	(1.6)	(1.2)	(1.8)	1.8
Net gain (loss) on foreign currency transactions	0.2	(0.9)	(0.3)	0.7
Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	1.6	2.3	0.4	(2.3)
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	(0.1)	(2.9)	0.8	(0.1)
Selling, general and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ 0.3	$ 0.9	$ 0.3	$ 1.3

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Leases - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Fixed payment revenue	$ 16.6	$ 16.3	$ 32.9	$ 32.6
Variable payment revenue	3.9	3.7	8.4	8.8
Operating lease revenue	20.5	20.0	41.3	41.4
Sales-type lease revenue	$ 3.1	$ 2.1	$ 4.3	$ 3.6

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Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Product Warranty Liability [Line Items]
Guarantor obligations, expiration term	one year
Guarantor obligations, amount recoverable from third-parties (as a percent)	95.00%
Performance Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 202.1
Financial Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	7.6
Customers Financing Arrangements Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	1.0
Guarantor obligations, maximum exposure, undiscounted, net	$ 0.1

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Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 11.6	$ 11.7	$ 11.5	$ 12.0
Expense for new warranties	3.4	3.9	7.1	6.9
Adjustments to existing accruals	0.0	(0.6)	(0.2)	(0.4)
Claims paid	(2.6)	(3.0)	(5.8)	(6.4)
Added through acquisition	0.0	(0.1)	0.0	0.0
Translation	0.1	0.1	(0.1)	(0.1)
Balance at end of period	$ 12.5	$ 12.0	$ 12.5	$ 12.0

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Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 475.5	$ 411.5
Corporate expense	(101.6)	(80.5)	$ (196.0)	$ (177.8)
Restructuring expense	(1.0)	(2.1)	(2.0)	(4.1)
Operating income	47.3	47.6	85.1	91.3
Periodic pension cost, net	0.0	(1.0)	0.0	(2.0)
Income from continuing operations before income taxes	45.2	43.1	80.9	81.0
Operating segments
Segment Reporting Information [Line Items]
Revenue			893.3	869.2
Segment operating profit	63.6	59.3	115.0	118.5
Operating segments | JBT FoodTech
Segment Reporting Information [Line Items]
Revenue	360.7	302.8	672.5	612.5
Segment operating profit	51.5	49.0	93.0	89.7
Operating segments | JBT AeroTech
Segment Reporting Information [Line Items]
Revenue	114.8	108.7	220.8	256.7
Segment operating profit	12.1	10.3	22.0	28.8
Corporate, non-segment
Segment Reporting Information [Line Items]
Corporate expense	15.3	9.6	27.9	23.1
Restructuring expense	1.0	2.1	2.0	4.1
Operating income	47.3	47.6	85.1	91.3
Periodic pension cost, net	0.0	1.0	0.0	2.0
Interest expense, net	$ 2.1	$ 3.5	$ 4.2	$ 8.3

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2018	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.0	$ 2.1			$ 2.0	$ 4.1
2018 restructuring plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, release of liability					0.8
2018 restructuring plan | JBT FoodTech
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, incurred cost				$ 62.2
Restructuring charges, release of liability				$ 11.9
2020 restructuring plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, release of liability					0.8
Cumulative amount of restructuring costs	13.0				13.0		$ 10.2
Restructuring charges					13.0
Cumulative release of related liability					1.1
2020 restructuring plan | JBT AeroTech
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan								$ 6.0
Severance and related expense | Immaterial Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, release of liability			$ 0.2
Restructuring charges			$ 2.4
Severance and related expense | 2020 restructuring plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, release of liability					0.8
Cumulative amount of restructuring costs	$ 8.0				$ 8.0		$ 7.0
Minimum | 2020 restructuring plan | JBT FoodTech
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan								9.0
Maximum | 2020 restructuring plan | JBT FoodTech
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan								$ 10.0

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Restructuring - Restructuring Expense (Details) - 2020 restructuring plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		$ 10.2	$ 10.2
Charged to Earnings	$ 1.6	1.2	2.8
Cumulative amount of restructuring costs, ending balance	13.0		13.0
Severance and related expense
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		7.0	7.0
Charged to Earnings	0.8	0.2	1.0
Cumulative amount of restructuring costs, ending balance	8.0		8.0
Inventory write-off
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		1.9	1.9
Charged to Earnings	0.0	0.0
Cumulative amount of restructuring costs, ending balance	1.9		1.9
Employee overlap costs
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		0.3	0.3
Charged to Earnings	0.3	0.4	0.7
Cumulative amount of restructuring costs, ending balance	1.0		1.0
Retention bonus
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		0.3	0.3
Charged to Earnings	0.0	0.4	0.4
Cumulative amount of restructuring costs, ending balance	0.7		0.7
Other
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		0.7	0.7
Charged to Earnings	0.5	$ 0.2	0.7
Cumulative amount of restructuring costs, ending balance	$ 1.4		$ 1.4

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Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) - 2020 restructuring plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		$ 4.0	$ 4.0
Charged to Earnings	$ 1.6	1.2	2.8
Releases			(0.8)
Cash Payments			(3.8)
Restructuring reserve, ending balance	2.2		2.2
Severance and related expense
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		3.7	3.7
Charged to Earnings	0.8	0.2	1.0
Releases			(0.8)
Cash Payments			(2.1)
Restructuring reserve, ending balance	1.8		1.8
Employee overlap costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0.0	0.0
Charged to Earnings	0.3	0.4	0.7
Releases			0.0
Cash Payments			(0.7)
Restructuring reserve, ending balance	0.0		0.0
Retention bonus
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0.1	0.1
Charged to Earnings	0.0	0.4	0.4
Releases			0.0
Cash Payments			(0.1)
Restructuring reserve, ending balance	0.4		0.4
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0.2	0.2
Charged to Earnings	0.5	$ 0.2	0.7
Releases			0.0
Cash Payments			(0.9)
Restructuring reserve, ending balance	$ 0.0		$ 0.0

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Related Party Transactions - Narrative (Details) - Manufacturing Facility Lease - Affiliated Entity $ in Millions	Sep. 01, 2019 USD ($)
Related Party Transaction [Line Items]
Term of lease (in years)	8 years
Right of use asset	$ 3.3
Lease liability	$ 3.6

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Subsequent Events (Details) $ in Millions	Jul. 02, 2021 USD ($)
Subsequent Event | Prevenio
Subsequent Event [Line Items]
Total consideration	$ 172.4

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Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member