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, 2022

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 22, 2022
Common Stock, par value $0.01 per share	31,861,680

1

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)	2022		2021		2022		2021
Revenue:
Product revenue	$	466.6	$	412.1	$	867.5	$	772.8
Service revenue	75.7		63.4		144.0		120.5
Total revenue	542.3		475.5		1,011.5		893.3
Operating expenses:
Cost of products	337.2		281.6		619.0		526.7
Cost of services	53.8		44.0		101.7		83.5
Selling, general and administrative expense	108.3		101.6		216.7		196.0
Restructuring expense	0.8		1.0		1.3		2.0
Operating income	42.2		47.3		72.8		85.1
Interest expense, net	2.5		2.1		4.6		4.2
Net income before income taxes	39.7		45.2		68.2		80.9
Income tax provision	6.3		14.7		9.2		23.4
Net income	$	33.4	$	30.5	$	59.0	$	57.5
Basic earnings per share:
Net income	$	1.05	$	0.95	$	1.84	$	1.80
Diluted earnings per share:
Net income	$	1.04	$	0.95	$	1.84	$	1.79

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

2

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Net income	$	33.4	$	30.5	$	59.0	$	57.5
Other comprehensive income, net of income taxes
Foreign currency translation adjustments	(26.7)		3.6		(26.6)		8.1
Pension and other postretirement benefits adjustments	1.4		1.7		3.0		3.4
Derivatives designated as hedges	1.8		(0.3)		9.1		2.9
Other comprehensive income	(23.5)		5.0		(14.5)		14.4
Comprehensive income	$	9.9	$	35.5	$	44.5	$	71.9

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

3

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except per share data and number of shares)	June 30, 2022		December 31, 2021
Assets:
Current Assets:
Cash and cash equivalents	$	68.1	$	78.8
Trade receivables, net of allowances	268.4		239.1
Contract assets	98.2		94.4
Inventories	298.8		229.1
Other current assets	73.4		77.3
Total current assets	806.9		718.7
Property, plant and equipment, net of accumulated depreciation of $342.8 and $339.2 respectively	263.4		267.6
Goodwill	666.4		684.8
Intangible assets, net	310.2		342.6
Other assets	175.2		127.7
Total Assets	$	2,222.1	$	2,141.4
Liabilities and Stockholders' Equity:
Current Liabilities:
Accounts payable, trade and other	$	222.9	$	186.0
Advance and progress payments	214.3		190.2
Other current liabilities	169.5		173.7
Total current liabilities	606.7		549.9
Long-term debt	674.6		674.4
Accrued pension and other postretirement benefits, less current portion	48.2		57.6
Other liabilities	102.8		109.0
Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2022 or 2021	—		—
Common stock, $0.01 par value; 120,000,000 shares authorized; June 30, 2022: 31,861,470 issued and outstanding; December 31, 2021: 31,769,967 issued and outstanding	0.3		0.3
Common stock held in treasury, at cost June 30, 2022: 0 shares and December 31, 2021: 0 shares	—		—
Additional paid-in capital	215.4		214.2
Retained earnings	786.0		733.4
Accumulated other comprehensive loss	(211.9)		(197.4)
Total stockholders' equity	789.8		750.5
Total Liabilities and Stockholders' Equity	$	2,222.1	$	2,141.4

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

4

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended June 30,
(In millions)	2022		2021
Cash flows from operating activities:
Net income	$	59.0	$	57.5
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	39.1		36.6
Stock-based compensation	4.7		4.1
Other	4.4		2.4
Changes in operating assets and liabilities:
Trade receivables, net and contract assets	(41.7)		(2.8)
Inventories	(78.3)		(11.0)
Accounts payable, trade and other	39.5		37.6
Advance and progress payments	29.5		8.4
Accrued pension and other postretirement benefits, net	(2.7)		(0.5)
Other assets and liabilities, net	(8.7)		(2.0)
Cash provided by operating activities	44.8		130.3
Cash flows from investing activities:
Acquisitions, net of cash acquired	(0.4)		(15.9)
Capital expenditures	(44.4)		(20.3)
Proceeds from disposal of assets	0.6		1.7
Cash required by investing activities	(44.2)		(34.5)
Cash flows from financing activities:
Net proceeds (payments) on short-term debt	—		(1.8)
Net proceeds (payments) for domestic credit facilities	0.9		(270.1)
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	(1.2)		(2.0)
Payment of acquisition date earnout liability	—		(16.1)
Dividends	(6.7)		(6.3)
Common stock repurchases	(2.3)		—
Cash (required) provided by financing activities	(9.3)		59.8
Effect of foreign exchange rate changes on cash and cash equivalents	(2.0)		(0.8)
(Decrease) increase in cash and cash equivalents	(10.7)		154.8
Cash and cash equivalents, beginning of period	78.8		47.5
Cash and cash equivalents, end of period	$	68.1	$	202.3
Supplemental Cash Flow Information:
Non-cash investing in capital expenditures, accrued but not paid	$	14.9	$	0.2

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

5

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited)

	Three Months Ended June 30, 2022
(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, 2022	$	0.3	$	—	$	215.9	$	755.8	$	(188.4)	$	783.6
Net income	—		—		—		33.4		—		33.4
Issuance of treasury stock	—		2.3		(2.3)		—		—		—
Share repurchases	—		(2.3)		—		—		—		(2.3)
Common stock cash dividends, $0.10 per share	—		—		—		(3.2)		—		(3.2)
Foreign currency translation adjustments, net of income taxes of ($1.5)	—		—		—		—		(26.7)		(26.7)
Derivatives designated as hedges, net of income taxes of ($0.6)	—		—		—		—		1.8		1.8
Pension and other postretirement liability adjustments, net of income taxes of ($0.5)	—		—		—		—		1.4		1.4
Stock-based compensation expense	—		—		3.0		—		—		3.0
Taxes withheld on issuance of stock-based awards	—		—		(1.2)		—		—		(1.2)
Balance at June 30, 2022	$	0.3	$	—	$	215.4	$	786.0	$	(211.9)	$	789.8

	Six Months Ended June 30, 2022
(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, 2021	$	0.3	$	—	$	214.2	$	733.4	$	(197.4)	$	750.5
Net income	—		—		—		59.0		—		59.0
Issuance of treasury stock	—		2.3		(2.3)		—		—		—
Share repurchases	—		(2.3)		—		—		—		(2.3)
Common stock cash dividends, $0.20 per share	—		—		—		(6.4)		—		(6.4)
Foreign currency translation adjustments, net of income taxes of ($1.7)	—		—		—		—		(26.6)		(26.6)
Derivatives designated as hedges, net of income taxes of ($3.2)	—		—		—		—		9.1		9.1
Pension and other postretirement liability adjustments, net of income taxes of ($1.0)	—		—		—		—		3.0		3.0
Stock-based compensation expense	—		—		4.7		—		—		4.7
Taxes withheld on issuance of stock-based awards	—		—		(1.2)		—		—		(1.2)
Balance at June 30, 2022	$	0.3	$	—	$	215.4	$	786.0	$	(211.9)	$	789.8

6

	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

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

7

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, 2021, 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 Issued Accounting Standards Not Yet Adopted

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This standard is effective for annual periods beginning after December 15, 2021 and should be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2021-10 within its Form 10-K for the fiscal year 2022.

8

NOTE 2. ACQUISITIONS

During fiscal year 2021 the Company acquired 100% of voting equity of three businesses. The Company did not make any acquisitions during the six months ended June 30, 2022. A summary of the acquisitions made during 2021 is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
November 2, 2021	Stock	Urtasun Tecnología Alimentaria S.L ("Urtasun")	Navarra, Spain	JBT FoodTech
A provider of fruit and vegetable processing solutions, particularly in the fresh packaged and frozen markets. The Urtasun acquisition extends the Company's capabilities in providing fruit and vegetable processing solutions.
July 2, 2021	Stock	CMS Technology, Inc ("Prevenio")	Bridgewater, New Jersey	JBT FoodTech
A provider of innovative food safety solutions primarily for the poultry industry as well as produce applications. Prevenio provides a pathogen protection solution through its anti-microbial delivery equipment that enhances food safety and integrity, and creates a safer work environment for its customers and their employees. This acquisition enhances the Company’s recurring revenue portfolio and furthers its investment in solutions that support its customers’ daily operations.
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.

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.

9

(In millions)	Urtasun(1)		Prevenio(2)		ACS(3)		Total
Financial assets	$	8.8	$	8.1	$	2.9	$	19.8
Inventories	3.4		0.2		0.7		4.3
Property, plant and equipment	3.2		4.1		—		7.3
Customer relationship (4)	11.5		41.0		3.7		56.2
Patents and acquired technology (4)	6.0		17.5		3.4		26.9
Trademarks (4)	2.2		0.7		0.8		3.7
Deferred taxes	(5.9)		(15.1)		(0.9)		(21.9)
Financial liabilities	(7.8)		(3.4)		(2.9)		(14.1)
Total identifiable net assets	$	21.4	$	53.1	$	7.7	$	82.2
Cash consideration paid	$	44.2	$	173.3	$	16.8	$	234.3
Cash acquired	4.8		3.5		1.1		9.4
Net consideration	$	39.4	$	169.8	$	15.7	$	224.9
Goodwill (5)	$	22.8	$	120.2	$	9.1	$	152.1

(1)The purchase accounting for Urtasun is provisional. The valuation of certain intangible assets, 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, 2022, the Company made no significant measurement period adjustments for this acquisition.

(2)The purchase accounting for Prevenio is final as of June 30, 2022. During the quarter ended June 30, 2022, the Company made no significant measurement period adjustments for this acquisition.

(3)The purchase accounting for ACS was final as of December 31, 2021.

(4)The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from four to twenty years. The intangible assets acquired in 2021 have weighted average useful lives of 14 years for customer relationship, 8 years for patents and acquired technology, and 17 years for trademarks.

(5)The Company expects goodwill of $0.7 million from these acquisitions to be deductible for income tax purposes.

10

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, 2021	$	646.7	$	38.1	$	684.8
Acquisitions	1.2		—		1.2
Currency translation	(19.2)		(0.4)		(19.6)
Balance as of June 30, 2022	$	628.7	$	37.7	$	666.4

Intangible assets consisted of the following:

	June 30, 2022				December 31, 2021
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	301.5	$	110.7	$	309.3	$	102.0
Patents and acquired technology	165.7		85.4		174.5		82.0
Trademarks	44.6		15.8		47.2		15.0
Non-amortizing intangible assets	10.3		—		10.6		—
Other	8.6		8.6		8.7		8.7
Total intangible assets	$	530.7	$	220.5	$	550.3	$	207.7

NOTE 4. INVENTORIES

Inventories consisted of the following:

(In millions)	June 30, 2022		December 31, 2021
Raw materials	$	128.1	$	101.0
Work in process	80.3		59.1
Finished goods	174.2		151.8
Gross inventories before LIFO reserves and valuation adjustments	382.6		311.9
LIFO reserves	(53.7)		(53.3)
Valuation adjustments	(30.1)		(29.5)
Net inventories	$	298.8	$	229.1

NOTE 5. PENSION

Components of net periodic benefit cost were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Service cost	$	0.4	$	0.6	$	0.9	$	1.2
Interest cost	1.9		1.7		3.8		3.3
Expected return on plan assets	(3.9)		(3.9)		(7.8)		(7.8)
Amortization of net actuarial losses	2.0		2.3		4.0		4.6
Net periodic cost	$	0.4	$	0.7	$	0.9	$	1.3

11

The Company expects to contribute $3.1 million to its pension and other post-retirement benefit plans in 2022. The pension contributions will be primarily for the Non-U.S. based employee defined benefit plans, and all of the contributions are expected to be in the form of cash. We have made no contribution to our U.S. qualified pension plan during the six months ended June 30, 2022.

NOTE 6. DEBT

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

(In millions)	Maturity Date	June 30, 2022		December 31, 2021
Revolving credit facility (1)	December 14, 2026	$	281.9	$	282.9
Less: unamortized debt issuance costs		$	(1.1)	$	(1.2)
Revolving credit facility, net		$	280.8	$	281.7
Convertible senior notes (2)	May 15, 2026	$	402.5	$	402.5
Less: unamortized debt issuance costs		$	(8.7)	$	(9.8)
Convertible senior notes, net		$	393.8	$	392.7
Long-term debt, net		$	674.6	$	674.4

(1) Weighted-average interest rate at June 30, 2022 was 2.01%

(2) Effective interest rate for the Notes (as defined below) for the quarter ended June 30, 2022 was 0.82%

Components of interest expense recognized for the 0.25% Convertible Senior Notes due 2026 (the "Notes") were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Contractual interest expense	$	0.2	$	0.1	$	0.5	$	0.1
Interest cost related to amortization of issuance costs	0.6		0.2		1.1		0.2
Total interest expense	$	0.8	$	0.3	$	1.6	$	0.3

Convertible Note Hedge Transactions

On May 28, 2021, the Company closed a private offering of $402.5 million aggregate principal amount of the Notes to qualified institutional buyers. The initial conversion rate of the Notes is 5.8958 shares of the Company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $169.61 per share. The conversion rate of the Notes is subject to adjustment upon the occurrence of certain specified events.

On May 28, 2021, the Company paid an aggregate amount of $65.6 million for the Convertible Note Hedge Transactions (the "Hedge Transactions"). The Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Notes, approximately 2.4 million shares of the Company's common stock. These are the same number of shares initially underlying the Notes, at a strike price of $169.61, subject to customary adjustments. The Hedge Transactions will expire upon the maturity of the Notes, subject to earlier exercise or termination.

The Hedge Transactions are expected generally to reduce the potential dilutive effect of the conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted Notes, in the event that the market price per share of the Company's common stock, as measured under the terms of the Hedge Transactions, is greater than the Hedge Transactions strike price of $169.61. The Hedge Transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore these transactions are not revalued after their issuance.

The Company made a tax election to integrate the Notes and the Hedge Transactions. The accounting impact of this tax election makes the Hedge Transactions deductible as original issue discount interest for tax purposes over the term of the note, and results in a $17.1 million deferred tax asset recorded as an adjustment to Additional paid-in capital on our Balance Sheet as of June 30, 2022.

12

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.

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, 2022 and 2021 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, 2022	$	(143.9)	$	9.1	$	(53.6)	$	(188.4)
Other comprehensive income (loss) before reclassification	—		1.8		(26.2)		(24.4)
Amounts reclassified from accumulated other comprehensive income	1.4		—		(0.5)		0.9
Ending balance, June 30, 2022	$	(142.5)	$	10.9	$	(80.3)	$	(211.9)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended June 30, 2022 were $2.0 million of charges to pension expense, other than service cost, net of $0.6 million income tax benefit. There were no reclassification adjustments for derivatives designated as hedges during the period. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended June 30, 2022 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, 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.

13

Changes in the AOCI balances for the six months ended June 30, 2022 and 2021 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, December 31, 2021	$	(145.5)	$	1.8	$	(53.7)	$	(197.4)
Other comprehensive income (loss) before reclassification	—		8.8		(25.6)		(16.8)
Amounts reclassified from accumulated other comprehensive income	3.0		0.3		(1.0)		2.3
Ending balance, June 30, 2022	$	(142.5)	$	10.9	$	(80.3)	$	(211.9)

(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, 2022 were $4.0 million of charges to pension expense, other than service cost, net of $1.0 million income tax benefit. 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, 2022 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, 2020	$	(161.4)	$	(3.8)	$	(54.7)	$	(219.9)
Other comprehensive income 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.

NOTE 8. REVENUE RECOGNITION

Transaction price allocated to remaining performance obligations

The Company has estimated that $1.1 billion in revenue is expected to be recognized in the future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of June 30, 2022. The Company expects to complete these obligations and recognize 67% as revenue in 2022, 28% in 2023, 4% in 2024 and the remaining after 2024.

14

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, 2022				June 30, 2022
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	181.3	$	56.3	$	355.5	$	105.0
Non-recurring (1)	212.8		92.0		394.9		156.2
Total	394.1		148.3		750.4		261.2
Geographical Region (2)
North America	225.6		133.7		435.9		237.8
Europe, Middle East and Africa	103.6		7.4		193.0		12.7
Asia Pacific	35.4		6.1		71.4		8.8
Latin America	29.5		1.1		50.1		1.9
Total	394.1		148.3		750.4		261.2
Timing of Recognition
Point in Time	179.3		71.4		351.2		121.0
Over Time	214.8		76.9		399.2		140.2
Total	394.1		148.3		750.4		261.2

	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

(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.

15

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, 2022		December 31, 2021
Contract Assets	$	98.2	$	94.4
Contract Liabilities	204.5		178.0
	Balances as of
	June 30, 2021		December 31, 2020
Contract Assets	89.1		68.3
Contract Liabilities	135.9		123.8

The revenue recognized during the six months ended June 30, 2022 and 2021 that was included in contract liabilities at the beginning of the period amounted to $115.2 million and $86.3 million, respectively. The remainder of the change from December 31, 2021 and December 31, 2020 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 net income 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)	2022		2021		2022		2021
Basic earnings per share:
Net income	$	33.4	$	30.5	$	59.0	$	57.5
Weighted average number of shares outstanding	32.0		32.0		32.0		32.0
Basic earnings per share from net income	$	1.05	$	0.95	$	1.84	$	1.80
Diluted earnings per share:
Net income	$	33.4	$	30.5	$	59.0	$	57.5
Weighted average number of shares outstanding	32.0		32.0		32.0		32.0
Effect of dilutive securities:
Restricted stock	0.1		0.1		0.1		0.1
Total shares and dilutive securities	32.1		32.1		32.1		32.1
Diluted earnings per share from net income	$	1.04	$	0.95	$	1.84	$	1.79

16

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, 2022								As of December 31, 2021
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	11.6	$	11.6	$	—	$	—	$	13.5	$	13.5	$	—	$	—
Derivatives	34.7		—		34.7		—		18.4		—		18.4		—
Total assets	$	46.3	$	11.6	$	34.7	$	—	$	31.9	$	13.5	$	18.4	$	—
Liabilities:
Derivatives	$	13.8	$	—	$	13.8	$	—	$	9.4	$	—	$	9.4	$	—
Total liabilities	$	13.8	$	—	$	13.8	$	—	$	9.4	$	—	$	9.4	$	—

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 loss of $3.6 million and $0.5 million as of June 30, 2022 and December 31, 2021, respectively.

The Company uses the income approach to measure the fair value of derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change between the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values, and applying an appropriate discount rate as well as a factor of credit risk.

The Notes are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. The fair value of the Notes estimated using Level 2 inputs was $373.7 million as of June 30, 2022.

The carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities.

The carrying values of the Company's revolving credit facility recorded in long-term debt on the Balance Sheet approximate their fair values due to their variable interest rates.

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.

17

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, 2022 of $738.1 million, as hedges and therefore does not apply hedge accounting.

Commodity Price Risk: The Company's operations subject us to risk related to the price volatility of certain commodities. We principally use a combination of purchase orders and various short-term supply arrangements in connection with the purchase of our raw materials and components required to manufacture our products. To mitigate the commodity price risk associated with the Company's operations, the Company may enter into commodity derivative instruments. Since April 2022, the Company has entered into various commodity forward contracts with a maturity of less than 1 year to mitigate this commodity price volatility. The Company has not designated these commodity forward contracts, which had a notional value at June 30, 2022 of $1.4 million, as hedges and therefore does not apply hedge accounting.

The fair values of our foreign currency and commodity derivative assets are recorded within other current assets and other assets, and the fair values of foreign currency and commodity derivative liabilities are recorded within other current liabilities and other liabilities. The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet:

	As of June 30, 2022				As of December 31, 2021
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Foreign exchange contracts	$	8.2	$	13.3	$	10.6	$	9.4
Commodity contracts	—		0.5		—		—
Total	$	8.2	$	13.8	$	10.6	$	9.4

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 for foreign exchange contracts, 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.  

18

As of June 30, 2022 and December 31, 2021, information related to these offsetting arrangements was as follows:

(In millions)	As of June 30, 2022
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	$	32.9	$	—	$	32.9	$	(5.9)	$	27.0

(In millions)	As of June 30, 2022
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	$	13.8	$	—	$	13.8	$	(5.9)	$	7.9

(In millions)	As of December 31, 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	$	17.5	$	—	$	17.5	$	(7.3)	$	10.2

(In millions)	As of December 31, 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	$	9.1	$	—	$	9.1	$	(7.3)	$	1.8

The following table presents the location and amount of the gain (loss) on foreign currency and commodity 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)		2022		2021		2022		2021
Foreign exchange contracts	Revenue	$	(4.7)	$	1.6	$	(4.9)	$	0.4
Foreign exchange contracts	Cost of sales	(1.4)		(0.1)		(2.3)		0.8
Foreign exchange contracts	Selling, general and administrative expense	0.9		0.3		1.4		0.3
Commodity contracts	Cost of sales	(0.5)		—		(0.5)		—
Total		(5.7)		1.8		(6.3)		1.5
Remeasurement of assets and liabilities in foreign currencies		3.1		(1.6)		4.1		(1.8)
Net (loss) gain		$	(2.6)	$	0.2	$	(2.2)	$	(0.3)

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, 2022, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $14.7 million and as accumulated other comprehensive income, net of tax, of $10.9 million.

19

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. Coupon interest from cross currency swap agreement recorded in interest expense, net was approximately $1.4 million for both the six months ended June 30, 2022 and 2021.

At June 30, 2022, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other assets of $11.8 million and as accumulated other comprehensive income, net of tax, of $8.7 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, 2022, 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)	2022		2021		2022		2021
Fixed payment revenue	$	16.8	$	16.6	$	32.4	$	32.9
Variable payment revenue	7.0		3.9		16.4		8.4
Operating lease revenue	$	23.8	$	20.5	$	48.8	$	41.3
Sales-type lease revenue	$	1.8	$	3.1	$	2.5	$	4.3

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

20

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 $163.8 million at June 30, 2022, represent guarantees of future performance. The Company has also provided $6.3 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, 2022, the gross value of such arrangements was $0.5 million, of which the Company's net exposure under such guarantees was less than $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)	2022		2021		2022		2021
Balance at beginning of period	$	12.2	$	11.6	$	12.7	$	11.5
Expense for new warranties	3.3		3.4		6.0		7.1
Adjustments to existing accruals	(0.2)		—		(0.3)		(0.2)
Claims paid	(2.3)		(2.6)		(5.4)		(5.8)
Added through acquisition	0.1		—		0.1		—
Translation	(0.4)		0.1		(0.4)		(0.1)
Balance at end of period	$	12.7	$	12.5	$	12.7	$	12.5

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, 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, plant-based meats 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.

21

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)	2022		2021		2022		2021
Revenue
JBT FoodTech	$	394.1	$	360.7	$	750.4	$	672.5
JBT AeroTech	148.3		114.8		261.2		220.8
Other revenue and intercompany eliminations	(0.1)		—		(0.1)		—
Total revenue	542.3		475.5		1,011.5		893.3
Income before income taxes
Segment operating profit:
JBT FoodTech	50.2		51.5		90.1		93.0
JBT AeroTech	10.0		12.1		16.8		22.0
Total segment operating profit	60.2		63.6		106.9		115.0
Corporate items:
Corporate expense (1)	17.2		15.3		32.8		27.9
Restructuring expense (2)	0.8		1.0		1.3		2.0
Operating income	42.2		47.3		72.8		85.1
Interest expense, net	2.5		2.1		4.6		4.2
Net income before income taxes	$	39.7	$	45.2	$	68.2	$	80.9

(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 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 Company completed this plan as of June 30, 2022. The total cost in connection with this plan was $11 million for FoodTech and $6 million for AeroTech. We recognized cumulative restructuring charges of $18.9 million, net of a cumulative release of the related liability of $1.6 million, as of June 30, 2022.

22

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, 2021		March 31, 2022		June 30, 2022		Balance as of June 30, 2022
2020 restructuring plan
Severance and related expense	9.2		0.2		0.7		10.1
Inventory write-off	2.1		0.2		—		2.3
Employee overlap costs	2.1		0.2		0.1		2.4
Retention bonus	0.5		—		0.1		0.6
Other	3.3		0.2		—		3.5
Total Restructuring charges	$	17.2	$	0.8	$	0.9	$	18.9

Restructuring charges, net of related release of liability, is reported within the following financial statement line items of the accompanying Consolidated Statements of Income:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Cost of products (1)	—		—		0.2		—
Restructuring expense	0.8		1.0		1.3		2.0
Total restructuring charge	$	0.8	$	1.0	$	1.5	$	2.0

(1) Restructuring charge reported in Cost of products is related to inventory write-off resulting from the 2020 restructuring plan.

Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheet. The table below details the activities in 2022:

			Impact to Earnings
(In millions)	Balance as of December 31, 2021		Charged to Earnings		Releases		Cash Payments		Balance as of June 30, 2022
2020 restructuring plan
Severance and related expense	$	0.7	$	0.9	$	(0.1)	$	(0.6)	$	0.9
Employee overlap costs	—		0.3		—		(0.3)		—
Retention bonus	0.1		0.1		—		—		0.2
Other	—		0.2		—		(0.2)		—
Total	$	0.8	$	1.5	$	(0.1)	$	(1.1)	$	1.1

The Company released $0.1 million of liability during the six months ended June 30, 2022 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. As of June 30, 2022, the operating lease right-of-use asset and the lease liability related to this agreement is $2.9 million and $3.1 million, respectively.

23

NOTE 17. SUBSEQUENT EVENTS

Alco-food-machines GmbH & Co. KG Acquisition

On July 1, 2022, the Company completed the acquisition of Alco-food-machines GmbH & Co. KG (Alco), located in Bad Iburg, Germany. Alco designs, manufactures and supplies food processing equipment and production lines for a broad range of food applications including meat, poultry, fish, vegetables, pizza, plant-based products, and pet foods. The purchase price was Euro 43.2 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.

Bevcorp Acquisition

On July 19, 2022, the Company signed a definitive agreement to acquire Bevcorp, a leading provider of beverage processing and packaging solutions. Bevcorp was founded in 1992 and is headquartered in Eastlake, Ohio. The transaction, valued at approximately $290 million, is scheduled to close in the Company's third quarter of fiscal 2022, subject to customary closing conditions and regulatory approvals.

24

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 workforce resulting in higher labor absenteeism, on our supply chains due to extended delivery times and unavailability of required components, labor and freight, 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 or strategic investments;

•fluctuations in currency exchange rates;

•increases in energy or raw material prices, freight costs, 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, including the current conflict between Russia and Ukraine;

•termination or loss of major customer contracts and risks associated with fixed-price contracts, particularly during periods of high inflation;

•customer sourcing initiatives;

•competition and innovation in our industries;

•difficulty in implementing our business strategies, including the timing of our previously announced review of strategic alternatives for the AeroTech platform, our ability to identify or develop any strategic alternatives, execute on material aspects of such strategic alternatives, and whether we can achieve the potential benefits of such strategic alternatives;

•the failure to consummate or a delay in consummating the acquisition of Bevcorp;

•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.

25

In addition, many of the risks and uncertainties facing our business are currently amplified by and may continue to be amplified by the COVID-19 pandemic and by general global economic and market conditions. The uncertainty in global economic conditions can result in substantial volatility in our operating results depending on economic environment in the markets we serve. Given the highly fluid nature of the COVID-19 pandemic and the global economic conditions, it is not possible to predict all such risks and uncertainties. Refer to the section below titled “Impact of COVID-19 and other economic trends 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. 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.

In early 2022, we announced our Elevate 2.0 strategy that capitalizes on favorable trends, as well as our leadership position, in the food and beverage processing industry. This strategy is based on a four-pronged approach to deliver continued growth and margin expansion.

•Organic Growth. Our broad application knowledge, engineering expertise, and global sales and service allow us to work alongside our customers to develop critical FoodTech products and solutions across a diverse set of food & beverage end markets. JBT is benefiting from strong commercial and market trends, which create meaningful opportunities for continued new product innovation and R&D in support of our customers’ needs. Additionally, our cross-selling abilities, investment opportunities in developing geographies, and aftermarket capabilities provide meaningful growth opportunities for FoodTech globally.

•Digital Transformation. We are investing to evolve our iOPS platform into a new digital solution called OmniBlu™, a customer-centric platform that delivers improved access to inventory and service, advanced functionality, and measurable results for customers, while also expanding JBT's recurring revenue from aftermarket parts and services.

•Margin Enhancement. We see opportunities to improve our operating margins by 200 basis points or more in the medium-term, primarily through supply chain and strategic sourcing initiatives. Key areas of focus include supply base consolidation, make versus buy decisions, value engineering and component standardization, and best cost country sourcing.

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

In pursuit of the above strategy, we are considering a full range of strategic alternatives for AeroTech and expect to complete our strategic assessment in the first half of 2023.

We operate under the JBT Business 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.

26

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 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.

Business Conditions and Outlook

During the second quarter of 2022, while we continue to experience a healthy demand for our goods and services in North America, demand has moderated in Europe due to higher energy and other input costs causing some customers in that region to delay new capital investment projects. Demand in FoodTech is driven by customer needs for greater capacity, labor savings, and new product introductions. While the recovery on the AeroTech side continues to gain momentum with orders exceeding expectations in second quarter, we do not expect a full recovery for AeroTech to pre-pandemic level until the year 2023, at the earliest. Looking ahead, we anticipate revenue growth to be consistent and solid through 2022 due to continued momentum in overall customer demand for our products and services and a record backlog entering into 2022.

Despite significant growth in our revenues, our operating margins declined in the quarter due to the challenges associated with supply chain disruptions, high inflation, and labor availability affecting both FoodTech and AeroTech. Unlike in the past, where our JBT Business System enabled us to plan and optimize production efficiency, supply chain disruptions and labor shortages meant we often had to stop and start production based on availability. We expect these trends to continue, and potentially be further impacted by the ongoing conflict in Ukraine throughout 2022, as we anticipate continued disruptions, shortages and price increases - the effect of which will depend in part on our ability to successfully mitigate and offset the impact of these events. Thus far, actions taken by us to mitigate supply chain disruptions and inflation, including productivity improvements, expanding our supplier network, and price increases, have generally been successful in offsetting some, but not all, of the impact of these trends. Additionally, we have continued to enhance our internal operating efficiency with the ongoing benefits of our restructuring program. These actions has resulted in operating margins improving sequentially for both FoodTech and AeroTech.

As a result of the war in Ukraine, we have suspended commercial activities in Russia, Belarus and occupied regions of Ukraine since March 2022. This consisted of ceasing our efforts to seek new business opportunities in these areas, as well as suspending any in-process projects to allow for an assessment of our ability to complete those projects and to receive payments in full compliance with applicable sanction programs, and without risk to our personnel and subcontractors. The direct impact of these actions to our consolidated results of operations is and is expected to remain immaterial. Furthermore, we have no direct active operations in any of these countries or regions.

Impact of COVID-19 and other economic trends on our Business

While we expect the impacts of the COVID-19 pandemic on our business to moderate going forward, there still remains uncertainty around the pandemic and the current global economic and market conditions that may continue to adversely affect our business. As a result, the following uncertainties still exist and may contribute to additional negative impacts on our overall financial results:

•our ability to obtain raw material and required components from domestic and international suppliers required to manufacture our products and provide 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, or due to labor shortages;

•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;

27

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

•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; and

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

The food industry continues to experience solid retail and foodservice demand to expand capacity, improve food yield, and add highly needed automation. As a result, in the second quarter of 2022 our inbound FoodTech orders continued to increase year over year as we see persistent demand specifically from food processing customers in the quick service restaurant businesses, those servicing the sustained "eat-at-home" trend and ready meals, vegetables and pet food. Our customers continue to invest to support these trends, addressing their immediate capacity needs and creating strong interest in FoodTech's broad product offerings. Furthermore, recurring revenue for the FoodTech segment has increased 10% year over year. This improvement is driven largely by the demand across the food processing industry noted above, price increases, higher equipment install base due to organic and inorganic growth as well as sustained operations within the food processing companies requiring critical maintenance and parts. Despite this demand, we continue to experience supply chain challenges and labor shortages that have impacted many of our markets, and which continue to drive delays and inefficiencies in our production process.

For AeroTech, a large portion of our revenue depends on the passenger airline industry. Passenger air travel and the resulting activity at US airports continued to increase during the second quarter of 2022 compared to the same period in 2021, in turn driving improving demand for our services. In addition we continue to see increased equipment demand from cargo customers. Although our projections are subject to more uncertainty given the current environment, we expect demand and inbound orders for these products to continue to improve for the remaining period of the year 2022. Despite these continued improvements, we are not expecting full recovery for AeroTech to pre-pandemic level until 2023 at the earliest. One limitation to full recovery is the continued supply chain disruptions and labor shortages that have driven shipment delays, operational inefficiencies, and higher material, labor and freight costs - serving to reduce AeroTech's profitability.

We note that while an outbreak of COVID-19 in any of our production manufacturing facilities could lead to a temporary shut-down that may negatively impact our results, there are no significant concentrations 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, severity, or potential for resurgence of these COVID-19 related events or the continued impact the pandemic 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 has allowed 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, identifying ways to mitigate the supply chain disruptions, labor shortages and resulting inefficiencies, and investing in key growth strategies so that we can continue to execute our operating strategies as a critical supplier to the essential food and air transportation industries. As of the date of this filing, all of our factories and warehouses are 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. Our Crisis Response Team issues frequent guidance to our managers and employees to reinforce these protocols and policies which are designed to keep our employees safe, maintain our business operations, and allow us to effectively and efficiently manage through positive COVID cases and potential shut downs in our facilities. Furthermore, we 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.

28

CONSOLIDATED RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2022 AND 2021

	Three Months Ended June 30,						Favorable/(Unfavorable)
(In millions, except %)	2022			2021			Change		%
Total revenue	$	542.3		$	475.5		$	66.8	14.0	%
Cost of sales	391.0			325.6			(65.4)		(20.1)	%
Gross profit	151.3			149.9			1.4		0.9	%
Gross profit %	27.9		%	31.5		%	-360 bps
Selling, general and administrative expense	108.3			101.6			(6.7)		(6.6)	%
Restructuring expense	0.8			1.0			0.2		20.0	%
Operating income	42.2			47.3			(5.1)		(10.8)	%
Operating income %	7.8		%	9.9		%	-210 bps
Interest expense, net	2.5			2.1			(0.4)		(19.0)	%
Net income before income taxes	39.7			45.2			(5.5)		(12.2)	%
Income tax provision	6.3			14.7			8.4		57.1	%
Net income	$	33.4		$	30.5		$	2.9	9.5	%

Total revenue for the three months ended June 30, 2022 increased $66.8 million or 14% compared to the same period in 2021. Organic revenue grew $68.8 million, acquisitions provided additional revenue of $16.4 million, and foreign currency translation was unfavorable by $18.4 million in the quarter compared to the prior year. Growth from organic revenue was the result of increases in both recurring and non-recurring revenues.

Operating income margin was 7.8% for the three months ended June 30, 2022 compared to 9.9% in the same period in 2021, a decrease of 210 bps, as a result of the following drivers:

•Gross profit margin decreased 360 bps to 27.9% compared to 31.5% in the same period last year. This decrease was the result of ongoing supply chain disruptions and resulting inefficiencies driving increases in material, logistics and labor costs.

•Selling, general and administrative expense increased $6.7 million from the prior year period driven by higher costs attributable to recently acquired businesses as well as costs related to the implementation of our new digital solution. It improved, however, as a percentage of total revenue by 140 bps to 20.0% in the second quarter 2022 down from 21.4% in the prior year driven by leveraging of fixed costs as volumes increased year-over-year.

•Currency translation decreased operating income by $1.8 million.

Increase in net interest expense was driven by higher average debt balance, partially offset by lower interest rates compared to the same period in 2021 primarily due to issuance of convertible notes in May 2021.

As of the second quarter of 2022, our estimated annual effective tax rate, which excludes discrete tax impacts, was 21.6%. Our actual effective tax rate for the three months ended June 30, 2022 of 15.8% was favorably impacted by a discrete tax benefit of $2.4 million from stock based compensation awards, primarily related to the May 2022 retirement of two members of the Board of Directors.

As of the second quarter of 2021, our estimated annual effective tax rate, which excluded discrete tax impacts, was 24.4%. Our actual effective tax rate for the three months ended June 30, 2021 of 32.5% was unfavorably impacted by discrete items totaling $3.6 million, primarily driven by a $4.4 million tax expense from the remeasurement of deferred taxes due to the enactment of a tax rate increase in the UK.

29

The reduction in our estimated annual effective operating tax rate is primarily driven by current year benefits related to the UK patent box regime, non-taxable Brazilian state incentives, and a reduction in non-deductible executive compensation. In addition, beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures immediately in the year incurred, and requires taxpayers to amortize such expenditures in the U.S. over five years. While the capitalization requirement has a material negative impact on cash flows, there are offsetting benefits from the enactment of this provision that we have included in our estimated annual effective tax rate, including an increase to our R&D tax credit. Congress has proposed tax legislation to delay the effective date of this change, but it is uncertain whether the proposed delay will ultimately be enacted into law. If it is delayed, these effective tax rate benefits will not be realized in the current year.

30

OPERATING RESULTS OF BUSINESS SEGMENTS

THREE MONTHS ENDED JUNE 30, 2022 AND 2021

	Three Months Ended June 30,						Favorable/(Unfavorable)
(In millions, except %)	2022			2021			Change		%
Revenue
JBT FoodTech	$	394.1		$	360.7		$	33.4	9.3	%
JBT AeroTech	148.3			114.8			33.5		29.2	%
Other revenue and intercompany eliminations	(0.1)			—			(0.1)		(100.0)	%
Total revenue	$	542.3		$	475.5		$	66.8	14.0	%
Operating income before income taxes
Segment operating profit(1)(2):
JBT FoodTech	$	50.2		$	51.5		$	(1.3)	(2.5)	%
JBT FoodTech segment operating profit %	12.7		%	14.3		%	-160 bps
JBT AeroTech	10.0			12.1			(2.1)		(17.4)	%
JBT AeroTech segment operating profit %	6.7		%	10.5		%	-380 bps
Total segment operating profit	60.2			63.6			(3.4)		(5.3)	%
Total segment operating profit %	11.1		%	13.4		%	-230 bps
Corporate items:
Corporate expense	17.2			15.3			(1.9)		(12.4)	%
Restructuring expense	0.8			1.0			0.2		20.0	%
Operating income	$	42.2		$	47.3		$	(5.1)	(10.8)	%
Operating income %	7.8		%	9.9		%	-210 bps
Inbound orders:
JBT FoodTech	$	395.6		$	397.6
JBT AeroTech	167.2			182.5
Total inbound orders	$	562.8		$	580.1

(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.

31

JBT FoodTech

FoodTech revenue increased by $33.4 million or 9% for the second quarter ended June 30, 2022 compared to the same period in 2021. Organic revenue grew $34.8 million in the period compared to the prior year and acquisitions provided additional revenue of $16.4 million during the quarter. Foreign currency translation was unfavorable by $17.7 million in the quarter. Non-recurring revenue represented 59% of the organic revenue growth, with $20.4 million of additional revenue in the year compared to 2021. Recurring revenue drove the remaining increase in organic revenue of $14.4 million.

Food Tech's operating profit declined $1.3 million or 2.5% in the second quarter of 2022 compare to 2021. Gross profit margins declined 190 bps driven by the continued supply chain disruptions and pressures resulting in inefficiencies that drove ongoing increases in material, freight, and labor costs. These increased costs contributed to an operating profit margin of 12.7% compared to 14.3% in the prior year, reflecting a decline of 160 bps. Selling, general and administrative expense increased $8.2 million from prior year, but as a percent of revenue remained flat at 19%. Currency translation decreased operating income by $1.9 million in the quarter.

JBT AeroTech

JBT AeroTech's revenue increased $33.5 million or 29% in the second quarter of 2022 compared to the same period in 2021. This increase is comprised of a $22.3 million increase from our mobile equipment business, a $8.0 million increase from our service business and a $4.2 million increase in our fixed equipment business. Foreign currency translation was unfavorable by $0.7 million. The increase in our mobile equipment business was driven by higher equipment sales to cargo customers and higher aftermarket sales primarily as a result of the continued industry recovery from 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 continued to increase as a result of the elimination of customer-imposed service hour reductions relating to COVID-19 compared to the prior year. The increase in our fixed equipment business was primarily due to a recovery in spare parts volume driven by the continued industry recovery from COVID-19.

JBT AeroTech’s operating profit declined $2.1 million or 17.4% in the second quarter of 2022 compared to 2021. Gross profit margins decreased 540 bps driven by higher material, labor and freight costs. These increased costs contributed to an operating profit margin of 6.7% compared to 10.5% in the prior year, reflecting a decline of 380 bps. Selling, general and administrative expenses in 2022 were $1.6 million above 2021 which is an increase of 13%. The increase in 2022 was mostly due to inflation and an increase in variable costs that were reduced in the prior year as a result of the impact of COVID-19. Currency translation had an immaterial impact.

Corporate Expense

Corporate expense increased $1.9 million during the three months ended June 30, 2022, compared to the same period in 2021. The increase was driven primarily by costs related to the implementation of our new digital solution and LIFO expense, partially offset by lower M&A related costs. Corporate expense remained consistent as a percentage of sales at 3.2% in the current and prior year period.

32

CONSOLIDATED RESULTS OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2022 AND 2021

	Six Months Ended June 30,						Favorable/(Unfavorable)
(In millions, except %)	2022			2021			Change		%
Total revenue	$	1,011.5		$	893.3		$	118.2	13.2	%
Cost of sales	720.7			610.2			(110.5)		(18.1)	%
Gross profit	290.8			283.1			7.7		2.7	%
Gross profit %	28.7		%	31.7		%	-300 bps
Selling, general and administrative expense	216.7			196.0			(20.7)		(10.6)	%
Restructuring expense	1.3			2.0			0.7		35.0	%
Operating income	72.8			85.1			(12.3)		(14.5)	%
Operating income %	7.2		%	9.5		%	-230 bps
Interest expense, net	4.6			4.2			(0.4)		(9.5)	%
Net income before income taxes	68.2			80.9			(12.7)		(15.7)	%
Income tax provision	9.2			23.4			14.2		60.7	%
Net income	$	59.0		$	57.5		$	1.5	2.6	%

Total revenue for the six months ended June 30, 2022 increased $118.2 million or 13% compared to the same period in 2021. Organic revenue grew $118.1 million in the period, acquisitions provided additional revenue of $29.3 million, and foreign currency translation was unfavorable by $29.2 million in the quarter compared to the prior year. Growth from organic revenue was the result of increases in both recurring and non-recurring revenues.

Operating income margin was 7.2% for the six months ended June 30, 2022 compared to 9.5% in the same period in 2021, a decrease of 230 bps, as a result of the following drivers:

•Gross profit margin decreased 300 bps to 28.7% compared to 31.7% in the same period last year. This decrease was the result of the ongoing supply chain disruptions and resulting inefficiencies driving increases in material, logistics and labor costs.

•Selling, general and administrative expense increased $20.7 million from the prior year period driven by higher costs attributable to recently acquired businesses as well as costs related to the implementation of our new digital solution. It improved, however, as a percentage of total revenue by 50 bps to 21.4% compared to 21.9% in the same period last year. This improvement was due to leveraging of fixed costs as volumes increased year-over-year.

•Currency translation decreased operating income by $2.7 million.

Increase in net interest expense was driven by higher average debt balance, partially offset by lower interest rates compared to the same period in 2021 primarily due to issuance of convertible notes in May 2021.

As of the second quarter of 2022, our estimated annual effective tax rate, which excludes discrete tax impacts was 21.6%. The actual effective tax rate for the six months ended June 30, 2022 of 13.5% was favorably impacted by discrete items totaling $5.5 million, primarily driven by benefits from stock based compensation, the UK patent box regime, and Brazilian tax litigation.

As of the second quarter of 2021, our estimated annual effective tax rate, which excluded discrete tax impacts was 24.4%. The actual effective tax rate for the six months ended June 30, 2021 of 28.9% was unfavorably impacted by discrete items totaling $3.6 million, primarily driven by a $4.4 million tax expense from the remeasurement of deferred taxes due to the enactment of a tax rate increase in the UK.

The reduction in our estimated annual effective operating tax rate is primarily driven by current year benefits related to the UK patent box regime, non-taxable Brazilian state incentives, and a reduction in non-deductible executive compensation. In addition, beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures immediately in the year incurred, and requires taxpayers to amortize such expenditures in the U.S. over five years. While the capitalization requirement has a material negative impact on cash flows, there are offsetting benefits from the enactment of this provision that we have included in our estimated annual effective tax rate, including an increase to our R&D tax credit. Congress has proposed tax legislation to delay the effective date of this change, but it is uncertain whether the proposed delay will ultimately be enacted into law. If it is delayed, these effective tax rate benefits will not be realized in the current year.

33

OPERATING RESULTS OF BUSINESS SEGMENTS

SIX MONTHS ENDED JUNE 30, 2022 AND 2021

	Six Months Ended June 30,						Favorable/(Unfavorable)
(In millions, except %)	2022			2021			Change		%
Revenue
JBT FoodTech	$	750.4		$	672.5		$	77.9	11.6	%
JBT AeroTech	261.2			220.8			40.4		18.3	%
Other revenue and intercompany eliminations	(0.1)			—			(0.1)		100.0	%
Total revenue	$	1,011.5		$	893.3		$	118.2	13.2	%
Operating income before income taxes
Segment operating profit(1)(2):
JBT FoodTech	$	90.1		$	93.0		$	(2.9)	(3.1)	%
JBT FoodTech segment operating profit %	12.0		%	13.8		%	-180 bps
JBT AeroTech	16.8			22.0			(5.2)		(23.6)	%
JBT AeroTech segment operating profit %	6.4		%	10.0		%	-360 bps
Total segment operating profit	106.9			115.0			(8.1)		(7.0)	%
Total segment operating profit %	10.6		%	12.9		%	-230 bps
Corporate items:
Corporate expense	32.8			27.9			(4.9)		(17.6)	%
Restructuring expense	1.3			2.0			0.7		35.0	%
Operating income	$	72.8		$	85.1		$	(12.3)	(14.5)	%
Operating income %	7.2		%	9.5		%	-230 bps
Inbound orders:
JBT FoodTech	$	807.4		$	783.3
JBT AeroTech	320.9			282.9
Total inbound orders	$	1,128.3		$	1,066.2

(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.

34

JBT FoodTech

FoodTech revenue increased by $77.9 million or 11.6% for the six months ended June 30, 2022 compared to the same period in 2021. Organic revenue grew $77.2 million in the period and revenue from acquisitions grew $29.3 million. Foreign currency translation was unfavorable by $28.2 million in the period. Non-recurring revenue represented 58% of the organic revenue growth, with $44.4 million of additional revenue in the year compared to 2021. Recurring revenue drove the remaining increase in organic revenue of $32.8 million.

FoodTech operating profit decreased $2.9 million, or 3.1%, for the six months ended June 30, 2022 compared to the same period in 2021. Gross profit margins declined 190 bps driven by the continued supply chain disruptions and pressures resulting in inefficiencies that drove ongoing increases in material, freight, and labor costs. The increased costs contributed to an operating profit margin of 12.0% compared to 13.8% in the prior year, reflecting a decline of 180 bps. Selling, general and administrative expense increased $21.8 million from prior year, but as a percent of revenue remained flat at 20%. Currency translation decreased operating income by $2.9 million in the six months ended June 30, 2022.

JBT AeroTech

JBT AeroTech's revenue increased $40.4 million or 18.3% for the six months ended June 30, 2022 compared to the same period in 2021. This increase is comprised of a $29.3 million increase from our mobile equipment business and a $13.7 million increase from our service business, partially offset by a decline of $1.4 million in our fixed equipment business. Foreign currency translation was unfavorable by $0.9 million. The increase in our mobile equipment business was driven by higher equipment sales to cargo customers and higher aftermarket sales primarily as a result of the continued industry recovery from 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 continued 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 primarily due to supply chain issues and labor shortages, which delayed our ability to recognize revenue.

JBT AeroTech’s operating profit declined $5.2 million or 23.6% for the first six months of 2022 compared to the same period in 2021. Gross profit margins decreased 420 bps driven by higher material, labor and freight costs. These increased costs contributed to an operating profit margin of 6.4% compared to 10.0% in the prior year, reflecting a decline of 360 bps. Selling, general and administrative expenses in 2022 were $3.1 million above 2021 which is an increase of 12%. The increase in 2022 was mostly due to inflation and an increase in variable costs that were reduced in the prior year as a result of the impact of COVID-19. Currency translation had an immaterial impact.

Corporate Expense

Corporate expense increased $4.9 million during the six months ended June 30, 2022, compared to the same period in 2021. The increase was driven primarily by costs related to the implementation of our new digital solution and LIFO expense. Corporate expense increased slightly as a percentage of sales from 3.1% in the prior year to 3.2% for the six months ended June 30, 2022.

Use of Non-GAAP Financial Measure

We present certain financial information on a constant currency basis in this quarterly report on Form 10-Q to 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. 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.

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. We completed this plan as of June 30, 2022. The total cost in connection with this plan was $11 million for FoodTech and $6 million for AeroTech. We recognized cumulative restructuring charges of $18.9 million, net of a cumulative release of the related liability of $1.6 million, as of June 30, 2022.

35

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, 2021		During the quarter ended March 31, 2022		During the quarter ended June 30, 2022		As of June 30, 2022
Cost of sales	$	5.0	$	1.0	$	0.4	$	6.4
Selling, general and administrative	1.9		0.5		0.3		2.7
Total restructuring savings	$	6.9	$	1.5	$	0.7	$	9.1

For the 2020 restructuring plan, we expect to realize the remaining incremental cost savings, as originally estimated, during the second half of the current year.

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

Liquidity and Capital Resources

Overview of Sources and Uses of Cash

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.

As of June 30, 2022, we had $68.1 million of cash and cash equivalents, $36.8 million of which was held by our foreign subsidiaries. Although certain 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 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 tax and foreign withholding taxes. The foreign withholding taxes on these repatriations to the U.S. would potentially be partially offset by U.S. foreign tax credits.

As noted above, certain 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 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 costs.

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 2022, 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 used 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, 2022.

Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures immediately in the year incurred and requires taxpayers to amortize such expenditures in the U.S. over five years. Congress has proposed tax legislation to delay the effective date of this change, but it is uncertain whether the proposed delay will ultimately be enacted into law. If the current effective date remains in place, our assessment is that we will experience a material decrease in cash from operations in 2022 and the impact will continue over the five-year amortization period, but the impact will decrease each year.

36

For the six months ended June 30, 2022, we had total operating cash flow of $44.8 million. For full year 2022, we expect to generate positive cash flows. Our liquidity as of June 30, 2022, or cash plus borrowing ability under our revolving credit facilities, was $641.7 million. The increase in our liquidity year over year was in part due to structural changes in the leverage calculation of our credit facility, modified in the fourth quarter of 2021, that have allowed us increased access to the capacity under our secured credit facility. Furthermore, our liquidity improved resulting from lower borrowing required from our secured credit facility as of June 30, 2022, due to our funding requirements met by the issuance of unsecured convertible notes in May 2021.

The cash flows generated by our operations and borrowings are expected to be sufficient to satisfy our principal cash requirements both in the short term and long term, which include our working capital needs, new product development, restructuring expenses, capital expenditures, income taxes, debt repayments, dividends, share repurchases, periodic pension contributions, payments under the CARES Act for payroll tax deferral, and other financing arrangements.

Based on our current capital allocation objectives, during 2022 we anticipate capital expenditures to be between $90 million and $95 million, which includes about $45 million of capitalized investment in our digital strategy, compared to $54.1 million in the prior year. Our level of capital expenditures varies from time to time as a result of actual and anticipated business conditions. We believe JBT's strong balance sheet, operating cash flows, and access to capital, as of June 30, 2022, positions us to successfully navigate through the current challenging economic conditions as we continue to invest in growth strategies including our acquisition program and new product development.

Cash Flows

Cash flows for the six months ended June 30, 2022 and 2021 were as follows:

	Six Months Ended June 30,
(In millions)	2022		2021
Cash provided by operating activities	$	44.8	$	130.3
Cash required by investing activities	(44.2)		(34.5)
Cash (required by) provided by financing activities	(9.3)		59.8
Effect of foreign exchange rate changes on cash and cash equivalents	(2.0)		(0.8)
(Decrease) increase in cash and cash equivalents	$	(10.7)	$	154.8

Cash provided by operating activities during the six months ended June 30, 2022 was $44.8 million, representing an $85.5 million decrease compared to the same period in 2021. This decrease was driven primarily by higher investment in inventory and lower customer collections for trade receivables, partially offset by higher advance payments from customers.

Cash required by investing activities during the six months ended June 30, 2022 was $44.2 million, an increase of $9.7 million compared to the same period in 2021 primarily due to increased capital expenditures partially offset by lower spending on acquisitions year over year.

Cash required by financing activities was $9.3 million during the six months ended June 30, 2022, which is a decrease of $69.1 million compared to same period in 2021. This decrease is driven by prior year activity that did not recur in the current year. Specifically the cash provided by financing activities of $59.8 million during the six months ended June 30, 2021 was primarily due to 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

Financing Arrangements

As of June 30, 2022 we had $281.9 million drawn on and $1,011.7 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, 2022, 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.

37

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 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, 2022, 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, 2022, a portion of our variable rate debt was effectively fixed rate debt subject to an average fixed rate of 0.81%, while approximately $31.9 million, or 11%, remained subject to floating, or market, rates. To the extent interest rates increase in future periods, our earnings could be negatively impacted by higher interest expense.

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, 2022. Refer to our Annual Report on Form 10-K for the year ended December 31, 2021 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, 2021.

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, 2022. We have concluded that, as of June 30, 2022, 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, 2022 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.

38

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, 2022.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk factor below and factors discussed in Item 1A. "Risk Factors" in JBT's Annual Report on Form 10-K for the year ended December 31, 2021.

BUSINESS STRATEGY RISKS

We face risks associated with our evaluation of strategic alternatives for our AeroTech platform.

As previously disclosed, we are evaluating strategic alternatives for our AeroTech platform. The goal of this evaluation is to identify the most value-creating opportunity for our shareholders. Potential risks include the diversion of management’s attention from other business concerns, the potential loss of key employees and customers, potential impairment charges or losses if a business were to be divested at a loss, and restructuring and other disposal charges. Any or all these risks could impact the Company’s financial results.

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, 2022:

(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, 2022 through April 30, 2022	—	$	—	—	$	30.0
May 1, 2022 through May 31, 2022	20,331	112.80		20,331	27.7
June 1, 2022 through June 30, 2022	—	—		—	27.7
	20,331	$	112.80	20,331	$	27.7

(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 on December 1, 2021 and is set to expire on December 31, 2024. Shares may be purchased from time to time in open market transactions, subject to market conditions. Repurchased shares become treasury shares, which are accounted for using the cost method and are intended to be used for future awards under the Incentive Compensation Plan.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

39

EXHIBIT INDEX

Number in Exhibit Table	Description
10.1*	Offer Letter to Jack Martin.
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.

40

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 29, 2022

41

EX-10.1

Memorandum        Exhibit 10.1

John Bean Technologies Corporation

        70 West Madison

        Suite 4400

        Chicago, IL 60602

        Phone: 312/861-5900

To	Jack Martin	Date	March 7, 2022
From	Brian Deck	Cc	File
Subject	Employment Offer

I am very pleased to provide you with this letter confirming our offer to you for the position of Executive Vice President, Supply Chain, reporting to me, with an expected start date of April 4, 2022. We are excited to have you as a leader at JBT and member of the Executive Leadership team. The elements of your compensation are itemized below.

Annual Salary	$334,000
Target Cash Bonus	50%
Target Total Cash	$501,000
One-time discretionary LTIP award (equity)	$200,000
Annual LTIP award (starting in 2023)	$225,000
Change in Control Agreement & Executive Severance Plan	Attached
Group Insurance – Medical, Dental, Life, Disability, & Vision	Attached
401 (k) Plan	Up to 6.5% Company Match
Vacation	Four weeks (earned monthly)
Financial Planning	Up to $20,000 Annually
Concierge Health Care	$5,000 Annually
Parking	On-site Reimbursement
Effective Date	April 4, 2022

Your annual base salary of $334,000 will be paid on a biweekly basis.

ANNUAL CASH BONUS

You will be eligible to participate in the JBT Management Incentive Plan (MIP). Your JBT Management Incentive Plan (MIP) bonus target payout will be 50% of your base salary. This cash incentive bonus is based on both business performance incentives (BPI) and Personal Performance Indicators (PPI). The BPI measures the Company’s actual financial performance on performance objectives established annually by the Compensation Committee of the Board and is weighted (75%). Payouts can range from 0.0 to 2.5 times target. The PPI measures your individual performance to objectives and is weighted (25%). Payouts can range from 0.0 to 2.0 times target.

LONG-TERM INCENTIVE:

You will also be eligible to participate in the John Bean Technologies Corporation Long Term Incentive Plan (LTIP) which provides for periodic equity awards at the discretion of the Board of Directors. Equity awards are determined annually by the Compensation Committee of the Board of Directors. As incentive to join JBT, you will be awarded a three-year time-based award of $200,000 upon joining JBT. Your “Annual” award in 2023 will have an expected grant date value of $225,000. Annual LTIP awards are comprised of two components; 40% of the award consists of time-based restricted stock units (RSUs) and 60% consists of performance-based restricted stock units (PSUs). Performance payouts can range from 0 to 200%. Financial performance objectives for the LTIP are also established annually by the Compensation Committee.

SEVERANCE AGREEMENT:

As an executive officer, you will be eligible to enter into an Executive Severance Agreement (the “Change in Control Agreement”) that extends benefits in the event JBT undergoes a qualified change in control action. The form of Change in Control Agreement you will execute upon starting with JBT is attached as Exhibit B.

You will also be eligible to participate in JBT’s Executive Severance Pay Plan (the “Severance Plan”) which includes 15 months of base salary, target bonus and compensation for costs associated with continuation of medical and dental benefits under COBRA, vacation pay, outplacement assistance and other benefits in connection with an involuntary termination. The plan agreement is attached as Exhibit C.

OTHER BENEFITS:

As an executive officer, JBT provides up to $20,000 annually to be used for financial planning and/or tax assistance. In addition, parking in the building garage is available if you choose to drive to work. Finally, you will be eligible for an annual executive physical with an annual value of approximately $5,000.

CONDITIONS OF EMPLOYMENT:

As a condition of this offer of employment, you have represented to JBT that you do not possess any documents or other materials containing confidential information or trade secrets of your former employers. Furthermore, JBT affirmatively states that it has no desire to obtain or use any confidential information or trade secrets of any of your former employers should you accept employment with JBT.

This offer of employment is further contingent upon a background check and your ability to pass the Company pre-employment physical examination, which includes a urine test for substances of abuse. A copy of the JBT Substance Abuse Policy is attached. If you accept the offer, you will receive an email with a link to our applicant system where you will be asked to electronically sign consent forms to proceed with a drug test. We will arrange your drug test and will contact you with the date and time.

Additionally, upon your acceptance JBT will initiate board of director approval for your appointment, as required given this is a corporate officer position.

Nothing in this letter shall interfere with the right of the Company to discharge any employee at any time, nor shall the agreement be construed so as to create a contract, promise or guarantee of employment for any specific term in any position or assignment.

AT-WILL EMPLOYMENT:

By signing this letter below, you understand and agree that your employment with the Company is at-will, that is your employment is not for any specified duration and that it may be terminated by you or the Company, at any time, with or without cause and with or without notice. The preceding sentence supersedes any prior representations or agreements concerning your employment by the Company, written or oral. You understand and agree that no manager or other employee of the Company has the authority to alter the at-will nature of your employment, except the President of the Company, who can only do so if in writing.

We know your association with our Company will be personally and professionally rewarding and that you will contribute in many ways to the overall effectiveness of the Executive Leadership team. Please sign and return a copy of this letter acknowledging your acceptance. Do not hesitate to ask us if you have any questions regarding this offer of employment.

Jack, I look forward to working with you.

Page 2

Sincerely,

Brian A. Deck

President and Chief Executive Officer

I Accept This Offer on the Terms Indicated

/Jack Martin/                03/07/22

Signature                         Date

Page 3

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 29, 2022

/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 29, 2022

/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, 2022, 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 29, 2022

/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, 2022, 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 29, 2022

/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, 2022	Jul. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		31,861,680
Entity Central Index Key	0001433660
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 542.3	$ 475.5	$ 1,011.5	$ 893.3
Operating expenses:
Selling, general and administrative expense	108.3	101.6	216.7	196.0
Restructuring expense	0.8	1.0	1.3	2.0
Operating income	42.2	47.3	72.8	85.1
Interest expense, net	2.5	2.1	4.6	4.2
Net income before income taxes	39.7	45.2	68.2	80.9
Income tax provision	6.3	14.7	9.2	23.4
Net income	$ 33.4	$ 30.5	$ 59.0	$ 57.5
Basic earnings per share:
Net income (in dollars per share)	$ 1.05	$ 0.95	$ 1.84	$ 1.80
Diluted earnings per share:
Net income (in dollars per share)	$ 1.04	$ 0.95	$ 1.84	$ 1.79
Product
Revenue	$ 466.6	$ 412.1	$ 867.5	$ 772.8
Operating expenses:
Cost of goods and services	337.2	281.6	619.0	526.7
Service
Revenue	75.7	63.4	144.0	120.5
Operating expenses:
Cost of goods and services	$ 53.8	$ 44.0	$ 101.7	$ 83.5

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 33.4	$ 30.5	$ 59.0	$ 57.5
Other comprehensive income, net of income taxes
Foreign currency translation adjustments	(26.7)	3.6	(26.6)	8.1
Pension and other postretirement benefits adjustments	1.4	1.7	3.0	3.4
Derivatives designated as hedges	1.8	(0.3)	9.1	2.9
Other comprehensive income	(23.5)	5.0	(14.5)	14.4
Comprehensive income	$ 9.9	$ 35.5	$ 44.5	$ 71.9

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 68.1	$ 78.8
Trade receivables, net of allowances	268.4	239.1
Contract assets	98.2	94.4
Inventories	298.8	229.1
Other current assets	73.4	77.3
Total current assets	806.9	718.7
Property, plant and equipment, net of accumulated depreciation of $342.8 and $339.2 respectively	263.4	267.6
Goodwill	666.4	684.8
Intangible assets, net	310.2	342.6
Other assets	175.2	127.7
Total Assets	2,222.1	2,141.4
Current Liabilities:
Accounts payable, trade and other	222.9	186.0
Advance and progress payments	214.3	190.2
Other current liabilities	169.5	173.7
Total current liabilities	606.7	549.9
Long-term debt	674.6	674.4
Accrued pension and other postretirement benefits, less current portion	48.2	57.6
Other liabilities	102.8	109.0
Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2022 or 2021	0.0	0.0
Common stock, $0.01 par value; 120,000,000 shares authorized; June 30, 2022: 31,861,470 issued and outstanding; December 31, 2021: 31,769,967 issued and outstanding	0.3	0.3
Common stock held in treasury, at cost June 30, 2022: 0 shares and December 31, 2021: 0 shares	0.0	0.0
Additional paid-in capital	215.4	214.2
Retained earnings	786.0	733.4
Accumulated other comprehensive loss	(211.9)	(197.4)
Total stockholders' equity	789.8	750.5
Total Liabilities and Stockholders' Equity	$ 2,222.1	$ 2,141.4

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 342.8	$ 339.2
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock , shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	31,861,470	31,769,967
Common stock, shares outstanding (in shares)	31,861,470	31,769,967
Common stock held in treasury (in shares)	0	0

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 33.4	$ 30.5	$ 59.0	$ 57.5
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			39.1	36.6
Stock-based compensation			4.7	4.1
Other			4.4	2.4
Changes in operating assets and liabilities:
Trade receivables, net and contract assets			(41.7)	(2.8)
Inventories			(78.3)	(11.0)
Accounts payable, trade and other			39.5	37.6
Advance and progress payments			29.5	8.4
Accrued pension and other postretirement benefits, net			(2.7)	(0.5)
Other assets and liabilities, net			(8.7)	(2.0)
Cash provided by operating activities			44.8	130.3
Cash flows from investing activities:
Acquisitions, net of cash acquired			(0.4)	(15.9)
Capital expenditures			(44.4)	(20.3)
Proceeds from disposal of assets			0.6	1.7
Cash required by investing activities			(44.2)	(34.5)
Cash flows from financing activities:
Net proceeds (payments) on short-term debt			0.0	(1.8)
Net proceeds (payments) for domestic credit facilities			0.9	(270.1)
Proceeds from issuance of 2026 convertible senior notes, net of issuance costs			0.0	392.2
Purchase of convertible bond hedge			0.0	(65.6)
Proceeds from sale of warrants			0.0	29.5
Settlement of taxes withheld on stock-based compensation awards			(1.2)	(2.0)
Payment of acquisition date earnout liability			0.0	(16.1)
Dividends			(6.7)	(6.3)
Common stock repurchases			(2.3)	0.0
Cash (required) provided by financing activities			(9.3)	59.8
Effect of foreign exchange rate changes on cash and cash equivalents			(2.0)	(0.8)
(Decrease) increase in cash and cash equivalents			(10.7)	154.8
Cash and cash equivalents, beginning of period			78.8	47.5	$ 47.5
Cash and cash equivalents, end of period	$ 68.1	$ 202.3	68.1	202.3	$ 78.8
Supplemental Cash Flow Information:
Non-cash investing in capital expenditures, accrued but not paid			$ 14.9	$ 0.2

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)
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	(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	(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)
Beginning balance at Dec. 31, 2021	750.5	0.3	0.0	214.2	733.4	(197.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59.0				59.0
Issuance of treasury stock	0.0		2.3	(2.3)
Share repurchases	(2.3)		(2.3)
Common stock cash dividends	(6.4)				(6.4)
Foreign currency translation adjustments, net of income taxes	(26.6)					(26.6)
Derivatives designated as hedges, net of income taxes	9.1					9.1
Pension and other postretirement liability adjustments, net of income taxes	3.0					3.0
Stock-based compensation expense	4.7			4.7
Taxes withheld on issuance of stock-based awards	(1.2)			(1.2)
Ending balance at Jun. 30, 2022	789.8	0.3	0.0	215.4	786.0	(211.9)
Beginning balance at Mar. 31, 2022	783.6	0.3	0.0	215.9	755.8	(188.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33.4				33.4
Issuance of treasury stock	0.0		2.3	(2.3)
Share repurchases	(2.3)		(2.3)
Common stock cash dividends	(3.2)				(3.2)
Foreign currency translation adjustments, net of income taxes	(26.7)					(26.7)
Derivatives designated as hedges, net of income taxes	1.8					1.8
Pension and other postretirement liability adjustments, net of income taxes	1.4					1.4
Stock-based compensation expense	3.0			3.0
Taxes withheld on issuance of stock-based awards	(1.2)			(1.2)
Ending balance at Jun. 30, 2022	$ 789.8	$ 0.3	$ 0.0	$ 215.4	$ 786.0	$ (211.9)

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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	$ (1.5)	$ 0.4	$ (1.7)	$ (0.7)
Derivatives designated as hedges, tax	(0.6)	0.1	(3.2)	(1.0)
Purchase of convertible bond hedge, tax		17.1		17.1
Pension and other postretirement liability adjustments, tax	$ (0.5)	$ (0.6)	$ (1.0)	$ (1.2)

XML

Description of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2022

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, 2021, 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 Issued Accounting Standards Not Yet Adopted

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This standard is effective for annual periods beginning after December 15, 2021 and should be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2021-10 within its Form 10-K for the fiscal year 2022.

XML

Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

During fiscal year 2021 the Company acquired 100% of voting equity of three businesses. The Company did not make any acquisitions during the six months ended June 30, 2022. A summary of the acquisitions made during 2021 is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
November 2, 2021	Stock	Urtasun Tecnología Alimentaria S.L ("Urtasun")	Navarra, Spain	JBT FoodTech
A provider of fruit and vegetable processing solutions, particularly in the fresh packaged and frozen markets. The Urtasun acquisition extends the Company's capabilities in providing fruit and vegetable processing solutions.
July 2, 2021	Stock	CMS Technology, Inc ("Prevenio")	Bridgewater, New Jersey	JBT FoodTech
A provider of innovative food safety solutions primarily for the poultry industry as well as produce applications. Prevenio provides a pathogen protection solution through its anti-microbial delivery equipment that enhances food safety and integrity, and creates a safer work environment for its customers and their employees. This acquisition enhances the Company’s recurring revenue portfolio and furthers its investment in solutions that support its customers’ daily operations.
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.

Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired.

(In millions)	Urtasun(1)		Prevenio(2)		ACS(3)		Total
Financial assets	$	8.8	$	8.1	$	2.9	$	19.8
Inventories	3.4		0.2		0.7		4.3
Property, plant and equipment	3.2		4.1		—		7.3
Customer relationship (4)	11.5		41.0		3.7		56.2
Patents and acquired technology (4)	6.0		17.5		3.4		26.9
Trademarks (4)	2.2		0.7		0.8		3.7
Deferred taxes	(5.9)		(15.1)		(0.9)		(21.9)
Financial liabilities	(7.8)		(3.4)		(2.9)		(14.1)
Total identifiable net assets	$	21.4	$	53.1	$	7.7	$	82.2
Cash consideration paid	$	44.2	$	173.3	$	16.8	$	234.3
Cash acquired	4.8		3.5		1.1		9.4
Net consideration	$	39.4	$	169.8	$	15.7	$	224.9
Goodwill (5)	$	22.8	$	120.2	$	9.1	$	152.1

(1)The purchase accounting for Urtasun is provisional. The valuation of certain intangible assets, 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, 2022, the Company made no significant measurement period adjustments for this acquisition.

(2)The purchase accounting for Prevenio is final as of June 30, 2022. During the quarter ended June 30, 2022, the Company made no significant measurement period adjustments for this acquisition.

(3)The purchase accounting for ACS was final as of December 31, 2021.

(4)The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from four to twenty years. The intangible assets acquired in 2021 have weighted average useful lives of 14 years for customer relationship, 8 years for patents and acquired technology, and 17 years for trademarks.

(5)The Company expects goodwill of $0.7 million from these acquisitions to be deductible for income tax purposes.

XML

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

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, 2021	$	646.7	$	38.1	$	684.8
Acquisitions	1.2		—		1.2
Currency translation	(19.2)		(0.4)		(19.6)
Balance as of June 30, 2022	$	628.7	$	37.7	$	666.4

Intangible assets consisted of the following:

	June 30, 2022				December 31, 2021
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	301.5	$	110.7	$	309.3	$	102.0
Patents and acquired technology	165.7		85.4		174.5		82.0
Trademarks	44.6		15.8		47.2		15.0
Non-amortizing intangible assets	10.3		—		10.6		—
Other	8.6		8.6		8.7		8.7
Total intangible assets	$	530.7	$	220.5	$	550.3	$	207.7

XML

Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:

(In millions)	June 30, 2022		December 31, 2021
Raw materials	$	128.1	$	101.0
Work in process	80.3		59.1
Finished goods	174.2		151.8
Gross inventories before LIFO reserves and valuation adjustments	382.6		311.9
LIFO reserves	(53.7)		(53.3)
Valuation adjustments	(30.1)		(29.5)
Net inventories	$	298.8	$	229.1

XML

Pension

6 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
Service cost	$	0.4	$	0.6	$	0.9	$	1.2
Interest cost	1.9		1.7		3.8		3.3
Expected return on plan assets	(3.9)		(3.9)		(7.8)		(7.8)
Amortization of net actuarial losses	2.0		2.3		4.0		4.6
Net periodic cost	$	0.4	$	0.7	$	0.9	$	1.3

The Company expects to contribute $3.1 million to its pension and other post-retirement benefit plans in 2022. The pension contributions will be primarily for the Non-U.S. based employee defined benefit plans, and all of the contributions are expected to be in the form of cash. We have made no contribution to our U.S. qualified pension plan during the six months ended June 30, 2022.

XML

Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

DEBT

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

(In millions)	Maturity Date	June 30, 2022		December 31, 2021
Revolving credit facility (1)	December 14, 2026	$	281.9	$	282.9
Less: unamortized debt issuance costs		$	(1.1)	$	(1.2)
Revolving credit facility, net		$	280.8	$	281.7
Convertible senior notes (2)	May 15, 2026	$	402.5	$	402.5
Less: unamortized debt issuance costs		$	(8.7)	$	(9.8)
Convertible senior notes, net		$	393.8	$	392.7
Long-term debt, net		$	674.6	$	674.4

(1) Weighted-average interest rate at June 30, 2022 was 2.01%

(2) Effective interest rate for the Notes (as defined below) for the quarter ended June 30, 2022 was 0.82%

Components of interest expense recognized for the 0.25% Convertible Senior Notes due 2026 (the "Notes") were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Contractual interest expense	$	0.2	$	0.1	$	0.5	$	0.1
Interest cost related to amortization of issuance costs	0.6		0.2		1.1		0.2
Total interest expense	$	0.8	$	0.3	$	1.6	$	0.3

Convertible Note Hedge Transactions

On May 28, 2021, the Company closed a private offering of $402.5 million aggregate principal amount of the Notes to qualified institutional buyers. The initial conversion rate of the Notes is 5.8958 shares of the Company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $169.61 per share. The conversion rate of the Notes is subject to adjustment upon the occurrence of certain specified events.

On May 28, 2021, the Company paid an aggregate amount of $65.6 million for the Convertible Note Hedge Transactions (the "Hedge Transactions"). The Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Notes, approximately 2.4 million shares of the Company's common stock. These are the same number of shares initially underlying the Notes, at a strike price of $169.61, subject to customary adjustments. The Hedge Transactions will expire upon the maturity of the Notes, subject to earlier exercise or termination.

The Hedge Transactions are expected generally to reduce the potential dilutive effect of the conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted Notes, in the event that the market price per share of the Company's common stock, as measured under the terms of the Hedge Transactions, is greater than the Hedge Transactions strike price of $169.61. The Hedge Transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore these transactions are not revalued after their issuance.

The Company made a tax election to integrate the Notes and the Hedge Transactions. The accounting impact of this tax election makes the Hedge Transactions deductible as original issue discount interest for tax purposes over the term of the note, and results in a $17.1 million deferred tax asset recorded as an adjustment to Additional paid-in capital on our Balance Sheet as of June 30, 2022.

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.

XML

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 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, 2022	$	(143.9)	$	9.1	$	(53.6)	$	(188.4)
Other comprehensive income (loss) before reclassification	—		1.8		(26.2)		(24.4)
Amounts reclassified from accumulated other comprehensive income	1.4		—		(0.5)		0.9
Ending balance, June 30, 2022	$	(142.5)	$	10.9	$	(80.3)	$	(211.9)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended June 30, 2022 were $2.0 million of charges to pension expense, other than service cost, net of $0.6 million income tax benefit. There were no reclassification adjustments for derivatives designated as hedges during the period. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended June 30, 2022 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, 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.

Changes in the AOCI balances for the six months ended June 30, 2022 and 2021 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, December 31, 2021	$	(145.5)	$	1.8	$	(53.7)	$	(197.4)
Other comprehensive income (loss) before reclassification	—		8.8		(25.6)		(16.8)
Amounts reclassified from accumulated other comprehensive income	3.0		0.3		(1.0)		2.3
Ending balance, June 30, 2022	$	(142.5)	$	10.9	$	(80.3)	$	(211.9)

(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, 2022 were $4.0 million of charges to pension expense, other than service cost, net of $1.0 million income tax benefit. 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, 2022 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, 2020	$	(161.4)	$	(3.8)	$	(54.7)	$	(219.9)
Other comprehensive income 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.

XML

Revenue Recognition (Notes)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Transaction price allocated to remaining performance obligations

The Company has estimated that $1.1 billion in revenue is expected to be recognized in the future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of June 30, 2022. The Company expects to complete these obligations and recognize 67% as revenue in 2022, 28% in 2023, 4% in 2024 and the remaining after 2024.

Disaggregation of Revenue

In the following table, revenue is disaggregated by type of good or service, primary geographical market, and timing of recognition for each reportable segment. The table also includes a reconciliation of the disaggregated revenue to total revenue of each reportable segment.

	Three Months Ended				Six Months Ended
	June 30, 2022				June 30, 2022
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	181.3	$	56.3	$	355.5	$	105.0
Non-recurring (1)	212.8		92.0		394.9		156.2
Total	394.1		148.3		750.4		261.2
Geographical Region (2)
North America	225.6		133.7		435.9		237.8
Europe, Middle East and Africa	103.6		7.4		193.0		12.7
Asia Pacific	35.4		6.1		71.4		8.8
Latin America	29.5		1.1		50.1		1.9
Total	394.1		148.3		750.4		261.2
Timing of Recognition
Point in Time	179.3		71.4		351.2		121.0
Over Time	214.8		76.9		399.2		140.2
Total	394.1		148.3		750.4		261.2

	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

(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, 2022		December 31, 2021
Contract Assets	$	98.2	$	94.4
Contract Liabilities	204.5		178.0
	Balances as of
	June 30, 2021		December 31, 2020
Contract Assets	89.1		68.3
Contract Liabilities	135.9		123.8

The revenue recognized during the six months ended June 30, 2022 and 2021 that was included in contract liabilities at the beginning of the period amounted to $115.2 million and $86.3 million, respectively. The remainder of the change from December 31, 2021 and December 31, 2020 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.

XML

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2022		2021		2022		2021
Basic earnings per share:
Net income	$	33.4	$	30.5	$	59.0	$	57.5
Weighted average number of shares outstanding	32.0		32.0		32.0		32.0
Basic earnings per share from net income	$	1.05	$	0.95	$	1.84	$	1.80
Diluted earnings per share:
Net income	$	33.4	$	30.5	$	59.0	$	57.5
Weighted average number of shares outstanding	32.0		32.0		32.0		32.0
Effect of dilutive securities:
Restricted stock	0.1		0.1		0.1		0.1
Total shares and dilutive securities	32.1		32.1		32.1		32.1
Diluted earnings per share from net income	$	1.04	$	0.95	$	1.84	$	1.79

XML

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2022

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, 2022								As of December 31, 2021
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	11.6	$	11.6	$	—	$	—	$	13.5	$	13.5	$	—	$	—
Derivatives	34.7		—		34.7		—		18.4		—		18.4		—
Total assets	$	46.3	$	11.6	$	34.7	$	—	$	31.9	$	13.5	$	18.4	$	—
Liabilities:
Derivatives	$	13.8	$	—	$	13.8	$	—	$	9.4	$	—	$	9.4	$	—
Total liabilities	$	13.8	$	—	$	13.8	$	—	$	9.4	$	—	$	9.4	$	—

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 loss of $3.6 million and $0.5 million as of June 30, 2022 and December 31, 2021, respectively.

The Company uses the income approach to measure the fair value of derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change between the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values, and applying an appropriate discount rate as well as a factor of credit risk.

The Notes are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. The fair value of the Notes estimated using Level 2 inputs was $373.7 million as of June 30, 2022.

The carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities.

The carrying values of the Company's revolving credit facility recorded in long-term debt on the Balance Sheet approximate their fair values due to their variable interest rates.

XML

Derivative Financial Instruments and Risk Management

6 Months Ended

Jun. 30, 2022

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, 2022 of $738.1 million, as hedges and therefore does not apply hedge accounting.

Commodity Price Risk: The Company's operations subject us to risk related to the price volatility of certain commodities. We principally use a combination of purchase orders and various short-term supply arrangements in connection with the purchase of our raw materials and components required to manufacture our products. To mitigate the commodity price risk associated with the Company's operations, the Company may enter into commodity derivative instruments. Since April 2022, the Company has entered into various commodity forward contracts with a maturity of less than 1 year to mitigate this commodity price volatility. The Company has not designated these commodity forward contracts, which had a notional value at June 30, 2022 of $1.4 million, as hedges and therefore does not apply hedge accounting.

The fair values of our foreign currency and commodity derivative assets are recorded within other current assets and other assets, and the fair values of foreign currency and commodity derivative liabilities are recorded within other current liabilities and other liabilities. The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet:

	As of June 30, 2022				As of December 31, 2021
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Foreign exchange contracts	$	8.2	$	13.3	$	10.6	$	9.4
Commodity contracts	—		0.5		—		—
Total	$	8.2	$	13.8	$	10.6	$	9.4

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 for foreign exchange contracts, 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, 2022 and December 31, 2021, information related to these offsetting arrangements was as follows:

(In millions)	As of June 30, 2022
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	$	32.9	$	—	$	32.9	$	(5.9)	$	27.0

(In millions)	As of June 30, 2022
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	$	13.8	$	—	$	13.8	$	(5.9)	$	7.9

(In millions)	As of December 31, 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	$	17.5	$	—	$	17.5	$	(7.3)	$	10.2

(In millions)	As of December 31, 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	$	9.1	$	—	$	9.1	$	(7.3)	$	1.8

The following table presents the location and amount of the gain (loss) on foreign currency and commodity 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)		2022		2021		2022		2021
Foreign exchange contracts	Revenue	$	(4.7)	$	1.6	$	(4.9)	$	0.4
Foreign exchange contracts	Cost of sales	(1.4)		(0.1)		(2.3)		0.8
Foreign exchange contracts	Selling, general and administrative expense	0.9		0.3		1.4		0.3
Commodity contracts	Cost of sales	(0.5)		—		(0.5)		—
Total		(5.7)		1.8		(6.3)		1.5
Remeasurement of assets and liabilities in foreign currencies		3.1		(1.6)		4.1		(1.8)
Net (loss) gain		$	(2.6)	$	0.2	$	(2.2)	$	(0.3)

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, 2022, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $14.7 million and as accumulated other comprehensive income, net of tax, of $10.9 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. Coupon interest from cross currency swap agreement recorded in interest expense, net was approximately $1.4 million for both the six months ended June 30, 2022 and 2021.

At June 30, 2022, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other assets of $11.8 million and as accumulated other comprehensive income, net of tax, of $8.7 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, 2022, 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.

XML

Leases

6 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
Fixed payment revenue	$	16.8	$	16.6	$	32.4	$	32.9
Variable payment revenue	7.0		3.9		16.4		8.4
Operating lease revenue	$	23.8	$	20.5	$	48.8	$	41.3
Sales-type lease revenue	$	1.8	$	3.1	$	2.5	$	4.3

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

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

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 $163.8 million at June 30, 2022, represent guarantees of future performance. The Company has also provided $6.3 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, 2022, the gross value of such arrangements was $0.5 million, of which the Company's net exposure under such guarantees was less than $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)	2022		2021		2022		2021
Balance at beginning of period	$	12.2	$	11.6	$	12.7	$	11.5
Expense for new warranties	3.3		3.4		6.0		7.1
Adjustments to existing accruals	(0.2)		—		(0.3)		(0.2)
Claims paid	(2.3)		(2.6)		(5.4)		(5.8)
Added through acquisition	0.1		—		0.1		—
Translation	(0.4)		0.1		(0.4)		(0.1)
Balance at end of period	$	12.7	$	12.5	$	12.7	$	12.5

XML

Business Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

Operating segments for the Company are determined based on information used by the chief operating decision maker (CODM) in deciding how to evaluate performance and allocate resources to each of the segments. JBT’s CODM is the Chief Executive Officer (CEO). While there are many measures the CEO reviews in this capacity, the key segment measures reviewed include operating profit, EBITDA, adjusted when applicable, and EBITDA margins.

Reportable segments are:

•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, plant-based meats 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)	2022		2021		2022		2021
Revenue
JBT FoodTech	$	394.1	$	360.7	$	750.4	$	672.5
JBT AeroTech	148.3		114.8		261.2		220.8
Other revenue and intercompany eliminations	(0.1)		—		(0.1)		—
Total revenue	542.3		475.5		1,011.5		893.3
Income before income taxes
Segment operating profit:
JBT FoodTech	50.2		51.5		90.1		93.0
JBT AeroTech	10.0		12.1		16.8		22.0
Total segment operating profit	60.2		63.6		106.9		115.0
Corporate items:
Corporate expense (1)	17.2		15.3		32.8		27.9
Restructuring expense (2)	0.8		1.0		1.3		2.0
Operating income	42.2		47.3		72.8		85.1
Interest expense, net	2.5		2.1		4.6		4.2
Net income before income taxes	$	39.7	$	45.2	$	68.2	$	80.9

(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.

XML

Restructuring

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

RESTRUCTURING

Restructuring charges primarily consist of employee separation benefits under existing severance programs, foreign statutory termination benefits, certain one-time termination benefits, contract termination costs, asset impairment charges and other costs that are associated with restructuring actions. Certain restructuring charges are accrued prior to payments made in accordance with applicable guidance. For such charges, the amounts are determined based on estimates prepared at the time the restructuring actions were approved by management. Inventory write offs due to restructuring are reported in Cost of products and are included in each segment's operating profit given the nature of the item. All other restructuring charges that are reported as Restructuring expenses are excluded from the calculation of each segment's operating profit.

In the third quarter of 2020, the Company implemented a restructuring plan ("2020 restructuring plan") for manufacturing capacity rationalization affecting both the JBT FoodTech and JBT AeroTech segments. The Company completed this plan as of June 30, 2022. The total cost in connection with this plan was $11 million for FoodTech and $6 million for AeroTech. We recognized cumulative restructuring charges of $18.9 million, net of a cumulative release of the related liability of $1.6 million, as of June 30, 2022.

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, 2021		March 31, 2022		June 30, 2022		Balance as of June 30, 2022
2020 restructuring plan
Severance and related expense	9.2		0.2		0.7		10.1
Inventory write-off	2.1		0.2		—		2.3
Employee overlap costs	2.1		0.2		0.1		2.4
Retention bonus	0.5		—		0.1		0.6
Other	3.3		0.2		—		3.5
Total Restructuring charges	$	17.2	$	0.8	$	0.9	$	18.9

Restructuring charges, net of related release of liability, is reported within the following financial statement line items of the accompanying Consolidated Statements of Income:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Cost of products (1)	—		—		0.2		—
Restructuring expense	0.8		1.0		1.3		2.0
Total restructuring charge	$	0.8	$	1.0	$	1.5	$	2.0

(1) Restructuring charge reported in Cost of products is related to inventory write-off resulting from the 2020 restructuring plan.

Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheet. The table below details the activities in 2022:

			Impact to Earnings
(In millions)	Balance as of December 31, 2021		Charged to Earnings		Releases		Cash Payments		Balance as of June 30, 2022
2020 restructuring plan
Severance and related expense	$	0.7	$	0.9	$	(0.1)	$	(0.6)	$	0.9
Employee overlap costs	—		0.3		—		(0.3)		—
Retention bonus	0.1		0.1		—		—		0.2
Other	—		0.2		—		(0.2)		—
Total	$	0.8	$	1.5	$	(0.1)	$	(1.1)	$	1.1

The Company released $0.1 million of liability during the six months ended June 30, 2022 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.

XML

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
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. As of June 30, 2022, the operating lease right-of-use asset and the lease liability related to this agreement is $2.9 million and $3.1 million, respectively.

XML

Subsequent Events (Notes)

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Alco-food-machines GmbH & Co. KG Acquisition

On July 1, 2022, the Company completed the acquisition of Alco-food-machines GmbH & Co. KG (Alco), located in Bad Iburg, Germany. Alco designs, manufactures and supplies food processing equipment and production lines for a broad range of food applications including meat, poultry, fish, vegetables, pizza, plant-based products, and pet foods. The purchase price was Euro 43.2 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.

Bevcorp Acquisition

On July 19, 2022, the Company signed a definitive agreement to acquire Bevcorp, a leading provider of beverage processing and packaging solutions. Bevcorp was founded in 1992 and is headquartered in Eastlake, Ohio. The transaction, valued at approximately $290 million, is scheduled to close in the Company's third quarter of fiscal 2022, subject to customary closing conditions and regulatory approvals.

XML

Description of Business and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2022

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, 2021, 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 Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This standard is effective for annual periods beginning after December 15, 2021 and should be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2021-10 within its Form 10-K for the fiscal year 2022.

XML

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of business combinations

A summary of the acquisitions made during 2021 is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
November 2, 2021	Stock	Urtasun Tecnología Alimentaria S.L ("Urtasun")	Navarra, Spain	JBT FoodTech
A provider of fruit and vegetable processing solutions, particularly in the fresh packaged and frozen markets. The Urtasun acquisition extends the Company's capabilities in providing fruit and vegetable processing solutions.
July 2, 2021	Stock	CMS Technology, Inc ("Prevenio")	Bridgewater, New Jersey	JBT FoodTech
A provider of innovative food safety solutions primarily for the poultry industry as well as produce applications. Prevenio provides a pathogen protection solution through its anti-microbial delivery equipment that enhances food safety and integrity, and creates a safer work environment for its customers and their employees. This acquisition enhances the Company’s recurring revenue portfolio and furthers its investment in solutions that support its customers’ daily operations.
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.

Schedule of assets acquired and liabilities assumed

Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired.

(In millions)	Urtasun(1)		Prevenio(2)		ACS(3)		Total
Financial assets	$	8.8	$	8.1	$	2.9	$	19.8
Inventories	3.4		0.2		0.7		4.3
Property, plant and equipment	3.2		4.1		—		7.3
Customer relationship (4)	11.5		41.0		3.7		56.2
Patents and acquired technology (4)	6.0		17.5		3.4		26.9
Trademarks (4)	2.2		0.7		0.8		3.7
Deferred taxes	(5.9)		(15.1)		(0.9)		(21.9)
Financial liabilities	(7.8)		(3.4)		(2.9)		(14.1)
Total identifiable net assets	$	21.4	$	53.1	$	7.7	$	82.2
Cash consideration paid	$	44.2	$	173.3	$	16.8	$	234.3
Cash acquired	4.8		3.5		1.1		9.4
Net consideration	$	39.4	$	169.8	$	15.7	$	224.9
Goodwill (5)	$	22.8	$	120.2	$	9.1	$	152.1

(1)The purchase accounting for Urtasun is provisional. The valuation of certain intangible assets, 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, 2022, the Company made no significant measurement period adjustments for this acquisition.

(2)The purchase accounting for Prevenio is final as of June 30, 2022. During the quarter ended June 30, 2022, the Company made no significant measurement period adjustments for this acquisition.

(3)The purchase accounting for ACS was final as of December 31, 2021.

(4)The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from four to twenty years. The intangible assets acquired in 2021 have weighted average useful lives of 14 years for customer relationship, 8 years for patents and acquired technology, and 17 years for trademarks.

(5)The Company expects goodwill of $0.7 million from these acquisitions to be deductible for income tax purposes.

XML

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

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, 2021	$	646.7	$	38.1	$	684.8
Acquisitions	1.2		—		1.2
Currency translation	(19.2)		(0.4)		(19.6)
Balance as of June 30, 2022	$	628.7	$	37.7	$	666.4

Schedule of finite-lived intangible assets

Intangible assets consisted of the following:

	June 30, 2022				December 31, 2021
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	301.5	$	110.7	$	309.3	$	102.0
Patents and acquired technology	165.7		85.4		174.5		82.0
Trademarks	44.6		15.8		47.2		15.0
Non-amortizing intangible assets	10.3		—		10.6		—
Other	8.6		8.6		8.7		8.7
Total intangible assets	$	530.7	$	220.5	$	550.3	$	207.7

Schedule of indefinite-lived intangible assets

Intangible assets consisted of the following:

	June 30, 2022				December 31, 2021
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	301.5	$	110.7	$	309.3	$	102.0
Patents and acquired technology	165.7		85.4		174.5		82.0
Trademarks	44.6		15.8		47.2		15.0
Non-amortizing intangible assets	10.3		—		10.6		—
Other	8.6		8.6		8.7		8.7
Total intangible assets	$	530.7	$	220.5	$	550.3	$	207.7

XML

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

(In millions)	June 30, 2022		December 31, 2021
Raw materials	$	128.1	$	101.0
Work in process	80.3		59.1
Finished goods	174.2		151.8
Gross inventories before LIFO reserves and valuation adjustments	382.6		311.9
LIFO reserves	(53.7)		(53.3)
Valuation adjustments	(30.1)		(29.5)
Net inventories	$	298.8	$	229.1

XML

Pension (Tables)

6 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
Service cost	$	0.4	$	0.6	$	0.9	$	1.2
Interest cost	1.9		1.7		3.8		3.3
Expected return on plan assets	(3.9)		(3.9)		(7.8)		(7.8)
Amortization of net actuarial losses	2.0		2.3		4.0		4.6
Net periodic cost	$	0.4	$	0.7	$	0.9	$	1.3

XML

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

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

(In millions)	Maturity Date	June 30, 2022		December 31, 2021
Revolving credit facility (1)	December 14, 2026	$	281.9	$	282.9
Less: unamortized debt issuance costs		$	(1.1)	$	(1.2)
Revolving credit facility, net		$	280.8	$	281.7
Convertible senior notes (2)	May 15, 2026	$	402.5	$	402.5
Less: unamortized debt issuance costs		$	(8.7)	$	(9.8)
Convertible senior notes, net		$	393.8	$	392.7
Long-term debt, net		$	674.6	$	674.4

(1) Weighted-average interest rate at June 30, 2022 was 2.01%

(2) Effective interest rate for the Notes (as defined below) for the quarter ended June 30, 2022 was 0.82%

Components of Interest Expense

Components of interest expense recognized for the 0.25% Convertible Senior Notes due 2026 (the "Notes") were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Contractual interest expense	$	0.2	$	0.1	$	0.5	$	0.1
Interest cost related to amortization of issuance costs	0.6		0.2		1.1		0.2
Total interest expense	$	0.8	$	0.3	$	1.6	$	0.3

XML

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Changes in the AOCI Balances

Changes in the AOCI balances for the three months ended June 30, 2022 and 2021 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, 2022	$	(143.9)	$	9.1	$	(53.6)	$	(188.4)
Other comprehensive income (loss) before reclassification	—		1.8		(26.2)		(24.4)
Amounts reclassified from accumulated other comprehensive income	1.4		—		(0.5)		0.9
Ending balance, June 30, 2022	$	(142.5)	$	10.9	$	(80.3)	$	(211.9)

(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, 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.

Changes in the AOCI balances for the six months ended June 30, 2022 and 2021 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, December 31, 2021	$	(145.5)	$	1.8	$	(53.7)	$	(197.4)
Other comprehensive income (loss) before reclassification	—		8.8		(25.6)		(16.8)
Amounts reclassified from accumulated other comprehensive income	3.0		0.3		(1.0)		2.3
Ending balance, June 30, 2022	$	(142.5)	$	10.9	$	(80.3)	$	(211.9)

	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 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.

XML

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022				June 30, 2022
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	181.3	$	56.3	$	355.5	$	105.0
Non-recurring (1)	212.8		92.0		394.9		156.2
Total	394.1		148.3		750.4		261.2
Geographical Region (2)
North America	225.6		133.7		435.9		237.8
Europe, Middle East and Africa	103.6		7.4		193.0		12.7
Asia Pacific	35.4		6.1		71.4		8.8
Latin America	29.5		1.1		50.1		1.9
Total	394.1		148.3		750.4		261.2
Timing of Recognition
Point in Time	179.3		71.4		351.2		121.0
Over Time	214.8		76.9		399.2		140.2
Total	394.1		148.3		750.4		261.2

	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

(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, 2022		December 31, 2021
Contract Assets	$	98.2	$	94.4
Contract Liabilities	204.5		178.0
	Balances as of
	June 30, 2021		December 31, 2020
Contract Assets	89.1		68.3
Contract Liabilities	135.9		123.8

XML

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2022		2021		2022		2021
Basic earnings per share:
Net income	$	33.4	$	30.5	$	59.0	$	57.5
Weighted average number of shares outstanding	32.0		32.0		32.0		32.0
Basic earnings per share from net income	$	1.05	$	0.95	$	1.84	$	1.80
Diluted earnings per share:
Net income	$	33.4	$	30.5	$	59.0	$	57.5
Weighted average number of shares outstanding	32.0		32.0		32.0		32.0
Effect of dilutive securities:
Restricted stock	0.1		0.1		0.1		0.1
Total shares and dilutive securities	32.1		32.1		32.1		32.1
Diluted earnings per share from net income	$	1.04	$	0.95	$	1.84	$	1.79

XML

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022								As of December 31, 2021
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	11.6	$	11.6	$	—	$	—	$	13.5	$	13.5	$	—	$	—
Derivatives	34.7		—		34.7		—		18.4		—		18.4		—
Total assets	$	46.3	$	11.6	$	34.7	$	—	$	31.9	$	13.5	$	18.4	$	—
Liabilities:
Derivatives	$	13.8	$	—	$	13.8	$	—	$	9.4	$	—	$	9.4	$	—
Total liabilities	$	13.8	$	—	$	13.8	$	—	$	9.4	$	—	$	9.4	$	—

XML

Derivative Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022				As of December 31, 2021
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Foreign exchange contracts	$	8.2	$	13.3	$	10.6	$	9.4
Commodity contracts	—		0.5		—		—
Total	$	8.2	$	13.8	$	10.6	$	9.4

Schedule of derivative assets at fair value

As of June 30, 2022 and December 31, 2021, information related to these offsetting arrangements was as follows:

(In millions)	As of June 30, 2022
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	$	32.9	$	—	$	32.9	$	(5.9)	$	27.0

(In millions)	As of December 31, 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	$	17.5	$	—	$	17.5	$	(7.3)	$	10.2

Schedule of derivative liabilities at fair value

(In millions)	As of June 30, 2022
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	$	13.8	$	—	$	13.8	$	(5.9)	$	7.9

(In millions)	As of December 31, 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	$	9.1	$	—	$	9.1	$	(7.3)	$	1.8

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 and commodity 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)		2022		2021		2022		2021
Foreign exchange contracts	Revenue	$	(4.7)	$	1.6	$	(4.9)	$	0.4
Foreign exchange contracts	Cost of sales	(1.4)		(0.1)		(2.3)		0.8
Foreign exchange contracts	Selling, general and administrative expense	0.9		0.3		1.4		0.3
Commodity contracts	Cost of sales	(0.5)		—		(0.5)		—
Total		(5.7)		1.8		(6.3)		1.5
Remeasurement of assets and liabilities in foreign currencies		3.1		(1.6)		4.1		(1.8)
Net (loss) gain		$	(2.6)	$	0.2	$	(2.2)	$	(0.3)

XML

Leases (Tables)

6 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
Fixed payment revenue	$	16.8	$	16.6	$	32.4	$	32.9
Variable payment revenue	7.0		3.9		16.4		8.4
Operating lease revenue	$	23.8	$	20.5	$	48.8	$	41.3
Sales-type lease revenue	$	1.8	$	3.1	$	2.5	$	4.3

XML

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
Balance at beginning of period	$	12.2	$	11.6	$	12.7	$	11.5
Expense for new warranties	3.3		3.4		6.0		7.1
Adjustments to existing accruals	(0.2)		—		(0.3)		(0.2)
Claims paid	(2.3)		(2.6)		(5.4)		(5.8)
Added through acquisition	0.1		—		0.1		—
Translation	(0.4)		0.1		(0.4)		(0.1)
Balance at end of period	$	12.7	$	12.5	$	12.7	$	12.5

XML

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
Revenue
JBT FoodTech	$	394.1	$	360.7	$	750.4	$	672.5
JBT AeroTech	148.3		114.8		261.2		220.8
Other revenue and intercompany eliminations	(0.1)		—		(0.1)		—
Total revenue	542.3		475.5		1,011.5		893.3
Income before income taxes
Segment operating profit:
JBT FoodTech	50.2		51.5		90.1		93.0
JBT AeroTech	10.0		12.1		16.8		22.0
Total segment operating profit	60.2		63.6		106.9		115.0
Corporate items:
Corporate expense (1)	17.2		15.3		32.8		27.9
Restructuring expense (2)	0.8		1.0		1.3		2.0
Operating income	42.2		47.3		72.8		85.1
Interest expense, net	2.5		2.1		4.6		4.2
Net income before income taxes	$	39.7	$	45.2	$	68.2	$	80.9

(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.

XML

Restructuring (Tables)

6 Months Ended

Jun. 30, 2022

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, 2021		March 31, 2022		June 30, 2022		Balance as of June 30, 2022
2020 restructuring plan
Severance and related expense	9.2		0.2		0.7		10.1
Inventory write-off	2.1		0.2		—		2.3
Employee overlap costs	2.1		0.2		0.1		2.4
Retention bonus	0.5		—		0.1		0.6
Other	3.3		0.2		—		3.5
Total Restructuring charges	$	17.2	$	0.8	$	0.9	$	18.9

Schedule of restructuring expense by consolidated income statement location

Restructuring charges, net of related release of liability, is reported within the following financial statement line items of the accompanying Consolidated Statements of Income:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Cost of products (1)	—		—		0.2		—
Restructuring expense	0.8		1.0		1.3		2.0
Total restructuring charge	$	0.8	$	1.0	$	1.5	$	2.0

(1) Restructuring charge reported in Cost of products is related to inventory write-off resulting from the 2020 restructuring plan.

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 2022:

			Impact to Earnings
(In millions)	Balance as of December 31, 2021		Charged to Earnings		Releases		Cash Payments		Balance as of June 30, 2022
2020 restructuring plan
Severance and related expense	$	0.7	$	0.9	$	(0.1)	$	(0.6)	$	0.9
Employee overlap costs	—		0.3		—		(0.3)		—
Retention bonus	0.1		0.1		—		—		0.2
Other	—		0.2		—		(0.2)		—
Total	$	0.8	$	1.5	$	(0.1)	$	(1.1)	$	1.1

XML

Acquisitions - Narrative (Details) - 2021 Acquisitions	12 Months Ended
	Dec. 31, 2021 acquisition
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Number of businesses acquired	3

XML

Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions				6 Months Ended		12 Months Ended
	Nov. 02, 2021	Jul. 02, 2021	Feb. 28, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Net consideration				$ 0.4	$ 15.9
Goodwill				$ 666.4		$ 684.8
Urtasun
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets	$ 8.8
Inventories	3.4
Property, plant and equipment	3.2
Deferred taxes	(5.9)
Financial liabilities	(7.8)
Total identifiable net assets	21.4
Cash consideration paid	44.2
Cash acquired	4.8
Net consideration	39.4
Goodwill	22.8
Urtasun | Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	11.5
Urtasun | Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	6.0
Urtasun | Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 2.2
Prevenio
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets		$ 8.1
Inventories		0.2
Property, plant and equipment		4.1
Deferred taxes		(15.1)
Financial liabilities		(3.4)
Total identifiable net assets		53.1
Cash consideration paid		173.3
Cash acquired		3.5
Net consideration		169.8
Goodwill		120.2
Prevenio | Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		41.0
Prevenio | Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		17.5
Prevenio | Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		$ 0.7
AutoCoding Systems
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets			$ 2.9
Inventories			0.7
Property, plant and equipment			0.0
Deferred taxes			(0.9)
Financial liabilities			(2.9)
Total identifiable net assets			7.7
Cash consideration paid			16.8
Cash acquired			1.1
Net consideration			15.7
Goodwill			9.1
AutoCoding Systems | Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			3.7
AutoCoding Systems | Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			3.4
AutoCoding Systems | Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			$ 0.8
2021 Acquisitions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets						19.8
Inventories						4.3
Property, plant and equipment						7.3
Deferred taxes						(21.9)
Financial liabilities						(14.1)
Total identifiable net assets						82.2
Cash consideration paid						234.3
Cash acquired						9.4
Net consideration						224.9
Goodwill						152.1
Goodwill expected to be tax deductible						$ 0.7
2021 Acquisitions | Minimum
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives						4 years
2021 Acquisitions | Maximum
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives						20 years
2021 Acquisitions | Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets						$ 56.2
2021 Acquisitions | Customer relationship | Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives						14 years
2021 Acquisitions | Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets						$ 26.9
2021 Acquisitions | Patents and acquired technology | Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives						8 years
2021 Acquisitions | Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets						$ 3.7
2021 Acquisitions | Trademarks | Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives						17 years

XML

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2021	$ 684.8
Acquisitions	1.2
Currency translation	(19.6)
Balance as of June 30, 2022	666.4
JBT FoodTech
Goodwill [Roll Forward]
Balance as of December 31, 2021	646.7
Acquisitions	1.2
Currency translation	(19.2)
Balance as of June 30, 2022	628.7
JBT AeroTech
Goodwill [Roll Forward]
Balance as of December 31, 2021	38.1
Acquisitions	0.0
Currency translation	(0.4)
Balance as of June 30, 2022	$ 37.7

XML

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 530.7	$ 550.3
Accumulated amortization	220.5	207.7
Non-amortizing intangible assets	10.3	10.6
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	301.5	309.3
Accumulated amortization	110.7	102.0
Patents and acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	165.7	174.5
Accumulated amortization	85.4	82.0
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	44.6	47.2
Accumulated amortization	15.8	15.0
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	8.6	8.7
Accumulated amortization	$ 8.6	$ 8.7

XML

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 128.1	$ 101.0
Work in process	80.3	59.1
Finished goods	174.2	151.8
Gross inventories before LIFO reserves and valuation adjustments	382.6	311.9
LIFO reserves	(53.7)	(53.3)
Valuation adjustments	(30.1)	(29.5)
Net inventories	$ 298.8	$ 229.1

XML

Pension - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.4	$ 0.6	$ 0.9	$ 1.2
Interest cost	1.9	1.7	3.8	3.3
Expected return on plan assets	(3.9)	(3.9)	(7.8)	(7.8)
Amortization of net actuarial losses	2.0	2.3	4.0	4.6
Net periodic cost	$ 0.4	$ 0.7	$ 0.9	$ 1.3

XML

Pension - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions to pension and other postretirement benefit plans in current year	$ 3,100,000
United States | US Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions made	$ 0

XML

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, net	$ 674.6	$ 674.4
Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Maturity Date	May 15, 2026
Long-term debt, gross	$ 402.5	402.5
Less: unamortized debt issuance costs	(8.7)	(9.8)
Long-term debt, net	$ 393.8	392.7
Weighted average interest rate	2.01%
Effective interest rate	0.82%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maturity Date	Dec. 14, 2026
Long-term debt, gross	$ 281.9	282.9
Less: unamortized debt issuance costs	(1.1)	(1.2)
Long-term debt, net	$ 280.8	$ 281.7

XML

Debt - Components of Interest Expense (Details) - Convertible Senior Notes - Convertible Debt - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 0.2	$ 0.1	$ 0.5	$ 0.1
Interest cost related to amortization of issuance costs	0.6	0.2	1.1	0.2
Total interest expense	$ 0.8	$ 0.3	$ 1.6	$ 0.3

XML

Debt - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions		6 Months Ended
	May 28, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Proceeds from sale of warrants		$ 0	$ 29,500,000
Convertible Debt | Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt (percent)	0.25%
Aggregate principal amount of debt	$ 402,500,000
Conversion rate	589.58%
Redemption multiple	$ 1,000
Conversion price on convertible debt (in USD per share)	$ 169.61
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)	2.4
Approximate strike price (in dollars per share)	$ 169.61	$ 169.61
Adjustments to additional paid in capital, convertible note hedge transactions		$ 17,100,000
Convertible Debt | Convertible Senior Notes | Convertible Note Warrants
Debt Instrument [Line Items]
Number of shares covered in transaction (in shares)		2.4
Approximate strike price (in dollars per share)		$ 240.02
Proceeds from sale of warrants		$ 29,500,000

XML

Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 783.6	$ 672.1	$ 750.5	$ 637.1
Other comprehensive income (loss) before reclassification	(24.4)	3.4	(16.8)	11.3
Amounts reclassified from accumulated other comprehensive income	0.9	1.6	2.3	3.1
Ending balance	789.8	685.7	789.8	685.7
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(188.4)	(210.5)	(197.4)	(219.9)
Ending balance	(211.9)	(205.5)	(211.9)	(205.5)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(143.9)	(159.7)	(145.5)	(161.4)
Other comprehensive income (loss) before reclassification	0.0	0.0	0.0	0.0
Amounts reclassified from accumulated other comprehensive income	1.4	1.7	3.0	3.4
Ending balance	(142.5)	(158.0)	(142.5)	(158.0)
Derivatives Designated as Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	9.1	(0.6)	1.8	(3.8)
Other comprehensive income (loss) before reclassification	1.8	(0.7)	8.8	2.2
Amounts reclassified from accumulated other comprehensive income	0.0	0.4	0.3	0.7
Ending balance	10.9	(0.9)	10.9	(0.9)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(53.6)	(50.2)	(53.7)	(54.7)
Other comprehensive income (loss) before reclassification	(26.2)	4.1	(25.6)	9.1
Amounts reclassified from accumulated other comprehensive income	(0.5)	(0.5)	(1.0)	(1.0)
Ending balance	$ (80.3)	$ (46.6)	$ (80.3)	$ (46.6)

XML

Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax provision (benefit)	$ 6.3	$ 14.7	$ 9.2	$ 23.4
Reclassification adjustments for foreign currency translation	0.7	0.7	1.4	1.4
Reclassification adjustment for foreign currency translation, tax	0.2	0.2	0.4	0.4
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
Income tax provision (benefit)		(0.1)	(0.1)	(0.2)
Selling, General and Administrative Expenses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments for pension and postretirement benefit plans	2.0	2.3	4.0	4.6
Provision for Income Taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments for pension and postretirement benefit plans	$ 0.6	$ 0.6	$ 1.0	$ 1.2

XML

Revenue Recognition - Revenue Recognition (Details) $ in Millions	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 1,100.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1,100.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	67.00%
Revenue, remaining performance obligation, period	6 months
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	28.00%
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	4.00%
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	1.00%
Revenue, remaining performance obligation, period	1 year

XML

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 542.3	$ 475.5	$ 1,011.5	$ 893.3
JBT FoodTech
Disaggregation of Revenue [Line Items]
Revenue	394.1	360.7	750.4	672.5
JBT FoodTech | North America
Disaggregation of Revenue [Line Items]
Revenue	225.6	197.1	435.9	366.2
JBT FoodTech | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue	103.6	90.2	193.0	174.1
JBT FoodTech | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	35.4	45.3	71.4	86.6
JBT FoodTech | Latin America
Disaggregation of Revenue [Line Items]
Revenue	29.5	28.1	50.1	45.6
JBT FoodTech | Recurring
Disaggregation of Revenue [Line Items]
Revenue	181.3	164.4	355.5	314.8
JBT FoodTech | Non-Recurring
Disaggregation of Revenue [Line Items]
Revenue	212.8	196.3	394.9	357.7
JBT AeroTech
Disaggregation of Revenue [Line Items]
Revenue	148.3	114.8	261.2	220.8
JBT AeroTech | North America
Disaggregation of Revenue [Line Items]
Revenue	133.7	100.0	237.8	190.0
JBT AeroTech | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue	7.4	12.0	12.7	23.5
JBT AeroTech | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	6.1	1.4	8.8	4.7
JBT AeroTech | Latin America
Disaggregation of Revenue [Line Items]
Revenue	1.1	1.4	1.9	2.6
JBT AeroTech | Recurring
Disaggregation of Revenue [Line Items]
Revenue	56.3	44.3	105.0	85.8
JBT AeroTech | Non-Recurring
Disaggregation of Revenue [Line Items]
Revenue	92.0	70.5	156.2	135.0
Point in Time | JBT FoodTech
Disaggregation of Revenue [Line Items]
Revenue	179.3	169.2	351.2	316.3
Point in Time | JBT AeroTech
Disaggregation of Revenue [Line Items]
Revenue	71.4	51.7	121.0	95.2
Over Time | JBT FoodTech
Disaggregation of Revenue [Line Items]
Revenue	214.8	191.5	399.2	356.2
Over Time | JBT AeroTech
Disaggregation of Revenue [Line Items]
Revenue	$ 76.9	$ 63.1	$ 140.2	$ 125.6

XML

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 98.2	$ 94.4	$ 89.1	$ 68.3
Contract Liabilities	$ 204.5	$ 178.0	$ 135.9	$ 123.8

XML

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 115.2	$ 86.3

XML

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic earnings per share:
Net income	$ 33.4	$ 30.5	$ 59.0	$ 57.5
Weighted average number of shares outstanding (in shares)	32.0	32.0	32.0	32.0
Basic earnings per share from continuing operations (in dollars per share)	$ 1.05	$ 0.95	$ 1.84	$ 1.80
Diluted earnings per share:
Net income	$ 33.4	$ 30.5	$ 59.0	$ 57.5
Weighted average number of shares outstanding (in shares)	32.0	32.0	32.0	32.0
Effect of dilutive securities:
Restricted stock (in shares)	0.1	0.1	0.1	0.1
Total shares and dilutive securities (in shares)	32.1	32.1	32.1	32.1
Diluted earnings per share from continuing operations (in dollars per share)	$ 1.04	$ 0.95	$ 1.84	$ 1.79

XML

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, 2022	Dec. 31, 2021
Assets:
Derivatives	$ 32.9	$ 17.5
Liabilities:
Derivatives	13.8	9.1
Fair Value, Measurements, Recurring
Assets:
Investments	11.6	13.5
Derivatives	34.7	18.4
Total assets	46.3	31.9
Liabilities:
Derivatives	13.8	9.4
Total liabilities	13.8	9.4
Fair Value, Measurements, Recurring | Level 1
Assets:
Investments	11.6	13.5
Derivatives	0.0	0.0
Total assets	11.6	13.5
Liabilities:
Derivatives	0.0	0.0
Total liabilities	0.0	0.0
Fair Value, Measurements, Recurring | Level 2
Assets:
Investments	0.0	0.0
Derivatives	34.7	18.4
Total assets	34.7	18.4
Liabilities:
Derivatives	13.8	9.4
Total liabilities	13.8	9.4
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
Total liabilities	$ 0.0	$ 0.0

XML

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, unrealized gain	$ 3.6	$ 0.5
Level 2 | Convertible Senior Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value	$ 373.7

XML

Derivative Financial Instruments and Risk Management - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2020 USD ($) derivative	May 31, 2020 USD ($) derivative
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 13.8		$ 13.8		$ 9.1
Accumulated other comprehensive income (loss)	1.8	$ (0.3)	$ 9.1	$ 2.9
Not Designated as Hedging Instrument | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, term of contract (less than)			2 years
Notional amount	738.1		$ 738.1
Not Designated as Hedging Instrument | Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative, term of contract (less than)			1 year
Notional amount	1.4		$ 1.4
Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Cross currency swap amount	116.4		116.4
Net investment hedge recorded in other comprehensive income (loss)			8.7
Cash Flow Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income (loss)			10.9
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Number of derivative instruments held | derivative						4	1
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	$ 14.7		14.7
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)			11.8
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

XML

Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 8.2	$ 10.6
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	13.8	9.4
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	8.2	10.6
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	13.3	9.4
Commodity contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	0.0	0.0
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0.5	$ 0.0

XML

Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets	$ 32.9	$ 17.5
Gross Amounts Offset in the Consolidated Balance Sheet	0.0	0.0
Net Presented in the Consolidated Balance Sheet	32.9	17.5
Amount Subject to Master Netting Agreement	(5.9)	(7.3)
Net Amount	$ 27.0	$ 10.2

XML

Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	$ 13.8	$ 9.1
Gross Amounts Offset in the Consolidated Balance Sheet	0.0	0.0
Net Presented in the Consolidated Balance Sheet	13.8	9.1
Amount Subject to Master Netting Agreement	(5.9)	(7.3)
Net Amount	$ 7.9	$ 1.8

XML

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ (5.7)	$ 1.8	$ (6.3)	$ 1.5
Remeasurement of assets and liabilities in foreign currencies	3.1	(1.6)	4.1	(1.8)
Net (loss) gain	(2.6)	0.2	(2.2)	(0.3)
Revenue | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	(4.7)	1.6	(4.9)	0.4
Cost of sales | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	(1.4)	(0.1)	(2.3)	0.8
Cost of sales | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	(0.5)	0.0	(0.5)	0.0
Selling, general and administrative expense | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ 0.9	$ 0.3	$ 1.4	$ 0.3

XML

Leases - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Fixed payment revenue	$ 16.8	$ 16.6	$ 32.4	$ 32.9
Variable payment revenue	7.0	3.9	16.4	8.4
Operating lease revenue	23.8	20.5	48.8	41.3
Sales-type lease revenue	$ 1.8	$ 3.1	$ 2.5	$ 4.3

XML

Commitments and Contingencies - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 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	$ 163,800
Financial Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	6,300
Customers Financing Arrangements Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	500
Guarantor obligations, maximum exposure, undiscounted, net	$ 100

XML

Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 12.2	$ 11.6	$ 12.7	$ 11.5
Expense for new warranties	3.3	3.4	6.0	7.1
Adjustments to existing accruals	(0.2)	0.0	(0.3)	(0.2)
Claims paid	(2.3)	(2.6)	(5.4)	(5.8)
Added through acquisition	0.1	0.0	0.1	0.0
Translation	(0.4)	0.1	(0.4)	(0.1)
Balance at end of period	$ 12.7	$ 12.5	$ 12.7	$ 12.5

XML

Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Corporate expense	$ (108.3)	$ (101.6)	$ (216.7)	$ (196.0)
Restructuring expense	(0.8)	(1.0)	(1.3)	(2.0)
Operating income	42.2	47.3	72.8	85.1
Net income before income taxes	39.7	45.2	68.2	80.9
Operating segments
Segment Reporting Information [Line Items]
Revenue	542.3	475.5	1,011.5	893.3
Segment operating profit	60.2	63.6	106.9	115.0
Operating segments | JBT FoodTech
Segment Reporting Information [Line Items]
Revenue	394.1	360.7	750.4	672.5
Segment operating profit	50.2	51.5	90.1	93.0
Operating segments | JBT AeroTech
Segment Reporting Information [Line Items]
Revenue	148.3	114.8	261.2	220.8
Segment operating profit	10.0	12.1	16.8	22.0
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(0.1)	0.0	(0.1)	0.0
Corporate, non-segment
Segment Reporting Information [Line Items]
Corporate expense	17.2	15.3	32.8	27.9
Restructuring expense	0.8	1.0	1.3	2.0
Operating income	42.2	47.3	72.8	85.1
Interest expense, net	$ 2.5	$ 2.1	$ 4.6	$ 4.2

XML

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.8	$ 1.0	$ 1.3	$ 2.0
2020 restructuring plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			18.9
Cumulative release of related liability			1.6
Restructuring charges, release of liability			0.1
2020 restructuring plan | JBT FoodTech
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	11.0		11.0
2020 restructuring plan | JBT AeroTech
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	$ 6.0		6.0
Severance and related expense | 2020 restructuring plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, release of liability			$ 0.1

XML

Restructuring - Restructuring Expense (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Charged to Earnings	$ 0.8		$ 1.0	$ 1.5	$ 2.0
2020 restructuring plan
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		$ 17.2		17.2
Charged to Earnings	0.9	0.8
Cumulative amount of restructuring costs, ending balance	18.9			18.9
2020 restructuring plan | Severance and related expense
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		9.2		9.2
Charged to Earnings	0.7	0.2
Cumulative amount of restructuring costs, ending balance	10.1			10.1
2020 restructuring plan | Inventory write-off
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		2.1		2.1
Charged to Earnings	0.0	0.2
Cumulative amount of restructuring costs, ending balance	2.3			2.3
2020 restructuring plan | Employee overlap costs
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		2.1		2.1
Charged to Earnings	0.1	0.2
Cumulative amount of restructuring costs, ending balance	2.4			2.4
2020 restructuring plan | Retention bonus
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		0.5		0.5
Charged to Earnings	0.1	0.0
Cumulative amount of restructuring costs, ending balance	0.6			0.6
2020 restructuring plan | Other
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance		3.3		3.3
Charged to Earnings	0.0	$ 0.2
Cumulative amount of restructuring costs, ending balance	$ 3.5			$ 3.5

XML

Restructuring - Consolidated Income Statement Location (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.8	$ 1.0	$ 1.5	$ 2.0
Costs of products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.0	0.0	0.2	0.0
Restructuring expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.8	$ 1.0	$ 1.3	$ 2.0

XML

Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) - 2020 restructuring plan $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 0.8
Charged to Earnings	1.5
Releases	(0.1)
Cash Payments	(1.1)
Restructuring reserve, ending balance	1.1
Severance and related expense
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.7
Charged to Earnings	0.9
Releases	(0.1)
Cash Payments	(0.6)
Restructuring reserve, ending balance	0.9
Employee overlap costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.0
Charged to Earnings	0.3
Releases	0.0
Cash Payments	(0.3)
Restructuring reserve, ending balance	0.0
Retention bonus
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.1
Charged to Earnings	0.1
Releases	0.0
Cash Payments	0.0
Restructuring reserve, ending balance	0.2
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.0
Charged to Earnings	0.2
Releases	0.0
Cash Payments	(0.2)
Restructuring reserve, ending balance	$ 0.0

XML

Related Party Transactions - Narrative (Details) - Manufacturing Facility Lease - Affiliated Entity - USD ($) $ in Millions	Jun. 30, 2022	Sep. 01, 2019
Related Party Transaction [Line Items]
Term of lease (in years)		8 years
Right of use asset	$ 2.9
Lease liability	$ 3.1

XML

Subsequent Events (Details) € in Millions	Jul. 01, 2022 EUR (€)
Subsequent Event | Alco
Subsequent Event [Line Items]
Total consideration	€ 43.2