x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
91-1650317
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
Title of Each Class
|
Name of Exchange on Which Registered
|
|
Common Stock, $0.01 par value
Preferred Share Purchase Rights
|
New York Stock Exchange
New York Stock Exchange
|
Page
|
||||
PART I
|
||||
Item 1. Business
|
4
|
|||
Item 1A. Risk Factors
|
16
|
|||
Item 1B. Unresolved Staff Comments
|
24
|
|||
Item 2. Properties
|
24
|
|||
Item 3. Legal Proceedings
|
24
|
|||
Item 4. Mine Safety Disclosures
|
24
|
|||
PART II
|
||||
Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters
|
25
|
|||
Item 6. Selected Financial Data
|
26
|
|||
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
27
|
|||
Item 7A. Qualitative and Quantitative Disclosures About Market Risk
|
37
|
|||
Item 8. Financial Statements and Supplementary Data
|
38
|
|||
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
63
|
|||
Item 9A. Controls and Procedures
|
63
|
|||
Item 9B. Other Information
|
63
|
|||
PART III
|
||||
Item 10. Directors, Executive Officers and Corporate Governance
|
65
|
|||
Item 11. Executive Compensation
|
65
|
|||
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
65
|
|||
Item 13. Certain Relationships and Related Transactions, and Director Independence
|
65
|
|||
Item 14. Principal Accountant Fees and Services
|
65
|
|||
PART IV
|
||||
Item 15. Exhibits and Financial Statement Schedules
|
66
|
|||
Signatures
|
69
|
•
|
Fluctuations in our financial results;
|
•
|
Unanticipated delays or acceleration in our sales cycles;
|
•
|
Deterioration of economic conditions;
|
•
|
Sensitivity of segments to variable or volatile factors;
|
•
|
Changes in demand for our products and services;
|
•
|
Changes in commodity prices, including those impacting materials used in our business;
|
•
|
Disruptions in the political, regulatory, economic and social conditions of the foreign countries in which we conduct business;
|
•
|
Increases in energy prices;
|
•
|
Changes in food consumption patterns;
|
•
|
Impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products;
|
•
|
Weather conditions and natural disasters;
|
•
|
Acts of terrorism or war;
|
•
|
Termination or loss of major customer contracts;
|
•
|
Customer sourcing initiatives;
|
•
|
Competition and innovation in our industries;
|
•
|
Our ability to develop and introduce new or enhanced products and services;
|
•
|
Difficulty in developing, preserving and protecting our intellectual property;
|
•
|
Our ability to protect our information systems;
|
•
|
Adequacy of our internal controls;
|
•
|
Our ability to successfully integrate, operate and manage acquired businesses and assets;
|
•
|
Loss of key management and other personnel;
|
•
|
Potential liability arising out of the installation or use of our systems;
|
•
|
Our ability to comply with the laws and regulations governing our U.S. government contracts;
|
•
|
Our ability to comply with U.S. and international laws governing our operations and industries;
|
•
|
The outcome of pending or future litigation;
|
•
|
Increases in tax liabilities;
|
•
|
Difficulty in implementing our business strategies; and
|
•
|
Availability and access to financial and other resources.
|
•
|
freezer solutions for the freezing and chilling of meat, seafood, poultry, ready-to-eat meals, fruits, vegetables, dairy and bakery products;
|
•
|
protein processing solutions that portion, coat, fry and cook poultry, meat, seafood, vegetable and bakery products;
|
•
|
in-container processing solutions for fruits, vegetables, soups, sauces, dairy and pet food products as well as ready-to-eat meals in a wide variety of modern packages; and
|
•
|
fruit and juice processing solutions that extract, concentrate and aseptically process citrus, tomato and other fruits and juices.
|
•
|
ground support equipment for cargo loading, aircraft deicing and aircraft towing;
|
•
|
gate equipment for passenger boarding, on the ground aircraft power and cooling;
|
•
|
airport services for maintenance of airport equipment, systems and facilities;
|
•
|
military equipment for cargo loading, aircraft towing, aircraft power and on the ground aircraft cooling; and
|
•
|
automatic guided vehicles for material handling in the automotive, printing, food & beverage, manufacturing, warehouse, and hospital industries.
|
•
|
Grow our technology advantage. At JBT, technology is at the core of who we are. We are actively looking for opportunities to leverage and apply our technology leadership in ways that deepen our connection with customers. Product development is a top investment priority and enables us to maintain and increase our competitive advantage going forward.
|
•
|
Grow beyond the sale. JBT’s large installed base is a huge asset. It is an opportunity to deliver ongoing value, to increase the depth and breadth of our customer relationships, and to create a recurring revenue stream for our company. Truly realizing this opportunity requires the right mindset. Our people are always thinking in terms of providing long term solutions and services that enable continued success for our customers.
|
•
|
Grow where the world is growing fastest. JBT has built a strong presence around the world. Our global footprint enables us to deliver local service wherever our customers need us. Our footprint is also important because it positions us well to grow where the world is growing, including Asia and other emerging regions.
|
•
|
Grow our margins by delivering value. We will not grow for growth’s sake—our aim is to grow profitably. Strong margins are our report card on delivering value to our customers and on operating efficiently. We are continuously optimizing sourcing and improving processes to manage costs, but the key for us is to always deliver value. Because if we do not produce a visible and measureable difference in our customers’ businesses, then we will be judged solely based upon price.
|
Product Offering
|
|
Product Description
|
|
Food Applications
|
|
Capacity
|
GYRoCOMPACT ® Self-Stacking Spiral Freezer, Chiller, Proofer
|
|
Compact, self-contained design for quick, uniform freezing
|
|
Poultry, Meat, Seafood, Bakery, Dairy, Vegetables, Ready Meals
|
|
Up to 10 tons/hour
|
FloFREEZE ®
Individual Quick Freeze (IQF)
|
|
Individually freezes sensitive, sticky and uneven shaped products
|
|
Fruits, Vegetables, Seafood, Pasta, Rice
|
|
Up to 16 tons/hour
|
ADVANTEC ® Impingement Linear Freezers and Chillers
|
|
Quick freezing of thin, flat food
|
|
Meat, Seafood
|
|
Up to 5 tons/hour (over 20,000 ¼ lb. burgers per hour)
|
|
Product Description
|
|
Food Applications
|
|
Capacity
|
|
DSI™ Portioning Systems
|
|
Computer-positioned vertical high-pressure water-jets cut complex shapes
|
|
Poultry, Meat,
Seafood, Pizza
|
|
Over 7 tons/hour
|
DSI™ Adaptive Thickness Systems
|
|
Intelligent slicing for consistent product thickness
|
|
Poultry, Meat, Seafood
|
|
Over 2 tons/hour
|
Stein™ Coating Applicators
|
|
Application of batter, tempura or breading prior to cooking
|
|
Poultry, Meat,
Seafood, Vegetables
|
|
Over 7 tons/hour (over 150,000 ½ oz. chicken nuggets per hour)
|
THERMoFIN ™ Frying Systems
|
|
Patented technology that heats oil quickly and precisely for even and cost effective frying
|
|
Poultry, Meat,
Seafood
|
|
Over 7 tons/hour (over 150,000 ½ oz. nuggets/hour)
|
GYRoCOMPACT ® Spiral Ovens
|
|
Multi-zone spiral oven with programmable air control for consistent and uniform cooking
|
|
Poultry, Meat,
Seafood
|
|
Over 9 tons/hour (over 40,000 4 oz. chicken breasts per hour)
|
JSO JetStream ®
Linear Ovens
|
|
High intensity convection oven for fast cooking with optimal flavor sealing and browning
|
|
Meat, Poultry
|
|
Over 4.5 tons/hour (over 20,000 ¼ lb. burgers per hour)
|
Double D™
Revoband Linear
Oven
|
|
Custom built, high impingement oven for roasting, steaming and baking
|
|
Bakery, Meat, Seafood, Poultry, Vegetables
|
|
Over 1 ton/hour (over 30,000 croissants per hour)
|
|
Product Description
|
|
Food Applications
|
|
Capacity
|
|
Fillers
|
|
Filling of wide-neck, rigid and pre-formed containers with food and beverage products
|
|
Ready Meals, Soups, Sauces, Baby Food, Fruits, Vegetables, Seafood, Meat, Poultry, Milk, Ready to Drink Coffee and Tea, Pet Food
|
|
Over 1,200 containers per minute
|
Closers
|
|
Closing and seaming of can after being filled
|
|
Ready Meals, Soups, Sauces, Baby Food, Fruits, Vegetables, Seafood, Meat, Poultry, Milk, Ready to Drink Coffee and Tea, Pet Food
|
|
Up to 2,000 containers per minute
|
Continuous Rotary and Hydrostatic Sterilizers
|
|
Commercial sterilization of food in cans
|
|
Ready Meals, Canned Milk, Soups, Sauces, Fruits, Vegetables, Seafood, Meat, Poultry, Pet Food
|
|
Over 1,800 containers per minute (550 cans of soup/minute or 2,000 cans of cat food per minute)
|
Automated Batch Retorts
|
|
Commercial sterilization of foods in flexible or rigid pre-formed packaging
|
|
Ready Meals, Soups, Sauces, Baby Food, Fruits, Vegetables, Seafood, Meat, Poultry
|
|
Over 1,500 containers per minute (600 microwave pasta bowls per minute)
|
LOG-TEC ™
Control Systems and Modeling Software
|
|
Automated control and documentation of sterilization process; modeling software to optimize cooking processes
|
|
Ready Meals, Canned Milk, Soups, Sauces, Baby Food, Fruits, Vegetables, Seafood, Meat, Poultry, Pet Food
|
|
Matches the sterilization system capacity
|
Product Offering
|
|
Product Description
|
|
Food Applications
|
|
Capacity
|
Extractors, Pulpers, Finishers
|
|
Extract juice and/or pulp from fruit for large-scale processing and point-of-sale applications
|
|
Citrus, Tomatoes, Berries, Temperate and Tropical Fruits
|
|
Industrial extractor: over 900 gallons per hour of juice
|
Hot & Cold Breaks, Evaporators
|
|
Enzymatic inactivation, concentration and aseptic cooling to preserve fruit product color and taste
|
|
Citrus, Tomatoes, Berries, Temperate and Tropical Fruits
|
|
Over 70 tons/hour
|
Aseptic Sterilizers and Fillers
|
|
Aseptic commercial sterilization, cooling and bulk filling of fruit puree, concentrate or paste into 3 gallon to 300 gallon containers
|
|
Citrus, Tomatoes, Temperate and Tropical Fruits
|
|
Aseptic sterilizer:
over 60 tons/hour
Aseptic filler:
over 19 tons/hour
|
Fresh Produce Technologies
|
|
Preservation of fresh produce life, appearance and taste.
High speed application of Price Look Up labels
|
|
Fruits, Vegetables
|
|
Coating application rates variable to match line speed
Apply 900+ labels per minute
|
Product Description
|
Aircraft Ranges
|
Capacity
|
||||
Cargo Loaders
|
Loading and unloading of containerized cargo onto main and lower decks of aircraft
|
Wide variety of passenger and freighter aircraft up to Airbus A380
|
Up to 66,000 lbs.
|
|||
Cargo Transporters
|
Transport of containerized cargo to or from aircraft
|
Aircraft handling full size pallets or containers
|
Up to 15,400 lbs. at
15.5 mph
|
|||
Bulk Loader
|
Loading of baggage, cargo or mail packages into baggage holds with minimal lifting
|
Boeing 737 to 757-200 and Airbus A319 to 321
|
Up to 880 lbs.
|
|||
Aircraft Deicers
|
Deicing of aircraft on the ground including removal of snow, ice and frost
|
Wide variety of aircraft up to Airbus A380
|
Up to 2,200 gallons capacity of deicing fluid
|
|||
Aircraft Tow Tractors
|
Pushing back of aircraft from gate or aircraft towing between gate and hangar
|
Regional to wide-body aircraft including Airbus A380
|
Draw bar pull of up to 72,000 lbs.
|
|||
Passenger Steps
|
Boarding of passengers when a boarding bridge is not available
|
Front and rear boarding doors of narrow and wide-body aircraft
|
Load capacity up to 13,000 lbs.
|
Product Offering
|
|
Product Description
|
|
Aircraft Ranges
|
|
Capacity
|
Passenger Boarding Bridges
|
|
Bridge for moving passengers between the airport terminal building and the aircraft
|
|
Regional Jets up to Airbus A380
|
|
Link aircraft with the airport terminal
|
Ground Power
|
|
Provide power and light for passenger and crew onboard, while waiting to be pushed back from gate
Both point-of-use and complete above and below grade distribution systems
|
|
Regional Jets up to Airbus A380
|
|
Converts 50/60 Hertz utility power to aircraft compatible 400 Hertz power, including 28VDC and 270 VDC service
|
Pre-conditioned Air
|
|
Climate convenience for passenger and crew onboard, while waiting to be pushed back from gate
Hangar applications for aircraft servicing and testing, including below grade distribution systems
High pressure air conditioning systems to support customer requirements including air start
|
|
Regional Jets up to Airbus A380
|
|
20 to 120 refrigerated tons pre-conditioned air units for ground cooling
|
Product Offering | Product Description | Aircraft Ranges | Capacity | |||
Halvorsen 25K and 44K Cargo Loaders
|
|
Rapidly deployable, high-reach loader that can transport and lift cargo onto military and commercial cargo aircraft
|
|
All current military and commercial cargo aircraft
|
|
Load and transport up to 44,000 lbs.
|
Aircraft Tow Tractors
|
|
Towing of aircraft around the airport ramp
|
|
Large cargo transport aircraft
|
|
Draw bar pull of up to 72,000 lbs.
|
Mobile Power
|
Mobile and hangar-based power units used for aircraft servicing, testing and starting
|
Jet fighters up to cargo transport aircraft
|
400 Hertz power, including 28VDC and 270 VDC service
|
|||
Mobile Air Conditioning
|
|
Mobile and hangar-based air conditioning and high pressure units used for on the ground cooling and starting
|
Jet fighters up to cargo transport aircraft
|
|
30 to 110 ton mobile air conditioning and high pressure units
|
Name
|
Age
|
Office, year of election
|
||
Charles H. Cannon, Jr.
|
60
|
Chairman, Chief Executive Officer and President (2008)
|
||
Ronald D. Mambu
|
63
|
Vice President, Chief Financial Officer and Controller (2008)
|
||
Torbjörn Arvidsson
|
61
|
Vice President and Division Manager-Food Solutions and Services (2008)
|
||
Steven R. Smith
|
52
|
Vice President and Division Manager-Food Processing Systems (2011)
|
||
John Lee
|
55
|
Vice President and Division Manager-JBT AeroTech (2008)
|
||
Juan C. Podesta
|
61
|
Vice President, Corporate Development and Planning (2011)
|
||
Kenneth C. Dunn
|
56
|
Vice President, General Counsel and Assistant Secretary (2008)
|
||
Mark K. Montague
|
59
|
Vice President, Human Resources (2008)
|
||
Megan J. Rattigan
|
44
|
Chief Accounting Officer (2008)
|
•
|
changes in demand for our products and services, including changes in growth rates in the food processing and air transportation industries;
|
•
|
downturns in our customers’ businesses resulting from deteriorating domestic and international economies where our customers do substantial business;
|
•
|
changes in commodity prices resulting in increased manufacturing costs, such as petroleum-based products, metals or other raw materials we use in significant quantities;
|
•
|
changes in pricing policies resulting from competitive pressures, such as aggressive price discounting by our competitors and other market factors;
|
•
|
our ability to develop and introduce on a timely basis new or enhanced versions of our products and services;
|
•
|
unexpected needs for capital expenditures or other unanticipated expenses;
|
•
|
changes in the mix of revenue attributable to domestic and international sales;
|
•
|
changes in the mix of products and services that we sell;
|
•
|
seasonal fluctuations in buying patterns; and
|
•
|
future acquisitions and divestitures of technologies, products and businesses.
|
•
|
make it more difficult or costly for us to obtain increased financing for our operations or investments or to refinance our debt in the future;
|
•
|
render our lenders or other financial instrument counterparties unable to honor their commitments or otherwise default under a financing agreement;
|
•
|
impair the financial condition of some of our customers, thereby hindering our customers’ ability to obtain financing to purchase our products and/or increasing customer bad debts;
|
•
|
cause customers to forgo or postpone new purchases in favor of repairing existing equipment and machinery, and delay or reduce preventative maintenance, thereby reducing our revenue and/or profits;
|
•
|
negatively impact our customers’ ability to raise pricing to counteract increased fuel, labor, and other costs, making it less likely that they will expend resources on JBT AeroTech equipment as they have in the past;
|
•
|
impair the financial condition of some of our suppliers thereby potentially increasing both the likelihood of having to renegotiate supply terms and the risk of non-performance by suppliers;
|
•
|
negatively impact global demand for air transportation services as well as protein food products and processed food products, which could result in a reduction of sales, operating income and cash flows in our JBT AeroTech and JBT FoodTech segments, respectively;
|
•
|
negatively affect the rates of expansion, consolidation, renovation and equipment replacement within the air transportation industry and within the food processing industry, which may affect the performance of our JBT AeroTech and JBT FoodTech segments, respectively;
|
•
|
impair the financial viability of our insurers.
|
•
|
nationalization and expropriation;
|
•
|
potentially burdensome taxation;
|
•
|
increased growth in our international business operations and revenue relative to our domestic operations may result in increasing tax liabilities resulting from repatriation of income generated outside of the United States;
|
•
|
continuing economic downturns, inflationary and recessionary markets, including capital and equity markets;
|
•
|
civil unrest, political instability, terrorist attacks and wars;
|
•
|
seizure of assets;
|
•
|
trade restrictions, trade protection measures or price controls;
|
•
|
foreign ownership restrictions;
|
•
|
import or export licensing requirements;
|
•
|
restrictions on operations, trade practices, trade partners and investment decisions resulting from domestic and foreign laws and regulations;
|
•
|
changes in governmental laws and regulations;
|
•
|
inability to repatriate income or capital; and
|
•
|
reductions in the availability of qualified personnel.
|
•
|
Be expensive, time consuming and divert management attention away from normal business operations;
|
•
|
Require us to pay monetary damages or enter into non-standard royalty and licensing agreements;
|
•
|
Require us to modify our product sales and development plans; or
|
•
|
Require us to satisfy indemnification obligations to our customers.
|
•
|
A Board that is divided into three classes with staggered terms;
|
•
|
Limitations on the right of stockholders to remove directors;
|
•
|
The right of our Board to issue preferred stock without stockholder approval;
|
•
|
Inability of our stockholders to act by written consent; and
|
•
|
Rules regarding how stockholders may present proposals or nominate directors at stockholders meetings.
|
LOCATION
|
|
SQUARE FEET
(approximate)
|
|
LEASED OR
OWNED
|
United States:
|
|
|
||
Madera, California
|
|
250,000
|
|
Owned
|
Lakeland, Florida
|
|
225,000
|
|
Owned
|
Sandusky, Ohio
|
|
140,000
|
|
Owned
|
International:
|
|
|
||
St. Niklaas, Belgium
|
|
289,000
|
|
Owned
|
Helsingborg, Sweden
|
|
227,000
|
|
Owned/Leased
|
Araraquara, Brazil
|
|
125,000
|
|
Owned
|
Parma, Italy
|
|
72,000
|
|
Owned
|
Ningbo, China
|
|
60,000
|
|
Leased
|
Edinburgh, Scotland
|
|
41,000
|
|
Leased
|
Cape Town, South Africa
|
|
38,000
|
|
Leased
|
LOCATION
|
|
SQUARE FEET
(approximate)
|
|
LEASED OR
OWNED
|
United States:
|
|
|
||
Orlando, Florida
|
|
253,000
|
|
Owned
|
Ogden, Utah
|
|
220,000
|
|
Owned/Leased
|
Chalfont, Pennsylvania
|
|
67,000
|
|
Leased
|
International:
|
|
|
||
Madrid, Spain
|
|
258,000
|
|
Owned
|
Kunshan, China
|
54,000
|
Leased
|
||
Shenzhen, China
|
43,000
|
Leased
|
||
Juarez, Mexico
|
|
33,000
|
|
Leased
|
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan or Program | |||||||||
October 1, 2012 – October 31, 2012 | - | - | - | $29.7 million | |||||||||
November 1, 2012 – November 30, 2012 | 180,000 | $ | 15.79 | 180,000 | $26.9 million | ||||||||
December 1, 2012 – December 31, 2012 | 43,600 | $ | 16.69 | 43,600 | $26.1 million | ||||||||
Total
|
223,600 | $ | 15.96 | 223,600 | $26.1 million |
(1)
|
Shares repurchased under the 2011 share repurchase plan (see Note 9 to our consolidated financial statements for more information).
|
Year Ended December 31,
|
||||||||||||||||||||
(In millions, except per share data)
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Income Statement Data:
|
||||||||||||||||||||
Revenue:
|
||||||||||||||||||||
JBT FoodTech
|
$ | 548.5 | $ | 542.6 | $ | 520.8 | $ | 515.8 | $ | 584.0 | ||||||||||
JBT AeroTech
|
366.0 | 407.4 | 351.2 | 320.7 | 446.9 | |||||||||||||||
Other revenue and intercompany eliminations
|
2.8 | 5.8 | 8.4 | 5.1 | (2.8 | ) | ||||||||||||||
Total revenue | $ | 917.3 | $ | 955.8 | $ | 880.4 | $ | 841.6 | $ | 1,028.1 | ||||||||||
Operating expenses:
|
||||||||||||||||||||
Cost of sales
|
$ | 686.5 | $ | 721.2 | $ | 645.8 | $ | 617.3 | $ | 775.4 | ||||||||||
Selling, general and administrative expense
|
156.6 | 152.9 | 147.8 | 147.8 | 152.9 | |||||||||||||||
Research and development expense
|
14.3 | 18.5 | 17.5 | 17.1 | 22.0 | |||||||||||||||
Restructuring expense
|
0.1 | 11.6 | 3.7 | 3.9 | 0.9 | |||||||||||||||
Other (income) expense, net
|
(1.1 | ) | (1.6 | ) | (1.5 | ) | (2.2 | ) | 6.6 | |||||||||||
Operating income
|
60.9 | 53.2 | 67.1 | 57.7 | 70.3 | |||||||||||||||
Net interest expense
|
(6.9 | ) | (6.4 | ) | (7.8 | ) | (8.8 | ) | (3.8 | ) | ||||||||||
Income from continuing operations before income taxes
|
54.0 | 46.8 | 59.3 | 48.9 | 66.5 | |||||||||||||||
Provision for income taxes
|
16.9 | 16.0 | 21.4 | 16.1 | 22.4 | |||||||||||||||
Income from continuing operations
|
37.1 | 30.8 | 37.9 | 32.8 | 44.1 | |||||||||||||||
(Loss) income from discontinued operations, net of income taxes
|
(0.9 | ) | (0.3 | ) | (0.6 | ) | - | 0.1 | ||||||||||||
Net income
|
$ | 36.2 | $ | 30.5 | $ | 37.3 | $ | 32.8 | $ | 44.2 | ||||||||||
Common Stock Data:
|
||||||||||||||||||||
Diluted Earnings Per Share (1):
|
||||||||||||||||||||
Income from continuing operations
|
$ | 1.26 | $ | 1.05 | $ | 1.30 | $ | 1.15 | $ | 1.59 | ||||||||||
Net income
|
$ | 1.23 | $ | 1.04 | $ | 1.28 | $ | 1.15 | $ | 1.59 | ||||||||||
Diluted weighted average shares outstanding
|
29.5 | 29.3 | 29.1 | 28.6 | 27.8 | |||||||||||||||
Common Stock Sales Price Range:
|
||||||||||||||||||||
High
|
$ | 18.20 | $ | 21.00 | $ | 21.19 | $ | 19.25 | $ | 15.18 | ||||||||||
Low
|
$ | 12.76 | $ | 13.16 | $ | 14.34 | $ | 8.05 | $ | 5.85 | ||||||||||
Cash dividends declared per common share
|
$ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0.07 |
At December 31,
|
||||||||||||||||||||
(In millions)
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Total assets
|
$ | 678 | $ | 592.2 | $ | 582.2 | $ | 520.4 | $ | 578.1 | ||||||||||
Long-term debt, less current portion
|
189.1 | 135.7 | 145.4 | 131.8 | 185.0 |
Year Ended December 31,
|
||||||||||||||||||||
(In millions)
|
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Other Financial Information:
|
||||||||||||||||||||
Capital expenditures
|
$ | 24.7 | $ | 20.8 | $ | 24.3 | $ | 19.8 | $ | 22.9 | ||||||||||
Cash flows provided by continuing operating activities
|
$ | 86.6 | $ | 37.0 | $ | 17.6 | $ | 54.1 | $ | 81.8 | ||||||||||
Order backlog (unaudited)
|
$ | 283.1 | $ | 246.0 | $ | 286.8 | $ | 211.2 | $ | 285.5 |
(1)
|
For all periods prior to July 31, 2008, the date of our spin-off from FMC Technologies, the number of diluted shares being used is the number of shares outstanding on July 31, 2008, as our common stock was not traded prior to July 31, 2008 and there were no dilutive securities in the prior periods.
|
Year Ended December 31,
|
Favorable /
(Unfavorable)
|
|||||||||||||||||||
(in millions)
|
2012
|
2011
|
2010
|
2012
vs.
2011
|
2011
vs.
2010
|
|||||||||||||||
Revenue
|
$ | 917.3 | $ | 955.8 | $ | 880.4 | $ | (38.5 | ) | $ | 75.4 | |||||||||
Cost of sales
|
686.5 | 721.2 | 645.8 | 34.7 | $ | (75.4 | ) | |||||||||||||
Gross profit
|
230.8 | 234.6 | 234.6 | (3.8 | ) | (0.0 | ) | |||||||||||||
Selling, general and administrative expense
|
156.6 | 152.9 | 147.8 | (3.7 | ) | (5.1 | ) | |||||||||||||
Research and development expense
|
14.3 | 18.5 | 17.5 | 4.2 | (1.0 | ) | ||||||||||||||
Restructuring expense
|
0.1 | 11.6 | 3.7 | 11.5 | (7.9 | ) | ||||||||||||||
Other income, net
|
(1.1 | ) | (1.6 | ) | (1.5 | ) | (0.5 | ) | 0.1 | |||||||||||
Operating income
|
60.9 | 53.2 | 67.1 | 7.7 | (13.9 | ) | ||||||||||||||
Net interest expense
|
(6.9 | ) | (6.4 | ) | (7.8 | ) | (0.5 | ) | 1.4 | |||||||||||
Income from continuing operations before income taxes
|
54.0 | 46.8 | 59.3 | 7.2 | (12.5 | ) | ||||||||||||||
Provision for income taxes
|
16.9 | 16.0 | 21.4 | (0.9 | ) | 5.4 | ||||||||||||||
Income from continuing operations
|
37.1 | 30.8 | 37.9 | 6.3 | (7.1 | ) | ||||||||||||||
Loss from discontinued operations, net of income taxes
|
(0.9 | ) | (0.3 | ) | (0.6 | ) | (0.6 | ) | 0.3 | |||||||||||
Net income
|
$ | 36.2 | $ | 30.5 | $ | 37.3 | $ | 5.7 | $ | (6.8 | ) |
|
·
|
Gross profit declined by $3.8 million but increased by $2.3 million in constant currency. Gross profit margin increased by 60 basis points. Gross profit improved due to various margin enhancement initiatives and cost saving plans executed in 2012 that resulted in $7.3 million of gross profit increase versus 2011. This was offset by $5.0 million in lower profit due to lower sales volume in our JBT AeroTech segment.
|
|
·
|
Selling, general and administrative expenses increased by $3.7 million, but increased by $7.0 million in constant currency, mainly due to higher compensation and benefit costs, including the impact of lower discount rates utilized to estimate U.S. pension costs.
|
|
·
|
Research and development expense decreased by $4.2 million as we focused engineering labor on improvements for existing products and customer orders.
|
|
·
|
Restructuring expense was significantly lower as we are near completion of our restructuring program.
|
|
·
|
Income tax expense for 2012 reflects an effective income tax rate of 31% compared to 34% in the same period in 2011. In 2012, we recognized $1.3 million in tax benefits due to enacted changes in Sweden’s corporate income tax , rate.
|
|
·
|
Gross profit remained unchanged but decreased by $6.9 million in constant currency. Gross profit decreased by $20.2 million due to lower gross profit margin, which resulted from the strengthening of the Swedish krona and Brazilian real, higher costs in certain JBT FoodTech product lines and an unfavorable mix of products sold as compared to the prior year. This decrease was partially offset by $13.3 million of higher profit due to higher sales volume in the JBT AeroTech segment.
|
|
·
|
Selling, general and administrative expenses increased by $5.1 million, but only by $0.5 million in constant currency, and decreased as a percentage of revenue from 16.8% to 16.0%.
|
|
·
|
Research and development expense increased by $1.0 million, primarily due to expenditures on developing new gate equipment products.
|
Year Ended December 31,
|
Favorable / (Unfavorable)
|
|||||||||||||||||||
(in millions)
|
2012
|
2011
|
2010
|
2012
vs.
2011
|
2011
vs.
2010
|
|||||||||||||||
Revenue
|
||||||||||||||||||||
JBT FoodTech
|
$ | 548.5 | $ | 542.6 | $ | 520.8 | $ | 5.9 | $ | 21.8 | ||||||||||
JBT AeroTech
|
366.0 | 407.4 | 351.2 | (41.4 | ) | 56.2 | ||||||||||||||
Other revenue and intercompany eliminations
|
2.8 | 5.8 | 8.4 | (3.0 | ) | (2.6 | ) | |||||||||||||
Total revenue
|
$ | 917.3 | $ | 955.8 | $ | 880.4 | $ | (38.5 | ) | $ | 75.4 | |||||||||
Income before income taxes
|
||||||||||||||||||||
Segment operating profit:
|
||||||||||||||||||||
JBT FoodTech
|
$ | 53.2 | $ | 42.3 | $ | 55.8 | $ | 10.9 | $ | (13.5 | ) | |||||||||
JBT AeroTech
|
34.3 | 36.0 | 28.6 | (1.7 | ) | 7.4 | ||||||||||||||
Total segment operating profit
|
87.5 | 78.3 | 84.4 | 9.2 | (6.1 | ) | ||||||||||||||
Corporate items:
|
||||||||||||||||||||
Corporate expense
|
(18.4 | ) | (16.9 | ) | (17.3 | ) | (1.5 | ) | 0.4 | |||||||||||
Other expense, net
|
(8.2 | ) | (8.2 | ) | - | - | (8.2 | ) | ||||||||||||
Net interest expense
|
(6.9 | ) | (6.4 | ) | (7.8 | ) | (0.5 | ) | 1.4 | |||||||||||
Total corporate items
|
(33.5 | ) | (31.5 | ) | (25.1 | ) | (2.0 | ) | (6.4 | ) | ||||||||||
Income from continuing operations before income taxes
|
54.0 | 46.8 | 59.3 | 7.2 | (12.5 | ) | ||||||||||||||
Provision for income taxes
|
16.9 | 16.0 | 21.4 | (0.9 | ) | 5.4 | ||||||||||||||
Income from continuing operations
|
37.1 | 30.8 | 37.9 | 6.3 | (7.1 | ) | ||||||||||||||
Loss from discontinued operations, net of income taxes
|
(0.9 | ) | (0.3 | ) | (0.6 | ) | (0.6 | ) | 0.3 | |||||||||||
Net income
|
$ | 36.2 | $ | 30.5 | $ | 37.3 | $ | 5.7 | $ | (6.8 | ) |
(in millions)
|
2012
|
2011
|
2010
|
|||||||||
JBT FoodTech
|
$ | 0.2 | $ | 11.6 | $ | 0.8 | ||||||
JBT AeroTech
|
(0.1 | ) | - | 2.9 | ||||||||
Total
|
$ | 0.1 | $ | 11.6 | $ | 3.7 |
(In millions)
|
2012
|
2011
|
||||||
JBT FoodTech
|
$ | 597.8 | $ | 537.7 | ||||
JBT AeroTech
|
371.3 | 371.5 | ||||||
Other and intercompany eliminations
|
2.8 | 5.8 | ||||||
Total inbound orders
|
$ | 971.9 | $ | 915.0 |
(In millions)
|
2012
|
2011
|
||||||
JBT FoodTech
|
$ | 147.8 | $ | 98.5 | ||||
JBT AeroTech
|
135.3 | 147.5 | ||||||
Total order backlog
|
$ | 283.1 | $ | 246.0 |
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Cash provided by continuing operating activities
|
$ | 86.6 | $ | 37.0 | $ | 17.6 | ||||||
Cash required by continuing investing activities
|
(32.6 | ) | (21.4 | ) | (23.7 | ) | ||||||
Cash provided (required) by financing activities
|
36.1 | (18.5 | ) | 4.9 | ||||||||
Cash required by discontinued operations
|
(0.6 | ) | (0.6 | ) | (0.1 | ) | ||||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
0.5 | (1.2 | ) | 0.6 | ||||||||
Increase (decrease) in cash and cash equivalents
|
$ | 90.0 | $ | (4.7 | ) | $ | (0.7 | ) |
Debt Instrument / Covenant
|
Measurement
|
Result as of
December 31, 2012
|
||
Revolving credit facility
|
||||
Interest coverage ratio (1)
|
Not less than 3.5
|
11.3
|
||
Leverage ratio (2)
|
Not greater than 3.25
|
2.4
|
||
Restricted payments (3)
|
Not greater than $25 million plus 50% of consolidated net income
|
$12.1 million
|
||
6.66% senior unsecured notes
|
||||
Interest coverage ratio (1)
|
Not less than 2.75
|
11.3
|
||
Leverage ratio (2)
|
Not greater than 3.25
|
2.4
|
(1)
|
Interest coverage ratio is a comparison of the trailing twelve months Consolidated EBITDA, defined as net income plus interest expense plus income tax expense plus depreciation and amortization plus non-cash expenses and extraordinary, unusual and non-recurring items, to trailing twelve months interest expense.
|
(2)
|
Leverage ratio is a comparison of the total indebtedness, defined as total debt plus guarantees of indebtedness of others plus obligations under financial letters of credit issued against the credit facility, to the trailing twelve months Consolidated EBITDA, as defined above.
|
(3)
|
Restricted payments include all payments to shareholders such as dividends and share repurchases.
|
Payments due by period
|
||||||||||||||||||||
(In millions)
|
Total
payments
|
Less than 1
year
|
1 - 3
years
|
3-5
years
|
After 5
years
|
|||||||||||||||
Long-term debt (a)
|
$ | 189.3 | $ | 0.2 | $ | 75.0 | $ | 114.1 | $ | - | ||||||||||
Interest payments on long-term debt (b)
|
21.9 | 6.8 | 11.5 | 3.6 | - | |||||||||||||||
Operating leases
|
26.6 | 6.5 | 9.1 | 3.4 | 7.6 | |||||||||||||||
Unconditional purchase obligations (c)
|
26.5 | 25.0 | 1.5 | - | - | |||||||||||||||
Pension and other postretirement benefits (d)
|
12.0 | 12.0 | - | - | - | |||||||||||||||
Total contractual obligations
|
$ | 276.3 | $ | 50.5 | $ | 97.1 | $ | 121.1 | $ | 7.6 |
(a)
|
Our available long-term debt is dependent upon our compliance with covenants described in the previous section. Any violations of covenants or other events of default, which are not waived or cured, could have a material impact on our ability to maintain our committed financial arrangements and accelerate our obligation to repay the amount due.
|
(b)
|
Interest payments were determined using the weighted average rates for all debt outstanding as of December 31, 2012.
|
(c)
|
In the normal course of business, we enter into agreements with our suppliers to purchase raw materials or services. These agreements include a requirement that our supplier provide products or services to our specifications and require us to make a firm purchase commitment to our supplier. As substantially all of these commitments are associated with purchases made to fulfill our customers’ orders, the costs associated with these agreements will ultimately be reflected in cost of sales on our consolidated statements of income.
|
(d)
|
This amount primarily reflects discretionary contributions to our U.S. qualified pension plan. Required contributions for future years depend on factors that cannot be determined at this time.
|
Amount of commitment expiration per period
|
||||||||||||||||||||
(In millions)
|
Total
amount
|
Less than 1
year
|
1 - 3
years
|
3-5
years
|
After 5
years
|
|||||||||||||||
Letters of credit and bank guarantees
|
$ | 31.2 | $ | 26.4 | $ | 4.0 | $ | 0.1 | $ | 0.7 | ||||||||||
Surety bonds
|
58.5 | 32.8 | 9.1 | 16.6 | - | |||||||||||||||
Total other off-balance sheet arrangements
|
$ | 89.7 | $ | 59.2 | $ | 13.1 | $ | 16.7 | $ | 0.7 |
Year Ended December 31,
|
||||||||||||
(In millions, except per share data)
|
2012
|
2011
|
2010
|
|||||||||
Revenue:
|
||||||||||||
Product revenue
|
$ | 793.9 | $ | 836.0 | $ | 770.9 | ||||||
Service revenue
|
123.4 | 119.8 | 109.5 | |||||||||
Total revenue
|
917.3 | 955.8 | 880.4 | |||||||||
Operating expenses:
|
||||||||||||
Cost of products
|
591.8 | 629.0 | 563.9 | |||||||||
Cost of services
|
94.7 | 92.2 | 81.9 | |||||||||
Selling, general and administrative expense
|
156.6 | 152.9 | 147.8 | |||||||||
Research and development expense
|
14.3 | 18.5 | 17.5 | |||||||||
Restructuring expense
|
0.1 | 11.6 | 3.7 | |||||||||
Other income, net
|
(1.1 | ) | (1.6 | ) | (1.5 | ) | ||||||
Operating income
|
60.9 | 53.2 | 67.1 | |||||||||
Net interest expense
|
(6.9 | ) | (6.4 | ) | (7.8 | ) | ||||||
Income from continuing operations before income taxes
|
54.0 | 46.8 | 59.3 | |||||||||
Provision for income taxes
|
16.9 | 16.0 | 21.4 | |||||||||
Income from continuing operations
|
37.1 | 30.8 | 37.9 | |||||||||
Loss from discontinued operations, net of income taxes
|
(0.9 | ) | (0.3 | ) | (0.6 | ) | ||||||
Net income
|
$ | 36.2 | $ | 30.5 | $ | 37.3 | ||||||
Basic earnings per share:
|
||||||||||||
Income from continuing operations
|
$ | 1.27 | $ | 1.07 | $ | 1.34 | ||||||
Loss from discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.02 | ) | ||||||
Net income
|
$ | 1.24 | $ | 1.06 | $ | 1.32 | ||||||
Diluted earnings per share:
|
||||||||||||
Income from continuing operations
|
$ | 1.26 | $ | 1.05 | $ | 1.30 | ||||||
Loss from discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.02 | ) | ||||||
Net income
|
$ | 1.23 | $ | 1.04 | $ | 1.28 | ||||||
Dividends declared per share
|
$ | 0.28 | $ | 0.28 | $ | 0.28 | ||||||
Weighted average shares outstanding:
|
||||||||||||
Basic
|
29.1 | 28.8 | 28.3 | |||||||||
Diluted
|
29.5 | 29.3 | 29.1 |
Year Ended December 31,
|
||||||||||||
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Net income
|
$ | 36.2 | $ | 30.5 | $ | 37.3 | ||||||
Other comprehensive income (loss), net of tax
|
||||||||||||
Foreign currency translation adjustments
|
0.7 | (7.4 | ) | 3.1 | ||||||||
Pension and other postretirement benefits adjustments
|
(5.2 | ) | (30.1 | ) | (6.5 | ) | ||||||
Derivatives designated as hedges
|
0.2 | 0.1 | 0.1 | |||||||||
Other comprehensive loss, net of tax
|
(4.3 | ) | (37.4 | ) | (3.3 | ) | ||||||
Comprehensive income (loss)
|
$ | 31.9 | $ | (6.9 | ) | $ | 34.0 |
(In millions, except per share and number of shares)
|
December 31,
2012 |
December 31,
2011 |
||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents | $ | 99.0 | $ | 9.0 | ||||
Trade receivables, net of allowances of $3.7 and $4.3, respectively | 188.4 | 189.4 | ||||||
Inventories | 109.2 | 122.3 | ||||||
Prepaid expenses | 5.8 | 5.1 | ||||||
Deferred income taxes | 19.3 | 20.1 | ||||||
Assets held for sale | 3.0 | 2.7 | ||||||
Other current assets | 26.4 | 22.3 | ||||||
Total current assets | 451.1 | 370.9 | ||||||
Investments
|
11.5 | 10.5 | ||||||
Property, plant and equipment, net of accumulated depreciation of $235.5 and $231.1, respectively | 126.2 | 124.7 | ||||||
Goodwill
|
30.6 | 28.2 | ||||||
Intangible assets, net
|
23.8 | 18.2 | ||||||
Deferred income taxes
|
21.6 | 30.1 | ||||||
Other assets
|
13.2 | 9.6 | ||||||
Total Assets | $ | 678.0 | $ | 592.2 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities:
|
||||||||
Short-term debt and current portion of long-term debt | $ | 2.0 | $ | 4.4 | ||||
Accounts payable, trade and other | 88.7 | 82.5 | ||||||
Advance and progress payments | 74.3 | 57.4 | ||||||
Accrued payroll | 34.4 | 30.9 | ||||||
Deferred income taxes | 5.7 | 6.1 | ||||||
Other current liabilities | 45.7 | 58.4 | ||||||
Total current liabilities | 250.8 | 239.7 | ||||||
Long-term debt, less current portion
|
189.1 | 135.7 | ||||||
Accrued pension and other postretirement benefits, less current portion
|
104.6 | 109.2 | ||||||
Deferred income taxes
|
2.4 | 2.9 | ||||||
Other liabilities
|
25.5 | 24.9 | ||||||
Commitments and contingencies (Note 13)
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2012
|
- | - | ||||||
Common stock, $0.01 par value; 120,000,000 shares authorized; 2012: 28,946,413 issued and 28,732,211 outstanding; 2011: 28,661,005 issued and 28,640,159 outstanding
|
0.3 | 0.3 | ||||||
Common stock held in treasury, at cost; 2012: 214,202 shares; 2011: 20,846 shares
|
(3.4 | ) | (0.3 | ) | ||||
Additional paid-in capital | 66.2 | 60.7 | ||||||
Retained earnings | 123.5 | 95.8 | ||||||
Accumulated other comprehensive loss | (81.0 | ) | (76.7 | ) | ||||
Total Stockholders' Equity | 105.6 | 79.8 | ||||||
Total Liabilities and Stockholders' Equity | $ | 678.0 | $ | 592.2 |
Year Ended December 31,
|
||||||||||||
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Cash Flows From Operating Activities:
|
||||||||||||
Net income
|
$ | 36.2 | $ | 30.5 | $ | 37.3 | ||||||
Loss from discontinued operations, net of income taxes
|
0.9 | 0.3 | 0.6 | |||||||||
Income from continuing operations
|
37.1 | 30.8 | 37.9 | |||||||||
Adjustments to reconcile income from continuing operations to cash provided (required) by operating activities of continuing operations:
|
||||||||||||
Depreciation
|
20.3 | 21.3 | 19.5 | |||||||||
Amortization
|
3.3 | 2.8 | 3.4 | |||||||||
Stock-based compensation
|
7.5 | 5.2 | 7.3 | |||||||||
Pension and other postretirement benefits (income) expense
|
0.4 | (1.3 | ) | (2.1 | ) | |||||||
Deferred income taxes
|
6.7 | 3.4 | 8.8 | |||||||||
Other
|
0.8 | 2.7 | (4.7 | ) | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions:
|
||||||||||||
Trade receivables, net
|
2.3 | 0.2 | (54.6 | ) | ||||||||
Inventories
|
14.6 | (19.8 | ) | 3.3 | ||||||||
Accounts payable, trade and other
|
5.2 | (2.0 | ) | 19.1 | ||||||||
Advance payments and progress billings
|
15.8 | 7.4 | (4.8 | ) | ||||||||
Accrued pension and other postretirement benefits, net
|
(14.7 | ) | (10.4 | ) | (13.0 | ) | ||||||
Other assets and liabilities, net
|
(12.7 | ) | (3.3 | ) | (2.5 | ) | ||||||
Cash provided by continuing operating activities
|
86.6 | 37.0 | 17.6 | |||||||||
Net cash required by discontinued operating activities
|
(0.6 | ) | (0.6 | ) | (0.1 | ) | ||||||
Cash provided by operating activities
|
86.0 | 36.4 | 17.5 | |||||||||
Cash Flows From Investing Activities:
|
||||||||||||
Acquisitions
|
(10.0 | ) | - | (0.4 | ) | |||||||
Capital expenditures
|
(24.7 | ) | (20.8 | ) | (24.3 | ) | ||||||
Proceeds from disposal of assets
|
2.1 | 0.4 | 1.0 | |||||||||
Other
|
- | (1.0 | ) | - | ||||||||
Cash required by investing activities
|
(32.6 | ) | (21.4 | ) | (23.7 | ) | ||||||
Cash Flows From Financing Activities:
|
||||||||||||
Net (decrease) increase in short-term debt
|
(0.9 | ) | 2.9 | - | ||||||||
Net proceeds (payments) on credit facilities
|
52.7 | (8.1 | ) | 11.8 | ||||||||
(Repayment) issuance of long-term debt
|
(0.6 | ) | (1.6 | ) | 2.9 | |||||||
Excess tax benefits
|
0.7 | 1.9 | 1.8 | |||||||||
Tax witholdings on stock-based compensation awards
|
(2.3 | ) | (4.8 | ) | (3.5 | ) | ||||||
Purchase of stock held in treasury
|
(3.6 | ) | (0.3 | ) | - | |||||||
Dividends paid
|
(8.5 | ) | (8.4 | ) | (8.1 | ) | ||||||
Other
|
(1.4 | ) | (0.1 | ) | - | |||||||
Cash provided (required) by financing activities
|
36.1 | (18.5 | ) | 4.9 | ||||||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
0.5 | (1.2 | ) | 0.6 | ||||||||
Increase (decrease) in cash and cash equivalents
|
90.0 | (4.7 | ) | (0.7 | ) | |||||||
Cash and cash equivalents, beginning of period
|
9.0 | 13.7 | 14.4 | |||||||||
Cash and cash equivalents, end of period
|
$ | 99.0 | $ | 9.0 | $ | 13.7 | ||||||
Supplemental Cash Flow Information:
|
||||||||||||
Interest paid
|
$ | 6.9 | $ | 6.8 | $ | 7.9 | ||||||
Income taxes paid
|
9.2 | 10.8 | 16.5 |
(In millions)
|
Common
Stock |
Common
Stock |
Additional
Paid-In |
Retained
Earnings |
Accumulated
Other |
Total
Equity |
||||||||||||||||||
December 31, 2009
|
$ | 0.3 | $ | (0.7 | ) | $ | 53.5 | $ | 44.7 | $ | (36.0 | ) | $ | 61.8 | ||||||||||
Net income
|
- | - | - | 37.3 | - | 37.3 | ||||||||||||||||||
Taxes withheld on issuance of stock-based awards
|
- | - | (3.5 | ) | - | - | (3.5 | ) | ||||||||||||||||
Excess tax benefits on stock-based payment arrangements
|
- | - | 1.8 | - | - | 1.8 | ||||||||||||||||||
Dividends on stock-based payment arrangements
|
- | - | - | (0.5 | ) | - | (0.5 | ) | ||||||||||||||||
Common stock cash dividends
|
- | - | - | (7.9 | ) | - | (7.9 | ) | ||||||||||||||||
Foreign currency translation adjustments
|
- | - | - | - | 3.1 | 3.1 | ||||||||||||||||||
Derivatives designated as hedges, net of income taxes of $0.0
|
- | - | - | - | 0.1 | 0.1 | ||||||||||||||||||
Pension and other postretirement liability adjustments, net of income taxes of $4.3
|
- | - | - | - | (6.5 | ) | (6.5 | ) | ||||||||||||||||
Stock-based compensation expense
|
- | - | 7.3 | - | - | 7.3 | ||||||||||||||||||
December 31, 2010
|
$ | 0.3 | $ | (0.7 | ) | $ | 59.1 | $ | 73.6 | $ | (39.3 | ) | $ | 93.0 | ||||||||||
Net income
|
- | - | - | 30.5 | - | 30.5 | ||||||||||||||||||
Issuance of common stock
|
- | 0.7 | (0.7 | ) | - | - | - | |||||||||||||||||
Taxes withheld on issuance of stock-based awards
|
- | - | (4.8 | ) | - | - | (4.8 | ) | ||||||||||||||||
Excess tax benefits on stock-based payment arrangements
|
- | - | 1.9 | - | - | 1.9 | ||||||||||||||||||
Dividends on stock-based payment arrangements
|
- | - | - | (0.3 | ) | - | (0.3 | ) | ||||||||||||||||
Common stock cash dividends
|
- | - | - | (8.0 | ) | - | (8.0 | ) | ||||||||||||||||
Share repurchases
|
- | (0.3 | ) | - | - | - | (0.3 | ) | ||||||||||||||||
Foreign currency translation adjustments
|
- | - | - | - | (7.4 | ) | (7.4 | ) | ||||||||||||||||
Derivatives designated as hedges, net of income taxes of $0.1
|
- | - | - | - | 0.1 | 0.1 | ||||||||||||||||||
Pension and other postretirement liability adjustments, net of income taxes of $19.1
|
(30.1 | ) | (30.1 | ) | ||||||||||||||||||||
Stock-based compensation expense
|
- | - | 5.2 | - | - | 5.2 | ||||||||||||||||||
December 31, 2011
|
$ | 0.3 | $ | (0.3 | ) | $ | 60.7 | $ | 95.8 | $ | (76.7 | ) | $ | 79.8 | ||||||||||
Net income
|
- | - | - | 36.2 | - | 36.2 | ||||||||||||||||||
Issuance of common stock
|
- | 0.5 | (0.4 | ) | - | - | 0.1 | |||||||||||||||||
Taxes withheld on issuance of stock-based awards
|
- | - | (2.3 | ) | - | - | (2.3 | ) | ||||||||||||||||
Excess tax benefits on stock-based payment arrangements
|
- | - | 0.7 | - | - | 0.7 | ||||||||||||||||||
Dividends on stock-based payment arrangements
|
- | - | - | (0.4 | ) | - | (0.4 | ) | ||||||||||||||||
Common stock cash dividends
|
- | - | - | (8.1 | ) | - | (8.1 | ) | ||||||||||||||||
Share repurchases
|
- | (3.6 | ) | - | - | - | (3.6 | ) | ||||||||||||||||
Foreign currency translation adjustments
|
- | - | - | - | 0.7 | 0.7 | ||||||||||||||||||
Derivatives designated as hedges, net of income taxes of $0.0
|
- | - | - | - | 0.2 | 0.2 | ||||||||||||||||||
Pension and other postretirement liability adjustments, net of income taxes of $3.0
|
- | - | - | - | (5.2 | ) | (5.2 | ) | ||||||||||||||||
Stock-based compensation expense
|
- | - | 7.5 | 7.5 | ||||||||||||||||||||
December 31, 2012
|
$ | 0.3 | $ | (3.4 | ) | $ | 66.2 | $ | 123.5 | $ | (81.0 | ) | $ | 105.6 |
(In millions)
|
2012
|
2011
|
||||||
Raw materials
|
$ | 59.9 | $ | 61.6 | ||||
Work in process
|
30.6 | 27.1 | ||||||
Finished goods
|
82.0 | 94.2 | ||||||
Gross inventories before LIFO reserves and valuation adjustments
|
172.5 | 182.9 | ||||||
LIFO reserves and valuation adjustments
|
(63.3 | ) | (60.6 | ) | ||||
Net inventories
|
$ | 109.2 | $ | 122.3 |
(In millions)
|
2012
|
2011
|
||||||
Land and land improvements
|
$ | 8.9 | $ | 7.1 | ||||
Buildings
|
60.3 | 59.2 | ||||||
Machinery and equipment
|
284.2 | 282.3 | ||||||
Construction in process
|
8.3 | 7.2 | ||||||
361.7 | 355.8 | |||||||
Accumulated depreciation
|
(235.5 | ) | (231.1 | ) | ||||
Property, plant and equipment, net
|
$ | 126.2 | $ | 124.7 |
(In millions)
|
JBT FoodTech
|
JBT AeroTech
|
Total
|
|||||||||
Balance as of January 1, 2011
|
$ | 20.4 | $ | 8.0 | $ | 28.4 | ||||||
Currency translation
|
(0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||
Balance as of December 31, 2011
|
20.3 | 7.9 | 28.2 | |||||||||
Acquisition
|
2.0 | - | 2.0 | |||||||||
Currency translation
|
0.4 | - | 0.4 | |||||||||
Balance as of December 31, 2012
|
$ | 22.7 | $ | 7.9 | $ | 30.6 |
2012
|
2011
|
|||||||||||||||
(In millions)
|
Gross carrying
amount
|
Accumulated
amortization
|
Gross carrying
amount
|
Accumulated
amortization
|
||||||||||||
Customer lists
|
$ | 20.7 | $ | 10.1 | $ | 17.1 | 8.9 | |||||||||
Patents and acquired technology
|
26.5 | 24.8 | 24.9 | 23.9 | ||||||||||||
Trademarks
|
15.9 | 7.2 | 15.5 | 6.7 | ||||||||||||
Other
|
4.4 | 1.6 | 1.3 | 1.1 | ||||||||||||
Total intangible assets
|
$ | 67.5 | $ | 43.7 | $ | 58.8 | 40.6 |
(In millions)
|
Weighted-Average
Interest Rate at |
Maturity
Date |
2012
|
2011
|
|||||||||||
Short-term borrowings
|
|||||||||||||||
Foreign credit facilities
|
5.5 | % | $ | 1.8 | $ | 2.0 | |||||||||
Other
|
4.6 | % | - | 0.8 | |||||||||||
Total short-term borrowings
|
$ | 1.8 | $ | 2.8 | |||||||||||
Long-term debt
|
|||||||||||||||
Senior unsecured notes
|
6.7 | % |
July 31, 2015
|
$ | 75.0 | $ | 75.0 | ||||||||
Revolving credit facility
|
1.6 | % |
November 30, 2017
|
113.5 | 60.7 | ||||||||||
Brazilian Real loan
|
4.5 | % |
December 31, 2012
|
- | 1.4 | ||||||||||
Other
|
Various
|
Various
|
0.8 | 0.1 | |||||||||||
Total long-term debt
|
189.3 | 137.2 | |||||||||||||
Less: current portion
|
(0.2 | ) | (1.5 | ) | |||||||||||
Long-term debt, less current portion
|
$ | 189.1 | $ | 135.7 |
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Domestic
|
$ | 23.0 | 28.4 | $ | 38.6 | |||||||
Foreign
|
31.0 | 18.4 | 20.7 | |||||||||
Income before income taxes
|
$ | 54.0 | 46.8 | $ | 59.3 |
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Current:
|
||||||||||||
Federal | $ | 2.1 | 4.9 | $ | 4.8 | |||||||
State | 0.5 | 1.0 | 0.8 | |||||||||
Foreign | 7.6 | 6.7 | 7.0 | |||||||||
Total current | 10.2 | 12.6 | 12.6 | |||||||||
Deferred:
|
||||||||||||
(Decrease) increase in the valuation allowance for deferred tax assets | (0.3 | ) | (1.2 | ) | 0.2 | |||||||
(Decrease) due to foreign tax rate change | (1.3 | ) | - | - | ||||||||
Benefits of operating loss carryforward | (0.9 | ) | (2.0 | ) | (1.4 | ) | ||||||
Other deferred tax expense, net | 9.2 | 6.6 | 10.0 | |||||||||
Total deferred | 6.7 | 3.4 | 8.8 | |||||||||
Provision for income taxes | $ | 16.9 | 16.0 | $ | 21.4 |
(In millions)
|
2012
|
2011
|
||||||
Deferred tax assets attributable to:
|
||||||||
Accrued pension and other postretirement benefits
|
$ | 35.9 | $ | 37.8 | ||||
Accrued expenses and accounts receivable allowances
|
9.2 | 10.0 | ||||||
Net operating loss carryforwards
|
6.5 | 8.6 | ||||||
Inventories
|
7.6 | 7.1 | ||||||
Stock-based compensation
|
5.1 | 5.0 | ||||||
Foreign tax credit carryforward
|
1.5 | 2.9 | ||||||
Deferred tax assets
|
65.8 | 71.4 | ||||||
Valuation allowance
|
(0.5 | ) | (0.8 | ) | ||||
Deferred tax assets, net of valuation allowance
|
65.3 | 70.6 | ||||||
Deferred tax liabilities attributable to:
|
||||||||
Liquidation of subsidiary for income tax purposes
|
13.3 | 13.3 | ||||||
Property, plant and equipment, goodwill and other assets
|
17.9 | 16.1 | ||||||
Foreign exchange derivatives
|
1.3 | - | ||||||
Deferred tax liabilities
|
32.5 | 29.4 | ||||||
Net deferred tax assets
|
$ | 32.8 | $ | 41.2 |
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Statutory U.S. federal tax rate
|
35 | % | 35 | % | 35 | % | ||||||
Net difference resulting from:
|
||||||||||||
Foreign earnings subject to different tax rates | (4 | ) | (2 | ) | (2 | ) | ||||||
Effect of Swedish tax rate decrease | (2 | ) | - | - | ||||||||
Tax on foreign intercompany dividends and deemed dividends for tax purposes | 3 | - | - | |||||||||
Nondeductible expenses | 1 | 1 | 2 | |||||||||
State income taxes | 2 | 3 | 3 | |||||||||
Foreign tax credits | (3 | ) | (4 | ) | (2 | ) | ||||||
Foreign withholding taxes | 1 | 2 | 2 | |||||||||
Change in valuation allowance | - | (3 | ) | - | ||||||||
Other | (2 | ) | 2 | (2 | ) | |||||||
Total difference | (4 | ) | (1 | ) | 1 | |||||||
Effective income tax rate
|
31 | % | 34 | % | 36 | % |
United States
|
2010 |
–
|
2012 |
Sweden
|
2007 |
–
|
2012 |
Brazil
|
2010 |
–
|
2012 |
Pensions
|
Other
postretirement |
|||||||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Projected benefit obligation at January 1
|
$ | 309.5 | $ | 275.2 | $ | 7.8 | $ | 7.7 | ||||||||
Service cost
|
1.5 | 1.5 | 0.1 | 0.1 | ||||||||||||
Interest cost
|
13.8 | 14.4 | 0.4 | 0.4 | ||||||||||||
Actuarial loss
|
17.1 | 30.6 | (0.1 | ) | - | |||||||||||
Curtailments
|
(0.3 | ) | (0.4 | ) | - | - | ||||||||||
Plan amendments
|
- | 0.6 | - | - | ||||||||||||
Plan participants' contributions
|
0.2 | 0.2 | - | - | ||||||||||||
Benefits paid
|
(11.6 | ) | (11.7 | ) | (0.4 | ) | (0.4 | ) | ||||||||
Currency translation adjustments
|
1.3 | (0.9 | ) | - | - | |||||||||||
Projected benefit obligation at December 31
|
$ | 331.5 | $ | 309.5 | $ | 7.8 | $ | 7.8 | ||||||||
Fair value of plan assets at January 1
|
$ | 205.1 | $ | 207.5 | $ | - | $ | - | ||||||||
Company contributions
|
14.2 | 10.0 | 0.4 | 0.4 | ||||||||||||
Actual return on plan assets
|
24.0 | (0.6 | ) | - | - | |||||||||||
Plan participants' contributions
|
0.2 | 0.2 | - | - | ||||||||||||
Benefits paid
|
(11.6 | ) | (11.7 | ) | (0.4 | ) | (0.4 | ) | ||||||||
Currency translation adjustments
|
- | (0.3 | ) | - | - | |||||||||||
Fair value of plan assets at December 31
|
$ | 231.9 | $ | 205.1 | $ | - | $ | - | ||||||||
Funded status of the plans (liability) at December 31
|
$ | (99.6 | ) | $ | (104.4 | ) | $ | (7.8 | ) | $ | (7.8 | ) | ||||
Amounts recognized in the Consolidated Balance Sheets at December 31
|
||||||||||||||||
Other current liabilities
|
$ | (2.3 | ) | $ | (2.5 | ) | $ | (0.5 | ) | $ | (0.5 | ) | ||||
Accrued pension and other postretirement benefits, less current portion
|
(97.3 | ) | (101.9 | ) | (7.3 | ) | (7.3 | ) | ||||||||
Net amount recognized
|
$ | (99.6 | ) | $ | (104.4 | ) | $ | (7.8 | ) | $ | (7.8 | ) |
Pensions
|
Other
postretirement |
|||||||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Unrecognized actuarial loss (gain)
|
$ | 138.4 | $ | 130.8 | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Unrecognized prior service cost (credit)
|
0.6 | 0.8 | (0.3 | ) | (1.1 | ) | ||||||||||
Total recognized in accumulated other comprehensive loss (gain)
|
$ | 139.0 | $ | 131.6 | $ | (0.4 | ) | $ | (1.2 | ) |
(In millions)
|
2012
|
2011
|
||||||
Aggregate projected benefit obligation
|
$ | 331.5 | $ | 309.5 | ||||
Aggregate accumulated benefit obligation
|
325.6 | 304.6 | ||||||
Aggregate fair value of plan assets
|
231.9 | 205.1 |
Pensions
|
Other postretirement
benefits |
|||||||||||||||||||||||
(In millions)
|
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
||||||||||||||||||
Service cost
|
$ | 1.5 | $ | 1.5 | $ | 1.3 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost
|
13.8 | 14.4 | 14.2 | 0.3 | 0.4 | 0.4 | ||||||||||||||||||
Expected return on plan assets
|
(17.7 | ) | (18.5 | ) | (18.2 | ) | - | - | - | |||||||||||||||
Curtailment gain
|
(0.1 | ) | (0.1 | ) | - | - | - | - | ||||||||||||||||
Settlement charge
|
- | - | 0.4 | - | - | - | ||||||||||||||||||
Amortization of prior service (credit) cost
|
0.2 | 0.2 | - | (0.8 | ) | (0.9 | ) | (0.9 | ) | |||||||||||||||
Amortization of net actuarial loss
|
3.1 | 1.6 | 0.6 | - | - | - | ||||||||||||||||||
Total (income) costs | $ | 0.8 | $ | (0.9 | ) | $ | (1.7 | ) | $ | (0.4 | ) | $ | (0.4 | ) | $ | (0.4 | ) |
2012
|
2012 | |||||||
(In millions)
|
Pensions
|
Other postretirement
benefits |
||||||
Actuarial loss arising during the year
|
$ | 10.7 | $ | - | ||||
Amortization of net actuarial loss
|
(3.1 | ) | - | |||||
Amortization of prior service credit (cost)
|
(0.2 | ) | 0.8 | |||||
Total loss recognized in other comprehensive loss
|
7.4 | 0.8 | ||||||
Total recognized in net periodic benefit cost and other comprehensive income
|
$ | 8.2 | $ | 0.4 |
Pensions
|
Other postretirement
benefits |
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Discount rate
|
4.19 | % | 4.55 | % | 4.30 | % | 4.60 | % | ||||||||
Rate of compensation increase
|
3.45 | % | 3.42 | % | - | - |
Pensions
|
Other postretirement
benefits |
|||||||||||||||||||||||
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Discount rate
|
4.55 | % | 5.32 | % | 5.81 | % | 4.60 | % | 5.45 | % | 6.00 | % | ||||||||||||
Rate of compensation increase
|
3.45 | % | 3.42 | % | 3.45 | % | - | - | - | |||||||||||||||
Expected rate of return on plan assets
|
7.82 | % | 8.35 | % | 8.58 | % | - | - | - |
Target |
2012
|
2011
|
|||||||||
Equity
|
30% |
-
|
70% |
49%
|
48%
|
||||||
Fixed income
|
20% |
-
|
40% |
29%
|
30%
|
||||||
Real estate and other
|
10% |
-
|
30% |
21%
|
20%
|
||||||
Cash
|
0% |
-
|
10% |
1%
|
2%
|
||||||
100%
|
100%
|
100%
|
As of December 31, 2012
|
As of December 31, 2011
|
|||||||||||||||||||||||||||||||
(In millions)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 2.6 | $ | 2.6 | $ | - | $ | - | $ | 4.7 | $ | 4.7 | $ | - | $ | - | ||||||||||||||||
Equity securities
|
||||||||||||||||||||||||||||||||
Large cap (1)
|
46.4 | - | 46.4 | - | 58.7 | - | 58.7 | - | ||||||||||||||||||||||||
Small cap (2)
|
67.7 | 67.7 | - | - | 38.1 | 38.1 | - | - | ||||||||||||||||||||||||
Fixed income securities
|
||||||||||||||||||||||||||||||||
Government securities (3)
|
44.5 | - | 44.5 | - | 39.2 | - | 39.2 | - | ||||||||||||||||||||||||
Corporate bonds (4)
|
22.2 | 3.3 | 18.9 | - | 22.5 | 5.7 | 16.8 | - | ||||||||||||||||||||||||
Real estate and other investments (5)
|
48.5 | 15.3 | 33.2 | - | 41.9 | 32.1 | 9.8 | - | ||||||||||||||||||||||||
Total assets at fair value
|
$ | 231.9 | $ | 88.9 | $ | 143.0 | $ | - | $ | 205.1 | $ | 80.6 | $ | 124.5 | $ | - |
(1)
|
Includes funds that invest primarily in large cap equity securities.
|
(2)
|
Includes small cap equity securities and funds that invest primarily in small cap equity securities.
|
(3)
|
Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities.
|
(4)
|
Includes investment grade bonds, high yield bonds and mortgage-backed fixed income securities and funds that invest in such securities.
|
(5)
|
Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by one of our foreign pension plans.
|
(In millions)
|
Pensions
|
Other postretirement
benefits |
||||||
2013
|
$ | 13.3 | $ | 0.5 | ||||
2014
|
13.9 | 0.5 | ||||||
2015
|
15.7 | 0.5 | ||||||
2016
|
14.2 | 0.6 | ||||||
2017
|
17.3 | 0.6 | ||||||
2018-2022
|
85.9 | 2.9 |
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Stock-based compensation expense
|
$ | 7.5 | $ | 5.2 | $ | 7.3 | ||||||
Tax benefit recorded in consolidated statements of income
|
$ | 2.7 | $ | 1.9 | $ | 2.5 |
Shares
|
Weighted-Average
Grant-Date |
|||||||
Nonvested at December 31, 2011
|
1,096,576 | $ | 14.49 | |||||
Granted
|
575,845 | $ | 17.53 | |||||
Vested
|
(427,344 | ) | $ | 10.96 | ||||
Forfeited
|
(15,105 | ) | $ | 17.64 | ||||
Nonvested at December 31, 2012
|
1,229,972 | $ | 17.14 |
2012
|
2011
|
2010
|
||||||||||
Weighted-average grant-date fair value of restricted stock units granted
|
$ | 17.53 | $ | 18.72 | $ | 16.75 | ||||||
Fair value of restricted stock vested (in millions)
|
$ | 6.8 | $ | 14.2 | $ | 13.1 |
(Intrinsic value in millions)
|
Shares
Under |
Weighted-
Average |
Weighted-
Average |
Aggregate
Intrinsic |
||||||||||||
Outstanding and exercisable at December 31, 2011
|
53,895 | $ | 2.78 | 1.9 | 0.7 | |||||||||||
Exercised
|
(30,244 | ) | $ | 2.63 | ||||||||||||
Outstanding and exercisable at December 31, 2012
|
23,651 | $ | 2.96 | 1.1 | 0.3 |
Common
stock issued |
Common
stock held in |
|||||||
December 31, 2011
|
28,661,005 | 20,846 | ||||||
Stock awards
|
285,408 | - | ||||||
Options exercised
|
- | (30,244 | ) | |||||
Treasury stock purchases
|
- | 223,600 | ||||||
December 31, 2012
|
28,946,413 | 214,202 |
(In millions)
|
2012
|
2011
|
||||||
Cumulative foreign currency translation adjustments
|
$ | 4.4 | $ | 3.7 | ||||
Cumulative deferral of hedging net losses, net of tax of $0.1 in 2012 and 0.2 in 2011
|
(0.1 | ) | (0.3 | ) | ||||
Cumulative deferral of pension net losses, net of tax of $53.3 in 2012 and $50.3 in 2011
|
(85.3 | ) | (80.1 | ) | ||||
Accumulated other comprehensive loss
|
$ | (81.0 | ) | $ | (76.7 | ) |
(In millions, except per share data)
|
2012
|
2011
|
2010
|
|||||||||
Basic earnings per share:
|
||||||||||||
Income from continuing operations
|
$ | 37.1 | $ | 30.8 | $ | 37.9 | ||||||
Weighted average number of shares outstanding
|
29.1 | 28.8 | 28.3 | |||||||||
Basic earnings per share from continuing operations
|
$ | 1.27 | $ | 1.07 | $ | 1.34 | ||||||
Diluted earnings per share:
|
||||||||||||
Income from continuing operations
|
$ | 37.1 | $ | 30.8 | $ | 37.9 | ||||||
Weighted average number of shares outstanding
|
29.1 | 28.8 | 28.3 | |||||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock
|
0.4 | 0.5 | 0.8 | |||||||||
Total shares and dilutive securities
|
29.5 | 29.3 | 29.1 | |||||||||
Diluted earnings per share from continuing operations
|
$ | 1.26 | $ | 1.05 | $ | 1.30 |
As of December 31, 2012
|
As of December 31, 2011
|
|||||||||||||||
(In millions)
|
Asset Derivatives (1)
|
Liability Derivatives (2)
|
Asset Derivatives (1)
|
Liability Derivatives (2)
|
||||||||||||
Derivatives not designated as hedging instruments:
|
||||||||||||||||
Foreign exchange contracts
|
7.6 | 7.0 | 6.2 | 4.4 | ||||||||||||
Total derivatives not designated as hedging instruments
|
$ | 7.6 | 7.0 | $ | 6.2 | $ | 4.4 |
(1)
|
Included in other current assets and other assets in the consolidated balance sheets.
|
(2)
|
Included in other current liabilities and other liabilities in the consolidated balance sheets.
|
Derivatives not designated as hedging instruments
|
Location of Gain (Loss) Recognized in Income on Derivatives
|
Amount of Gain (Loss) Recognized in Income on Derivatives
|
||||||||||||
(In millions)
|
2012
|
2011
|
2010
|
|||||||||||
Foreign exchange contracts
|
Revenue
|
$ | 3.7 | $ | 4.4 | $ | 12.2 | |||||||
Foreign exchange contracts
|
Cost of sales
|
(0.6 | ) | 0.9 | (1.6 | ) | ||||||||
Foreign exchange contracts
|
Other income, net
|
0.4 | 1.1 | 0.3 | ||||||||||
Total
|
3.5 | 6.4 | 10.9 | |||||||||||
Remeasurement of assets and liabilities in foreign currencies
|
(1.0 | ) | 1.3 | (3.2 | ) | |||||||||
Net gain on foreign currency transactions
|
$ | 2.5 | $ | 7.7 | $ | 7.7 |
|
•
|
Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities.
|
|
•
|
Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
|
|
•
|
Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.
|
As of December 31, 2012
|
As of December 31, 2011
|
|||||||||||||||||||||||||||||||
(In millions)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||
Investments
|
$ | 11.1 | 11.1 | - | - | $ | 10.2 | $ | 10.2 | $ | - | $ | - | |||||||||||||||||||
Derivatives
|
7.6 | - | 7.6 | - | 6.2 | - | 6.2 | - | ||||||||||||||||||||||||
Total assets
|
$ | 18.7 | 11.1 | 7.6 | - | $ | 16.4 | 10.2 | 6.2 | - | ||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||
Derivatives
|
$ | 7.0 | - | 7.0 | - | $ | 4.6 | $ | - | $ | 4.6 | $ | - |
2012
|
2011
|
|||||||||||||||
(In millions)
|
Carrying Value
|
Estimated Fair Value
|
Carrying Value
|
Estimated Fair Value
|
||||||||||||
Senior unsecured notes
|
$ | 75.0 | $ | 83.9 | $ | 75.0 | $ | 85.1 | ||||||||
Revolving credit facility
|
113.5 | 113.5 | 60.7 | 60.7 | ||||||||||||
Foreign credit facilities
|
1.8 | 1.8 | 2.0 | 2.0 | ||||||||||||
Brazilian Real loan
|
- | - | 1.4 | 1.3 | ||||||||||||
Other
|
0.8 | 0.8 | 0.9 | 0.9 |
(In millions)
|
2012
|
2011
|
||||||
Balance at beginning of year
|
$ | 7.3 | $ | 8.0 | ||||
Expenses for new warranties
|
11.1 | 8.2 | ||||||
Adjustments to existing accruals
|
(0.8 | ) | (0.7 | ) | ||||
Claims paid
|
(10.3 | ) | (8.2 | ) | ||||
Balance at end of year
|
$ | 7.3 | $ | 7.3 |
(In millions)
|
Total Amount
|
2012
|
2013
|
2014
|
2015
|
2016
|
After 2016
|
|||||||||||||||||||||
Operating lease obligations
|
$ | 26.6 | $ | 6.5 | $ | 5.1 | $ | 4.0 | $ | 2.0 | $ | 1.4 | $ | 7.6 |
•
|
JBT FoodTech—designs, manufactures and services technologically sophisticated food processing systems used for, among other things, fruit juice production, frozen food production, in-container food production and convenience food preparation by the food industry.
|
•
|
JBT AeroTech—designs, manufactures and services technologically sophisticated ground support equipment, airport gate equipment, automated systems and services for airport authorities, airlines, airfreight, ground handling companies, the military and other industries.
|
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Revenue
|
||||||||||||
JBT FoodTech | $ | 548.5 | $ | 542.6 | $ | 520.8 | ||||||
JBT AeroTech | 366.0 | 407.4 | 351.2 | |||||||||
Other revenue (1) and intercompany eliminations | 2.8 | 5.8 | 8.4 | |||||||||
Total revenue | $ | 917.3 | $ | 955.8 | $ | 880.4 | ||||||
Income before income taxes
|
||||||||||||
Segment operating profit:
|
||||||||||||
JBT FoodTech | $ | 53.2 | $ | 42.3 | $ | 55.8 | ||||||
JBT AeroTech | 34.3 | 36.0 | 28.6 | |||||||||
Total segment operating profit | 87.5 | 78.3 | 84.4 | |||||||||
Corporate items:
|
||||||||||||
Corporate expense (2) | (18.4 | ) | (16.9 | ) | (17.3 | ) | ||||||
Other expense, net (1) | (8.2 | ) | (8.2 | ) | - | |||||||
Net interest expense | (6.9 | ) | (6.4 | ) | (7.8 | ) | ||||||
Total corporate items | (33.5 | ) | (31.5 | ) | (25.1 | ) | ||||||
Income from continuing operations before income taxes
|
54.0 | 46.8 | 59.3 | |||||||||
Provision for income taxes | 16.9 | 16.0 | 21.4 | |||||||||
Income from continuing operations
|
37.1 | 30.8 | 37.9 | |||||||||
Loss from discontinued operations, net of income taxes | (0.9 | ) | (0.3 | ) | (0.6 | ) | ||||||
Net income
|
$ | 36.2 | $ | 30.5 | $ | 37.3 |
(1)
|
Other revenue comprises certain gains and losses on derivatives related to foreign exchange exposure. Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, restructuring costs, foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. Restructuring costs included in other expense, net were:
|
(in millions)
|
2012
|
2011
|
2010
|
|||||||||
JBT FoodTech
|
$ | 0.2 | $ | 11.6 | $ | 0.8 | ||||||
JBT AeroTech
|
(0.1 | ) | - | 2.9 | ||||||||
Total
|
$ | 0.1 | $ | 11.6 | $ | 3.7 |
(2)
|
Corporate expense primarily includes corporate staff expenses.
|
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Segment operating capital employed (1):
|
||||||||||||
JBT FoodTech | $ | 258.8 | $ | 205.0 | $ | 194.9 | ||||||
JBT AeroTech | 144.7 | 144.4 | 142.3 | |||||||||
Total segment operating capital employed | 403.5 | 349.4 | 337.2 | |||||||||
Segment liabilities included in total segment operating capital employed (2) | 226.6 | 208.6 | 213.2 | |||||||||
Corporate (3) | 47.9 | 34.2 | 31.8 | |||||||||
Total assets | $ | 678.0 | $ | 592.2 | $ | 582.2 | ||||||
Segment assets:
|
||||||||||||
JBT FoodTech | $ | 427.7 | $ | 351.8 | $ | 343.8 | ||||||
JBT AeroTech | 202.9 | 206.8 | 207.3 | |||||||||
Intercompany eliminations | (0.5 | ) | (0.6 | ) | (0.7 | ) | ||||||
Total segment assets | 630.1 | 558.0 | 550.4 | |||||||||
Corporate (3) | 47.9 | 34.2 | 31.8 | |||||||||
Total assets | $ | 678.0 | $ | 592.2 | $ | 582.2 |
(1)
|
Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income tax balances and LIFO inventory reserves.
|
(2)
|
Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities.
|
(3)
|
Corporate includes LIFO inventory reserves, restructuring reserves, income tax balances, derivatives, investments, property, and plant and equipment not associated with a specific segment and pension assets.
|
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Revenue (by location of customers):
|
||||||||||||
United States
|
$ | 475.5 | $ | 469.0 | $ | 445.1 | ||||||
All other countries
|
441.8 | 486.8 | 435.3 | |||||||||
Total revenue
|
$ | 917.3 | $ | 955.8 | $ | 880.4 |
(In millions)
|
2012
|
2011
|
2010
|
|||||||||
Long-lived assets:
|
||||||||||||
United States
|
$ | 124.5 | $ | 114.8 | $ | 114.4 | ||||||
Sweden
|
19.7 | 20.1 | 20.1 | |||||||||
Brazil
|
15.7 | 15.9 | 19.0 | |||||||||
All other countries
|
38.5 | 36.5 | 39.5 | |||||||||
Total long-lived assets
|
$ | 198.4 | $ | 187.3 | $ | 193.0 |
Capital Expenditures
|
Depreciation and Amortization
|
Research and Developement
Expense
|
||||||||||||||||||||||||||||||||||
(In millions)
|
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
|||||||||||||||||||||||||||
JBT FoodTech
|
$ | 22.5 | $ | 18.8 | $ | 19.5 | $ | 20.1 | $ | 20.6 | $ | 19.1 | $ | 9.4 | $ | 10.7 | $ | 11.4 | ||||||||||||||||||
JBT AeroTech
|
1.5 | 1.3 | 1.0 | 2.5 | 2.6 | 2.9 | 4.9 | 7.8 | 6.1 | |||||||||||||||||||||||||||
Corporate
|
0.7 | 0.7 | 3.8 | 1.0 | 0.9 | 0.9 | - | - | - | |||||||||||||||||||||||||||
Total
|
$ | 24.7 | $ | 20.8 | $ | 24.3 | $ | 23.6 | $ | 24.1 | $ | 22.9 | $ | 14.3 | $ | 18.5 | $ | 17.5 |
(In millions, except per share data
|
2012
|
2011
|
||||||||||||||||||||||||||||||
and common stock prices)
|
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
||||||||||||||||||||||||
Revenue
|
$ | 292.9 | $ | 205.3 | $ | 214.4 | $ | 204.7 | $ | 271.5 | $ | 230.3 | $ | 252.5 | $ | 201.5 | ||||||||||||||||
Cost of sales
|
218.2 | 153.3 | 160.4 | 154.3 | 206.4 | 173.0 | 192.5 | 149.3 | ||||||||||||||||||||||||
Income from continuing operations
|
19.0 | 6.2 | 7.9 | 4.0 | 7.4 | 8.1 | 10.4 | 4.9 | ||||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax
|
(0.5 | ) | (0.1 | ) | (0.2 | ) | (0.1 | ) | (0.2 | ) | - | (0.1 | ) | - | ||||||||||||||||||
Net income | $ | 18.5 | $ | 6.1 | $ | 7.7 | $ | 3.9 | $ | 7.2 | $ | 8.1 | $ | 10.3 | $ | 4.9 | ||||||||||||||||
Basic earnings per share:
|
||||||||||||||||||||||||||||||||
Income from continuing operations
|
$ | 0.65 | $ | 0.21 | $ | 0.27 | $ | 0.14 | $ | 0.26 | $ | 0.28 | $ | 0.36 | $ | 0.17 | ||||||||||||||||
Loss from discontinued operations, net of tax
|
(0.01 | ) | - | - | (0.01 | ) | (0.01 | ) | - | - | - | |||||||||||||||||||||
Net income
|
$ | 0.64 | $ | 0.21 | $ | 0.27 | $ | 0.13 | $ | 0.25 | $ | 0.28 | $ | 0.36 | $ | 0.17 | ||||||||||||||||
Diluted earnings per share:
|
||||||||||||||||||||||||||||||||
Income from continuing operations
|
$ | 0.64 | $ | 0.21 | $ | 0.27 | $ | 0.14 | $ | 0.25 | $ | 0.28 | $ | 0.35 | $ | 0.17 | ||||||||||||||||
Loss from discontinued operations, net of tax
|
(0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | - | (0.01 | ) | - | - | |||||||||||||||||||
Net income
|
$ | 0.63 | $ | 0.20 | $ | 0.26 | $ | 0.13 | $ | 0.25 | $ | 0.27 | $ | 0.35 | $ | 0.17 | ||||||||||||||||
Dividends declared per share
|
$ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | ||||||||||||||||
Weighted average shares outstanding
|
||||||||||||||||||||||||||||||||
Basic (1)
|
29.1 | 29.2 | 29.1 | 29.1 | 28.8 | 28.8 | 28.8 | 28.7 | ||||||||||||||||||||||||
Diluted (1)
|
29.6 | 29.6 | 29.5 | 29.4 | 29.4 | 29.4 | 29.3 | 29.2 | ||||||||||||||||||||||||
Common stock sales price
|
||||||||||||||||||||||||||||||||
High
|
$ | 17.87 | $ | 17.48 | $ | 16.49 | $ | 18.20 | $ | 17.57 | $ | 19.73 | $ | 21.00 | $ | 20.79 | ||||||||||||||||
Low
|
$ | 13.93 | $ | 12.76 | $ | 13.06 | $ | 15.01 | $ | 13.16 | $ | 13.25 | $ | 17.56 | $ | 17.42 |
(1)
|
Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total.
|
(In thousands)
|
Additions
|
|||||||||||||||||||
Decription
|
Balance at beginning of period
|
charged to costs and expenses
|
charged to other accounts (a)
|
Deductions and other (b)
|
Balance at end of period
|
|||||||||||||||
Year ended December 31, 2010:
|
||||||||||||||||||||
Allowance for doubtful accounts
|
$ | 5,078 | $ | 984 | $ | (79 | ) | $ | 1,180 | $ | 4,803 | |||||||||
Valuation allowance for deferred tax asset
|
$ | 2,088 | $ | 221 | $ | - | $ | 281 | $ | 2,028 | ||||||||||
Year ended December 31, 2011:
|
||||||||||||||||||||
Allowance for doubtful accounts
|
$ | 4,803 | $ | 1,797 | $ | - | $ | 2,319 | $ | 4,281 | ||||||||||
Valuation allowance for deferred tax asset
|
$ | 2,028 | $ | - | $ | - | $ | 1,249 | $ | 779 | ||||||||||
Year ended December 31, 2012:
|
||||||||||||||||||||
Allowance for doubtful accounts
|
$ | 4,281 | $ | 1,077 | $ | - | $ | 1,680 | $ | 3,678 | ||||||||||
Valuation allowance for deferred tax asset
|
$ | 779 | $ | - | $ | - | $ | 230 | $ | 549 |
(a)
|
Disclosure Controls and Procedures
|
(b)
|
Management’s Annual Report on Internal Control over Financial Reporting
|
(c)
|
Changes in Internal Control over Financial Reporting
|
(a)
|
The following documents are filed as part of this Report:
|
1.
|
Financial Statements: The consolidated financial statements required to be filed in this Annual Report on Form 10-K are listed below and appear on pages 35 through 61 herein:
|
Report of Independent Registered Public Accounting Firm
|
38
|
Consolidated Statements of Income and Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2012, 2011 and 2010
|
39
|
Consolidated Balance Sheets as of December 31, 2012 and 2011
|
40
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2012, 2011 and 2010
|
41
|
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2012, 2011 and 2010
|
42
|
Notes to Consolidated Financial Statements
|
43
|
2.
|
Financial Statement Schedule: Schedule II—Valuation and Qualifying Accounts is included in this Annual Report on Form 10-K on page 64. All other schedules are omitted because of the absence of conditions under which they are required or because information called for is shown in the consolidated financial statements and notes thereto in Item 8 of this Annual Report on Form 10-K.
|
3.
|
Exhibits:
|
Exhibit
Number
|
Exhibit Description
|
|
2.1
|
Separation and Distribution Agreement between FMC Technologies, Inc. and John Bean Technologies Corporation (“JBT Corporation”), incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K filed with the SEC on August 6, 2008.
|
|
2.1A
|
Amendment to Separation and Distribution Agreement between FMC Technologies, Inc. and John Bean Technologies Corporation, incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K filed with the SEC on November 4, 2010.
|
|
3.1
|
Amended and Restated Certificate of Incorporation of JBT Corporation, incorporated by reference to Exhibit 3.1 to our Annual Report on Form 10-K filed with the SEC on March 11, 2009.
|
|
3.2
|
Certificate of Designations of Series A Junior Participating Preferred Stock of JBT Corporation, incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed with the SEC on August 6, 2008.
|
|
3.3
|
Amended and Restated By-Laws of JBT Corporation, incorporated by reference to Exhibit 3.3 to our Annual Report on Form 10-K filed with the SEC on March 11, 2009.
|
|
3.4
|
First Amendment to Amended and Restated By-Laws of JBT Corporation, incorporated by reference to Exhibit 3.2 to our Quarterly Report on Form 10-Q filed with the SEC on May 8, 2009.
|
|
4.1
|
Specimen common stock certificate of JBT Corporation, incorporated by reference to Exhibit 4.1 to Amendment No. 3 to our Form 10 filed with the SEC on July 14, 2008.
|
|
4.2
|
Rights Agreement between JBT Corporation and National City Bank, as rights agent, incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K filed with the SEC on August 6, 2008.
|
|
4.3
|
Note Purchase Agreement between JBT Corporation, incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed with the SEC on August 6, 2008.
|
|
10.1
|
Credit Agreement dated November 30, 2012, among JBT Corporation, John Bean Technologies, B.V., John Bean Technologies AB, JP Morgan Chase Bank, N.A. and the other lenders and parties signatories thereto, incorporated by reference to our Current Report on Form 8-K filed with the SEC on December 3, 2012.
|
|
10.2
|
Tax Sharing Agreement between JBT Corporation and FMC Technologies, Inc. incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on August 6, 2008.
|
10.3
|
Trademark License Agreement between JBT Corporation and FMC Technologies, Inc., incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed with the SEC on August 6, 2008.
|
|
10.4
|
Trademark Assignment and Coexistence Agreement between JBT Corporation and FMC Technologies, Inc., incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed with the SEC on August 6, 2008.
|
|
10.5
|
John Bean Technologies Corporation Incentive Compensation and Stock Plan, incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K filed with the SEC on August 6, 2008.1
|
|
10.5A
|
Form of Nonqualified Stock Option Agreement, incorporated by reference to Exhibit 10.4A to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.5B
|
Form of [International] Nonqualified Stock Option Agreement, incorporated by reference to Exhibit 10.4B to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.5C
|
Form of Long-Term Incentive Performance Share Restricted Stock Agreement, incorporated by reference to Exhibit 10.4C to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.5D
|
Form of Key Managers Restricted Stock Agreement, incorporated by reference to Exhibit 10.4D to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.5E
|
Form of Restricted Stock Agreement for Non-Employee Directors, incorporated by reference to Exhibit 10.4E to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.5F
|
Form of Performance Units Award Agreement, incorporated by reference to Exhibit 10.4F to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.5G
|
Form of Long-Term Incentive Restricted Stock Agreement, incorporated by reference to Exhibit 10.4G to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.5H
|
Form of Long-Term Incentive Restricted Stock Unit Agreement, incorporated by reference to Exhibit 10.5H to our Annual Report on Form 10-K filed with the SEC on March 3, 2011. 1
|
|
10.5I
|
Form of Long-Term Incentive Performance Share Restricted Stock Unit Agreement, incorporated by reference to Exhibit 10.5H to our Annual Report on Form 10-K filed with the SEC on March 3, 2011. 1
|
|
10.5J*
|
Updated Form of Long-Term Incentive Restricted Stock Unit Agreement. 1
|
|
10.5K*
|
Updated Form of Long-Term Incentive Performance Share Restricted Stock Unit Agreement. 1
|
|
10.5L*
|
Form of Long-Term Incentive Performance Cash Award Agreement. 1
|
|
10.7A
|
First Amendment of JBT Corporation Non-Qualified Savings and Investment Plan, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on September 18, 2009. 1
|
|
10.7B
|
Second Amendment of JBT Corporation Non-Qualified Savings and Investment Plan, incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q filed with the SEC on November 6, 2009. 1
|
|
10.8
|
International Non-Qualified Savings and Investment Plan, incorporated by reference to Exhibit 10.6 to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.9
|
JBT Corporation Salaried Employees’ Equivalent Retirement Plan, incorporated by reference to Exhibit 10.7 to our Current Report on Form 8-K filed with the SEC on August 6, 2008. 1
|
|
10.9A
|
First Amendment of JBT Corporation Salaried Employees’ Equivalent Retirement Plan, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on September 15, 2009. 1
|
|
10.9B
|
Second Amendment of JBT Corporation Salaried Employees’ Equivalent Retirement Plan, incorporated by reference to Exhibit 10.6 to our Quarterly Report on Form 10-Q filed with the SEC on November 6, 2009. 1
|
|
10.10
|
Form of JBT Corporation Executive Severance Agreement, incorporated by reference to Exhibit 10.12 to our Annual Report on Form 10-K filed with the SEC on March 11, 2009. 1
|
|
10.10A | Form of Amended and Restated JBT Corporation Executive Severance Agreement, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on December 21, 2011.1 | |
10.10B
|
Form of First Amendment to John Bean Technologies Corporation Amended and Restated Executive Severance Agreement, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on January 2, 2013.1
|
10.11
|
JBT Corporation Employees’ Retirement Program - Part I Salaried and Nonunion Hourly Employees Retirement Program and Part II Union Hourly Employees’ Retirement Plan, incorporated by reference to Exhibit 10.5 to Amendment No. 3 to our Form 10/A filed with the SEC on July 3, 2008.1
|
|
10.11A
|
First Amendment of JBT Corporation Employees’ Retirement Program - Part I Salaried and Nonunion Hourly Employees Retirement Program, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed with the SEC on September 15, 2009. 1
|
|
10.11B
|
Second Amendment of JBT Corporation Employees’ Retirement Program - Part I Salaried and Nonunion Hourly Employees Retirement Plan, incorporated by reference to Exhibit 10.11B to our Annual Report on Form 10-K filed with the SEC on March 4, 2010. 1
|
|
10.11C
|
First Amendment of JBT Corporation Employees’ Retirement Program – Part II Union Hourly Employees Retirement Plan, incorporated by reference to Exhibit 10.11C to our Annual Report on Form 10-K filed with the SEC on March 4, 2010. 1
|
|
10.11D
|
Second Amendment of JBT Corporation Employees’ Retirement Program – Part II Union Hourly Employees Retirement Plan, incorporated by reference to Exhibit 10.11D to our Quarterly Report on Form 10-Q filed with the SEC on November 3, 2011. 1
|
|
10.11E
|
Third Amendment of JBT Corporation Employees’ Retirement Program – Part II Union Hourly Employees Retirement Plan, incorporated by reference to Exhibit 10.11E to our Quarterly Report on Form 10-Q filed with the SEC on November 3, 2011. 1
|
|
10.11F | Amended and Restated John Bean Technologies Corporation Employees’ Retirement Program
· Part I Salaried and Nonunion Hourly Employees’ Retirement Program
· Part II Union Hourly Employees’ Retirement Program
incorporated by reference to Exhibit 10.11F to our Quarterly Report on Form 10-Q filed with the SEC on August 8, 2012. 1
|
|
10.12
|
JBT Corporation Savings and Investment Plan incorporated by reference to Exhibit 10.6 to Amendment No. 3 to our Form 10/A filed with the SEC on July 3, 2008. 1
|
|
10.12A
|
First Amendment of JBT Corporation Savings and Investment Plan, incorporated by reference to Exhibit 10.6.1 to our Quarterly Report on Form 10-Q filed with the SEC on August 5, 2009. 1
|
|
10.12B
|
Second Amendment of JBT Corporation Savings and Investment Plan, incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed with the SEC on September 15, 2009. 1
|
|
10.12C
|
Third Amendment of JBT Corporation Savings and Investment Plan, incorporated by reference to Exhibit 10.12A to our Annual Report on Form 10-K filed with the SEC on March 4, 2010. 1
|
|
10.12D
|
Fourth Amendment of JBT Corporation Savings and Investment Plan, incorporated by reference to Exhibit 10.12D to our Annual Report on Form 10-K filed with the SEC on March 4, 2010. 1
|
|
10.12E | Fifth Amendment of JBT Corporation Savings and Investment Plan, incorporated by reference to Exhibit 10.12E to our Annual Report on Form 10-K filed with the SEC on March 3, 2011. 1 | |
10.12F | Amended and Restated John Bean Technologies Corporation Savings and Investment Plan incorporated by reference to Exhibit 10.12F to our Quarterly Report on Form 10-Q filed with the SEC on August 8, 2012. 1 | |
10.12G
|
First Amendment of Amended and Restated John Bean Technologies Corporation Savings and Investment Plan, incorporated by reference to Exhibit 10.12G to our Quarterly Report on Form 10-Q filed with the SEC on August 8, 2012. 1
|
|
10.14
|
Executive Severance Plan, incorporated by reference to Exhibit 10.14 to our Annual Report on Form 10-K filed with the SEC on March 4, 2010. 1
|
|
21.1*
|
List of Subsidiaries of JBT Corporation.
|
|
23.1*
|
Consent of Independent Registered Public Accounting Firm.
|
|
31.1*
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a).
|
|
31.2*
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a).
|
|
32.1*
|
Certification of Principal 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 Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101*+
|
The following materials from John Bean Technologies Corporation’s Annual Report on Form 10-K for the year ended December 31, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements.
|
*
|
Filed herewith
|
|
+
|
Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
John Bean Technologies Corporation
(Registrant)
|
|||
By:
|
/s/ CHARLES H. CANNON, JR.
|
||
Charles H. Cannon, Jr.
|
|||
President and Chief Executive Officer
(Principal Executive Officer)
|
Signature
|
Title
|
Date
|
||||
/s/ CHARLES H. CANNON, JR.
|
President, Chief Executive Officer,
Chairman and Director
(Principal Executive Officer)
|
March 7, 2013
|
||||
Charles H. Cannon, Jr. | ||||||
/s/ RONALD D. MAMBU
|
Vice President and
Chief Financial Officer
(Principal Financial Officer)
|
March 7, 2013
|
||||
Ronald D. Mambu | ||||||
/s/ MEGAN J. RATTIGAN
|
Chief Accounting Officer
(Principal Accounting Officer)
|
March 7, 2013
|
||||
Megan J. Rattigan | ||||||
/s/ C. MAURY DEVINE
|
Director
|
March 7, 2013
|
||||
C. Maury Devine | ||||||
/s/ ALAN D. FELDMAN
|
Director
|
March 7, 2013
|
||||
Alan D. Feldman | ||||||
/ s/ JAMES E. GOODWIN
|
Director
|
March 7, 2013
|
||||
James E. Goodwin | ||||||
/s/ POLLY B. KAWALEK
|
Director
|
March 7, 2013
|
||||
Polly B. Kawalek | ||||||
/s/ JAMES M. RINGLER
|
Director
|
March 7, 2013
|
||||
James M. Ringler | ||||||
/s/ JAMES R. THOMPSON
|
Director
|
March 7, 2013
|
||||
James R. Thompson | ||||||
/s/ EDWARD L. DOHENY, II
|
Director
|
March 7, 2013
|
||||
Edward L. Doheny, II |
By:
|
|||
Vice President, Human Resources
|
<<Signed Electronically>>
|
||
<<Social Security Number>>
|
|||
<<Acceptance Date>>
|
Vice President, Human Resources
|
<<Signed Electronically>>
|
||
<<Social Security Number>>
|
|||
<<Acceptance Date>>
|
Vice President, Human Resources
|
<<Signed Electronically>>
|
||
<<Social Security Number>>
|
|||
<<Acceptance Date>>
|
Name
|
|
Jurisdiction of Organization
|
John Bean Technologies Corporation
|
|
Delaware
|
John Bean Technologies LLC
|
|
Delaware
|
Jetway Systems Asia Inc.
|
|
Delaware
|
John Bean Technologies Holding AB
|
|
Delaware/Sweden
|
John Bean Technologies International AB
|
|
Sweden
|
John Bean Technologies AB
|
|
Sweden
|
John Bean Technologies GmbH
|
|
Germany
|
John Bean Technologies Sp.ZOO
|
|
Poland
|
John Bean Technologies SA
|
|
France
|
John Bean Technologies B.V.
|
|
Netherlands
|
John Bean Technologies Spain Holding B.V.
|
|
Netherlands
|
John Bean Technologies South Africa Holding B.V.
|
|
Netherlands
|
John Bean Technologies S.L.U.
|
|
Spain
|
John Bean Technologies AeroTech S.L.U.
|
|
Spain
|
John Bean Technologies FoodTech S.L.U.
|
|
Spain
|
John Bean Technologies Iberica, S.L.U.
|
|
Spain
|
John Bean Technologies (Proprietary) Ltd.
|
|
South Africa
|
John Bean Technologies O OO
|
|
Russia
|
John Bean Technologies Ltd.
|
|
United Kingdom
|
John Bean Technologies N.V.
|
|
Belgium
|
John Bean Technologies S.p.A.
|
|
Italy
|
John Bean Technologies Argentina S.R.L.
|
|
Argentina
|
John Bean Technologies Máquinas e Equipamentos Industriais Ltda.
|
|
Brazil
|
John Bean Technologies Canada Ltd.
|
|
Nova Scotia
|
John Bean Technologies de Mexico S. de R.L. de C.V.
|
|
Mexico
|
E.M.D., S.A. de C.V.
|
|
Mexico
|
John Bean Technologies Hong Kong Limited
|
|
Hong Kong
|
JBT Ningbo Holdings Limited
|
|
Hong Kong
|
JBT Shanghai Holdings Limited
|
|
Hong Kong
|
JBT Shenzhen Holdings Limited
|
Hong Kong
|
|
JBT Kunshan Holdings Limited
|
Hong Kong
|
|
John Bean Technologies (Shenzhen) Co. Ltd.
|
China
|
|
John Bean Technologies (Ningbo) Co., Ltd.
|
|
China
|
John Bean Technologies (Shanghai) Co., Ltd.
|
|
China
|
John Bean Technologies (Kunshan) Co., Ltd.
|
China
|
|
John Bean Technologies Australia Limited
|
|
Australia
|
John Bean Technologies K.K.
|
|
Japan
|
John Bean Technologies NZ Limited
|
|
New Zealand
|
John Bean Technologies (Thailand) Ltd.
|
|
Thailand
|
John Bean Technologies Singapore Pte Ltd.
|
Singapore
|
|
John Bean Technologies Middle East FZE
|
UAE
|
|
John Bean Technologies India Private Limited
|
|
India
|
John Bean Technologies, S. R. O.
|
Czech Republic
|
|
Food Audits, Inspections & Certifications Co. Ltd.
|
Thailand
|
1.
|
I have reviewed this annual report on Form 10-K 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;
|
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: March 7, 2013
|
|
/s/ CHARLES H. CANNON, JR.
|
|
Charles H. Cannon, Jr.
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
1.
|
I have reviewed this annual report on Form 10-K 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;
|
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: March 7, 2013
|
|
/s/ RONALD D. MAMBU
|
|
Ronald D. Mambu
|
|
Vice President and Chief Financial Officer
(Principal Financial Officer)
|
Date: March 7, 2013
|
|
/s/ CHARLES H. CANNON, JR.
|
|
Charles H. Cannon, Jr.
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
Date: March 7, 2013
|
|
/s/ RONALD D. MAMBU
|
|
Ronald D. Mambu
|
|
Vice President and Chief Financial Officer
(Principal Financial Officer)
|
I: M):)$HRA&C\FO_`#IU_P!R\;T?IGUY MLZ=3E]'ZOF_K&[UGYEE.8UVQSF5_9Z\S;9B;?TGK>]_K_P#6UKT9W^-/$+/M M/3L'J5%0VN%=GV?(M@;&VE[K;,.FS=^FN:VKT_\`!U*Y6W(^J+VM ZS%>[\YVP#?C6O\`W&?^#?TOIJ[&6,;96X/K>`YCVF00=6N:X?2:Y1YH M`2,H_P`W,DPK_H?WHLF&9,1&7\Y``3!_Z?\`=F\3U3Z[];PL2^OK'U2RMAI> MZQK'MRL8U0X/^U9--3Z:F>VSUZ[&^RG](N1^KGURJMZDT_\`-;I^<^JH7UCI M&"1D56->S:]SK!9M]']^IO\`.^CLN7L=U-5]3Z;F-MJM:665O` \M<^ICW;G58^ZMGZM5LQV?F5*) ME<*_J_\`C+R=OV+H.)T_9._[9E-R-\_1]+[&^CT]D>_U/IJA_P`V?K7G:]?R M\_/GV/HQ\FG"QK*?SL?)Q,5KO5]7=:RZWU:['T_H_P#!KOUB]9ZSD-R!T?HX M%W5;A+G'5F.P_P#:C(^E[O=^CK_]0TY#H0,S0\R3M$?O26SF("SY`#YI2_=B M\1U7H?2L8,Z3TKZOUU9U5K G;ZKZ5?@Y^#9TWH=]#\5MKLI]OZ%MSGL])KAZC64U;-_MK9^D]/^IZB[7HW1L?I M..:ZR;LBX[\K*?J^UYY>\^[V^[V,_P#1GJ6+04_OQA$XX"Q4H\9T,^,<)T_= M_<8/8E.0R3E1N,N`:B'`>(:_O?OR W]%CLLL].NS\_T:KIY' MUHZ11UVCH!M+^H7M<\L8`16UK'7;LATCT][&>QG\Y_824ZZ2Q,;ZW=,NKLOL M9=BXS<=^93D7-:&78]9VV9..*K+;=C9K]E]=%WZ6O]$K?2^LU=1=;4<>[#R* M6L>ZC(#`_P!.T%U-P]"W(KV6;+&_3]3?7^DK24XG^-+_`,0G4_\`K'_MQCKJ MUPO^-CKO2L?ZMY?1+;PWJ66RFVC'VN) $T31H;^".(`@6+.WBZ"222"5))))* M4DDDDI22222E))))*4DDDDI22222E+*^L75G].PVUXPWY^:[[/AL!:#ZC_:V MW]+[=E3BW^WZ;'_SBU5SG2W?MKZPY'5IW8739Q,+76$?K.0-ECF_1=M:[9 M^FILI_PE*EQ1%F/Z$/\)BS2-"$34LAX0?W8_IS_`,&+I]"Z4SI/ M2Z<)L&QHW7/'YUCM;';MK-S?S*]_^"]-:"22CE(RD9'4DV62,1&(B-!$4%)) M)()4DDDDI22222E))))*4DDDDIY7ZX]. $ZZM[JP]M@=L M][V.JK]W[G[^RK9BCH_UH?EX?3^I=1NI'4Q Y5\#ZM=#Z=D#*P\45W@% MK7ESWD`_2V^J]^UW\I6\?-"&,1.L@#5QC+^YZY2_1_N-/+RAGE,AI$D74I1_ MVGHC']+^^U,#ZD_5_"(>:3E6`DAV0=X@C;M])H90YO\`7J6U111CU-IQZVTU M-G;76T-:).X[6-]OTD1)5YY)S^>1EYELPQ0AI"(CY!222I]2ZIA],H]?+>UC M?Y3F,$2UFYUE[Z::V;GL;OMMK_2/KJ_GK:JTQ<2`++9NNKIK-MIVL;'8DDD[ M6M:UON>][O8QC/IK!^T9?UC_`*!:W'Z8W1^2-MHL)]ME>/Z%IQ G9G6;!E]4_1X+I+,`M>'/;$-^T"QS&U8]K7O]3%? MB_;LBKV9U^/C9.7T*G?06T9?-I']WO\`W_\`O6I3TKIM/V IZN2_P#G_45M))%>I))))2DDDDE*22224I9_4L6] MKV]1Z>V T^W7T'8&95:`]EC'C[-^G9ZGJ?J>7^N?TK/Z$[]D=7R MOJ]88H?.7TV3_@WG]+CMWV/=^B ;EZ)..1J$P=?W90]49-7/> M,1G$7P$"'E,\$L4OZO[CVEEC*V.LL<&5L!<][C``&KG.W# MZ6QW4\U[BQM=7M9+2-SGY#V[?3V[W^K4VZOV+E^C_5[`?U88H?1UJM^'Z^ZJ MXLI987M:X?:*'66/:QGT=M?O]:K]#7_.+MJZ.E]&QG960ZC%96(LR7AE-;`] MP_1,W0S'H]5WLIW_`,Y_.>KD666V')#%C-`G*:O_`#^_E_S%0RY\ND0,5& MI'^ JW47=5S!@5TC F?K_5_^Y'3,`?U:\G(!_[ <^HO0 F[_KG^ M%RZ^G23X9#&Q7%$_-$]?^]E_669,8E1!X9CY9C]]'^JAQ O*Q;!;1 M:-S'MX(_[ZYOYS49 &3]UC^\1@",I$)1%^$_''^\Z?6^M_8/3Q,2O[5U3*TQ<4?^?KN-E# M(_U_2VU2Z#T<],Q[#>\7YV78;\N\-`#GNUV,VM;^B9^9_P!<_F_4]-1Z)T3[ M!ZF7EV?:NJ96N5E'_P`\T\;*&1_K^BJJU4V H=0ZAA7] M,P[:\^N68_5\6UK'5RR[]%FL?Z?ZIZGHOW_K.^K[11^CML8S)U>K=(RLGK'2 M,BJL&N@Y!S+FEK8-E'V>NPMECW[G>SV+>225;PM?U6ZOE],9TV^G[([`Z3?T MRN][V.KNLM])K+Z?0?9 M99=NQK+J_3<_)V5^_U/T?\`-UK=224^.?XW?J_U-_U@/5::[KL% MV-5ZM]CAZ-+]SZ/0K>_8RFMWZ.WT_P#N1DV?Z55/J_T[ZZ]&H%8M?T<7VMI: M,QEE6/!%EGJ6Y>/^D;9ZGLKK]-]?Z2VVQ]7IKT/_`!I?^(3J?_6/_;C'73WT M49%3JO7CLJW5['U^_\`2;UU+^@=2Z0]]_U:N:VEWN?T MW(EU;G!KF[JKG.]1CW_H_;OK_P"%O]+]$CXG6ND==#NE=0QO3R7`&[IN;6#. MT,NT;:WT[6M_G*]WZ7]'ZWHHRPZ&6.7'$:G]Z']^+$)&^&4I89G;49,>27]2 M4_\`H?JW@W_7_!M^L6'AXN7G-Z.ZST<[.NN`+;+-S:#4X.;15CU/;OOOM?9Z ME/K>E7^A_3>B?L'_`,V.=_V]_P"8+CNJ_P")KI63FY.9AY5E++IL9A0QC!8Z MSU75UWUUN^SXGH_JU+/LE[\;^D?K/I_9;.P^K^:VS"KP;76G,PF-IO&09N JOIMR,/)P\O*C9[J@3=]5_V#_P";'._[>_\`,$OV M#_YL<[_M[_S!:B22YR_V#_YL<[_M[_S!+]@_^;'._P"WO_,%J))* 'BU8U>?F-;6V"*[-C M-Q]UCF5[7;-[SOV[E7Z6[]M?6'(ZM.["Z;.)@P9:ZPC]9R!LL _\P6H MDDIR_P!@_P#FQSO^WO\`S!+]@_\`FQSO^WO_`#!7[\G&QF"S)M92PG:'6.#1 M/.W<^/!<,/\`&IA'ZV9'3*ZQD=(II?LR\<;WOMJ;Z^1=OL?32W"JI9D,WL;; M_,_:/7^SV)(,@+L_*++U7[!_\V.=_P!O?^8*%W2*:*S;?U3,JK;&Y[\@-:). MT2YS5S.5]?LO/O=@=%'JY[(#<;!:,QQ)`V6W9WLZ91T[?;55?D>K;=C6_P"# M_G%"GZG?6?K5@R>JY7[)IU8, R_JA_B?SO_,QL_K#U[IW3,.]V)U/,NRA7:<5]F0& M4/MJ;O?5ZEGI.OV?HW>GC_SWJTUU6?IEY_\`5+ZW68O7K TV M5^YN0U]^]M%SG_I'NQF4?I/^MK4=TGI3Z+\9^'CNQ\JPW9-)J866V$M>ZZ^O M;LMM<]C'>I9[TM>Z^,9T>*=R/[HX8Q_Z3E8%/3>HR,/K&9:YLRSUBUT"/=Z= ME;+-GO\`I[5<_8/_`)L<[_M[_P`P7.9_^+R_$BWZKYGV;TX]+`S"^VAI$['8 MN4T_;\'T[+LC- 3E^EZOZ-5J?K=U[H-K*>O85V)3:X-I.98VZLEYVUU M?MO&;]G9D/L^T76UYM5;,?#QOY[WI61N/L6<>6'SQXQ^_B_]4_/_`(GNO6?L M'_S8YW_;W_F"7[!_\V.=_P!O?^8(-7UOZ([%=E9%CL.IM)R6^NTMWT@;_7HV M>HV]CV_S7I?I+?\`!UH/3?KQT3JG3J ]*QO:[WL7"9\8X1H3?7]W^\W/V#_YL<[_M[_S!!R^FXN'2;\KJ MV936/SG7Q)@NVM&SWO\`;]!BYS*_QA9/4+W87U?K^TY3H%=&,TY%H#@'TY-V M1_R9C8CGV48V6Y]UUF$^RS_1I8GU'^L'4;AF]8ZD[IWJ?2QL0^KE!H(NQW6= M7OGTLZA_IT7/PL?T+*]%_2+4K)V'VK? 7$UD5[*V5[J7[+&V6^JRYE?K?\`%;UL?XL, M%_7>B-S\W,R1=T^XX>**[-K65UU,]-S06N_2MKR[<=K_`,RC^;_G\KU^UP?J MI]6^GX#^G8O3L=N)='K5O8+?4VN-M?VA]_JV9'I6._1>L]_I?X-:R7FR1B:' M&1*0ZUP_XKE_L'_S8YW_`&]_Y@E^P?\`S8YW_;W_`)@M1)% EXN/B93LO+Z?=D`5YUE@ MMVT!M3W83W6,W_;G9#+;&6?H_4Q'_I=WVWT?7%Q7^,CZL=9ZW^SLSI-&/E MV]-]8G%R"/>Z[T&5/8RS;C6_9W5>NZO*M]"ST_3LJR:_U=Z018IY_P#Q=Y+, MCI+L/'KZDWJ#(%%E9=71?4Y][,>Z[+;5;7B4XWI9%-GJV7?S%GV#[7D_J:[3 M&^JMCS7E=0ZAF69C"7,:R]QJI)#F;<8-UC*K'TOS?3KOO]2[^CT6_9*H_4 M/ZKV_5?H(P,BQMN5;<^_(=62ZO<[;4P4E]=+]GH4T[M[?Y[U%T:2@`!0 OE_>_>8 DPV$M)?N_NN7^P?\`S8YW_;W_`)@E^P?_ M`#8YW_;W_F"U$E"S.7^P?_-CG?\`;W_F"7[!_P#-CG?]O?\`F"U$DE.7^P?_ M`#8YW_;W_F"7[!_\V.=_V]_Y@M1))3E_L'_S8YW_`&]_Y@M1)))2DDDDE*22 M224__]?U5))<7G] ANJ?:!O9F>IZ[=_K5 M?9_U;_3V?:4I[1)<%U'ZU]:Z?;FY0N]44OS6_97L8,5M=%;GXCL7,K8VS)S/ M4K_6\7[7?;5^L^IC8WH_H^@Z'F9S>IY72\S)?FFK'QLIE]C*V.'K^M793MQJ MZ:_3:_&WU^SU/TG\Y8DIH_XTO_$)U/\`ZQ_[<8ZZM>?_`.-+ZT]"_874_J[] MJ_RM^@_5O3L_TF/E?SWI_9_Z/^D_G5UG_.?H?_ *HOS*>I.Q^I=7RCBMRK,)SZLKT[6 M.80UF5;3 -0_IG4+_=AGT\6[TW`6X[?92_;7ZFU[8_._P"# M_G+?65K-ECFQ'A%2B8RE_=]7JCP_WFGBPG%D`F;C,2C'?YO3*(O_``/0]!TS MJ5'4L6O)IT%E;+0W75E@]2FUF]K'NIN9_-/V,_T=M=5]=U-=Q BZR2R_P#G/T/_`+D_]"S_`-)I M?\Y^A_\` 9B48MC;FX_JLMN<'^DTV;*P]KJOT MEGH^GZWZ)ME7\W_/_P`VK=W6CUVUS,W+=TOI0+P**@_[3:"W8W[0]K+:6U.W M6?H_^M^G;^CR%NXO7/JWAX]>+BVBJBH;6,;79`'^9[G._. IKY(SYB)@/1C->J0N4Z]7IAZ?2XWU4IZ4SKY/1W&[&KZ>&9.1 MML:'9!L;N<6W_P`VZUE>_P!-OL79K+_YS]#_`.Y/_0L_])J%GUK^K]3'6698 M8QH) K=!SZ^D='-55CZ6W791`LL87/.RJNI\TU_HZ??ZS+M]>1^C]'^<6U9]:6]5 M?933D.Z5TWW,^U['_;;(VP[%Q[<=].%4YV_]/D^KD^S]'B8_J59:GZ7^+PZV M8>)<\_2MNQ3;8\_G679%]-EU]K_I6776/MM?_.*-D!MR^E_7CZY];Z75F=&^ MK].2-&77_:ZFM]1K?T[/LC[&7X_Z3WU>M;_,>G_I42S`_P`:^9MM?D]-QZW. M%OV3?>QS`?=]FMOPZVN?LW>D_P!/(_ZY^>M["ZM]4^GU&G`]'$J<[>ZNBAU; M2X@-+RRJIK=^UK58_P"<_0_^Y/\`T+/_`$FA2V6.,M[/U-?XORO,5?4'ZRE] MF2_KU%=V2?4NJ^P59+&/,O=73?GV67OK8Y^WU;/TUW^&6-@_XDG#, 7-_2EPM]:G%V6-J^C]K]>K_0+T#_G/T/_`+D_]"S_`-)I?\Y^ MA_\` MF5WBO$,BUUF8W&R'LJ9?O^STM])_ILI_FZ%3^IO^+?K7Z:CZRL^S=&>Y[W=+ MIO@VVGT?1?DNQ'/];$IV?H&69OJTY-7\W^EN]?O_`/G/T/\`[D_]"S_TFE_S MGZ'_`-R?^A9_Z3210W;V+B8N%0W&PZ:\;'KG934T,8V27NVUUAK&[GNW(RR_ M^<_0_P#N3_T+/_2:7_.?H?\`W)_Z%G_I-)+J)++_`.<_0_\`N3_T+/\`TFE_ MSGZ'_P!R?^A9_P"DTE.HDLO_`)S]#_[D_P#0L_\`2:7_`#GZ'_W)_P"A9_Z3 M24ZB2R_^<_0_^Y/_`$+/_2:7_.?H?_ QSVNNH8VS%JL?138RJRUG_A MC[1MI)*<&SZF=)N>]E[K;L)S[K6=/<6"AEF0'LR;JRRIF7N?ZU_\YE655^M^ MCK_F_3O=+Z-5TYUMIR+LS(N:QCK\@L+_`$Z@6TTCT*L>O97OL=]#U-]GZ2Q: M"22GE/\`&E_XA.I_]8_]N,==6N4_QI?^(3J?_6/_`&XQUU:2E))))*4L;ZQ= M'MS*FYW3_P!%U?#]V+<"&DB??187`M>Q[2_8RSV;_P#@K+ELI)T)F$A(=/Q\ M"MG`3B8GK]H_K1:/1>K4=7Z?7FTC9OEME9(<6/;H]CMO^>S_`(+8]9NQ_P!7 M\FPUM)Z=>\?9ZV"6,.UE;>G[=756NL;_`)*M_H]WJ_L+]5]'HZ%G@_5[K)ZO M6#^R^H$-ZD&L!%3P-M&2-FVS;98_]+[7_P"%_G+KJ%I?6>FV_P"K?5J:6.MM MMPLAE=;`7. L?ZO[T/\!C@3(&$M,D-S_T,L?[ M_P#Z[2=/Z[TCJ>5EXG3\IF3=@%@R?3ES6FP.=6/6CT;/YM^_TGO]/Z%BOKP/ MZG=7ZQT#ZQ-ZI?C.VY5YZ=U'+SM[&-MMM9=D>KE.;^@R:_3;9=Z_K6?SUC_Y M'N&)U/&R16-[6V7-#JP#++`1ZGJ8=^E>73Z?Z7?3_@_Y[T?YM1VR<0!`.E_8 M6XJG5.HT=+P;<[(:YU5.W XP` M!JYSG'Z+6KD.MY_4/K/BW8?0*O5P:]IR,A_L]5\L>W'Q_7V?S7\];NV?^>_M M4N''QR%Z8P1QR/IB(_WEF?+P0-:Y"#P1'JE*7]U+D_7VI[QA]/PKG=0?9Z+* MLG;4&O/Z-N^'O=N;;MW5N]'_`(VM:'3OJWMRF]2ZS=^T>I-VEEA&VNK:/H4U M-VL=M>YS_4]/_A?2JN65B]'ZB?V=AU=';TZG%RJ +A_N,6&,\A,LURX:X`8RA`'^ MY+AX_P"^I9_7>N]-Z!TVSJ74K/3IKT:T:OL>?H44,TWVOC_T99LJ998B=2ZK M@=+H^T9MK:F=BX@#4M8-SWEM=3/4LKK]:Y]='J6U^I;[UP/UYZ!]:?K?5B9W M3\6IM6`7^CCW;ZK['6&EMA;3GU4-]&OT?^UM>"]_Z;]7NI^S9&75;'$+X1J? M^C_>>I;]<,3.Q\8]&K=G9>72W(9BM+18VM^CK';K*Z'?9WMLJO\`UJG&^TTV M8/VVK-LQJ+SX70+7Y#<_K5YS,MA!IJ:YXHJ@BUH-.YE&7=78RG]:?BX]>_$Q M W:*DDDDERDDDDE*22224I))))2DDDDE*22224I))))2DD MDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224 MI))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))3__1 M]552SJW3*NH5=+LRJF9][2^K&+@+'-'=K/\`7?LL_P!%8K:\]ZN]N!]>ZK,* MRK.LS;*QE]+R:SZC';L.O[9T]Q&ZW9575?OVV44_8\S]+ZF_TDI[D=2Z< P9G5+;NI^MTXUUNLHJL;?93U"A[6-SJ7WUG'HKL?D M/INKR?0KK75_5O(Q\SK6;E]/L9=T_P"QX=(?406>LS[0ZROV^WU:J;*/4;_@ M_H)*0_XTO_$)U/\`ZQ_[<8ZZM>?_`.-+J/7?V%U/!_9'^2?T'^5?M-?^DQ[/ MZ#M^T?TC]6^E_P`,NL_:'7/_`"I_]F*__(I*=1)9?[0ZY_Y4_P#LQ7_Y%+]H M=<_\J?\`V8K_`/(I*=1)9?[0ZY_Y4_\`LQ7_`.12_:'7/_*G_P!F*_\`R*2F M]E8N/F8]F+E5BVBT;7L=P1_WUS?S7+$^KN5;@9%GU;S[`Z_%`=A7'<#?2=S_ M`&BS\['^AM8__@V?T:RQ7?VAUS_RI_\`9BO_`,BLGZR#JV7@C)=T[[-=TYWV MJG)%M5A8:QZC_8YOO8[;]#]]E:EQ2!O'+Y9G0_N3_1G_`-\Q98D5EC\T!J/W M\?Z4/^]>GNIJOJ?3 QWM H,ZGUC"^VW4R<6@6U5U4DG=N:S])ZEC?9LL M?_X+^BLK/L&%G-<(@U7Z63^Y_P!^M]^.0<.*LA(UZPA&7^<_]5O._P#.'J5[ M<6OZVUY.#TF]U1J#0/L^1])C*_VB[TWT^I '7;@.:[%VM%6P;0&[6NJVUD-V,=4YCZO;_->F]GZ-4;LOJ]]3Z;NC-MJ MM:665OOJ/DM=2X76"MY MKH;^DQ[7664;/L[_`$:JZ=E='^$4 HT9Q?D'!LL&R_);% MSK;W7-M]SJJ[77^ZK[5_1\BR['LLQKO8J C-JJJ:&5ULOJ:UK6C: MQC&-;M:QK4Q>1(FKJ/A\Q^OZ*_3?J[CX=_VW(MLS<_GUK2=K20YOZ"C<[^;; M;=51D9+\KJ->+=]D^WVT+667^T.N?^5/_LQ7_P"12_:'7/\`RI_]F*__`"** M0`!0%#P=1)9?[0ZY_P"5/_LQ7_Y%+]H=<_\`*G_V8K_\BDEU$EE_M#KG_E3_ M`.S%?_D4OVAUS_RI_P#9BO\`\BDIU$EE_M#KG_E3_P"S%?\`Y%+]H=<_\J?_ M`&8K_P#(I*=1)9?[0ZY_Y4_^S%?_`)%+]H=<_P#*G_V8K_\`(I*=1)9?[0ZY M_P"5/_LQ7_Y%+]H=<_\`*G_V8K_\BDIU$EE_M#KG_E3_`.S%?_D4OVAUS_RI M_P#9BO\`\BDIU$EE_M#KG_E3_P"S%?\`Y%+]H=<_\J?_`&8K_P#(I*=1)9?[ M0ZY_Y4_^S%?_`)%+]H=<_P#*G_V8K_\`(I*=1)9?[0ZY_P"5/_LQ7_Y%+]H= M<_\`*G_V8K_\BDIU$EE_M#KG_E3_`.S%?_D4OVAUS_RI_P#9BO\`\BDIU$EE M_M#KG_E3_P"S%?\`Y%+]H=<_\J?_`&8K_P#(I*=1)9?[0ZY_Y4_^S%?_`)%+ M]H=<_P#*G_V8K_\`(I*=1)9?[0ZY_P"5/_LQ7_Y%+]H=<_\`*G_V8K_\BDIU M$EE_M#KG_E3_`.S%?_D4OVAUS_RI_P#9BO\`\BDIU$EE_M#KG_E3_P"S%?\` MY%+]H=<_\J?_`&8K_P#(I*=1)9?[0ZY_Y4_^S%?_`)%+]H=<_P#*G_V8K_\` M(I*=1)9?[0ZY_P"5/_LQ7_Y%+]H=<_\`*G_V8K_\BDIU$EE_M#KG_E3_`.S% M?_D4OVAUS_RI_P#9BO\`\BDIU$EE_M#KG_E3_P"S%?\`Y%+]H=<_\J?_`&8K M_P#(I*=1)9?[0ZY_Y4_^S%?_`)%+]H=<_P#*G_V8K_\`(I*=1)9?[0ZY_P"5 M/_LQ7_Y%+]H=<_\`*G_V8K_\BDIU$EE_M#KG_E3_`.S%?_D4OVAUS_RI_P#9 MBO\`\BDIU$EE_M#KG_E3_P"S%?\`Y%+]H=<_\J?_`&8K_P#(I*=1)9?[0ZY_ MY4_^S%?_`)%+]H=<_P#*G_V8K_\`(I*=1)9?[0ZY_P"5/_LQ7_Y%+]H=<_\` M*G_V8K_\BDIU$EE_M#KG_E3_`.S%?_D4OVAUS_RI_P#9BO\`\BDIU$EE_M#K MG_E3_P"S%?\`Y%:B2E))))*4DDDDI__2]54376;&VEH-C06M?`W`.VE[6N_= M=L8I))*4DDDDIY3_`!I?^(3J?_6/_;C'75KE/\:7_B$ZG_UC_P!N,==6DI22 M222E))))*4J76:WV='SJZVE]C\:UK&-$DDL<&M:T?2 97CU67/HV5`U&CU`VR6^E58^GUK'O;^DM_27_\'Z"D MDI,N8Y*TJB3OQ?-P_P#>,6'",=ZW8$=N'Y>*7_=J22243,I))))2DDDDE*22 M224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2 MDDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*222 M24I))))2DDDDE*22224I))))2DDDDE*22224I))))3__T_55SO\`SIR;?K4_ MH>'B,NJQ6_KCS:&7-D4.;?50\;'XU; I683ZG6UX^+=EY-[#]`TAEGV9K(_27/KMW_SC/2_1?Z56ND=8R,W M(NP\W&9B9E%=5_IUV^LTU7[_`$G>H:L?])OIM997Z?\`URQ8/4?\7]^5<64] M5O&+;5F-N-HH>_?E&M_MVXC765/ ?USJ6+]>:/R[.FX-D,P&FH/QLK=Z M&ZI]H&]F9ZGKMW^M5]G_`%;_`$]GVGM%B9OU7HSNK5=0ORKW4UD/."YP=4;& MNIMJ>QSVNNH8VS%JL?138RJRUG_AC[0E.3]9>M=8Z'D66X^9]ON]'(R;<`U, M;31CUUO./?OJ8I^D_G+$F?5/'%^=9;G95]/5'/.;C6>@66-> MTTBGU1BMS&4TU_S#*\K]&KO2^C5=.=;:O9 M7OL=]#U-]GZ2Q)3S7^-+JW2O^:?4^F_;,?[?^@_4_59ZW\]CW?T?=ZO\U^E^ MA_-KJ_VKTO\`[F4?]NL_\DN4_P`:72>E?\T^I]2^QX_V_P#0?KGI,];^>QZ? MZ1M]7^:_1?3_`)M=7^RNE_\`<.C_`+:9_P"124K]J]+_`.YE'_;K/_))?M7I M?_ E_\` E_]S*/^W6?^22_972_^X=' M_;3/_(I?LKI?_<.C_MIG_D4E*_:O2_\`N91_VZS_`,DE^U>E_P# E_]S*/^W6?^22_972_^X='_`&TS_P`BE^RNE_\`<.C_`+:9 M_P"124K]J]+_`.YE'_;K/_))?M7I?_ E_\` E_]S*/^W6?^22_972_^X='_;3/_(I?LKI?_<.C_MIG_D4E*_:O2_\` MN91_VZS_`,DE^U>E_P# E_]S*/^W6?^22_972_^ MX='_`&TS_P`BE^RNE_\`<.C_`+:9_P"124K]J]+_`.YE'_;K/_))?M7I?_ E_\` E_]S*/^W6?^22_972_^X='_;3/ M_(I?LKI?_<.C_MIG_D4E*_:O2_\`N91_VZS_`,DK2J_LKI?_`'#H_P"VF?\` MD5:24I))))2DDDDE/__6]522224I)4\/J_2\Z[(Q\/*JONPW;,EE;PXUN\'Q M_F_U_4K^G6]$PNH8'4*W6X&35EUM=L<^A[;&APUV.=4YS=VJ2GG/\:7_`(A. MI_\`6/\`VXQUU:Y3_&E_XA.I_P#6/_;C'75I*4DDDDI22222E))))*4DDDDI M22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))) M)*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI2 M2222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E)))) M*?_7]547@%C@9@@@QS\H4DDE/E736Y#<7KW1>E.KZKCC!R!BYC*RW-J_18[& M8&2SVNK]1OZ%C'>E?;DX>1ZE7Z/TUV'U;R,?,ZUFY?3[&7=/^QX=(?406>LS M[0ZROV^WU:J;*/4;_@_H+HVUUL<]S&AKK#N>0`"XP&;G_O.V-:U224\5]?:_ MK9U?`SN@=.Z'Z^)?Z7I]1^UTLG8ZG*?^J6[+/YQCZ/YW_A5:_P"<7U[_`/G1 M_P#AEC_^05CIWUQ9?U!^)U'#NZ77;<*>G7Y%>0QN0XNR&LK<[*Q,6G'R+:<> MJ^JCUK?5^TLI_I%=M2Z-)3RG_.+Z]_\`SH__``RQ_P#R"7_.+Z]__.C_`/#+ M'_\`(+JU"ZUM-3[7AQ;6TN<&-<]T-&X[*J@^VQ__``=;-[TE/#YO4/\`&+D= M6Z=GU?5ZS'Q\'U_M&&WJ-&S(]5@JJ];;L9^K/'JU[ZKO^MK0_P"<7U[_`/G1 M_P#AEC_^06AT'ZT8W5WG&?59C9C?5.PUWBI[:'5TY#\;)R\;"]7[/= EZ6R^W;24\I_P`XOKW_`/.C_P##+'_\@E_SB^O?_P`Z/_PRQ_\` MR"ZM9GUCZR>B=(OZBVAV2ZEI<*6BR#M!L?ZEN/1E_9V>DQ_Z>ZO[/O\`YZZG M?ZB2GE\+J'^,7'ZMU'/M^KUF1CYWH?9\-W4:-F/Z3#5;Z.[>S]9>?5LV54_] M<6A_SB^O?_SH_P#PRQ__`""Z#IG4J.I8KPUW5/AMGH9-#_?5: MUCV/_EUOKNJ]2FVNQ6TE/*?\XOKW_P#.C_\`#+'_`/()?\XOKW_\Z/\`\,L? M_P`@NK63UGKO[)OQVV4>ICW5W.=8'[7FRH5_9L##I+-F7U#/?:[[+B^O0^ST M+O3]38DIYKI'4/\`&+T_[;]I^KUF=]KR[ _U?T5&WV;? M39_P2T/^<7U[_P#G1_\`AEC_`/D%TN+E49E# US&7LVBMV^ISO4^FQ=FN /L^SU_H\FR_P!6BI*:_P#SB^O?_P`Z/_PRQ_\`R"7_ M`#B^O?\`\Z/_`,,L?_R"ZM))3RG_`#B^O?\`\Z/_`,,L?_R"S_VA_C%_;_[5 M_P";UGV3[)]E_9W[1H]/U/4];[;_`*/U?3_0?S&_9_A5V?4,MN%A793MH%39 MEY]L, MM9NMHKR\2YCK*LC$NMQLFNNQC_\``/WL24Y7_.+Z]_\`SH__``RQ_P#R"7_. M+Z]__.C_`/#+'_\`(+JTDE/*?\XOKW_\Z/\`\,L?_P`@L_"ZA_C%Q^K=1S[? MJ]9D8^=Z'V?#=U&C9C^DPU6^CNWL_67GU;-E5/\`UQ=;UCJE72L(Y=NW:'`> M]PJ9XNW9%GZO0]S&N9C_`&NW'Q[LKT,7[31]H2Z5U6KJ=5SFTW8UN-<['R,? M(:&V5V-#7[7;'64V,LILJOJMHMMILIM9[TE.%_SB^O?_`,Z/_P`,L?\`\@E_ MSB^O?_SH_P#PRQ__`""ZM))3RG_.+Z]__.C_`/#+'_\`(+/Z!U#_`!B]+Z31 M@9GU>LZED4[]^9;U&C>_<]]K=WJ>N_\`1L?Z7\[^8NHZGUMO3LBNHXUV2'-# M[6X['66M8Y[*?M%>,&[LS'H<_P#7OL;[LK#]3$_5/2RO49H4W57U,NI>VVJU MH?78PAS7-<-S'L>WVN8YJ2GE_P#G%]>__G1_^&6/_P"02_YQ?7O_`.='_P"& M6/\`^075I)*>,ZCUG_&!E]/R<6GZKNQ; S:*W;ZG.] M3Z;$NG=9_P`8&)T_&Q;OJN[*MQZ:ZK,A_4J-UCF-:Q][]PL=OM 1 M9B>FMY)3RG_.+Z]__.C_`/#+'_\`()?\XOKW_P#.C_\`#+'_`/(+JU"ZUM-3 M[7AQ;6TN<&-<]T-&X[*J@^VQ_P#P=;-[TE/#]7ZA_C%ZA]B^S?5ZS!^R9=65 M=Z?4:/TU=>[U,*S9Z7Z*_=[]WJ,_X):'_.+Z]_\`SH__``RQ_P#R"T.@_6G% MZS]G8VFRFW)Q&9M3M+*7M.QF751E5$M=;T_)L;BY=5[,:_U/\#Z:VTE/*?\` M.+Z]_P#SH_\`PRQ__()?\XOKW_\`.C_\,L?_`,@NK5?J.3;B=/R I4;6 M.K=D/LO;IMWY# X?2:]KO CZ=GI5K324\I_P`XOKW_`/.C M_P##+'_\@E_SB^O?_P`Z/_PRQ_\`R"ZM9G7NMMZ)CTY=N-=D8KK@S+LH8ZPT M5;+;7YMM=;7N^STNJ9Z_[C+/^LV)3R_2.H?XQ>G_`&W[3]7K,[[7EVY5/J=1 MH_0UV;?3PJ]_J_HJ-OLV^FS_`():'_.+Z]__`#H__#+'_P#(+J*;JKZF74O; M;5:T/KL80YKFN&YCV/;[7, L_XP,O MI^3BT_5=V+;D4V55Y#.I4;JW/:YC+V;16[?4YWJ?38NS63E?6"C"ZY3TG,JL MHJRZV'%SW`^@^][KF_L\W;?3KR_3I]6AF_\`3_0_G/1]=*<+IW6?\8&)T_&Q M;OJN[*MQZ:ZK,A_4J-UCF-:Q][]PL=OM _\`YT?_`(98_P#Y M!=6DDIY3_G%]>_\`YT?_`(98_P#Y!9_7^H?XQ>J=)OP,/ZO6=-R+MFS,JZC1 MO9M>RUVWT_0?^D8STOYW\]=VL'I/UNPNH=3OZ7;1=A95=V15C.N;%64,:VRB M]^!D:-O?4VMEF13].G?_`(;T;;4E-+_G%]>__G1_^&6/_P"02_YQ?7O_`.=' M_P"&6/\`^075I)*>4_YQ?7O_`.='_P"&6/\`^06?F]0_QBY'5NG9]7U>LQ\? M!]?[1AMZC1LR/58*JO6V[&?JSQZM>^J[_K:[#JN<_I_3 __G1_^&6/_P"02_YQ?7O_ M`.='_P"&6/\`^075I)*>4_YQ?7O_`.='_P"&6/\`^06?A=0_QBX_5NHY]OU> MLR,?.]#[/ANZC1LQ_28:K?1W;V?K+SZMFRJG_KBZWJ^?D8.*Q^+C.S,FZZJB MJD;PV;'M8ZW(NIIROLV/15ONMOLJV?H]GT[&)=(ZI5U/I^+E#;7;DXU&6_'# M@YU; E])HP,SZO6=2R*=^ M_,MZC1O?N>^UN[U/7?\`HV/]+^=_,74=2ZR<#+QZ30ZRJQU;;[8L&SU[JL'% M])_H.PKW_:;_`-8H?FX^13C_`*Q73D*[BY>+FT-R<.ZO)Q[)V75.#V.@ECMM ME9 _\`YT?_`(98_P#Y!=6DDIXS MJ/6?\8&7T_)Q:?JN[%MR*;*J\AG4J-U;GM DMBFZJ^IEU+VVU6M#Z[&$. M:YKAN8]CV^US'-24S22224I))))3_]#U5))))2ES/7[1U[%R^D]/LQ[118<; MJ>'DTW&P/>-_3R`UGJU8EN5Z/K9E>/\`T'[1FX.?BW8?KJ/7^HMZFYG3<'JC M>G5_;68EF967.#\JMIR;.BVNIMPK\=]['4[+\/,][ZLGI]GV;(]*K)+]4QD9 MF.^[J%#F7]/R;:L7*=BOZ>^]EC*K,G+MPW/=[,[+LNOL;_,W754Y/V:G*I_0 MI2OJ_P#5:K$J!ZKB8UUN+=_DMSB,NS&QVAEE&+5GY.-BY.S&R?M#\;=_,4^E M7ZWZ-=&D@Y67BX5#LG,NKQL>N-]UK@QC9(8W=986L;N>[:DI67E486+=F9+O M3Q\:MUMSX)VL8#98[:P.>[:QOYJYKK-+OK)9E8.)]GR+>FY#6N99;D861CN+ M#8W(IBG(:W+JR:L;)Z=U7[/;1D8EN9AU?H_7NS%UW*ZJS*OS<>W(9D](])[> MF8U+\MMU.0 EXM5M MMF0 714QC["]WJ/\`5OKKH=>]SMGKW>ECLR;OUC[+B_T>K325?-ZCT_I] M0NS\FG$J<[8VR^QM;2X@N#`^US6[]K7)*8=4SZ.GX%N5D9%>(QNU@R+FEU;' MV.;10^YK75?HO6MK]3]+3[/\-5_.+BL+IF;UCK-V9Z>)3U.C(KIZZSU+&O+( M;AYN([#OPWLS^B=6Z9B8V9TS[0]GH95EUE>7]-;'5,C+=U/'NQLAV;6,UN-9 MTUV'=8RMOJ],]2RZVDLJQ EX[<;B M_8TEQ+G?2?9987VV/_-_2/\`H?H_H,5Y)5[NH85-KZ'W-.372 F-RVO=3997L+JK M74FOT_4]1E3/TN_U+?T5>1_,+`Z=T&[.ZG=E-Q!PLSUJ.NX=>1:;;/7I== MD8F=CNHV/RZ.I95MV'U/&S,??TJ^O[/^J6XZ#@8%UG4V=`R:K/K'T7,Q-^3U M7*9:6U[Z<3^A=4R,C(;E59N3BUYGV;"V?9+[ZKJ YSW0T;1OMM+[;'_\`"6/WO24BZ?T_"Z;A4X&!2W'Q<=NVJIO`'/?W.>YW MOLL?[['_`*2Q6$E@_6/,=?BW=,P<]N%?8ZK&R,RDMMOQ'Y+ZV8?J88 _'KR&VLNQ[+:,BMGH^MDXJ4U?K#UFG+-'3,6QMU>2ZYF7CFNUMUE6/8<7-? MTVUS'XN9D=.NJ?;E=(LQ\S]I8>^OT'T6_K-?H?U2KRL4U]8IQ+^DOLHS\#"Q M;GW8C,B+CE7XK'TXWI]/R_6KMJZ<^S-Q/??_`*1"^JO0[\]M]_5[LNYF+GU6 M8[,K'&-Z[\3'P\;&ZHYF6R_J;+7OH_G&9]7VC_#4,];)Q5VJ2E)*%UU5%3[K MGMJJJ:7V6/(:UK6C<][WN]K6-:N7^L-^5GYF%5A]7_9;/3MS,%U##E#.8RMC MMU3,6W'NMMP/4^T?L_\`6\7J%5F/;Z>9Z>5BXR4KJ>9C?62QW2L0X^=C9&`< MEF+D-OI.^YCG=/SK7>IC_;.E.W>E=]EIMRNG]1^R6^S(]^&7ZO?5,8=E.5U) MF[(Z=98WH[&Y5V0S%QK&-K=BM=;7ALM][LAC'W8UES,7[+1]HL^S5('U3Z$[ M*9A]?ZH HV^AB4;?4LVN?&]S:F>RIK[/YQ[/S$7*R\7"H=DYEU>-C MUQONM<&,;)#&[K+"UC=SW;5S_7AU6N\YN#?7U(T9`J;T=]+WLW.&!E54V7XK MGLPLNE^)9F8G4NH4>AC?M"OU/0IV7)* MW[('NMP,[I]C,;JM5F/=]LZCTSJV/D,OHR_1P\KTL:N^BM=5TO`.+5ZV0UIZ MADM:[-L:^RQIL`W/JQGY3K+J\*NZR[[+C?S-'JOV5?I+$:CI^%CVNNII:VQ[ MGNW T.;4S;6_]+;LI9^>]6+,O%JOIQK;JZ\C)W?9Z7.`? M9L&^WT:W'?;Z3/=9L^@N0R*LW&Z_CX]#+/K%A]4R+1FLOKLMQL1GJ9]-SZ
IXH8 M#BW8X#ZV[L.RNE]S,VAUFS)NOSOL>559T^K-R<7$S,3(V\+IW3^GU&G`QJ<2 MISM[JZ*VUM+B`TO+*FM;OVM:ET_`Q>G85.#B- ^PM:/HL]2]UEN MQGT:_?\`HV?H_H*PDI2Q^N]8R,2IK>EFF[-;C9ZR+U?,PK.G]2Q&9[<6^JGT[[JCNLQ3>TMHRKV4N%N.R MO=]I]:ST65TU^OZM=-?JKFNG]+ZAG==S^E9/VW]CX]-M#LZQKJCDUWW/M_96 M3=U'[9E=4Q\:FRVC$ZEBV85V,S[5Z7]-JR+$ITNC?5/ZMMP,6K'JKS^ETUN; M71G5B][+MP;D6UG*'J8-MEE=C.HX/HUU_:J_YC"NKROM/1TTU45,II8VJJIH M976P!K6M:-K&,8WVM8UJFDDI2Y?ZQ=9IS&LZ3BV-MJSFY6/FX_IVMO?0QS^G M]1MZ5?L?1?F],>VV^SI_H9.1E8[/U?\`P7KEZWFU=1;TZG'ZFW$Z;G9-369^ M+:'#(=6ZQUW2!D464VXC\OT?T&7C7O\`?3D8EGI6>A5F9OU5Z'?GMOOZO=EW M,Q<^JS'9E8XQO7?B8^'C8W5',RV7]39:]]'\XS/J^T?X:AGK9.*DIU\/ZK?5 MY]5;CCXW4<`4UMZ> C&WDD M'*R\7"H=DYEU>-CUQONM<&,;)#&[K+"UC=SW;4E*R\JC"Q;LS)=Z>/C5NMN? M!.UC`;+';6!SW;6-_-6+9;@=?.# M;D?9W^_(V9&-E=/^S]/S?M-?J=UO4VY.W-=37CMQKZ\>B@Y]%^/<[+I%UM M.*WUNHX75<6ST+\/]%]BR,'[559Z'I9>1NX%/L^VVX_V3,S*ZGYE`?O#;&MV MEKBS]#;;5_1W93&;[ZJ:/\%11Z:4BZ;TG%Q7NS'X>)3U.[>,G*Q:@PV[G;W6 M.?M];]8VLOMILMO].W]'Z^3Z?VBS025?-ZCT_I]0NS\FG$J<[8VR^QM;2X@N M#`^US6[]K7)*8=4ZI@=(P+>H]1M]#$HV^I9M<^-[FU,]E37V?SCV?F+/=TN_ MJ.57UAF?MMIKL;TRS'(=C.IO-60+LFB-^3ZK*JL:ZO[;9CVTU?;[!F6U_9 M,?J>3U<97[2IKNS\FK);A7]#;4;Z*W[,3.Q7^O\`:,7%H8RZG[71UVW%MNQZ M^J4LRL1C\/[-3UN/BT8WJ>@W8+K'6O:"=N]_\XYC"=E7JO\`TMGI_P`Y>^W( M_GKK;$E,V4U5NL?6QK'7.WVN:`"YP:VK?81]-_I5UU_U*U-)5,GJO3<6\8MV M36W+=6ZUF(#NO>QH>]SJ,2O=DW^VJS^9J?\`024U^K=>Z=TYM]5N2VG*KQGY M>WTK,@LJ8YE/VN[&Q?TSL>NZUF_WU;V>O^D_07V54OJ[@XHLOZGT[,W?;LA] MW4L=I%E'J/8R/LFRK"]/;^AOHS_0W]4PK_M.3]K^T8.5C<_B=,ZD_K_3L"C) MR^H8E%?VUOU@V2:7V8M6*]N)U'JCNIXV?B=2=OR+<'&I_5[ C9ZRH_5[ZL]-QL!V)BW_;_J[?6T#IV;7ZI9?6Z+ MW[KMGH[[J]^7T^[%_5NH^KZ?V7])CJAT[`ZEF]8ZCT3(^UGHM-;ZWY]E7I/R M666W/_9-^7U+[;G=1Q,:C(OIQ\_"OP?2_3?]R,7)7:I*4DH77545/NN>VJJI MI?98\AK6M:-SWO>[VM8UJYKJO4G=0RJ*\+J[<+&LIR;L-^*UN7]L-+&^Z@T$ M7_:.DYC?6NZ=3Z[.I8_Z'].S[=CXJ4RSL_#ZZ**VY&[HM^0W&O=6VS'RL?.Q M[F96.S)ML=59AU768WV/T_0HSOM=^%]FL_7*WT[%."ZVIE7564YKL6X68M[V M-+B6#]!E/KV"K'S:]SV;\;V?]J*?LWK_`&3'I?5?%K_9].6[#KP [I]KM]7JL_6JFY&^RC[7D^E_2K_4VTE*0 GCXU M;K;GP3M8P&RQVU@<]VUC?S4LK+Q<*AV3F75XV/7&^ZUP8QLD,;NLL+6-W/=M M7(==R,K/S;+Z.I;68F)ZS.CTT'J#,W&OLVLS:J<;(Q?M]6;3_D^ZG*JLIP/T M]S+*O5Q>J/2G28P] _P#6/2IHINL_ M5Z=F@DI2KYF?BX0K.0YP-SG,J:QC['. E3<_P#2?S:X_.;UG+S, M/[)9EYF-UC+`S`*PW[`[I^5;=ZC+[; E]$PA@]+QVXV,'%^QI+B7.^D^RRPOML?^;^D?]#]']!B MGTOI[.FX8Q66V7_I+;7W6[=[GWV695SG>@RFK^=N?_-U,5M)2EC]=^LG3NDE MN/9E4TYMC6VULN;8:PSU*Z-^7=CML^P8]UMGV9F=D?H:KG^IZ>3Z+Z%H7=0P MJ;7T/N: 9TR_`-EG6/1+B[UJ\/&OPL3JW47=1IMQ.H[;.I6T8==?H6^EZ.5^BMKK2 MG8POJST3*Z.>GU.=D="RFS=AOW,_3LM%K[*_2.*_IS_M%=GVWIM5-./5D,_0 MXN#^MU9/04TU45,II8VJJIH976P!K6M:-K&,8WVM8UJFDDI2YGZU=4K?A9N- M5;7;AXOZK]8:&M> ILIS.BUV.<]U6EGZN^YK_3SNGUUV,^P^MZOZ M"W[/?ZM5-"Z90IIJHJ932QM5530RNM@#6M:T;6,8QOM:QK5-)2DDDDE*2222 M4__1]54+JFW5/J>7!MC2UQ8YS'0X;3LMJ++:W_\`"5OWL4TDE.)7]4>C4T7= M/JQZV](R<=M&1T_:=A?6?T66Q[7->W+ QME=H$D>^E[,FAWM+?H755O1DDE.)]6?JW^PZ+J[;J\E[\B^ M['-=/HLQZ\@UV6X.'4ZW)]#$]:GU?299L6VDDDI2Y?JW1^I]0%]'50VS&M=D MX_3K\ 3G8M?V7'S&;,FW'_F-_3*?3]7(RF7YW4<;J$DE.3T+H MEG3?7R G^AKLV^H_U;W_`.E]&O'IHUDD MDE*6#U;ZF='ZGE/SB[)Q.H.=O9FXN1;796XLJQ['T,WOQJWW8V/5C7?J_P"D MI6\DDIKX'3\+IV*W$P:6X^,QSW,J9HUIL>Z^S8W\QGJV/_1M]E?^#]BL*E?U MOHV/6^W(S\:FNNPT6/LN8UK;0-QH>YSAMNV^[TOIH;OK%]7V8[,I_4\-N/:2 MVNXWUACG-^FUEF_8]S)]R2G163E_5]F3E-N.=ELQ_P##8&]MF-<" 13E MU9+W57,S+:;*665U>BS&]/T_LF+Z-["ZA@=0J-^!DU9=(.TV4/;8W<.6[ZBY MN[50JZMTN[,?@59E%F;7/J8K;6.M;'TM]+7>HW;_`%4E-M))))2'+Q:,W%NP M\EOJ8^36ZJYDD;F/!KL;N86O;N8[\U8[?JK4_K>=U/,R'9.-E78V5CX#F@,H MR,5M=;,RNR76_:'>@QOZ+[/^A_09/VEGI^GO))*4DHV65U,=9:X,K8)<]Q`` M`_. MDXKJ<@TTFX90OJ>^W[3LH>VK,Q\79BV_L_T[+,C]+=7ZF1C8N)EEZ#TG*Z9A M-KSLUW4\W:VM^=96RM[JZ]WV>EWI[K;&4[[';LB[(N]:[(M]3]*M-))2DDDD ME.3U3ZL])ZI=;E9#+*\RW';BC+IL?78QC+6YM#J=KO39;1F5UY%=OI_39_HO MT:O8.%5A8[*:RZQP:P6WV0ZVUS&,Q_M&5:`WULA]5->^U6$DE*22224Y.3]7 MJ;[Q8W*R*<=]CK S[+Z'VCT*<>G&^S5T?9J M/3T,3%HPL6G#QF^GCXU;:J623M8P"NMNYY<]VUC?SD9))2DDDDE/./\`J3TY MV177O=^R&X7V"WIKC98+6![KL;ULC)NN *ZQ@M<#.K*2[U'?1=^:G/4^FC-'3SETC.(W#%-C M?6(C=N]#=ZOT?Y*2FRL?JM/4/M9NN8W+Z,QN.]V)6'?:&7T7691S:?2AU[*G M5X6["_269'IV?9_TM?V/J5G(Z]T/&ROL>3U'%HR@0#CV75LLET%@])[P_P!^ M[VJSEYF'A4.R,V^O&H;`=;<]M;`2=K=UEA:WW.24Y_1>B6=-?<;LK[6SU+!T M^LU,K&)C6.]7[!CO:'7.J;MJ9[K?1]+&Q:Z<>CT%K(=%]&32R_'L9=38-U=M M;@YC@?SF/9+7-1$E*53J/2\#JE(HSJO6J;OANYS?YVJW"MUK E];+K65OO=LI:]P:7N@OV5AWTW[&[MK4J,G'R6%^/:RYC7.8YU;@ MX!S#LL82R?>Q_M>U)34Z-T=G2J#5]IR,^TZ'*S'-LO+`7/KH?DLKJLMJJLMO M?3ZWJ>GZUG^#6@DDDI2R>K?5]G4GOLKSLOIUMU;*K[,)[:WO94Y]V.WU;*KK M*?1LNO\`Z,ZCU?6?7?ZU?IJ]F]0P.GU"_/R:L2DNV"R][:VEQD[-]KFMW>U1 M/5>EC)JPSF4#*O:'TT>HSU'M()#ZJMV^QGM=[F)*98'3\+IV*W$P:6X^,QSW M,J9HUIL>Z^S8W\QGJV/_`$;?97_@_8K"K8W4NG9=UU&)E4Y%V.=M]=5C7NK, MENVYC'.=7[FN^FK*2E+G^K_4_#ZIGX&4^ZQK,/(NR+6/?9 I9,5TMKR>F/Q[ZNH8#CLLO%OHL8W%OFOT+64_:_Y MRZNJQ^RA_H^I]NPL^CZJ,OZM9U-V3_DG)R*^IU=*^RMI+,QK*6LS+,BUOVVN MW=3ZUU.S%L]6ST\G_M35D=,DDI22222D.3BT9=8JR&[V-LKM`DCWTO9DT.]I M;]"ZJMZRNE_5+IO3;*GMMR,H8ECK.GLRK/4^R!['8S\?"MVMR&XCL=S:OLU] MU]7Z&JS^>_2K;53.ZMTKINS]HYN/A^I/I_:+65;H^EL]5S-VW /D8^ M52S(QK67T6":[:W!['#]YCV2UR(DIS.M="JZLUA^U9.!?6UU; UE-=5'K/9ZOIU5^IO5M#OOIQZ7WY%C:::P7666$-:UH^DY[W>UK4E M)$D*C+Q ^O[*7OQOL+#D4 MLP;6/ML_2X_^FR?\)?ZJV,#I^%T[%;B8-+&8Y[F5,T:TV/=?9L;^8SU;'_ M`*-OLK_P?L0V=8Z39]H%>;CO^Q2 %AG,_1>K7??Z+6>P!GH_KM'J;Z]GJ?I+O\`K:]07*];_P"4[O\`D+\W^G?T MCZ#/Y[_T7_P7IJ]RV26O#BB3P[XS^LWC\WK:'-8XFN/+(#BVR#]7M+Y?U;D? M5O)^M-&+D5]'P<:[&^TO+R7AP:^&!U=3SE-]2IK/3V/_`$O_`!KUNU=?ZWT^ MBS+^LF$S&Q`^JL6T.:=AL=Z1NO!NM8W&JW?IKO49Z7^CN_P6MT3_`),I_HOY MW]!_H_TW_P`S_P"C/^%]17E'S$R3(''")O4W>7_ILG+8P!`C).0K:JQ?]!\Q MMN%;6]2KR:&R/K+9=C9UXW8YK]%]7VB?5QFVT;ZW^]F1_UQ7/6];ZM?7.P M6UY@L]2S]H8^F/<78]8+,:O==L^S;?3M_6,C])_A5Z$DJFG!+MP;_P!3@P^K M_P!)_P".W->./?BV_K<>7_T-I5-N=T=C:#MN=C`5GP<6>S_I+G/JUU'HM?1. ME]-BJSKF)4X-PW,]2^K)8UPR7WL:UUF)OL]3?D7>CZGJ_P`[^E78))T[N?2Z MOO'Y^'A6Q^6'6AIV/RWQ/FV/U;//3W68F=D7Y;NE9MO7&OM>XXV4QLX\5N/^ M3+V9'KU58]#,;]%7_P`%O1 ^XW M#T?>[]$RKTJ_4_1?X9>B+#SO0_YV]*W>AZ_V?)]/?ZWK1^BW^AZ?ZEZ?^F^T M_I?]!^>@>O30[?\`5OE_QO\`QN'^K3V\_P`?U7S?R_3>0/5^KG!8_K&9DX>: MWI5=W2&,>^HY&67/^E57L9GY6F&S[%:VW^>_H_Z3>M$96>,CZR9^99F.OZ;C M8SZL3'OL8VNQ^+OR/2H_28V[U/?^FQLAE?\`.^DNZ21/Z72^+_!]:AO'Z?45 M#^7_`(8^39679E])Z]C/SSFXE+.GY-/IY&1 +'68^-DY7I>KD M,N9ZGJ?S_P"E7H:27\O^=CW_`.:KI_+]R7R_]/\`OOFYR^J9?V2FS-RVXAJZ MJ_%MKNLJ?=11Z9Z;D6VUN99=M^E7 O\`/L]:SU.V^K61?E?5[IF3D/-E MUV)2^VP\N G'-<,2 MO,%PL-1M#B^YK,?T[O4JHKN?2]C_`.>]-=LDA1[EC..1E?NS`_=K'P_^D^/_ M`)SY]_B_^N?6>J]).&,4]4R^FD5WY3KPPV,<7_9K7>M4QSOT=?I?GW/]'UK_ M`-):NPPLSK%]X9E=.&)3!)M-[;#/9K:ZV+122H]RKVY<7%[LZ_ RU[O3LI_1 MW?K%=G\WA9O5GX'UBOZMD5MN:,VZUW0ZG;;Z;L>KT,;JF8[99?\`9+<9MEUK MZV_9J]]5GZ=>L)(Q_1ZZ&O\`F/3#\=OZ6FBNBUN2YK??7NR,;](M;ZUXV)5T MSI[;NHCIN1AWUOP\Z]F^KUJV.9MS7._15UWUFSWVVT_I/^VUTJ2705_J_P#U MVKS[3_+]8^=8N;?U/(Z-0`[IF-=B]0=;1TVVRC'M?2YFS,Q_0]!_HW6[LBG_ M`(SZ=GO]0>!U;J.'@XF8[)S,M^9T*_*R&>LY[C;6ZIM=V.VX9%.-:QEGTZ\? M_A;:[K%Z2DEW\I?^IO\`OO\`QO\`V:NNO^HOY?X;Y3TWJ%]_ULZ?BG.&=B MMR\:ZD-NNR&,=9C9OK,JRLRW(LNV.;Z5UC?1K]9G]&Q_?4KO3\IM3\>CJ&6_ MI_1; OB?,_K7URVN@C!ZEDU.Q<"G(P\C(MMJLR=SW>ZC!QV]/ M;D6[&>IE9&7]IIKI_P"T/Z2W(1/J_P!6RLC-PG4]1OR>HV]5R:\G%=<]]?V$ M>L2_[+8YU;**G-9Z.1Z7\Y^K^K^8O2%A_5+T/L.7Z'H;?MV5N^S^MMW>H=_J M?;?TGK[OY[TOU;_0?HT1\WU/_I2/_HLT2V'\M/;_`)3@Y?UTW5=7Z?E9&;^S ML%N-F5_:2VMS1 GZEOZ6JI ATXY'J=/Z9?3U2MNCJK3;3LHRF_2KN]:N]_IV>_^ )ZC:=\N:U_Z>V:V;*R^S^PK:22GE/^<7U[_P#G1_\`AEC_`/D%Y_E=9_Q@ M7?6=U5>/U.OJWVL9%>!ZS_L8Q6O%-5%F+37CU6XGJM;5=U/[57B9%?\`.?SG MKKVM))3RG_.+Z]__`#H__#+'_P#(*OU:SK]_7.@W4U8^#U9V)FO^S7%V34UT M4%M#[J78?N^BVRVO]'4_Z'VA=FDAU'U_Z,DC^7VOG>!U#[)T+ZOY3D&X_[/R:[?1_1?H_TB]721ZCS-5_LXZ1_[A'0_ M2[_OS^;_`+M\]ZYU3/Q>NV6U9=M]SGXHQ>FLR+<;)9O&RUC>EVT6=/ZMBOW> MK??7^DJ_2U^O5Z7Z/+'4.J9?0^HF[,9:Y_2LAW4\4Y-^38V_\VRS&LQJ\7H] MM;_5I^Q5WLWL_FZ[/07JR2!KAEV(E]/1_+B_]6)%V/\`!^OJ>6^I?]-ZY_X8 MQ_\`VTQE1?G=)ZO]91A=/OQ,2OI%USVL:YE=^3GV5V5V"B@.K>ZFGU'_`&B_ M_M1?_P`7ZB[=)&>^NGI_9&I+8;&M=3_Z$^/Y`==TOHM>+#ATK$:WKM31+J@W M+Q7V59M8]S'-?3D7OKM_P==UJV[+JSU,=8]5AZ$.O-N^U`@T`#%^S?:?5_FO M1^V_H_M'\WZ_^$7HJ2(N_'BE_C>]CXO^?P04:H]N$?XOM3K_``N#BDX'U(:\ M=#+S_,W965;B]@:++[;,=S/^#?6[?7_(6^DDAV\A^2>_F?S4DDDDI22222E) *)))*4DDDDI__V3\_ ` end
Note 14 - Business Segment Information (Tables)
|
9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|
Note 6 - Income Taxes (Detail) - Effective income tax rate reconciliation:
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Net difference resulting from: | |||
Foreign earnings subject to different tax rates | (4.00%) | (2.00%) | (2.00%) |
Effect of Swedish tax rate decrease | (2.00%) | ||
Tax on foreign intercompany dividends and deemed dividends for tax purposes | 3.00% | ||
Nondeductible expenses | 1.00% | 1.00% | 2.00% |
State income taxes | 2.00% | 3.00% | 3.00% |
Foreign tax credits | (3.00%) | (4.00%) | (2.00%) |
Foreign withholding taxes | 1.00% | 2.00% | 2.00% |
Change in valuation allowance | (3.00%) | ||
Other | (2.00%) | 2.00% | (2.00%) |
Total difference | (4.00%) | (1.00%) | 1.00% |
Effective income tax rate | 31.00% | 34.00% | 36.00% |
Note 5 - Debt (Detail) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2012
Spread On Federal Funds Rate [Member]
Revolving Credit Facility [Member]
|
Nov. 30, 2012
Spread On LIBOR [Member]
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Credit Facilities - China [Member]
|
Dec. 31, 2012
Credit Facilities - India [Member]
|
Dec. 31, 2012
Minimum [Member]
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Maximum [Member]
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Senior unsecured notes [Member]
|
Dec. 31, 2012
Revolving Credit Facility [Member]
|
Nov. 30, 2012
Revolving Credit Facility [Member]
|
|
Line of Credit Facility, Maximum Borrowing Capacity | $ 9.0 | $ 0.8 | $ 300.0 | ||||||
Line of Credit Facility, Amount Outstanding | 1.4 | 0.4 | |||||||
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 0.50% | 1.00% | |||||||
Line of Credit Facility, Commitment Fee Percentage (in Basis Points) | 0.15% | 0.275% | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 177.2 | ||||||||
Debt Instrument, Face Amount | $ 75 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.66% |
Note 8 - Stock-Based Compensation (Detail) - Summary of values for restricted stock activity: (Restricted Stock Units (RSUs) [Member], USD $)
In Millions, except Per Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Restricted Stock Units (RSUs) [Member]
|
|||
Weighted-average grant-date fair value of restricted stock units granted (in Dollars per share) | $ 17.53 | $ 18.72 | $ 16.75 |
Fair value of restricted stock vested (in millions) | $ 6.8 | $ 14.2 | $ 13.1 |
Note 6 - Income Taxes (Detail) - The following tax years remain subject to examination in the following significant jurisdictions:
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
United States [Member]
|
|
Tax Jurisdiction | 2010 - 2012 |
Sweden [Member]
|
|
Tax Jurisdiction | 2007 - 2012 |
Brazil [Member]
|
|
Tax Jurisdiction | 2010 - 2012 |
Note 11 - Derivative Financial Instruments and Credit Risk (Detail) - Fair value of derivative instruments included within the consolidated balance sheets: (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
||||||
---|---|---|---|---|---|---|---|---|
Derivatives not designated as hedging instruments: | ||||||||
Asset Derivatives | $ 7.6 | [1] | $ 6.2 | [1] | ||||
Liability Derivatives | 7.0 | [2] | 4.4 | [2] | ||||
Foreign Exchange Contract [Member]
|
||||||||
Derivatives not designated as hedging instruments: | ||||||||
Asset Derivatives | 7.6 | [1] | 6.2 | [1] | ||||
Liability Derivatives | $ 7.0 | [2] | $ 4.4 | [2] | ||||
|
Note 4 - Goodwill and Intangible Assets (Detail) - Carrying Amount of Goodwill: (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Balance | $ 28.2 | $ 28.4 |
Acquisition | 2.0 | |
Currency translation | 0.4 | (0.2) |
Balance | 30.6 | 28.2 |
JBT FoodTech [Member]
|
||
Balance | 20.3 | 20.4 |
Acquisition | 2.0 | |
Currency translation | 0.4 | (0.1) |
Balance | 22.7 | 20.3 |
JBT AeroTech [Member]
|
||
Balance | 8.0 | |
Currency translation | (0.1) | |
Balance | $ 7.9 | $ 7.9 |
Note 8 - Stock-Based Compensation (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
|
Note 11 - Derivative Financial Instruments and Credit Risk (Detail) - Gain (Loss) on derivatives not designated as hedging instruments (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Foreign exchange contracts | $ 3.5 | $ 6.4 | $ 10.9 |
Remeasurement of assets and liabilities in foreign currencies | (1.0) | 1.3 | (3.2) |
Net gain on foreign currency transactions | 2.5 | 7.7 | 7.7 |
Sales [Member]
|
|||
Foreign exchange contracts | 3.7 | 4.4 | 12.2 |
Cost of Sales [Member]
|
|||
Foreign exchange contracts | (0.6) | 0.9 | (1.6) |
Other Income [Member]
|
|||
Foreign exchange contracts | $ 0.4 | $ 1.1 | $ 0.3 |
Note 9 - Stockholders' Equity (Detail) - Summary of capital stock activity for the year:
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Common stock issued | 28,661,005 |
Common stock held in treasury | 20,846 |
Stock awards | 285,408 |
Options exercised | (30,244) |
Treasury stock purchases | 223,600 |
Common stock issued | 28,946,413 |
Common stock held in treasury | 214,202 |
Note 14 - Business Segment Information (Detail) - Revenue by geographic location (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Revenue (by location of customers): | |||||||||||
Revenue, by location of customers | $ 292.9 | $ 205.3 | $ 214.4 | $ 204.7 | $ 271.5 | $ 230.3 | $ 252.5 | $ 201.5 | $ 917.3 | $ 955.8 | $ 880.4 |
United States [Member]
|
|||||||||||
Revenue (by location of customers): | |||||||||||
Revenue, by location of customers | 475.5 | 469.0 | 445.1 | ||||||||
All Other Countries [Member]
|
|||||||||||
Revenue (by location of customers): | |||||||||||
Revenue, by location of customers | $ 441.8 | $ 486.8 | $ 435.3 |
Note 7 - Pension and Postretirement and Other Benefit Plans (Detail) - The funded status of our pension and postretirement benefit plans, together with the associated balances recognized in our consolidated financial statements: (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Accrued pension and other postretirement benefits, less current portion | $ (104.6) | $ (109.2) | |
Projected benefit obligation | 325.6 | 304.6 | |
Pension Plans, Defined Benefit [Member] | Fair Value of Plan Assets, Component [Member]
|
|||
Benefits paid | (11.6) | (11.7) | |
Pension Plans, Defined Benefit [Member] | Projected Benefit Obligation, Component [Member]
|
|||
Benefits paid | (11.6) | (11.7) | |
Pension Plans, Defined Benefit [Member]
|
|||
Service cost | 1.5 | 1.5 | 1.3 |
Interest cost | 13.8 | 14.4 | 14.2 |
Actuarial loss | 17.1 | 30.6 | |
Curtailments | (0.3) | (0.4) | |
Plan amendments | 0.6 | ||
Plan participants' contributions | 0.2 | 0.2 | |
Currency translation adjustments | (0.3) | ||
Other current liabilities | (2.3) | (2.5) | |
Accrued pension and other postretirement benefits, less current portion | (97.3) | (101.9) | |
Net amount recognized | (99.6) | (104.4) | |
Currency translation adjustments | 1.3 | (0.9) | |
Projected benefit obligation | 309.5 | 275.2 | |
Actual return on plan assets | 24.0 | (0.6) | |
Fair value of plan assets | 205.1 | 207.5 | |
Company contributions | 14.2 | 10.0 | |
Funded status of the plans (liability) at December 31 | (99.6) | (104.4) | |
Projected benefit obligation | 331.5 | 309.5 | 275.2 |
Fair value of plan assets | 231.9 | 205.1 | 207.5 |
Other Postretirement Benefits [Member] | Fair Value of Plan Assets, Component [Member]
|
|||
Benefits paid | (0.4) | (0.4) | |
Other Postretirement Benefits [Member] | Projected Benefit Obligation, Component [Member]
|
|||
Benefits paid | (0.4) | (0.4) | |
Other Postretirement Benefits [Member]
|
|||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.4 | 0.4 | 0.4 |
Actuarial loss | (0.1) | ||
Other current liabilities | (0.5) | (0.5) | |
Accrued pension and other postretirement benefits, less current portion | (7.3) | (7.3) | |
Net amount recognized | (7.8) | (7.8) | |
Projected benefit obligation | 7.8 | 7.7 | |
Company contributions | 0.4 | 0.4 | |
Funded status of the plans (liability) at December 31 | (7.8) | (7.8) | |
Projected benefit obligation | $ 7.8 | $ 7.8 | $ 7.7 |
Note 10 - Earnings Per Share (Detail) - Basic and diluted EPS from continuing operations: (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||||||||
Basic earnings per share: | |||||||||||||||||||||
Income from continuing operations (in Dollars) | $ 19.0 | $ 6.2 | $ 7.9 | $ 4.0 | $ 7.4 | $ 8.1 | $ 10.4 | $ 4.9 | $ 37.1 | $ 30.8 | $ 37.9 | ||||||||||
Weighted average number of shares outstanding | 29.1 | [1] | 29.2 | [1] | 29.1 | [1] | 29.1 | [1] | 28.8 | [1] | 28.8 | [1] | 28.8 | [1] | 28.7 | [1] | 29.1 | 28.8 | 28.3 | ||
Basic earnings per share from continuing operations (in Dollars per share) | $ 0.65 | $ 0.21 | $ 0.27 | $ 0.14 | $ 0.26 | $ 0.28 | $ 0.36 | $ 0.17 | $ 1.27 | $ 1.07 | $ 1.34 | ||||||||||
Diluted earnings per share: | |||||||||||||||||||||
Income from continuing operations (in Dollars) | $ 19.0 | $ 6.2 | $ 7.9 | $ 4.0 | $ 7.4 | $ 8.1 | $ 10.4 | $ 4.9 | $ 37.1 | $ 30.8 | $ 37.9 | ||||||||||
Weighted average number of shares outstanding | 29.1 | [1] | 29.2 | [1] | 29.1 | [1] | 29.1 | [1] | 28.8 | [1] | 28.8 | [1] | 28.8 | [1] | 28.7 | [1] | 29.1 | 28.8 | 28.3 | ||
Effect of dilutive securities: | |||||||||||||||||||||
Restricted stock | 0.4 | 0.5 | 0.8 | ||||||||||||||||||
Total shares and dilutive securities | 29.6 | [1] | 29.6 | [1] | 29.5 | [1] | 29.4 | [1] | 29.4 | [1] | 29.4 | [1] | 29.3 | [1] | 29.2 | [1] | 29.5 | 29.3 | 29.1 | ||
Diluted earnings per share from continuing operations (in Dollars per share) | $ 0.64 | $ 0.21 | $ 0.27 | $ 0.14 | $ 0.25 | $ 0.28 | $ 0.35 | $ 0.17 | $ 1.26 | $ 1.05 | $ 1.30 | ||||||||||
|
Note 14 - Business Segment Information (Detail) - Segment revenue and segment operating profit (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||
Revenue | ||||||||||||||||||
Revenue | $ 292.9 | $ 205.3 | $ 214.4 | $ 204.7 | $ 271.5 | $ 230.3 | $ 252.5 | $ 201.5 | $ 917.3 | $ 955.8 | $ 880.4 | |||||||
Segment operating profit: | ||||||||||||||||||
Operating Profit | 87.5 | 78.3 | 84.4 | |||||||||||||||
Corporate items: | ||||||||||||||||||
Corporate Item Expenses | (33.5) | (31.5) | (25.1) | |||||||||||||||
Income from continuing operations before income taxes | 54.0 | 46.8 | 59.3 | |||||||||||||||
Provision for income taxes | 16.9 | 16.0 | 21.4 | |||||||||||||||
Income from continuing operations | 19.0 | 6.2 | 7.9 | 4.0 | 7.4 | 8.1 | 10.4 | 4.9 | 37.1 | 30.8 | 37.9 | |||||||
Loss from discontinued operations, net of income taxes | (0.5) | (0.1) | (0.2) | (0.1) | (0.2) | (0.1) | (0.9) | (0.3) | (0.6) | |||||||||
Net income | 18.5 | 6.1 | 7.7 | 3.9 | 7.2 | 8.1 | 10.3 | 4.9 | 36.2 | 30.5 | 37.3 | |||||||
JBT FoodTech [Member]
|
||||||||||||||||||
Revenue | ||||||||||||||||||
Revenue | 548.5 | 542.6 | 520.8 | |||||||||||||||
Segment operating profit: | ||||||||||||||||||
Operating Profit | 53.2 | 42.3 | 55.8 | |||||||||||||||
JBT AeroTech [Member]
|
||||||||||||||||||
Revenue | ||||||||||||||||||
Revenue | 366.0 | 407.4 | 351.2 | |||||||||||||||
Segment operating profit: | ||||||||||||||||||
Operating Profit | 34.3 | 36.0 | 28.6 | |||||||||||||||
Other Revenue and Intercompany Eliminations [Member]
|
||||||||||||||||||
Revenue | ||||||||||||||||||
Revenue | 2.8 | [1] | 5.8 | [1] | 8.4 | [1] | ||||||||||||
Corporate Expense [Member]
|
||||||||||||||||||
Corporate items: | ||||||||||||||||||
Corporate Item Expenses | (18.4) | [2] | (16.9) | [2] | (17.3) | [2] | ||||||||||||
Other Expense, Net [Member]
|
||||||||||||||||||
Corporate items: | ||||||||||||||||||
Corporate Item Expenses | (8.2) | [1] | (8.2) | [1] | [1] | |||||||||||||
Net Interest Expense [Member]
|
||||||||||||||||||
Corporate items: | ||||||||||||||||||
Corporate Item Expenses | $ (6.9) | $ (6.4) | $ (7.8) | |||||||||||||||
|
Note 12 - Fair Value of Financial Instruments (Detail) - Carrying Values and the Estimated Fair Values of Debt Financial Instruments (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Carrying Value | $ 189.3 | $ 137.2 |
Senior unsecured notes [Member]
|
||
Carrying Value | 75.0 | 75.0 |
Estimated Fair Value | 83.9 | 85.1 |
Revolving credit facility1 [Member]
|
||
Carrying Value | 113.5 | 60.7 |
Estimated Fair Value | 113.5 | 60.7 |
Foreign credit facilities [Member]
|
||
Carrying Value | 1.8 | 2.0 |
Estimated Fair Value | 1.8 | 2.0 |
Brazilian Real loan [Member]
|
||
Carrying Value | 1.4 | |
Estimated Fair Value | 1.3 | |
Other debt financial instrument [Member]
|
||
Carrying Value | 0.8 | 0.9 |
Estimated Fair Value | $ 0.8 | $ 0.9 |
Note 14 - Business Segment Information (Detail) - Restructuring costs included in other expense, net: (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Restructuring Costs | $ 0.1 | $ 11.6 | $ 3.7 |
JBT FoodTech [Member]
|
|||
Restructuring Costs | 0.2 | 11.6 | 0.8 |
JBT AeroTech [Member]
|
|||
Restructuring Costs | $ (0.1) | $ 2.9 |
Note 11 - Derivative Financial Instruments and Credit Risk (Detail) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Jan. 31, 2011
|
---|---|---|
Notional Amount of Foreign Currency Derivatives (in Dollars) | $ 563.0 | |
Derivative, Fixed Interest Rate | 4.90% |
Note 8 - Stock-Based Compensation (Detail) - Stock option activity for the year: (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Shares Under Option | 23,651 | 53,895 |
Weighted-Average Exercise Price (in Dollars per share) | $ 2.96 | $ 2.78 |
Weighted-Average Remaining Contractual Term (Years) | 1 year 36 days | 1 year 328 days |
Aggregate Intrinsic Value (in Dollars) | $ 0.3 | $ 0.7 |
Exercised | (30,244) | |
Exercised (in Dollars per share) | $ 2.63 |
Schedule II - Valuation and Qualifying Accounts
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] |
Schedule
II—Valuation and Qualifying Accounts
(a)
– “Additions charged to other accounts”
includes translation adjustments and allowances acquired
through business combinations.
(b)
– “Deductions and other” includes
translation adjustments, write-offs, net of recoveries, and
reductions in the allowances credited to expense.
|
Note 6 - Income Taxes (Detail) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Deferred Tax Assets, Gross, Current, Change In Amount | $ 11.8 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 1.5 | 2.9 |
Undistributed Earnings of Foreign Subsidiaries | 71.1 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | (0.7) | |
Foreign Tax Authority [Member]
|
||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 12.9 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 8.3 |
Note 2 - Inventories (Detail) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
LIFO Inventory Amount | $ 105.0 | $ 119.0 |
Excess of Replacement or Current Costs over Stated LIFO Value | 48.7 | 46.0 |
Effect of LIFO Inventory Liquidation on Income | $ 0.3 |
Note 9 - Stockholders' Equity (Detail) - Accumulated other comprehensive loss: (Parentheticals) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Cumulative deferral of hedging net losses, tax | $ 0.1 | $ 0.2 |
Cumulative deferral of pension net losses, tax | $ 53.5 | $ 50.3 |
Note 12 - Fair Value of Financial Instruments (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] |
|
Note 6 - Income Taxes (Detail) - The provision for income taxes: (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Current: | |||
Federal | $ 2.1 | $ 4.9 | $ 4.8 |
State | 0.5 | 1.0 | 0.8 |
Foreign | 7.6 | 6.7 | 7.0 |
Total current | 10.2 | 12.6 | 12.6 |
Deferred: | |||
(Decrease) increase in the valuation allowance for deferred tax assets | (0.3) | (1.2) | 0.2 |
(Decrease) due to foreign tax rate change | (1.3) | ||
Benefits of operating loss carryforward | (0.9) | (2.0) | (1.4) |
Other deferred tax expense, net | 9.2 | 6.6 | 10.0 |
Total deferred | 6.7 | 3.4 | 8.8 |
Provision for income taxes | $ 16.9 | $ 16.0 | $ 21.4 |
Note 7 - Pension and Postretirement and Other Benefit Plans (Detail) - Pre-tax changes in projected benefit obligations and plan assets recognized in other comprehensive income were as follows: (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Pension Plans, Defined Benefit [Member]
|
|
Actuarial loss arising during the year | $ 10.7 |
Amortization of net actuarial loss | (3.1) |
Amortization of prior service credit (cost) | (0.2) |
Total loss recognized in other comprehensive loss | 7.4 |
Total recognized in net periodic benefit cost and other comprehensive income | 8.2 |
Other Postretirement Benefits [Member]
|
|
Amortization of prior service credit (cost) | 0.8 |
Total loss recognized in other comprehensive loss | 0.8 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 0.4 |
Note 4 - Goodwill and Intangible Assets (Detail) - Components of Intangible Assets: (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Intangible Assets Gross Carrying Amount | $ 67.5 | $ 58.8 |
Intangible Assets Accumulated Amortization | 43.7 | 40.6 |
Customer Lists [Member]
|
||
Intangible Assets Gross Carrying Amount | 20.7 | 17.1 |
Intangible Assets Accumulated Amortization | 10.1 | 8.9 |
Patents and acquired technology [Member]
|
||
Intangible Assets Gross Carrying Amount | 26.5 | 24.9 |
Intangible Assets Accumulated Amortization | 24.8 | 23.9 |
Trademarks [Member]
|
||
Intangible Assets Gross Carrying Amount | 15.9 | 15.5 |
Intangible Assets Accumulated Amortization | 7.2 | 6.7 |
Other Intangible Assets [Member]
|
||
Intangible Assets Gross Carrying Amount | 4.4 | 1.3 |
Intangible Assets Accumulated Amortization | $ 1.6 | $ 1.1 |
Note 1 - Summary of Significant Accounting Policies
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Significant Accounting Policies [Text Block] |
NOTE
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Consolidation
The
consolidated financial statements include the accounts of
John Bean Technologies (JBT) Corporation and all
majority-owned subsidiaries. All intercompany investments,
accounts, and transactions have been eliminated.
Use
of estimates
Preparation
of financial statements that follow accounting principles
generally accepted in the U.S. requires management to make
estimates and assumptions that affect the amounts reported in
the financial statements and notes. Actual amounts could
differ from these estimates.
Cash
and cash equivalents
Cash
and cash equivalents consist of cash and highly liquid
investments with original maturities of three months or
less.
Inventories
Inventories
are stated at the lower of cost or net realizable value,
which includes an estimate for excess and obsolete
inventories. Inventory costs include those costs directly
attributable to products, including all manufacturing
overhead but excluding costs to distribute. Cost is
determined on the last-in, first-out (“LIFO”)
basis for all domestic inventories, except certain
inventories relating to construction-type contracts, which
are stated at the actual production cost incurred to date,
reduced by the portion of these costs identified with revenue
recognized. The first-in, first-out (“FIFO”)
method is used to determine the cost for all other
inventories.
Property,
plant, and equipment
Property,
plant, and equipment are recorded at cost. Depreciation for
financial reporting purposes is provided principally on the
straight-line basis over the estimated useful lives of the
assets (land improvements—20 to 35 years,
buildings—20 to 50 years and machinery and
equipment—3 to 20 years). Gains and losses are
reflected in other income, net on the consolidated statements
of income upon the sale or retirement of assets. Expenditures
that extend the useful lives of property, plant, and
equipment are capitalized and depreciated over the estimated
new remaining life of the asset.
Capitalized
software costs
Other
assets include the capitalized cost of internal use software
(including Internet web sites). The assets are stated at cost
less accumulated amortization and totaled $5.9 million and
$5.3 million at December 31, 2012 and 2011,
respectively. These software costs include significant
purchases of software and internal and external costs
incurred during the application development stage of software
projects. These costs are amortized on a straight-line basis
over the estimated useful lives of the assets. For internal
use software, the useful lives range from three to ten years.
For Internet web site costs, the estimated useful lives do
not exceed three years.
Goodwill
We
test goodwill for impairment annually during the fourth
quarter and whenever events or changes in circumstances occur
that indicate there may be impairment. Impairment testing is
performed for each of our reporting units by first assessing
qualitative factors to determine whether further testing of
goodwill is performed. If we conclude that it is more likely
than not that a reporting unit’s fair value is less
than its carrying amount, then a quantitative test is
required. We may also choose to bypass the qualitative
assessment and perform the quantitative test. In performing
the quantitative test, we determine the fair value of a
reporting unit using the “income approach”
valuation method. Under this method, we use a discounted cash
flow model in which cash flows anticipated over several
periods, plus a terminal value at the end of that time
horizon, are discounted to their present value using an
appropriate rate of return. Our judgment is required in
developing the assumptions for the discounted cash flow
model. These assumptions include future revenue growth rates,
profit margin percentages, other operating costs, capital
expenditures and working capital requirements as well as
discount and perpetuity growth rates, among others. If the
estimated fair value of a reporting unit exceeds its carrying
value, goodwill is considered to not be impaired. If the
carrying value exceeds estimated fair value, there is an
indication of potential impairment, and we calculate an
implied fair value of goodwill. The implied fair value is
calculated as the difference between the fair value of the
reporting unit and the fair value of the individual assets
and liabilities of the reporting unit, excluding goodwill. An
impairment charge is recorded for any excess of the carrying
value over the implied fair value.
Based
on our 2012 annual assessment, we determined that none of our
goodwill was impaired.
Intangible
assets
Our
acquired intangible assets are being amortized on a
straight-line basis over their estimated useful lives, which
generally range from 7 to 15 years. None of our acquired
intangible assets have indefinite lives.
Impairment
of long-lived assets
Our
long-lived assets are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount
of the long-lived asset may not be recoverable. The carrying
amount of a long-lived asset is not recoverable if it exceeds
the sum of the undiscounted cash flows expected to result
from the use and eventual disposition of the asset. If it is
determined that an impairment loss has occurred, the loss is
measured as the amount by which the carrying amount of the
long-lived asset exceeds its fair value.
Revenue
recognition
We
recognize revenue when we have an agreement with the
customer, the product has been delivered to the customer, the
sales price is fixed or determinable and collectability is
assured.
Each
customer arrangement is evaluated to determine the presence
of multiple deliverables that represent separate elements of
revenue recognition. For multiple-element revenue
arrangements, such as the sale of equipment with a service
agreement, we generally allocate the contract value to the
various elements based on relative selling price for each
element and recognize revenue consistent with the nature of
each deliverable.
Our
standard agreements do not generally include customer
acceptance provisions. However, if there is a customer
acceptance provision, the associated revenue is deferred
until we have satisfied the acceptance provision.
Certain
of our product revenue in the JBT AeroTech segment are
generated from construction-type contracts and revenue is
recognized under the percentage of completion method. Under
this method, revenue is recognized as work progresses on each
contract. However, revenue recognition does not begin until a
substantial portion of the labor hours are incurred to ensure
that revenue is not accelerated for materials procurement. We
primarily measure progress toward completion by the
cost-to-cost method. Any expected losses are charged to
earnings, in total, in the period the losses are
identified.
Progress
billings generally are issued contingent on completion of
certain phases of the work as stipulated in the contract.
Revenue in excess of progress billings on contracts amounted
to $57.9 million and $54.6 million at December 31, 2012
and 2011, respectively. These unbilled receivables are
reported in trade receivables on the consolidated balance
sheets. Progress billings and cash collections in excess of
revenue recognized on a contract are classified as advance
and progress payments on the consolidated balance sheets. All
unbilled trade payables are accrued in other current
liabilities when revenue is recognized. Unbilled trade
payables were $2.0 million and $6.6 million at
December 31, 2012 and 2011, respectively.
Service
revenue is recognized either when performance is complete or
proportionately over the period of the underlying contract,
depending on the type of contract.
Some
of our operating lease revenue is earned from full-service
leases for which we are paid annual fixed rates plus, in some
cases, an amount based on production volumes. Revenue from
production volumes is recognized when determinable and
collectible.
We
provide an allowance for doubtful accounts on trade
receivables equal to the estimated uncollectible amounts.
This estimate is based on historical collection experience
and a specific review of each customer’s trade
receivable balance.
Income
taxes
Income
taxes are provided on income reported for financial statement
purposes, adjusted for permanent differences between
financial statement reporting and income tax regulations.
Deferred tax assets and liabilities are measured using
enacted tax rates for the expected future tax consequences of
temporary differences between the carrying amounts and the
tax basis of assets and liabilities. A valuation allowance is
established whenever management believes that it is more
likely than not that deferred tax assets may not be
realizable.
A
liability for uncertain tax positions is recorded whenever
management believes it is more likely than not that the
position will not be realized upon settlement. Interest and
penalties related to underpayment of income taxes are
classified as income tax expense.
Income
taxes are not provided on the Company’s equity in
undistributed earnings of foreign subsidiaries or affiliates
when it is management’s intention that such earnings
will remain invested in those companies. Taxes are provided
on such earnings in the year in which the decision is made to
repatriate the earnings.
Stock-based
employee compensation
We
measure compensation cost on restricted stock awards based on
the market price of our common stock at the grant date and
the number of shares awarded. The compensation cost for each
award is recognized ratably over the lesser of the stated
vesting period or the period until the employee becomes
retirement eligible, after taking into account estimated
forfeitures.
Foreign
currency
Financial
statements of operations for which the U.S. dollar is not the
functional currency are translated to the U.S. dollar prior
to consolidation. Assets and liabilities are translated at
the exchange rate in effect at the balance sheet date, while
income statement accounts are translated at the average
exchange rate for each period. For these operations,
translation gains and losses are recorded as a component of
accumulated other comprehensive loss in stockholders’
equity until the foreign entity is sold or liquidated.
Foreign currency transaction gains and losses are included in
Other Income, net in the period in which they occur.
Derivative
financial instruments
Derivatives
are recognized in the consolidated balance sheets at fair
value, with classification as current or non-current based
upon the maturity of the derivative instrument. We do not
offset fair value amounts for derivative instruments held
with the same counterparty. Changes in the fair value of
derivative instruments are recorded in current earnings or
deferred in accumulated other comprehensive income (loss),
depending on the type of hedging transaction and whether a
derivative is designated as, and is effective as, a
hedge.
We
elected to discontinue the use of hedge accounting for all
foreign currency derivative positions entered into since July
of 2008. Accordingly, the changes in fair value of these
contracts are recognized in earnings as they occur and, to
the extent derivatives economically hedge existing assets or
liabilities as opposed to anticipated transactions, offset
gains or losses on the remeasurement of the related asset or
liability. In the consolidated statements of income, earnings
from foreign currency derivatives related to sales and
remeasurement of sales-related assets, liabilities and
contracts are recorded in revenue, while earnings from
foreign currency derivatives related to purchases and
remeasurement of purchase-related assets, liabilities and
contracts are recorded in cost of sales. These gains and
losses are recorded in other expense, net in the
reconciliation of segment operating profit to income before
income taxes.
When
hedge accounting is applied, we ensure that the derivative is
highly effective at offsetting changes in anticipated cash
flows of the hedged item or transaction. Changes in fair
value of derivatives that are designated as cash flow hedges
are deferred in accumulated other comprehensive income (loss)
until the underlying transactions are recognized in earnings.
At such time, related deferred hedging gains or losses are
also recorded in operating earnings on the same line as the
hedged item. Effectiveness is assessed at the inception of
the hedge and on a quarterly basis. Effectiveness of forward
contract cash flow hedges is assessed based solely on changes
in fair value attributable to the change in the spot rate.
The change in the fair value of the contract related to the
change in forward rates is excluded from the assessment of
hedge effectiveness. Changes in this excluded component of
the derivative instrument, along with any ineffectiveness
identified, are recorded in operating earnings as incurred.
We document our risk management strategy and method for
assessing hedge effectiveness at the inception of and
throughout the term of each hedge.
Cash
flows from derivative contracts are reported in the
consolidated statements of cash flows in the same categories
as the cash flows from the underlying transactions.
Reclassifications
Certain
amounts in prior years’ financial information have been
reclassified to conform to the current year
presentation.
Recently
issued and adopted accounting pronouncements
In
June 2011, the FASB issued an amendment to an existing
accounting standard which require entities to present net
income and other comprehensive income in either a single
continuous statement or in two consecutive statements of net
income and other comprehensive income. This standard is
effective for the Company in the period beginning January 1,
2012 and impacts presentation of the financial
statements only. The Company adopted this standard in the
1st
quarter of 2012.
|
Note 7 - Pension and Postretirement and Other Benefit Plans (Detail) - The following weighted-average assumptions were used to determine the benefit obligations:
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Pension Plans, Defined Benefit [Member]
|
||
Discount rate | 4.19% | 4.55% |
Rate of compensation increase | 3.45% | 3.42% |
Other Postretirement Benefits [Member]
|
||
Discount rate | 4.30% | 4.60% |