Business Segments

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Our determination of the two reportable segments was made on the basis of our strategic business units and the commonalities among the products and services within each segment, and corresponds to the manner in which management reviews and evaluates operating performance.

Our reportable segments are:

• 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, automated systems and convenience food preparation by the food industry.

• JBT AeroTech—designs, manufactures and services technologically sophisticated airport ground support and gate equipment and provides services for airport authorities; airlines, airfreight, and ground handling companies; the defense contractors and other industries.

Total revenue by segment includes intersegment sales, which are made at prices that reflect, as nearly as practicable, the market value of the transaction. Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate staff expense, LIFO provisions, restructuring costs, certain employee benefit expenses, interest income and expense and income taxes.

Segment revenue and segment operating profit

(In millions)	2015			2014			2013
Revenue
JBT FoodTech	$	725.1		$	634.7		$	611.1
JBT AeroTech	383.1			350.2			323.6
Intercompany eliminations	(0.9		)	(0.7		)	(0.5		)
Total revenue	$	1,107.3		$	984.2		$	934.2
Income before income taxes
Segment operating profit:
JBT FoodTech	$	85.4		$	72.7		$	64.5
JBT AeroTech	38.2			30.0			26.8
Total segment operating profit	123.6			102.7			91.3
Corporate items:
Corporate expense (1)	(34.6		)	(37.5		)	(36.5		)
Restructuring expense	—			(14.5		)	(1.6		)
Net interest expense	(6.8		)	(6.0		)	(5.4		)
Total corporate items	(41.4		)	(58.0		)	(43.5		)
Income from continuing operations before income taxes	82.2			44.7			47.8
Provision for income taxes	26.2			13.9			13.8
Income from continuing operations	56.0			30.8			34.0
Loss from discontinued operations, net of income taxes	(0.1		)	—			(0.9		)
Net income	$	55.9		$	30.8		$	33.1

(1) Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other post-retirement benefits expenses not related to service, LIFO adjustments, and the impact of unusual or strategic transactions not representative of segment operations.

Segment operating capital employed and segment assets

(In millions)	2015			2014			2013
Segment operating capital employed (1):
JBT FoodTech	$	414.7		$	298.1		$	204.5
JBT AeroTech	114.1			114.0			138.1
Total segment operating capital employed	528.8			412.1			342.6
Segment liabilities included in total segment operating capital employed (2)	322.6			248.6			243.2
Corporate (3)	24.7			37.1			35.4
Total assets	$	876.1		$	697.8		$	621.2
Segment assets:
JBT FoodTech	$	663.1		$	478.1		$	392.4
JBT AeroTech	188.9			183.8			194.0
Intercompany eliminations	(0.6		)	(1.2		)	(0.6		)
Total segment assets	851.4			660.7			585.8
Corporate (3)	24.7			37.1			35.4
Total assets	$	876.1		$	697.8		$	621.2

(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 taxes 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 cash, LIFO inventory reserves, income tax balances, investments, and property, plant and equipment not associated with a specific segment.

Geographic segment information

Geographic segment sales were identified based on the location where our products and services were delivered. Geographic segment long-lived assets include property, plant and equipment, net and certain other non-current assets.

(In millions)	2015		2014		2013
Revenue (by location of customers):
United States	$	600.9	$	512.5	$	460.9
All other countries	506.4		471.7		473.2
Total revenue	$	1,107.3	$	984.2	$	934.2

(In millions)	2015		2014		2013
Long-lived assets:
United States	$	132.7	$	99.0	$	79.4
Brazil	9.5		12.5		14.0
All other countries	49.1		41.3		45.8
Total long-lived assets	$	191.3	$	152.8	$	139.2

Other business segment information

	Capital Expenditures						Depreciation and Amortization						Research and Development Expense
(In millions)	2015		2014		2013		2015		2014		2013		2015		2014		2013
JBT FoodTech	$	31.9	$	32.8	$	27.7	$	25.5	$	22.2	$	22.0	$	13.5	$	12.1	$	11.2
JBT AeroTech	3.5		2.5		1.0		2.0		1.8		1.8		4.7		2.5		2.8
Corporate	2.3		1.4		0.5		2.1		1.3		1.2		—		—		—
Total	$	37.7	$	36.7	$	29.2	$	29.6	$	25.3	$	25.0	$	18.2	$	14.6	$	14.0