10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2023

or

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

Commission File Number 1-34036

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

(312) 861-5900

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

Class	Outstanding at April 19, 2023
Common Stock, par value $0.01 per share	31,820,355

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions, except per share data)	2023		2022
Revenue:
Product revenue	$	450.8	$	400.9
Service revenue	78.7		68.3
Total revenue	529.5		469.2
Operating expenses:
Cost of products	316.4		281.8
Cost of services	54.7		47.9
Selling, general and administrative expense	117.8		108.4
Restructuring expense	0.6		0.5
Operating income	40.0		30.6
Pension expense, other than service cost	0.2		—
Interest expense, net	7.2		2.1
Net income before income taxes	32.6		28.5
Income tax provision	7.0		2.9
Net income	$	25.6	$	25.6
Basic earnings per share:
Net income	$	0.80	$	0.80
Diluted earnings per share:
Net income	$	0.80	$	0.80

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

2

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions)	2023		2022
Net income	$	25.6	$	25.6
Other comprehensive income, net of income taxes
Foreign currency translation adjustments	5.7		0.1
Pension and other postretirement benefits adjustments	0.9		1.6
Derivatives designated as hedges	(2.2)		7.3
Other comprehensive income	4.4		9.0
Comprehensive income	$	30.0	$	34.6

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

3

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except per share data and number of shares)	March 31, 2023		December 31, 2022
Assets:
Current Assets:
Cash and cash equivalents	$	45.7	$	73.1
Trade receivables, net of allowances	287.4		299.0
Contract assets	96.4		89.6
Inventories	351.9		322.5
Other current assets	84.8		85.4
Total current assets	866.2		869.6
Property, plant and equipment, net of accumulated depreciation of $353.3 and $346.4 respectively	273.1		269.9
Goodwill	813.4		807.8
Intangible assets, net	436.3		445.4
Other assets	190.6		191.4
Total Assets	$	2,579.6	$	2,584.1
Liabilities and Stockholders' Equity:
Current Liabilities:
Short-term debt	$	0.8	$	0.6
Accounts payable, trade and other	215.3		237.0
Advance and progress payments	220.4		194.7
Other current liabilities	181.8		188.9
Total current liabilities	618.3		621.2
Long-term debt	956.5		977.3
Accrued pension and other postretirement benefits, less current portion	31.4		32.0
Other liabilities	82.4		90.9
Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2023 or 2022	—		—
Common stock, $0.01 par value; 120,000,000 shares authorized; March 31, 2023: 31,861,680 issued, and 31,820,355 outstanding; December 31, 2022: 31,861,680 issued, and 31,803,721 outstanding	0.3		0.3
Common stock held in treasury, at cost March 31, 2023: 41,325 shares; December 31, 2022: 57,959 shares	(3.7)		(5.3)
Additional paid-in capital	220.6		220.7
Retained earnings	873.7		851.3
Accumulated other comprehensive loss	(199.9)		(204.3)
Total stockholders' equity	891.0		862.7
Total Liabilities and Stockholders' Equity	$	2,579.6	$	2,584.1

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

4

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2023		2022
Cash flows from operating activities:
Net income	$	25.6	$	25.6
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	23.9		19.9
Stock-based compensation	2.6		1.7
Other	4.9		1.7
Changes in operating assets and liabilities:
Trade receivables, net and contract assets	4.4		(6.5)
Inventories	(30.9)		(47.2)
Accounts payable, trade and other	(21.5)		27.2
Advance and progress payments	27.0		28.4
Accrued pension and other postretirement benefits, net	(0.3)		(2.0)
Other assets and liabilities, net	(14.1)		(9.7)
Cash provided by operating activities	21.6		39.1
Cash flows from investing activities:
Acquisitions, net of cash acquired	(1.1)		(0.4)
Capital expenditures	(17.9)		(26.7)
Proceeds from disposal of assets	0.1		0.1
Cash required by investing activities	(18.9)		(27.0)
Cash flows from financing activities:
Net proceeds on short-term debt	0.2		0.1
Net payments for domestic credit facilities	(25.9)		(4.5)
Settlement of taxes withheld on stock-based compensation awards	(1.1)		—
Dividends	(3.2)		(3.2)
Cash required by financing activities	(30.0)		(7.6)
Effect of foreign exchange rate changes on cash and cash equivalents	(0.1)		0.9
(Decrease) increase in cash and cash equivalents	(27.4)		5.4
Cash and cash equivalents, beginning of period	73.1		78.8
Cash and cash equivalents, end of period	$	45.7	$	84.2
Supplemental Cash Flow Information:
Non-cash investing in capital expenditures, accrued but not paid	$	10.3	$	6.0

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

5

JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited)

	Three Months Ended March 31, 2023
(In millions)	Common Stock		Common Stock Held in Treasury		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance at December 31, 2022	$	0.3	$	(5.3)	$	220.7	$	851.3	$	(204.3)	$	862.7
Net income	—		—		—		25.6		—		25.6
Issuance of treasury stock	—		1.6		(1.6)		—		—		—
Common stock cash dividends, $0.10 per share	—		—		—		(3.2)		—		(3.2)
Foreign currency translation adjustments, net of income taxes of $0.4	—		—		—		—		5.7		5.7
Derivatives designated as hedges, net of income taxes of $0.8	—		—		—		—		(2.2)		(2.2)
Pension and other postretirement liability adjustments, net of income taxes of $(0.3)	—		—		—		—		0.9		0.9
Stock-based compensation expense	—		—		2.6		—		—		2.6
Taxes withheld on issuance of stock-based awards	—		—		(1.1)		—		—		(1.1)
Balance at March 31, 2023	$	0.3	$	(3.7)	$	220.6	$	873.7	$	(199.9)	$	891.0

	Three Months Ended March 31, 2022
(In millions)	Common Stock		Common Stock Held in Treasury		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance at December 31, 2021	$	0.3	$	—	$	214.2	$	733.4	$	(197.4)	$	750.5
Net income	—		—		—		25.6		—		25.6
Common stock cash dividends, $0.10 per share	—		—		—		(3.2)		—		(3.2)
Foreign currency translation adjustments, net of income taxes of $(0.2)	—		—		—		—		0.1		0.1
Derivatives designated as hedges, net of income taxes of $(2.6)	—		—		—		—		7.3		7.3
Pension and other postretirement liability adjustments, net of income taxes of $(0.5)	—		—		—		—		1.6		1.6
Stock-based compensation expense	—		—		1.7		—		—		1.7
Balance at March 31, 2022	$	0.3	$	—	$	215.9	$	755.8	$	(188.4)	$	783.6

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

6

JOHN BEAN TECHNOLOGIES CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business

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

Basis of Presentation

In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2022, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America.

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

Use of estimates

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

NOTE 2. ACQUISITIONS

During fiscal year 2022, the Company acquired 100% of voting equity of two businesses. The Company did not make any acquisitions during the three months ended March 31, 2023. A summary of the acquisitions made during 2022 is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
September 1, 2022	Stock	Bevcorp, LLC ("Bevcorp")	Eastlake, Ohio	FoodTech
A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications.
July 1, 2022	Stock	Alco-food-machines GmbH & Co. KG ("Alco")	Bad Iburg, Germany	FoodTech
A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings.

7

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

(In millions)	Bevcorp(1)		Alco(2)		Total
Financial assets	$	20.8	$	9.1	$	29.9
Inventories	33.1		11.7		44.8
Property, plant and equipment	5.5		0.9		6.4
Customer relationship(3)	127.0		9.2		136.2
Patents and acquired technology(3)	3.8		4.7		8.5
Trademarks(3)	10.0		3.2		13.2
Financial liabilities	(18.7)		(19.9)		(38.6)
Total identifiable net assets	$	181.5	$	18.9	$	200.4
Cash consideration paid	$	294.9	$	45.1	$	340.0
Cash acquired	5.7		3.9		9.6
Net consideration	$	289.2	$	41.2	$	330.4
Goodwill(4)	$	113.4	$	26.2	$	139.6

(1)During the quarter ended March 31, 2023, the Company recorded an increase in cash consideration paid of $1.1 million due to finalization of the working capital adjustments, and refined estimates for financial liabilities by $(1.0) million, resulting in a corresponding net increase in residual goodwill of $0.1 million. The purchase accounting for Bevcorp is final as of March 31, 2023.

(2)The purchase accounting for Alco is provisional as of March 31, 2023. The valuation of intangibles, income tax balances, and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). During the quarter ended March 31, 2023, the Company made no significant measurement period adjustments for this acquisition.

(3)The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six to twenty-four years. The intangible assets acquired in 2022 have weighted average useful lives of 23 years for trademarks, 20 years for customer relationship, and 7 years for patents and acquired technology.

(4)The Company expects goodwill of $136.4 million from these acquisitions to be deductible for income tax purposes.

8

NOTE 3. GOODWILL AND INTANGIBLE ASSETS

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

(In millions)	FoodTech		AeroTech		Total
Balance as of December 31, 2022	$	770.2	$	37.6	$	807.8
Acquisitions	0.1		—		0.1
Currency translation	5.4		0.1		5.5
Balance as of March 31, 2023	$	775.7	$	37.7	$	813.4

Intangible assets consisted of the following:

	March 31, 2023				December 31, 2022
(In millions)	Carrying Amount		Accumulated Amortization		Carrying Amount		Accumulated Amortization
Customer relationship	$	439.8	$	132.7	$	437.8	$	124.1
Patents and acquired technology	176.5		99.1		174.4		93.9
Trademarks	58.4		17.1		57.8		17.0
Non-amortizing intangible assets	10.5		—		10.4		—
Other	8.8		8.8		8.6		8.6
Total intangible assets	$	694.0	$	257.7	$	689.0	$	243.6

NOTE 4. INVENTORIES

Inventories consisted of the following:

(In millions)	March 31, 2023		December 31, 2022
Raw materials	$	132.8	$	123.5
Work in process	92.4		77.7
Finished goods	221.4		212.6
Gross inventories before LIFO reserves and valuation adjustments	446.6		413.8
LIFO reserves	(63.1)		(62.0)
Valuation adjustments	(31.6)		(29.3)
Net inventories	$	351.9	$	322.5

NOTE 5. PENSION

Components of net periodic benefit cost were as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Service cost	$	0.3	$	0.5
Interest cost	3.2		1.9
Expected return on plan assets	(4.3)		(3.9)
Amortization of net actuarial losses	1.3		2.0
Net periodic cost	$	0.5	$	0.5

The Company expects to contribute $14.5 million to its pension and other post-retirement benefit plans in 2023. The pension contributions will be primarily for the U.S. qualified pension plan, and all of the contributions are expected to be in the form of cash. We have made no contribution to our U.S. qualified pension plan during the three months ended March 31, 2023.

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NOTE 6. DEBT

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

(In millions)	Maturity Date	March 31, 2023		December 31, 2022
Revolving credit facility (1)	December 14, 2026	$	563.0	$	584.6
Less: unamortized debt issuance costs		(2.0)		(2.2)
Revolving credit facility, net		$	561.0	$	582.4
Convertible senior notes (2)	May 15, 2026	$	402.5	$	402.5
Less: unamortized debt issuance costs		(7.0)		(7.6)
Convertible senior notes, net		$	395.5	$	394.9
Long-term debt, net		$	956.5	$	977.3

(1) Weighted-average interest rate at March 31, 2023 was 5.54%

(2) Effective interest rate for the Notes (as defined below) for the quarter ended March 31, 2023 was 0.82%

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

	Three Months Ended March 31,
(In millions)	2023		2022
Contractual interest expense	$	0.3	$	0.3
Interest cost related to amortization of issuance costs	0.6		0.5
Total interest expense	$	0.9	$	0.8

Convertible Note Hedge Transactions

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

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

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

The Company made a tax election to integrate the Notes and the Hedge Transactions. The accounting impact of this tax election makes the Hedge Transactions deductible as original issue discount interest for tax purposes over the term of the note, and results in a $17.1 million deferred tax asset recorded as an adjustment to Additional paid-in capital on our Balance Sheet as of March 31, 2023.

10

Warrant Transactions

In addition, concurrently with entering into the Hedge Transactions, the Company separately entered into privately-negotiated Warrant Transactions (the "Warrant Transactions"), whereby the Company sold to the counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 2.4 million shares of its common stock at an initial strike price of $240.02 per share. The Company received aggregate proceeds of $29.5 million from the Warrant Transactions with the counterparties, with such proceeds partially offsetting the costs of entering into the Hedge Transactions. The warrants expire in August 2026. If the market value per share of the common stock, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless the Company elects, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance.

NOTE 7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the Balance Sheet date. For the Company, AOCI is composed of adjustments related to pension and other postretirement benefit plans, derivatives designated as hedges, and foreign currency translation adjustments. Changes in the AOCI balances for the three months ended March 31, 2023 and 2022 by component are shown in the following tables:

(In millions)	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
Beginning balance, December 31, 2022	$	(130.9)	$	14.8	$	(88.2)	$	(204.3)
Other comprehensive income (loss) before reclassification	(0.1)		(0.4)		6.2		5.7
Amounts reclassified from accumulated other comprehensive income	1.0		(1.8)		(0.5)		(1.3)
Ending balance, March 31, 2023	$	(130.0)	$	12.6	$	(82.5)	$	(199.9)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2023 were $1.4 million of charges to pension expense, other than service cost, net of $0.4 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $2.4 million of interest income, net of $0.60 income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended March 31, 2023 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision.

(In millions)	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
Beginning balance, December 31, 2021	$	(145.5)	$	1.8	$	(53.7)	$	(197.4)
Other comprehensive income (loss) before reclassification	—		7.0		0.6		7.6
Amounts reclassified from accumulated other comprehensive income	1.6		0.3		(0.5)		1.4
Ending balance, March 31, 2022	$	(143.9)	$	9.1	$	(53.6)	$	(188.4)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2022 were $2.0 million of charges to pension expense, other than service cost, net of $0.4 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.4 million of interest expense, net of $0.1 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended March 31, 2022 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision.

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NOTE 8. REVENUE RECOGNITION

Transaction price allocated to remaining performance obligations

The Company has estimated that $1.2 billion in revenue is expected to be recognized in the future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of March 31, 2023. The Company expects to complete these obligations and recognize 70% as revenue in 2023, 25% in 2024, and the remainder after 2024.

Disaggregation of Revenue

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

	Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
(In millions)	FoodTech		AeroTech		FoodTech		AeroTech
Type of Good or Service
Recurring (1)	$	219.3	$	54.5	$	174.2	$	48.7
Non-recurring (1)	169.2		86.5		182.1		64.2
Total	388.5		141.0		356.3		112.9
Geographical Region (2)
North America	240.6		127.3		210.3		104.1
Europe, Middle East and Africa	95.2		7.2		89.4		5.3
Asia Pacific	29.8		4.9		36.0		2.7
Latin America	22.9		1.6		20.6		0.8
Total	388.5		141.0		356.3		112.9
Timing of Recognition
Point in Time	201.8		69.4		171.9		49.6
Over Time	186.7		71.6		184.4		63.3
Total	388.5		141.0		356.3		112.9

(1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation.

(2) Geographical region represents the region in which the end customer resides.

Contract balances

The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Balance Sheet as Contract assets and within Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period.

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Contract asset and liability balances for the period were as follows:

	Balances as of
(In millions)	March 31, 2023		December 31, 2022
Contract Assets	$	96.4	$	89.6
Contract Liabilities	209.8		182.1
	Balances as of
	March 31, 2022		December 31, 2021
Contract Assets	104.0		94.4
Contract Liabilities	207.1		178.0

The revenue recognized during the three months ended March 31, 2023 and 2022 that was included in contract liabilities at the beginning of the period amounted to $77.1 million and $83.5 million, respectively. The remainder of the change from December 31, 2022 and December 31, 2021 is driven by the timing of advance and milestone payments received from customers, customer returns and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.

NOTE 9. EARNINGS PER SHARE

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

	Three Months Ended March 31,
(In millions, except per share data)	2023		2022
Basic earnings per share:
Net income	$	25.6	$	25.6
Weighted average number of shares outstanding	32.0		32.0
Basic earnings per share from net income	$	0.80	$	0.80
Diluted earnings per share:
Net income	$	25.6	$	25.6
Weighted average number of shares outstanding	32.0		32.0
Effect of dilutive securities:
Restricted stock	0.1		0.1
Total shares and dilutive securities	32.1		32.1
Diluted earnings per share from net income	$	0.80	$	0.80

NOTE 10. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

•Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities that the Company can assess at the measurement date.

•Level 2: Observable inputs other than those included in Level 1 that are observable for the asset or liability, either directly or indirectly. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

•Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

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Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:

	As of March 31, 2023								As of December 31, 2022
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	12.9	$	12.9	$	—	$	—	$	12.1	$	12.1	$	—	$	—
Derivatives	30.4		—		30.4		—		34.3		—		34.3		—
Total assets	$	43.3	$	12.9	$	30.4	$	—	$	46.4	$	12.1	$	34.3	$	—
Liabilities:
Derivatives	$	4.7	$	—	$	4.7	$	—	$	7.2	$	—	$	7.2	$	—
Total liabilities	$	4.7	$	—	$	4.7	$	—	$	7.2	$	—	$	7.2	$	—

Investments represent securities held in a trust for the non-qualified deferred compensation plan. Investments are classified as trading securities and are valued based on quoted prices in active markets for identical assets that the Company has the ability to access. Investments are reported separately in other assets on the Balance Sheet, and include an unrealized gain of $0.7 million and an unrealized loss of $3.9 million as of March 31, 2023 and December 31, 2022, respectively.

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

The Notes are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. The fair value of the Notes estimated using Level 2 inputs was $366.3 million as of March 31, 2023.

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

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

NOTE 11. DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Derivative Financial Instruments

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

Foreign Exchange: The Company manufactures and sells products in a number of countries throughout the world and, as a result, the Company is exposed to movements in foreign currency exchange rates. The Company's major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which the Company takes into consideration as part of its risk management policy. The purpose of foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. The Company primarily utilizes forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at March 31, 2023 of $553.5 million, as hedges and therefore does not apply hedge accounting.

Commodity Price Risk: The Company's operations subject us to risk related to the price volatility of certain commodities. The Company principally uses a combination of purchase orders and various short-term supply arrangements in connection with the purchase of our raw materials and components required to manufacture our products. To mitigate the commodity price risk associated with the Company's operations, the Company may enter into commodity derivative instruments. During April 2022, the Company entered into various commodity forward contracts with a maturity of less than 1 year to mitigate this commodity price volatility. All of the Company's commodity forward contracts expired as of December 31, 2022.

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

	As of March 31, 2023				As of December 31, 2022
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Total	$	5.1	$	4.7	$	4.5	$	7.2

A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. The Company enters into master netting arrangements with its counterparties when possible to mitigate credit risk in derivative transactions by permitting it to net settle for transactions with the same counterparty. However, the Company does not net settle with such counterparties. As a result, derivatives are presented at their gross fair values in the Balance Sheet.  

As of March 31, 2023 and December 31, 2022, information related to these offsetting arrangements was as follows:

(In millions)	As of March 31, 2023
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	28.8	$	—	$	28.8	$	(2.8)	$	26.0

(In millions)	As of March 31, 2023
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	4.7	$	—	$	4.7	$	(2.8)	$	1.9

(In millions)	As of December 31, 2022
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	33.0	$	—	$	33.0	$	(3.0)	$	30.0

(In millions)	As of December 31, 2022
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	7.3	$	—	$	7.3	$	(3.0)	$	4.3

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The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Statements of Income: 

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income
		Three Months Ended March 31,
(In millions)		2023		2022
Foreign exchange contracts	Revenue	$	0.9	$	(0.2)
Foreign exchange contracts	Cost of sales	0.6		(0.9)
Foreign exchange contracts	Selling, general and administrative expense	0.2		0.5
Total		1.7		(0.6)
Remeasurement of assets and liabilities in foreign currencies		(1.1)		1.1
Net gain (loss)		$	0.6	$	0.5

Interest Rates: The Company has entered into four interest rate swaps executed in March 2020 with a combined notional amount of $200 million expiring in April 2025, and one interest rate swap executed in May 2020 with a notional amount of $50 million expiring in May 2025. These interest rate swaps fix the interest rate applicable to certain of the Company's variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The Company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income (loss).

At March 31, 2023, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $17.0 million and as accumulated other comprehensive income, net of tax, of $12.5 million. At December 31, 2022, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $19.9 million and as accumulated other comprehensive income, net of tax, of $14.8 million.

Net Investment: The Company has entered into cross currency swap agreements that synthetically swap $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreements are designated as net investment hedges for accounting purposes. Accordingly, the gains or losses on these derivative instruments are included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Coupons received for the cross currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the Statements of Income. Coupon interest from cross currency swap agreements recorded in interest expense, net was approximately $0.7 million for both the three months ended March 31, 2023 and 2022.

At March 31, 2023, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $8.3 million and as accumulated other comprehensive income, net of tax, of $6.2 million. At December 31, 2022, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $9.9 million and as accumulated other comprehensive income, net of tax, of $7.3 million.

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

Credit Risk

By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject the Company to credit risk primarily consist of trade receivables and derivative contracts. The Company manages the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and establishing credit limits, and monitoring counterparties’ financial condition. The Company's maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of March 31, 2023, is limited to the amount drawn and outstanding on the financial instrument. Refer to Note 1. Description of Business and Basis of Presentation in Item 8. Financial Statements and Supplementary Data of the Company's most recent Annual Report on Form 10-K, for a description of how allowance for credit loss is determined on financial assets measured at amortized cost, which includes Trade receivables, Contract assets, and non-current receivables.

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NOTE 12. LEASES

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

	Three Months Ended March 31,
(In millions)	2023		2022
Fixed payment revenue	$	15.1	$	15.6
Variable payment revenue	12.5		9.4
Operating lease revenue	$	27.6	$	25.0
Sales-type lease revenue	$	—	$	0.7

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

NOTE 13. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company is at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although the Company is not able to predict the outcome of such actions, after reviewing all pending and threatened actions with counsel and based on information currently available, management believes that the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the Company's results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to its results of operations in a particular future period as the time and amount of any resolution of such actions and its relationship to the future results of operations are not currently known.

Liabilities are established for pending legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. In many lawsuits and arbitrations, it is not considered probable that a liability has been incurred or not possible to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case no liability would be recognized until that time.

Guarantees and Product Warranties

In the ordinary course of business with customers, vendors and others, the Company issues standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled $165.7 million at March 31, 2023, represent guarantees of future performance. The Company has also provided approximately $6.2 million of bank guarantees and letters of credit to secure a portion of its existing financial obligations. The majority of these financial instruments expire within one year and are expected to be replaced through the issuance of new or the extension of existing letters of credit and surety bonds.

In some instances, the Company guarantees its customers’ financing arrangements. The Company is responsible for payment of any unpaid amounts, but will receive indemnification from third parties for seventy-five percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of March 31, 2023, the gross value of such arrangements was $2.0 million, of which the Company's net exposure under such guarantees was $0.3 million.

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

	Three Months Ended March 31,
(In millions)	2023		2022
Balance at beginning of period	$	15.1	$	12.7
Expense for new warranties	4.6		2.7
Adjustments to existing accruals	(0.3)		(0.1)
Claims paid	(4.2)		(3.0)
Added through acquisition	0.1		—
Translation	0.1		(0.1)
Balance at end of period	$	15.4	$	12.2

NOTE 14. BUSINESS SEGMENT INFORMATION

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

Reportable segments are:

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

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

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

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Business segment information was as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Revenue
FoodTech	$	388.5	$	356.3
AeroTech	141.0		112.9
Total revenue	529.5		469.2
Income before income taxes
Segment operating profit:
FoodTech	46.3		39.9
AeroTech	13.2		6.8
Total segment operating profit	59.5		46.7
Corporate items:
Corporate expense (1)	18.9		15.6
Restructuring expense (2)	0.6		0.5
Operating income	40.0		30.6
Pension expense, other than service cost	0.2		—
Interest expense, net	7.2		2.1
Net income before income taxes	$	32.6	$	28.5

(1)Corporate expense generally includes corporate staff-related expense, stock-based compensation, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations.

(2)Refer to Note 15. Restructuring for further information on restructuring charges.

NOTE 15. RESTRUCTURING

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

In the third quarter of 2022, the Company implemented a restructuring plan (the "2022/2023 restructuring plan") to optimize the overall FoodTech cost structure on a global basis. The initiatives under this plan will include streamlining operations and enhancing our general and administrative infrastructure. As of March 31, 2023, the Company recognized restructuring charges of $6.0 million, net of a cumulative release of the related liability of $1.3 million. The total estimated cost, net release of liability in connection with this plan is in the range of $8.0 million to $10.0 million expected to be recognized by the end of 2023.

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The following table details the cumulative restructuring charges reported in operating income for the 2022/2023 restructuring plan since the implementation of this plan:  

	Cumulative Amount		As of the Quarter Ended		Cumulative Amount
(In millions)	Balance as of December 31, 2022		March 31, 2023		Balance as of March 31, 2023
2022/2023 restructuring plan
Severance and related expense	$	5.4	$	0.6	$	6.0
Total Restructuring charges, net release of liability	$	5.4	$	0.6	$	6.0

Restructuring charges, net of related release of liability, is reported in restructuring expense within the Consolidated Statements of Income. Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheets. The table below details the activities in 2023:

			Impact to Earnings
(In millions)	Balance as of December 31, 2022		Charged to Earnings		Releases		Cash Payments		Balance as of March 31, 2023
2022/2023 restructuring plan
Severance and related expense	$	4.3	$	1.6	$	(1.0)	$	(1.1)	$	3.8
Total	$	4.3	$	1.6	$	(1.0)	$	(1.1)	$	3.8

The Company released $1.0 million of the liability during the three months ended March 31, 2023, which it no longer expects to pay in connection with the restructuring plans due to actual severance payments differing from the original estimates and natural attrition of employees.

NOTE 16. RELATED PARTY TRANSACTIONS

The Company is a party to lease agreements to lease manufacturing facilities from entities owned by certain of the Company's employees who were former owners or employees of acquired businesses. As of March 31, 2023, the operating lease right-of-use asset and the lease liability related to these agreements is $3.9 million and $4.1 million, respectively.

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

Cautionary Note Regarding Forward-Looking Statements

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

•fluctuations in our financial results;

•unanticipated delays or acceleration in our sales cycles;

•deterioration of economic conditions; including impacts from supply chain delays and reduced material or component availability;

•inflationary pressures, including increases in energy, raw material, freight, and labor costs;

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

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

•risks associated with acquisitions or strategic investments;

•fluctuations in currency exchange rates;

•changes in food consumption patterns;

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

•weather conditions and natural disasters;

•impact of climate change and environmental protection initiatives;

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

•acts of terrorism or war, including the recent conflict between Russia and Ukraine;

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

•customer sourcing initiatives;

•competition and innovation in our industries;

•difficulty in implementing our pure play food and beverage business strategy, including our ability to timely execute on strategic alternatives for AeroTech, and whether we can achieve the potential benefits of such strategic alternatives;

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

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

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

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

•loss of key management and other personnel;

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

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

•increases in tax liabilities;

•work stoppages;

•fluctuations in interest rates and returns on pension assets;

•a systemic failure of the banking system in the United States or globally impacting our customers' financial condition and their demand for our goods and services;

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

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

If one or more of those or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Consequently, actual events and results may vary significantly from those

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included in or contemplated or implied by our forward-looking statements. The forward-looking statements included in this Form 10-Q are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

Executive Overview

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

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

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

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

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

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

As part of the above strategy, our intent is to become a pure play food & beverage solutions company and are therefore pursuing a sale of AeroTech.

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

Our approach to Environmental, Social and Corporate Governance (ESG) builds on our culture and long tradition of concern for our employees’ health, safety, and well-being; partnering with our customers to find ways to make better use of the earth’s precious resources; and giving back to the communities where we live and work. Our FoodTech equipment and technologies continue to deliver quality performance while striving to minimize food waste, extend food product life, and maximize efficiency in order to create shared value for our food and beverage customers. Our AeroTech equipment business offers a variety of power options, including electrically powered ground support equipment, that help customers meet their environmental objectives. While the majority of our impact lies within the solutions offered to our customers, our commitment to environmental responsibility extends to our own operations. We strive for our own facilities to operate efficiently and safely, much like the solutions we provide to our customers. We recognize the responsibility we have to make a positive impact on our shareholders, the environment and our communities in a manner that is consistent with our fiduciary duties. We have engaged in structured education for enhancing inclusive leadership skills in our organization designed to ensure more diversity in our leadership and hiring practices.

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

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Business Conditions and Outlook

In terms of top–line growth, we continued to experience a healthy demand for our goods and services particularly in North America during the first quarter of 2023. Higher demand in FoodTech is driven by customer needs, particularly for aftermarket parts and services.On the AeroTech side, a continued recovery in passenger airline industry has led the passenger traffic to reach the pre-pandemic levels in North America. This has led to record high orders for our AeroTech goods and services. Looking ahead, we anticipate revenue growth in both segments through 2023 due to continued momentum in overall customer demand for our products and services and a record backlog entering into 2023.

Our operating margins improved in the quarter as a result of actions we have taken so far to mitigate the impacts of supply chain disruptions, high inflation, and labor availability affecting both FoodTech and AeroTech. We expect these trends to continue, as we take further actions that includes price increases, productivity improvements, and strategic sourcing initiatives. Additionally, we have continued to enhance our internal operating efficiency with the ongoing benefits of our restructuring programs.

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CONSOLIDATED RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2023 AND 2022

	Three Months Ended March 31,						Favorable / (Unfavorable)
(In millions, except %)	2023			2022			Change		%
Total revenue	$	529.5		$	469.2		$	60.3	12.9	%
Cost of sales	371.1			329.7			(41.4)		(12.6)	%
Gross profit	158.4			139.5			18.9		13.5	%
Gross profit %	29.9		%	29.7		%	20 bps
Selling, general and administrative expense	117.8			108.4			(9.4)		(8.7)	%
Restructuring expense	0.6			0.5			(0.1)		(20.0)	%
Operating income	40.0			30.6			9.4		30.7	%
Operating income %	7.6		%	6.5		%	110 bps
Pension expense, other than service cost	0.2			—			(0.2)		100.0	%
Interest expense, net	7.2			2.1			(5.1)		(242.9)	%
Net income before income taxes	32.6			28.5			4.1		14.4	%
Income tax provision	7.0			2.9			(4.1)		(141.4)	%
Net income	$	25.6		$	25.6		$	—	—	%

Total revenue for the three months ended March 31, 2023 increased $60.3 million compared to the same period in 2022. Organic revenue grew $36.5 million in the period, acquisitions provided additional revenue of $34.2 million, and foreign currency translation was unfavorable by $10.4 million in the period compared to the prior year. Growth from organic revenue was the result of increases in recurring revenue partially offset by a marginal decrease in volume for non-recurring revenue.

Operating income margin was 7.6% for the three months ended March 31, 2023 compared to 6.5% in the same period in 2022, an increase of 110 bps, as a result of the following drivers:

•Gross profit margin increased 20 bps to 29.9% compared to 29.7% in the same period last year. This increase was driven primarily by higher pricing and leveraging of fixed costs on higher volume year over year, partially offset by higher LIFO expense resulting from the on-going inflationary environment.

•Selling, general and administrative expense increased $9.4 million from prior year, and as a percent of revenue decreased 80 bps to 22.3% compared to 23.1% in the same period last year. This was due to a decrease in M&A related costs, and leveraging of fixed costs as revenue increased year-over-year, partially off-set by higher costs related to the implementation of the OmniBluTM platform and incentive compensation.

•Currency translation decreased operating income by $1.5 million.

Increase in net interest expense was primarily due to higher interest rates as well as a higher average debt balance to fund the

acquisitions we made in the third quarter of 2022.

The Company's tax rate was 21.4% for the three months ended March 31, 2023 compared to 10.2% in the same period in 2022. The tax rate for the three months ended March 31, 2022 was favorably impacted by discrete items totaling $3.2 million, primarily driven by a $1.5 million tax benefit from the UK patent box regime and a $1.4 million tax benefit from the resolution of Brazilian tax litigation. There were no significant discrete items recorded for the three months ended March 31, 2023

24

OPERATING RESULTS OF BUSINESS SEGMENTS

THREE MONTHS ENDED MARCH 31, 2023 AND 2022

	Three Months Ended March 31, 2023						Favorable / (Unfavorable)
(In millions, except %)	2023			2022			Change		%
Revenue
FoodTech	$	388.5		$	356.3		$	32.2	9.0	%
AeroTech	141.0			112.9			28.1		24.9	%
Total revenue	$	529.5		$	469.2		$	60.3	12.9	%
Operating income before income taxes
Segment operating profit(1)(2):
FoodTech	$	46.3		$	39.9		$	6.4	16.0	%
FoodTech segment operating profit %	11.9		%	11.2		%	70 bps
AeroTech	13.2			6.8			6.4		94.1	%
AeroTech segment operating profit %	9.4		%	6.0		%	340 bps
Total segment operating profit	59.5			46.7			12.8		27.4	%
Total segment operating profit %	11.2		%	10.0		%	120 bps
Corporate items:
Corporate expense	18.9			15.6			(3.3)		(21.2)	%
Restructuring expense	0.6			0.5			(0.1)		(20.0)	%
Operating income	$	40.0		$	30.6		$	9.4	30.7	%
Operating income %	7.6		%	6.5		%	110 bps
Inbound orders:
FoodTech	$	405.9		$	411.8
AeroTech	232.3			153.7
Total inbound orders	$	638.2		$	565.5

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

(2)Segment operating profit is defined as total segment revenue less segment operating expense. Corporate expense, restructuring expense, interest income and expense and income taxes are not allocated to the segments. Corporate expense generally includes corporate staff-related expense, stock-based compensation, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations.

25

FoodTech

FoodTech revenue increased by $32.2 million or 9% for the first quarter ended March 31, 2023 compared to the same period in 2022. Revenue from acquisitions contributed $34.2 million and organic revenue grew $7.7 million in the period. Foreign currency translation was unfavorable by $9.6 million in the quarter. Organic revenue growth of $7.7 million on a constant currency basis was due to additional recurring revenue of $28.9 million, partially offset by a decrease in non-recurring revenue of $21.2 million in the quarter compared to the same period in 2022.

FoodTech operating profit increased $6.4 million or 16.0% year over year, including an unfavorable foreign currency translation of $1.6 million during the period. Gross profit margins increased ~70 bps year over year contributing to a higher operating profit margin of 11.9% in 2023 compared to 11.2% in the prior year. Operating and gross profit margins increased year over year primarily due to a higher mix of organic revenue growth from higher-margin recurring revenue compared to non-recurring revenue. Selling, general and administrative expense increased $7.6 million from prior year, including $6.0 million from acquired companies, but as a percent of revenue was comparable to prior year at 22.4%.

AeroTech

JBT AeroTech's revenue increased $28.1 million or 24.9% in the first quarter of 2023 compared to the same period in 2022. This increase is comprised of a $19.6 million increase from our mobile equipment business, a $7.5 million increase in our fixed equipment business and a $1.6 million increase from our service business. Foreign currency translation was unfavorable by $0.5 million. The increase in our mobile equipment business was driven by higher equipment and aftermarket sales as a result of the continued industry recovery from COVID-19. The increase in our fixed equipment business was primarily due to strong demand from domestic customers for equipment and aftermarket. The increase in service revenue was a result of a net increase in revenue from new maintenance contracts.

JBT AeroTech’s operating profit increased $6.4 million or 94.1% in the first quarter of 2023 compared to 2022. AeroTech’s operating profit margin was 9.4% compared to 6.0% in the prior year, reflecting an increase of 340 bps. Gross profit margins increased 150 bps driven by higher pricing and leveraging of fixed costs on higher volumes. Selling, general and administrative expenses in 2023 were $0.9 million above 2022 but down 180 bps as a percent of revenue. Currency translation had an immaterial impact.

Corporate Expense

Corporate expense increased $3.3 million during the three months ended March 31, 2023, compared to the same period in 2022. The increase was driven primarily by higher LIFO expense, incentive compensation, and expense related to implementation of the OmniBluTM platform, partially offset by lower M&A related costs.

Use of Non-GAAP Financial Measure

We present certain financial information on a constant currency basis in this quarterly report on Form 10-Q to provide greater transparency into our operating results and trends, and a more meaningful comparison of our ongoing operating results, consistent with how management evaluates performance. We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation excludes the impact of fluctuations in foreign currency exchange rates. We calculate constant currency percentages by converting our financial results in local currency for a period using the average exchange rate for the prior period to which we are comparing.

26

Restructuring

In the third quarter of 2022, the Company implemented a restructuring plan (the "2022/2023 restructuring plan") to optimize the overall FoodTech cost structure on a global basis. The initiatives under this plan will include streamlining operations and our general and administrative infrastructure. As of March 31, 2023, the Company recognized restructuring charges of $6.0 million, net of a cumulative release of the related liability of $1.3 million. We estimate the total cost of full implementation will be in the range of $8.0 million to $10.0 million expected to be recognized by the end of 2023.

The following table details the cumulative amount of annualized savings and incremental savings for the 2022/2023 restructuring plan:

	Cumulative Amount		Incremental Amount		Cumulative Amount
(In millions)	As of December 31, 2022		During the quarter ended March 31, 2023		As of March 31, 2023
Cost of sales	$	0.1	$	0.5	$	0.6
Selling, general and administrative	0.1		1.0		1.1
Total restructuring savings	$	0.2	$	1.5	$	1.7

Cumulative savings for the 2022/2023 restructuring plan is in the range of $9.0 million to $12.0 million with a range of $5.0 million to $6.0 million expected to be realized for the full year 2023 and the remainder in 2024.

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

Liquidity and Capital Resources

Overview of Sources and Uses of Cash

Our primary sources of liquidity are cash flows provided by operating activities from our U.S. and foreign operations, borrowings from our revolving credit facility, and proceeds from the issuance of the convertible notes on May 28, 2021.

As of March 31, 2023, we had $45.7 million of cash and cash equivalents, $39.5 million of which was held by our foreign subsidiaries. Although certain funds are considered permanently invested in our foreign subsidiaries, we are not presently aware of any restriction on the repatriation of these funds. We maintain significant operations outside of the U.S., and many of our uses of cash for working capital, capital expenditures and business acquisitions arise in these foreign jurisdictions. If these funds were needed to fund our operations or satisfy obligations in the U.S., they could be repatriated and their repatriation into the U.S. could cause us to incur additional U.S. income tax and foreign withholding taxes. The foreign withholding taxes on these repatriations to the U.S. would potentially be partially offset by U.S. foreign tax credits.

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

Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures immediately in the year incurred and required taxpayers to amortize such expenditures in the U.S. over five years. As a result, we expect an adverse impact of approximately $20 million to our cash from operations in 2023. The impact will continue over the next four-year amortization period but decrease each year.

For the three months ended March 31, 2023, we had total operating cash flow of $21.6 million. For full year 2023, we expect to generate positive cash flows. Our liquidity as of March 31, 2023, or cash plus borrowing ability under our revolving credit facilities, was $542.8 million.

27

The cash flows generated by our operations and borrowings are expected to be sufficient to satisfy our principal cash requirements that include our working capital needs, new product development, restructuring expenses, capital expenditures, income taxes, debt repayments, dividends, periodic pension contributions, and other financing arrangements.

Based on our current capital allocation objectives, during 2023, we anticipate capital expenditures to be between $60 million and $70 million, which includes about $12 million to $14 million of continued capitalized investment in our digital platform OmniBluTM. Our level of capital expenditures varies from time to time as a result of actual and anticipated business conditions. We believe JBT's strong balance sheet, operating cash flows, and access to capital as of March 31, 2023, positions us to successfully navigate through the current challenging economic conditions as we continue to invest in growth strategies including our acquisition program and new product development.

Cash Flows

Cash flows for the three months ended March 31, 2023 and 2022 were as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Cash provided by operating activities	$	21.6	$	39.1
Cash required by investing activities	(18.9)		(27.0)
Cash required by financing activities	(30.0)		(7.6)
Effect of foreign exchange rate changes on cash and cash equivalents	(0.1)		0.9
(Decrease) increase in cash and cash equivalents	$	(27.4)	$	5.4

Cash provided by operating activities during the three months ended March 31, 2023 was $21.6 million, representing a $17.5 million decrease compared to the same period in 2022. This decrease was driven primarily by a continued investment in inventory, an increase in payments of accounts payable, and lower customer collection of advance payments, partially offset by higher customer collections for trade receivables and lower pension contributions.

Cash required by investing activities during the three months ended March 31, 2023 was $(18.9) million, a decrease of $8.1 million compared to the same period in 2022, primarily due to lower spending on capital expenditures partially offset by higher M&A related costs year over year.

Cash required by financing activities of $(30.0) million during the three months ended March 31, 2023, an increase of $22.4 million compared to same period in 2022. This increase was primarily due to higher debt repayments for our revolving credit facility year over year.

Financing Arrangements

As of March 31, 2023 we had $563.0 million drawn on and $730.6 million of availability under the revolving credit facility. Our ability to use this revolving credit facility is limited by the leverage ratio covenant described below.

Our credit agreement includes restrictive covenants that, if not met, could lead to a renegotiation of our credit lines, a requirement to repay our borrowings and/or a significant increase in our cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, as well as certain events of default. As of March 31, 2023, we were in compliance with all covenants in our credit agreement. We expect to remain in compliance with all covenants in the foreseeable future. However, there can be no assurance that continued or increased volatility in global economic conditions will not impair our ability to meet our covenants, or that we will continue to be able to access the capital and credit markets on terms acceptable to us or at all.

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

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

28

As of March 31, 2023, we have four interest rate swaps executed in March 2020 with a combined notional amount of $200 million expiring in April 2025, and one interest rate swap executed in May 2020 with a notional amount of $50 million expiring in May 2025. We have designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in Accumulated other comprehensive income (loss).

As a result, as of March 31, 2023, a significant portion of our total outstanding debt of $965.5 million effectively remains fixed rate debt, with the Convertible Senior Notes subject to a fixed rate of 0.25% and a portion of revolving credit facility subject to an average fixed rate of 0.82%. Approximately $313.0 million, or 32%, remained subject to floating, or market rates. To the extent interest rates increase in future periods, our earnings could be negatively impacted by higher interest expense.

CRITICAL ACCOUNTING ESTIMATES

There were no material changes in our judgments and assumptions associated with the development of our critical accounting estimates during the period ended March 31, 2023. Refer to our Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion of our critical accounting estimates.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in reported market risks from the information reported in our Annual Report on Form 10-K for the year ended December 31, 2022.

ITEM 4. CONTROLS AND PROCEDURES

Under the direction of our principal executive officer and principal financial officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of March 31, 2023. We have concluded that, as of March 31, 2023, our disclosure controls and procedures were:

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

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

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

There were no changes in controls identified in the evaluation for the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act.

29

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There have been no material legal proceedings identified or material developments in existing material legal proceedings during the three months ended March 31, 2023.

ITEM 1A. RISK FACTORS

There have been no material changes in reported risk factors from the information reported in Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

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

The following table includes information about the Company’s stock repurchases during the three months ended March 31, 2023:

(Dollars in millions, except per share amounts)
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as part of Publicly Announced Program (1)	Approximate Dollar Value of Shares that may yet be Purchased under the Program
January 1, 2023 through January 31, 2023	—	$	—	—	$	22.3
February 1, 2023 through February 28, 2023	—	—		—	22.3
March 1, 2023 through March 31, 2023	—	—		—	22.3
	—	$	—	—	$	22.3

(1)Shares that may be repurchased under a share repurchase program for up to $30 million of common stock that was authorized by the Board of Directors on December 1, 2021 and is set to expire on December 31, 2024. Shares may be purchased from time to time in open market transactions, subject to market conditions. Repurchased shares become treasury shares, which are accounted for using the cost method and are intended to be used for future awards under the Incentive Compensation Plan.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

30

EXHIBIT INDEX

Number in Exhibit Table	Description
10.1	Amended and Restated Executive Severance Pay Plan, as amended February 22, 2023 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on February 28, 2023).
31.1*	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) /15d-14(a).
31.2*	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) /15d-14(a).
32.1*	Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).
*	Filed herewith.

31

SIGNATURE

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

John Bean Technologies Corporation

(Registrant)

/s/ Jessi L. Corcoran

Jessi L. Corcoran

Vice President, Corporate Controller and duly authorized officer

(Principal Accounting Officer)

Date: April 26, 2023

32

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Brian A. Deck, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: April 26, 2023

/s/ Brian A. Deck

Brian A. Deck

President and Chief Executive Officer

(Principal executive officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Matthew J. Meister, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: April 26, 2023

/s/ Matthew J. Meister

Matthew J. Meister

Executive Vice President and Chief Financial Officer

(Principal financial officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

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

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

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

(a)    the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended March 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Date: April 26, 2023

/s/ Brian A. Deck

Brian A. Deck

President and Chief Executive Officer

(Principal executive officer)

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

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

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

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

(a)    the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended March 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Date: April 26, 2023

/s/ Matthew J. Meister

Matthew J. Meister

Executive Vice President and Chief Financial Officer

(Principal financial officer)

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 19, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-34036
Entity Registrant Name	John Bean Technologies Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-1650317
Entity Address, Address Line One	70 West Madison Street,
Entity Address, Address Line Two	Suite 4400
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60602
City Area Code	312
Local Phone Number	861-5900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	JBT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,820,355
Entity Central Index Key	0001433660
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 529.5	$ 469.2
Operating expenses:
Selling, general and administrative expense	117.8	108.4
Restructuring expense	0.6	0.5
Operating income	40.0	30.6
Pension expense, other than service cost	0.2	0.0
Interest expense, net	7.2	2.1
Net income before income taxes	32.6	28.5
Income tax provision	7.0	2.9
Net income	$ 25.6	$ 25.6
Basic earnings per share:
Basic earnings per share from net income	$ 0.80	$ 0.80
Diluted earnings per share:
Net income	$ 0.80	$ 0.80
Product
Revenue	$ 450.8	$ 400.9
Operating expenses:
Cost of products	316.4	281.8
Service
Revenue	78.7	68.3
Operating expenses:
Cost of products	$ 54.7	$ 47.9

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 25.6	$ 25.6
Other comprehensive income, net of income taxes
Foreign currency translation adjustments	5.7	0.1
Pension and other postretirement benefits adjustments	0.9	1.6
Derivatives designated as hedges	(2.2)	7.3
Other comprehensive income	4.4	9.0
Comprehensive income	$ 30.0	$ 34.6

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 45.7	$ 73.1
Trade receivables, net of allowances	287.4	299.0
Contract assets	96.4	89.6
Inventories	351.9	322.5
Other current assets	84.8	85.4
Total current assets	866.2	869.6
Property, plant and equipment, net of accumulated depreciation of $353.3 and $346.4 respectively	273.1	269.9
Goodwill	813.4	807.8
Intangible assets, net	436.3	445.4
Other assets	190.6	191.4
Total Assets	2,579.6	2,584.1
Current Liabilities:
Short-term debt	0.8	0.6
Accounts payable, trade and other	215.3	237.0
Advance and progress payments	220.4	194.7
Other current liabilities	181.8	188.9
Total current liabilities	618.3	621.2
Long-term debt	956.5	977.3
Accrued pension and other postretirement benefits, less current portion	31.4	32.0
Other liabilities	82.4	90.9
Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2023 or 2022	0.0	0.0
Common stock, $0.01 par value; 120,000,000 shares authorized; March 31, 2023: 31,861,680 issued, and 31,820,355 outstanding; December 31, 2022: 31,861,680 issued, and 31,803,721 outstanding	0.3	0.3
Common stock held in treasury, at cost March 31, 2023: 41,325 shares; December 31, 2022: 57,959 shares	(3.7)	(5.3)
Additional paid-in capital	220.6	220.7
Retained earnings	873.7	851.3
Accumulated other comprehensive loss	(199.9)	(204.3)
Total stockholders' equity	891.0	862.7
Total Liabilities and Stockholders' Equity	$ 2,579.6	$ 2,584.1

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 353.3	$ 346.4
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock , shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	31,861,680	31,861,680
Common stock, shares outstanding (in shares)	31,820,355	31,803,721
Common stock held in treasury (in shares)	41,325	57,959

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Condensed Consolidated Statements of Cash Flows (Statement) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Net income	$ 25.6	$ 25.6
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	23.9	19.9
Stock-based compensation	2.6	1.7
Other	4.9	1.7
Trade receivables, net and contract assets	4.4	(6.5)
Inventories	(30.9)	(47.2)
Accounts payable, trade and other	(21.5)	27.2
Advance and progress payments	27.0	28.4
Accrued pension and other postretirement benefits, net	(0.3)	(2.0)
Other assets and liabilities, net	(14.1)	(9.7)
Cash provided by operating activities	21.6	39.1
Acquisitions, net of cash acquired	(1.1)	(0.4)
Capital expenditures	(17.9)	(26.7)
Proceeds from disposal of assets	0.1	0.1
Cash required by investing activities	(18.9)	(27.0)
Net proceeds on short-term debt	0.2	0.1
Net payments for domestic credit facilities	(25.9)	(4.5)
Payment, Tax Withholding, Share-based Payment Arrangement	(1.1)	0.0
Dividends	(3.2)	(3.2)
Cash required by financing activities	(30.0)	(7.6)
Effect of foreign exchange rate changes on cash and cash equivalents	(0.1)	0.9
(Decrease) increase in cash and cash equivalents	(27.4)	5.4
Cash and cash equivalents, beginning of period	73.1	78.8
Cash and cash equivalents, end of period	45.7	84.2
Supplemental Cash Flow Information:
Non-cash investing in capital expenditures, accrued but not paid	$ 10.3	$ 6.0

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Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Common Stock Held in Treasury	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021	$ 750.5	$ 0.3	$ 0.0	$ 214.2	$ 733.4	$ (197.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25.6				25.6
Common stock cash dividends, $0.10 per share	(3.2)				(3.2)
Foreign currency translation adjustments, net of income taxes of $0.4	0.1					0.1
Derivatives designated as hedges, net of income taxes of $0.8	7.3					7.3
Pension and other postretirement liability adjustments, net of income taxes of $(0.3)	1.6					1.6
Stock-based compensation expense	1.7			1.7
Ending balance at Mar. 31, 2022	783.6	0.3	0.0	215.9	755.8	(188.4)
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021	750.5	0.3	0.0	214.2	733.4	(197.4)
Ending balance at Dec. 31, 2022	862.7	0.3	(5.3)	220.7	851.3	(204.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25.6				25.6
Issuance of treasury stock	0.0		1.6	(1.6)
Common stock cash dividends, $0.10 per share	(3.2)				(3.2)
Foreign currency translation adjustments, net of income taxes of $0.4	5.7					5.7
Derivatives designated as hedges, net of income taxes of $0.8	(2.2)					(2.2)
Pension and other postretirement liability adjustments, net of income taxes of $(0.3)	0.9					0.9
Stock-based compensation expense	2.6			2.6
Taxes withheld on issuance of stock-based awards	(1.1)			(1.1)
Ending balance at Mar. 31, 2023	$ 891.0	$ 0.3	$ (3.7)	$ 220.6	$ 873.7	$ (199.9)

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Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock cash dividends (in usd per share)	$ 0.10	$ 0.10
Foreign currency, translation adjustments, tax	$ 0.4	$ (0.2)
Derivatives designated as hedges, tax	0.8	(2.6)
Pension and other postretirement liability adjustments, tax	$ (0.3)	$ (0.5)

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Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business

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

Basis of Presentation

In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2022, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America.

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

Use of estimates

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

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Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

During fiscal year 2022, the Company acquired 100% of voting equity of two businesses. The Company did not make any acquisitions during the three months ended March 31, 2023. A summary of the acquisitions made during 2022 is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
September 1, 2022	Stock	Bevcorp, LLC ("Bevcorp")	Eastlake, Ohio	FoodTech
A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications.
July 1, 2022	Stock	Alco-food-machines GmbH & Co. KG ("Alco")	Bad Iburg, Germany	FoodTech
A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings.

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

(In millions)	Bevcorp(1)		Alco(2)		Total
Financial assets	$	20.8	$	9.1	$	29.9
Inventories	33.1		11.7		44.8
Property, plant and equipment	5.5		0.9		6.4
Customer relationship(3)	127.0		9.2		136.2
Patents and acquired technology(3)	3.8		4.7		8.5
Trademarks(3)	10.0		3.2		13.2
Financial liabilities	(18.7)		(19.9)		(38.6)
Total identifiable net assets	$	181.5	$	18.9	$	200.4
Cash consideration paid	$	294.9	$	45.1	$	340.0
Cash acquired	5.7		3.9		9.6
Net consideration	$	289.2	$	41.2	$	330.4
Goodwill(4)	$	113.4	$	26.2	$	139.6

(1)During the quarter ended March 31, 2023, the Company recorded an increase in cash consideration paid of $1.1 million due to finalization of the working capital adjustments, and refined estimates for financial liabilities by $(1.0) million, resulting in a corresponding net increase in residual goodwill of $0.1 million. The purchase accounting for Bevcorp is final as of March 31, 2023.

(2)The purchase accounting for Alco is provisional as of March 31, 2023. The valuation of intangibles, income tax balances, and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). During the quarter ended March 31, 2023, the Company made no significant measurement period adjustments for this acquisition.

(3)The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six to twenty-four years. The intangible assets acquired in 2022 have weighted average useful lives of 23 years for trademarks, 20 years for customer relationship, and 7 years for patents and acquired technology.

(4)The Company expects goodwill of $136.4 million from these acquisitions to be deductible for income tax purposes.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

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

(In millions)	FoodTech		AeroTech		Total
Balance as of December 31, 2022	$	770.2	$	37.6	$	807.8
Acquisitions	0.1		—		0.1
Currency translation	5.4		0.1		5.5
Balance as of March 31, 2023	$	775.7	$	37.7	$	813.4

Intangible assets consisted of the following:

	March 31, 2023				December 31, 2022
(In millions)	Carrying Amount		Accumulated Amortization		Carrying Amount		Accumulated Amortization
Customer relationship	$	439.8	$	132.7	$	437.8	$	124.1
Patents and acquired technology	176.5		99.1		174.4		93.9
Trademarks	58.4		17.1		57.8		17.0
Non-amortizing intangible assets	10.5		—		10.4		—
Other	8.8		8.8		8.6		8.6
Total intangible assets	$	694.0	$	257.7	$	689.0	$	243.6

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Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:

(In millions)	March 31, 2023		December 31, 2022
Raw materials	$	132.8	$	123.5
Work in process	92.4		77.7
Finished goods	221.4		212.6
Gross inventories before LIFO reserves and valuation adjustments	446.6		413.8
LIFO reserves	(63.1)		(62.0)
Valuation adjustments	(31.6)		(29.3)
Net inventories	$	351.9	$	322.5

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Pension

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Pension

PENSION

Components of net periodic benefit cost were as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Service cost	$	0.3	$	0.5
Interest cost	3.2		1.9
Expected return on plan assets	(4.3)		(3.9)
Amortization of net actuarial losses	1.3		2.0
Net periodic cost	$	0.5	$	0.5

The Company expects to contribute $14.5 million to its pension and other post-retirement benefit plans in 2023. The pension contributions will be primarily for the U.S. qualified pension plan, and all of the contributions are expected to be in the form of cash. We have made no contribution to our U.S. qualified pension plan during the three months ended March 31, 2023.

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Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

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

(In millions)	Maturity Date	March 31, 2023		December 31, 2022
Revolving credit facility (1)	December 14, 2026	$	563.0	$	584.6
Less: unamortized debt issuance costs		(2.0)		(2.2)
Revolving credit facility, net		$	561.0	$	582.4
Convertible senior notes (2)	May 15, 2026	$	402.5	$	402.5
Less: unamortized debt issuance costs		(7.0)		(7.6)
Convertible senior notes, net		$	395.5	$	394.9
Long-term debt, net		$	956.5	$	977.3

(1) Weighted-average interest rate at March 31, 2023 was 5.54%

(2) Effective interest rate for the Notes (as defined below) for the quarter ended March 31, 2023 was 0.82%

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

	Three Months Ended March 31,
(In millions)	2023		2022
Contractual interest expense	$	0.3	$	0.3
Interest cost related to amortization of issuance costs	0.6		0.5
Total interest expense	$	0.9	$	0.8

Convertible Note Hedge Transactions

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

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

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

The Company made a tax election to integrate the Notes and the Hedge Transactions. The accounting impact of this tax election makes the Hedge Transactions deductible as original issue discount interest for tax purposes over the term of the note, and results in a $17.1 million deferred tax asset recorded as an adjustment to Additional paid-in capital on our Balance Sheet as of March 31, 2023.

Warrant Transactions

In addition, concurrently with entering into the Hedge Transactions, the Company separately entered into privately-negotiated Warrant Transactions (the "Warrant Transactions"), whereby the Company sold to the counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 2.4 million shares of its common stock at an initial strike price of $240.02 per share. The Company received aggregate proceeds of $29.5 million from the Warrant Transactions with the counterparties, with such proceeds partially offsetting the costs of entering into the Hedge Transactions. The warrants expire in August 2026. If the market value per share of the common stock, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless the Company elects, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the Balance Sheet date. For the Company, AOCI is composed of adjustments related to pension and other postretirement benefit plans, derivatives designated as hedges, and foreign currency translation adjustments. Changes in the AOCI balances for the three months ended March 31, 2023 and 2022 by component are shown in the following tables:

(In millions)	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
Beginning balance, December 31, 2022	$	(130.9)	$	14.8	$	(88.2)	$	(204.3)
Other comprehensive income (loss) before reclassification	(0.1)		(0.4)		6.2		5.7
Amounts reclassified from accumulated other comprehensive income	1.0		(1.8)		(0.5)		(1.3)
Ending balance, March 31, 2023	$	(130.0)	$	12.6	$	(82.5)	$	(199.9)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2023 were $1.4 million of charges to pension expense, other than service cost, net of $0.4 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $2.4 million of interest income, net of $0.60 income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended March 31, 2023 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision.

(In millions)	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
Beginning balance, December 31, 2021	$	(145.5)	$	1.8	$	(53.7)	$	(197.4)
Other comprehensive income (loss) before reclassification	—		7.0		0.6		7.6
Amounts reclassified from accumulated other comprehensive income	1.6		0.3		(0.5)		1.4
Ending balance, March 31, 2022	$	(143.9)	$	9.1	$	(53.6)	$	(188.4)

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2022 were $2.0 million of charges to pension expense, other than service cost, net of $0.4 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.4 million of interest expense, net of $0.1 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended March 31, 2022 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision.

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Revenue Recognition (Notes)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Transaction price allocated to remaining performance obligations

The Company has estimated that $1.2 billion in revenue is expected to be recognized in the future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of March 31, 2023. The Company expects to complete these obligations and recognize 70% as revenue in 2023, 25% in 2024, and the remainder after 2024.

Disaggregation of Revenue

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

	Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
(In millions)	FoodTech		AeroTech		FoodTech		AeroTech
Type of Good or Service
Recurring (1)	$	219.3	$	54.5	$	174.2	$	48.7
Non-recurring (1)	169.2		86.5		182.1		64.2
Total	388.5		141.0		356.3		112.9
Geographical Region (2)
North America	240.6		127.3		210.3		104.1
Europe, Middle East and Africa	95.2		7.2		89.4		5.3
Asia Pacific	29.8		4.9		36.0		2.7
Latin America	22.9		1.6		20.6		0.8
Total	388.5		141.0		356.3		112.9
Timing of Recognition
Point in Time	201.8		69.4		171.9		49.6
Over Time	186.7		71.6		184.4		63.3
Total	388.5		141.0		356.3		112.9

(1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation.

(2) Geographical region represents the region in which the end customer resides.

Contract balances

The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Balance Sheet as Contract assets and within Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period.

Contract asset and liability balances for the period were as follows:

	Balances as of
(In millions)	March 31, 2023		December 31, 2022
Contract Assets	$	96.4	$	89.6
Contract Liabilities	209.8		182.1
	Balances as of
	March 31, 2022		December 31, 2021
Contract Assets	104.0		94.4
Contract Liabilities	207.1		178.0

The revenue recognized during the three months ended March 31, 2023 and 2022 that was included in contract liabilities at the beginning of the period amounted to $77.1 million and $83.5 million, respectively. The remainder of the change from December 31, 2022 and December 31, 2021 is driven by the timing of advance and milestone payments received from customers, customer returns and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.

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Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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

	Three Months Ended March 31,
(In millions, except per share data)	2023		2022
Basic earnings per share:
Net income	$	25.6	$	25.6
Weighted average number of shares outstanding	32.0		32.0
Basic earnings per share from net income	$	0.80	$	0.80
Diluted earnings per share:
Net income	$	25.6	$	25.6
Weighted average number of shares outstanding	32.0		32.0
Effect of dilutive securities:
Restricted stock	0.1		0.1
Total shares and dilutive securities	32.1		32.1
Diluted earnings per share from net income	$	0.80	$	0.80

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

•Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities that the Company can assess at the measurement date.

•Level 2: Observable inputs other than those included in Level 1 that are observable for the asset or liability, either directly or indirectly. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

•Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:

	As of March 31, 2023								As of December 31, 2022
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	12.9	$	12.9	$	—	$	—	$	12.1	$	12.1	$	—	$	—
Derivatives	30.4		—		30.4		—		34.3		—		34.3		—
Total assets	$	43.3	$	12.9	$	30.4	$	—	$	46.4	$	12.1	$	34.3	$	—
Liabilities:
Derivatives	$	4.7	$	—	$	4.7	$	—	$	7.2	$	—	$	7.2	$	—
Total liabilities	$	4.7	$	—	$	4.7	$	—	$	7.2	$	—	$	7.2	$	—

Investments represent securities held in a trust for the non-qualified deferred compensation plan. Investments are classified as trading securities and are valued based on quoted prices in active markets for identical assets that the Company has the ability to access. Investments are reported separately in other assets on the Balance Sheet, and include an unrealized gain of $0.7 million and an unrealized loss of $3.9 million as of March 31, 2023 and December 31, 2022, respectively.

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

The Notes are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. The fair value of the Notes estimated using Level 2 inputs was $366.3 million as of March 31, 2023.

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

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

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Derivative Financial Instruments and Risk Management

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Risk Management

DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Derivative Financial Instruments

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

Foreign Exchange: The Company manufactures and sells products in a number of countries throughout the world and, as a result, the Company is exposed to movements in foreign currency exchange rates. The Company's major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which the Company takes into consideration as part of its risk management policy. The purpose of foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. The Company primarily utilizes forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at March 31, 2023 of $553.5 million, as hedges and therefore does not apply hedge accounting.

Commodity Price Risk: The Company's operations subject us to risk related to the price volatility of certain commodities. The Company principally uses a combination of purchase orders and various short-term supply arrangements in connection with the purchase of our raw materials and components required to manufacture our products. To mitigate the commodity price risk associated with the Company's operations, the Company may enter into commodity derivative instruments. During April 2022, the Company entered into various commodity forward contracts with a maturity of less than 1 year to mitigate this commodity price volatility. All of the Company's commodity forward contracts expired as of December 31, 2022.

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

	As of March 31, 2023				As of December 31, 2022
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Total	$	5.1	$	4.7	$	4.5	$	7.2

A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. The Company enters into master netting arrangements with its counterparties when possible to mitigate credit risk in derivative transactions by permitting it to net settle for transactions with the same counterparty. However, the Company does not net settle with such counterparties. As a result, derivatives are presented at their gross fair values in the Balance Sheet.  

As of March 31, 2023 and December 31, 2022, information related to these offsetting arrangements was as follows:

(In millions)	As of March 31, 2023
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	28.8	$	—	$	28.8	$	(2.8)	$	26.0

(In millions)	As of March 31, 2023
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	4.7	$	—	$	4.7	$	(2.8)	$	1.9

(In millions)	As of December 31, 2022
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	33.0	$	—	$	33.0	$	(3.0)	$	30.0

(In millions)	As of December 31, 2022
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	7.3	$	—	$	7.3	$	(3.0)	$	4.3

The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Statements of Income: 

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income
		Three Months Ended March 31,
(In millions)		2023		2022
Foreign exchange contracts	Revenue	$	0.9	$	(0.2)
Foreign exchange contracts	Cost of sales	0.6		(0.9)
Foreign exchange contracts	Selling, general and administrative expense	0.2		0.5
Total		1.7		(0.6)
Remeasurement of assets and liabilities in foreign currencies		(1.1)		1.1
Net gain (loss)		$	0.6	$	0.5

Interest Rates: The Company has entered into four interest rate swaps executed in March 2020 with a combined notional amount of $200 million expiring in April 2025, and one interest rate swap executed in May 2020 with a notional amount of $50 million expiring in May 2025. These interest rate swaps fix the interest rate applicable to certain of the Company's variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The Company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income (loss).

At March 31, 2023, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $17.0 million and as accumulated other comprehensive income, net of tax, of $12.5 million. At December 31, 2022, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $19.9 million and as accumulated other comprehensive income, net of tax, of $14.8 million.

Net Investment: The Company has entered into cross currency swap agreements that synthetically swap $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreements are designated as net investment hedges for accounting purposes. Accordingly, the gains or losses on these derivative instruments are included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Coupons received for the cross currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the Statements of Income. Coupon interest from cross currency swap agreements recorded in interest expense, net was approximately $0.7 million for both the three months ended March 31, 2023 and 2022.

At March 31, 2023, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $8.3 million and as accumulated other comprehensive income, net of tax, of $6.2 million. At December 31, 2022, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $9.9 million and as accumulated other comprehensive income, net of tax, of $7.3 million.

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

Credit Risk

By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject the Company to credit risk primarily consist of trade receivables and derivative contracts. The Company manages the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and establishing credit limits, and monitoring counterparties’ financial condition. The Company's maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of March 31, 2023, is limited to the amount drawn and outstanding on the financial instrument. Refer to Note 1. Description of Business and Basis of Presentation in Item 8. Financial Statements and Supplementary Data of the Company's most recent Annual Report on Form 10-K, for a description of how allowance for credit loss is determined on financial assets measured at amortized cost, which includes Trade receivables, Contract assets, and non-current receivables.

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Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LEASES

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

	Three Months Ended March 31,
(In millions)	2023		2022
Fixed payment revenue	$	15.1	$	15.6
Variable payment revenue	12.5		9.4
Operating lease revenue	$	27.6	$	25.0
Sales-type lease revenue	$	—	$	0.7

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

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company is at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although the Company is not able to predict the outcome of such actions, after reviewing all pending and threatened actions with counsel and based on information currently available, management believes that the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the Company's results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to its results of operations in a particular future period as the time and amount of any resolution of such actions and its relationship to the future results of operations are not currently known.

Liabilities are established for pending legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. In many lawsuits and arbitrations, it is not considered probable that a liability has been incurred or not possible to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case no liability would be recognized until that time.

Guarantees and Product Warranties

In the ordinary course of business with customers, vendors and others, the Company issues standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled $165.7 million at March 31, 2023, represent guarantees of future performance. The Company has also provided approximately $6.2 million of bank guarantees and letters of credit to secure a portion of its existing financial obligations. The majority of these financial instruments expire within one year and are expected to be replaced through the issuance of new or the extension of existing letters of credit and surety bonds.

In some instances, the Company guarantees its customers’ financing arrangements. The Company is responsible for payment of any unpaid amounts, but will receive indemnification from third parties for seventy-five percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of March 31, 2023, the gross value of such arrangements was $2.0 million, of which the Company's net exposure under such guarantees was $0.3 million.

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

	Three Months Ended March 31,
(In millions)	2023		2022
Balance at beginning of period	$	15.1	$	12.7
Expense for new warranties	4.6		2.7
Adjustments to existing accruals	(0.3)		(0.1)
Claims paid	(4.2)		(3.0)
Added through acquisition	0.1		—
Translation	0.1		(0.1)
Balance at end of period	$	15.4	$	12.2

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Business Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

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

Reportable segments are:

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

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

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

Business segment information was as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Revenue
FoodTech	$	388.5	$	356.3
AeroTech	141.0		112.9
Total revenue	529.5		469.2
Income before income taxes
Segment operating profit:
FoodTech	46.3		39.9
AeroTech	13.2		6.8
Total segment operating profit	59.5		46.7
Corporate items:
Corporate expense (1)	18.9		15.6
Restructuring expense (2)	0.6		0.5
Operating income	40.0		30.6
Pension expense, other than service cost	0.2		—
Interest expense, net	7.2		2.1
Net income before income taxes	$	32.6	$	28.5

(1)Corporate expense generally includes corporate staff-related expense, stock-based compensation, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations.

(2)Refer to Note 15. Restructuring for further information on restructuring charges.

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Restructuring

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

RESTRUCTURING

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

In the third quarter of 2022, the Company implemented a restructuring plan (the "2022/2023 restructuring plan") to optimize the overall FoodTech cost structure on a global basis. The initiatives under this plan will include streamlining operations and enhancing our general and administrative infrastructure. As of March 31, 2023, the Company recognized restructuring charges of $6.0 million, net of a cumulative release of the related liability of $1.3 million. The total estimated cost, net release of liability in connection with this plan is in the range of $8.0 million to $10.0 million expected to be recognized by the end of 2023.

The following table details the cumulative restructuring charges reported in operating income for the 2022/2023 restructuring plan since the implementation of this plan:  

	Cumulative Amount		As of the Quarter Ended		Cumulative Amount
(In millions)	Balance as of December 31, 2022		March 31, 2023		Balance as of March 31, 2023
2022/2023 restructuring plan
Severance and related expense	$	5.4	$	0.6	$	6.0
Total Restructuring charges, net release of liability	$	5.4	$	0.6	$	6.0

Restructuring charges, net of related release of liability, is reported in restructuring expense within the Consolidated Statements of Income. Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheets. The table below details the activities in 2023:

			Impact to Earnings
(In millions)	Balance as of December 31, 2022		Charged to Earnings		Releases		Cash Payments		Balance as of March 31, 2023
2022/2023 restructuring plan
Severance and related expense	$	4.3	$	1.6	$	(1.0)	$	(1.1)	$	3.8
Total	$	4.3	$	1.6	$	(1.0)	$	(1.1)	$	3.8

The Company released $1.0 million of the liability during the three months ended March 31, 2023, which it no longer expects to pay in connection with the restructuring plans due to actual severance payments differing from the original estimates and natural attrition of employees.

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Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONSThe Company is a party to lease agreements to lease manufacturing facilities from entities owned by certain of the Company's employees who were former owners or employees of acquired businesses. As of March 31, 2023, the operating lease right-of-use asset and the lease liability related to these agreements is $3.9 million and $4.1 million, respectively.

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Description of Business and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2022, which provides a more complete description of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America.

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

Use of estimates

Use of estimates

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

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of business combinations

A summary of the acquisitions made during 2022 is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
September 1, 2022	Stock	Bevcorp, LLC ("Bevcorp")	Eastlake, Ohio	FoodTech
A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications.
July 1, 2022	Stock	Alco-food-machines GmbH & Co. KG ("Alco")	Bad Iburg, Germany	FoodTech
A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings.

Schedule of assets acquired and liabilities assumed

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

(In millions)	Bevcorp(1)		Alco(2)		Total
Financial assets	$	20.8	$	9.1	$	29.9
Inventories	33.1		11.7		44.8
Property, plant and equipment	5.5		0.9		6.4
Customer relationship(3)	127.0		9.2		136.2
Patents and acquired technology(3)	3.8		4.7		8.5
Trademarks(3)	10.0		3.2		13.2
Financial liabilities	(18.7)		(19.9)		(38.6)
Total identifiable net assets	$	181.5	$	18.9	$	200.4
Cash consideration paid	$	294.9	$	45.1	$	340.0
Cash acquired	5.7		3.9		9.6
Net consideration	$	289.2	$	41.2	$	330.4
Goodwill(4)	$	113.4	$	26.2	$	139.6

(1)During the quarter ended March 31, 2023, the Company recorded an increase in cash consideration paid of $1.1 million due to finalization of the working capital adjustments, and refined estimates for financial liabilities by $(1.0) million, resulting in a corresponding net increase in residual goodwill of $0.1 million. The purchase accounting for Bevcorp is final as of March 31, 2023.

(2)The purchase accounting for Alco is provisional as of March 31, 2023. The valuation of intangibles, income tax balances, and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). During the quarter ended March 31, 2023, the Company made no significant measurement period adjustments for this acquisition.

(3)The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six to twenty-four years. The intangible assets acquired in 2022 have weighted average useful lives of 23 years for trademarks, 20 years for customer relationship, and 7 years for patents and acquired technology.

(4)The Company expects goodwill of $136.4 million from these acquisitions to be deductible for income tax purposes.

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

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

(In millions)	FoodTech		AeroTech		Total
Balance as of December 31, 2022	$	770.2	$	37.6	$	807.8
Acquisitions	0.1		—		0.1
Currency translation	5.4		0.1		5.5
Balance as of March 31, 2023	$	775.7	$	37.7	$	813.4

Schedule of finite-lived intangible assets

Intangible assets consisted of the following:

	March 31, 2023				December 31, 2022
(In millions)	Carrying Amount		Accumulated Amortization		Carrying Amount		Accumulated Amortization
Customer relationship	$	439.8	$	132.7	$	437.8	$	124.1
Patents and acquired technology	176.5		99.1		174.4		93.9
Trademarks	58.4		17.1		57.8		17.0
Non-amortizing intangible assets	10.5		—		10.4		—
Other	8.8		8.8		8.6		8.6
Total intangible assets	$	694.0	$	257.7	$	689.0	$	243.6

Schedule of indefinite-lived intangible assets

Intangible assets consisted of the following:

	March 31, 2023				December 31, 2022
(In millions)	Carrying Amount		Accumulated Amortization		Carrying Amount		Accumulated Amortization
Customer relationship	$	439.8	$	132.7	$	437.8	$	124.1
Patents and acquired technology	176.5		99.1		174.4		93.9
Trademarks	58.4		17.1		57.8		17.0
Non-amortizing intangible assets	10.5		—		10.4		—
Other	8.8		8.8		8.6		8.6
Total intangible assets	$	694.0	$	257.7	$	689.0	$	243.6

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Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

(In millions)	March 31, 2023		December 31, 2022
Raw materials	$	132.8	$	123.5
Work in process	92.4		77.7
Finished goods	221.4		212.6
Gross inventories before LIFO reserves and valuation adjustments	446.6		413.8
LIFO reserves	(63.1)		(62.0)
Valuation adjustments	(31.6)		(29.3)
Net inventories	$	351.9	$	322.5

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Pension (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Components of net periodic benefit cost (income)

Components of net periodic benefit cost were as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Service cost	$	0.3	$	0.5
Interest cost	3.2		1.9
Expected return on plan assets	(4.3)		(3.9)
Amortization of net actuarial losses	1.3		2.0
Net periodic cost	$	0.5	$	0.5

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Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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

(In millions)	Maturity Date	March 31, 2023		December 31, 2022
Revolving credit facility (1)	December 14, 2026	$	563.0	$	584.6
Less: unamortized debt issuance costs		(2.0)		(2.2)
Revolving credit facility, net		$	561.0	$	582.4
Convertible senior notes (2)	May 15, 2026	$	402.5	$	402.5
Less: unamortized debt issuance costs		(7.0)		(7.6)
Convertible senior notes, net		$	395.5	$	394.9
Long-term debt, net		$	956.5	$	977.3

(1) Weighted-average interest rate at March 31, 2023 was 5.54%

(2) Effective interest rate for the Notes (as defined below) for the quarter ended March 31, 2023 was 0.82%

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Changes in the AOCI Balances

Changes in the AOCI balances for the three months ended March 31, 2023 and 2022 by component are shown in the following tables:

(In millions)	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation (1)		Total (1)
Beginning balance, December 31, 2022	$	(130.9)	$	14.8	$	(88.2)	$	(204.3)
Other comprehensive income (loss) before reclassification	(0.1)		(0.4)		6.2		5.7
Amounts reclassified from accumulated other comprehensive income	1.0		(1.8)		(0.5)		(1.3)
Ending balance, March 31, 2023	$	(130.0)	$	12.6	$	(82.5)	$	(199.9)

(1) All amounts are net of income taxes.

(In millions)	Pension and Other Postretirement Benefits (1)		Derivatives Designated as Hedges (1)		Foreign Currency Translation(1)		Total (1)
Beginning balance, December 31, 2021	$	(145.5)	$	1.8	$	(53.7)	$	(197.4)
Other comprehensive income (loss) before reclassification	—		7.0		0.6		7.6
Amounts reclassified from accumulated other comprehensive income	1.6		0.3		(0.5)		1.4
Ending balance, March 31, 2022	$	(143.9)	$	9.1	$	(53.6)	$	(188.4)

(1) All amounts are net of income taxes.

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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

	Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
(In millions)	FoodTech		AeroTech		FoodTech		AeroTech
Type of Good or Service
Recurring (1)	$	219.3	$	54.5	$	174.2	$	48.7
Non-recurring (1)	169.2		86.5		182.1		64.2
Total	388.5		141.0		356.3		112.9
Geographical Region (2)
North America	240.6		127.3		210.3		104.1
Europe, Middle East and Africa	95.2		7.2		89.4		5.3
Asia Pacific	29.8		4.9		36.0		2.7
Latin America	22.9		1.6		20.6		0.8
Total	388.5		141.0		356.3		112.9
Timing of Recognition
Point in Time	201.8		69.4		171.9		49.6
Over Time	186.7		71.6		184.4		63.3
Total	388.5		141.0		356.3		112.9

(1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation.

(2) Geographical region represents the region in which the end customer resides.

Contract with Customer, Asset and Liability

Contract asset and liability balances for the period were as follows:

	Balances as of
(In millions)	March 31, 2023		December 31, 2022
Contract Assets	$	96.4	$	89.6
Contract Liabilities	209.8		182.1
	Balances as of
	March 31, 2022		December 31, 2021
Contract Assets	104.0		94.4
Contract Liabilities	207.1		178.0

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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

	Three Months Ended March 31,
(In millions, except per share data)	2023		2022
Basic earnings per share:
Net income	$	25.6	$	25.6
Weighted average number of shares outstanding	32.0		32.0
Basic earnings per share from net income	$	0.80	$	0.80
Diluted earnings per share:
Net income	$	25.6	$	25.6
Weighted average number of shares outstanding	32.0		32.0
Effect of dilutive securities:
Restricted stock	0.1		0.1
Total shares and dilutive securities	32.1		32.1
Diluted earnings per share from net income	$	0.80	$	0.80

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:

	As of March 31, 2023								As of December 31, 2022
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	12.9	$	12.9	$	—	$	—	$	12.1	$	12.1	$	—	$	—
Derivatives	30.4		—		30.4		—		34.3		—		34.3		—
Total assets	$	43.3	$	12.9	$	30.4	$	—	$	46.4	$	12.1	$	34.3	$	—
Liabilities:
Derivatives	$	4.7	$	—	$	4.7	$	—	$	7.2	$	—	$	7.2	$	—
Total liabilities	$	4.7	$	—	$	4.7	$	—	$	7.2	$	—	$	7.2	$	—

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Derivative Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of foreign currency derivatives in balance sheet

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

	As of March 31, 2023				As of December 31, 2022
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Total	$	5.1	$	4.7	$	4.5	$	7.2

Schedule of derivative assets at fair value

As of March 31, 2023 and December 31, 2022, information related to these offsetting arrangements was as follows:

(In millions)	As of March 31, 2023
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	28.8	$	—	$	28.8	$	(2.8)	$	26.0

(In millions)	As of December 31, 2022
Offsetting of Assets	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	33.0	$	—	$	33.0	$	(3.0)	$	30.0

Schedule of derivative liabilities at fair value

(In millions)	As of March 31, 2023
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	4.7	$	—	$	4.7	$	(2.8)	$	1.9

(In millions)	As of December 31, 2022
Offsetting of Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Presented in the Consolidated Balance Sheets		Amount Subject to Master Netting Agreement		Net Amount
Derivatives	$	7.3	$	—	$	7.3	$	(3.0)	$	4.3

Schedule of location and amount of gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies

The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Statements of Income: 

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income
		Three Months Ended March 31,
(In millions)		2023		2022
Foreign exchange contracts	Revenue	$	0.9	$	(0.2)
Foreign exchange contracts	Cost of sales	0.6		(0.9)
Foreign exchange contracts	Selling, general and administrative expense	0.2		0.5
Total		1.7		(0.6)
Remeasurement of assets and liabilities in foreign currencies		(1.1)		1.1
Net gain (loss)		$	0.6	$	0.5

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Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lessor, Lease Revenue

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

	Three Months Ended March 31,
(In millions)	2023		2022
Fixed payment revenue	$	15.1	$	15.6
Variable payment revenue	12.5		9.4
Operating lease revenue	$	27.6	$	25.0
Sales-type lease revenue	$	—	$	0.7

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of warranty cost and accrual information

Warranty cost and accrual information were as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Balance at beginning of period	$	15.1	$	12.7
Expense for new warranties	4.6		2.7
Adjustments to existing accruals	(0.3)		(0.1)
Claims paid	(4.2)		(3.0)
Added through acquisition	0.1		—
Translation	0.1		(0.1)
Balance at end of period	$	15.4	$	12.2

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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of segment revenue and operating profit

Business segment information was as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Revenue
FoodTech	$	388.5	$	356.3
AeroTech	141.0		112.9
Total revenue	529.5		469.2
Income before income taxes
Segment operating profit:
FoodTech	46.3		39.9
AeroTech	13.2		6.8
Total segment operating profit	59.5		46.7
Corporate items:
Corporate expense (1)	18.9		15.6
Restructuring expense (2)	0.6		0.5
Operating income	40.0		30.6
Pension expense, other than service cost	0.2		—
Interest expense, net	7.2		2.1
Net income before income taxes	$	32.6	$	28.5

(1)Corporate expense generally includes corporate staff-related expense, stock-based compensation, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations.

(2)Refer to Note 15. Restructuring for further information on restructuring charges.

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Restructuring (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of restructuring expense

The following table details the cumulative restructuring charges reported in operating income for the 2022/2023 restructuring plan since the implementation of this plan:  

	Cumulative Amount		As of the Quarter Ended		Cumulative Amount
(In millions)	Balance as of December 31, 2022		March 31, 2023		Balance as of March 31, 2023
2022/2023 restructuring plan
Severance and related expense	$	5.4	$	0.6	$	6.0
Total Restructuring charges, net release of liability	$	5.4	$	0.6	$	6.0

Schedule of restructuring reserve by type of cost

Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheets. The table below details the activities in 2023:

			Impact to Earnings
(In millions)	Balance as of December 31, 2022		Charged to Earnings		Releases		Cash Payments		Balance as of March 31, 2023
2022/2023 restructuring plan
Severance and related expense	$	4.3	$	1.6	$	(1.0)	$	(1.1)	$	3.8
Total	$	4.3	$	1.6	$	(1.0)	$	(1.1)	$	3.8

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Acquisitions - Narrative (Details) - 2021 Acquisitions	3 Months Ended
	Mar. 31, 2023 acquisition
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Number of businesses acquired	2

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Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions			3 Months Ended
	Sep. 01, 2022	Jul. 01, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Net consideration			$ 1.1	$ 0.4
Goodwill			813.4		$ 807.8
2021 Acquisitions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets			29.9
Inventories			44.8
Property, plant and equipment			6.4
Financial liabilities			(38.6)
Total identifiable net assets			200.4
Cash consideration paid			340.0
Cash acquired			9.6
Net consideration			330.4
Goodwill			139.6
Goodwill expected to be tax deductible			$ 136.4
2021 Acquisitions | Minimum
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives			6 years
2021 Acquisitions | Maximum
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives			24 years
2021 Acquisitions | Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			$ 136.2
2021 Acquisitions | Customer relationship | Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives			20 years
2021 Acquisitions | Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			$ 8.5
2021 Acquisitions | Patents and acquired technology | Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives			7 years
2021 Acquisitions | Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			$ 13.2
2021 Acquisitions | Trademarks | Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives			23 years
Bevcorp
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets	$ 20.8
Inventories	33.1
Property, plant and equipment	5.5
Financial liabilities	(18.7)
Total identifiable net assets	181.5
Cash consideration paid	294.9
Cash acquired	5.7
Net consideration	289.2
Goodwill	113.4
Increase in cash from working capital adjustments			$ 1.1
Increase in financial liabilities from working capital adjustments			(1.0)
Increase in goodwill from purchase accounting adjustments			$ 0.1
Bevcorp | Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	127.0
Bevcorp | Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	3.8
Bevcorp | Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 10.0
Alco-food-machines GmbH & Co. KG
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets		$ 9.1
Inventories		11.7
Property, plant and equipment		0.9
Financial liabilities		(19.9)
Total identifiable net assets		18.9
Cash consideration paid		45.1
Cash acquired		3.9
Net consideration		41.2
Goodwill		26.2
Alco-food-machines GmbH & Co. KG | Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		9.2
Alco-food-machines GmbH & Co. KG | Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		4.7
Alco-food-machines GmbH & Co. KG | Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		$ 3.2

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Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2022	$ 807.8
Acquisitions	0.1
Currency translation	5.5
Balance as of March 31, 2023	813.4
FoodTech
Goodwill [Roll Forward]
Balance as of December 31, 2022	770.2
Acquisitions	0.1
Currency translation	5.4
Balance as of March 31, 2023	775.7
AeroTech
Goodwill [Roll Forward]
Balance as of December 31, 2022	37.6
Acquisitions	0.0
Currency translation	0.1
Balance as of March 31, 2023	$ 37.7

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Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	$ 694.0	$ 689.0
Accumulated Amortization	257.7	243.6
Non-amortizing intangible assets	10.5	10.4
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	439.8	437.8
Accumulated Amortization	132.7	124.1
Patents and acquired technology
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	176.5	174.4
Accumulated Amortization	99.1	93.9
Trademarks
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	58.4	57.8
Accumulated Amortization	17.1	17.0
Other
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	8.8	8.6
Accumulated Amortization	$ 8.8	$ 8.6

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Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 132.8	$ 123.5
Work in process	92.4	77.7
Finished goods	221.4	212.6
Gross inventories before LIFO reserves and valuation adjustments	446.6	413.8
LIFO reserves	(63.1)	(62.0)
Valuation adjustments	(31.6)	(29.3)
Net inventories	$ 351.9	$ 322.5

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Pension - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.3	$ 0.5
Interest cost	3.2	1.9
Expected return on plan assets	(4.3)	(3.9)
Amortization of net actuarial losses	1.3	2.0
Net periodic cost	$ 0.5	$ 0.5

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Pension - Narrative (Details) - United States	3 Months Ended
	Mar. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions to pension and other postretirement benefit plans in current year	$ 14,500,000
US Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions made	$ 0

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Debt - Schedule of Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, net	$ 956.5	$ 977.3
Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Maturity Date	May 15, 2026
Long-term debt, gross	$ 402.5	402.5
Less: unamortized debt issuance costs	(7.0)	(7.6)
Long-term debt, net	$ 395.5	394.9
Weighted average interest rate	5.54%
Effective interest rate	0.82%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maturity Date	Dec. 14, 2026
Long-term debt, gross	$ 563.0	584.6
Less: unamortized debt issuance costs	(2.0)	(2.2)
Long-term debt, net	$ 561.0	$ 582.4

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Debt - Narrative (Details) - Convertible Debt - Convertible Senior Notes - USD ($) $ / shares in Units, shares in Millions		3 Months Ended
	May 28, 2021	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest expense, debt		$ 900,000	$ 800,000
Contractual interest expense		300,000	300,000
Amortization of debt issuance cost		$ 600,000	$ 500,000
Aggregate principal amount of debt	$ 402,500,000
Stated interest rate on debt (percent)		0.25%
Conversion rate	589.58%
Redemption multiple	$ 1,000
Conversion price on convertible debt (in USD per share)	$ 169.61
Convertible Note Hedge
Debt Instrument [Line Items]
Purchase of convertible bond hedge	$ 65,600,000
Number of shares covered in transaction (in shares)	2.4
Approximate strike price (in dollars per share)	$ 169.61	$ 169.61
Adjustments to additional paid in capital, convertible note hedge transactions		$ 17,100,000
Convertible Note Warrants
Debt Instrument [Line Items]
Number of shares covered in transaction (in shares)		2.4
Approximate strike price (in dollars per share)		$ 240.02
Proceeds from Issuance of Warrants		$ 29,500,000

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Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	$ 862.7	$ 750.5
Other comprehensive income (loss) before reclassification	5.7	7.6
Amounts reclassified from accumulated other comprehensive income	(1.3)	1.4
Ending balance	891.0	783.6
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(204.3)	(197.4)
Ending balance	(199.9)	(188.4)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(130.9)	(145.5)
Other comprehensive income (loss) before reclassification	(0.1)	0.0
Amounts reclassified from accumulated other comprehensive income	1.0	1.6
Ending balance	(130.0)	(143.9)
Derivatives Designated as Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	14.8	1.8
Other comprehensive income (loss) before reclassification	(0.4)	7.0
Amounts reclassified from accumulated other comprehensive income	(1.8)	0.3
Ending balance	12.6	9.1
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(88.2)	(53.7)
Other comprehensive income (loss) before reclassification	6.2	0.6
Amounts reclassified from accumulated other comprehensive income	(0.5)	(0.5)
Ending balance	$ (82.5)	$ (53.6)

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Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax provision (benefit)	$ 7.0	$ 2.9
Reclassification adjustments for foreign currency translation		0.7
Reclassification adjustment for foreign currency translation, tax		0.2
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(0.7)
Reclassification from AOCI, Current Period, Tax	0.2
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense, net	(2.4)	0.4
Income tax provision (benefit)	0.6	(0.1)
Selling, General and Administrative Expenses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments for pension and postretirement benefit plans	1.4	2.0
Provision for Income Taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments for pension and postretirement benefit plans	$ (0.4)	$ 0.4

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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 529.5	$ 469.2
FoodTech
Disaggregation of Revenue [Line Items]
Revenue	388.5	356.3
FoodTech | North America
Disaggregation of Revenue [Line Items]
Revenue	240.6	210.3
FoodTech | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue	95.2	89.4
FoodTech | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	29.8	36.0
FoodTech | Latin America
Disaggregation of Revenue [Line Items]
Revenue	22.9	20.6
FoodTech | Recurring
Disaggregation of Revenue [Line Items]
Revenue	219.3	174.2
FoodTech | Non-Recurring
Disaggregation of Revenue [Line Items]
Revenue	169.2	182.1
AeroTech
Disaggregation of Revenue [Line Items]
Revenue	141.0	112.9
AeroTech | North America
Disaggregation of Revenue [Line Items]
Revenue	127.3	104.1
AeroTech | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue	7.2	5.3
AeroTech | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	4.9	2.7
AeroTech | Latin America
Disaggregation of Revenue [Line Items]
Revenue	1.6	0.8
AeroTech | Recurring
Disaggregation of Revenue [Line Items]
Revenue	54.5	48.7
AeroTech | Non-Recurring
Disaggregation of Revenue [Line Items]
Revenue	86.5	64.2
Point in Time | FoodTech
Disaggregation of Revenue [Line Items]
Revenue	201.8	171.9
Point in Time | AeroTech
Disaggregation of Revenue [Line Items]
Revenue	69.4	49.6
Over Time | FoodTech
Disaggregation of Revenue [Line Items]
Revenue	186.7	184.4
Over Time | AeroTech
Disaggregation of Revenue [Line Items]
Revenue	$ 71.6	$ 63.3

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Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 96.4	$ 89.6	$ 104.0	$ 94.4
Contract Liabilities	$ 209.8	$ 182.1	$ 207.1	$ 178.0

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Revenue Recognition - Revenue Recognition (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 1,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	70.00%
Revenue, remaining performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	25.00%
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year

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Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 77.1	$ 83.5

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Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic earnings per share:
Net income	$ 25.6	$ 25.6
Weighted average number of shares outstanding	32.0	32.0
Basic earnings per share from net income	$ 0.80	$ 0.80
Diluted earnings per share:
Net income	$ 25.6	$ 25.6
Weighted average number of shares outstanding	32.0	32.0
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Restricted stock	0.1	0.1
Total shares and dilutive securities	32.1	32.1
Net income	$ 0.80	$ 0.80

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Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Derivatives	$ 28.8	$ 33.0
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	4.7	7.3
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Investments	12.9	12.1
Derivatives	30.4	34.3
Total assets	43.3	46.4
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	4.7	7.2
Total liabilities	4.7	7.2
Fair Value, Measurements, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Investments	12.9	12.1
Derivatives	0.0	0.0
Total assets	12.9	12.1
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	0.0	0.0
Total liabilities	0.0	0.0
Fair Value, Measurements, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Investments	0.0	0.0
Derivatives	30.4	34.3
Total assets	30.4	34.3
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	4.7	7.2
Total liabilities	4.7	7.2
Fair Value, Measurements, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Investments	0.0	0.0
Derivatives	0.0	0.0
Total assets	0.0	0.0
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	0.0	0.0
Total liabilities	$ 0.0	$ 0.0

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Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, unrealized gain	$ 0.7	$ 3.9
Convertible debt, fair value	$ 366.3

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Derivative Financial Instruments and Risk Management - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2020 USD ($) derivative	Mar. 31, 2020 USD ($) derivative
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 4.7		$ 7.3
Accumulated other comprehensive income (loss)	(2.2)	$ 7.3
Derivative Asset	$ 28.8		33.0
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative, term of contract (less than)	2 years
Notional amount	$ 553.5
Net Investment Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Net investment hedge recorded in other comprehensive income (loss)	6.2		7.3
Derivative Asset	8.3		9.9
Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Cross currency swap amount	116.4
Cash Flow Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income (loss)	12.5		14.8
Derivative Asset	17.0		$ 19.9
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Number of derivative instruments held | derivative				1
Cash Flow Hedging | Designated as Hedging Instrument | Forward Starting Interest Rate Swap
Derivatives, Fair Value [Line Items]
Number of derivative instruments held | derivative					4
Cross currency swap amount				$ 50.0	$ 200.0
Interest Expense | Net Investment Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Gain (loss) recorded in interest expense	$ 0.7	$ 0.7

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Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets	$ 5.1	$ 4.5
Derivative Liabilities	$ 4.7	$ 7.2

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Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets	$ 28.8	$ 33.0
Gross Amounts Offset in the Consolidated Balance Sheets	0.0	0.0
Net Presented in the Consolidated Balance Sheets	28.8	33.0
Amount Subject to Master Netting Agreement	(2.8)	(3.0)
Net Amount	$ 26.0	$ 30.0

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Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	$ 4.7	$ 7.3
Gross Amounts Offset in the Consolidated Balance Sheets	0.0	0.0
Net Presented in the Consolidated Balance Sheets	4.7	7.3
Amount Subject to Master Netting Agreement	(2.8)	(3.0)
Net Amount	$ 1.9	$ 4.3

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Derivative Financial Instruments and Risk Management - Location and Amount of Gain (Loss) on Foreign Currency Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ 1.7	$ (0.6)
Remeasurement of assets and liabilities in foreign currencies	(1.1)	1.1
Net gain (loss)	0.6	0.5
Revenue | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	0.9	(0.2)
Cost of sales | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	0.6	(0.9)
Selling, general and administrative expense | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ 0.2	$ 0.5

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Leases - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed payment revenue	$ 15.1	$ 15.6
Variable payment revenue	12.5	9.4
Operating lease revenue	27.6	25.0
Sales-type lease revenue	$ 0.0	$ 0.7

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Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Product Warranty Liability [Line Items]
Guarantor obligations, expiration term	one year
Guarantor obligations, amount recoverable from third-parties (as a percent)	75.00%
Performance Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 165.7
Financial Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	6.2
Customers Financing Arrangements Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	2.0
Guarantor obligations, maximum exposure, undiscounted, net	$ 0.3

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Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 15.1	$ 12.7
Expense for new warranties	4.6	2.7
Adjustments to existing accruals	(0.3)	(0.1)
Claims paid	(4.2)	(3.0)
Added through acquisition	0.1	0.0
Translation	0.1	(0.1)
Balance at end of period	$ 15.4	$ 12.2

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Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Corporate expense	$ 117.8	$ 108.4
Restructuring expense	(0.6)	(0.5)
Operating income	40.0	30.6
Net income before income taxes	32.6	28.5
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	(0.2)	0.0
Operating segments
Segment Reporting Information [Line Items]
Revenue	529.5	469.2
Segment operating profit	59.5	46.7
Operating segments | JBT Food Tech [Member]
Segment Reporting Information [Line Items]
Revenue	388.5	356.3
Segment operating profit	46.3	39.9
Operating segments | JBT Aero Tech [Member]
Segment Reporting Information [Line Items]
Revenue	141.0	112.9
Segment operating profit	13.2	6.8
Corporate, non-segment
Segment Reporting Information [Line Items]
Corporate expense	18.9	15.6
Restructuring expense	(0.6)	(0.5)
Operating income	40.0	30.6
Interest expense, net	7.2	2.1
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ 0.2	$ 0.0

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 0.6	$ 0.5
Decrease in restructuring reserve	1.3
Restructuring costs incurred to date	6.0		$ 5.4
Charged to Earnings	1.6
Restructuring charges, release of liability	1.0
2022/2023 restructuring plan | Minimum
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	8.0
2022/2023 restructuring plan | Maximum
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	10.0
Severance and related expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred to date	6.0		$ 5.4
Charged to Earnings	1.6
Restructuring charges, release of liability	$ 1.0

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Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 4.3
Charged to Earnings	1.6
Releases	(1.0)
Cash Payments	(1.1)
Restructuring reserve, ending balance	3.8
Severance and related expense
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	4.3
Charged to Earnings	1.6
Releases	(1.0)
Cash Payments	(1.1)
Restructuring reserve, ending balance	$ 3.8

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Restructuring - Restructuring Expense (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Cost Incurred to Date	$ 5.4
Charged to Earnings	0.6
Cumulative amount of restructuring costs, ending balance	6.0
Severance and related expense
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Cost Incurred to Date	5.4
Charged to Earnings	0.6
Cumulative amount of restructuring costs, ending balance	$ 6.0

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Related Party Transactions - Narrative (Details) - Manufacturing Facility Lease - Affiliated Entity $ in Millions	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Right of use asset	$ 3.9
Lease liability	$ 4.1