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.