|
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 September 30, 2018
|
|
or
|
☐
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
|
|
For the transition period from
______
to ______
|
|
|
|
|
|
|
John Bean Technologies Corporation
|
||
(Exact name of registrant as specified in its charter)
|
||
|
|
|
|
|
|
Delaware
|
|
91-1650317
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
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)
|
Class
|
|
Outstanding at October 26, 2018
|
Common Stock, par value $0.01 per share
|
|
31,607,896
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In millions, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
$
|
481.9
|
|
|
$
|
420.8
|
|
|
$
|
1,382.4
|
|
|
$
|
1,151.4
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
346.8
|
|
|
299.3
|
|
|
1,003.4
|
|
|
817.5
|
|
||||
Selling, general and administrative expense
|
79.0
|
|
|
74.0
|
|
|
237.4
|
|
|
222.1
|
|
||||
Research and development expense
|
5.7
|
|
|
6.9
|
|
|
20.7
|
|
|
19.6
|
|
||||
Restructuring expense
|
11.6
|
|
|
0.3
|
|
|
32.8
|
|
|
1.3
|
|
||||
Other expense (income), net
|
2.2
|
|
|
(1.6
|
)
|
|
3.4
|
|
|
(0.6
|
)
|
||||
Operating income
|
36.6
|
|
|
41.9
|
|
|
84.7
|
|
|
91.5
|
|
||||
Other income (expense), ne
t
|
—
|
|
|
0.3
|
|
|
(0.6
|
)
|
|
0.9
|
|
||||
Interest expense, net
|
(3.4
|
)
|
|
(3.6
|
)
|
|
(10.5
|
)
|
|
(10.3
|
)
|
||||
Income from continuing operations before income taxes
|
33.2
|
|
|
38.6
|
|
|
73.6
|
|
|
82.1
|
|
||||
Provision for income taxes
|
6.8
|
|
|
12.2
|
|
|
12.1
|
|
|
19.8
|
|
||||
Income from continuing operations
|
26.4
|
|
|
26.4
|
|
|
61.5
|
|
|
62.3
|
|
||||
Loss from discontinued operations, net of taxes
|
—
|
|
|
(0.6
|
)
|
|
(0.3
|
)
|
|
(1.2
|
)
|
||||
Net income
|
$
|
26.4
|
|
|
$
|
25.8
|
|
|
$
|
61.2
|
|
|
$
|
61.1
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.83
|
|
|
$
|
0.83
|
|
|
$
|
1.93
|
|
|
$
|
1.99
|
|
Loss from discontinued operations
|
—
|
|
|
(0.02
|
)
|
|
(0.01
|
)
|
|
(0.04
|
)
|
||||
Net income
|
$
|
0.83
|
|
|
$
|
0.81
|
|
|
$
|
1.92
|
|
|
$
|
1.95
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.82
|
|
|
$
|
0.82
|
|
|
$
|
1.91
|
|
|
$
|
1.97
|
|
Loss from discontinued operations
|
—
|
|
|
(0.02
|
)
|
|
(0.01
|
)
|
|
(0.04
|
)
|
||||
Net income
|
$
|
0.82
|
|
|
$
|
0.80
|
|
|
$
|
1.90
|
|
|
$
|
1.93
|
|
Cash dividends declared per share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
26.4
|
|
|
$
|
25.8
|
|
|
$
|
61.2
|
|
|
$
|
61.1
|
|
Other comprehensive (loss) income, net of income taxes
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(3.2
|
)
|
|
7.3
|
|
|
(21.0
|
)
|
|
20.3
|
|
||||
Pension and other postretirement benefits adjustments, net of tax of ($0.5) and ($1.3) for 2018, and ($0.5) and ($1.4) for 2017, respectively
|
1.2
|
|
|
0.8
|
|
|
4.0
|
|
|
2.4
|
|
||||
Derivatives designated as hedges, net of tax of $0 and ($0.5) for 2018, and ($0.1) and ($0.3) for 2017, respectively
|
—
|
|
|
0.2
|
|
|
1.5
|
|
|
0.5
|
|
||||
Other comprehensive (loss) income
|
(2.0
|
)
|
|
8.3
|
|
|
(15.5
|
)
|
|
23.2
|
|
||||
Comprehensive income
|
$
|
24.4
|
|
|
$
|
34.1
|
|
|
$
|
45.7
|
|
|
$
|
84.3
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
(In millions, except per share data and number of shares)
|
(Unaudited)
|
|
|
||||
Assets:
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
38.5
|
|
|
$
|
34.0
|
|
Trade receivables, net of allowances of $3.5 and $3.2, respectively
|
334.0
|
|
|
316.4
|
|
||
Inventories
|
256.6
|
|
|
190.2
|
|
||
Other current assets
|
57.6
|
|
|
48.0
|
|
||
Total current assets
|
686.7
|
|
|
588.6
|
|
||
Property, plant and equipment, net of accumulated depreciation of $281.3 and $273.3, respectively
|
238.9
|
|
|
233.0
|
|
||
Goodwill
|
321.6
|
|
|
301.8
|
|
||
Intangible assets, net
|
221.4
|
|
|
216.8
|
|
||
Deferred income taxes
|
14.4
|
|
|
13.1
|
|
||
Other assets
|
38.2
|
|
|
38.1
|
|
||
Total Assets
|
$
|
1,521.2
|
|
|
$
|
1,391.4
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity:
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Short-term debt and current portion of long-term debt
|
$
|
0.1
|
|
|
$
|
10.5
|
|
Accounts payable, trade and other
|
174.1
|
|
|
157.1
|
|
||
Advance and progress payments
|
173.3
|
|
|
127.6
|
|
||
Other current liabilities
|
148.9
|
|
|
146.2
|
|
||
Total current liabilities
|
496.4
|
|
|
441.4
|
|
||
Long-term debt, less current portion
|
486.1
|
|
|
372.7
|
|
||
Accrued pension and other postretirement benefits, less current portion
|
62.5
|
|
|
85.9
|
|
||
Other liabilities
|
43.8
|
|
|
49.5
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
Stockholders' Equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 120,000,000 shares authorized; September 30, 2018: 31,741,607 issued and 31,605,218 outstanding and December 31, 2017: 31,623,079 issued and 31,577,182 outstanding
|
0.3
|
|
|
0.3
|
|
||
Common stock held in treasury, at cost; September 30, 2018: 136,389 shares and December 31, 2017: 45,897 shares
|
(12.0
|
)
|
|
(4.0
|
)
|
||
Additional paid-in capital
|
245.2
|
|
|
252.2
|
|
||
Retained earnings
|
354.7
|
|
|
333.7
|
|
||
Accumulated other comprehensive loss
|
(155.8
|
)
|
|
(140.3
|
)
|
||
Total stockholders' equity
|
432.4
|
|
|
441.9
|
|
||
Total Liabilities and Stockholders' Equity
|
$
|
1,521.2
|
|
|
$
|
1,391.4
|
|
|
Nine Months Ended September 30,
|
||||||
(In millions)
|
2018
|
|
2017
|
||||
Cash flows provided by operating activities:
|
|
|
|
||||
Net income
|
$
|
61.2
|
|
|
$
|
61.1
|
|
Loss from discontinued operations, net
|
0.3
|
|
|
1.2
|
|
||
Income from continuing operations
|
61.5
|
|
|
62.3
|
|
||
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
|
|
|
|
||||
Depreciation and amortization
|
43.1
|
|
|
37.9
|
|
||
Stock-based compensation
|
7.6
|
|
|
6.2
|
|
||
Other
|
(23.6
|
)
|
|
1.0
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Trade receivables - billed, net
|
(18.5
|
)
|
|
(20.6
|
)
|
||
Inventories
|
(49.2
|
)
|
|
(53.8
|
)
|
||
Accounts payable, trade and other
|
16.4
|
|
|
11.7
|
|
||
Advance and progress payments
|
17.3
|
|
|
37.0
|
|
||
Accrued pension and other postretirement benefits, net
|
(18.3
|
)
|
|
(8.4
|
)
|
||
Other assets and liabilities, net
|
(9.7
|
)
|
|
(4.1
|
)
|
||
Cash provided by continuing operating activities
|
26.6
|
|
|
69.2
|
|
||
Cash required by discontinued operating activities
|
(0.6
|
)
|
|
(1.2
|
)
|
||
Cash provided by operating activities
|
26.0
|
|
|
68.0
|
|
||
|
|
|
|
||||
Cash flows required by investing activities:
|
|
|
|
||||
Acquisitions, net of cash acquired
|
(57.6
|
)
|
|
(103.1
|
)
|
||
Capital expenditures
|
(28.5
|
)
|
|
(27.5
|
)
|
||
Proceeds from disposal of assets
|
1.8
|
|
|
1.4
|
|
||
Cash required by investing activities
|
(84.3
|
)
|
|
(129.2
|
)
|
||
|
|
|
|
||||
Cash flows provided by financing activities:
|
|
|
|
||||
Payments in connection with modification of credit facilities
|
(468.6
|
)
|
|
—
|
|
||
Net proceeds (payments) from domestic credit facilities
|
576.0
|
|
|
(93.1
|
)
|
||
Repayment of long-term debt
|
—
|
|
|
(1.4
|
)
|
||
Proceeds from stock issuance, net of stock issuance costs
|
—
|
|
|
184.1
|
|
||
Settlement of taxes withheld on equity compensation awards
|
(10.6
|
)
|
|
(9.5
|
)
|
||
Purchase of treasury stock
|
(12.0
|
)
|
|
(5.0
|
)
|
||
Dividends
|
(9.8
|
)
|
|
(9.6
|
)
|
||
Other
|
(9.8
|
)
|
|
(0.5
|
)
|
||
Cash provided by financing activities
|
65.2
|
|
|
65.0
|
|
||
|
|
|
|
||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
(2.4
|
)
|
|
1.4
|
|
||
|
|
|
|
||||
Increase in cash and cash equivalents
|
4.5
|
|
|
5.2
|
|
||
Cash and cash equivalents, beginning of period
|
34.0
|
|
|
33.2
|
|
||
Cash and cash equivalents, end of period
|
$
|
38.5
|
|
|
$
|
38.4
|
|
•
|
Acquisition costs are expensed and not capitalized as contract assets for contracts with duration of less than one year.
|
•
|
We do not disclose information about remaining performance obligations that have original expected durations of one year or less.
|
•
|
We do not adjust the transaction price for significant financing component for contracts with duration of less than one year.
|
•
|
Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales.
|
•
|
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.
|
|
As Reported
|
|
|
|
As Restated
|
||||||
|
December 31, 2017
|
|
Adjustments due to ASC 606
|
|
January 1, 2018
|
||||||
Trade receivables, net of allowance
|
$
|
316.4
|
|
|
$
|
(31.3
|
)
|
|
$
|
285.1
|
|
Inventories
|
190.2
|
|
|
103.6
|
|
|
293.8
|
|
|||
Other current assets
|
48.0
|
|
|
0.4
|
|
|
48.4
|
|
|||
Deferred income taxes
|
$
|
13.1
|
|
|
6.7
|
|
|
$
|
19.8
|
|
|
Total Assets
|
$
|
1,391.4
|
|
|
$
|
79.4
|
|
|
$
|
1,470.8
|
|
|
|
|
|
|
|
||||||
Advance and progress payments
|
127.6
|
|
|
113.1
|
|
|
240.7
|
|
|||
Other current liabilities
|
96.4
|
|
|
(2.3
|
)
|
|
94.1
|
|
|||
Other long-term liabilities
|
49.5
|
|
|
(1.2
|
)
|
|
48.3
|
|
|||
Retained earnings
|
333.7
|
|
|
(30.2
|
)
|
|
303.5
|
|
|||
Total Liabilities and Stockholders' Equity
|
$
|
1,391.4
|
|
|
$
|
79.4
|
|
|
$
|
1,470.8
|
|
•
|
The ineffective hedging portion of derivatives designated as hedging instruments is no longer required to be separately measured, recognized or reported. The entire change in the fair value of the designated hedging instrument is recorded in accumulated other comprehensive income;
|
•
|
The Company will perform ongoing prospective and retrospective hedge ineffectiveness assessments qualitatively after performing the initial test of hedge effectiveness on a quantitative basis, and only to the extent that an expectation of high effectiveness can be supported on a qualitative basis in subsequent periods;
|
•
|
For derivatives with components excluded from the assessment of hedge effectiveness, the accumulated gains or losses recorded in accumulated other comprehensive income on such excluded components in a qualifying cash flow or net investment hedging relationship are reclassified to earnings on a systematic and rational basis over the hedge term.
|
|
|
PLF
(2)
|
|
Avure
(2)
|
|
FTNON
(1)
|
|
Other
(3)
|
|
Total
|
||||||||||
(In millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets
|
|
$
|
20.8
|
|
|
$
|
4.3
|
|
|
$
|
19.3
|
|
|
$
|
11.2
|
|
|
$
|
55.6
|
|
Inventories
|
|
1.0
|
|
|
14.4
|
|
|
2.8
|
|
|
10.2
|
|
|
28.4
|
|
|||||
Property, plant and equipment
|
|
2.2
|
|
|
4.5
|
|
|
4.4
|
|
|
9.9
|
|
|
21.0
|
|
|||||
Other intangible assets
(4)
|
|
17.9
|
|
|
20.8
|
|
|
19.4
|
|
|
8.9
|
|
|
67.0
|
|
|||||
Deferred taxes
|
|
(3.5
|
)
|
|
(3.6
|
)
|
|
(4.6
|
)
|
|
(0.9
|
)
|
|
(12.6
|
)
|
|||||
Financial liabilities
|
|
(5.5
|
)
|
|
(10.5
|
)
|
|
(20.0
|
)
|
|
(9.1
|
)
|
|
(45.1
|
)
|
|||||
Total identifiable net assets
|
|
$
|
32.9
|
|
|
$
|
29.9
|
|
|
$
|
21.3
|
|
|
$
|
30.2
|
|
|
$
|
114.3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash consideration paid
|
|
$
|
49.8
|
|
|
$
|
58.9
|
|
|
$
|
43.6
|
|
|
$
|
32.6
|
|
|
$
|
184.9
|
|
Holdback payments due to seller
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
3.7
|
|
|||||
Total purchase price
|
|
51.6
|
|
|
58.9
|
|
|
43.6
|
|
|
34.5
|
|
|
188.6
|
|
|||||
Cash acquired
|
|
$
|
15.5
|
|
|
$
|
—
|
|
|
$
|
4.7
|
|
|
$
|
2.2
|
|
|
$
|
22.4
|
|
Net consideration
|
|
36.1
|
|
|
58.9
|
|
|
38.9
|
|
|
32.3
|
|
|
166.2
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
|
$
|
18.7
|
|
|
$
|
29.0
|
|
|
$
|
22.3
|
|
|
$
|
4.3
|
|
|
$
|
74.3
|
|
(1)
|
The purchase accounting for FTNON is provisional. The valuation of certain working capital balances, property, plant and equipment, intangibles, income tax balances and residual goodwill related to each 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).
|
(2)
|
The purchase accounting for these acquisitions was final as of June 30, 2018.
|
(3)
|
Other balances include AMSS and Schröder. The purchase accounting for AMSS was final with tax adjustments recorded as a measurement period adjustment during the three months ended June 30, 2018. The purchase accounting for Schröder is provisional as valuation of certain working capital 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). All measurement period adjustments in the quarter and nine months ended September 30, 2018 were not material.
|
(4)
|
The acquired definite-lived intangibles are being amortized on a straight-line basis over their estimated useful lives, which range from
five
to
twenty
years. The tradename intangible assets for Avure and PLF have been identified as indefinite-lived intangible assets and will be reviewed annually for impairment.
|
(In millions)
|
JBT FoodTech
|
|
JBT AeroTech
|
|
Total
|
||||||
Balance as of December 31, 2017
|
$
|
290.8
|
|
|
$
|
11.0
|
|
|
$
|
301.8
|
|
Acquisitions
|
23.5
|
|
|
0.3
|
|
|
23.8
|
|
|||
Currency translation
|
(3.7
|
)
|
|
(0.3
|
)
|
|
(4.0
|
)
|
|||
Balance as of September 30, 2018
|
$
|
310.6
|
|
|
$
|
11.0
|
|
|
$
|
321.6
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
(In millions)
|
Gross carrying amount
|
|
Accumulated amortization
|
|
Gross carrying amount
|
|
Accumulated amortization
|
||||||||
Customer relationships
|
$
|
166.7
|
|
|
$
|
42.3
|
|
|
$
|
158.8
|
|
|
$
|
33.5
|
|
Patents and acquired technology
|
100.5
|
|
|
28.6
|
|
|
92.1
|
|
|
32.1
|
|
||||
Tradenames
|
23.1
|
|
|
17.8
|
|
|
20.0
|
|
|
9.5
|
|
||||
Indefinite lived intangible assets
|
15.7
|
|
|
—
|
|
|
15.9
|
|
|
—
|
|
||||
Other
|
14.5
|
|
|
10.4
|
|
|
14.5
|
|
|
9.4
|
|
||||
Total intangible assets
|
$
|
320.5
|
|
|
$
|
99.1
|
|
|
$
|
301.3
|
|
|
$
|
84.5
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Raw materials
|
$
|
89.6
|
|
|
$
|
72.6
|
|
Work in process
|
110.1
|
|
|
73.7
|
|
||
Finished goods
|
122.4
|
|
|
109.2
|
|
||
Gross inventories before LIFO reserves and valuation adjustments
|
322.1
|
|
|
255.5
|
|
||
LIFO reserves and valuation adjustments
|
(65.5
|
)
|
|
(65.3
|
)
|
||
Inventories, net
|
$
|
256.6
|
|
|
$
|
190.2
|
|
|
Pension Benefits
|
||||||||||||||
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
0.4
|
|
|
$
|
0.5
|
|
|
$
|
1.4
|
|
|
$
|
1.3
|
|
Interest cost
|
2.7
|
|
|
2.7
|
|
|
8.1
|
|
|
8.1
|
|
||||
Expected return on plan assets
|
(4.4
|
)
|
|
(4.3
|
)
|
|
(12.9
|
)
|
|
(12.9
|
)
|
||||
Settlement charge
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||
Amortization of net actuarial losses
|
1.7
|
|
|
1.3
|
|
|
5.0
|
|
|
3.9
|
|
||||
Net periodic cost
|
$
|
0.4
|
|
|
$
|
0.2
|
|
|
$
|
2.0
|
|
|
$
|
0.4
|
|
|
Pension and Other Postretirement Benefits
(1)
|
|
Derivatives Designated as Hedges
(1)
|
|
Foreign Currency Translation
(1)
|
|
Total
(1)
|
||||||||
(In millions)
|
|
|
|
|
|
|
|
||||||||
Beginning balance, June 30, 2018
|
$
|
(111.1
|
)
|
|
$
|
2.9
|
|
|
$
|
(45.6
|
)
|
|
$
|
(153.8
|
)
|
Other comprehensive income (loss) before reclassification
|
—
|
|
|
0.3
|
|
|
(3.2
|
)
|
|
(2.9
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income
|
1.2
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.9
|
|
||||
Ending balance, September 30, 2018
|
$
|
(109.9
|
)
|
|
$
|
2.9
|
|
|
$
|
(48.8
|
)
|
|
$
|
(155.8
|
)
|
|
Pension and Other Postretirement Benefits
(1)
|
|
Derivatives Designated as Hedges
(1)
|
|
Foreign Currency Translation
(1)
|
|
Total
(1)
|
||||||||
(In millions)
|
|
|
|
|
|
|
|
||||||||
Beginning balance, June 30, 2017
|
$
|
(107.0
|
)
|
|
$
|
0.2
|
|
|
$
|
(35.3
|
)
|
|
$
|
(142.1
|
)
|
Other comprehensive income (loss) before reclassification
|
—
|
|
|
—
|
|
|
7.3
|
|
|
7.3
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
0.8
|
|
|
0.2
|
|
|
—
|
|
|
1.0
|
|
||||
Ending balance, September 30, 2017
|
$
|
(106.2
|
)
|
|
$
|
0.4
|
|
|
$
|
(28.0
|
)
|
|
$
|
(133.8
|
)
|
|
Pension and Other Postretirement Benefits
(1)
|
|
Derivatives Designated as Hedges
(1)
|
|
Foreign Currency Translation
(1)
|
|
Total
(1)
|
||||||||
(In millions)
|
|
|
|
|
|
|
|
||||||||
Beginning balance, December 31, 2017
|
$
|
(113.9
|
)
|
|
$
|
1.4
|
|
|
$
|
(27.8
|
)
|
|
$
|
(140.3
|
)
|
Other comprehensive income (loss) before reclassification
|
—
|
|
|
1.9
|
|
|
(21.0
|
)
|
|
(19.1
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income
|
4.0
|
|
|
(0.4
|
)
|
|
—
|
|
|
3.6
|
|
||||
Ending balance, September 30, 2018
|
$
|
(109.9
|
)
|
|
$
|
2.9
|
|
|
$
|
(48.8
|
)
|
|
$
|
(155.8
|
)
|
|
Pension and Other Postretirement Benefits
(1)
|
|
Derivatives Designated as Hedges
(1)
|
|
Foreign Currency Translation
(1)
|
|
Total
(1)
|
||||||||
(In millions)
|
|
|
|
|
|
|
|
||||||||
Beginning balance, December 31, 2016
|
$
|
(108.6
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(48.3
|
)
|
|
$
|
(157.0
|
)
|
Other comprehensive income (loss) before reclassification
|
—
|
|
|
(0.1
|
)
|
|
20.3
|
|
|
20.2
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
2.4
|
|
|
0.6
|
|
|
—
|
|
|
3.0
|
|
||||
Ending balance, September 30, 2017
|
$
|
(106.2
|
)
|
|
$
|
0.4
|
|
|
$
|
(28.0
|
)
|
|
$
|
(133.8
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
in millions
|
September 30,
2018
|
|
September 30,
2018
|
||||||||||||
Type of Good or Service
|
FoodTech
|
|
AeroTech
|
|
FoodTech
|
|
AeroTech
|
||||||||
Recurring
(1)
|
$
|
129.4
|
|
|
$
|
45.7
|
|
|
$
|
387.6
|
|
|
$
|
135.1
|
|
Non-recurring
(1)
|
203.1
|
|
|
103.8
|
|
|
610.1
|
|
|
249.5
|
|
||||
Total
|
$
|
332.5
|
|
|
$
|
149.5
|
|
|
$
|
997.7
|
|
|
$
|
384.6
|
|
|
|
|
|
|
|
|
|
||||||||
Geographical Region
(2)
|
FoodTech
|
|
AeroTech
|
|
FoodTech
|
|
AeroTech
|
||||||||
North America
|
$
|
174.7
|
|
|
$
|
105.2
|
|
|
$
|
501.5
|
|
|
$
|
298.2
|
|
Europe, Middle East and Africa
|
101.7
|
|
|
32.8
|
|
|
308.1
|
|
|
58.4
|
|
||||
Asia Pacific
|
27.7
|
|
|
9.2
|
|
|
126.9
|
|
|
25.2
|
|
||||
Latin America
|
28.4
|
|
|
2.3
|
|
|
61.2
|
|
|
2.8
|
|
||||
Total
|
$
|
332.5
|
|
|
$
|
149.5
|
|
|
$
|
997.7
|
|
|
$
|
384.6
|
|
|
Balances as of
|
||||||
in millions
|
January 1, 2018
|
|
September 30, 2018
|
||||
Contract Assets
|
$
|
18.2
|
|
|
$
|
87.7
|
|
Contract Liabilities
|
$
|
222.8
|
|
|
$
|
149.1
|
|
|
As reported
|
|
Adjustments
|
|
Nine Months Ended
|
||||||
|
Nine Months Ended
|
|
due to
|
|
September 30, 2018
|
||||||
in millions
|
September 30, 2018
|
|
ASC 606
|
|
Without Adoption
|
||||||
Revenue
|
$
|
1,382.4
|
|
|
$
|
(99.9
|
)
|
|
$
|
1,282.5
|
|
Cost of sales
|
1,003.4
|
|
|
(75.4
|
)
|
|
928.0
|
|
|||
Gross profit
|
379.0
|
|
|
(24.5
|
)
|
|
354.5
|
|
|||
Income from continuing operations before income taxes
|
73.6
|
|
|
(24.5
|
)
|
|
49.1
|
|
|||
Income tax provision (benefit)
|
12.1
|
|
|
(6.3
|
)
|
|
5.8
|
|
|||
Net income
|
61.2
|
|
|
(18.2
|
)
|
|
43.0
|
|
|
As reported
|
|
Adjustments
|
|
Three Months Ended
|
||||||
|
Three Months Ended
|
|
due to
|
|
September 30, 2018
|
||||||
in millions
|
September 30, 2018
|
|
ASC 606
|
|
Without Adoption
|
||||||
Revenue
|
$
|
481.9
|
|
|
$
|
(17.8
|
)
|
|
$
|
464.1
|
|
Cost of sales
|
346.8
|
|
|
(13.7
|
)
|
|
333.1
|
|
|||
Gross profit
|
135.1
|
|
|
(4.1
|
)
|
|
131.0
|
|
|||
Income from continuing operations before income taxes
|
33.2
|
|
|
(4.1
|
)
|
|
29.1
|
|
|||
Income tax provision (benefit)
|
6.8
|
|
|
(1.1
|
)
|
|
5.7
|
|
|||
Net income
|
26.4
|
|
|
(3.0
|
)
|
|
23.4
|
|
|
|
|
Adjustments
|
|
|
||||||
|
As reported
|
|
due to
|
|
Balances without
|
||||||
in millions
|
September 30, 2018
|
|
ASC 606
|
|
Adoption
|
||||||
Trade receivables, net of allowance
|
$
|
334.0
|
|
|
$
|
13.6
|
|
|
$
|
347.6
|
|
Inventories
|
256.6
|
|
|
(23.7
|
)
|
|
232.9
|
|
|||
Other current assets
|
57.6
|
|
|
(1.0
|
)
|
|
56.6
|
|
|||
Total current assets
|
686.7
|
|
|
(11.1
|
)
|
|
675.6
|
|
|||
Deferred income taxes
|
14.4
|
|
|
(1.5
|
)
|
|
12.9
|
|
|||
Total Assets
|
1,521.2
|
|
|
(12.6
|
)
|
|
1,508.6
|
|
|||
|
|
|
|
|
|
||||||
Accounts payable, trade and other
|
174.1
|
|
|
0.7
|
|
|
174.8
|
|
|||
Advance and progress payments
|
173.3
|
|
|
(27.4
|
)
|
|
145.9
|
|
|||
Other current liabilities
|
148.9
|
|
|
0.8
|
|
|
149.7
|
|
|||
Total current liabilities
|
496.4
|
|
|
(25.9
|
)
|
|
470.5
|
|
|||
Other liabilities
|
43.8
|
|
|
1.4
|
|
|
45.2
|
|
|||
Retained earnings
|
354.7
|
|
|
11.9
|
|
|
366.6
|
|
|||
Total Liabilities and stockholders' equity
|
1,521.2
|
|
|
(12.6
|
)
|
|
1,508.6
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In millions, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
26.4
|
|
|
$
|
26.4
|
|
|
$
|
61.5
|
|
|
$
|
62.3
|
|
Weighted average number of shares outstanding
|
31.9
|
|
|
31.9
|
|
|
31.9
|
|
|
31.3
|
|
||||
Basic earnings per share from continuing operations
|
$
|
0.83
|
|
|
$
|
0.83
|
|
|
$
|
1.93
|
|
|
$
|
1.99
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
26.4
|
|
|
$
|
26.4
|
|
|
$
|
61.5
|
|
|
$
|
62.3
|
|
Weighted average number of shares outstanding
|
31.9
|
|
|
31.9
|
|
|
31.9
|
|
|
31.3
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Restricted stock
|
0.2
|
|
|
0.4
|
|
|
0.3
|
|
|
0.4
|
|
||||
Total shares and dilutive securities
|
32.1
|
|
|
32.3
|
|
|
32.2
|
|
|
31.7
|
|
||||
Diluted earnings per share from continuing operations
|
$
|
0.82
|
|
|
$
|
0.82
|
|
|
$
|
1.91
|
|
|
$
|
1.97
|
|
•
|
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.
|
|
As of September 30, 2018
|
|
As of December 31, 2017
|
||||||||||||||||||||||||||||
(In millions)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Investments
|
$
|
14.0
|
|
|
$
|
14.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13.1
|
|
|
$
|
13.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives
|
7.6
|
|
|
—
|
|
|
7.6
|
|
|
—
|
|
|
5.2
|
|
|
—
|
|
|
5.2
|
|
|
—
|
|
||||||||
Total assets
|
$
|
21.6
|
|
|
$
|
14.0
|
|
|
$
|
7.6
|
|
|
$
|
—
|
|
|
$
|
18.3
|
|
|
$
|
13.1
|
|
|
$
|
5.2
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.5
|
|
|
$
|
—
|
|
|
$
|
5.5
|
|
|
$
|
—
|
|
Total liabilities
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.5
|
|
|
$
|
—
|
|
|
$
|
5.5
|
|
|
$
|
—
|
|
|
As of September 30, 2018
|
|
As of December 31, 2017
|
||||||||||||
(In millions)
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||
Other current assets / liabilities
|
$
|
4.0
|
|
|
$
|
3.8
|
|
|
$
|
3.3
|
|
|
$
|
5.7
|
|
Total
|
$
|
4.0
|
|
|
$
|
3.8
|
|
|
$
|
3.3
|
|
|
$
|
5.7
|
|
(In millions)
|
As of September 30, 2018
|
||||||||||||||||||
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
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.2
|
|
|
$
|
(2.6
|
)
|
|
$
|
2.6
|
|
(In millions)
|
As of December 31, 2017
|
||||||||||||||||||
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
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.2
|
|
|
$
|
(1.3
|
)
|
|
$
|
3.9
|
|
(In millions)
|
As of December 31, 2017
|
||||||||||||||||||
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
|
$
|
5.5
|
|
|
$
|
—
|
|
|
$
|
5.5
|
|
|
$
|
(1.3
|
)
|
|
$
|
4.2
|
|
Derivatives Not Designated
as Hedging Instruments
|
|
Location of Gain (Loss) Recognized
in Income on Derivatives
|
|
Amount of (Loss) Gain Recognized in Income
on Derivatives
|
||||||||||||||
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In millions)
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Foreign exchange contracts
|
|
Revenue
|
|
$
|
(0.8
|
)
|
|
$
|
1.3
|
|
|
$
|
(4.3
|
)
|
|
$
|
1.2
|
|
Foreign exchange contracts
|
|
Cost of sales
|
|
(0.1
|
)
|
|
—
|
|
|
0.1
|
|
|
0.7
|
|
||||
Foreign exchange contracts
|
|
Other expense (income), net
|
|
0.1
|
|
|
0.7
|
|
|
0.4
|
|
|
0.9
|
|
||||
Total
|
|
|
|
(0.8
|
)
|
|
2.0
|
|
|
(3.8
|
)
|
|
2.8
|
|
||||
Remeasurement of assets and liabilities in foreign currencies
|
|
|
|
0.7
|
|
|
(1.0
|
)
|
|
2.2
|
|
|
(1.9
|
)
|
||||
Net (loss) Gain on foreign currency transactions
|
|
|
|
$
|
(0.1
|
)
|
|
$
|
1.0
|
|
|
$
|
(1.6
|
)
|
|
$
|
0.9
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Balance at beginning of period
|
$
|
13.2
|
|
|
$
|
14.7
|
|
|
$
|
14.5
|
|
|
$
|
14.5
|
|
Expense for new warranties
|
4.0
|
|
|
2.9
|
|
|
9.2
|
|
|
8.9
|
|
||||
Adjustments to existing accruals
|
(0.3
|
)
|
|
—
|
|
|
(1.3
|
)
|
|
(0.4
|
)
|
||||
Claims paid
|
(4.0
|
)
|
|
(3.4
|
)
|
|
(9.4
|
)
|
|
(10.8
|
)
|
||||
Added through acquisition
|
0.3
|
|
|
0.6
|
|
|
0.5
|
|
|
2.3
|
|
||||
Translation
|
—
|
|
|
0.2
|
|
|
(0.3
|
)
|
|
0.5
|
|
||||
Balance at end of period
|
$
|
13.2
|
|
|
$
|
15.0
|
|
|
$
|
13.2
|
|
|
$
|
15.0
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
JBT FoodTech
|
$
|
332.5
|
|
|
$
|
296.1
|
|
|
$
|
997.7
|
|
|
$
|
816.6
|
|
JBT AeroTech
|
149.5
|
|
|
124.8
|
|
|
384.6
|
|
|
334.8
|
|
||||
Other revenue and intercompany eliminations
|
(0.1
|
)
|
|
(0.1
|
)
|
|
0.1
|
|
|
—
|
|
||||
Total revenue
|
$
|
481.9
|
|
|
$
|
420.8
|
|
|
$
|
1,382.4
|
|
|
$
|
1,151.4
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
|
|
|
|
|
|
||||||||
Segment operating profit:
|
|
|
|
|
|
|
|
||||||||
JBT FoodTech
|
$
|
41.9
|
|
|
$
|
37.8
|
|
|
$
|
110.8
|
|
|
$
|
89.4
|
|
JBT AeroTech
|
17.6
|
|
|
15.4
|
|
|
40.2
|
|
|
35.8
|
|
||||
Total segment operating profit
|
59.5
|
|
|
53.2
|
|
|
151.0
|
|
|
125.2
|
|
||||
Corporate items:
|
|
|
|
|
|
|
|
||||||||
Corporate expense
(1)
|
(11.3
|
)
|
|
(11.0
|
)
|
|
(33.5
|
)
|
|
(32.4
|
)
|
||||
Restructuring expense
(2)
|
(11.6
|
)
|
|
(0.3
|
)
|
|
(32.8
|
)
|
|
(1.3
|
)
|
||||
Operating income
|
36.6
|
|
|
41.9
|
|
|
84.7
|
|
|
91.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
(3)
|
—
|
|
|
0.3
|
|
|
(0.6
|
)
|
|
0.9
|
|
||||
Net interest expense
|
(3.4
|
)
|
|
(3.6
|
)
|
|
(10.5
|
)
|
|
(10.3
|
)
|
||||
Income from continuing operations before income taxes
|
$
|
33.2
|
|
|
$
|
38.6
|
|
|
$
|
73.6
|
|
|
$
|
82.1
|
|
(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
14
.
Restructuring
for further information on restructuring expense.
|
(3)
|
Other income (expense), net represents components of net benefit costs other than service costs required to be presented outside of income from operations.
|
|
Cumulative Amount
|
|
For the Three Months Ended
|
Cumulative Amount
|
|||||||||||||||
(In millions)
|
As of December 31, 2017
|
|
March 31, 2018
|
|
June 30, 2018
|
|
September 30, 2018
|
|
As of September 30, 2018
|
||||||||||
2016 restructuring plan
|
|
|
|
|
|
|
|
|
|
||||||||||
Severance and related expense
|
$
|
6.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.1
|
|
Other
|
6.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.2
|
|
|||||
2018 and other restructuring plans
|
|
|
|
|
|
|
|
|
|
||||||||||
Severance and related expense
|
—
|
|
|
11.0
|
|
|
2.5
|
|
|
0.4
|
|
|
13.9
|
|
|||||
Other
|
—
|
|
|
3.4
|
|
|
7.8
|
|
|
11.2
|
|
|
22.4
|
|
|||||
Total Restructuring charges
|
$
|
12.3
|
|
|
$
|
14.4
|
|
|
$
|
10.3
|
|
|
$
|
11.6
|
|
|
$
|
48.6
|
|
|
|
|
Impact to Earnings
|
|
|
|
|
|||||||||||
(In millions)
|
Balance as of
December 31, 2017 |
|
Charged to
Earnings
|
|
Release of Liability
|
|
Payments Made
|
|
Balance as of
September 30, 2018 |
|||||||||
Severance and related expense
|
$
|
3.2
|
|
|
$
|
13.9
|
|
|
$
|
(3.5
|
)
|
|
$
|
(4.4
|
)
|
|
9.2
|
|
Other
|
—
|
|
|
22.4
|
|
|
—
|
|
|
(16.6
|
)
|
|
5.8
|
|
||||
Total
|
$
|
3.2
|
|
|
$
|
36.3
|
|
|
$
|
(3.5
|
)
|
|
$
|
(21.0
|
)
|
|
15.0
|
|
•
|
Accelerate New Product & Service Development.
JBT is accelerating the development of innovative products and services to provide customers with solutions that enhance yield and productivity and reduce lifetime cost of ownership.
|
•
|
Grow Recurring Revenue.
JBT is capitalizing on its extensive installed base to expand recurring revenue from aftermarket parts and services, equipment leases, consumables and airport services.
|
•
|
Execute Impact Initiatives.
JBT is enhancing organic growth through initiatives that enable us to sell the entire FoodTech portfolio globally, including enhancing our international sales and support infrastructure, localizing targeted products for emerging markets, and strategic cross selling of products. Additionally, our impact initiatives are designed to support the reduction in operating cost including strategic sourcing, relentless continuous improvement (lean) efforts, and the optimization of organization structure. In AeroTech, we plan to continue to develop advanced military product offering and customer support capability to service global military customers.
|
•
|
Maintain Disciplined Acquisition Program.
We are also continuing our strategic acquisition program focused on companies that add complementary products, which enable us to offer more comprehensive solutions to customers, and meet our strict economic criteria for returns and synergies.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In millions, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Income from continuing operations as reported
|
$
|
26.4
|
|
|
$
|
26.4
|
|
|
$
|
61.5
|
|
|
$
|
62.3
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
||||||||
Restructuring expense
|
11.6
|
|
|
0.3
|
|
|
32.8
|
|
|
1.3
|
|
||||
Impact on tax provision from Non-GAAP
adjustments
(1)
|
(3.0
|
)
|
|
(0.1
|
)
|
|
(8.4
|
)
|
|
(0.4
|
)
|
||||
Impact on tax provision from mandatory repatriation
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
||||
Impact on tax provision from rate change on deferred taxes
|
(1.5
|
)
|
|
—
|
|
|
(1.5
|
)
|
|
$
|
—
|
|
|||
Adjusted income from continuing operations
|
$
|
34.1
|
|
|
$
|
26.6
|
|
|
$
|
85.0
|
|
|
$
|
63.2
|
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations as reported
|
$
|
26.4
|
|
|
$
|
26.4
|
|
|
$
|
61.5
|
|
|
$
|
62.3
|
|
Total shares and dilutive securities
|
32.1
|
|
|
32.3
|
|
|
32.2
|
|
|
31.7
|
|
||||
Diluted earnings per share from continuing operations
|
$
|
0.82
|
|
|
$
|
0.82
|
|
|
$
|
1.91
|
|
|
$
|
1.97
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted income from continuing operations
|
$
|
34.1
|
|
|
$
|
26.6
|
|
|
$
|
85.0
|
|
|
$
|
63.2
|
|
Total shares and dilutive securities
|
32.1
|
|
|
32.3
|
|
|
32.2
|
|
|
31.7
|
|
||||
Adjusted diluted earnings per share from continuing operations
|
$
|
1.06
|
|
|
$
|
0.82
|
|
|
$
|
2.64
|
|
|
$
|
1.99
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
26.4
|
|
|
$
|
25.8
|
|
|
$
|
61.2
|
|
|
$
|
61.1
|
|
Gain (loss) from discontinued operations, net of taxes
|
—
|
|
|
(0.6
|
)
|
|
(0.3
|
)
|
|
(1.2
|
)
|
||||
Income from continuing operations as reported
|
26.4
|
|
|
26.4
|
|
|
61.5
|
|
|
62.3
|
|
||||
Provision for income taxes
|
6.8
|
|
|
12.2
|
|
|
12.1
|
|
|
19.8
|
|
||||
Net interest expense
|
3.4
|
|
|
3.6
|
|
|
10.5
|
|
|
10.3
|
|
||||
Depreciation and amortization
|
15.3
|
|
|
12.8
|
|
|
43.1
|
|
|
37.9
|
|
||||
EBITDA
|
51.9
|
|
|
55.0
|
|
|
127.2
|
|
|
130.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Restructuring expense
|
11.6
|
|
|
0.3
|
|
|
32.8
|
|
|
1.3
|
|
||||
Adjusted EBITDA
|
$
|
63.5
|
|
|
$
|
55.3
|
|
|
$
|
160.0
|
|
|
$
|
131.6
|
|
in millions
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
||||||||
Previously Recognized
(1)
|
$
|
43.3
|
|
|
$
|
57.7
|
|
|
$
|
13.0
|
|
|
$
|
114.0
|
|
Accelerated/Deferred
(2)
|
7.2
|
|
|
(26.1
|
)
|
|
4.8
|
|
|
(14.1
|
)
|
||||
Total ASC 606 Impact
|
$
|
50.5
|
|
|
$
|
31.6
|
|
|
$
|
17.8
|
|
|
$
|
99.9
|
|
|
Three Months Ended September 30,
|
|
Favorable/(Unfavorable)
|
||||||||
(In millions, except %)
|
2018
|
|
2017
|
|
$/bps
|
||||||
Revenue
|
$
|
481.9
|
|
|
$
|
420.8
|
|
|
$
|
61.1
|
|
Cost of sales
|
346.8
|
|
|
299.3
|
|
|
(47.5
|
)
|
|||
Gross profit
|
135.1
|
|
|
121.5
|
|
|
13.6
|
|
|||
Gross profit %
|
28.0
|
%
|
|
28.9
|
%
|
|
-90 bps
|
|
|||
Selling, general and administrative expense
|
79.0
|
|
|
74.0
|
|
|
(5.0
|
)
|
|||
Research and development expense
|
5.7
|
|
|
6.9
|
|
|
1.2
|
|
|||
Restructuring expense
|
11.6
|
|
|
0.3
|
|
|
(11.3
|
)
|
|||
Other expense (income), net
|
2.2
|
|
|
(1.6
|
)
|
|
(3.8
|
)
|
|||
Operating income
|
36.6
|
|
|
41.9
|
|
|
(5.3
|
)
|
|||
Operating income %
|
7.6
|
%
|
|
10.0
|
%
|
|
-240 bps
|
|
|||
Other (expense) income, net
|
—
|
|
|
0.3
|
|
|
(0.3
|
)
|
|||
Interest expense, net
|
(3.4
|
)
|
|
(3.6
|
)
|
|
0.2
|
|
|||
Income from continuing operations before income taxes
|
33.2
|
|
|
38.6
|
|
|
(5.4
|
)
|
|||
Provision for income taxes
|
6.8
|
|
|
12.2
|
|
|
5.4
|
|
|||
Income from continuing operations
|
26.4
|
|
|
26.4
|
|
|
—
|
|
|||
Loss from discontinued operations
|
—
|
|
|
(0.6
|
)
|
|
0.6
|
|
|||
Net income
|
$
|
26.4
|
|
|
$
|
25.8
|
|
|
$
|
0.6
|
|
•
|
Gross profit margin decreased 90 bps to
28.0%
compared to
28.9%
in the same period last year. This decrease was the result of unfavorable margins from equipment revenue, including an increase in equipment revenue as compared to the prior year as a result of the transition to ASC 606. In addition, foreign currency translation resulted in a gross profit margin decrease of 0.3%. The profit margin erosion was partially offset by a greater contribution of aftermarket revenue.
|
•
|
Selling, general and administrative expense increased in dollars but declined as a percentage of revenue from 17.6% in 2017 to 16.4% in 2018 due to the higher revenues and controlled spending, particularly in AeroTech.
|
•
|
Research and development expense has decreased in dollars resulting from controlled spending partially offset by continued investment in Elevate new product development initiatives. As a percent of revenue, these expenses have declined to 1.2% compared to 1.6% in the same period last year as revenue increased at a faster pace.
|
•
|
In the third quarter of 2018 we recorded restructuring expense of $11.6 million in connection with our 2018 restructuring plan to better leverage the Company's general and administrative resources and improve efficiency globally.
|
•
|
Other (income) expense, net increased by $3.8 million primarily due to higher acquisition costs and lower foreign currency gains quarter over quarter.
|
•
|
Currency translation reduced operating income by $2.4 million.
|
|
Three Months Ended September 30,
|
|
Favorable/(Unfavorable)
|
||||||||
(In millions, except %)
|
2018
|
|
2017
|
|
$/bps
|
||||||
Revenue:
|
|
|
|
|
|
||||||
JBT FoodTech
|
$
|
332.5
|
|
|
$
|
296.1
|
|
|
$
|
36.4
|
|
JBT AeroTech
|
149.5
|
|
|
124.8
|
|
|
24.7
|
|
|||
Other revenue and intercompany eliminations
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|||
Total revenue
|
$
|
481.9
|
|
|
$
|
420.8
|
|
|
$
|
61.1
|
|
|
|
|
|
|
|
||||||
Operating income before income taxes
|
|
|
|
|
|
||||||
Segment operating profit
(1)(2)
:
|
|
|
|
|
|
||||||
JBT FoodTech
|
$
|
41.9
|
|
|
$
|
37.8
|
|
|
$
|
4.1
|
|
JBT FoodTech segment operating profit %
|
12.6
|
%
|
|
12.8
|
%
|
|
-20 bps
|
|
|||
JBT AeroTech
|
17.6
|
|
|
15.4
|
|
|
2.2
|
|
|||
JBT AeroTech segment operating profit %
|
11.8
|
%
|
|
12.3
|
%
|
|
-50 bps
|
|
|||
Total segment operating profit
|
59.5
|
|
|
53.2
|
|
|
6.3
|
|
|||
Total segment operating profit %
|
12.3
|
%
|
|
12.6
|
%
|
|
-30 bps
|
|
|||
Corporate items:
|
|
|
|
|
|
||||||
Corporate expense
|
(11.3
|
)
|
|
(11.0
|
)
|
|
(0.3
|
)
|
|||
Restructuring expense
|
(11.6
|
)
|
|
(0.3
|
)
|
|
(11.3
|
)
|
|||
Operating income
|
$
|
36.6
|
|
|
$
|
41.9
|
|
|
$
|
(5.3
|
)
|
Operating income %
|
7.6
|
%
|
|
10.0
|
%
|
|
-240 bps
|
|
|||
|
|
|
|
|
|
||||||
Inbound orders
(3)
:
|
|
|
|
|
|
||||||
JBT FoodTech
|
$
|
282.3
|
|
|
$
|
296.4
|
|
|
|
||
JBT AeroTech
|
165.7
|
|
|
144.0
|
|
|
|
||||
Intercompany eliminations/other
|
0.1
|
|
|
-
|
|
|
|||||
Total inbound orders
|
$
|
448.1
|
|
|
$
|
440.4
|
|
|
|
(1)
|
Refer to Note
13
.
Business Segment Information
of the Notes to Condensed Consolidated Financial Statements.
|
(2)
|
Segment operating profit is defined as total segment revenue less segment operating expenses. 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.
|
(3)
|
Inbound orders are not impacted by the adoption of ASC 606.
|
|
Nine Months Ended September 30,
|
|
Favorable/(Unfavorable)
|
||||||||
(In millions, except %)
|
2018
|
|
2017
|
|
$/bps
|
||||||
Revenue
|
$
|
1,382.4
|
|
|
$
|
1,151.4
|
|
|
$
|
231.0
|
|
Cost of sales
|
1,003.4
|
|
|
817.5
|
|
|
(185.9
|
)
|
|||
Gross profit
|
379.0
|
|
|
333.9
|
|
|
45.1
|
|
|||
Gross profit %
|
27.4
|
%
|
|
29.0
|
%
|
|
-160 bps
|
|
|||
Selling, general and administrative expense
|
237.4
|
|
|
222.1
|
|
|
(15.3
|
)
|
|||
Research and development expense
|
20.7
|
|
|
19.6
|
|
|
(1.1
|
)
|
|||
Restructuring expense
|
32.8
|
|
|
1.3
|
|
|
(31.5
|
)
|
|||
Other expense (income), net
|
3.4
|
|
|
(0.6
|
)
|
|
(4.0
|
)
|
|||
Operating income
|
84.7
|
|
|
91.5
|
|
|
(6.8
|
)
|
|||
Operating income %
|
6.1
|
%
|
|
7.9
|
%
|
|
-180 bps
|
|
|||
Other (expense) income, net
|
(0.6
|
)
|
|
0.9
|
|
|
(1.5
|
)
|
|||
Interest expense, net
|
(10.5
|
)
|
|
(10.3
|
)
|
|
(0.2
|
)
|
|||
Income from continuing operations before income taxes
|
73.6
|
|
|
82.1
|
|
|
(8.5
|
)
|
|||
Provision for income taxes
|
12.1
|
|
|
19.8
|
|
|
7.7
|
|
|||
Income from continuing operations
|
61.5
|
|
|
62.3
|
|
|
(0.8
|
)
|
|||
Loss from discontinued operations
|
$
|
(0.3
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
0.9
|
|
Net income
|
61.2
|
|
|
61.1
|
|
|
0.1
|
|
•
|
Gross profit margin decreased 160 bps to
27.4%
compared to
29.0%
in the same period last year. This decrease was partially the result of gross profit percent on revenues required from ASC 606, mark-to-market losses on foreign currency hedging, as well as the result of higher installation costs from execution of projects in the first quarter of the year.
|
•
|
Selling, general and administrative expense increased in dollars but declined as a percentage of revenue due to higher revenues and controlled spending. As a percentage of revenue, these expenses have declined to 17.2% compared to 19.3% in the same period last year as revenue increased at a faster pace.
|
•
|
Research and development expense increased as we continue to invest in Elevate new product development initiatives.
|
•
|
Restructuring expense increased
$31.5 million
. In the current year we recorded restructuring expense of $32.8 million in connection with our 2018 restructuring plan to better leverage the Company's general and administrative resources and improve efficiency globally.
|
•
|
Other (income) expense, net increased by $4 million primarily due to higher acquisition costs.
|
•
|
Currency translation reduced operating income by $1.7 million.
|
|
Nine Months Ended September 30,
|
|
Favorable/(Unfavorable)
|
||||||||
(In millions, except %)
|
2018
|
|
2017
|
|
$/bps
|
||||||
Revenue:
|
|
|
|
|
|
||||||
JBT FoodTech
|
$
|
997.7
|
|
|
$
|
816.6
|
|
|
$
|
181.1
|
|
JBT AeroTech
|
384.6
|
|
|
334.8
|
|
|
49.8
|
|
|||
Other revenue and intercompany eliminations
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||
Total revenue
|
$
|
1,382.4
|
|
|
$
|
1,151.4
|
|
|
$
|
231.0
|
|
|
|
|
|
|
|
||||||
Operating income before income taxes
|
|
|
|
|
|
||||||
Segment operating profit
(1)(2)
:
|
|
|
|
|
|
||||||
JBT FoodTech
|
$
|
110.8
|
|
|
$
|
89.4
|
|
|
$
|
21.4
|
|
JBT FoodTech segment operating profit %
|
11.1
|
%
|
|
10.9
|
%
|
|
20 bps
|
|
|||
JBT AeroTech
|
40.2
|
|
|
35.8
|
|
|
4.4
|
|
|||
JBT AeroTech segment operating profit %
|
10.5
|
%
|
|
10.7
|
%
|
|
-20 bps
|
|
|||
Total segment operating profit
|
151.0
|
|
|
125.2
|
|
|
25.8
|
|
|||
Total segment operating profit %
|
10.9
|
%
|
|
10.9
|
%
|
|
0 bps
|
|
|||
Corporate items:
|
|
|
|
|
|
||||||
Corporate expense
|
(33.5
|
)
|
|
(32.4
|
)
|
|
(1.1
|
)
|
|||
Restructuring expense
|
(32.8
|
)
|
|
(1.3
|
)
|
|
(31.5
|
)
|
|||
Operating income
|
$
|
84.7
|
|
|
$
|
91.5
|
|
|
$
|
(6.8
|
)
|
Operating income %
|
6.1
|
%
|
|
7.9
|
%
|
|
-180 bps
|
|
|||
|
|
|
|
|
|
||||||
Inbound orders:
(3)
|
|
|
|
|
|
||||||
JBT FoodTech
|
$
|
952.9
|
|
|
$
|
897.3
|
|
|
|
||
JBT AeroTech
|
467.3
|
|
|
365.4
|
|
|
|
||||
Intercompany eliminations/other
|
0.2
|
|
|
0.1
|
|
|
|
||||
Total inbound orders
|
$
|
1,420.4
|
|
|
$
|
1,262.8
|
|
|
|
(1)
|
Refer to Note
13
.
Business Segment Information
of the Notes to Condensed Consolidated Financial Statements.
|
(2)
|
Segment operating profit is defined as total segment revenue less segment operating expenses. 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.
|
(3)
|
Inbound orders are not impacted by the adoption of ASC 606.
|
|
|
|
|
|
(In millions)
|
2018
|
|
2017
|
||||
Cash provided by continuing operating activities
|
$
|
26.6
|
|
|
$
|
69.2
|
|
Cash required by investing activities
|
(84.3
|
)
|
|
(129.2
|
)
|
||
Cash provided by financing activities
|
65.2
|
|
|
65.0
|
|
||
Net cash required by discontinued operations
|
(0.6
|
)
|
|
(1.2
|
)
|
||
Effect of foreign exchange rate changes on cash and cash equivalents
|
(2.4
|
)
|
|
1.4
|
|
||
Increase in cash and cash equivalents
|
$
|
4.5
|
|
|
$
|
5.2
|
|
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.
|
(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
|
||||||
July 1, 2018 through July 31, 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
8.7
|
|
August 1, 2018 through August 31, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.7
|
|
||
September 1, 2018 through September 30, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.7
|
|
||
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
8.7
|
|
(1)
|
Shares repurchased under a share repurchase program for up to $30 million of our common stock that was authorized in 2015 and was set to expire on December 31, 2018. Refer to our Annual Report on Form 10-K for the year ended
December 31, 2017
, Note
11
.
Stockholders' Equity
for share repurchase program details.
|
John Bean Technologies Corporation
|
(Registrant)
|
|
/s/ Jessi L. Corcoran
|
Jessi L. Corcoran
|
Assistant Corporate Controller and Chief Accounting Officer, and duly authorized officer
|
(Principal Accounting Officer)
|
Name of Division Location
|
Effective Date
|
End Date
|
Prevailing Wage Employee (Y/N)
|
Living Wage Employee (Y/N)
|
LAX Terminal 6 (FFT AS LAX PW 50248)
|
January 1, 2011
|
|
Y
|
Y
|
Miami-Dade County (FFT AS MIAMI PW 50245)
|
January 1, 2011
|
|
Y
|
N
|
Orange County (FFT AS ORANGE CTY PW 50246)
|
January 1, 2011
|
|
Y
|
N
|
Long Beach (FFT AS Long Beach PW 50247)
|
January 1, 2011
|
|
Y
|
N
|
LAX Delta (FFT AS LAX DELTA LP 50249)
|
March 1, 2011
|
|
N
|
N
|
Cincinnati (FFT AS CINCINNATI LP 50250)
|
June 1, 2011
|
|
N
|
N
|
LAX Terminal 2 (FFT AS LAX2 LP 50251)
|
September 1, 2011
|
|
N
|
N
|
Houston Train (FFT AS HAS TRAIN LP 50253)
|
September 1, 2011
|
December 31, 2015
|
N
|
N
|
Chicago O’Hare (FFT AS CHI ORD LP 50252)
|
October 1, 2011
|
|
N
|
N
|
Name of Division Location
|
Effective Date
|
End Date
|
Prevailing Wage Employee (Y/N)
|
Living Wage Employee (Y/N)
|
Dallas-Fort Worth (FFT AS Dallas Terminal E 50228)
|
January 1, 2012
|
|
N
|
N
|
Rhode Island (FFT AS RHODE ISLAND LP 50254)
|
July 1, 2012
|
|
N
|
N
|
Ontario Terminals 2 and 4 (FFT AS ONTARIO T2 T4 LP 50255)
|
July 1, 2013
|
|
N
|
N
|
Salt Lake City Baggage System (FFT AS SLC BAG SYSTEM LP 50256)
|
July 1, 2013
|
|
N
|
N
|
Greensboro NC Ground Support (FFT AS GSO GRND SUPPT LP 50257)
|
November 1, 2013
|
|
N
|
N
|
Houston Airport System (FFT AS HAS 50237)
|
January 1, 2014
|
|
N
|
N
|
Phoenix Baggage Handling System (FFT AS PHX BHS LP 50258)
|
March 1, 2014
|
|
N
|
N
|
Dallas-Fort Worth Mechanical, Electrical, and Plumbing Services (FFT AS DFW MEPS LP 50259)
|
July 1, 2014
|
|
N
|
N
|
Columbia, SC (FFT AS COLUMBIA SC LP 50260)
|
November 1, 2014
|
|
N
|
N
|
Richmond, VA (FFT AS RICHMOND LP 50261)
|
July 1, 2015
|
|
N
|
N
|
West Palm Beach (FFT AS WEST PALM PBI LP 50262)
|
November 1, 2015
|
|
N
|
N
|
Dallas Terminal D (FFT AS DFW Terminal D LP 50263)
|
January 1, 2016
|
|
N
|
N
|
Dallas Southgate (FFT AS DFW Southgate LP 50264)
|
July 1, 2016
|
|
N
|
N
|
Baltimore International (FFT AS Baltimore LP 50265)
|
July 1, 2016
|
|
N
|
N
|
Dallas Enterprise (FFT AS DFW Enterprise LP 50266)
|
February 1, 2017
|
|
N
|
N
|
Nashville BNA (FFT AS Nashville LP 50267)
|
April 1, 2017
|
|
N
|
N
|
Philadelphia - Union (FFT AS PHILA UNION 50268)
|
August 1, 2017
|
|
N
|
N
|
Name of Division Location
|
Effective Date
|
End Date
|
Prevailing Wage Employee (Y/N)
|
Living Wage Employee (Y/N)
|
LAX Terminal 6 (FFT AS LAX PW 50248)
|
January 1, 2011
|
|
Y
|
Y
|
Miami-Dade County (FFT AS MIAMI PW 50245)
|
January 1, 2011
|
|
Y
|
N
|
Orange County (FFT AS ORANGE CTY PW 50246)
|
January 1, 2011
|
|
Y
|
N
|
Long Beach (FFT AS Long Beach PW 50247)
|
January 1, 2011
|
|
Y
|
N
|
LAX Delta (FFT AS LAX DELTA LP 50249)
|
March 1, 2011
|
|
N
|
N
|
Cincinnati (FFT AS CINCINNATI LP 50250)
|
June 1, 2011
|
|
N
|
N
|
LAX Terminal 2 (FFT AS LAX2 LP 50251)
|
September 1, 2011
|
|
N
|
N
|
Houston Train (FFT AS HAS TRAIN LP 50253)
|
September 1, 2011
|
December 31, 2015
|
N
|
N
|
Chicago O’Hare (FFT AS CHI ORD LP 50252)
|
October 1, 2011
|
|
N
|
N
|
Dallas-Fort Worth (FFT AS Dallas Terminal E 50228)
|
January 1, 2012
|
|
N
|
N
|
Name of Division Location
|
Effective Date
|
End Date
|
Prevailing Wage Employee (Y/N)
|
Living Wage Employee (Y/N)
|
Rhode Island (FFT AS RHODE ISLAND LP 50254)
|
July 1, 2012
|
|
N
|
N
|
Ontario Terminals 2 and 4 (FFT AS ONTARIO T2 T4 LP 50255)
|
July 1, 2013
|
|
N
|
N
|
Salt Lake City Baggage System (FFT AS SLC BAG SYSTEM LP 50256)
|
July 1, 2013
|
|
N
|
N
|
Greensboro NC Ground Support (FFT AS GSO GRND SUPPT LP 50257)
|
November 1, 2013
|
|
N
|
N
|
Houston Airport System (FFT AS HAS 50237)
|
January 1, 2014
|
|
N
|
N
|
Phoenix Baggage Handling System (FFT AS PHX BHS LP 50258)
|
March 1, 2014
|
|
N
|
N
|
Dallas-Fort Worth Mechanical, Electrical, and Plumbing Services (FFT AS DFW MEPS LP 50259)
|
July 1, 2014
|
|
N
|
N
|
Columbia, SC (FFT AS COLUMBIA SC LP 50260)
|
November 1, 2014
|
|
N
|
N
|
Richmond, VA (FFT AS RICHMOND LP 50261)
|
July 1, 2015
|
|
N
|
N
|
West Palm Beach (FFT AS WEST PALM PBI LP 50262)
|
November 1, 2015
|
|
N
|
N
|
Dallas Terminal D (FFT AS DFW Terminal D LP 50263)
|
January 1, 2016
|
|
N
|
N
|
Dallas Southgate (FFT AS DFW Southgate LP 50264)
|
July 1, 2016
|
|
N
|
N
|
Baltimore International (FFT AS Baltimore LP 50265)
|
July 1, 2016
|
|
N
|
N
|
Dallas Enterprise (FFT AS DFW Enterprise LP 50266)
|
February 1, 2017
|
|
N
|
N
|
Nashville BNA (FFT AS Nashville LP 50267)
|
April 1, 2017
|
|
N
|
N
|
Philadelphia - Union (FFT AS PHILA UNION 50268)
|
August 1, 2017
|
|
N
|
N
|
Ontario AvAirPros (FFT AS ONTARIO AVAIRPROS 50269)
|
January 1, 2018
|
|
N
|
N
|
Name of Division Location
|
Effective Date
|
End Date
|
Prevailing Wage Employee (Y/N)
|
Living Wage Employee (Y/N)
|
LAX Terminal 6 (FFT AS LAX PW 50248)
|
January 1, 2011
|
|
Y
|
Y
|
Miami-Dade County (FFT AS MIAMI PW 50245)
|
January 1, 2011
|
|
Y
|
N
|
Orange County (FFT AS ORANGE CTY PW 50246)
|
January 1, 2011
|
|
Y
|
N
|
Long Beach (FFT AS Long Beach PW 50247)
|
January 1, 2011
|
|
Y
|
N
|
LAX Delta (FFT AS LAX DELTA LP 50249)
|
March 1, 2011
|
|
N
|
N
|
Cincinnati (FFT AS CINCINNATI LP 50250)
|
June 1, 2011
|
|
N
|
N
|
LAX Terminal 2 (FFT AS LAX2 LP 50251)
|
September 1, 2011
|
|
N
|
N
|
Houston Train (FFT AS HAS TRAIN LP 50253)
|
September 1, 2011
|
December 31, 2015
|
N
|
N
|
Chicago O’Hare (FFT AS CHI ORD LP 50252)
|
October 1, 2011
|
|
N
|
N
|
Dallas-Fort Worth (FFT AS Dallas Terminal E 50228)
|
January 1, 2012
|
|
N
|
N
|
Name of Division Location
|
Effective Date
|
End Date
|
Prevailing Wage Employee (Y/N)
|
Living Wage Employee (Y/N)
|
Rhode Island (FFT AS RHODE ISLAND LP 50254)
|
July 1, 2012
|
|
N
|
N
|
Ontario Terminals 2 and 4 (FFT AS ONTARIO T2 T4 LP 50255)
|
July 1, 2013
|
|
N
|
N
|
Salt Lake City Baggage System (FFT AS SLC BAG SYSTEM LP 50256)
|
July 1, 2013
|
|
N
|
N
|
Greensboro NC Ground Support (FFT AS GSO GRND SUPPT LP 50257)
|
November 1, 2013
|
|
N
|
N
|
Houston Airport System (FFT AS HAS 50237)
|
January 1, 2014
|
|
N
|
N
|
Phoenix Baggage Handling System (FFT AS PHX BHS LP 50258)
|
March 1, 2014
|
|
N
|
N
|
Dallas-Fort Worth Mechanical, Electrical, and Plumbing Services (FFT AS DFW MEPS LP 50259)
|
July 1, 2014
|
|
N
|
N
|
Columbia, SC (FFT AS COLUMBIA SC LP 50260)
|
November 1, 2014
|
|
N
|
N
|
Richmond, VA (FFT AS RICHMOND LP 50261)
|
July 1, 2015
|
|
N
|
N
|
West Palm Beach (FFT AS WEST PALM PBI LP 50262)
|
November 1, 2015
|
|
N
|
N
|
Dallas Terminal D (FFT AS DFW Terminal D LP 50263)
|
January 1, 2016
|
|
N
|
N
|
Dallas Southgate (FFT AS DFW Southgate LP 50264)
|
July 1, 2016
|
|
N
|
N
|
Baltimore International (FFT AS Baltimore LP 50265)
|
July 1, 2016
|
|
N
|
N
|
Dallas Enterprise (FFT AS DFW Enterprise LP 50266)
|
February 1, 2017
|
|
N
|
N
|
Nashville BNA (FFT AS Nashville LP 50267)
|
April 1, 2017
|
|
N
|
N
|
Philadelphia - Union (FFT AS PHILA UNION 50268)
|
August 1, 2017
|
|
N
|
N
|
Ontario AvAirPros (FFT AS ONTARIO AVAIRPROS 50269)
|
January 1, 2018
|
|
N
|
N
|
Hawaii (FFT AS HAWAII 50220)
|
July 1, 2018
|
|
N
|
N
|
1.
|
A new Section 2.11 is hereby added to the Plan to read as follows:
|
2.11
|
Service Crediting for FTNON USA, Inc
. Notwithstanding any provision herein to the contrary, effective July 12, 2018, if an individual (a) was actively employed by FTNON USA, Inc. on July 11, 2018, and (b) remains an active employee of FTNON USA, Inc. as of July 12, 2018, such individual’s period of employment with FTNON USA, Inc. shall be counted under the Plan for purposes of (i) eligibility to participate in the Plan and (ii) determining the individual’s Years of Service under the Plan.
|
Name of Division Location
|
Effective Date
|
End Date
|
Prevailing Wage Employee (Y/N)
|
Living Wage Employee (Y/N)
|
LAX Terminal 6 (FFT AS LAX PW 50248)
|
January 1, 2011
|
|
Y
|
Y
|
Miami-Dade County (FFT AS MIAMI PW 50245)
|
January 1, 2011
|
|
Y
|
N
|
Orange County (FFT AS ORANGE CTY PW 50246)
|
January 1, 2011
|
|
Y
|
N
|
Long Beach (FFT AS Long Beach PW 50247)
|
January 1, 2011
|
|
Y
|
N
|
LAX Delta (FFT AS LAX DELTA LP 50249)
|
March 1, 2011
|
|
N
|
N
|
Cincinnati (FFT AS CINCINNATI LP 50250)
|
June 1, 2011
|
|
N
|
N
|
LAX Terminal 2 (FFT AS LAX2 LP 50251)
|
September 1, 2011
|
|
N
|
N
|
Houston Train (FFT AS HAS TRAIN LP 50253)
|
September 1, 2011
|
December 31, 2015
|
N
|
N
|
Chicago O’Hare (FFT AS CHI ORD LP 50252)
|
October 1, 2011
|
|
N
|
N
|
Dallas-Fort Worth (FFT AS Dallas Terminal E 50228)
|
January 1, 2012
|
|
N
|
N
|
Rhode Island (FFT AS RHODE ISLAND LP 50254)
|
July 1, 2012
|
|
N
|
N
|
Name of Division Location
|
Effective Date
|
End Date
|
Prevailing Wage Employee (Y/N)
|
Living Wage Employee (Y/N)
|
Ontario Terminals 2 and 4 (FFT AS ONTARIO T2 T4 LP 50255)
|
July 1, 2013
|
|
N
|
N
|
Salt Lake City Baggage System (FFT AS SLC BAG SYSTEM LP 50256)
|
July 1, 2013
|
|
N
|
N
|
Greensboro NC Ground Support (FFT AS GSO GRND SUPPT LP 50257)
|
November 1, 2013
|
|
N
|
N
|
Houston Airport System (FFT AS HAS 50237)
|
January 1, 2014
|
|
N
|
N
|
Phoenix Baggage Handling System (FFT AS PHX BHS LP 50258)
|
March 1, 2014
|
|
N
|
N
|
Dallas-Fort Worth Mechanical, Electrical, and Plumbing Services (FFT AS DFW MEPS LP 50259)
|
July 1, 2014
|
|
N
|
N
|
Columbia, SC (FFT AS COLUMBIA SC LP 50260)
|
November 1, 2014
|
|
N
|
N
|
Richmond, VA (FFT AS RICHMOND LP 50261)
|
July 1, 2015
|
|
N
|
N
|
West Palm Beach (FFT AS WEST PALM PBI LP 50262)
|
November 1, 2015
|
|
N
|
N
|
Dallas Terminal D (FFT AS DFW Terminal D LP 50263)
|
January 1, 2016
|
|
N
|
N
|
Dallas Southgate (FFT AS DFW Southgate LP 50264)
|
July 1, 2016
|
|
N
|
N
|
Baltimore International (FFT AS Baltimore LP 50265)
|
July 1, 2016
|
|
N
|
N
|
Dallas Enterprise (FFT AS DFW Enterprise LP 50266)
|
February 1, 2017
|
|
N
|
N
|
Nashville BNA (FFT AS Nashville LP 50267)
|
April 1, 2017
|
|
N
|
N
|
Philadelphia - Union (FFT AS PHILA UNION 50268)
|
August 1, 2017
|
|
N
|
N
|
Ontario AvAirPros (FFT AS ONTARIO AVAIRPROS 50269)
|
January 1, 2018
|
|
N
|
N
|
Hawaii (FFT AS HAWAII 50220)
|
July 1, 2018
|
|
N
|
N
|
Dallas Non-Public (FFT AS DFW Non-Public LP 50270)
|
October 1, 2018
|
|
N
|
N
|
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.
|
|
/s/ Thomas W. Giacomini
|
|
Thomas W. Giacomini
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
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.
|
|
/s/ Brian A. Deck
|
|
Brian A. Deck
|
|
Executive Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
(a)
|
the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended
September 30, 2018
, 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.
|
|
/s/ Thomas W. Giacomini
|
|
Thomas W. Giacomini
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
(a)
|
the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended
September 30, 2018
, 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.
|
|
/s/ Brian A. Deck
|
|
Brian A. Deck
|
|
Executive Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|