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 endedMarch 31, 2016

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 incorporation or organization)		(I.R.S. Employer Identification No.)
70West Madison Street, Chicago, Illinois		60602
(Address of principal executive offices)		(Zip code)
	(312) 861-5900
(Registrant’s telephone number, including area code)

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).     Yes  ☒   No  ☐

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

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐

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 21, 2016
Common Stock, par value $0.01 per share	29,215,724

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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)	2016			2015
Revenue	$	267.1		$	225.0
Operating expenses:
Cost of sales	190.3			160.5
Selling, general and administrative expense	53.9			47.4
Research and development expense	5.5			3.7
Restructuring expense	7.2			—
Other expense (income), net	0.5			(0.3		)
Operating income	9.7			13.7
Interest income	0.3			0.3
Interest expense	(2.3		)	(2.1		)
Income from continuing operations before income taxes	7.7			11.9
Provision for income taxes	2.5			3.9
Income from continuing operations	5.2			8.0
Loss from discontinued operations, net of taxes	(0.1		)	—
Net income	$	5.1		$	8.0
Basic earnings per share:
Income from continuing operations	$	0.18		$	0.27
Loss from discontinued operations	(0.01		)	—
Net income	$	0.17		$	0.27
Diluted earnings per share:
Income from continuing operations	$	0.17		$	0.27
Loss from discontinued operations	—			—
Net income	$	0.17		$	0.27
Cash dividends declared per share	$	0.10		$	0.09

The accompanying notes are an integral part of the condensed consolidated financial statements.  

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JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPEREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months Ended March 31,
(In millions)	2016			2015
Net income	$	5.1		$	8.0
Other comprehensive income (loss)
Foreign currency translation adjustments	7.6			(16.3		)
Pension and other postretirement benefits adjustments, net of tax of $0.3 and $0.4 for 2016 and 2015, respectively	0.5			0.9
Derivatives designated as hedges, net of tax of ($1.4) and ($0.3) for 2016 and 2015, respectively	(2.2		)	(0.4		)
Other comprehensive income (loss)	5.9			(15.8		)
Comprehensive income (loss)	$	11.0		$	(7.8	)

The accompanying notes are an integral part of the condensed consolidated financial statements.  

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JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2016			December 31, 2015
(In millions, except per share data and number of shares)	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$	36.0		$	37.2
Trade receivables, net of allowances of $2.0 and $2.1, respectively	210.9			212.5
Inventories	136.9			104.9
Other current assets	46.7			41.6
Total current assets	430.5			396.2
Property, plant and equipment, net of accumulated depreciation of $244.9 and $223.8, respectively	188.8			181.1
Goodwill	156.4			152.5
Intangible assets, net	85.9			86.8
Other assets	30.4			27.5
Deferred income taxes	30.2			32.0
Total Assets	$	922.2		$	876.1
Liabilities and Stockholders' Equity:
Current Liabilities:
Short-term debt and current portion of long-term debt	$	2.0		$	2.2
Accounts payable, trade and other	110.5			110.7
Advance and progress payments	138.2			115.8
Other current liabilities	120.5			124.4
Total current liabilities	371.2			353.1
Long-term debt, less current portion	297.4			280.6
Accrued pension and other postretirement benefits, less current portion	85.6			90.7
Other liabilities	30.2			22.0
Commitments and contingencies (Note 11)
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; 2016: 29,316,041 issued and 29,215,724 outstanding; 2015: 29,316,041 issued and 29,147,380 outstanding	0.3			0.3
Common stock held in treasury, at cost; 2016: 100,317 shares; 2015: 168,661 shares	(4.0		)	(6.1		)
Additional paid-in capital	69.6			71.6
Retained earnings	213.2			211.1
Accumulated other comprehensive loss	(141.3		)	(147.2		)
Total stockholders' equity	137.8			129.7
Total Liabilities and Stockholders' Equity	$	922.2		$	876.1

The accompanying notes are an integral part of the condensed consolidated financial statements.

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JOHN BEAN TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2016			2015
Cash Flows From Operating Activities:
Net income	$	5.1		$	8.0
Loss from discontinued operations, net of income taxes	0.1			—
Income from continuing operations	5.2			8.0
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Depreciation and amortization	8.6			6.8
Stock-based compensation	2.2			1.4
Other	1.3			4.0
Changes in operating assets and liabilities:
Trade receivables, net	4.6			26.2
Inventories	(29.6		)	(11.7		)
Accounts payable, trade and other	(1.6		)	0.8
Advance and progress payments	19.9			24.9
Other assets and liabilities, net	(10.4		)	(29.9		)
Cash provided by continuing operating activities	0.2			30.5
Cash required by discontinued operating activities	—			—
Cash provided by operating activities	0.2			30.5
Cash Flows required by Investing Activities:
Acquisitions, net of cash acquired	(3.2		)	—
Capital expenditures	(11.4		)	(7.8		)
Proceeds from disposal of assets	0.4			0.3
Cash required by investing activities	(14.2		)	(7.5		)
Cash Flows provided (required) by Financing Activities:
Net decrease in short-term debt	(0.2		)	—
Cash provided by refinancing of credit facility	—			183.7
Cash payments to settle existing credit facility	—			(183.7		)
Net borrowings on credit facilities	17.2			(22.0		)
Repayment of long-term debt	(0.6		)	(0.3		)
Excess tax benefits	1.5			1.8
Tax withholdings on stock-based compensation awards	(2.6		)	(4.3		)
Purchase of treasury stock	(1.1		)	(3.1		)
Dividends	(3.1		)	(3.0		)
Cash provided (required) by financing activities	11.1			(30.9		)
Effect of foreign exchange rate changes on cash and cash equivalents	1.7			(5.6		)
Decrease in cash and cash equivalents	(1.2		)	(13.5		)
Cash and cash equivalents, beginning of period	37.2			33.3
Cash and cash equivalents, end of period	$	36.0		$	19.8

The accompanying notes are an integral part of the condensed consolidated financial statements.

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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 (“JBT” or “we”) provide global technology solutions to high-value segments of the food & beverage and air transportation industries. We design, manufacture, test and service technologically sophisticated systems and products for customers through our JBT FoodTech and JBT AeroTech segments. We have manufacturing operations worldwide and are strategically located to facilitate delivery of our products and services to our 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 JBT Annual Report on Form 10-K for the year ended December 31, 2015, which provides a more complete understanding 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.

In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair presentation of our 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 these statements may not be representative of those for the full year or any future period.

We have reclassified the prior year amortization expense of intangible assets not considered contract-related from cost of sales to selling, general and administrative expense to conform with current year presentation.

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 revenues and expenses during the reporting period. Actual results could differ from these estimates.

Recently issued accounting standards not yet adopted

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU requires companies to reevaluate when revenue is recorded on a transaction based upon newly defined criteria, either at a point in time or over time as goods or services are delivered. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and estimates, and changes in those estimates. The new standard becomes effective for us as of January 1, 2018, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) – Simplifying the Measurement of Inventory. The core principle of the ASU is that entities that historically used the lower of cost or market in the subsequent measurement of inventory will instead be required to measure inventory at the lower of cost and net realizable value. The guidance will not change U.S. GAAP for inventory measured using LIFO or the retail inventory method. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016. The company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard will replace most existing lease guidance in U.S. GAAP.  The core principle of the ASU is that lessees are required to report a right to use asset and a lease payment obligation on the balance sheet but recognize expenses on their income statements in a manner similar to today’s accounting, and for lessors the guidance remains substantially similar to current U.S. GAAP. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018.  However early adoption is

6

permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements.  We have not yet evaluated and cannot determine the impact this standard will have on our consolidated financial statements and related disclosures.

In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting. The new guidance was developed as part of the FASB's simplification initiative. The core principle of the ASU is that all income tax effects of awards are to be recognized in the income statement when the awards vest or are settled, it allows an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting, and allows an employer to make a policy election to account for forfeitures as they occur. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016.  However early adoption is permitted. The company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures.

NOTE 2. ACQUISITIONS

Consistent with our growth strategy, we completed two acquisitions during 2015 focused on strengthening our Protein and Liquid Foods portfolios.

A&B Process Systems

On October 1, 2015, John Bean Technologies Corporation acquired the shares of A&B Process Systems ("A&B"), located in Stratford, WI, for $103 million, including a $3.0 million earnout and a working capital adjustment of $0.1 million. Because the transaction was completed on October 1, 2015, the purchase accounting is preliminary as the valuation of income tax balances and residual goodwill related to this acquisition is not complete. We are also currently assessing the amount of goodwill that we expect to be deductible for tax purposes. 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, 2016 we refined our estimates of the customer relationship by ($0.9 million), tradename by ($0.4 million), technological know-how for skidded systems by ($0.2 million), backlog by ($0.1 million), and noncompete agreements by ($0.1 million). The impact of these adjustments was reflected as an increase in goodwill of $1.8 million, and resulted in an immaterial impact to the consolidated statement of income. No other significant refinements of the valuation occurred during the quarter.

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The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for A&B:

(In millions)
Assets:
Accounts receivable	$	15.7
Prepaid expenses	0.6
Costs in excess of billings on projects in progress	5.1
Inventories	1.0
Property, plant and equipment	18.1
Other assets	0.2
Intangible assets:
Customer relationships	14.6
Tradename	3.1
Technological know-how - skidded systems	3.9
Technological know-how - tanks and vessels	1.3
Backlog	1.2
Noncompete agreements	0.9
Total assets	$	65.7
Liabilities:
Accounts payable	$	6.1
Other liabilities	3.3
Billings in excess of costs on projects in process	6.6
Earnout liability	3.0
Total liabilities	19.0
Cash consideration paid and accrued	$	100.0
Contingent consideration	3.0
Total purchase price	103.0
Goodwill	$	53.3

The customer relationships and tradename will be amortized over their estimated useful lives of eight and fourteen years, respectively. Technological know-how for skidded systems and tanks & vessels will be amortized over their terms of six and nine years, respectively. The noncompete agreements will be amortized over the contractual life of five years, and backlog will be amortized over six months, reflecting its expected pattern of use.

The A&B purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the fourth quarter of 2016 if A&B exceeds certain earnings targets for the period from May 1, 2015 through April 31, 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $3.0 million.

Stork Food & Dairy Systems B.V.

On July 31, 2015, John Bean Technologies Corporation and its wholly-owned subsidiary John Bean Technologies Europe B.V. acquired the shares of Stork Food & Dairy Systems, B.V. (“SFDS”), located in Amsterdam, The Netherlands for 46.2 million euro ($50.7 million), which is net of cash acquired of 1.0 million euro ($1.1 million). Because the transaction was completed on July 31, 2015, the purchase accounting is preliminary as the final review of the intangible asset valuation report, valuation of income tax balances, pension balances and residual goodwill related to this acquisition is not complete. We are also currently assessing the amount of goodwill that we expect to be deductible for tax purposes. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). No significant refinements of the valuation occurred during the quarter.

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The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for SFDS:

(In millions)
Assets:
Cash	$	1.1
Accounts receivable	10.0
Other receivables	2.5
Inventories	4.8
Costs in excess of billings on projects in progress	7.8
Property, plant and equipment	9.8
Intangible assets:
Tradename	0.2
Customer relationships	4.1
Patents	3.9
Deferred Tax Asset	1.1
Total assets	$	45.3
Liabilities:
Accounts payable	$	9.2
Billings in excess of costs on projects	7.6
Other liabilities	10.2
Deferred taxes	3.3
Total liabilities	$	30.3
Total purchase price	$	51.8
Goodwill	$	36.8

The tradename, patents and customer relationships will be amortized over their estimated useful lives of seventeen months, seven years, and fifteen years, respectively. 

NOTE 3. GOODWILL AND INTANGIBLE ASSETS

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

(In millions)	JBT FoodTech		JBT AeroTech		Total
Balance as of December 31, 2015	$	144.8	$	7.7	$	152.5
Acquisitions	2.2		—		2.2
Currency translation	1.7		—		1.7
Balance as of March 31, 2016	148.7		7.7		156.4

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Intangible assets consisted of the following:

	March 31, 2016				December 31, 2015
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	70.3	$	17.2	$	70.8	$	15.9
Patents and acquired technology	36.3		24.4		35.4		23.5
Trademarks	19.3		8.1		19.5		7.8
Other	16.4		6.7		13.8		5.5
Total intangible assets	$	142.3	$	56.4	$	139.5	$	52.7

NOTE 4. INVENTORIES

Inventories consisted of the following:

(In millions)	March 31, 2016			December 31, 2015
Raw materials	$	62.1		$	55.0
Work in process	57.4			36.8
Finished goods	86.7			81.8
Gross inventories before LIFO reserves and valuation adjustments	206.2			173.6
LIFO reserves and valuation adjustments	(69.3		)	(68.7		)
Net inventories	$	136.9		$	104.9

NOTE 5. PENSION AND OTHER POSTRETIREMENT BENEFITS

Components of net periodic benefit cost were as follows:

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
(In millions)	2016			2015			2016			2015
Service cost	$	0.4		$	0.4		$	—		$	—
Interest cost	2.8			3.4						0.1
Expected return on plan assets	(4.5		)	(4.8		)	—			—
Amortization of net actuarial (gains) losses	1.0			1.1			—			(0.1		)
Settlements	—			0.3			(0.1		)	—
Net periodic cost (income)	$	(0.3	)	$	0.4		$	(0.1	)	$	—

We expect to contribute $14.3 million to our pension and other postretirement benefit plans in 2016. We contributed $1.3 million to our U.S. qualified pension plan during the three months ended March 31, 2016.

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NOTE 6. 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 JBT, AOCI is primarily 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, 2016 by component are shown in the following table:

	Pension and Other Postretirement Benefits			Derivatives Designated as Hedges			Foreign Currency Translation			Total
(In millions)
Beginning balance, December 31, 2015	$	(103.8	)	$	(0.8	)	$	(42.6	)	$	(147.2	)
Other comprehensive income (loss) before reclassification	(0.1		)	(2.4		)	7.6			5.1
Amounts reclassified from accumulated other comprehensive income	0.6			0.2			—			0.8
Ending balance, March 31, 2016	$	(103.3	)	$	(3.0	)	$	(35.0	)	$	(141.3	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2016 were $0.9 million of charges in selling, general and administrative expense, net of $0.3 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.3 million of charges in interest expense, net of $0.1 million in provision for income taxes.

NOTE 7. STOCK-BASED COMPENSATION

On February 18, 2016, we granted 153,144 restricted stock units with a total fair value of $6.8 million to certain employees under an existing stock-based compensation plan. The units will vest on April 1, 2019, and generally are expected to be amortized over the vesting period. The amortization period will be shorter if an employee attains age 62, and meets the plan's service requirement provision prior to the vesting date. The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors. Total compensation expense was $2.2 million and $1.4 million for the three months ended March 31, 2016 and March 31, 2015, respectively.

NOTE 8. EARNINGS PER SHARE

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

	Three Months Ended March 31,
(In millions, except per share data)	2016		2015
Basic earnings per share:
Income from continuing operations	$	5.2	$	8.0
Weighted average number of shares outstanding	29.5		29.6
Basic earnings per share from continuing operations	$	0.18	$	0.27
Diluted earnings per share:
Income from continuing operations	$	5.2	$	8.0
Weighted average number of shares outstanding	29.5		29.6
Effect of dilutive securities:
Restricted stock	0.3		0.2
Total shares and dilutive securities	29.8		29.8
Diluted earnings per share from continuing operations	$	0.17	$	0.27

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NOTE 9. 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.

• Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

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

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

	As of March 31, 2016								As of December 31, 2015
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	10.8	$	10.8	$	—	$	—	$	8.9	$	8.9	$	—	$	—
Derivatives	7.7		—		7.7		—		7.0		—		7.0		—
Total assets	$	18.5	$	10.8	$	7.7	$	—	$	15.9	$	8.9	$	7.0	$	—
Liabilities:
Derivatives	$	8.1	$	—	$	8.1	$	—	$	2.9	$	—	$	2.9	$	—
Contingent consideration	$	3.8					3.8		$	3.0					3.0
Total liabilities	$	11.9	$	—	$	8.1	$	3.8	$	5.9	$	—	$	2.9	$	3.0

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 we have the ability to access. Investments are reported separately in Other Assets on the consolidated balance sheet. Investments include an unrealized gain of $0.1 million as of March 31, 2016 and unrealized loss of $0.7 million as of December 31, 2015.

We use 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. We also perform a qualitative assessment of counterparty credit risk.

The contingent consideration relates to the earnout provision recorded in conjunction with the acquisition of A&B during 2015 for $3.0 million, and for Novus in the first quarter of 2016 of $0.8 million respectively.

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 and the estimated fair values of our debt financial instruments are summarized on the table below:

	As of March 31, 2016		As of December 31, 2015
(In millions)	Carrying Value	Estimated Fair Value	Carrying Value	Estimated Fair Value
Five-year revolving credit facility, expires February 10, 2020	296.4	296.4	279.4	279.4
Brazilian loan due April 15, 2016	0.1	0.1	0.3	0.3
Brazilian loan due October 16, 2017	2.6	2.4	2.7	2.4
Foreign credit facilities	0.3	0.3	—	—
Other	0.1	0.1	0.3	0.3

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There is no active or observable market for our fixed rate borrowings, which include our Brazilian loans. Therefore, the estimated fair value of the Brazilian loans are based on discounted cash flows using current interest rates available for debt with similar terms and remaining maturities. The estimates of the all-in interest rate for discounting the loans are based on a broker quote for loans with similar terms. We do not have a rate adjustment for risk profile changes, covenant issues or credit rating changes, therefore the broker quote is deemed to be the closest approximation of current market rates. The carrying values of the remaining borrowings approximate their fair values due to their variable interest rates.

NOTE 10. DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Derivative Financial Instruments

All derivatives are recorded as other assets or liabilities in the condensed consolidated balance sheets at their respective fair values. For derivatives designated as cash flow hedges, the effective portion of the unrealized gain or loss related to the derivatives are recorded in other comprehensive income (loss) until the transaction affects earnings. We assess both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been, and will continue to be, highly effective in offsetting changes in cash flows of the hedged item. The impact of any ineffectiveness is recognized in the condensed consolidated statements of income. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings.

Foreign Exchange: We manufacture and sell products in a number of countries throughout the world and, as a result, we are exposed to movements in foreign currency exchange rates. Our major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some of our sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which we take into consideration as part of our risk management policy. The purpose of our 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. We primarily utilize forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. We have not designated these forward foreign exchange contracts, which have a notional value at March 31, 2016 of $352.3 million, as hedges and therefore do not apply hedge accounting.

The following table presents the fair value of foreign currency derivatives included within the condensed consolidated balance sheets:

	As of March 31, 2016				As of December 31, 2015
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	6.6	$	2.8	$	5.8	$	1.3
Other assets / liabilities	1.1		0.2		1.2		0.1
Total	$	7.7	$	3.0	$	7.0	$	1.4

A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. We enter into master netting arrangements with our counterparties when possible to mitigate credit risk in derivative transactions by permitting us to net settle for transactions with the same counterparty. However, we do not net settle with such counterparties. As a result, we present derivatives at their gross fair values in the consolidated balance sheets.  

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As of March 31, 2016 and December 31, 2015, information related to these offsetting arrangements was as follows:

(in millions)	As of March 31, 2016
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	$	7.7	$	—	$	7.7	$	(3.6	)	$	4.1

	As of March 31, 2016
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	$	8.1	$	—	$	8.1	$	(3.6	)	$	4.5

(in millions)	As of December 31, 2015
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	$	7.0	$	—	$	7.0	$	(1.7	)	$	5.3

	As of December 31, 2015
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	$	2.9	$	—	$	2.9	$	(1.7	)	$	1.2

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 consolidated 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 on Derivatives
		Three Months Ended March 31,
(In millions)		2016			2015
Foreign exchange contracts	Revenue	$	(0.5	)	$	0.1
Foreign exchange contracts	Cost of sales	(0.1		)	(0.9		)
Foreign exchange contracts	Other income, net	(0.2		)	0.1
Total		(0.8		)	(0.7		)
Remeasurement of assets and liabilities in foreign currencies		(0.3		)	(0.7		)
Net loss on foreign currency transactions		$	(1.1	)	$	(1.4	)

Interest Rates: We have entered into interest rate swaps to fix the interest rate applicable to certain of our variable-rate debt, including a new forward starting interest rate swap entered into on January 15, 2016 covering the period beginning January 19, 2017 to January 19, 2021. The agreements swap one-month LIBOR for fixed rates. 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.

At March 31, 2016, the fair value recorded in other liabilities on the condensed consolidated balance sheet is $5.1 million. The effective portion of these derivatives designated as cash flow hedges of $3.0 million has been reported in other comprehensive income (loss), net of tax, on the condensed consolidated statements of comprehensive income (loss) as of March 31, 2016.

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Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of March 31, 2016.

Refer to Note 9. 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 us to credit risk primarily consist of trade receivables and derivative contracts. We manage 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. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for losses are established based on collectability assessments.

NOTE 11. COMMITMENTS AND CONTINGENCIES

In the normal course of our business, we are at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although we are 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 our results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to our 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.

We are currently the subject of an audit being conducted by the State of Delaware to determine whether we have complied with Delaware unclaimed property (escheat) laws. This audit is being conducted by an outside firm on behalf of the State of Delaware and covers the years from 1986 through the present. In addition to seeking the turnover of unclaimed property subject to escheat laws, the State of Delaware may seek interest, penalties, and other relief. We are not able to reasonably estimate a possible loss from this audit at this time.

Guarantees and Product Warranties

In the ordinary course of business with customers, vendors and others, we issue standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled $194.4 million at March 31, 2016, represent guarantees of our future performance. We also have provided $6.5 million of bank guarantees and letters of credit to secure a portion of our existing financial obligations. The majority of these financial instruments expire within two years; we expect to replace them through the issuance of new or the extension of existing letters of credit and surety bonds.

In some instances, we guarantee our customers’ financing arrangements. We are responsible for payment of any unpaid amounts but will receive indemnification from third parties for between sixty and ninety-five percent of the contract values. In addition, we generally retain recourse to the equipment sold. As of March 31, 2016, the gross value of such arrangements was $8.8 million, of which our net exposure under such guarantees is $1.4 million.

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We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. We provide for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists. We also provide a warranty liability when additional specific obligations are identified. The warranty obligation reflected in other current liabilities in the consolidated balance sheets 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 is as follows:

	Three Months Ended March 31,
(In millions)	2016			2015
Balance at beginning of period	$	12.5		$	10.2
Expense for new warranties	2.8			2.4
Adjustments to existing accruals	(0.2		)	—
Claims paid	(2.5		)	(2.4		)
Translation	0.2			(0.3		)
Balance at end of period	$	12.8		$	9.9

NOTE 12. BUSINESS SEGMENT INFORMATION

Segment operating profit is defined as total segment revenue less segment operating expenses. Business segment information was as follows:

	Three Months Ended March 31,
(In millions)	2016			2015
Revenue
JBT FoodTech	$	177.5		$	139.2
JBT AeroTech	90.1			86.2
Intercompany eliminations	(0.5		)	(0.4		)
Total revenue	$	267.1		$	225.0
Income before income taxes
Segment operating profit:
JBT FoodTech	$	18.8		$	13.1
JBT AeroTech	8.5			8.4
Total segment operating profit	27.3			21.5
Corporate items:
Corporate expense (1)	(10.4		)	(7.8		)
Restructuring expense (2)	(7.2		)	—
Operating income	9.7			13.7
Net interest expense	(2.0		)	(1.8		)
Income from continuing operations before income taxes	$	7.7		$	11.9

(1)Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, 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 13.

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NOTE 13. RESTRUCTURING

Restructuring costs primarily consist of employee separation benefits under our 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.

In the first quarter of 2014, we implemented a plan to optimize the overall JBT cost structure on a global basis. The initiatives under this plan include streamlining operations, consolidating certain facilities and enhancing our general and administrative infrastructure. We have released $0.3 million of the charge, which we no longer expect to pay, during the first quarter of 2016 in connection with this plan. Remaining payments required under this plan are expected to be paid during 2016.

In the first quarter of 2016, we implemented our optimization program to realign FoodTech's Protein business in North America and Liquid Foods business in Europe, accelerate JBT's strategic sourcing initiatives, and consolidate smaller facilities. The total estimated cost in connection with this plan is in the range of $11 million to $13 million with $7.5 million recorded in the first quarter of 2016. We anticipate incurring an additional $3 million to $4 million by the end of 2016. All payments required under this plan are expected to be made during 2016 and 2017.

Additional information regarding the restructuring activities is presented in the tables below: 

	Charges incurred during the three months ended March 31,
(In millions)	2016		2015
Severance and related expense	$	5.9	$	—
Asset impairment	0.1		—
Other	1.2		—
Total Restructuring charges	$	7.2	$	—

The restructuring charges are associated with the FoodTech segment, and are excluded from our calculation of segment operating profit.

Liability balances for restructuring activities are included in other current liabilities in the accompanying condensed consolidated balance sheets. The table below details the activities in 2016:

(In millions)	Balance as of December 31, 2015		Charged to Earnings		Payments Made /Charges Applied			Foreign Exchange Translation		Balance as of March 31, 2016
Severance and related expense	$	2.6	$	5.9	$	(0.9	)	$	—	$	7.6
Asset impairment	—		0.1		—			—		0.1
Other	—		1.2		(0.7		)	—		0.5
Total	$	2.6	$	7.2	$	(1.6	)	$	—	$	8.2

NOTE 14. RELATED PARTY TRANSACTIONS

As a result of an acquisition, we continued a relationship with a supplier of parts for use in our manufacturing of equipment. The general manager who runs this acquired business was hired by JBT as a part of this acquisition, and he has a noncontrolling ownership interest in this supplier. We have made purchases from this supplier of $0.8 million and $1.2 million during the three months ended March 31, 2016 and 2015, respectively. We have an immaterial amount of outstanding accounts payable to this supplier as of March 31, 2016, and had $0.3 million as of March 31, 2015.

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

Cautionary Note Regarding Forward-Looking Statements

This 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 restructuring and optimization plans, our acquisitions, our covenant compliance and our outlook.

We believe that the factors that could cause our actual results to differ materially from expectations include but are not limited to the factors we described in our Form 10-K under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” 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 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 & beverage and air transportation industries. We design, manufacture, test and service technologically sophisticated systems and products for customers throughout our JBT FoodTech and JBT AeroTech segments.

In 2015, we continued to implement our Next Level strategy that was developed in 2014 to capitalize on the leadership position of our businesses and accelerate growth and profitability. The Next Level strategy is based on a three-pronged plan to “fix”, “strengthen”, and “grow” JBT.

• Fix. We have implemented a “One JBT” cultural transformation across JBT, built on our long-standing values of integrity, accountability, and teamwork.At the organization level, we have implemented a shared services model, consolidating back office operations in the U.S. to standardize practices and leverage the scale of our two businesses. We have also consolidated smaller operations enabling JBT FoodTech and JBT AeroTech to operate shared facilities and are in the process of expanding the shared services model in Europe.

We are driving organization simplification to lay a growth foundation. We have incurred restructuring charges related to our optimization program in 2016 to realign FoodTech's Protein business in North America and Liquid Foods business in Europe, accelerate JBT's strategic sourcing initiatives, and consolidate smaller facilities.

• Strengthen. In 2015we continued to implement leadership and management changes in our businesses to better align with our customers’ market needs. To further strengthen the business, we continue to utilize the JBT Excellence Model (or JEM). JEM includes value-based pricing, which has been rolled out across all major businesses. JEM also includes implementation of Lean initiatives or what we call Relentless Continuous Improvement (RCI). This is an integrated focus on safety, quality, delivery, and cost that establishes a sustainable competitive advantage. We also continue to enforce RCI via extensive leadership training and in 2015 we achieved a significant milestone of all our JBT production facilities having either started or being well along implementation of RCI.

• Grow. There are specific components to our growth strategy with a focus on food. We continue to invest in the profitable aftermarket business, building a dedicated sales and service network that will capitalize on our global installed base of equipment. We also are capitalizing on growth opportunities in emerging markets through locally-tailored products. We enjoy a robust, direct presence in Asia, which is important for driving long-term

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growth. In 2014, we opened a joint JBT FoodTech and JBT AeroTech manufacturing center in Kunshan, China. We opened a technology center, which allows customers to conduct test production runs, adjacent to the manufacturing center in January 2016.

Beyond organic growth initiatives, we are pursuing strategic acquisitions.We completed three acquisitions in 2014, two acquisitions in 2015, and one acquisition in 2016. These support our strategy of acquiring strong companies that complement our Protein and Liquid Foods portfolios. Looking ahead, we continue to establish a pipeline of mergers and acquisition (M&A) opportunities. Our successful acquisition activity is the result of building our corporate M&A capabilities and engaging the field operations in the process of identifying, executing, and integrating acquisitions.

As we evaluate our operating results, we consider our key performance indicators of segment revenue, segment operating profit, the level of inbound orders, as well as certain non-GAAP financial measures such as adjusted EBITDA.

We continue to enhance a comprehensive approach to Corporate Social Responsibility (CSR), building on our culture and long tradition of concern for our employees’ health, safety, and well-being; partnering with our customers to improve their operations; and giving back to the communities where we live and work. Building upon that strong foundation, we cultivate CSR teams at each business unit which share energy efficiency best practices, measure resource utilization, and establish improvement targets across multiple resource streams including energy, water, and waste. Our equipment and technology continues to deliver quality performance while striving to minimize waste and maximize efficiency in order to create shared value for both our food processing and air transportation customers. A key CSR objective is to further align our business with our customers, in order to support their ambitious quality, financial, and CSR goals.

Non-GAAP Financial Measures

The results for the three months ended March 31, 2016 include items that affect the comparability of our results. These include significant expenses that are not indicative of our ongoing operations as detailed in the table below: 

	Three Months Ended March 31,
(In millions)	2016			2015
Income from continuing operations as reported	$	5.2		$	8.0
Non-GAAP adjustments
Restructuring expense	7.2			—
Impact on tax provision from Non-GAAP adjustments	(2.3		)	—
Adjusted income from continuing operations	$	10.1		$	8.0
(In millions, except per share data)
Income from continuing operations as reported	5.2			8.0
Total shares and dilutive securities	29.8			29.8
Diluted earnings per share from continuing operations	$	0.17		$	0.27
Adjusted income from continuing operations	10.1			8.0
Total shares and dilutive securities	29.8			29.8
Adjusted diluted earnings per share from continuing operations	$	0.34		$	0.27

The above table contains non-GAAP financial measures, including adjusted income from continuing operations and adjusted diluted earnings per share from continuing operations. Adjusted income from continuing operations and adjusted diluted earnings per share from continuing operations are intended to provide an indication of our underlying ongoing operating results and to enhance investors’ overall understanding of our financial performance by eliminating the effects of certain items that are not comparable from one period to the next. In addition, this information is used as a basis for evaluating our performance and

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for the planning and forecasting of future periods. This information is not intended to nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

The tables below show a reconciliation from Operating income to EBITDA and adjusted EBITDA by segment and on a consolidated basis.

For the three months ended March 31, 2016:

(In millions)	Operating income			Depreciation and Amortization		EBITDA			Adjustments		Adjusted EBITDA
JBT FoodTech	$	18.8		$	7.6	$	26.4		$	—	$	26.4
JBT AeroTech	8.5			0.6		9.1			—		9.1
Corporate expense	(10.4		)	0.4		(10.0		)	—		(10.0		)
Restructuring expense	(7.2		)	—		(7.2		)	7.2		—
Total	$	9.7		$	8.6	$	18.3		$	7.2	$	25.5

For the three months ended March 31, 2015:

(In millions)	Operating income			Depreciation and Amortization		EBITDA			Adjustments		Adjusted EBITDA
JBT FoodTech	$	13.1		$	5.9	$	19.0		$	—	$	19.0
JBT AeroTech	8.4			0.5		8.9			—		8.9
Corporate expense	(7.8		)	0.4		(7.4		)	—		(7.4		)
Restructuring expense	—			—		—			—		—
Total	$	13.7		$	6.8	$	20.5		$	—	$	20.5

The tables above provide our operating income (loss) as adjusted by depreciation and amortization expense booked during the period to arrive at a segmental and consolidated EBITDA value. Further, we add back to EBITDA significant expenses that are not indicative of our ongoing operations to calculate an adjusted EBITDA for the two periods reported. Given our Next Level focus on growth through strategic acquisitions, management considers adjusted EBITDA to be an important non-GAAP measure. This measure allows us to monitor business performance while excluding the impact of amortization due to the step up in value of intangible assets. We use adjusted EBITDA internally to make operating decisions and believe this information is helpful to investors because it allows more meaningful period-to-period comparisons of our ongoing operating results.

In addition, we utilize the net debt to adjusted EBITDA leverage ratio (a non-GAAP measure) to assess our overall financial leverage and believe the calculation is useful to investors for the same reason. The following table provides a reconciliation of net debt to adjusted EBITDA leverage ratio to the most directly comparable GAAP measures:

	As of March 31,
(in millions)	2016		2015
Short-term debt and current portion of long-term debt	$	2.0	$	4.0
Long-term debt	297.4		150.6
Total debt	299.4		154.6
Less cash	36.0		19.8
Net debt	263.4		134.8
TTM adjusted EBITDA	123.5		106.8
Net debt to adjusted EBITDA leverage ratio	2.1		1.3

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations,

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consistent with how we evaluate our performance. 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. This calculation may differ from similarly-titled measures used by other companies and, accordingly, the constant currency presentation is not meant to be a substitution for recorded amounts presented in conformity with GAAP nor should such amounts be considered in isolation.

This information is not intended to nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

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CONSOLIDATED RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2016 AND 2015

	Three Months Ended March 31,						Favorable / (Unfavorable)
(In millions, except %)	2016			2015			$			%
Revenue	$	267.1		$	225.0		$	42.1		18.7
Cost of sales	190.3			160.5			(29.8		)	(18.6	)
Gross profit	76.8			64.5			12.3			19.1
Selling, general and administrative expense	53.9			47.4			(6.5		)	(13.7	)
Research and development expense	5.5			3.7			(1.8		)	(48.6	)
Restructuring expense	7.2			—			(7.2		)	—
Other (income) expense, net	0.5			(0.3		)	(0.8		)	(266.7	)
Operating income	9.7			13.7			(4.0		)	(29.2	)
Interest income	0.3			0.3			—			—
Interest expense	(2.3		)	(2.1		)	(0.2		)	(9.5	)
Income from continuing operations before income taxes	7.7			11.9			(4.2		)	(35.3	)
Provision for income taxes	2.5			3.9			1.4			35.9
Income from continuing operations	5.2			8.0			(2.8		)	(35.0	)
Loss from discontinued operations, net of taxes	(0.1		)	—			(0.1		)	—
Net income	$	5.1		$	8.0		$	(2.9	)	(36.2	)

Total revenue increased $42.1 million, or $47.0 million in constant currency, in the first quarter of 2016 compared to the same period in 2015. The increase was mainly driven by revenue from acquired companies which added $39.0 million, and organic growth of $8.0 million.

Operating income decreased by $4.0 million, or $3.3 million in constant currency, compared to the same period in 2015 as a result of the following items:

• Gross profit increased by $12.3 million or $13.8 million in constant currency. This increase is primarily the result of higher sales volume due to acquisitions. Gross profit margins remained consistent as increased profitability as a result of higher aftermarket revenue, strategic pricing, and savings from other Next Level initiatives was partially offset by lower equipment margins in newly acquired businesses.

• Selling, general and administrative expense increased $6.5 million, or $7.8 million in constant currency. The increase was primarily a result of the addition of newly acquired businesses, as well as investments to support Next Level initiatives.

• Research and development expense increased $1.8 million primarily due to acquisitions, as well as AeroTech investments to support Next Level initiatives.

• Restructuring expense increased $7.2 million. During the first quarter of 2016, we commenced our optimization program to realign certain FoodTech businesses.

• Other (income) expense, net, increased by $0.8 million, primarily due to higher acquisition costs and mark to market losses on financial instruments.

Net interest expense increased by $0.2 million primarily due to higher average debt levels resulting from acquisitions.

Income tax expense in the first quarter of 2016 reflected an expected effective annual income tax rate of approximately 32.0%, on par with the same period in 2015.

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OPERATING RESULTS OF BUSINESS SEGMENTS

THREE MONTHS ENDED MARCH 31, 2016AND2015

	Three Months Ended March 31,						Favorable / (Unfavorable)
(In millions, except %)	2016			2015			$			%
Revenue
JBT FoodTech	$	177.5		$	139.2		$	38.3		27.5
JBT AeroTech	90.1			86.2			3.9			4.5
Other revenue and intercompany eliminations	(0.5		)	(0.4		)	(0.1		)	25.0
Total revenue	$	267.1		$	225.0		$	42.1		18.7
Operating income before income taxes
Segment operating profit (1):
JBT FoodTech	$	18.8		$	13.1		$	5.7		43.5
JBT AeroTech	8.5			8.4			0.1			1.2
Total segment operating profit	27.3			21.5			5.8			27.0
Corporate items:
Corporate expense	(10.4		)	(7.8		)	(2.6		)	(33.3	)
Restructuring expense	(7.2		)	—			(7.2		)	—
Operating income	$	9.7		$	13.7		$	(4.0	)	(29.2	)
Other business segment information
Adjusted EBITDA
JBT FoodTech	$	26.4		$	19.0
JBT AeroTech	9.1			8.9
Corporate expense	(10.0		)	(7.4		)
Total Adjusted EBITDA	$	25.5		$	20.5
Inbound orders
JBT FoodTech	$	222.7		$	206.1
JBT AeroTech	121.7			100.3
Intercompany eliminations	(0.4		)	(0.5		)
Total inbound orders	$	344.0		$	305.9

(1) Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate staff-related expense, stock-based compensation, LIFO provisions, restructuring costs, certain employee benefit expenses, interest income and expense and income taxes.

JBT FoodTech

JBT FoodTech’s revenue increased by $38.3 million, or $43.2 million in constant currency, in the first quarter of 2016 compared to the same period in 2015. Acquisitions contributed $39.0 million in revenue, and the remaining FoodTech businesses contributed $4.2 million in growth in revenue. The key driver of organic revenue performance was higher protein sales in Asia & South America and higher Automated Systems sales.

JBT FoodTech’s operating profit increased by $5.7 million, or $6.4 million in constant currency, in the first quarter of 2016 compared to the same period in 2015. This increase was driven by higher volume, primarily from acquisitions, and increased profitability as a result of higher aftermarket revenue. Strategic pricing and savings from other Next Level initiatives helped

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drive operating margin improvement, partially offset by lower equipment margins and increased selling, general and administrative costs of $6.2 million driven by acquisitions. Operating profit margin increased from 9.4% to 10.6%.

JBT AeroTech

JBT AeroTech's revenue in the three months ended March 31, 2016 increased $3.9 million, or $4.5 million in constant currency, in the first quarter of 2016 compared to the same period in 2015. Revenues from our airport services business unit improved by $4.2 million as a result of higher revenues from new and existing maintenance contracts. Revenue from our mobile equipment business increased $3.9 million due to higher deliveries of air conditioning units to military customers as well as higher sales of ground support equipment to international customers. Revenue from our fixed equipment business declined $3.6 million due primarily to a lower volume related to our passenger boarding bridge business.

JBT AeroTech's operating profit in the three months ended March 31, 2016 increased $0.1 million, or $0.2 million in constant currency, in the first quarter of 2016 compared to the same period in 2015. Higher sales volume accounted for $1.0 million of improved profit and lower gross profit margins resulted in a decline of $0.8 million of profit. The lower profit margins were a result of the absence of higher than average margins on parts and services to military customers in the prior year partly offset by higher margins on other product lines, pricing and productivity improvements.

CorporateExpense

Corporate expense increased by $2.6 million in the first quarter of 2016 driven by higher incentive compensation, costs associated with the implementation of our new ERP system, and audit fees.

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Liquidity and Capital Resources

Our primary sources of liquidity are cash provided by operating activities of our U.S. and foreign operations and borrowings from our revolving credit facility. Our liquidity as of March 31, 2016, or cash plus borrowing ability under our revolving credit facility, was 194.0 million. The cash flows generated by our operations and the revolving credit facility have historically been sufficient to satisfy our working capital needs, research and development activities, capital expenditures, pension contributions, authorized share repurchases, dividends, acquisitions and other financing requirements.

As of March 31, 2016, we had $36.0 million of cash and cash equivalents, $32.9 million of which was held by our foreign subsidiaries. Although these 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 geographies. 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 taxes and foreign withholding taxes. Any additional taxes could be offset, in part or in whole, by foreign tax credits. The amount of such taxes and application of tax credits would be dependent on the income tax laws and other circumstances at the time any of these amounts were repatriated.

As noted above, 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 both lowering the rate we pay on certain of our borrowings and lowering our interest costs.

Under Internal Revenue Service (IRS) guidance, no incremental tax liability is incurred on the proceeds of these loans as long as each individual loan has a term of 30 days or less and all such loans from each subsidiary are outstanding for a total of less than 60 days during the year. The amount outstanding subject to this IRS guidance at March 31, 2016 was approximately $40.9 million. During 2016, each such loan was outstanding for less than 30 days, and all such loans were outstanding for less than 60 days in the aggregate. The U.S. parent used the proceeds of these intercompany loans to reduce outstanding borrowings under our 5-year revolving credit facility. We may choose to access such funds again in the future to the extent they are available and can be transferred without significant cost, and use them on a temporary basis to repay outstanding borrowings or for other corporate purposes, but intend to do so only as allowed under this IRS guidance.

Cash Flows

Cash flows for the three months ended March 31, 2016 and 2015 were as follows:

(In millions)	2016			2015
Cash provided by continuing operating activities	$	0.2		$	30.5
Cash required by investing activities	(14.2		)	(7.5		)
Cash provided (required) by financing activities	11.1			(30.9		)
Net cash required by discontinued operations	—			—
Effect of foreign exchange rate changes on cash and cash equivalents	1.7			(5.6		)
Decrease in cash and cash equivalents	$	(1.2	)	$	(13.5	)

Cash provided by continuing operating activities during the three months ended March 31, 2016 was $0.2 million, representing a $30.3 million decrease from 2015. This decrease was due to our investments in inventory to support a 38% higher backlog than the same period in 2015. We contributed $1.3 million to our U.S. qualified pension plan during the three months ended March 31, 2016 and we expect to contribute approximately $13 million to our pension and other post-retirement benefit plans during the remainder of 2016.

Cash required by investing activities during the three months ended March 31, 2016 was $14.2 million, an increase of $6.7 million from 2015 due primarily to increased acquisition spending related to the acquisition completed in the first quarter of 2016, as well as increased capital expenditures in 2016.

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Cash provided by financing activities during the three months ended March 31, 2016 was $11.1 million, compared to cash required by financing activities in 2015 of $30.9 million. The change in financing cash flows was driven by an increase in borrowings against our 5-year revolving credit facility to fund working capital and increased acquisition spending.

Financing Arrangements

On February 10, 2015, we entered into a new five-year $450 million revolving credit facility, with Wells Fargo Bank, N.A. as

administrative agent, and repaid our prior revolving credit facility. On March 22, 2016, we amended the revolving credit

facility to increase the credit limit from $450 million to $600 million. This credit facility permits borrowings in the U.S. and in

The Netherlands. Borrowings bear interest, at our option, at one month U.S. LIBOR subject to a floor rate of zero or an

alternative base rate, which is the greater of Wells Fargo’s Prime Rate, the Federal Funds Rate plus 50 basis points, and LIBOR

plus 1%, plus, in each case, a margin dependent on our leverage ratio. We must also pay an annual commitment fee of 15.0 to

30.0 basis points dependent on our leverage ratio. The credit agreement evidencing the facility contains customary

representations, warranties, and covenants, including a minimum interest coverage ratio and maximum leverage ratio, as well

as certain events of default. As of March 31, 2016 we had $296.4 million drawn on and $303.6 million of availability under the

revolving credit facility.

We have entered into interest rate swaps to fix the interest rate applicable to certain of our variable-rate debt, including a new forward starting interest rate swap entered into on January 15, 2016 covering the period beginning January 19, 2017 to January 19, 2021. The agreements swap one-month LIBOR for fixed rates. 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.

During 2014, the Brazilian subsidiary entered into a Brazilian real denominated loan with an outstanding balance of Br1 9.1 million (approximately $2.6 million) as of March 31, 2016, which bears an annual interest rate of 8.0%. The first payment on this loan was made on November 15, 2015, with equal monthly payments required for 24 months thereafter.

As part of our strategy to grow in Asia, we are expanding our operations in China and India. Due to greater restrictions on cross border financing flows in these regions, we have established credit facilities to fund some of the local working capital requirements in these markets. Four of our wholly-owned subsidiaries have short term credit facilities that allow us to borrow up to approximately $12 million in China, which mature on June 30, 2016. As of March 31, 2016, we had $0.3 million borrowed under these credit facilities. Our wholly-owned subsidiary in India has a short term credit facility that allows us to borrow up to approximately $2.3 million. As of March 31, 2016, we had no outstanding borrowings under this credit facility.

Our credit agreements include 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. At March 31, 2016, we were in compliance with all financial covenants in our credit agreement as shown in the following table:

Debt Instrument / Covenant	Measurement	Result as of March 31, 2016
Revolving credit facility
Interest coverage ratio (1)	Not less than 3.5	16.6
Leverage ratio (2)	Not greater than 3.5	2.3

(1) Interest coverage ratio is a comparison of the trailing twelve months Consolidated EBITDA, defined as net income plus interest expense plus income tax expense plus depreciation and amortization plus non-cash expenses, extraordinary, unusual and non-recurring items excluding certain payments of extraordinary, unusual and non-recurring items as agreed with the lenders, to trailing twelve months interest expense.

(2) Leverage ratio is a comparison of the total indebtedness, defined as total debt plus guarantees of indebtedness of others plus obligations under financial letters of credit issued against the credit facility exceeding $15 million, to the trailing twelve months Consolidated EBITDA, as defined above.

We expect to remain in compliance with all restrictive 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 restrictive covenants, or that we will continue to be able to access the capital and credit markets on terms acceptable to us or at all.

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Outlook

We project revenue growth of approximately 15 percent reflecting organic growth of 4 - 5 percent and growth from acquisitions of about 10 percent. We expect 2016 segment operating margins to expand 25 to 50 basis points relative to 2015. Based on these expectations, the diluted earnings per share from continuing operations guidance for 2016 is $2.15 - $2.30, and $1.90 - $2.05 on a GAAP basis.

CRITICAL ACCOUNTING ESTIMATES

Refer to our Annual Report on Form 10-K for the year ended December 31, 2015 for a discussion of our critical accounting estimates. During the three months ended March 31, 2016, there were no material changes in our judgments and assumptions associated with the development 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, 2015.

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, 2016. We have concluded that 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, 2016 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.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders

John Bean Technologies Corporation:

We have reviewed the condensed consolidated balance sheet of John Bean Technologies Corporation and subsidiaries as of March 31, 2016, and the related condensed consolidated statements of income and comprehensive income (loss) for the three-month period ended March 31, 2016 and 2015, and cash flows for the three-month period ended March 31, 2016 and 2015. These condensed consolidated financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of John Bean Technologies Corporation and subsidiaries as of December 31, 2015, and the related consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 29, 2016, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2015, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

/s/ KPMG LLP

Chicago, Illinois

April 29, 2016

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PART II—OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

There have been no material legal proceedings identified or material developments in existing legal proceedings during the three months ended March 31, 2016.

ITEM 1A.RISK FACTORS

There have been no material changes in reported risk factors from the information reported in our Annual Report on Form 10-K for the year ended December 31, 2015.

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, 2016:

(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, 2016 through January 31, 2016	—	$	—	—	$	—
February 1, 2016 through February 29, 2016	—	—		—	—
March 1, 2016 through March 31, 2016	20,000	54.60		20,000	28.9
	20,000	$	54.60	20,000	$	28.9

(1) Shares repurchased under a share repurchase program for up to $30 million of our common stock authorized in 2015. Refer to our Annual Report on Form 10-K for the year ended December 31, 2015, Note 11. Stockholders’ Equity for share repurchase program details.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.OTHER INFORMATION

None.

ITEM 6.EXHIBITS

All exhibits as set forth on the Exhibit Index, which is incorporated herein by reference. 

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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/ Megan J. Rattigan

Megan J. Rattigan

Vice President, Controller and duly authorized officer

(Principal Accounting Officer)

Date: April 29, 2016

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EXHIBIT INDEX

Number in Exhibit Table	Description
10.1*	Second Amendment to Credit Agreement, dated as of March 18, 2016, by and among John Bean Technologies Corporate and John Bean Technologies B.V., as borrowers, Wells Fargo Bank, National Association, as administrative agent, and the other lenders signatory thereto
15	Letter re: Unaudited interim financial information.
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*	The following materials from John Bean Technologies Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Income, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements.

* Filed herewith

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EX-10.1

Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

Dated as of March 18, 2016

This SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is by and among JOHN BEAN TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”), JOHN BEAN TECHNOLOGIES B.V. (the “Dutch Borrower” and, collectively with the Company, the “Borrowers”), the Lenders party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

PRELIMINARY STATEMENTS

WHEREAS, the Borrowers, the lenders party thereto (the “Lenders”) and the Administrative Agent entered into that certain Credit Agreement dated as of February 10, 2015 (as amended by the First Amendment dated as of September 15, 2015, as amended hereby and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders agree to (i) increase the Commitments by an aggregate principal amount of $150,000,000 pursuant to Section 2.20 of the Credit Agreement (the “Revolver Increase”) and (ii) amend the Credit Agreement as specifically set forth herein and, subject to the terms of this Amendment, the Administrative Agent and the Lenders party hereto have agreed to grant such requests.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.Capitalized Terms. All capitalized terms not otherwise defined in this Amendment (including without limitation in the introductory paragraph and the Preliminary Statements hereto) shall have the meanings as specified in the Credit Agreement.

Section 2.Increase in Commitments.

(a)In connection with this Amendment, the Increasing Lenders have agreed to increase their respective Commitments to the applicable amount set forth in Annex A hereto. For purposes of Section 2.20 of the Credit Agreement, this Amendment shall constitute an Increasing Lender Supplement in the form of Exhibit B to the Credit Agreement.

(b)On the Effective Date (as defined below), (i) each relevant Increasing Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to the Revolver Increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) the Administrative Agent shall reallocate the outstanding Revolving Loans and Applicable Percentages of Swingline Loans and LC Exposure among the Lenders in accordance with their revised Applicable Percentages.

Section 3.Amendments to Credit Agreement. Subject to and in accordance with the terms and conditions set forth herein, the Administrative Agent and the Lenders party hereto hereby agree to amend the Credit Agreement as follows:

(a)To amend Section 1.01 to add the following defined terms in appropriate alphabetical order:

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

“Second Amendment Effective Date” means March 18, 2016.

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.”

(b)To amend the defined term “Aggregate Commitment” by replacing the last sentence thereof in its entirety with the following:

“As of the Second Amendment Effective Date, the Aggregate Commitment is $600,000,000.”

(c)To amend the defined term “Defaulting Lender” by replacing clause (d) thereof in its entirety with the following:

“(d) has become the subject of a Bankruptcy Event or a Bail-In Action.”

(d)To amend the defined term “Issuing Bank” by replacing the proviso in the first sentence thereof in its entirety with the following:

“provided that the maximum amount available to be drawn under Letters of Credit Issued and outstanding by (i) JPMorgan Chase Bank, N.A. shall not exceed $12,500,000, (ii) Citibank, N.A. shall not exceed $50,000,000, (iii) U.S. Bank National Association shall not exceed $10,000,000 and (iv) Wells Fargo and any other Lender that becomes an Issuing Bank pursuant to the foregoing clause (e) shall not exceed $20,000,000”

(e)To amend Section 2.20 by replacing the first sentence thereof in its entirety with the following:

“The Company may from time to time elect to increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in a minimum amount of $20,000,000 and in integral multiples of $5,000,000 in excess thereof so long as, after giving effect

thereto, the aggregate amount of such increases and all such Incremental Term Loans, in each case incurred after the Second Amendment Effective Date, does not exceed $250,000,000; provided that no more than $150,000,000 of such amount may be used to further increase the Commitments.”

(f)To amend Section 5.01(e) to (i) replace the reference therein to “month” with “quarter” and (ii) delete the reference to “and consolidating” from the parenthetical therein.

(g)To amend Section 6.04 by updating the lettering of existing clauses (a) through (j) as follows:

“(a)    Permitted Investments;

(b)    Permitted Acquisitions (including any intercompany investments, loans and advances used to consummate Permitted Acquisitions);

(c) (i) investments by the Company and its Subsidiaries existing on the date hereof in the capital stock of its Subsidiaries and (ii) investments, loans and advances by the Company or any Subsidiary in and to any Subsidiary to the extent existing on the date hereof and set forth in Schedule 6.04, and in each case under this clause (c), extensions, renewals and replacements thereof that do not increase the outstanding amount thereof;

(d)    investments, loans or advances made by the Company in or to any Subsidiary and made by any Subsidiary in or to the Company or any other Subsidiary (provided that not more than an aggregate amount of $60,000,000 in investments, loans or advances or capital contributions (exclusive of those permitted elsewhere in this Section 6.04) may be outstanding, at any time, by Loan Parties to Subsidiaries which are not Loan Parties);

(e)    Indebtedness permitted by Section 6.01 and Guarantees constituting Indebtedness permitted by Section 6.01;

(f)    investments in securities of account debtors received pursuant to settlements thereof in the ordinary course of business or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such account debtors;

(g)    loans and investments that could otherwise be made as a permitted Restricted Payment under Section 6.07;

(h)    investments solely to the extent such investments reflect an accretive increase in the value of the original amount of such investments;

(i) (A) travel and moving advances given to employees and directors in the ordinary course of business and (B) other emergency or special circumstance advances given to employees not to exceed in the case of (A) and (B) taken together $5,000,000 in the aggregate outstanding at any time;

(j)    the non-cash portion of consideration received in connection with dispositions permitted under Section 6.03;

(k)    investments, loans and advances in Captive Finance Subsidiaries in an aggregate amount not to exceed $25,000,000 at any time outstanding; and

(l)    any other investment, loan or advance (other than acquisitions) so long as the aggregate outstanding amount of all such investments, loans and advances does not exceed, when taken together with Restricted Payments made pursuant to Section 6.07(h), seven-and-one-half percent (7.5%) of Consolidated Total Tangible Assets (calculated as of the end of the immediately preceding fiscal quarter

of the Company for which the Company’s financial statements were most recently delivered pursuant to Section 5.01(a) or Section 5.01(b) or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section 5.01(a) or Section 5.01(b), the most recent financial statements referred to in Section 3.04(a)) at any time outstanding.”

(h)To amend Section 6.07 by changing the reference in clause (h) thereof from “Section 6.04(j)” to “Section 6.04(l)”.

(i)To add a new Section 9.18 at the end of Article IX as follows:

“SECTION 9.18 Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

(b)the effects of any Bail-in Action on any such liability, including, if applicable:

(i)a reduction in full or in part or cancellation of any such liability;

(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii)the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

(j)To amend Schedule 1.01 (Commitments) in its entirety as set forth on Annex A hereto.

(k)To amend Exhibit E (Form of Compliance Certificate) by replacing the references to “6.04(j)” set forth in paragraph 6 thereof and in lines D and D(1) of Schedule 2 thereto with “6.04(l)”.

Section 4.Conditions of Effectiveness. The effectiveness of the increase in the Commitments in Section 2 and the amendments in Section 3 shall be subject to the satisfaction of each of the following conditions precedent (such date of effectiveness, the “Effective Date”):

(a)the Administrative Agent shall have received the following, each in form and substance reasonably satisfactory to the Administrative Agent:

(i)counterparts of this Amendment executed by each Borrower, each other Loan Party, the Administrative Agent, the Required Lenders and each Increasing Lender;

(ii)a promissory note executed by the Company in favor of each Increasing Lender that has requested a promissory note at least two (2) Business Days in advance of the Effective Date;

(iii)a certificate of the Company and each Subsidiary Guarantor that is a Domestic Subsidiary certifying that attached thereto is a true, correct and complete copy of resolutions duly adopted by the board of directors (or other governing body) of such Person authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of this Amendment;

(iv)a certificate executed by a Financial Officer of the Company that the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement have been satisfied on such date;

(b)the representations and warranties of the Loan Partiescontained in Section 5 shall be true and correct;

(c)all fees of the Lead Arrangers and the Increasing Lenders as set forth in those separate letter agreements dated as of February 26, 2016, shall have been paid by the Company; and

(d)all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent as of the date hereof in connection with the preparation, negotiation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees, charges and disbursements of legal counsel for the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment) shall have been paid by the Company.

Section 5.Representations and Warranties of the Loan Parties. Each Loan Party represents and warrants as follows:

(a)The execution, delivery and performance by such Loan Party of its obligations in connection with this Amendment are within its corporate (or other organizational) powers, have been duly authorized by all necessary corporate (or other organizational) action and do not and will not (i) violate any provision of its articles or certificate of incorporation or bylaws or similar organizing or governing documents of such Loan Party, (ii) contravene any applicable law which is applicable to such Loan Party or (iii) conflict with, result in a breach of or constitute (with notice, lapse of time or both) a default under any material indenture or instrument or other material agreement to which such Loan Party is a party, by which it or any of its properties is bound or to which it is subject, except, in the case of clauses (ii) and (iii) above, to the extent such contraventions, conflicts, breaches or defaults could not reasonably be expected to have a Material Adverse Effect.

(b)Such Loan Party has taken all necessary corporate (or other organizational) action to execute, deliver and perform this Amendment and has validly executed and delivered this Amendment. This Amendment constitutes a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

(c)No material consent, approval, authorization or other action by, notice to, or registration or filing with, any Governmental Authority or other Person is or will be required as a condition to or otherwise in connection with the due execution, delivery and performance by such Loan Party of this Amendment, except such as have been obtained or made and are in full force and effect.

(d)After giving effect to this Amendment, the representations and warranties contained in each of the Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of such date (other than any such representations or warranties that, by their terms, refer to a specific date, in which case as of such specific date).

(e)No Default or Event of Default shall exist after giving effect to this Amendment.

(f)Neither the Dutch Borrower nor any Subsidiary Guarantor that is a Foreign Subsidiary is an EEA Financial Institution.

Section 6.Reference to and Effect on the Loan Documents. On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment and this Amendment shall constitute a Loan Document.

(a)The Credit Agreement and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

(b)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any other provision of any of the Loan Documents.

Section 7.Reaffirmations. Each Loan Party (a) consents to this Amendment and agrees that the transactions contemplated by this Amendment shall not limit or diminish the obligations of such Person, or release such Person from any obligations, under any of the Loan Documents to which it is a party, (b) confirms and reaffirms its obligations under each of the Loan Documents to which it is a party and (c) agrees that each of the Loan Documents to which it is a party remain in full force and effect and are hereby ratified and confirmed.

Section 8.Execution in Counterparts. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.

Section 9.Governing Law. This Amendment and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

Section 10.Entire Agreement. This Amendment and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, the Issuing Bank, the Swingline Lender and/or the Lead Arrangers, constitute the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

[Signature Pages Follow]

ANNEX A

SCHEDULE 2.01

COMMITMENTS

(as of the Second Amendment Effective Date)

LENDER	COMMITMENT
Wells Fargo Bank, National Association	$74,000,000.00
Bank of America, N.A.	$74,000,000.00
JPMorgan Chase Bank, N.A.	$74,000,000.00
PNC Bank, National Association	$61,500,000.00
U.S. Bank National Association	$61,500,000.00
BMO Harris Bank, N.A.	$51,000,000.00
Citibank, N.A.	$40,000,000.00
MUFG Union Bank, N.A.	$40,000,000.00
The Northern Trust Company	$34,000,000.00
HSBC Bank USA, National Association	$30,000,000.00
Cooperatieve Rabobank U.A., New York Branch	$30,000,000.00
The Royal Bank of Canada	$30,000,000.00
Aggregate Commitment	$600,000,000.00

EX-15

Exhibit 15

Letter re: Unaudited Interim Financial Information

John Bean Technologies Corporation

Chicago, Illinois

Re: Registration Statements Nos. 333-152682 and 333-152685

With respect to the subject registration statement, we acknowledge our awareness of the use therein of our report dated April 29, 2016, related to our review of interim financial information.

Pursuant to Rule 436 under the Securities Act of 1933 (the “Act”), such report is not considered part of a registration statement prepared or certified by an independent registered public accounting firm, or a report prepared or certified by an independent registered public accounting firm within the meaning of Sections 7 and 11 of the Act.

/s/ KPMG LLP

Chicago, Illinois

April 29, 2016

EX-31.1

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Thomas W. Giacomini, 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 29, 2016
	/s/ Thomas W. Giacomini
	Thomas W. Giacomini
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

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 29, 2016
	/s/ Brian A. Deck
	Brian A. Deck
	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. 1350

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, Thomas W. Giacomini, 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, 2016, 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 29, 2016
	/s/ Thomas W. Giacomini
	Thomas W. Giacomini
	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. 1350

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, Brian A. Deck, 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, 2016, 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 29, 2016
	/s/ Brian A. Deck
	Brian A. Deck
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 21, 2016
Document and Entity Information
Entity Registrant Name	John Bean Technologies Corporation
Entity Central Index Key	0001433660
Trading Symbol	jbt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		29,215,724
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 267.1	$ 225.0
Operating expenses:
Cost of sales	190.3	160.5
Selling, general and administrative expense	53.9	47.4
Research and development expense	5.5	3.7
Restructuring expense	7.2	0.0
Other expense (income), net	0.5	(0.3)
Operating income	9.7	13.7
Interest income	0.3	0.3
Interest expense	(2.3)	(2.1)
Income from continuing operations before income taxes	7.7	11.9
Provision for income taxes	2.5	3.9
Income from continuing operations	5.2	8.0
Loss from discontinued operations, net of taxes	(0.1)	0.0
Net income	$ 5.1	$ 8.0
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 0.18	$ 0.27
Loss from discontinued operations (in dollars per share)	(0.01)	0.00
Net income (in dollars per share)	0.17	0.27
Diluted earnings per share:
Income from continuing operations (in dollars per share)	0.17	0.27
Loss from discontinued operations (in dollars per share)	0.00	0.00
Net income (in dollars per share)	0.17	0.27
Cash dividends declared per share (in dollars per share)	$ 0.1	$ 0.09

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 5.1	$ 8.0
Other comprehensive income (loss)
Foreign currency translation adjustments	7.6	(16.3)
Pension and other postretirement benefits adjustments, net of tax of $0.3 and $0.4 for 2016 and 2015, respectively	0.5	0.9
Derivatives designated as hedges, net of tax of ($1.4) and ($0.3) for 2016 and 2015, respectively	(2.2)	(0.4)
Other comprehensive income (loss)	5.9	(15.8)
Comprehensive income (loss)	$ 11.0	$ (7.8)

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Pension and other postretirement benefits adjustments, tax	$ 0.3	$ 0.4
Derivatives designated as hedges, tax	$ (1.4)	$ (0.3)

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 36.0	$ 37.2
Trade receivables, net of allowances of $2.0 and $2.1, respectively	210.9	212.5
Inventories	136.9	104.9
Other current assets	46.7	41.6
Total current assets	430.5	396.2
Property, plant and equipment, net of accumulated depreciation of $244.9 and $223.8, respectively	188.8	181.1
Goodwill	156.4	152.5
Intangible assets, net	85.9	86.8
Other assets	30.4	27.5
Deferred income taxes	30.2	32.0
Total Assets	922.2	876.1
Current Liabilities:
Short-term debt and current portion of long-term debt	2.0	2.2
Accounts payable, trade and other	110.5	110.7
Advance and progress payments	138.2	115.8
Other current liabilities	120.5	124.4
Total current liabilities	371.2	353.1
Long-term debt, less current portion	297.4	280.6
Accrued pension and other postretirement benefits, less current portion	85.6	90.7
Other liabilities	$ 30.2	$ 22.0
Commitments and contingencies (Note 11)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued	$ 0.0	$ 0.0
Common stock, $0.01 par value; 120,000,000 shares authorized; 2016: 29,316,041 issued and 29,215,724 outstanding; 2015: 29,316,041 issued and 29,147,380 outstanding	0.3	0.3
Common stock held in treasury, at cost; 2016: 100,317 shares; 2015: 168,661 shares	(4.0)	(6.1)
Additional paid-in capital	69.6	71.6
Retained earnings	213.2	211.1
Accumulated other comprehensive loss	(141.3)	(147.2)
Total stockholders' equity	137.8	129.7
Total Liabilities and Stockholders' Equity	$ 922.2	$ 876.1

XML

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowances, trade receivables	$ 2.0	$ 2.1
Property, plant and equipment, accumulated depreciation	$ 244.9	$ 223.8
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 issues (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)	29,316,041	29,316,041
Common stock, shares outstanding (in shares)	29,215,724	29,147,380
Common stock held in treasury (in shares)	100,317	168,661

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net income	$ 5.1	$ 8.0
Loss from discontinued operations, net of income taxes	0.1	0.0
Income from continuing operations	5.2	8.0
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Depreciation and amortization	8.6	6.8
Stock-based compensation	2.2	1.4
Other	1.3	4.0
Changes in operating assets and liabilities:
Trade receivables, net	4.6	26.2
Inventories	(29.6)	(11.7)
Accounts payable, trade and other	(1.6)	0.8
Advance and progress payments	19.9	24.9
Other assets and liabilities, net	(10.4)	(29.9)
Cash provided by continuing operating activities	0.2	30.5
Cash required by discontinued operating activities	0.0	0.0
Cash provided by operating activities	0.2	30.5
Cash Flows required by Investing Activities:
Acquisitions, net of cash acquired	(3.2)	0.0
Capital expenditures	(11.4)	(7.8)
Proceeds from disposal of assets	0.4	0.3
Cash required by investing activities	(14.2)	(7.5)
Cash Flows provided (required) by Financing Activities:
Net decrease in short-term debt	(0.2)	0.0
Cash provided by refinancing of credit facility	0.0	183.7
Cash payments to settle existing credit facility	0.0	(183.7)
Net borrowings on credit facilities	17.2	(22.0)
Repayment of long-term debt	(0.6)	(0.3)
Excess tax benefits	1.5	1.8
Tax withholdings on stock-based compensation awards	(2.6)	(4.3)
Purchase of treasury stock	(1.1)	(3.1)
Dividends	(3.1)	(3.0)
Cash provided (required) by financing activities	11.1	(30.9)
Effect of foreign exchange rate changes on cash and cash equivalents	1.7	(5.6)
Decrease in cash and cash equivalents	(1.2)	(13.5)
Cash and cash equivalents, beginning of period	37.2	33.3
Cash and cash equivalents, end of period	$ 36.0	$ 19.8

XML

Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2016

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 (“JBT” or “we”) provide global technology solutions to high-value segments of the food & beverage and air transportation industries. We design, manufacture, test and service technologically sophisticated systems and products for customers through our JBT FoodTech and JBT AeroTech segments. We have manufacturing operations worldwide and are strategically located to facilitate delivery of our products and services to our 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 JBT Annual Report on Form 10-K for the year ended December 31, 2015, which provides a more complete understanding 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.

In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair presentation of our 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 these statements may not be representative of those for the full year or any future period.

We have reclassified the prior year amortization expense of intangible assets not considered contract-related from cost of sales to selling, general and administrative expense to conform with current year presentation.

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 revenues and expenses during the reporting period. Actual results could differ from these estimates.

Recently issued accounting standards not yet adopted

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU requires companies to reevaluate when revenue is recorded on a transaction based upon newly defined criteria, either at a point in time or over time as goods or services are delivered. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and estimates, and changes in those estimates. The new standard becomes effective for us as of January 1, 2018, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) – Simplifying the Measurement of Inventory. The core principle of the ASU is that entities that historically used the lower of cost or market in the subsequent measurement of inventory will instead be required to measure inventory at the lower of cost and net realizable value. The guidance will not change U.S. GAAP for inventory measured using LIFO or the retail inventory method. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016. The company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard will replace most existing lease guidance in U.S. GAAP.  The core principle of the ASU is that lessees are required to report a right to use asset and a lease payment obligation on the balance sheet but recognize expenses on their income statements in a manner similar to today’s accounting, and for lessors the guidance remains substantially similar to current U.S. GAAP. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018.  However early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements.  We have not yet evaluated and cannot determine the impact this standard will have on our consolidated financial statements and related disclosures.

In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting. The new guidance was developed as part of the FASB's simplification initiative. The core principle of the ASU is that all income tax effects of awards are to be recognized in the income statement when the awards vest or are settled, it allows an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting, and allows an employer to make a policy election to account for forfeitures as they occur. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016.  However early adoption is permitted. The company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures.

XML

Acquisitions

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

Consistent with our growth strategy, we completed two acquisitions during 2015 focused on strengthening our Protein and Liquid Foods portfolios.

A&B Process Systems

On October 1, 2015, John Bean Technologies Corporation acquired the shares of A&B Process Systems ("A&B"), located in Stratford, WI, for $103 million, including a $3.0 million earnout and a working capital adjustment of $0.1 million. Because the transaction was completed on October 1, 2015, the purchase accounting is preliminary as the valuation of income tax balances and residual goodwill related to this acquisition is not complete. We are also currently assessing the amount of goodwill that we expect to be deductible for tax purposes. 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, 2016 we refined our estimates of the customer relationship by ($0.9 million), tradename by ($0.4 million), technological know-how for skidded systems by ($0.2 million), backlog by ($0.1 million), and noncompete agreements by ($0.1 million). The impact of these adjustments was reflected as an increase in goodwill of $1.8 million, and resulted in an immaterial impact to the consolidated statement of income. No other significant refinements of the valuation occurred during the quarter.

The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for A&B:

(In millions)
Assets:
Accounts receivable	$	15.7
Prepaid expenses	0.6
Costs in excess of billings on projects in progress	5.1
Inventories	1.0
Property, plant and equipment	18.1
Other assets	0.2
Intangible assets:
Customer relationships	14.6
Tradename	3.1
Technological know-how - skidded systems	3.9
Technological know-how - tanks and vessels	1.3
Backlog	1.2
Noncompete agreements	0.9
Total assets	$	65.7
Liabilities:
Accounts payable	$	6.1
Other liabilities	3.3
Billings in excess of costs on projects in process	6.6
Earnout liability	3.0
Total liabilities	19.0
Cash consideration paid and accrued	$	100.0
Contingent consideration	3.0
Total purchase price	103.0
Goodwill	$	53.3

The customer relationships and tradename will be amortized over their estimated useful lives of eight and fourteen years, respectively. Technological know-how for skidded systems and tanks & vessels will be amortized over their terms of six and nine years, respectively. The noncompete agreements will be amortized over the contractual life of five years, and backlog will be amortized over six months, reflecting its expected pattern of use.

The A&B purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the fourth quarter of 2016 if A&B exceeds certain earnings targets for the period from May 1, 2015 through April 31, 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $3.0 million.

Stork Food & Dairy Systems B.V.

On July 31, 2015, John Bean Technologies Corporation and its wholly-owned subsidiary John Bean Technologies Europe B.V. acquired the shares of Stork Food & Dairy Systems, B.V. (“SFDS”), located in Amsterdam, The Netherlands for 46.2 million euro ($50.7 million), which is net of cash acquired of 1.0 million euro ($1.1 million). Because the transaction was completed on July 31, 2015, the purchase accounting is preliminary as the final review of the intangible asset valuation report, valuation of income tax balances, pension balances and residual goodwill related to this acquisition is not complete. We are also currently assessing the amount of goodwill that we expect to be deductible for tax purposes. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). No significant refinements of the valuation occurred during the quarter.

The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for SFDS:

(In millions)
Assets:
Cash	$	1.1
Accounts receivable	10.0
Other receivables	2.5
Inventories	4.8
Costs in excess of billings on projects in progress	7.8
Property, plant and equipment	9.8
Intangible assets:
Tradename	0.2
Customer relationships	4.1
Patents	3.9
Deferred Tax Asset	1.1
Total assets	$	45.3
Liabilities:
Accounts payable	$	9.2
Billings in excess of costs on projects	7.6
Other liabilities	10.2
Deferred taxes	3.3
Total liabilities	$	30.3
Total purchase price	$	51.8
Goodwill	$	36.8

The tradename, patents and customer relationships will be amortized over their estimated useful lives of seventeen months, seven years, and fifteen years, respectively.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2016

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)	JBT FoodTech		JBT AeroTech		Total
Balance as of December 31, 2015	$	144.8	$	7.7	$	152.5
Acquisitions	2.2		—		2.2
Currency translation	1.7		—		1.7
Balance as of March 31, 2016	148.7		7.7		156.4

Intangible assets consisted of the following:

	March 31, 2016				December 31, 2015
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	70.3	$	17.2	$	70.8	$	15.9
Patents and acquired technology	36.3		24.4		35.4		23.5
Trademarks	19.3		8.1		19.5		7.8
Other	16.4		6.7		13.8		5.5
Total intangible assets	$	142.3	$	56.4	$	139.5	$	52.7

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Inventories

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:

(In millions)	March 31, 2016			December 31, 2015
Raw materials	$	62.1		$	55.0
Work in process	57.4			36.8
Finished goods	86.7			81.8
Gross inventories before LIFO reserves and valuation adjustments	206.2			173.6
LIFO reserves and valuation adjustments	(69.3		)	(68.7		)
Net inventories	$	136.9		$	104.9

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Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Components of net periodic benefit cost were as follows:

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
(In millions)	2016			2015			2016			2015
Service cost	$	0.4		$	0.4		$	—		$	—
Interest cost	2.8			3.4						0.1
Expected return on plan assets	(4.5		)	(4.8		)	—			—
Amortization of net actuarial (gains) losses	1.0			1.1			—			(0.1		)
Settlements	—			0.3			(0.1		)	—
Net periodic cost (income)	$	(0.3	)	$	0.4		$	(0.1	)	$	—

We expect to contribute $14.3 million to our pension and other postretirement benefit plans in 2016. We contributed $1.3 million to our U.S. qualified pension plan during the three months ended March 31, 2016.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2016

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 JBT, AOCI is primarily 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, 2016 by component are shown in the following table:

	Pension and Other Postretirement Benefits			Derivatives Designated as Hedges			Foreign Currency Translation			Total
(In millions)
Beginning balance, December 31, 2015	$	(103.8	)	$	(0.8	)	$	(42.6	)	$	(147.2	)
Other comprehensive income (loss) before reclassification	(0.1		)	(2.4		)	7.6			5.1
Amounts reclassified from accumulated other comprehensive income	0.6			0.2			—			0.8
Ending balance, March 31, 2016	$	(103.3	)	$	(3.0	)	$	(35.0	)	$	(141.3	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2016 were $0.9 million of charges in selling, general and administrative expense, net of $0.3 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.3 million of charges in interest expense, net of $0.1 million in provision for income taxes.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

On February 18, 2016, we granted 153,144 restricted stock units with a total fair value of $6.8 million to certain employees under an existing stock-based compensation plan. The units will vest on April 1, 2019, and generally are expected to be amortized over the vesting period. The amortization period will be shorter if an employee attains age 62, and meets the plan's service requirement provision prior to the vesting date. The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors. Total compensation expense was $2.2 million and $1.4 million for the three months ended March 31, 2016 and March 31, 2015, respectively.

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Earnings Per Share

3 Months Ended

Mar. 31, 2016

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 continuing operations for the respective periods and our basic and diluted shares outstanding:

	Three Months Ended March 31,
(In millions, except per share data)	2016		2015
Basic earnings per share:
Income from continuing operations	$	5.2	$	8.0
Weighted average number of shares outstanding	29.5		29.6
Basic earnings per share from continuing operations	$	0.18	$	0.27
Diluted earnings per share:
Income from continuing operations	$	5.2	$	8.0
Weighted average number of shares outstanding	29.5		29.6
Effect of dilutive securities:
Restricted stock	0.3		0.2
Total shares and dilutive securities	29.8		29.8
Diluted earnings per share from continuing operations	$	0.17	$	0.27

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2016

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.

• Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

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

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

	As of March 31, 2016								As of December 31, 2015
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	10.8	$	10.8	$	—	$	—	$	8.9	$	8.9	$	—	$	—
Derivatives	7.7		—		7.7		—		7.0		—		7.0		—
Total assets	$	18.5	$	10.8	$	7.7	$	—	$	15.9	$	8.9	$	7.0	$	—
Liabilities:
Derivatives	$	8.1	$	—	$	8.1	$	—	$	2.9	$	—	$	2.9	$	—
Contingent consideration	$	3.8					3.8		$	3.0					3.0
Total liabilities	$	11.9	$	—	$	8.1	$	3.8	$	5.9	$	—	$	2.9	$	3.0

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 we have the ability to access. Investments are reported separately in Other Assets on the consolidated balance sheet. Investments include an unrealized gain of $0.1 million as of March 31, 2016 and unrealized loss of $0.7 million as of December 31, 2015.

We use 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. We also perform a qualitative assessment of counterparty credit risk.

The contingent consideration relates to the earnout provision recorded in conjunction with the acquisition of A&B during 2015 for $3.0 million, and for Novus in the first quarter of 2016 of $0.8 million respectively.

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 and the estimated fair values of our debt financial instruments are summarized on the table below:

	As of March 31, 2016		As of December 31, 2015
(In millions)	Carrying Value	Estimated Fair Value	Carrying Value	Estimated Fair Value
Five-year revolving credit facility, expires February 10, 2020	296.4	296.4	279.4	279.4
Brazilian loan due April 15, 2016	0.1	0.1	0.3	0.3
Brazilian loan due October 16, 2017	2.6	2.4	2.7	2.4
Foreign credit facilities	0.3	0.3	—	—
Other	0.1	0.1	0.3	0.3

There is no active or observable market for our fixed rate borrowings, which include our Brazilian loans. Therefore, the estimated fair value of the Brazilian loans are based on discounted cash flows using current interest rates available for debt with similar terms and remaining maturities. The estimates of the all-in interest rate for discounting the loans are based on a broker quote for loans with similar terms. We do not have a rate adjustment for risk profile changes, covenant issues or credit rating changes, therefore the broker quote is deemed to be the closest approximation of current market rates. The carrying values of the remaining borrowings 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, 2016

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 other assets or liabilities in the condensed consolidated balance sheets at their respective fair values. For derivatives designated as cash flow hedges, the effective portion of the unrealized gain or loss related to the derivatives are recorded in other comprehensive income (loss) until the transaction affects earnings. We assess both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been, and will continue to be, highly effective in offsetting changes in cash flows of the hedged item. The impact of any ineffectiveness is recognized in the condensed consolidated statements of income. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings.

Foreign Exchange: We manufacture and sell products in a number of countries throughout the world and, as a result, we are exposed to movements in foreign currency exchange rates. Our major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some of our sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which we take into consideration as part of our risk management policy. The purpose of our 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. We primarily utilize forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. We have not designated these forward foreign exchange contracts, which have a notional value at March 31, 2016 of $352.3 million, as hedges and therefore do not apply hedge accounting.

The following table presents the fair value of foreign currency derivatives included within the condensed consolidated balance sheets:

	As of March 31, 2016				As of December 31, 2015
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	6.6	$	2.8	$	5.8	$	1.3
Other assets / liabilities	1.1		0.2		1.2		0.1
Total	$	7.7	$	3.0	$	7.0	$	1.4

A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. We enter into master netting arrangements with our counterparties when possible to mitigate credit risk in derivative transactions by permitting us to net settle for transactions with the same counterparty. However, we do not net settle with such counterparties. As a result, we present derivatives at their gross fair values in the consolidated balance sheets.  

As of March 31, 2016 and December 31, 2015, information related to these offsetting arrangements was as follows:

(in millions)	As of March 31, 2016
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	$	7.7	$	—	$	7.7	$	(3.6	)	$	4.1

	As of March 31, 2016
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	$	8.1	$	—	$	8.1	$	(3.6	)	$	4.5

(in millions)	As of December 31, 2015
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	$	7.0	$	—	$	7.0	$	(1.7	)	$	5.3

	As of December 31, 2015
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	$	2.9	$	—	$	2.9	$	(1.7	)	$	1.2

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 consolidated 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 on Derivatives
		Three Months Ended March 31,
(In millions)		2016			2015
Foreign exchange contracts	Revenue	$	(0.5	)	$	0.1
Foreign exchange contracts	Cost of sales	(0.1		)	(0.9		)
Foreign exchange contracts	Other income, net	(0.2		)	0.1
Total		(0.8		)	(0.7		)
Remeasurement of assets and liabilities in foreign currencies		(0.3		)	(0.7		)
Net loss on foreign currency transactions		$	(1.1	)	$	(1.4	)

Interest Rates: We have entered into interest rate swaps to fix the interest rate applicable to certain of our variable-rate debt, including a new forward starting interest rate swap entered into on January 15, 2016 covering the period beginning January 19, 2017 to January 19, 2021. The agreements swap one-month LIBOR for fixed rates. 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.

At March 31, 2016, the fair value recorded in other liabilities on the condensed consolidated balance sheet is $5.1 million. The effective portion of these derivatives designated as cash flow hedges of $3.0 million has been reported in other comprehensive income (loss), net of tax, on the condensed consolidated statements of comprehensive income (loss) as of March 31, 2016.

Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of March 31, 2016.

Refer to Note 9. 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 us to credit risk primarily consist of trade receivables and derivative contracts. We manage 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. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for losses are established based on collectability assessments.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

In the normal course of our business, we are at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although we are 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 our results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to our 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.

We are currently the subject of an audit being conducted by the State of Delaware to determine whether we have complied with Delaware unclaimed property (escheat) laws. This audit is being conducted by an outside firm on behalf of the State of Delaware and covers the years from 1986 through the present. In addition to seeking the turnover of unclaimed property subject to escheat laws, the State of Delaware may seek interest, penalties, and other relief. We are not able to reasonably estimate a possible loss from this audit at this time.

Guarantees and Product Warranties

In the ordinary course of business with customers, vendors and others, we issue standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled $194.4 million at March 31, 2016, represent guarantees of our future performance. We also have provided $6.5 million of bank guarantees and letters of credit to secure a portion of our existing financial obligations. The majority of these financial instruments expire within two years; we expect to replace them through the issuance of new or the extension of existing letters of credit and surety bonds.

In some instances, we guarantee our customers’ financing arrangements. We are responsible for payment of any unpaid amounts but will receive indemnification from third parties for between sixty and ninety-five percent of the contract values. In addition, we generally retain recourse to the equipment sold. As of March 31, 2016, the gross value of such arrangements was $8.8 million, of which our net exposure under such guarantees is $1.4 million.

We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. We provide for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists. We also provide a warranty liability when additional specific obligations are identified. The warranty obligation reflected in other current liabilities in the consolidated balance sheets 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 is as follows:

	Three Months Ended March 31,
(In millions)	2016			2015
Balance at beginning of period	$	12.5		$	10.2
Expense for new warranties	2.8			2.4
Adjustments to existing accruals	(0.2		)	—
Claims paid	(2.5		)	(2.4		)
Translation	0.2			(0.3		)
Balance at end of period	$	12.8		$	9.9

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Business Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

Segment operating profit is defined as total segment revenue less segment operating expenses. Business segment information was as follows:

	Three Months Ended March 31,
(In millions)	2016			2015
Revenue
JBT FoodTech	$	177.5		$	139.2
JBT AeroTech	90.1			86.2
Intercompany eliminations	(0.5		)	(0.4		)
Total revenue	$	267.1		$	225.0
Income before income taxes
Segment operating profit:
JBT FoodTech	$	18.8		$	13.1
JBT AeroTech	8.5			8.4
Total segment operating profit	27.3			21.5
Corporate items:
Corporate expense (1)	(10.4		)	(7.8		)
Restructuring expense (2)	(7.2		)	—
Operating income	9.7			13.7
Net interest expense	(2.0		)	(1.8		)
Income from continuing operations before income taxes	$	7.7		$	11.9

(1)Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, 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 13.

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Restructuring

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring

RESTRUCTURING

Restructuring costs primarily consist of employee separation benefits under our 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.

In the first quarter of 2014, we implemented a plan to optimize the overall JBT cost structure on a global basis. The initiatives under this plan include streamlining operations, consolidating certain facilities and enhancing our general and administrative infrastructure. We have released $0.3 million of the charge, which we no longer expect to pay, during the first quarter of 2016 in connection with this plan. Remaining payments required under this plan are expected to be paid during 2016.

In the first quarter of 2016, we implemented our optimization program to realign FoodTech's Protein business in North America and Liquid Foods business in Europe, accelerate JBT's strategic sourcing initiatives, and consolidate smaller facilities. The total estimated cost in connection with this plan is in the range of $11 million to $13 million with $7.5 million recorded in the first quarter of 2016. We anticipate incurring an additional $3 million to $4 million by the end of 2016. All payments required under this plan are expected to be made during 2016 and 2017.

Additional information regarding the restructuring activities is presented in the tables below: 

	Charges incurred during the three months ended March 31,
(In millions)	2016		2015
Severance and related expense	$	5.9	$	—
Asset impairment	0.1		—
Other	1.2		—
Total Restructuring charges	$	7.2	$	—

The restructuring charges are associated with the FoodTech segment, and are excluded from our calculation of segment operating profit.

Liability balances for restructuring activities are included in other current liabilities in the accompanying condensed consolidated balance sheets. The table below details the activities in 2016:

(In millions)	Balance as of December 31, 2015		Charged to Earnings		Payments Made /Charges Applied			Foreign Exchange Translation		Balance as of March 31, 2016
Severance and related expense	$	2.6	$	5.9	$	(0.9	)	$	—	$	7.6
Asset impairment	—		0.1		—			—		0.1
Other	—		1.2		(0.7		)	—		0.5
Total	$	2.6	$	7.2	$	(1.6	)	$	—	$	8.2

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Related Party Transactions

3 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

As a result of an acquisition, we continued a relationship with a supplier of parts for use in our manufacturing of equipment. The general manager who runs this acquired business was hired by JBT as a part of this acquisition, and he has a noncontrolling ownership interest in this supplier. We have made purchases from this supplier of $0.8 million and $1.2 million during the three months ended March 31, 2016 and 2015, respectively. We have an immaterial amount of outstanding accounts payable to this supplier as of March 31, 2016, and had $0.3 million as of March 31, 2015.

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Description of Business and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2016

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 JBT Annual Report on Form 10-K for the year ended December 31, 2015, which provides a more complete understanding 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.

In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair presentation of our 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 these statements may not be representative of those for the full year or any future period.

We have reclassified the prior year amortization expense of intangible assets not considered contract-related from cost of sales to selling, general and administrative expense to conform with current year presentation.

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 revenues and expenses during the reporting period. Actual results could differ from these estimates.

Recently Issued Accounting Standards Not Yet Adopted

Recently issued accounting standards not yet adopted

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU requires companies to reevaluate when revenue is recorded on a transaction based upon newly defined criteria, either at a point in time or over time as goods or services are delivered. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and estimates, and changes in those estimates. The new standard becomes effective for us as of January 1, 2018, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) – Simplifying the Measurement of Inventory. The core principle of the ASU is that entities that historically used the lower of cost or market in the subsequent measurement of inventory will instead be required to measure inventory at the lower of cost and net realizable value. The guidance will not change U.S. GAAP for inventory measured using LIFO or the retail inventory method. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016. The company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard will replace most existing lease guidance in U.S. GAAP.  The core principle of the ASU is that lessees are required to report a right to use asset and a lease payment obligation on the balance sheet but recognize expenses on their income statements in a manner similar to today’s accounting, and for lessors the guidance remains substantially similar to current U.S. GAAP. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018.  However early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements.  We have not yet evaluated and cannot determine the impact this standard will have on our consolidated financial statements and related disclosures.

In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting. The new guidance was developed as part of the FASB's simplification initiative. The core principle of the ASU is that all income tax effects of awards are to be recognized in the income statement when the awards vest or are settled, it allows an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting, and allows an employer to make a policy election to account for forfeitures as they occur. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016.  However early adoption is permitted. The company anticipates the adoption in the effective period and we are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures.

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2016

A&B Process Systems

Business Acquisition [Line Items]

Schedule of Provisional Fair Values Recorded for Assets Acquired and Liabilities Assumed

The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for A&B:

(In millions)
Assets:
Accounts receivable	$	15.7
Prepaid expenses	0.6
Costs in excess of billings on projects in progress	5.1
Inventories	1.0
Property, plant and equipment	18.1
Other assets	0.2
Intangible assets:
Customer relationships	14.6
Tradename	3.1
Technological know-how - skidded systems	3.9
Technological know-how - tanks and vessels	1.3
Backlog	1.2
Noncompete agreements	0.9
Total assets	$	65.7
Liabilities:
Accounts payable	$	6.1
Other liabilities	3.3
Billings in excess of costs on projects in process	6.6
Earnout liability	3.0
Total liabilities	19.0
Cash consideration paid and accrued	$	100.0
Contingent consideration	3.0
Total purchase price	103.0
Goodwill	$	53.3

Stork Food Dairy Systems BV

Business Acquisition [Line Items]

Schedule of Provisional Fair Values Recorded for Assets Acquired and Liabilities Assumed

The following table summarizes the provisional fair values recorded for the assets acquired and liabilities assumed for SFDS:

(In millions)
Assets:
Cash	$	1.1
Accounts receivable	10.0
Other receivables	2.5
Inventories	4.8
Costs in excess of billings on projects in progress	7.8
Property, plant and equipment	9.8
Intangible assets:
Tradename	0.2
Customer relationships	4.1
Patents	3.9
Deferred Tax Asset	1.1
Total assets	$	45.3
Liabilities:
Accounts payable	$	9.2
Billings in excess of costs on projects	7.6
Other liabilities	10.2
Deferred taxes	3.3
Total liabilities	$	30.3
Total purchase price	$	51.8
Goodwill	$	36.8

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill by Business Segment

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

(In millions)	JBT FoodTech		JBT AeroTech		Total
Balance as of December 31, 2015	$	144.8	$	7.7	$	152.5
Acquisitions	2.2		—		2.2
Currency translation	1.7		—		1.7
Balance as of March 31, 2016	148.7		7.7		156.4

Schedule of Intangible Assets

Intangible assets consisted of the following:

	March 31, 2016				December 31, 2015
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	70.3	$	17.2	$	70.8	$	15.9
Patents and acquired technology	36.3		24.4		35.4		23.5
Trademarks	19.3		8.1		19.5		7.8
Other	16.4		6.7		13.8		5.5
Total intangible assets	$	142.3	$	56.4	$	139.5	$	52.7

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Inventories (Tables)

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

(In millions)	March 31, 2016			December 31, 2015
Raw materials	$	62.1		$	55.0
Work in process	57.4			36.8
Finished goods	86.7			81.8
Gross inventories before LIFO reserves and valuation adjustments	206.2			173.6
LIFO reserves and valuation adjustments	(69.3		)	(68.7		)
Net inventories	$	136.9		$	104.9

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Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost were as follows:

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
(In millions)	2016			2015			2016			2015
Service cost	$	0.4		$	0.4		$	—		$	—
Interest cost	2.8			3.4						0.1
Expected return on plan assets	(4.5		)	(4.8		)	—			—
Amortization of net actuarial (gains) losses	1.0			1.1			—			(0.1		)
Settlements	—			0.3			(0.1		)	—
Net periodic cost (income)	$	(0.3	)	$	0.4		$	(0.1	)	$	—

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Changes in the AOCI Balances

Changes in the AOCI balances for the three months ended March 31, 2016 by component are shown in the following table:

	Pension and Other Postretirement Benefits			Derivatives Designated as Hedges			Foreign Currency Translation			Total
(In millions)
Beginning balance, December 31, 2015	$	(103.8	)	$	(0.8	)	$	(42.6	)	$	(147.2	)
Other comprehensive income (loss) before reclassification	(0.1		)	(2.4		)	7.6			5.1
Amounts reclassified from accumulated other comprehensive income	0.6			0.2			—			0.8
Ending balance, March 31, 2016	$	(103.3	)	$	(3.0	)	$	(35.0	)	$	(141.3	)

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

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 continuing operations for the respective periods and our basic and diluted shares outstanding:

	Three Months Ended March 31,
(In millions, except per share data)	2016		2015
Basic earnings per share:
Income from continuing operations	$	5.2	$	8.0
Weighted average number of shares outstanding	29.5		29.6
Basic earnings per share from continuing operations	$	0.18	$	0.27
Diluted earnings per share:
Income from continuing operations	$	5.2	$	8.0
Weighted average number of shares outstanding	29.5		29.6
Effect of dilutive securities:
Restricted stock	0.3		0.2
Total shares and dilutive securities	29.8		29.8
Diluted earnings per share from continuing operations	$	0.17	$	0.27

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016								As of December 31, 2015
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	10.8	$	10.8	$	—	$	—	$	8.9	$	8.9	$	—	$	—
Derivatives	7.7		—		7.7		—		7.0		—		7.0		—
Total assets	$	18.5	$	10.8	$	7.7	$	—	$	15.9	$	8.9	$	7.0	$	—
Liabilities:
Derivatives	$	8.1	$	—	$	8.1	$	—	$	2.9	$	—	$	2.9	$	—
Contingent consideration	$	3.8					3.8		$	3.0					3.0
Total liabilities	$	11.9	$	—	$	8.1	$	3.8	$	5.9	$	—	$	2.9	$	3.0

Schedule of Carrying Values and Estimated Fair Values of Debt Financial Instruments

The carrying values and the estimated fair values of our debt financial instruments are summarized on the table below:

	As of March 31, 2016		As of December 31, 2015
(In millions)	Carrying Value	Estimated Fair Value	Carrying Value	Estimated Fair Value
Five-year revolving credit facility, expires February 10, 2020	296.4	296.4	279.4	279.4
Brazilian loan due April 15, 2016	0.1	0.1	0.3	0.3
Brazilian loan due October 16, 2017	2.6	2.4	2.7	2.4
Foreign credit facilities	0.3	0.3	—	—
Other	0.1	0.1	0.3	0.3

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Derivative Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2016

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 included within the condensed consolidated balance sheets:

	As of March 31, 2016				As of December 31, 2015
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	6.6	$	2.8	$	5.8	$	1.3
Other assets / liabilities	1.1		0.2		1.2		0.1
Total	$	7.7	$	3.0	$	7.0	$	1.4

Schedule of Derivative Assets at Fair Value

As of March 31, 2016 and December 31, 2015, information related to these offsetting arrangements was as follows:

(in millions)	As of March 31, 2016
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	$	7.7	$	—	$	7.7	$	(3.6	)	$	4.1

(in millions)	As of December 31, 2015
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	$	7.0	$	—	$	7.0	$	(1.7	)	$	5.3

Schedule of Derivative Liabilities at Fair Value

	As of December 31, 2015
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	$	2.9	$	—	$	2.9	$	(1.7	)	$	1.2

	As of March 31, 2016
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	$	8.1	$	—	$	8.1	$	(3.6	)	$	4.5

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 consolidated 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 on Derivatives
		Three Months Ended March 31,
(In millions)		2016			2015
Foreign exchange contracts	Revenue	$	(0.5	)	$	0.1
Foreign exchange contracts	Cost of sales	(0.1		)	(0.9		)
Foreign exchange contracts	Other income, net	(0.2		)	0.1
Total		(0.8		)	(0.7		)
Remeasurement of assets and liabilities in foreign currencies		(0.3		)	(0.7		)
Net loss on foreign currency transactions		$	(1.1	)	$	(1.4	)

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Warranty Cost and Accrual Information

Warranty cost and accrual information is as follows:

	Three Months Ended March 31,
(In millions)	2016			2015
Balance at beginning of period	$	12.5		$	10.2
Expense for new warranties	2.8			2.4
Adjustments to existing accruals	(0.2		)	—
Claims paid	(2.5		)	(2.4		)
Translation	0.2			(0.3		)
Balance at end of period	$	12.8		$	9.9

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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Schedule of Segment Revenue and Operating Profit

Business segment information was as follows:

	Three Months Ended March 31,
(In millions)	2016			2015
Revenue
JBT FoodTech	$	177.5		$	139.2
JBT AeroTech	90.1			86.2
Intercompany eliminations	(0.5		)	(0.4		)
Total revenue	$	267.1		$	225.0
Income before income taxes
Segment operating profit:
JBT FoodTech	$	18.8		$	13.1
JBT AeroTech	8.5			8.4
Total segment operating profit	27.3			21.5
Corporate items:
Corporate expense (1)	(10.4		)	(7.8		)
Restructuring expense (2)	(7.2		)	—
Operating income	9.7			13.7
Net interest expense	(2.0		)	(1.8		)
Income from continuing operations before income taxes	$	7.7		$	11.9

(1)Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, 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 13.

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Restructuring (Tables)

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities

Additional information regarding the restructuring activities is presented in the tables below: 

	Charges incurred during the three months ended March 31,
(In millions)	2016		2015
Severance and related expense	$	5.9	$	—
Asset impairment	0.1		—
Other	1.2		—
Total Restructuring charges	$	7.2	$	—

Schedule of Restructuring Reserve by Type of Cost

Liability balances for restructuring activities are included in other current liabilities in the accompanying condensed consolidated balance sheets. The table below details the activities in 2016:

(In millions)	Balance as of December 31, 2015		Charged to Earnings		Payments Made /Charges Applied			Foreign Exchange Translation		Balance as of March 31, 2016
Severance and related expense	$	2.6	$	5.9	$	(0.9	)	$	—	$	7.6
Asset impairment	—		0.1		—			—		0.1
Other	—		1.2		(0.7		)	—		0.5
Total	$	2.6	$	7.2	$	(1.6	)	$	—	$	8.2

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Acquisitions - Narrative (Details) € in Millions, $ in Millions				3 Months Ended
	Oct. 01, 2015 USD ($)	Jul. 31, 2015 USD ($)	Jul. 31, 2015 EUR (€)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)
Business Acquisition [Line Items]
Cash payments to acquire businesses				$ 3.2	$ 0.0
A&B Process Systems
Business Acquisition [Line Items]
Consideration paid to acquire business	$ 103.0
Contingent consideration	3.0
Working capital adjustment	0.1
Purchase accounting adjustment, goodwill				1.8
A&B Process Systems | Earnout
Business Acquisition [Line Items]
Contingent consideration	$ 3.0
A&B Process Systems | Customer relationship
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets				0.9
Intangible assets, useful life	8 years
A&B Process Systems | Tradename
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets				0.4
Intangible assets, useful life	14 years
A&B Process Systems | Technological know-how - skidded systems
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets				0.2
Intangible assets, useful life	6 years
A&B Process Systems | Technological know-how - tanks and vessels
Business Acquisition [Line Items]
Intangible assets, useful life	9 years
A&B Process Systems | Backlog
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets				0.1
Intangible assets, useful life	6 months
A&B Process Systems | Noncompete agreements
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets				$ 0.1
Intangible assets, useful life	5 years
Stork Food Dairy Systems BV
Business Acquisition [Line Items]
Cash payments to acquire businesses		$ 50.7	€ 46.2
Cash acquired from acquisition		$ 1.1	€ 1.0
Stork Food Dairy Systems BV | Customer relationship
Business Acquisition [Line Items]
Intangible assets, useful life		15 years	15 years
Stork Food Dairy Systems BV | Tradename
Business Acquisition [Line Items]
Intangible assets, useful life		17 months	17 months
Stork Food Dairy Systems BV | Patents
Business Acquisition [Line Items]
Intangible assets, useful life		7 years	7 years

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Acquisitions - Provisional Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Oct. 01, 2015	Jul. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill			$ 156.4	$ 152.5
A&B Process Systems
Business Acquisition [Line Items]
Accounts receivable	$ 15.7
Prepaid expenses	0.6
Costs in excess of billings on projects in progress	5.1
Inventories	1.0
Property, plant and equipment	18.1
Other assets	0.2
Total assets	65.7
Accounts payable	6.1
Other liabilities	3.3
Billings in excess of costs on projects in process	6.6
Earnout liability	3.0
Total liabilities	19.0
Cash consideration paid and accrued	100.0
Contingent consideration	3.0
Total purchase price	103.0
Goodwill	53.3
A&B Process Systems | Customer relationship
Business Acquisition [Line Items]
Intangible assets	14.6
A&B Process Systems | Tradename
Business Acquisition [Line Items]
Intangible assets	3.1
A&B Process Systems | Technological know-how - skidded systems
Business Acquisition [Line Items]
Intangible assets	3.9
A&B Process Systems | Technological know-how - tanks and vessels
Business Acquisition [Line Items]
Intangible assets	1.3
A&B Process Systems | Backlog
Business Acquisition [Line Items]
Intangible assets	1.2
A&B Process Systems | Noncompete agreements
Business Acquisition [Line Items]
Intangible assets	$ 0.9
Stork Food Dairy Systems BV
Business Acquisition [Line Items]
Cash		$ 1.1
Accounts receivable		10.0
Other receivables		2.5
Costs in excess of billings on projects in progress		7.8
Inventories		4.8
Property, plant and equipment		9.8
Deferred Tax Asset		1.1
Total assets		45.3
Accounts payable		9.2
Other liabilities		10.2
Billings in excess of costs on projects in process		7.6
Deferred taxes		3.3
Total liabilities		30.3
Cash consideration paid and accrued		51.8
Goodwill		36.8
Stork Food Dairy Systems BV | Customer relationship
Business Acquisition [Line Items]
Intangible assets		4.1
Stork Food Dairy Systems BV | Tradename
Business Acquisition [Line Items]
Intangible assets		0.2
Stork Food Dairy Systems BV | Patents
Business Acquisition [Line Items]
Intangible assets		$ 3.9

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Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill by Business Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Goodwill [Roll Forward]
December 31, 2015	$ 152.5
Acquisitions	2.2
Currency translation	1.7
March 31, 2016	156.4
JBT FoodTech
Goodwill [Roll Forward]
December 31, 2015	144.8
Acquisitions	2.2
Currency translation	1.7
March 31, 2016	148.7
JBT AeroTech
Goodwill [Roll Forward]
December 31, 2015	7.7
Acquisitions	0.0
Currency translation	0.0
March 31, 2016	$ 7.7

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Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 142.3	$ 139.5
Accumulated amortization	56.4	52.7
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	70.3	70.8
Accumulated amortization	17.2	15.9
Patents and acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	36.3	35.4
Accumulated amortization	24.4	23.5
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	19.3	19.5
Accumulated amortization	8.1	7.8
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	16.4	13.8
Accumulated amortization	$ 6.7	$ 5.5

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Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 62.1	$ 55.0
Work in process	57.4	36.8
Finished goods	86.7	81.8
Gross inventories before LIFO reserves and valuation adjustments	206.2	173.6
LIFO reserves and valuation adjustments	(69.3)	(68.7)
Net inventories	$ 136.9	$ 104.9

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Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions to pension and other postretirement benefit plans in current year	$ 14.3
US Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions to pension plan in current period	$ 1.3

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Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.4	$ 0.4
Interest cost	2.8	3.4
Expected return on plan assets	(4.5)	(4.8)
Amortization of net actuarial (gains) losses	1.0	1.1
Settlements	0.0	0.3
Net periodic cost (income)	(0.3)	0.4
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.0	0.0
Interest cost		0.1
Expected return on plan assets	$ 0.0	0.0
Amortization of net actuarial (gains) losses	0.0	(0.1)
Settlements	(0.1)	0.0
Net periodic cost (income)	$ (0.1)	$ 0.0

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Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 129.7
Ending balance	137.8
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(147.2)
Other comprehensive income (loss) before reclassification	5.1
Amounts reclassified from accumulated other comprehensive income	0.8
Ending balance	(141.3)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(103.8)
Other comprehensive income (loss) before reclassification	(0.1)
Amounts reclassified from accumulated other comprehensive income	0.6
Ending balance	(103.3)
Derivatives Designated as Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(0.8)
Other comprehensive income (loss) before reclassification	(2.4)
Amounts reclassified from accumulated other comprehensive income	0.2
Ending balance	(3.0)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(42.6)
Other comprehensive income (loss) before reclassification	7.6
Amounts reclassified from accumulated other comprehensive income	0.0
Ending balance	$ (35.0)

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Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Selling, general and administrative expense	$ 53.9	$ 47.4
Provision for income taxes	2.5	3.9
Interest expense, net	2.3	$ 2.1
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Selling, general and administrative expense	0.9
Provision for income taxes	0.3
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Designated as Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Provision for income taxes	0.1
Interest expense, net	$ 0.3

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 18, 2016	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 2.2	$ 1.4
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	153,144
Fair value of awards granted	$ 6.8

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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, 2016	Mar. 31, 2015
Basic earnings per share:
Income from continuing operations	$ 5.2	$ 8.0
Weighted average number of shares outstanding (in shares)	29.5	29.6
Basic earnings per share from continuing operations (in dollars per share)	$ 0.18	$ 0.27
Diluted earnings per share:
Income from continuing operations	$ 5.2	$ 8.0
Weighted average number of shares outstanding (in shares)	29.5	29.6
Effect of dilutive securities:
Restricted stock (in shares)	0.3	0.2
Total shares and dilutive securities (in shares)	29.8	29.8
Diluted earnings per share from continuing operations (in dollars per share)	$ 0.17	$ 0.27

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Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Unrealized gain (loss) on investments	$ 0.1	$ (0.7)
A&B Process Systems
Business Acquisition [Line Items]
Contingent consideration		$ 3.0
Novus
Business Acquisition [Line Items]
Contingent consideration	$ 0.8

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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, 2016	Dec. 31, 2015
Assets:
Derivatives	$ 7.7	$ 7.0
Liabilities:
Derivatives	8.1	2.9
Fair Value, Measurements, Recurring
Assets:
Investments	10.8	8.9
Derivatives	7.7	7.0
Total assets	18.5	15.9
Liabilities:
Derivatives	8.1	2.9
Contingent consideration	3.8	3.0
Total liabilities	11.9	5.9
Fair Value, Measurements, Recurring | Level 1
Assets:
Investments	10.8	8.9
Derivatives	0.0	0.0
Total assets	10.8	8.9
Liabilities:
Derivatives	0.0	0.0
Total liabilities	0.0	0.0
Fair Value, Measurements, Recurring | Level 2
Assets:
Investments	0.0	0.0
Derivatives	7.7	7.0
Total assets	7.7	7.0
Liabilities:
Derivatives	8.1	2.9
Total liabilities	8.1	2.9
Fair Value, Measurements, Recurring | Level 3
Assets:
Investments	0.0	0.0
Derivatives	0.0	0.0
Total assets	0.0	0.0
Liabilities:
Derivatives	0.0	0.0
Contingent consideration	3.8	3.0
Total liabilities	$ 3.8	$ 3.0

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Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Five-year revolving credit facility, expires February 10, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, line of credit	$ 296.4	$ 279.4
Estimated fair value, line of credit	296.4	279.4
Brazilian loan due April 15, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, long-term debt	0.1	0.3
Estimated fair value, long-term debt	0.1	0.3
Brazilian loan due October 16, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, long-term debt	2.6	2.7
Estimated fair value, long-term debt	2.4	2.4
Foreign credit facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, line of credit	0.3	0.0
Estimated fair value, line of credit	0.3	0.0
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, long-term debt	0.1	0.3
Estimated fair value, long-term debt	$ 0.1	$ 0.3

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Derivative Financial Instruments and Risk Management - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 8.1	$ 2.9
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative, term of contract (less than)	2 years
Notional amount	$ 352.3
Cash Flow Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Gain recognized in other comprehensive income (loss), effective portion	3.0
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 5.1

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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, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative asset, current	$ 6.6	$ 5.8
Derivative liability, current	2.8	1.3
Derivative asset, noncurrent	1.1	1.2
Derivative liability, noncurrent	0.2	0.1
Total derivative asset	7.7	7.0
Total derivative liability	$ 3.0	$ 1.4

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Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 7.7	$ 7.0
Gross Amounts Offset in the Consolidated Balance Sheets	0.0	0.0
Net Presented in the Consolidated Balance Sheets	7.7	7.0
Amount Subject to Master Netting Agreement	(3.6)	(1.7)
Net Amount	$ 4.1	$ 5.3

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Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 8.1	$ 2.9
Gross Amounts Offset in the Consolidated Balance Sheets	0.0	0.0
Net Presented in the Consolidated Balance Sheets	8.1	2.9
Amount Subject to Master Netting Agreement	(3.6)	(1.7)
Net Amount	$ 4.5	$ 1.2

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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, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	$ (0.8)	$ (0.7)
Remeasurement of assets and liabilities in foreign currencies	(0.3)	(0.7)
Net loss on foreign currency transactions	(1.1)	(1.4)
Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	(0.5)	0.1
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	(0.1)	(0.9)
Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	$ (0.2)	$ 0.1

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Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Product Warranty Liability [Line Items]
Guarantor obligations, expiration term	P2Y
Customers Financing Arrangements Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 8.8
Guarantor obligations, maximum exposure, undiscounted, net	1.4
Performance Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	194.4
Financial Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 6.5
Maximum
Product Warranty Liability [Line Items]
Guarantor obligations, amount recoverable from third-parties (as a percent)	95.00%
Minimum
Product Warranty Liability [Line Items]
Guarantor obligations, amount recoverable from third-parties (as a percent)	60.00%

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Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 12.5	$ 10.2
Expense for new warranties	2.8	2.4
Adjustments to existing accruals	(0.2)	0.0
Claims paid	(2.5)	(2.4)
Translation	0.2	(0.3)
Balance at end of period	$ 12.8	$ 9.9

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Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Revenue	$ 267.1	$ 225.0
Segment operating profit	27.3	21.5
Corporate expense	(53.9)	(47.4)
Restructuring expense	(7.2)	0.0
Operating income	9.7	13.7
Net interest expense	(2.3)	(2.1)
Income from continuing operations before income taxes	7.7	11.9
Operating Segments | JBT FoodTech
Segment Reporting Information [Line Items]
Revenue	177.5	139.2
Segment operating profit	18.8	13.1
Operating Segments | JBT AeroTech
Segment Reporting Information [Line Items]
Revenue	90.1	86.2
Segment operating profit	8.5	8.4
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(0.5)	(0.4)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate expense	(10.4)	(7.8)
Restructuring expense	(7.2)	0.0
Operating income	9.7	13.7
Net interest expense	$ (2.0)	$ (1.8)

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 7.2	$ 0.0
Restructuring Plan, 2014
Restructuring Cost and Reserve [Line Items]
Reduction of restructuring reserve	0.3
Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring expense	7.5
Minimum | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	11.0
Expected remaining restructuring costs	3.0
Maximum | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	13.0
Expected remaining restructuring costs	$ 4.0

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Restructuring - Schedule of Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring and Related Activities [Abstract]
Severance and related expense	$ 5.9	$ 0.0
Asset impairment	0.1	0.0
Other	1.2	0.0
Total restructuring charges	$ 7.2	$ 0.0

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Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Reserve [Roll Forward]
December 31, 2015	$ 2.6
Charged to Earnings	7.2	$ 0.0
Payments Made /Charges Applied	(1.6)
Foreign Exchange Translation	0.0
March 31, 2016	8.2
Severance and related expense
Restructuring Reserve [Roll Forward]
December 31, 2015	2.6
Charged to Earnings	5.9
Payments Made /Charges Applied	(0.9)
Foreign Exchange Translation	0.0
March 31, 2016	7.6
Asset impairment
Restructuring Reserve [Roll Forward]
December 31, 2015	0.0
Charged to Earnings	0.1
Payments Made /Charges Applied	0.0
Foreign Exchange Translation	0.0
March 31, 2016	0.1
Other
Restructuring Reserve [Roll Forward]
December 31, 2015	0.0
Charged to Earnings	1.2
Payments Made /Charges Applied	(0.7)
Foreign Exchange Translation	0.0
March 31, 2016	$ 0.5

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Related Party Transactions - Narrative (Details) - General Manager - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Purchases from related party	$ 0.8	$ 1.2
Outstanding payables to related parties		$ 0.3