10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the quarterly period ended September 30, 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, Suite 4400 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 October 25, 2016
Common Stock, par value $0.01 per share	29,156,847

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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 September 30,						Nine Months Ended September 30,
(In millions, except per share data)	2016			2015			2016			2015
Revenue	$	349.6		$	273.3		$	945.5		$	752.9
Operating expenses:
Cost of sales	255.5			197.1			678.8			538.0
Selling, general and administrative expense	56.5			48.1			168.4			142.1
Research and development expense	6.3			5.0			17.7			13.0
Restructuring expense	0.3			—			9.4			—
Other expense, net	1.5			2.0			2.1			1.8
Operating income	29.5			21.1			69.1			58.0
Interest income	0.3			0.2			1.0			0.7
Interest expense	(3.1		)	(1.7		)	(8.0		)	(6.0		)
Income from continuing operations before income taxes	26.7			19.6			62.1			52.7
Provision for income taxes	6.1			6.9			17.5			17.6
Income from continuing operations	20.6			12.7			44.6			35.1
Loss from discontinued operations, net	—			(0.1		)	(0.1		)	(0.1		)
Net income	$	20.6		$	12.6		$	44.5		$	35.0
Basic earnings per share:
Income from continuing operations	$	0.70		$	0.43		$	1.52		$	1.19
Loss from discontinued operations	—			—			(0.01		)	—
Net income	$	0.70		$	0.43		$	1.51		$	1.19
Diluted earnings per share:
Income from continuing operations	$	0.69		$	0.43		$	1.50		$	1.18
Loss from discontinued operations	—			(0.01		)	(0.01		)	(0.01		)
Net income	$	0.69		$	0.42		$	1.49		$	1.17
Cash dividends declared per share	$	0.10		$	0.09		$	0.30		$	0.27

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 COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015
Net income	$	20.6		$	12.6		$	44.5		$	35.0
Other comprehensive income (loss)
Foreign currency translation adjustments	(1.1		)	(9.6		)	2.8			(19.6		)
Pension and other postretirement benefits adjustments, net of tax of ($0.4) and ($1.0) for 2016, and $0.5 and $0.8 for 2015	0.6			1.4			1.8			3.0
Derivatives designated as hedges, net of tax of ($0.5) and $1.5 for 2016; ($1.2) for 2015	0.8			(1.8		)	(2.4		)	(1.8		)
Other comprehensive income (loss)	0.3			(10.0		)	2.2			(18.4		)
Comprehensive income	$	20.9		$	2.6		$	46.7		$	16.6

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

	September 30, 2016			December 31, 2015
(In millions, except per share data and number of shares)	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$	47.9		$	37.2
Trade receivables, net of allowances of $2.1 and $2.1, respectively	240.9			212.5
Inventories, net	143.4			104.9
Other current assets	40.2			41.6
Total current assets	472.4			396.2
Property, plant and equipment, net of accumulated depreciation of $240.8 and $223.8, respectively	187.6			181.1
Goodwill	158.0			152.5
Intangible assets, net	77.3			86.8
Deferred income taxes	35.1			32.0
Other assets	30.3			27.5
Total Assets	$	960.7		$	876.1
Liabilities and Stockholders’ Equity:
Current Liabilities:
Short-term debt and current portion of long-term debt	$	5.4		$	2.2
Accounts payable, trade and other	120.7			110.7
Advance and progress payments	127.2			115.8
Other current liabilities	137.2			124.4
Total current liabilities	390.5			353.1
Long-term debt, less current portion	300.2			280.6
Accrued pension and other postretirement benefits, less current portion	75.3			90.7
Other liabilities	25.6			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; September 30, 2016: 29,316,041 issued and 29,156,847 outstanding; December 31, 2015: 29,316,041 issued and 29,147,380 outstanding	0.3			0.3
Common stock held in treasury, at cost; September 30, 2016: 159,194 shares;        December 31, 2015: 168,661 shares	(7.2		)	(6.1		)
Additional paid-in capital	74.4			71.6
Retained earnings	246.6			211.1
Accumulated other comprehensive loss	(145.0		)	(147.2		)
Total stockholders’ equity	169.1			129.7
Total Liabilities and Stockholders’ Equity	$	960.7		$	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)

	Nine Months Ended September 30,
(In millions)	2016			2015
Cash flows provided by operating activities:
Net income	$	44.5		$	35.0
Loss from discontinued operations, net	0.1			0.1
Income from continuing operations	44.6			35.1
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Depreciation and amortization	27.2			20.9
Stock-based compensation	7.1			5.2
Other	0.9			1.8
Changes in operating assets and liabilities:
Trade receivables, net	(27.0		)	(0.5		)
Inventories	(37.9		)	(17.2		)
Accounts payable, trade and other	10.3			14.2
Advance and progress payments	10.3			18.9
Other assets and liabilities, net	(8.6		)	(30.5		)
Cash provided by continuing operating activities	26.9			47.9
Cash required by discontinued operating activities	(0.1		)	(0.1		)
Cash provided by operating activities	26.8			47.8
Cash flows required by investing activities:
Acquisitions, net of cash acquired	(3.2		)	(50.9		)
Capital expenditures	(24.9		)	(26.5		)
Proceeds from disposal of assets	1.9			0.9
Proceeds from property available for sale	—			2.0
Cash required by investing activities	(26.2		)	(74.5		)
Cash flows provided by financing activities:
Net proceeds (payments) on short-term debt	3.3			(1.6		)
Cash provided by refinancing of credit facility	—			183.7
Cash payments to settle existing credit facility	—			(183.7		)
Cash payments to settle private placement debt	—			(75.0		)
Net proceeds (payments) on credit facilities	20.7			134.1
Repayment of long-term debt	(1.6		)	(0.9		)
Excess tax benefits	1.5			2.1
Tax withholdings on stock-based compensation awards	(2.6		)	(5.5		)
Purchase of treasury stock	(4.4		)	(7.7		)
Dividends	(8.9		)	(8.3		)
Cash provided by financing activities	8.0			37.2
Effect of foreign exchange rate changes on cash and cash equivalents	2.1			(5.9		)
Increase in cash and cash equivalents	10.7			4.6
Cash and cash equivalents, beginning of period	37.2			33.3
Cash and cash equivalents, end of period	$	47.9		$	37.9

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 (the “Company,” “JBT,” “our,” “us,” 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 the interim financial 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 adopted accounting standards

In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying Presentation of Debt Issuance Costs. The core principle of the ASU is that an entity should present debt issuance costs as a direct deduction from the face amount of that debt in the balance sheet similar to the manner in which a debt discount or premium is presented, and not reflected as a deferred charge or deferred credit. Subsequent to the issuance of ASU 2015-03 the SEC staff made an announcement regarding the presentation of debt issuance costs associated with line-of-credit arrangements, which was codified by the FASB in ASU 2015-15. This guidance, which clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03, is effective upon adoption of ASU 2015-03. This guidance became effective for us as of January 1, 2016 and there was no effect on our consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-05, Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The ASU applies to cloud computing arrangements including software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements, and was issued to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The ASU provides guidance about whether the arrangement includes a software license. The core principle of the ASU is that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change U.S. GAAP for a customer’s accounting for service contracts. This guidance became effective for us as of January 1, 2016 and there was no effect on our consolidated financial statements and related disclosures.

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In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. The ASU eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. The core principle of the ASU is that entities will be required to recognize the cumulative impact of a measurement period adjustment (including the impact on prior periods) in the reporting period in which the adjustment is identified. This guidance became effective for us as of January 1, 2016 and we determined the guidance did not have a material impact on our consolidated financial statements and related disclosures.

Recently issued accounting standards not yet adopted

In May 2014, the 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. In early 2016, the FASB issued additional guidance: ASU No. 2016-10, 2016-11 and 2016-12. These updates provide further guidance and clarification on specific items within the previously issued ASU. The new standard becomes effective for us as of January 1, 2018, with the option to early adopt the standard for annual periods beginning on or after December 15, 2016, and allows for both retrospective and modified-retrospective methods of adoption. The Company does not plan to early adopt the standard. We have preliminarily concluded that we will adopt this Topic 606 via the retrospective transition method, taking advantage of the allowed practical expedients, and restating our consolidated financial statements for 2016 and 2017. We are substantially complete with our gap assessment and have determined that we will qualify for over-time recognition for a large portion of our manufactured equipment as well as refurbishments. To the extent we begin recognizing revenue over time in the future, we believe this will result in an acceleration of revenue as compared to our current revenue recognition methodology of recognizing revenue at a point in time. We are continuing to quantify the impact of this change, and are in the process of finalizing our implementation plan.

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 requires income tax effects of awards 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. While we are still evaluating the impact, we do expect that 278,316 awards will vest in January of 2017, and at the September 30, 2016 stock price we anticipate approximately $5.0 million in incremental tax benefit to be reported in earnings.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The new guidance is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The core principle of the ASU requires the classification of eight specific cash flow issues identified under ASC 230 to be presented as either financing, investing or operating, or some combination thereof, depending upon the

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nature of the issue. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted. Entities are required to use a retrospective transition approach for all of the issues identified to each period presented. 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 $103.0 million, including a $3.0 million earnout and a working capital adjustment of $0.1 million. We have determined that the goodwill amount that is deductible for tax purposes is $60.3 million.

During the quarter ended March 31, 2016, we refined our estimates of the customer relationship by ($0.9 million), trademark 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 refinements of the valuation occurred during the quarters ended June 30, 2016 or September 30, 2016.

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

(In millions)
Assets:
Trade receivables	$	15.7
Inventories	1.0
Prepaid expenses	0.6
Costs in excess of billings on projects in progress	5.1
Property, plant and equipment	18.1
Other assets	0.2
Intangible assets:
Backlog	1.2
Customer relationships	14.6
Non-compete agreements	0.9
Trademark	3.1
Technological know-how - skidded systems	3.9
Technological know-how - tanks and vessels	1.3
Total assets	65.7
Liabilities:
Accounts payable	6.1
Billings in excess of costs on projects in progress	6.6
Other liabilities	3.3
Total liabilities	16.0
Total cash consideration paid and accrued	103.0
Goodwill	$	53.3

The customer relationships and trademark will be amortized over their estimated useful lives of eight and fourteen years, respectively. Technological know-how for skidded systems and tanks and vessels will be amortized over their terms of six and

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nine years, respectively. The non-compete agreements will be amortized over the contractual life of five years, and backlog was amortized over six months, consistent with the completion of the backlog.

The A&B purchase agreement includes a payment due to the sellers for $3 million of consideration, contingent upon exceeding an earnings target for the period from May 1, 2015 through April 30, 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date was $3.0 million, which is included in Other current liabilities on the Condensed Consolidated Balance Sheet. Had the earnings target not been achieved, the payment would have been $0. However, the agreed upon financial targets were met and the Company expects to make the $3.0 million payment to the sellers in the fourth quarter of 2016.

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 $50.7 million, which is net of cash acquired of $1.1 million.

During the quarter ended June 30, 2016, we finalized our estimates of the customer relationships and patents, resulting in a reduction in value of $2.0 million and $1.0 million, respectively. We also increased other liabilities by $1.1 million. These changes resulted in an increase to deferred tax assets of $0.5 million and a decrease to deferred tax liabilities $0.6 million. The impact of these adjustments was reflected as an increase in goodwill of $3.0 million and resulted in an immaterial impact to the consolidated statement of income. No refinements of the valuation occurred during the quarter ended March 31, 2016.

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

(In millions)
Assets:
Cash	$	1.1
Trade receivables	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:
Customer relationships	2.1
Patents	2.9
Tradename	0.2
Deferred income taxes	1.6
Total assets	42.8
Liabilities:
Accounts payable	9.2
Billings in excess of costs on projects in progress	7.6
Deferred income taxes	2.7
Other liabilities	11.3
Total liabilities	30.8
Total purchase price	51.8
Goodwill	$	39.8

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We also revised the estimated useful life and amortization period associated with customer relationships from fifteen years to eight years during the quarter ended June 30, 2016. Patents and the tradename will continue to be amortized over their estimated useful lives of seven years and seventeen months, 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	5.5		—		5.5
Balance as of September 30, 2016	$	150.3	$	7.7	$	158.0

Intangible assets consisted of the following:

	September 30, 2016				December 31, 2015
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationships	$	68.4	$	19.6	$	70.8	$	15.9
Patents and acquired technology	35.7		24.3		35.4		23.5
Trademarks and tradenames	19.0		8.4		19.5		7.8
Other	13.9		7.4		13.8		5.5
Total intangible assets	$	137.0	$	59.7	$	139.5	$	52.7

NOTE 4. INVENTORIES

Inventories consisted of the following:

(In millions)	September 30, 2016			December 31, 2015
Raw materials	$	65.9		$	55.0
Work in process	63.4			36.8
Finished goods	83.1			81.8
Gross inventories before LIFO reserves and valuation adjustments	212.4			173.6
LIFO reserves and valuation adjustments	(69.0		)	(68.7		)
Inventories, net	$	143.4		$	104.9

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NOTE 5. PENSION AND OTHER POSTRETIREMENT BENEFITS

Components of net periodic benefit cost were as follows:

	Pension Benefits												Other Postretirement Benefits
	Three Months Ended September 30,						Nine Months Ended September 30,						Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015			2016		2015			2016		2015
Service cost	$	0.3		$	0.4		$	1.0		$	1.1		$	—	$	—		$	—	$	—
Interest cost	2.9			3.4			8.6			10.3			0.1		—			0.1		0.2
Expected return on plan assets	(4.5		)	(4.8		)	(13.5		)	(14.3		)	—		—			—		—
Amortization of prior service (credit)	—			—			—			—			—		(0.4		)	—		(0.4		)
Amortization of net actuarial (gains) losses	1.0			1.2			3.1			3.4			—		(0.1		)	—		(0.8		)
Settlements	—			—			—			0.3			—		—			—		—
Net periodic cost (income)	$	(0.3	)	$	0.2		$	(0.8	)	$	0.8		$	0.1	$	(0.5	)	$	0.1	$	(1.0	)

We expect to contribute $14.3 million to our pension and other postretirement benefit plans in 2016. We contributed $9.0 million to our U.S. qualified pension plan during the nine months ended September 30, 2016.

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 September 30, 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, June 30, 2016	$	(102.6	)	$	(4.0	)	$	(38.7	)	$	(145.3	)
Other comprehensive income (loss) before reclassification	0.1			0.6			(1.1		)	(0.4		)
Amounts reclassified from accumulated other comprehensive income	0.5			0.2			—			0.7
Ending balance, September 30, 2016	$	(102.0	)	$	(3.2	)	$	(39.8	)	$	(145.0	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended September 30, 2016 were $0.9 million of charges in selling, general and administrative expense, net of $0.4 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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Changes in the AOCI balances for the nine months ended September 30, 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			(3.0		)	2.8			(0.1		)
Amounts reclassified from accumulated other comprehensive income	1.7			0.6			—			2.3
Ending balance, September 30, 2016	$	(102.0	)	$	(3.2	)	$	(39.8	)	$	(145.0	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2016 were $2.7 million of charges in selling, general and administrative expense, net of $1.0 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.9 million of charges in interest expense, net of $0.3 million in provision for income taxes.

NOTE 7. STOCK-BASED COMPENSATION

During the nine months ended September 30, 2016, we granted a total of 174,898 restricted stock units to certain employees and directors under an existing stock-based compensation plan. The aggregate fair value of the grants was $8.0 million. A portion of the units will vest on May 1, 2017, with the remaining units vesting on April 1, 2019. Grants of share-based awards are generally expected to be amortized over their 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 $2.6 million and $7.1 million for the three and nine months ended September 30, 2016, respectively. Total compensation expense recorded in selling, general and administrative expense on the Consolidated Statement of Income was $1.9 million and $5.2 million for the three and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2016		2015		2016		2015
Basic earnings per share:
Income from continuing operations	$	20.6	$	12.7	$	44.6	$	35.1
Weighted average number of shares outstanding	29.4		29.5		29.4		29.5
Basic earnings per share from continuing operations	$	0.70	$	0.43	$	1.52	$	1.19
Diluted earnings per share:
Income from continuing operations	$	20.6	$	12.7	$	44.6	$	35.1
Weighted average number of shares outstanding	29.4		29.5		29.4		29.5
Effect of dilutive securities:
Restricted stock	0.4		0.3		0.4		0.3
Total shares and dilutive securities	29.8		29.8		29.8		29.8
Diluted earnings per share from continuing operations	$	0.69	$	0.43	$	1.50	$	1.18

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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 that the Company can assess at the measurement date.

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

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

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

	As of September 30, 2016								As of December 31, 2015
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	11.5	$	11.5	$	—	$	—	$	8.9	$	8.9	$	—	$	—
Derivatives	4.7		—		4.7		—		7.0		—		7.0		—
Total assets	$	16.2	$	11.5	$	4.7	$	—	$	15.9	$	8.9	$	7.0	$	—
Liabilities:
Derivatives	$	9.4	$	—	$	9.4	$	—	$	2.9	$	—	$	2.9	$	—
Contingent consideration	0.8		—		—		0.8		3.0		—		—		3.0
Total liabilities	$	10.2	$	—	$	9.4	$	0.8	$	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 Condensed Consolidated Balance Sheets. Investments include an unrealized gain of $0.7 million as of September 30, 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 completed in the first quarter of 2016 for $0.8 million.

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 in the table below:

	As of September 30, 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	$	300.0	$	300.0	$	279.4	$	279.4
Brazilian loan due April 15, 2016	—		—		0.3		0.3
Brazilian loan due October 16, 2017	2.0		1.8		2.7		2.4
Foreign credit facilities	3.6		3.6		—		—
Other	—		—		0.3		0.3

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There is no active or observable market for our fixed rate Brazilian loans. Therefore, the estimated fair value is 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 September 30, 2016 of $548.9 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 September 30, 2016				As of December 31, 2015
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	3.8	$	4.2	$	5.8	$	1.3
Other assets / liabilities	0.9		0.1		1.2		0.1
Total	$	4.7	$	4.3	$	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 Condensed Consolidated Balance Sheets.  

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As of September 30, 2016 and December 31, 2015, information related to these offsetting arrangements was as follows:

(In millions)	As of September 30, 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	$	4.7	$	—	$	4.7	$	(2.0	)	$	2.7

(In millions)	As of September 30, 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	$	9.4	$	—	$	9.4	$	(2.6	)	$	6.8

(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

(In millions)	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 Condensed 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 September 30,						Nine Months Ended September 30,
(In millions)		2016			2015			2016			2015
Foreign exchange contracts	Revenue	$	(0.4	)	$	(0.3	)	$	(0.9	)	$	—
Foreign exchange contracts	Cost of sales	(0.1		)	0.1			(0.4		)	(0.4		)
Foreign exchange contracts	Other income, net	—			(0.1		)	(0.1		)	—
Total		(0.5		)	(0.3		)	(1.4		)	(0.4		)
Remeasurement of assets and liabilities in foreign currencies		(0.1		)	0.5			(0.4		)	(0.7		)
Net gain (loss) on foreign currency transactions		$	(0.6	)	$	0.2		$	(1.8	)	$	(1.1	)

Interest Rates: We have entered into interest rate swaps to fix the interest rate applicable to certain of our variable-rate debt, including a 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 (loss).

At September 30, 2016, the fair value recorded in other liabilities on the Condensed Consolidated Balance Sheet was $5.3 million. The effective portion of these derivatives designated as cash flow hedges of $3.2 million has been reported in Other comprehensive income (loss), net of tax, on the Condensed Consolidated Statement of Comprehensive Income.

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Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of September 30, 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 assessment 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 $206.0 million at September 30, 2016, represent guarantees of our future performance. We also have provided $4.6 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 September 30, 2016, the gross value of such arrangements was $8.2 million, of which our net exposure under such guarantees was $0.6 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 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015
Balance at beginning of period	$	12.7		$	10.0		$	12.5		$	10.2
Expense for new warranties	3.0			3.1			8.6			8.0
Adjustments to existing accruals	(0.1		)	—			(0.5		)	(0.3		)
Claims paid	(2.3		)	(2.7		)	(7.3		)	(7.4		)
Added through acquisition	—			0.6			—			0.6
Translation	—			(0.1		)	—			(0.2		)
Balance at end of period	$	13.3		$	10.9		$	13.3		$	10.9

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 September 30,						Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015
Revenue:
JBT FoodTech	$	235.9		$	177.8		$	642.2		$	480.9
JBT AeroTech	112.7			95.8			303.3			272.8
Intercompany eliminations	1.0			(0.3		)	—			(0.8		)
Total revenue	$	349.6		$	273.3		$	945.5		$	752.9
Income before income taxes
Segment operating profit:
JBT FoodTech	$	28.2		$	20.5		$	78.0		$	56.1
JBT AeroTech	12.0			9.5			31.9			26.2
Total segment operating profit	40.2			30.0			109.9			82.3
Corporate items:
Corporate expense(1)	(10.4		)	(8.9		)	(31.4		)	(24.3		)
Restructuring expense(2)	(0.3		)	—			(9.4		)	—
Operating income	29.5			21.1			69.1			58.0
Net interest expense	(2.8		)	(1.5		)	(7.0		)	(5.3		)
Income from continuing operations before income taxes	$	26.7		$	19.6		$	62.1		$	52.7

(1) Corporate expense generally includes corporate staff-related expense, 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. Restructuring for further information on restructuring expense.

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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 released $0.9 million of the liability as of September 30, 2016 which we no longer expect to pay in connection with this plan due to actual severance payments differing from the original estimates and natural attrition of employees. 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. We recorded $7.5 million, $2.0 million, and $0.8 million in the first, second and third quarters of 2016, respectively. We anticipate incurring an additional $1 million to $2 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					Charges Incurred During the
	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2016			2015		2016		2015
Severance and related expense	$	(0.5	)	$	—	$	5.3	$	—
Asset impairment	—			—		0.1		—
Other	0.8			—		4.0		—
Total restructuring charges	$	0.3		$	—	$	9.4	$	—

The restructuring charges are associated with the FoodTech segment, and are excluded from our calculation of segment operating profit. Charges incurred during the three months ended September 30, 2016 primarily relate to third party consulting services and relocation expenses incurred as a direct result of our plan.

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			Balance as of September 30, 2016
Severance and related expense	$	2.6	$	5.3	$	(2.1	)	$	5.9
Asset impairment	—		0.1		—			0.1
Other	—		4.0		(4.0		)	—
Total	$	2.6	$	9.4	$	(6.0	)	$	6.0

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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. An employee hired by JBT as a part of this acquisition has a noncontrolling ownership interest in this supplier. We made purchases from this supplier of $1.2 million and $2.5 million during the three and nine months ended September 30, 2016, respectively. We made purchases from this supplier of $0.8 million and $2.8 million during the three and nine months ended September 30, 2015, respectively. We had outstanding accounts payable to this supplier of $0.2 million and $0.6 million as of September 30, 2016 and December 31, 2015, respectively.

NOTE 15. SUBSEQUENT EVENTS

On October 3, 2016, the Company signed a definitive agreement to acquire Tipper Tie, Inc. ("Tipper Tie") from Dover Corporation. Tipper Tie, headquartered in Apex, North Carolina, is a leading provider of engineered processing and packing solutions, and related consumables to the food industry. This acquisition will enable us to add complementary package solutions to our existing protein platform, and provide greater value to our customers. The agreed to purchase price is $160.0 million, before customary post-closing adjustments, which we expect to pay by accessing our revolving credit facility. We expect to complete the purchase during the fourth quarter of 2016.

On October 14, 2016, we completed our acquisition of Cooling and Applied Technologies, Inc. (“C.A.T.”), located in Russellville, Arkansas. C.A.T. is a leading manufacturer of value-added food solutions, primarily for the poultry industry, and focuses on chillers, injection, marination, weighing, freezing, and refrigeration systems. This acquisition will enhance our presence in primary and secondary protein processing and advances our strategic acquisition program in Proteins and Liquid Foods. The purchase price was $90.0 million, which was funded with cash on hand as well as borrowings under our revolving credit facility.

We entered into a third amendment to the credit agreement governing our credit facilities (the "Credit Agreement") on October 20, 2016 whereby certain lenders party to the Credit Agreement provided an incremental term loan in an aggregate principal amount of $150.0 million utilizing a portion of its $250 million expansion feature in the Credit Agreement.

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

Cautionary Note Regarding Forward-Looking Statements

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

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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 2016, 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 2016,we 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 (“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 all our JBT production facilities have either started or arewell 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 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 and two acquisitions in 2015. In 2016 we completed one acquisition in the first quarter. In addition, we have completed the acquisition of C.A.T. on October 14, 2016, and signed a definitive agreement to acquire Tipper Tie on October 3, 2016. Both acquisitions add highly complementary product lines to our existing Protein businesses. These acquisitions 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.

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Non-GAAP Financial Measures

The results for the three and nine months ended September 30, 2016 include a significant expense that is not indicative of our ongoing operations as detailed in the table below: 

	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions, except per share data)	2016			2015		2016			2015
Income from continuing operations as reported	$	20.6		$	12.7	$	44.6		$	35.1
Non-GAAP adjustments:
Restructuring expense	0.3			—		9.4			—
Impact on tax provision from Non-GAAP adjustments(1)	(0.1		)	—		(3.0		)	—
Adjusted income from continuing operations	$	20.8		$	12.7	$	51.0		$	35.1
Income from continuing operations as reported	$	20.6		$	12.7	$	44.6		$	35.1
Total shares and dilutive securities	29.8			29.8		29.8			29.8
Diluted earnings per share from continuing operations	$	0.69		$	0.43	$	1.50		$	1.18
Adjusted income from continuing operations	$	20.8		$	12.7	$	51.0		$	35.1
Total shares and dilutive securities	29.8			29.8		29.8			29.8
Adjusted diluted earnings per share from continuing operations	$	0.70		$	0.43	$	1.71		$	1.18

(1)    Impact on tax provision was calculated using the Company’s annual effective tax rate of 30.6%.

The above table contains adjusted income from continuing operations and adjusted diluted earnings per share from continuing operations, which are non-GAAP financial measures, and 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 for the planning and forecasting of future periods.

The table below provides a reconciliation of net income to Adjusted EBITDA:

	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2016		2015			2016			2015
Net income	$	20.6	$	12.6		$	44.5		$	35.0
Loss from discontinued operations, net of taxes	—		(0.1		)	(0.1		)	(0.1		)
Income from continuing operations as reported	20.6		12.7			44.6			35.1
Provision for income taxes	6.1		6.9			17.5			17.6
Net interest expense	2.8		1.5			7.0			5.3
Depreciation and amortization	9.1		7.3			27.2			20.9
EBITDA	38.6		28.4			96.3			78.9
Restructuring expense	0.3		—			9.4			—
Adjusted EBITDA	$	38.9	$	28.4		$	105.7		$	78.9

The above table provides net income as adjusted by income taxes, net interest expense and depreciation and amortization expense recorded during the period to arrive at EBITDA. Further, we add back to EBITDA significant expenses that are not indicative of our ongoing operations to calculate an Adjusted EBITDA for the periods reported. Given the Company’s Next Level focus on growth through strategic acquisitions, management considers Adjusted EBITDA to be an important non-GAAP

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financial 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, and the depreciation of fixed 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.

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, 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.

The non-GAAP financial measures disclosed in this Quarterly Report on Form 10-Q are not intended to nor should they be considered in isolation or as a substitute for financial measures prepared in accordance with U.S. GAAP.

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CONSOLIDATED RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30,2016 AND 2015

	Three Months Ended September 30,						Favorable/(Unfavorable)
(In millions, except %)	2016			2015			$			%
Revenue	$	349.6		$	273.3		$	76.3		27.9
Cost of sales	255.5			197.1			(58.4		)	(29.6	)
Gross profit	94.1			76.2			17.9			23.5
Selling, general and administrative expense	56.5			48.1			(8.4		)	(17.5	)
Research and development expense	6.3			5.0			(1.3		)	(26.0	)
Restructuring expense	0.3			—			(0.3		)	N/A
Other (income) expense, net	1.5			2.0			0.5			25.0
Operating income	29.5			21.1			8.4			39.8
Interest income	0.3			0.2			0.1			50.0
Interest expense	(3.1		)	(1.7		)	(1.4		)	(82.4	)
Income from continuing operations before income taxes	26.7			19.6			7.1			36.2
Provision for income taxes	6.1			6.9			0.8			11.6
Income from continuing operations	20.6			12.7			7.9			62.2
Loss from discontinued operations, net	—			(0.1		)	0.1			—
Net income	$	20.6		$	12.6		$	8.0		63.5

Total revenue for the three months ended September 30, 2016 increased $76.3 million, or $77.4 million in constant currency, compared to the same period in 2015. The increase was driven by revenue from acquired companies, which added $31.5 million, and organic growth of $45.9 million.

Operating income for the three months ended September 30, 2016 increased by $8.4 million compared to the same period in 2015 as a result of the following items:

• Gross profit increased $17.9 million. This increase was primarily the result of higher sales volume due to organic growth and acquisitions. Gross profit margins declined slightly as increased profitability from 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 $8.4 million, or $9.5 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 $1.3 million primarily due to the addition of acquired businesses.

• Restructuring expense increased $0.3 million due to costs incurred in connection with our optimization program to realign certain FoodTech businesses, which we commenced during the first quarter of 2016.

• Other expense decreased $0.5 million due to gains in our non-qualified retirement plan assets, partially offset by increased acquisition costs in the quarter from recently announced acquisitions.

Interest expense, net increased $1.3 million primarily due to higher average debt levels resulting from 2015 acquisitions.

Income tax expense for the three months ended September 30, 2016 reflected an expected effective income tax rate of approximately 30.6%, compared to 32.9% in the same period in 2015. The decrease in expected effective tax rate was driven by an increase in the R&D tax credit in 2016 compared to 2015. In addition, in 2016 we recorded $1.5 million of favorable discrete adjustments to the income tax provision, primarily reflecting a lower tax liability for fiscal year 2015.

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OPERATING RESULTS OF BUSINESS SEGMENTS

THREE MONTHS ENDED SEPTEMBER 30,2016 AND 2015

	Three Months Ended September 30,						Favorable/(Unfavorable)
(In millions, except %)	2016			2015			$			%
Revenue:
JBT FoodTech	$	235.9		$	177.8		$	58.1		32.7
JBT AeroTech	112.7			95.8			16.9			17.6
Other revenue and intercompany eliminations	1.0			(0.3		)	1.3			433.3
Total revenue	$	349.6		$	273.3		$	76.3		27.9
Operating income before income taxes
Segment operating profit(1)(2):
JBT FoodTech	$	28.2		$	20.5		$	7.7		37.6
JBT AeroTech	12.0			9.5			2.5			26.3
Total segment operating profit	40.2			30.0			10.2			34.0
Corporate items:
Corporate expense	(10.4		)	(8.9		)	(1.5		)	(16.9	)
Restructuring expense	(0.3		)	—			(0.3		)	N/A
Operating income	$	29.5		$	21.1		$	8.4		39.8
Inbound orders:
JBT FoodTech	$	242.2		$	190.5
JBT AeroTech	104.6			96.2
Intercompany eliminations	—			(0.2		)
Total inbound orders	$	346.8		$	286.5

(1) Refer to Note 12. Business Segment Information of the Notes to Condensed Consolidated Financial Statements.

(2) Segment operating profit is defined as total segment revenue less segment operating expenses. Corporate expense, restructuring expense, interest income and expense and income taxes are not allocated to the segments. Corporate expense generally includes corporate staff-related expense, stock-based compensation, 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.

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JBT FoodTech

JBT FoodTech’s revenue for the three months ended September 30, 2016 increased by $58.1 million, or $58.8 million in constant currency, compared to the same period in 2015. Acquisitions contributed $31.5 million in revenue, and the remaining FoodTech businesses contributed $27.3 million in revenue growth. The key driver of organic revenue performance was higher sales of Protein equipment and aftermarket, and Liquid Foods equipment in Europe and North America, and higher Automated Systems sales in North America.

JBT FoodTech’s operating profit for the three months ended September 30, 2016 increased by $7.7 million, or $7.9 million in constant currency, compared to the same period in 2015. This increase was driven by higher volume from new equipment and aftermarket sales, as well as an increase in volume due to acquisitions, partially offset by increased selling, general and administrative costs of $6.1 million driven by acquisitions. Operating profit margin increased from 11.5% to 12.0%.

JBT AeroTech

JBT AeroTech’s revenue for the three months ended September 30, 2016 increased $16.9 million, or $17.2 million in constant currency, compared to the same period in 2015. Revenues from our fixed equipment business increased $13.0 million primarily due to an increased number of completed passenger boarding bridges and related equipment for domestic airports. Revenues from our airport services business unit improved by $3.5 million as a result of higher revenues from new and existing maintenance contracts. Revenues from our mobile equipment business increased by $0.7 million.

JBT AeroTech’s operating profit for the three months ended September 30, 2016 increased $2.5 million compared to the same period in 2015. Higher sales volume accounted for $3.5 million of improved profit. Lower gross profit margins resulted in a decline of $0.4 million driven largely by a heavier mix of lower margin products partly offset by improved pricing. Selling, administrative and research and development costs increased $0.9 million from the prior period due to inflation and investments to support future growth.

CorporateExpense

Corporate expense for the three months ended September 30, 2016 increased by $1.5 million, compared to the same period in 2015, driven by higher incentive-based compensation of $0.5 million, costs associated with the migration to our new ERP system totaling $0.3 million, and higher corporate staff expenses of $0.7 million to support growth initiatives in acquisitions, strategic sourcing, and continuous improvement.

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CONSOLIDATED RESULTS OF OPERATIONS

NINE MONTHS ENDEDSEPTEMBER 30,2016 AND 2015

	Nine Months Ended September 30,						Favorable/(Unfavorable)
(In millions, except %)	2016			2015			$			%
Revenue	$	945.5		$	752.9		$	192.6		25.6
Cost of sales	678.8			538.0			(140.8		)	(26.2	)
Gross profit	266.7			214.9			51.8			24.1
Selling, general and administrative expense	168.4			142.1			(26.3		)	(18.5	)
Research and development expense	17.7			13.0			(4.7		)	(36.2	)
Restructuring expense	9.4			—			(9.4		)	N/A
Other (income) expense, net	2.1			1.8			(0.3		)	(16.7	)
Operating income	69.1			58.0			11.1			19.1
Interest income	1.0			0.7			0.3			42.9
Interest expense	(8.0		)	(6.0		)	(2.0		)	(33.3	)
Income from continuing operations before income taxes	62.1			52.7			9.4			17.8
Provision for income taxes	17.5			17.6			0.1			0.6
Income from continuing operations	44.6			35.1			9.5			27.1
Loss from discontinued operations, net	(0.1		)	(0.1		)	—			N/A
Net income	$	44.5		$	35.0		$	9.5		27.1

Total revenue for the nine months endedSeptember 30, 2016 increased $192.6 million, or $200.1 million in constant currency, compared to the same period in 2015. The increase was driven by revenue from acquired companies, which added $109.1 million, and organic growth of $91.0 million.

Operating income for the nine months endedSeptember 30, 2016 increased by $11.1 million, or $11.6 million in constant currency, compared to the same period in 2015 as a result of the following items:

• Gross profit increased $51.8 million, or $55.6 million in constant currency. This increase was primarily the result of higher sales volume due to acquisitions. Gross profit margins declined slightly as increased profitability from 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 $26.3 million, or $29.6 million in constant currency. The increase was primarily the result of newly acquired businesses, as well as investments to support Next Level initiatives.

• Research and development expense increased $4.7 million primarily as a result of acquired businesses.

• Restructuring expense increased $9.4 million due to costs incurred in connection with our optimization program to realign certain FoodTech businesses, which we initiated during the first quarter of 2016.

• Other (income) expense, net decreased $0.3 million due to increased acquisition costs in the quarter from recently announced acquisitions, partially offset by gains in our non-qualified retirement plan assets.

Interest expense, net increased $1.7 million primarily due to higher average debt levels resulting from acquisitions and working capital growth.

Income tax expense for the nine months endedSeptember 30, 2016 reflected an expected effective income tax rate of approximately 30.6%, compared to 32.9% in the same period in 2015. The decrease in expected effective tax rate was driven by an increase in the R&D tax credit in 2016 compared to 2015. In addition, in 2016 we recorded $1.5 million of favorable discrete adjustments to the income tax provision, primarily reflecting a lower tax liability for fiscal year 2015.

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OPERATING RESULTS OF BUSINESS SEGMENTS

NINE MONTHS ENDEDSEPTEMBER 30,2016 AND 2015

	Nine Months Ended September 30,						Favorable/(Unfavorable)
(In millions, except %)	2016			2015			$			%
Revenue:
JBT FoodTech	$	642.2		$	480.9		$	161.3		33.5
JBT AeroTech	303.3			272.8			30.5			11.2
Other revenue and intercompany eliminations	—			(0.8		)	0.8			100.0
Total revenue	$	945.5		$	752.9		$	192.6		25.6
Operating income before income taxes
Segment operating profit(1)(2):
JBT FoodTech	$	78.0		$	56.1		$	21.9		39.0
JBT AeroTech	31.9			26.2			5.7			21.8
Total segment operating profit	109.9			82.3			27.6			33.5
Corporate items:
Corporate expense	(31.4		)	(24.3		)	(7.1		)	(29.2	)
Restructuring expense	(9.4		)	—			(9.4		)	N/A
Operating income	$	69.1		$	58.0		$	11.1		19.1
Inbound orders:
JBT FoodTech	$	665.0		$	542.6
JBT AeroTech	333.2			292.1
Intercompany eliminations	—			(0.7		)
Total inbound orders	$	998.2		$	834.0

(1) Refer to Note 12. Business Segment Information of the Notes to Condensed Consolidated Financial Statements.

(2) Segment operating profit is defined as total segment revenue less segment operating expenses. Corporate expense, restructuring expense, interest income and expense and income taxes are not allocated to the segments. Corporate expense generally includes corporate staff-related expense, stock-based compensation, 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.

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JBT FoodTech

JBT FoodTech’s revenue for the nine months endedSeptember 30, 2016 increased by $161.3 million, or $167.7 million in constant currency, compared to the same period in 2015. Acquisitions contributed $109.1 million in revenue, and the remaining FoodTech businesses contributed $58.7 million in revenue growth. The key driver of organic revenue performance was higher sales of Protein equipment and aftermarket, and Liquid Foods equipment in Europe and North America, and higher Automated Systems sales in North America.

JBT FoodTech’s operating profit for the nine months endedSeptember 30, 2016 increased by $21.9 million, or $22.6 million in constant currency, compared to the same period in 2015. The increase was driven by higher volume from acquisitions and increased volume and profitability at Protein and Liquid Foods businesses. Strategic pricing, sourcing savings, and other cost reduction initiatives helped drive operating profit improvement, partially offset by increased selling, general and administrative costs of $20.9 million from acquisitions and Next Level initiatives. Operating profit margin increased from 11.7% to 12.1%.

JBT AeroTech

JBT AeroTech’s revenue for the nine months endedSeptember 30, 2016 increased $30.5 million, or $31.5 million in constant currency, compared to the same period in 2015. Revenues from our mobile equipment business increased $16.9 million mainly due to higher deliveries of ground support equipment to foreign military customers, domestic airlines and other customers. Revenues from our airport services business unit improved by $10.3 million as a result of higher revenues from new and existing maintenance contracts. Revenues from our fixed equipment business increased $4.5 million mainly due to higher deliveries of passenger boarding bridges and other equipment to domestic airports.

JBT AeroTech’s operating profit for the nine months endedSeptember 30, 2016 increased $5.7 million compared to the same period in 2015. Higher sales volume accounted for $6.6 million of improved profit. Lower gross profit margins resulted in a decline of $0.5 million driven largely by the absence of higher than average margins on parts and services to military customers in the prior period partly offset by improved pricing. Selling, administrative and research and development costs increased $0.8 million from the prior period due to inflation and investments to support future growth.

CorporateExpense

Corporate expense for the nine months endedSeptember 30, 2016 increased by $7.1 million, compared to the same period in 2015, driven primariliy by higher incentive-based compensation of $1.6 million, costs associated with the migration to our new ERP system totaling $1.1 million, and higher corporate staff expenses of $4.4 million to support growth initiatives in acquisitions, strategic sourcing, and continuous improvement.

Liquidity and Capital Resources

Our primary sources of liquidity are cash flows provided by operating activities from our U.S. and foreign operations and borrowings from our revolving credit facility. In the fourth quarter we are committed to pay $90 million to fund the purchase of C.A.T. and $160 million, subject to certain adjustments, to fund the acquisition of Tipper Tie which we expect to pay by accessing our revolving credit facility. On October 20, 2016 we increased our credit facility from $600 million to $750 million pursuant to the expansion option in our credit agreement by issuing a $150 million term loan. This increased our borrowing capacity, subject to the financial covenants in the credit agreement. On a proforma basis, including the debt expected to be incurred in the fourth quarter in connection with the acquisitions, debt at September 30, 2016 would have been approximately $550 million. We believe the cash flows generated by our operations and the revolving credit facility are 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 September 30, 2016, we had $47.9 million of cash and cash equivalents, $42.6 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.

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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 September 30, 2016 was approximately $36.0 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 five-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 nine months endedSeptember 30, 2016 and 2015 were as follows:

(In millions)	2016			2015
Cash provided by continuing operating activities	$	26.9		$	47.9
Cash required by investing activities	(26.2		)	(74.5		)
Cash provided by financing activities	8.0			37.2
Cash required by discontinued operating activities	(0.1		)	(0.1		)
Effect of foreign exchange rate changes on cash and cash equivalents	2.1			(5.9		)
Increase in cash and cash equivalents	$	10.7		$	4.6

Cash provided by continuing operating activities during the nine months endedSeptember 30, 2016 was $26.9 million, representing a $21.0 million decrease compared to the same period in 2015 driven primarily by an increase in inventory as well as an increase in trade receivables due to timing of customer payments. We contributed $9.0 million to our U.S. qualified pension plan during the nine months endedSeptember 30, 2016 and we expect to contribute approximately $5.3 million to our pension and other post-retirement benefit plans during the remainder of 2016.

Cash required by investing activities during the nine months endedSeptember 30, 2016 was $26.2 million, a decrease of $48.3 million compared to the same period in 2015, due primarily to decreased acquisition spending in 2016 compared to 2015 as we acquired SFDS in the second quarter of 2015.

Cash provided by financing activities during the nine months endedSeptember 30, 2016 was $8.0 million, a decrease of $29.2 million compared to the same period in 2015 primarily driven by a decrease in borrowings against our five-year revolving credit facility in 2016 compared to 2015 resulting from the SFDS acquisition in the second quarter of 2015.

Financing Arrangements

We have a five-year $600.0 million revolving credit facility with Wells Fargo Bank, N.A. as administrative agent. 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 September 30, 2016 we had $300 million drawn on and $300 million of availability under the revolving credit facility.

As noted in liquidity and capital resources section we entered into a third amendment to the Credit Agreement dated October 20, 2016 whereby certain lenders party to the Credit Agreement provided an incremental term loan in an aggregate principal amount of $150.0 million, utilizing a portion of its expansion feature in the Credit Agreement.

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Our credit agreement includes 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. As of September 30, 2016, we were in compliance with all covenants in our credit agreement. We expect to remain in compliance with all covenants in the foreseeable future. However, there can be no assurance that continued or increased volatility in global economic conditions will not impair our ability to meet our covenants, or that we will continue to be able to access the capital and credit markets on terms acceptable to us or at all.

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 (loss).

During 2014, our Brazilian subsidiary entered into a Brazilian real denominated loan with an outstanding balance of Br1 6.2 million (approximately $1.9 million) as of September 30, 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. Several of our wholly-owned subsidiaries have short-term credit facilities that allow us to borrow up to approximately $12.0 million in China. As of September 30, 2016, we had $3.6 million borrowed under these credit facilities. The Company has credit facilities which will mature on June 30, 2017. 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 September 30, 2016, we had no outstanding borrowings under this credit facility.

Outlook

We anticipate for the full year 2016 revenue growth of approximately 20 percent, reflecting organic growth of approximately 7 percent and growth from acquisitions of 13 percent. Excluding the dilutive impact of the two acquisitions, the company continues to expect segment margin expansion of 50 to 75 basis points. With such dilution, margins are expected to increase 25 to 50 basis points. Based on these expectations, the diluted earnings per share from continuing operations guidance for 2016 is $2.05 - $2.15 on a U.S. GAAP basis, or $2.30 - $2.40 on an adjusted basis. Despite the unfavorable impact of $0.06 to $0.10 per share resulting from the two acquisitions announced in October, we are raising our full-year 2016 guidance from previous disclosures. The table below provides a reconciliation of diluted earnings per share to adjusted diluted earnings per share:

	Updated Guidance
(Unaudited and in cents)	Full Year 2016
Diluted earnings per share from continuing operations	$2.05 - $2.15
Non-GAAP adjustments:
Restructuring expense(1)	$0.40
Impact on tax provision from Non-GAAP adjustments(2)	$(0.15)
Adjusted diluted earnings per share from continuing operations	$2.30 - $2.40

(1) Restructuring expense is estimated to be between $11.0 million and $13.0 million for the full year of 2016. We have used the mid-point of the full year estimate in the table above. These amounts have been divided by our estimate of 29.8 million total shares and dilutive securities to derive the earnings per share value.

(2) Impact on tax provision was calculated using the Company’s expected tax rate to be incurred on these restructuring costs of 36%.

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 nine months endedSeptember 30, 2016, there were no material changes in our judgments and assumptions associated with the development of our critical accounting estimates.

30

31

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 September 30, 2016. We have concluded that, as of September 30, 2016, 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 September 30, 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.

32

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 September 30, 2016, and the related condensed consolidated statements of income and comprehensive income for the three and nine-month periods ended September 30, 2016 and 2015, and the condensed consolidated statement of cash flows for the nine-month periods ended September 30, 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 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

October 28, 2016

33

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 September 30, 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 (“2015 Annual Report”) other than the risk disclosed below.

Risk Relating to the Referendum of the United Kingdom’s Membership of the European Union.

The announcement of the Referendum of the United Kingdom’s (or the U.K.) Membership of the European Union (E.U.) (referred to as Brexit), advising for the exit of the United Kingdom from the European Union, has resulted in significant volatility in global stock markets and currency exchange rate fluctuations that resulted in the strengthening of the U.S. dollar against certain foreign currencies in which we conduct business. As described in Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Foreign Currency Exchange Rate Risk in our 2015 Annual Report , we translate revenue denominated in foreign currency into U.S. dollars for our financial statements. During periods of a strengthening dollar, our reported international revenue is reduced because foreign currencies translate into fewer U.S. dollars. The announcement of Brexit may also create global economic uncertainty, which may cause our customers to closely monitor their costs and reduce their spending budget on our products and services.

The effects of Brexit will depend on any agreements the U.K. makes to retain access to E.U. markets either during a transitional period or more permanently. The measures could potentially disrupt the markets we serve and may cause us to lose customers and employees. In addition, Brexit could lead to legal uncertainty and potentially divergent national laws and regulations as the U.K. determines which E.U. laws to replace or replicate.

Any of these effects of Brexit, among others, could materially adversely affect our business, results of operations and financial condition.

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 September 30, 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
July 1, 2016 through July 31, 2016	—	$	—	—	$	25.7
August 1, 2016 through August 31, 2016	—	—		—	25.7
September 1, 2016 through September 30, 2016	—	—		—	25.7
	—	$	—	—	$	25.7

(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.

34

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

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

35

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: October 28, 2016

36

EXHIBIT INDEX

Number in Exhibit Table	Description
10.1*	Third Amendment of John Bean Technologies Corporation Employees' Retirement Program; Part I Salaried and Nonunion Hourly Employees’ Retirement Plan (as Amended and Restated Effective as of January 1, 2012)
10.2*	Fourth Amendment of John Bean Technologies Corporation Employees' Retirement Program; Part II Union Hourly Employees’ Retirement Plan (as Amended and Restated Effective as of January 1, 2012)
10.3*	Sixth Amendment of John Bean Technologies Corporation Incentive Compensation and Stock Plan
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 September 30, 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.

37

EX-10.1

Exhibit 10.1

THIRD AMENDMENT OF

JOHN BEAN TECHNOLOGIES CORPORATION

EMPLOYEES’ RETIREMENT PROGRAM

PART I SALARIED AND NONUNION HOURLY EMPLOYEES’ RETIREMENT PLAN

(AS AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2012)

WHEREAS, John Bean Technologies Corporation (the “Company”) maintains the John Bean Technologies Corporation Employees’ Retirement Program Part I Salaried and Nonunion Hourly Employees’ Retirement Plan, as amended and restated effective January 1, 2012 (the “Plan”);

WHEREAS, the Company now deems it necessary and desirable to amend the Plan to offer a limited-time lump sum election to certain eligible Participants during a window period; and

WHEREAS, this Third Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of the amendment;

NOW, THEREFORE, by virtue and in exercise of the powers reserved to the Company under Section 11.1 Plan Amendment or Termination of the Plan, the Plan is hereby amended as follows, effective August 1, 2016:

• Effective as of August 1, 2016, Section 3.8 is hereby added to the Plan to read as follows:

3.8    2016 LUMP SUM OPTION WINDOW

The purpose of this Section 3.8 is to modify the provisions of the Plan to offer a limited-time lump-sum election to Qualifying Participants during a window period. The provisions of this Section 3.8 shall apply only to persons who meet the requirements of a “Qualifying Participant.”

(a)Definitions. In addition to the definitions in Article I of the Plan, the following definitions shall apply for purposes of this Section 3.8:

(1)The term “Qualifying Participant” shall mean a Participant (A) who can be located by the Company by September 30, 2016, after a diligent search, who terminated employment with the Company or an Affiliate on or before June 30, 2016 with a vested accrued benefit and who has not been subsequently rehired by the Company or an Affiliate as of December 1, 2016, (B) who is not currently receiving a benefit from the Plan as of September 19, 2016, (C) who is not scheduled to commence payment of his benefit from the Plan on or before October 31, 2016, (D) whose Normal Retirement Date does not occur prior to December 1, 2016, (E) whose accrued benefit actuarial equivalent lump sum value as of December 1, 2016 exceeds $1,000, but does not exceed $200,000, (F) whose accrued benefit is not subject to a qualified domestic relations order (as defined under Section 12.3 of the Plan), (G) whose accrued benefit is not funded (either in total or in part) by the Aetna nonparticipating annuity contract or the Prudential nonparticipating annuity contract, (H) who is not a Beneficiary and (I) who is not an alternate payee of a Participant whose accrued benefit is subject to a qualified domestic relations order (as defined under Section 12.3 of the Plan).

(2)The term “Benefit Election Window” shall mean the special election period during which Qualifying Participants may elect to receive payment or commence to receive payment of their vested accrued benefit, either as an annuity or as a lump-sum payment, even if such Qualifying Participant has not reached age 55 and is not eligible for immediate commencement of his accrued benefit other than for the provisions of this Section 3.8. The Benefit Election Window shall begin on September 19, 2016 and shall expire on October 31, 2016; provided however, that any Qualifying Participant who makes an election to receive payment or commence to receive payment pursuant to

the Benefit Election Window shall have until December 1, 2016 to revoke any such election by contacting the Plan Administrator.

(3)The term “Special Benefit Election” shall mean the valid election made by a Qualifying Participant to receive or commence to receive his or her vested accrued benefit pursuant to the Benefit Election Window.

(4)Any Qualifying Participant who makes a valid Special Benefit Election shall have an Annuity Starting Date of December 1, 2016 (the “Limited Benefit Election Annuity Starting Date”).

(b)Calculation and Distribution of Benefits. For any Qualifying Participant who makes a valid Special Benefit Election, the following provisions will apply in determining his or her benefits during this Benefit Election Window:

(1)If a Qualifying Participant elects a payment form other than an immediate single lump sum payment, the following shall apply:

(a)For Qualifying Participants who have not yet attained age 55 as of December 1, 2016, the normal form of payment shall be reduced by a factor which is the lesser of:.

(i)    a factor reflecting an actuarial reduction from the Participant’s Normal Retirement Date to the Annuity Starting Date using the following assumptions:  (1) the interest rate described under Code Sections 417(e)(3)(C) and (D) for the November preceding the Plan Year that contains the Annuity Starting Date; and (2) the mortality table prescribed by the Secretary of the Treasury pursuant to Section 417(e)(3)(B) of the Code applicable to 2016; or

(ii)    the factor which would apply to the Participant under Section 4.2 of the Plan if the Participant were to commence payments at age 55.

(b)    For Qualifying Participants who have attained age 55 by December 1, 2016, the normal form of payment will be equal to the amount determined using the Plan’s early retirement factors set forth in Section 3.2 and Section 4.2 of the Plan (as applicable).

(2)The normal form of payment may be converted into an optional benefit available under Section 6.2 or the applicable Supplement of the Plan. The optional form of benefit will be the Actuarial Equivalent of the single life annuity.

(3)A Qualifying Participant may elect to receive his accrued benefit as an immediate single lump sum payment, but only during the Benefit Election Window. The lump sum optional form of payment will be equal to the Normal Retirement Benefit multiplied by a deferred to age 65 present value factor, determined using the assumptions described in Article I and Section 12.8 of the Plan.

Notwithstanding the preceding, for Qualifying Participants who have attained age 55 as of December 1, 2016, the lump sum optional form of payment will be equal to the greater of:

(a)    the Normal Retirement Benefit multiplied by a deferred to age 65 present value factor, determined using the assumptions described in Article I and Section 12.8 of the Plan, and

(b)    the Normal Retirement Benefit reduced for immediate commencement using the Plan’s early retirement factors set forth in Section 3.2 and Section 4.2 of the Plan (as applicable) multiplied by an immediate present value factor, determined using the assumptions described in Article 1 and Section 12.8 of the Plan.

(4)Any lump sum paid under this Section shall be deemed an eligible rollover distribution under Section 12.10 of the Plan, but only to the extent permitted by Section 401(a)(9) of the Internal Revenue Code.

(5)A Qualifying Participant’s benefit must be definitely determinable based on the data available to the Plan Administrator as of December 1, 2016, in order to be paid in accordance with the Benefit Election Window provisions set forth in this Section 3.8.

(c)Death Benefit.

(1)If a Qualifying Participant’s death occurs prior to September 19, 2016, and he is eligible for a death benefit payable pursuant to the provisions of Article VII of the Plan, the benefit shall be paid in accordance with such provisions.

(2)If a Qualifying Participant’s death occurs on or after September 19, 2016, and such Qualifying Participant did not elect the Special Benefit Election, any death benefit for which he is eligible will be paid pursuant to the provisions of Article VII of the Plan.

(3)If a Qualifying Participant’s death occurs on or after September 19, 2016, and such Qualifying Participant had timely and properly elected the Special Benefit Election hereunder to receive his accrued benefit, but did not receive such benefit as of the date of his death, the benefit so elected will automatically be cancelled, and rendered null and void and without any further force or effect, unless the benefit so elected is payable in a form that satisfies the requirements of a Qualified Joint and Survivor Annuity, in which case the benefit so elected will remain effective.

(d)Maximum Aggregate Amount of Lump Sum Payments Permissible Under 2016 Lump Sum Option Window.

Notwithstanding any provision set forth in this Section 3.8 to the contrary, the maximum aggregate amount of lump sum payments payable pursuant to the 2016 Lump Sum Option Window under this Section 3.8 shall be limited to $10,350,000. In the event the aggregate amount of lump sum payments elected by Qualifying Participants exceeds $10,350,000, Participant elections will remain effective only as follows: starting with the Participant whose election results in the lowest lump sum value, such lump sum election and the lump sum election of each subsequent Participant whose election results in the next highest lump sum value shall remain effective until such time that the next subsequent Participant’s lump sum election with the next highest lump sum value causes the aggregate lump sum values up to that point to exceed $10,350,000; at such point, the Participant’s election that caused the aggregate lump sum values up to that point to exceed $10,350,000, and all remaining Participant lump sum elections with higher lump sum values than such Participant, shall automatically be cancelled and rendered null and void and without any further force and effect.

IN WITNESS WHEREOF, the Company has caused this amendment to be executed by a duly authorized representative this 25th day of July, 2016.

	John Bean Technologies Corporation
	By: /s/ Mark Montague
	Its: EVP Human Resources
Firmwide:141399389.1 060104.1021

EX-10.2

Exhibit 10.2

FOURTH AMENDMENT OF

JOHN BEAN TECHNOLOGIES CORPORATION

EMPLOYEES’ RETIREMENT PROGRAM

PART II UNION HOURLY EMPLOYEES’ RETIREMENT PLAN

(AS AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2012)

WHEREAS, John Bean Technologies Corporation (the “Company”) maintains the John Bean Technologies Corporation Employees’ Retirement Program Part II Union Hourly Employees’ Retirement Plan, as amended and restated effective January 1, 2012 (the “Plan”);

WHEREAS, the Company now deems it necessary and desirable to amend the Plan to offer a limited-time lump sum election to certain eligible Participants during a window period; and

WHEREAS, this Fourth Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of the amendment;

NOW, THEREFORE, by virtue and in exercise of the powers reserved to the Company under Section 11.1 Plan Amendment or Termination of the Plan, the Plan is hereby amended as follows, effective August 1, 2016:

• Effective as of August 1, 2016, Section 3.8 is hereby added to the Plan to read as follows:

3.8    2016 LUMP SUM OPTION WINDOW

The purpose of this Section 3.8 is to modify the provisions of the Plan to offer a limited-time lump-sum election to Qualifying Participants during a window period. The provisions of this Section 3.8 shall apply only to persons who meet the requirements of a “Qualifying Participant.”

(a)Definitions. In addition to the definitions in Article I of the Plan, the following definitions shall apply for purposes of this Section 3.8:

(1)The term “Qualifying Participant” shall mean a Participant (A) who can be located by the Company by September 30, 2016, after a diligent search, who terminated employment with the Company or an Affiliate on or before June 30, 2016 with a vested accrued benefit and who has not been subsequently rehired by the Company or an Affiliate as of December 1, 2016, (B) who is not currently receiving a benefit from the Plan as of September 19, 2016, (C) who is not scheduled to commence payment of his benefit from the Plan on or before October 31, 2016, (D) whose Normal Retirement Date does not occur prior to December 1, 2016, (E) whose accrued benefit actuarial equivalent lump sum value as of December 1, 2016 exceeds $1,000, but does not exceed $200,000, (F) whose accrued benefit is not subject to a qualified domestic relations order (as defined under Section 12.3 of the Plan), (G) whose accrued benefit is not funded (either in total or in part) by the Aetna nonparticipating annuity contract or the Prudential nonparticipating annuity contract, (H) who is not a Beneficiary and (I) who is not an alternate payee of a Participant whose accrued benefit is subject to a qualified domestic relations order (as defined under Section 12.3 of the Plan).

(2)The term “Benefit Election Window” shall mean the special election period during which Qualifying Participants may elect to receive payment or commence to receive payment of their vested accrued benefit, either as an annuity or as a lump-sum payment, even if such Qualifying Participant has not reached age 55 and is not eligible for immediate commencement of his accrued benefit other than for the provisions of this Section 3.8. The Benefit Election Window shall begin on September 19, 2016 and shall expire on October 31, 2016; provided however, that any Qualifying Participant who makes an election to receive payment or commence to receive payment pursuant to

the Benefit Election Window shall have until December 1, 2016 to revoke any such election by contacting the Plan Administrator.

(3)The term “Special Benefit Election” shall mean the valid election made by a Qualifying Participant to receive or commence to receive his or her vested accrued benefit pursuant to the Benefit Election Window.

(4)Any Qualifying Participant who makes a valid Special Benefit Election shall have an Annuity Starting Date of December 1, 2016 (the “Limited Benefit Election Annuity Starting Date”).

(b)Calculation and Distribution of Benefits. For any Qualifying Participant who makes a valid Special Benefit Election, the following provisions will apply in determining his or her benefits during this Benefit Election Window:

(1)If a Qualifying Participant elects a payment form other than an immediate single lump sum payment, the following shall apply:

(a)    For Qualifying Participants who have not yet attained age 55 as of December 1, 2016, the normal form of payment shall be reduced by a factor which is the lesser of:

(i)    a factor reflecting an actuarial reduction from the Participant’s Normal Retirement Date to the Annuity Starting Date using the following assumptions:  (1) the interest rate described under Code Sections 417(e)(3)(C) and (D) for the November preceding the Plan Year that contains the Annuity Starting Date; and (2) the mortality table prescribed by the Secretary of the Treasury pursuant to Section 417(e)(3)(B) of the Code applicable to 2016; or

(ii)     the factor which would apply to the Participant under Section 4.2 of the Plan if the Participant were to commence payments at age 55.

(b)    For Qualifying Participants who have attained age 55 by December 1, 2016, the normal form of payment will be equal to the amount determined using the Plan’s early retirement factors set forth in Section 3.2, Section 4.2 and the applicable Supplement of the Plan (as applicable).

(2)The normal form of payment may be converted into an optional benefit available under Section 6.2 or the applicable Supplement of the Plan. The optional form of benefit will be the Actuarial Equivalent of the single life annuity.

(3)A Qualifying Participant may elect to receive his accrued benefit as an immediate single lump sum payment, but only during the Benefit Election Window. The lump sum optional form of payment will be equal to the Normal Retirement Benefit multiplied by a deferred to age 65 present value factor, determined using the assumptions described in Article I and Section 12.8 of the Plan.

Notwithstanding the preceding, for Qualifying Participants who have attained age 55 as of December 1, 2016, the lump sum optional form of payment will be equal to the greater of:

(a)    the Normal Retirement Benefit multiplied by a deferred to age 65 present value factor, determined using the assumptions described in Article I and Section 12.8 of the Plan, and

(b)    the Normal Retirement Benefit reduced for immediate commencement using the Plan’s early retirement factors set forth in Section 3.2, Section 4.2 and the applicable Supplement of the Plan (as applicable) multiplied by an immediate present value factor, determined using the assumptions described in Article 1 and Section 12.8 of the Plan.

(4)Any lump sum paid under this Section shall be deemed an eligible rollover distribution under Section 12.10 of the Plan, but only to the extent permitted by Section 401(a)(9) of the Internal Revenue Code.

(5)A Qualifying Participant’s benefit must be definitely determinable based on the data available to the Plan Administrator as of December 1, 2016, in order to be paid in accordance with the Benefit Election Window provisions set forth in this Section 3.8.

(c)Death Benefit.

(1)If a Qualifying Participant’s death occurs prior to September 19, 2016, and he is eligible for a death benefit payable pursuant to the provisions of Article VII of the Plan, the benefit shall be paid in accordance with such provisions.

(2)If a Qualifying Participant’s death occurs on or after September 19, 2016, and such Qualifying Participant did not elect the Special Benefit Election, any death benefit for which he is eligible will be paid pursuant to the provisions of Article VII of the Plan.

(3)If a Qualifying Participant’s death occurs on or after September 19, 2016, and such Qualifying Participant had timely and properly elected the Special Benefit Election hereunder to receive his accrued benefit, but did not receive such benefit as of the date of his death, the benefit so elected will automatically be cancelled, and rendered null and void and without any further force or effect, unless the benefit so elected is payable in a form that satisfies the requirements of a Qualified Joint and Survivor Annuity, in which case the benefit so elected will remain effective.

(d)Maximum Aggregate Amount of Lump Sum Payments Permissible Under 2016 Lump Sum Option Window.

Notwithstanding any provision set forth in this Section 3.8 to the contrary, the maximum aggregate amount of lump sum payments payable pursuant to the 2016 Lump Sum Option Window under this Section 3.8 shall be limited to $10,350,000. In the event the aggregate amount of lump sum payments elected by Qualifying Participants exceeds $10,350,000, Participant elections will remain effective only as follows: starting with the Participant whose election results in the lowest lump sum value, such lump sum election and the lump sum election of each subsequent Participant whose election results in the next highest lump sum value shall remain effective until such time that the next subsequent Participant’s lump sum election with the next highest lump sum value causes the aggregate lump sum values up to that point to exceed $10,350,000; at such point, the Participant’s election that caused the aggregate lump sum values up to that point to exceed $10,350,000, and all remaining Participant lump sum elections with higher lump sum values than such Participant, shall automatically be cancelled and rendered null and void and without any further force and effect.

IN WITNESS WHEREOF, the Company has caused this amendment to be executed by a duly authorized representative this 25th day of July, 2016.

	John Bean Technologies Corporation
	By: /s/ Mark Montague
	Its: EVP Human Resources
Firmwide:141399392.1 060104.1021

EX-10.3

Exhibit 10.3

SIXTH AMENDMENT OF

JOHN BEAN TECHNOLOGIES CORPORATION

INCENTIVE COMPENSATION AND STOCK PLAN

WHEREAS, John Bean Technologies Corporation (the “Company”) maintains the John Bean Technologies Corporation Incentive Compensation and Stock Plan (the “Plan”);

WHEREAS, the Compensation Committee of the Board of Directors of the Company now deems it necessary and desirable to amend the Plan in certain respects; and

WHEREAS, this Sixth Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of the amendment;

NOW, THEREFORE, by virtue and in exercise of the powers reserved to the Compensation Committee under Section 17 Amendment and Termination of the Plan, the Plan is hereby amended in the following respects:

1.    Effective August 22, 2016, the Plan is hereby amended to add two new sentences to the end of Section 6.3 which shall read as follows:

Notwithstanding any Plan provision to the contrary, Eligible Individuals who are granted Awards will be required to continue to provide services to the Company (or an Affiliate) for not less than one-year following the date of grant in order for any such Awards to fully or partially vest or be exercisable (other than in case of death, Disability or a Change in Control). Notwithstanding the foregoing, up to five percent of the available shares of Common Stock authorized for issuance under the Plan pursuant to Section 4.1 may provide for vesting of Awards, partially or in full, in less than one-year.

2.    Effective August 22, 2016, the Section 14.6 of the Plan is hereby amended in its entirety to read as follows:

Payments with respect to Stock Units or Restricted Stock Units of a Non-Employee Director will be made in shares of Common Stock issued to the Non-Employee Director as soon as practicable after his or her Separation from Service, but in any event within seventy (70) days following such Separation from Service. Notwithstanding the preceding to the contrary, in lieu of receiving payment with respect to vested Stock Units or Restricted Stock Units upon Separation from Service, a Non-Employee Director may elect on such form as is designated by the Company to receive such payment upon the vesting of such Stock Units or Restricted Stock Units, which vesting is one-year following the date of grant, with payment to be made on May 1 of such year of vesting, provided, the Non-Employee Director makes an irrevocable election to receive payment of such Stock Units or Restricted Stock Units in the manner set forth under this Section 14.6, on or before December 31 of the year prior to the fiscal year in which the Award is granted or the Annual Retainer to which the Stock Units or Restricted Stock Units is related is to be earned. Further notwithstanding anything herein to the contrary, payment with respect to vested Stock Units or Restricted Stock Units will also be made in shares of Common Stock upon the Non-Employee Director’s death or disability (as defined in Section 409A of the Code) or upon the occurrence of a Change in Control, with such payment to be made as soon as practicable after such death, disability or Change in Control, but in any event within seventy (70) days following such death, disability, or Change in Control. For settlements made at Separation of Service, death, disability (as defined in Section 409A of the Code) or Change in Control, Stock Units or Restricted Stock Units will be valued using the Fair Market Value of Common Stock on the last business day of his or her service on the Board prior to such event. For settlements of Stock Units or Restricted Stock Units made on the elected payment date, Stock Units or Restricted Stock Units will be valued using the Fair Market Value of Common Stock on May 1st of the payment year.

IN WITNESS WHEREOF, the Compensation Committee, on behalf of the Company, has caused this amendment to be executed by its duly authorized representative this 6th day of October, 2016.

	John Bean Technologies Corporation
	By: /s/ Mark Montague
	Its: VP Human Resources
Firmwide:141949369.2 060104.1021

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 October 28, 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

October 28, 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: October 28, 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: October 28, 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 September 30, 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: October 28, 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 September 30, 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: October 28, 2016

/s/ Brian A. Deck

Brian A. Deck

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 25, 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		29,156,847
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Amendment Flag	false

XML

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenue	$ 349.6	$ 273.3	$ 945.5	$ 752.9
Operating expenses:
Cost of sales	255.5	197.1	678.8	538.0
Selling, general and administrative expense	56.5	48.1	168.4	142.1
Research and development expense	6.3	5.0	17.7	13.0
Restructuring expense	0.3	0.0	9.4	0.0
Other expense, net	1.5	2.0	2.1	1.8
Operating income	29.5	21.1	69.1	58.0
Interest income	0.3	0.2	1.0	0.7
Interest expense	(3.1)	(1.7)	(8.0)	(6.0)
Income from continuing operations before income taxes	26.7	19.6	62.1	52.7
Provision for income taxes	6.1	6.9	17.5	17.6
Income from continuing operations	20.6	12.7	44.6	35.1
Loss from discontinued operations, net	0.0	(0.1)	(0.1)	(0.1)
Net income	$ 20.6	$ 12.6	$ 44.5	$ 35.0
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 0.70	$ 0.43	$ 1.52	$ 1.19
Loss from discontinued operations (in dollars per share)	0.00	0.00	(0.01)	0.00
Net income (in dollars per share)	0.70	0.43	1.51	1.19
Diluted earnings per share:
Income from continuing operations (in dollars per share)	0.69	0.43	1.50	1.18
Loss from discontinued operations (in dollars per share)	0.00	(0.01)	(0.01)	(0.01)
Net income (in dollars per share)	0.69	0.42	1.49	1.17
Cash dividends declared per share (in dollars per share)	$ 0.1	$ 0.09	$ 0.3	$ 0.27

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 20.6	$ 12.6	$ 44.5	$ 35.0
Other comprehensive income (loss)
Foreign currency translation adjustments	(1.1)	(9.6)	2.8	(19.6)
Pension and other postretirement benefits adjustments, net of tax of ($0.4) and ($1.0) for 2016, and $0.5 and $0.8 for 2015	0.6	1.4	1.8	3.0
Derivatives designated as hedges, net of tax of ($0.5) and $1.5 for 2016; ($1.2) for 2015	0.8	(1.8)	(2.4)	(1.8)
Other comprehensive income (loss)	0.3	(10.0)	2.2	(18.4)
Comprehensive income	$ 20.9	$ 2.6	$ 46.7	$ 16.6

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Pension and other postretirement benefits adjustments, tax	$ (0.4)	$ 0.5	$ (1.0)	$ 0.8
Derivatives designated as hedges, tax	$ (0.5)	$ (1.2)	$ 1.5	$ (1.2)

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 47.9	$ 37.2
Trade receivables, net of allowances of $2.1 and $2.1, respectively	240.9	212.5
Inventories, net	143.4	104.9
Other current assets	40.2	41.6
Total current assets	472.4	396.2
Property, plant and equipment, net of accumulated depreciation of $240.8 and $223.8, respectively	187.6	181.1
Goodwill	158.0	152.5
Intangible assets, net	77.3	86.8
Deferred income taxes	35.1	32.0
Other assets	30.3	27.5
Total Assets	960.7	876.1
Current Liabilities:
Short-term debt and current portion of long-term debt	5.4	2.2
Accounts payable, trade and other	120.7	110.7
Advance and progress payments	127.2	115.8
Other current liabilities	137.2	124.4
Total current liabilities	390.5	353.1
Long-term debt, less current portion	300.2	280.6
Accrued pension and other postretirement benefits, less current portion	75.3	90.7
Other liabilities	25.6	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; September 30, 2016: 29,316,041 issued and 29,156,847 outstanding; December 31, 2015: 29,316,041 issued and 29,147,380 outstanding	0.3	0.3
Common stock held in treasury, at cost; September 30, 2016: 159,194 shares; December 31, 2015: 168,661 shares	(7.2)	(6.1)
Additional paid-in capital	74.4	71.6
Retained earnings	246.6	211.1
Accumulated other comprehensive loss	(145.0)	(147.2)
Total stockholders’ equity	169.1	129.7
Total Liabilities and Stockholders’ Equity	$ 960.7	$ 876.1

XML

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowances, trade receivables	$ 2.1	$ 2.1
Property, plant and equipment, accumulated depreciation	$ 240.8	$ 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)	29,156,847	29,147,380
Common stock held in treasury (in shares)	159,194	168,661

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows provided by operating activities:
Net income	$ 44.5	$ 35.0
Loss from discontinued operations, net	0.1	0.1
Income from continuing operations	44.6	35.1
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Depreciation and amortization	27.2	20.9
Stock-based compensation	7.1	5.2
Other	0.9	1.8
Changes in operating assets and liabilities:
Trade receivables, net	(27.0)	(0.5)
Inventories	(37.9)	(17.2)
Accounts payable, trade and other	10.3	14.2
Advance and progress payments	10.3	18.9
Other assets and liabilities, net	(8.6)	(30.5)
Cash provided by continuing operating activities	26.9	47.9
Cash required by discontinued operating activities	(0.1)	(0.1)
Cash provided by operating activities	26.8	47.8
Cash flows required by investing activities:
Acquisitions, net of cash acquired	(3.2)	(50.9)
Capital expenditures	(24.9)	(26.5)
Proceeds from disposal of assets	1.9	0.9
Proceeds from property available for sale	0.0	2.0
Cash required by investing activities	(26.2)	(74.5)
Cash flows provided by financing activities:
Net proceeds (payments) on short-term debt	3.3	(1.6)
Cash provided by refinancing of credit facility	0.0	183.7
Cash payments to settle existing credit facility	0.0	(183.7)
Cash payments to settle private placement debt	0.0	(75.0)
Net proceeds (payments) on credit facilities	20.7	134.1
Repayment of long-term debt	(1.6)	(0.9)
Excess tax benefits	1.5	2.1
Tax withholdings on stock-based compensation awards	(2.6)	(5.5)
Purchase of treasury stock	(4.4)	(7.7)
Dividends	(8.9)	(8.3)
Cash provided by financing activities	8.0	37.2
Effect of foreign exchange rate changes on cash and cash equivalents	2.1	(5.9)
Increase in cash and cash equivalents	10.7	4.6
Cash and cash equivalents, beginning of period	37.2	33.3
Cash and cash equivalents, end of period	$ 47.9	$ 37.9

XML

Description of Business and Basis of Presentation

9 Months Ended

Sep. 30, 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 (the “Company,” “JBT,” “our,” “us,” 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 the interim financial 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 adopted accounting standards

In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying Presentation of Debt Issuance Costs. The core principle of the ASU is that an entity should present debt issuance costs as a direct deduction from the face amount of that debt in the balance sheet similar to the manner in which a debt discount or premium is presented, and not reflected as a deferred charge or deferred credit. Subsequent to the issuance of ASU 2015-03 the SEC staff made an announcement regarding the presentation of debt issuance costs associated with line-of-credit arrangements, which was codified by the FASB in ASU 2015-15. This guidance, which clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03, is effective upon adoption of ASU 2015-03. This guidance became effective for us as of January 1, 2016 and there was no effect on our consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-05, Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The ASU applies to cloud computing arrangements including software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements, and was issued to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The ASU provides guidance about whether the arrangement includes a software license. The core principle of the ASU is that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change U.S. GAAP for a customer’s accounting for service contracts. This guidance became effective for us as of January 1, 2016 and there was no effect on our consolidated financial statements and related disclosures.

In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. The ASU eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. The core principle of the ASU is that entities will be required to recognize the cumulative impact of a measurement period adjustment (including the impact on prior periods) in the reporting period in which the adjustment is identified. This guidance became effective for us as of January 1, 2016 and we determined the guidance did not have a material impact on our consolidated financial statements and related disclosures.

Recently issued accounting standards not yet adopted

In May 2014, the 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. In early 2016, the FASB issued additional guidance: ASU No. 2016-10, 2016-11 and 2016-12. These updates provide further guidance and clarification on specific items within the previously issued ASU. The new standard becomes effective for us as of January 1, 2018, with the option to early adopt the standard for annual periods beginning on or after December 15, 2016, and allows for both retrospective and modified-retrospective methods of adoption. The Company does not plan to early adopt the standard. We have preliminarily concluded that we will adopt this Topic 606 via the retrospective transition method, taking advantage of the allowed practical expedients, and restating our consolidated financial statements for 2016 and 2017. We are substantially complete with our gap assessment and have determined that we will qualify for over-time recognition for a large portion of our manufactured equipment as well as refurbishments. To the extent we begin recognizing revenue over time in the future, we believe this will result in an acceleration of revenue as compared to our current revenue recognition methodology of recognizing revenue at a point in time. We are continuing to quantify the impact of this change, and are in the process of finalizing our implementation plan.

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 requires income tax effects of awards 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. While we are still evaluating the impact, we do expect that 278,316 awards will vest in January of 2017, and at the September 30, 2016 stock price we anticipate approximately $5.0 million in incremental tax benefit to be reported in earnings.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The new guidance is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The core principle of the ASU requires the classification of eight specific cash flow issues identified under ASC 230 to be presented as either financing, investing or operating, or some combination thereof, depending upon the nature of the issue. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted. Entities are required to use a retrospective transition approach for all of the issues identified to each period presented. We are currently evaluating the effect, if any, that the ASU will have on our consolidated financial statements and related disclosures.

XML

Acquisitions

9 Months Ended

Sep. 30, 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 $103.0 million, including a $3.0 million earnout and a working capital adjustment of $0.1 million. We have determined that the goodwill amount that is deductible for tax purposes is $60.3 million.

During the quarter ended March 31, 2016, we refined our estimates of the customer relationship by ($0.9 million), trademark 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 refinements of the valuation occurred during the quarters ended June 30, 2016 or September 30, 2016.

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

(In millions)
Assets:
Trade receivables	$	15.7
Inventories	1.0
Prepaid expenses	0.6
Costs in excess of billings on projects in progress	5.1
Property, plant and equipment	18.1
Other assets	0.2
Intangible assets:
Backlog	1.2
Customer relationships	14.6
Non-compete agreements	0.9
Trademark	3.1
Technological know-how - skidded systems	3.9
Technological know-how - tanks and vessels	1.3
Total assets	65.7
Liabilities:
Accounts payable	6.1
Billings in excess of costs on projects in progress	6.6
Other liabilities	3.3
Total liabilities	16.0
Total cash consideration paid and accrued	103.0
Goodwill	$	53.3

The customer relationships and trademark will be amortized over their estimated useful lives of eight and fourteen years, respectively. Technological know-how for skidded systems and tanks and vessels will be amortized over their terms of six and nine years, respectively. The non-compete agreements will be amortized over the contractual life of five years, and backlog was amortized over six months, consistent with the completion of the backlog.

The A&B purchase agreement includes a payment due to the sellers for $3 million of consideration, contingent upon exceeding an earnings target for the period from May 1, 2015 through April 30, 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date was $3.0 million, which is included in Other current liabilities on the Condensed Consolidated Balance Sheet. Had the earnings target not been achieved, the payment would have been $0. However, the agreed upon financial targets were met and the Company expects to make the $3.0 million payment to the sellers in the fourth quarter of 2016.

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 $50.7 million, which is net of cash acquired of $1.1 million.

During the quarter ended June 30, 2016, we finalized our estimates of the customer relationships and patents, resulting in a reduction in value of $2.0 million and $1.0 million, respectively. We also increased other liabilities by $1.1 million. These changes resulted in an increase to deferred tax assets of $0.5 million and a decrease to deferred tax liabilities $0.6 million. The impact of these adjustments was reflected as an increase in goodwill of $3.0 million and resulted in an immaterial impact to the consolidated statement of income. No refinements of the valuation occurred during the quarter ended March 31, 2016.

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

(In millions)
Assets:
Cash	$	1.1
Trade receivables	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:
Customer relationships	2.1
Patents	2.9
Tradename	0.2
Deferred income taxes	1.6
Total assets	42.8
Liabilities:
Accounts payable	9.2
Billings in excess of costs on projects in progress	7.6
Deferred income taxes	2.7
Other liabilities	11.3
Total liabilities	30.8
Total purchase price	51.8
Goodwill	$	39.8

We also revised the estimated useful life and amortization period associated with customer relationships from fifteen years to eight years during the quarter ended June 30, 2016. Patents and the tradename will continue to be amortized over their estimated useful lives of seven years and seventeen months, respectively.

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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 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	5.5		—		5.5
Balance as of September 30, 2016	$	150.3	$	7.7	$	158.0

Intangible assets consisted of the following:

	September 30, 2016				December 31, 2015
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationships	$	68.4	$	19.6	$	70.8	$	15.9
Patents and acquired technology	35.7		24.3		35.4		23.5
Trademarks and tradenames	19.0		8.4		19.5		7.8
Other	13.9		7.4		13.8		5.5
Total intangible assets	$	137.0	$	59.7	$	139.5	$	52.7

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Inventories

9 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:

(In millions)	September 30, 2016			December 31, 2015
Raw materials	$	65.9		$	55.0
Work in process	63.4			36.8
Finished goods	83.1			81.8
Gross inventories before LIFO reserves and valuation adjustments	212.4			173.6
LIFO reserves and valuation adjustments	(69.0		)	(68.7		)
Inventories, net	$	143.4		$	104.9

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Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,						Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015			2016		2015			2016		2015
Service cost	$	0.3		$	0.4		$	1.0		$	1.1		$	—	$	—		$	—	$	—
Interest cost	2.9			3.4			8.6			10.3			0.1		—			0.1		0.2
Expected return on plan assets	(4.5		)	(4.8		)	(13.5		)	(14.3		)	—		—			—		—
Amortization of prior service (credit)	—			—			—			—			—		(0.4		)	—		(0.4		)
Amortization of net actuarial (gains) losses	1.0			1.2			3.1			3.4			—		(0.1		)	—		(0.8		)
Settlements	—			—			—			0.3			—		—			—		—
Net periodic cost (income)	$	(0.3	)	$	0.2		$	(0.8	)	$	0.8		$	0.1	$	(0.5	)	$	0.1	$	(1.0	)

We expect to contribute $14.3 million to our pension and other postretirement benefit plans in 2016. We contributed $9.0 million to our U.S. qualified pension plan during the nine months ended September 30, 2016.

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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 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 September 30, 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, June 30, 2016	$	(102.6	)	$	(4.0	)	$	(38.7	)	$	(145.3	)
Other comprehensive income (loss) before reclassification	0.1			0.6			(1.1		)	(0.4		)
Amounts reclassified from accumulated other comprehensive income	0.5			0.2			—			0.7
Ending balance, September 30, 2016	$	(102.0	)	$	(3.2	)	$	(39.8	)	$	(145.0	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended September 30, 2016 were $0.9 million of charges in selling, general and administrative expense, net of $0.4 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.

Changes in the AOCI balances for the nine months ended September 30, 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			(3.0		)	2.8			(0.1		)
Amounts reclassified from accumulated other comprehensive income	1.7			0.6			—			2.3
Ending balance, September 30, 2016	$	(102.0	)	$	(3.2	)	$	(39.8	)	$	(145.0	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2016 were $2.7 million of charges in selling, general and administrative expense, net of $1.0 million in provision for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $0.9 million of charges in interest expense, net of $0.3 million in provision for income taxes.

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

During the nine months ended September 30, 2016, we granted a total of 174,898 restricted stock units to certain employees and directors under an existing stock-based compensation plan. The aggregate fair value of the grants was $8.0 million. A portion of the units will vest on May 1, 2017, with the remaining units vesting on April 1, 2019. Grants of share-based awards are generally expected to be amortized over their 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 $2.6 million and $7.1 million for the three and nine months ended September 30, 2016, respectively. Total compensation expense recorded in selling, general and administrative expense on the Consolidated Statement of Income was $1.9 million and $5.2 million for the three and nine months ended September 30, 2015, respectively.

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Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2016		2015		2016		2015
Basic earnings per share:
Income from continuing operations	$	20.6	$	12.7	$	44.6	$	35.1
Weighted average number of shares outstanding	29.4		29.5		29.4		29.5
Basic earnings per share from continuing operations	$	0.70	$	0.43	$	1.52	$	1.19
Diluted earnings per share:
Income from continuing operations	$	20.6	$	12.7	$	44.6	$	35.1
Weighted average number of shares outstanding	29.4		29.5		29.4		29.5
Effect of dilutive securities:
Restricted stock	0.4		0.3		0.4		0.3
Total shares and dilutive securities	29.8		29.8		29.8		29.8
Diluted earnings per share from continuing operations	$	0.69	$	0.43	$	1.50	$	1.18

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 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 that the Company can assess at the measurement date.

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

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

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

	As of September 30, 2016								As of December 31, 2015
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	11.5	$	11.5	$	—	$	—	$	8.9	$	8.9	$	—	$	—
Derivatives	4.7		—		4.7		—		7.0		—		7.0		—
Total assets	$	16.2	$	11.5	$	4.7	$	—	$	15.9	$	8.9	$	7.0	$	—
Liabilities:
Derivatives	$	9.4	$	—	$	9.4	$	—	$	2.9	$	—	$	2.9	$	—
Contingent consideration	0.8		—		—		0.8		3.0		—		—		3.0
Total liabilities	$	10.2	$	—	$	9.4	$	0.8	$	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 Condensed Consolidated Balance Sheets. Investments include an unrealized gain of $0.7 million as of September 30, 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 completed in the first quarter of 2016 for $0.8 million.

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 in the table below:

	As of September 30, 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	$	300.0	$	300.0	$	279.4	$	279.4
Brazilian loan due April 15, 2016	—		—		0.3		0.3
Brazilian loan due October 16, 2017	2.0		1.8		2.7		2.4
Foreign credit facilities	3.6		3.6		—		—
Other	—		—		0.3		0.3

There is no active or observable market for our fixed rate Brazilian loans. Therefore, the estimated fair value is 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

9 Months Ended

Sep. 30, 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 September 30, 2016 of $548.9 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 September 30, 2016				As of December 31, 2015
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	3.8	$	4.2	$	5.8	$	1.3
Other assets / liabilities	0.9		0.1		1.2		0.1
Total	$	4.7	$	4.3	$	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 Condensed Consolidated Balance Sheets.  

As of September 30, 2016 and December 31, 2015, information related to these offsetting arrangements was as follows:

(In millions)	As of September 30, 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	$	4.7	$	—	$	4.7	$	(2.0	)	$	2.7

(In millions)	As of September 30, 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	$	9.4	$	—	$	9.4	$	(2.6	)	$	6.8

(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

(In millions)	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 Condensed 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 September 30,						Nine Months Ended September 30,
(In millions)		2016			2015			2016			2015
Foreign exchange contracts	Revenue	$	(0.4	)	$	(0.3	)	$	(0.9	)	$	—
Foreign exchange contracts	Cost of sales	(0.1		)	0.1			(0.4		)	(0.4		)
Foreign exchange contracts	Other income, net	—			(0.1		)	(0.1		)	—
Total		(0.5		)	(0.3		)	(1.4		)	(0.4		)
Remeasurement of assets and liabilities in foreign currencies		(0.1		)	0.5			(0.4		)	(0.7		)
Net gain (loss) on foreign currency transactions		$	(0.6	)	$	0.2		$	(1.8	)	$	(1.1	)

Interest Rates: We have entered into interest rate swaps to fix the interest rate applicable to certain of our variable-rate debt, including a 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 (loss).

At September 30, 2016, the fair value recorded in other liabilities on the Condensed Consolidated Balance Sheet was $5.3 million. The effective portion of these derivatives designated as cash flow hedges of $3.2 million has been reported in Other comprehensive income (loss), net of tax, on the Condensed Consolidated Statement of Comprehensive Income.

Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of September 30, 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

9 Months Ended

Sep. 30, 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 assessment 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 $206.0 million at September 30, 2016, represent guarantees of our future performance. We also have provided $4.6 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 September 30, 2016, the gross value of such arrangements was $8.2 million, of which our net exposure under such guarantees was $0.6 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 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015
Balance at beginning of period	$	12.7		$	10.0		$	12.5		$	10.2
Expense for new warranties	3.0			3.1			8.6			8.0
Adjustments to existing accruals	(0.1		)	—			(0.5		)	(0.3		)
Claims paid	(2.3		)	(2.7		)	(7.3		)	(7.4		)
Added through acquisition	—			0.6			—			0.6
Translation	—			(0.1		)	—			(0.2		)
Balance at end of period	$	13.3		$	10.9		$	13.3		$	10.9

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Business Segment Information

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015
Revenue:
JBT FoodTech	$	235.9		$	177.8		$	642.2		$	480.9
JBT AeroTech	112.7			95.8			303.3			272.8
Intercompany eliminations	1.0			(0.3		)	—			(0.8		)
Total revenue	$	349.6		$	273.3		$	945.5		$	752.9
Income before income taxes
Segment operating profit:
JBT FoodTech	$	28.2		$	20.5		$	78.0		$	56.1
JBT AeroTech	12.0			9.5			31.9			26.2
Total segment operating profit	40.2			30.0			109.9			82.3
Corporate items:
Corporate expense(1)	(10.4		)	(8.9		)	(31.4		)	(24.3		)
Restructuring expense(2)	(0.3		)	—			(9.4		)	—
Operating income	29.5			21.1			69.1			58.0
Net interest expense	(2.8		)	(1.5		)	(7.0		)	(5.3		)
Income from continuing operations before income taxes	$	26.7		$	19.6		$	62.1		$	52.7

(1) Corporate expense generally includes corporate staff-related expense, 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. Restructuring for further information on restructuring expense.

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Restructuring

9 Months Ended

Sep. 30, 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 released $0.9 million of the liability as of September 30, 2016 which we no longer expect to pay in connection with this plan due to actual severance payments differing from the original estimates and natural attrition of employees. 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. We recorded $7.5 million, $2.0 million, and $0.8 million in the first, second and third quarters of 2016, respectively. We anticipate incurring an additional $1 million to $2 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					Charges Incurred During the
	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2016			2015		2016		2015
Severance and related expense	$	(0.5	)	$	—	$	5.3	$	—
Asset impairment	—			—		0.1		—
Other	0.8			—		4.0		—
Total restructuring charges	$	0.3		$	—	$	9.4	$	—

The restructuring charges are associated with the FoodTech segment, and are excluded from our calculation of segment operating profit. Charges incurred during the three months ended September 30, 2016 primarily relate to third party consulting services and relocation expenses incurred as a direct result of our plan.

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			Balance as of September 30, 2016
Severance and related expense	$	2.6	$	5.3	$	(2.1	)	$	5.9
Asset impairment	—		0.1		—			0.1
Other	—		4.0		(4.0		)	—
Total	$	2.6	$	9.4	$	(6.0	)	$	6.0

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Related Party Transactions

9 Months Ended

Sep. 30, 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. An employee hired by JBT as a part of this acquisition has a noncontrolling ownership interest in this supplier. We made purchases from this supplier of $1.2 million and $2.5 million during the three and nine months ended September 30, 2016, respectively. We made purchases from this supplier of $0.8 million and $2.8 million during the three and nine months ended September 30, 2015, respectively. We had outstanding accounts payable to this supplier of $0.2 million and $0.6 million as of September 30, 2016 and December 31, 2015, respectively.

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Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On October 3, 2016, the Company signed a definitive agreement to acquire Tipper Tie, Inc. ("Tipper Tie") from Dover Corporation. Tipper Tie, headquartered in Apex, North Carolina, is a leading provider of engineered processing and packing solutions, and related consumables to the food industry. This acquisition will enable us to add complementary package solutions to our existing protein platform, and provide greater value to our customers. The agreed to purchase price is $160.0 million, before customary post-closing adjustments, which we expect to pay by accessing our revolving credit facility. We expect to complete the purchase during the fourth quarter of 2016.

On October 14, 2016, we completed our acquisition of Cooling and Applied Technologies, Inc. (“C.A.T.”), located in Russellville, Arkansas. C.A.T. is a leading manufacturer of value-added food solutions, primarily for the poultry industry, and focuses on chillers, injection, marination, weighing, freezing, and refrigeration systems. This acquisition will enhance our presence in primary and secondary protein processing and advances our strategic acquisition program in Proteins and Liquid Foods. The purchase price was $90.0 million, which was funded with cash on hand as well as borrowings under our revolving credit facility.

We entered into a third amendment to the credit agreement governing our credit facilities (the "Credit Agreement") on October 20, 2016 whereby certain lenders party to the Credit Agreement provided an incremental term loan in an aggregate principal amount of $150.0 million utilizing a portion of its $250 million expansion feature in the Credit Agreement.

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Description of Business and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 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 the interim financial 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 Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted

Recently adopted accounting standards

In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying Presentation of Debt Issuance Costs. The core principle of the ASU is that an entity should present debt issuance costs as a direct deduction from the face amount of that debt in the balance sheet similar to the manner in which a debt discount or premium is presented, and not reflected as a deferred charge or deferred credit. Subsequent to the issuance of ASU 2015-03 the SEC staff made an announcement regarding the presentation of debt issuance costs associated with line-of-credit arrangements, which was codified by the FASB in ASU 2015-15. This guidance, which clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03, is effective upon adoption of ASU 2015-03. This guidance became effective for us as of January 1, 2016 and there was no effect on our consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-05, Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The ASU applies to cloud computing arrangements including software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements, and was issued to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The ASU provides guidance about whether the arrangement includes a software license. The core principle of the ASU is that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change U.S. GAAP for a customer’s accounting for service contracts. This guidance became effective for us as of January 1, 2016 and there was no effect on our consolidated financial statements and related disclosures.

In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. The ASU eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. The core principle of the ASU is that entities will be required to recognize the cumulative impact of a measurement period adjustment (including the impact on prior periods) in the reporting period in which the adjustment is identified. This guidance became effective for us as of January 1, 2016 and we determined the guidance did not have a material impact on our consolidated financial statements and related disclosures.

Recently issued accounting standards not yet adopted

In May 2014, the 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. In early 2016, the FASB issued additional guidance: ASU No. 2016-10, 2016-11 and 2016-12. These updates provide further guidance and clarification on specific items within the previously issued ASU. The new standard becomes effective for us as of January 1, 2018, with the option to early adopt the standard for annual periods beginning on or after December 15, 2016, and allows for both retrospective and modified-retrospective methods of adoption. The Company does not plan to early adopt the standard. We have preliminarily concluded that we will adopt this Topic 606 via the retrospective transition method, taking advantage of the allowed practical expedients, and restating our consolidated financial statements for 2016 and 2017. We are substantially complete with our gap assessment and have determined that we will qualify for over-time recognition for a large portion of our manufactured equipment as well as refurbishments. To the extent we begin recognizing revenue over time in the future, we believe this will result in an acceleration of revenue as compared to our current revenue recognition methodology of recognizing revenue at a point in time. We are continuing to quantify the impact of this change, and are in the process of finalizing our implementation plan.

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 requires income tax effects of awards 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. While we are still evaluating the impact, we do expect that 278,316 awards will vest in January of 2017, and at the September 30, 2016 stock price we anticipate approximately $5.0 million in incremental tax benefit to be reported in earnings.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The new guidance is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The core principle of the ASU requires the classification of eight specific cash flow issues identified under ASC 230 to be presented as either financing, investing or operating, or some combination thereof, depending upon the nature of the issue. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2017. However, early adoption is permitted. Entities are required to use a retrospective transition approach for all of the issues identified to each period presented. 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)

9 Months Ended

Sep. 30, 2016

A&B Process Systems

Business Acquisition [Line Items]

Schedule of Fair Values Recorded for Assets Acquired and Liabilities Assumed

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

(In millions)
Assets:
Trade receivables	$	15.7
Inventories	1.0
Prepaid expenses	0.6
Costs in excess of billings on projects in progress	5.1
Property, plant and equipment	18.1
Other assets	0.2
Intangible assets:
Backlog	1.2
Customer relationships	14.6
Non-compete agreements	0.9
Trademark	3.1
Technological know-how - skidded systems	3.9
Technological know-how - tanks and vessels	1.3
Total assets	65.7
Liabilities:
Accounts payable	6.1
Billings in excess of costs on projects in progress	6.6
Other liabilities	3.3
Total liabilities	16.0
Total cash consideration paid and accrued	103.0
Goodwill	$	53.3

Stork Food Dairy Systems BV

Business Acquisition [Line Items]

Schedule of Fair Values Recorded for Assets Acquired and Liabilities Assumed

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

(In millions)
Assets:
Cash	$	1.1
Trade receivables	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:
Customer relationships	2.1
Patents	2.9
Tradename	0.2
Deferred income taxes	1.6
Total assets	42.8
Liabilities:
Accounts payable	9.2
Billings in excess of costs on projects in progress	7.6
Deferred income taxes	2.7
Other liabilities	11.3
Total liabilities	30.8
Total purchase price	51.8
Goodwill	$	39.8

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Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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	5.5		—		5.5
Balance as of September 30, 2016	$	150.3	$	7.7	$	158.0

Schedule of Intangible Assets

Intangible assets consisted of the following:

	September 30, 2016				December 31, 2015
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationships	$	68.4	$	19.6	$	70.8	$	15.9
Patents and acquired technology	35.7		24.3		35.4		23.5
Trademarks and tradenames	19.0		8.4		19.5		7.8
Other	13.9		7.4		13.8		5.5
Total intangible assets	$	137.0	$	59.7	$	139.5	$	52.7

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Inventories (Tables)

9 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

(In millions)	September 30, 2016			December 31, 2015
Raw materials	$	65.9		$	55.0
Work in process	63.4			36.8
Finished goods	83.1			81.8
Gross inventories before LIFO reserves and valuation adjustments	212.4			173.6
LIFO reserves and valuation adjustments	(69.0		)	(68.7		)
Inventories, net	$	143.4		$	104.9

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Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,						Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015			2016		2015			2016		2015
Service cost	$	0.3		$	0.4		$	1.0		$	1.1		$	—	$	—		$	—	$	—
Interest cost	2.9			3.4			8.6			10.3			0.1		—			0.1		0.2
Expected return on plan assets	(4.5		)	(4.8		)	(13.5		)	(14.3		)	—		—			—		—
Amortization of prior service (credit)	—			—			—			—			—		(0.4		)	—		(0.4		)
Amortization of net actuarial (gains) losses	1.0			1.2			3.1			3.4			—		(0.1		)	—		(0.8		)
Settlements	—			—			—			0.3			—		—			—		—
Net periodic cost (income)	$	(0.3	)	$	0.2		$	(0.8	)	$	0.8		$	0.1	$	(0.5	)	$	0.1	$	(1.0	)

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Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Changes in the AOCI Balances

Changes in the AOCI balances for the three months ended September 30, 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, June 30, 2016	$	(102.6	)	$	(4.0	)	$	(38.7	)	$	(145.3	)
Other comprehensive income (loss) before reclassification	0.1			0.6			(1.1		)	(0.4		)
Amounts reclassified from accumulated other comprehensive income	0.5			0.2			—			0.7
Ending balance, September 30, 2016	$	(102.0	)	$	(3.2	)	$	(39.8	)	$	(145.0	)

Changes in the AOCI balances for the nine months ended September 30, 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			(3.0		)	2.8			(0.1		)
Amounts reclassified from accumulated other comprehensive income	1.7			0.6			—			2.3
Ending balance, September 30, 2016	$	(102.0	)	$	(3.2	)	$	(39.8	)	$	(145.0	)

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2016		2015		2016		2015
Basic earnings per share:
Income from continuing operations	$	20.6	$	12.7	$	44.6	$	35.1
Weighted average number of shares outstanding	29.4		29.5		29.4		29.5
Basic earnings per share from continuing operations	$	0.70	$	0.43	$	1.52	$	1.19
Diluted earnings per share:
Income from continuing operations	$	20.6	$	12.7	$	44.6	$	35.1
Weighted average number of shares outstanding	29.4		29.5		29.4		29.5
Effect of dilutive securities:
Restricted stock	0.4		0.3		0.4		0.3
Total shares and dilutive securities	29.8		29.8		29.8		29.8
Diluted earnings per share from continuing operations	$	0.69	$	0.43	$	1.50	$	1.18

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016								As of December 31, 2015
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	11.5	$	11.5	$	—	$	—	$	8.9	$	8.9	$	—	$	—
Derivatives	4.7		—		4.7		—		7.0		—		7.0		—
Total assets	$	16.2	$	11.5	$	4.7	$	—	$	15.9	$	8.9	$	7.0	$	—
Liabilities:
Derivatives	$	9.4	$	—	$	9.4	$	—	$	2.9	$	—	$	2.9	$	—
Contingent consideration	0.8		—		—		0.8		3.0		—		—		3.0
Total liabilities	$	10.2	$	—	$	9.4	$	0.8	$	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 in the table below:

	As of September 30, 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	$	300.0	$	300.0	$	279.4	$	279.4
Brazilian loan due April 15, 2016	—		—		0.3		0.3
Brazilian loan due October 16, 2017	2.0		1.8		2.7		2.4
Foreign credit facilities	3.6		3.6		—		—
Other	—		—		0.3		0.3

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Derivative Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016				As of December 31, 2015
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	3.8	$	4.2	$	5.8	$	1.3
Other assets / liabilities	0.9		0.1		1.2		0.1
Total	$	4.7	$	4.3	$	7.0	$	1.4

Schedule of Derivative Assets at Fair Value

As of September 30, 2016 and December 31, 2015, information related to these offsetting arrangements was as follows:

(In millions)	As of September 30, 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	$	4.7	$	—	$	4.7	$	(2.0	)	$	2.7

(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

(In millions)	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

(In millions)	As of September 30, 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	$	9.4	$	—	$	9.4	$	(2.6	)	$	6.8

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 Condensed 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 September 30,						Nine Months Ended September 30,
(In millions)		2016			2015			2016			2015
Foreign exchange contracts	Revenue	$	(0.4	)	$	(0.3	)	$	(0.9	)	$	—
Foreign exchange contracts	Cost of sales	(0.1		)	0.1			(0.4		)	(0.4		)
Foreign exchange contracts	Other income, net	—			(0.1		)	(0.1		)	—
Total		(0.5		)	(0.3		)	(1.4		)	(0.4		)
Remeasurement of assets and liabilities in foreign currencies		(0.1		)	0.5			(0.4		)	(0.7		)
Net gain (loss) on foreign currency transactions		$	(0.6	)	$	0.2		$	(1.8	)	$	(1.1	)

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Warranty Cost and Accrual Information

Warranty cost and accrual information were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015
Balance at beginning of period	$	12.7		$	10.0		$	12.5		$	10.2
Expense for new warranties	3.0			3.1			8.6			8.0
Adjustments to existing accruals	(0.1		)	—			(0.5		)	(0.3		)
Claims paid	(2.3		)	(2.7		)	(7.3		)	(7.4		)
Added through acquisition	—			0.6			—			0.6
Translation	—			(0.1		)	—			(0.2		)
Balance at end of period	$	13.3		$	10.9		$	13.3		$	10.9

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Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Schedule of Segment Revenue and Operating Profit

Business segment information was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2016			2015			2016			2015
Revenue:
JBT FoodTech	$	235.9		$	177.8		$	642.2		$	480.9
JBT AeroTech	112.7			95.8			303.3			272.8
Intercompany eliminations	1.0			(0.3		)	—			(0.8		)
Total revenue	$	349.6		$	273.3		$	945.5		$	752.9
Income before income taxes
Segment operating profit:
JBT FoodTech	$	28.2		$	20.5		$	78.0		$	56.1
JBT AeroTech	12.0			9.5			31.9			26.2
Total segment operating profit	40.2			30.0			109.9			82.3
Corporate items:
Corporate expense(1)	(10.4		)	(8.9		)	(31.4		)	(24.3		)
Restructuring expense(2)	(0.3		)	—			(9.4		)	—
Operating income	29.5			21.1			69.1			58.0
Net interest expense	(2.8		)	(1.5		)	(7.0		)	(5.3		)
Income from continuing operations before income taxes	$	26.7		$	19.6		$	62.1		$	52.7

(1) Corporate expense generally includes corporate staff-related expense, 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. Restructuring for further information on restructuring expense.

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Restructuring (Tables)

9 Months Ended

Sep. 30, 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					Charges Incurred During the
	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2016			2015		2016		2015
Severance and related expense	$	(0.5	)	$	—	$	5.3	$	—
Asset impairment	—			—		0.1		—
Other	0.8			—		4.0		—
Total restructuring charges	$	0.3		$	—	$	9.4	$	—

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			Balance as of September 30, 2016
Severance and related expense	$	2.6	$	5.3	$	(2.1	)	$	5.9
Asset impairment	—		0.1		—			0.1
Other	—		4.0		(4.0		)	—
Total	$	2.6	$	9.4	$	(6.0	)	$	6.0

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Description of Business and Basis of Presentation - Narrative (Details) - Scenario, Forecast - Accounting Standards Update 2016-09 $ in Millions	1 Months Ended
	Jan. 31, 2017 USD ($) shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Awards expected to vest (shares) | shares	278,316
Tax benefit, share-based compensation | $	$ 5.0

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Acquisitions - Narrative (Details) - USD ($)			3 Months Ended				9 Months Ended
	Oct. 01, 2015	Jul. 31, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Cash payments to acquire businesses							$ 3,200,000	$ 50,900,000
A&B Process Systems
Business Acquisition [Line Items]
Consideration paid to acquire business	$ 103,000,000
Contingent consideration, payment if earnings target is not achieved							$ 0
Working capital adjustment	100,000
Goodwill deductible for tax purposes	60,300,000
Purchase accounting adjustment, goodwill						$ 1,800,000
A&B Process Systems | Earnout
Business Acquisition [Line Items]
Contingent consideration	$ 3,000,000
A&B Process Systems | Customer relationships
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets						900,000
Intangible assets, useful life	8 years
A&B Process Systems | Trademark
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets						400,000
Intangible assets, useful life	14 years
A&B Process Systems | Technological know-how - skidded systems
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets						200,000
Intangible assets, useful life	6 years
A&B Process Systems | Backlog
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets						100,000
Intangible assets, useful life	6 months
A&B Process Systems | Non-compete agreements
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets						$ 100,000
Intangible assets, useful life	5 years
A&B Process Systems | Technological know-how - tanks and vessels
Business Acquisition [Line Items]
Intangible assets, useful life	9 years
Stork Food Dairy Systems BV
Business Acquisition [Line Items]
Purchase accounting adjustment, goodwill				$ 3,000,000
Cash payments to acquire businesses		$ 50,700,000
Cash acquired from acquisition		$ 1,100,000
Purchase accounting adjustment, other liabilities				1,100,000
Purchase accounting adjustment, deferred tax assets				500,000
Purchase accounting adjustment, deferred tax liabilities				(600,000)
Stork Food Dairy Systems BV | Customer relationships
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets				(2,000,000)
Intangible assets, useful life		15 years
Stork Food Dairy Systems BV | Tradename
Business Acquisition [Line Items]
Intangible assets, useful life		17 months
Stork Food Dairy Systems BV | Patents
Business Acquisition [Line Items]
Purchase accounting adjustment, intangible assets				$ (1,000,000)
Intangible assets, useful life		7 years
Intangible Assets, Amortization Period | Stork Food Dairy Systems BV | Customer relationships
Business Acquisition [Line Items]
Intangible assets, useful life					8 years
Scenario, Forecast | A&B Process Systems
Business Acquisition [Line Items]
Settlement of contingent consideration			$ 3,000,000

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Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Oct. 01, 2015	Jul. 31, 2015	Sep. 30, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill			$ 158.0	$ 152.5
A&B Process Systems
Business Acquisition [Line Items]
Trade receivables	$ 15.7
Inventories	1.0
Prepaid expenses	0.6
Costs in excess of billings on projects in progress	5.1
Property, plant and equipment	18.1
Other assets	0.2
Total assets	65.7
Accounts payable	6.1
Billings in excess of costs on projects in progress	6.6
Other liabilities	3.3
Total liabilities	16.0
Total cash consideration paid and accrued	103.0
Goodwill	53.3
A&B Process Systems | Backlog
Business Acquisition [Line Items]
Intangible assets	1.2
A&B Process Systems | Customer relationships
Business Acquisition [Line Items]
Intangible assets	14.6
A&B Process Systems | Non-compete agreements
Business Acquisition [Line Items]
Intangible assets	0.9
A&B Process Systems | Trademark
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
Stork Food Dairy Systems BV
Business Acquisition [Line Items]
Cash		$ 1.1
Trade receivables		10.0
Inventories		4.8
Costs in excess of billings on projects in progress		7.8
Property, plant and equipment		9.8
Other assets		2.5
Total assets		42.8
Deferred income taxes		1.6
Accounts payable		9.2
Billings in excess of costs on projects in progress		7.6
Other liabilities		11.3
Deferred income taxes		2.7
Total liabilities		30.8
Total purchase price		51.8
Goodwill		39.8
Stork Food Dairy Systems BV | Customer relationships
Business Acquisition [Line Items]
Intangible assets		2.1
Stork Food Dairy Systems BV | Patents
Business Acquisition [Line Items]
Intangible assets		2.9
Stork Food Dairy Systems BV | Tradename
Business Acquisition [Line Items]
Intangible assets		$ 0.2

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Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill by Business Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($)
Goodwill [Roll Forward]
December 31, 2015	$ 152.5
Acquisitions	5.5
September 30, 2016	158.0
JBT FoodTech
Goodwill [Roll Forward]
December 31, 2015	144.8
Acquisitions	5.5
September 30, 2016	150.3
JBT AeroTech
Goodwill [Roll Forward]
December 31, 2015	7.7
Acquisitions	0.0
September 30, 2016	$ 7.7

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Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 137.0	$ 139.5
Accumulated amortization	59.7	52.7
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	68.4	70.8
Accumulated amortization	19.6	15.9
Patents and acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	35.7	35.4
Accumulated amortization	24.3	23.5
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	19.0	19.5
Accumulated amortization	8.4	7.8
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	13.9	13.8
Accumulated amortization	$ 7.4	$ 5.5

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Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 65.9	$ 55.0
Work in process	63.4	36.8
Finished goods	83.1	81.8
Gross inventories before LIFO reserves and valuation adjustments	212.4	173.6
LIFO reserves and valuation adjustments	(69.0)	(68.7)
Inventories, net	$ 143.4	$ 104.9

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Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 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	$ 9.0

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Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.3	$ 0.4	$ 1.0	$ 1.1
Interest cost	2.9	3.4	8.6	10.3
Expected return on plan assets	(4.5)	(4.8)	(13.5)	(14.3)
Amortization of prior service (credit)	0.0	0.0	0.0	0.0
Amortization of net actuarial (gains) losses	1.0	1.2	3.1	3.4
Settlements	0.0	0.0	0.0	0.3
Net periodic cost (income)	(0.3)	0.2	(0.8)	0.8
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.0	0.0	0.0	0.0
Interest cost	0.1	0.0	0.1	0.2
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of prior service (credit)	0.0	(0.4)	0.0	(0.4)
Amortization of net actuarial (gains) losses	0.0	(0.1)	0.0	(0.8)
Settlements	0.0	0.0	0.0	0.0
Net periodic cost (income)	$ 0.1	$ (0.5)	$ 0.1	$ (1.0)

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Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 129.7
Ending balance	$ 169.1	169.1
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(145.3)	(147.2)
Other comprehensive income (loss) before reclassification	(0.4)	(0.1)
Amounts reclassified from accumulated other comprehensive income	0.7	2.3
Ending balance	(145.0)	(145.0)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(102.6)	(103.8)
Other comprehensive income (loss) before reclassification	0.1	0.1
Amounts reclassified from accumulated other comprehensive income	0.5	1.7
Ending balance	(102.0)	(102.0)
Derivatives Designated as Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4.0)	(0.8)
Other comprehensive income (loss) before reclassification	0.6	(3.0)
Amounts reclassified from accumulated other comprehensive income	0.2	0.6
Ending balance	(3.2)	(3.2)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38.7)	(42.6)
Other comprehensive income (loss) before reclassification	(1.1)	2.8
Amounts reclassified from accumulated other comprehensive income	0.0	0.0
Ending balance	$ (39.8)	$ (39.8)

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Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Selling, general and administrative expense	$ 56.5	$ 48.1	$ 168.4	$ 142.1
Provision for income taxes	6.1	6.9	17.5	17.6
Interest expense, net	3.1	$ 1.7	8.0	$ 6.0
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		2.7
Provision for income taxes	0.4		1.0
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Designated as Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Provision for income taxes	0.1		0.3
Interest expense, net	$ 0.3		$ 0.9

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2.6	$ 1.9	$ 7.1	$ 5.2
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			174,898
Fair value of awards granted			$ 8.0

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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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Basic earnings per share:
Income from continuing operations	$ 20.6	$ 12.7	$ 44.6	$ 35.1
Weighted average number of shares outstanding (in shares)	29.4	29.5	29.4	29.5
Basic earnings per share from continuing operations (in dollars per share)	$ 0.70	$ 0.43	$ 1.52	$ 1.19
Diluted earnings per share:
Income from continuing operations	$ 20.6	$ 12.7	$ 44.6	$ 35.1
Weighted average number of shares outstanding (in shares)	29.4	29.5	29.4	29.5
Effect of dilutive securities:
Restricted stock (in shares)	0.4	0.3	0.4	0.3
Total shares and dilutive securities (in shares)	29.8	29.8	29.8	29.8
Diluted earnings per share from continuing operations (in dollars per share)	$ 0.69	$ 0.43	$ 1.50	$ 1.18

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Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Unrealized gain (loss) on investments	$ 0.7	$ (0.7)
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	Sep. 30, 2016	Dec. 31, 2015
Assets:
Derivatives	$ 4.7	$ 7.0
Liabilities:
Derivatives	9.4	2.9
Fair Value, Measurements, Recurring
Assets:
Investments	11.5	8.9
Derivatives	4.7	7.0
Total assets	16.2	15.9
Liabilities:
Derivatives	9.4	2.9
Contingent consideration	0.8	3.0
Total liabilities	10.2	5.9
Fair Value, Measurements, Recurring | Level 1
Assets:
Investments	11.5	8.9
Derivatives	0.0	0.0
Total assets	11.5	8.9
Liabilities:
Derivatives	0.0	0.0
Contingent consideration	0.0	0.0
Total liabilities	0.0	0.0
Fair Value, Measurements, Recurring | Level 2
Assets:
Investments	0.0	0.0
Derivatives	4.7	7.0
Total assets	4.7	7.0
Liabilities:
Derivatives	9.4	2.9
Contingent consideration	0.0	0.0
Total liabilities	9.4	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	0.8	3.0
Total liabilities	$ 0.8	$ 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	Sep. 30, 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	$ 300.0	$ 279.4
Estimated fair value, line of credit	300.0	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	0.0	0.3
Estimated fair value, long-term debt	0.0	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	2.0	2.7
Estimated fair value, long-term debt	1.8	2.4
Foreign credit facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, line of credit	3.6	0.0
Estimated fair value, line of credit	3.6	0.0
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, long-term debt	0.0	0.3
Estimated fair value, long-term debt	$ 0.0	$ 0.3

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Derivative Financial Instruments and Risk Management - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 9.4	$ 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	$ 548.9
Cash Flow Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Gain recognized in other comprehensive income (loss), effective portion	3.2
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 5.3

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Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative asset, current	$ 3.8	$ 5.8
Derivative liability, current	4.2	1.3
Derivative asset, noncurrent	0.9	1.2
Derivative liability, noncurrent	0.1	0.1
Total derivative asset	4.7	7.0
Total derivative liability	$ 4.3	$ 1.4

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Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 4.7	$ 7.0
Gross Amounts Offset in the Consolidated Balance Sheets	0.0	0.0
Net Presented in the Consolidated Balance Sheets	4.7	7.0
Amount Subject to Master Netting Agreement	(2.0)	(1.7)
Net Amount	$ 2.7	$ 5.3

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Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 9.4	$ 2.9
Gross Amounts Offset in the Consolidated Balance Sheets	0.0	0.0
Net Presented in the Consolidated Balance Sheets	9.4	2.9
Amount Subject to Master Netting Agreement	(2.6)	(1.7)
Net Amount	$ 6.8	$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	$ (0.5)	$ (0.3)	$ (1.4)	$ (0.4)
Remeasurement of assets and liabilities in foreign currencies	(0.1)	0.5	(0.4)	(0.7)
Net loss on foreign currency transactions	(0.6)	0.2	(1.8)	(1.1)
Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	(0.4)	(0.3)	(0.9)	0.0
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	(0.1)	0.1	(0.4)	(0.4)
Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	$ 0.0	$ (0.1)	$ (0.1)	$ 0.0

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Commitments and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 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	$ 8.2
Guarantor obligations, maximum exposure, undiscounted, net	0.6
Performance Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	206.0
Financial Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 4.6
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 12.7	$ 10.0	$ 12.5	$ 10.2
Expense for new warranties	3.0	3.1	8.6	8.0
Adjustments to existing accruals	(0.1)	0.0	(0.5)	(0.3)
Claims paid	(2.3)	(2.7)	(7.3)	(7.4)
Added through acquisition	0.0	0.6	0.0	0.6
Translation	0.0	(0.1)	0.0	(0.2)
Balance at end of period	$ 13.3	$ 10.9	$ 13.3	$ 10.9

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Business Segment Information - Schedule of Segment Revenue and Operating Profit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Revenue	$ 349.6	$ 273.3	$ 945.5	$ 752.9
Segment operating profit	40.2	30.0	109.9	82.3
Corporate expense	(56.5)	(48.1)	(168.4)	(142.1)
Restructuring expense	(0.3)	0.0	(9.4)	0.0
Operating income	29.5	21.1	69.1	58.0
Net interest expense	(3.1)	(1.7)	(8.0)	(6.0)
Income from continuing operations before income taxes	26.7	19.6	62.1	52.7
Operating Segments | JBT FoodTech
Segment Reporting Information [Line Items]
Revenue	235.9	177.8	642.2	480.9
Segment operating profit	28.2	20.5	78.0	56.1
Operating Segments | JBT AeroTech
Segment Reporting Information [Line Items]
Revenue	112.7	95.8	303.3	272.8
Segment operating profit	12.0	9.5	31.9	26.2
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	1.0	(0.3)	0.0	(0.8)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate expense	(10.4)	(8.9)	(31.4)	(24.3)
Restructuring expense	(0.3)	0.0	(9.4)	0.0
Operating income	29.5	21.1	69.1	58.0
Net interest expense	$ (2.8)	$ (1.5)	$ (7.0)	$ (5.3)

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 0.3			$ 0.0	$ 9.4	$ 0.0
Restructuring Plan, 2014
Restructuring Cost and Reserve [Line Items]
Reduction of restructuring reserve					0.9
Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring expense	0.8	$ 2.0	$ 7.5
Minimum | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	11.0				11.0
Expected remaining restructuring costs	1.0				1.0
Maximum | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	13.0				13.0
Expected remaining restructuring costs	$ 2.0				$ 2.0

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Restructuring - Schedule of Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Severance and related expense	$ (0.5)	$ 0.0	$ 5.3	$ 0.0
Asset impairment	0.0	0.0	0.1	0.0
Other	0.8	0.0	4.0	0.0
Total restructuring charges	$ 0.3	$ 0.0	$ 9.4	$ 0.0

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Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Reserve [Roll Forward]
December 31, 2015			$ 2.6
Charged to Earnings	$ 0.3	$ 0.0	9.4	$ 0.0
Payments Made/Charges Applied			(6.0)
September 30, 2016	6.0		6.0
Severance and related expense
Restructuring Reserve [Roll Forward]
December 31, 2015			2.6
Charged to Earnings			5.3
Payments Made/Charges Applied			(2.1)
September 30, 2016	5.9		5.9
Asset impairment
Restructuring Reserve [Roll Forward]
December 31, 2015			0.0
Charged to Earnings			0.1
Payments Made/Charges Applied			0.0
September 30, 2016	0.1		0.1
Other
Restructuring Reserve [Roll Forward]
December 31, 2015			0.0
Charged to Earnings			4.0
Payments Made/Charges Applied			(4.0)
September 30, 2016	$ 0.0		$ 0.0

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Related Party Transactions - Narrative (Details) - Employee - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Purchases from related party	$ 1.2	$ 0.8	$ 2.5	$ 2.8
Outstanding payables to related parties	$ 0.2		$ 0.2		$ 0.6

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Subsequent Events - Narrative (Details) - USD ($)		3 Months Ended
	Oct. 14, 2016	Dec. 31, 2016	Oct. 20, 2016
C.A.T. | Subsequent Event
Subsequent Event [Line Items]
Consideration paid to acquire business	$ 90,000,000
Scenario, Forecast | Tipper Tie, Inc.
Subsequent Event [Line Items]
Consideration paid to acquire business		$ 160,000,000
Secured Debt | Credit Agreement | Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount			$ 150,000,000.0
Expansion feature			$ 250,000,000