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Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
In the following table, revenue is disaggregated by type of good or service and primary geographical market. The table also includes a reconciliation of the disaggregated revenue with the reportable segments.

 
For the Year Ended
in millions
December 31, 2018
Type of Good or Service
FoodTech
 
AeroTech
Recurring (1)
$
518.1

 
$
186.8

Non-recurring (1)
843.3

 
371.3

Total
$
1,361.4

 
$
558.1

 
 
 
 
Geographical Region (2)
FoodTech
 
AeroTech
North America
$
699.7

 
$
438.5

Europe, Middle East and Africa
394.2

 
84.2

Asia Pacific
196.4

 
27.6

Latin America
71.1

 
7.8

Total
$
1,361.4

 
$
558.1


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

(2) Geographical region represents the region in which the end customer resides.
Contract with Customer, Asset and Liability
Our contract asset and liability balances for the period were as follows:
 
Balances as of
in millions
January 1, 2018
 
December 31, 2018
Contract Assets
$
18.2

 
$
70.3

Contract Liabilities
222.8

 
124.5
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The following table summarizes the impacts of adopting ASC 606 on the Company's Consolidated Statements of Income. This table provides visibility into our financial statement presentation had we not adopted ASC 606. It does not necessarily reflect values of future earnings or expected balances. The impact of adopting ASC 606 on our balance sheet as of December 31, 2018 is immaterial.

JBT Corporation
As reported
 
Adjustments
 
Year-to-Date
Consolidated Statements of Income
Year-to-Date
 
due to
 
December 31, 2018
in millions
December 31, 2018
 
ASC 606
 
Without Adoption
Total revenue
$
1,919.7

 
$
(127.1
)
 
$
1,792.6

Cost of products and services
1,382.1

 
(99.4
)
 
1,282.7

Operating income
143.8

 
(27.7
)
 
116.1

Income from continuing operations before income taxes
129.0

 
(27.7
)
 
101.3

Provision for income taxes
24.6

 
(7.2
)
 
17.4

Net income
104.1

 
(20.5
)
 
83.6

 
 
 
 
 
 
Segment Information
 
 
 
 
 
Revenue:
 
 
 
 
 
JBT FoodTech
$
1,361.4

 
$
(113.6
)
 
$
1,247.8

JBT AeroTech
558.1

 
(13.5
)
 
544.6

Intercompany eliminations
0.2

 
—

 
0.2

Total revenue
$
1,919.7

 
$
(127.1
)
 
$
1,792.6

 
 
 
 
 
 
Segment operating profit:
 
 
 
 
 
JBT FoodTech
$
169.5

 
$
(24.0
)
 
$
145.5

JBT AeroTech
64.1

 
(3.7
)
 
60.4

Total segment operating profit
233.6

 
(27.7
)
 
205.9

Corporate items
89.8

 
—

 
89.8

Operating income
$
143.8

 
$
(27.7
)
 
$
116.1