Acquisitions

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

During 2021 and 2020 the Company acquired 100% of voting equity of one business and assets and liabilities of another business. A summary of the acquisitions made during the period is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
February 28, 2021	Stock	AutoCoding Systems Ltd. ("ACS")	Cheshire, U.K.	JBT FoodTech
A provider of a central command solution for the integration of packaging process devices. The ACS acquisition extends the Company's capabilities in packaging line equipment and associated devices, including coding and label inspection and verification.
May 29, 2020	Asset	MARS Food Processing Solutions, LLC	Denver, North Carolina	JBT FoodTech
A provider of solutions for monitoring and managing the efficiency of poultry processing plants. The MARS acquisition allows us to offer our Protein customers proprietary solutions for monitoring and managing the efficiency of poultry processing plants.

Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired.

	ACS(1)
(In millions)
Financial assets	$	3.0
Inventories	0.8
Property, plant and equipment	0.1
Other intangible assets (2)	9.9
Deferred taxes	(1.9)
Financial liabilities	(2.7)
Total identifiable net assets	$	9.2
Cash consideration paid	$	17.0
Cash acquired	1.1
Net consideration	$	15.9
Goodwill (3)	$	7.8

(1)The purchase accounting for ACS is provisional. The valuation of certain working capital balances, property, plant and equipment, intangibles, income tax balances and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date).

(2)The intangible assets acquired include customer relationships of $4.4 million with 13 years of useful life, technology of $4.8 million with 7 years of useful life, and trade names of $0.7 million with 18 years of useful life.

(3)The Company expects goodwill of $0.7 million from this acquisition to be deductible for income tax purposes.

During the second quarter of 2020, we acquired certain assets and liabilities of MARS Food Processing Solutions, LLC ("MARS") with a purchase price of $5 million. The Company expects goodwill of $3.1 million from this acquisition to be deductible for income tax purpose.