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, 2015

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.)

70 West Madison Street, Chicago, Illinois	60602
(Address of principal executive offices)	(Zip code)

(312) 861-5900

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes   ☒   No  ☐

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

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at October 23, 2015
Common Stock, par value $0.01 per share	29,138,862

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

John Bean Technologies Corporation

Condensed Consolidated statements of income

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions, except per share data)	2015			2014			2015			2014
Revenue	$	273.3		$	243.2		$	752.9		$	688.8
Operating expenses:
Cost of sales		198.8			179.0			542.7			504.3
Selling, general and administrative expense		46.4			43.5			137.4			132.0
Research and development expense		5.0			3.4			13.0			10.6
Restructuring expense		-			1.3			-			12.5
Other expense, net		2.0			0.8			1.8			0.9
Operating income		21.1			15.2			58.0			28.5
Interest income		0.2			0.3			0.7			1.1
Interest expense		(1.7	)		(2.0	)		(6.0	)		(5.6	)
Income from continuing operations before income taxes		19.6			13.5			52.7			24.0
Provision for income taxes		6.9			4.5			17.6			8.3
Income from continuing operations		12.7			9.0			35.1			15.7
Loss from discontinued operations, net of taxes		(0.1	)		-			(0.1	)		(0.1	)
Net income	$	12.6		$	9.0		$	35.0		$	15.6
Basic earnings per share:
Income from continuing operations	$	0.43		$	0.30		$	1.19		$	0.53
Loss from discontinued operations		-			-			-			-
Net income	$	0.43		$	0.30		$	1.19		$	0.53
Diluted earnings per share:
Income from continuing operations	$	0.43		$	0.30		$	1.18		$	0.53
Loss from discontinued operations		(0.01	)		-			(0.01	)		(0.01	)
Net income	$	0.42		$	0.30		$	1.17		$	0.52
Cash dividends declared per share	$	0.09		$	0.09		$	0.27		$	0.27

John Bean Technologies Corporation

Condensed Consolidated statements of comprehensive Income (LOSS) 

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2015			2014			2015			2014
Net income	$	12.6		$	9.0		$	35.0		$	15.6
Other comprehensive loss
Foreign currency translation adjustments		(9.6	)		(12.3	)		(19.6	)		(12.7	)
Pension and other postretirement benefits adjustments, net of tax of $0.5 and $0.8 for 2015; $0.3 and $0.9 for 2014, respectively		1.4			0.4			3.0			1.4
Derivatives designated as hedges, net of tax of ($1.2) for 2015		(1.8	)		-			(1.8	)		-
Other comprehensive loss		(10.0	)		(11.9	)		(18.4	)		(11.3	)
Comprehensive income (loss)	$	2.6		$	(2.9	)	$	16.6		$	4.3

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, 2015			December 31, 2014
(In millions, except per share data and number of shares)	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$	37.9		$	33.3
Trade receivables, net of allowances of $1.9 and $3.0, respectively		182.3			176.2
Inventories		137.7			111.8
Other current assets		42.0			43.4
Deferred Taxes		23.9			23.2
Total current assets		423.8			387.9
Property, plant and equipment, net of accumulated depreciation of $222.1 and $232.7, respectively		159.4			147.6
Goodwill		93.8			69.2
Intangible assets - customer relationships, net of accumulated amortization of $14.6 and $12.4, respectively		39.2			37.4
Intangible assets - other, net of accumulated amortization of $35.2 and $34.5, respectively		34.9			22.6
Other assets		30.6			33.1
Total Assets	$	781.7		$	697.8
Liabilities and Stockholders' Equity:
Current Liabilities:
Short-term debt and current portion of long-term debt	$	2.3		$	4.2
Accounts payable, trade and other		109.6			89.5
Advance and progress payments		108.8			86.2
Other current liabilities		104.6			106.5
Total current liabilities		325.3			286.4
Long-term debt, less current portion		230.7			173.8
Accrued pension and other postretirement benefits, less current portion		73.9			93.1
Other liabilities		30.1			25.3
Commitments and contingencies (Note 12)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued		-			-
Common stock, $0.01 par value; 120,000,000 shares authorized; 2015: 29,316,041 issued and 29,138,862 outstanding; 2014: 29,138,162 issued and 29,091,502 outstanding;		0.3			0.3
Common stock held in treasury, at cost; 2015: 177,179 shares; 2014: 46,660 shares		(6.4	)		(1.5	)
Additional paid-in capital		70.1			71.1
Retained earnings		193.2			166.4
Accumulated other comprehensive loss		(135.5	)		(117.1	)
Total stockholders' equity		121.7			119.2
Total Liabilities and Stockholders' Equity	$	781.7		$	697.8

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)	2015			2014
Cash Flows From Operating Activities:
Net income	$	35.0		$	15.6
Loss from discontinued operations, net of income taxes		0.1			0.1
Income from continuing operations		35.1			15.7
Adjustments to reconcile income from continuing operations to cash provided by operating activities of continuing operations:
Depreciation and amortization	20.9				18.7
Stock-based compensation		5.2			5.6
Other		1.8			1.9
Changes in operating assets and liabilities:
Trade receivables, net		(0.5	)		30.4
Inventories		(17.2	)		(24.5	)
Accounts payable, trade and other		14.2			3.1
Advance and progress payments		18.9			8.8
Other assets and liabilities, net		(30.5	)		(10.2	)
Cash provided by continuing operating activities		47.9			49.5
Net cash required by discontinued operating activities		(0.1	)		(0.4	)
Cash provided by operating activities		47.8			49.1
Cash Flows required by Investing Activities:
Acquisitions, net of cash acquired		(50.9	)		(37.6	)
Capital expenditures		(26.5	)		(28.0	)
Proceeds from disposal of assets		0.9			1.3
Proceeds from property available for sale		2.0			-
Cash required by investing activities		(74.5	)		(64.3	)
Cash Flows provided by Financing Activities:
Net decrease in short-term debt		(1.6	)		1.8
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 borrowings on credit facilities		134.1			30.5
Repayment of long-term debt		(0.9	)		(5.2	)
Excess tax benefits		2.1			1.0
Tax withholdings on stock-based compensation awards		(5.5	)		(3.5	)
Purchase of stock held in treasury		(7.7	)		(1.8	)
Dividends		(8.3	)		(8.1	)
Cash provided by financing activities		37.2			14.7
Effect of foreign exchange rate changes on cash and cash equivalents		(5.9	)		(5.6	)
Increase (decrease) in cash and cash equivalents		4.6			(6.1	)
Cash and cash equivalents, beginning of period		33.3			29.4
Cash and cash equivalents, end of period	$	37.9		$	23.3

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

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John Bean Technologies Corporation

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1. Description of Business and Basis of Presentation

Description of Business

John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (“JBT” or “we”) provide global technology solutions for the food processing 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, 2014, 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 statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in these statements may not be representative of those for the full year or any future period.

We have reclassified the prior year intangible asset balances to conform to the current year presentation.

Use of estimates

Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Recently issued accounting standards not yet adopted

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

In April 2015, the 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. The ASU requires additional disclosure about the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line item (that is, the debt issuance cost asset and the debt liability). The new standard becomes effective for us as of January 1, 2016, and requires retrospective implementation in which the balance sheet of each individual period presented is to be adjusted to reflect the period-specific effects of applying the new guidance, early adoption is permitted. 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. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures.

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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. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015. 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 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 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. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015. However early adoption is permitted. The company anticipates the adoption for the year ended December 31, 2015.

Note 2. Acquisitions 

Consistent with our growth strategy, we completed several acquisitions during 2015 and 2014 focused on strengthening our protein processing and liquid foods portfolios.

Fiscal year 2015

Stork Food and Dairy Systems B.V.

On July 31, 2015, John Bean Technologies Corporation and its wholly-owned subsidiary John Bean Technologies Europe B.V. acquired the shares of Stork Food & Dairy Systems, B.V. (“SFDS”), located in Amsterdam, The Netherlands for 46.2 million euro ($50.7 million), which is net of cash acquired of 1.0 million euro ($1.1 million). Consideration for the transaction was provided by cash on hand supplemented with borrowings under our revolving credit facility. SFDS develops, produces and supplies integrated aseptic processing /sterilization and filling systems to the beverage and food processing industries. This acquisition enables us to add complementary aseptic and thermal processing and filling technologies to our liquid foods product portfolio, and will significantly strengthen our ability to provide complete solutions to our customers in the global liquid foods industry.

This 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 that is not recognized separate and apart from goodwill as it is neither separable nor contractual in nature. We are currently assessing the amount of goodwill that we expect to be deductible for tax purposes.

Acquisition-related transaction costs totaling $1.1 million were recognized as other expense at the time they were incurred.

Because the transaction was completed on July 31, 2015, the purchase accounting is preliminary as the valuation of substantially all assets acquired, including accounts receivable, inventories, projects in progress, property, plant and equipment, and all identifiable intangibles, and liabilities assumed, including payables and contingent liabilities, as well as income tax balances and residual goodwill related to this acquisition is not complete; and significant information is still being assembled and reviewed. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date).

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

(In millions)
Assets:
Cash	$	1.1
Accounts receivable		10.0
Other receivables		2.5
Inventories		4.8
Costs in excess of billings on projects in progress		7.8
Property, plant and equipment		9.8
Intangible assets:
Tradename		12.1
Customer relationships		2.1
Patents		3.9
Deferred Tax Asset		1.1
Total assets	$	55.2
Liabilities:
Accounts payable		9.2
Billings in excess of costs on projects		7.6
Other liabilities		9.7
Deferred taxes		5.9
Warranty obligations		0.6
Total liabilities		33.0
Total purchase price	$	51.8
Goodwill	$	29.6

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

Fiscal year 2014

Wolf-Tec Acquisition

On December 1, 2014, John Bean Technologies Corporation and its wholly-owned subsidiaries JBT Holdings, LLC and John Bean Technologies Limited, acquired substantially all of the assets and assumed certain liabilities of Wolf-Tec, Inc. (“Wolf-Tec”) for $53.7 million in cash, which is net of cash acquired of $0.2 million. Consideration for the transaction was provided by cash on hand supplemented with borrowings under our revolving credit facility. The acquisition enables us to better meet customer needs through an expanded portfolio of protein processing equipment and solutions. Our product lines and those of Wolf-Tec are highly complementary, with equipment of both companies frequently utilized on the same production line. The acquisition also provides us with further entry into the beef, pork, and seafood processing markets. The acquisition is strategic in that Wolf-Tec has a strong brand presence, excellent technology and is renowned for its sales and customer support. The acquisition of Wolf-Tec combined with our global reach has and will continue to create strong future growth opportunities.

This 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, revenue enhancement synergies in our protein processing business and the acquisition of an assembled workforce. Approximately $13.4 million of the goodwill is expected to be deductible for tax purposes. Acquisition related costs totaling $0.7 million were recognized as other expense in the condensed consolidated statements of income at the time they were incurred.

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We have substantially completed the purchase price allocation for this acquisition, which is based on the fair value of assets acquired and liabilities assumed. However, if additional information is obtained about these assets and liabilities within the measurement period (not to exceed 12 months from the date of the acquisition), including through asset appraisals and learning more about the newly acquired business, we will refine our estimates of fair value.

During the quarter ended September 30, 2015 we refined our estimates of the customer relationship by $0.1 million and other liabilities by ($0.1 million). The impact of these adjustments was reflected as a decrease in goodwill of $0.2 million. No other significant refinements of the valuation occurred during the quarter. Adjustments during the nine months ended September 30, 2015 included net refinements to customer relationships of $2.7 million, intellectual property of ($3.4 million), tradename of $1.5 million, non-compete of $0.8 million, deferred tax assets of $0.9 million, other liabilities of ($1.1 million), and other immaterial refinements of accounts receivable, inventory, and property, plant and equipment. The net impact of these adjustments was reflected as a net decrease in goodwill of $4.2 million.

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

(In millions)
Assets:
Cash	$	0.2
Accounts receivable		2.3
Other current assets		0.3
Inventories		6.5
Property, plant and equipment		7.7
Intangible assets:
Customer relationships		17.3
Intellectual property		2.8
Tradename		1.5
Noncompete agreement		0.8
Backlog & other assets		0.3
Deferred Tax Asset		0.9
Total assets	$	40.6
Liabilities:
Accounts payable		1.7
Deferred revenue		0.3
Other liabilities		1.3
Total liabilities	$	3.3
Total purchase price	$	53.9
Goodwill	$	16.6

The customer relationships, intellectual property, and tradename will be amortized over their estimated useful lives of fifteen, ten, and ten years, respectively. The non-compete agreement will be amortized over its term of five years and the backlog asset was amortized over four months, reflecting its pattern of use.

ICS Solutions Acquisition

On July 1, 2014, we completed the acquisition of 100% of the outstanding shares of ICS Solutions, a subsidiary of Stork Food & Dairy Systems B.V., for cash consideration of $35.7 million, which is net of cash acquired of $10.0 million. We funded this acquisition with cash on hand as well as borrowings against our revolving line of credit. ICS Solutions, located in Amsterdam, The Netherlands and Gainesville, Georgia, is a worldwide leader in the engineering, installation and servicing of high-capacity food preservation equipment. The acquisition was strategically important as ICS Solutions’ hydromatic continuous sterilizer is complementary to our product portfolio of fillers, seamers and in-container sterilization technologies. With this acquisition, we have leveraged our worldwide presence and are providing a complete range of high-capacity, in-container sterilization solutions to our customers in the growing global beverage, dairy and canning industries. In addition, this acquisition is allowing us to improve operational effectiveness as well as enhance sales and service support for our customers through the combination of our businesses.

8

This 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 acquired has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to expected synergistic benefits from the expansion of our in-container product portfolio. Approximately $1.1 million of the goodwill is expected to be deductible for tax purposes. Acquisition-related costs were recognized in other expense as incurred and totaled $0.9 million for the year ended December 31, 2014.

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

(In millions)
Assets:
Cash	$	10.0
Accounts receivable		2.3
Inventories		0.4
Property, plant and equipment and other assets		0.1
Intangible assets:
Customer relationships		15.7
Other intangible assets		8.4
Total assets	$	36.9
Liabilities:
Accounts payable		1.3
Deferred revenue		2.3
Other liabilities		2.4
Deferred taxes		4.1
Total liabilities		10.1
Total purchase price	$	45.7
Goodwill	$	18.9

The customer relationships and other intangible assets will be amortized over a weighted-average useful life of approximately 12 years.

Formcook Acquisition

During the first quarter of 2014, John Bean Technologies AB (JBT AB), our wholly-owned subsidiary, acquired certain assets and liabilities of Formcook AB, a regional leader in designing, manufacturing and servicing custom-built industrial cooking and forming technologies for the food processing industry. This transaction was accounted for as a business combination. The purchase price was less than $2 million. While the acquisition was not material to our 2014 results, it is strategically important to our efforts to strengthen our protein processing portfolio.

The pro forma impact of these acquisitions is not material individually or in the aggregate and as such, is not presented.

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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, 2014	$	61.4		$	7.8		$	69.2
Acquisitions		25.4			-			25.4
Currency translation		(0.7	)		(0.1	)		(0.8	)
Balance as of September 30, 2015		86.1			7.7			93.8

Intangible assets consisted of the following:

	September 30, 2015				December 31, 2014
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	53.8	$	14.6	$	49.8	$	12.4
Patents and acquired technology		35.7		23.1		36.7		23.4
Trademarks		28.1		7.7		14.8		7.4
Other		6.3		4.4		5.6		3.7
Total intangible assets	$	123.9	$	49.8	$	106.9	$	46.9

As a result of the SFDS acquisition, annual intangible asset amortization expense is expected to increase by approximately $0.5 million for 2015. 

Note 4. Inventories

Inventories consisted of the following:

(In millions)	September 30, 2015			December 31, 2014
Raw materials	$	62.5		$	53.7
Work in process		59.2			45.3
Finished goods		84.4			79.2
Gross inventories before LIFO reserves and valuation adjustments		206.1			178.2
LIFO reserves and valuation adjustments		(68.4	)		(66.4	)
Net inventories	$	137.7		$	111.8

Note 5. DEBT

On February 10, 2015, we entered into a new five-year $450 million revolving credit facility, with Wells Fargo Bank, N.A. as administrative agent, and repaid our prior revolving credit facility. 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 maximum interest coverage ratio and maximum leverage ratio, as well as certain events of default. As of September 30, 2015 we had $229.1 million drawn on the credit facility at a weighted-average interest rate of 1.6%.

On July 31, 2015 our $75 million principal amount of 6.66% senior unsecured notes became due. We used borrowings under the $450 million revolving credit facility noted above to fund the repayment in full of these senior unsecured notes. 

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Note 6. Pension and Other Postretirement Benefits

Components of net periodic benefit cost were as follows:

	Pension Benefits												Other Postretirement Benefits
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
(In millions)	2015			2014			2015			2014			2015			2014			2015			2014
Service cost	$	0.4		$	0.4		$	1.1		$	1.3		$	-		$	-		$	-		$	-
Interest cost		3.4			3.6			10.3			11.0			-			0.1			0.2			0.3
Expected return on plan assets		(4.8	)		(4.9	)		(14.3	)		(14.8	)		-			-			-			-
Amortization of prior service (credit) cost		-			-			-			0.1			(0.4	)		-			(0.4	)		-
Amortization of net actuarial losses		1.2			0.8			3.4			2.1			(0.1	)		(0.1	)		(0.8	)		-
Settlements		-			-			0.3			0.2			-			-			-			(0.1	)
Net periodic cost	$	0.2		$	(0.1	)	$	0.8		$	(0.1	)	$	(0.5	)	$	-		$	(1.0	)	$	0.2

We expect to contribute $17 million to our pension and other postretirement benefit plans in 2015. We contributed $10 million to our U.S. qualified pension plan during the nine months ended September 30, 2015.

On August 31, 2015, JBT amended the Retiree Welfare Benefits Plan to terminate future healthcare benefits effective January 1, 2016, which resulted in a release of $1.2 million of other postretirement benefit liability into other comprehensive income. The resulting negative prior service cost of $1.8 million will be amortized out of other comprehensive income into net income over the remaining life of the plan (through January 1, 2016). The gain from this plan amendment for the three and nine months ended September 30, 2015 was $0.4 million. 

Note 7. 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, 2015 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, 2015	$	(94.8	)	$	-		$	(30.7	)	$	(125.5	)
Other comprehensive income (loss) before reclassification		1.3			(1.8	)		(9.6	)		(10.1	)
Amounts reclassified from accumulated other comprehensive income		0.1			-			-			0.1
Ending balance, September 30, 2015	$	(93.4	)	$	(1.8	)	$	(40.3	)	$	(135.5	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended September 30, 2015 were $0.3 million of benefit in cost of sales and $0.9 million of charges in selling, general and administrative expense, net of $0.5 million in provision from income taxes.

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Changes in the AOCI balances for the nine months ended September 30, 2015 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, 2014	$	(96.4	)	$	-		$	(20.7	)	$	(117.1	)
Other comprehensive income (loss) before reclassification		1.3			(1.8	)		(19.6	)		(20.1	)
Amounts reclassified from accumulated other comprehensive income		1.7			-			-			1.7
Ending balance, September 30, 2015	$	(93.4	)	$	(1.8	)	$	(40.3	)	$	(135.5	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2015 were $0.3 million of benefit in cost of sales, and $2.8 million of charges in selling, general and administrative expense, net of $0.8 million in provision for income taxes.

Note 8. stock-based compensation

On March 13, 2015, we granted 192,589 restricted stock units with a total fair value of $6.7 million to certain employees under an existing stock-based compensation plan. The units will vest three years from the date of grant, in March 2018, and are expected to be amortized over the vesting period. We recognize compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors. The total compensation expense was $1.9 million and $5.2 million for the three and nine months ended September 30, 2015, respectively. The total compensation expense was $1.9 million and $5.6 million for the three and nine months ended September 30, 2014, respectively.

Note 9. 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				Nine Months Ended
	September 30,				September 30,
(In millions, except per share data)	2015		2014		2015		2014
Basic earnings per share:
Income from continuing operations	$	12.7	$	9.0	$	35.1	$	15.7
Weighted average number of shares outstanding		29.5		29.6		29.5		29.5
Basic earnings per share from continuing operations	$	0.43	$	0.30	$	1.19	$	0.53
Diluted earnings per share:
Income from continuing operations	$	12.7	$	9.0	$	35.1	$	15.7
Weighted average number of shares outstanding		29.5		29.6		29.5		29.5
Effect of dilutive securities:
Restricted stock		0.3		0.3		0.3		0.3
Total shares and dilutive securities		29.8		29.9		29.8		29.8
Diluted earnings per share from continuing operations	$	0.43	$	0.30	$	1.18	$	0.53

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.

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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, 2015 of $296.0 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, 2015				As of December 31, 2014
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	3.5	$	1.7	$	6.9	$	3.9
Other assets / liabilities		2.4		0.1		2.2		-
Total	$	5.9	$	1.8	$	9.1	$	3.9

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

As of September 30, 2015 and December 31, 2014, information related to these offsetting arrangements was as follows:

(in millions)	As of September 30, 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	$	5.9	$	-	$	5.9	$	(2.0	)	$	3.9

	As of September 30, 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	$	4.9	$	-	$	4.9	$	(2.0	)	$	2.9

(in millions)	As of December 31, 2014
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	$	9.1	$	-	$	9.1	$	(3.8	)	$	5.3

	As of December 31, 2014
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	$	3.9	$	-	$	3.9	$	(3.8	)	$	0.1

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The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the consolidated statements of income:

Derivatives not designated as hedging instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
(In millions)		2015			2014			2015			2014
Foreign exchange contracts	Revenue	$	(0.3	)	$	1.0		$	-		$	(0.5	)
Foreign exchange contracts	Cost of sales		0.1			(0.5	)		(0.4	)		0.3
Foreign exchange contracts	Other income, net		(0.1	)		(0.1	)		-			-
Total			(0.3	)		0.4			(0.4	)		(0.2	)
Remeasurement of assets and liabilities in foreign currencies			0.5			0.5			(0.7	)		1.4
Net gain (loss) on foreign currency transactions		$	0.2		$	0.9		$	(1.1	)	$	1.2

Interest Rates: On March 23, 2015 we entered into two forward starting interest rate swaps, designated as cash flow hedges against the cash flow variability related to the interest rate exposure on a portion of our variable rate debt. The first swap is for the period beginning August 10, 2015 through February 10, 2020 for variability in cash flow related to interest expense on $75 million of our borrowings, fixing the annual interest rate at 1.592% plus a margin dependent on our leverage ratio. The second swap is for the period from January 11, 2016 through February 10, 2020 for variability in cash flow related to interest expense on an additional $100 million of our borrowings, fixing the annual interest rate at 1.711% plus a margin dependent on our leverage ratio. At September 30, 2015, the fair value recorded in other liabilities on the condensed consolidated balance sheet is $3.1 million. The effective portion of these derivatives designated as cash flow hedges of $1.8 million has been reported in other comprehensive income (loss) on the condensed consolidated statements of comprehensive income (loss) as of September 30, 2015.

Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of September 30, 2015.

Refer to Note 11. 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. Fair Value of Financial Instruments

The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

• Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities.

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

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

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

	As of September 30, 2015								As of December 31, 2014
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	8.5	$	8.5	$	-	$	-	$	10.7	$	10.7	$	-	$	-
Derivatives		5.9		-		5.9		-		9.1		-		9.1		-
Total assets	$	14.4	$	8.5	$	5.9	$	-	$	19.8	$	10.7	$	9.1	$	-
Liabilities:
Derivatives	$	4.9	$	-	$	4.9	$	-	$	3.9	$	-	$	3.9	$	-

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 on the consolidated balance sheet. Investments include an unrealized loss of $0.7 million as of September 30, 2015 and $0.2 million as of December 31, 2014.

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 carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities.

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

	As of September 30, 2015				As of December 31, 2014
(In millions)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior unsecured notes due July 31, 2015	$	-	$	-	$	75.0	$	77.6
Five-year revolving credit facility, expires February 10, 2020		229.1		229.1		94.3		94.3
Brazilian loan due April 15, 2016		0.6		0.5		2.0		1.8
Brazilian loan due October 16, 2017		2.9		2.5		4.3		3.7
Foreign credit facilities		0.2		0.2		2.3		2.3
Other		0.3		0.3		0.1		0.1

There is no active or observable market for our fixed rate borrowings, which include our senior unsecured notes and our Brazilian loans. Therefore, the estimated fair value of the notes and the Brazilian loans are based on discounted cash flows using current interest rates available for debt with similar terms and remaining maturities. The estimates of the all-in interest rate for discounting the notes and the loans are based on a broker quote for notes and 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 12. Commitments and Contingencies

In the normal course of our business, we are 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.

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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. An estimate of a possible loss from this audit cannot be made 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 $128.9 million at September 30, 2015, represent guarantees of our future performance. We also have provided $6.6 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, 2015, the gross value of such arrangements was $10.3 million, of which our net exposure under such guarantees is $1.6 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 is as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2015			2014			2015			2014
Balance at beginning of period	$	10.0		$	9.6		$	10.2		$	10.1
Expense for new warranties		3.1			2.4			8.0			6.6
Adjustments to existing accruals		-			(0.2	)		(0.3	)		(0.8	)
Claims paid		(2.7	)		(2.5	)		(7.4	)		(6.5	)
Added through acquisition		0.6			0.5			0.6			0.5
Translation		(0.1	)		(0.3	)		(0.2	)		(0.4	)
Balance at end of period	$	10.9		$	9.5		$	10.9		$	9.5

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Note 13. 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						Nine Months Ended
	September 30,						September 30,
(In millions)	2015			2014			2015			2014
Revenue
JBT FoodTech	$	177.8		$	148.0		$	480.9		$	457.0
JBT AeroTech		95.8			95.6			272.8			232.4
Intercompany eliminations		(0.3	)		(0.4	)		(0.8	)		(0.6	)
Total revenue	$	273.3		$	243.2		$	752.9		$	688.8
Income before income taxes
Segment operating profit:
JBT FoodTech	$	20.5		$	15.5		$	56.1		$	50.4
JBT AeroTech		9.5			10.3			26.2			17.9
Total segment operating profit		30.0			25.8			82.3			68.3
Corporate items:
Corporate expense (1)		(8.9	)		(9.3	)		(24.3	)		(27.3	)
Restructuring expense (2)		-			(1.3	)		-			(12.5	)
Operating income		21.1			15.2			58.0			28.5
Net interest expense		(1.5	)		(1.7	)		(5.3	)		(4.5	)
Income from continuing operations before income taxes	$	19.6		$	13.5		$	52.7		$	24.0

(1) Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations.

(2) Refer to Note 14.

NOTE 14. 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.

During the fourth quarter of 2013, we implemented a restructuring plan that included management changes both in the U.S. and in non-U.S. subsidiaries. We incurred severance costs of $1.6 million in connection with this plan in the fourth quarter of 2013. We completed the plan in the third quarter of 2015.

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. Remaining payments required under this plan are expected to be paid during 2015 and 2016.

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

(In millions)
	Charges incurred during the three months ended September 30,					Charges incurred during the nine months ended September 30,
	2015			2014		2015			2014
Severance and related expense	$	(0.5	)	$	0.4	$	(0.5	)	$	9.8
Asset write-offs		-			-		-			0.5
Other		0.5			0.9		0.5			2.2
	$	-		$	1.3	$	-		$	12.5

While restructuring charges are excluded from our calculation of segment operating profit, the table below presents the restructuring charges associated with each segment and with corporate activities:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In millions)	2015			2014		2015			2014
JBT FoodTech	$	0.1		$	0.4	$	0.1		$	9.9
JBT AeroTech		(0.1	)		0.3		(0.1	)		1.4
Corporate		-			0.6		-			1.2
	$	-		$	1.3	$	-		$	12.5

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 2015:

(In millions)	Balance as of December 31, 2014		Charged to Earnings			Payments Made /Charges Applied			Foreign Exchange Translation			Balance as of September 30, 2015
Severance and related expense	$	7.6	$	(0.5	)	$	(3.4	)	$	(0.1	)	$	3.6
Other		-		0.5			(0.5	)		-			-
Severance and related expense	$	7.6	$	-		$	(3.9	)	$	(0.1	)	$	3.6

NOTE 15. SUBSEQUENT EVENT

On October 1, 2015, we completed our acquisition of the shares of A&B Process Systems (“A&B”), located in Stratford, Wisconsin. A&B specializes in the design, manufacturing, automation and installation of liquid foods turnkey production systems. This acquisition, along with our recently completed acquisitions of ICS and SFDS, greatly strengthens JBT's liquid foods portfolio and our ability to provide complete solutions to customers. The purchase price was $102 million, which was funded with cash on hand as well as borrowings under our revolving credit facility.

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

Cautionary Note Regarding Forward-Looking Statements

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

We believe that the factors that could cause our actual results to differ materially from expectations include but are not limited to the factors we described in our Form 10-K under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” If one or more of those or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Consequently, actual events and results may vary significantly from those included in or contemplated or implied by our forward-looking statements. The forward-looking statements included in this Form 10-Q are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

Executive Overview

We are a global technology solutions provider for the food processing 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 2014, we instituted management changes and developed our Next Level strategy 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.

In the “fix” category, we embarked on efforts to streamline our organization. We incurred restructuring charges in 2014 to improve efficiency and right-size our business. We completed our corporate office and almost all of our U.S. restructuring in 2014. Our European restructuring is well underway, and we expect it to be complete in 2016.

To strengthen the business, we introduced the JBT Excellence Model (or JEM). JEM includes value-based pricing, which has been rolled out across all major businesses. JEM also includes implementation of Lean initiatives or what we call “Relentless Continuous Improvement” (RCI). This is an integrated focus on safety, quality, delivery, and cost that establishes a sustainable competitive advantage. We have introduced RCI via extensive leadership training and have implemented it at many JBT production facilities.

There are several specific components to our strategy to enhance growth. We are investing 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 are establishing a robust, direct presence in Asia, which we believe is critical to winning business from local producers. We have increased our selling expenses and research and development costs, a trend we expect to continue, in order to support these Next Level Initiatives. In addition to our ongoing new product development across our businesses, acquisitions are an integral part of JBT’s growth strategy. In 2014, we completed three acquisitions. In 2015, we completed two additional acquisitions. These acquisitions reflect our strategic focus on companies that complement our protein processing and liquid foods portfolios.

As we evaluate our operating results, we consider our key performance indicators of segment revenue, segment operating profit, EBITDA (earnings before interest, taxes, depreciation and amortization), and the level of inbound orders and order backlog.

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Non-GAAP Financial Measures

The results for the three and nine months ended September 30, 2015 and 2014 include several items that affect the comparability of our results.

These include significant expenses that are not indicative of our ongoing operations as detailed in the table below:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In millions)	2015		2014			2015		2014
Income from continuing operations as reported	$	12.7	$	9.0		$	35.1	$	15.7
Non-GAAP adjustments
Restructuring expense		-		1.3			-		12.5
Management succession costs		-		0.8			-		3.4
Strategy and pricing consulting		-		0.4			-		2.3
Impact on tax provision from Non-GAAP adjustments		-		(0.8	)		-		(5.6	)
Adjusted income from continuing operations	$	12.7	$	10.7		$	35.1	$	28.3
(In millions, except per share data)
Income from continuing operations as reported		12.7		9.0			35.1		15.7
Total shares and dilutive securities		29.8		29.9			29.8		29.8
Diluted earnings per share from continuing operations	$	0.43	$	0.30		$	1.18	$	0.53
Adjusted income from continuing operations		12.7		10.7			35.1		28.3
Total shares and dilutive securities		29.8		29.9			29.8		29.8
Adjusted diluted earnings per share from continuing operations	$	0.43	$	0.36		$	1.18	$	0.95

The above table contains non-GAAP financial measures, including adjusted income from continuing operations and adjusted diluted earnings per share from continuing operations. Adjusted income from continuing operations and adjusted diluted earnings per share from continuing operations are intended to provide an indication of our underlying ongoing operating results and to enhance investors’ overall understanding of our financial performance by eliminating the effects of certain items that are not comparable from one period to the next. In addition, this information is used as a basis for evaluating our performance and for the planning and forecasting of future periods. This information is not intended to nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

The tables below show a calculation of EBITDA and adjusted EBITDA by segment and on a consolidated basis.

For the three months ended September 30, 2015:

(In millions)	Operating income			Depreciation and Amortization		EBITDA			Adjustments		Adjusted EBITDA
JBT FoodTech	$	20.5		$	6.3	$	26.8		$	-	$	26.8
JBT AeroTech		9.5			0.5		10.0			-		10.0
Corporate expense		(8.9	)		0.5		(8.4	)		-		(8.4	)
Restructuring expense		-			-		-			-		-
Total	$	21.1		$	7.3	$	28.4		$	-	$	28.4

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For the three months ended September 30, 2014:

(In millions)	Operating income			Depreciation and Amortization		EBITDA			Adjustments		Adjusted EBITDA
JBT FoodTech	$	15.5		$	6.4	$	21.9		$	-	$	21.9
JBT AeroTech		10.3			0.4		10.7			-		10.7
Corporate expense		(9.3	)		0.3		(9.0	)		1.2		(7.8	)
Restructuring expense		(1.3	)		-		(1.3	)		1.3		-
Total	$	15.2		$	7.1	$	22.3		$	2.5	$	24.8

For the nine months ended September 30, 2015:

(In millions)	Operating income			Depreciation and Amortization		EBITDA			Adjustments		Adjusted EBITDA
JBT FoodTech	$	56.1		$	18.1	$	74.2		$	-	$	74.2
JBT AeroTech		26.2			1.5		27.7			-		27.7
Corporate expense		(24.3	)		1.3		(23.0	)		-		(23.0	)
Restructuring expense		-			-		-			-		-
Total	$	58.0		$	20.9	$	78.9		$	-	$	78.9

For the nine months ended September 30, 2014:

(In millions)	Operating income			Depreciation and Amortization		EBITDA			Adjustments		Adjusted EBITDA
JBT FoodTech	$	50.4		$	16.5	$	66.9		$	-	$	66.9
JBT AeroTech		17.9			1.3		19.2			-		19.2
Corporate expense		(27.3	)		0.9		(26.4	)		5.7		(20.7	)
Restructuring expense		(12.5	)		-		(12.5	)		12.5		-
Total	$	28.5		$	18.7	$	47.2		$	18.2	$	65.4

The tables above provide our operating income (loss) as adjusted by depreciation and amortization expense booked during the period to arrive at a segmental and consolidated EBITDA value. Further, we add back to EBITDA significant expenses that are not indicative of our ongoing operations to calculate an adjusted EBITDA for the two periods reported. Given our Next Level focus on growth through strategic acquisitions, management considers adjusted EBITDA to be an important non-GAAP measure. This measure allows us to monitor business performance while excluding the impact of amortization due to the step up in value of intangible assets. We use adjusted EBITDA internally to make operating decisions and believe this information is helpful to investors because it allows more meaningful period-to-period comparisons of our ongoing operating results. This information is not intended to nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

21

CONSOLIDATED RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014

	Three Months Ended						Favorable /
	September 30,						(Unfavorable)
(In millions, except %)	2015			2014				$		%
Revenue	$	273.3		$	243.2		$	30.1			12.4
Cost of sales		198.8			179.0			(19.8	)		(11.1	)
Gross profit		74.5			64.2			10.3			16.0
Selling, general and administrative expense		46.4			43.5			(2.9	)		(6.7	)
Research and development expense		5.0			3.4			(1.6	)		(47.1	)
Restructuring expense		-			1.3			1.3			100.0
Other expense, net		2.0			0.8			(1.2	)		150.0
Operating income		21.1			15.2			5.9			38.8
Interest income		0.2			0.3			(0.1	)		(33.3	)
Interest expense		(1.7	)		(2.0	)		0.3			15.0
Income from continuing operations before income taxes		19.6			13.5			6.1			45.2
Provision for income taxes		6.9			4.5			(2.4	)		(53.3	)
Income from continuing operations		12.7			9.0			3.7			41.1
Loss from discontinued operations, net of taxes		(0.1	)		-			(0.1	)		-
Net income	$	12.6		$	9.0		$	3.6			40.0

Total revenue increased $30.1 million, or 12.4%, in the third quarter of 2015 compared to the same period in 2014. Organic revenue grew by 11.9%, revenue from acquired companies added 8.6%, and currency translation decreased revenue by 8.1%.

Operating income increased by $5.9 million, and $8.8 million in constant currency, compared to the same period in 2014 as a result of the following items:

● Gross profit increased by $17.0 million as a result of higher sales volume, continued impact of strategic pricing initiatives and cost savings associated with our restructuring actions and productivity improvement initiatives, partially offset by an increase of $0.4 million in amortization of intangibles.

● Selling, general and administrative expense increased $7.8 million as a result of the addition of newly acquired businesses as well as investments to support Next Level initiatives.

● Research and development expense increased $1.9 million primarily due to AeroTech investments to support Next Level initiatives.

● Restructuring expense decreased $1.3 million. During the third quarter of 2014, we continued our plan to optimize the overall JBT cost structure on a global basis and incurred additional restructuring costs related to this plan of $1.3 million.

Net interest expense decreased by $0.2 million primarily due to the settlement of the senior unsecured notes in July, 2015. The unsecured notes carried an interest rate of 6.66%, and have been replaced with lower interest rate borrowings under the revolving credit facility.

Income tax expense in the third quarter of 2015 and 2014 reflected an expected effective annual income tax rate of 32.9% and 32.6%, respectively. Both years also had $0.2 million in incremental tax expense reflecting the determination of higher tax liabilities in previous years.

22

OPERATING RESULTS OF BUSINESS SEGMENTS

THREE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014

	Three Months Ended						Favorable /
	September 30,						(Unfavorable)
(In millions, except %)	2015			2014			$			%
Revenue
JBT FoodTech	$	177.8		$	148.0		$	29.8			20.1
JBT AeroTech		95.8			95.6			0.2			0.2
Other revenue and intercompany eliminations		(0.3	)		(0.4	)		0.1			(25.0	)
Total revenue	$	273.3		$	243.2		$	30.1			12.4
Operating income before income taxes
Segment operating profit (1):
JBT FoodTech	$	20.5		$	15.5		$	5.0			32.3
JBT AeroTech		9.5			10.3			(0.8	)		(7.8	)
Total segment operating profit		30.0			25.8			4.2			16.3
Corporate items:
Corporate expense		(8.9	)		(9.3	)		0.4			4.3
Restructuring expense		-			(1.3	)		1.3			100.0
Operating income	$	21.1		$	15.2		$	5.9			38.8
Other business segment information
Adjusted EBITDA
JBT FoodTech	$	26.8		$	21.9
JBT AeroTech		10.0			10.7
Corporate expense		(8.4	)		(7.8	)
Total Adjusted EBITDA	$	28.4		$	24.8
Inbound orders
JBT FoodTech	$	190.5		$	160.4
JBT AeroTech		96.2			111.9
Intercompany eliminations		(0.2	)		(0.3	)
Total inbound orders	$	286.5		$	272.0

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

JBT FoodTech

JBT FoodTech’s revenue increased by $29.8 million, and increased $48.1 million in constant currency, in the third quarter of 2015 compared to the same period in 2014. Acquisitions contributed $20.9 million in revenue, and the remaining FoodTech business contributed $27.3 million in growth in revenue. The key driver of organic revenue performance was higher protein processing equipment sales in North America and Asia and higher liquid foods sales in North America, Europe, and Asia.

JBT FoodTech’s operating profit increased by $5.0 million in the third quarter of 2015, but increased by $7.8 million in constant currency, compared to the same period in 2014. Operating profit margin increased from 10.5% to 11.5%. Higher volume and increased profit margins contributed $14.9 million and $1.0 million in increased operating profit, respectively. Gross profit margin improved in protein processing driven by strategic pricing, better manufacturing efficiency and benefits of restructuring. This improvement was partly offset by increased selling, general and administrative expenses and research and development costs of $8.1 million, primarily a result of acquisitions and investments to support Next Level initiatives.

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JBT AeroTech

JBT AeroTech's revenue in the three months ended September 30, 2015 increased $0.2 million from the same period in 2014. Revenues from our fixed equipment business increased by $2.0 million largely due to an increase in aftermarket parts and service. Revenues in our airport services business unit improved by $1.9 million as a result of higher revenues from new and existing maintenance contracts. These improvements were mostly offset by a $3.7 million decline in revenues from mobile equipment mainly due to lower shipments of equipment and services to military customers.

JBT AeroTech's operating profit decreased by $0.8 million in the third quarter of 2015 compared to the same period in 2014. Gross profit margins improved by $0.8 million primarily as a result of strategic pricing and productivity improvements. The improvement in gross profit was more than offset by an increase in selling expenses and research and development costs of $1.5 million driven largely by investments to support Next Level initiatives. The remaining $0.1 million decline is the result of the impact of foreign currency translation.

Corporate Expense

Corporate expense decreased by $0.4 million in the third quarter of 2015 driven by the completion of our management succession plan and strategy consulting in 2014, lower inflation estimates in LIFO expense in 2015, offset by higher overall spending to support Next Level initiatives.

24

CONSOLIDATED RESULTS OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014

	Nine Months Ended						Favorable /
	September 30,						(Unfavorable)
(In millions, except %)	2015			2014				$		%
Revenue	$	752.9		$	688.8		$	64.1			9.3
Cost of sales		542.7			504.3			(38.4	)		(7.6	)
Gross profit		210.2			184.5			25.7			13.9
Selling, general and administrative expense		137.4			132.0			(5.4	)		(4.1	)
Research and development expense		13.0			10.6			(2.4	)		(22.6	)
Restructuring expense		-			12.5			12.5			100.0
Other expense, net		1.8			0.9			(0.9	)		(100.0	)
Operating income		58.0			28.5			29.5			103.5
Interest income		0.7			1.1			(0.4	)		(36.4	)
Interest expense		(6.0	)		(5.6	)		(0.4	)		(7.1	)
Income from continuing operations before income taxes		52.7			24.0			28.7			(119.6	)
Provision for income taxes		17.6			8.3			(9.3	)		112.0
Income from continuing operations		35.1			15.7			19.4			(123.6	)
Loss from discontinued operations, net of taxes		(0.1	)		(0.1	)		-			-
Net Income	$	35.0		$	15.6		$	19.4			(124.4	)

Total revenue increased $64.1 million, or 9.3%, in the nine months ended September 30, 2015 compared to the same period in 2014. Organic revenue grew by 11.0%, revenue from acquired companies added 6.1%, and currency translation decreased revenue by 7.8%.

Operating income increased $29.5 million, and $36.4 in constant currency, in the nine months ended September 30, 2015 compared to the same period in 2014 as a result of the following items:

● Gross profit increased by $44.3 million as a result of higher sales volume, continued impact of strategic pricing initiatives and cost savings associated with our restructuring actions and productivity improvement initiatives, partially offset by an increase of $2.4 million in amortization of intangibles.

● Selling, general and administrative expense increased by $17.4 million as a result of the addition of newly acquired businesses as well as investments to support Next Level initiatives.

● Research and development expense increased $3.3 million primarily due to AeroTech investments to support Next Level initiatives.

● Restructuring expense decreased $12.5 million. In the nine months ended September 30, 2014 we recorded a restructuring expense of $12.5 million in connection with our plan to optimize the overall JBT cost structure on a global basis.

Net interest expense increased by $0.8 million as a result of higher average debt balances driven by acquisitions, partially offset by the reduction in interest rate as a result of replacing senior unsecured notes with lower interest rate borrowings under the revolving credit facility.

Income tax expense in the nine months ended September 30, 2015 reflected an expected effective annual income tax rate of 32.9%, which included $0.3 million in incremental tax expense reflecting the determination of higher tax liabilities in previous years. Income tax expense in the nine months ended September 30, 2014 reflected an expected effective annual income tax rate of 32.6%, which included $0.5 million in incremental tax expense reflecting the determination of higher tax liabilities in previous years and an uncertain tax position.

25

OPERATING RESULTS OF BUSINESS SEGMENTS

NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014

	Nine Months Ended						Favorable /
	September 30,						(Unfavorable)
(In millions, except %)	2015			2014			$			%
Revenue
JBT FoodTech	$	480.9		$	457.0		$	23.9			5.2
JBT AeroTech		272.8			232.4			40.4			17.4
Other revenue and intercompany eliminations		(0.8	)		(0.6	)		(0.2	)		33.3
Total revenue	$	752.9		$	688.8		$	64.1			9.3
Income before income taxes
Segment operating profit (1):
JBT FoodTech	$	56.1		$	50.4		$	5.7			11.3
JBT AeroTech		26.2			17.9			8.3			46.4
Total segment operating profit		82.3			68.3			14.0			20.5
Corporate items:
Corporate expense		(24.3	)		(27.3	)		3.0			11.0
Restructuring expense		-			(12.5	)		12.5			100.0
Operating income		58.0			28.5			29.5			103.5
Other business segment information
Adjusted EBITDA
JBT FoodTech	$	74.2		$	66.9
JBT AeroTech		27.7			19.2
Corporate expense		(23.0	)		(20.7	)
Total Adjusted EBITDA	$	78.9		$	65.4
Inbound orders
JBT FoodTech	$	542.6		$	460.9
JBT AeroTech		292.1			283.4
Intercompany eliminations		(0.7	)		(0.5	)
Total inbound orders	$	834.0		$	743.8

	September 30,
Order backlog	2015		2014
JBT FoodTech	$	276.0	$	213.9
JBT AeroTech		185.0		213.4
Total order backlog	$	461.0	$	427.3

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

26

JBT FoodTech

JBT FoodTech’s revenue increased by $23.9 million, and increased $74.5 million in constant currency, in the nine months ended September 30, 2015 compared to the same period in 2014. The increase was driven by organic growth of $32.6 million from higher sales of protein processing products and services in Europe and North America and higher liquid foods sales in North America, Europe, and Asia, and revenue from new acquisitions of $42.0 million.

JBT FoodTech operating profit increased by $5.7 million, or $13.1 million in constant currency, in the nine months ended September 30, 2015 compared to the same period in 2014. Operating profit margin increased from 11.0% to 11.7% as a result of $23.2 million of higher volume and $7.4 million in increased product profit margins. Gross profit margin improved from strategic pricing, sourcing savings, and other cost reduction initiatives. Improved profitability was partly offset by higher selling, general and administrative expenses and research and development costs of $17.5 million, primarily a result of acquisitions and other Next Level initiatives.

JBT AeroTech

JBT AeroTech's revenue increased by $40.4 million in the nine months ended September 30, 2015 compared to the same period in 2014. Revenue from fixed equipment increased $26.7 million driven by higher investment into global airport infrastructure. Revenue from mobile equipment increased $7.8 million driven by higher demand for deicers and cargo loaders partly offset by lower demand for other equipment and services. The remaining increase in revenue of $5.9 million is mainly due to higher revenues from new and existing maintenance contracts in our airport services business.

JBT AeroTech's operating profit increased by $8.3 million during the nine months ended September 30, 2015 compared to the same period in 2014. Higher sales volume accounted for $8.4 million of the improvement and an increase in gross profit margins provided another $4.6 million of operating profit. The increase in gross profit margins was primarily driven by strategic pricing improvements and leveraging of fixed costs. Partly offsetting the gross profit improvement was an increase in selling, general and administrative expenses and research and development costs of $4.5 million driven largely by investments to support Next Level initiatives. The remaining $0.2 million decline is the result of the impact of foreign currency translation.

Corporate Expenses

Corporate expense decreased by $3.0 million in the nine months ended September 30, 2015 driven by the completion of our management succession plan and strategy and pricing consulting during 2014, partially offset by higher spending to support Next Level initiatives.

Liquidity and Capital Resources

Our primary sources of liquidity are cash provided by operating activities of our U.S. and foreign operations and borrowings from our credit facility. Our liquidity as of September 30, 2015, or cash plus borrowing ability under our revolving credit facilities, was $227.2 million. The cash flows generated by our operations and the credit facility have historically been sufficient to satisfy our working capital needs, research and development activities, capital expenditures, pension contributions, authorized share repurchases, acquisitions and other financing requirements.

As of September 30, 2015, we had $37.9 million of cash and cash equivalents, $34.1 million of which was held by our foreign subsidiaries. Although these funds are considered permanently invested in our foreign subsidiaries, we are not presently aware of any restriction on the repatriation of these funds. We maintain significant operations outside of the U.S., and many of our uses of cash for working capital, capital expenditures and business acquisitions arise in these foreign geographies. If these funds were needed to fund our operations or satisfy obligations in the U.S., they could be repatriated and their repatriation into the U.S. could cause us to incur additional U.S. income taxes and foreign withholding taxes. Any additional taxes could be offset, in part or in whole, by foreign tax credits. The amount of such taxes and application of tax credits would be dependent on the income tax laws and other circumstances at the time any of these amounts were repatriated.

As noted above, funds held outside of the U.S. are considered permanently invested in our non-U.S. subsidiaries. At times, these foreign subsidiaries have cash balances that exceed their immediate working capital or other cash needs. In these circumstances, the foreign subsidiaries may loan funds to the U.S. parent company on a temporary basis; the U.S. parent company has in the past and may in the future use the proceeds of these temporary intercompany loans to reduce outstanding borrowings under our committed credit facilities. By using available non-U.S. cash to repay our debt on a short-term basis, we can optimize our leverage ratio, which has the effect of both lowering the rate we pay on certain of our borrowings and lowering our interest costs.

27

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, 2015 was approximately $37.5 million. During 2015, each such loan was outstanding for less than 30 days, and all such loans were outstanding for less than 60 days in the aggregate. The U.S. parent used the proceeds of these intercompany loans to reduce outstanding borrowings under our 5-year 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 ended September 30, 2015 and 2014 were as follows:

(In millions)	2015			2014
Cash provided by continuing operating activities	$	47.9		$	49.5
Cash required by investing activities		(74.5	)		(64.3	)
Cash provided by financing activities		37.2			14.7
Net cash required by discontinued operations		(0.1	)		(0.4	)
Effect of foreign exchange rate changes on cash and cash equivalents		(5.9	)		(5.6	)
Increase (decrease) in cash and cash equivalents	$	4.6		$	(6.1	)

Cash provided by continuing operating activities during the nine months ended September 30, 2015 was $47.9 million, representing a $1.6 million decrease from 2014. While the total cash provided by continuing operating activities stayed relatively consistent year-over-year, higher income and advanced payments in the period contributed to an increase, which was offset by slower collections on our accounts receivable in 2015. We expect to contribute approximately $7.0 million to our pension and other post-retirement benefit plans during the remainder of 2015.

Cash required by investing activities during the nine months ended September 30, 2015 was $74.5 million, an increase of $10.2 million from 2014 due primarily to increased acquisition spending related to SFDS which was acquired in the third quarter of 2015. These increased costs were partially offset by lower capital expenditures in 2015 and proceeds received upon disposal of a property available for sale.

Cash provided by financing activities during the nine months ended September 30, 2015 was $37.2 million, an increase of $22.5 million from 2014. The change in financing cash flows was driven by an increase in borrowings against our 5-year revolving credit facility to fund the SFDS acquisition that closed in July 2015. This was partially offset by share repurchases completed during the period.

Financing Arrangements

On February 10, 2015, we entered into a new five-year $450 million revolving credit facility, with Wells Fargo Bank, N.A. as administrative agent, and repaid our prior revolving credit facility. 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, 2015 we had $229.1 million drawn on the revolving credit facility.

On March 23, 2015 we entered into two forward starting interest rate swaps which fixed the annual interest rate on a portion of our borrowing under the credit facility. The first swap covers the period beginning August 10, 2015 to February 10, 2020, and fixed the interest rate on $75 million of our borrowings at 1.592% plus a margin dependent on our leverage ratio. The second swap covers the period from January 11, 2016 to February 10, 2020, and fixed the interest on an additional $100 million of our borrowings at 1.711% plus a margin dependent on our leverage ratio.

On July 31, 2015 our $75 million principal amount of 6.66% senior unsecured notes became due. We used borrowings under the $450 million revolving credit facility noted above to fund the repayment in full of these senior unsecured notes. 

28

Our Brazilian subsidiary entered into two loans during 2013. The first loan was a $4.0 million loan with an annual interest cost of 5.5% that matured and was paid in full on August 20, 2014. The second loan was a Brazilian real denominated loan with an outstanding balance of Brl 2.3 million (approximately $0.6 million) as of September 30, 2015, which bears an annual interest rate of 5.5%. The first payment on this loan was made on May 15, 2014, with equal monthly payments required for 24 months thereafter.

During 2014, the Brazilian subsidiary entered into an additional Brazilian real denominated loan with an outstanding balance of Br1 11.5 million (approximately $2.9 million) as of September 30, 2015, which bears an annual interest rate of 8.0%. The first payment on this loan is due November 15, 2015, with equal monthly payments required for 24 months thereafter.

As part of our strategy to grow in Asia, we are expanding our operations in China and India. Due to greater restrictions on cross border financing flows in these regions, we have established credit facilities to fund some of the local working capital requirements in these markets. Four of our wholly-owned subsidiaries have short term credit facilities that allow us to borrow up to approximately $12 million in China, which mature on June 30, 2016. As of September 30, 2015, we had $0.2 million borrowed under these credit facilities. Our wholly-owned subsidiary in India has a short term credit facility that allows us to borrow up to approximately $2.3 million. As of September 30, 2015, we had no outstanding borrowings under this credit facility.

Our credit agreements include restrictive covenants that, if not met, could lead to a renegotiation of our credit lines, a requirement to repay our borrowings and/or a significant increase in our cost of financing. At September 30, 2015, we were in compliance with all covenants under the agreements governing our indebtedness discussed above.

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

Outlook

Projected revenue growth of 9-10 percent in 2015 includes a 7 percent headwind from foreign currency translation due to significant appreciation of the US Dollar in the last months of 2014 and during 2015. We expect 2015 segment operating margins to expand 50 to 75 basis points, resulting from continued benefits from our restructuring actions and Next Level operational initiatives. This forecast includes the acquisition completed in the third quarter and the recently announced acquisition that has been completed in the beginning of the fourth quarter. Based on these expectations, the diluted earnings per share from continuing operations guidance for 2015 is $1.75 - $1.80, which includes an estimated foreign currency translation headwind of $0.18 per share and approximately $0.08 per share dilutive impact from the two acquisitions in 2015.

CRITICAL ACCOUNTING ESTIMATES

Refer to our Annual Report on Form 10-K for the year ended December 31, 2014 for a discussion of our critical accounting estimates. During the nine months ended September 30, 2015, there were no material changes in our judgments and assumptions associated with the development of our critical accounting estimates.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in reported market risks from the information reported in our Annual Report on Form 10-K for the year ended December 31, 2014.

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, 2015. We have concluded that our disclosure controls and procedures were:

i) effective in ensuring that information required to be disclosed is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and

ii) effective in ensuring that information required to be disclosed is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

29

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. For example, in the first quarter of 2014, we implemented a plan to enhance the Company’s general and administrative infrastructure. This included centralizing certain administrative and transaction functions in North America to leverage a shared services model. As a result of the transition of these accounting operations to a central location, the personnel responsible for executing controls over the processing of transactions in certain processes changed during the third quarter of 2014. The central location began processing transactions in the third quarter of 2014. This transition process will continue through 2015. Management believes it took the necessary steps to monitor and maintain appropriate internal controls during the period of change. The implementation of global shared services is in the early stages, and we believe the related changes to processes and internal controls will allow us to be more efficient and further enhance our internal control over financial reporting.

Other than noted above, there were no changes in controls identified in the evaluation for the quarter ended September 30, 2015 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.

30

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, 2015, and the related condensed consolidated statements of income and comprehensive income for the three-month and nine-month periods ended September 30, 2015 and 2014, and cash flows for the nine-month periods ended September 30, 2015 and 2014. These condensed consolidated financial statements are the responsibility of the Company’s management.

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

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

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of John Bean Technologies Corporation and subsidiaries as of December 31, 2014, 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 March 2, 2015, 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, 2014, 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 29, 2015

31

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, 2015.

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, 2014.

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, 2015:

(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, 2015 through July 31, 2015		32,794	$	36.20		32,794	$	17.8
August 1, 2015 through August 31, 2015		67,206		36.49		67,206		15.4
September 1, 2015 through September 30, 2015		-		-		-		15.4
		100,000	$	36.40		100,000	$	15.4

(1) Shares repurchased under a share repurchase program for up to $30 million of our common stock authorized in 2011. Refer to our Annual Report on Form 10-K for the year ended December 31, 2014, Note 11. Stockholders’ Equity for share repurchase program details.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

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

32

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 andduly authorized officer

(Principal Accounting Officer)

Date: October 29, 2015

33

EXHIBIT INDEX

Number in Exhibit Table	Description
10.1*	Second Amendment of John Bean Technologies Corporation Employee’s Retirement Program; Part I Salaried and Nonunion Hourly Employees’ Retirement Plan (as Amended and Restated Effective as of January 1, 2012)
10.2*	Third Amendment of John Bean Technologies Corporation Employee’s Retirement Program; Part II Union Hourly Employees’ Retirement Plan (as Amended and Restated Effective as of January 1, 2012)
10.3*	JBT Corporation Retiree Welfare Benefits Plan (as Amended and Restated, Effective January 1, 2016)
10.4	First Amendment to Credit Agreement, dated as of September 15, 2015, by and among John Bean Technologies Corporate and John Bean Technologies B.V., as borrowers, Wells Fargo Bank, National Association, as administrative agent, and the other lenders signatory thereto (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on September 16, 2015)
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, 2015, 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

+

Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

34

EX-10.1

Exhibit 10.1

SECOND 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 one-time lump sum election to certain eligible Participants during a window period; and

WHEREAS, this Second 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, 2015:

● Effective as of August 1, 2015, Section 3.7 is hereby added to the Plan to read as follows:

3.7     2015 LUMP SUM OPTION WINDOW

The purpose of this Section 3.7 is to modify the provisions of the Plan to offer a one-time lump-sum election to Qualifying Participants during a window period. The provisions of this Section 3.7 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 3.7:

(1)     The term “Qualifying Participant” shall mean a Participant (A) who can be located by the Company by September 30, 2015, after a diligent search, who terminated employment with the Company or an Affiliate on or before December 31, 2014 with a vested accrued benefit and who has not been subsequently rehired by the Company or an Affiliate as of December 1, 2015, (B) who is not currently receiving a benefit from the Plan as of August 31, 2015, (C) who is not scheduled to commence payment of his benefit from the Plan on or before October 30, 2015, (D) whose Normal Retirement Date does not occur prior to December 1, 2015, (E) whose accrued benefit actuarial equivalent lump sum value as of December 1, 2015 exceeds $1,000, but does not exceed $75,000, (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 3.7. The Benefit Election Window shall begin on August 31, 2015 and shall expire on October 30, 2015; 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, 2015 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, 2015 (the “Limited Benefit Election Annuity Starting Date”).

2

(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, 2015, 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 2015; 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, 2015, 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, 2015, 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.

3

(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, 2015, in order to be paid in accordance with the Benefit Election Window provisions set forth in this Section 3.7.

(c)     Death Benefit.

(1)     If a Qualifying Participant’s death occurs prior to August 31, 2015, 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 August 31, 2015, 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 August 31, 2015, 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 2015 Lump Sum Option Window.

Notwithstanding any provision set forth in this Section 3.7 to the contrary, the maximum aggregate amount of lump sum payments payable pursuant to the 2015 Lump Sum Option Window under this Section 3.7 shall be limited to $12,750,000. In the event the aggregate amount of lump sum payments elected by Qualifying Participants exceeds $12,750,000, 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 $12,750,000; at such point, the Participant’s election that caused the aggregate lump sum values up to that point to exceed $12,750,000, 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.

4

IN WITNESS WHEREOF, the Company has caused this amendment to be executed by a duly authorized representative this 4th day of August, 2015.

John Bean Technologies Corporation
By:	/s/ Mark Montague
Its:	EVPHR

Firmwide:134304088.2 060104.1021

5

EX-10.2

Exhibit 10.2

THIRD 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 one-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, 2015:

● Effective as of August 1, 2015, Section 3.7 is hereby added to the Plan to read as follows:

3.7     2015 LUMP SUM OPTION WINDOW

The purpose of this Section 3.7 is to modify the provisions of the Plan to offer a one-time lump-sum election to Qualifying Participants during a window period. The provisions of this Section 3.7 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 3.7:

(1)     The term “Qualifying Participant” shall mean a Participant (A) who can be located by the Company by September 30, 2015, after a diligent search, who terminated employment with the Company or an Affiliate on or before December 31, 2014 with a vested accrued benefit and who has not been subsequently rehired by the Company or an Affiliate as of December 1, 2015, (B) who is not currently receiving a benefit from the Plan as of August 31, 2015, (C) who is not scheduled to commence payment of his benefit from the Plan on or before October 30, 2015, (D) whose Normal Retirement Date does not occur prior to December 1, 2015, (E) whose accrued benefit actuarial equivalent lump sum value as of December 1, 2015 exceeds $1,000, but does not exceed $75,000, (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 3.7. The Benefit Election Window shall begin on August 31, 2015 and shall expire on October 30, 2015; 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, 2015 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, 2015 (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, 2015, the normal form of payment shall be reduced by a factor which is the lesser of:

2

(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 2015; 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, 2015, 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, 2015, 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.

3

(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, 2015, in order to be paid in accordance with the Benefit Election Window provisions set forth in this Section 3.7.

(c)     Death Benefit.

(1)     If a Qualifying Participant’s death occurs prior to August 31, 2015, 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 August 31, 2015, 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 August 31, 2015, 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 2015 Lump Sum Option Window.

Notwithstanding any provision set forth in this Section 3.7 to the contrary, the maximum aggregate amount of lump sum payments payable pursuant to the 2015 Lump Sum Option Window under this Section 3.7 shall be limited to $12,750,000. In the event the aggregate amount of lump sum payments elected by Qualifying Participants exceeds $12,750,000, 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 $12,750,000; at such point, the Participant’s election that caused the aggregate lump sum values up to that point to exceed $12,750,000, 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.

4

IN WITNESS WHEREOF, the Company has caused this amendment to be executed by a duly authorized representative this 4th day of August, 2015.

John Bean Technologies Corporation
By:	/s/ Mark Montague
Its:	EVPHR

Firmwide:134307819.2 042176.1214

5

EX-10.3

Exhibit 10.3

JBT CORPORATION

RETIREE WELFARE BENEFITS PLAN

(As Amended and Restated, Effective January 1, 2016)

TABLE OF CONTENTS 

		PAGE
SECTION 1	DEFINITION AND PURPOSE OF PLAN	1
1.1	Definition of Plan	1
1.2	Purpose	1
SECTION 2	DEFINITIONS	1
2.1	Benefit Plans	1
2.2	Benefit Plan Material	1
2.3	Code	1
2.4	Eligible Retiree	1
2.5	Employee	2
2.6	Employer	2
2.7	Participant	2
2.8	Plan	2
2.9	Plan Administrator	2
2.10	Plan Year	2
2.11	Retiree	2
2.12	Spouse	2
SECTION 3	PARTICIPATION: ELIGIBILITY, ENROLLMENT and ELECTION CHANGES	3
3.1	Eligibility	3
3.2	Participation	3
3.3	Termination of Participation	3
SECTION 4	FUNDING AND CONTRIBUTIONS	4
4.1	Establishment of Funding Policy	4
4.2	Participant Contributions	4
4.3	Employer Contributions	4
4.4	Policy Dividends and/or Refunds	4
4.5	No Right to Assets	4
SECTION 5	PLAN ADMINISTRATION	5
5.1	Responsibilities of Named Fiduciaries	5

i

TABLE OF CONTENTS  

(CONTINUED)

		PAGE
5.2	Plan Administrator	5
5.3	Indemnification	6
5.4	Bonding and Insurance	7
SECTION 6	BENEFITS AND CLAIMS	7
6.1	Benefits	7
6.2	Payment of Claims to Others	7
6.3	Claims Information	7
6.4	Benefits of Unlocated Persons	8
6.5	Acts of Third Parties	8
6.6	Claims Procedures	8
SECTION 7	AMENDMENT AND TERMINATION	11
7.1	Amendment	11
7.2	Termination	11
7.3	Applicable Law	11
SECTION 8	MISCELLANEOUS	11
8.1	Proof of Age, Marriage and Dependent Status	11
8.2	Workers' Compensation	11
8.3	Nondiscrimination	11
8.4	Notice	11
8.5	Employment Not Guaranteed	11
8.6	Captions	12
8.7	Withholding of Taxes	12
8.8	Assignment of Benefits	12
8.9	Correction of Errors	12
8.10	Severability of Provisions	12
8.11	Governing Law	12
8.12	No Waiver of Terms	12
8.13	Governing Provisions	13

ii

JBT CORPORATION

RETIREE WELFARE BENEFITS PLAN

SECTION 1

DEFINITION AND PURPOSE OF PLAN

1.1     Definition of Plan

John Bean Technologies Corporation (the “Company”) hereby amends and restates the “JBT Corporation Retiree Welfare Benefits Plan” (the “Plan”), effective January 1, 2016, which shall consist of the provisions contained herein. The most current provisions describing claims administration, benefits, and eligibility are described in the insurance contracts, and the most current summary plan descriptions (SPDs) and employee booklets, which are incorporated herein by this reference. The Plan provides life insurance benefits.

1.2     Purpose

The Plan is intended to constitute an employee welfare benefit plan as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and as such, to provide the Employer’s Eligible Retirees with the benefits described in Section 6. The Plan shall be administered for the exclusive benefit of Eligible Retirees solely to provide such benefits in accordance with the provisions of the Plan.

SECTION 2

DEFINITIONS

2.1     Benefit Plans

The term “Benefit Plans” shall mean the employee welfare benefit programs offered through this Plan, as listed from time to time in Appendix A.

2.2     Benefit Plan Material

The term “Benefit Plan Material” shall mean the SPDs and employee booklets, insurance contracts, and any other material with respect to the Benefit Plans.

2.3     Code

The term “Code” shall mean the Internal Revenue Code of 1986, as amended.

2.4     Eligible Retiree

The term “Eligible Retiree” shall mean those Retirees described in Section 3.1 of the Plan.

1

2.5     Employee

The term “Employee” shall mean a common law employee of the Employer. The term “Employee” shall exclude leased employees within the meaning of Code section 414(n).

2.6     Employer

The term “Employer” shall mean John Bean Technologies Corporation (the “Company”) and any business, trade, etc. which is under common control (within the meaning of Code Sections 414(b) and (c)), any member of an affiliated service group within the meaning of Code Section 414(m) and any other entity required to be aggregated pursuant to regulations under Code Section 414(o) which, with the consent of the Company, adopts the Plan.

2.7     Participant

The term “Participant” shall mean an Eligible Retiree thereof who is covered under the Plan pursuant to Section 3.

2.8     Plan

The term “Plan” shall mean the JBT Corporation Retiree Welfare Benefits Plan, as amended and restated, effective January 1, 2016, and as may be further amended from time to time.

2.9     Plan Administrator

The term “Plan Administrator” shall mean the Company or the person or persons appointed by the Company to administer the Plan. The Company appoints the Employee Benefits Plan Committee of JBT Corporation to serve as Plan Administrator of the Plan.

2.10     Plan Year

The term “Plan Year” shall mean the twelve-month period beginning on each January 1^st and ending on each December 31 thereafter, provided the first Plan Year shall be a short Plan Year commencing June 1, 2008 and ending December 31, 2008.

2.11     Retiree

The term “Retiree” shall mean an Employee who has retired from employment with the Employer.

2.12     Spouse

The term “Spouse” shall mean the person to whom the Participant is legally married. Notwithstanding the preceding sentence, the term Spouse shall not include an individual legally separated from a Participant under a decree of legal separation .

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SECTION 3

PARTICIPATION: ELIGIBILITY,
ENROLLMENT and ELECTION CHANGES

3.1     Eligibility

Each Retiree of the Employer who satisfies the eligibility requirements set forth in a Benefit Plan shall be eligible to participate in this Plan as a result of their participation in such Benefit Plan. Notwithstanding any provision of the Plan to the contrary, effective January 1, 2011, any Employee who meets the criteria set forth in clause (i), (ii) or (iii) below shall not be eligible to participate in the Plan upon retirement: (i) becomes employed or re-employed by the Company in the Airport Services division of the Company on or after January 1, 2011 at one of the Company’s Airport Services division locations listed in Appendix B and is not a “prevailing wage” or “living wage” employee; (ii) is employed by the Company in the Airport Services division of the Company under Prevailing or Responsible Wage conditions on or after January 1, 2011 at one of the Company’s Airport Services division locations listed in Appendix B (a “prevailing wage employee”); or (iii) is employed by the Company in the Airport Services division of the Company under living wage conditions on or after January 1, 2011 at one of the Company’s Airport Services division locations listed in Appendix B (a “living wage employee”).

3.2     Participation

The terms and conditions for the enrollment procedures and the period during which benefits continue in any Benefit Plan shall be as provided in the applicable Benefit Plan Material. Participation in the Plan commences when an individual first becomes covered under any Benefit Plan. In the absence of any such terms and conditions, the following shall apply:

(a)     In order for an Eligible Retiree, if any, to become covered under a Benefit Plan under the Plan, the Eligible Retiree must elect to enroll himself in such Benefit Plan within thirty-one (31) days from his Plan eligibility date and by agreeing to make contributions for the Benefit Plan as required by the Employer; and

(b)     Notwithstanding the above to the contrary, to the extent required under the applicable insurance requested, in order for an Eligible Retiree to become covered under the applicable Benefit Plan, such Eligible Retiree must show evidence of insurability.

3.3     Termination of Participation

A Participant’s participation in the Plan shall terminate on the date he or she is no longer eligible to participate in any Benefit Plan, as follows:

Coverage of a Retiree under the Plan shall automatically terminate as of the earliest of:

(a)     The date on which the Retiree revokes his election of a Benefit Plan;

(b)     The thirtieth (30^th) day after the date on which any required Retiree contributions were due and not paid, provided, such coverage will be retroactively terminated on such 30^th day to the first date for which Retiree contributions were due but not paid; or

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(c)     The date the Retiree is not covered because the provisions of the Plan terminate, or are amended to preclude coverage.

SECTION 4

FUNDING AND CONTRIBUTIONS

4.1     Establishment of Funding Policy

(a)     The Company shall establish and carry out with respect to each Benefit Plan a funding policy and method consistent with the objectives of the Benefit Plans and the requirements of Title I of ERISA. The funding policy for any particular Benefit Plan may call for the Company to purchase and hold insurance contracts and policies to provide some or all of the benefits; for all or a part of the benefits provided to be paid from the general assets of the Company; or for all or part of the benefits provided to be funded by Participant contributions.

(b)     The funding policy of any particular Benefit Plan may be amended by the Company from time to time.

4.2     Participant Contributions

The amount of contributions, if any, required from Participants under the Benefit Plans shall be determined from time to time by the Company. Participants shall be advised of any changes in the amount of Participant contributions prior to the effective date of any such change. Participants and beneficiaries shall not be entitled to any interest on any amounts contributed pursuant to the Plan.

4.3     Employer Contributions

The Employer shall make such contributions in the time and manner it shall deem appropriate or as shall be required by applicable law.

4.4     Policy Dividends and/or Refunds

4.5     Due to the funding policy as provided in this Section 4, the Company shall be entitled to retain any policy dividend or refund, or portion thereof, it receives from any insurance company or any other organizations or individuals, that exceeds the amount necessary to fund the benefits provided by any particular Benefit Plan and Benefit Plan expenses, except to the extent that amounts received exceed the Employer’s contributions to that Benefit Plan for the period in questionNo Right to Assets

No Participant or beneficiary shall have any right to, interests in or claim for any particular assets of the Employer, the Plan, any Benefit Plan or any underlying contract, trust or other vehicle for purposes of satisfying any benefits due such individual.

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SECTION 5

PLAN ADMINISTRATION

5.1     Responsibilities of Named Fiduciaries

(a)     The Plan Administrator, as named fiduciary, shall be responsible for the administration and operation of the Plan. As a fiduciary, the Plan Administrator and any other person to whom any fiduciary responsibilities are allocated or delegated hereunder shall discharge all duties with respect to the Plan solely in the interest of the Participants and (i) for the exclusive purpose of providing benefits to Participants and defraying the reasonable expense of administering the Plan; (ii) with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct or an enterprise of a like character and with like aims; and (iii) in accordance with the terms of the Plan and applicable law.

(b)     Except to the extent provided in Section 405 of ERISA, no fiduciary under the Plan shall be liable for any act or omission of any other fiduciary hereunder except to the extent that (i) such fiduciary participates knowingly in or knowingly undertakes to conceal an act or omission of such other person, knowing such act or omission is a breach of such other person’s fiduciary duty; (ii) such fiduciary by his failure to carry out his own duties in accordance with the standards set forth in subsection (a) above has enabled such other person to commit a breach; or (iii) such fiduciary has knowledge of a breach by such other person and fails to take reasonable efforts under the circumstances to remedy such breach.

5.2     Plan Administrator

(a)     The Plan Administrator is a named fiduciary that has the absolute discretionary authority to control and manage the operation and administration of the Plan and the Benefit Plans. The Plan Administrator shall be the agent for the service of legal process for the Plan and shall have the following duties in addition to any other duties set forth elsewhere in the Plan:

(i)     Reports. The Plan Administrator shall file all reports to governmental agencies and shall provide Participants with all required notices, reports and information.

(ii)     Recordkeeping. The Plan Administrator shall maintain all required records.

(iii)     Eligibility and Benefit Determination. The Plan Administrator shall have the primary responsibility to administer the Plan in accordance with its terms and shall have the power and discretion to construe the terms of the Plan and to determine all questions arising in connection with the administration, interpretation and application of the Plan, including without limitation, the discretion to determine all questions relating to the eligibility to participate and receive benefits under the Plan. All claims for eligibility to participate or the payment of benefits hereunder shall be submitted in accordance with the claim procedures set forth in Section 6 of the Plan.

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(iv)     Administration. The Plan Administrator may establish procedures, correct any defect, supply any information, waive Plan cost containment provisions or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable, in the sole discretion of the Plan Administrator, to carry out the purpose of the Plan; provided, however, that any procedure, discretionary act, interpretation or construction shall be done in a nondiscriminatory manner based upon uniform principles consistently applied.

(b)     Notwithstanding the provisions of Subsection 5.2(a), any insurance company issuing an insurance contract shall have sole discretion with respect to the matters for which it is made responsible under such insurance contract and, to the extent required by ERISA, shall acknowledge in writing that it is a fiduciary with respect to those responsibilities.

(c)     The discretionary authority of the below named fiduciaries shall include, but not be limited to, the following:

The insurance company shall have sole discretion, with respect to the Plan’s insured benefits, to determine eligibility for participation (to the extent such eligibility has not been determined by the Employer), coverage, payment of benefits, and all such other determinations set forth in the insurance contract.

(d)     Each named fiduciary shall be deemed to have properly exercised its authority unless it has abused its discretion hereunder by acting arbitrarily or capriciously.

(e)     The Plan Administrator may delegate in writing any of his responsibilities under the Plan to another person or persons. Notice of any such delegation shall be given to the board of directors of the Company. Without limitation of the preceding sentences, the Plan Administrator may appoint such third-party administration service providers, agents, counsel, accountants, consultants, actuaries and other entities as it deems necessary and appropriate to assist in the administration of the Plan.

5.3     Indemnification

To the extent permitted by law, any employees or officers of the Employer shall be indemnified by the Employer against any and all liabilities, losses, damages, costs, and expenses (including legal fees claims, and expenses) which may be imposed on, incurred by, or asserted against the Employer by reason of the acts or omissions relating to the Plan, except for any willful violation of law or willful breach of duty to the Plan.

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5.4     Bonding and Insurance

To the extent required by law, with respect to benefits subject to ERISA, every fiduciary of the Plan and every person handling Plan funds shall be bonded. The Plan Administrator shall take such steps as are necessary to assure compliance with applicable bonding requirements. The Plan Administrator may apply for and obtain fiduciary liability insurance insuring the Plan against damages by reason of breach of fiduciary responsibility at the Plan’s expense and insuring each fiduciary against liability to the extent permissible by law at the Employer’s expense.

SECTION 6

BENEFITS AND CLAIMS

6.1     Benefits

The Benefit Plans listed in Appendix A as may be revised from time to time by the Company without amendment hereof shall constitute a part of this Plan. Except as otherwise directed by the Plan Administrator, benefits under any Benefit Plan shall be paid by the Employer or the insurance company, as applicable. The benefits payable under the Benefit Plans and the conditions for receipt of such benefits are specified in the Benefit Plans and the Benefit Plan Materials. Except to the extent specifically provided in the Benefit Plan, no Participant or beneficiary is vested in any coverage or benefits under a Benefit Plan.

6.2     Payment of Claims to Others

If the Plan Administrator or insurance company determines in its sole discretion that any person to which any amount is payable under the Plan is unable to care for his affairs because of sickness or injury or is a minor or has died, then any payment due him or his estate (unless a prior claim therefore has been made by a duly appointed legal representative) may, if the Plan Administrator or insurance company so elects, be paid to his spouse, a dependent child, a relative, an institution maintaining or having custody of such person, or any other person deemed by the Plan Administrator or insurance company to be a proper recipient on behalf of such person otherwise entitled to payment in accordance with the terms of such Benefit Plan. The Plan Administrator or insurance company shall, however, not be under any affirmative obligation to investigate whether a person is or is not capable of caring for his or her affairs. Any such payment shall be a complete discharge of the liability of the Plan.

6.3     Claims Information

Each covered person shall provide to the Plan Administrator or insurance company such pertinent information concerning himself, the expenses for which a claim has been filed, benefits payable under other plans and such other information as the Plan Administrator or insurance company may specify or as required by the Benefit Plan, and no covered person or other person shall have any rights or be entitled to any benefits under the Benefit Plan or Plan unless such information is filed by or with respect to him. Such information must be provided to the Plan Administrator or insurance company within the time periods and other guidelines provided in the Benefit Plan Material.

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6.4     Benefits of Unlocated Persons

If the Plan Administrator or insurance company cannot ascertain the whereabouts of any person to whom a payment is due under a Benefit Plan, and if, after three months from the date such payment is due, a notice of such payment due is mailed to the last known address of such person, as shown on the records of the Plan Administrator or insurance company, and within three months after such mailing such person has not made written claim therefore, the Plan Administrator or insurance company if it so elects, may direct that such payment and all remaining payments otherwise due to such person be canceled, and upon such cancellation, the Benefit Plan and the Plan shall have no further liability therefore.

6.5     Acts of Third Parties

(a)     Right of First Reimbursement. To the extent that benefits have been or are expected to be paid under the Plan in connection with injuries resulting from the act or omission of a third party and the Participant collects payment from such third party, the Participant may be required to reimburse the Plan for the full amount of benefits paid under the Plan or the full amount collected from the third party, if less, as provided in the Benefit Plan Material. The Plan shall retain the right of first reimbursement out of any recovery the Participant obtains regardless of whether or not the Participant is made whole.

(b)     Subrogation. In addition to the foregoing right of first reimbursement, to the extent permitted by applicable law, the Plan may seek payment directly or indirectly from a third party who is liable to a Participant in connection with injuries resulting from the act or omission of the third party. The amount of any payment sought from such third party shall be equal to the amount of benefits previously paid to the Participant by the Plan on account of such injuries regardless of whether or not the Participant is made whole.

6.6     Claims Procedures

(a)     This Section 6.6 shall be effective for claims filed under the Plan. Except to the extent that either (1) any Benefit Plan provides otherwise, (2) Section 5 of the Plan provides otherwise, or (3) the Plan Administrator, pursuant to Section 5 delegates claims fiduciary authority to another person or entity, the Plan Administrator shall be responsible for making all determinations as to the rights of any Participant or any beneficiary to receive amounts under the Plan. The term Plan Administrator, as used herein, shall include any individual or entity that serves as claims fiduciary under the Plan.

(b)     If a claim for benefits under the Plan, is wholly or partially denied, notice of the decision shall be furnished to the claimant within a reasonable period of time, not to exceed 90 days after receipt of the claim by the Plan Administrator, unless special circumstances require an extension of time for processing the claim. If such an extension of time is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period. In no event shall such extension exceed a period of 90 days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date on which the Plan Administrator expects to render a decision.

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(c)     The Plan Administrator shall provide every claimant who is denied a claim for benefits, with a written notice setting forth, in a manner calculated to be understood by the claimant, the following:

(i)     a specific reason or reasons for the denial;

(ii)     specific reference to pertinent Plan or Benefit Plan provisions upon which the denial is based;

(iii)     a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

(iv)     an explanation of the Plan’s claims review procedure and the time limits applicable to such procedures, including a statement of the claimants right to bring a civil action under Section 502(a) of ERISA.

(d)     The purpose of the review procedure set forth in this Section 6.6 is to provide a procedure by which a claimant, under the Plan, may have reasonable opportunity to appeal a denial of a claim to the Plan Administrator for a full and fair review. To accomplish that purpose, the claimant, or his duly authorized representative may:

(i)     request review upon written application to the Plan Administrator;

(ii)     review and/or copy free of charge, pertinent Plan documents, records, and other information relevant to the claimant’s claim;

(iii)     submit issues and comments in writing; and

(iv)     submit documents, records and other information relating to the claim.

A claimant (or his duly authorized representative) shall request a review by filing a written application for review with the Plan Administrator. Requests for review of claims under the Plan and any Benefit Plan, must be made within 60 days after receipt by the claimant of written notice of the denial of his claim.

(e)     Decision on review of a denied claim shall be made in the following manner:

(i)     The decision on review shall be made by the Plan Administrator, who may, in its discretion, hold a hearing on the denied claim. The review shall take into account all comments, documents, records and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

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(ii)     The Plan Administrator reviewing the claim denial shall hold regularly scheduled meetings at least quarterly;

(iii)     With respect to claims under a Benefit Plan, the Plan Administrator shall make its decision promptly, and not later than the date of the meeting of the Plan Administrator immediately following the receipt of the request for review, unless the request for review is received within 30 days of such meeting, in which case the decision shall be made no later than the second meeting following receipt of the request for review. If special circumstances require further extension of time for processing, a decision shall be rendered as soon as possible, but not later than the date of the third meeting of the Plan Administrator after receipt of the request for review. If such an extension of time for review is required, written notice of the extension shall be furnished to the claimant prior to the commencement of the extension. Such notice of extension shall indicate the special circumstances requiring the extension of time and the date by which the Plan Administrator expects to render the determination on review.

(iv)     All decisions on review shall be in writing and shall be delivered to the claimant as soon as possible, but not later than 5 days after the claim determination is made. Such notice shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, with the specific reason or reasons for the denial of the claim, specific references to the pertinent Plan provisions on which the decision is based and a statement that the claimant is entitled to receive upon request and free of charge reasonable access to and copies of all documents, records and other information relevant to the claimant’s claim for benefits, as well as a statement of the claimant’s right to bring an action under Section 502(a) of ERISA.

(v)     In the event that the decision on review is not furnished within the time period set forth in Section 6.6(c)(ii), the claim shall be deemed denied on review.

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SECTION 7

AMENDMENT AND TERMINATION

7.1     Amendment

The Company or its delegate may amend in writing any part or all of the Plan, any Benefit Plan or any contract providing benefits (with, if applicable, the agreement of the relevant insurance company) at any time or from time to time. The Company or its delegate may also remove or change any insurance company at any time and from time to time.

7.2     Termination

The Company or its delegate may terminate or partially terminate the Plan, any individual Benefit Plan, or discontinue Employer contributions to one or more Benefit Plans at any time.

7.3     Applicable Law

The Company or its delegate reserves the right to terminate or amend the Plan at any time if the Plan is deemed not to be in compliance with applicable law.

SECTION 8

MISCELLANEOUS

8.1     Proof of Age, Marriage and Dependent Status

Participants may be required to furnish satisfactory proof of age or marital status as a condition to maintain coverage under the Plan.

8.2     Workers' Compensation

The Plan is not in lieu of, and does not affect any requirement for coverage by, workers’ compensation insurance.

8.3     Nondiscrimination

The Plan Administrator shall take all steps it considers necessary or desirable to conform the operation of the Plan to the nondiscrimination requirements of the Code, if applicable, or other applicable law, and may unilaterally change or revoke an election by an Eligible Retiree for that purpose.

8.4     Notice

Any notice to be delivered under this Plan shall be given in writing and delivered, personally or by mail, postage prepaid, addressed to the Company (or the insurance company, as applicable and as described in the Benefit Plan Materials), the Participant, or any beneficiaries, as the case may be, at their last known address.

8.5     Employment Not Guaranteed

Nothing contained in the Plan, nor any action taken hereunder, shall be construed as a contract of employment, or as giving any Employee any right to be retained as an Employee of the Employer. The Employer reserves the right to terminate any Employee at any time in its sole discretion, with or without cause, except to the extent expressly provided otherwise in a written employment agreement between Employee and the Employer.

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8.6     Captions

The captions of the sections of this Plan are for convenience only and shall not control the meaning or construction of any of its provisions.

8.7     Withholding of Taxes

To the extent required by law, the Employer may withhold from payments made pursuant to this Plan or otherwise all federal, state, local, or other taxes as shall be required with respect to any amounts paid or payable under this Plan or any Benefit Plan.

8.8     Assignment of Benefits

Except as may otherwise be required by law, or as otherwise specifically provided in the Plan, no amount payable at any time under the Plan shall be subject in any manner to alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge or encumbrance of any kind, nor in any manner be subject to the debts or liabilities of any person. Any attempt to so alienate or subject any such amount, whether presently or thereafter payable, shall be void. If any person attempts to alienate, sell, transfer, assign, pledge, attach, charge or otherwise encumber any amount payable under the Plan, or any part thereof, or if by reason of his bankruptcy or other event happening at any such time, such amount would be made subject to his debts or liabilities or would otherwise not be enjoyed by him, then the Plan Administrator may direct that such amount be withheld and that the same or any part thereof be paid or applied to or for the benefit of such person, his spouse, dependent children or other dependents, or any of them, in such manner and proportion as the Plan Administrator may deem proper.

8.9     Correction of Errors

In the event an incorrect amount is paid to or on behalf of a Participant or beneficiary, any remaining payments may be adjusted to correct the error. The Plan Administrator may take such other action it deems necessary and equitable to correct any such error.

8.10     Severability of Provisions

If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included.

8.11     Governing Law

This Plan shall be construed and enforced in accordance with ERISA and, to the extent it is not preempted by ERISA, in accordance with the internal laws of the State of Illinois, without regard to any conflict of laws provisions.

8.12     No Waiver of Terms

No term, condition or provision of the Plan shall be deemed to have been waived, and there shall be no estoppel against the enforcement of any provision of the Plan, except by written agreement of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such wavier shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

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8.13     Governing Provisions

In the event that there are inconsistencies between the provisions of this Plan document and the provisions of any Benefit Plan Material, the provisions appearing in this Plan document shall govern.

IN WITNESS WHEREOF, the Company has caused this Plan, as amended and restated, effective January 1, 2016, to be executed in its name and behalf on this 31st day of August, 2016.

JOHN BEAN TECHNOLOGIES CORPORATION
By:	/s/ Mark Montague
Its:	EVPHR

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APPENDIX A
TO THE
JBT CORPORATION RETIREE
WELFARE BENEFITS PLAN
(Benefit Plans)

The Company maintains as part of the Plan such Benefit Plans listed from time to time in this Appendix A. The Benefit Plan Material then in effect associated with each Benefit Plan are hereby incorporated into and made a part of the Plan.

Life Insurance Plan

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APPENDIX B

LIST OF AIRPORT SERVICES DIVISIONS

Name of Division Location	Effective Date	End Date	Prevailing Wage Employee (Y/N)	Living Wage Employee (Y/N)
LAX Terminal 6 (FFT AS LAX PW 50248)	January 1, 2011		Y	Y
Miami-Dade County (FFT AS MIAMI PW 50245)	January 1, 2011		Y	N
Orange County (FFT AS ORANGE CTY PW 50246)	January 1, 2011		Y	N
Long Beach (FFT AS Long Beach PW 50247)	January 1, 2011		Y	N
LAX Delta (FFT AS LAX DELTA 50249)	March 1, 2011		N	N
Cincinnati (FFT AS CINCINNATI LP 50250)	June 1, 2011		N	N
LAX Terminal 2 (FFT AS LAX2 LP 50251)	September 1, 2011		N	N
Houston Train (FFT AS HAS TRAIN LP 50253)	September 1, 2011		N	N
Chicago O’Hare (FFT AS CHI ORD LP 50252)	October 1, 2011		N	N

Firmwide:134880347.2 060104.1021

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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 29, 2015, 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 29, 2015

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 29, 2015
	/s/ Thomas W. Giacomini
	Thomas W. Giacomini
	Chairman, 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 29, 2015
	/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, Chairman, 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, 2015, 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 29, 2015
	/s/ Thomas W. Giacomini
	Thomas W. Giacomini
	Chairman, 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, 2015, 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 29, 2015
	/s/ Brian A. Deck
	Brian A. Deck
	Executive Vice President and Chief Financial Officer (Principal Financial Officer)

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Note 3 - Summary of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Customer Relationships [Member]
Gross carrying amount	$ 53.8	$ 49.8
Accumulated amortization	14.6	12.4
Patents And Acquired Technology [Member]
Gross carrying amount	35.7	36.7
Accumulated amortization	23.1	23.4
Trademarks [Member]
Gross carrying amount	28.1	14.8
Accumulated amortization	7.7	7.4
Other Intangible Assets [Member]
Gross carrying amount	6.3	5.6
Accumulated amortization	4.4	3.7
Gross carrying amount	123.9	106.9
Accumulated amortization	$ 49.8	$ 46.9

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Note 11 - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments	$ 8.5	$ 10.7
Derivatives
Total assets	$ 8.5	$ 10.7
Liabilities:
Derivatives
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Investments
Derivatives	$ 5.9	$ 9.1
Total assets	5.9	9.1
Liabilities:
Derivatives	4.9	3.9
Fair Value, Measurements, Recurring [Member]
Assets:
Investments	8.5	10.7
Derivatives	5.9	9.1
Total assets	14.4	19.8
Liabilities:
Derivatives	4.9	3.9
Derivatives	5.9	9.1
Derivatives	$ 4.9	$ 3.9

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Note 10 - Derivative Financial Instruments and Risk Management (Details Textual) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Mar. 23, 2015	Dec. 31, 2014 USD ($)
Foreign Exchange Contract [Member]
Derivative Asset, Notional Amount	$ 296.0		$ 296.0
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member]
Derivative Liability, Noncurrent	3.1		3.1
Interest Rate Swap [Member]
Derivative, Number of Instruments Held					2
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax			1.8
First Interest Rate Swap [Member]
Derivative, Amount of Hedged Item	$ 75.0		$ 75.0
Derivative, Fixed Interest Rate	1.592%		1.592%
Second Interest Rate Swap [Member]
Derivative, Amount of Hedged Item	$ 100.0		$ 100.0
Derivative, Fixed Interest Rate	1.711%		1.711%
Derivative Liability, Noncurrent	$ 0.1		$ 0.1
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	$ (1.8)		$ (1.8)

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Note 11 - Carrying Values and the Estimated Fair Values of Debt Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Senior Unsecured Notes [Member]
Long-term Debt		$ 75.0
Estimated Fair Value		77.6
Revolving Credit Facility1 [Member]
Carrying Value	$ 229.1	94.3
Estimated Fair Value	229.1	94.3
First Brazilian Real Loan [Member]
Long-term Debt	0.6	2.0
Estimated Fair Value	0.5	1.8
Second Brazilian Real Loan [Member]
Long-term Debt	2.9	4.3
Estimated Fair Value	2.5	3.7
Foreign Credit Facilities [Member]
Carrying Value	0.2	2.3
Estimated Fair Value	0.2	2.3
Other Debt Financial Instrument [Member]
Long-term Debt	0.3	0.1
Estimated Fair Value	0.3	$ 0.1
Carrying Value	$ 229.1

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Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Mar. 13, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	192,589
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Fair Value	$ 6.7
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Allocated Share-based Compensation Expense		$ 1.9	$ 1.9	$ 5.2	$ 5.6

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Note 13 - Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2015			2014			2015			2014
Revenue
JBT FoodTech	$	177.8		$	148.0		$	480.9		$	457.0
JBT AeroTech		95.8			95.6			272.8			232.4
Intercompany eliminations		(0.3	)		(0.4	)		(0.8	)		(0.6	)
Total revenue	$	273.3		$	243.2		$	752.9		$	688.8
Income before income taxes
Segment operating profit:
JBT FoodTech	$	20.5		$	15.5		$	56.1		$	50.4
JBT AeroTech		9.5			10.3			26.2			17.9
Total segment operating profit		30.0			25.8			82.3			68.3
Corporate items:
Corporate expense (1)		(8.9	)		(9.3	)		(24.3	)		(27.3	)
Restructuring expense (2)		-			(1.3	)		-			(12.5	)
Operating income		21.1			15.2			58.0			28.5
Net interest expense		(1.5	)		(1.7	)		(5.3	)		(4.5	)
Income from continuing operations before income taxes	$	19.6		$	13.5		$	52.7		$	24.0

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Note 12 - Product Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Balance at beginning of period	$ 10.0	$ 9.6	$ 10.2	$ 10.1
Expense for new warranties	$ 3.1	2.4	8.0	6.6
Adjustments to existing accruals		(0.2)	(0.3)	(0.8)
Claims paid	$ (2.7)	(2.5)	(7.4)	(6.5)
Added through acquisition	0.6	0.5	0.6	0.5
Translation	(0.1)	(0.3)	(0.2)	(0.4)
Balance at end of period	$ 10.9	$ 9.5	$ 10.9	$ 9.5

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Note 3 - Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Goodwill [Table Text Block]

(In millions)	JBT FoodTech			JBT AeroTech			Total
Balance as of December 31, 2014	$	61.4		$	7.8		$	69.2
Acquisitions		25.4			-			25.4
Currency translation		(0.7	)		(0.1	)		(0.8	)
Balance as of September 30, 2015		86.1			7.7			93.8

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	September 30, 2015				December 31, 2014
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	53.8	$	14.6	$	49.8	$	12.4
Patents and acquired technology		35.7		23.1		36.7		23.4
Trademarks		28.1		7.7		14.8		7.4
Other		6.3		4.4		5.6		3.7
Total intangible assets	$	123.9	$	49.8	$	106.9	$	46.9

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Note 10 - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivatives	$ 5.9	$ 9.1
Amount Presented in the Consolidated Balance Sheets	5.9	9.1
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(2.0)	(3.8)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount	$ 3.9	$ 5.3

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Note 6 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Aug. 31, 2014	Sep. 30, 2015	Sep. 30, 2015
Retiree Welfare Benefits Plan [Member]
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)		$ (0.4)	$ (0.4)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax	$ (1.2)
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit)	$ (1.8)
Defined Benefit Plan, Expected Contributions in Current Fiscal Year			17.0
Defined Benefit Plan, Contributions by Employer			$ 10.0

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Note 3 - Goodwill and Intangible Assets (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Stork Food Dairy Systems BV [Member]
Increase (Decrease) in Intangible Assets Amortization Expense Expected to Occur this Year	$ 0.5

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Note 10 - Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Sales [Member]
Foreign exchange contracts	$ (0.3)	$ 1.0		$ (0.5)
Cost of Sales [Member]
Foreign exchange contracts	0.1	(0.5)	$ (0.4)	$ 0.3
Other Income [Member]
Foreign exchange contracts	(0.1)	(0.1)
Foreign exchange contracts	(0.3)	0.4	$ (0.4)	$ (0.2)
Remeasurement of assets and liabilities in foreign currencies	0.5	0.5	(0.7)	1.4
Net gain (loss) on foreign currency transactions	$ 0.2	$ 0.9	$ (1.1)	$ 1.2

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Note 14 - Restructuring Charges by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
JBT FoodTech [Member]
Restructuring charges	$ 0.1	$ 0.4	$ 0.1	$ 9.9
JBT AeroTech [Member]
Restructuring charges	$ (0.1)	0.3	$ (0.1)	1.4
Corporate Segment [Member]
Restructuring charges		0.6		1.2
Restructuring charges		$ 1.3		$ 12.5

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Note 9 - Basic and Diluted EPS from Continuing Operations (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic earnings per share:
Income from continuing operations	$ 12.7	$ 9.0	$ 35.1	$ 15.7
Weighted average number of shares outstanding (in shares)	29.5	29.6	29.5	29.5
Basic earnings per share from continuing operations (in dollars per share)	$ 0.43	$ 0.30	$ 1.19	$ 0.53
Diluted earnings per share:
Income from continuing operations	$ 12.7	$ 9.0	$ 35.1	$ 15.7
Weighted average number of shares outstanding (in shares)	29.5	29.6	29.5	29.5
Effect of dilutive securities:
Restricted stock (in shares)	0.3	0.3	0.3	0.3
Total shares and dilutive securities (in shares)	29.8	29.9	29.8	29.8
Diluted earnings per share from continuing operations (in dollars per share)	$ 0.43	$ 0.30	$ 1.18	$ 0.53

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Note 2 - Acquisitions

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Business Combination Disclosure [Text Block]

Note 2. Acquisitions

Consistent with our growth strategy, we completed several acquisitions during 2015 and 2014 focused on strengthening our protein processing and liquid foods portfolios.

Fiscal year 2015

Stork Food and Dairy Systems B.V.

On July 31, 2015, John Bean Technologies Corporation and its wholly-owned subsidiary John Bean Technologies Europe B.V. acquired the shares of Stork Food & Dairy Systems, B.V. (“SFDS”), located in Amsterdam, The Netherlands for 46.2 million euro ($50.7 million), which is net of cash acquired of 1.0 million euro ($1.1 million). Consideration for the transaction was provided by cash on hand supplemented with borrowings under our revolving credit facility. SFDS develops, produces and supplies integrated aseptic processing /sterilization and filling systems to the beverage and food processing industries. This acquisition enables us to add complementary aseptic and thermal processing and filling technologies to our liquid foods product portfolio, and will significantly strengthen our ability to provide complete solutions to our customers in the global liquid foods industry.

This 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 that is not recognized separate and apart from goodwill as it is neither separable nor contractual in nature. We are currently assessing the amount of goodwill that we expect to be deductible for tax purposes.

Acquisition-related transaction costs totaling $1.1 million were recognized as other expense at the time they were incurred.

Because the transaction was completed on July 31, 2015, the purchase accounting is preliminary as the valuation of substantially all assets acquired, including accounts receivable, inventories, projects in progress, property, plant and equipment, and all identifiable intangibles, and liabilities assumed, including payables and contingent liabilities, as well as income tax balances and residual goodwill related to this acquisition is not complete; and significant information is still being assembled and reviewed. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date).

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

(In millions)
Assets:
Cash	$	1.1
Accounts receivable		10.0
Other receivables		2.5
Inventories		4.8
Costs in excess of billings on projects in progress		7.8
Property, plant and equipment		9.8
Intangible assets:
Tradename		12.1
Customer relationships		2.1
Patents		3.9
Deferred Tax Asset		1.1
Total assets	$	55.2
Liabilities:
Accounts payable		9.2
Billings in excess of costs on projects		7.6
Other liabilities		9.7
Deferred taxes		5.9
Warranty obligations		0.6
Total liabilities		33.0
Total purchase price	$	51.8
Goodwill	$	29.6

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

Fiscal year 2014

Wolf-Tec Acquisition

On December 1, 2014, John Bean Technologies Corporation and its wholly-owned subsidiaries JBT Holdings, LLC and John Bean Technologies Limited, acquired substantially all of the assets and assumed certain liabilities of Wolf-Tec, Inc. (“Wolf-Tec”) for $53.7 million in cash, which is net of cash acquired of $0.2 million. Consideration for the transaction was provided by cash on hand supplemented with borrowings under our revolving credit facility. The acquisition enables us to better meet customer needs through an expanded portfolio of protein processing equipment and solutions. Our product lines and those of Wolf-Tec are highly complementary, with equipment of both companies frequently utilized on the same production line. The acquisition also provides us with further entry into the beef, pork, and seafood processing markets. The acquisition is strategic in that Wolf-Tec has a strong brand presence, excellent technology and is renowned for its sales and customer support. The acquisition of Wolf-Tec combined with our global reach has and will continue to create strong future growth opportunities.

This 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, revenue enhancement synergies in our protein processing business and the acquisition of an assembled workforce. Approximately $13.4 million of the goodwill is expected to be deductible for tax purposes. Acquisition related costs totaling $0.7 million were recognized as other expense in the condensed consolidated statements of income at the time they were incurred.

We have substantially completed the purchase price allocation for this acquisition, which is based on the fair value of assets acquired and liabilities assumed. However, if additional information is obtained about these assets and liabilities within the measurement period (not to exceed 12 months from the date of the acquisition), including through asset appraisals and learning more about the newly acquired business, we will refine our estimates of fair value.

During the quarter ended September 30, 2015 we refined our estimates of the customer relationship by $0.1 million and other liabilities by ($0.1 million). The impact of these adjustments was reflected as a decrease in goodwill of $0.2 million. No other significant refinements of the valuation occurred during the quarter. Adjustments during the nine months ended September 30, 2015 included net refinements to customer relationships of $2.7 million, intellectual property of ($3.4 million), tradename of $1.5 million, non-compete of $0.8 million, deferred tax assets of $0.9 million, other liabilities of ($1.1 million), and other immaterial refinements of accounts receivable, inventory, and property, plant and equipment. The net impact of these adjustments was reflected as a net decrease in goodwill of $4.2 million.

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

(In millions)
Assets:
Cash	$	0.2
Accounts receivable		2.3
Other current assets		0.3
Inventories		6.5
Property, plant and equipment		7.7
Intangible assets:
Customer relationships		17.3
Intellectual property		2.8
Tradename		1.5
Noncompete agreement		0.8
Backlog & other assets		0.3
Deferred Tax Asset		0.9
Total assets	$	40.6
Liabilities:
Accounts payable		1.7
Deferred revenue		0.3
Other liabilities		1.3
Total liabilities	$	3.3
Total purchase price	$	53.9
Goodwill	$	16.6

The customer relationships, intellectual property, and tradename will be amortized over their estimated useful lives of fifteen, ten, and ten years, respectively. The non-compete agreement will be amortized over its term of five years and the backlog asset was amortized over four months, reflecting its pattern of use.

ICS Solutions Acquisition

On July 1, 2014, we completed the acquisition of 100% of the outstanding shares of ICS Solutions, a subsidiary of Stork Food & Dairy Systems B.V., for cash consideration of $35.7 million, which is net of cash acquired of $10.0 million. We funded this acquisition with cash on hand as well as borrowings against our revolving line of credit. ICS Solutions, located in Amsterdam, The Netherlands and Gainesville, Georgia, is a worldwide leader in the engineering, installation and servicing of high-capacity food preservation equipment. The acquisition was strategically important as ICS Solutions’ hydromatic continuous sterilizer is complementary to our product portfolio of fillers, seamers and in-container sterilization technologies. With this acquisition, we have leveraged our worldwide presence and are providing a complete range of high-capacity, in-container sterilization solutions to our customers in the growing global beverage, dairy and canning industries. In addition, this acquisition is allowing us to improve operational effectiveness as well as enhance sales and service support for our customers through the combination of our businesses.

This 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 acquired has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to expected synergistic benefits from the expansion of our in-container product portfolio. Approximately $1.1 million of the goodwill is expected to be deductible for tax purposes. Acquisition-related costs were recognized in other expense as incurred and totaled $0.9 million for the year ended December 31, 2014.

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

(In millions)
Assets:
Cash	$	10.0
Accounts receivable		2.3
Inventories		0.4
Property, plant and equipment and other assets		0.1
Intangible assets:
Customer relationships		15.7
Other intangible assets		8.4
Total assets	$	36.9
Liabilities:
Accounts payable		1.3
Deferred revenue		2.3
Other liabilities		2.4
Deferred taxes		4.1
Total liabilities		10.1
Total purchase price	$	45.7
Goodwill	$	18.9

The customer relationships and other intangible assets will be amortized over a weighted-average useful life of approximately 12 years.

Formcook

A

cquisition

During the first quarter of 2014, John Bean Technologies AB (JBT AB), our wholly-owned subsidiary, acquired certain assets and liabilities of Formcook AB, a regional leader in designing, manufacturing and servicing custom-built industrial cooking and forming technologies for the food processing industry. This transaction was accounted for as a business combination. The purchase price was less than $2 million. While the acquisition was not material to our 2014 results, it is strategically important to our efforts to strengthen our protein processing portfolio.

The pro forma impact of these acquisitions is not material individually or in the aggregate and as such, is not presented.

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Note 14 - Restructuring Reserves Included in Other Current Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Employee Severance [Member] | Other Current Liabilities [Member]
Balance		$ 7.6
Balance	$ 3.6	3.6
Employee Severance [Member]
Charged to Earnings		(0.5)
Payments Made /Charges Applied		(3.4)
Foreign Exchange Translation		(0.1)
Other Restructuring [Member]
Charged to Earnings		0.5
Payments Made /Charges Applied		$ (0.5)
Foreign Exchange Translation
Other Current Liabilities [Member]
Balance		$ 7.6
Balance	$ 3.6	$ 3.6
Charged to Earnings
Payments Made /Charges Applied		$ (3.9)
Foreign Exchange Translation		$ (0.1)

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Note 6 - Pension and Other Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension Plan [Member]
Service cost	$ 0.4	$ 0.4	$ 1.1	$ 1.3
Interest cost	3.4	3.6	10.3	11.0
Expected return on plan assets	$ (4.8)	$ (4.9)	$ (14.3)	(14.8)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)				0.1
Amortization of net actuarial losses	$ 1.2	$ 0.8	$ 3.4	2.1
Settlements			0.3	0.2
Net periodic cost	$ 0.2	$ (0.1)	$ 0.8	$ (0.1)
Other Postretirement Benefit Plan [Member]
Service cost
Interest cost		$ 0.1	$ 0.2	$ 0.3
Expected return on plan assets
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	$ (0.4)		$ (0.4)
Amortization of net actuarial losses	$ (0.1)	$ (0.1)	$ (0.8)
Settlements				$ (0.1)
Net periodic cost	$ (0.5)		$ (1.0)	$ 0.2

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Note 9 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions, except per share data)	2015		2014		2015		2014
Basic earnings per share:
Income from continuing operations	$	12.7	$	9.0	$	35.1	$	15.7
Weighted average number of shares outstanding		29.5		29.6		29.5		29.5
Basic earnings per share from continuing operations	$	0.43	$	0.30	$	1.19	$	0.53
Diluted earnings per share:
Income from continuing operations	$	12.7	$	9.0	$	35.1	$	15.7
Weighted average number of shares outstanding		29.5		29.6		29.5		29.5
Effect of dilutive securities:
Restricted stock		0.3		0.3		0.3		0.3
Total shares and dilutive securities		29.8		29.9		29.8		29.8
Diluted earnings per share from continuing operations	$	0.43	$	0.30	$	1.18	$	0.53

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Note 7 - Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

	Pension and Other Postretirement Benefits			Derivatives Designated as Hedges			Foreign Currency Translation			Total
(In millions)
Beginning balance, June 30, 2015	$	(94.8	)	$	-		$	(30.7	)	$	(125.5	)
Other comprehensive income (loss) before reclassification		1.3			(1.8	)		(9.6	)		(10.1	)
Amounts reclassified from accumulated other comprehensive income		0.1			-			-			0.1
Ending balance, September 30, 2015	$	(93.4	)	$	(1.8	)	$	(40.3	)	$	(135.5	)

	Pension and Other Postretirement Benefits			Derivatives Designated as Hedges			Foreign Currency Translation			Total
(In millions)
Beginning balance, December 31, 2014	$	(96.4	)	$	-		$	(20.7	)	$	(117.1	)
Other comprehensive income (loss) before reclassification		1.3			(1.8	)		(19.6	)		(20.1	)
Amounts reclassified from accumulated other comprehensive income		1.7			-			-			1.7
Ending balance, September 30, 2015	$	(93.4	)	$	(1.8	)	$	(40.3	)	$	(135.5	)

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Note 12 - Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Maximum [Member] | Customers Financing Arrangements Guarantee [Member]
Guarantor Obligations, Indemnification, Percentage	95.00%
Minimum [Member] | Customers Financing Arrangements Guarantee [Member]
Guarantor Obligations, Indemnification, Percentage	60.00%
Customers Financing Arrangements Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 10.3
Guarantor Obligations, Maximum Exposure, Undiscounted, Net	1.6
Performance Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 128.9
Guarantor Obligations, Expiration	2 years
Financial Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 6.6

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Note 7 - Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Cost of Sales [Member]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	$ 0.3	$ 0.3
Selling, General and Administrative Expenses [Member]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	0.9	2.8
Provision For Income Taxes [Member]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	0.5	0.8
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	$ 0.1	$ 1.7

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Note 10 - Derivative Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	As of September 30, 2015				As of December 31, 2014
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	3.5	$	1.7	$	6.9	$	3.9
Other assets / liabilities		2.4		0.1		2.2		-
Total	$	5.9	$	1.8	$	9.1	$	3.9

Schedule of Derivative Assets at Fair Value [Table Text Block]

(in millions)	As of September 30, 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	$	5.9	$	-	$	5.9	$	(2.0	)	$	3.9

(in millions)	As of December 31, 2014
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	$	9.1	$	-	$	9.1	$	(3.8	)	$	5.3

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

	As of September 30, 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	$	4.9	$	-	$	4.9	$	(2.0	)	$	2.9

	As of December 31, 2014
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	$	3.9	$	-	$	3.9	$	(3.8	)	$	0.1

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

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						Nine Months Ended
		September 30,						September 30,
(In millions)		2015			2014			2015			2014
Foreign exchange contracts	Revenue	$	(0.3	)	$	1.0		$	-		$	(0.5	)
Foreign exchange contracts	Cost of sales		0.1			(0.5	)		(0.4	)		0.3
Foreign exchange contracts	Other income, net		(0.1	)		(0.1	)		-			-
Total			(0.3	)		0.4			(0.4	)		(0.2	)
Remeasurement of assets and liabilities in foreign currencies			0.5			0.5			(0.7	)		1.4
Net gain (loss) on foreign currency transactions		$	0.2		$	0.9		$	(1.1	)	$	1.2

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Note 11 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	As of September 30, 2015								As of December 31, 2014
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	8.5	$	8.5	$	-	$	-	$	10.7	$	10.7	$	-	$	-
Derivatives		5.9		-		5.9		-		9.1		-		9.1		-
Total assets	$	14.4	$	8.5	$	5.9	$	-	$	19.8	$	10.7	$	9.1	$	-
Liabilities:
Derivatives	$	4.9	$	-	$	4.9	$	-	$	3.9	$	-	$	3.9	$	-

Schedule of Long-term Debt Instruments [Table Text Block]

	As of September 30, 2015				As of December 31, 2014
(In millions)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior unsecured notes due July 31, 2015	$	-	$	-	$	75.0	$	77.6
Five-year revolving credit facility, expires February 10, 2020		229.1		229.1		94.3		94.3
Brazilian loan due April 15, 2016		0.6		0.5		2.0		1.8
Brazilian loan due October 16, 2017		2.9		2.5		4.3		3.7
Foreign credit facilities		0.2		0.2		2.3		2.3
Other		0.3		0.3		0.1		0.1

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Note 1 - Description of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1

.

Description of Business and Basis of Presentation

Description of Business

John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (“JBT” or “we”) provide global technology solutions for the food processing 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, 2014, 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 statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in these statements may not be representative of those for the full year or any future period.

We have reclassified the prior year intangible asset balances to conform to the current year presentation.

Use of estimates

Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Recently issued accounting standards not yet adopted

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09,

Revenue from Contracts with Customers (Topic 606)

. The new standard will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU requires companies to reevaluate when revenue is recorded on a transaction based upon newly defined criteria, either at a point in time or over time as goods or services are delivered. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and estimates, and changes in those estimates. The new standard becomes effective for us as of January 1, 2018, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures.

In April 2015, the 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. The ASU requires additional disclosure about the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line item (that is, the debt issuance cost asset and the debt liability). The new standard becomes effective for us as of January 1, 2016, and requires retrospective implementation in which the balance sheet of each individual period presented is to be adjusted to reflect the period-specific effects of applying the new guidance, early adoption is permitted. 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. We are currently evaluating the effect, if any, that the updated standard will have 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. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015. 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 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 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. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015. However early adoption is permitted. The company anticipates the adoption for the year ended December 31, 2015.

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Note 12 - Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2015			2014			2015			2014
Balance at beginning of period	$	10.0		$	9.6		$	10.2		$	10.1
Expense for new warranties		3.1			2.4			8.0			6.6
Adjustments to existing accruals		-			(0.2	)		(0.3	)		(0.8	)
Claims paid		(2.7	)		(2.5	)		(7.4	)		(6.5	)
Added through acquisition		0.6			0.5			0.6			0.5
Translation		(0.1	)		(0.3	)		(0.2	)		(0.4	)
Balance at end of period	$	10.9		$	9.5		$	10.9		$	9.5

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Note 4 - Summary of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Raw materials	$ 62.5	$ 53.7
Work in process	59.2	45.3
Finished goods	84.4	79.2
Gross inventories before LIFO reserves and valuation adjustments	206.1	178.2
LIFO reserves and valuation adjustments	(68.4)	(66.4)
Net inventories	$ 137.7	$ 111.8

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Note 11 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Trading Securities, Change in Unrealized Holding Gain (Loss)	$ (0.7)	$ (0.2)

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Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue	$ 273.3	$ 243.2	$ 752.9	$ 688.8
Operating expenses:
Cost of sales	198.8	179.0	542.7	504.3
Selling, general and administrative expense	46.4	43.5	137.4	132.0
Research and development expense	$ 5.0	3.4	$ 13.0	10.6
Charged to Earnings		1.3		12.5
Other expense, net	$ 2.0	0.8	$ 1.8	0.9
Operating income	21.1	15.2	58.0	28.5
Interest income	0.2	0.3	0.7	1.1
Interest expense	(1.7)	(2.0)	(6.0)	(5.6)
Income from continuing operations before income taxes	19.6	13.5	52.7	24.0
Provision for income taxes	6.9	4.5	17.6	8.3
Income from continuing operations	12.7	$ 9.0	35.1	15.7
Loss from discontinued operations, net of taxes	(0.1)		(0.1)	(0.1)
Net income	$ 12.6	$ 9.0	$ 35.0	$ 15.6
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 0.43	$ 0.30	$ 1.19	$ 0.53
Loss from discontinued operations (in dollars per share)
Net income (in dollars per share)	$ 0.43	$ 0.30	$ 1.19	$ 0.53
Diluted earnings per share:
Diluted earnings per share from continuing operations (in dollars per share)	0.43	$ 0.30	1.18	0.53
Loss from discontinued operations (in dollars per share)	(0.01)		(0.01)	(0.01)
Net income (in dollars per share)	0.42	$ 0.30	1.17	0.52
Cash dividends declared per share (in dollars per share)	$ 0.09	$ 0.09	$ 0.27	$ 0.27

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Note 7 - Changes in AOCI Balances (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Pension and Other Postretirement Benefits	$ (94.8)	$ (96.4)
Foreign Currency Translation	(30.7)	(20.7)
Total	(125.5)	(117.1)
Other comprehensive income (loss) before reclassification	1.3	1.3
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(1.8)	(1.8)
Other comprehensive income (loss) before reclassification	(9.6)	(19.6)
Other comprehensive income (loss) before reclassification	(10.1)	(20.1)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	0.1	1.7
Amounts reclassified from accumulated other comprehensive income	0.1	1.7
Pension and Other Postretirement Benefits	(93.4)	(93.4)
Derivatives Designated as Hedges	(1.8)	(1.8)
Foreign Currency Translation	(40.3)	(40.3)
Total	$ (135.5)	$ (135.5)

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Customer Relationships [Member]
Intangible assets, accumulated amortization	$ 14.6	$ 12.4
Other Intangible Assets not Including Customer Relationships [Member]
Intangible assets, accumulated amortization	35.2	34.5
Allowances, trade receivables	1.9	3.0
Intangible assets, accumulated amortization	$ 49.8	$ 46.9
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 issued (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	29,138,162
Common stock, shares outstanding (in shares)	29,138,862	29,091,502
Common stock held in treasury, shares (in shares)	117,179	46,660

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Note 14 - Restructuring (Details Textual) $ in Millions	3 Months Ended
	Dec. 31, 2013 USD ($)
Severance Plan Costs	$ 1.6

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Note 2 - Acquisitions (Details Textual) € in Millions, $ in Millions					3 Months Ended		9 Months Ended	12 Months Ended
	Jul. 31, 2015 EUR (€)	Jul. 31, 2015 USD ($)	Dec. 01, 2014 USD ($)	Jul. 02, 2014 USD ($)	Sep. 30, 2015 USD ($)	Mar. 31, 2014 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Customer Relationships [Member] | Wolf-Tec, Inc. [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			15 years
Finite-Lived Intangible Assets, Purchase Accounting Adjustments					$ 0.1		$ 2.7
Customer Relationships [Member] | ICS Solutions [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				12 years
Customer Relationships [Member] | Stork Food Dairy Systems BV [Member] | Amsterdam, The Netherlands [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years	15 years
Intellectual Property [Member] | Wolf-Tec, Inc. [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			10 years
Finite-Lived Intangible Assets, Purchase Accounting Adjustments							(3.4)
Other Intangible Assets [Member] | ICS Solutions [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				12 years
Trade Names [Member] | Wolf-Tec, Inc. [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			10 years
Finite-Lived Intangible Assets, Purchase Accounting Adjustments							1.5
Trade Names [Member] | Stork Food Dairy Systems BV [Member] | Amsterdam, The Netherlands [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	25 years	25 years
Patents [Member] | Stork Food Dairy Systems BV [Member] | Amsterdam, The Netherlands [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years	7 years
Noncompete Agreements [Member] | Wolf-Tec, Inc. [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			5 years
Finite-Lived Intangible Assets, Purchase Accounting Adjustments							0.8
Order or Production Backlog [Member] | Wolf-Tec, Inc. [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			120 days
Wolf-Tec, Inc. [Member] | Other Nonoperating Income (Expense) [Member]
Business Combination, Acquisition Related Costs			$ 0.7
Wolf-Tec, Inc. [Member]
Business Combination, Consideration Transferred			53.7
Cash Acquired from Acquisition			0.2
Business Acquisition, Goodwill, Expected Tax Deductible Amount			$ 13.4
Other Liabilities, Purchase Accounting Adjustment					(0.1)		(1.1)
Goodwill, Purchase Accounting Adjustments					$ (0.2)		(4.2)
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability							$ 0.9
ICS Solutions [Member] | Other Nonoperating Income (Expense) [Member]
Business Combination, Acquisition Related Costs								$ 0.9
ICS Solutions [Member]
Business Combination, Consideration Transferred				$ 35.7
Cash Acquired from Acquisition				10.0
Business Acquisition, Goodwill, Expected Tax Deductible Amount				$ 1.1
Business Acquisition, Percentage of Voting Interests Acquired				100.00%
Stork Food Dairy Systems BV [Member] | Amsterdam, The Netherlands [Member]
Business Combination, Consideration Transferred	€ 46.2	$ 50.7
Cash Acquired from Acquisition	€ 1.0	1.1
Business Combination, Acquisition Related Costs		$ 1.1
Formcook [Member]
Business Combination, Consideration Transferred						$ 2.0

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Note 15 - Subsequent Event

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 1

5

. SUBSEQUENT EVENT

On October 1, 2015, we completed our acquisition of the shares of A&B Process Systems (“A&B”), located in Stratford, Wisconsin. A&B specializes in the design, manufacturing, automation and installation of liquid foods turnkey production systems. This acquisition, along with our recently completed acquisitions of ICS and SFDS, greatly strengthens JBT's liquid foods portfolio and our ability to provide complete solutions to customers. The purchase price was $102 million, which was funded with cash on hand as well as borrowings under our revolving credit facility.

XML

Note 2 - Purchase Price Allocations and Provisional Fair Values (Details) - USD ($) $ in Millions	Jul. 31, 2015	Dec. 01, 2014	Jul. 02, 2014
Stork Food Dairy Systems BV [Member] | Customer Relationships [Member]
Tradename	$ 2.1
Stork Food Dairy Systems BV [Member] | Trade Names [Member]
Tradename	12.1
Stork Food Dairy Systems BV [Member] | Patents [Member]
Tradename	3.9
Stork Food Dairy Systems BV [Member]
Cash	1.1
Accounts receivable	10.0
Other receivables	2.5
Inventories	4.8
Costs in excess of billings on projects in progress	7.8
Property, plant and equipment	9.8
Deferred Tax Asset	1.1
Total assets	55.2
Accounts payable	9.2
Billings in excess of costs on projects	7.6
Other liabilities	9.7
Deferred taxes	5.9
Warranty obligations	0.6
Total liabilities	33.0
Total purchase price	51.8
Goodwill	$ 29.6
Wolf-Tec, Inc. [Member] | Customer Relationships [Member]
Tradename		$ 17.3
Wolf-Tec, Inc. [Member] | Trade Names [Member]
Tradename		1.5
Wolf-Tec, Inc. [Member] | Intellectual Property [Member]
Tradename		2.8
Wolf-Tec, Inc. [Member] | Noncompete Agreements [Member]
Tradename		0.8
Wolf-Tec, Inc. [Member] | Order or Production Backlog [Member]
Tradename		0.3
Wolf-Tec, Inc. [Member]
Cash		0.2
Accounts receivable		2.3
Other receivables		0.3
Inventories		6.5
Property, plant and equipment		7.7
Deferred Tax Asset		0.9
Total assets		40.6
Accounts payable		1.7
Other liabilities		1.3
Total liabilities		3.3
Total purchase price		53.9
Goodwill		16.6
Deferred revenue		$ 0.3
ICS Solutions [Member] | Customer Relationships [Member]
Tradename			$ 15.7
ICS Solutions [Member] | Other Intangible Assets [Member]
Tradename			8.4
ICS Solutions [Member]
Cash			10.0
Accounts receivable			2.3
Inventories			0.4
Property, plant and equipment			0.1
Total assets			36.9
Accounts payable			1.3
Other liabilities			2.4
Deferred taxes			4.1
Total liabilities			10.1
Total purchase price			45.7
Goodwill			18.9
Deferred revenue			$ 2.3

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Note 2 - Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(In millions)
Assets:
Cash	$	1.1
Accounts receivable		10.0
Other receivables		2.5
Inventories		4.8
Costs in excess of billings on projects in progress		7.8
Property, plant and equipment		9.8
Intangible assets:
Tradename		12.1
Customer relationships		2.1
Patents		3.9
Deferred Tax Asset		1.1
Total assets	$	55.2
Liabilities:
Accounts payable		9.2
Billings in excess of costs on projects		7.6
Other liabilities		9.7
Deferred taxes		5.9
Warranty obligations		0.6
Total liabilities		33.0
Total purchase price	$	51.8
Goodwill	$	29.6

(In millions)
Assets:
Cash	$	0.2
Accounts receivable		2.3
Other current assets		0.3
Inventories		6.5
Property, plant and equipment		7.7
Intangible assets:
Customer relationships		17.3
Intellectual property		2.8
Tradename		1.5
Noncompete agreement		0.8
Backlog & other assets		0.3
Deferred Tax Asset		0.9
Total assets	$	40.6
Liabilities:
Accounts payable		1.7
Deferred revenue		0.3
Other liabilities		1.3
Total liabilities	$	3.3
Total purchase price	$	53.9
Goodwill	$	16.6

(In millions)
Assets:
Cash	$	10.0
Accounts receivable		2.3
Inventories		0.4
Property, plant and equipment and other assets		0.1
Intangible assets:
Customer relationships		15.7
Other intangible assets		8.4
Total assets	$	36.9
Liabilities:
Accounts payable		1.3
Deferred revenue		2.3
Other liabilities		2.4
Deferred taxes		4.1
Total liabilities		10.1
Total purchase price	$	45.7
Goodwill	$	18.9

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities:
Net income	$ 35.0	$ 15.6
Loss from discontinued operations, net of income taxes	0.1	0.1
Income from continuing operations	35.1	15.7
Adjustments to reconcile income from continuing operations to cash provided by operating activities of continuing operations:
Depreciation and amortization	20.9	18.7
Stock-based compensation	5.2	5.6
Other	1.8	1.9
Changes in operating assets and liabilities:
Trade receivables, net	(0.5)	30.4
Inventories	(17.2)	(24.5)
Accounts payable, trade and other	14.2	3.1
Advance and progress payments	18.9	8.8
Other assets and liabilities, net	(30.5)	(10.2)
Cash provided by continuing operating activities	47.9	49.5
Net cash required by discontinued operating activities	(0.1)	(0.4)
Cash provided by operating activities	47.8	49.1
Cash Flows required by Investing Activities:
Acquisitions, net of cash acquired	(50.9)	(37.6)
Capital expenditures	(26.5)	(28.0)
Proceeds from disposal of assets	0.9	$ 1.3
Proceeds from property available for sale	2.0
Cash required by investing activities	(74.5)	$ (64.3)
Cash Flows provided by Financing Activities:
Net decrease in short-term debt	(1.6)	$ 1.8
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 borrowings on credit facilities	134.1	$ 30.5
Repayment of long-term debt	(0.9)	(5.2)
Excess tax benefits	2.1	1.0
Tax withholdings on stock-based compensation awards	(5.5)	(3.5)
Purchase of stock held in treasury	(7.7)	(1.8)
Dividends	(8.3)	(8.1)
Cash provided by financing activities	37.2	14.7
Effect of foreign exchange rate changes on cash and cash equivalents	(5.9)	(5.6)
Increase (decrease) in cash and cash equivalents	4.6	(6.1)
Cash and cash equivalents, beginning of period	33.3	29.4
Cash and cash equivalents, end of period	$ 37.9	$ 23.3

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 12.6	$ 9.0	$ 35.0	$ 15.6
Other comprehensive loss
Foreign currency translation adjustments	(9.6)	(12.3)	(19.6)	(12.7)
Pension and other postretirement benefits adjustments, net of tax of $0.5 and $0.8 for 2015; $0.3 and $0.9 for 2014, respectively	1.4	$ 0.4	3.0	$ 1.4
Derivatives designated as hedges, net of tax of ($1.2) for 2015	(1.8)		(1.8)
Other comprehensive loss	(10.0)	$ (11.9)	(18.4)	$ (11.3)
Comprehensive income (loss)	$ 2.6	$ (2.9)	$ 16.6	$ 4.3

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Note 10 - Derivative Financial Instruments and Risk Management

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

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, 2015 of $296.0 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, 2015				As of December 31, 2014
(In millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Other current assets / liabilities	$	3.5	$	1.7	$	6.9	$	3.9
Other assets / liabilities		2.4		0.1		2.2		-
Total	$	5.9	$	1.8	$	9.1	$	3.9

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

As of September 30, 2015 and December 31, 2014, information related to these offsetting arrangements was as follows:

(in millions)	As of September 30, 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	$	5.9	$	-	$	5.9	$	(2.0	)	$	3.9

	As of September 30, 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	$	4.9	$	-	$	4.9	$	(2.0	)	$	2.9

(in millions)	As of December 31, 2014
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	$	9.1	$	-	$	9.1	$	(3.8	)	$	5.3

	As of December 31, 2014
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	$	3.9	$	-	$	3.9	$	(3.8	)	$	0.1

The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the consolidated statements of

income:

Derivatives not designated as hedging instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
(In millions)		2015			2014			2015			2014
Foreign exchange contracts	Revenue	$	(0.3	)	$	1.0		$	-		$	(0.5	)
Foreign exchange contracts	Cost of sales		0.1			(0.5	)		(0.4	)		0.3
Foreign exchange contracts	Other income, net		(0.1	)		(0.1	)		-			-
Total			(0.3	)		0.4			(0.4	)		(0.2	)
Remeasurement of assets and liabilities in foreign currencies			0.5			0.5			(0.7	)		1.4
Net gain (loss) on foreign currency transactions		$	0.2		$	0.9		$	(1.1	)	$	1.2

Interest Rates

: On March 23, 2015 we entered into two forward starting interest rate swaps, designated as cash flow hedges against the cash flow variability related to the interest rate exposure on a portion of our variable rate debt. The first swap is for the period beginning August 10, 2015 through February 10, 2020 for variability in cash flow related to interest expense on $75 million of our borrowings, fixing the annual interest rate at 1.592% plus a margin dependent on our leverage ratio. The second swap is for the period from January 11, 2016 through February 10, 2020 for variability in cash flow related to interest expense on an additional $100 million of our borrowings, fixing the annual interest rate at 1.711% plus a margin dependent on our leverage ratio. At September 30, 2015, the fair value recorded in other liabilities on the condensed consolidated balance sheet is $3.1 million. The effective portion of these derivatives designated as cash flow hedges of $1.8 million has been reported in other comprehensive income (loss) on the condensed consolidated statements of comprehensive income (loss) as of September 30, 2015.

Ineffectiveness from cash flow hedges, all of which are interest rate swaps, was immaterial as of September 30, 2015.

Refer to Note 11. Fair Value of Financial Instruments, for a description of how the values of the above financial instruments are determined.

Credit R

isk

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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Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Entity Registrant Name	John Bean Technologies CORP
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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		29,138,862
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	false

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Note 11 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 1

1

. Fair

Value of Financial Instruments

The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

• Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities.

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

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

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

	As of September 30, 2015								As of December 31, 2014
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments	$	8.5	$	8.5	$	-	$	-	$	10.7	$	10.7	$	-	$	-
Derivatives		5.9		-		5.9		-		9.1		-		9.1		-
Total assets	$	14.4	$	8.5	$	5.9	$	-	$	19.8	$	10.7	$	9.1	$	-
Liabilities:
Derivatives	$	4.9	$	-	$	4.9	$	-	$	3.9	$	-	$	3.9	$	-

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 on the consolidated balance sheet. Investments include an unrealized loss of $0.7 million as of September 30, 2015 and $0.2 million as of December 31, 2014.

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 carrying amounts of cash and cash equivalents, trade receivables and payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities.

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

	As of September 30, 2015				As of December 31, 2014
(In millions)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior unsecured notes due July 31, 2015	$	-	$	-	$	75.0	$	77.6
Five-year revolving credit facility, expires February 10, 2020		229.1		229.1		94.3		94.3
Brazilian loan due April 15, 2016		0.6		0.5		2.0		1.8
Brazilian loan due October 16, 2017		2.9		2.5		4.3		3.7
Foreign credit facilities		0.2		0.2		2.3		2.3
Other		0.3		0.3		0.1		0.1

There is no active or observable market for our fixed rate borrowings, which include our senior unsecured notes and our Brazilian loans. Therefore, the estimated fair value of the notes and the Brazilian loans are based on discounted cash flows using current interest rates available for debt with similar terms and remaining maturities. The estimates of the all-in interest rate for discounting the notes and the loans are based on a broker quote for notes and 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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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension and other postretirement benefits adjustments, tax	$ 0.5	$ 0.3	$ 0.8	$ 0.9
Derivatives designated as hedges, tax	$ (1.2)		$ (1.2)

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Note 5 - Debt

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

5.

DEBT

On February 10, 2015, we entered into a new five-year $450 million revolving credit facility, with Wells Fargo Bank, N.A. as administrative agent, and repaid our prior revolving credit facility. 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 maximum interest coverage ratio and maximum leverage ratio, as well as certain events of default. As of September 30, 2015 we had $229.1 million drawn on the credit facility at a weighted-average interest rate of 1.6%.

On July 31, 2015 our $75 million principal amount of 6.66% senior unsecured notes became due. We used borrowings under the $450 million revolving credit facility noted above to fund the repayment in full of these senior unsecured notes. 

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Note 4 - Inventories

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note

4.

Inventories

Inventories consisted of the following:

(In millions)	September 30, 2015			December 31, 2014
Raw materials	$	62.5		$	53.7
Work in process		59.2			45.3
Finished goods		84.4			79.2
Gross inventories before LIFO reserves and valuation adjustments		206.1			178.2
LIFO reserves and valuation adjustments		(68.4	)		(66.4	)
Net inventories	$	137.7		$	111.8

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

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, 2014, 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 statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in these statements may not be representative of those for the full year or any future period.

We have reclassified the prior year intangible asset balances to conform to the current year presentation.

Use of Estimates, Policy [Policy Text Block]

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.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently issued accounting standards not yet adopted

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09,

Revenue from Contracts with Customers (Topic 606)

. The new standard will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU requires companies to reevaluate when revenue is recorded on a transaction based upon newly defined criteria, either at a point in time or over time as goods or services are delivered. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and estimates, and changes in those estimates. The new standard becomes effective for us as of January 1, 2018, and allows for both retrospective and modified-retrospective methods of adoption. We are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures.

In April 2015, the 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. The ASU requires additional disclosure about the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line item (that is, the debt issuance cost asset and the debt liability). The new standard becomes effective for us as of January 1, 2016, and requires retrospective implementation in which the balance sheet of each individual period presented is to be adjusted to reflect the period-specific effects of applying the new guidance, early adoption is permitted. 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. We are currently evaluating the effect, if any, that the updated standard will have 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. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015. 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 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 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. The ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015. However early adoption is permitted. The company anticipates the adoption for the year ended December 31, 2015.

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Note 12 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note

12.

Commitments and Contingencies

In the normal course of our business, we are 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. An estimate of a possible loss from this audit cannot be made 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 $128.9 million at September 30, 2015, represent guarantees of our future performance. We also have provided $6.6 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, 2015, the gross value of such arrangements was $10.3 million, of which our net exposure under such guarantees is $1.6 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 is as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2015			2014			2015			2014
Balance at beginning of period	$	10.0		$	9.6		$	10.2		$	10.1
Expense for new warranties		3.1			2.4			8.0			6.6
Adjustments to existing accruals		-			(0.2	)		(0.3	)		(0.8	)
Claims paid		(2.7	)		(2.5	)		(7.4	)		(6.5	)
Added through acquisition		0.6			0.5			0.6			0.5
Translation		(0.1	)		(0.3	)		(0.2	)		(0.4	)
Balance at end of period	$	10.9		$	9.5		$	10.9		$	9.5

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Note 8 - Stock-based Compensation

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

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

Note

8.

stock-based compensation

On March 13, 2015, we granted 192,589 restricted stock units with a total fair value of $6.7 million to certain employees under an existing stock-based compensation plan. The units will vest three years from the date of grant, in March 2018, and are expected to be amortized over the vesting period. We recognize compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors. The total compensation expense was $1.9 million and $5.2 million for the three and nine months ended September 30, 2015, respectively. The total compensation expense was $1.9 million and $5.6 million for the three and nine months ended September 30, 2014, respectively.

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Note 14 - Restructuring Charges for All Ongoing Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Severance and related expense	$ (0.5)	$ 0.4	$ (0.5)	$ 9.8
Asset write-offs				0.5
Other	$ 0.5	$ 0.9	$ 0.5	2.2
Total		$ 1.3		$ 12.5

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Note 6 - Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

Note

6.

Pension

and Other Postretirement Benefits

Components of net periodic benefit cost were as follows:

	Pension Benefits												Other Postretirement Benefits
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
(In millions)	2015			2014			2015			2014			2015			2014			2015			2014
Service cost	$	0.4		$	0.4		$	1.1		$	1.3		$	-		$	-		$	-		$	-
Interest cost		3.4			3.6			10.3			11.0			-			0.1			0.2			0.3
Expected return on plan assets		(4.8	)		(4.9	)		(14.3	)		(14.8	)		-			-			-			-
Amortization of prior service (credit) cost		-			-			-			0.1			(0.4	)		-			(0.4	)		-
Amortization of net actuarial losses		1.2			0.8			3.4			2.1			(0.1	)		(0.1	)		(0.8	)		-
Settlements		-			-			0.3			0.2			-			-			-			(0.1	)
Net periodic cost	$	0.2		$	(0.1	)	$	0.8		$	(0.1	)	$	(0.5	)	$	-		$	(1.0	)	$	0.2

We expect to contribute $17 million to our pension and other postretirement benefit plans in 2015. We contributed $10 million to our U.S. qualified pension plan during the nine months ended September 30, 2015.

On August 31, 2015, JBT amended the Retiree Welfare Benefits Plan to terminate future healthcare benefits effective January 1, 2016, which resulted in a release of $1.2 million of other postretirement benefit liability into other comprehensive income. The resulting negative prior service cost of $1.8 million will be amortized out of other comprehensive income into net income over the remaining life of the plan (through January 1, 2016). The gain from this plan amendment for the three and nine months ended September 30, 2015 was $0.4 million. 

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Note 7 - Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Accumulated Other Comprehensive Income Loss [Text Block]

Note

7

. 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, 2015 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, 2015	$	(94.8	)	$	-		$	(30.7	)	$	(125.5	)
Other comprehensive income (loss) before reclassification		1.3			(1.8	)		(9.6	)		(10.1	)
Amounts reclassified from accumulated other comprehensive income		0.1			-			-			0.1
Ending balance, September 30, 2015	$	(93.4	)	$	(1.8	)	$	(40.3	)	$	(135.5	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended September 30, 2015 were $0.3 million of benefit in cost of sales and $0.9 million of charges in selling, general and administrative expense, net of $0.5 million in provision from income taxes.

Changes in the AOCI balances for the nine months ended September 30, 2015 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, 2014	$	(96.4	)	$	-		$	(20.7	)	$	(117.1	)
Other comprehensive income (loss) before reclassification		1.3			(1.8	)		(19.6	)		(20.1	)
Amounts reclassified from accumulated other comprehensive income		1.7			-			-			1.7
Ending balance, September 30, 2015	$	(93.4	)	$	(1.8	)	$	(40.3	)	$	(135.5	)

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2015 were $0.3 million of benefit in cost of sales, and $2.8 million of charges in selling, general and administrative expense, net of $0.8 million in provision for income taxes.

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Note 9 - Earnings Per Share

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

9.

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				Nine Months Ended
	September 30,				September 30,
(In millions, except per share data)	2015		2014		2015		2014
Basic earnings per share:
Income from continuing operations	$	12.7	$	9.0	$	35.1	$	15.7
Weighted average number of shares outstanding		29.5		29.6		29.5		29.5
Basic earnings per share from continuing operations	$	0.43	$	0.30	$	1.19	$	0.53
Diluted earnings per share:
Income from continuing operations	$	12.7	$	9.0	$	35.1	$	15.7
Weighted average number of shares outstanding		29.5		29.6		29.5		29.5
Effect of dilutive securities:
Restricted stock		0.3		0.3		0.3		0.3
Total shares and dilutive securities		29.8		29.9		29.8		29.8
Diluted earnings per share from continuing operations	$	0.43	$	0.30	$	1.18	$	0.53

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Note 15 - Subsequent Event (Details Textual) $ in Millions	Oct. 01, 2015 USD ($)
A&B [Member] | Subsequent Event [Member]
Business Combination, Consideration Transferred	$ 102

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Note 14 - Restructuring (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Restructuring and Related Costs [Table Text Block]

(In millions)
	Charges incurred during the three months ended September 30,					Charges incurred during the nine months ended September 30,
	2015			2014		2015			2014
Severance and related expense	$	(0.5	)	$	0.4	$	(0.5	)	$	9.8
Asset write-offs		-			-		-			0.5
Other		0.5			0.9		0.5			2.2
	$	-		$	1.3	$	-		$	12.5

Restructuring and Related Costs, by Operating Segment [Table Text Block]

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In millions)	2015			2014		2015			2014
JBT FoodTech	$	0.1		$	0.4	$	0.1		$	9.9
JBT AeroTech		(0.1	)		0.3		(0.1	)		1.4
Corporate		-			0.6		-			1.2
	$	-		$	1.3	$	-		$	12.5

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

(In millions)	Balance as of December 31,  2014		Charged to Earnings			Payments Made /Charges Applied			Foreign Exchange Translation			Balance as of September 30, 2015
Severance and related expense	$	7.6	$	(0.5	)	$	(3.4	)	$	(0.1	)	$	3.6
Other		-		0.5			(0.5	)		-			-
Severance and related expense	$	7.6	$	-		$	(3.9	)	$	(0.1	)	$	3.6

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Note 10 - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivatives	$ 4.9	$ 3.9
Amount Presented in the Consolidated Balance Sheets	4.9	3.9
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(2.0)	(3.8)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount	$ 2.9	$ 0.1

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Note 14 - Restructuring

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

NOTE 14. 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.

During the fourth quarter of 2013, we implemented a restructuring plan that included management changes both in the U.S. and in non-U.S. subsidiaries. We incurred severance costs of $1.6 million in connection with this plan in the fourth quarter of 2013. We completed the plan in the third quarter of 2015.

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. Remaining payments required under this plan are expected to be paid during 2015 and 2016.

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

(In millions)
	Charges incurred during the three months ended September 30,					Charges incurred during the nine months ended September 30,
	2015			2014		2015			2014
Severance and related expense	$	(0.5	)	$	0.4	$	(0.5	)	$	9.8
Asset write-offs		-			-		-			0.5
Other		0.5			0.9		0.5			2.2
	$	-		$	1.3	$	-		$	12.5

While restructuring charges are excluded from our calculation of segment operating profit, the table below presents the restructuring charges associated with each segment and with corporate activities:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In millions)	2015			2014		2015			2014
JBT FoodTech	$	0.1		$	0.4	$	0.1		$	9.9
JBT AeroTech		(0.1	)		0.3		(0.1	)		1.4
Corporate		-			0.6		-			1.2
	$	-		$	1.3	$	-		$	12.5

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 2015:

(In millions)	Balance as of December 31,  2014		Charged to Earnings			Payments Made /Charges Applied			Foreign Exchange Translation			Balance as of September 30, 2015
Severance and related expense	$	7.6	$	(0.5	)	$	(3.4	)	$	(0.1	)	$	3.6
Other		-		0.5			(0.5	)		-			-
Severance and related expense	$	7.6	$	-		$	(3.9	)	$	(0.1	)	$	3.6

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Note 4 - Inventories (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Inventory, Current [Table Text Block]

(In millions)	September 30, 2015			December 31, 2014
Raw materials	$	62.5		$	53.7
Work in process		59.2			45.3
Finished goods		84.4			79.2
Gross inventories before LIFO reserves and valuation adjustments		206.1			178.2
LIFO reserves and valuation adjustments		(68.4	)		(66.4	)
Net inventories	$	137.7		$	111.8

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Note 10 - Fair Value of Derivatives Included Within the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Other current assets / liabilities	$ 3.5	$ 6.9
Other current assets / liabilities	1.7	3.9
Other assets / liabilities	2.4	$ 2.2
Derivative Liability, Noncurrent	0.1
Total	5.9	$ 9.1
Total	$ 1.8	$ 3.9

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Note 5 - Debt (Details Textual) - USD ($) $ in Millions		9 Months Ended
	Feb. 10, 2015	Sep. 30, 2015	Jul. 31, 2015
Wells Fargo Securities, LLC [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Floor Rate	0.00%
Debt Instrument, Basis Spread on Variable Rate	1.00%
Wells Fargo Securities, LLC [Member] | Revolving Credit Facility [Member] | Federal Funds Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Wells Fargo Securities, LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Commitment Fee Percentage	0.15%
Wells Fargo Securities, LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Commitment Fee Percentage	0.30%
Wells Fargo Securities, LLC [Member] | Revolving Credit Facility [Member]
Debt Instrument, Term	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 450.0
Senior Unsecured Notes [Member]
Long-term Debt			$ 75.0
Long-term Debt, Weighted Average Interest Rate			6.66%
Long-term Line of Credit		$ 229.1
Line of Credit Facility, Interest Rate During Period		1.60%

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Customer Relationships [Member]
Current Assets:
Intangible assets, net	$ 39.2	$ 37.4
Other Intangible Assets not Including Customer Relationships [Member]
Current Assets:
Intangible assets, net	34.9	22.6
Cash and cash equivalents	37.9	33.3
Trade receivables, net of allowances of $1.9 and $3.0, respectively	182.3	176.2
Inventories	137.7	111.8
Other current assets	42.0	43.4
Deferred Taxes	23.9	23.2
Total current assets	423.8	387.9
Property, plant and equipment, net of accumulated depreciation of $222.1 and $232.7, respectively	159.4	147.6
Goodwill	93.8	69.2
Other assets	30.6	33.1
Total Assets	781.7	697.8
Current Liabilities:
Short-term debt and current portion of long-term debt	2.3	4.2
Accounts payable, trade and other	109.6	89.5
Advance and progress payments	108.8	86.2
Other current liabilities	104.6	106.5
Total current liabilities	325.3	286.4
Long-term debt, less current portion	230.7	173.8
Accrued pension and other postretirement benefits, less current portion	73.9	93.1
Other liabilities	$ 30.1	$ 25.3
Commitments and contingencies (Note 12)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued
Common stock, $0.01 par value; 120,000,000 shares authorized; 2015: 29,316,041 issued and 29,138,862 outstanding; 2014: 29,138,162 issued and 29,091,502 outstanding;	$ 0.3	$ 0.3
Common stock held in treasury, at cost; 2015: 177,179 shares; 2014: 46,660 shares	(6.4)	(1.5)
Additional paid-in capital	70.1	71.1
Retained earnings	193.2	166.4
Accumulated other comprehensive loss	(135.5)	(117.1)
Total stockholders' equity	121.7	119.2
Total Liabilities and Stockholders' Equity	$ 781.7	$ 697.8

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Note 3 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

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, 2014	$	61.4		$	7.8		$	69.2
Acquisitions		25.4			-			25.4
Currency translation		(0.7	)		(0.1	)		(0.8	)
Balance as of September 30, 2015		86.1			7.7			93.8

Intangible assets consisted of the following:

	September 30, 2015				December 31, 2014
(In millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Customer relationship	$	53.8	$	14.6	$	49.8	$	12.4
Patents and acquired technology		35.7		23.1		36.7		23.4
Trademarks		28.1		7.7		14.8		7.4
Other		6.3		4.4		5.6		3.7
Total intangible assets	$	123.9	$	49.8	$	106.9	$	46.9

As a result of the SFDS acquisition, annual intangible asset amortization expense is expected to increase by approximately $0.5 million for 2015. 

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Note 13 - Segment Revenue and Segment Operating Profit (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
JBT FoodTech [Member]
Segment revenue and intercompany eliminations		$ 177.8	$ 148.0	$ 480.9	$ 457.0
Segment operating profit		20.5	15.5	56.1	50.4
JBT AeroTech [Member]
Segment revenue and intercompany eliminations		95.8	95.6	272.8	232.4
Segment operating profit		9.5	10.3	26.2	17.9
Other Revenue And Intercompany Eliminations [Member]
Segment revenue and intercompany eliminations		(0.3)	(0.4)	(0.8)	(0.6)
Corporate Segment [Member]
Corporate expense (1)	[1]	$ (8.9)	(9.3)	$ (24.3)	(27.3)
Restructuring expense (2)	[2]		(1.3)		(12.5)
Operating income		$ 21.1	15.2	$ 58.0	28.5
Net interest expense		(1.5)	(1.7)	(5.3)	(4.5)
Segment revenue and intercompany eliminations		273.3	243.2	752.9	688.8
Segment operating profit		$ 30.0	25.8	$ 82.3	68.3
Restructuring expense (2)			(1.3)		(12.5)
Operating income		$ 21.1	15.2	$ 58.0	28.5
Net interest expense		(1.7)	(2.0)	(6.0)	(5.6)
Income from continuing operations before income taxes		$ 19.6	$ 13.5	$ 52.7	$ 24.0

[1] Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations.

[2] Refer to Note 14.

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Note 6 - Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Pension Benefits												Other Postretirement Benefits
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
(In millions)	2015			2014			2015			2014			2015			2014			2015			2014
Service cost	$	0.4		$	0.4		$	1.1		$	1.3		$	-		$	-		$	-		$	-
Interest cost		3.4			3.6			10.3			11.0			-			0.1			0.2			0.3
Expected return on plan assets		(4.8	)		(4.9	)		(14.3	)		(14.8	)		-			-			-			-
Amortization of prior service (credit) cost		-			-			-			0.1			(0.4	)		-			(0.4	)		-
Amortization of net actuarial losses		1.2			0.8			3.4			2.1			(0.1	)		(0.1	)		(0.8	)		-
Settlements		-			-			0.3			0.2			-			-			-			(0.1	)
Net periodic cost	$	0.2		$	(0.1	)	$	0.8		$	(0.1	)	$	(0.5	)	$	-		$	(1.0	)	$	0.2

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Note 3 - Summary of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
JBT FoodTech [Member]
Balance as of December 31, 2014	$ 61.4
Acquisitions	25.4
Currency translation	(0.7)
Balance as of September 30, 2015	86.1
JBT AeroTech [Member]
Balance as of December 31, 2014	$ 7.8
Acquisitions
Currency translation	$ (0.1)
Balance as of September 30, 2015	7.7
Balance as of December 31, 2014	69.2
Acquisitions	25.4
Currency translation	(0.8)
Balance as of September 30, 2015	$ 93.8

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Note 13 - Business Segment Information

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 13.

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						Nine Months Ended
	September 30,						September 30,
(In millions)	2015			2014			2015			2014
Revenue
JBT FoodTech	$	177.8		$	148.0		$	480.9		$	457.0
JBT AeroTech		95.8			95.6			272.8			232.4
Intercompany eliminations		(0.3	)		(0.4	)		(0.8	)		(0.6	)
Total revenue	$	273.3		$	243.2		$	752.9		$	688.8
Income before income taxes
Segment operating profit:
JBT FoodTech	$	20.5		$	15.5		$	56.1		$	50.4
JBT AeroTech		9.5			10.3			26.2			17.9
Total segment operating profit		30.0			25.8			82.3			68.3
Corporate items:
Corporate expense (1)		(8.9	)		(9.3	)		(24.3	)		(27.3	)
Restructuring expense (2)		-			(1.3	)		-			(12.5	)
Operating income		21.1			15.2			58.0			28.5
Net interest expense		(1.5	)		(1.7	)		(5.3	)		(4.5	)
Income from continuing operations before income taxes	$	19.6		$	13.5		$	52.7		$	24.0

(1) Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, LIFO adjustments, certain foreign currency-related gains and losses, and the impact of unusual or strategic events not representative of segment operations.

(2) Refer to Note 14.