10-Q Filing

JBT MAREL CORP CIK: 1433660 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001433660-22-000014`
Period End Date	20220331
Filing Date	20220429
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	jbt-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 20 Cash Flow Statement 52 Stockholders Equity 29 Comprehensive Income 12

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$339.20M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$347.30M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock , shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock , shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$84.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$78.80M	USD	Point-in-time
Trade receivables, net of allowances	`AccountsReceivableNetCurrent`	$239.10M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Trade receivables, net of allowances	`AccountsReceivableNetCurrent`	$236.90M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetGrossCurrent`	$94.40M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetGrossCurrent`	$104.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$275.60M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Inventories	`InventoryNet`	$229.10M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$76.40M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	31.77M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	31.77M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$77.30M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	31.77M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$777.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$718.70M	USD	Point-in-time
Common stock held in treasury (in shares)	`TreasuryStockShares`	0.00	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $347.3 and $339.2 respectively	`PropertyPlantAndEquipmentNet`	$267.60M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $347.3 and $339.2 respectively	`PropertyPlantAndEquipmentNet`	$269.20M	USD	Point-in-time
Common stock held in treasury (in shares)	`TreasuryStockShares`	0.00	shares	Point-in-time
Goodwill	`Goodwill`	$681.90M	USD	Point-in-time
Goodwill	`Goodwill`	$684.80M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$342.60M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$329.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$152.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$127.70M	USD	Point-in-time
Total Assets	`Assets`	$2.14B	USD	Point-in-time
Total Assets	`Assets`	$2.21B	USD	Point-in-time
Short-term debt	`DebtCurrent`	$100.00K	USD	Point-in-time
Short-term debt	`DebtCurrent`	-	USD	Point-in-time
Accounts payable, trade and other	`AccountsPayableCurrent`	$212.50M	USD	Point-in-time
Accounts payable, trade and other	`AccountsPayableCurrent`	$186.00M	USD	Point-in-time
Advance and progress payments	`ContractWithCustomerLiabilityCurrentAdvanceAndProgressPayments`	$218.70M	USD	Point-in-time
Advance and progress payments	`ContractWithCustomerLiabilityCurrentAdvanceAndProgressPayments`	$190.20M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$173.70M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$164.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$549.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$595.90M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$669.90M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$674.40M	USD	Point-in-time
Accrued pension and other postretirement benefits, less current portion	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$53.20M	USD	Point-in-time
Accrued pension and other postretirement benefits, less current portion	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$57.60M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$109.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$107.30M	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2022 or 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2022 or 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 120,000,000 shares authorized; March 31, 2022: 31,770,216 issued and outstanding; December 31, 2021: 31,769,967 issued and outstanding	`CommonStockValue`	$300.00K	USD	Point-in-time
Common stock, $0.01 par value; 120,000,000 shares authorized; March 31, 2022: 31,770,216 issued and outstanding; December 31, 2021: 31,769,967 issued and outstanding	`CommonStockValue`	$300.00K	USD	Point-in-time
Common stock held in treasury, at cost March 31, 2022: 0 shares and December 31, 2021: 0 shares	`TreasuryStockValue`	-	USD	Point-in-time
Common stock held in treasury, at cost March 31, 2022: 0 shares and December 31, 2021: 0 shares	`TreasuryStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$214.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$215.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$755.80M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$733.40M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-197.40M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-188.40M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$750.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$637.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$783.60M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$672.10M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.14B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.21B	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$469.20M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$417.80M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$108.40M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$94.40M	USD	1 Quarter
Restructuring expense	`RestructuringCharges`	$1.00M	USD	1 Quarter
Restructuring expense	`RestructuringCharges`	$500.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$30.60M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$37.80M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.10M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.10M	USD	1 Quarter
Net income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.70M	USD	1 Quarter
Net income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$28.50M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.90M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.70M	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.60M	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasic`	$0.84	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasic`	$0.80	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareDiluted`	$0.80	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareDiluted`	$0.84	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.60M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$18.30M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$19.90M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.80M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.70M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-1.70M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Trade receivables, net and contract assets	`IncreaseDecreaseInReceivables`	$6.50M	USD	1 Quarter
Trade receivables, net and contract assets	`IncreaseDecreaseInReceivables`	$-20.10M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$47.20M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$900.00K	USD	1 Quarter
Accounts payable, trade and other	`IncreaseDecreaseInAccountsPayable`	$11.10M	USD	1 Quarter
Accounts payable, trade and other	`IncreaseDecreaseInAccountsPayable`	$27.20M	USD	1 Quarter
Advance and progress payments	`IncreaseDecreaseInContractWithCustomerLiabilityAdvanceAndProgressPayments`	$28.40M	USD	1 Quarter
Advance and progress payments	`IncreaseDecreaseInContractWithCustomerLiabilityAdvanceAndProgressPayments`	$11.30M	USD	1 Quarter
Accrued pension and other postretirement benefits, net	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-2.00M	USD	1 Quarter
Accrued pension and other postretirement benefits, net	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-200.00K	USD	1 Quarter
Other assets and liabilities, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$9.70M	USD	1 Quarter
Other assets and liabilities, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$3.80M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$39.10M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$85.70M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$400.00K	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$15.90M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$26.70M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$8.90M	USD	1 Quarter
Proceeds from disposal of assets	`ProceedsFromSaleOfPropertyHeldForSale`	$600.00K	USD	1 Quarter
Proceeds from disposal of assets	`ProceedsFromSaleOfPropertyHeldForSale`	$100.00K	USD	1 Quarter
Cash required by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.00M	USD	1 Quarter
Cash required by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.20M	USD	1 Quarter
Net proceeds (payments) on short-term debt	`ProceedsFromRepaymentsOfShortTermDebt`	$100.00K	USD	1 Quarter
Net proceeds (payments) on short-term debt	`ProceedsFromRepaymentsOfShortTermDebt`	$-1.90M	USD	1 Quarter
Net payments for domestic credit facilities	`RepaymentsOfLongTermLinesOfCredit`	$4.50M	USD	1 Quarter
Net payments for domestic credit facilities	`RepaymentsOfLongTermLinesOfCredit`	$44.90M	USD	1 Quarter
Dividends	`PaymentsOfDividends`	$3.20M	USD	1 Quarter
Dividends	`PaymentsOfDividends`	$3.20M	USD	1 Quarter
Cash required by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.60M	USD	1 Quarter
Cash required by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-50.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-1.50M	USD	1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$900.00K	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.40M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.50M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$78.80M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$57.50M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$78.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$57.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.20M	USD	Point-in-time
Non-cash investing in capital expenditures, accrued but not paid	`CapitalExpendituresIncurredButNotYetPaid`	$6.00M	USD	1 Quarter
Non-cash investing in capital expenditures, accrued but not paid	`CapitalExpendituresIncurredButNotYetPaid`	$100.00K	USD	1 Quarter

Stockholders Equity 29 line items

Line Item	Tag	Value	Unit	Period
Common stock cash dividends (in usd per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Common stock cash dividends (in usd per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Foreign currency, translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$-200.00K	USD	1 Quarter
Foreign currency, translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$-1.10M	USD	1 Quarter
Derivatives designated as hedges, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax`	$-1.10M	USD	1 Quarter
Derivatives designated as hedges, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax`	$-2.60M	USD	1 Quarter
Pension and other postretirement liability adjustments, tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$-600.00K	USD	1 Quarter
Pension and other postretirement liability adjustments, tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$-500.00K	USD	1 Quarter
Beginning balance	`StockholdersEquity`	$750.50M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$637.10M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$783.60M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$672.10M	USD	Point-in-time
Net income	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.60M	USD	1 Quarter
Issuance of treasury stock	`StockIssuedDuringPeriodValueTreasuryStockReissued`	-	USD	1 Quarter
Common stock cash dividends	`DividendsCommonStockCash`	$3.20M	USD	1 Quarter
Common stock cash dividends	`DividendsCommonStockCash`	$3.20M	USD	1 Quarter
Foreign currency translation adjustments, net of income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.50M	USD	1 Quarter
Foreign currency translation adjustments, net of income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$100.00K	USD	1 Quarter
Derivatives designated as hedges, net of income taxes	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$7.30M	USD	1 Quarter
Derivatives designated as hedges, net of income taxes	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$3.20M	USD	1 Quarter
Pension and other postretirement liability adjustments, net of income taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.70M	USD	1 Quarter
Pension and other postretirement liability adjustments, net of income taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.60M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.80M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.70M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$750.50M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$637.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$783.60M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$672.10M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.60M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.50M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$100.00K	USD	1 Quarter
Pension and other postretirement benefits adjustments	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.70M	USD	1 Quarter
Pension and other postretirement benefits adjustments	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.60M	USD	1 Quarter
Derivatives designated as hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$7.30M	USD	1 Quarter
Derivatives designated as hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$3.20M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$9.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$9.40M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$36.40M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$34.60M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.