John Bean Technologies (JBT) 10-Q2 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-34036
Entity Registrant Name	John Bean Technologies Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-1650317
Entity Address, Address Line One	70 West Madison Street,
Entity Address, Address Line Two	Suite 4400
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60602
City Area Code	312
Local Phone Number	861-5900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	JBT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,837,903
Entity Central Index Key	0001433660
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 427.7	$ 394	$ 816.2	$ 750.3
Operating expenses:
Selling, general and administrative expense	100.4	95.9	204.1	192.1
Restructuring expense	2.5	0.8	3.3	1.4
Operating income	43.4	32	70.9	55
Pension expense, other than service cost	0.2	0	0.4	0
Interest expense, net	7.1	2.1	13.6	3.9
Income from continuing operations before income taxes	36.1	29.9	56.9	51.1
Income tax provision	8.4	4.2	12.8	5.5
Income from continuing operations	27.7	25.7	44.1	45.6
Income from discontinued operations, net of taxes	3.3	7.7	12.5	13.4
Net income	$ 31	$ 33.4	$ 56.6	$ 59
Basic earnings per share from:
Continuing operations (in dollars per share)	$ 0.87	$ 0.81	$ 1.38	$ 1.42
Discontinued operations (in dollars per share)	0.10	0.24	0.39	0.42
Net Income (in dollars per share)	0.97	1.05	1.77	1.84
Diluted earnings per share from:
Continuing operations (in dollars per share)	0.87	0.80	1.37	1.42
Discontinued operations (in dollars per share)	0.10	0.24	0.39	0.42
Net income (in dollars per share)	$ 0.97	$ 1.04	$ 1.76	$ 1.84
Product
Revenue	$ 387.3	$ 355.4	$ 733.8	$ 677.1
Operating expenses:
Cost of products	257	242.4	488.8	458.9
Service
Revenue	40.4	38.6	82.4	73.2
Operating expenses:
Cost of products	$ 24.4	$ 22.9	$ 49.1	$ 42.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 31	$ 33.4	$ 56.6	$ 59
Other comprehensive income, net of taxes
Foreign currency translation adjustments	(1.7)	(26.7)	4	(26.6)
Pension and other postretirement benefits adjustments	1	1.4	1.9	3
Derivatives designated as hedges	0.9	1.8	(1.3)	9.1
Other comprehensive income	0.2	(23.5)	4.6	(14.5)
Comprehensive income	$ 31.2	$ 9.9	$ 61.2	$ 44.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 42.8	$ 71.7
Trade receivables, net of allowances	213.3	200.5
Contract assets	66.3	65.1
Inventories	237.2	239.8
Other current assets	77.5	75.8
Current assets held for sale	249.7	216.1
Total current assets	886.8	869
Property, plant and equipment, net of accumulated depreciation of $315.8 and $306.0 respectively	246.6	245.4
Goodwill	776.1	770.1
Intangible assets, net	410.3	430.1
Other assets	182.6	183.1
Non-current assets held for sale	85.4	85.8
Total Assets	2,587.8	2,583.5
Current Liabilities:
Short-term debt	0.9	0.6
Accounts payable, trade and other	137.4	170.6
Advance and progress payments	192.1	173.7
Other current liabilities	149.9	157.8
Current liabilities held for sale	129.7	117.8
Total current liabilities	610	620.5
Long-term debt	949.6	977.3
Accrued pension and other postretirement benefits, less current portion	28.7	32
Other liabilities	65.9	79.9
Non-current liabilities held for sale	12.4	11.1
Commitments and contingencies (Note 14)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2023 or 2022	0	0
Common stock, $0.01 par value; 120,000,000 shares authorized; June 30, 2023: 31,861,680 issued, and 31,837,364 outstanding; December 31, 2022: 31,861,680 issued, and 31,803,721 outstanding	$ 0.3	$ 0.3
Common stock held in treasury (in shares)	24,316	57,959
Common stock held in treasury, at cost June 30, 2023: 24,316 shares; December 31, 2022: 57,959 shares	$ (2.2)	$ (5.3)
Additional paid-in capital	221.3	220.7
Retained earnings	901.5	851.3
Accumulated other comprehensive loss	(199.7)	(204.3)
Total stockholders' equity	921.2	862.7
Total Liabilities and Stockholders' Equity	$ 2,587.8	$ 2,583.5

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 315.8	$ 306
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)	31,861,680	31,861,680
Common stock, shares outstanding (in shares)	31,837,364	31,803,721
Common stock held in treasury (in shares)	24,316	57,959

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Statement) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Income from continuing operations	$ 44.1	$ 45.6
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Depreciation and amortization	46.2	36.6
Stock-based compensation	4.6	4
Other	6.6	3.5
Trade receivables, net and contract assets	(15.5)	(10.8)
Inventories	0.1	(47.8)
Accounts payable, trade and other	(29)	21.9
Advance and progress payments	20.8	29.5
Accrued pension and other postretirement benefits, net	(1.5)	(2.7)
Other assets and liabilities, net	(13.8)	(4.8)
Cash provided by continuing operating activities	62.6	75
Acquisitions, net of cash acquired	(0.1)	(0.4)
Capital expenditures	(35.3)	(42.7)
Proceeds from disposal of assets	0.5	0.6
Cash required by continuing investing activities	(34.9)	(42.5)
Net proceeds on short-term debt	0.2	0
Net payments for domestic credit facilities	(33)	0.9
Payment, Tax Withholding, Share-based Payment Arrangement	(1.6)	(1.2)
Dividends	(6.4)	(6.7)
Payments for Repurchase of Common Stock	0	(2.3)
Cash required by continuing financing activities	(40.8)	(9.3)
Net Cash Provided by (Used in) Continuing Operations	(13.1)	23.2
Effect of foreign exchange rate changes on cash and cash equivalents	(0.6)	(2)
Net decrease in cash and cash equivalents	(28.4)	(10.7)
Cash required by operating activities of discontinued operations, net	42.8	66.6
Cash required by operating activities of discontinued operations, net	(11.7)	(30.2)
Cash required by investing activities of discontinued operations, net	(3)	(1.7)
Discontinued Operation, Cash Required by Discontinued Operations	(14.7)	(31.9)
Add: Cash and cash equivalents from discontinued operations, beginning of period	1.4	1.9
Less: Cash and cash equivalents from discontinued operations, end of period	1.9	1.5
Supplemental Cash Flow Information for Continuing Operations:
Non-cash investing in capital expenditures, accrued but not paid	$ 2	$ 14.9

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Treasury Stock, Common	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021	$ 750.5	$ 0.3	$ 0	$ 214.2	$ 733.4	$ (197.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59				59
Issuance of treasury stock			2.3	(2.3)
Common stock cash dividends, $0.10 per share	(6.4)				(6.4)
Foreign currency translation adjustments, net of income taxes of $0.2	(26.6)					(26.6)
Derivatives designated as hedges, net of income taxes of $(0.4)	9.1					9.1
Pension and other postretirement liability adjustments, net of income taxes of $(0.3)	3					3
Stock-based compensation expense	4.7			4.7
Taxes withheld on issuance of stock-based awards	(1.2)			(1.2)
Ending balance at Jun. 30, 2022	$ 789.8	0.3	0	215.4	786	(211.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock cash dividends (in usd per share)	$ 0.20
Foreign currency, translation adjustments, tax	$ (1.7)
Derivatives designated as hedges, tax	(3.2)
Pension and other postretirement liability adjustments, tax	(1)
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2022	783.6	0.3	0	215.9	755.8	(188.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33.4				33.4
Issuance of treasury stock			2.3	(2.3)
Common stock cash dividends, $0.10 per share	(3.2)				(3.2)
Foreign currency translation adjustments, net of income taxes of $0.2	(26.7)					(26.7)
Derivatives designated as hedges, net of income taxes of $(0.4)	1.8					1.8
Pension and other postretirement liability adjustments, net of income taxes of $(0.3)	1.4					1.4
Stock-based compensation expense	3			3
Taxes withheld on issuance of stock-based awards	(1.2)			(1.2)
Ending balance at Jun. 30, 2022	$ 789.8	0.3	0	215.4	786	(211.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock cash dividends (in usd per share)	$ 0.10
Foreign currency, translation adjustments, tax	$ (1.5)
Derivatives designated as hedges, tax	(0.6)
Pension and other postretirement liability adjustments, tax	(0.5)
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2022	862.7	0.3	(5.3)	220.7	851.3	(204.3)
Ending balance at Mar. 31, 2023	891	0.3	(3.7)	220.6	873.7	(199.9)
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2022	862.7	0.3	(5.3)	220.7	851.3	(204.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56.6				56.6
Issuance of treasury stock	0		3.1	(3.1)
Stock Repurchased During Period, Value			2.3
Common stock cash dividends, $0.10 per share	(6.4)				(6.4)
Foreign currency translation adjustments, net of income taxes of $0.2	4					4
Derivatives designated as hedges, net of income taxes of $(0.4)	(1.3)					(1.3)
Pension and other postretirement liability adjustments, net of income taxes of $(0.3)	1.9					1.9
Stock-based compensation expense	5.3			5.3
Taxes withheld on issuance of stock-based awards	(1.6)			(1.6)
Ending balance at Jun. 30, 2023	$ 921.2	0.3	(2.2)	221.3	901.5	(199.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock cash dividends (in usd per share)	$ 0.20
Foreign currency, translation adjustments, tax	$ 0.6
Derivatives designated as hedges, tax	0.4
Pension and other postretirement liability adjustments, tax	(0.6)
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2023	891	0.3	(3.7)	220.6	873.7	(199.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31				31
Issuance of treasury stock	0		1.5	(1.5)
Stock Repurchased During Period, Value			2.3
Common stock cash dividends, $0.10 per share	(3.2)				(3.2)
Foreign currency translation adjustments, net of income taxes of $0.2	(1.7)					(1.7)
Derivatives designated as hedges, net of income taxes of $(0.4)	0.9					0.9
Pension and other postretirement liability adjustments, net of income taxes of $(0.3)	1					1
Stock-based compensation expense	2.7			2.7
Taxes withheld on issuance of stock-based awards	(0.5)			(0.5)
Ending balance at Jun. 30, 2023	$ 921.2	$ 0.3	$ (2.2)	$ 221.3	$ 901.5	$ (199.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock cash dividends (in usd per share)	$ 0.10
Foreign currency, translation adjustments, tax	$ 0.2
Derivatives designated as hedges, tax	(0.4)
Pension and other postretirement liability adjustments, tax	$ (0.3)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock cash dividends (in usd per share)	$ 0.10	$ 0.10	$ 0.20	$ 0.20
Foreign currency, translation adjustments, tax	$ 0.2	$ (1.5)	$ 0.6	$ (1.7)
Derivatives designated as hedges, tax	(0.4)	(0.6)	0.4	(3.2)
Pension and other postretirement liability adjustments, tax	$ (0.3)	$ (0.5)	$ (0.6)	$ (1)

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business John Bean Technologies Corporation and its majority-owned consolidated subsidiaries (the “Company,” “JBT,” “our,” “us,” or “we”) provide global technology solutions to high-value segments of the food and beverage industries. The Company designs, produces and services sophisticated products and systems for multi-national and regional customers. The Company has manufacturing operations worldwide that are strategically located to facilitate delivery of its products and services to its 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 Annual Report on Form 10-K for the year ended December 31, 2022, which provides a more complete description 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, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period. Discontinued Operations On August 1, 2023, the Company completed the sale of AeroTech business to Oshkosh Corporation, a Wisconsin corporation (the "Purchaser"). This sale was made pursuant to the Stock and Asset Purchase Agreement ("Purchase Agreement"), dated May 26, 2023, by and between the Company and the Purchaser to sell AeroTech and certain related assets and liabilities for a base purchase price of $800 million subject to transaction costs and post-closing purchase price adjustments under the Purchase Agreement. As a result and in accordance with ASC 205-20, the Company determined that AeroTech met the criteria to be presented as a discontinued operation during the second quarter of 2023. Accordingly, the financial results of AeroTech have been presented as discontinued operations in the Condensed Consolidated Statements of Income for all periods presented. The assets and liabilities of AeroTech are reflected as assets and liabilities held for sale on the Condensed Consolidated Balance Sheets for all periods presented. Amounts pertaining to results of operations, financial condition and cash flows throughout the document are from the Company's continuing operations unless otherwise noted. Refer to Note 2, Discontinued Operations, for further discussion. Business Segments The Company has determined that it operates in a single reporting segment for continued operations, with the AeroTech reporting segment considered as discontinued operations as of June 30, 2023. The Company's Chief Executive Officer is the chief operating decision maker (CODM), who reviews the Company's financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company's financial performance. The key measures reviewed by the CODM for these purposes are most notably adjusted EBITDA from continuing operations and adjusted EBITDA margin from continuing operations. Adjusted EBITDA is EBITDA adjusted for items that are not reflective of ongoing operations. 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 revenue and expenses during the reporting period. Actual results could differ from these estimates. Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). ASU No. 2020-04 provides that an entity can elect not to apply certain required modification accounting in U.S. GAAP to contracts where all changes to the critical terms relate to reference rate reform (e.g., the expected discontinuance of LIBOR and the transition to an alternative reference interest rate, etc.). In addition, the rule provides optional expedients and exceptions that enable entities to continue to apply hedge accounting for hedging relationships where one or more of the critical terms change due to reference rate reform. The rule became effective for all entities as of March 12, 2020 and is set to expire after December 31, 2024 as per ASU No. 2022-06, issued in December 2022. During 2023, the Company adopted the practical expedient provided under ASU 2020-04 related to its debt and interest rate swap arrangements and as such, any amendments are treated as a continuation of the existing agreements and no gain or loss on the modification is recorded.

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups	6 Months Ended
Discontinued Operations and Disposal Groups	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure	DISCONTINUED OPERATIONS As disclosed in Note 1, on August 1, 2023, the Company completed the sale of the AeroTech business in pursuant to the Purchase Agreement, dated May 26, 2023, it entered with the Oshkosh Corporation in exchange for $800 million in cash, subject to certain adjustments set forth in the Purchase Agreement. The sale of AeroTech supports the Company's strategy to become a pure-play food and beverage solutions provider. In accordance with ASC 205-20, the Company determined that the AeroTech business met the criteria to be presented as a discontinued operation during the second quarter of 2023. Accordingly, the financial results of AeroTech have been classified as "Income from discontinued operations, net of taxes” in the Condensed Consolidated Statements of Income for the three and six month periods ended June 30, 2023 and 2022. The Company also determined that as of June 30, 2023, the criteria in ASC 360-10 had been met and as a result, the assets and liabilities of AeroTech are presented separately as assets and liabilities held for sale in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022. Additionally, beginning May 26, 2023, in accordance with ASC 360, the Company ceased recording depreciation and amortization for property, plant and equipment, intangible assets, and right of use assets for the discontinued operations. In connection with the entry into the Purchase Agreement to sell AeroTech, the Company and the Purchaser have entered into a Transition Services Agreement (the "TSA") for the provision of information technology related services for 12 months and of other services for up to 6 months to support the transition of the AeroTech business, subject to the terms and conditions set forth therein. In addition, the TSA provides the Purchaser options to extend the term for information related services for up to another 6 months. Summarized Discontinued Operations and Held for Sale Financial Information The following table summarizes the results of operations classified as discontinued operations, net of taxes, in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Revenue $ 164.3 $ 148.3 $ 305.3 $ 261.2 Operating expenses: Cost of sales 136.4 125.7 251.0 218.9 Selling, general and administrative expense 19.9 12.4 33.8 24.5 Operating income 8.0 10.2 20.5 17.8 Interest expense 0.8 0.4 1.6 0.7 Income from discontinued operations before income taxes 7.2 9.8 18.9 17.1 Income tax provision 3.9 2.1 6.4 3.7 Income from discontinued operations, net of taxes $ 3.3 $ 7.7 $ 12.5 $ 13.4 Certain indirect costs included within Selling, general and administrative expense in the Condensed Consolidated Statements of Income that were previously allocated to the AeroTech reportable segment do not qualify for classification within discontinued operations and are now reported as Selling, general and administrative expense in continuing operations. As a result, Selling, general and administrative expense for the AeroTech reportable segment decreased $0.3 million and $1.1 million for the three and six months ended June 30, 2023, respectively, and decreased $0.9 million and $1.9 million for the three and six months ended June 30, 2022, respectively. In accordance with ASC 205-20, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations for the Company's debt that is not directly attributed to the AeroTech business. Interest expense was allocated based on a ratio of net assets discontinued to the sum of consolidated net assets plus consolidated debt. In accordance with ASC 740-10-30, Income Taxes, the Company reassessed the realizability of deferred tax assets associated with discontinued operations. As a result of this reassessment, a valuation allowance of $2.4 million was recorded in the discontinued operations’ tax provision for the three months ended June 30, 2023. The following table provides a reconciliation of the carrying amounts of major classes of assets and liabilities which are included in assets and liabilities held for sale in the accompanying Condensed Consolidated Balance Sheets as of the periods presented below: (In millions) June 30, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 1.9 $ 1.4 Trade receivables, net of allowances 100.5 98.5 Contract assets 38.9 24.5 Inventories 102.1 82.7 Other current assets 6.3 9.0 Total current assets held for sale $ 249.7 $ 216.1 Property, plant and equipment, net of accumulated depreciation of $40.0 and $40.4, respectively $ 25.5 $ 24.5 Goodwill 37.9 37.7 Intangible assets, net 14.4 15.3 Other assets 7.6 8.3 Total non-current assets held for sale $ 85.4 $ 85.8 Liabilities: Accounts payable $ 73.1 $ 66.4 Advance and progress payments 26.5 20.9 Other current liabilities 30.1 30.5 Total current liabilities held for sale $ 129.7 $ 117.8 Total non-current liabilities held for sale $ 12.4 $ 11.1

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS During fiscal year 2022, the Company acquired 100% of the voting equity of two businesses. The Company did not make any acquisitions during the six months ended June 30, 2023. A summary of the acquisitions made during 2022 is as follows: Date Type Company/Product Line Location (Near) Segment September 1, 2022 Stock Bevcorp, LLC ("Bevcorp") Eastlake, Ohio FoodTech A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications. July 1, 2022 Stock Alco-food-machines GmbH & Co. KG ("Alco") Bad Iburg, Germany FoodTech A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings. Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired. (In millions) Bevcorp (1) Alco (2) Total Financial assets $ 20.8 $ 9.1 $ 29.9 Inventories 33.1 11.7 44.8 Property, plant and equipment 5.5 0.9 6.4 Customer relationship (3) 127.0 9.2 136.2 Patents and acquired technology (3) 3.8 4.7 8.5 Trademarks (3) 10.0 3.2 13.2 Financial liabilities (18.7) (19.9) (38.6) Total identifiable net assets $ 181.5 $ 18.9 $ 200.4 Cash consideration paid $ 294.9 $ 44.0 $ 338.9 Cash acquired 5.7 3.9 9.6 Net consideration $ 289.2 $ 40.1 $ 329.3 Goodwill (4) $ 113.4 $ 25.1 $ 138.5 (1) The purchase accounting for Bevcorp was final as of March 31, 2023. (2) During the quarter ended June 30, 2023, the Company recorded a decrease in cash consideration paid by $1.1 million due to the finalization of the working capital adjustments, resulting in a corresponding decrease in goodwill. The purchase accounting for Alco is final as of June 30, 2023. (3) The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
Goodwill and Intangible Assets	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill by were as follows: (In millions) Balance as of December 31, 2022 $ 770.1 Acquisitions (1.0) Currency translation 7.0 Balance as of June 30, 2023 $ 776.1 Intangible assets consisted of the following: June 30, 2023 December 31, 2022 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 423.4 $ 134.1 $ 420.8 $ 118.6 Patents and acquired technology 171.7 99.6 169.6 90.6 Trademarks 53.6 15.2 53.1 14.6 Non-amortizing intangible assets 10.5 — 10.4 — Other 8.8 8.8 8.6 8.6 Total intangible assets $ 668.0 $ 257.7 $ 662.5 $ 232.4

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consisted of the following: (In millions) June 30, 2023 December 31, 2022 Raw materials $ 29.2 $ 33.6 Work in process 56.0 54.6 Finished goods 197.5 195.0 Gross inventories before valuation adjustments 282.7 283.2 LIFO reserves (26.0) (24.2) Valuation adjustments (19.5) (19.2) Net inventories $ 237.2 $ 239.8

Pension

Pension	6 Months Ended
Pension	Jun. 30, 2023
Retirement Benefits [Abstract]
Pension	PENSION Components of net periodic benefit cost were as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Service cost $ 0.3 $ 0.4 $ 0.6 $ 0.9 Interest cost 3.3 1.9 6.5 3.8 Expected return on plan assets (4.3) (3.9) (8.6) (7.8) Amortization of net actuarial losses 1.2 2.0 2.5 4.0 Net periodic cost $ 0.5 $ 0.4 $ 1.0 $ 0.9 The Company expects to contribute $14.5 million to its pension and other post-retirement benefit plans in 2023. The pension contributions will be primarily for the U.S. qualified pension plan, and all of the contributions are expected to be in the form of cash. The Company has made no contribution to the U.S. qualified pension plan during the six months ended June 30, 2023.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	DEBT The components of the Company's borrowings were as follows: (In millions) Maturity Date June 30, 2023 December 31, 2022 Revolving credit facility (1) December 14, 2026 $ 555.4 $ 584.6 Less: unamortized debt issuance costs (1.8) (2.2) Revolving credit facility, net $ 553.6 $ 582.4 Convertible senior notes (2) May 15, 2026 $ 402.5 $ 402.5 Less: unamortized debt issuance costs (6.5) (7.6) Convertible senior notes, net $ 396.0 $ 394.9 Long-term debt, net $ 949.6 $ 977.3 (1) Weighted-average interest rate at June 30, 2023 was 6.55% (2) Effective interest rate for the Notes (as defined below) for the quarter ended June 30, 2023 was 0.82% Components of interest expense recognized for the 0.25% Convertible Senior Notes due 2026 (the "Notes") were as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Contractual interest expense $ 0.2 $ 0.2 $ 0.5 $ 0.5 Interest cost related to amortization of issuance costs 0.5 0.6 1.1 1.1 Total interest expense $ 0.7 $ 0.8 $ 1.6 $ 1.6 Convertible Note Hedge Transactions On May 28, 2021, the Company closed a private offering of $402.5 million aggregate principal amount of the Notes to qualified institutional buyers. The initial conversion rate of the Notes is 5.8958 shares of the Company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $169.61 per share. The conversion rate of the Notes is subject to adjustment upon the occurrence of certain specified events. On May 28, 2021, the Company paid an aggregate amount of $65.6 million for the Convertible Note Hedge Transactions (the "Hedge Transactions"). The Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Notes, approximately 2.4 million shares of the Company's common stock. These are the same number of shares initially underlying the Notes, at a strike price of $169.61, subject to customary adjustments. The Hedge Transactions will expire upon the maturity of the Notes, subject to earlier exercise or termination. The Hedge Transactions are expected generally to reduce the potential dilutive effect of the conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted Notes, in the event that the market price per share of the Company's common stock, as measured under the terms of the Hedge Transactions, is greater than the Hedge Transactions strike price of $169.61. The Hedge Transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore these transactions are not revalued after their issuance. The Company made a tax election to integrate the Notes and the Hedge Transactions. The accounting impact of this tax election makes the Hedge Transactions deductible as original issue discount interest for tax purposes over the term of the note, and results in a $17.1 million deferred tax asset recorded as an adjustment to Additional paid-in capital on our Balance Sheet as of June 30, 2023. Warrant Transactions In addition, concurrently with entering into the Hedge Transactions, the Company separately entered into privately-negotiated Warrant Transactions (the "Warrant Transactions"), whereby the Company sold to the counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 2.4 million shares of its common stock at an initial strike price of $240.02 per share. The Company received aggregate proceeds of $29.5 million from the Warrant Transactions with the counterparties, with such proceeds partially offsetting the costs of entering into the Hedge Transactions. The warrants expire in August 2026. If the market value per share of the common stock, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless the Company elects, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
Accumulated Other Comprehensive Income (Loss)	Jun. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the Balance Sheet date. For the Company, AOCI is 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 June 30, 2023 and 2022 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, March 31, 2023 $ (130.0) $ 12.6 $ (82.5) $ (199.9) Other comprehensive income (loss) before reclassification 0.1 2.8 (1.2) 1.7 Amounts reclassified from accumulated other comprehensive income 0.9 (1.9) (0.5) (1.5) Ending balance, June 30, 2023 $ (129.0) $ 13.5 $ (84.2) $ (199.7) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended June 30, 2023 were $1.2 million of charges to pension expense, other than service cost, net of $0.3 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $2.6 million of interest income, net of $0.7 million income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended June 30, 2023 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision. (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, March 31, 2022 $ (143.9) $ 9.1 $ (53.6) $ (188.4) Other comprehensive income (loss) before reclassification — 1.8 (26.2) (24.4) Amounts reclassified from accumulated other comprehensive income 1.4 — (0.5) 0.9 Ending balance, June 30, 2022 $ (142.5) $ 10.9 $ (80.3) $ (211.9) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended June 30, 2022 were $2.0 million of charges to pension expense, other than service cost, net of $0.6 million income tax benefit. There were no reclassification adjustments for derivatives designated as hedges during the period. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended June 30, 2022 were $0.7 million of benefit in interest expense, net of $0.2 million income tax provision. Changes in the AOCI balances for the six months ended June 30, 2023 and 2022 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, December 31, 2022 $ (130.9) $ 14.8 $ (88.2) $ (204.3) Other comprehensive income before reclassification — 2.4 5.0 7.4 Amounts reclassified from accumulated other comprehensive income 1.9 (3.7) (1.0) (2.8) Ending balance, June 30, 2023 $ (129.0) $ 13.5 $ (84.2) $ (199.7) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the six months ended June 30, 2023 were $2.5 million of charges to pension expense, other than service cost, net of $0.6 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $5.0 million of interest income, net of $1.3 million income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the six months ended June 30, 2023 were $1.4 million of benefit in interest expense, net of $0.4 million income tax provision. (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, December 31, 2021 $ (145.5) $ 1.8 $ (53.7) $ (197.4) Other comprehensive income before reclassification — 8.8 (25.6) (16.8) Amounts reclassified from accumulated other comprehensive income 3.0 0.3 (1.0) 2.3 Ending balance, June 30, 2022 $ (142.5) $ 10.9 $ (80.3) $ (211.9) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the six months ended June 30, 2022 were $4.0 million of charges to pension expense, other than service cost, net of $1.0 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $0.4 million of interest expense, net of $0.1 million income tax benefit. Reclassification adjustments for foreign currency translation related to net investment hedges for the six months ended June 30, 2022 were $1.4 million of benefit in interest expense, net of $0.4 million income tax provision.

Revenue Recognition (Notes)

Revenue Recognition (Notes)	6 Months Ended
Revenue Recognition (Notes)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION Transaction price allocated to remaining performance obligations The Company has estimated that $697.4 million in revenue is expected to be recognized in the future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of June 30, 2023. The Company expects to complete these obligations and recognize 56% as revenue in 2023, 38% in 2024, and the remainder after 2024. Disaggregation of Revenue In the following table, revenue is disaggregated by type of good or service, primary geographical market, and timing of recognition. The table also includes a reconciliation of the disaggregated revenue to total revenue. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Type of Good or Service Recurring (1) $ 217.1 $ 181.4 $ 436.4 $ 355.5 Non-recurring (1) 210.6 212.6 379.8 394.8 Total 427.7 394.0 816.2 750.3 Geographical Region (2) North America 258.1 226.2 498.7 436.0 Europe, Middle East and Africa 103.2 103.6 198.4 192.8 Asia Pacific 41.2 35.4 71.0 71.4 Latin America 25.2 28.8 48.1 50.1 Total 427.7 394.0 816.2 750.3 Timing of Recognition Point in Time 216.9 179.2 418.8 351.1 Over Time 210.8 214.8 397.4 399.2 Total 427.7 394.0 816.2 750.3 (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) Geographical region represents the region in which the end customer resides. Contract balances The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Balance Sheet as Contract assets and within Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period. Contract asset and liability balances for the period were as follows: Balances as of (In millions) June 30, 2023 December 31, 2022 Contract Assets $ 66.3 $ 65.1 Contract Liabilities 182.8 161.2 Balances as of June 30, 2022 December 31, 2021 Contract Assets 63.6 69.0 Contract Liabilities 183.6 156.5 The revenue recognized during the six months ended June 30, 2023 and 2022 that was included in contract liabilities at the beginning of the period amounted to $112.0 million and $106.4 million, respectively. The remainder of the change from December 31, 2022 and December 31, 2021 is driven by the timing of advance and milestone payments received from

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share from net income for the respective periods and basic and diluted shares outstanding: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2023 2022 2023 2022 Basic earnings per share: Numerator: Income from continuing operations $ 27.7 $ 25.7 $ 44.1 $ 45.6 Income from discontinued operations, net of tax 3.3 7.7 12.5 13.4 Net income $ 31.0 $ 33.4 $ 56.6 $ 59.0 Denominator: Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Basic earnings per share from: Continuing operations $ 0.87 $ 0.81 $ 1.38 $ 1.42 Discontinued operations 0.10 0.24 0.39 0.42 Net income $ 0.97 $ 1.05 $ 1.77 $ 1.84 Diluted earnings per share: Numerator: Income from continuing operations $ 27.7 $ 25.7 $ 44.1 $ 45.6 Income from discontinued operations, net of tax 3.3 7.7 12.5 13.4 Net income $ 31.0 $ 33.4 $ 56.6 $ 59.0 Denominator: Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Effect of dilutive securities: Restricted stock 0.1 0.1 0.1 0.1 Total shares and dilutive securities 32.1 32.1 32.1 32.1 Diluted earnings per share from: Continuing operations $ 0.87 $ 0.80 $ 1.37 $ 1.42 Discontinued operations 0.10 0.24 0.39 0.42 Net income $ 0.97 $ 1.04 $ 1.76 $ 1.84

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities that the Company can assess at the measurement date. • Level 2 : Observable inputs other than those included in Level 1 that are observable for the asset or liability, either directly or indirectly. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of June 30, 2023 As of December 31, 2022 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 11.2 $ 11.2 $ — $ — $ 12.1 $ 12.1 $ — $ — Derivatives 31.3 — 31.3 — 34.3 — 34.3 — Total assets $ 42.5 $ 11.2 $ 31.3 $ — $ 46.4 $ 12.1 $ 34.3 $ — Liabilities: Derivatives $ 9.8 $ — $ 9.8 $ — $ 7.2 $ — $ 7.2 $ — Total liabilities $ 9.8 $ — $ 9.8 $ — $ 7.2 $ — $ 7.2 $ — 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 the Company has the ability to access. As of June 30, 2023, $2.5 million of investments are recorded in other current assets on the Balance Sheet related to investments that are expected to be redeemed within the next twelve months. The remaining investments are reported separately in other assets on the Balance Sheet. Investments include an unrealized gain of $1.4 million and an unrealized loss of $3.9 million as of June 30, 2023 and December 31, 2022, respectively. The Company uses 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 as well as a factor of credit risk. The Notes are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. The fair value of the Notes estimated using Level 2 inputs was $383.3 million as of June 30, 2023. 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 of the Company's revolving credit facility recorded in long-term debt on the Balance Sheet approximate their fair values due to their variable interest rates.

Derivative Financial Instrument

Derivative Financial Instruments and Risk Management	6 Months Ended
Derivative Financial Instruments and Risk Management	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Risk Management	DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Derivative Financial Instruments All derivatives are recorded as assets or liabilities in the Balance Sheet at their respective fair values. For derivatives designated as cash flow hedges, the unrealized gain or loss related to the derivatives is recorded in Other comprehensive income (loss) until the hedged transaction affects earnings. The Company assesses at inception of the hedge, whether the derivative in the hedging transaction will be highly effective in offsetting changes in cash flows of the hedged item. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings. Foreign Exchange: The Company manufactures and sells products in a number of countries throughout the world and, as a result, the Company is exposed to movements in foreign currency exchange rates. The Company's major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which the Company takes into consideration as part of its risk management policy. The purpose of 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. The Company primarily utilizes forward foreign exchange contracts with maturities of less than 2 years in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at June 30, 2023 of $468.9 million, as hedges and therefore does not apply hedge accounting. The fair values of our foreign currency derivative assets are recorded within other current assets and other assets, and the fair values of foreign currency derivative liabilities are recorded within other current liabilities and other liabilities. The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet: As of June 30, 2023 As of December 31, 2022 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Total $ 5.4 $ 9.8 $ 4.5 $ 7.2 A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. The Company enters into master netting arrangements with its counterparties when possible to mitigate credit risk in derivative transactions by permitting it to net settle for transactions with the same counterparty. However, the Company does not net settle with such counterparties. As a result, derivatives are presented at their gross fair values in the Balance Sheet. As of June 30, 2023 and December 31, 2022, information related to these offsetting arrangements was as follows: (In millions) As of June 30, 2023 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 $ 30.2 $ — $ 30.2 $ (4.1) $ 26.1 (In millions) As of June 30, 2023 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 9.8 $ — $ 9.8 $ (4.1) $ 5.7 (In millions) As of December 31, 2022 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 $ 33.0 $ — $ 33.0 $ (3.0) $ 30.0 (In millions) As of December 31, 2022 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 $ 7.3 $ — $ 7.3 $ (3.0) $ 4.3 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 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 Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Foreign exchange contracts Revenue $ (2.8) $ (4.7) $ (1.9) $ (4.9) Foreign exchange contracts Cost of sales 0.9 (1.4) 1.4 (2.3) Foreign exchange contracts Selling, general and administrative expense — 0.9 0.2 1.4 Commodity contracts Income from discontinued operations — (0.5) — (0.5) Total (1.9) (5.7) (0.3) (6.3) Remeasurement of assets and liabilities in foreign currencies 0.5 3.1 (0.3) 4.1 Net gain (loss) $ (1.4) $ (2.6) $ (0.6) $ (2.2) Interest Rates : The Company has entered into four interest rate swaps executed in March 2020 with a combined notional amount of $200 million expiring in April 2025, and one interest rate swap executed in May 2020 with a notional amount of $50 million expiring in May 2025. These interest rate swaps fix the interest rate applicable to certain of the Company's variable-rate debt. The agreements swap one-month SOFR rates for fixed rates. The Company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income (loss). At June 30, 2023, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $18.2 million and as accumulated other comprehensive income, net of tax, of $13.5 million. At December 31, 2022, the fair value of these derivatives designated as cash flow hedges were recorded in the Balance Sheet as other assets of $19.9 million and as accumulated other comprehensive income, net of tax, of $14.8 million. Net Investment: The Company has entered into cross currency swap agreements that synthetically swap $116.4 million of fixed rate debt to Euro denominated fixed rate debt. The agreements are designated as net investment hedges for accounting purposes. Accordingly, the gains or losses on these derivative instruments are included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Coupons received for the cross currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the Statements of Income. Coupon interest from cross currency swap agreements recorded in interest expense, net was approximately $0.7 million for both the three months ended June 30, 2023 and 2022 and approximately $1.4 million for both the six months ended June 30, 2023 and 2022. At June 30, 2023, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $7.7 million and as accumulated other comprehensive income, net of tax, of $5.7 million. At December 31, 2022, the fair value of these derivatives designated as net investment hedges were recorded in the Balance Sheet as other current assets of $9.9 million and as accumulated other comprehensive income, net of tax, of $7.3 million. 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 the Company to credit risk primarily consist of trade receivables and derivative contracts. The Company manages 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. The Company's maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of June 30, 2023, is limited to the amount drawn and outstanding on the financial instrument. Refer to Note 1. Description of Business and Basis of Presentation in Item 8. Financial Statements and Supplementary Data of the Company's most recent Annual Report on Form 10-K, for a description of how allowance for credit loss is determined on financial assets measured at amortized cost, which includes Trade receivables, Contract assets, and non-current receivables.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases [Abstract]
Leases	LEASES The following table provides the required information regarding operating and sales-type leases for which the Company is lessor. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Fixed payment revenue $ 16.5 $ 16.8 $ 31.6 $ 32.3 Variable payment revenue 9.3 7.0 21.8 16.4 Operating lease revenue $ 25.8 $ 23.8 $ 53.4 $ 48.7 Sales-type lease revenue $ 2.0 $ 1.7 $ 2.0 $ 2.5 Refer to Note 16. Related Party Transactions for details of operating lease agreements with related parties.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company is at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although the Company is 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 the Company's results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to its 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 arbitration, 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. Guarantees and Product Warranties In the ordinary course of business with customers, vendors and others, the Company issues standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled $30.4 million at June 30, 2023, represent guarantees of future performance. The Company has also provided approximately $6.2 million of bank guarantees and letters of credit to secure a portion of its existing financial obligations. The majority of these financial instruments expire within one year and are expected to be replaced through the issuance of new or the extension of existing letters of credit and surety bonds. In some instances, the Company guarantees its customers’ financing arrangements. The Company is responsible for payment of any unpaid amounts, but will receive indemnification from third parties for seventy-five percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of June 30, 2023, the gross value of such arrangements was $2.0 million, of which the Company's net exposure under such guarantees was $0.3 million. The Company provides warranties of various lengths and terms to certain customers based on standard terms and conditions and negotiated agreements. The Company provides for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exist. The Company also provides a warranty liability when additional specific obligations are identified. The warranty obligation reflected in other current liabilities in the consolidated Balance Sheet is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information were as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Balance at beginning of period $ 11.1 $ 8.9 $ 10.8 $ 9.4 Expense for new warranties 3.1 2.0 7.7 3.8 Adjustments to existing accruals 0.1 (0.2) (0.2) (0.3) Claims paid (5.0) (1.8) (9.2) (3.9) Added through acquisition — 0.1 0.1 0.1 Translation — (0.3) 0.1 (0.4) Balance at end of period $ 9.3 $ 8.7 $ 9.3 $ 8.7

Restructuring

Restructuring	6 Months Ended
Restructuring	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	RESTRUCTURING Restructuring charges primarily consist of employee separation benefits under 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. Inventory write offs due to restructuring are reported in Cost of products and all other restructuring charges are reported as Restructuring expenses in the Statements of Income. In the third quarter of 2022, the Company implemented a restructuring plan (the "2022/2023 restructuring plan") to optimize the overall cost structure for the Company on a global basis. The initiatives under this plan include streamlining operations and enhancing our general and administrative infrastructure. As of June 30, 2023, the Company recognized restructuring charges of $8.7 million, net of a cumulative release of the related liability of $1.9 million. The total estimated cost, net release of liability in connection with this plan was revised in the current quarter from $8.0 million to $10.0 million to a range of $16.0 million to $18.0 million, all of which is expected to be recognized by the end of 2023. These changes are due to additional actions being taken to support our streamlining operations under this plan. The following table details the cumulative restructuring charges reported in operating income for the 2022/2023 restructuring plan since the implementation of this plan: Cumulative Amount As of the Quarter Ended Cumulative Amount (In millions) Balance as of December 31, 2022 March 31, 2023 June 30, 2023 Balance as of June 30, 2023 2022/2023 restructuring plan Severance and related expense $ 5.4 $ 0.6 $ 2.7 $ 8.7 Total Restructuring charges, net release of liability $ 5.4 $ 0.6 $ 2.7 $ 8.7 Restructuring charges, net of related release of liability, is reported in restructuring expense within the Consolidated Statements of Income. Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheets. The table below details the activities in 2023: Impact to Earnings (In millions) Balance as of December 31, 2022 Charged to Earnings Releases Cash Payments Balance as of June 30, 2023 2022/2023 restructuring plan Severance and related expense $ 4.3 $ 4.8 $ (1.5) $ (2.8) $ 4.8 Total $ 4.3 $ 4.8 $ (1.5) $ (2.8) $ 4.8 The Company released $1.5 million of the liability during the six months ended June 30, 2023, which it no longer expects to pay in connection with the restructuring plans due to actual severance payments differing from the original estimates and natural attrition of employees.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONSThe Company is a party to lease agreements to lease manufacturing facilities from entities owned by certain of the Company's employees who were former owners or employees of acquired businesses. As of June 30, 2023, the operating lease right-of-use asset and the lease liability related to these agreements is $3.7 million and $4.0 million, respectively.

Subsequent Events (Notes)

Subsequent Events (Notes)	6 Months Ended
Subsequent Events (Notes)	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn August 1, 2023, the Company completed the sale of the AeroTech business to the Oshkosh Corporation, a Wisconsin corporation in exchange for cash consideration of $817.6 million. This sale was made pursuant to the Purchase Agreement, dated May 26, 2023, by and between the Company and the Purchaser to sell AeroTech and certain related assets and liabilities and is subject to post-closing purchase price adjustments under the Purchase Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 31	$ 33.4	$ 56.6	$ 59

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation In accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, the accompanying interim financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2022, which provides a more complete description 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, but does not include all annual disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period. Discontinued Operations On August 1, 2023, the Company completed the sale of AeroTech business to Oshkosh Corporation, a Wisconsin corporation (the "Purchaser"). This sale was made pursuant to the Stock and Asset Purchase Agreement ("Purchase Agreement"), dated May 26, 2023, by and between the Company and the Purchaser to sell AeroTech and certain related assets and liabilities for a base purchase price of $800 million subject to transaction costs and post-closing purchase price adjustments under the Purchase Agreement. As a result and in accordance with ASC 205-20, the Company determined that AeroTech met the criteria to be presented as a discontinued operation during the second quarter of 2023. Accordingly, the financial results of AeroTech have been presented as discontinued operations in the Condensed Consolidated Statements of Income for all periods presented. The assets and liabilities of AeroTech are reflected as assets and liabilities held for sale on the Condensed Consolidated Balance Sheets for all periods presented. Amounts pertaining to results of operations, financial condition and cash flows throughout the document are from the Company's continuing operations unless otherwise noted. Refer to Note 2, Discontinued Operations, for further discussion. Business Segments The Company has determined that it operates in a single reporting segment for continued operations, with the AeroTech reporting segment considered as discontinued operations as of June 30, 2023. The Company's Chief Executive Officer is the chief operating decision maker (CODM), who reviews the Company's financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company's financial performance. The key measures reviewed by the CODM for these purposes are most notably adjusted EBITDA from continuing operations and adjusted EBITDA margin from continuing operations. Adjusted EBITDA is EBITDA adjusted for items that are not reflective of ongoing operations.
Use of estimates	Use of Estimates Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.

Discontinued Operations and D_2

Discontinued Operations and Disposal Groups (Tables)	6 Months Ended
Discontinued Operations and Disposal Groups (Tables)	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes the results of operations classified as discontinued operations, net of taxes, in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Revenue $ 164.3 $ 148.3 $ 305.3 $ 261.2 Operating expenses: Cost of sales 136.4 125.7 251.0 218.9 Selling, general and administrative expense 19.9 12.4 33.8 24.5 Operating income 8.0 10.2 20.5 17.8 Interest expense 0.8 0.4 1.6 0.7 Income from discontinued operations before income taxes 7.2 9.8 18.9 17.1 Income tax provision 3.9 2.1 6.4 3.7 Income from discontinued operations, net of taxes $ 3.3 $ 7.7 $ 12.5 $ 13.4 The following table provides a reconciliation of the carrying amounts of major classes of assets and liabilities which are included in assets and liabilities held for sale in the accompanying Condensed Consolidated Balance Sheets as of the periods presented below: (In millions) June 30, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 1.9 $ 1.4 Trade receivables, net of allowances 100.5 98.5 Contract assets 38.9 24.5 Inventories 102.1 82.7 Other current assets 6.3 9.0 Total current assets held for sale $ 249.7 $ 216.1 Property, plant and equipment, net of accumulated depreciation of $40.0 and $40.4, respectively $ 25.5 $ 24.5 Goodwill 37.9 37.7 Intangible assets, net 14.4 15.3 Other assets 7.6 8.3 Total non-current assets held for sale $ 85.4 $ 85.8 Liabilities: Accounts payable $ 73.1 $ 66.4 Advance and progress payments 26.5 20.9 Other current liabilities 30.1 30.5 Total current liabilities held for sale $ 129.7 $ 117.8 Total non-current liabilities held for sale $ 12.4 $ 11.1

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
Acquisitions (Tables)	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of business combinations	A summary of the acquisitions made during 2022 is as follows: Date Type Company/Product Line Location (Near) Segment September 1, 2022 Stock Bevcorp, LLC ("Bevcorp") Eastlake, Ohio FoodTech A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications. July 1, 2022 Stock Alco-food-machines GmbH & Co. KG ("Alco") Bad Iburg, Germany FoodTech A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings.
Schedule of assets acquired and liabilities assumed	Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired. (In millions) Bevcorp (1) Alco (2) Total Financial assets $ 20.8 $ 9.1 $ 29.9 Inventories 33.1 11.7 44.8 Property, plant and equipment 5.5 0.9 6.4 Customer relationship (3) 127.0 9.2 136.2 Patents and acquired technology (3) 3.8 4.7 8.5 Trademarks (3) 10.0 3.2 13.2 Financial liabilities (18.7) (19.9) (38.6) Total identifiable net assets $ 181.5 $ 18.9 $ 200.4 Cash consideration paid $ 294.9 $ 44.0 $ 338.9 Cash acquired 5.7 3.9 9.6 Net consideration $ 289.2 $ 40.1 $ 329.3 Goodwill (4) $ 113.4 $ 25.1 $ 138.5 (1) The purchase accounting for Bevcorp was final as of March 31, 2023. (2) During the quarter ended June 30, 2023, the Company recorded a decrease in cash consideration paid by $1.1 million due to the finalization of the working capital adjustments, resulting in a corresponding decrease in goodwill. The purchase accounting for Alco is final as of June 30, 2023. (3) The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
Goodwill and Intangible Assets (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The changes in the carrying amount of goodwill by were as follows: (In millions) Balance as of December 31, 2022 $ 770.1 Acquisitions (1.0) Currency translation 7.0 Balance as of June 30, 2023 $ 776.1
Schedule of finite-lived intangible assets	Intangible assets consisted of the following: June 30, 2023 December 31, 2022 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 423.4 $ 134.1 $ 420.8 $ 118.6 Patents and acquired technology 171.7 99.6 169.6 90.6 Trademarks 53.6 15.2 53.1 14.6 Non-amortizing intangible assets 10.5 — 10.4 — Other 8.8 8.8 8.6 8.6 Total intangible assets $ 668.0 $ 257.7 $ 662.5 $ 232.4
Schedule of indefinite-lived intangible assets	Intangible assets consisted of the following: June 30, 2023 December 31, 2022 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 423.4 $ 134.1 $ 420.8 $ 118.6 Patents and acquired technology 171.7 99.6 169.6 90.6 Trademarks 53.6 15.2 53.1 14.6 Non-amortizing intangible assets 10.5 — 10.4 — Other 8.8 8.8 8.6 8.6 Total intangible assets $ 668.0 $ 257.7 $ 662.5 $ 232.4

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: (In millions) June 30, 2023 December 31, 2022 Raw materials $ 29.2 $ 33.6 Work in process 56.0 54.6 Finished goods 197.5 195.0 Gross inventories before valuation adjustments 282.7 283.2 LIFO reserves (26.0) (24.2) Valuation adjustments (19.5) (19.2) Net inventories $ 237.2 $ 239.8

Pension (Tables)

Pension (Tables)	6 Months Ended
Pension (Tables)	Jun. 30, 2023
Retirement Benefits [Abstract]
Components of net periodic benefit cost (income)	Components of net periodic benefit cost were as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Service cost $ 0.3 $ 0.4 $ 0.6 $ 0.9 Interest cost 3.3 1.9 6.5 3.8 Expected return on plan assets (4.3) (3.9) (8.6) (7.8) Amortization of net actuarial losses 1.2 2.0 2.5 4.0 Net periodic cost $ 0.5 $ 0.4 $ 1.0 $ 0.9

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The components of the Company's borrowings were as follows: (In millions) Maturity Date June 30, 2023 December 31, 2022 Revolving credit facility (1) December 14, 2026 $ 555.4 $ 584.6 Less: unamortized debt issuance costs (1.8) (2.2) Revolving credit facility, net $ 553.6 $ 582.4 Convertible senior notes (2) May 15, 2026 $ 402.5 $ 402.5 Less: unamortized debt issuance costs (6.5) (7.6) Convertible senior notes, net $ 396.0 $ 394.9 Long-term debt, net $ 949.6 $ 977.3 (1) Weighted-average interest rate at June 30, 2023 was 6.55% (2) Effective interest rate for the Notes (as defined below) for the quarter ended June 30, 2023 was 0.82%

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Jun. 30, 2023
Equity [Abstract]
Changes in the AOCI Balances	Changes in the AOCI balances for the three months ended June 30, 2023 and 2022 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, March 31, 2023 $ (130.0) $ 12.6 $ (82.5) $ (199.9) Other comprehensive income (loss) before reclassification 0.1 2.8 (1.2) 1.7 Amounts reclassified from accumulated other comprehensive income 0.9 (1.9) (0.5) (1.5) Ending balance, June 30, 2023 $ (129.0) $ 13.5 $ (84.2) $ (199.7) (1) All amounts are net of income taxes. (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation (1) Total (1) Beginning balance, December 31, 2022 $ (130.9) $ 14.8 $ (88.2) $ (204.3) Other comprehensive income before reclassification — 2.4 5.0 7.4 Amounts reclassified from accumulated other comprehensive income 1.9 (3.7) (1.0) (2.8) Ending balance, June 30, 2023 $ (129.0) $ 13.5 $ (84.2) $ (199.7) (1) All amounts are net of income taxes.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	In the following table, revenue is disaggregated by type of good or service, primary geographical market, and timing of recognition. The table also includes a reconciliation of the disaggregated revenue to total revenue. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Type of Good or Service Recurring (1) $ 217.1 $ 181.4 $ 436.4 $ 355.5 Non-recurring (1) 210.6 212.6 379.8 394.8 Total 427.7 394.0 816.2 750.3 Geographical Region (2) North America 258.1 226.2 498.7 436.0 Europe, Middle East and Africa 103.2 103.6 198.4 192.8 Asia Pacific 41.2 35.4 71.0 71.4 Latin America 25.2 28.8 48.1 50.1 Total 427.7 394.0 816.2 750.3 Timing of Recognition Point in Time 216.9 179.2 418.8 351.1 Over Time 210.8 214.8 397.4 399.2 Total 427.7 394.0 816.2 750.3 (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) Geographical region represents the region in which the end customer resides.
Contract with Customer, Asset and Liability	Contract asset and liability balances for the period were as follows: Balances as of (In millions) June 30, 2023 December 31, 2022 Contract Assets $ 66.3 $ 65.1 Contract Liabilities 182.8 161.2 Balances as of June 30, 2022 December 31, 2021 Contract Assets 63.6 69.0 Contract Liabilities 183.6 156.5

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share from net income for the respective periods and basic and diluted shares outstanding: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2023 2022 2023 2022 Basic earnings per share: Numerator: Income from continuing operations $ 27.7 $ 25.7 $ 44.1 $ 45.6 Income from discontinued operations, net of tax 3.3 7.7 12.5 13.4 Net income $ 31.0 $ 33.4 $ 56.6 $ 59.0 Denominator: Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Basic earnings per share from: Continuing operations $ 0.87 $ 0.81 $ 1.38 $ 1.42 Discontinued operations 0.10 0.24 0.39 0.42 Net income $ 0.97 $ 1.05 $ 1.77 $ 1.84 Diluted earnings per share: Numerator: Income from continuing operations $ 27.7 $ 25.7 $ 44.1 $ 45.6 Income from discontinued operations, net of tax 3.3 7.7 12.5 13.4 Net income $ 31.0 $ 33.4 $ 56.6 $ 59.0 Denominator: Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Effect of dilutive securities: Restricted stock 0.1 0.1 0.1 0.1 Total shares and dilutive securities 32.1 32.1 32.1 32.1 Diluted earnings per share from: Continuing operations $ 0.87 $ 0.80 $ 1.37 $ 1.42 Discontinued operations 0.10 0.24 0.39 0.42 Net income $ 0.97 $ 1.04 $ 1.76 $ 1.84

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured at fair value on a recurring basis	Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As of June 30, 2023 As of December 31, 2022 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 11.2 $ 11.2 $ — $ — $ 12.1 $ 12.1 $ — $ — Derivatives 31.3 — 31.3 — 34.3 — 34.3 — Total assets $ 42.5 $ 11.2 $ 31.3 $ — $ 46.4 $ 12.1 $ 34.3 $ — Liabilities: Derivatives $ 9.8 $ — $ 9.8 $ — $ 7.2 $ — $ 7.2 $ — Total liabilities $ 9.8 $ — $ 9.8 $ — $ 7.2 $ — $ 7.2 $ —

Derivative Financial Instrume_2

Derivative Financial Instruments and Risk Management (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of foreign currency derivatives in balance sheet	The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Balance Sheet: As of June 30, 2023 As of December 31, 2022 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Total $ 5.4 $ 9.8 $ 4.5 $ 7.2
Schedule of derivative assets at fair value	As of June 30, 2023 and December 31, 2022, information related to these offsetting arrangements was as follows: (In millions) As of June 30, 2023 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 $ 30.2 $ — $ 30.2 $ (4.1) $ 26.1 (In millions) As of December 31, 2022 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 $ 33.0 $ — $ 33.0 $ (3.0) $ 30.0
Schedule of derivative liabilities at fair value	(In millions) As of June 30, 2023 Offsetting of Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Amount Subject to Master Netting Agreement Net Amount Derivatives $ 9.8 $ — $ 9.8 $ (4.1) $ 5.7 (In millions) As of December 31, 2022 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 $ 7.3 $ — $ 7.3 $ (3.0) $ 4.3
Schedule of location and amount of gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies	The following table presents the location and amount of the gain (loss) on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the 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 Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Foreign exchange contracts Revenue $ (2.8) $ (4.7) $ (1.9) $ (4.9) Foreign exchange contracts Cost of sales 0.9 (1.4) 1.4 (2.3) Foreign exchange contracts Selling, general and administrative expense — 0.9 0.2 1.4 Commodity contracts Income from discontinued operations — (0.5) — (0.5) Total (1.9) (5.7) (0.3) (6.3) Remeasurement of assets and liabilities in foreign currencies 0.5 3.1 (0.3) 4.1 Net gain (loss) $ (1.4) $ (2.6) $ (0.6) $ (2.2)

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases [Abstract]
Lessor, Lease Revenue	The following table provides the required information regarding operating and sales-type leases for which the Company is lessor. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Fixed payment revenue $ 16.5 $ 16.8 $ 31.6 $ 32.3 Variable payment revenue 9.3 7.0 21.8 16.4 Operating lease revenue $ 25.8 $ 23.8 $ 53.4 $ 48.7 Sales-type lease revenue $ 2.0 $ 1.7 $ 2.0 $ 2.5

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of warranty cost and accrual information	Warranty cost and accrual information were as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Balance at beginning of period $ 11.1 $ 8.9 $ 10.8 $ 9.4 Expense for new warranties 3.1 2.0 7.7 3.8 Adjustments to existing accruals 0.1 (0.2) (0.2) (0.3) Claims paid (5.0) (1.8) (9.2) (3.9) Added through acquisition — 0.1 0.1 0.1 Translation — (0.3) 0.1 (0.4) Balance at end of period $ 9.3 $ 8.7 $ 9.3 $ 8.7

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
Restructuring (Tables)	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of restructuring expense	The following table details the cumulative restructuring charges reported in operating income for the 2022/2023 restructuring plan since the implementation of this plan: Cumulative Amount As of the Quarter Ended Cumulative Amount (In millions) Balance as of December 31, 2022 March 31, 2023 June 30, 2023 Balance as of June 30, 2023 2022/2023 restructuring plan Severance and related expense $ 5.4 $ 0.6 $ 2.7 $ 8.7 Total Restructuring charges, net release of liability $ 5.4 $ 0.6 $ 2.7 $ 8.7
Schedule of restructuring reserve by type of cost	Liability balances for restructuring activities are included in other current liabilities in the accompanying Balance Sheets. The table below details the activities in 2023: Impact to Earnings (In millions) Balance as of December 31, 2022 Charged to Earnings Releases Cash Payments Balance as of June 30, 2023 2022/2023 restructuring plan Severance and related expense $ 4.3 $ 4.8 $ (1.5) $ (2.8) $ 4.8 Total $ 4.3 $ 4.8 $ (1.5) $ (2.8) $ 4.8

Description of Business and B_3

Description of Business and Basis of Presentation (Details) - USD ($) $ in Millions	Aug. 01, 2023	Apr. 01, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses		$ 800
Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 800

Discontinued Operations and D_3

Discontinued Operations and Disposal Groups - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 800
Transition services term				12 months
Transition services extension term				6 months
Transition services term for other services				6 months
Selling, general and administrative expense		$ (100.4)	$ (95.9)	$ (204.1)	$ (192.1)
Discontinued Operation, Tax Effect of Discontinued Operation		2.4
Transfer Out of Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Selling, general and administrative expense		$ 0.3	$ 0.9	$ 1.1	$ 1.9

Discontinued Operations and D_4

Discontinued Operations and Disposal Groups - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 164.3	$ 148.3	$ 305.3	$ 261.2
Selling, general and administrative expense	19.9	12.4	33.8	24.5
Operating income	8	10.2	20.5	17.8
Interest expense	0.8	0.4	1.6	0.7
Income from discontinued operations before income taxes	7.2	9.8	18.9	17.1
Income tax provision	3.9	2.1	6.4	3.7
Income from discontinued operations, net of taxes	3.3	7.7	12.5	13.4
Product
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of products and services	$ 136.4	$ 125.7	$ 251	$ 218.9

Discontinued Operations and D_5

Discontinued Operations and Disposal Groups - Condensed Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Less: Cash and cash equivalents from discontinued operations, end of period	$ 1.9	$ 1.4	$ 1.5	$ 1.9
Trade receivables, net of allowances	100.5	98.5
Contract assets	38.9	24.5
Inventories	102.1	82.7
Other current assets	6.3	9
Current assets held for sale	249.7	216.1
Property, plant and equipment, net of accumulated depreciation of $40.0 and $40.4, respectively	25.5	24.5
Goodwill	37.9	37.7
Intangible assets, net	14.4	15.3
Other assets	7.6	8.3
Non-current assets held for sale	85.4	85.8
Accounts payable	73.1	66.4
Advance and progress payments	26.5	20.9
Other current liabilities	30.1	30.5
Current liabilities held for sale	129.7	117.8
Non-current liabilities held for sale	12.4	11.1
Accumulated depreciation	$ 40	$ 40.4

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - 2021 Acquisitions	6 Months Ended
Acquisitions - Narrative (Details) - 2021 Acquisitions	Jun. 30, 2022 acquisition
Business Acquisition [Line Items]
Percentage of voting interests acquired	100%
Number of businesses acquired	2

Acquisitions - Fair Values of A

Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions			3 Months Ended	6 Months Ended
	Sep. 01, 2022	Jul. 01, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Net consideration				$ 0.1	$ 0.4
Goodwill			$ 776.1	776.1		$ 770.1
Decrease in goodwill from purchase accounting adjustments			1.1	1
2021 Acquisitions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets			29.9	29.9
Inventories			44.8	44.8
Property, plant and equipment			6.4	6.4
Financial liabilities			(38.6)	(38.6)
Total identifiable net assets			200.4	200.4
Cash consideration paid				338.9
Cash acquired				9.6
Net consideration				329.3
Goodwill			138.5	138.5
Goodwill expected to be tax deductible			135.4	$ 135.4
2021 Acquisitions \| Minimum
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives				6 years
2021 Acquisitions \| Maximum
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives				24 years
2021 Acquisitions \| Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			136.2	$ 136.2
2021 Acquisitions \| Customer relationship \| Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives				20 years
2021 Acquisitions \| Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			8.5	$ 8.5
2021 Acquisitions \| Patents and acquired technology \| Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives				7 years
2021 Acquisitions \| Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets			$ 13.2	$ 13.2
2021 Acquisitions \| Trademarks \| Weighted Average
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets useful lives				23 years
Bevcorp
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets	$ 20.8
Inventories	33.1
Property, plant and equipment	5.5
Financial liabilities	(18.7)
Total identifiable net assets	181.5
Cash consideration paid	294.9
Cash acquired	5.7
Net consideration	289.2
Goodwill	113.4
Bevcorp \| Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	127
Bevcorp \| Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	3.8
Bevcorp \| Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 10
Alco-food-machines GmbH & Co. KG
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Financial assets		$ 9.1
Inventories		11.7
Property, plant and equipment		0.9
Financial liabilities		(19.9)
Total identifiable net assets		18.9
Cash consideration paid		44
Cash acquired		3.9
Net consideration		40.1
Goodwill		25.1
Alco-food-machines GmbH & Co. KG \| Customer relationship
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		9.2
Alco-food-machines GmbH & Co. KG \| Patents and acquired technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		4.7
Alco-food-machines GmbH & Co. KG \| Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other intangible assets		$ 3.2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Goodwill [Roll Forward]
Balance as of December 31, 2022		$ 770.1
Acquisitions	$ (1.1)	(1)
Currency translation		7
Balance as of June 30, 2023	$ 776.1	$ 776.1

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	$ 668	$ 662.5
Accumulated Amortization	257.7	232.4
Non-amortizing intangible assets	10.5	10.4
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	423.4	420.8
Accumulated Amortization	134.1	118.6
Patents and acquired technology
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	171.7	169.6
Accumulated Amortization	99.6	90.6
Trademarks
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	53.6	53.1
Accumulated Amortization	15.2	14.6
Other
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	8.8	8.6
Accumulated Amortization	$ 8.8	$ 8.6

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 29.2	$ 33.6
Work in process	56	54.6
Finished goods	197.5	195
Gross inventories before valuation adjustments	282.7	283.2
LIFO reserves	(26)	(24.2)
Valuation adjustments	(19.5)	(19.2)
Net inventories	$ 237.2	$ 239.8

Pension - Components of Net Per

Pension - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.3	$ 0.4	$ 0.6	$ 0.9
Interest cost	3.3	1.9	6.5	3.8
Expected return on plan assets	(4.3)	(3.9)	(8.6)	(7.8)
Amortization of net actuarial losses	1.2	2	2.5	4
Net periodic cost	$ 0.5	$ 0.4	$ 1	$ 0.9

Pension - Narrative (Details)

Pension - Narrative (Details) - United States	6 Months Ended
Pension - Narrative (Details) - United States	Jun. 30, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions to pension and other postretirement benefit plans in current year	$ 14,500,000
US Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions made	$ 0

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	6 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, net	$ 949.6	$ 977.3
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Maturity Date	May 15, 2026
Long-term debt, gross	$ 402.5	402.5
Less: unamortized debt issuance costs	(6.5)	(7.6)
Long-term debt, net	$ 396	394.9
Weighted average interest rate	6.55%
Effective interest rate	0.82%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maturity Date	Dec. 14, 2026
Long-term debt, gross	$ 555.4	584.6
Less: unamortized debt issuance costs	(1.8)	(2.2)
Long-term debt, net	$ 553.6	$ 582.4

Debt - Narrative (Details)

Debt - Narrative (Details) - Convertible Debt - Convertible Senior Notes - USD ($) $ / shares in Units, shares in Millions		3 Months Ended		6 Months Ended
	May 28, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Interest expense, debt		$ 700,000	$ 800,000	$ 1,600,000	$ 1,600,000
Contractual interest expense		200,000	200,000	500,000	500,000
Amortization of debt issuance cost		$ 500,000	$ 600,000	$ 1,100,000	$ 1,100,000
Aggregate principal amount of debt	$ 402,500,000
Stated interest rate on debt (percent)		0.25%		0.25%
Conversion rate	589.58%
Redemption multiple	$ 1,000
Conversion price on convertible debt (in USD per share)	$ 169.61
Convertible Note Hedge
Debt Instrument [Line Items]
Purchase of convertible bond hedge	$ 65,600,000
Number of shares covered in transaction (in shares)	2.4
Approximate strike price (in dollars per share)	$ 169.61	$ 169.61		$ 169.61
Adjustments to additional paid in capital, convertible note hedge transactions				$ 17,100,000
Convertible Note Warrants
Debt Instrument [Line Items]
Number of shares covered in transaction (in shares)		2.4		2.4
Approximate strike price (in dollars per share)		$ 240.02		$ 240.02
Proceeds from Issuance of Warrants				$ 29,500,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Change in AOCI Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	$ 891	$ 783.6	$ 862.7	$ 750.5
Other comprehensive income (loss) before reclassification	1.7	(24.4)	7.4	(16.8)
Amounts reclassified from accumulated other comprehensive income	(1.5)	0.9	(2.8)	2.3
Ending balance	921.2	789.8	921.2	789.8
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(199.9)	(188.4)	(204.3)	(197.4)
Ending balance	(199.7)	(211.9)	(199.7)	(211.9)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(130)	(143.9)	(130.9)	(145.5)
Other comprehensive income (loss) before reclassification	0.1	0	0	0
Amounts reclassified from accumulated other comprehensive income	0.9	1.4	1.9	3
Ending balance	(129)	(142.5)	(129)	(142.5)
Derivatives Designated as Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	12.6	9.1	14.8	1.8
Other comprehensive income (loss) before reclassification	2.8	1.8	2.4	8.8
Amounts reclassified from accumulated other comprehensive income	(1.9)	0	(3.7)	0.3
Ending balance	13.5	10.9	13.5	10.9
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(82.5)	(53.6)	(88.2)	(53.7)
Other comprehensive income (loss) before reclassification	(1.2)	(26.2)	5	(25.6)
Amounts reclassified from accumulated other comprehensive income	(0.5)	(0.5)	(1)	(1)
Ending balance	$ (84.2)	$ (80.3)	$ (84.2)	$ (80.3)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax provision (benefit)	$ 8.4	$ 4.2	$ 12.8	$ 5.5
Reclassification adjustments for foreign currency translation	(0.7)	0.7	(1.4)	1.4
Reclassification adjustment for foreign currency translation, tax	0.2	0.2	0.4	0.4
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense, net	(2.6)	0	(5)	0.4
Income tax provision (benefit)	0.7		1.3	0.1
Selling, General and Administrative Expenses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments for pension and postretirement benefit plans	1.2	2	2.5	4
Provision for Income Taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	$ (0.3)	$ 0.6	$ (0.6)	$ 1

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 427.7	$ 394	$ 816.2	$ 750.3
North America
Disaggregation of Revenue [Line Items]
Revenue	258.1	226.2	498.7	436
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue	103.2	103.6	198.4	192.8
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	41.2	35.4	71	71.4
Latin America
Disaggregation of Revenue [Line Items]
Revenue	25.2	28.8	48.1	50.1
Recurring
Disaggregation of Revenue [Line Items]
Revenue	217.1	181.4	436.4	355.5
Non-Recurring
Disaggregation of Revenue [Line Items]
Revenue	210.6	212.6	379.8	394.8
Point in Time
Disaggregation of Revenue [Line Items]
Revenue	216.9	179.2	418.8	351.1
Over Time
Disaggregation of Revenue [Line Items]
Revenue	$ 210.8	$ 214.8	$ 397.4	$ 399.2

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 66.3	$ 65.1	$ 63.6	$ 69
Contract Liabilities	$ 182.8	$ 161.2	$ 183.6	$ 156.5

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Recognition (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 697.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 697.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	56%
Revenue, remaining performance obligation, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	38%
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 112	$ 106.4

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic earnings per share from:
Income from continuing operations	$ 27.7	$ 25.7	$ 44.1	$ 45.6
Income from discontinued operations, net of taxes	3.3	7.7	12.5	13.4
Net income	$ 31	$ 33.4	$ 56.6	$ 59
Weighted average number of shares outstanding	32,000	32,000	32,000	32,000
Continuing operations (in dollars per share)	$ 0.87	$ 0.81	$ 1.38	$ 1.42
Discontinued operations (in dollars per share)	0.10	0.24	0.39	0.42
Net income	$ 0.97	$ 1.05	$ 1.77	$ 1.84
Diluted earnings per share from:
Net income	$ 31	$ 33.4	$ 56.6	$ 59
Denominator:
Weighted average number of shares outstanding	32,000	32,000	32,000	32,000
Weighted Average Number of Shares Outstanding, Diluted, Adjustment	100	100	100	100
Weighted Average Number of Shares Outstanding, Diluted, Total	32,100	32,100	32,100	32,100
Continuing operations (in dollars per share)	$ 0.87	$ 0.80	$ 1.37	$ 1.42
Discontinued operations (in dollars per share)	0.10	0.24	0.39	0.42
Net income (in dollars per share)	$ 0.97	$ 1.04	$ 1.76	$ 1.84

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Derivatives	$ 30.2	$ 33
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	9.8	7.3
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Investments	11.2	12.1
Derivatives	31.3	34.3
Total assets	42.5	46.4
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	9.8	7.2
Total liabilities	9.8	7.2
Fair Value, Measurements, Recurring \| Level 1
Assets, Fair Value Disclosure [Abstract]
Investments	11.2	12.1
Derivatives	0	0
Total assets	11.2	12.1
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring \| Level 2
Assets, Fair Value Disclosure [Abstract]
Investments	0	0
Derivatives	31.3	34.3
Total assets	31.3	34.3
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	9.8	7.2
Total liabilities	9.8	7.2
Fair Value, Measurements, Recurring \| Level 3
Assets, Fair Value Disclosure [Abstract]
Investments	0	0
Derivatives	0	0
Total assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	0	0
Total liabilities	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, unrealized gain	$ 3.9	$ 1.4
Convertible debt, fair value		383.3
Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment assets included in other current assets		$ 2.5

Derivative Financial Instrume_3

Derivative Financial Instruments and Risk Management - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2020 USD ($) derivative	May 31, 2020 USD ($) derivative
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 9.8			$ 9.8		$ 7.3
Accumulated other comprehensive income (loss)	0.9		$ 1.8	(1.3)	$ 9.1
Derivative Asset	30.2			$ 30.2		33
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative, term of contract (less than)				2 years
Notional amount	468.9			$ 468.9
Net Investment Hedging \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Net investment hedge recorded in other comprehensive income (loss)		$ 7.3		5.7
Derivative Asset	7.7			7.7		9.9
Net Investment Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Cross currency swap amount	116.4			116.4
Cash Flow Hedging \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income (loss)		$ 14.8		13.5
Derivative Asset	18.2			18.2		$ 19.9
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Number of derivative instruments held \| derivative								1
Cash Flow Hedging \| Designated as Hedging Instrument \| Forward Starting Interest Rate Swap
Derivatives, Fair Value [Line Items]
Number of derivative instruments held \| derivative							4
Cross currency swap amount							$ 200	$ 50
Interest Expense \| Net Investment Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Gain (loss) recorded in interest expense	$ 0.7		$ 0.7	$ 1.4	$ 1.4

Derivative Financial Instrume_4

Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets	$ 5.4	$ 4.5
Derivative Liabilities	$ 9.8	$ 7.2

Derivative Financial Instrume_5

Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets	$ 30.2	$ 33
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Presented in the Consolidated Balance Sheets	30.2	33
Amount Subject to Master Netting Agreement	(4.1)	(3)
Net Amount	$ 26.1	$ 30

Derivative Financial Instrume_6

Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	$ 9.8	$ 7.3
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Presented in the Consolidated Balance Sheets	9.8	7.3
Amount Subject to Master Netting Agreement	(4.1)	(3)
Net Amount	$ 5.7	$ 4.3

Derivative Financial Instrume_7

Derivative Financial Instruments and Risk Management - Location and Amount of Gain (Loss) on Foreign Currency Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ (1.9)	$ (5.7)	$ (0.3)	$ (6.3)
Remeasurement of assets and liabilities in foreign currencies	0.5	3.1	(0.3)	4.1
Net gain (loss)	(1.4)	(2.6)	(0.6)	(2.2)
Revenue \| Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	(2.8)	(4.7)	(1.9)	(4.9)
Cost of sales \| Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	0.9	(1.4)	1.4	(2.3)
Selling, general and administrative expense \| Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	0	0.9	0.2	1.4
Discontinued Operations \| Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ 0	$ (0.5)	$ 0	$ (0.5)

Leases - Lease Revenue (Details

Leases - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Lease Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed payment revenue	$ 16.5	$ 16.8	$ 31.6	$ 32.3
Variable payment revenue	9.3	7	21.8	16.4
Operating lease revenue	25.8	23.8	53.4	48.7
Sales-type lease revenue	$ 2	$ 1.7	$ 2	$ 2.5

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Product Warranty Liability [Line Items]
Guarantor obligations, expiration term	one year
Guarantor obligations, amount recoverable from third-parties (as a percent)	75%
Performance Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 30.4
Financial Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	6.2
Customers Financing Arrangements Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	2
Guarantor obligations, maximum exposure, undiscounted, net	$ 0.3

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Warranty Cost and Accrual Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 11.1	$ 8.9	$ 10.8	$ 9.4
Expense for new warranties	3.1	2	7.7	3.8
Adjustments to existing accruals	0.1	(0.2)	(0.2)	(0.3)
Claims paid	(5)	(1.8)	(9.2)	(3.9)
Added through acquisition	0	0.1	0.1	0.1
Translation	0	(0.3)	0.1	(0.4)
Balance at end of period	$ 9.3	$ 8.7	$ 9.3	$ 8.7

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 2.5	$ 0.8	$ 3.3	$ 1.4
Decrease in restructuring reserve			1.9
Restructuring costs incurred to date	8.7		8.7			$ 5.4
Charged to Earnings			4.8
Restructuring charges, release of liability			1.5
2022/2023 restructuring plan \| Minimum
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	16		16		$ 8
2022/2023 restructuring plan \| Maximum
Restructuring Cost and Reserve [Line Items]
Total expected restructuring cost under plan	18		18		$ 10
Severance and related expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred to date	$ 8.7		8.7			$ 5.4
Charged to Earnings			4.8
Restructuring charges, release of liability			$ 1.5

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 4.3	$ 4.3
Charged to Earnings		4.8
Releases		(1.5)
Cash Payments		(2.8)
Restructuring reserve, ending balance		4.8
Charged to Earnings	0.6	2.7
Severance and related expense
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	4.3	4.3
Charged to Earnings		4.8
Releases		(1.5)
Cash Payments		(2.8)
Restructuring reserve, ending balance		4.8
Charged to Earnings	$ 0.6	$ 2.7

Restructuring - Restructuring E

Restructuring - Restructuring Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Cost Incurred to Date	$ 5.4	$ 5.4
Charged to Earnings	0.6	2.7
Cumulative amount of restructuring costs, ending balance		8.7
Severance and related expense
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Cost Incurred to Date	5.4	5.4
Charged to Earnings	$ 0.6	2.7
Cumulative amount of restructuring costs, ending balance		$ 8.7

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Manufacturing Facility Lease - Affiliated Entity $ in Millions	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Right of use asset	$ 3.7
Lease liability	$ 4

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Aug. 01, 2023	Apr. 01, 2023
Subsequent Event [Line Items]
Proceeds from divestiture of businesses		$ 800
Subsequent Event
Subsequent Event [Line Items]
Proceeds from divestiture of businesses	$ 800
Subsequent Event \| Aerotech Business
Subsequent Event [Line Items]
Proceeds from divestiture of businesses	$ 817.6

Uncategorized Items - jbt-20230

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 76,900,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 71,700,000