John Bean Technologies (JBT) 10-Q23 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		31,842,638
Entity Central Index Key	0001433660
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 453.8	$ 403.6	$ 1,248.4	$ 1,219.8
Operating expenses:
Selling, general and administrative expense	117	101.5	343.3	305.6
Restructuring expense	(0.2)	6.4	1.1	9.7
Operating income	46.8	36.9	102.7	109.6
Pension expense, other than service cost	1	0.2	3	0.6
Interest income	5.9	4.6	17.3	6.7
Interest expense	4.1	5.5	11.1	21.2
Income from continuing operations before income taxes	47.6	35.8	105.9	94.5
Income tax provision	9.5	4.6	14.3	17.8
Equity in net earnings of unconsolidated affiliate	0	(0.1)	(0.1)	(0.1)
Income from continuing operations	38.1	31.1	91.5	76.6
Income from discontinued operations, net of taxes	0.8	410.5	0.9	424.9
Net income	$ 38.9	$ 441.6	$ 92.4	$ 501.5
Basic earnings per share from:
Continuing operations (in dollars per share)	$ 1.19	$ 0.97	$ 2.86	$ 2.39
Discontinued operations (in dollars per share)	0.03	12.82	0.03	13.28
Net Income (in dollars per share)	1.22	13.79	2.89	15.67
Diluted earnings per share from:
Continuing operations (in dollars per share)	1.18	0.97	2.84	2.39
Discontinued operations (in dollars per share)	0.03	12.76	0.03	13.22
Net income (in dollars per share)	$ 1.21	$ 13.73	$ 2.87	$ 15.61
Product
Revenue	$ 409.1	$ 362.1	$ 1,127.2	$ 1,095.9
Operating expenses:
Cost of products	265.4	237	734.6	724
Service
Revenue	44.7	41.5	121.2	123.9
Operating expenses:
Cost of products	$ 24.8	$ 21.8	$ 66.7	$ 70.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 38.9	$ 441.6	$ 92.4	$ 501.5
Other comprehensive income, net of taxes
Foreign currency translation adjustments	28.8	(14.7)	7.8	(10.7)
Pension and other postretirement benefits adjustments	1	0.9	2.6	2.8
Derivatives designated as hedges	(2.8)	(1.1)	(5.4)	(2.4)
Other comprehensive income	27	(14.9)	5	(10.3)
Comprehensive income	$ 65.9	$ 426.7	$ 97.4	$ 491.2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 534.5	$ 483.3
Trade receivables, net of allowances	237.9	214.4
Contract assets	96.7	74.5
Inventories	259	238.9
Other current assets	77.5	89.1
Total current assets	1,205.6	1,100.2
Property, plant and equipment, net of accumulated depreciation of $329.2 and $316.7 respectively	243.3	248
Goodwill	785.8	779.5
Intangible assets, net	358.8	388.9
Other assets	195.5	193.8
Total Assets	2,789	2,710.4
Current Liabilities:
Accounts payable, trade and other	144.7	134.6
Advance and progress payments	159.1	172
Accrued payroll	45.2	59.7
Other current liabilities	124.4	118.1
Total current liabilities	473.4	484.4
Long-term debt	648.3	646.4
Accrued pension and other postretirement benefits, less current portion	22.4	24.6
Other liabilities	59.8	66.1
Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2024 or 2023	0	0
Common stock, $0.01 par value; 120,000,000 shares authorized; September 30, 2024: 31,861,680 issued, and 31,840,900 outstanding; December 31, 2023: 31,861,680 issued, and 31,789,698 outstanding	$ 0.3	$ 0.3
Common stock held in treasury (in shares)	20,780	71,982
Common stock held in treasury, at cost September 30, 2024: 20,780 shares; December 31, 2023: 71,982 shares	$ (2.1)	$ (7.1)
Additional paid-in capital	231.4	227.9
Retained earnings	1,546.3	1,463.6
Accumulated other comprehensive loss	(190.8)	(195.8)
Total stockholders' equity	1,585.1	1,488.9
Total Liabilities and Stockholders' Equity	$ 2,789	$ 2,710.4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 329.2	$ 316.7
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)	31,840,900	31,789,698
Common stock held in treasury (in shares)	20,780	71,982

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Statement) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Net income	$ 92.4	$ 501.5
Income from continuing operations	91.5	76.6
Income from discontinued operations, net of taxes	0.9	424.9
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Depreciation and amortization	66.5	69.3
Stock-based compensation	11.4	7.1
Other	9.3	6.7
Trade receivables, net and contract assets	(47.4)	2.3
Inventories	(16.6)	7.9
Accounts payable, trade and other	9.7	(43.6)
Advance and progress payments	(10.5)	(0.2)
Accrued pension and other postretirement benefits, net	(2.3)	(11.2)
Other assets and liabilities, net	(7.7)	(19.3)
Purchase of Marketable Securities	0	(125)
Cash provided by continuing operating activities	103.9	95.6
(Payments) proceeds from sale of AeroTech, net	(4.8)	793.2
Acquisitions, net of cash acquired	0	(0.1)
Investment in unconsolidated affiliate	0	(10.4)
Capital expenditures	(27.9)	(46.2)
Proceeds from disposal of assets	0.9	1.2
Cash (required) provided by continuing investing activities	(31.8)	612.7
Payments on short-term debt	0	(0.6)
Net payments for domestic credit facilities	0	(339.5)
Proceeds from settlement of cross currency swaps	0	5.8
Settlement of taxes withheld on stock-based compensation awards	(2.9)	(1.7)
Dividends	(9.6)	(9.7)
Other	(0.7)	0
Cash required by continuing financing activities	(23.1)	(345.7)
Net increase in cash from continuing operations	49	362.6
Effect of foreign exchange rate changes on cash and cash equivalents	1.4	(2.6)
Net increase in cash and cash equivalents	51.2	328.6
Add: Cash and cash equivalents from discontinued operations, beginning of period	483.3	71.7
Cash provided (required) by operating activities of discontinued operations, net	0.8	(28)
Cash required by investing activities of discontinued operations, net	0	(3.4)
Add: Cash and cash equivalents from discontinued operations, end of period	534.5	401.7
Discontinued Operation, Cash Required by Discontinued Operations	0.8	(31.4)
Add: Cash and cash equivalents from discontinued operations, beginning of period	0	1.4
Less: Cash and cash equivalents from discontinued operations, end of period	0	0
Supplemental cash flow information for continuing operations:
Non-cash investing in capital expenditures, accrued but not paid	0.2	3.4
Line of Credit
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Payments of debt issuance costs	(7.1)	0
Secured Debt
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities:
Payments of debt issuance costs	$ (2.8)	$ 0

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, 2022	$ 905.4	$ 0.3	$ (5.3)	$ 220.7	$ 894	$ (204.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	501.5				501.5
Issuance of treasury stock			3.2	(3.2)
Common stock cash dividends	(9.9)				(9.9)
Foreign currency translation adjustments	(10.7)					(10.7)
Derivatives designated as hedges	(2.4)					(2.4)
Pension and other postretirement benefits adjustments	2.8					2.8
Stock-based compensation expense	8.1			8.1
Taxes withheld on issuance of stock-based awards	(1.7)			(1.7)
Ending balance at Sep. 30, 2023	1,393.1	0.3	(2.1)	223.9	1,385.6	(214.6)
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2022	905.4	0.3	(5.3)	220.7	894	(204.3)
Ending balance at Dec. 31, 2023	1,488.9	0.3	(7.1)	227.9	1,463.6	(195.8)
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2023	967.2	0.3	(2.2)	221.3	947.5	(199.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	441.6				441.6
Issuance of treasury stock	0		0.1	(0.1)
Common stock cash dividends	(3.5)				(3.5)
Foreign currency translation adjustments	(14.7)					(14.7)
Derivatives designated as hedges	(1.1)					(1.1)
Pension and other postretirement benefits adjustments	0.9					0.9
Stock-based compensation expense	2.8			2.8
Taxes withheld on issuance of stock-based awards	(0.1)			(0.1)
Ending balance at Sep. 30, 2023	1,393.1	0.3	(2.1)	223.9	1,385.6	(214.6)
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2023	1,488.9	0.3	(7.1)	227.9	1,463.6	(195.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92.4				92.4
Issuance of treasury stock	0		5	(5)
Common stock cash dividends	(9.7)				(9.7)
Foreign currency translation adjustments	7.8					7.8
Derivatives designated as hedges	(5.4)					(5.4)
Pension and other postretirement benefits adjustments	2.6					2.6
Stock-based compensation expense	11.4			11.4
Taxes withheld on issuance of stock-based awards	(2.9)			(2.9)
Ending balance at Sep. 30, 2024	1,585.1	0.3	(2.1)	231.4	1,546.3	(190.8)
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2024	1,518.8	0.3	(2.2)	227.9	1,510.6	(217.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38.9				38.9
Issuance of treasury stock	0		0.1	(0.1)
Common stock cash dividends	(3.2)				(3.2)
Foreign currency translation adjustments	28.8					28.8
Derivatives designated as hedges	(2.8)					(2.8)
Pension and other postretirement benefits adjustments	1					1
Stock-based compensation expense	3.6			3.6
Ending balance at Sep. 30, 2024	$ 1,585.1	$ 0.3	$ (2.1)	$ 231.4	$ 1,546.3	$ (190.8)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock cash dividends (in usd per share)	$ 0.10	$ 0.10	$ 0.30	$ 0.30
Foreign currency, translation adjustments, tax		$ 0.5		$ 1.1
Derivatives designated as hedges, tax	$ 0.9	0.4	$ 1.8	0.8
Pension and other postretirement liability adjustments, tax	$ (0.3)	$ (0.4)	$ (1)	$ (1)

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2024
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, 2023, 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 its former AeroTech business segment ("AeroTech") to Oshkosh Corporation, a Wisconsin corporation (the "Purchaser"). All prior period results from the operations of AeroTech have been reclassified as discontinued operations. 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. Proposed Merger with Marel hf. On April 4, 2024, the Company entered into a definitive agreement (the "Transaction Agreement") to make a voluntary takeover offer (the "Offer") for all of the issued and outstanding shares of Marel hf. ("Marel"). The Transaction Agreement includes the terms of the Offer and other important governance, social, and operating items relating to the proposed business combination of JBT and Marel (the "Marel Transaction"). On June 24, 2024, the Offer was launched, providing Marel shareholders until September 2, 2024 to tender their shares. On August 26, 2024, JBT extended the expiration of the Offer to the earlier of November 11, 2024, or three weeks after the date on which all required regulatory clearances are secured, unless the Offer is further extended in accordance with the terms of the Transaction Agreement and applicable laws. In the Offer, Marel shareholders may exchange each Marel Share, at their election, for (i) cash consideration in the amount of EUR 3.60, (ii) stock consideration consisting of 0.0407 newly and validly issued, fully paid and non-assessable shares of the Company's common stock (the "JBT Offer Shares") or (iii) cash consideration in the amount of EUR 1.26 along with stock consideration consisting of 0.0265 newly and validly issued, fully paid and non-assessable JBT Offer Shares. Elections will be subject to a proration process, such that the Marel shareholders immediately prior to the closing of the Offer will receive an aggregate of approximately EUR 950 million in cash and approximately a 38 percent interest in the combined company. On August 8, 2024, JBT held a special meeting of its stockholders whereby JBT stockholders approved the issuance of the JBT Offer Shares to Marel shareholders in connection with the Marel Transaction. The Marel Transaction, which is expected to close on or about the end of 2024, is subject to the receipt of the required regulatory approvals and the other customary closing conditions. 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. Change in Accounting Principle During the fourth quarter of 2023, the Company changed its methodology for valuing certain inventories to the first-in, first-out ("FIFO") cost method from the last-in, first-out ("LIFO") cost method. The effects of the change in accounting principle have been retrospectively applied to all periods presented. This change has no impact on our results of operations for the three and nine months ended September 30, 2024. Refer to Note 1. Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, for further information related to the change in accounting principle. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment profit and loss measures, and provide new segment disclosure requirements for entities with a single reportable segment. The amendments in ASU 2023-07 will be applied retrospectively to all prior periods presented in the financial statements and are effective for the Company for the fiscal year beginning January 1, 2024, and interim periods beginning on and after January 1, 2025, with early adoption permitted. The Company is evaluating the effect of adopting ASU 2023-07 on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, which amends Topic 740, Income Taxes ("ASU 2023-09"). ASU 2023-09 improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 will become effective for the Company as of January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is evaluating the effect of adopting ASU 2023-09 on its disclosures.

Discontinued Operations

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS As disclosed in Note 1, on August 1, 2023, the Company completed the sale of AeroTech to the Purchaser in exchange for cash consideration of $808.2 million (the "Transaction") and recognized a gain on the Transaction of $443.7 million, net of $131.4 million of income taxes. In connection with the Transaction, the Company and the Purchaser entered into a Transition Services Agreement (the "TSA") for the provision of information technology related services for 12 months and of other services for 6 months to support the transition of the AeroTech business. Services under the TSA have been completed and the TSA effectively concluded in the quarter ended September 30, 2024. TSA income was recognized as services were performed, and the income earned was recorded in Selling, general and administrative expense within the Condensed Consolidated Statements of Income to offset the costs incurred to support the TSA. During the nine months ended September 30, 2024, the Company's cash inflows from the Purchaser related to the TSA were $5.0 million. Summarized Discontinued Operations 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 nine months ended September 30, 2023. (In millions) Three Months Ended Nine Months Ended Revenue $ 38.8 $ 344.1 Operating expenses: Cost of sales 36.9 285.3 Selling, general and administrative expense 11.5 45.3 Operating income (9.6) 13.5 Interest expense 0.4 2.0 Gain on sale of AeroTech 551.0 551.0 Income from discontinued operations before income taxes 541.0 562.5 Income tax provision 130.5 137.6 Income from discontinued operations, net of taxes $ 410.5 $ 424.9

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill were as follows: (In millions) Balance as of December 31, 2023 $ 779.5 Currency translation 6.3 Balance as of September 30, 2024 $ 785.8 Intangible assets consisted of the following: September 30, 2024 December 31, 2023 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 427.5 $ 167.1 $ 424.6 $ 148.0 Patents and acquired technology 176.2 123.4 173.3 109.1 Trademarks 55.1 20.0 54.3 16.7 Non-amortizing intangible assets 10.5 — 10.5 — Other 8.7 8.7 8.8 8.8 Total intangible assets $ 678.0 $ 319.2 $ 671.5 $ 282.6

Inventories

Inventories	9 Months Ended
Inventories	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consisted of the following: (In millions) September 30, 2024 December 31, 2023 Raw materials $ 36.7 $ 28.7 Work in process 63.8 48.1 Finished goods 178.9 181.8 Gross inventories before valuation adjustments 279.4 258.6 Valuation adjustments (20.4) (19.7) Net inventories $ 259.0 $ 238.9

Pension

Pension	9 Months Ended
Pension	Sep. 30, 2024
Retirement Benefits [Abstract]
Pension	PENSION Components of net periodic benefit cost were as follows: Three Months Ended Nine Months Ended (In millions) 2024 2023 2024 2023 Service cost $ 0.3 $ 0.2 $ 0.9 $ 0.8 Interest cost 3.1 3.2 9.3 9.7 Expected return on plan assets (3.4) (4.3) (10.3) (12.9) Amortization of net actuarial losses 1.3 1.3 4.0 3.8 Net periodic cost $ 1.3 $ 0.4 $ 3.9 $ 1.4 During the nine months ended September 30, 2024, the Company made contributions of $2.3 million to its pension plans. The Company expects to contribute $3.5 million in 2024 primarily to the non-U.S. pension plans.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	DEBT The components of the Company's borrowings were as follows: (In millions) Maturity Date September 30, 2024 December 31, 2023 Revolving credit facility (1) December 14, 2026 $ 250.0 $ 250.0 Less: unamortized debt issuance costs (0.5) (0.8) Revolving credit facility, net $ 249.5 $ 249.2 Convertible senior notes (2) May 15, 2026 $ 402.5 $ 402.5 Less: unamortized debt issuance costs (3.7) (5.3) Convertible senior notes, net $ 398.8 $ 397.2 Long-term debt, net $ 648.3 $ 646.4 (1) Weighted-average interest rate at September 30, 2024 was 6.45%. (2) Effective interest rate for the Notes (as defined below) for the quarter ended September 30, 2024 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 Nine Months Ended (In millions) 2024 2023 2024 2023 Contractual interest expense $ 0.3 $ 0.3 $ 0.8 $ 0.8 Interest cost related to amortization of issuance costs 0.6 0.6 1.7 1.7 Total interest expense $ 0.9 $ 0.9 $ 2.5 $ 2.5 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 Condensed Consolidated Balance Sheet as of September 30, 2024. Warrant Transactions 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. Bridge Credit Agreement In connection with the Marel Transaction, on April 4, 2024, the Company entered into a bridge credit agreement with certain financial institutions (the "Bridge Credit Agreement") that committed to provide the Company with secured bridge financing in an aggregate principal amount of €1.9 billion. During the three and nine months ended September 30, 2024, the Company recognized $1.2 million and $2.4 million, respectively, of financing costs associated with the Bridge Credit Agreement, primarily in Interest expense in the Condensed Consolidated Statements of Income. If drawn, loans under the Bridge Credit Agreement accrue interest at the Euro Interbank Offered Rate plus 2.25% per annum, increasing by 0.50% per annum at the end of the first 90 day period after the initial borrowing date and by an additional 0.50% per annum at the end of each 90 day period thereafter until the maturity date of the Bridge Credit Agreement. Any such drawn amounts and the amount of the undrawn and available commitments are also subject to a duration fee that accrues daily at a rate of 0.75% for the period of time from 90 days after the initial borrowing date until the 180th day after the initial borrowing date, 1.00% for the period of time from 180 days after the initial borrowing date until the 270th day after the initial borrowing date and 1.25% for the period of time from 270 days after the initial borrowing date until the maturity date of the Bridge Credit Agreement. The maturity of the Bridge Credit Agreement is 364 days after the initial borrowing of any loans thereunder. The Company may voluntarily prepay outstanding loans under the Bridge Credit Agreement, if drawn, at any time without premium or penalty.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
Accumulated Other Comprehensive Income (Loss)	Sep. 30, 2024
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 September 30, 2024 and 2023 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation Total (1) Beginning balance, June 30, 2024 $ (131.1) $ 6.6 $ (93.3) $ (217.8) Other comprehensive income (loss) before reclassification — (0.7) 28.8 28.1 Amounts reclassified from accumulated other comprehensive income 1.0 (2.1) — (1.1) Ending balance, September 30, 2024 $ (130.1) $ 3.8 $ (64.5) $ (190.8) (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 September 30, 2024 were $1.3 million of charges to pension expense, other than service cost, net of $0.3 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $2.8 million of benefit in interest expense, net of $0.7 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, June 30, 2023 $ (129.0) $ 13.5 $ (84.2) $ (199.7) Other comprehensive income (loss) before reclassification — 1.1 (14.6) (13.5) Amounts reclassified from accumulated other comprehensive income 0.9 (2.2) (0.1) (1.4) Ending balance, September 30, 2023 $ (128.1) $ 12.4 $ (98.9) $ (214.6) (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 September 30, 2023 were $1.3 million of charges to pension expense, other than service cost, net of $0.4 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $2.9 million of benefit in interest expense, net of $0.7 million income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended September 30, 2023 were immaterial. Changes in the AOCI balances for the nine months ended September 30, 2024 and 2023 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation Total (1) Beginning balance, December 31, 2023 $ (132.7) $ 9.2 $ (72.3) $ (195.8) Other comprehensive income before reclassification (0.4) 1.0 7.8 8.4 Amounts reclassified from accumulated other comprehensive income 3.0 (6.4) — (3.4) Ending balance, September 30, 2024 $ (130.1) $ 3.8 $ (64.5) $ (190.8) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2024 were $4.0 million of charges to pension expense, other than service cost, net of $1.0 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $8.6 million of benefit in interest expense, net of $2.2 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, December 31, 2022 $ (130.9) $ 14.8 $ (88.2) $ (204.3) Other comprehensive income before reclassification — 3.5 (9.6) (6.1) Amounts reclassified from accumulated other comprehensive income 2.8 (5.9) (1.1) (4.2) Ending balance, September 30, 2023 $ (128.1) $ 12.4 $ (98.9) $ (214.6) (1) All amounts are net of income taxes. Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the nine months ended September 30, 2023 were $3.8 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 $7.9 million of benefit in interest expense, net of $2.0 million income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the nine months ended September 30, 2023 were $1.5 million of benefit in interest expense, net of $0.4 million income tax provision.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION Transaction price allocated to remaining performance obligations The Company has estimated that $698.1 million in revenue is expected to be recognized in future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of September 30, 2024. The Company expects to complete these obligations and recognize 48% as revenue in 2024, 49% as revenue in 2025, and the remainder after 2025. 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 September 30, Nine Months Ended (In millions) 2024 2023 2024 2023 Type of Good or Service Recurring (1) $ 213.1 $ 202.7 $ 613.7 $ 639.1 Non-recurring (1) 240.7 200.9 634.7 580.7 Total 453.8 403.6 1,248.4 1,219.8 Geographical Region (2) North America 261.9 238.9 731.7 737.6 Europe, Middle East and Africa 122.7 101.6 332.1 300.0 Asia Pacific 46.1 37.0 116.5 108.0 Central and South America 23.1 26.1 68.1 74.2 Total 453.8 403.6 1,248.4 1,219.8 Timing of Recognition Point in Time 224.9 200.8 614.3 619.6 Over Time 228.9 202.8 634.1 600.2 Total 453.8 403.6 1,248.4 1,219.8 (1) Recurring revenue includes revenue from aftermarket parts and services, re-build services on customer owned equipment, operating leases of equipment, and subscription-based software applications. Non-recurring revenue includes new equipment and installation and the sale of software licenses. (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 Condensed Consolidated Balance Sheets 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) September 30, 2024 December 31, 2023 Contract Assets $ 96.7 $ 74.5 Contract Liabilities 146.9 156.5 September 30, 2023 December 31, 2022 Contract Assets 69.3 65.1 Contract Liabilities 158.4 161.2

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
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 September 30, Nine Months Ended (In millions, except per share data) 2024 2023 2024 2023 Basic earnings per share: Income from continuing operations $ 38.1 $ 31.1 $ 91.5 $ 76.6 Income from discontinued operations, net of taxes 0.8 410.5 0.9 424.9 Net income $ 38.9 $ 441.6 $ 92.4 $ 501.5 Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Basic earnings per share from: Continuing operations $ 1.19 $ 0.97 $ 2.86 $ 2.39 Discontinued operations 0.03 12.82 0.03 13.28 Net income $ 1.22 $ 13.79 $ 2.89 $ 15.67 Diluted earnings per share: Income from continuing operations $ 38.1 $ 31.1 $ 91.5 $ 76.6 Income from discontinued operations, net of taxes 0.8 410.5 0.9 424.9 Net income $ 38.9 $ 441.6 $ 92.4 $ 501.5 Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Effect of dilutive securities: Restricted stock 0.2 0.2 0.2 0.1 Total shares and dilutive securities 32.2 32.2 32.2 32.1 Diluted earnings per share from: Continuing operations $ 1.18 $ 0.97 $ 2.84 $ 2.39 Discontinued operations 0.03 12.76 0.03 13.22 Net income $ 1.21 $ 13.73 $ 2.87 $ 15.61

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2024
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 September 30, 2024 As of December 31, 2023 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 13.2 $ 13.2 $ — $ — $ 10.8 $ 10.8 $ — $ — Derivatives 14.7 — 14.7 — 25.9 — 25.9 — Total assets $ 27.9 $ 13.2 $ 14.7 $ — $ 36.7 $ 10.8 $ 25.9 $ — Liabilities: Derivatives $ 1.4 $ — $ 1.4 $ — $ 3.0 $ — $ 3.0 $ — Total liabilities $ 1.4 $ — $ 1.4 $ — $ 3.0 $ — $ 3.0 $ — 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 September 30, 2024, $1.0 million of investments are recorded in Other current assets in the Condensed Consolidated Balance Sheets related to investments that are expected to be redeemed within the next twelve months. The remaining investments are reported separately in Other assets in the Condensed Consolidated Balance Sheets. Investments include an unrealized gain of $1.5 million and $1.7 million as of September 30, 2024 and December 31, 2023, 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 $378.9 million as of September 30, 2024. The carrying amounts of cash and cash equivalents, trade receivables and payables, marketable securities, 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 Condensed Consolidated Balance Sheets approximate their fair values due to their variable interest rates.

Derivative Financial Instrument

Derivative Financial Instruments and Risk Management	9 Months Ended
Derivative Financial Instruments and Risk Management	Sep. 30, 2024
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 Condensed Consolidated Balance Sheets 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 the 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 one year in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at September 30, 2024 of $546.0 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 Condensed Consolidated Balance Sheets: As of September 30, 2024 As of December 31, 2023 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Total $ 9.5 $ 1.4 $ 13.6 $ 3.0 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 Condensed Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, information related to these offsetting arrangements was as follows: (In millions) As of September 30, 2024 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 $ 14.6 $ — $ 14.6 $ (0.9) $ 13.7 (In millions) As of September 30, 2024 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 $ 1.0 $ — $ 1.0 $ (0.9) $ 0.1 (In millions) As of December 31, 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 $ 25.8 $ — $ 25.8 $ (2.3) $ 23.5 (In millions) As of December 31, 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 $ 2.3 $ — $ 2.3 $ (2.3) $ — 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 Condensed Consolidated Statements of Income: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Foreign exchange contracts Revenue $ 0.6 $ 1.8 $ (3.8) $ (0.1) Foreign exchange contracts Cost of sales 0.3 (2.1) 2.5 (0.7) Foreign exchange contracts Selling, general and administrative expense 0.1 0.4 (0.9) 0.6 Total 1.0 0.1 (2.2) (0.2) Remeasurement of assets and liabilities in foreign currencies (2.5) 1.0 (1.4) 0.7 Net gain (loss) $ (1.5) $ 1.1 $ (3.6) $ 0.5 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 September 30, 2024, the fair value of these derivatives designated as cash flow hedges is recorded in the Condensed Consolidated Balance Sheets as Other current assets of $5.2 million and as Accumulated other comprehensive income, net of tax, of $3.8 million. At December 31, 2023, the fair value of these derivatives designated as cash flow hedges is recorded in the Condensed Consolidated Balance Sheets as Other assets of $12.3 million and as Accumulated other comprehensive income, net of tax, of $9.2 million. Refer to Note 10. 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 September 30, 2024, 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	9 Months Ended
Leases	Sep. 30, 2024
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 Nine Months Ended (In millions) 2024 2023 2024 2023 Fixed payment revenue $ 17.1 $ 16.4 $ 50.3 $ 48.0 Variable payment revenue 4.0 4.4 21.5 26.2 Operating lease revenue $ 21.1 $ 20.8 $ 71.8 $ 74.2 Sales-type lease revenue $ 1.8 $ 1.2 $ 3.4 $ 3.2 Refer to Note 15. Related Party Transactions for details of operating lease agreements with related parties.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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 $33.4 million at September 30, 2024, represent guarantees of future performance. The Company has also provided approximately $7.0 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 eighty-five percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of September 30, 2024, the gross value of such arrangements was $1.9 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 Condensed Consolidated Balance Sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information were as follows: Three Months Ended Nine Months Ended (In millions) 2024 2023 2024 2023 Balance at beginning of period $ 10.6 $ 9.3 $ 9.9 $ 10.8 Expense for new warranties 3.2 0.3 7.7 8.0 Adjustments to existing accruals (0.2) 0.2 (0.4) 0.1 Claims paid (1.5) (0.2) (4.9) (9.4) Translation 0.3 (0.4) 0.1 (0.3) Balance at end of period $ 12.4 $ 9.2 $ 12.4 $ 9.2

Restructuring

Restructuring	9 Months Ended
Restructuring	Sep. 30, 2024
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 included streamlining operations and enhancing our general and administrative infrastructure. The Company recognized restructuring charges of $17.9 million, net of a cumulative release of the related liability of $7.5 million. The 2022/2023 restructuring plan was completed as of March 31, 2024. 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 During the Quarter Ended Cumulative Amount (In millions) Balance as of December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 Balance as of September 30, 2024 2022/2023 restructuring plan Severance and related expense $ 12.7 $ 0.7 $ 0.1 $ (0.2) $ 13.3 Other 4.1 0.4 0.1 — 4.6 Total restructuring charges, net $ 16.8 $ 1.1 $ 0.2 $ (0.2) $ 17.9 Restructuring charges, net of release of related liability, are reported in Restructuring expense within the Condensed Consolidated Statements of Income. Liability balances for restructuring activities are included in Other current liabilities in the accompanying Condensed Consolidated Balance Sheets. The table below details the activities in 2024: Impact to Earnings (In millions) Balance as of December 31, 2023 Charged to Earnings Releases Cash Payments Balance as of September 30, 2024 2022/2023 restructuring plan Severance and related expense $ 4.3 $ 1.6 $ (1.0) $ (3.6) $ 1.3 Other 3.7 0.5 — (4.2) — Total $ 8.0 $ 2.1 $ (1.0) $ (7.8) $ 1.3 The Company released $1.0 million of the liability during the nine months ended September 30, 2024, 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	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The 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 September 30, 2024, the operating lease right-of-use asset and the lease liability related to these agreements was $3.0 million and $3.2 million, respectively. As of December 31, 2023, the operating lease right-of-use asset and the lease liability related to these agreements was $3.5 million and $3.7 million, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS During October 2024, the Company successfully secured commitments for a deal-contingent financing structure, consisting of a 5-year, amended and restated $1.8 billion revolving credit facility and a 7-year, $900 million Senior Secured Term Loan B (the "Term Loan B"). This is consistent with the Company's plan to establish a long-term financing structure. Upon the Marel Transaction closing, the Company will terminate the €1.9 billion Bridge Credit Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 38.9	$ 441.6	$ 92.4	$ 501.5

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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)	9 Months Ended
	Sep. 30, 2024
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, 2023, 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	Discontinued Operations On August 1, 2023, the Company completed the sale of its former AeroTech business segment ("AeroTech") to Oshkosh Corporation, a Wisconsin corporation (the "Purchaser"). All prior period results from the operations of AeroTech have been reclassified as discontinued operations. 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. Proposed Merger with Marel hf. On April 4, 2024, the Company entered into a definitive agreement (the "Transaction Agreement") to make a voluntary takeover offer (the "Offer") for all of the issued and outstanding shares of Marel hf. ("Marel"). The Transaction Agreement includes the terms of the Offer and other important governance, social, and operating items relating to the proposed business combination of JBT and Marel (the "Marel Transaction"). On June 24, 2024, the Offer was launched, providing Marel shareholders until September 2, 2024 to tender their shares. On August 26, 2024, JBT extended the expiration of the Offer to the earlier of November 11, 2024, or three weeks after the date on which all required regulatory clearances are secured, unless the Offer is further extended in accordance with the terms of the Transaction Agreement and applicable laws. In the Offer, Marel shareholders may exchange each Marel Share, at their election, for (i) cash consideration in the amount of EUR 3.60, (ii) stock consideration consisting of 0.0407 newly and validly issued, fully paid and non-assessable shares of the Company's common stock (the "JBT Offer Shares") or (iii) cash consideration in the amount of EUR 1.26 along with stock consideration consisting of 0.0265 newly and validly issued, fully paid and non-assessable JBT Offer Shares. Elections will be subject to a proration process, such that the Marel shareholders immediately prior to the closing of the Offer will receive an aggregate of approximately EUR 950 million in cash and approximately a 38 percent interest in the combined company. On August 8, 2024, JBT held a special meeting of its stockholders whereby JBT stockholders approved the issuance of the JBT Offer Shares to Marel shareholders in connection with the Marel Transaction. The Marel Transaction, which is expected to close on or about the end of 2024, is subject to the receipt of the required regulatory approvals and the other customary closing conditions.
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.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment profit and loss measures, and provide new segment disclosure requirements for entities with a single reportable segment. The amendments in ASU 2023-07 will be applied retrospectively to all prior periods presented in the financial statements and are effective for the Company for the fiscal year beginning January 1, 2024, and interim periods beginning on and after January 1, 2025, with early adoption permitted. The Company is evaluating the effect of adopting ASU 2023-07 on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, which amends Topic 740, Income Taxes ("ASU 2023-09"). ASU 2023-09 improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 will become effective for the Company as of January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is evaluating the effect of adopting ASU 2023-09 on its disclosures.
Change in Accounting Principal	Change in Accounting Principle

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
Discontinued Operations (Tables)	Sep. 30, 2024
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 nine months ended September 30, 2023. (In millions) Three Months Ended Nine Months Ended Revenue $ 38.8 $ 344.1 Operating expenses: Cost of sales 36.9 285.3 Selling, general and administrative expense 11.5 45.3 Operating income (9.6) 13.5 Interest expense 0.4 2.0 Gain on sale of AeroTech 551.0 551.0 Income from discontinued operations before income taxes 541.0 562.5 Income tax provision 130.5 137.6 Income from discontinued operations, net of taxes $ 410.5 $ 424.9

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
Goodwill and Intangible Assets (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The changes in the carrying amount of goodwill were as follows: (In millions) Balance as of December 31, 2023 $ 779.5 Currency translation 6.3 Balance as of September 30, 2024 $ 785.8
Schedule of finite-lived intangible assets	Intangible assets consisted of the following: September 30, 2024 December 31, 2023 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 427.5 $ 167.1 $ 424.6 $ 148.0 Patents and acquired technology 176.2 123.4 173.3 109.1 Trademarks 55.1 20.0 54.3 16.7 Non-amortizing intangible assets 10.5 — 10.5 — Other 8.7 8.7 8.8 8.8 Total intangible assets $ 678.0 $ 319.2 $ 671.5 $ 282.6
Schedule of indefinite-lived intangible assets	Intangible assets consisted of the following: September 30, 2024 December 31, 2023 (In millions) Carrying Amount Accumulated Amortization Carrying Amount Accumulated Amortization Customer relationship $ 427.5 $ 167.1 $ 424.6 $ 148.0 Patents and acquired technology 176.2 123.4 173.3 109.1 Trademarks 55.1 20.0 54.3 16.7 Non-amortizing intangible assets 10.5 — 10.5 — Other 8.7 8.7 8.8 8.8 Total intangible assets $ 678.0 $ 319.2 $ 671.5 $ 282.6

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: (In millions) September 30, 2024 December 31, 2023 Raw materials $ 36.7 $ 28.7 Work in process 63.8 48.1 Finished goods 178.9 181.8 Gross inventories before valuation adjustments 279.4 258.6 Valuation adjustments (20.4) (19.7) Net inventories $ 259.0 $ 238.9

Pension (Tables)

Pension (Tables)	9 Months Ended
Pension (Tables)	Sep. 30, 2024
Retirement Benefits [Abstract]
Components of net periodic benefit cost (income)	Components of net periodic benefit cost were as follows: Three Months Ended Nine Months Ended (In millions) 2024 2023 2024 2023 Service cost $ 0.3 $ 0.2 $ 0.9 $ 0.8 Interest cost 3.1 3.2 9.3 9.7 Expected return on plan assets (3.4) (4.3) (10.3) (12.9) Amortization of net actuarial losses 1.3 1.3 4.0 3.8 Net periodic cost $ 1.3 $ 0.4 $ 3.9 $ 1.4

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The components of the Company's borrowings were as follows: (In millions) Maturity Date September 30, 2024 December 31, 2023 Revolving credit facility (1) December 14, 2026 $ 250.0 $ 250.0 Less: unamortized debt issuance costs (0.5) (0.8) Revolving credit facility, net $ 249.5 $ 249.2 Convertible senior notes (2) May 15, 2026 $ 402.5 $ 402.5 Less: unamortized debt issuance costs (3.7) (5.3) Convertible senior notes, net $ 398.8 $ 397.2 Long-term debt, net $ 648.3 $ 646.4 (1) Weighted-average interest rate at September 30, 2024 was 6.45%. (2) Effective interest rate for the Notes (as defined below) for the quarter ended September 30, 2024 was 0.82%

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Sep. 30, 2024
Equity [Abstract]
Changes in the AOCI Balances	Changes in the AOCI balances for the three months ended September 30, 2024 and 2023 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation Total (1) Beginning balance, June 30, 2024 $ (131.1) $ 6.6 $ (93.3) $ (217.8) Other comprehensive income (loss) before reclassification — (0.7) 28.8 28.1 Amounts reclassified from accumulated other comprehensive income 1.0 (2.1) — (1.1) Ending balance, September 30, 2024 $ (130.1) $ 3.8 $ (64.5) $ (190.8) (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 September 30, 2024 were $1.3 million of charges to pension expense, other than service cost, net of $0.3 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $2.8 million of benefit in interest expense, net of $0.7 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, June 30, 2023 $ (129.0) $ 13.5 $ (84.2) $ (199.7) Other comprehensive income (loss) before reclassification — 1.1 (14.6) (13.5) Amounts reclassified from accumulated other comprehensive income 0.9 (2.2) (0.1) (1.4) Ending balance, September 30, 2023 $ (128.1) $ 12.4 $ (98.9) $ (214.6) (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 September 30, 2023 were $1.3 million of charges to pension expense, other than service cost, net of $0.4 million income tax benefit. Reclassification adjustments for derivatives designated as hedges for the same period were $2.9 million of benefit in interest expense, net of $0.7 million income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended September 30, 2023 were immaterial. Changes in the AOCI balances for the nine months ended September 30, 2024 and 2023 by component are shown in the following tables: (In millions) Pension and Other Postretirement Benefits (1) Derivatives Designated as Hedges (1) Foreign Currency Translation Total (1) Beginning balance, December 31, 2023 $ (132.7) $ 9.2 $ (72.3) $ (195.8) Other comprehensive income before reclassification (0.4) 1.0 7.8 8.4 Amounts reclassified from accumulated other comprehensive income 3.0 (6.4) — (3.4) Ending balance, September 30, 2024 $ (130.1) $ 3.8 $ (64.5) $ (190.8) (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 — 3.5 (9.6) (6.1) Amounts reclassified from accumulated other comprehensive income 2.8 (5.9) (1.1) (4.2) Ending balance, September 30, 2023 $ (128.1) $ 12.4 $ (98.9) $ (214.6) (1) All amounts are net of income taxes.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2024
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 September 30, Nine Months Ended (In millions) 2024 2023 2024 2023 Type of Good or Service Recurring (1) $ 213.1 $ 202.7 $ 613.7 $ 639.1 Non-recurring (1) 240.7 200.9 634.7 580.7 Total 453.8 403.6 1,248.4 1,219.8 Geographical Region (2) North America 261.9 238.9 731.7 737.6 Europe, Middle East and Africa 122.7 101.6 332.1 300.0 Asia Pacific 46.1 37.0 116.5 108.0 Central and South America 23.1 26.1 68.1 74.2 Total 453.8 403.6 1,248.4 1,219.8 Timing of Recognition Point in Time 224.9 200.8 614.3 619.6 Over Time 228.9 202.8 634.1 600.2 Total 453.8 403.6 1,248.4 1,219.8 (1) Recurring revenue includes revenue from aftermarket parts and services, re-build services on customer owned equipment, operating leases of equipment, and subscription-based software applications. Non-recurring revenue includes new equipment and installation and the sale of software licenses. (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) September 30, 2024 December 31, 2023 Contract Assets $ 96.7 $ 74.5 Contract Liabilities 146.9 156.5 September 30, 2023 December 31, 2022 Contract Assets 69.3 65.1 Contract Liabilities 158.4 161.2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
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 September 30, Nine Months Ended (In millions, except per share data) 2024 2023 2024 2023 Basic earnings per share: Income from continuing operations $ 38.1 $ 31.1 $ 91.5 $ 76.6 Income from discontinued operations, net of taxes 0.8 410.5 0.9 424.9 Net income $ 38.9 $ 441.6 $ 92.4 $ 501.5 Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Basic earnings per share from: Continuing operations $ 1.19 $ 0.97 $ 2.86 $ 2.39 Discontinued operations 0.03 12.82 0.03 13.28 Net income $ 1.22 $ 13.79 $ 2.89 $ 15.67 Diluted earnings per share: Income from continuing operations $ 38.1 $ 31.1 $ 91.5 $ 76.6 Income from discontinued operations, net of taxes 0.8 410.5 0.9 424.9 Net income $ 38.9 $ 441.6 $ 92.4 $ 501.5 Weighted average number of shares outstanding 32.0 32.0 32.0 32.0 Effect of dilutive securities: Restricted stock 0.2 0.2 0.2 0.1 Total shares and dilutive securities 32.2 32.2 32.2 32.1 Diluted earnings per share from: Continuing operations $ 1.18 $ 0.97 $ 2.84 $ 2.39 Discontinued operations 0.03 12.76 0.03 13.22 Net income $ 1.21 $ 13.73 $ 2.87 $ 15.61

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2024
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 September 30, 2024 As of December 31, 2023 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Investments $ 13.2 $ 13.2 $ — $ — $ 10.8 $ 10.8 $ — $ — Derivatives 14.7 — 14.7 — 25.9 — 25.9 — Total assets $ 27.9 $ 13.2 $ 14.7 $ — $ 36.7 $ 10.8 $ 25.9 $ — Liabilities: Derivatives $ 1.4 $ — $ 1.4 $ — $ 3.0 $ — $ 3.0 $ — Total liabilities $ 1.4 $ — $ 1.4 $ — $ 3.0 $ — $ 3.0 $ —

Derivative Financial Instrume_2

Derivative Financial Instruments and Risk Management (Tables)	9 Months Ended
	Sep. 30, 2024
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 Condensed Consolidated Balance Sheets: As of September 30, 2024 As of December 31, 2023 (In millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Total $ 9.5 $ 1.4 $ 13.6 $ 3.0
Schedule of derivative assets at fair value	As of September 30, 2024 and December 31, 2023, information related to these offsetting arrangements was as follows: (In millions) As of September 30, 2024 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 $ 14.6 $ — $ 14.6 $ (0.9) $ 13.7 (In millions) As of December 31, 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 $ 25.8 $ — $ 25.8 $ (2.3) $ 23.5
Schedule of derivative liabilities at fair value	(In millions) As of September 30, 2024 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 $ 1.0 $ — $ 1.0 $ (0.9) $ 0.1 (In millions) As of December 31, 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 $ 2.3 $ — $ 2.3 $ (2.3) $ —
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 Condensed Consolidated Statements of Income: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Foreign exchange contracts Revenue $ 0.6 $ 1.8 $ (3.8) $ (0.1) Foreign exchange contracts Cost of sales 0.3 (2.1) 2.5 (0.7) Foreign exchange contracts Selling, general and administrative expense 0.1 0.4 (0.9) 0.6 Total 1.0 0.1 (2.2) (0.2) Remeasurement of assets and liabilities in foreign currencies (2.5) 1.0 (1.4) 0.7 Net gain (loss) $ (1.5) $ 1.1 $ (3.6) $ 0.5

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
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 Nine Months Ended (In millions) 2024 2023 2024 2023 Fixed payment revenue $ 17.1 $ 16.4 $ 50.3 $ 48.0 Variable payment revenue 4.0 4.4 21.5 26.2 Operating lease revenue $ 21.1 $ 20.8 $ 71.8 $ 74.2 Sales-type lease revenue $ 1.8 $ 1.2 $ 3.4 $ 3.2

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of warranty cost and accrual information	Warranty cost and accrual information were as follows: Three Months Ended Nine Months Ended (In millions) 2024 2023 2024 2023 Balance at beginning of period $ 10.6 $ 9.3 $ 9.9 $ 10.8 Expense for new warranties 3.2 0.3 7.7 8.0 Adjustments to existing accruals (0.2) 0.2 (0.4) 0.1 Claims paid (1.5) (0.2) (4.9) (9.4) Translation 0.3 (0.4) 0.1 (0.3) Balance at end of period $ 12.4 $ 9.2 $ 12.4 $ 9.2

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
Restructuring (Tables)	Sep. 30, 2024
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 During the Quarter Ended Cumulative Amount (In millions) Balance as of December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 Balance as of September 30, 2024 2022/2023 restructuring plan Severance and related expense $ 12.7 $ 0.7 $ 0.1 $ (0.2) $ 13.3 Other 4.1 0.4 0.1 — 4.6 Total restructuring charges, net $ 16.8 $ 1.1 $ 0.2 $ (0.2) $ 17.9
Schedule of restructuring reserve by type of cost	Liability balances for restructuring activities are included in Other current liabilities in the accompanying Condensed Consolidated Balance Sheets. The table below details the activities in 2024: Impact to Earnings (In millions) Balance as of December 31, 2023 Charged to Earnings Releases Cash Payments Balance as of September 30, 2024 2022/2023 restructuring plan Severance and related expense $ 4.3 $ 1.6 $ (1.0) $ (3.6) $ 1.3 Other 3.7 0.5 — (4.2) — Total $ 8.0 $ 2.1 $ (1.0) $ (7.8) $ 1.3

Description of Business and B_3

Description of Business and Basis of Presentation Narrative (Details) - Marel € / shares in Units, € in Millions	9 Months Ended
	Sep. 30, 2024 EUR (€) € / shares shares
Business Combination Segment Allocation [Line Items]
Cash received by shareholders \| €	€ 950
Ownership interest by shareholders	38%
Purchase Option One
Business Combination Segment Allocation [Line Items]
Cash consideration (per share) \| € / shares	€ 3.60
Purchase Option Two
Business Combination Segment Allocation [Line Items]
Stock consideration paid (in shares) \| shares	0.0407
Purchase Option Three
Business Combination Segment Allocation [Line Items]
Cash consideration (per share) \| € / shares	€ 1.26
Stock consideration paid (in shares) \| shares	0.0265

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of AeroTech, gross	$ 808.2
Gain on sale of discontinued operations					$ 443.7
Tax on sale of discontinued operations					131.4
Transition services term				12 months
Transition services term for other services				6 months
Selling, general and administrative expense		$ (117)	$ (101.5)	$ (343.3)	$ (305.6)
Transition Services Agreement revenue				$ 5

Discontinued Operations - Resul

Discontinued Operations - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 38.8	$ 344.1
Selling, general and administrative expense	11.5	45.3
Operating income	(9.6)	13.5
Interest expense	0.4	2
Income from discontinued operations before income taxes	541	562.5
Income tax provision	130.5	137.6
Income from discontinued operations, net of taxes	410.5	424.9
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	551	551
Product
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of sales	$ 36.9	$ 285.3

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2023	$ 779.5
Currency translation	6.3
Balance as of September 30, 2024	$ 785.8

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	$ 678	$ 671.5
Accumulated Amortization	319.2	282.6
Non-amortizing intangible assets	10.5	10.5
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	427.5	424.6
Accumulated Amortization	167.1	148
Patents and acquired technology
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	176.2	173.3
Accumulated Amortization	123.4	109.1
Trademarks
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	55.1	54.3
Accumulated Amortization	20	16.7
Other
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	8.7	8.8
Accumulated Amortization	$ 8.7	$ 8.8

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 36.7	$ 28.7
Work in process	63.8	48.1
Finished goods	178.9	181.8
Gross inventories before valuation adjustments	279.4	258.6
Valuation adjustments	(20.4)	(19.7)
Net inventories	$ 259	$ 238.9

Pension - Components of Net Per

Pension - Components of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.3	$ 0.2	$ 0.9	$ 0.8
Interest cost	3.1	3.2	9.3	9.7
Expected return on plan assets	(3.4)	(4.3)	(10.3)	(12.9)
Amortization of net actuarial losses	1.3	1.3	4	3.8
Net periodic cost	$ 1.3	$ 0.4	$ 3.9	$ 1.4

Pension - Narrative (Details)

Pension - Narrative (Details) $ in Millions	9 Months Ended
Pension - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer contributions made	$ 2.3
Expected employer contributions to pension and other postretirement benefit plans in current year	$ 3.5

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, net	$ 648.3	$ 646.4
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	(3.7)	(5.3)
Long-term debt, net	$ 398.8	397.2
Weighted average interest rate	6.45%
Effective interest rate	0.82%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maturity Date	Dec. 14, 2026
Long-term debt, gross	$ 250	250
Less: unamortized debt issuance costs	(0.5)	(0.8)
Long-term debt, net	$ 249.5	$ 249.2

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions			3 Months Ended		9 Months Ended
	Apr. 04, 2024	May 28, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Financing costs			$ 1,200,000		$ 2,400,000
Borrowing capacity	$ 1,900,000,000
Interest rate, basis spread (as a percent)	2.25%
Basis spread increase	0.50%
Increase after each 90 day period	0.50%
90 days from initial borrowing
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.75%
180 days after initial borrowing
Debt Instrument [Line Items]
Commitment fee (as a percent)	1%
270 days after initial borrowing
Debt Instrument [Line Items]
Commitment fee (as a percent)	1.25%
Convertible Debt \| Convertible Senior Notes
Debt Instrument [Line Items]
Interest expense, debt			900,000	$ 900,000	2,500,000	$ 2,500,000
Contractual interest expense			300,000	300,000	800,000	800,000
Amortization of debt issuance cost			$ 600,000	$ 600,000	$ 1,700,000	$ 1,700,000
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 Debt \| Convertible Senior Notes \| 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 Debt \| Convertible Senior Notes \| 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	$ 1,518.8	$ 967.2	$ 1,488.9	$ 905.4
Other comprehensive income before reclassification	28.1	(13.5)	8.4	(6.1)
Amounts reclassified from accumulated other comprehensive income	(1.1)	(1.4)	(3.4)	(4.2)
Ending balance	1,585.1	1,393.1	1,585.1	1,393.1
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(217.8)	(199.7)	(195.8)	(204.3)
Ending balance	(190.8)	(214.6)	(190.8)	(214.6)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(131.1)	(129)	(132.7)	(130.9)
Other comprehensive income before reclassification	0	0	(0.4)	0
Amounts reclassified from accumulated other comprehensive income	1	0.9	3	2.8
Ending balance	(130.1)	(128.1)	(130.1)	(128.1)
Derivatives Designated as Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	6.6	13.5	9.2	14.8
Other comprehensive income before reclassification	(0.7)	1.1	1	3.5
Amounts reclassified from accumulated other comprehensive income	(2.1)	(2.2)	(6.4)	(5.9)
Ending balance	3.8	12.4	3.8	12.4
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity Attributable to Parent, Beginning Balance	(93.3)	(84.2)	(72.3)	(88.2)
Other comprehensive income before reclassification	28.8	(14.6)	7.8	(9.6)
Amounts reclassified from accumulated other comprehensive income	0	(0.1)	0	(1.1)
Ending balance	$ (64.5)	$ (98.9)	$ (64.5)	$ (98.9)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Reclassification adjustments for pension and postretirement benefit plans	$ 1.3	$ 1.3	$ 4	$ 3.8
Reclassification adjustments for pension and postretirement benefit plans, tax	(0.3)	0.4	(1)	1
Reclassification adjustments for foreign currency translation	(2.8)	2.9	(8.6)	7.9
Reclassification adjustment for foreign currency translation, tax	$ 0.7	$ 0.7	$ 2.2	2
Reclassification adjustments for foreign currency translation				1.5
Reclassification adjustments for foreign currency translation, tax				$ 0.4

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 453.8	$ 403.6	$ 1,248.4	$ 1,219.8
North America
Disaggregation of Revenue [Line Items]
Revenue	261.9	238.9	731.7	737.6
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue	122.7	101.6	332.1	300
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	46.1	37	116.5	108
Central and South America
Disaggregation of Revenue [Line Items]
Revenue	23.1	26.1	68.1	74.2
Recurring
Disaggregation of Revenue [Line Items]
Revenue	213.1	202.7	613.7	639.1
Non-Recurring
Disaggregation of Revenue [Line Items]
Revenue	240.7	200.9	634.7	580.7
Point in Time
Disaggregation of Revenue [Line Items]
Revenue	224.9	200.8	614.3	619.6
Over Time
Disaggregation of Revenue [Line Items]
Revenue	$ 228.9	$ 202.8	$ 634.1	$ 600.2

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 96.7	$ 74.5	$ 69.3	$ 65.1
Contract Liabilities	$ 146.9	$ 156.5	$ 158.4	$ 161.2

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Recognition (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 698.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 698.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	48%
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, percentage to be recognized	49%
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 137.1	$ 143.1

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic earnings per share from:
Income from continuing operations	$ 38.1	$ 31.1	$ 91.5	$ 76.6
Income from discontinued operations, net of taxes	0.8	410.5	0.9	424.9
Net income	$ 38.9	$ 441.6	$ 92.4	$ 501.5
Weighted average number of shares outstanding	32,000	32,000	32,000	32,000
Continuing operations (in dollars per share)	$ 1.19	$ 0.97	$ 2.86	$ 2.39
Discontinued operations (in dollars per share)	0.03	12.82	0.03	13.28
Net income	$ 1.22	$ 13.79	$ 2.89	$ 15.67
Diluted earnings per share from:
Net income	$ 38.9	$ 441.6	$ 92.4	$ 501.5
Weighted Average Number of Shares Outstanding, Diluted, Adjustment [Abstract]
Weighted average number of shares outstanding	32,000	32,000	32,000	32,000
Weighted Average Number of Shares Outstanding, Diluted, Adjustment	200	200	200	100
Weighted Average Number of Shares Outstanding, Diluted, Total	32,200	32,200	32,200	32,100
Continuing operations (in dollars per share)	$ 1.18	$ 0.97	$ 2.84	$ 2.39
Discontinued operations (in dollars per share)	0.03	12.76	0.03	13.22
Net income (in dollars per share)	$ 1.21	$ 13.73	$ 2.87	$ 15.61

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	Sep. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Derivatives	$ 14.6	$ 25.8
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	1	2.3
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Investments	13.2	10.8
Derivatives	14.7	25.9
Total assets	27.9	36.7
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	1.4	3
Total liabilities	1.4	3
Fair Value, Measurements, Recurring \| Level 1
Assets, Fair Value Disclosure [Abstract]
Investments	13.2	10.8
Derivatives	0	0
Total assets	13.2	10.8
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	14.7	25.9
Total assets	14.7	25.9
Liabilities, Fair Value Disclosure [Abstract]
Derivatives	1.4	3
Total liabilities	1.4	3
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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, unrealized gain	$ 1.5	$ 1.7
Convertible debt, fair value	378.9
Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment assets included in other current assets	$ 1

Derivative Financial Instrume_3

Derivative Financial Instruments and Risk Management - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2021 USD ($) derivative	May 31, 2020 USD ($) derivative
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 14.6		$ 14.6		$ 25.8
Accumulated other comprehensive income (loss)	(2.8)	$ (1.1)	$ (5.4)	$ (2.4)
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative, term of contract (less than)			1 year
Notional amount	546		$ 546
Cash Flow Hedging \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 5.2		5.2		12.3
Accumulated other comprehensive income (loss)			$ 3.8		$ 9.2
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

Derivative Financial Instrume_4

Derivative Financial Instruments and Risk Management - Fair Value of Foreign Currency Derivatives in Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets	$ 9.5	$ 13.6
Derivative Liabilities	$ 1.4	$ 3

Derivative Financial Instrume_5

Derivative Financial Instruments and Risk Management - Derivative Assets at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets	$ 14.6	$ 25.8
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Presented in the Consolidated Balance Sheets	14.6	25.8
Amount Subject to Master Netting Agreement	(0.9)	(2.3)
Net Amount	$ 13.7	$ 23.5

Derivative Financial Instrume_6

Derivative Financial Instruments and Risk Management - Derivative Liabilities at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	$ 1	$ 2.3
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Presented in the Consolidated Balance Sheets	1	2.3
Amount Subject to Master Netting Agreement	(0.9)	(2.3)
Net Amount	$ 0.1	$ 0

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ 1	$ 0.1	$ (2.2)	$ (0.2)
Remeasurement of assets and liabilities in foreign currencies	(2.5)	1	(1.4)	0.7
Net gain (loss)	(1.5)	1.1	(3.6)	0.5
Revenue \| Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	0.6	1.8	(3.8)	(0.1)
Cost of sales \| Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	0.3	(2.1)	2.5	(0.7)
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	$ 0.1	$ 0.4	$ (0.9)	$ 0.6

Leases - Lease Revenue (Details

Leases - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed payment revenue	$ 17.1	$ 16.4	$ 50.3	$ 48
Variable payment revenue	4	4.4	21.5	26.2
Operating lease revenue	21.1	20.8	71.8	74.2
Sales-type lease revenue	$ 1.8	$ 1.2	$ 3.4	$ 3.2

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Product Warranty Liability [Line Items]
Guarantor obligations, expiration term	one year
Guarantor obligations, amount recoverable from third-parties (as a percent)	85%
Performance Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 33.4
Financial Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	7
Customers Financing Arrangements Guarantee
Product Warranty Liability [Line Items]
Guarantor obligations, maximum exposure, undiscounted	1.9
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 10.6	$ 9.3	$ 9.9	$ 10.8
Expense for new warranties	3.2	0.3	7.7	8
Adjustments to existing accruals	(0.2)	0.2	(0.4)	0.1
Claims paid	(1.5)	(0.2)	(4.9)	(9.4)
Translation	0.3	(0.4)	0.1	(0.3)
Balance at end of period	$ 12.4	$ 9.2	$ 12.4	$ 9.2

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred to date	$ 17.9	$ 16.8
Decrease in restructuring reserve	7.5
Restructuring charges, release of liability	1
Severance and related expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred to date	13.3	$ 12.7
Restructuring charges, release of liability	$ 1

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 8
Charged to Earnings	2.1
Releases	(1)
Cash Payments	(7.8)
Restructuring reserve, ending balance	1.3
Severance and related expense
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	4.3
Charged to Earnings	1.6
Releases	(1)
Cash Payments	(3.6)
Restructuring reserve, ending balance	1.3
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	3.7
Charged to Earnings	0.5
Releases	0
Cash Payments	(4.2)
Restructuring reserve, ending balance	$ 0

Restructuring - Restructuring E

Restructuring - Restructuring Expense (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance			$ 16.8		$ 16.8
Restructuring expense	$ (0.2)	$ 0.2	1.1	$ 6.4	1.1	$ 9.7
Cumulative amount of restructuring costs, ending balance	17.9				17.9
Severance and related expense
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance			12.7		12.7
Restructuring expense	(0.2)	0.1	0.7
Cumulative amount of restructuring costs, ending balance	13.3				13.3
Other
Restructuring Reserve [Roll Forward]
Cumulative amount of restructuring costs, beginning balance			4.1		4.1
Restructuring expense	0	$ 0.1	$ 0.4
Cumulative amount of restructuring costs, ending balance	$ 4.6				$ 4.6

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Manufacturing Facility Lease - Affiliated Entity - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Right of use asset	$ 3	$ 3.5
Lease liability	$ 3.2	$ 3.7

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions, € in Billions		3 Months Ended
Subsequent Events (Details) $ in Millions, € in Billions	Apr. 04, 2024	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)
Subsequent Event [Line Items]
Interest rate, basis spread (as a percent)	2.25%
Subsequent Event \| Forecast \| Line of Credit
Subsequent Event [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity (up to)			$ 1,800
Subsequent Event \| Forecast \| Line of Credit \| Revolving Credit Facility
Subsequent Event [Line Items]
Termination of credit agreement \| €		€ 1.9
Subsequent Event \| Forecast \| Secured Debt
Subsequent Event [Line Items]
Debt instrument, term		7 years
Aggregate principal amount of debt			$ 900
Period with no fees following allocation of commitments			3.25
Debt Instrument, No Fee Period		60 days
Subsequent Event \| Forecast \| Secured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Subsequent Event [Line Items]
Interest rate, basis spread (as a percent)		2.25%
Subsequent Event \| Forecast \| Secured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Subsequent Event [Line Items]
Interest rate, basis spread (as a percent)		2%