John Bean Technologies Corp. Files 2023 Annual Report on Form 10-K

Ticker: JBTM · Form: 10-K · Filed: Feb 23, 2024 · CIK: 1433660

John Bean Technologies Corp 10-K Filing Summary
FieldDetail
CompanyJohn Bean Technologies Corp (JBTM)
Form Type10-K
Filed DateFeb 23, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, John Bean Technologies, Financials, SEC Filing

AI Summary

John Bean Technologies CORP (JBTM) filed a Annual Report (10-K) with the SEC on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. John Bean Technologies Corp. is incorporated in Delaware. The company's principal business address is 70 W Madison Street, Suite 4400, Chicago, IL 60602. The filing is a 10-K report under the 1934 Securities Exchange Act. The SIC code for the company is 3550 (Special Industry Machinery).

Why It Matters

For investors and stakeholders tracking John Bean Technologies CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of John Bean Technologies Corp.'s financial health, operational performance, and strategic initiatives for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and risk factors within this report are essential for understanding the company's revenue streams, profitability, debt levels, and potential challenges, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — John Bean Technologies CORP shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various market and operational risks detailed within the 10-K, which could impact its ability to achieve its strategic goals.

Analyst Insight

Review the detailed financial statements and risk factor disclosures in the 10-K to assess the company's performance and identify potential investment risks and opportunities.

Key Players & Entities

  • John Bean Technologies Corp. (company) — Filer
  • 70 W Madison Street, Suite 4400, Chicago, IL 60602 (company) — Business Address
  • 1934 Act (regulator) — SEC Act
  • 3550 (dollar_amount) — Standard Industrial Classification

FAQ

When did John Bean Technologies CORP file this 10-K?

John Bean Technologies CORP filed this Annual Report (10-K) with the SEC on February 23, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by John Bean Technologies CORP (JBTM).

Where can I read the original 10-K filing from John Bean Technologies CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by John Bean Technologies CORP.

What are the key takeaways from John Bean Technologies CORP's 10-K?

John Bean Technologies CORP filed this 10-K on February 23, 2024. Key takeaways: The filing covers the fiscal year ending December 31, 2023.. John Bean Technologies Corp. is incorporated in Delaware.. The company's principal business address is 70 W Madison Street, Suite 4400, Chicago, IL 60602..

Is John Bean Technologies CORP a risky investment based on this filing?

Based on this 10-K, John Bean Technologies CORP presents a moderate-risk profile. The company's financial performance and future outlook are subject to various market and operational risks detailed within the 10-K, which could impact its ability to achieve its strategic goals.

What should investors do after reading John Bean Technologies CORP's 10-K?

Review the detailed financial statements and risk factor disclosures in the 10-K to assess the company's performance and identify potential investment risks and opportunities. The overall sentiment from this filing is neutral.

How does John Bean Technologies CORP compare to its industry peers?

John Bean Technologies Corp. operates within the Special Industry Machinery sector, focusing on equipment for various industrial applications.

Are there regulatory concerns for John Bean Technologies CORP?

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, necessitating regular filings like the 10-K with the SEC.

Industry Context

John Bean Technologies Corp. operates within the Special Industry Machinery sector, focusing on equipment for various industrial applications.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, necessitating regular filings like the 10-K with the SEC.

What Investors Should Do

  1. Analyze the financial statements within the 10-K for revenue trends, profitability, and cash flow.
  2. Review the risk factors section to understand potential challenges and their impact on the company's operations.
  3. Examine any disclosed executive compensation details to assess management incentives.

Key Dates

  • 2024-02-23T00:00:00.000Z: Filing Date — Submission of the 2023 10-K report.
  • 2023-12-31T00:00:00.000Z: Fiscal Year End — End of the reporting period for the 10-K.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Filing Stats: 4,256 words · 17 min read · ~14 pages · Grade level 16.9 · Accepted 2024-02-23 15:04:05

Key Financial Figures

  • $0.01 — ange on Which Registered Common Stock, $0.01 par value JBT New York Stock Exchange

Filing Documents

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26 I tem 1C. Cybersecurity 26

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 PART II

Market for Registrant's Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities 31

[Reserved]

Item 6. [Reserved] 33

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Qualitative and Quantitative Disclosures About Market Risk

Item 7A. Qualitative and Quantitative Disclosures About Market Risk 45

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 47

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 93

Controls and Procedures

Item 9A. Controls and Procedures 94

Other Information

Item 9B. Other Information 95

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 97

Executive Compensation

Item 11. Executive Compensation 98

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 100

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 101 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 102

Form 10-K Summary 107

Item 16. Form 10-K Summary 107

Signatures

Signatures 108 2 SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and other materials filed or to be filed by us with the Securities and Exchange Commission, as well as information in oral statements or other written statements made or to be made by us, contain statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are forward-looking statements. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or the negative version of those words or other comparable words and phrases. Any forward-looking statements contained in this Annual Report on Form 10-K are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements include, among others, statements related to our business and our results of operations, a potential transaction with Marel, our strategic plans, our restructuring plans and expected cost savings from those plans and our liquidity. The factors that could cause our actual results to differ materially from expectations include but are not limited to the following factors: the completion of confirmatory due diligence by us prior to launching the offer for Marel shares (the offer); the occurrence of any event, change or other circumstances that could give rise to the termination or abandonment of the offer; the expected timing and likelihood of completion of the proposed transaction with Marel, including the timing, receip

BUSINESS

ITEM 1. BUSINESS GENERAL We are a leading global technology solutions and service provider to high-value segments of the food and beverage industry. We design, produce, and service sophisticated products and systems for multi-national and regional customers. Our mission is to make better use of the world's precious resources by providing solutions that substantially enhance our customers' success, and in doing so design, produce and service sophisticated and critical products and systems for food and beverage companies that improve yields and boost efficiency. We were originally incorporated as Frigoscandia, Inc. in Delaware in May 1994. Our principal executive offices are located at 70 West Madison, Suite 4400, Chicago, Illinois 60602. Operating results and additional financial data and commentary are provided in the Results of Continuing Operations section in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K. DESCRIPTION OF BUSINESS We provide comprehensive solutions throughout the food production value chain extending from primary processing through packaging systems for a large variety of food and beverage groups, including poultry, beef, pork, seafood, ready-to-eat meals, fruits, vegetables, plant-based meat alternatives, dairy, bakery, pet foods, soups, sauces, and juices. Our solutions also support nutraceutical and powder applications. We also provide stand-alone and fully integrated automated guided vehicle systems for repetitive material handling requirements for use in manufacturing, warehouse, and other facilities. The product offering of our businesses includes: Food and Beverage Solutions . Our equipment offerings include primary, secondary and further value-added processing, including chilling, mixing/grinding, injecting, blending, marinating, tumbling, flattening, forming, portioning, coating, cooking, frying, freezing, extracting, pasteurizing,

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