Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 42 |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Cleveland, Ohio |
Consolidated Statements of Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Statement [Abstract] | |||
| Net sales | $ 4,573.0 | $ 4,769.0 | $ 4,496.7 |
| Cost of products sold | 3,132.3 | 3,259.9 | 3,164.7 |
| Selling, general and administrative expenses | 752.0 | 740.8 | 637.1 |
| Amortization of intangible assets | 78.0 | 65.7 | 43.9 |
| Impairment and restructuring charges | 13.4 | 45.5 | 44.1 |
| Gain on sale of real estate | (13.8) | 0.0 | 0.0 |
| Operating Income | 611.1 | 657.1 | 606.9 |
| Interest expense | (125.1) | (110.7) | (74.6) |
| Interest income | 14.9 | 9.3 | 3.8 |
| Non-service pension and other postretirement (expense) income | (2.6) | (24.0) | 9.3 |
| Other (expense) income, net | (4.1) | (1.2) | 5.5 |
| Income Before Income Taxes | 494.2 | 530.5 | 550.9 |
| Provision for income taxes | 118.9 | 122.5 | 133.9 |
| Net Income | 375.3 | 408.0 | 417.0 |
| Less: Net income attributable to noncontrolling interest | 22.6 | 13.9 | 9.6 |
| Net Income Attributable to The Timken Company | $ 352.7 | $ 394.1 | $ 407.4 |
| Net Income per Common Share Attributable to The Timken Company Common Shareholders | |||
| Basic earnings per share (in dollars per share) | $ 5.02 | $ 5.52 | $ 5.54 |
| Diluted earnings per share (in dollars per share) | $ 4.99 | $ 5.47 | $ 5.48 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net Income | $ 375.3 | $ 408.0 | $ 417.0 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation adjustments | (161.2) | 33.5 | (162.7) |
| Pension and postretirement liability adjustments | (6.0) | (6.1) | (5.8) |
| Change in fair value of derivative financial instruments | 2.0 | (0.8) | 2.3 |
| Other comprehensive (loss) income, net of tax | (165.2) | 26.6 | (166.2) |
| Comprehensive Income, net of tax | 210.1 | 434.6 | 250.8 |
| Less: comprehensive income attributable to noncontrolling interest | 17.8 | 12.1 | 2.3 |
| Comprehensive Income Attributable to The Timken Company | $ 192.3 | $ 422.5 | $ 248.5 |
Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | $ 373.2 | $ 418.9 |
| Restricted cash | 0.4 | 0.4 |
| Accounts receivable, less allowances: (2024 - $21.5 million; 2023 - $17.1 million) | 664.6 | 671.7 |
| Unbilled receivables | 140.8 | 144.5 |
| Inventories, net | 1,195.6 | 1,229.1 |
| Deferred charges and prepaid expenses | 39.5 | 41.5 |
| Other current assets | 102.8 | 128.8 |
| Total Current Assets | 2,516.9 | 2,634.9 |
| Property, Plant and Equipment, Net | 1,306.9 | 1,311.9 |
| Other Assets | ||
| Goodwill | 1,383.3 | 1,369.6 |
| Other intangible assets, net | 1,006.5 | 1,031.4 |
| Operating lease assets | 130.6 | 119.7 |
| Deferred income taxes | 41.0 | 44.3 |
| Other non-current assets | 25.8 | 29.9 |
| Total Other Assets | 2,587.2 | 2,594.9 |
| Total Assets | 6,411.0 | 6,541.7 |
| Current Liabilities | ||
| Accounts payable, trade | 321.7 | 367.2 |
| Short-term debt, including current portion of long-term debt | 13.0 | 605.6 |
| Salaries, wages and benefits | 142.2 | 161.5 |
| Income taxes payable | 24.4 | 19.9 |
| Other current liabilities | 319.2 | 317.1 |
| Total Current Liabilities | 820.5 | 1,471.3 |
| Non-Current Liabilities | ||
| Long-term debt | 2,049.7 | 1,790.3 |
| Accrued pension benefits | 157.7 | 172.3 |
| Accrued postretirement benefits | 29.8 | 30.2 |
| Long-term operating lease liabilities | 84.0 | 78.7 |
| Deferred income taxes | 175.0 | 186.5 |
| Other non-current liabilities | 110.2 | 110.0 |
| Total Non-Current Liabilities | 2,606.4 | 2,368.0 |
| Shareholders’ Equity | ||
| Class I and II Serial Preferred Stock without par value: Authorized - 10,000,000 shares each class, none issued | 0.0 | 0.0 |
| Common stock without par value: Authorized - 200,000,000 shares Issued (including shares in treasury) (2024 – 79,173,667 shares; 2023 – 78,680,164 shares) Stated capital | 40.7 | 40.7 |
| Other paid-in capital | 1,269.3 | 1,076.5 |
| Retained earnings | 2,488.8 | 2,232.2 |
| Accumulated other comprehensive loss | (301.7) | (146.9) |
| Treasury shares at cost (2024 – 9,174,863 shares; 2023 – 8,553,272 shares) | (670.6) | (620.1) |
| Total Shareholders’ Equity | 2,826.5 | 2,582.4 |
| Noncontrolling interest | 157.6 | 120.0 |
| Total Equity | 2,984.1 | 2,702.4 |
| Total Liabilities and Equity | $ 6,411.0 | $ 6,541.7 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Allowances for accounts receivable | $ 21.5 | $ 17.1 |
| Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
| Common stock, shares issued (in shares) | 79,173,667 | 78,680,164 |
| Treasury shares (in shares) | 9,174,863 | 8,553,272 |
| Preferred Stock Class I | ||
| Preferred stock, shares authorized (Class I & Class II Preferred stock) (in shares) | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred Stock Class II | ||
| Preferred stock, shares authorized (Class I & Class II Preferred stock) (in shares) | 10,000,000 | |
| Preferred stock, shares issued (in shares) | 0 | 0 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Operating Activities | |||
| Net income | $ 375.3 | $ 408.0 | $ 417.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 221.8 | 201.3 | 164.0 |
| Impairment charges | 3.5 | 33.2 | 38.3 |
| (Gain) loss on sale of assets | (14.4) | 1.3 | (1.9) |
| (Gain) loss on acquisitions and divestitures | 0.0 | (2.9) | 3.5 |
| Deferred income tax benefit | (35.3) | (11.6) | (3.6) |
| Stock-based compensation expense | 25.9 | 30.6 | 30.4 |
| Pension and other postretirement expense (income) | 5.3 | 26.5 | (0.6) |
| Pension and other postretirement benefit contributions and payments | (26.1) | (29.8) | (14.6) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (14.2) | 71.6 | (73.5) |
| Unbilled receivables | 3.3 | (40.4) | (26.0) |
| Inventories | 9.6 | 72.0 | (145.6) |
| Accounts payable, trade | (37.1) | (57.4) | (10.2) |
| Other accrued expenses | (7.1) | (47.6) | 91.9 |
| Income taxes | (28.2) | (108.4) | 16.3 |
| Other, net | (6.6) | (1.2) | (21.6) |
| Net Cash Provided by Operating Activities | 475.7 | 545.2 | 463.8 |
| Investing Activities | |||
| Capital expenditures | (170.0) | (187.8) | (178.4) |
| Acquisitions, net of cash acquired of $8.9 million in 2024; $30.0 million in 2023; and $19.4 million in 2022 | (167.4) | (638.8) | (453.7) |
| Proceeds from disposals of property, plant and equipment | 17.6 | 1.8 | 9.6 |
| Proceeds from divestitures, net of cash divested of $0.7 million in 2023 and $5.3 million in 2022 | 0.3 | 13.5 | 33.9 |
| Investments in short-term marketable securities, net | 15.2 | 5.7 | 14.6 |
| Other | (0.3) | (0.9) | 0.7 |
| Net Cash Used in Investing Activities | (304.6) | (806.5) | (573.3) |
| Financing Activities | |||
| Cash dividends paid to shareholders | (96.1) | (94.0) | (91.7) |
| Purchase of treasury shares | (40.5) | (250.9) | (211.6) |
| Proceeds from exercise of stock options | 5.6 | 21.8 | 8.5 |
| Payments related to tax withholding for stock-based compensation | (10.0) | (17.0) | (10.7) |
| Proceeds from long-term debt | 1,858.3 | 1,564.9 | 1,399.5 |
| Payments on long-term debt | (1,839.3) | (1,329.0) | (978.5) |
| Deferred financing costs | (5.5) | (0.5) | (6.6) |
| Accounts receivable facility financing borrowings | 366.0 | 104.0 | 297.0 |
| Accounts receivable facility financing payments | (433.0) | (122.0) | (212.0) |
| Short-term debt activity, net | (230.3) | 190.0 | 6.9 |
| Noncontrolling interest dividends paid | (1.1) | (0.6) | (0.5) |
| Proceeds from the sale of shares in Timken India Limited | 232.3 | 284.8 | 0.0 |
| Other | (1.2) | (4.4) | 6.5 |
| Net Cash (Used in) Provided by Financing Activities | (194.8) | 347.1 | 206.8 |
| Effect of exchange rate changes on cash | (22.0) | (7.2) | (14.5) |
| (Decrease) Increase In Cash, Cash Equivalents and Restricted Cash | (45.7) | 78.6 | 82.8 |
| Cash, cash equivalents and restricted cash at beginning of year | 419.3 | 340.7 | 257.9 |
| Cash, Cash Equivalents and Restricted Cash at End of Year | $ 373.6 | $ 419.3 | $ 340.7 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Cash Flows [Abstract] | |||
| Cash acquired from acquisition | $ 8.9 | $ 30.0 | $ 19.4 |
| Net of cash divested | $ 0.7 | $ 5.3 | |
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions |
Total |
Stated Capital |
Other Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive (Loss) |
Treasury Shares |
Non- controlling Interest |
|---|---|---|---|---|---|---|---|
| Beginning balance at Dec. 31, 2021 | $ 2,377.7 | $ 40.7 | $ 786.9 | $ 1,616.4 | $ (23.0) | $ (126.1) | $ 82.8 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | 417.0 | 407.4 | 9.6 | ||||
| Foreign currency translation adjustments | (162.7) | (155.4) | (7.3) | ||||
| Pension and other postretirement liability adjustments | (5.8) | (5.8) | |||||
| Change in fair value of derivative financial instruments, net of reclassifications | 2.3 | 2.3 | |||||
| Dividends declared to noncontrolling interest | (0.5) | (0.5) | |||||
| Dividends | (91.7) | (91.7) | |||||
| Stock-based compensation expense | 30.4 | 30.4 | |||||
| Purchase of treasury shares | (211.6) | (211.6) | |||||
| Shares surrendered for stock option activity | 0.0 | 3.8 | (3.8) | ||||
| Stock option exercise activity | 8.5 | 8.5 | |||||
| Payments related to tax withholding for stock-based compensation | (10.7) | (10.7) | |||||
| Ending balance at Dec. 31, 2022 | 2,352.9 | 40.7 | 829.6 | 1,932.1 | (181.9) | (352.2) | 84.6 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | 408.0 | 394.1 | 13.9 | ||||
| Foreign currency translation adjustments | 33.5 | 35.3 | (1.8) | ||||
| Pension and other postretirement liability adjustments | (6.1) | (6.1) | |||||
| Change in fair value of derivative financial instruments, net of reclassifications | (0.8) | (0.8) | |||||
| Dividends declared to noncontrolling interest | (0.6) | (0.6) | |||||
| Dividends | (94.0) | (94.0) | |||||
| Sale of shares of Timken India Limited | 229.0 | 194.5 | 8.1 | 26.4 | |||
| Other ownership changes | (4.0) | (1.5) | (2.5) | ||||
| Stock-based compensation expense | 30.6 | 30.6 | |||||
| Purchase of treasury shares | (250.9) | (250.9) | |||||
| Stock option exercise activity | 21.8 | 21.8 | |||||
| Payments related to tax withholding for stock-based compensation | (17.0) | (17.0) | |||||
| Ending balance at Dec. 31, 2023 | 2,702.4 | 40.7 | 1,076.5 | 2,232.2 | (146.9) | (620.1) | 120.0 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | 375.3 | 352.7 | 22.6 | ||||
| Foreign currency translation adjustments | (161.2) | (156.4) | (4.8) | ||||
| Pension and other postretirement liability adjustments | (6.0) | (6.0) | |||||
| Change in fair value of derivative financial instruments, net of reclassifications | 2.0 | 2.0 | |||||
| Dividends declared to noncontrolling interest | (1.1) | (1.1) | |||||
| Dividends | (96.1) | (96.1) | |||||
| Sale of shares of Timken India Limited | 186.8 | 161.3 | 5.6 | 19.9 | |||
| Other ownership changes | 1.0 | 1.0 | |||||
| Stock-based compensation expense | 25.9 | 25.9 | |||||
| Purchase of treasury shares | (40.5) | (40.5) | |||||
| Stock option exercise activity | 5.6 | 5.6 | |||||
| Payments related to tax withholding for stock-based compensation | (10.0) | (10.0) | |||||
| Ending balance at Dec. 31, 2024 | $ 2,984.1 | $ 40.7 | $ 1,269.3 | $ 2,488.8 | $ (301.7) | $ (670.6) | $ 157.6 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Stockholders' Equity [Abstract] | |||
| Pension and postretirement liability adjustment, tax | $ 2.0 | $ 2.0 | $ 1.9 |
| Dividend per share (in dollars per shares) | $ 1.35 | $ 1.30 | $ 1.23 |
Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies | Note 1 - Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts and operations of the Company in which a controlling interest is maintained. Investments in affiliated companies where the Company exercises significant influence, but does not control, and the activities of which it is not the primary beneficiary, are accounted for using the equity method. All intercompany accounts and transactions are eliminated upon consolidation. Revenue: A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is generally recognized as performance obligations under the terms of a contract with a customer of the Company are satisfied. Of the Company's revenue, approximately 90% is from fixed-price contracts and continues to be recognized as of a point in time when products are shipped from the Company's manufacturing or distribution facilities or at a later point in time when control of the products transfers to the customer. The Company recognizes approximately 10% of revenue over time primarily for certain sales of customer-specific product as it satisfies the performance obligations because of the continuous transfer of control to the customer, supported as follows: •For U.S. government contracts, the customer is allowed to unilaterally terminate the contract for convenience, and is required to pay the Company for costs incurred plus a reasonable margin and can take control of any work in process. •For certain non-U.S. government contracts involving customer-specific products, the customer controls the work in process based on contractual termination clauses or restrictions on the Company's use of the product, and the Company possesses a right to payment for work performed to date plus a reasonable margin. •For certain service contracts, this continuous transfer of control to the customer occurs as the Company's service enhances assets that the customer owns and controls at all times, and the Company is contractually entitled to payment for work performed to date plus a reasonable margin. As a result of control transferring over time, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company has elected to use the cost-to-cost input measure of progress for these contracts because it best depicts the transfer of goods or services to the customer based on incurring costs on the contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The pricing and payment terms for non-U.S. government contracts are based on the Company's standard terms and conditions or the result of specific negotiations with each customer. The Company's standard terms and conditions require payment 30 to 90 days from the invoice date based on geographic region, but the timing of payment for specific negotiated terms may vary. The Company also has both prime and subcontracts in support of the provision of goods and services to the U.S. government. Certain of these contracts are subject to the Federal Acquisition Regulation ("FAR") and are priced based on competitive market prices. Under the payment terms of certain of these U.S. government fixed-price contracts, the customer pays the Company performance-based payments, which are interim payments of up to 90% of the costs incurred to date based on quantifiable measures of performance or on the achievement of specified events or milestones. Because the customer retains a portion of the contract price until completion of such contracts, certain of these U.S. government fixed-price contracts result in revenue recognized in excess of billings, which is presented within "Unbilled receivables" on the Consolidated Balance Sheets. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. Note 1 - Significant Accounting Policies (continued) Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. As a practical expedient, the Company may exclude an assessment of whether promised goods are performance obligations, if such promised goods are immaterial to the customer contract taken as a whole, and combine these with other performance obligations. The Company has also elected not to adjust the promised amount of consideration for the effects of any significant financing component where the Company expects, at contract inception, that the period between when the Company transfers a promised good to a customer and when the customer pays for that good will be one year or less. Finally, the Company's policy is to exclude performance obligations resulting from contracts with a duration of one year or less from its disclosures related to remaining performance obligations. The amount of consideration to which the Company expects to be entitled in exchange for the goods and services is not generally subject to significant variations. However, the Company does offer certain customers rebates, prompt payment discounts, end-user discounts, the right to return eligible products, and/or other forms of variable consideration. The Company estimates this variable consideration using the expected value amount, which is based on historical experience. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company adjusts the estimate of revenue at the earlier of when the amount of consideration the Company expects to receive changes or when the consideration becomes fixed. The Company recognizes the cost of freight and shipping when control of the products or services has transferred to the customer as an expense in "Cost of products sold" on the Consolidated Statements of Income, because those are costs incurred to fulfill the promise recognized, not a separate performance obligation. To the extent certain freight and shipping fees are charged to customers, the Company recognizes the amounts charged to customers as revenues and the related costs as an expense in "Cost of products sold" when control of the related products or services has transferred to the customer. Contracts are occasionally modified to account for changes in contract specifications, requirements, and pricing. The Company considers contract modifications to exist when the modification either creates new enforceable rights and obligations or changes existing ones. Substantially all of the Company's contract modifications are for goods or services that are distinct from the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is generally recognized on a prospective basis. Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Restricted Cash: Cash and cash equivalents of $0.4 million were restricted at December 31, 2024 and 2023. Accounts Receivable, Less Allowances: Accounts receivable, less allowances on the Consolidated Balance Sheets include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts, which represents an estimate of the losses expected from the accounts receivable portfolio, to reduce accounts receivable to their net realizable value. The allowance is based upon historical trends in collections and write-offs, management's judgment of the probability of collecting accounts and management's evaluation of business risk. The Company extends credit to customers satisfying predefined credit criteria. The Company believes it has limited concentration of credit risk due to the diversity of its customer base. Unbilled Receivables: Unbilled receivables on the Consolidated Balance Sheets primarily include unbilled amounts typically resulting from sales under long-term contracts when the following conditions exist: (i) cost-to-cost method of revenue recognition is utilized; (ii) the revenue recognized exceeds the amount billed to the customer; and (iii) the right to payment is generally subject to the passage of time as milestones are achieved. The amounts recorded for unbilled receivables do not exceed their net realizable value. Note 1 - Significant Accounting Policies (continued) Inventories: Inventories are valued at the lower of cost or net realizable value, with approximately 59% valued by the first-in, first-out ("FIFO") method and the remaining 41% valued by the last-in, first-out ("LIFO") method. The majority of the Company’s domestic inventories are valued by the LIFO method, while substantially all of the Company’s international inventories are valued by the FIFO method. Investments: Short-term investments are investments with maturities between four months and one year and are valued at amortized cost, which approximates fair value. The Company held short-term investments as of December 31, 2024 and 2023 with a fair value and cost basis of $15.9 million and $31.6 million, respectively, which were included in "Other current assets" on the Consolidated Balance Sheets. Property, Plant and Equipment: Property, plant and equipment, net on the Consolidated Balance Sheets is valued at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. The provision for depreciation is computed by the straight-line method based upon the estimated useful lives of the assets. The useful lives are 10 to 30 years for buildings, to 10 years for computer software and to 20 years for machinery and equipment. The impairment of long-lived assets is evaluated when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not be recoverable. If the expected future undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized at that time to reduce the asset to the lower of its fair value or its net book value. Leases: The Company determines if any arrangement is a lease at the inception of a contract. For leases where the Company is the lessee, it recognizes lease assets and related lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. Most of the Company’s leases do not provide an implicit interest rate. As a result, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The lease assets also consist of amounts for favorable or unfavorable lease terms related to acquisitions. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. A lease asset and lease liability are not recorded for leases with an initial term of 12 months or less, and the lease expense related to these leases is recognized as incurred over the lease term. Goodwill and Other Intangible Assets: Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives, with useful lives ranging from to 20 years. Goodwill and indefinite-lived intangible assets not subject to amortization are tested for impairment at least annually. The Company performs its annual impairment test as of October 1st. Furthermore, goodwill and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying values may not be recoverable in accordance with accounting rules related to goodwill and other intangible assets. Purchase accounting and business combinations: Assets acquired and the liabilities assumed as part of a business combination are recognized at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. The Company considers inputs to value the assets and liabilities by taking into account competitive trends, market comparisons, independent appraisals, and historical data, among other factors, as supplemented by current and anticipated market conditions. The valuation inputs in these analyses are based on market participant assumptions. The Company may refine these estimates and record adjustments to an asset or liability with the offset to goodwill during the measurement period, which may be up to one year from the acquisition date. Upon the conclusion of the measurement period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company’s Consolidated Statements of Income. Note 1 - Significant Accounting Policies (continued) Product Warranties: The Company provides limited warranties on certain of its products. The Company accrues liabilities for warranties generally based upon specific claims and in certain instances based on historical warranty claim experience in accordance with accounting rules relating to contingent liabilities. When the Company becomes aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. Adjustments are made quarterly to the accruals as claim data and historical experience change. Income Taxes: The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. The Company recognizes valuation allowances against deferred tax assets by tax jurisdiction when it is more likely than not those assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with ASC 740-10. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. The Company has elected to account for Global Intangible Low Tax Income as a period cost. Foreign Currency: Assets and liabilities of subsidiaries are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the reporting period. Translation adjustments for assets and liabilities are reflected as a separate component of accumulated other comprehensive loss (income). Foreign currency gains and losses resulting from transactions are included in the Consolidated Statements of Income. Net of related derivative activity, the Company recognized a foreign currency exchange loss resulting from transactions of $9.3 million for the year ended December 31, 2024 and recognized a loss of $14.8 million and a gain of $15.4 million for the years ended December 31, 2023 and 2022, respectively. Pension and Other Postretirement Benefits: The Company recognizes actuarial gains and losses immediately through net periodic benefit cost upon the annual remeasurement in the fourth quarter, or on an interim basis if specific events trigger a remeasurement. Actuarial gains and losses are excluded from segment results, while all other components of net periodic benefit cost will continue to be included within segment results. Stock-Based Compensation: The Company recognizes stock-based compensation expense over the related vesting period of the awards based on the fair value on the grant date. Stock options are issued with an exercise price equal to the opening market price of Timken common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. The fair value of stock-based awards that will settle in Timken common shares, other than stock options, is based on the opening market price of Timken common shares on the grant date. The fair value of stock-based awards that will settle in cash are remeasured at each reporting period until settlement of the awards. The Company recognizes forfeitures on stock-based awards as they occur. Earnings Per Share: Earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the year. Diluted earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding, adjusted for the dilutive impact of potential common shares for share-based compensation awards. Note 1 - Significant Accounting Policies (continued) Derivative Instruments: The Company recognizes all derivatives on the Consolidated Balance Sheets at fair value. Derivatives that are not designated as hedges are adjusted to fair value through earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivatives are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in accumulated other comprehensive loss (income) until the hedged item is recognized in earnings. The Company’s holdings of forward foreign currency exchange contracts qualify as derivatives pursuant to the criteria established in derivative accounting guidance, and the Company has designated certain of those derivatives as hedges. Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Because actual results could differ from these estimates, the Company reviews and updates these estimates and assumptions regularly to reflect recent experience. Recent Accounting Pronouncements: New Accounting Guidance Adopted: In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280). ASU 2023-07 requires that a public entity disclose: (1) on an annual and interim basis, significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss; (2) on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; and (3) the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The other segment items category is the difference between segment revenue less the segment expenses disclosed and each reported measure of segment profit or loss. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the new guidance in the fourth quarter of 2024. Refer to Note 4 - Segment Information in the Notes to the Consolidated Financial Statements for additional information. New Accounting Guidance Issued and Not Yet Adopted: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires that a public entity disclose the detailed information about types of expense. Specifically, a public entity would disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(d). In addition, a public entity should include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements. A public entity would also disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 40). ASU 2023-09 is intended to enhance the transparency and decision to improve the usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require that all entities disclose on an annual basis the amount of income taxes paid disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is preparing to adopt the new guidance in 2025.
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Acquisitions and Divestitures |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions and Divestitures | Note 2 - Acquisitions and Divestitures Acquisitions: On September 9, 2024, the Company acquired 100% of the capital stock of CGI, a Nevada-based manufacturer of precision drive systems serving medical robotics and other automation markets. CGI employs approximately 130 people and has its headquarters and manufacturing facilities in Carson City, Nevada. With its concentration on medical robotics, CGI enhances the Company's product portfolio serving this attractive sector. The total purchase price for this acquisition was $167.1 million, net of cash acquired of $8.9 million. Results for CGI are reported in the Industrial Motion segment. The Company incurred acquisition-related costs of $2.0 million to complete this acquisition. Acquisition costs are recorded in selling, general and administrative expenses on the Consolidated Statements of Income. During 2023, the Company completed six acquisitions, which enhanced the Company's capabilities and product portfolio. On December 20, 2023, the Company completed the acquisition of 100% of the capital stock of Lagersmit, a Netherlands-based manufacturer of highly engineered sealing solutions for marine, dredging, water, tidal energy and other industrial applications, for $128.2 million, net of cash acquired of $6.5 million. Lagersmit employs approximately 90 people. Results for Lagersmit are reported in the Industrial Motion segment. On September 1, 2023, the Company acquired 100% of the capital stock of Des-Case, a Tennessee-based manufacturer of specialty filtration products for industrial lubricants, for $123.2 million, net of cash acquired of $1.8 million. Des-Case has manufacturing facilities in Tennessee and the Netherlands and employs approximately 120 people. Results for Des-Case are reported in the Industrial Motion segment. On April 4, 2023, the Company acquired 100% of the capital stock of Nadella, a leading European manufacturer of linear guides, telescopic rails, actuators and systems and other specialized industrial motion solutions, for $293.5 million, net of cash acquired of $21.0 million. Based in Italy, Nadella employs approximately 450 people and operates manufacturing facilities in Europe and China. Results for Nadella are reported in the Industrial Motion segment. On November 1, 2023, the Company acquired iMECH. The Company acquired 100% of the capital stock in the U.S. and substantially all of the assets in Canada. iMECH manufactures thrust bearings, radial bearings, specialty coatings and other components primarily used in the energy industry. iMECH employs approximately 70 people and has facilities in Houston, Texas and Alberta, Canada. Results for iMECH are reported in the Engineered Bearings segment. On September 29, 2023, the Company acquired 100% of the capital stock of Rosa, a European designer and manufacturer of roller guideways, linear bearings, customized linear systems and actuators, commercialized ball guideways and precision ball screws. Rosa employs approximately 65 people and has its headquarters, R&D and high-precision manufacturing facility in Milan, Italy. Results for Rosa are reported in the Industrial Motion segment. On January 31, 2023, the Company acquired substantially all of the assets of ARB, a North Carolina-based manufacturer of industrial bearings. ARB, which boasts a large U.S. installed base and strong aftermarket business, operates manufacturing facilities in Hiddenite and Morganton, North Carolina. ARB employs approximately 190 people. Results for ARB are reported in the Engineered Bearings segment. The total purchase price for these three acquisitions was $95.7 million, net of cash acquired of $1.4 million. The Company incurred transaction costs of $6.7 million to complete the 2023 acquisitions. Note 2 - Acquisitions and Divestitures (continued) The purchase price allocations at fair value, net of cash acquired, for 2024 and 2023 acquisitions as of December 31, 2024 and 2023 are presented below:
The 2023 acquisitions presented above include goodwill of $59.1 million and intangible assets of $71.9 million for Lagersmit, goodwill of $78.7 million and intangible assets of $45.1 million for Des-Case, and goodwill of $129.0 million and intangible assets of $158.9 million for Nadella. In determining the fair value of the amounts above, the Company utilized various forms of the income, cost and market approaches depending on the asset or liability being valued. The estimation of fair value required judgment related to future net cash flows, discount rates, competitive trends, market comparisons and other factors. As a result, the Company utilized third-party valuation specialists to assist in determining the fair value of certain assets. Inputs were generally determined by considering independent appraisals and historical data, supplemented by current and anticipated market conditions. Note 2 - Acquisitions and Divestitures (continued) The 2024 amounts in the table above represent the preliminary purchase price allocation for the CGI acquisition. This purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information and is subject to change as additional information concerning final asset and liability valuations are obtained. The purchase price allocation for CGI is preliminary as a result of the proximity of the acquisition date to December 31, 2024, and as a result, no elements of the purchase price allocation have been finalized. During the applicable measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values for those assets or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date. The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2024 and 2023:
Divestitures: During the third quarter of 2023, the Company made the decision to sell its TWB business, located in Jiangsu Province, China. The business met the held for sale criteria, and the Company reclassified its assets and liabilities accordingly. As a result of the carrying value of the business exceeding the estimated sales price less costs to sell, the Company recorded an impairment charge of $1.0 million in 2023. On October 16, 2023, the Company completed the divestiture of TWB. TWB had net sales of $22.7 million and $39.3 million in 2023 and 2022, respectively. The results of operations of TWB were reported in the Engineered Bearings segment. The Company recorded proceeds of $9.0 million, net of cash divested of $0.7 million, on the sale of the business and reported an additional loss of $0.6 million in the fourth quarter of 2023. On February 28, 2023, the Company completed the sale of its 50% membership interests in SE Setco, a joint venture. The Company had accounted for SE Setco as an equity method investment prior to the sale. The Company received $5.7 million in proceeds for SE Setco and recognized a pretax gain of $4.8 million on the sale. The gain was reflected in other (expense) income, net in the Consolidated Statement of Income.
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Revenue |
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| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Note 3 - Revenue The following table presents details deemed most relevant to the users of the financial statements about total revenue for the years ended December 31, 2024, 2023 and 2022:
Net sales by geographic area are reported by the destination of net sales. When reviewing revenues by sales channel, the Company separates net sales to OEMs from sales to distributors and end users. The following table presents the percent of revenues by sales channel for the years ended December 31, 2024, 2023 and 2022:
In addition to disaggregating revenue by segment and geography and by sales channel as shown above, the Company believes information about the timing of transfer of goods or services and type of customer is also relevant. During the year ended December 31, 2024, approximately 10% of total net sales were recognized on an over-time basis compared to 9% in 2023 and 2022. These sales were recognized over-time due to the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Finally, business with the U.S. government or its contractors represented approximately 7% of total net sales in 2024, 6% of total net sales in 2023, and 7% of total net sales for 2022. Note 3 - Revenue (continued) Remaining Performance Obligations: Remaining performance obligations represent the transaction price of orders meeting the definition of a contract for which work has not been performed and excludes unexercised contract options. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $153 million at December 31, 2024. Unbilled Receivables: The following table contains a rollforward of unbilled receivables for the years ended December 31, 2024 and 2023:
There were no impairment losses recorded on unbilled receivables for the years ended December 31, 2024 and 2023. Deferred Revenue: The following table contains a rollforward of deferred revenue for the years ended December 31, 2024 and 2023:
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Note 4 - Segment Information The Company operates under two reportable segments: (1) Engineered Bearings and (2) Industrial Motion. Description of types of products and services from which each reportable segment derives its revenues: The Company's reportable segments are product business units that serve customers in diverse industrial markets. Each reportable segment is managed to address specific customer needs in these diverse market segments. The Engineered Bearings portfolio features bearings with precision tolerances, proprietary internal geometries and quality materials. Products include tapered, spherical, cylindrical, thrust, ball, plain, miniature, precision and housed unit bearings that deliver strong performance, consistency and reliability. The portfolio serves OEMs and end users in the following markets: industrial distribution, renewable energy, automotive, rail, aerospace, metals and mining, heavy truck, agriculture and turf, and construction. Beyond products sold to OEMs, aftermarket sales to individual end users, equipment owners, operators and maintenance shops are handled directly or through the Company's extensive network of authorized automotive and heavy truck distributors. The Industrial Motion portfolio features products such as drives, breathers, seals, automatic lubrication systems, linear motion products, chain, belts, couplings, industrial clutches and brakes, and gears and gearboxes. The portfolio products and services are sold to OEMs and end users in markets that place heavy demands on operating equipment they make or use. This includes: industrial distribution, automation, agriculture and turf, services, marine, renewable energy, aerospace and construction. This segment also supports aftermarket sales through its global network of authorized industrial distributors and through the provision of services directly to end users. In addition, the Company’s industrial drivetrain services offer end users a broad portfolio of maintenance support and capabilities that include repair and service for bearings and gearboxes as well as electric motor rewind, repair and services. Measurement of segment profit or loss and segment assets: The Company's CODM is the President and Chief Executive Officer. The primary measurement used by the CODM to measure the financial performance of each segment is adjusted EBITDA. The Company's CODM evaluates financial performance and allocates resources based on return on capital and profitable growth. The CODM considers actual and budget results provided on a regular basis for both segment's profit measures when making decisions about allocating capital and personnel to the segments. The Company adopted the new disclosure requirements under ASU 2023-07, which requires that the Company disclose significant segment expenses. The Company concluded that the significant segment expenses provided to the CODM are: (1) cost of products sold and (2) selling, general and administrative expenses. 2023 and 2022 have been revised to align with the new presentation guidance. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Note 4 - Segment Information (continued) Business Segment Information: The following tables provide segment financial information and a reconciliation of segment results to consolidated results for the year ended December 31, 2024:
Year ended December 31, 2023:
Note 4 - Segment Information (continued) Year ended December 31, 2022:
(1) Cost of products sold exclude acquisition-related and reorganization charges, and property losses and related expenses. (2) Selling, general, and administrative expenses exclude acquisition-related charges. (3) Other segments items is Other (expense) income, net and exclude gain on divestitures and sale of certain assets, and tax indemnification and related items. (4) Depreciation and amortization excludes acquisition intangible amortization and depreciation recognized in reorganization charges, if any. The following tables provide additional segment financial information:
(5) Corporate assets include corporate buildings and cash and cash equivalents.
Note 4 - Segment Information (continued) Geographic Financial Information:
Long-lived assets by geographic area are reported by the location of the subsidiary. Refer to Note 3 - Revenue for further information pertaining to geographic net sales information.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 5 - Income Taxes Income before income taxes, based on geographic location of the operations to which such earnings are attributable, is provided below. As the Company has elected to treat certain foreign subsidiaries as branches for U.S. income tax purposes, pretax income attributable to the United States shown below may differ from the pretax income reported in the Company’s annual U.S. federal income tax return. Income before income taxes:
The provision for income taxes consisted of the following:
The Company made net income tax payments of $183.5 million, $240.3 million and $120.6 million in 2024, 2023 and 2022, respectively. These income tax payments included $45.2 million and $55.2 million in 2024 and 2023, respectively, that were recorded in other paid-in capital related to sale of shares of Timken India Limited. The following table is the reconciliation between the provision for income taxes and the amount computed by applying the U.S. federal income tax rate of 21% to income before taxes:
Note 5 - Income Taxes (continued) The Company recognized $55.8 million of tax benefits for U.S. foreign tax credit utilization primarily from acquisition integration structuring for the year ended December 31, 2023. There has been no change in the Company’s assertion about its permanent reinvestment in undistributed foreign earnings. The Company recorded $1.3 million and $15.0 million of income tax expense related to foreign withholding taxes on planned one-time distributions for the years ended December 31, 2024 and 2023, respectively. No additional deferred taxes have been recorded for any other outside basis differences as these amounts continue to be indefinitely reinvested in foreign operations. The amounts of undistributed foreign earnings were $1,834.6 million and $1,608.8 million at December 31, 2024 and December 31, 2023, respectively. It is not practicable to calculate the additional taxes that might be payable on such unremitted earnings due to the variety of circumstances and tax laws applicable at the time of distribution. The Organization for Economic Co-operation and Development ("OECD") has a framework to implement a global minimum corporate tax of 15% applied on a country-by-country basis for companies with global revenues and profits above certain thresholds (referred to as "Pillar 2"), with certain aspects of Pillar 2 effective January 1, 2024 and other aspects effective January 1, 2025. While the United States has not enacted legislation to adopt Pillar 2, and it is uncertain if it will do so in the future, certain countries in which the Company operates have enacted such legislation, and other countries are in the process of doing so. The enactment of Pillar 2 was not material to the Company’s results of operations and financial condition. The effect of temporary differences giving rise to deferred tax assets and liabilities at December 31, 2024 and 2023 was as follows:
The Company has U.S. federal and state tax credit and loss carryforwards with tax benefits totaling $23.3 million, portions of which will expire in 2024 and continue until 2043. In addition, the Company has loss carryforwards in various non-U.S. jurisdictions with tax benefits totaling $64.5 million, portions of which will expire in 2025 while others will be carried forward indefinitely. The Company has provided valuation allowances of $47.9 million against certain of these carryforwards and $0.8 million against other deferred tax assets. A majority of the non-U.S. loss carryforwards represent local country net operating losses for branches of the Company or entities treated as branches of the Company under U.S. tax law for which deferred taxes have been recorded. As of December 31, 2024, the Company had $35.8 million of total gross unrecognized tax benefits, $24.4 million of which would favorably impact the Company’s effective income tax rate in any future period if such benefits were recognized. As of December 31, 2024, the Company believes it is reasonably possible that the amount of unrecognized tax positions could decrease by approximately $9 million during the next 12 months. The potential decrease would primarily be driven by settlements with tax authorities and the expiration of various applicable statutes of limitation. As of December 31, 2024, the Company had accrued $11.8 million of interest and penalties related to uncertain tax positions. The Company records interest and penalties related to uncertain tax positions as a component of income tax expense. Note 5 - Income Taxes (continued) As of December 31, 2023, the Company had $34.2 million of total gross unrecognized tax benefits, $24.2 million of which would favorably impact the Company’s effective income tax rate in any future period if such benefits were recognized. As of December 31, 2023, the Company believed it was reasonably possible that the amount of unrecognized tax positions could decrease by approximately $5 million during the next 12 months. The potential decrease would primarily be driven by settlements with tax authorities and the expiration of various applicable statutes of limitation. As of December 31, 2023, the Company had accrued $11.8 million of interest and penalties related to uncertain tax positions. The Company records interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2022, the Company had $26.0 million of total gross unrecognized tax benefits, $23.3 million of which would favorably impact the Company’s effective income tax rate in any future period if such benefits were recognized. As of December 31, 2022, the Company had accrued $8.8 million of interest and penalties related to uncertain tax positions. The Company records interest and penalties related to uncertain tax positions as a component of income tax expense. The following table reconciles the Company’s total gross unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022:
During 2024, gross unrecognized tax benefits increased primarily for accruals related to prior year tax matters in multiple jurisdictions related to acquisitions and non-deductible expenses. These increases were partially offset by releases of accruals related to closing agreements and lapses in statute of limitations. During 2023, gross unrecognized tax benefits increased primarily for accruals related to prior year tax matters in multiple jurisdictions related to acquisitions and non-U.S. non-deductible expenses. These increases were partially offset by releases of accruals related to closing agreements and lapses in statute of limitations. During 2022, gross unrecognized tax benefits decreased primarily for releases of accruals related to lapses in statute of limitations and reductions related to foreign currency for non-U.S. positions. These decreases were partially offset by accruals for uncertain tax positions related to prior year tax matters in multiple jurisdictions related to acquisitions. As of December 31, 2024, the Company is subject to examination by the IRS for tax years 2019 to the present. The Company also is subject to tax examination in various U.S. state and local tax jurisdictions for tax years 2017 to the present, as well as various foreign tax jurisdictions, including Mexico, China, Poland, France, India, Italy, Romania, Germany, Spain and Slovakia for tax years as early as 2003 to the present. The Company’s unrecognized tax benefits are presented on the Consolidated Balance Sheets as a component of other non-current liabilities, or in certain instances, as a reduction to deferred income taxes.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Note 6 - Earnings Per Share The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the years ended December 31, 2024, 2023 and 2022:
The dilutive effect of performance-based restricted stock units is taken into account once they have met minimum performance thresholds. The dilutive effect of stock options includes all outstanding stock options except stock options that are considered antidilutive. Stock options are antidilutive when the exercise price exceeds the average market price of the Company’s common shares during the periods presented. There were no antidilutive stock options outstanding during 2024, 2023 and 2022.
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Inventories |
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| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Note 7 - Inventories The components of inventories at December 31, 2024 and 2023 were as follows:
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Property, Plant and Equipment |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Property, Plant and Equipment | Note 8 - Property, Plant and Equipment The components of property, plant and equipment, net at December 31, 2024 and 2023 were as follows:
Total depreciation expense was $136.3 million, $129.0 million and $113.4 million in 2024, 2023 and 2022, respectively. At December 31, 2024 and 2023, $21.4 million and $22.9 million of property, plant and equipment was included in accounts payable, trade and were paid subsequent to year-end. The Consolidated Statements of Cash Flows were adjusted accordingly. On September 30, 2024, the Company completed the sale of its former bearing plant in Gaffney, South Carolina. The Company received $16.0 million in cash proceeds for the Gaffney plant and recognized a pretax gain of $13.8 million on the sale. The gain was reflected in gain on sale of real estate in the Consolidated Statements of Income.
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Goodwill and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | Note 9 - Goodwill and Other Intangible Assets Goodwill: The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually, performing its annual impairment test as of October 1st. Furthermore, goodwill and indefinite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Engineered Bearings segment has one reporting unit and the Industrial Motion segment has six reporting units. During the first quarter of 2023, the Company reviewed goodwill for impairment for its reporting units due to the change in segment reporting that went into effect January 1, 2023. The Company utilizes both an income approach and a market approach in testing goodwill for impairment. The Company utilized updated forecasts for the income approach as part of the goodwill impairment review. Based on the earnings and cash flow forecasts for the Belts and Chain reporting unit within the Industrial Motion segment, the Company determined that the reporting unit could not support the carrying value of its goodwill. As a result, the Company recorded a pretax impairment loss of $28.3 million during the first quarter of 2023, which was reported in impairment and restructuring charges on the Consolidated Statement of Income. During the fourth quarter of 2024, the Company recorded an additional goodwill impairment loss of $1.5 million for the Belts and Chain reporting unit, bringing their goodwill balance to zero. This impairment loss is reported in impairment and restructuring charges on the Consolidated Statements of Income. Changes in the carrying value of goodwill were as follows: Year ended December 31, 2024:
Note 9 - Goodwill and Other Intangible Assets (continued) The acquisition of CGI added goodwill of $61.4 million in 2024. Goodwill arising from this acquisition is attributed to the expected synergies, including future cost savings, and other benefits expected to be generated by combining the companies. The goodwill related to CGI is not deductible for tax purposes. Year ended December 31, 2023:
The acquisitions of Lagersmit, iMECH, Rosa, Des-Case, Nadella and ARB added goodwill of $58.5 million, $12.8 million, $6.5 million, $78.9 million, $128.5 million and $0.4 million, respectively, in 2023. Goodwill arising from these acquisitions is attributed to the expected synergies, including future cost savings, and other benefits expected to be generated by combining the companies. The goodwill related to iMECH and ARB is deductible for tax purposes and will be amortized over 15 years. For the other 2023 acquisitions, goodwill is not deductible for tax purposes. No material goodwill impairment losses were recorded in 2022. Intangible Assets: The following table displays intangible assets as of December 31, 2024 and 2023:
Intangible assets acquired in 2024 totaled $100.4 million. The intangible assets subject to amortization were assigned useful lives of 15 to 18 years and had a weighted-average amortization of 16.8 years. Amortization expense for intangible assets was $85.5 million, $72.3 million and $50.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization expense for intangible assets is estimated to be approximately $82 million in 2025, $80 million in 2026, $77 million in 2027, $74 million in 2028 and $71 million in 2029.
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Other Current Liabilities |
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| Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current Liabilities | Note 10 - Other Current Liabilities The following table displays other current liabilities as of December 31, 2024 and 2023:
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Leasing |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leasing | Note 11 - Leasing The Company enters into operating and finance leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment. Lease expense for the years ended December 31, 2024, 2023 and 2022 was as follows:
Cash flows from operating and financing leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
The following tables present the impact of leasing on the Consolidated Balance Sheets at December 31, 2024 and 2023:
Short-term operating lease liabilities at December 31, 2024 and 2023 are included in on the Consolidated Balance Sheets.
Note 11 - Leasing (continued) Future minimum lease payments under non-cancellable leases at December 31, 2024 were as follows:
The following tables present lease assets added for the periods ended December 31, 2024 and 2023:
The following tables present other information related to leases at December 31, 2024 and 2023:
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| Leasing | Note 11 - Leasing The Company enters into operating and finance leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment. Lease expense for the years ended December 31, 2024, 2023 and 2022 was as follows:
Cash flows from operating and financing leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
The following tables present the impact of leasing on the Consolidated Balance Sheets at December 31, 2024 and 2023:
Short-term operating lease liabilities at December 31, 2024 and 2023 are included in on the Consolidated Balance Sheets.
Note 11 - Leasing (continued) Future minimum lease payments under non-cancellable leases at December 31, 2024 were as follows:
The following tables present lease assets added for the periods ended December 31, 2024 and 2023:
The following tables present other information related to leases at December 31, 2024 and 2023:
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Financing Arrangements |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing Arrangements | Note 12 - Financing Arrangements Short-term debt as of December 31, 2024 and 2023 was as follows:
On August 16, 2023, the Company entered into a €200 million variable-rate term loan ("2024 Term Loan"), maturing on August 16, 2024. The Company repaid the 2024 Term Loan during the second quarter of 2024. The lines of credit for certain of the Company’s foreign subsidiaries provide for short-term borrowings, with most of these lines of credit being uncommitted. At December 31, 2024, the Company’s foreign subsidiaries had borrowings outstanding of $8.7 million and bank guarantees of $1.6 million. The weighted-average interest rate on these lines of credit during the year were 4.19%, 4.24% and 1.40% in 2024, 2023 and 2022, respectively. The weighted-average interest rate on lines of credit outstanding at December 31, 2024 and 2023 was 3.58% and 4.81%, respectively. Long-term debt as of December 31, 2024 and 2023 was as follows:
(1) Net of discount and fees Note 12 - Financing Arrangements (continued) The Company renewed the Accounts Receivable Facility on December 6, 2023. The $100.0 million Accounts Receivable Facility matures on November 30, 2026. Under the terms of the Accounts Receivable Facility, the Company sells, on an ongoing basis, certain domestic trade receivables to Timken Receivables Corporation, a wholly owned consolidated subsidiary that, in turn, uses the trade receivables to secure borrowings that are funded through a vehicle that issues commercial paper in the short-term market. Borrowings under the Accounts Receivable Facility may be limited to certain borrowing base limitations. These limitations reduced the availability of the Accounts Receivable Facility to $93.9 million at December 31, 2024. As of December 31, 2024, there were no outstanding borrowings under the Accounts Receivable Facility. The cost of this facility, which is the prevailing commercial paper rate plus facility fees, is considered a financing cost and is included in interest expense in the Consolidated Statements of Income. The interest rate was 5.67%, 6.42% and 5.01% at December 31, 2024, 2023 and 2022, respectively. On December 5, 2022, the Company entered into the Credit Agreement, which is comprised of a $750.0 million Senior Credit Facility and $400.0 million 2027 Term Loan, both of which mature on December 5, 2027. The Credit Agreement amended and restated the Company's previous revolving credit agreement that was set to mature on June 25, 2024, and replaced a $350.0 million term loan that was set to mature on September 11, 2023. The interest rates under the Credit Agreement are based on SOFR. At December 31, 2024, the Senior Credit Facility had no outstanding borrowings. The Credit Agreement has two financial covenants: a consolidated net leverage ratio and a consolidated interest coverage ratio. On May 23, 2024, the Company issued the 2034 Notes in the aggregate principal amount of €600 million with an interest rate of 4.13%, maturing on May 23, 2034. Proceeds from the 2034 Notes were used for the redemption of the Company's outstanding 2024 Notes in the aggregate principal amount of $350 million, that were due to mature on September 1, 2024, as well as the repayment of other debt outstanding at the time of issuance. On March 28, 2022, the Company issued the 2032 Notes in the aggregate principal amount of $350.0 million with an interest rate of 4.13%, maturing on April 1, 2032. Proceeds from the 2032 Notes were used for general corporate purposes, which included the repayment of borrowings under the Company's previous senior credit facility and Accounts Receivable Facility at the time of issuance. At December 31, 2024, the Company was in full compliance with all applicable covenants on its outstanding debt. In the ordinary course of business, the Company utilizes standby letters of credit issued by financial institutions to guarantee certain obligations, most of which relate to insurance contracts. At December 31, 2024, outstanding letters of credit totaled $55.7 million, primarily having expiration dates within 12 months. The maturities of long-term debt (including $8.8 million of finance leases) for the years subsequent to December 31, 2024 are as follows:
Interest paid was $113.2 million in 2024, $108.8 million in 2023 and $72.5 million in 2022. This differs from interest expense due to the timing of payments, the amortization of deferred financing fees and interest capitalized of $1.0 million in 2024, $0.2 million in 2023 and $1.0 million in 2022.
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Supply Chain Financing |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supply Chain Financing | Note 13 - Supply Chain Financing The Company has entered into a supplier finance program with two different financial institutions where suppliers may receive early payment from the financial institutions on invoices issued to the Company. The Company and each financial institution entered into arrangements providing for the Company to pay the financial institution per the terms of any supplier invoice paid early under the program and to pay an annual fee for the supplier finance platform subscription and related support. The Company or the financial institutions may terminate participation in the program with 90 days’ written notice. The supplier finance programs are unsecured and are not guaranteed by the Company. The financial institutions enter into separate arrangements with suppliers directly to participate in the program. The Company does not determine the terms or conditions of such arrangements or participate in the transactions between the suppliers and the financial institutions. The supplier invoice terms under the program typically require payment in full within 90 days of the invoice date. The following table is a rollforward of the outstanding obligations for the Company’s supplier finance program for the twelve months ended December 31, 2024 and December 31, 2023:
The obligations outstanding at December 31, 2024 and December 31, 2023 were included in accounts payable, trade on the Consolidated Balance Sheet.
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Contingencies |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contingencies | Note 14 - Contingencies The Company is responsible for environmental remediation at various manufacturing facilities presently or formerly operated by the Company. In addition, the Company, through one of its subsidiaries, has currently been identified as a potentially responsible party for investigation and remediation under the Comprehensive Environmental Response, Compensation and Liability Act, known as the Superfund, or similar state laws with respect to one site. Claims for investigation and remediation have been asserted against numerous other unrelated entities, which are believed to be financially solvent and are expected to fulfill their proportionate share of the obligation. On December 28, 2004, the United States Environmental Protection Agency (“USEPA”) sent Lovejoy, LLC ("Lovejoy") a Special Notice Letter that identified Lovejoy as a potentially responsible party, together with at least 12 unrelated parties, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”). The Company acquired Lovejoy in 2016. Lovejoy’s Downers Grove property is situated within the Ellsworth Industrial Complex. The USEPA and the Illinois Environmental Protection Agency (“IEPA”) allege there have been one or more releases or threatened releases of hazardous substances, including, but not limited to, a release or threatened release on or from Lovejoy's property at the Site. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of response costs. Lovejoy’s allocated share of past and future costs related to the Site, including for investigation and/or remediation, could be significant. All previously pending property damage and personal injury lawsuits against Lovejoy related to the Site were settled or dismissed prior to our acquisition of Lovejoy. In addition, governmental authorities in the United States and the European Union are increasingly focused on regulating PFAS. PFAS regulations are applicable to portions of the Company's products, and conditions may develop, arise or be discovered that create environmental compliance or remediation liabilities at certain of its facilities. The Company had total environmental accruals of $4.8 million and $4.7 million for various known environmental matters that are probable and reasonably estimable as of December 31, 2024 and 2023, respectively, which includes the Lovejoy matter discussed above. These accruals were recorded based upon the best estimate of costs to be incurred in light of the progress made in determining the magnitude of remediation costs, the timing and extent of remedial actions required by governmental authorities and the amount of the Company’s liability in proportion to other responsible parties. The ultimate resolution of these matters could result in actual costs that exceed amounts accrued. Legal Matter: On June 11, 2024, the Company's subsidiary in India, TIL, received a government order claiming damages (penalties and interest) totaling approximately $12.4 million. The order relates to the closure of TIL’s retirement trust for employees and subsequent transfer of trust assets to the government-administered Employees’ Provident Fund Organization ("EFPO"). The order alleges that the surrender of trust assets did not follow applicable EFPO timing guidelines. TIL believes it fully complied with EFPO requirements and guidelines under the circumstances. TIL is disputing the merits of the order and has filed an appeal with the high court in India having jurisdiction over the matter. Management believes that relief will be provided to TIL once the matter is fully adjudicated; accordingly, no liability has been recorded. While no assurance can be given as to the ultimate outcome of this matter, the Company does not believe that the final resolution will have a material effect on the Company's consolidated financial position or liquidity; however, the effect of any future outcome may be material to the results of operations of any particular period in which costs, if any, are recognized. Note 14 - Contingencies (continued) Product Warranties: In addition to the contingencies above, the Company provides limited warranties on certain of its products. The balances at the end of each respective period represent the best estimates of costs for existing and future claims for products that are still under warranty. The liability primarily relates to accruals for products sold into the automotive and wind energy sectors. Accrual estimates are based on actual claims and expected trends that continue to mature. In addition, the Company continues to evaluate claims raised by certain customers with respect to the performance of bearings sold into the wind energy and automotive sectors. Management believes that the outcome of these claims will not have a material effect on the Company's consolidated financial position; however, the effect of any such change may be material to the results of operations of any particular period in which such change occurs. The following is a rollforward of the consolidated product warranty accrual at December 31, 2024 and 2023:
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Stock Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Compensation | Note 15 - Stock Compensation Under its long-term incentive plan, the Company's common shares have been made available for grant, at the discretion of the Compensation Committee of the Board of Directors or its designees, to officers, directors and other key employees. Grants can take the form of performance- or time-based restricted stock units, deferred shares and stock options. A summary of the awards granted in 2024 is presented below:
Performance-based restricted stock units are calculated and awarded based on the achievement of specified performance objectives and cliff vest three years from the date of grant. Time-based restricted stock units generally vest in 25% increments annually beginning on the first anniversary of the grant. Deferred shares generally cliff vest in a range of to five years from the date of grant. For time-based restricted stock units that are expected to settle in cash, the Company had $2.1 million and $2.0 million accrued in salaries, wages and benefits as of December 31, 2024 and 2023, respectively, on the Consolidated Balance Sheets. Note 15 - Stock Compensation (continued) A summary of stock award activity, including performance-based restricted stock units, time-based restricted stock units and deferred shares that will settle in common shares for the year ended December 31, 2024 is as follows:
The Company distributed shares totaling 366,427 in 2024, 376,261 in 2023 and 386,594 in 2022 due to the vesting of stock awards. The grant date fair value of these vested shares was $26.7 million, $20.8 million and $18.7 million, respectively. The Company recognized compensation expense of $25.9 million, $30.5 million and $29.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, relating to performance-based restricted stock units, time-based restricted stock units, deferred shares and restricted shares. As of December 31, 2024, the Company had unrecognized compensation expense of $31.8 million related to unvested stock awards, which is expected to be recognized over a total weighted-average period of two years. In addition to performance-based restricted stock units, time-based restricted stock units and deferred shares, the Company has granted stock option awards to officers and key employees. Stock options typically have a ten-year term and generally vest in 25% increments beginning annually on the first anniversary date of grant. During 2024, the Company recognized no stock-based compensation expense for stock options awards. During 2023 and 2022, the Company recognized stock-based compensation expense of $0.1 million and $1.1 million, respectively, for stock option awards. Beginning in 2020, the Company discontinued the use of nonqualified stock options. As such, there were no stock option awards granted in 2024, 2023 or 2022. A summary of stock option award activity for the year ended December 31, 2024 is presented below:
As of December 31, 2024, there were 257,729 stock options outstanding. All of these options are fully vested and are exercisable at December 31, 2024. The total intrinsic value of stock option awards exercised during the years ended December 31, 2024, 2023 and 2022 was $5.8 million, $22.2 million and $7.3 million, respectively. Net cash proceeds from the exercise of stock option awards were $5.6 million, $21.8 million and $8.5 million, respectively. There were 5.8 million shares available for future grants for all plans at December 31, 2024.
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Impairment and Restructuring Charges |
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| Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment and Restructuring Charges | Note 16 - Impairment and Restructuring Charges Impairment and restructuring charges by segment were as follows: Year ended December 31, 2024:
Year ended December 31, 2023:
Year ended December 31, 2022:
The following discussion explains the major impairment and restructuring charges recorded for the periods presented; however, it is not intended to reflect a comprehensive discussion of all amounts in the tables above. Engineered Bearings: On January 16, 2023, the Company announced the closure of its bearing plant in Gaffney, South Carolina. The facility ceased operations at the end of the fourth quarter of 2023 and affected approximately 225 employees. The Company transferred its operations to other bearing manufacturing facilities. During 2024, the Company recorded severance and related benefits of $0.2 million and exit costs of $1.7 million related to this closure. During 2023, the Company recorded severance and related benefits of $3.6 million and exit costs of $0.6 million related to this closure. During 2022, the Company recorded severance and related benefits of $0.9 million related to this closure. The Company related to this closure of $16.8 million as of December 31, 2024, including rationalization costs recorded in cost of products sold. During 2024, the Company recorded impairment charges of $2.0 million related to certain engineering-related assets used in the business. Management concluded no further investment would be made in these assets and as a result, reduced the value to zero. As a result of Russia's invasion of Ukraine (and associated sanctions), the Company suspended its operations in Russia in 2022. During the year ended December 31, 2023, the Company recorded impairment charges of $3.9 million related to certain assets of its Russian JV. During the year ended December 31, 2022, the Company recorded impairment charges of $9.0 million related to certain assets of its Russian JV. During the fourth quarter of 2023, after evaluating various plans for the Russian JV and the Company's ability to control and influence the joint venture, the Company concluded it should deconsolidate its Russian JV and wrote-down the remaining investment of $4.7 million to zero. Note 16 - Impairment and Restructuring Charges (continued) During the year ended December 31, 2023 the Company classified TWB as assets held for sale and recorded impairment charges of $1.0 million. The Company subsequently completed the sale of TWB on October 16, 2023. On July 19, 2021, the Company announced the closure of its bearing manufacturing facility in Villa Carcina, Italy. The Company transferred the manufacturing of its single-row tapered roller bearing production to other bearing facilities. The Company completed the closure of the facility on October 31, 2022, and it affected approximately 110 employees. During 2022, the Company recorded severance and related benefits of $1.4 million and exit costs of $1.6 million related to this closure. The exit costs recognized in 2022 primarily related to environmental remediation. The Company incurred cumulative pretax costs related to this closure of $9.9 million as of December 31, 2022, including rationalization costs recorded in cost of products sold. On November 1, 2022, the Company completed the sale of this facility and recognized a pretax gain of $3.6 million. Industrial Motion: On December 6, 2024, the Company announced a reduction in force for its belts manufacturing facility in Springfield, Missouri. The reorganization of this facility is expected to affect approximately 100 employees and be completed during the first half of 2026. On November 30, 2023, the Company announced the closure of its belts manufacturing facility in Fort Scott, Kansas. The Company expects to transfer its operations to other belts manufacturing facilities. The closure of this facility is expected to occur by the end of the second quarter of 2025 and is expected to affect approximately 155 employees. The Company expects to incur approximately $12 million to $14 million of pretax costs in total related to the closure of the Fort Scott facility and the reorganization of the Springfield facility. During the twelve months ended December 31, 2024, the Company recorded severance and related benefits of $2.5 million, related to the closure and reorganization. The Company has incurred cumulative pretax costs related to this closure of $6.8 million as of December 31, 2024, including rationalization costs recorded in cost of products sold. During 2022, the Company announced certain organizational changes, which included the appointment of executive leaders for its Engineered Bearings and Industrial Motion product groups. After evaluating the impact from the organizational changes and related segmentation implications through the balance of 2022, the Company concluded that it would begin operating under two new reportable segments, Engineered Bearings and Industrial Motion, effective January 1, 2023. In conjunction with this change in segmented results, the Company reallocated its goodwill to new reporting units under these two segments. In addition, the Company was required to review goodwill for impairment under these new reporting units. As a result of this goodwill impairment review, the Company recognized a pretax goodwill impairment loss of $28.3 million during the three months ended March 31, 2023 for its Belts and Chain reporting unit. In 2024, the Company recognized a pretax goodwill impairment loss of $1.5 million for its Belts and Chain reporting unit. In 2022, the Company classified the Timken Aerospace Drives Systems, LLC ("ADS") business as assets held for sale and recorded impairment charges of $29.3 million. The Company subsequently completed the sale of the ADS business on November 1, 2022. During the year ended December 31, 2023, the Company recorded severance and related benefits of $2.2 million related to one of its automatic lubrication systems facilities in Europe and $1.5 million related to its gear drive manufacturing facility in Europe to align current employment levels with current demand. Consolidated Restructuring Accrual: The following is a rollforward of the consolidated restructuring accrual for the years ended December 31, 2024 and 2023:
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Retirement Benefit Plans |
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| Pension Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefit Plans | Note 17 - Retirement Benefit Plans The Company and its subsidiaries sponsor a number of defined benefit pension plans, which cover eligible employees, including certain employees in foreign countries. These plans generally are noncontributory. Pension benefits earned generally are based on years of service and compensation during active employment. The cash contributions and payments for the Company’s defined benefit pension plans were $24.6 million, $27.1 million and $11.2 million in 2024, 2023 and 2022, respectively. The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
Note 17 - Retirement Benefit Plans (continued) The Company recognized actuarial gains of $0.7 million during 2024 primarily due to the impact of a net increase in the discount rate used to measure its defined benefit pension obligations of $28.7 million, partially offset by lower than expected returns on plan assets of $26.8 million and experience losses of $1.2 million. The impact of the net increase in the discount rate used to measure the Company's defined benefit pension obligations was primarily driven by a 95 basis point increase in the discount rate used to measure its U.K. plan obligations, which increased from 4.48% in 2023 to 5.43% in 2024, and a 43 basis point increase in the weighted-average discount rate used to measure its U.S. plan obligations, which increased from 5.40% in 2023 to 5.83% in 2024. The Company recognized actuarial losses of $21.6 million during 2023 primarily due to the impact of a net reduction in the discount rate used to measure its defined benefit pension obligations of $17.6 million and the impact of experience losses of $10.3 million, partially offset by changes in mortality of $6.0 million primarily related to the U.K. plan obligations and other actuarial gains of $0.3 million. The impact of the net reduction in the discount rate used to measure the Company's defined benefit pension obligations was primarily driven by a 24 basis point reduction in the weighted-average discount rate used to measure its U.S. plan obligations, which decreased from 5.64% in 2022 to 5.40% in 2023, and a 33 basis point decrease in the discount rate used to measure its U.K. plan obligations, which decreased from 4.81% in 2022 to 4.48% in 2023. Returns on plan assets had no impact on actuarial losses for 2023. The Company recognized actuarial losses of $16.0 million during 2022 primarily due to the impact of lower than expected returns on plan assets of $220.6 million, the impact of experience losses of $33.0 million, the impact of inflation of $5.4 million and other actuarial losses of $0.2 million, partially offset by the favorable impact of a net increase in the discount rate used to measure its defined benefit pension obligations of $243.2 million. The impact of the net increase in the discount rate used to measure the Company's defined benefit pension obligations was primarily driven by a 257 basis point increase in the weighted-average discount rate used to measure its U.S. plan obligations, which increased from 3.07% in 2021 to 5.64% in 2022, and a 301 basis point increase in the discount rate used to measure its U.K. plan obligations, which increased from 1.80% in 2021 to 4.81% in 2022. For expense purposes in 2024, the Company applied a weighted-average discount rate of 5.40% to its U.S. defined benefit pension plans. For expense purposes in 2025, the Company will apply a weighted-average discount rate of 5.83% to its U.S. defined benefit pension plans. For expense purposes in 2024, the Company applied a weighted-average expected rate of return of 3.94% for the Company’s U.S. pension plan assets. For expense purposes in 2025, the Company will apply a weighted-average expected rate of return on plan assets of 4.30%. Note 17 - Retirement Benefit Plans (continued) The following tables set forth the change in the benefit obligation and plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans as of December 31, 2024 and 2023:
The presentation in the above tables for amounts recognized in accumulated other comprehensive loss on the Consolidated Balance Sheets is before the effect of income taxes. Note 17 - Retirement Benefit Plans (continued) No defined benefit pension plans were overfunded as of December 31, 2024 and 2023. The current portion of accrued pension benefits, which was included in salaries, wages and benefits on the Consolidated Balance Sheets, was $7.0 million and $7.2 million at December 31, 2024 and 2023, respectively. In 2024, the current portion of accrued pension benefits relates to unfunded plans and represents the actuarial present value of expected payments related to the plans to be made over the next 12 months. The four largest defined benefit pension plans, covering certain employees in the United States and U.K., represent 83% of the Company's projected benefit obligation at December 31, 2024 and 2023. These defined benefit pension plans are closed to new entrants and benefits have been frozen for three of these plans. The projected benefit obligation at December 31, 2024 exceeded the market value of plan assets for most of the Company's pension plans. For these plans, the projected benefit obligation was $534.9 million, the accumulated benefit obligation was $527.6 million and the fair value of plan assets was $370.3 million at December 31, 2024. The accumulated benefit obligation at December 31, 2024 exceeded the market value of plan assets for most of the Company’s pension plans. For these plans, the projected benefit obligation was $526.3 million, the accumulated benefit obligation was $521.4 million and the fair value of plan assets was $361.9 million at December 31, 2024. The total accumulated benefit obligation for all plans was $528.0 million and $567.0 million at December 31, 2024 and 2023, respectively. Investment performance decreased the value of the Company’s pension assets by 1.4% in 2024 largely due to increases in bond rates. As of December 31, 2024, 2023 and 2022, the Company’s defined benefit pension plans did not directly hold any of the Company’s common shares. Plan Assets: The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2024 and 2023, was as follows:
The Company recognizes its overall responsibility to ensure that the assets of its various defined benefit pension plans are managed effectively and prudently and in compliance with its policy guidelines and all applicable laws. Preservation of capital is important; however, the Company also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the pension funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes, and are reviewed regularly by management. The expected rate of return for the investment portfolio is based on expected rates of return for various asset classes, as well as historical asset class and fund performance. Note 17 - Retirement Benefit Plans (continued) Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy: Level 1 -Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 -Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 -Unobservable inputs for the asset or liability. The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis:
International investments measured at net asset value totaled $173.5 million and $164.0 million at December 31, 2024 and 2023, respectively. Cash and cash equivalents are valued at redemption value. Government and agency securities are valued at the closing price reported in the active market in which the individual securities are traded. Certain corporate bonds are valued at the closing price reported in the active market in which the bond is traded. Equity securities (both common and preferred stock) are valued at the closing price reported in the active market in which the individual security is traded. Common collective funds are valued based on a net asset value per share. Mutual funds classified as Level 1 assets include investments in fixed income and international equities. These investments are comprised of securities listed on exchange, market, or automated quotation systems, for which active, quoted prices are available. Mutual funds are valued based on a net asset value per share for shares held at year end, as determined by the closing price reported on the active market on which the individual securities are traded, or a pricing vendor or the fund family if an active market is not available. Asset-backed securities are valued based on quoted prices for similar assets in active markets. When such prices are unavailable, the plan trustee determines a valuation from the market maker dealing in the particular security. Note 17 - Retirement Benefit Plans (continued) Limited partnerships include investments in funds that invest primarily in private equity, venture capital and distressed debt. Limited partnerships are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value, per the underlying investment fund, which is based upon the general partner's own assumptions about the assumptions a market participant would use in pricing the assets and liabilities of the partnership. Real estate investments include funds that invest in companies that primarily invest in commercial and residential properties, commercial mortgage-backed securities, debt and equity securities of real estate operating companies, and real estate investment trusts. Other real estate investments are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value per the underlying investment fund, which is based on appraised values and current transaction prices. Other liability-driven investments mainly include investments in index-linked open-end swap funds. These funds invest in cash held deposits that reflect the index-linked deferred annuity with payment terms of specific years linked to UK inflation measures. The underlying assets in this investment are valued daily. Cash Flows:
Estimated future benefit payments, including estimated lump sum distributions, are expected to be as follows:
U.K. Pension Plan In January 2025, the Company entered into an insurance buy-in contract for its pension obligation for its U.K. defined benefit pension plan which was funded from existing pension plan assets without any adjustment to the benefit obligation. In addition, the Company contributed £6 million towards this insurance buy-in contract. The insurance buy-in contract will be classified as “Annuity Contracts” since the insurance buy-in contract is similar to an annuity contract. The insurance buy-in contract matches cash flows with future benefit payments for participants as of the contract date with the obligation remaining with the plan. Employee Savings Plans: The Company sponsors defined contribution retirement and savings plans covering substantially all employees in the United States and employees at certain non-U.S. locations. The Company made contributions to its defined contribution plans of $32.1 million, $35.6 million and $29.4 million in 2024, 2023 and 2022, respectively.
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Other Postretirement Benefit Plans |
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| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Postretirement Benefit Plans | Note 18 - Other Postretirement Benefit Plans The Company and its subsidiaries sponsor several postretirement plans that provide health care and life insurance benefits for eligible retirees and dependents. Depending on retirement date and employee classification, certain health care plans contain contribution and cost-sharing features such as deductibles, coinsurance and limitations on employer-provided subsidies. The remaining health care and life insurance plans are noncontributory. The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
The following table summarizes assumptions used to measure the benefit obligation for the other postretirement benefit plans at December 31:
The Company recognized actuarial gains of $0.5 million during 2024 primarily due to lower than expected benefit payments of $2.0 million, the impact of experience gains of $1.2 million and $0.6 million due to the impact of a 28 basis point increase in the discount rate used to measure the Company's defined benefit postretirement obligations. The discount rate increased from 5.55% in 2023 to 5.83% in 2024. These actuarial gains were partially offset by actuarial losses of $3.1 million due to the impact of an increase in the rate of Medicare Advantage plans and $0.2 million due to changes in other actuarial assumptions. The Company recognized actuarial gains of $1.0 million during 2023 primarily due to lower than expected benefit payments of $1.4 million and $0.1 million due to changes in other actuarial assumptions. These actuarial gains were partially offset by a $0.5 million loss due to the impact of a 20 basis point decrease in the discount rate used to measure the Company's defined benefit postretirement obligations, which decreased from 5.75% in 2022 to 5.55% in 2023. The Company recognized actuarial gains of $13.1 million during 2022 primarily due to the impact of a 276 basis point increase in the discount rate used to measure the Company's defined benefit postretirement obligations, which increased from 2.99% in 2021 to 5.75% in 2022. The increase in the discount rate resulted in a $8.4 million gain. In addition to the gain from the discount rate increases, the Company recognized actuarial gains of $3.0 million due to the impact of a reduction in the rate of Medicare Advantage plans and $1.9 million due to lower than expected benefit payments. These actuarial gains were offset by $0.2 million of changes in other actuarial assumptions. Note 18 - Other Postretirement Benefit Plans (continued) The discount rate assumption is based on current rates of high-quality long-term corporate bonds over the same period that benefit payments will be required to be made. For expense purposes in 2024, the Company applied a discount rate of 5.55% to its other postretirement benefit plans. For expense purposes in 2025, the Company will apply a discount rate of 5.83% to its other postretirement benefit plans. The following tables set forth the change in the benefit obligation and amounts recognized on the Consolidated Balance Sheets for other postretirement benefit plans as of December 31, 2024 and 2023:
The presentation in the above tables for amounts recognized in accumulated other comprehensive loss on the Consolidated Balance Sheets is before the effect of income taxes. The current portion of accrued postretirement benefits, which was included in salaries, wages and benefits on the Consolidated Balance Sheets, was $3.6 million and $3.5 million at December 31, 2024 and 2023, respectively. In 2024, the current portion of accrued postretirement benefits related to unfunded plans and represented the actuarial present value of expected payments related to the plans to be made over the next 12 months. Note 18 - Other Postretirement Benefit Plans (continued) For measurement purposes, the Company assumed a weighted-average annual rate of increase in the per capita cost (health care cost trend rate) of 7.00% for 2025, declining gradually to 5.0% in 2033 and thereafter for medical and prescription drug benefits. For Medicare Advantage benefits, actual contract rates have been set for 2025 through 2026, and are assumed to increase by $10 per year for 2027 through 2029 and then 6.0% for 2029, declining gradually to 5.0% in 2033 and thereafter. Cash Flows: Estimated future benefit payments to be funded by the Company are expected to be as follows:
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Sale of Shares of Timken India Limited |
12 Months Ended |
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Dec. 31, 2024 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Sale of Shares of Timken India Limited | Note 19 - Sale of Shares of Timken India Limited On June 20, 2023, the Company completed the sale of 7.6 million shares of TIL, a publicly traded subsidiary of the Company, generating net proceeds of $229.0 million after income taxes of $55.2 million and transaction costs. The sale reduced the Company’s ownership in TIL from 67.80 percent to 57.70 percent. On May 28, 2024, the Company completed the sale of 5.0 million shares of TIL, generating net proceeds of $186.8 million after income taxes of $45.2 million and transaction costs. The sale reduced the Company’s ownership in TIL from 57.70 percent to 51.05 percent. The India market remains strategically important to Timken, and the Company is not contemplating any further sale transactions at the present time.
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Accumulated Other Comprehensive (Loss) Income |
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| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive (Loss) Income | Note 20 - Accumulated Other Comprehensive (Loss) Income The following tables present details about components of accumulated other comprehensive (loss) income for the years ended December 31, 2024 and December 31, 2023:
Foreign currency translation adjustments at December 31, 2024 and 2023 included cumulative gains of $27.1 million and $3.3 million, respectively, net of deferred taxes, related to net investment hedges. Refer to Note 22 - Derivative Instruments for additional information on the net investment hedges. Other comprehensive (loss) income before reclassifications and income taxes includes the effect of foreign currency.
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Fair Value |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Note 21 - Fair Value The following tables present the fair value hierarchy for those assets and liabilities on the Consolidated Balance Sheets measured at fair value on a recurring basis as of December 31, 2024 and 2023:
Cash and cash equivalents are highly liquid investments with maturities of 90 days or less when purchased that are valued at redemption value. Short-term investments are investments with maturities between 91 days and one year, and generally are valued at amortized cost, which approximates fair value. A portion of the cash and cash equivalents and short-term investments are valued based on net asset value. The Company uses publicly available market interest rates to measure the fair value of its interest rate swap contracts. The Company uses publicly available foreign currency forward and spot rates to measure the fair value of its foreign currency forward contracts. In addition, the Company remeasures certain assets to fair value, using Level 3 measurements, as a result of the occurrence of triggering events such as purchase accounting for acquisitions or goodwill impairment. No material assets were measured at fair value on a nonrecurring basis during the years ended December 31, 2024 and 2023. Note 21 - Fair Value (continued) Financial Instruments: The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, net accounts receivable, trade accounts payable, short-term borrowings and long-term debt. Due to their short-term nature, the carrying value of cash and cash equivalents, short-term investments, accounts receivable, trade accounts payable, and short-term borrowings are a reasonable estimate of their fair value. Due to the nature of fair value calculations for variable-rate debt, the carrying value of the Company's long-term variable-rate debt is a reasonable estimate of its fair value. The fair value of the Company’s long-term fixed-rate debt, based on quoted market prices, was $1,659.2 million and $1,387.7 million at December 31, 2024 and 2023, respectively. The carrying value of this debt was $1,675.6 million and $1,424.3 million at December 31, 2024 and 2023, respectively. The fair value of long-term fixed-rate debt was measured using Level 2 inputs. The Company does not believe it has significant concentrations of risk associated with the counterparts to its financial instruments.
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Derivative Instruments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments | Note 22 - Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are foreign currency exchange rate risk and interest rate risk. Forward contracts on various foreign currencies are entered into in order to manage the foreign currency exchange rate risk associated with certain of the Company's commitments denominated in foreign currencies. From time to time, interest rate swaps are used to manage interest rate risk associated with the Company’s fixed, and floating-rate borrowings. The Company designates certain foreign currency forward contracts as cash flow hedges of forecasted revenues and certain interest rate hedges as cash flow hedges of fixed-rate borrowings. On May 23, 2024, the Company designated its 2034 Notes, in the aggregate principal amount of €600.0 million, as a hedge against its net investment in one of its European subsidiaries. The objective of the hedge transaction is to protect the net investment in the foreign operations against changes in the exchange rate between the U.S. dollar and the Euro. The net impact for the year ended December 31, 2024 was a gain of $27.7 million recorded to accumulated comprehensive (loss) income. On September 15, 2020, the Company designated €54.5 million of its €150.0 million fixed-rate senior unsecured notes, maturing on September 7, 2027 (the "2027 Notes") as a hedge against its net investment in one of its European subsidiaries. The objective of the hedge transaction is to protect the net investment in the foreign operations against changes in the exchange rate between the U.S. dollar and the Euro. The net impact for the year ended December 31, 2024 was to record a gain of $3.7 million to accumulated comprehensive loss (income). The Company does not purchase or hold any derivative financial instruments for trading purposes. As of December 31, 2024 and 2023, the Company had $471.6 million and $591.8 million, respectively, of outstanding foreign currency forward contracts at notional value. Refer to Note 21 - Fair Value for the fair value disclosure of derivative financial instruments. Foreign currency forward contracts classified as assets are included in other current assets, and foreign currency forward contracts classified as liabilities are included in other current liabilities on the Consolidated Balance Sheets. Cash Flow Hedging Strategy: For certain derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. To protect against a reduction in the value of forecasted foreign currency cash flows resulting from export sales, the Company has instituted a foreign currency cash flow hedging program. The Company hedges portions of its forecasted cash flows denominated in foreign currencies with forward contracts. When the dollar strengthens significantly against foreign currencies, the decline in the present value of future foreign currency revenue is offset by gains in the fair value of the forward contracts designated as hedges. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by losses in the fair value of the forward contracts. As of December 31, 2024 and 2023, the Company had $63.0 million and $73.8 million, respectively, of outstanding foreign currency forward contracts at notional value that were classified as cash flow hedges. The maximum length of time over which the Company hedges it exposure to the variability in future cash flows for forecast transactions is generally eighteen months or less. Note 22 - Derivative Instruments (continued) Derivative Instruments not designated as Hedging Instruments: For derivative instruments that are not designated as hedging instruments, the instruments are typically forward contracts. In general, the practice is to reduce volatility by selectively hedging transaction exposures including intercompany loans, accounts payable and accounts receivable. Intercompany loans between entities with different functional currencies typically are hedged with a forward contract at the inception of loan with a maturity date at the maturity of the loan. The revaluation of these contracts, as well as the revaluation of the underlying balance sheet items, is recorded directly to the income statement so the adjustment generally offsets the revaluation of the underlying balance sheet items to protect cash payments and reduce income statement volatility. As of December 31, 2024 and 2023, the Company had $408.6 million and $518.0 million, respectively, of outstanding foreign currency forward contracts at notional value that were not designated as hedging instruments. The following table presents the impact of derivative instruments not designated as hedging instruments for the years ended December 31, 2024, 2023 and 2022, and the related location within the Consolidated Statements of Income.
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Research and Development |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Research and Development [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Research and Development | Note 23 - Research and Development The Company leverages its technical knowledge, research expertise, and production and engineering capabilities across all of its products and end markets to deliver high-performance products and services to its customers. Costs included in "Research and Development Expense" primarily relate to new product innovation. Costs included in "Engineering Expense" primarily relate to the technological enhancement of existing products and services as we align with our customers evolving needs. Expenditures may fluctuate from year-to-year depending on special projects and needs.
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Government Assistance |
12 Months Ended |
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Dec. 31, 2024 | |
| Government Assistance [Abstract] | |
| Government Assistance | Note 24 - Government Assistance From time to time, the Company receives government assistance in the form of grants and other incentives from various governments to support capital projects and other business development. The amounts received are typically based on the amount of qualifying capital expenditures or business development costs in the countries providing the government assistance. The Company typically has to meet certain requirements, such as adding or maintaining a specified number of qualifying positions, to retain the government assistance or the funds can be clawed back by the government. Once the Company determines that it will meet the requirements of the government assistance, the funds are recognized over the life of the related assets or as the costs are incurred. For amounts that are expected to be paid back, the Company recognizes applicable interest expense. As of December 31, 2024 and December 31, 2023, the Company has recorded $1.5 million and $1.6 million, respectively, of government assistance in and $42.2 million and $36.0 million, respectively, in . In addition, as of December 31, 2024, the Company has cumulatively recorded $7.9 million of government assistance as a reduction to and $0.2 million as a reduction to . The Company has also cumulatively recognized of $2.1 million related to the expected shortfall of incentive obligations. The following paragraphs discuss the Company's most significant government assistance programs. In December 2023, the Company reached a definitized technology investment agreement with the United States Government for the purposes of enhancing and expanding the industrial base for high performance, precision ball bearings. Title to assets purchased under this agreement vest with the Government throughout the agreement. The Government may elect to transfer all, or some, of the assets purchased to the Company at the end of the agreement, provided the Company's performance is satisfactory and in compliance with the terms of the agreement. As of December 31, 2024, the company is accounting for $7.2 million of awards received as . The awards will be amortized over the useful life of the assets purchased as a reduction to . As of December 31, 2024, amortization is less than $0.1 million. In 2022, the Company acquired Spinea, s.r.o. ("Spinea"). Prior to the acquisition, Spinea received incentives totaling $18.0 million from the Slovakian government to invest in a new production facility and related machinery and equipment. As a result, Spinea was required to create 450 new jobs. If Spinea is unable to meet these commitments, all or a portion of the incentive could be recaptured with interest by October 2027. The Company is currently accounting for a potential shortfall of $16.6 million, including interest. The remaining amount is being amortized over the period the costs are being incurred. Cumulatively as of December 31, 2024, the Company recorded amortization expense of $3.3 million as a reduction to . In addition, the Company recorded total of $1.2 million due to the possibility of having to pay a portion of the incentive back. In 2017 and 2018, the Company received grants from the Romanian Government for the reimbursement of capital investments for its new production facility, totaling $16.5 million. While the original grants were based on capital investments, the Company needs to pay various taxes, including corporate income tax, payroll taxes and building tax, totaling $16.6 million between 2019 and 2024. If the total tax obligation is not met, any shortfall could result in a recapture of the grant with interest as early as December 2024. The Company is currently accounting for a potential shortfall of $8.4 million, including interest. The incentive is being amortized over the useful life of the assets. Cumulatively as of December 31, 2024, the Company recorded amortization expense of $2.0 million as a reduction to . In addition, the Company recorded total of $0.9 million due to the expectation of having to pay a portion of the grant back. The Company may have received other government assistance that is not described above; however, the total amount of the government assistance is immaterial to the Company’s Consolidated Financial Statements.
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Quarterly Financial Data |
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Data | Note 25 - Quarterly Financial Data (Unaudited)
Earnings per share are computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the total computed for the year. (1)Net income for the third quarter of 2024 included the gain on the sale of a former bearing manufacturing plant of $13.8 million. Net income for the fourth quarter of 2024 included net actuarial gains of $1.3 million. (2)Net income for the first quarter of 2023 included goodwill impairment charges of $28.3 million. Net income for the fourth quarter of 2023 included net actuarial losses of $22.3 million.
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Schedule II - Valuation and Qualifying Accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II—Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts The Timken Company and Subsidiaries
(1)Provision for uncollectible accounts included in expenses. (2)Currency translation and change in reserves due to acquisitions, net of divestitures. (3)Actual accounts written off against the allowance, net of recoveries. (4)Provision for surplus and obsolete inventory included in expenses. (5)Inventory items written off against the allowance. (6)Increase in valuation allowance is recorded as a component of the provision for income taxes. (7)Amount relates to the reversal of valuation allowances and was recorded as a component of the provision for income taxes. The Company released $0.9 million of foreign valuation allowances for the year ended December 31, 2024. Refer to Note 5 - Income Taxes in the Notes to the Consolidated Financial Statements for further discussion on valuation allowance reversals.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||||||||||
| Net Income (Loss) | $ 71.2 | $ 81.8 | $ 96.2 | $ 103.5 | $ 58.7 | $ 87.9 | $ 125.2 | $ 122.3 | $ 352.7 | $ 394.1 | $ 407.4 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 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 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Information security is an integral part of the Company’s overall enterprise risk management program. The Company maintains cybersecurity processes designed to detect and assess the severity of cybersecurity threats and incidents and, where applicable and possible, to identify the source of a threat or incident, including, whether it is associated with the use of third-party service providers. The Company's processes also include cybersecurity testing, detection, response, prevention and mitigation strategies, conducting contract and vendor due diligence review, and informing management and the Company's Board of Directors of material cybersecurity threats and incidents. The Company's information security team also engages third-party security consultants for penetration testing, training and system enhancements. The Company provides training and education for employees on cybersecurity awareness, including confidential information protection and simulated phishing attacks where appropriate for the employee’s role.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Information security is an integral part of the Company’s overall enterprise risk management program. The Company maintains cybersecurity processes designed to detect and assess the severity of cybersecurity threats and incidents and, where applicable and possible, to identify the source of a threat or incident, including, whether it is associated with the use of third-party service providers. The Company's processes also include |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board of Directors has overall oversight responsibility for the Company's risk management function, and primarily relies on the Audit Committee to administer this oversight. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board of Directors has overall oversight responsibility for the Company's risk management function, and primarily relies on the Audit Committee to administer this oversight. With respect to cybersecurity, the Board and Audit Committee are responsible for confirming that the Company's management maintains appropriate cybersecurity policies and has processes in place designed to identify and evaluate cybersecurity risks to which the Company is exposed, to manage cybersecurity risks and to mitigate any cybersecurity incidents. The Vice President of Information Technology is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes for monitoring and mitigating potential cybersecurity risks, exposures, implementing appropriate mitigation measures and maintaining our cybersecurity program. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes for monitoring and mitigating potential cybersecurity risks, exposures, implementing appropriate mitigation measures and maintaining our cybersecurity program. The Company's dedicated personnel, who report to the Vice President of Information Technology, are certified and experienced information systems security professionals and information security managers with many years of experience. The Vice President of Information Technology has managed this team for over five years after having progressed through various roles of increasing responsibility in both operations and technology at the Company. The Vice President of Information Technology and other members of management report to either the Board of Directors or the Audit Committee at least annually on, among other topics, updates to the Company’s cybersecurity program and mitigation strategies, developments in cybersecurity practices generally, and third-party assessments of the Company’s cybersecurity program. Management also provides general program updates and industry trends to the Board and Audit Committee on a more ad hoc basis. |
| Cybersecurity Risk Role of Management [Text Block] | With respect to cybersecurity, the Board and Audit Committee are responsible for confirming that the Company's management maintains appropriate cybersecurity policies and has processes in place designed to identify and evaluate cybersecurity risks to which the Company is exposed, to manage cybersecurity risks and to mitigate any cybersecurity incidents. The Vice President of Information Technology is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes for monitoring and mitigating potential cybersecurity risks, exposures, implementing appropriate mitigation measures and maintaining our cybersecurity program. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | With respect to cybersecurity, the Board and Audit Committee are responsible for confirming that the Company's management maintains appropriate cybersecurity policies and has processes in place designed to identify and evaluate cybersecurity risks to which the Company is exposed, to manage cybersecurity risks and to mitigate any cybersecurity incidents. The Vice President of Information Technology is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes for monitoring and mitigating potential cybersecurity risks, exposures, implementing appropriate mitigation measures and maintaining our cybersecurity program. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The Company's dedicated personnel, who report to the Vice President of Information Technology, are certified and experienced information systems security professionals and information security managers with many years of experience. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Vice President of Information Technology and other members of management report to either the Board of Directors or the Audit Committee at least annually on, among other topics, updates to the Company’s cybersecurity program and mitigation strategies, developments in cybersecurity practices generally, and third-party assessments of the Company’s cybersecurity program. Management also provides general program updates and industry trends to the Board and Audit Committee on a more ad hoc basis. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts and operations of the Company in which a controlling interest is maintained. Investments in affiliated companies where the Company exercises significant influence, but does not control, and the activities of which it is not the primary beneficiary, are accounted for using the equity method. All intercompany accounts and transactions are eliminated upon consolidation.
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| Revenue | Revenue: A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is generally recognized as performance obligations under the terms of a contract with a customer of the Company are satisfied. Of the Company's revenue, approximately 90% is from fixed-price contracts and continues to be recognized as of a point in time when products are shipped from the Company's manufacturing or distribution facilities or at a later point in time when control of the products transfers to the customer. The Company recognizes approximately 10% of revenue over time primarily for certain sales of customer-specific product as it satisfies the performance obligations because of the continuous transfer of control to the customer, supported as follows: •For U.S. government contracts, the customer is allowed to unilaterally terminate the contract for convenience, and is required to pay the Company for costs incurred plus a reasonable margin and can take control of any work in process. •For certain non-U.S. government contracts involving customer-specific products, the customer controls the work in process based on contractual termination clauses or restrictions on the Company's use of the product, and the Company possesses a right to payment for work performed to date plus a reasonable margin. •For certain service contracts, this continuous transfer of control to the customer occurs as the Company's service enhances assets that the customer owns and controls at all times, and the Company is contractually entitled to payment for work performed to date plus a reasonable margin. As a result of control transferring over time, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company has elected to use the cost-to-cost input measure of progress for these contracts because it best depicts the transfer of goods or services to the customer based on incurring costs on the contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The pricing and payment terms for non-U.S. government contracts are based on the Company's standard terms and conditions or the result of specific negotiations with each customer. The Company's standard terms and conditions require payment 30 to 90 days from the invoice date based on geographic region, but the timing of payment for specific negotiated terms may vary. The Company also has both prime and subcontracts in support of the provision of goods and services to the U.S. government. Certain of these contracts are subject to the Federal Acquisition Regulation ("FAR") and are priced based on competitive market prices. Under the payment terms of certain of these U.S. government fixed-price contracts, the customer pays the Company performance-based payments, which are interim payments of up to 90% of the costs incurred to date based on quantifiable measures of performance or on the achievement of specified events or milestones. Because the customer retains a portion of the contract price until completion of such contracts, certain of these U.S. government fixed-price contracts result in revenue recognized in excess of billings, which is presented within "Unbilled receivables" on the Consolidated Balance Sheets. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. Note 1 - Significant Accounting Policies (continued) Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. As a practical expedient, the Company may exclude an assessment of whether promised goods are performance obligations, if such promised goods are immaterial to the customer contract taken as a whole, and combine these with other performance obligations. The Company has also elected not to adjust the promised amount of consideration for the effects of any significant financing component where the Company expects, at contract inception, that the period between when the Company transfers a promised good to a customer and when the customer pays for that good will be one year or less. Finally, the Company's policy is to exclude performance obligations resulting from contracts with a duration of one year or less from its disclosures related to remaining performance obligations. The amount of consideration to which the Company expects to be entitled in exchange for the goods and services is not generally subject to significant variations. However, the Company does offer certain customers rebates, prompt payment discounts, end-user discounts, the right to return eligible products, and/or other forms of variable consideration. The Company estimates this variable consideration using the expected value amount, which is based on historical experience. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company adjusts the estimate of revenue at the earlier of when the amount of consideration the Company expects to receive changes or when the consideration becomes fixed. The Company recognizes the cost of freight and shipping when control of the products or services has transferred to the customer as an expense in "Cost of products sold" on the Consolidated Statements of Income, because those are costs incurred to fulfill the promise recognized, not a separate performance obligation. To the extent certain freight and shipping fees are charged to customers, the Company recognizes the amounts charged to customers as revenues and the related costs as an expense in "Cost of products sold" when control of the related products or services has transferred to the customer. Contracts are occasionally modified to account for changes in contract specifications, requirements, and pricing. The Company considers contract modifications to exist when the modification either creates new enforceable rights and obligations or changes existing ones. Substantially all of the Company's contract modifications are for goods or services that are distinct from the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is generally recognized on a prospective basis.
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| Cash Equivalents | Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
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| Restricted Cash | Restricted Cash: Cash and cash equivalents of $0.4 million were restricted at December 31, 2024 and 2023.
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| Accounts Receivable, Less Allowance | Accounts Receivable, Less Allowances: Accounts receivable, less allowances on the Consolidated Balance Sheets include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts, which represents an estimate of the losses expected from the accounts receivable portfolio, to reduce accounts receivable to their net realizable value. The allowance is based upon historical trends in collections and write-offs, management's judgment of the probability of collecting accounts and management's evaluation of business risk. The Company extends credit to customers satisfying predefined credit criteria. The Company believes it has limited concentration of credit risk due to the diversity of its customer base.
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| Unbilled Receivables | Unbilled Receivables: Unbilled receivables on the Consolidated Balance Sheets primarily include unbilled amounts typically resulting from sales under long-term contracts when the following conditions exist: (i) cost-to-cost method of revenue recognition is utilized; (ii) the revenue recognized exceeds the amount billed to the customer; and (iii) the right to payment is generally subject to the passage of time as milestones are achieved. The amounts recorded for unbilled receivables do not exceed their net realizable value.
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| Inventories | Inventories: Inventories are valued at the lower of cost or net realizable value, with approximately 59% valued by the first-in, first-out ("FIFO") method and the remaining 41% valued by the last-in, first-out ("LIFO") method. The majority of the Company’s domestic inventories are valued by the LIFO method, while substantially all of the Company’s international inventories are valued by the FIFO method.
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| Investments | Investments: Short-term investments are investments with maturities between four months and one year and are valued at amortized cost, which approximates fair value. The Company held short-term investments as of December 31, 2024 and 2023 with a fair value and cost basis of $15.9 million and $31.6 million, respectively, which were included in "Other current assets" on the Consolidated Balance Sheets.
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| Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment, net on the Consolidated Balance Sheets is valued at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. The provision for depreciation is computed by the straight-line method based upon the estimated useful lives of the assets. The useful lives are 10 to 30 years for buildings, to 10 years for computer software and to 20 years for machinery and equipment. The impairment of long-lived assets is evaluated when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not be recoverable. If the expected future undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized at that time to reduce the asset to the lower of its fair value or its net book value.
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| Leases | Leases: The Company determines if any arrangement is a lease at the inception of a contract. For leases where the Company is the lessee, it recognizes lease assets and related lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. Most of the Company’s leases do not provide an implicit interest rate. As a result, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The lease assets also consist of amounts for favorable or unfavorable lease terms related to acquisitions. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. A lease asset and lease liability are not recorded for leases with an initial term of 12 months or less, and the lease expense related to these leases is recognized as incurred over the lease term.
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives, with useful lives ranging from to 20 years. Goodwill and indefinite-lived intangible assets not subject to amortization are tested for impairment at least annually. The Company performs its annual impairment test as of October 1st. Furthermore, goodwill and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying values may not be recoverable in accordance with accounting rules related to goodwill and other intangible assets.
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| Purchase accounting and business combinations | Purchase accounting and business combinations: Assets acquired and the liabilities assumed as part of a business combination are recognized at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. The Company considers inputs to value the assets and liabilities by taking into account competitive trends, market comparisons, independent appraisals, and historical data, among other factors, as supplemented by current and anticipated market conditions. The valuation inputs in these analyses are based on market participant assumptions. The Company may refine these estimates and record adjustments to an asset or liability with the offset to goodwill during the measurement period, which may be up to one year from the acquisition date. Upon the conclusion of the measurement period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company’s Consolidated Statements of Income.
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| Product Warranties | Product Warranties: The Company provides limited warranties on certain of its products. The Company accrues liabilities for warranties generally based upon specific claims and in certain instances based on historical warranty claim experience in accordance with accounting rules relating to contingent liabilities. When the Company becomes aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. Adjustments are made quarterly to the accruals as claim data and historical experience change.
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| Income Taxes | Income Taxes: The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. The Company recognizes valuation allowances against deferred tax assets by tax jurisdiction when it is more likely than not those assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with ASC 740-10. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. The Company has elected to account for Global Intangible Low Tax Income as a period cost.
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| Foreign Currency | Foreign Currency: Assets and liabilities of subsidiaries are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the reporting period. Translation adjustments for assets and liabilities are reflected as a separate component of accumulated other comprehensive loss (income). Foreign currency gains and losses resulting from transactions are included in the Consolidated Statements of Income.
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| Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits: The Company recognizes actuarial gains and losses immediately through net periodic benefit cost upon the annual remeasurement in the fourth quarter, or on an interim basis if specific events trigger a remeasurement. Actuarial gains and losses are excluded from segment results, while all other components of net periodic benefit cost will continue to be included within segment results.
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| Stock-Based Compensation | Stock-Based Compensation: The Company recognizes stock-based compensation expense over the related vesting period of the awards based on the fair value on the grant date. Stock options are issued with an exercise price equal to the opening market price of Timken common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. The fair value of stock-based awards that will settle in Timken common shares, other than stock options, is based on the opening market price of Timken common shares on the grant date. The fair value of stock-based awards that will settle in cash are remeasured at each reporting period until settlement of the awards. The Company recognizes forfeitures on stock-based awards as they occur.
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| Earnings Per Share | Earnings Per Share: Earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the year. Diluted earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding, adjusted for the dilutive impact of potential common shares for share-based compensation awards.
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| Derivative Instruments | Derivative Instruments: The Company recognizes all derivatives on the Consolidated Balance Sheets at fair value. Derivatives that are not designated as hedges are adjusted to fair value through earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivatives are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in accumulated other comprehensive loss (income) until the hedged item is recognized in earnings. The Company’s holdings of forward foreign currency exchange contracts qualify as derivatives pursuant to the criteria established in derivative accounting guidance, and the Company has designated certain of those derivatives as hedges.
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| Use of Estimates | Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Because actual results could differ from these estimates, the Company reviews and updates these estimates and assumptions regularly to reflect recent experience.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements: New Accounting Guidance Adopted: In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280). ASU 2023-07 requires that a public entity disclose: (1) on an annual and interim basis, significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss; (2) on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; and (3) the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The other segment items category is the difference between segment revenue less the segment expenses disclosed and each reported measure of segment profit or loss. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the new guidance in the fourth quarter of 2024. Refer to Note 4 - Segment Information in the Notes to the Consolidated Financial Statements for additional information. New Accounting Guidance Issued and Not Yet Adopted: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires that a public entity disclose the detailed information about types of expense. Specifically, a public entity would disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(d). In addition, a public entity should include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements. A public entity would also disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 40). ASU 2023-09 is intended to enhance the transparency and decision to improve the usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require that all entities disclose on an annual basis the amount of income taxes paid disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is preparing to adopt the new guidance in 2025.
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| Government Assistance | From time to time, the Company receives government assistance in the form of grants and other incentives from various governments to support capital projects and other business development. The amounts received are typically based on the amount of qualifying capital expenditures or business development costs in the countries providing the government assistance. The Company typically has to meet certain requirements, such as adding or maintaining a specified number of qualifying positions, to retain the government assistance or the funds can be clawed back by the government. Once the Company determines that it will meet the requirements of the government assistance, the funds are recognized over the life of the related assets or as the costs are incurred. For amounts that are expected to be paid back, the Company recognizes applicable interest expense.
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Acquisitions and Divestitures (Tables) |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Purchase Price Allocations at Fair Value, Net of Cash Acquired | The purchase price allocations at fair value, net of cash acquired, for 2024 and 2023 acquisitions as of December 31, 2024 and 2023 are presented below:
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| Schedule of Preliminary Purchase Price Allocation at Fair Value for Identifiable Intangible Assets Acquired | The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2024 and 2023:
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Revenue (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue | The following table presents details deemed most relevant to the users of the financial statements about total revenue for the years ended December 31, 2024, 2023 and 2022:
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| Schedule of Rollforward of Unbilled Receivables and Deferred Revenue | The following table contains a rollforward of unbilled receivables for the years ended December 31, 2024 and 2023:
The following table contains a rollforward of deferred revenue for the years ended December 31, 2024 and 2023:
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Segment Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Financial Information and a Reconciliation of Segment | The following tables provide segment financial information and a reconciliation of segment results to consolidated results for the year ended December 31, 2024:
Year ended December 31, 2023:
Note 4 - Segment Information (continued) Year ended December 31, 2022:
(1) Cost of products sold exclude acquisition-related and reorganization charges, and property losses and related expenses. (2) Selling, general, and administrative expenses exclude acquisition-related charges. (3) Other segments items is Other (expense) income, net and exclude gain on divestitures and sale of certain assets, and tax indemnification and related items. (4) Depreciation and amortization excludes acquisition intangible amortization and depreciation recognized in reorganization charges, if any.
(5) Corporate assets include corporate buildings and cash and cash equivalents.
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| Schedule of Geographic Financial Information | Geographic Financial Information:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Before Income Taxes, Domestic and Foreign | Income before income taxes:
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| Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following:
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| Schedule of Provision for Income Taxes and Effective Income Tax Rate | The following table is the reconciliation between the provision for income taxes and the amount computed by applying the U.S. federal income tax rate of 21% to income before taxes:
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| Schedule of Effect of Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities | The effect of temporary differences giving rise to deferred tax assets and liabilities at December 31, 2024 and 2023 was as follows:
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| Schedule of Total Gross Unrecognized Tax Benefits | The following table reconciles the Company’s total gross unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022:
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of the Numerator and the Denominator of Basic Earnings Per Share and Diluted Earnings Per Share | The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the years ended December 31, 2024, 2023 and 2022:
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Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Inventories | The components of inventories at December 31, 2024 and 2023 were as follows:
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Property, Plant and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Property, Plant and Equipment | The components of property, plant and equipment, net at December 31, 2024 and 2023 were as follows:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in the Carrying Value of Goodwill | Changes in the carrying value of goodwill were as follows: Year ended December 31, 2024:
Year ended December 31, 2023:
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| Schedule of Finite-Lived Intangible Assets | The following table displays intangible assets as of December 31, 2024 and 2023:
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| Schedule of Indefinite-Lived Intangible Assets | The following table displays intangible assets as of December 31, 2024 and 2023:
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Other Current Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Current Liabilities | The following table displays other current liabilities as of December 31, 2024 and 2023:
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Leasing (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease Expense and Cash Flows from Operating and Financing Leases | Lease expense for the years ended December 31, 2024, 2023 and 2022 was as follows:
Cash flows from operating and financing leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
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| Schedule of Impact of Leasing on Consolidated Balance Sheets | The following tables present the impact of leasing on the Consolidated Balance Sheets at December 31, 2024 and 2023:
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| Schedule of Finance Leases |
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| Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases | Future minimum lease payments under non-cancellable leases at December 31, 2024 were as follows:
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| Schedule of Lease Assets and Other Information Related to Leases | The following tables present lease assets added for the periods ended December 31, 2024 and 2023:
The following tables present other information related to leases at December 31, 2024 and 2023:
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Financing Arrangements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Short-Term Debt | Short-term debt as of December 31, 2024 and 2023 was as follows:
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| Schedule of Long-Term Debt | Long-term debt as of December 31, 2024 and 2023 was as follows:
(1) Net of discount and fees
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| Schedule of Maturities of Long-term Debt | The maturities of long-term debt (including $8.8 million of finance leases) for the years subsequent to December 31, 2024 are as follows:
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Supply Chain Financing (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Purchase Obligation | The following table is a rollforward of the outstanding obligations for the Company’s supplier finance program for the twelve months ended December 31, 2024 and December 31, 2023:
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Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Rollforward of the Consolidated Product Warranty Accrual | The following is a rollforward of the consolidated product warranty accrual at December 31, 2024 and 2023:
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Stock Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Awards Granted | A summary of the awards granted in 2024 is presented below:
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| Schedule of Stock Award Activity, Including Performance-based Restricted Stock Units, Time-based Restricted Stock Units and Deferred Shares | A summary of stock award activity, including performance-based restricted stock units, time-based restricted stock units and deferred shares that will settle in common shares for the year ended December 31, 2024 is as follows:
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| Schedule of Stock Option Award Activity | A summary of stock option award activity for the year ended December 31, 2024 is presented below:
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Impairment and Restructuring Charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Impairment and Restructuring Charges by Segment and Rollforward of the Consolidated Restructuring Accrual | Impairment and restructuring charges by segment were as follows: Year ended December 31, 2024:
Year ended December 31, 2023:
Year ended December 31, 2022:
The following is a rollforward of the consolidated restructuring accrual for the years ended December 31, 2024 and 2023:
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Retirement Benefit Plans (Tables) - Pension Plan |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Periodic Benefit Cost Information and the Related Assumptions Used to Measure the Net Periodic Benefit Cost | The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
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| Schedule of Assumptions Used to Measure the Benefit Obligation for the Defined Benefit Pension Plans |
The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
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| Schedule of Change in Benefit Obligations | The following tables set forth the change in the benefit obligation and plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans as of December 31, 2024 and 2023:
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| Schedule of Change in Plan Assets |
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| Schedule of Amounts Recognized on the Consolidated Balance Sheets |
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| Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Income) and Changes in Prior Service Cost Recognized in Accumulated Other Comprehensive Loss (Income) |
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| Schedule of Target Allocation for Pension Plan Assets and Actual Pension Plan Asset Allocations | The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2024 and 2023, was as follows:
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| Schedule of Fair Value Hierarchy for Investments of Pension Assets Measured at Fair Value on a Recurring Basis | The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis:
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| Schedule of Employer Contributions to Defined Benefit Plans |
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| Schedule of Estimated Future Benefit Payments | Estimated future benefit payments, including estimated lump sum distributions, are expected to be as follows:
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Other Postretirement Benefit Plans (Tables) - Postretirement Plan |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Post Retirement Benefit Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Periodic Benefit Cost Information and the Related Assumptions Used to Measure the Net Periodic Benefit Cost | The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
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| Schedule of Assumptions Used to Measure the Benefit Obligation for Other Postretirement Benefit Pension Plans |
The following table summarizes assumptions used to measure the benefit obligation for the other postretirement benefit plans at December 31:
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| Schedule of Change in Benefit Obligations |
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| Schedule of Amounts Recognized on the Consolidated Balance Sheets |
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| Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Income) and Changes in Prior Service Cost Recognized in Accumulated Other Comprehensive Loss (Income) |
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| Schedule of Estimated Future Benefit Payments | Estimated future benefit payments to be funded by the Company are expected to be as follows:
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Accumulated Other Comprehensive (Loss) Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Accumulated Other Comprehensive (Loss) Income | The following tables present details about components of accumulated other comprehensive (loss) income for the years ended December 31, 2024 and December 31, 2023:
|
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Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Hierarchy for Those Assets and Liabilities on the Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis | The following tables present the fair value hierarchy for those assets and liabilities on the Consolidated Balance Sheets measured at fair value on a recurring basis as of December 31, 2024 and 2023:
|
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Derivative Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivatives Not Designated as Hedging Instruments | The following table presents the impact of derivative instruments not designated as hedging instruments for the years ended December 31, 2024, 2023 and 2022, and the related location within the Consolidated Statements of Income.
|
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Research and Development (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Research and Development [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Expenditures as a Percentage of Sales |
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Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quarterly Financial Information |
Earnings per share are computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the total computed for the year. (1)Net income for the third quarter of 2024 included the gain on the sale of a former bearing manufacturing plant of $13.8 million. Net income for the fourth quarter of 2024 included net actuarial gains of $1.3 million. (2)Net income for the first quarter of 2023 included goodwill impairment charges of $28.3 million. Net income for the fourth quarter of 2023 included net actuarial losses of $22.3 million.
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Significant Accounting Policies - Revenue (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Minimum | |
| Change in Accounting Estimate [Line Items] | |
| Payment term | 30 days |
| Maximum | |
| Change in Accounting Estimate [Line Items] | |
| Payment term | 90 days |
| Transferred at Point in Time | |
| Change in Accounting Estimate [Line Items] | |
| Revenue remaining performance obligation (up to) (as a percent) | 90.00% |
| Transferred over Time | |
| Change in Accounting Estimate [Line Items] | |
| Revenue remaining performance obligation (up to) (as a percent) | 10.00% |
| Contracts Accounted for under Percentage of Completion | |
| Change in Accounting Estimate [Line Items] | |
| Revenue remaining performance obligation (up to) (as a percent) | 90.00% |
Significant Accounting Policies - Restricted Cash (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Restricted cash | $ 0.4 | $ 0.4 |
Significant Accounting Policies - Inventories (Narrative) (Details) |
Dec. 31, 2024 |
|---|---|
| Accounting Policies [Abstract] | |
| Percentage of inventories valued by FIFO method (as a Percent) | 59.00% |
| Percentage of inventories valued by LIFO method (as a Percent) | 41.00% |
Significant Accounting Policies - Investments (Narrative) (Details) - Fair Value, Recurring - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Change in Accounting Estimate [Line Items] | ||
| Short-term investments | $ 15.9 | $ 31.6 |
| Level 2 | ||
| Change in Accounting Estimate [Line Items] | ||
| Short-term investments | $ 15.9 | $ 31.6 |
Significant Accounting Policies - Property, Plant and Equipment (Narrative) (Details) |
Dec. 31, 2024 |
|---|---|
| Building | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life for property, plant and equipment (in years) | 10 years |
| Building | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life for property, plant and equipment (in years) | 30 years |
| Computer Software | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life for property, plant and equipment (in years) | 3 years |
| Computer Software | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life for property, plant and equipment (in years) | 10 years |
| Machinery and Equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life for property, plant and equipment (in years) | 3 years |
| Machinery and Equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life for property, plant and equipment (in years) | 20 years |
Significant Accounting Policies - Goodwill and Other Intangible Assets (Narrative) (Details) |
Dec. 31, 2024 |
|---|---|
| Minimum | |
| Goodwill [Line Items] | |
| Useful life for intangible assets (in years) | 1 year |
| Maximum | |
| Goodwill [Line Items] | |
| Useful life for intangible assets (in years) | 20 years |
Significant Accounting Policies - Foreign Currency (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounting Policies [Abstract] | |||
| Foreign currency transaction gain (loss), before tax | $ (9.3) | $ (14.8) | $ 15.4 |
Significant Accounting Policies - Derivative Instruments (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Derivative Asset, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag | Consolidated Balance Sheets |
Acquisitions and Divestitures - Acquisitions (Narrative) (Details) $ in Millions |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 09, 2024
USD ($)
employee
|
Dec. 20, 2023
USD ($)
employee
|
Sep. 01, 2023
USD ($)
employee
|
Apr. 04, 2023
USD ($)
employee
|
Jan. 31, 2023
USD ($)
employee
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
acquisition
|
Dec. 31, 2022
USD ($)
|
Nov. 01, 2023
employee
|
Sep. 29, 2023
employee
|
|
| Business Acquisition [Line Items] | ||||||||||
| Cash paid for acquisitions, net of cash acquired | $ 167.4 | $ 638.8 | $ 453.7 | |||||||
| Cash acquired from acquisition | 8.9 | 30.0 | 19.4 | |||||||
| Acquisition-related charges | 13.0 | $ 31.8 | 14.8 | |||||||
| Number of acquisitions completed | acquisition | 6 | |||||||||
| Goodwill | $ 1,383.3 | $ 1,369.6 | $ 1,098.3 | |||||||
| CGI Inc. | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Number of employees | employee | 130 | |||||||||
| Lagersmit | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Number of employees | employee | 90 | |||||||||
| Des-Case | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Number of employees | employee | 120 | |||||||||
| Nadella | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Number of employees | employee | 450 | |||||||||
| iMECH | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Number of employees | employee | 70 | |||||||||
| Rosa Sistemi S.p.A | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Number of employees | employee | 65 | |||||||||
| ARB | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Number of employees | employee | 190 | |||||||||
| CGI Inc. | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Percentage of voting interests acquired | 100.00% | |||||||||
| Cash paid for acquisitions, net of cash acquired | $ 167.1 | |||||||||
| Cash acquired from acquisition | 8.9 | |||||||||
| Acquisition-related charges | $ 2.0 | |||||||||
| Lagersmit | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Percentage of voting interests acquired | 100.00% | |||||||||
| Cash paid for acquisitions, net of cash acquired | $ 128.2 | |||||||||
| Cash acquired from acquisition | $ 6.5 | |||||||||
| Goodwill | 59.1 | |||||||||
| Intangible assets acquired | 71.9 | |||||||||
| Des-Case | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Percentage of voting interests acquired | 100.00% | |||||||||
| Cash paid for acquisitions, net of cash acquired | $ 123.2 | |||||||||
| Cash acquired from acquisition | $ 1.8 | |||||||||
| Goodwill | 78.7 | |||||||||
| Intangible assets acquired | 45.1 | |||||||||
| Nadella | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Percentage of voting interests acquired | 100.00% | |||||||||
| Cash paid for acquisitions, net of cash acquired | $ 293.5 | |||||||||
| Cash acquired from acquisition | $ 21.0 | |||||||||
| Goodwill | 129.0 | |||||||||
| Intangible assets acquired | 158.9 | |||||||||
| iMECH | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Percentage of voting interests acquired | 100.00% | |||||||||
| Rosa Sistemi S.p.A | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Percentage of voting interests acquired | 100.00% | |||||||||
| ARB | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Cash paid for acquisitions, net of cash acquired | $ 95.7 | |||||||||
| Cash acquired from acquisition | $ 1.4 | |||||||||
| 2023 Acquisitions | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Cash paid for acquisitions, net of cash acquired | 638.8 | |||||||||
| Transaction costs | 6.7 | |||||||||
| Goodwill | 292.0 | |||||||||
| Intangible assets acquired | $ 299.5 | |||||||||
Acquisitions and Divestitures - Schedule of Purchase Price Allocations at Fair Value, Net of Cash Acquired (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Assets: | |||
| Goodwill | $ 1,383.3 | $ 1,369.6 | $ 1,098.3 |
| Liabilities: | |||
| Cash paid for acquisitions, net of cash acquired | 167.4 | 638.8 | $ 453.7 |
| 2024 Acquisitions | |||
| Assets: | |||
| Accounts receivable | 4.2 | ||
| Inventories | 13.7 | ||
| Other current assets | 0.3 | ||
| Property, plant and equipment | 20.6 | ||
| Operating lease assets | 2.6 | ||
| Goodwill | 61.4 | ||
| Other intangible assets | 100.4 | ||
| Other non-current assets | 3.0 | ||
| Total assets acquired | 206.2 | ||
| Liabilities: | |||
| Accounts payable, trade | 0.6 | ||
| Salaries, wages and benefits | 1.5 | ||
| Income taxes payable | 0.2 | ||
| Other current liabilities | 1.3 | ||
| Short-term debt | 0.0 | ||
| Long-term debt | 0.0 | ||
| Accrued pension cost | 0.0 | ||
| Long-term operating lease liabilities | 1.9 | ||
| Deferred income taxes | 28.4 | ||
| Other non-current liabilities | 5.2 | ||
| Total liabilities assumed | 39.1 | ||
| Noncontrolling interest acquired | 0.0 | ||
| Net assets acquired | 167.1 | ||
| Working capital adjustment related to 2023 acquisitions paid in 2024 | 0.3 | ||
| Working capital adjustment related to 2022 acquisition received in 2023 | 0.0 | ||
| Cash paid for acquisitions, net of cash acquired | $ 167.4 | ||
| 2023 Acquisitions | |||
| Assets: | |||
| Accounts receivable | 43.9 | ||
| Inventories | 111.8 | ||
| Other current assets | 5.0 | ||
| Property, plant and equipment | 47.9 | ||
| Operating lease assets | 7.2 | ||
| Goodwill | 292.0 | ||
| Other intangible assets | 299.5 | ||
| Other non-current assets | 5.1 | ||
| Total assets acquired | 812.4 | ||
| Liabilities: | |||
| Accounts payable, trade | 24.2 | ||
| Salaries, wages and benefits | 14.9 | ||
| Income taxes payable | 4.5 | ||
| Other current liabilities | 11.0 | ||
| Short-term debt | 4.7 | ||
| Long-term debt | 6.0 | ||
| Accrued pension cost | 3.6 | ||
| Long-term operating lease liabilities | 6.4 | ||
| Deferred income taxes | 81.9 | ||
| Other non-current liabilities | 7.6 | ||
| Total liabilities assumed | 164.8 | ||
| Noncontrolling interest acquired | 6.3 | ||
| Net assets acquired | 641.3 | ||
| Working capital adjustment related to 2023 acquisitions paid in 2024 | (0.3) | ||
| Working capital adjustment related to 2022 acquisition received in 2023 | (2.2) | ||
| Cash paid for acquisitions, net of cash acquired | $ 638.8 | ||
Acquisitions and Divestitures - Schedule of Preliminary Purchase Price Allocation at Fair Value for Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Business Acquisition [Line Items] | ||
| Weighted average useful life (in years) | 16 years 9 months 18 days | |
| Total intangible assets | $ 100.4 | |
| 2024 Acquisitions | ||
| Business Acquisition [Line Items] | ||
| Total intangible assets | 100.4 | |
| 2024 Acquisitions | Trade names | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 6.1 | |
| Weighted average useful life (in years) | 18 years | |
| 2024 Acquisitions | Technology and know-how | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 35.3 | |
| Weighted average useful life (in years) | 16 years | |
| 2024 Acquisitions | Customer relationships | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 59.0 | |
| Weighted average useful life (in years) | 17 years | |
| 2024 Acquisitions | Non-competes | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 0.0 | |
| Weighted average useful life (in years) | ||
| 2024 Acquisitions | Capitalized Software | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 0.0 | |
| Weighted average useful life (in years) | ||
| 2023 Acquisitions | ||
| Business Acquisition [Line Items] | ||
| Total intangible assets | $ 299.5 | |
| 2023 Acquisitions | Trade names | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 25.6 | |
| Weighted average useful life (in years) | 17 years | |
| 2023 Acquisitions | Technology and know-how | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 70.5 | |
| Weighted average useful life (in years) | 15 years | |
| 2023 Acquisitions | Customer relationships | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 201.8 | |
| Weighted average useful life (in years) | 14 years | |
| 2023 Acquisitions | Non-competes | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 1.0 | |
| Weighted average useful life (in years) | 3 years | |
| 2023 Acquisitions | Capitalized Software | ||
| Business Acquisition [Line Items] | ||
| Finite-lived intangible assets acquired | $ 0.6 | |
| Weighted average useful life (in years) | 2 years | |
Acquisitions and Divestitures - Divestitures (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Feb. 28, 2023 |
Dec. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Proceeds from divestiture of businesses | $ 0.3 | $ 13.5 | $ 33.9 | ||
| Net of cash divested | 0.7 | 5.3 | |||
| Pretax gain (loss) | $ 0.0 | 2.9 | (3.5) | ||
| Held-for-Sale | Jiangsu TWB Bearings Co., Ltd | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Impairment charge | $ 1.0 | 1.0 | |||
| Net sales | $ 22.7 | $ 39.3 | |||
| Proceeds from divestiture of businesses | 9.0 | ||||
| Net of cash divested | 0.7 | ||||
| Pretax gain (loss) | $ (0.6) | ||||
| Disposed of by Sale | S.E. Setco Services Company, LLC | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Proceeds from divestiture of businesses | $ 5.7 | ||||
| Pretax gain (loss) | $ 4.8 | ||||
| Ownership percentage sold | 50.00% | ||||
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | $ 1,073.6 | $ 1,126.8 | $ 1,182.3 | $ 1,190.3 | $ 1,091.2 | $ 1,142.7 | $ 1,272.3 | $ 1,262.8 | $ 4,573.0 | $ 4,769.0 | $ 4,496.7 |
| Revenue Benchmark | Customer Concentration Risk | Original equipment manufacturers | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Concentration risk percentage (as a percent) | 55.00% | 60.00% | 60.00% | ||||||||
| Revenue Benchmark | Customer Concentration Risk | Distribution/end users | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Concentration risk percentage (as a percent) | 45.00% | 40.00% | 40.00% | ||||||||
| Engineered Bearings | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | $ 3,034.3 | $ 3,257.7 | $ 3,092.6 | ||||||||
| Industrial Motion | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 1,538.7 | 1,511.3 | 1,404.1 | ||||||||
| United States | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 2,076.9 | 2,055.9 | 1,992.0 | ||||||||
| United States | Engineered Bearings | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 1,281.6 | 1,266.1 | 1,198.1 | ||||||||
| United States | Industrial Motion | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 795.3 | 789.8 | 793.9 | ||||||||
| Americas excluding United States | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 485.8 | 481.7 | 476.2 | ||||||||
| Americas excluding United States | Engineered Bearings | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 383.1 | 375.6 | 383.2 | ||||||||
| Americas excluding United States | Industrial Motion | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 102.7 | 106.1 | 93.0 | ||||||||
| Europe / Middle East / Africa | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 1,119.9 | 1,178.3 | 995.7 | ||||||||
| Europe / Middle East / Africa | Engineered Bearings | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 599.2 | 678.6 | 588.9 | ||||||||
| Europe / Middle East / Africa | Industrial Motion | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 520.7 | 499.7 | 406.8 | ||||||||
| Asia-Pacific | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 890.4 | 1,053.1 | 1,032.8 | ||||||||
| Asia-Pacific | Engineered Bearings | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | 770.4 | 937.4 | 922.4 | ||||||||
| Asia-Pacific | Industrial Motion | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Net sales | $ 120.0 | $ 115.7 | $ 110.4 | ||||||||
Revenue - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||
| Amount of revenue for remaining performance obligations | $ 153,000,000 | ||
| Impairment losses | $ 0 | $ 0 | |
| Revenue Benchmark | Customer Concentration Risk | U.S. Government | |||
| Disaggregation of Revenue [Line Items] | |||
| Concentration risk percentage (as a percent) | 7.00% | 6.00% | 7.00% |
| Revenue Benchmark | Customer Concentration Risk | Transferred over Time | |||
| Disaggregation of Revenue [Line Items] | |||
| Concentration risk percentage (as a percent) | 10.00% | 9.00% | 9.00% |
Revenue - Schedule of Rollforward of Unbilled Receivables (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Movement in Deferred Revenue [Roll Forward] | ||
| Beginning balance | $ 144.5 | $ 103.9 |
| Additional unbilled revenue recognized | 380.5 | 424.1 |
| Less: amounts billed to customers | (384.2) | (383.5) |
| Ending balance | $ 140.8 | $ 144.5 |
Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Contract With Customer, Liability [Roll Forward] | ||
| Beginning balance | $ 45.4 | $ 54.3 |
| Acquisitions | 0.7 | 1.4 |
| Revenue (cash) received in advance | 153.0 | 165.2 |
| Less: revenue recognized | (157.7) | (175.5) |
| Ending balance | $ 41.4 | $ 45.4 |
Segment Information - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
segment
| |
| Segment Reporting [Abstract] | |
| Number of reporting segments | 2 |
Segment Information - Schedule of Segment Financial Information and a Reconciliation of Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | $ 1,073.6 | $ 1,126.8 | $ 1,182.3 | $ 1,190.3 | $ 1,091.2 | $ 1,142.7 | $ 1,272.3 | $ 1,262.8 | $ 4,573.0 | $ 4,769.0 | $ 4,496.7 |
| Cost of products sold | (748.5) | (782.4) | (808.7) | (792.7) | (759.9) | (787.1) | (866.9) | (846.0) | (3,132.3) | (3,259.9) | (3,164.7) |
| Selling, general and administrative expenses | (187.5) | $ (189.7) | $ (184.1) | $ (190.7) | (189.5) | $ (179.6) | $ (184.9) | $ (186.8) | (752.0) | (740.8) | (637.1) |
| Adjusted EBITDA For Reportable Segments | 914.7 | 1,002.4 | 902.2 | ||||||||
| Unallocated corporate expense | 494.2 | 530.5 | 550.9 | ||||||||
| Impairment, restructuring and reorganization charges | (17.8) | (59.3) | (55.1) | ||||||||
| Corporate pension and other postretirement benefit expense | (5.3) | (26.5) | 0.6 | ||||||||
| Acquisition-related charges | (13.0) | (31.8) | (14.8) | ||||||||
| Tax indemnification and related items | 1.1 | (0.3) | |||||||||
| Gain on divestitures and sale of certain assets | 14.7 | 5.2 | 2.9 | ||||||||
| CEO succession expenses | (3.7) | ||||||||||
| Property losses and related expenses | (1.2) | ||||||||||
| Depreciation and amortization | (221.8) | (201.3) | (164.0) | ||||||||
| Interest expense | (125.1) | (110.7) | (74.6) | ||||||||
| Interest income | 14.9 | 9.3 | 3.8 | ||||||||
| Income Before Income Taxes | 494.2 | 530.5 | 550.9 | ||||||||
| Assets employed at year-end: | |||||||||||
| Total Assets | 6,411.0 | 6,541.7 | 6,411.0 | 6,541.7 | |||||||
| Capital expenditures: | |||||||||||
| Capital expenditures | 170.0 | 187.8 | 178.4 | ||||||||
| Depreciation and amortization: | |||||||||||
| Depreciation and amortization | 221.8 | 201.3 | 164.0 | ||||||||
| Engineered Bearings | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 3,034.3 | 3,257.7 | 3,092.6 | ||||||||
| Industrial Motion | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 1,538.7 | 1,511.3 | 1,404.1 | ||||||||
| Operating Segments | Engineered Bearings | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 3,034.3 | 3,257.7 | 3,092.6 | ||||||||
| Cost of products sold | (2,106.9) | (2,246.0) | (2,184.7) | ||||||||
| Selling, general and administrative expenses | (419.3) | (425.4) | (368.1) | ||||||||
| Other segment items | 4.5 | 4.2 | 14.7 | ||||||||
| Depreciation and amortization | 95.6 | 92.1 | 84.0 | ||||||||
| Adjusted EBITDA For Reportable Segments | 608.2 | 682.6 | 638.5 | ||||||||
| Depreciation and amortization | (108.6) | (107.2) | (87.6) | ||||||||
| Assets employed at year-end: | |||||||||||
| Total Assets | 3,126.1 | 3,296.8 | 3,126.1 | 3,296.8 | |||||||
| Capital expenditures: | |||||||||||
| Capital expenditures | 120.3 | 140.7 | 143.8 | ||||||||
| Depreciation and amortization: | |||||||||||
| Depreciation and amortization | 108.6 | 107.2 | 87.6 | ||||||||
| Operating Segments | Industrial Motion | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 1,538.7 | 1,511.3 | 1,404.1 | ||||||||
| Cost of products sold | (1,008.5) | (979.7) | (962.8) | ||||||||
| Selling, general and administrative expenses | (269.1) | (253.0) | (213.6) | ||||||||
| Other segment items | (0.1) | (0.1) | 1.0 | ||||||||
| Depreciation and amortization | 45.5 | 41.3 | 35.0 | ||||||||
| Adjusted EBITDA For Reportable Segments | 306.5 | 319.8 | 263.7 | ||||||||
| Depreciation and amortization | (111.6) | (92.7) | (74.8) | ||||||||
| Assets employed at year-end: | |||||||||||
| Total Assets | 2,822.6 | 2,744.5 | 2,822.6 | 2,744.5 | |||||||
| Capital expenditures: | |||||||||||
| Capital expenditures | 49.1 | 46.2 | 33.2 | ||||||||
| Depreciation and amortization: | |||||||||||
| Depreciation and amortization | 111.6 | 92.7 | 74.8 | ||||||||
| Segment Reporting, Corporate Nonsegment | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Unallocated corporate expense | (69.9) | (62.7) | (46.3) | ||||||||
| Corporate pension and other postretirement benefit expense | 1.3 | (20.6) | (2.9) | ||||||||
| Depreciation and amortization | (1.6) | (1.4) | (1.6) | ||||||||
| Income Before Income Taxes | (69.9) | (62.7) | (46.3) | ||||||||
| Assets employed at year-end: | |||||||||||
| Total Assets | $ 462.3 | $ 500.4 | 462.3 | 500.4 | |||||||
| Capital expenditures: | |||||||||||
| Capital expenditures | 0.6 | 0.9 | 1.4 | ||||||||
| Depreciation and amortization: | |||||||||||
| Depreciation and amortization | $ 1.6 | $ 1.4 | $ 1.6 | ||||||||
Segment Information - Schedule of Geographic Financial Information (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | $ 1,306.9 | $ 1,311.9 |
| United States | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | 470.0 | 446.3 |
| China | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | 264.5 | 278.8 |
| India | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | 174.2 | 146.2 |
| Rest of world | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | $ 398.2 | $ 440.6 |
Income Taxes - Schedule of Income Before Income Taxes and Provision for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Before Income Taxes [Abstract] | |||
| United States | $ 175.6 | $ 173.8 | $ 86.0 |
| Non-United States | 318.6 | 356.7 | 464.9 |
| Income Before Income Taxes | 494.2 | 530.5 | 550.9 |
| Current: | |||
| Federal | 28.6 | 10.4 | 11.2 |
| State and local | 9.1 | 3.8 | 6.7 |
| Foreign | 116.5 | 119.9 | 119.6 |
| Total current income tax expense (benefit) | 154.2 | 134.1 | 137.5 |
| Deferred: | |||
| Federal | (6.6) | (12.1) | (7.8) |
| State and local | (2.7) | (1.5) | (0.3) |
| Foreign | (26.0) | 2.0 | 4.5 |
| Total deferred income tax expense (benefit) | (35.3) | (11.6) | (3.6) |
| United States and foreign tax provision on income | $ 118.9 | $ 122.5 | $ 133.9 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Taxes (Textual) [Abstract] | ||||
| Income taxes paid | $ 183.5 | $ 240.3 | $ 120.6 | |
| Income taxes paid related to sale of subsidiary | 45.2 | 55.2 | ||
| U.S. foreign tax credit | 21.1 | 55.8 | 15.2 | |
| Tax expense related to undistributed earnings of foreign subsidiaries | 1.3 | 15.0 | 1.0 | |
| Amounts of undistributed foreign earnings | 1,834.6 | 1,608.8 | ||
| Tax loss and credit carryforwards | 89.1 | 84.9 | ||
| Valuation allowances | 48.7 | 39.3 | ||
| Total gross unrecognized tax benefits | 35.8 | 34.2 | 26.0 | $ 36.1 |
| Decrease in unrecognized tax benefits | 9.0 | 5.0 | ||
| Penalties and interest accrued | 11.8 | 11.8 | 8.8 | |
| Loss Carryforwards | ||||
| Income Taxes (Textual) [Abstract] | ||||
| Valuation allowances | 47.9 | |||
| Other Deferred Tax Assets | ||||
| Income Taxes (Textual) [Abstract] | ||||
| Valuation allowances | 0.8 | |||
| Domestic Country | ||||
| Income Taxes (Textual) [Abstract] | ||||
| Tax loss and credit carryforwards | 23.3 | |||
| Foreign Country | ||||
| Income Taxes (Textual) [Abstract] | ||||
| Tax loss and credit carryforwards | 64.5 | |||
| Favorable Impact Tax Benefits | ||||
| Income Taxes (Textual) [Abstract] | ||||
| Total gross unrecognized tax benefits | $ 24.4 | $ 24.2 | $ 23.3 | |
Income Taxes - Schedule of Provision for Income Taxes and Effective Income Tax Rate (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Summary of Variation of Effective Income Tax Rate From Continuing Operations Statutory Federal Income Tax Rate [Abstract] | |||
| Income tax at the U.S. federal statutory rate | $ 103.8 | $ 111.4 | $ 115.7 |
| Adjustments: | |||
| State and local income taxes, net of federal tax benefit | 4.9 | 5.3 | 5.3 |
| Tax on foreign remittances and U.S. tax on foreign income | 16.8 | 25.6 | 19.0 |
| Tax expense related to undistributed earnings of foreign subsidiaries | 1.3 | 15.0 | 1.0 |
| Foreign losses without current tax benefits | 6.1 | 7.7 | 3.1 |
| Foreign earnings taxed at different rates including tax holidays | 16.6 | 18.1 | 19.4 |
| U.S. foreign tax credit | (21.1) | (55.8) | (15.2) |
| Effect of cross-border tax laws | (5.2) | (10.3) | (3.9) |
| Accruals and settlements related to tax audits | (6.7) | (3.2) | (9.5) |
| Other items, net | 2.4 | 8.7 | (1.0) |
| United States and foreign tax provision on income | $ 118.9 | $ 122.5 | $ 133.9 |
| Effective income tax rate (as a percent) | 24.10% | 23.10% | 24.30% |
Income Taxes - Schedule of Effect of Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Accrued postretirement benefits cost | $ 7.9 | $ 8.0 |
| Accrued pension cost | 39.3 | 44.1 |
| Other employee benefit accruals | 10.7 | 14.3 |
| Tax loss and credit carryforwards | 89.1 | 84.9 |
| Other, net | 75.9 | 58.3 |
| Valuation allowances | (48.7) | (39.3) |
| Total deferred tax assets | 174.2 | 170.3 |
| Deferred tax liabilities - principally depreciation and amortization | (308.2) | (312.5) |
| Net deferred tax liabilities | $ (134.0) | $ (142.2) |
Income Taxes - Schedule of Total Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Summary of unrecognized tax benefits for the years ended | |||
| Beginning balance | $ 34.2 | $ 26.0 | $ 36.1 |
| Tax positions related to the current year: | |||
| Additions | 4.2 | 7.0 | 0.6 |
| Tax positions related to prior years: | |||
| Additions | 4.5 | 9.6 | 4.0 |
| Reductions | (1.6) | (4.7) | (4.7) |
| Settlements with tax authorities | (0.1) | (0.4) | (1.9) |
| Lapses in statutes of limitation | (5.4) | (3.3) | (8.1) |
| Ending balance | $ 35.8 | $ 34.2 | $ 26.0 |
Earnings Per Share - Schedule of Reconciliation of the Numerator and the Denominator of Basic Earnings Per Share and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Numerator: | |||||||||||
| Net income attributable to The Timken Company | $ 71.2 | $ 81.8 | $ 96.2 | $ 103.5 | $ 58.7 | $ 87.9 | $ 125.2 | $ 122.3 | $ 352.7 | $ 394.1 | $ 407.4 |
| Denominator: | |||||||||||
| Weighted average number of shares outstanding - basic (in shares) | 70,198,067 | 71,377,656 | 73,602,247 | ||||||||
| Effect of dilutive securities: | |||||||||||
| Stock options and awards - based on the treasury stock method (in shares) | 552,415 | 704,228 | 721,592 | ||||||||
| Weighted average number of shares outstanding, assuming dilution of stock options and awards (in shares) | 70,750,482 | 72,081,884 | 74,323,839 | ||||||||
| Basic earnings per share (in dollars per share) | $ 1.02 | $ 1.17 | $ 1.37 | $ 1.47 | $ 0.84 | $ 1.24 | $ 1.74 | $ 1.69 | $ 5.02 | $ 5.52 | $ 5.54 |
| Diluted earnings per share (in dollars per share) | $ 1.01 | $ 1.16 | $ 1.36 | $ 1.46 | $ 0.83 | $ 1.23 | $ 1.73 | $ 1.67 | $ 4.99 | $ 5.47 | $ 5.48 |
Earnings Per Share - Narrative (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share [Abstract] | |||
| Antidilutive stock options outstanding (in shares) | 0 | 0 | 0 |
Inventories - Schedule of Components of Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventories: | ||
| Manufacturing supplies | $ 42.8 | $ 41.9 |
| Raw materials | 155.2 | 145.6 |
| Work in process | 476.0 | 496.1 |
| Finished products | 595.0 | 619.2 |
| Subtotal | 1,269.0 | 1,302.8 |
| Allowance for surplus and obsolete inventory | (73.4) | (73.7) |
| Total Inventories, net | $ 1,195.6 | $ 1,229.1 |
Inventories - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Percentage of inventories valued by FIFO method (as a Percent) | 59.00% | |
| Percentage of inventories valued by LIFO method (as a Percent) | 41.00% | |
| FIFO inventory amount | $ 257.2 | $ 232.1 |
| Inventory adjustments | $ 25.1 | $ (3.3) |
Property, Plant and Equipment - Schedule of Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Subtotal | $ 3,113.0 | $ 3,163.3 |
| Less: accumulated depreciation | (1,806.1) | (1,851.4) |
| Property, Plant and Equipment, net | 1,306.9 | 1,311.9 |
| Land and buildings | ||
| Property, Plant and Equipment [Line Items] | ||
| Subtotal | 673.6 | 679.9 |
| Machinery and equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Subtotal | $ 2,439.4 | $ 2,483.4 |
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Property, Plant and Equipment [Line Items] | |||||
| Depreciation expense | $ 136.3 | $ 129.0 | $ 113.4 | ||
| Capital expenditures incurred but not yet paid | 21.4 | 22.9 | |||
| Proceeds from divestiture of businesses | 0.3 | 13.5 | 33.9 | ||
| Pretax gain (loss) | $ 0.0 | $ 2.9 | $ (3.5) | ||
| Disposed of by Sale | Gaffney Plant | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Proceeds from divestiture of businesses | $ 16.0 | ||||
| Pretax gain (loss) | $ 13.8 | $ 13.8 | |||
Goodwill and Other Intangible Assets - Narrative (Details) |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
reporting_unit
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Goodwill [Line Items] | |||||
| Impairment loss | $ 28,300,000 | $ 1,500,000 | $ 28,300,000 | $ 0 | |
| Goodwill | $ 1,383,300,000 | 1,383,300,000 | 1,369,600,000 | 1,098,300,000 | |
| Acquisitions | 61,400,000 | 285,600,000 | |||
| Total intangible assets | $ 100,400,000 | ||||
| Weighted average useful life (in years) | 16 years 9 months 18 days | ||||
| Amortization expense for intangible assets excluding assets acquired | $ 85,500,000 | 72,300,000 | 50,600,000 | ||
| 2025 | 82,000,000 | 82,000,000 | |||
| 2026 | 80,000,000 | 80,000,000 | |||
| 2027 | 77,000,000 | 77,000,000 | |||
| 2028 | 74,000,000 | 74,000,000 | |||
| 2029 | 71,000,000 | $ 71,000,000 | |||
| Minimum | |||||
| Goodwill [Line Items] | |||||
| Useful life for intangible assets acquired | 15 years | ||||
| Maximum | |||||
| Goodwill [Line Items] | |||||
| Useful life for intangible assets acquired | 18 years | ||||
| CGI Inc. | |||||
| Goodwill [Line Items] | |||||
| Acquisitions | $ 61,400,000 | ||||
| Lagersmit | |||||
| Goodwill [Line Items] | |||||
| Goodwill | 59,100,000 | ||||
| Acquisitions | 58,500,000 | ||||
| iMECH | |||||
| Goodwill [Line Items] | |||||
| Acquisitions | 12,800,000 | ||||
| Rosa Sistemi S.p.A | |||||
| Goodwill [Line Items] | |||||
| Acquisitions | 6,500,000 | ||||
| Des-Case | |||||
| Goodwill [Line Items] | |||||
| Goodwill | 78,700,000 | ||||
| Acquisitions | 78,900,000 | ||||
| Nadella | |||||
| Goodwill [Line Items] | |||||
| Goodwill | 129,000,000 | ||||
| Acquisitions | 128,500,000 | ||||
| ARB | |||||
| Goodwill [Line Items] | |||||
| Acquisitions | 400,000 | ||||
| Belts and Chain | |||||
| Goodwill [Line Items] | |||||
| Impairment loss | 1,500,000 | $ 1,500,000 | |||
| Goodwill | 0 | ||||
| Engineered Bearings | |||||
| Goodwill [Line Items] | |||||
| Number of reporting units | reporting_unit | 1 | ||||
| Impairment loss | $ 0 | 0 | |||
| Goodwill | 692,000,000.0 | 692,000,000.0 | 692,300,000 | 679,800,000 | |
| Acquisitions | $ 0 | 13,200,000 | |||
| Industrial Motion | |||||
| Goodwill [Line Items] | |||||
| Number of reporting units | reporting_unit | 6 | ||||
| Impairment loss | $ 1,500,000 | 28,300,000 | |||
| Goodwill | $ 691,300,000 | 691,300,000 | 677,300,000 | $ 418,500,000 | |
| Acquisitions | $ 61,400,000 | $ 272,400,000 | |||
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Value of Goodwill (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill [Roll Forward] | ||||
| Beginning Balance | $ 1,098,300,000 | $ 1,369,600,000 | $ 1,098,300,000 | |
| Acquisitions | 61,400,000 | 285,600,000 | ||
| Measurement period adjustments | 6,400,000 | |||
| Impairment loss | (28,300,000) | (1,500,000) | (28,300,000) | $ 0 |
| Foreign currency translation adjustments and other changes | (52,600,000) | 14,000,000.0 | ||
| Ending Balance | 1,383,300,000 | 1,369,600,000 | 1,098,300,000 | |
| Engineered Bearings | ||||
| Goodwill [Roll Forward] | ||||
| Beginning Balance | 679,800,000 | 692,300,000 | 679,800,000 | |
| Acquisitions | 0 | 13,200,000 | ||
| Measurement period adjustments | 6,000,000.0 | |||
| Impairment loss | 0 | 0 | ||
| Foreign currency translation adjustments and other changes | (6,300,000) | (700,000) | ||
| Ending Balance | 692,000,000.0 | 692,300,000 | 679,800,000 | |
| Industrial Motion | ||||
| Goodwill [Roll Forward] | ||||
| Beginning Balance | $ 418,500,000 | 677,300,000 | 418,500,000 | |
| Acquisitions | 61,400,000 | 272,400,000 | ||
| Measurement period adjustments | 400,000 | |||
| Impairment loss | (1,500,000) | (28,300,000) | ||
| Foreign currency translation adjustments and other changes | (46,300,000) | 14,700,000 | ||
| Ending Balance | $ 691,300,000 | $ 677,300,000 | $ 418,500,000 | |
Goodwill and Other Intangible Assets - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Intangible assets subject to amortization: | ||
| Gross Carrying Amount | $ 1,596.6 | $ 1,501.4 |
| Accumulated Amortization | (686.1) | (616.4) |
| Net Carrying Amount | 910.5 | 885.0 |
| Intangible assets not subject to amortization: | ||
| Intangible assets not subject to amortization | 96.0 | 146.4 |
| Gross intangible assets (excluding goodwill) | 1,692.6 | 1,647.8 |
| Accumulated Amortization | (686.1) | (616.4) |
| Total intangible assets, net carrying amount | 1,006.5 | 1,031.4 |
| Trade names | ||
| Intangible assets not subject to amortization: | ||
| Intangible assets not subject to amortization | 87.3 | 137.7 |
| FAA air agency certificates | ||
| Intangible assets not subject to amortization: | ||
| Intangible assets not subject to amortization | 8.7 | 8.7 |
| Customer relationships | ||
| Intangible assets subject to amortization: | ||
| Gross Carrying Amount | 805.7 | 776.5 |
| Accumulated Amortization | (262.9) | (222.8) |
| Net Carrying Amount | 542.8 | 553.7 |
| Intangible assets not subject to amortization: | ||
| Accumulated Amortization | (262.9) | (222.8) |
| Technology and know-how | ||
| Intangible assets subject to amortization: | ||
| Gross Carrying Amount | 369.6 | 343.3 |
| Accumulated Amortization | (120.4) | (100.9) |
| Net Carrying Amount | 249.2 | 242.4 |
| Intangible assets not subject to amortization: | ||
| Accumulated Amortization | (120.4) | (100.9) |
| Trade names | ||
| Intangible assets subject to amortization: | ||
| Gross Carrying Amount | 107.5 | 71.3 |
| Accumulated Amortization | (16.9) | (11.2) |
| Net Carrying Amount | 90.6 | 60.1 |
| Intangible assets not subject to amortization: | ||
| Accumulated Amortization | (16.9) | (11.2) |
| Capitalized Software | ||
| Intangible assets subject to amortization: | ||
| Gross Carrying Amount | 302.8 | 299.5 |
| Accumulated Amortization | (276.1) | (272.8) |
| Net Carrying Amount | 26.7 | 26.7 |
| Intangible assets not subject to amortization: | ||
| Accumulated Amortization | (276.1) | (272.8) |
| Other | ||
| Intangible assets subject to amortization: | ||
| Gross Carrying Amount | 11.0 | 10.8 |
| Accumulated Amortization | (9.8) | (8.7) |
| Net Carrying Amount | 1.2 | 2.1 |
| Intangible assets not subject to amortization: | ||
| Accumulated Amortization | $ (9.8) | $ (8.7) |
Other Current Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Other Liabilities Disclosure [Abstract] | |||
| Sales rebates | $ 69.2 | $ 79.0 | |
| Deferred revenue | 41.4 | 45.4 | |
| Operating lease liabilities | 32.0 | 25.9 | |
| Product warranty | 18.0 | 15.2 | |
| Freight and duties | 14.3 | 13.4 | |
| Current derivative liability | 10.4 | 11.4 | |
| Taxes other than income and payroll taxes | 25.8 | 17.8 | |
| Professional fees | 11.5 | 12.5 | |
| Interest | 25.3 | 16.4 | |
| Restructuring | 3.7 | 5.8 | $ 3.1 |
| Other | 67.6 | 74.3 | |
| Total other current liabilities | $ 319.2 | $ 317.1 |
Leasing - Schedule of Lease Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating lease expense | $ 32.7 | $ 33.5 | $ 30.3 |
| Amortization of right-of-use assets on finance leases | 3.0 | 2.2 | 1.7 |
| Total lease expense | $ 35.7 | $ 35.7 | $ 32.0 |
Leasing - Schedule of Cash Flows from Operating and Financing Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | $ 35.7 | $ 33.6 | $ 30.1 |
| Financing cash flows from finance leases | $ 2.8 | $ 2.1 | $ 1.2 |
Leasing - Schedule of Impact of Leasing on Consolidated Balance Sheets and Finance Leases (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating Leases | ||
| Operating lease assets | $ 130.6 | $ 119.7 |
| Short-term operating lease liabilities | 32.0 | 25.9 |
| Long-term operating lease liabilities | 84.0 | 78.7 |
| Total operating lease liabilities | $ 116.0 | $ 104.6 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
| Finance Leases | ||
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
| Property, plant and equipment, net | $ 8.4 | $ 8.9 |
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Debt, Current | Debt, Current |
| Current portion of long-term debt | $ 2.7 | $ 2.4 |
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
| Long-term debt | $ 6.1 | $ 6.1 |
| Total finance lease liabilities | $ 8.8 | $ 8.5 |
Leasing - Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating Leases | ||
| 2025 | $ 36.2 | |
| 2026 | 28.5 | |
| 2027 | 22.5 | |
| 2028 | 17.0 | |
| 2029 | 13.2 | |
| Thereafter | 12.1 | |
| Total future minimum lease payments | 129.5 | |
| Less: imputed interest | (13.5) | |
| Total | 116.0 | $ 104.6 |
| Finance Leases | ||
| 2025 | 2.9 | |
| 2026 | 2.5 | |
| 2027 | 1.7 | |
| 2028 | 0.9 | |
| 2029 | 0.5 | |
| Thereafter | 1.0 | |
| Total future minimum lease payments | 9.5 | |
| Less: imputed interest | (0.7) | |
| Total | $ 8.8 | $ 8.5 |
Leasing - Schedule of Lease Assets and Other Information Related to Leases (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lease assets added in the period: | ||
| Operating leases | $ 36.0 | $ 23.3 |
| Finance leases | $ 3.9 | $ 7.9 |
| Weighted-average remaining lease term: | ||
| Operating leases (in years) | 4 years 7 months 6 days | 5 years 3 months 18 days |
| Finance leases (in years) | 4 years 3 months 18 days | 5 years 1 month 6 days |
| Weighted-average discount rate: | ||
| Operating leases (as a percent) | 4.65% | 4.20% |
| Finance leases (as a percent) | 4.87% | 4.24% |
Financing Arrangements - Schedule of Short-Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Short-term Debt [Line Items] | ||
| Short-term debt | $ 8.7 | $ 246.2 |
| Term Loan - Variable Rate Maturing 2024 | ||
| Short-term Debt [Line Items] | ||
| Short-term debt | 0.0 | 220.8 |
| Foreign Subsidiary | ||
| Short-term Debt [Line Items] | ||
| Short-term debt | $ 8.7 | $ 25.4 |
| Line of credit stated variable interest rate low range (as a percent) | 3.36% | 4.35% |
| Line of credit stated variable interest rate, high range (as a percent) | 3.95% | 7.33% |
Financing Arrangements - Narrative (Details) |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Dec. 05, 2022
USD ($)
|
Dec. 31, 2024
USD ($)
covenant
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
May 23, 2024
USD ($)
|
May 23, 2024
EUR (€)
|
Dec. 06, 2023
USD ($)
|
Aug. 16, 2023
EUR (€)
|
Mar. 28, 2022
USD ($)
|
|
| Line of Credit Facility [Line Items] | |||||||||
| Short-term debt | $ 8,700,000 | $ 246,200,000 | |||||||
| Borrowings guarantees | $ 55,700,000 | ||||||||
| Weighted average interest rate, at point in time (as a percent) | 3.58% | 4.81% | |||||||
| Debt instrument yield rate (as a percent) | 5.67% | 6.42% | 5.01% | ||||||
| Proceeds from Issuance of Long-term Debt | $ 1,858,300,000 | $ 1,564,900,000 | $ 1,399,500,000 | ||||||
| Total debt | 2,054,000,000 | 2,149,700,000 | |||||||
| Total finance lease liabilities | 8,800,000 | 8,500,000 | |||||||
| Interest paid | 113,200,000 | 108,800,000 | 72,500,000 | ||||||
| Interest capitalized | 1,000,000.0 | 200,000 | $ 1,000,000.0 | ||||||
| Term Loan - Variable Rate Maturing 2024 | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Short-term debt | 0 | 220,800,000 | |||||||
| Term Loan - Variable Rate Maturing 2024 | Line of Credit | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Principal amount | € | € 200,000,000 | ||||||||
| Foreign Subsidiary | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Short-term debt | 8,700,000 | $ 25,400,000 | |||||||
| Borrowings guarantees | $ 1,600,000 | ||||||||
| Debt instrument, interest rate during period (as a percent) | 4.19% | 4.24% | 1.40% | ||||||
| Line of Credit Accounts Receivable | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Maximum borrowing capacity | $ 93,900,000 | $ 100,000,000.0 | |||||||
| Outstanding borrowings under credit facility | 0 | ||||||||
| Total debt | 0 | $ 67,000,000.0 | |||||||
| Variable-rate Senior Credit Facility | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Maximum borrowing capacity | $ 750,000,000.0 | ||||||||
| Total debt | $ 0 | 247,400,000 | |||||||
| Number of financial covenant | covenant | 2 | ||||||||
| Variable-rate Term Loan | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Proceeds from Issuance of Long-term Debt | 400,000,000 | ||||||||
| Extinguishment of debt | $ 350,000,000 | ||||||||
| Total debt | $ 369,600,000 | 399,300,000 | |||||||
| Senior Unsecured Notes 2034 - 4.125% | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Principal amount | € | € 600,000,000.0 | ||||||||
| Debt instrument, interest rate, stated percentage (as a percent) | 4.13% | 4.13% | |||||||
| Senior Unsecured Notes 2024 - 3.875% | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Total debt | $ 350,000,000 | ||||||||
| Fixed-rate Senior Unsecured Notes - 4.125% | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Principal amount | $ 350,000,000 | ||||||||
| Total debt | $ 345,100,000 | $ 343,700,000 | |||||||
| Debt instrument, interest rate, stated percentage (as a percent) | 4.13% | 4.13% | 4.13% | ||||||
Financing Arrangements - Schedule of Long-Term Debt (Details) - USD ($) |
Dec. 31, 2024 |
May 23, 2024 |
Dec. 31, 2023 |
Mar. 28, 2022 |
|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||
| Total debt | $ 2,054,000,000 | $ 2,149,700,000 | ||
| Less current maturities | 4,300,000 | 359,400,000 | ||
| Long-term debt | 2,049,700,000 | 1,790,300,000 | ||
| Variable-rate Senior Credit Facility | ||||
| Debt Instrument [Line Items] | ||||
| Total debt | 0 | $ 247,400,000 | ||
| U.S. Dollar Denomination | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 6.48% | |||
| Euro Denomination | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 4.85% | |||
| Line of Credit Accounts Receivable | ||||
| Debt Instrument [Line Items] | ||||
| Long-term debt, percentage bearing variable interest (as a percent) | 6.42% | |||
| Total debt | 0 | $ 67,000,000.0 | ||
| Fixed-rate Senior Unsecured Notes - 3.875% | ||||
| Debt Instrument [Line Items] | ||||
| Total debt | $ 0 | $ 350,000,000.0 | ||
| Fixed-rate Euro Senior Unsecured Notes - 2.02% | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 2.02% | 2.02% | ||
| Total debt | $ 155,300,000 | $ 165,500,000 | ||
| Variable-rate Term Loan | ||||
| Debt Instrument [Line Items] | ||||
| Long-term debt, percentage bearing variable interest (as a percent) | 5.58% | 6.58% | ||
| Total debt | $ 369,600,000 | $ 399,300,000 | ||
| Fixed-rate Medium-Term Notes, Series A | ||||
| Debt Instrument [Line Items] | ||||
| Total debt | $ 154,800,000 | $ 154,800,000 | ||
| Fixed-rate Medium-Term Notes, Series A | Minimum | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 6.74% | 6.74% | ||
| Fixed-rate Medium-Term Notes, Series A | Maximum | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 7.76% | 7.76% | ||
| Fixed-rate Senior Unsecured Notes - 4.50% | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 4.50% | 4.50% | ||
| Total debt | $ 398,100,000 | $ 397,700,000 | ||
| Fixed-rate Senior Unsecured Notes - 4.125% | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 4.13% | 4.13% | 4.13% | |
| Total debt | $ 345,100,000 | $ 343,700,000 | ||
| Fixed -Rate Euro Senior Unsecured Notes 2034 - 4.125% | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 4.13% | 4.13% | ||
| Total debt | $ 609,700,000 | $ 0 | ||
| Fixed-rate Euro Bank Loan - 2.15% | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage (as a percent) | 2.15% | 2.15% | ||
| Total debt | $ 10,600,000 | $ 12,700,000 | ||
| Other | ||||
| Debt Instrument [Line Items] | ||||
| Total debt | $ 10,800,000 | $ 11,600,000 | ||
| Senior Unsecured Notes 2024 - 3.875% | ||||
| Debt Instrument [Line Items] | ||||
| Total debt | $ 350,000,000 |
Financing Arrangements - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| Total finance lease liabilities | $ 8.8 | $ 8.5 |
| 2025 | 4.3 | |
| 2026 | 54.1 | |
| 2027 | 513.4 | |
| 2028 | 522.3 | |
| 2029 | 1.6 | |
| Thereafter | $ 977.2 |
Supply Chain Financing (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
financial_institution
|
Dec. 31, 2023
USD ($)
|
|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Number of financial institutions | financial_institution | 2 | |
| Termination written notice period | 90 days | |
| Payment term | 90 days | |
| Purchase Obligation [Roll Forward] | ||
| Confirmed obligations outstanding, January 1 | $ 21.3 | $ 14.4 |
| Invoices confirmed | 105.0 | 97.1 |
| Confirmed invoices paid | (109.6) | (90.2) |
| Confirmed obligations outstanding, ending balance | $ 16.7 | $ 21.3 |
Contingencies - Narratives (Details) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Jun. 11, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 28, 2004
unrelated_party
|
|
| Loss Contingencies [Line Items] | ||||
| Number of unrelated parties | unrelated_party | 12 | |||
| Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag | environmental accruals | environmental accruals | ||
| Accrual for environmental loss contingencies | $ 4.8 | $ 4.7 | ||
| Government vs Timken India Limited | Pending Litigation | Timken India Limited | ||||
| Loss Contingencies [Line Items] | ||||
| Loss contingency, damages sought, value | $ 12.4 | |||
Contingencies - Schedule of Rollforward of the Consolidated Product Warranty Accrual (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Movement in Standard Product Warranty Accrual [Roll Forward] | ||
| Beginning balance | $ 15.2 | $ 23.5 |
| Expense | 9.4 | 5.9 |
| Payments | (6.6) | (14.2) |
| Ending balance | $ 18.0 | $ 15.2 |
Stock Compensation - Schedule of Awards Granted (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Deferred shares (in shares) | 30,100 |
| Expected to be Settled in Equity | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Deferred shares (in shares) | 30,100 |
| Expected to be Settled in Cash | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Deferred shares (in shares) | 0 |
| Performance-based restricted stock units | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Shares expected to settle in equity (in shares) | 233,895 |
| Shares expected to settle in cash (in shares) | 7,085 |
| Total awards granted (in shares) | 240,980 |
| Time-based restricted stock units | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Shares expected to settle in equity (in shares) | 171,130 |
| Shares expected to settle in cash (in shares) | 4,730 |
| Total awards granted (in shares) | 175,860 |
Stock Compensation - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share Based Compensation Plans (Additional Textual) [Abstract] | |||
| Amount accrued for shares settling in cash | $ 2,100,000 | $ 2,000,000.0 | |
| Grant date fair value of vested shares | 26,700,000 | 20,800,000 | $ 18,700,000 |
| Recognized stock-based compensation expense before tax | 0 | $ 100,000 | $ 1,100,000 |
| Unrecognized compensation expense related to stock options | $ 31,800,000 | ||
| Unrecognized compensation expense is expected to be recognized over a total weighted average period (in years) | 2 years | ||
| Stock options granted (in shares) | 0 | 0 | 0 |
| Number of stock options outstanding (in shares) | 386,617 | ||
| Total intrinsic value of options exercised | $ 5,800,000 | $ 22,200,000 | $ 7,300,000 |
| Net cash proceeds from the exercise of stock options | $ 5,600,000 | $ 21,800,000 | $ 8,500,000 |
| Number of shares available for future grants for all plans (in shares) | 5,800,000 | ||
| Performance-based restricted stock units | |||
| Share Based Compensation Plans (Additional Textual) [Abstract] | |||
| Vesting period (in years) | 3 years | ||
| Time-based restricted stock units | |||
| Share Based Compensation Plans (Additional Textual) [Abstract] | |||
| Increments for vesting (as a percent) | 25.00% | ||
| Time-based restricted stock units | Minimum | |||
| Share Based Compensation Plans (Additional Textual) [Abstract] | |||
| Vesting period (in years) | 2 years | ||
| Time-based restricted stock units | Maximum | |||
| Share Based Compensation Plans (Additional Textual) [Abstract] | |||
| Vesting period (in years) | 5 years | ||
| Restricted Stock | |||
| Share Based Compensation Plans (Additional Textual) [Abstract] | |||
| Stock distributed from vesting (in shares) | 366,427 | 376,261 | 386,594 |
| Recognized stock-based compensation expense before tax | $ 25,900,000 | $ 30,500,000 | $ 29,300,000 |
| Stock Options | |||
| Share Based Compensation Plans (Additional Textual) [Abstract] | |||
| Vesting period (in years) | 10 years | ||
| Increments for vesting (as a percent) | 25.00% | ||
| Number of stock options outstanding (in shares) | 257,729 | ||
Stock Compensation - Schedule of Stock Award Activity, Including Performance-based Restricted Stock Units, Time-based Restricted Stock Units and Deferred Shares (Details) - Restricted Stock - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Number of Shares | |||
| Outstanding - beginning of year, number of shares (in shares) | 869,386 | ||
| Granted - new awards, number of shares (in shares) | 435,125 | ||
| Adjusted for performance results achieved, number of shares (in shares) | 71,092 | ||
| Vested, number of shares (in shares) | (366,427) | (376,261) | (386,594) |
| Canceled or expired number of shares (in shares) | (27,166) | ||
| Outstanding - end of year, number of shares (in shares) | 982,010 | 869,386 | |
| Weighted-average Grant Date Fair Value | |||
| Outstanding - beginning of year, weighted-average grant date fair value (in dollars per share) | $ 75.00 | ||
| Granted - new awards, weighted-average grant date fair value (in dollars per share) | 81.23 | ||
| Adjusted for performance results achieved, weighted-average grant date fair value (in dollars per share) | 74.70 | ||
| Vested, weighted-average grant date fair value (in dollars per share) | 72.84 | ||
| Canceled or expired, weighted-average grant date fair value (in dollars per share) | 79.38 | ||
| Outstanding - end of year, weighted-average grant date fair value (in dollars per share) | $ 78.43 | $ 75.00 | |
Stock Compensation - Schedule of Stock Option Award Activity (Details) $ / shares in Units, $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
$ / shares
shares
| |
| Number of Shares | |
| Outstanding - beginning of year, number of shares (in shares) | shares | 386,617 |
| Exercised, number of shares (in shares) | shares | (128,888) |
| Weighted-average Exercise Price | |
| Outstanding - beginning of year, weighted-average exercise price (in dollars per share) | $ 42.69 |
| Exercised, weighted-average exercise price (in dollars per share) | 43.00 |
| Outstanding - end of year, weighted-average exercise price (in dollars per share) | $ 42.53 |
| Outstanding - end of year, weighted-average remaining contractual term (in years) | 4 years |
| Outstanding - end of year, aggregate intrinsic value | $ | $ 7.4 |
Impairment and Restructuring Charges - Schedule of Impairment and Restructuring Charges by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment charges | $ 3.5 | $ 33.2 | $ 38.3 | ||||||||
| Severance and related benefit costs | 7.6 | 11.1 | 4.2 | ||||||||
| Exit costs | 2.3 | 1.2 | 1.6 | ||||||||
| Total | $ 5.3 | $ 2.5 | $ 3.3 | $ 2.3 | $ 5.2 | $ 8.9 | $ 2.5 | $ 28.9 | 13.4 | 45.5 | 44.1 |
| Engineered Bearings | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment charges | 2.0 | 4.9 | 9.0 | ||||||||
| Severance and related benefit costs | 2.6 | 5.5 | 2.7 | ||||||||
| Exit costs | 2.0 | 0.9 | 1.4 | ||||||||
| Total | 6.6 | 11.3 | 13.1 | ||||||||
| Industrial Motion | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment charges | 1.5 | 28.3 | 29.3 | ||||||||
| Severance and related benefit costs | 5.0 | 5.6 | 1.5 | ||||||||
| Exit costs | 0.3 | 0.3 | 0.2 | ||||||||
| Total | $ 6.8 | $ 34.2 | $ 31.0 | ||||||||
Impairment and Restructuring Charges - Narrative (Details) |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 06, 2024
employee
|
Nov. 30, 2023
USD ($)
employee
|
Jan. 16, 2023
employee
|
Nov. 01, 2022
USD ($)
|
Oct. 31, 2022
employee
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Severance and related benefit costs | $ 7,600,000 | $ 11,100,000 | $ 4,200,000 | ||||||||
| Exit costs | 2,300,000 | 1,200,000 | 1,600,000 | ||||||||
| Impairment charges | 17,800,000 | 59,300,000 | 55,100,000 | ||||||||
| Pretax gain (loss) | $ 0 | 2,900,000 | (3,500,000) | ||||||||
| Number of reporting segments | segment | 2 | ||||||||||
| Impairment loss | $ 28,300,000 | $ 1,500,000 | 28,300,000 | 0 | |||||||
| Belts and Chain | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment loss | $ 1,500,000 | 1,500,000 | |||||||||
| Held-for-Sale | Jiangsu TWB Bearings Co., Ltd | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Pretax gain (loss) | $ (600,000) | ||||||||||
| Held-for-Sale | ADS | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment charge on reclassified assets | 29,300,000 | ||||||||||
| Engineered Bearings | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Severance and related benefit costs | 2,600,000 | 5,500,000 | 2,700,000 | ||||||||
| Exit costs | 2,000,000.0 | 900,000 | 1,400,000 | ||||||||
| Impairment loss | 0 | 0 | |||||||||
| Engineered Bearings | Held-for-Sale | Jiangsu TWB Bearings Co., Ltd | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment charge on reclassified assets | 1,000,000 | ||||||||||
| Industrial Motion | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Severance and related benefit costs | 5,000,000.0 | 5,600,000 | 1,500,000 | ||||||||
| Exit costs | 300,000 | 300,000 | 200,000 | ||||||||
| Impairment loss | 1,500,000 | 28,300,000 | |||||||||
| Facility Closing | Engineered Bearings | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment charges | 2,000,000 | ||||||||||
| Gaffney, South Carolina | Facility Closing | Engineered Bearings | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Number of employees expected to be affected | employee | 225 | ||||||||||
| Severance and related benefit costs | 200,000 | 3,600,000 | 900,000 | ||||||||
| Exit costs | $ 1,700,000 | 600,000 | |||||||||
| Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring, Settlement and Impairment Provisions | ||||||||||
| Restructuring charges | $ 16,800,000 | ||||||||||
| Russia | Facility Closing | Engineered Bearings | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment charges | 3,900,000 | 9,000,000 | |||||||||
| Russia | Deconsolidation | Engineered Bearings | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Impairment charges | 4,700,000 | ||||||||||
| Investments | $ 0 | 0 | |||||||||
| Villa Carcina, Italy | Facility Closing | Engineered Bearings | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Number of employees expected to be affected | employee | 110 | ||||||||||
| Severance and related benefit costs | 1,400,000 | ||||||||||
| Exit costs | 1,600,000 | ||||||||||
| Restructuring charges | $ 9,900,000 | ||||||||||
| Pretax gain (loss) | $ 3,600,000 | ||||||||||
| Springfield, Missouri | Employee Severance | Industrial Motion | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Number of employees expected to be affected | employee | 100 | ||||||||||
| Fort Scott, Kansas | Facility Closing | Industrial Motion | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Number of employees expected to be affected | employee | 155 | ||||||||||
| Severance and related benefit costs | 2,500,000 | ||||||||||
| Restructuring charges | $ 6,800,000 | ||||||||||
| Fort Scott, Kansas | Facility Closing | Industrial Motion | Minimum | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Pretax costs | $ 12,000,000 | ||||||||||
| Fort Scott, Kansas | Facility Closing | Industrial Motion | Maximum | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Pretax costs | $ 14,000,000 | ||||||||||
| Europe | Employee Severance, Automatic Lubrication Systems Facilities | Industrial Motion | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Severance and related benefit costs | 2,200,000 | ||||||||||
| Europe | Employee Severance, Gear Manufacturing Facility | Industrial Motion | |||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||
| Severance and related benefit costs | $ 1,500,000 | ||||||||||
Impairment and Restructuring Charges - Schedule of Rollforward of the Consolidated Restructuring Accrual (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Restructuring Reserve [Roll Forward] | ||
| Beginning balance | $ 5.8 | $ 3.1 |
| Expense | 9.9 | 12.3 |
| Payments | (12.0) | (9.6) |
| Ending balance | $ 3.7 | $ 5.8 |
Retirement Benefit Plans - Narrative (Details) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
|
Jan. 31, 2025
EUR (€)
|
Dec. 31, 2024
USD ($)
plan
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2025 |
Dec. 31, 2024
USD ($)
plan
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021 |
|
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Cash contributions and payments | $ 24.6 | $ 27.1 | $ 11.2 | |||||
| Actuarial gains (losses) | $ 1.3 | $ (22.3) | ||||||
| Percentage of employees covered by four largest plans | 83.00% | 83.00% | 83.00% | 83.00% | ||||
| Number of plans frozen | plan | 3 | 3 | ||||||
| Return on plan assets | $ 32.1 | $ 35.6 | 29.4 | |||||
| International Plans | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Recognition of net actuarial gains | (0.6) | (12.4) | 6.6 | |||||
| U.S. Plans | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Recognition of net actuarial gains | 1.3 | (9.2) | (22.6) | |||||
| Pension Plan | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Cash contributions and payments | 24.6 | 27.1 | ||||||
| Actuarial gains (losses) | 0.7 | (21.6) | $ (16.0) | |||||
| Current liabilities | $ 7.0 | $ 7.2 | 7.0 | 7.2 | ||||
| Pension plan with project benefit obligation in excess of plan assets, projected benefit obligation | 534.9 | 534.9 | ||||||
| Pension plan with project benefit obligation in excess of plan assets, accumulated benefit obligations | 527.6 | 527.6 | ||||||
| Pension plan with project benefit obligation in excess of plan assets, fair value of plan assets | 370.3 | 370.3 | ||||||
| Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets, projected benefit obligation | 526.3 | 526.3 | ||||||
| Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets, accumulated benefit obligations | 521.4 | 521.4 | ||||||
| Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets, fair value of plan assets | 361.9 | 361.9 | ||||||
| Pension accumulated benefit obligation | 528.0 | 567.0 | $ 528.0 | 567.0 | ||||
| Percentage decrease in value (as a percent) | 1.40% | |||||||
| Defined benefit plan, plan assets, amount | $ 370.9 | $ 396.0 | $ 370.9 | 396.0 | ||||
| Pension Plan | International Plans | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Cash contributions and payments | 4.1 | 8.0 | ||||||
| Actuarial gains (losses) | $ 14.9 | $ (10.8) | ||||||
| Benefit obligation, discount rate (as a percent) | 5.43% | 4.48% | 5.43% | 4.48% | 4.81% | 1.80% | ||
| Current liabilities | $ 2.1 | $ 2.4 | $ 2.1 | $ 2.4 | ||||
| Defined benefit plan, plan assets, amount | 175.9 | 196.8 | 175.9 | 196.8 | $ 185.5 | |||
| Pension Plan | International Plans | Subsequent Event | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Employer contribution toward insurance buy-in contract | € | € 6 | |||||||
| Pension Plan | International Plans | Fair Value, Recurring | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Defined benefit plan, plan assets, amount | $ 173.5 | $ 164.0 | 173.5 | 164.0 | ||||
| Pension Plan | U.S. Plans | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Cash contributions and payments | 20.5 | 19.1 | ||||||
| Actuarial gains (losses) | $ 12.6 | $ (10.8) | ||||||
| Benefit obligation, discount rate (as a percent) | 5.83% | 5.40% | 5.83% | 5.40% | 5.64% | 3.07% | ||
| Benefit cost, discount rate (as a percent) | 5.40% | |||||||
| Expected long-term return on plan assets (as a percent) | 3.94% | |||||||
| Current liabilities | $ 4.9 | $ 4.8 | $ 4.9 | $ 4.8 | ||||
| Defined benefit plan, plan assets, amount | $ 195.0 | $ 199.2 | 195.0 | 199.2 | $ 201.6 | |||
| Pension Plan | U.S. Plans | Forecast | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Benefit cost, discount rate (as a percent) | 5.83% | |||||||
| Expected long-term return on plan assets (as a percent) | 4.30% | |||||||
| Pension Plan | Discount Rate Increase | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Recognition of net actuarial gains | 28.7 | 17.6 | 243.2 | |||||
| Pension Plan | Return on Plan Assets vs. Expectation | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Recognition of net actuarial gains | 26.8 | 220.6 | ||||||
| Pension Plan | Experience Losses Impact | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Recognition of net actuarial gains | $ 1.2 | $ 10.3 | $ 33.0 | |||||
| Pension Plan | Discount Rate in Basis Points | International Plans | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Increase (decrease) to discount rate (basis points) | 0.0095 | 0.0033 | 0.0301 | |||||
| Pension Plan | Discount Rate in Basis Points | U.S. Plans | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Increase (decrease) to discount rate (basis points) | 0.0043 | 0.0024 | 0.0257 | |||||
| Pension Plan | Changes in Mortality | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Recognition of net actuarial gains | $ 6.0 | |||||||
| Pension Plan | Other Actuarial Assumptions | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Recognition of net actuarial gains | $ 0.3 | $ 0.2 | ||||||
| Pension Plan | Inflation Impact | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Recognition of net actuarial gains | $ 5.4 | |||||||
Retirement Benefit Plans - Schedule of Net Periodic Benefit Cost Information and the Related Assumptions Used to Measure the Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| United States | |||
| Components of net periodic benefit cost: | |||
| Service cost | $ 0.7 | $ 0.8 | $ 6.9 |
| Interest cost | 17.1 | 17.9 | 17.7 |
| Expected return on plan assets | (7.6) | (8.5) | (18.9) |
| Amortization of prior service cost | 0.1 | 0.2 | 1.2 |
| Recognition of net actuarial (gains) losses | (1.3) | 9.2 | 22.6 |
| Curtailment gain | 0.0 | 0.0 | 0.0 |
| Net periodic benefit cost (credit) | 9.0 | 19.6 | 29.5 |
| International Plans | |||
| Components of net periodic benefit cost: | |||
| Service cost | 1.9 | 1.6 | 1.6 |
| Interest cost | 10.2 | 10.4 | 5.7 |
| Expected return on plan assets | (9.6) | (10.4) | (9.3) |
| Amortization of prior service cost | 0.2 | 0.2 | 0.1 |
| Recognition of net actuarial (gains) losses | 0.6 | 12.4 | (6.6) |
| Curtailment gain | (0.1) | 0.0 | 0.0 |
| Net periodic benefit cost (credit) | $ 3.2 | $ 14.2 | $ (8.5) |
Retirement Benefit Plans - Schedule of Assumptions Used to Measure the Benefit Obligation for the Defined Benefit Pension Plans (Details) - Pension Plan |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| U.S. Plans | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Benefit cost, discount rate (as a percent) | 5.40% | |||
| Expected long-term return on plan assets (as a percent) | 3.94% | |||
| Benefit obligation, discount rate (as a percent) | 5.83% | 5.40% | 5.64% | 3.07% |
| Future compensation assumption (as a percent) | 3.00% | 3.25% | ||
| U.S. Plans | Minimum | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Benefit cost, discount rate (as a percent) | 5.37% | 5.62% | 3.03% | |
| Future compensation assumption (as a percent) | 3.25% | 2.50% | 2.50% | |
| Expected long-term return on plan assets (as a percent) | 2.09% | 4.31% | 4.35% | |
| Benefit obligation, discount rate (as a percent) | 5.78% | 5.37% | ||
| U.S. Plans | Maximum | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Benefit cost, discount rate (as a percent) | 5.53% | 5.74% | 4.95% | |
| Future compensation assumption (as a percent) | 3.50% | 3.50% | ||
| Expected long-term return on plan assets (as a percent) | 4.67% | 4.91% | 5.65% | |
| Benefit obligation, discount rate (as a percent) | 5.84% | 5.53% | ||
| International Plans | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Benefit obligation, discount rate (as a percent) | 5.43% | 4.48% | 4.81% | 1.80% |
| International Plans | Minimum | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Benefit cost, discount rate (as a percent) | 3.15% | 3.70% | 1.00% | |
| Future compensation assumption (as a percent) | 3.00% | 2.80% | 2.10% | |
| Expected long-term return on plan assets (as a percent) | 2.50% | 2.50% | 2.00% | |
| Benefit obligation, discount rate (as a percent) | 3.35% | 3.15% | ||
| Future compensation assumption (as a percent) | 2.62% | 3.00% | ||
| International Plans | Maximum | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Benefit cost, discount rate (as a percent) | 11.70% | 10.70% | 9.50% | |
| Future compensation assumption (as a percent) | 8.00% | 8.00% | 8.00% | |
| Expected long-term return on plan assets (as a percent) | 8.90% | 8.90% | 8.90% | |
| Benefit obligation, discount rate (as a percent) | 11.40% | 11.70% | ||
| Future compensation assumption (as a percent) | 8.00% | 8.00% | ||
Retirement Benefit Plans - Schedule of Change in Benefit Obligations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Change in benefit obligation: | |||||
| Actuarial (gains) losses | $ (1.3) | $ 22.3 | |||
| Pension Plan | |||||
| Change in benefit obligation: | |||||
| Actuarial (gains) losses | $ (0.7) | $ 21.6 | $ 16.0 | ||
| U.S. Plans | |||||
| Change in benefit obligation: | |||||
| Service cost | 0.7 | 0.8 | 6.9 | ||
| Interest cost | 17.1 | 17.9 | 17.7 | ||
| U.S. Plans | Pension Plan | |||||
| Change in benefit obligation: | |||||
| Benefit obligation at beginning of year | 333.2 | 335.3 | |||
| Service cost | 0.7 | 0.8 | |||
| Interest cost | 17.1 | 17.9 | |||
| Plan amendments | 0.0 | 0.0 | |||
| Actuarial (gains) losses | (12.6) | 10.8 | |||
| International plan exchange rate change | 0.0 | 0.0 | |||
| Curtailments | 0.0 | 0.0 | |||
| Benefits paid | (21.0) | (31.6) | |||
| Acquisitions | 0.0 | 0.0 | |||
| Other | 0.0 | 0.0 | |||
| Benefit obligation at end of year | 317.4 | 333.2 | 317.4 | 333.2 | 335.3 |
| International Plans | |||||
| Change in benefit obligation: | |||||
| Service cost | 1.9 | 1.6 | 1.6 | ||
| Interest cost | 10.2 | 10.4 | 5.7 | ||
| International Plans | Pension Plan | |||||
| Change in benefit obligation: | |||||
| Benefit obligation at beginning of year | 242.3 | 218.1 | |||
| Service cost | 1.9 | 1.6 | |||
| Interest cost | 10.2 | 10.4 | |||
| Plan amendments | 0.3 | 0.0 | |||
| Actuarial (gains) losses | (14.9) | 10.8 | |||
| International plan exchange rate change | (6.9) | 10.4 | |||
| Curtailments | (0.1) | 0.0 | |||
| Benefits paid | (15.0) | (14.7) | |||
| Acquisitions | 0.0 | 3.9 | |||
| Other | 0.4 | 1.8 | |||
| Benefit obligation at end of year | $ 218.2 | $ 242.3 | $ 218.2 | $ 242.3 | $ 218.1 |
Retirement Benefit Plans - Schedule of Change in Plan Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
| Company contributions / payments | $ 24.6 | $ 27.1 | $ 11.2 |
| Pension Plan | |||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
| Fair value of plan assets at beginning of year | 396.0 | ||
| Company contributions / payments | 24.6 | 27.1 | |
| Fair value of plan assets at end of year | 370.9 | 396.0 | |
| U.S. Plans | Pension Plan | |||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
| Fair value of plan assets at beginning of year | 199.2 | 201.6 | |
| Actual return on plan assets | (3.7) | 10.1 | |
| Company contributions / payments | 20.5 | 19.1 | |
| International plan exchange rate change | 0.0 | 0.0 | |
| Benefits paid | (21.0) | (31.6) | |
| Fair value of plan assets at end of year | 195.0 | 199.2 | 201.6 |
| Funded status at end of year | (122.4) | (134.0) | |
| International Plans | Pension Plan | |||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
| Fair value of plan assets at beginning of year | 196.8 | 185.5 | |
| Actual return on plan assets | (5.9) | 8.8 | |
| Company contributions / payments | 4.1 | 8.0 | |
| International plan exchange rate change | (4.1) | 9.2 | |
| Benefits paid | (15.0) | (14.7) | |
| Fair value of plan assets at end of year | 175.9 | 196.8 | $ 185.5 |
| Funded status at end of year | $ (42.3) | $ (45.5) | |
Retirement Benefit Plans - Schedule of Amounts Recognized on the Consolidated Balance Sheets (Details) - Pension Plan - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Amounts recognized on the Consolidated Balance Sheets: | ||
| Current liabilities | $ (7.0) | $ (7.2) |
| U.S. Plans | ||
| Amounts recognized on the Consolidated Balance Sheets: | ||
| Current liabilities | (4.9) | (4.8) |
| Non-current liabilities | (117.5) | (129.2) |
| Total | (122.4) | (134.0) |
| International Plans | ||
| Amounts recognized on the Consolidated Balance Sheets: | ||
| Current liabilities | (2.1) | (2.4) |
| Non-current liabilities | (40.2) | (43.1) |
| Total | $ (42.3) | $ (45.5) |
Retirement Benefit Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Income) (Details) - Pension Plan - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| U.S. Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Net prior service cost | $ 0.0 | $ 0.1 | |
| Accumulated other comprehensive loss | 0.0 | 0.1 | $ 0.3 |
| International Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Net prior service cost | 3.6 | 3.6 | |
| Accumulated other comprehensive loss | $ 3.6 | $ 3.6 | $ 3.6 |
Retirement Benefit Plans - Schedule Changes in Prior Service Cost Recognized in Accumulated Other Comprehensive Loss (Income) (Details) - Pension Plan - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| U.S. Plans | ||
| Changes in prior service cost recognized in accumulated other comprehensive loss: | ||
| Accumulated other comprehensive loss at beginning of year | $ 0.1 | $ 0.3 |
| Prior service cost | 0.0 | 0.0 |
| Recognized prior service cost | (0.1) | (0.2) |
| Foreign currency impact | 0.0 | 0.0 |
| Accumulated other comprehensive loss (income) at end of year | 0.0 | 0.1 |
| International Plans | ||
| Changes in prior service cost recognized in accumulated other comprehensive loss: | ||
| Accumulated other comprehensive loss at beginning of year | 3.6 | 3.6 |
| Prior service cost | 0.3 | 0.0 |
| Recognized prior service cost | (0.2) | (0.2) |
| Foreign currency impact | (0.1) | 0.2 |
| Accumulated other comprehensive loss (income) at end of year | $ 3.6 | $ 3.6 |
Retirement Benefit Plans - Schedule of Target Allocation for Pension Plan Assets and Actual Pension Plan Asset Allocations (Details) - Pension Plan |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Percentage of Pension Plan Assets | 100.00% | 100.00% |
| Equity securities | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Percentage of Pension Plan Assets | 13.00% | 13.00% |
| Fixed income securities | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Percentage of Pension Plan Assets | 83.00% | 84.00% |
| Other investments | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Percentage of Pension Plan Assets | 4.00% | 3.00% |
| Minimum | Equity securities | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Current Target Allocation | 10.00% | |
| Minimum | Fixed income securities | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Current Target Allocation | 78.00% | |
| Minimum | Other investments | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Current Target Allocation | 2.00% | |
| Maximum | Equity securities | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Current Target Allocation | 14.00% | |
| Maximum | Fixed income securities | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Current Target Allocation | 90.00% | |
| Maximum | Other investments | ||
| Target assets allocation and actual asset allocations for US pension plan assets | ||
| Current Target Allocation | 6.00% |
Retirement Benefit Plans - Schedule of Fair Value Hierarchy for Investments of Pension Assets Measured at Fair Value on a Recurring Basis (Details) - Pension Plan - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | $ 370.9 | $ 396.0 |
| Level 1, 2 and 3 | Fair Value, Recurring | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 50.9 | 98.6 |
| Level 1, 2 and 3 | Fair Value, Recurring | Cash and cash equivalents | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 14.0 | 28.0 |
| Level 1, 2 and 3 | Fair Value, Recurring | Government and agency securities | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 8.0 | 9.0 |
| Level 1, 2 and 3 | Fair Value, Recurring | Equity securities - U.S. companies | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.1 | 0.1 |
| Level 1, 2 and 3 | Fair Value, Recurring | Common collective funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 31.0 |
| Level 1, 2 and 3 | Fair Value, Recurring | Mutual funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 28.8 | 30.5 |
| Level 1 | Fair Value, Recurring | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 50.9 | 98.6 |
| Level 1 | Fair Value, Recurring | Cash and cash equivalents | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 14.0 | 28.0 |
| Level 1 | Fair Value, Recurring | Government and agency securities | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 8.0 | 9.0 |
| Level 1 | Fair Value, Recurring | Equity securities - U.S. companies | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.1 | 0.1 |
| Level 1 | Fair Value, Recurring | Common collective funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 31.0 |
| Level 1 | Fair Value, Recurring | Mutual funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 28.8 | 30.5 |
| Level 2 | Fair Value, Recurring | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 2 | Fair Value, Recurring | Cash and cash equivalents | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 2 | Fair Value, Recurring | Government and agency securities | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 2 | Fair Value, Recurring | Equity securities - U.S. companies | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 2 | Fair Value, Recurring | Common collective funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 2 | Fair Value, Recurring | Mutual funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 3 | Fair Value, Recurring | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 3 | Fair Value, Recurring | Cash and cash equivalents | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 3 | Fair Value, Recurring | Government and agency securities | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 3 | Fair Value, Recurring | Equity securities - U.S. companies | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 3 | Fair Value, Recurring | Common collective funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Level 3 | Fair Value, Recurring | Mutual funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 0.0 | 0.0 |
| Fair Value Measured at Net Asset Value Per Share | Common collective funds - fixed income | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 132.2 | 166.1 |
| Fair Value Measured at Net Asset Value Per Share | Common collective funds - international equities | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 47.3 | 45.8 |
| Fair Value Measured at Net Asset Value Per Share | Limited partnerships | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 4.2 | 5.4 |
| Fair Value Measured at Net Asset Value Per Share | Real estate partnerships | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 2.3 | 3.5 |
| Fair Value Measured at Net Asset Value Per Share | Other liability-driven investments | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | 109.1 | 51.6 |
| Fair Value Measured at Net Asset Value Per Share | Other assets | ||
| Assets, Fair Value Disclosure [Abstract] | ||
| Fair value of plan assets at end of year | $ 24.9 | $ 25.0 |
Retirement Benefit Plans - Schedule of Employer Contributions to Defined Benefit Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Employer Contributions [Abstract] | |||
| 2023 and 2024 | $ 24.6 | $ 27.1 | $ 11.2 |
| Pension Plan | |||
| Employer Contributions [Abstract] | |||
| 2023 and 2024 | 24.6 | $ 27.1 | |
| 2025 (estimated) | $ 37.6 | ||
Retirement Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) - Pension Plan $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Benefit Payments | |
| 2025 | $ 56.4 |
| 2026 | 48.5 |
| 2027 | 44.2 |
| 2028 | 42.6 |
| 2029 | 41.7 |
| 2030-2034 | $ 211.3 |
Other Postretirement Benefit Plans - Schedule of Net Periodic Benefit Cost Information and the Related Assumptions Used to Measure the Net Periodic Benefit Cost (Details) - Postretirement Plan - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Service cost | $ 0.1 | $ 0.1 | $ 0.2 |
| Interest cost | 1.7 | 1.9 | 1.4 |
| Amortization of prior service credit | (8.2) | (8.3) | (10.1) |
| Recognition of net actuarial gains | (0.5) | (1.0) | (13.1) |
| Net periodic benefit cost (credit) | $ (6.9) | $ (7.3) | $ (21.6) |
Other Postretirement Benefit Plans - Schedule of Assumptions Used to Measure the Benefit Obligation for the Defined Benefit Pension Plans (Details) - Other Postretirement Benefits Plan |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Assumptions: | ||||
| Benefit cost, discount rate (as a percent) | 5.55% | 5.75% | 2.99% | |
| Benefit obligation, discount rate (as a percent) | 5.83% | 5.55% | 5.75% | 2.99% |
Other Postretirement Benefit Plans - Narrative (Details) |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Actuarial gains (losses) | $ 1,300,000 | $ (22,300,000) | ||||
| Postretirement Plan | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Recognition of net actuarial gains (losses) | $ 500,000 | $ 1,000,000.0 | $ 13,100,000 | |||
| Benefit obligation, discount rate (as a percent) | 5.83% | 5.55% | 5.83% | 5.55% | 5.75% | 2.99% |
| Actuarial gains (losses) | $ 500,000 | $ 1,000,000.0 | ||||
| Benefit cost, discount rate (as a percent) | 5.55% | 5.75% | 2.99% | |||
| Current liabilities | $ 3,600,000 | $ 3,500,000 | $ 3,600,000 | $ 3,500,000 | ||
| Weighted average annual rate of increase in per capita cost for medical benefits (as a percent) | 7.00% | |||||
| Weighted average annual rate of increase in per capita cost for medical benefits declining gradually (as a percent) | 5.00% | |||||
| Annual initial increase for prescription drug benefits and HMO benefits per year | $ 10 | |||||
| Weighted average annual rate of secondary increase for prescription drug benefits and HMO benefits (as a percent) | 6.00% | |||||
| Weighted average annual rate of increase in per capita for prescription drug benefits and HMO benefits declining (as a percent) | 5.00% | |||||
| Postretirement Plan | Lower Than Expected Benefit Payments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Recognition of net actuarial gains (losses) | $ 2,000,000 | 1,400,000 | ||||
| Postretirement Plan | Impact of Experience Gains | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Recognition of net actuarial gains (losses) | 1,200,000 | |||||
| Postretirement Plan | Discount Rate in Dollars | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Recognition of net actuarial gains (losses) | $ 600,000 | $ 500,000 | $ 8,400,000 | |||
| Postretirement Plan | Discount Rate in Basis Points | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Increase (decrease) to discount rate (basis points) | 0.0028 | (0.0020) | 0.0276 | |||
| Postretirement Plan | Return on Plan Assets vs. Expectation | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Recognition of net actuarial gains (losses) | $ 1,900,000 | |||||
| Actuarial gains (losses) | $ (3,100,000) | 3,000,000 | ||||
| Postretirement Plan | Other Valuation Assumptions | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Recognition of net actuarial gains (losses) | $ (200,000) | $ 100,000 | $ 200,000 | |||
Other Postretirement Benefit Plans - Schedule of Change in Benefit Obligations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Change in benefit obligation: | |||||
| Actuarial (gains) losses | $ (1.3) | $ 22.3 | |||
| Postretirement Plan | |||||
| Change in benefit obligation: | |||||
| Benefit obligation at beginning of year | $ 33.7 | $ 35.5 | |||
| Service cost | 0.1 | 0.1 | $ 0.2 | ||
| Interest cost | 1.7 | 1.9 | 1.4 | ||
| Actuarial (gains) losses | (0.5) | (1.0) | |||
| International plan exchange rate change | 0.0 | (0.1) | |||
| Benefits paid | (1.6) | (2.7) | |||
| Benefit obligation at end of year | 33.4 | 33.7 | 33.4 | 33.7 | $ 35.5 |
| Funded status at end of year | $ (33.4) | $ (33.7) | $ (33.4) | $ (33.7) | |
Other Postretirement Benefit Plans - Schedule of Amounts Recognized on the Consolidated Balance Sheets (Details) - Postretirement Plan - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Amounts recognized on the Consolidated Balance Sheets: | ||
| Current liabilities | $ (3.6) | $ (3.5) |
| Non-current liabilities | (29.8) | (30.2) |
| Total | $ (33.4) | $ (33.7) |
Other Postretirement Benefit Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Income) (Details) - Postretirement Plan - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Amounts recognized in accumulated other comprehensive loss: | |||
| Net prior service credit | $ (55.4) | $ (63.6) | |
| Accumulated other comprehensive loss | $ (55.4) | $ (63.6) | $ (71.9) |
Other Postretirement Benefit Plans - Schedule of Changes in Prior Service Cost Recognized in Accumulated Other Comprehensive Loss (Income) (Details) - Postretirement Plan - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Changes to prior service credit recognized in accumulated other comprehensive loss: | ||
| Accumulated other comprehensive loss at beginning of year | $ (63.6) | $ (71.9) |
| Recognized prior service credit | 8.2 | 8.3 |
| Accumulated other comprehensive loss (income) at end of year | $ (55.4) | $ (63.6) |
Other Postretirement Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) - Postretirement Plan $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Benefit Payments | |
| 2025 | $ 3.7 |
| 2026 | 3.7 |
| 2027 | 3.6 |
| 2028 | 3.5 |
| 2029 | 3.4 |
| 2030-2034 | $ 14.0 |
Sale of Shares of Timken India Limited (Details) - Timken India Limited - USD ($) shares in Millions, $ in Millions |
May 28, 2024 |
Jun. 20, 2023 |
May 27, 2024 |
Jun. 19, 2023 |
|---|---|---|---|---|
| Subsidiary or Equity Method Investee [Line Items] | ||||
| Number of shares sold (in shares) | 5.0 | 7.6 | ||
| Amount received on transaction | $ 186.8 | $ 229.0 | ||
| Estimated income taxes and transaction costs | $ 45.2 | $ 55.2 | ||
| Ownership percentage | 51.05% | 57.70% | 57.70% | 67.80% |
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | $ 2,702.4 | $ 2,352.9 |
| Ownership changes | 5.6 | 6.6 |
| Other comprehensive income (loss) before reclassifications and income taxes | (148.1) | 31.3 |
| Amounts reclassified from accumulated other comprehensive (loss) income, before income tax | (10.4) | (7.0) |
| Income tax (expense) benefit | (6.7) | 2.3 |
| Net current period other comprehensive income (loss), net of income taxes and ownership changes | (159.6) | 33.2 |
| Noncontrolling interest | 4.8 | 1.8 |
| Net current period comprehensive income (loss), net of income taxes, noncontrolling interest and ownership changes | (154.8) | 35.0 |
| Ending balance | 2,984.1 | 2,702.4 |
| Foreign currency translation adjustment gains | 27.1 | 3.3 |
| Total | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | (146.9) | (181.9) |
| Ending balance | (301.7) | (146.9) |
| Foreign currency translation adjustments | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | (193.8) | (235.7) |
| Ownership changes | 5.6 | 6.6 |
| Other comprehensive income (loss) before reclassifications and income taxes | (153.5) | 33.5 |
| Amounts reclassified from accumulated other comprehensive (loss) income, before income tax | 0.0 | 0.0 |
| Income tax (expense) benefit | (7.7) | 0.0 |
| Net current period other comprehensive income (loss), net of income taxes and ownership changes | (155.6) | 40.1 |
| Noncontrolling interest | 4.8 | 1.8 |
| Net current period comprehensive income (loss), net of income taxes, noncontrolling interest and ownership changes | (150.8) | 41.9 |
| Ending balance | (344.6) | (193.8) |
| Pension and postretirement liability adjustments | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | 44.7 | 50.8 |
| Ownership changes | 0.0 | 0.0 |
| Other comprehensive income (loss) before reclassifications and income taxes | (0.1) | (0.2) |
| Amounts reclassified from accumulated other comprehensive (loss) income, before income tax | (7.9) | (7.9) |
| Income tax (expense) benefit | 2.0 | 2.0 |
| Net current period other comprehensive income (loss), net of income taxes and ownership changes | (6.0) | (6.1) |
| Noncontrolling interest | 0.0 | 0.0 |
| Net current period comprehensive income (loss), net of income taxes, noncontrolling interest and ownership changes | (6.0) | (6.1) |
| Ending balance | 38.7 | 44.7 |
| Change in fair value of derivative financial instruments | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | 2.2 | 3.0 |
| Ownership changes | 0.0 | 0.0 |
| Other comprehensive income (loss) before reclassifications and income taxes | 5.5 | (2.0) |
| Amounts reclassified from accumulated other comprehensive (loss) income, before income tax | (2.5) | 0.9 |
| Income tax (expense) benefit | (1.0) | 0.3 |
| Net current period other comprehensive income (loss), net of income taxes and ownership changes | 2.0 | (0.8) |
| Noncontrolling interest | 0.0 | 0.0 |
| Net current period comprehensive income (loss), net of income taxes, noncontrolling interest and ownership changes | 2.0 | (0.8) |
| Ending balance | $ 4.2 | $ 2.2 |
Fair Value - Schedule of Fair Value Hierarchy for Those Assets and Liabilities on the Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets and Liabilities Measured at Fair Value on a recurring basis | ||
| Restricted cash | $ 0.4 | $ 0.4 |
| Fair Value, Recurring | ||
| Assets and Liabilities Measured at Fair Value on a recurring basis | ||
| Restricted cash | 0.4 | 0.4 |
| Short-term investments | 15.9 | 31.6 |
| Foreign currency forward contracts | 4.9 | 3.3 |
| Total Assets | 394.4 | 454.2 |
| Foreign currency forward contracts | 10.4 | 11.4 |
| Total Liabilities | 10.4 | 11.4 |
| Fair Value, Recurring | Level 1, 2 and 3 | ||
| Assets and Liabilities Measured at Fair Value on a recurring basis | ||
| Cash and cash equivalents | 343.1 | 384.4 |
| Fair Value, Recurring | Level 1 | ||
| Assets and Liabilities Measured at Fair Value on a recurring basis | ||
| Cash and cash equivalents | 341.8 | 381.0 |
| Restricted cash | 0.4 | 0.4 |
| Short-term investments | 0.0 | 0.0 |
| Foreign currency forward contracts | 0.0 | 0.0 |
| Total Assets | 342.2 | 381.4 |
| Foreign currency forward contracts | 0.0 | 0.0 |
| Total Liabilities | 0.0 | 0.0 |
| Fair Value, Recurring | Level 2 | ||
| Assets and Liabilities Measured at Fair Value on a recurring basis | ||
| Cash and cash equivalents | 1.3 | 3.4 |
| Restricted cash | 0.0 | 0.0 |
| Short-term investments | 15.9 | 31.6 |
| Foreign currency forward contracts | 4.9 | 3.3 |
| Total Assets | 22.1 | 38.3 |
| Foreign currency forward contracts | 10.4 | 11.4 |
| Total Liabilities | 10.4 | 11.4 |
| Fair Value, Recurring | Level 3 | ||
| Assets and Liabilities Measured at Fair Value on a recurring basis | ||
| Cash and cash equivalents | 0.0 | 0.0 |
| Restricted cash | 0.0 | 0.0 |
| Short-term investments | 0.0 | 0.0 |
| Foreign currency forward contracts | 0.0 | 0.0 |
| Total Assets | 0.0 | 0.0 |
| Foreign currency forward contracts | 0.0 | 0.0 |
| Total Liabilities | 0.0 | 0.0 |
| Fair Value, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
| Assets and Liabilities Measured at Fair Value on a recurring basis | ||
| Cash and cash equivalents | $ 30.1 | $ 34.5 |
Fair Value - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fair Value Disclosures [Abstract] | ||
| Long-term debt, fair value | $ 1,659.2 | $ 1,387.7 |
| Long-term fixed rate debt, carrying value | $ 1,675.6 | $ 1,424.3 |
Derivative Instruments - Narrative (Details) € in Millions, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Sep. 15, 2020
EUR (€)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
May 23, 2024
EUR (€)
|
|
| Derivative [Line Items] | |||||
| Amount of gain reclassified to accumulated comprehensive loss (income) | $ 10.4 | $ 7.0 | |||
| Proceeds from long-term debt | 1,858.3 | 1,564.9 | $ 1,399.5 | ||
| Derivative, notional amount | 471.6 | 591.8 | |||
| 2027 Notes | |||||
| Derivative [Line Items] | |||||
| Proceeds from long-term debt | € | € 150.0 | ||||
| Senior Unsecured Notes 2034 - 4.125% | |||||
| Derivative [Line Items] | |||||
| Principal amount | € | € 600.0 | ||||
| Net Investment Hedging | 2034 Notes | |||||
| Derivative [Line Items] | |||||
| Amount of gain reclassified to accumulated comprehensive loss (income) | 27.7 | ||||
| Net Investment Hedging | 2027 Notes | |||||
| Derivative [Line Items] | |||||
| Amount of gain reclassified to accumulated comprehensive loss (income) | 3.7 | ||||
| Derivative, amount of hedged item | € | € 54.5 | ||||
| Designated as Hedging Instrument | |||||
| Derivative [Line Items] | |||||
| Derivative, notional amount | $ 63.0 | 73.8 | |||
| Maximum length of time over which the Company hedges (in months) | 18 months | ||||
| Not Designated as Hedging Instrument | |||||
| Derivative [Line Items] | |||||
| Derivative, notional amount | $ 408.6 | $ 518.0 | |||
Derivative Instruments - Schedule of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
| Derivatives not designated as hedging instruments | $ (18.8) | $ (15.0) | $ (25.2) |
Research and Development (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
| Expenditures as a percentage of sales (as a percent) | 3.20% | 2.70% | 2.30% |
| Research and Development Expense | |||
| Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
| Expenditures as a percentage of sales (as a percent) | 1.10% | 0.80% | 0.80% |
| Engineering Expense | |||
| Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
| Expenditures as a percentage of sales (as a percent) | 2.10% | 1.90% | 1.50% |
Government Assistance (Details) $ in Millions |
12 Months Ended | 24 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2022
USD ($)
job
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Government Assistance [Line Items] | ||||
| Number of additional new jobs | job | 450 | |||
| Business Development | ||||
| Government Assistance [Line Items] | ||||
| Government Assistance, Nonoperating Expense, Decrease (Increase), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Nonoperating | |||
| Government assistance, nonoperating expense | $ 2.1 | |||
| Business Development | Cost of Sales | ||||
| Government Assistance [Line Items] | ||||
| Government assistance increase (decrease) | $ 7.9 | |||
| Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of products sold | |||
| Business Development | Selling, General and Administrative Expenses | ||||
| Government Assistance [Line Items] | ||||
| Government assistance increase (decrease) | $ 0.2 | |||
| Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | |||
| Business Development | Other current liabilities | ||||
| Government Assistance [Line Items] | ||||
| Cumulative government assistance | $ 1.5 | $ 1.6 | ||
| Government Assistance, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current | ||
| Business Development | Other non-current liabilities | ||||
| Government Assistance [Line Items] | ||||
| Cumulative government assistance | $ 42.2 | $ 36.0 | ||
| Government Assistance, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||
| Definitized Technology Investment Agreement | ||||
| Government Assistance [Line Items] | ||||
| Cumulative government assistance | $ 7.2 | |||
| Government Assistance, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |||
| Government assistance increase (decrease) | $ 0.1 | |||
| Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of products sold | |||
| New Production Facility Construction | ||||
| Government Assistance [Line Items] | ||||
| Government assistance increase (decrease) | $ 3.3 | |||
| Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of products sold | |||
| Government Assistance, Nonoperating Expense, Decrease (Increase), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Nonoperating | |||
| Government assistance, nonoperating expense | $ 1.2 | |||
| Expected deficit including interest, amount | 16.6 | |||
| New Production Facility Construction | Spinea | ||||
| Government Assistance [Line Items] | ||||
| Government assistance increase (decrease) | $ 18.0 | |||
| Reimbursement of Capital Investments | ||||
| Government Assistance [Line Items] | ||||
| Government assistance increase (decrease) | $ 2.0 | |||
| Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of products sold | |||
| Government Assistance, Nonoperating Expense, Decrease (Increase), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Nonoperating | |||
| Government assistance, nonoperating expense | $ 0.9 | |||
| Expected deficit including interest, amount | $ 8.4 | |||
| Taxes payable | $ 16.6 | |||
| Reimbursement of Capital Investments | Spinea | ||||
| Government Assistance [Line Items] | ||||
| Government assistance increase (decrease) | $ 16.5 | |||
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Dec. 31, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Interim Period, Costs Not Allocable [Line Items] | ||||||||||||
| Net sales | $ 1,073.6 | $ 1,126.8 | $ 1,182.3 | $ 1,190.3 | $ 1,091.2 | $ 1,142.7 | $ 1,272.3 | $ 1,262.8 | $ 4,573.0 | $ 4,769.0 | $ 4,496.7 | |
| Cost of products sold | 748.5 | 782.4 | 808.7 | 792.7 | 759.9 | 787.1 | 866.9 | 846.0 | 3,132.3 | 3,259.9 | 3,164.7 | |
| Selling, general and administrative expenses | 187.5 | 189.7 | 184.1 | 190.7 | 189.5 | 179.6 | 184.9 | 186.8 | 752.0 | 740.8 | 637.1 | |
| Amortization of intangible assets | 19.3 | 19.7 | 19.0 | 20.0 | 17.4 | 17.5 | 17.3 | 13.5 | 78.0 | 65.7 | 43.9 | |
| Impairment and restructuring charges | 5.3 | 2.5 | 3.3 | 2.3 | 5.2 | 8.9 | 2.5 | 28.9 | 13.4 | 45.5 | 44.1 | |
| Operating Income | 113.0 | 146.3 | 167.2 | 184.6 | 119.2 | 149.6 | 200.7 | 187.6 | 611.1 | 657.1 | 606.9 | |
| Net income | 75.1 | 87.6 | 102.0 | 110.6 | 61.9 | 90.9 | 129.5 | 125.7 | 375.3 | 408.0 | 417.0 | |
| Net income attributable to noncontrolling interests | 3.9 | 5.8 | 5.8 | 7.1 | 3.2 | 3.0 | 4.3 | 3.4 | 22.6 | 13.9 | 9.6 | |
| Net Income Attributable to The Timken Company | $ 71.2 | $ 81.8 | $ 96.2 | $ 103.5 | $ 58.7 | $ 87.9 | $ 125.2 | $ 122.3 | $ 352.7 | $ 394.1 | $ 407.4 | |
| Net income per share - Basic (in dollars per share) | $ 1.02 | $ 1.17 | $ 1.37 | $ 1.47 | $ 0.84 | $ 1.24 | $ 1.74 | $ 1.69 | $ 5.02 | $ 5.52 | $ 5.54 | |
| Net income per share - Diluted (in dollars per share) | 1.01 | 1.16 | 1.36 | 1.46 | 0.83 | 1.23 | 1.73 | 1.67 | 4.99 | 5.47 | $ 5.48 | |
| Dividends per share (in dollars per share) | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.31 | $ 1.35 | $ 1.30 | ||
| Pretax gain (loss) | $ 0.0 | $ 2.9 | $ (3.5) | |||||||||
| Actuarial gains (losses) | $ 1.3 | $ (22.3) | ||||||||||
| Impairment charges | $ 28.3 | |||||||||||
| Disposed of by Sale | Gaffney Plant | ||||||||||||
| Interim Period, Costs Not Allocable [Line Items] | ||||||||||||
| Pretax gain (loss) | $ 13.8 | $ 13.8 | ||||||||||
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| SEC Schedule, 12-09, Allowance, Notes Receivable | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of period | $ 17.1 | $ 17.9 | $ 16.9 |
| Additions, charged to costs and expenses | 7.2 | (1.0) | 3.7 |
| Deductions, charged to costs and expenses | (3.6) | 0.2 | 0.4 |
| Deductions, charged to other accounts | 0.8 | (0.4) | 2.3 |
| Balance at end of period | 21.5 | 17.1 | 17.9 |
| SEC Schedule, 12-09, Reserve, Inventory | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of period | 73.7 | 58.4 | 63.3 |
| Additions, charged to costs and expenses | 20.9 | 25.0 | 12.9 |
| Additions, charged to other accounts | (6.8) | 7.9 | 1.2 |
| Deductions | 14.4 | 17.6 | 19.0 |
| Balance at end of period | 73.4 | 73.7 | 58.4 |
| SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of period | 39.3 | 31.3 | 31.0 |
| Additions, charged to costs and expenses | 11.7 | 10.6 | 3.1 |
| Deductions, charged to costs and expenses | 0.9 | 2.1 | 0.9 |
| Deductions, charged to other accounts | 1.4 | 0.5 | 1.9 |
| Balance at end of period | $ 48.7 | $ 39.3 | $ 31.3 |