TIMKEN CO, 10-Q filed on 11/5/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 1-1169  
Entity Registrant Name TIMKEN CO  
Entity Incorporation, State or Country Code OH  
Entity Tax Identification Number 34-0577130  
Entity Address, Address Line One 4500 Mount Pleasant Street NW  
Entity Address, City or Town North Canton  
Entity Address, State or Province OH  
Entity Address, Postal Zip Code 44720-5450  
City Area Code 234  
Local Phone Number 262.3000  
Title of 12(b) Security Common Shares, without par value  
Trading Symbol TKR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   70,117,234
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000098362  
Current Fiscal Year End Date --12-31  
v3.24.3
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 1,126.8 $ 1,142.7 $ 3,499.4 $ 3,677.8
Cost of products sold 782.4 787.1 2,383.8 2,500.0
Selling, general and administrative expenses 189.7 179.6 564.5 551.3
Amortization of intangible assets 19.7 17.5 58.7 48.3
Impairment and restructuring charges 2.5 8.9 8.1 40.3
Gain on sale of real estate (13.8) 0.0 (13.8) 0.0
Operating Income 146.3 149.6 498.1 537.9
Interest expense (30.3) (27.5) (97.1) (79.9)
Interest income 3.4 2.6 11.3 6.0
Non-service pension and other postretirement expense (0.9) (0.9) (2.9) (0.8)
Other (expense) income, net (6.3) 0.4 (6.0) 5.8
Income Before Income Taxes 112.2 124.2 403.4 469.0
Provision for income taxes 24.6 33.3 103.2 122.9
Net Income 87.6 90.9 300.2 346.1
Less: Net income attributable to noncontrolling interest 5.8 3.0 18.7 10.7
Net Income Attributable to The Timken Company $ 81.8 $ 87.9 $ 281.5 $ 335.4
Net Income per Common Share Attributable to The Timken Company Common Shareholders        
Basic earnings per share (in dollars per share) $ 1.17 $ 1.24 $ 4.01 $ 4.68
Diluted earnings per share (in dollars per share) $ 1.16 $ 1.23 $ 3.98 $ 4.63
v3.24.3
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net Income $ 87.6 $ 90.9 $ 300.2 $ 346.1
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustments 78.7 (65.1) (1.3) (65.3)
Pension and postretirement liability adjustments (1.6) (1.4) (4.6) (4.5)
Change in fair value of derivative financial instruments (1.6) 2.0 (1.3) 0.9
Other comprehensive income (loss), net of tax 75.5 (64.5) (7.2) (68.9)
Comprehensive income, net of tax 163.1 26.4 293.0 277.2
Less: comprehensive income attributable to noncontrolling interest 5.2 1.2 17.6 8.9
Comprehensive income attributable to The Timken Company $ 157.9 $ 25.2 $ 275.4 $ 268.3
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 412.7 $ 418.9
Restricted cash 0.7 0.4
Accounts receivable, less allowances (2024 – $19.0 million; 2023 – $17.1 million) 762.0 671.7
Unbilled receivables 162.6 144.5
Inventories, net 1,255.3 1,229.1
Deferred charges and prepaid expenses 41.9 41.5
Other current assets 96.7 128.8
Total Current Assets 2,731.9 2,634.9
Property, Plant and Equipment, net 1,314.8 1,311.9
Other Assets    
Goodwill 1,465.5 1,369.6
Other intangible assets, net 1,059.5 1,031.4
Operating lease assets 119.7 119.7
Deferred income taxes 46.8 44.3
Other non-current assets 29.2 29.9
Total Other Assets 2,720.7 2,594.9
Total Assets 6,767.4 6,541.7
Current Liabilities    
Accounts payable, trade 344.6 367.2
Short-term debt, including current portion of long-term debt 49.7 605.6
Salaries, wages and benefits 152.2 161.5
Income taxes payable 30.8 19.9
Other current liabilities 333.0 317.1
Total Current Liabilities 910.3 1,471.3
Non-Current Liabilities    
Long-term debt 2,189.2 1,790.3
Accrued pension benefits 160.9 172.3
Accrued postretirement benefits 30.3 30.2
Long-term operating lease liabilities 75.5 78.7
Deferred income taxes 198.0 186.5
Other non-current liabilities 112.5 110.0
Total Non-Current Liabilities 2,766.4 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 shares, without par value: Authorized – 200,000,000 shares Issued (including shares in treasury) (2024 – 79,171,638 shares; 2023 – 78,680,164 shares) Stated capital 40.7 40.7
Other paid-in capital 1,260.0 1,076.5
Retained earnings 2,441.5 2,232.2
Accumulated other comprehensive loss (147.4) (146.9)
Treasury shares at cost (2024 – 9,054,863 shares; 2023 – 8,553,272 shares) (661.5) (620.1)
Total Shareholders’ Equity 2,933.3 2,582.4
Noncontrolling Interest 157.4 120.0
Total Equity 3,090.7 2,702.4
Total Liabilities and Equity $ 6,767.4 $ 6,541.7
v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Allowances for accounts receivable $ 19.0 $ 17.1
Common stock authorized (in shares) 200,000,000 200,000,000
Common stock issued (in shares) 79,171,638 78,680,164
Treasury stock (in shares) 9,054,863 8,553,272
Preferred Stock Class I    
Preferred stock authorized (Class I & Class II Preferred stock) (in shares) 10,000,000 10,000,000
Preferred stock issued (Class I & Class II Preferred stock) (in shares) 0 0
Preferred Stock Class II    
Preferred stock authorized (Class I & Class II Preferred stock) (in shares) 10,000,000 10,000,000
Preferred stock issued (Class I & Class II Preferred stock) (in shares) 0 0
v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Operating Activities          
Net Income $ 87.6 $ 90.9 $ 300.2 $ 346.1  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 56.1 52.2 165.6 149.0  
Impairment charges     2.0 33.2  
Gain on sale of assets     (14.6) 0.0  
Gain on divestitures     0.0 (3.7)  
Deferred income tax (benefit) provision     (8.5) 3.4  
Stock-based compensation expense     16.7 22.9  
Pension and other postretirement expense     4.9 2.6  
Pension and other postretirement benefit contributions and payments     (22.9) (24.1)  
Changes in operating assets and liabilities:          
Accounts receivable     (88.5) 13.0  
Unbilled receivables     (18.3) (32.3)  
Inventories     (12.5) 47.6  
Accounts payable, trade     (16.7) (58.8)  
Other accrued expenses     11.1 (14.4)  
Income taxes     (20.5) (66.6)  
Other, net     (0.9) (1.0)  
Net Cash Provided by Operating Activities     297.1 416.9  
Investing Activities          
Capital expenditures     (116.4) (134.9)  
Acquisitions, net of cash acquired     (167.7) (464.7)  
Proceeds from disposal of property, plant and equipment     17.5 1.7  
Proceeds from divestitures, net of cash divested     0.3 4.5  
Investments in short-term marketable securities, net     16.5 (5.6)  
Other, net     (0.2) (0.1)  
Net Cash Used in Investing Activities     (250.0) (599.1)  
Financing Activities          
Cash dividends paid to shareholders     (72.2) (70.8)  
Purchase of treasury shares     (31.4) (218.4)  
Proceeds from exercise of stock options     5.5 21.3  
Payments related to tax withholding for stock-based compensation     (10.0) (16.4)  
Borrowings on accounts receivable facility     257.0 82.0  
Payments on accounts receivable facility     (252.0) (89.0)  
Proceeds from long-term debt     1,515.9 1,192.3  
Payments on long-term debt     (1,475.2) (1,151.2)  
Deferred financing costs     (5.5) (0.5)  
Short-term debt activity, net     (216.3) 202.1  
Noncontrolling interest dividends paid     (1.1) (0.6)  
Proceeds from the sale of shares in Timken India Limited     232.3 284.8  
Other     (1.2) 0.0  
Net Cash (Used in) Provided by Financing Activities     (54.2) 235.6  
Effect of exchange rate changes on cash     1.2 (19.0)  
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash     (5.9) 34.4  
Cash, cash equivalents and restricted cash at beginning of year     419.3 340.7 $ 340.7
Cash, Cash Equivalents and Restricted Cash at End of Period $ 413.4 $ 375.1 $ 413.4 $ 375.1 $ 419.3
v3.24.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Note 1 - Basis of Presentation
The accompanying Consolidated Financial Statements (unaudited) for The Timken Company (the "Company" or "Timken") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by the accounting principles generally accepted in the United States ("U.S. GAAP") for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to the Consolidated Financial Statements and accompanying Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
v3.24.3
Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies
Note 2 - Significant Accounting Policies
The Company's significant accounting policies are detailed in "Note 1 - Significant Accounting Policies" of the Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Accounting Pronouncements:

New Accounting Guidance Issued and Not Yet Adopted:
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 40). ASU 2023-09 is intended to enhance the transparency and decision 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 entities, the new guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is preparing to adopt this guidance in 2025.
In November 2023, the FASB issued 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 entities, the new guidance is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is preparing to adopt the new disclosure requirements beginning with its Annual Report on Form 10-K for the year ended December 31, 2024.
v3.24.3
Acquisitions and Divestitures
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures
Note 3 - Acquisitions and Divestitures
Acquisitions:
On September 9, 2024, the Company acquired 100% of the capital stock of CGI, Inc. ("CGI"), a Nevada-based manufacturer of precision drive systems serving a broad range of automation markets with a concentration in medical robotics. CGI employs approximately 130 people and has its headquarters and manufacturing facilities in Carson City, Nevada. The acquisition of CGI enhances the Company's product portfolio. The total purchase price for this acquisition was $167.4 million, net of cash acquired of $8.9 million, subject to customary post-closing adjustments. Results for CGI are reported in the Industrial Motion segment. The Company incurred acquisition-related costs of $1.4 million to complete this acquisition.
The following table presents the purchase price allocation at fair value for the CGI acquisition as of September 30, 2024:
Initial Purchase
Price Allocation
Assets:
Accounts receivable$4.2 
Inventories13.4 
Other current assets0.2 
Property, plant and equipment10.0 
Operating lease assets1.8 
Goodwill79.8 
Other intangible assets88.4 
Other non-current assets3.0 
   Total assets acquired$200.8 
Liabilities:
Accounts payable, trade$0.6 
Salaries, wages and benefits 1.4 
Other current liabilities2.8 
Deferred income taxes23.4 
Other non-current liabilities5.2 
   Total liabilities assumed$33.4 
   Net assets acquired$167.4 
The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2024:
2024
Weighted-
Average Life
Trade names$17.6 19 years
Technology and know-how21.6 15 years
Customer relationships49.2 15 years
Total intangible assets$88.4 
Note 3 - Acquisitions and Divestitures (continued)
In determining the fair value of amounts above, the Company utilized a benchmarking approach based on the Company's prior acquisitions to determine the preliminary fair values for identified intangibles assets and inventory. Upon completion of the final valuation and purchase price allocation, the final fair values of the assets acquired, liabilities assumed and resulting goodwill may differ materially from the preliminary assessment. Any changes to the initial estimates of the fair value of the assets acquired and liabilities assumed will be recorded to those assets and liabilities and any residual amounts will be allocated to goodwill.
The amounts in the table above represent the preliminary purchase price allocation for CGI. This purchase price allocation, including the residual amount allocated to goodwill, is subject to change as additional information concerning final asset and liability valuations are obtained and management completes its reassessment of the measurement period procedures based on the results of the preliminary valuation. Given the proximity of the acquisition date to September 30, 2024, no elements of the purchase price allocation have been finalized as of September 30, 2024. 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 has been completed on the acquisition date.
During 2023, Timken 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 Holding B.V. ("Lagersmit"), a Netherlands-based manufacturer of highly engineered sealing solutions for marine, dredging, water, tidal energy and other industrial applications. On November 1, 2023, the Company acquired Engineered Solutions Group ("iMECH"). The Company acquired 100% of the capital stock in the United States 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 has facilities in Houston, Texas and Alberta, Canada. On September 29, 2023, the Company acquired 100% of the capital stock of Rosa Sistemi S.p.A. ("Rosa"), a European designer and manufacturer of roller guideways, linear bearings, customized linear systems and actuators, commercialized ball guideways and precision ball screws. Rosa has its headquarters, R&D and high-precision manufacturing facility in Milan, Italy. On September 1, 2023, the Company acquired 100% of the capital stock of D-C Filtration Holdings Corp. ("Des-Case"), a Tennessee-based manufacturer of specialty filtration products for industrial lubricants. Des-Case has manufacturing facilities in Tennessee and the Netherlands. On April 4, 2023, the Company acquired 100% of the capital stock of Leonardo Top S.a.r.l. ("Nadella"), a leading European manufacturer of linear guides, telescopic rails, actuators and systems and other specialized industrial motion solutions. Based in Italy, Nadella operates manufacturing facilities in Europe and China. On January 31, 2023, the Company acquired substantially all of the assets of American Roller Bearing Company ("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. The total purchase price for these six acquisitions was $641.4 million (including working capital adjustments paid in 2024), net of cash acquired of $30.8 million. Results for Lagersmit, Rosa, Des-Case and Nadella are reported in the Industrial Motion segment, and results for iMECH and ARB are reported in the Engineered Bearings segment. The Company incurred acquisition-related costs of $6.7 million in total to complete these six acquisitions in 2023.
Note 3 - Acquisitions and Divestitures (continued)
The following table presents the updated purchase price allocation at fair value, net of cash acquired, for the 2023 acquisitions, as of December 31, 2023 and September 30, 2024:
Purchase Price Allocation at December 31, 20232024
Adjustments
Updated Purchase Price Allocation at September 30, 2024
Assets:
Accounts receivable$44.7 $(0.8)$43.9 
Inventories111.8 1.7 113.5 
Other current assets5.0 — 5.0 
Property, plant and equipment47.7 0.2 47.9 
Operating lease assets7.3 (0.1)7.2 
Goodwill285.6 6.3 291.9 
Other intangible assets306.7 (7.2)299.5 
Other non-current assets6.7 (1.6)5.1 
Total assets acquired$815.5 $(1.5)$814.0 
Liabilities:
Accounts payable, trade$24.0 $0.2 $24.2 
Salaries, wages and benefits16.9 (2.0)14.9 
Income taxes payable5.5 — 5.5 
Other current liabilities10.7 (0.7)10.0 
Short-term debt4.7 0.4 5.1 
Long-term debt6.0 — 6.0 
Accrued pension benefits3.6 — 3.6 
Long-term operating lease liabilities7.0 — 7.0 
Deferred income taxes83.3 (0.9)82.4 
Other non-current liabilities7.6 — 7.6 
Total liabilities assumed$169.3 $(3.0)$166.3 
Noncontrolling interest acquired5.2 1.1 6.3 
Net assets acquired$641.0 $0.4 $641.4 
The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2023:
2023
Weighted-
Average Life
Trade names$25.6 17 years
Technology and know-how70.5 15 years
Customer relationships201.8 14 years
Non-compete agreements1.0 3 years
Capitalized software0.6 2 years
Total intangible assets$299.5 
Note 3 - Acquisitions and Divestitures (continued)
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.
The amounts in the table above represent the purchase price allocation for the 2023 acquisitions as of the dates noted above. This purchase price allocation, including the residual amount allocated to goodwill, has been adjusted as additional information concerning final asset and liability valuations have been obtained, and management has completed its reassessment of the measurement period procedures. The purchase price allocation for Lagersmit is preliminary with respect to the valuation of inventory and intangible assets and any impact to the related deferred taxes, as well as changes to the residual amount allocated to goodwill. The purchase price allocations for iMECH, Rosa, Des-Case, Nadella and ARB are complete. 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.
Divestitures:
On September 20, 2023, the Company entered into a definitive agreement to sell Jiangsu TWB Bearings Co., Ltd. ("TWB"). During the third quarter of 2023, 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 legal entity exceeding the estimated sales price less costs to sell, the Company recorded an impairment charge of $1.0 million for the three months ended September 30, 2023. The impairment charge is included in the impairment and restructuring line on the Consolidated Statement of Income. The sale of TWB was completed on October 16, 2023.
On February 28, 2023, the Company completed the sale of all of its membership interest in S.E. Setco Services Company, LLC ("SE Setco"), a 50% owned 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 cash proceeds for SE Setco and recognized a pretax gain of $4.8 million on the sale. The gain was reflected in other income, net in the Consolidated Statement of Income.
Sale of Other Assets:
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 Statement of Income.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
Note 4 - Segment Information
The primary measurement used by management to measure the financial performance of each segment is earnings before interest, taxes, depreciation and amortization ("EBITDA").
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net sales:
Engineered Bearings$740.7 $775.6 $2,326.6 $2,533.5 
Industrial Motion386.1 367.1 1,172.8 1,144.3 
Net sales$1,126.8 $1,142.7 $3,499.4 $3,677.8 
Segment EBITDA:
Engineered Bearings$150.0 $148.2 $492.0 $538.7 
Industrial Motion70.9 70.3 223.8 199.4 
Total EBITDA, for reportable segments$220.9 $218.5 $715.8 $738.1 
Unallocated corporate expense(25.7)(17.0)(61.0)(47.9)
Corporate pension and other postretirement
   benefit related (expense) income (1)
— (0.2)— 1.7 
Depreciation and amortization(56.1)(52.2)(165.6)(149.0)
Interest expense(30.3)(27.5)(97.1)(79.9)
Interest income3.4 2.6 11.3 6.0 
Income before income taxes$112.2 $124.2 $403.4 $469.0 
(1) Corporate pension and other postretirement benefit related income represents actuarial (losses) and gains that resulted from the remeasurement of pension and other postretirement plan assets and obligations as a result of changes in assumptions or experience.

September 30,
2024		December 31, 2023
Total Assets by Segment:
Engineered Bearings$3,273.4 $3,296.8 
Industrial Motion3,004.7 2,744.5 
Corporate (2)
489.3 500.4 
 $6,767.4 $6,541.7 
(2) Corporate assets include corporate buildings and cash and cash equivalents.
v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
Note 5 - Revenue
The following table presents details deemed most relevant to the users of the financial statements about total revenue for the three and nine months ended September 30, 2024 and 2023:
Three Months EndedThree Months Ended
September 30, 2024September 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$310.4 $202.4 $512.8 $307.4 $190.6 $498.0 
Americas excluding the United States95.5 28.1 123.6 96.1 26.5 122.6 
Europe / Middle East / Africa139.9 124.0 263.9 158.6 125.9 284.5 
China81.2 20.3 101.5 110.7 18.3 129.0 
Asia-Pacific excluding China113.7 11.3 125.0 102.8 5.8 108.6 
Net sales$740.7 $386.1 $1,126.8 $775.6 $367.1 $1,142.7 
Nine Months EndedNine Months Ended
September 30, 2024September 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$981.4 $598.6 $1,580.0 $965.9 $603.7 $1,569.6 
Americas excluding the United States286.5 79.2 365.7 284.3 82.3 366.6 
Europe / Middle East / Africa460.4 401.8 862.2 518.1 376.3 894.4 
China233.8 59.6 293.4 425.6 57.5 483.1 
Asia-Pacific excluding China364.5 33.6 398.1 339.6 24.5 364.1 
Net sales$2,326.6 $1,172.8 $3,499.4 $2,533.5 $1,144.3 $3,677.8 

When reviewing revenue by sales channel, the Company separates net sales to original equipment manufacturers ("OEMs") from sales to distributors and end users. The following table presents the approximate percent of revenue by sales channel for the nine months ended September 30, 2024 and 2023:
Nine Months EndedNine Months Ended
Revenue by sales channelSeptember 30, 2024September 30, 2023
Original equipment manufacturers55%60%
Distribution/end users45%40%
In addition to disaggregating revenue by segment, 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 nine months ended September 30, 2024 and September 30, 2023, approximately 10% and 9%, respectively, of total net sales were recognized over-time because of the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Finally, business with the United States ("U.S.") government or its contractors represented approximately 6% of total net sales during the nine months ended September 30, 2024 and September 30, 2023.

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 $178.0 million at September 30, 2024.
Note 5 - Revenue (continued)
Unbilled Receivables:
The following table contains a rollforward of unbilled receivables for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Beginning balance, January 1$144.5 $103.9 
Additional unbilled revenue recognized301.3 424.1 
Less: amounts billed to customers(283.2)(383.5)
Ending balance$162.6 $144.5 
There were no impairment losses recorded on unbilled receivables for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023.

Deferred Revenue:
The following table contains a rollforward of deferred revenue for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Beginning balance, January 1$45.4 $54.3 
Acquisitions0.6 1.4 
Revenue received or billed in advance of recognition133.3 165.2 
Less: revenue recognized(119.0)(175.5)
Ending balance$60.3 $45.4 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Note 6 - Income Taxes
The Company's provision for income taxes in interim periods is computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period(s) in which they occur.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Provision for income taxes$24.6 $33.3 $103.2 $122.9 
Effective tax rate21.9 %26.8 %25.6 %26.2 %
Income tax expense for the three and nine months ended September 30, 2024 was calculated using forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate differs from the U.S. federal statutory rate of 21% due to the actual and projected mix of earnings in non-U.S. jurisdictions with relatively higher tax rates, U.S. state and local income taxes, and other permanent differences (net).

The effective tax rate of 21.9% and 25.6% for the three and nine months ended September 30, 2024, respectively, was lower than the effective tax rate for the three and nine months ended September 30, 2023, respectively, primarily due to the net favorable impact of discrete items versus the year ago periods.
On December 20, 2021, the Organization for Economic Co-operation and Development (“OECD”) released Pillar Two model rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. Certain jurisdictions, in which the Company operates, enacted, or announced their intention to enact, legislation consistent with one or more OECD Pillar Two model rules. The model rules include minimum domestic top-up taxes, income inclusion rules, and undertaxed profit rules all aimed to ensure that multinational companies pay a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate, with some rules effective in 2024. Management does not expect Pillar Two legislation to materially impact the Company's annual effective tax rate in 2024.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
Note 7 - 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 three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator:
Net income attributable to The Timken Company$81.8 $87.9 $281.5 $335.4 
Denominator:
Weighted average number of shares outstanding - basic70,120,860 70,878,673 70,246,103 71,740,846 
Effect of dilutive securities:
Stock options and awards - based on the treasury
   stock method		542,881 656,936 546,983 716,003 
Weighted average number of shares outstanding assuming
   dilution of stock options and awards		70,663,741 71,535,609 70,793,086 72,456,849 
Basic earnings per share$1.17 $1.24 $4.01 $4.68 
Diluted earnings per share $1.16 $1.23 $3.98 $4.63 
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 the three and nine months ended September 30, 2024 and 2023.
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories
Note 8 - Inventories
The components of inventories at September 30, 2024 and December 31, 2023 were as follows:
September 30,
2024		December 31,
2023
Manufacturing supplies$44.1 $41.9 
Raw materials154.0 145.6 
Work in process517.5 496.1 
Finished products630.5 619.2 
     Subtotal1,346.1 1,302.8 
Allowance for obsolete and surplus inventory(90.8)(73.7)
     Total inventories, net$1,255.3 $1,229.1 
Inventories are valued at net realizable value, with approximately 61% valued on the first-in, first-out ("FIFO") method and the remaining 39% valued on the last-in, first-out ("LIFO") method. The majority of the Company's U.S. inventories are valued on the LIFO method. The Company's non-U.S. inventories are valued on the FIFO method.
The LIFO reserves as of September 30, 2024 and December 31, 2023 were $251.7 million and $232.1 million, respectively. An actual valuation of the inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on current inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation.
v3.24.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Note 9 - Goodwill and Other Intangible Assets
The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually, performing its annual impairment test as of October 1st. Goodwill and indefinite-lived intangible assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
The Company reviews goodwill for impairment at the reporting unit level. The Engineered Bearings segment has one reporting unit and the Industrial Motion segment has six reporting units.
During the first three months of 2023, the Company reviewed goodwill for impairment for its reporting units due to the change in reporting segments that went into effect January 1, 2023. The Company utilized 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 & 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 three months of 2023, which was reported in impairment and restructuring charges on the Consolidated Statement of Income.

The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 were as follows:
Engineered BearingsIndustrial MotionTotal
Beginning balance, January 1$692.3 $677.3 $1,369.6 
Acquisitions— 79.8 79.8 
Foreign currency translation adjustments and other changes8.2 7.9 16.1 
Ending balance$700.5 $765.0 $1,465.5 
The acquisition of CGI added goodwill of $79.8 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.
The following table displays intangible assets as of September 30, 2024 and December 31, 2023:
 Balance at September 30, 2024Balance at December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Intangible assets
subject to amortization:
Customer relationships$832.8 $(260.8)$572.0 $776.5 $(222.8)$553.7 
Technology and know-how369.5 (117.5)252.0 343.3 (100.9)242.4 
Trade names124.3 (16.0)108.3 71.3 (11.2)60.1 
Capitalized software302.8 (275.5)27.3 299.5 (272.8)26.7 
Other11.6 (10.3)1.3 10.8 (8.7)2.1 
$1,641.0 $(680.1)$960.9 $1,501.4 $(616.4)$885.0 
Intangible assets not subject to amortization:
Trade names$89.9 $89.9 $137.7 $137.7 
FAA air agency certificates8.7 8.7 8.7 8.7 
$98.6 $98.6 $146.4 $146.4 
Total intangible assets$1,739.6 $(680.1)$1,059.5 $1,647.8 $(616.4)$1,031.4 
Amortization expense for intangible assets was $64.2 million and $53.1 million for the nine months ended September 30, 2024 and 2023, respectively. Amortization expense for intangible assets is projected to be approximately $86 million in 2024; $84 million in 2025; $81 million in 2026; $78 million in 2027; and $77 million in 2028.
v3.24.3
Other Current Liabilities
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities
Note 10 - Other Current Liabilities
The following table displays other current liabilities as of September 30, 2024 and December 31, 2023:
September 30,
2024		December 31,
2023
Sales rebates$67.1 $79.0 
Deferred revenue60.3 45.4 
Operating lease liabilities29.6 25.9 
Interest24.8 16.4 
Taxes other than income and payroll taxes21.2 17.8 
Product warranty17.1 15.2 
Freight and duties16.5 13.4 
Professional fees13.8 12.5 
Current derivative liability5.4 11.4 
Restructuring3.3 5.8 
Other73.9 74.3 
Total other current liabilities$333.0 $317.1 
v3.24.3
Financing Arrangements
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Financing Arrangements
Note 11 - Financing Arrangements
Short-term debt at September 30, 2024 and December 31, 2023 was as follows:
September 30,
2024		December 31,
2023
Variable-rate Term Loan, originally due to mature on August 16, 2024; redeemed on May 29, 2024$— $220.8 
Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 4.00% to 4.45% at September 30, 2024 and 4.35% to 7.33% at December 31, 2023
25.9 25.4 
Short-term debt$25.9 $246.2 
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.
Lines of credit for certain of the Company's foreign subsidiaries provide for short-term borrowings. Most of these lines of credit are uncommitted. At September 30, 2024, the Company’s foreign subsidiaries had borrowings outstanding of $25.9 million and bank guarantees of $2.4 million.
Long-term debt at September 30, 2024 and December 31, 2023 was as follows:
September 30,
2024		December 31,
2023
Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 6.48% and Euro of 4.85% at December 31, 2023
$— $247.4 
Variable-rate Accounts Receivable Facility with an interest rate of 6.20% at September 30, 2024 and 6.42% at December 31, 2023
72.0 67.0 
Variable-rate Term Loan(1), maturing on December 5, 2027, with an interest rate of 6.07% at September 30, 2024 and 6.58% at December 31, 2023
399.5 399.3 
Fixed-rate Senior Unsecured Notes(1), originally due to mature on September 1, 2024; redeemed on June 24, 2024.
— 350.0 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027, with an interest rate of 2.02%
167.0 165.5 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on May 23, 2034, with an interest rate of 4.125%
655.9 — 
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with an interest rate of 4.50%
398.0 397.7 
Fixed-rate Medium-Term Notes, Series A(1), maturing at various dates through May 2028, with interest rates ranging from 6.74% to 7.76%
154.8 154.8 
Fixed-rate Senior Unsecured Notes(1), maturing on April 1, 2032, with an interest rate of 4.125%
344.8 343.7 
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15%
11.8 12.7 
Other9.2 11.6 
Total debt$2,213.0 $2,149.7 
Less: current maturities23.8 359.4 
Long-term debt$2,189.2 $1,790.3 
(1) Net of discounts and fees
Note 11 - Financing Arrangements (continued)
The Company is party to a $100 million Amended and Restated Asset Securitization Agreement (the "Accounts Receivable Facility"), which 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 by certain borrowing base limitations; however, availability under the Accounts Receivable Facility was not reduced by any such borrowing base limitations at September 30, 2024. As of September 30, 2024, there were $72 million outstanding borrowings under the Accounts Receivable Facility, which reduced the availability under this facility to $28 million. 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.
On December 5, 2022, the Company entered into the Fifth Amended and Restated Credit Agreement ("Credit Agreement"), which is comprised of a $750 million unsecured revolving credit facility ("Senior Credit Facility") and a $400 million unsecured term loan facility ("2027 Term Loan") that each mature on December 5, 2027. The interest rates under the Credit Agreement are based on Secured Overnight Financing Rate ("SOFR"). At September 30, 2024, the Company had no outstanding borrowings under the Senior Credit Facility. 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 fixed-rate unsecured senior notes ("2034 Notes") in the aggregate principal amount of €600 million with an interest rate of 4.125%, maturing on May 23, 2034. Proceeds from the 2034 Notes were used for the redemption of the Company's outstanding fixed-rate unsecured senior notes ("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.
At September 30, 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 certain insurance contracts and indirect taxes. At September 30, 2024, outstanding letters of credit totaled $58.2 million, most with expiration dates within 12 months.
The maturities of long-term debt (including $8.7 million of finance leases) subsequent to September 30, 2024 are as follows:
Year
2024$7.8 
202529.1 
2026125.7 
2027524.6 
2028521.4 
20291.4 
Thereafter1,023.0 
The table above excludes $20.0 million of unamortized discounts and fees that are netted against long-term debt at September 30, 2024.
v3.24.3
Supply Chain Financing
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Supply Chain Financing
Note 12 - Supply Chain Financing
The Company offers 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 whereby the Company pays the financial institution per the terms of any supplier invoice paid early under the program and pays 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 nine months ended September 30, 2024 and twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Confirmed obligations outstanding, January 1 $21.3 $14.4 
Invoices confirmed 82.7 97.1 
Confirmed invoices paid (86.4)(90.2)
Confirmed obligations outstanding, ending balance$17.6 $21.3 
The obligations outstanding at September 30, 2024 and December 31, 2023 were included in accounts payable, trade on the Consolidated Balance Sheet.
v3.24.3
Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies
Note 13 - Contingencies
The Company is responsible for environmental remediation at various manufacturing facilities presently or formerly operated by the Company. 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, for investigation and remediation obligations at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”) under the Comprehensive Environmental Response, Compensation and Liability Act, known as the Superfund, or similar state laws. Claims for investigation and remediation have been asserted against Lovejoy and at least 14 unrelated parties, which are believed to be financially solvent and are expected to fulfill their proportionate share of the obligation. 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. 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 per- and polyfluoroalkyl substances (“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 $4.5 million and $4.7 million for various known environmental matters that are probable and reasonably estimable at September 30, 2024 and December 31, 2023, respectively, which includes the Lovejoy matter described above. These accruals were recorded based upon the best estimate of costs to be incurred considering 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.
Note 13 - Contingencies (continued)
Legal Matter:
On June 11, 2024, the Company's subsidiary, Timken India Limited ("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.

Product Warranties:
In addition to the contingencies above, the Company provides limited warranties on certain of its products. The product warranty liability included in "Other current liabilities" on the Consolidated Balance Sheets was $17.1 million and $15.2 million at September 30, 2024 and December 31, 2023, respectively. 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 a change in our assessment 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 for the nine months ended September 30, 2024 and twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Beginning balance, January 1$15.2 $23.5 
Expense5.9 5.9 
Payments(4.0)(14.2)
Ending balance$17.1 $15.2 
v3.24.3
Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Equity
Note 14 - Equity
The following tables present the changes in the components of equity for the three and nine months ended September 30, 2024 and 2023, respectively:
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at June 30, 2024$2,950.1 $40.7 $1,255.9 $2,383.5 $(223.5)$(659.8)$153.3 
Net income87.6 81.8 5.8 
Foreign currency translation adjustment78.7 79.3 (0.6)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $0.6 million)
(1.6)(1.6)
Change in fair value of derivative financial
   instruments, net of reclassifications		(1.6)(1.6)
Dividends declared to noncontrolling interest(1.1)(1.1)
Dividends - $0.34 per share
(23.8)(23.8)
Sale of shares of Timken India Limited(1.2)(1.2)
Stock-based compensation expense5.2 5.2 
Stock purchased at fair market value(1.7)(1.7)
Stock option exercise activity0.1 0.1 
Balance at September 30, 2024$3,090.7 $40.7 $1,260.0 $2,441.5 $(147.4)$(661.5)$157.4 
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at December 31, 2023$2,702.4 $40.7 $1,076.5 $2,232.2 $(146.9)$(620.1)$120.0 
Net income300.2 281.5 18.7 
Foreign currency translation adjustment(1.3)(0.2)(1.1)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $1.5 million)
(4.6)(4.6)
Change in fair value of derivative financial
   instruments, net of reclassifications		(1.3)(1.3)
Dividends - $1.01 per share
(72.2)(72.2)
Dividends declared to noncontrolling interest(1.1)(1.1)
Sale of shares of Timken India Limited186.8 161.3 5.6 19.9 
Noncontrolling interest acquired 1.0 1.0 
Stock-based compensation expense16.7 16.7 
Stock purchased at fair market value(31.4)(31.4)
Stock option exercise activity5.5 5.5 
Payments related to tax withholding for
   stock-based compensation		(10.0)(10.0)
Balance at September 30, 2024$3,090.7 $40.7 $1,260.0 $2,441.5 $(147.4)$(661.5)$157.4 

On May 28, 2024, the Company completed the sale of 5.0 million shares of TIL, generating net proceeds of $187 million after income taxes of $45 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 currently not planning any further sale transactions.
Note 14 - Equity (continued)

  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at June 30, 2023$2,650.0 $40.7 $1,058.4 $2,132.2 $(178.2)$(521.8)$118.7 
Net income90.9 87.9 3.0 
Foreign currency translation adjustment(65.1)(63.3)(1.8)
Pension and other postretirement liability
   adjustments (net of income tax benefit of
   $0.5 million)
(1.4)(1.4)
Change in fair value of derivative financial
   instruments, net of reclassifications		2.0 2.0 
Dividends declared to noncontrolling interest(0.6)(0.6)
Dividends - $0.33 per share
(23.4)(23.4)
Stock-based compensation expense5.8 5.8 
Stock purchased at fair market value(63.9)(63.9)
Stock option exercise activity4.1 4.1 
Payments related to tax withholding for
stock-based compensation		(1.3)(1.3)
Balance at September 30, 2023$2,597.1 $40.7 $1,068.3 $2,196.7 $(240.9)$(587.0)$119.3 
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		Treasury
Stock		Non
controlling
Interest
Balance at December 31, 2022$2,352.9 $40.7 $829.6 $1,932.1 $(181.9)$(352.2)$84.6 
Net income346.1 335.4 10.7 
Foreign currency translation adjustment(65.3)(63.5)(1.8)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $1.5 million)
(4.5)(4.5)
Change in fair value of derivative financial
   instruments, net of reclassifications		0.9 0.9 
Dividends declared to noncontrolling interest(0.6)(0.6)
Dividends - $0.97 per share
(70.8)(70.8)
Sale of shares of Timken India Limited229.0 194.5 8.1 26.4 
Stock-based compensation expense22.9 22.9 
Stock purchased at fair market value(218.4)(218.4)
Stock option exercise activity21.3 21.3 
Payments related to tax withholding for
   stock-based compensation		(16.4)(16.4)
Balance at September 30, 2023$2,597.1 $40.7 $1,068.3 $2,196.7 $(240.9)$(587.0)$119.3 
On June 20, 2023, the Company completed the sale of 7.6 million shares of TIL, generating net proceeds of $229 million after income taxes of $55 million and transaction costs. The sale reduced the Company’s ownership in TIL from 67.80 percent to 57.70 percent.
v3.24.3
Impairment and Restructuring Charges
 9 Months Ended
Sep. 30, 2024
Restructuring Charges [Abstract]  
Impairment and Restructuring Charges
Note 15 - Impairment and Restructuring Charges
Impairment and restructuring charges by segment are comprised of the following:
For the three months ended September 30, 2024:
Engineered BearingsIndustrial MotionTotal
Impairment charges$0.1 $— $0.1 
Severance and related benefit costs0.1 1.3 1.4 
Exit costs0.9 0.1 1.0 
Total$1.1 $1.4 $2.5 
For the nine months ended September 30, 2024:
Engineered BearingsIndustrial MotionTotal
Impairment charges$2.0 $— $2.0 
Severance and related benefit costs0.9 3.8 4.7 
Exit costs1.2 0.2 1.4 
Total$4.1 $4.0 $8.1 
For the three months ended September 30, 2023:
Engineered BearingsIndustrial MotionTotal
Impairment charges$4.9 $— $4.9 
Severance and related benefit costs$1.6 $1.8 $3.4 
Exit costs0.4 0.2 0.6 
Total$6.9 $2.0 $8.9 
For the nine months ended September 30, 2023:
Engineered BearingsIndustrial MotionTotal
Impairment charges$4.9 $28.3 $33.2 
Severance and related benefit costs3.8 2.5 6.3 
Exit costs0.6 0.2 0.8 
Total$9.3 $31.0 $40.3 
The following discussion explains the more significant impairment and restructuring charges recorded for the periods presented; however, it is not intended to reflect a comprehensive discussion of all amounts included in the tables above.

Engineered Bearings:
On January 16, 2023, the Company announced the closure of its bearing plant in Gaffney, South Carolina. The Company has transferred its remaining operations to other bearing manufacturing facilities. The facility ceased operations at the end of the fourth quarter of 2023, which affected approximately 225 employees. During the nine months ended September 30, 2024, the Company recorded exit costs of $1.2 million, related to this closure. During the three and nine months ended September 30, 2023, the Company recorded severance and related benefits of $1.4 million and $3.1 million, respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $16.2 million as of September 30, 2024, including rationalization costs recorded in cost of products sold.
During the nine months ended September 30, 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.
Note 15 - Impairment and Restructuring Charges (continued)
As a result of Russia's invasion of Ukraine (and associated international sanctions), the Company suspended its operations in Russia in 2022. During the three months ended September 30, 2023, the Company recorded impairment charges of $3.9 million related to certain assets of its joint venture in Russia.
During the three months ended September 30, 2023, the Company classified TWB as assets held for sale and recorded impairment charges of $1.0 million. The Company completed the sale of TWB on October 16, 2023.

Industrial Motion:
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 $10 million to $12 million of pretax costs in total related to this closure. During the three and nine months ended September 30, 2024, the Company recorded severance and related benefits of $0.6 million and $2.1 million, respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $5.5 million as of September 30, 2024, including rationalization costs recorded in cost of products sold.
Effective January 1, 2023, the Company began operating under two new reportable segments, Engineered Bearings and Industrial Motion. 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 six months ended September 30, 2023.
In addition, during the three and nine months ended September 30, 2023, the Company recorded severance and related benefits of $0.8 million and $1.1 million, respectively, related to one of its automatic lubrication systems facilities in Europe.
Consolidated Restructuring Accrual:
The following is a rollforward of the consolidated restructuring accrual for the nine months ended September 30, 2024 and twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Beginning balance, January 1$5.8 $3.1 
Expense6.1 12.3 
Payments(8.6)(9.6)
Ending balance$3.3 $5.8 
The restructuring accrual at September 30, 2024 and December 31, 2023 was included in other current liabilities on the Consolidated Balance Sheets.
v3.24.3
Retirement Benefit Plans
 9 Months Ended
Sep. 30, 2024
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefit Plans
Note 16 - Retirement Benefit Plans
The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three and nine months ended September 30, 2024 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2024.
U.S. PlansInternational PlansTotal
 Three Months Ended
September 30,		Three Months Ended
September 30,		Three Months Ended
September 30,
 202420232024202320242023
Components of net periodic benefit cost (credit):
Service cost$0.1 $0.2 $0.5 $0.3 $0.6 $0.5 
Interest cost4.3 4.4 2.6 2.4 6.9 6.8 
Expected return on plan assets(1.9)(2.1)(2.4)(2.5)(4.3)(4.6)
Amortization of prior service cost— 0.1 — — — 0.1 
Recognition of net actuarial losses— 0.2 — — — 0.2 
Net periodic benefit cost (credit) $2.5 $2.8 $0.7 $0.2 $3.2 $3.0 
U.S. PlansInternational PlansTotal
 Nine Months Ended
September 30,		Nine Months Ended
September 30,		Nine Months Ended
September 30,
 202420232024202320242023
Components of net periodic benefit cost (credit):
Service cost$0.5 $0.6 $1.4 $1.1 $1.9 $1.7 
Interest cost12.8 13.4 7.7 7.7 20.5 21.1 
Expected return on plan assets(5.7)(6.3)(7.2)(7.8)(12.9)(14.1)
Amortization of prior service cost0.1 0.2 0.1 0.1 0.2 0.3 
Recognition of net actuarial gains— (1.7)— — — (1.7)
Net periodic benefit cost (credit) $7.7 $6.2 $2.0 $1.1 $9.7 $7.3 
For the three and nine months ended September 30, 2023, lump sum payments related to new retirees exceeded annual service and interest costs for one of the Company's U.S. defined benefit pension plans, triggering a remeasurement of assets and obligations for this plan. As a result of this remeasurement, the Company recognized a net actuarial ("mark-to-market") loss of $0.2 million and a gain of $1.7 million during the three and nine months ended September 30, 2023
v3.24.3
Other Postretirement Benefit Plans
 9 Months Ended
Sep. 30, 2024
Postretirement Plan  
Defined Benefit Plan Disclosure [Line Items]  
Other Postretirement Benefit Plans
Note 17 - Other Postretirement Benefit Plans
The following table sets forth the net periodic benefit cost for the Company’s other postretirement benefit plans. The amounts for the three and nine months ended September 30, 2024 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2024.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net periodic benefit credit:
Service cost$0.1 $0.1 $0.1 $0.1 
Interest cost0.4 0.4 1.3 1.4 
Amortization of prior service credit(2.1)(2.0)(6.2)(6.2)
Net periodic benefit credit$(1.6)$(1.5)$(4.8)$(4.7)
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Note 18 - Accumulated Other Comprehensive Income (Loss)
The following tables present details about components of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023, respectively:
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at June 30, 2024$(267.7)$41.7 $2.5 $(223.5)
Other comprehensive income (loss) before
   reclassifications and income taxes		78.7 (0.1)(1.8)76.8 
Amounts reclassified from accumulated other
   comprehensive loss before income
   taxes		— (2.1)(0.4)(2.5)
Income tax benefit— 0.6 0.6 1.2 
Net current period other comprehensive income
   (loss), net of income taxes		78.7 (1.6)(1.6)75.5 
Noncontrolling interest0.6 — — 0.6 
Net current period other comprehensive income
(loss), net of income taxes and noncontrolling
interest		79.3 (1.6)(1.6)76.1 
Balance at September 30, 2024$(188.4)$40.1 $0.9 $(147.4)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at December 31, 2023$(193.8)$44.7 $2.2 $(146.9)
Sale of shares of Timken India Limited5.6 — — 5.6 
Other comprehensive loss (income) before
   reclassifications and income taxes		(1.3)(0.1)0.6 (0.8)
Amounts reclassified from accumulated other
   comprehensive loss before income taxes		— (6.0)(2.2)(8.2)
Income tax benefit— 1.5 0.3 1.8 
Net current period other comprehensive loss,
   net of income taxes		(1.3)(4.6)(1.3)(7.2)
Noncontrolling interest1.1 — — 1.1 
Net current period other comprehensive income
(loss), net of income taxes, noncontrolling
interest and sale of shares of Timken India
Limited		5.4 (4.6)(1.3)(0.5)
Balance at September 30, 2024$(188.4)$40.1 $0.9 $(147.4)
Foreign currency translation adjustments at September 30, 2024 included cumulative losses of $15.3 million related to net investment hedges. Refer to Note 20 - Derivative Instruments and Hedging Activities for additional information on the net investment hedges.
Note 18 - Accumulated Other Comprehensive Income (Loss) (continued)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at June 30, 2023$(227.8)$47.7 $1.9 $(178.2)
Other comprehensive loss (income) before
   reclassifications and income taxes		(65.1)— 2.1 (63.0)
Amounts reclassified from accumulated other
   comprehensive (loss) income before income
   taxes		— (1.9)0.8 (1.1)
Income tax benefit (expense)0.5 (0.9)(0.4)
Net current period other comprehensive (loss)
   income, net of income taxes		(65.1)(1.4)2.0 (64.5)
Noncontrolling interest1.8 — — 1.8 
Net current period other comprehensive (loss)
income, net of income taxes and noncontrolling
interest		(63.3)(1.4)2.0 (62.7)
Balance at September 30, 2023$(291.1)$46.3 $3.9 $(240.9)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at December 31, 2022$(235.7)$50.8 $3.0 $(181.9)
Sale of shares of Timken India Limited8.1 — — 8.1 
Other comprehensive loss (income) before
   reclassifications and income taxes		(65.3)(0.1)0.4 (65.0)
Amounts reclassified from accumulated other
   comprehensive (loss) income before income
   taxes		— (5.9)0.9 (5.0)
Income tax benefit (expense)— 1.5 (0.4)1.1 
Net current period other comprehensive (loss)
   income, net of income taxes		(65.3)(4.5)0.9 (68.9)
Noncontrolling interest1.8 — — 1.8 
Net current period other comprehensive (loss)
income, net of income taxes, noncontrolling
interest and sale of shares of Timken India
Limited		(55.4)(4.5)0.9 (59.0)
Balance at September 30, 2023$(291.1)$46.3 $3.9 $(240.9)
Other comprehensive (loss) income before reclassifications and income taxes includes the effect of foreign currency.
v3.24.3
Fair Value
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value
Note 19 - Fair Value
Fair value is defined as the price that would be expected to 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 tables present the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
 September 30, 2024
 TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$378.3 $376.9 $1.4 $— 
Cash and cash equivalents measured at net asset value34.4 
Restricted cash0.7 0.7 — — 
Short-term investments15.1 — 15.1 — 
Foreign currency forward contracts2.2 — 2.2 — 
     Total assets$430.7 $377.6 $18.7 $— 
Liabilities:
Foreign currency forward contracts$5.4 $— $5.4 $— 
     Total liabilities$5.4 $— $5.4 $— 
 December 31, 2023
 TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$384.4 $381.0 $3.4 $— 
Cash and cash equivalents measured at net asset value34.5 
Restricted cash0.4 0.4 — — 
Short-term investments31.6 — 31.6 — 
Foreign currency forward contracts3.3 — 3.3 — 
     Total assets$454.2 $381.4 $38.3 $— 
Liabilities:
Foreign currency forward contracts$11.4 $— $11.4 $— 
     Total liabilities$11.4 $— $11.4 $— 
Cash and cash equivalents include 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 foreign currency forward and spot rates to measure the fair value of its foreign currency forward contracts.
Note 19 - Fair Value (continued)
In addition, the Company remeasures certain assets at fair value, using Level 3 inputs, as a result of the occurrence of triggering events such as purchase accounting for acquisitions or goodwill impairment.
During the nine months ended September 30, 2024, certain engineering-related assets used in the business, with a carrying value of $2.0 million, were written down to their fair value of zero, resulting in an impairment charge of $2.0 million. The fair value for these assets was determined based on an estimate of the best price that would be received in a current transaction to sell the assets to a third party less the cost to sell the assets.
No other material assets were measured at fair value on a nonrecurring basis during the nine months ended September 30, 2024 and 2023.

Financial Instruments:
The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, 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 Level 2 inputs (quoted market prices), was $1,737.4 million and $1,387.7 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of this debt was $1,734.4 million and $1,424.3 million at September 30, 2024 and December 31, 2023, respectively. The difference between fair value and carrying value primarily reflects the net impact of changes in prevailing interest rates and credit spreads since the fixed-rate debt was issued.
The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments.
v3.24.3
Derivatives Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
Note 20 - Derivative Instruments and Hedging Activities
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 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 change in the exchange rate between the U.S. dollar and the Euro. The net impact for the three and nine months ended September 30, 2024 was a loss of $25.3 million and $19.2 million to accumulated comprehensive (loss) income, respectively.
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, 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 three and nine months ended September 30, 2024 was a loss of $2.3 million and $0.5 million to accumulated comprehensive (loss) income, respectively.
The Company does not purchase or hold any derivative financial instruments for trading purposes. As of September 30, 2024 and December 31, 2023, the Company had $734.3 million and $591.8 million, respectively, of outstanding foreign currency forward contracts at notional value. Refer to Note 19 - Fair Value for the fair value disclosure of derivative financial instruments.

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 certain foreign currencies with forward contracts. When the dollar strengthens significantly against these 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 September 30, 2024 and December 31, 2023, the Company had $69.1 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 its exposure to the variability in future cash flows for forecast transactions is generally eighteen months or less.
Note 20 - Derivative Instruments and Hedging Activities (continued)
Purpose for 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 the loan with a maturity date corresponding to 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 September 30, 2024 and December 31, 2023, the Company had $665.2 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 three and nine months ended September 30, 2024 and 2023, respectively, and the related location within the Consolidated Statements of Income:
Amount of gain or (loss) recognized in incomeAmount of gain or (loss) recognized in income
Three Months Ended
September 30,		Nine Months Ended September 30, 2024
Derivatives not designated as hedging instruments:Location of gain or (loss) recognized in income2024202320242023
Foreign currency forward contractsOther expense (income), net$2.6 $0.3 $(7.4)$(16.2)
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 81.8 $ 87.9 $ 281.5 $ 335.4
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Recent Accounting Pronouncements
Recent Accounting Pronouncements:

New Accounting Guidance Issued and Not Yet Adopted:
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 40). ASU 2023-09 is intended to enhance the transparency and decision 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 entities, the new guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is preparing to adopt this guidance in 2025.
In November 2023, the FASB issued 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 entities, the new guidance is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is preparing to adopt the new disclosure requirements beginning with its Annual Report on Form 10-K for the year ended December 31, 2024.
v3.24.3
Acquisitions and Divestitures (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table presents the purchase price allocation at fair value for the CGI acquisition as of September 30, 2024:
Initial Purchase
Price Allocation
Assets:
Accounts receivable$4.2 
Inventories13.4 
Other current assets0.2 
Property, plant and equipment10.0 
Operating lease assets1.8 
Goodwill79.8 
Other intangible assets88.4 
Other non-current assets3.0 
   Total assets acquired$200.8 
Liabilities:
Accounts payable, trade$0.6 
Salaries, wages and benefits 1.4 
Other current liabilities2.8 
Deferred income taxes23.4 
Other non-current liabilities5.2 
   Total liabilities assumed$33.4 
   Net assets acquired$167.4 
The following table presents the updated purchase price allocation at fair value, net of cash acquired, for the 2023 acquisitions, as of December 31, 2023 and September 30, 2024:
Purchase Price Allocation at December 31, 20232024
Adjustments
Updated Purchase Price Allocation at September 30, 2024
Assets:
Accounts receivable$44.7 $(0.8)$43.9 
Inventories111.8 1.7 113.5 
Other current assets5.0 — 5.0 
Property, plant and equipment47.7 0.2 47.9 
Operating lease assets7.3 (0.1)7.2 
Goodwill285.6 6.3 291.9 
Other intangible assets306.7 (7.2)299.5 
Other non-current assets6.7 (1.6)5.1 
Total assets acquired$815.5 $(1.5)$814.0 
Liabilities:
Accounts payable, trade$24.0 $0.2 $24.2 
Salaries, wages and benefits16.9 (2.0)14.9 
Income taxes payable5.5 — 5.5 
Other current liabilities10.7 (0.7)10.0 
Short-term debt4.7 0.4 5.1 
Long-term debt6.0 — 6.0 
Accrued pension benefits3.6 — 3.6 
Long-term operating lease liabilities7.0 — 7.0 
Deferred income taxes83.3 (0.9)82.4 
Other non-current liabilities7.6 — 7.6 
Total liabilities assumed$169.3 $(3.0)$166.3 
Noncontrolling interest acquired5.2 1.1 6.3 
Net assets acquired$641.0 $0.4 $641.4 
Schedule of 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:
2024
Weighted-
Average Life
Trade names$17.6 19 years
Technology and know-how21.6 15 years
Customer relationships49.2 15 years
Total intangible assets$88.4 
The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2023:
2023
Weighted-
Average Life
Trade names$25.6 17 years
Technology and know-how70.5 15 years
Customer relationships201.8 14 years
Non-compete agreements1.0 3 years
Capitalized software0.6 2 years
Total intangible assets$299.5 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Wise Financial Performance
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net sales:
Engineered Bearings$740.7 $775.6 $2,326.6 $2,533.5 
Industrial Motion386.1 367.1 1,172.8 1,144.3 
Net sales$1,126.8 $1,142.7 $3,499.4 $3,677.8 
Segment EBITDA:
Engineered Bearings$150.0 $148.2 $492.0 $538.7 
Industrial Motion70.9 70.3 223.8 199.4 
Total EBITDA, for reportable segments$220.9 $218.5 $715.8 $738.1 
Unallocated corporate expense(25.7)(17.0)(61.0)(47.9)
Corporate pension and other postretirement
   benefit related (expense) income (1)
— (0.2)— 1.7 
Depreciation and amortization(56.1)(52.2)(165.6)(149.0)
Interest expense(30.3)(27.5)(97.1)(79.9)
Interest income3.4 2.6 11.3 6.0 
Income before income taxes$112.2 $124.2 $403.4 $469.0 
(1) Corporate pension and other postretirement benefit related income represents actuarial (losses) and gains that resulted from the remeasurement of pension and other postretirement plan assets and obligations as a result of changes in assumptions or experience.

September 30,
2024		December 31, 2023
Total Assets by Segment:
Engineered Bearings$3,273.4 $3,296.8 
Industrial Motion3,004.7 2,744.5 
Corporate (2)
489.3 500.4 
 $6,767.4 $6,541.7 
(2) Corporate assets include corporate buildings and cash and cash equivalents.
v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
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 three and nine months ended September 30, 2024 and 2023:
Three Months EndedThree Months Ended
September 30, 2024September 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$310.4 $202.4 $512.8 $307.4 $190.6 $498.0 
Americas excluding the United States95.5 28.1 123.6 96.1 26.5 122.6 
Europe / Middle East / Africa139.9 124.0 263.9 158.6 125.9 284.5 
China81.2 20.3 101.5 110.7 18.3 129.0 
Asia-Pacific excluding China113.7 11.3 125.0 102.8 5.8 108.6 
Net sales$740.7 $386.1 $1,126.8 $775.6 $367.1 $1,142.7 
Nine Months EndedNine Months Ended
September 30, 2024September 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$981.4 $598.6 $1,580.0 $965.9 $603.7 $1,569.6 
Americas excluding the United States286.5 79.2 365.7 284.3 82.3 366.6 
Europe / Middle East / Africa460.4 401.8 862.2 518.1 376.3 894.4 
China233.8 59.6 293.4 425.6 57.5 483.1 
Asia-Pacific excluding China364.5 33.6 398.1 339.6 24.5 364.1 
Net sales$2,326.6 $1,172.8 $3,499.4 $2,533.5 $1,144.3 $3,677.8 

When reviewing revenue by sales channel, the Company separates net sales to original equipment manufacturers ("OEMs") from sales to distributors and end users. The following table presents the approximate percent of revenue by sales channel for the nine months ended September 30, 2024 and 2023:
Nine Months EndedNine Months Ended
Revenue by sales channelSeptember 30, 2024September 30, 2023
Original equipment manufacturers55%60%
Distribution/end users45%40%
Schedule of Rollforward of Unbilled Receivables and Deferred Revenue
The following table contains a rollforward of unbilled receivables for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Beginning balance, January 1$144.5 $103.9 
Additional unbilled revenue recognized301.3 424.1 
Less: amounts billed to customers(283.2)(383.5)
Ending balance$162.6 $144.5 
The following table contains a rollforward of deferred revenue for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Beginning balance, January 1$45.4 $54.3 
Acquisitions0.6 1.4 
Revenue received or billed in advance of recognition133.3 165.2 
Less: revenue recognized(119.0)(175.5)
Ending balance$60.3 $45.4 
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The Company's provision for income taxes in interim periods is computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period(s) in which they occur.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Provision for income taxes$24.6 $33.3 $103.2 $122.9 
Effective tax rate21.9 %26.8 %25.6 %26.2 %
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 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 three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator:
Net income attributable to The Timken Company$81.8 $87.9 $281.5 $335.4 
Denominator:
Weighted average number of shares outstanding - basic70,120,860 70,878,673 70,246,103 71,740,846 
Effect of dilutive securities:
Stock options and awards - based on the treasury
   stock method		542,881 656,936 546,983 716,003 
Weighted average number of shares outstanding assuming
   dilution of stock options and awards		70,663,741 71,535,609 70,793,086 72,456,849 
Basic earnings per share$1.17 $1.24 $4.01 $4.68 
Diluted earnings per share $1.16 $1.23 $3.98 $4.63 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
The components of inventories at September 30, 2024 and December 31, 2023 were as follows:
September 30,
2024		December 31,
2023
Manufacturing supplies$44.1 $41.9 
Raw materials154.0 145.6 
Work in process517.5 496.1 
Finished products630.5 619.2 
     Subtotal1,346.1 1,302.8 
Allowance for obsolete and surplus inventory(90.8)(73.7)
     Total inventories, net$1,255.3 $1,229.1 
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in the Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 were as follows:
Engineered BearingsIndustrial MotionTotal
Beginning balance, January 1$692.3 $677.3 $1,369.6 
Acquisitions— 79.8 79.8 
Foreign currency translation adjustments and other changes8.2 7.9 16.1 
Ending balance$700.5 $765.0 $1,465.5 
Schedule of Finite-Lived Intangible Assets
The following table displays intangible assets as of September 30, 2024 and December 31, 2023:
 Balance at September 30, 2024Balance at December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Intangible assets
subject to amortization:
Customer relationships$832.8 $(260.8)$572.0 $776.5 $(222.8)$553.7 
Technology and know-how369.5 (117.5)252.0 343.3 (100.9)242.4 
Trade names124.3 (16.0)108.3 71.3 (11.2)60.1 
Capitalized software302.8 (275.5)27.3 299.5 (272.8)26.7 
Other11.6 (10.3)1.3 10.8 (8.7)2.1 
$1,641.0 $(680.1)$960.9 $1,501.4 $(616.4)$885.0 
Intangible assets not subject to amortization:
Trade names$89.9 $89.9 $137.7 $137.7 
FAA air agency certificates8.7 8.7 8.7 8.7 
$98.6 $98.6 $146.4 $146.4 
Total intangible assets$1,739.6 $(680.1)$1,059.5 $1,647.8 $(616.4)$1,031.4 
Schedule of Indefinite-Lived Intangible Assets
The following table displays intangible assets as of September 30, 2024 and December 31, 2023:
 Balance at September 30, 2024Balance at December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Intangible assets
subject to amortization:
Customer relationships$832.8 $(260.8)$572.0 $776.5 $(222.8)$553.7 
Technology and know-how369.5 (117.5)252.0 343.3 (100.9)242.4 
Trade names124.3 (16.0)108.3 71.3 (11.2)60.1 
Capitalized software302.8 (275.5)27.3 299.5 (272.8)26.7 
Other11.6 (10.3)1.3 10.8 (8.7)2.1 
$1,641.0 $(680.1)$960.9 $1,501.4 $(616.4)$885.0 
Intangible assets not subject to amortization:
Trade names$89.9 $89.9 $137.7 $137.7 
FAA air agency certificates8.7 8.7 8.7 8.7 
$98.6 $98.6 $146.4 $146.4 
Total intangible assets$1,739.6 $(680.1)$1,059.5 $1,647.8 $(616.4)$1,031.4 
v3.24.3
Other Current Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities
The following table displays other current liabilities as of September 30, 2024 and December 31, 2023:
September 30,
2024		December 31,
2023
Sales rebates$67.1 $79.0 
Deferred revenue60.3 45.4 
Operating lease liabilities29.6 25.9 
Interest24.8 16.4 
Taxes other than income and payroll taxes21.2 17.8 
Product warranty17.1 15.2 
Freight and duties16.5 13.4 
Professional fees13.8 12.5 
Current derivative liability5.4 11.4 
Restructuring3.3 5.8 
Other73.9 74.3 
Total other current liabilities$333.0 $317.1 
v3.24.3
Financing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
Short-term debt at September 30, 2024 and December 31, 2023 was as follows:
September 30,
2024		December 31,
2023
Variable-rate Term Loan, originally due to mature on August 16, 2024; redeemed on May 29, 2024$— $220.8 
Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 4.00% to 4.45% at September 30, 2024 and 4.35% to 7.33% at December 31, 2023
25.9 25.4 
Short-term debt$25.9 $246.2 
Schedule of Long-Term Debt
Long-term debt at September 30, 2024 and December 31, 2023 was as follows:
September 30,
2024		December 31,
2023
Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 6.48% and Euro of 4.85% at December 31, 2023
$— $247.4 
Variable-rate Accounts Receivable Facility with an interest rate of 6.20% at September 30, 2024 and 6.42% at December 31, 2023
72.0 67.0 
Variable-rate Term Loan(1), maturing on December 5, 2027, with an interest rate of 6.07% at September 30, 2024 and 6.58% at December 31, 2023
399.5 399.3 
Fixed-rate Senior Unsecured Notes(1), originally due to mature on September 1, 2024; redeemed on June 24, 2024.
— 350.0 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027, with an interest rate of 2.02%
167.0 165.5 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on May 23, 2034, with an interest rate of 4.125%
655.9 — 
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with an interest rate of 4.50%
398.0 397.7 
Fixed-rate Medium-Term Notes, Series A(1), maturing at various dates through May 2028, with interest rates ranging from 6.74% to 7.76%
154.8 154.8 
Fixed-rate Senior Unsecured Notes(1), maturing on April 1, 2032, with an interest rate of 4.125%
344.8 343.7 
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15%
11.8 12.7 
Other9.2 11.6 
Total debt$2,213.0 $2,149.7 
Less: current maturities23.8 359.4 
Long-term debt$2,189.2 $1,790.3 
(1) Net of discounts and fees
Schedule of Maturities of Long-Term Debt
The maturities of long-term debt (including $8.7 million of finance leases) subsequent to September 30, 2024 are as follows:
Year
2024$7.8 
202529.1 
2026125.7 
2027524.6 
2028521.4 
20291.4 
Thereafter1,023.0 
v3.24.3
Supply Chain Financing (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Rollforward of Supplier Finance Program Obligations
The following table is a rollforward of the outstanding obligations for the Company’s supplier finance program for the nine months ended September 30, 2024 and twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Confirmed obligations outstanding, January 1 $21.3 $14.4 
Invoices confirmed 82.7 97.1 
Confirmed invoices paid (86.4)(90.2)
Confirmed obligations outstanding, ending balance$17.6 $21.3 
v3.24.3
Contingencies (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Rollforward of Product Warranty Accrual
The following is a rollforward of the consolidated product warranty accrual for the nine months ended September 30, 2024 and twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Beginning balance, January 1$15.2 $23.5 
Expense5.9 5.9 
Payments(4.0)(14.2)
Ending balance$17.1 $15.2 
v3.24.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in the Components of Equity
The following tables present the changes in the components of equity for the three and nine months ended September 30, 2024 and 2023, respectively:
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at June 30, 2024$2,950.1 $40.7 $1,255.9 $2,383.5 $(223.5)$(659.8)$153.3 
Net income87.6 81.8 5.8 
Foreign currency translation adjustment78.7 79.3 (0.6)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $0.6 million)
(1.6)(1.6)
Change in fair value of derivative financial
   instruments, net of reclassifications		(1.6)(1.6)
Dividends declared to noncontrolling interest(1.1)(1.1)
Dividends - $0.34 per share
(23.8)(23.8)
Sale of shares of Timken India Limited(1.2)(1.2)
Stock-based compensation expense5.2 5.2 
Stock purchased at fair market value(1.7)(1.7)
Stock option exercise activity0.1 0.1 
Balance at September 30, 2024$3,090.7 $40.7 $1,260.0 $2,441.5 $(147.4)$(661.5)$157.4 
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at December 31, 2023$2,702.4 $40.7 $1,076.5 $2,232.2 $(146.9)$(620.1)$120.0 
Net income300.2 281.5 18.7 
Foreign currency translation adjustment(1.3)(0.2)(1.1)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $1.5 million)
(4.6)(4.6)
Change in fair value of derivative financial
   instruments, net of reclassifications		(1.3)(1.3)
Dividends - $1.01 per share
(72.2)(72.2)
Dividends declared to noncontrolling interest(1.1)(1.1)
Sale of shares of Timken India Limited186.8 161.3 5.6 19.9 
Noncontrolling interest acquired 1.0 1.0 
Stock-based compensation expense16.7 16.7 
Stock purchased at fair market value(31.4)(31.4)
Stock option exercise activity5.5 5.5 
Payments related to tax withholding for
   stock-based compensation		(10.0)(10.0)
Balance at September 30, 2024$3,090.7 $40.7 $1,260.0 $2,441.5 $(147.4)$(661.5)$157.4 
Note 14 - Equity (continued)

  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at June 30, 2023$2,650.0 $40.7 $1,058.4 $2,132.2 $(178.2)$(521.8)$118.7 
Net income90.9 87.9 3.0 
Foreign currency translation adjustment(65.1)(63.3)(1.8)
Pension and other postretirement liability
   adjustments (net of income tax benefit of
   $0.5 million)
(1.4)(1.4)
Change in fair value of derivative financial
   instruments, net of reclassifications		2.0 2.0 
Dividends declared to noncontrolling interest(0.6)(0.6)
Dividends - $0.33 per share
(23.4)(23.4)
Stock-based compensation expense5.8 5.8 
Stock purchased at fair market value(63.9)(63.9)
Stock option exercise activity4.1 4.1 
Payments related to tax withholding for
stock-based compensation		(1.3)(1.3)
Balance at September 30, 2023$2,597.1 $40.7 $1,068.3 $2,196.7 $(240.9)$(587.0)$119.3 
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		Treasury
Stock		Non
controlling
Interest
Balance at December 31, 2022$2,352.9 $40.7 $829.6 $1,932.1 $(181.9)$(352.2)$84.6 
Net income346.1 335.4 10.7 
Foreign currency translation adjustment(65.3)(63.5)(1.8)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $1.5 million)
(4.5)(4.5)
Change in fair value of derivative financial
   instruments, net of reclassifications		0.9 0.9 
Dividends declared to noncontrolling interest(0.6)(0.6)
Dividends - $0.97 per share
(70.8)(70.8)
Sale of shares of Timken India Limited229.0 194.5 8.1 26.4 
Stock-based compensation expense22.9 22.9 
Stock purchased at fair market value(218.4)(218.4)
Stock option exercise activity21.3 21.3 
Payments related to tax withholding for
   stock-based compensation		(16.4)(16.4)
Balance at September 30, 2023$2,597.1 $40.7 $1,068.3 $2,196.7 $(240.9)$(587.0)$119.3 
v3.24.3
Impairment and Restructuring Charges (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring Charges [Abstract]  
Schedule of Impairment and Restructuring Charges by Segment and Rollforward of Restructuring Accrual
Impairment and restructuring charges by segment are comprised of the following:
For the three months ended September 30, 2024:
Engineered BearingsIndustrial MotionTotal
Impairment charges$0.1 $— $0.1 
Severance and related benefit costs0.1 1.3 1.4 
Exit costs0.9 0.1 1.0 
Total$1.1 $1.4 $2.5 
For the nine months ended September 30, 2024:
Engineered BearingsIndustrial MotionTotal
Impairment charges$2.0 $— $2.0 
Severance and related benefit costs0.9 3.8 4.7 
Exit costs1.2 0.2 1.4 
Total$4.1 $4.0 $8.1 
For the three months ended September 30, 2023:
Engineered BearingsIndustrial MotionTotal
Impairment charges$4.9 $— $4.9 
Severance and related benefit costs$1.6 $1.8 $3.4 
Exit costs0.4 0.2 0.6 
Total$6.9 $2.0 $8.9 
For the nine months ended September 30, 2023:
Engineered BearingsIndustrial MotionTotal
Impairment charges$4.9 $28.3 $33.2 
Severance and related benefit costs3.8 2.5 6.3 
Exit costs0.6 0.2 0.8 
Total$9.3 $31.0 $40.3 
The following is a rollforward of the consolidated restructuring accrual for the nine months ended September 30, 2024 and twelve months ended December 31, 2023:
September 30,
2024		December 31,
2023
Beginning balance, January 1$5.8 $3.1 
Expense6.1 12.3 
Payments(8.6)(9.6)
Ending balance$3.3 $5.8 
v3.24.3
Retirement Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Periodic Benefit Cost for the Defined Benefit Pension Plans
The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three and nine months ended September 30, 2024 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2024.
U.S. PlansInternational PlansTotal
 Three Months Ended
September 30,		Three Months Ended
September 30,		Three Months Ended
September 30,
 202420232024202320242023
Components of net periodic benefit cost (credit):
Service cost$0.1 $0.2 $0.5 $0.3 $0.6 $0.5 
Interest cost4.3 4.4 2.6 2.4 6.9 6.8 
Expected return on plan assets(1.9)(2.1)(2.4)(2.5)(4.3)(4.6)
Amortization of prior service cost— 0.1 — — — 0.1 
Recognition of net actuarial losses— 0.2 — — — 0.2 
Net periodic benefit cost (credit) $2.5 $2.8 $0.7 $0.2 $3.2 $3.0 
U.S. PlansInternational PlansTotal
 Nine Months Ended
September 30,		Nine Months Ended
September 30,		Nine Months Ended
September 30,
 202420232024202320242023
Components of net periodic benefit cost (credit):
Service cost$0.5 $0.6 $1.4 $1.1 $1.9 $1.7 
Interest cost12.8 13.4 7.7 7.7 20.5 21.1 
Expected return on plan assets(5.7)(6.3)(7.2)(7.8)(12.9)(14.1)
Amortization of prior service cost0.1 0.2 0.1 0.1 0.2 0.3 
Recognition of net actuarial gains— (1.7)— — — (1.7)
Net periodic benefit cost (credit) $7.7 $6.2 $2.0 $1.1 $9.7 $7.3 
v3.24.3
Other Postretirement Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Postretirement Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Periodic Benefit Cost for the Other Postretirement Benefit Plans
The following table sets forth the net periodic benefit cost for the Company’s other postretirement benefit plans. The amounts for the three and nine months ended September 30, 2024 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2024.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net periodic benefit credit:
Service cost$0.1 $0.1 $0.1 $0.1 
Interest cost0.4 0.4 1.3 1.4 
Amortization of prior service credit(2.1)(2.0)(6.2)(6.2)
Net periodic benefit credit$(1.6)$(1.5)$(4.8)$(4.7)
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Components of Accumulated Other Comprehensive (Loss) Income
The following tables present details about components of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023, respectively:
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at June 30, 2024$(267.7)$41.7 $2.5 $(223.5)
Other comprehensive income (loss) before
   reclassifications and income taxes		78.7 (0.1)(1.8)76.8 
Amounts reclassified from accumulated other
   comprehensive loss before income
   taxes		— (2.1)(0.4)(2.5)
Income tax benefit— 0.6 0.6 1.2 
Net current period other comprehensive income
   (loss), net of income taxes		78.7 (1.6)(1.6)75.5 
Noncontrolling interest0.6 — — 0.6 
Net current period other comprehensive income
(loss), net of income taxes and noncontrolling
interest		79.3 (1.6)(1.6)76.1 
Balance at September 30, 2024$(188.4)$40.1 $0.9 $(147.4)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at December 31, 2023$(193.8)$44.7 $2.2 $(146.9)
Sale of shares of Timken India Limited5.6 — — 5.6 
Other comprehensive loss (income) before
   reclassifications and income taxes		(1.3)(0.1)0.6 (0.8)
Amounts reclassified from accumulated other
   comprehensive loss before income taxes		— (6.0)(2.2)(8.2)
Income tax benefit— 1.5 0.3 1.8 
Net current period other comprehensive loss,
   net of income taxes		(1.3)(4.6)(1.3)(7.2)
Noncontrolling interest1.1 — — 1.1 
Net current period other comprehensive income
(loss), net of income taxes, noncontrolling
interest and sale of shares of Timken India
Limited		5.4 (4.6)(1.3)(0.5)
Balance at September 30, 2024$(188.4)$40.1 $0.9 $(147.4)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at June 30, 2023$(227.8)$47.7 $1.9 $(178.2)
Other comprehensive loss (income) before
   reclassifications and income taxes		(65.1)— 2.1 (63.0)
Amounts reclassified from accumulated other
   comprehensive (loss) income before income
   taxes		— (1.9)0.8 (1.1)
Income tax benefit (expense)0.5 (0.9)(0.4)
Net current period other comprehensive (loss)
   income, net of income taxes		(65.1)(1.4)2.0 (64.5)
Noncontrolling interest1.8 — — 1.8 
Net current period other comprehensive (loss)
income, net of income taxes and noncontrolling
interest		(63.3)(1.4)2.0 (62.7)
Balance at September 30, 2023$(291.1)$46.3 $3.9 $(240.9)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at December 31, 2022$(235.7)$50.8 $3.0 $(181.9)
Sale of shares of Timken India Limited8.1 — — 8.1 
Other comprehensive loss (income) before
   reclassifications and income taxes		(65.3)(0.1)0.4 (65.0)
Amounts reclassified from accumulated other
   comprehensive (loss) income before income
   taxes		— (5.9)0.9 (5.0)
Income tax benefit (expense)— 1.5 (0.4)1.1 
Net current period other comprehensive (loss)
   income, net of income taxes		(65.3)(4.5)0.9 (68.9)
Noncontrolling interest1.8 — — 1.8 
Net current period other comprehensive (loss)
income, net of income taxes, noncontrolling
interest and sale of shares of Timken India
Limited		(55.4)(4.5)0.9 (59.0)
Balance at September 30, 2023$(291.1)$46.3 $3.9 $(240.9)
v3.24.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
 September 30, 2024
 TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$378.3 $376.9 $1.4 $— 
Cash and cash equivalents measured at net asset value34.4 
Restricted cash0.7 0.7 — — 
Short-term investments15.1 — 15.1 — 
Foreign currency forward contracts2.2 — 2.2 — 
     Total assets$430.7 $377.6 $18.7 $— 
Liabilities:
Foreign currency forward contracts$5.4 $— $5.4 $— 
     Total liabilities$5.4 $— $5.4 $— 
 December 31, 2023
 TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$384.4 $381.0 $3.4 $— 
Cash and cash equivalents measured at net asset value34.5 
Restricted cash0.4 0.4 — — 
Short-term investments31.6 — 31.6 — 
Foreign currency forward contracts3.3 — 3.3 — 
     Total assets$454.2 $381.4 $38.3 $— 
Liabilities:
Foreign currency forward contracts$11.4 $— $11.4 $— 
     Total liabilities$11.4 $— $11.4 $— 
v3.24.3
Derivatives Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivative Instruments Not Designated as Hedging Instruments The following table presents the impact of derivative instruments not designated as hedging instruments for the three and nine months ended September 30, 2024 and 2023, respectively, and the related location within the Consolidated Statements of Income:
Amount of gain or (loss) recognized in incomeAmount of gain or (loss) recognized in income
Three Months Ended
September 30,		Nine Months Ended September 30, 2024
Derivatives not designated as hedging instruments:Location of gain or (loss) recognized in income2024202320242023
Foreign currency forward contractsOther expense (income), net$2.6 $0.3 $(7.4)$(16.2)
v3.24.3
Acquisitions and Divestitures - Acquisitions (Narrative) (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 09, 2024
USD ($)
employee
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
acquisition
Dec. 20, 2023
Nov. 01, 2023
Sep. 29, 2023
Sep. 01, 2023
Apr. 04, 2023
Business Acquisition [Line Items]                  
Number of acquisitions completed | acquisition       6          
Acquisitions, net of cash acquired   $ 167.7 $ 464.7            
CGI Inc                  
Business Acquisition [Line Items]                  
Number of employees | employee 130                
CGI Inc                  
Business Acquisition [Line Items]                  
Joint venture percentage 100.00%                
Acquisitions, net of cash acquired $ 167.4                
Cash acquired from acquisition 8.9                
Acquisition related costs $ 1.4                
2023 Acquisitions                  
Business Acquisition [Line Items]                  
Acquisition related costs       $ 6.7          
Lagersmit                  
Business Acquisition [Line Items]                  
Joint venture percentage         100.00%        
iMECH                  
Business Acquisition [Line Items]                  
Joint venture percentage           100.00%      
Rosa                  
Business Acquisition [Line Items]                  
Joint venture percentage             100.00%    
Des-Case                  
Business Acquisition [Line Items]                  
Joint venture percentage               100.00%  
Nadella Group                  
Business Acquisition [Line Items]                  
Joint venture percentage                 100.00%
ARB                  
Business Acquisition [Line Items]                  
Acquisitions, net of cash acquired       641.4          
Cash acquired from acquisition       $ 30.8          
v3.24.3
Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 09, 2024
Dec. 31, 2023
Assets:      
Goodwill $ 1,465.5   $ 1,369.6
Liabilities:      
Adjustment, noncontrolling interest acquired 1.1    
CGI Inc      
Assets:      
Accounts receivable   $ 4.2  
Inventories   13.4  
Other current assets   0.2  
Property, plant and equipment   10.0  
Operating lease assets   1.8  
Goodwill   79.8  
Other intangible assets   88.4  
Other non-current assets   3.0  
Total assets acquired   200.8  
Liabilities:      
Accounts payable, trade   0.6  
Salaries, wages and benefits   1.4  
Other current liabilities   2.8  
Deferred income taxes   23.4  
Other non-current liabilities   5.2  
Total liabilities assumed   33.4  
Net assets acquired   $ 167.4  
2023 Acquisitions      
Assets:      
Accounts receivable 43.9   44.7
Adjustments, accounts receivable (0.8)    
Inventories 113.5   111.8
Adjustments, inventories 1.7    
Other current assets 5.0   5.0
Property, plant and equipment 47.9   47.7
Adjustments, property plant and equipment 0.2    
Operating lease assets 7.2   7.3
Adjustments, operating lease assets (0.1)    
Goodwill 291.9   285.6
Adjustments, goodwill 6.3    
Other intangible assets 299.5   306.7
Adjustments, other intangible assets (7.2)    
Other non-current assets 5.1   6.7
Adjustment, other non-current assets (1.6)    
Total assets acquired 814.0   815.5
Adjustments, total assets acquired (1.5)    
Liabilities:      
Accounts payable, trade 24.2   24.0
Adjustments, accounts payable, trade 0.2    
Salaries, wages and benefits 14.9   16.9
Adjustments, salaries, wages and benefits (2.0)    
Income taxes payable 5.5   5.5
Other current liabilities 10.0   10.7
Adjustments, other current liabilities (0.7)    
Short-term debt 5.1   4.7
Adjustment, short-term debt 0.4    
Long-term debt 6.0   6.0
Accrued pension benefits 3.6   3.6
Long-term operating lease liabilities 7.0   7.0
Deferred income taxes 82.4   83.3
Adjustment, deferred income taxes (0.9)    
Other non-current liabilities 7.6   7.6
Total liabilities assumed 166.3   169.3
Adjustments, total liabilities assumed (3.0)    
Noncontrolling interest acquired 6.3   5.2
Net assets acquired 641.4   $ 641.0
Adjustments, net assets acquired $ 0.4    
v3.24.3
Acquisitions and Divestitures - Schedule of Purchase Price Allocation at Fair Value for Identifiable Intangible Assets Acquired (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 09, 2024
Dec. 31, 2023
CGI Inc    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired $ 88.4  
CGI Inc | Trade names    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired $ 17.6  
Weighted- Average Life 19 years  
CGI Inc | Technology and know-how    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired $ 21.6  
Weighted- Average Life 15 years  
CGI Inc | Customer relationships    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired $ 49.2  
Weighted- Average Life 15 years  
2023 Acquisitions    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired   $ 299.5
2023 Acquisitions | Trade names    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired   $ 25.6
Weighted- Average Life   17 years
2023 Acquisitions | Technology and know-how    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired   $ 70.5
Weighted- Average Life   15 years
2023 Acquisitions | Customer relationships    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired   $ 201.8
Weighted- Average Life   14 years
2023 Acquisitions | Non-compete agreements    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired   $ 1.0
Weighted- Average Life   3 years
2023 Acquisitions | Capitalized software    
Restructuring Cost and Reserve [Line Items]    
Finite-lived intangible assets acquired   $ 0.6
Weighted- Average Life   2 years
v3.24.3
Acquisitions and Divestitures - Divestitures (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Feb. 28, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Proceeds from divestitures, net of cash divested     $ 0.3 $ 4.5
Gain (loss) on sale     $ 0.0 3.7
Held-for-Sale | Jiangsu T W B Bearings Co Ltd        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Impairment charge       $ 1.0
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]        
Joint venture percentage   50.00%    
Proceeds from divestitures, net of cash divested   $ 5.7    
Gain (loss) on sale   $ 4.8    
Disposed of by Sale | Gaffney Plant        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Proceeds from divestitures, net of cash divested $ 16.0      
Gain (loss) on sale $ 13.8      
v3.24.3
Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Net sales $ 1,126.8 $ 1,142.7 $ 3,499.4 $ 3,677.8  
Total EBITDA, for reportable segments 220.9 218.5 715.8 738.1  
Unallocated corporate expense 112.2 124.2 403.4 469.0  
Corporate pension and other postretirement benefit related income     (4.9) (2.6)  
Depreciation and amortization (56.1) (52.2) (165.6) (149.0)  
Interest expense (30.3) (27.5) (97.1) (79.9)  
Interest income 3.4 2.6 11.3 6.0  
Total Assets by Segment:          
Assets 6,767.4   6,767.4   $ 6,541.7
Engineered Bearings          
Segment Reporting Information [Line Items]          
Net sales 740.7 775.6 2,326.6 2,533.5  
Total EBITDA, for reportable segments 150.0 148.2 492.0 538.7  
Total Assets by Segment:          
Assets 3,273.4   3,273.4   3,296.8
Industrial Motion          
Segment Reporting Information [Line Items]          
Net sales 386.1 367.1 1,172.8 1,144.3  
Total EBITDA, for reportable segments 70.9 70.3 223.8 199.4  
Total Assets by Segment:          
Assets 3,004.7   3,004.7   2,744.5
Corporate          
Segment Reporting Information [Line Items]          
Unallocated corporate expense (25.7) (17.0) (61.0) (47.9)  
Corporate pension and other postretirement benefit related income 0.0 $ (0.2) 0.0 $ 1.7  
Total Assets by Segment:          
Assets $ 489.3   $ 489.3   $ 500.4
v3.24.3
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 1,126.8 $ 1,142.7 $ 3,499.4 $ 3,677.8
Revenue Benchmark | Customer Concentration Risk | Original equipment manufacturers        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage (as a percent)     55.00% 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%
Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 740.7 775.6 $ 2,326.6 $ 2,533.5
Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 386.1 367.1 1,172.8 1,144.3
United States        
Disaggregation of Revenue [Line Items]        
Net sales 512.8 498.0 1,580.0 1,569.6
United States | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 310.4 307.4 981.4 965.9
United States | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 202.4 190.6 598.6 603.7
Americas excluding the United States        
Disaggregation of Revenue [Line Items]        
Net sales 123.6 122.6 365.7 366.6
Americas excluding the United States | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 95.5 96.1 286.5 284.3
Americas excluding the United States | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 28.1 26.5 79.2 82.3
Europe / Middle East / Africa        
Disaggregation of Revenue [Line Items]        
Net sales 263.9 284.5 862.2 894.4
Europe / Middle East / Africa | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 139.9 158.6 460.4 518.1
Europe / Middle East / Africa | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 124.0 125.9 401.8 376.3
China        
Disaggregation of Revenue [Line Items]        
Net sales 101.5 129.0 293.4 483.1
China | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 81.2 110.7 233.8 425.6
China | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 20.3 18.3 59.6 57.5
Asia-Pacific excluding China        
Disaggregation of Revenue [Line Items]        
Net sales 125.0 108.6 398.1 364.1
Asia-Pacific excluding China | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 113.7 102.8 364.5 339.6
Asia-Pacific excluding China | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales $ 11.3 $ 5.8 $ 33.6 $ 24.5
v3.24.3
Revenue - Narrative (Details) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Amount of revenue for remaining performance obligations $ 178,000,000    
Impairment losses $ 0   $ 0
Revenue Benchmark | Customer Concentration Risk | U.S. Government      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage (as a percent) 6.00% 6.00%  
Revenue Benchmark | Customer Concentration Risk | Transferred Over Time      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage (as a percent) 10.00% 9.00%  
v3.24.3
Revenue - Schedule of Rollforward of Unbilled Receivables (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 144.5 $ 103.9
Additional unbilled revenue recognized 301.3 424.1
Less: amounts billed to customers (283.2) (383.5)
Ending balance $ 162.6 $ 144.5
v3.24.3
Revenue - Schedule of Rollforward of Deferred Revenue (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Deferred Revenue [Roll Forward]    
Beginning balance $ 45.4 $ 54.3
Acquisitions 0.6 1.4
Revenue received or billed in advance of recognition 133.3 165.2
Less: revenue recognized (119.0) (175.5)
Ending balance $ 60.3 $ 45.4
v3.24.3
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 24.6 $ 33.3 $ 103.2 $ 122.9
Effective tax rate 21.90% 26.80% 25.60% 26.20%
v3.24.3
Income Taxes - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Effective tax rate 21.90% 26.80% 25.60% 26.20%
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Numerator:        
Net income attributable to The Timken Company $ 81.8 $ 87.9 $ 281.5 $ 335.4
Denominator:        
Weighted average number of shares outstanding - basic (in shares) 70,120,860 70,878,673 70,246,103 71,740,846
Effect of dilutive securities:        
Stock options and awards - based on the treasury stock method (in shares) 542,881 656,936 546,983 716,003
Weighted average number of shares outstanding assuming dilution of stock options and awards (in shares) 70,663,741 71,535,609 70,793,086 72,456,849
Basic earnings per share (in dollars per share) $ 1.17 $ 1.24 $ 4.01 $ 4.68
Diluted earnings per share (in dollars per share) $ 1.16 $ 1.23 $ 3.98 $ 4.63
v3.24.3
Earnings Per Share - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Antidilutive stock options outstanding (in shares) 0 0 0 0
v3.24.3
Inventories - Schedule of Components of Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Inventories, net:    
Manufacturing supplies $ 44.1 $ 41.9
Raw materials 154.0 145.6
Work in process 517.5 496.1
Finished products 630.5 619.2
Subtotal 1,346.1 1,302.8
Allowance for obsolete and surplus inventory (90.8) (73.7)
Total inventories, net $ 1,255.3 $ 1,229.1
v3.24.3
Inventories - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Proportion of inventories valued by FIFO method (as a percent) 61.00%  
Proportion of inventories valued by LIFO method (as a percent) 39.00%  
Inventory, LIFO reserve $ 251.7 $ 232.1
v3.24.3
Goodwill and Other Intangible Assets - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
reporting_unit
Sep. 30, 2023
USD ($)
Goodwill [Line Items]      
Impairment loss $ 28.3   $ 28.3
Acquisitions   $ 79.8  
Amortization of intangible assets, excluding assets acquired   64.2 $ 53.1
Future amortization expense 2024   86.0  
Future amortization expense 2025   84.0  
Future amortization expense 2026   81.0  
Future amortization expense 2027   78.0  
Future amortization expense 2028   77.0  
CGI Inc      
Goodwill [Line Items]      
Acquisitions   $ 79.8  
Engineered Bearings      
Goodwill [Line Items]      
Number of reporting units | reporting_unit   1  
Acquisitions   $ 0.0  
Industrial Motion      
Goodwill [Line Items]      
Number of reporting units | reporting_unit   6  
Acquisitions   $ 79.8  
v3.24.3
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance, January 1 $ 1,369.6
Acquisitions 79.8
Foreign currency translation adjustments and other changes 16.1
Ending balance 1,465.5
Engineered Bearings  
Goodwill [Roll Forward]  
Beginning balance, January 1 692.3
Acquisitions 0.0
Foreign currency translation adjustments and other changes 8.2
Ending balance 700.5
Industrial Motion  
Goodwill [Roll Forward]  
Beginning balance, January 1 677.3
Acquisitions 79.8
Foreign currency translation adjustments and other changes 7.9
Ending balance $ 765.0
v3.24.3
Goodwill and Other Intangible Assets - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Intangible assets subject to amortization:    
Gross Carrying Amount $ 1,641.0 $ 1,501.4
Accumulated Amortization (680.1) (616.4)
Net Carrying Amount 960.9 885.0
Intangible assets not subject to amortization:    
Intangible assets not subject to amortization 98.6 146.4
Gross intangible assets (excluding goodwill) 1,739.6 1,647.8
Accumulated Amortization (680.1) (616.4)
Total intangible assets, net carrying amount 1,059.5 1,031.4
Trade names    
Intangible assets not subject to amortization:    
Intangible assets not subject to amortization 89.9 137.7
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 832.8 776.5
Accumulated Amortization (260.8) (222.8)
Net Carrying Amount 572.0 553.7
Intangible assets not subject to amortization:    
Accumulated Amortization (260.8) (222.8)
Technology and know-how    
Intangible assets subject to amortization:    
Gross Carrying Amount 369.5 343.3
Accumulated Amortization (117.5) (100.9)
Net Carrying Amount 252.0 242.4
Intangible assets not subject to amortization:    
Accumulated Amortization (117.5) (100.9)
Trade names    
Intangible assets subject to amortization:    
Gross Carrying Amount 124.3 71.3
Accumulated Amortization (16.0) (11.2)
Net Carrying Amount 108.3 60.1
Intangible assets not subject to amortization:    
Accumulated Amortization (16.0) (11.2)
Capitalized software    
Intangible assets subject to amortization:    
Gross Carrying Amount 302.8 299.5
Accumulated Amortization (275.5) (272.8)
Net Carrying Amount 27.3 26.7
Intangible assets not subject to amortization:    
Accumulated Amortization (275.5) (272.8)
Other    
Intangible assets subject to amortization:    
Gross Carrying Amount 11.6 10.8
Accumulated Amortization (10.3) (8.7)
Net Carrying Amount 1.3 2.1
Intangible assets not subject to amortization:    
Accumulated Amortization $ (10.3) $ (8.7)
v3.24.3
Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]      
Sales rebates $ 67.1 $ 79.0  
Deferred revenue 60.3 45.4  
Operating lease liabilities 29.6 25.9  
Interest 24.8 16.4  
Taxes other than income and payroll taxes 21.2 17.8  
Product warranty 17.1 15.2  
Freight and duties 16.5 13.4  
Professional fees 13.8 12.5  
Current derivative liability 5.4 11.4  
Restructuring 3.3 5.8 $ 3.1
Other 73.9 74.3  
Total other current liabilities $ 333.0 $ 317.1  
v3.24.3
Financing Arrangements - Schedule of Short-Term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Short-term Debt [Line Items]    
Short-term debt $ 25.9 $ 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 $ 25.9 $ 25.4
Line of credit stated variable interest rate, low range (as a percent) 4.00% 4.35%
Line of credit stated variable interest rate, high range (as a percent) 4.45% 7.33%
v3.24.3
Financing Arrangements - Narrative (Details)
Sep. 30, 2024
USD ($)
covenant
May 23, 2024
USD ($)
May 23, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Aug. 16, 2023
EUR (€)
Dec. 05, 2022
USD ($)
Short-term Debt [Line Items]            
Short-term debt $ 25,900,000     $ 246,200,000    
Borrowings guarantees 58,200,000          
Fair value of amount outstanding 2,213,000,000     2,149,700,000    
Unamortized discounts and fees 20,000,000          
Term Loan - Variable Rate Maturing 2024            
Short-term Debt [Line Items]            
Short-term debt 0     220,800,000    
Term Loan - Variable Rate Maturing 2024 | Line of Credit            
Short-term Debt [Line Items]            
Aggregate principal amount | €         € 200,000,000  
Foreign Subsidiary            
Short-term Debt [Line Items]            
Short-term debt 25,900,000     25,400,000    
Borrowings guarantees 2,400,000          
Accounts Receivable Facility            
Short-term Debt [Line Items]            
Maximum borrowing capacity 100,000,000          
Long-term line of credit 72,000,000          
Line of credit facility, remaining borrowing capacity 28,000,000          
Fair value of amount outstanding 72,000,000.0     67,000,000.0    
Senior Credit Facility - Variable Rate            
Short-term Debt [Line Items]            
Maximum borrowing capacity           $ 750,000,000
Fair value of amount outstanding $ 0     247,400,000    
Number of financial covenant | covenant 2          
Term Loan - Variable Rate Maturing 2027            
Short-term Debt [Line Items]            
Fair value of amount outstanding $ 399,500,000     $ 399,300,000    
Term Loan - Variable Rate Maturing 2027 | Unsecured Debt | Line of Credit            
Short-term Debt [Line Items]            
Aggregate principal amount           $ 400,000,000
Senior Unsecured Notes 2034 - 4.125%            
Short-term Debt [Line Items]            
Aggregate principal amount | €     € 600,000,000      
Debt instrument, interest rate, stated percentage (as a percent)   4.125% 4.125%      
Senior Unsecured Notes - 3.875%            
Short-term Debt [Line Items]            
Fair value of amount outstanding   $ 350,000,000        
v3.24.3
Financing Arrangements - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt $ 2,213.0 $ 2,149.7
Less: current maturities 23.8 359.4
Long-term debt $ 2,189.2 $ 1,790.3
Euro Senior Unsecured Notes - 2.02%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 2.02% 2.02%
Euro Senior Unsecured Notes - 4.125%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 4.125% 4.125%
Series A Medium Term Note | Minimum    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 6.74% 6.74%
Series A Medium Term Note | Maximum    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 7.76% 7.76%
Senior Credit Facility - Variable Rate    
Debt Instrument [Line Items]    
Total debt $ 0.0 $ 247.4
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%
Accounts Receivable Facility - Variable Rate    
Debt Instrument [Line Items]    
Long-term debt, percentage bearing variable interest, percentage rate (as a percent) 6.20% 6.42%
Total debt $ 72.0 $ 67.0
Term Loan - Variable Rate Maturing 2027    
Debt Instrument [Line Items]    
Long-term debt, percentage bearing variable interest, percentage rate (as a percent) 6.07% 6.58%
Total debt $ 399.5 $ 399.3
Senior Unsecured Notes - 3.875%    
Debt Instrument [Line Items]    
Total debt 0.0 350.0
Euro Senior Unsecured Notes - 2.02%    
Debt Instrument [Line Items]    
Total debt 167.0 165.5
Euro Senior Unsecured Notes - 4.125%    
Debt Instrument [Line Items]    
Total debt $ 655.9 $ 0.0
Senior Unsecured Notes - 4.5%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 4.50% 4.50%
Total debt $ 398.0 $ 397.7
Series A Medium Term Note    
Debt Instrument [Line Items]    
Total debt $ 154.8 $ 154.8
Senior Unsecured Notes 2032 - 4.125%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 4.125% 4.125%
Total debt $ 344.8 $ 343.7
Fixed Rate Bank Loan (BEKA)    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 2.15% 2.15%
Total debt $ 11.8 $ 12.7
Other    
Debt Instrument [Line Items]    
Total debt $ 9.2 $ 11.6
v3.24.3
Financing Arrangements - Schedule of Maturities of Long-Term Debt (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Debt Disclosure [Abstract]  
Total finance lease liabilities $ 8.7
2024 7.8
2025 29.1
2026 125.7
2027 524.6
2028 521.4
2029 1.4
Thereafter $ 1,023.0
v3.24.3
Supply Chain Financing (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 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 82.7 97.1
Confirmed invoices paid (86.4) (90.2)
Confirmed obligations outstanding, ending balance $ 17.6 $ 21.3
v3.24.3
Contingencies - Narrative (Details) - USD ($)
$ in Millions
Jun. 11, 2024
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies   $ 4.5 $ 4.7  
Standard product warranty accrual   $ 17.1 $ 15.2 $ 23.5
Government vs Timken India Limited | Pending Litigation | Timken India Limited        
Loss Contingencies [Line Items]        
Loss contingency, damages sought, value $ 12.4      
v3.24.3
Contingencies - Schedule of Rollforward of Product Warranty Accrual (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]    
Beginning balance $ 15.2 $ 23.5
Expense 5.9 5.9
Payments (4.0) (14.2)
Ending balance $ 17.1 $ 15.2
v3.24.3
Equity - Changes in Equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance $ 2,950.1 $ 2,650.0 $ 2,702.4 $ 2,352.9
Net income 87.6 90.9 300.2 346.1
Foreign currency translation adjustments 78.7 (65.1) (1.3) (65.3)
Pension and other postretirement liability adjustments (net of income tax benefit) (1.6) (1.4) (4.6) (4.5)
Change in fair value of derivative financial instruments, net of reclassifications (1.6) 2.0 (1.3) 0.9
Dividends (23.8) (23.4) (72.2) (70.8)
Dividends declared to noncontrolling interest (1.1) (0.6) (1.1) (0.6)
Sale of shares of Timken India Limited (1.2)      
Sale of shares of Timken India Limited     186.8 229.0
Noncontrolling interest acquired     1.0  
Stock-based compensation expense 5.2 5.8 16.7 22.9
Stock purchased at fair market value (1.7) (63.9) (31.4) (218.4)
Stock option exercise activity 0.1 4.1 5.5 21.3
Payments related to tax withholding for stock-based compensation   (1.3) (10.0) (16.4)
Ending balance 3,090.7 2,597.1 3,090.7 2,597.1
Pension and other postretirement liability adjustment, tax benefit $ 0.6 $ 0.5 $ 1.5 $ 1.5
Dividends (in dollars per share) $ 0.34 $ 0.33 $ 1.01 $ 0.97
Stated Capital        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance $ 40.7 $ 40.7 $ 40.7 $ 40.7
Ending balance 40.7 40.7 40.7 40.7
Other Paid-In Capital        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 1,255.9 1,058.4 1,076.5 829.6
Sale of shares of Timken India Limited (1.2)      
Sale of shares of Timken India Limited     161.3 194.5
Stock-based compensation expense 5.2 5.8 16.7 22.9
Stock option exercise activity 0.1 4.1 5.5 21.3
Ending balance 1,260.0 1,068.3 1,260.0 1,068.3
Retained Earnings        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 2,383.5 2,132.2 2,232.2 1,932.1
Net income 81.8 87.9 281.5 335.4
Dividends (23.8) (23.4) (72.2) (70.8)
Ending balance 2,441.5 2,196.7 2,441.5 2,196.7
Accumulated Other Comprehensive Loss        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (223.5) (178.2) (146.9) (181.9)
Foreign currency translation adjustments 79.3 (63.3) (0.2) (63.5)
Pension and other postretirement liability adjustments (net of income tax benefit) (1.6) (1.4) (4.6) (4.5)
Change in fair value of derivative financial instruments, net of reclassifications (1.6) 2.0 (1.3) 0.9
Sale of shares of Timken India Limited     5.6 8.1
Ending balance (147.4) (240.9) (147.4) (240.9)
Treasury Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (659.8) (521.8) (620.1) (352.2)
Stock purchased at fair market value (1.7) (63.9) (31.4) (218.4)
Payments related to tax withholding for stock-based compensation   (1.3) (10.0) (16.4)
Ending balance (661.5) (587.0) (661.5) (587.0)
Non controlling Interest        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 153.3 118.7 120.0 84.6
Net income 5.8 3.0 18.7 10.7
Foreign currency translation adjustments (0.6) (1.8) (1.1) (1.8)
Dividends declared to noncontrolling interest (1.1) (0.6) (1.1) (0.6)
Sale of shares of Timken India Limited     19.9 26.4
Noncontrolling interest acquired     1.0  
Ending balance $ 157.4 $ 119.3 $ 157.4 $ 119.3
v3.24.3
Equity - Narrative (Details) - Timken India Limited - USD ($)
shares in Millions, $ in Millions
Jun. 20, 2024
May 28, 2024
Jun. 19, 2024
May 27, 2024
Stockholders' Equity [Line Items]        
Number of shares issued (in shares) 7.6 5.0    
Sale of stock, consideration received on transaction $ 229 $ 187    
Estimated income tax and transaction cost $ 55 $ 45    
Ownership percentage 57.70% 51.05% 67.80% 57.70%
v3.24.3
Impairment and Restructuring Charges - Schedule of Impairment and Restructuring Charges by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Impairment charges $ 0.1 $ 4.9 $ 2.0 $ 33.2
Severance and related benefit costs 1.4 3.4 4.7 6.3
Exit costs 1.0 0.6 1.4 0.8
Total 2.5 8.9 8.1 40.3
Engineered Bearings        
Restructuring Cost and Reserve [Line Items]        
Impairment charges 0.1 4.9 2.0 4.9
Severance and related benefit costs 0.1 1.6 0.9 3.8
Exit costs 0.9 0.4 1.2 0.6
Total 1.1 6.9 4.1 9.3
Industrial Motion        
Restructuring Cost and Reserve [Line Items]        
Impairment charges 0.0 0.0 0.0 28.3
Severance and related benefit costs 1.3 1.8 3.8 2.5
Exit costs 0.1 0.2 0.2 0.2
Total $ 1.4 $ 2.0 $ 4.0 $ 31.0
v3.24.3
Impairment and Restructuring Charges - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Nov. 30, 2023
USD ($)
employee
Jan. 16, 2023
employee
Jan. 01, 2023
segment
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]                
Exit costs       $ 1.0 $ 0.6   $ 1.4 $ 0.8
Severance and related benefit costs       1.4 3.4   4.7 6.3
Impairment charges       0.1 4.9   2.0 33.2
Number of reportable segments | segment     2          
Impairment loss           $ 28.3   28.3
Engineered Bearings                
Restructuring Cost and Reserve [Line Items]                
Exit costs       0.9 0.4   1.2 0.6
Severance and related benefit costs       0.1 1.6   0.9 3.8
Impairment charges       0.1 4.9   2.0 4.9
Engineered Bearings | Held-for-Sale | Jiangsu T W B Bearings Co Ltd                
Restructuring Cost and Reserve [Line Items]                
Impairment charge on reclassified assets         1.0      
Industrial Motion                
Restructuring Cost and Reserve [Line Items]                
Exit costs       0.1 0.2   0.2 0.2
Severance and related benefit costs       1.3 1.8   3.8 2.5
Impairment charges       0.0 0.0   0.0 28.3
Facility Closing | Engineered Bearings                
Restructuring Cost and Reserve [Line Items]                
Impairment charges             2.0  
Gaffney, South Carolina | Facility Closing | Engineered Bearings                
Restructuring Cost and Reserve [Line Items]                
Number of employees expected to be affected | employee   225            
Exit costs             1.2  
Severance and related benefit costs         1.4     3.1
Restructuring charges             16.2  
Russia | Facility Closing | Engineered Bearings                
Restructuring Cost and Reserve [Line Items]                
Impairment charges         3.9      
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       $ 0.6     2.1  
Restructuring charges             $ 5.5  
Fort Scott, Kansas | Facility Closing | Industrial Motion | Minimum                
Restructuring Cost and Reserve [Line Items]                
Expected costs $ 10.0              
Fort Scott, Kansas | Facility Closing | Industrial Motion | Maximum                
Restructuring Cost and Reserve [Line Items]                
Expected costs $ 12.0              
Europe | Industrial Motion                
Restructuring Cost and Reserve [Line Items]                
Severance and related benefit costs         $ 0.8     $ 1.1
v3.24.3
Impairment and Restructuring Charges - Schedule of Rollforward of Restructuring Accrual (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]    
Beginning balance $ 5.8 $ 3.1
Expense 6.1 12.3
Payments (8.6) (9.6)
Ending balance $ 3.3 $ 5.8
v3.24.3
Retirement Benefit Plans - Schedule of Net Periodic Benefit Cost for the Defined Benefit Pension Plans (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Components of net periodic benefit cost (credit):        
Service cost $ 0.6 $ 0.5 $ 1.9 $ 1.7
Interest cost 6.9 6.8 20.5 21.1
Expected return on plan assets (4.3) (4.6) (12.9) (14.1)
Amortization of prior service cost 0.0 0.1 0.2 0.3
Recognition of net actuarial losses (gains) 0.0 0.2 0.0 (1.7)
Net periodic benefit cost (credit) 3.2 3.0 9.7 7.3
U.S. Plans        
Components of net periodic benefit cost (credit):        
Service cost 0.1 0.2 0.5 0.6
Interest cost 4.3 4.4 12.8 13.4
Expected return on plan assets (1.9) (2.1) (5.7) (6.3)
Amortization of prior service cost 0.0 0.1 0.1 0.2
Recognition of net actuarial losses (gains) 0.0 0.2 0.0 (1.7)
Net periodic benefit cost (credit) 2.5 2.8 7.7 6.2
International Plans        
Components of net periodic benefit cost (credit):        
Service cost 0.5 0.3 1.4 1.1
Interest cost 2.6 2.4 7.7 7.7
Expected return on plan assets (2.4) (2.5) (7.2) (7.8)
Amortization of prior service cost 0.0 0.0 0.1 0.1
Recognition of net actuarial losses (gains) 0.0 0.0 0.0 0.0
Net periodic benefit cost (credit) $ 0.7 $ 0.2 $ 2.0 $ 1.1
v3.24.3
Retirement Benefit Plans - Narrative (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Recognition of net actuarial gains (losses) $ 0.0 $ (0.2) $ 0.0 $ 1.7
U.S. Plans        
Defined Benefit Plan Disclosure [Line Items]        
Recognition of net actuarial gains (losses) $ 0.0 $ (0.2) $ 0.0 $ 1.7
v3.24.3
Other Postretirement Benefit Plans (Details) - Postretirement Plan - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net periodic benefit credit:        
Service cost $ 0.1 $ 0.1 $ 0.1 $ 0.1
Interest cost 0.4 0.4 1.3 1.4
Amortization of prior service credit (2.1) (2.0) (6.2) (6.2)
Net periodic benefit cost (credit) $ (1.6) $ (1.5) $ (4.8) $ (4.7)
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 2,950.1 $ 2,650.0 $ 2,702.4 $ 2,352.9
Sale of shares of Timken India Limited     5.6 8.1
Other comprehensive loss (income) before reclassifications and income taxes 76.8 (63.0) (0.8) (65.0)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes (2.5) (1.1) (8.2) (5.0)
Income tax benefit 1.2 (0.4) 1.8 1.1
Other comprehensive income (loss), net of tax 75.5 (64.5) (7.2) (68.9)
Noncontrolling interest 0.6 1.8 1.1 1.8
Net current period other comprehensive income (loss), net of income taxes, noncontrolling interest and sale of shares of Timken India Limited 76.1 (62.7) (0.5) (59.0)
Ending balance 3,090.7 2,597.1 3,090.7 2,597.1
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (223.5) (178.2) (146.9) (181.9)
Ending balance (147.4) (240.9) (147.4) (240.9)
Foreign currency translation adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (267.7) (227.8) (193.8) (235.7)
Sale of shares of Timken India Limited     5.6 8.1
Other comprehensive loss (income) before reclassifications and income taxes 78.7 (65.1) (1.3) (65.3)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes 0.0 0.0 0.0 0.0
Income tax benefit 0.0 0.0 0.0
Other comprehensive income (loss), net of tax 78.7 (65.1) (1.3) (65.3)
Noncontrolling interest 0.6 1.8 1.1 1.8
Net current period other comprehensive income (loss), net of income taxes, noncontrolling interest and sale of shares of Timken India Limited 79.3 (63.3) 5.4 (55.4)
Ending balance (188.4) (291.1) (188.4) (291.1)
Pension and other postretirement liability adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 41.7 47.7 44.7 50.8
Sale of shares of Timken India Limited     0.0 0.0
Other comprehensive loss (income) before reclassifications and income taxes (0.1) 0.0 (0.1) (0.1)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes (2.1) (1.9) (6.0) (5.9)
Income tax benefit 0.6 0.5 1.5 1.5
Other comprehensive income (loss), net of tax (1.6) (1.4) (4.6) (4.5)
Noncontrolling interest 0.0 0.0 0.0 0.0
Net current period other comprehensive income (loss), net of income taxes, noncontrolling interest and sale of shares of Timken India Limited (1.6) (1.4) (4.6) (4.5)
Ending balance 40.1 46.3 40.1 46.3
Change in fair value of derivative financial instruments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 2.5 1.9 2.2 3.0
Sale of shares of Timken India Limited     0.0 0.0
Other comprehensive loss (income) before reclassifications and income taxes (1.8) 2.1 0.6 0.4
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes (0.4) 0.8 (2.2) 0.9
Income tax benefit 0.6 (0.9) 0.3 (0.4)
Other comprehensive income (loss), net of tax (1.6) 2.0 (1.3) 0.9
Noncontrolling interest 0.0 0.0 0.0 0.0
Net current period other comprehensive income (loss), net of income taxes, noncontrolling interest and sale of shares of Timken India Limited (1.6) 2.0 (1.3) 0.9
Ending balance $ 0.9 $ 3.9 $ 0.9 $ 3.9
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Narrative (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Other Income and Expenses [Abstract]  
Foreign currency translation adjustment losses $ 15.3
v3.24.3
Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets and Liabilities Measured at fair value on a recurring basis    
Restricted cash $ 0.7 $ 0.4
Fair Value, Recurring    
Assets and Liabilities Measured at fair value on a recurring basis    
Restricted cash 0.7 0.4
Short-term investments 15.1 31.6
Foreign currency forward contracts 2.2 3.3
Total assets 430.7 454.2
Foreign currency forward contracts 5.4 11.4
Total liabilities 5.4 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 378.3 384.4
Fair Value, Recurring | Level 1    
Assets and Liabilities Measured at fair value on a recurring basis    
Cash and cash equivalents 376.9 381.0
Restricted cash 0.7 0.4
Short-term investments 0.0 0.0
Foreign currency forward contracts 0.0 0.0
Total assets 377.6 381.4
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 1.4 3.4
Restricted cash 0.0 0.0
Short-term investments 15.1 31.6
Foreign currency forward contracts 2.2 3.3
Total assets 18.7 38.3
Foreign currency forward contracts 5.4 11.4
Total liabilities 5.4 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 $ 34.4 $ 34.5
v3.24.3
Fair Value - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment charges $ 2.0 $ 33.2  
Long-term fixed-rate debt, fair value 1,737.4   $ 1,387.7
Long-term fixed-rate debt, carrying value 1,734.4   $ 1,424.3
Held-for-Sale | Engineering-Related Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Carrying value 2.0    
Business fair value 0.0    
Impairment charges $ 2.0    
v3.24.3
Derivatives Instruments and Hedging Activities - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 15, 2020
EUR (€)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Derivative [Line Items]            
Amount reclassified from accumulated other comprehensive loss   $ (2.5) $ (1.1) $ (8.2) $ (5.0)  
Proceeds from long-term debt       1,515.9 $ 1,192.3  
Derivative, notional amount   734.3   734.3   $ 591.8
Designated as Hedging Instrument            
Derivative [Line Items]            
Derivative, notional amount   69.1   $ 69.1   73.8
Derivative instrument term       18 months    
Not Designated as Hedging Instrument            
Derivative [Line Items]            
Derivative, notional amount   665.2   $ 665.2   $ 518.0
2027 Notes            
Derivative [Line Items]            
Proceeds from long-term debt | € € 150.0          
Net Investment Hedging | 2034 Notes            
Derivative [Line Items]            
Amount reclassified from accumulated other comprehensive loss   25.3   19.2    
Net Investment Hedging | 2027 Notes            
Derivative [Line Items]            
Amount reclassified from accumulated other comprehensive loss   $ 2.3   $ 0.5    
Derivative, amount of hedged item | € € 54.5          
v3.24.3
Derivatives Instruments and Hedging Activities - Schedule of Impact of Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Amount of gain or (loss) recognized in income $ 2.6 $ 0.3 $ (7.4) $ (16.2)