TIMKEN CO, 10-Q filed on 7/31/2024
Quarterly Report
v3.24.2
Cover
 6 Months Ended
Jun. 30, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 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 70,134,716
Amendment Flag false
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Entity Central Index Key 0000098362
Current Fiscal Year End Date --12-31
v3.24.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net sales $ 1,182.3 $ 1,272.3 $ 2,372.6 $ 2,535.1
Cost of products sold 808.7 866.9 1,601.4 1,712.9
Selling, general and administrative expenses 184.1 184.9 374.8 371.7
Amortization of intangible assets 19.0 17.3 39.0 30.8
Impairment and restructuring charges 3.3 2.5 5.6 31.4
Operating Income 167.2 200.7 351.8 388.3
Interest expense (34.6) (28.3) (66.8) (52.4)
Interest income 5.1 1.9 7.9 3.4
Non-service pension and other postretirement (expense) income (1.0) 0.0 (2.0) 0.1
Other income, net 1.2 2.3 0.3 5.4
Income Before Income Taxes 137.9 176.6 291.2 344.8
Provision for income taxes 35.9 47.1 78.6 89.6
Net Income 102.0 129.5 212.6 255.2
Less: Net income attributable to noncontrolling interest 5.8 4.3 12.9 7.7
Net Income Attributable to The Timken Company $ 96.2 $ 125.2 $ 199.7 $ 247.5
Net Income per Common Share Attributable to The Timken Company Common Shareholders        
Basic earnings per share (in dollars per share) $ 1.37 $ 1.74 $ 2.84 $ 3.43
Diluted earnings per share (in dollars per share) $ 1.36 $ 1.73 $ 2.82 $ 3.39
v3.24.2
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net Income $ 102.0 $ 129.5 $ 212.6 $ 255.2
Other comprehensive loss, net of tax:        
Foreign currency translation adjustments (29.3) (27.9) (80.0) (0.2)
Pension and postretirement liability adjustments (1.5) (1.6) (3.0) (3.1)
Change in fair value of derivative financial instruments (0.8) (0.3) 0.3 (1.1)
Other comprehensive loss, net of tax (31.6) (29.8) (82.7) (4.4)
Comprehensive income, net of tax 70.4 99.7 129.9 250.8
Less: comprehensive income attributable to noncontrolling interest 5.7 4.0 12.4 7.7
Comprehensive income attributable to The Timken Company $ 64.7 $ 95.7 $ 117.5 $ 243.1
v3.24.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 469.9 $ 418.9
Restricted cash 1.1 0.4
Accounts receivable, less allowances (2024 – $15.7 million; 2023 – $17.1 million) 789.8 671.7
Unbilled receivables 148.1 144.5
Inventories, net 1,233.3 1,229.1
Deferred charges and prepaid expenses 45.0 41.5
Other current assets 85.9 128.8
Total Current Assets 2,773.1 2,634.9
Property, Plant and Equipment, net 1,290.2 1,311.9
Other Assets    
Goodwill 1,349.7 1,369.6
Other intangible assets, net 967.7 1,031.4
Operating lease assets 120.1 119.7
Deferred income taxes 47.6 44.3
Other non-current assets 27.5 29.9
Total Other Assets 2,512.6 2,594.9
Total Assets 6,575.9 6,541.7
Current Liabilities    
Accounts payable, trade 369.6 367.2
Short-term debt, including current portion of long-term debt 46.5 605.6
Salaries, wages and benefits 133.8 161.5
Income taxes payable 76.3 19.9
Other current liabilities 314.5 317.1
Total Current Liabilities 940.7 1,471.3
Non-Current Liabilities    
Long-term debt 2,129.9 1,790.3
Accrued pension benefits 160.1 172.3
Accrued postretirement benefits 30.4 30.2
Long-term operating lease liabilities 78.0 78.7
Deferred income taxes 182.1 186.5
Other non-current liabilities 104.6 110.0
Total Non-Current Liabilities 2,685.1 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 – 79,169,579 shares; 2023 – 78,680,164 shares) Stated capital 40.7 40.7
Other paid-in capital 1,255.9 1,076.5
Retained earnings 2,383.5 2,232.2
Accumulated other comprehensive loss (223.5) (146.9)
Treasury shares at cost (2024 – 9,034,863 shares; 2023 – 8,553,272 shares) (659.8) (620.1)
Total Shareholders’ Equity 2,796.8 2,582.4
Noncontrolling Interest 153.3 120.0
Total Equity 2,950.1 2,702.4
Total Liabilities and Equity $ 6,575.9 $ 6,541.7
v3.24.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Allowances for accounts receivable $ 15.7 $ 17.1
Common stock authorized (in shares) 200,000,000 200,000,000
Common stock issued (in shares) 79,169,579 78,680,164
Treasury stock (in shares) 9,034,863 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
v3.24.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating Activities          
Net Income $ 102.0 $ 129.5 $ 212.6 $ 255.2  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 54.2 51.2 109.5 96.8  
Impairment charges     1.9 28.3  
(Gain) loss on sale of assets     (1.1) 1.2  
Gain on divestitures     0.0 (3.6)  
Deferred income tax (benefit) provision     (5.2) 2.8  
Stock-based compensation expense     11.5 17.1  
Pension and other postretirement expense     3.3 1.1  
Pension and other postretirement benefit contributions and payments     (16.1) (7.2)  
Changes in operating assets and liabilities:          
Accounts receivable     (131.2) (87.4)  
Unbilled receivables     (3.8) (17.7)  
Inventories     (20.6) 15.3  
Accounts payable, trade     13.8 (14.9)  
Other accrued expenses     (20.5) (29.1)  
Income taxes     31.7 (32.3)  
Other, net     (11.9) (3.0)  
Net Cash Provided by Operating Activities     173.9 222.6  
Investing Activities          
Capital expenditures     (81.4) (91.3)  
Acquisitions, net of cash acquired     (0.4) (324.6)  
Proceeds from disposal of property, plant and equipment     1.5 0.3  
Proceeds from divestitures, net of cash divested     0.3 4.5  
Investments in short-term marketable securities, net     20.8 (0.8)  
Other, net     (0.2) (0.1)  
Net Cash Used in Investing Activities     (59.4) (412.0)  
Financing Activities          
Cash dividends paid to shareholders     (48.4) (47.4)  
Purchase of treasury shares     (29.7) (154.5)  
Proceeds from exercise of stock options     5.4 17.2  
Payments related to tax withholding for stock-based compensation     (10.0) (15.1)  
Borrowings on accounts receivable facility     55.0 29.0  
Payments on accounts receivable facility     (122.0) (29.0)  
Proceeds from long-term debt     1,306.5 768.9  
Payments on long-term debt     (1,221.3) (643.5)  
Deferred financing costs     (5.5) 0.0  
Short-term debt activity, net     (213.1) (1.4)  
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     (52.0) 209.0  
Effect of exchange rate changes on cash     (10.8) (8.0)  
Increase in Cash, Cash Equivalents and Restricted Cash     51.7 11.6  
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 $ 471.0 $ 352.3 $ 471.0 $ 352.3 $ 419.3
v3.24.2
Basis of Presentation
 6 Months Ended
Jun. 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.
v3.24.2
Significant Accounting Policies
 6 Months Ended
Jun. 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 p
v3.24.2
Acquisitions and Divestitures
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures
Note 3 - Acquisitions and Divestitures
Acquisitions:
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 June 30, 2024:
Purchase Price Allocation at December 31, 20232024
Adjustments
Updated Purchase Price Allocation at June 30, 2024
Assets:
Accounts receivable$44.7 $(0.9)$43.8 
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 — 7.3 
Goodwill285.6 5.0 290.6 
Other intangible assets306.7 (6.2)300.5 
Other assets6.7 (1.6)5.1 
Total assets acquired$815.5 $(1.8)$813.7 
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 0.5 11.2 
Short-term debt4.7 — 4.7 
Long-term debt6.0 — 6.0 
Accrued pension benefits3.6 — 3.6 
Long-term operating lease liabilities7.0 (0.8)6.2 
Deferred income taxes83.3 (1.1)82.2 
Other non-current liabilities7.6 — 7.6 
Total liabilities assumed$169.3 $(3.2)$166.1 
Noncontrolling interest acquired5.2 1.0 6.2 
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 relationships202.8 14 years
Non-compete agreements1.0 3 years
Capitalized software0.6 2 years
Total intangible assets$300.5 
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 taking into account 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, is based on preliminary information in most cases and 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. The purchase price allocations for Lagersmit, iMECH, Rosa and Des-Case are preliminary. The purchase price allocations for 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 of 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.

Divestitures:
On February 28, 2023, the Company completed the sale of all of its membership interests 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.
v3.24.2
Segment Information
 6 Months Ended
Jun. 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
June 30,		Six Months Ended
June 30,
 2024202320242023
Net sales:
Engineered Bearings$783.4 $857.2 $1,585.9 $1,757.9 
Industrial Motion398.9 415.1 786.7 777.2 
Net sales$1,182.3 $1,272.3 $2,372.6 $2,535.1 
Segment EBITDA:
Engineered Bearings$163.3 $185.5 $342.0 $390.5 
Industrial Motion75.6 80.9 152.9 129.1 
Total EBITDA, for reportable segments$238.9 $266.4 $494.9 $519.6 
Unallocated corporate expense(17.3)(13.2)(35.3)(30.9)
Corporate pension and other postretirement
   benefit related income (1)
— 1.0 — 1.9 
Depreciation and amortization(54.2)(51.2)(109.5)(96.8)
Interest expense(34.6)(28.3)(66.8)(52.4)
Interest income5.1 1.9 7.9 3.4 
Income before income taxes$137.9 $176.6 $291.2 $344.8 
(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.

June 30,
2024		December 31, 2023
Assets by Segment:
Engineered Bearings$3,323.8 $3,296.8 
Industrial Motion2,712.3 2,744.5 
Corporate (2)
539.8 500.4 
 $6,575.9 $6,541.7 
(2) Corporate assets include corporate buildings and cash and cash equivalents.
v3.24.2
Revenue
 6 Months Ended
Jun. 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 six months ended June 30, 2024 and 2023:
Three Months EndedThree Months Ended
June 30, 2024June 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$335.9 $203.5 $539.4 $317.6 $218.8 $536.4 
Americas excluding the United States96.3 26.5 122.8 96.0 27.9 123.9 
Europe / Middle East / Africa151.0 135.2 286.2 175.6 136.6 312.2 
China80.9 23.0 103.9 156.5 22.9 179.4 
Asia-Pacific excluding China119.3 10.7 130.0 111.5 8.9 120.4 
Net sales$783.4 $398.9 $1,182.3 $857.2 $415.1 $1,272.3 
Six Months EndedSix Months Ended
June 30, 2024June 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$671.0 $396.2 $1,067.2 $658.5 $413.1 $1,071.6 
Americas excluding the United States191.0 51.1 242.1 188.2 55.8 244.0 
Europe / Middle East / Africa320.5 277.8 598.3 359.5 250.4 609.9 
China152.6 39.3 191.9 314.9 39.2 354.1 
Asia-Pacific excluding China250.8 22.3 273.1 236.8 18.7 255.5 
Net sales$1,585.9 $786.7 $2,372.6 $1,757.9 $777.2 $2,535.1 

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 six months ended June 30, 2024 and 2023:
Six Months EndedSix Months Ended
Revenue by sales channelJune 30, 2024June 30, 2023
Original equipment manufacturers60%60%
Distribution/end users40%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, type of customer and distinguishing service revenue from product sales is also relevant. During the six months ended June 30, 2024 and June 30, 2023, approximately 7% and 8%, 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. Approximately 5% and 4% of total net sales represented service revenue during the six months ended June 30, 2024 and June 30, 2023, respectively. Finally, business with the United States ("U.S.") government or its contractors represented approximately 6% of total net sales during the six months ended June 30, 2024 and June 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 $129.0 million at June 30, 2024.
Note 5 - Revenue (continued)
Unbilled Receivables:
The following table contains a rollforward of unbilled receivables for the six months ended June 30, 2024 and the twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$144.5 $103.9 
Additional unbilled revenue recognized158.6 424.1 
Less: amounts billed to customers(155.0)(383.5)
Ending balance$148.1 $144.5 
There were no impairment losses recorded on unbilled receivables for the six months ended June 30, 2024 and the twelve months ended December 31, 2023.

Deferred Revenue:
The following table contains a rollforward of deferred revenue for the six months ended June 30, 2024 and the twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$45.4 $54.3 
Acquisitions— 1.4 
Revenue (cash) received in advance78.8 165.2 
Less: revenue recognized(72.5)(175.5)
Ending balance$51.7 $45.4 
v3.24.2
Income Taxes
 6 Months Ended
Jun. 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
June 30,		Six Months Ended
June 30,
 2024202320242023
Provision for income taxes$35.9 $47.1 $78.6 $89.6 
Effective tax rate26.0 %26.7 %27.0 %26.0 %
Income tax expense for the three and six months ended June 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% primarily due to the actual and projected mix of earnings in non-U.S. jurisdictions with relatively higher tax rates.

The effective tax rate of 26.0% for the three months ended June 30, 2024 was lower than the effective tax rate for the three months ended June 30, 2023 primarily due to the net favorable impact of discrete items versus the year ago period. The effective tax rate of 27.0% for the six months ended June 30, 2024 was higher than the effective tax rate for the six months ended June 30, 2023 primarily due to an increase in the mix of earnings in non-U.S. jurisdictions with relatively higher tax rates and the net unfavorable impact of discrete items versus the year ago period.
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.
v3.24.2
Earnings Per Share
 6 Months Ended
Jun. 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 six months ended June 30, 2024 and 2023:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Numerator:
Net income attributable to The Timken Company$96.2 $125.2 $199.7 $247.5 
Denominator:
Weighted average number of shares outstanding - basic70,364,539 71,882,843 70,301,757 72,162,267 
Effect of dilutive securities:
Stock options and awards - based on the treasury
   stock method		484,715 630,148 549,035 745,537 
Weighted average number of shares outstanding assuming
   dilution of stock options and awards		70,849,254 72,512,991 70,850,792 72,907,804 
Basic earnings per share$1.37 $1.74 $2.84 $3.43 
Diluted earnings per share $1.36 $1.73 $2.82 $3.39 
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 six months ended June 30, 2024 and 2023.
v3.24.2
Inventories
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventories
Note 8 - Inventories
The components of inventories at June 30, 2024 and December 31, 2023 were as follows:
June 30,
2024		December 31,
2023
Manufacturing supplies$43.6 $41.9 
Raw materials153.1 145.6 
Work in process501.4 496.1 
Finished products621.6 619.2 
     Subtotal1,319.7 1,302.8 
Allowance for obsolete and surplus inventory(86.4)(73.7)
     Total inventories, net$1,233.3 $1,229.1 
Inventories are valued at net realizable value, with approximately 60% valued on the first-in, first-out ("FIFO") method and the remaining 40% 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 June 30, 2024 and December 31, 2023 were $240.6 million and $234.7 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 management’s estimates of expected year-end 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.
v3.24.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 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. Furthermore, goodwill and indefinite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
The 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 six months ended June 30, 2024 were as follows:
Engineered BearingsIndustrial MotionTotal
Beginning balance$692.3 $677.3 $1,369.6 
Foreign currency translation adjustments and other changes4.1 (24.0)(19.9)
Ending balance$696.4 $653.3 $1,349.7 

The following table displays intangible assets as of June 30, 2024 and December 31, 2023:
 Balance at June 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$764.7 $(243.9)$520.8 $776.5 $(222.8)$553.7 
Technology and know-how340.4 (110.1)230.3 343.3 (100.9)242.4 
Trade names103.8 (14.4)89.4 71.3 (11.2)60.1 
Capitalized software301.7 (273.6)28.1 299.5 (272.8)26.7 
Other11.2 (9.3)1.9 10.8 (8.7)2.1 
$1,521.8 $(651.3)$870.5 $1,501.4 $(616.4)$885.0 
Intangible assets not subject to amortization:
Trade names$88.5 $88.5 $137.7 $137.7 
FAA air agency certificates8.7 8.7 8.7 8.7 
$97.2 $97.2 $146.4 $146.4 
Total intangible assets$1,619.0 $(651.3)$967.7 $1,647.8 $(616.4)$1,031.4 
Amortization expense for intangible assets was $42.6 million and $33.9 million for the six months ended June 30, 2024 and 2023, respectively. Amortization expense for intangible assets is projected to be approximately $80 million in 2024; $77 million in 2025; $74 million in 2026; $71 million in 2027; and $69 million in 2028.
v3.24.2
Other Current Liabilities
 6 Months Ended
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities
Note 10 - Other Current Liabilities
The following table displays other current liabilities as of June 30, 2024 and December 31, 2023:
(Dollars in millions)June 30,
2024		December 31,
2023
Sales rebates$69.4 $79.0 
Deferred revenue51.7 45.4 
Operating lease liabilities27.1 25.9 
Taxes other than income and payroll taxes23.1 17.8 
Product warranty17.5 15.2 
Freight and duties15.4 13.4 
Interest13.2 16.4 
Professional fees11.6 12.5 
Current derivative liability7.5 11.4 
Restructuring3.5 5.8 
Other74.5 74.3 
Total other current liabilities$314.5 $317.1 
v3.24.2
Financing Arrangements
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Financing Arrangements
Note 11 - Financing Arrangements
Short-term debt at June 30, 2024 and December 31, 2023 was as follows:
June 30,
2024		December 31,
2023
Variable-rate Term Loan, maturing on August 16, 2024, with an interest rate of 5.11% at December 31, 2023
$— $220.8 
Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 4.28% to 4.73% at June 30, 2024 and 4.35% to 7.33% at December 31, 2023
27.7 25.4 
Short-term debt$27.7 $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 June 30, 2024, the Company’s foreign subsidiaries had borrowings outstanding of $27.7 million and bank guarantees of $2.1 million.
Long-term debt at June 30, 2024 and December 31, 2023 was as follows:
June 30,
2024		December 31,
2023
Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 6.42% and Euro of 4.80% at June 30, 2024 and U.S. Dollar of 6.48% and Euro of 4.85% at December 31, 2023
$40.7 $247.4 
Variable-rate Accounts Receivable Facility with an interest rate of 6.42% at December 31, 2023
— 67.0 
Variable-rate Term Loan(1), maturing on December 5, 2027, with an interest rate of 6.57% at June 30, 2024 and 6.58% at December 31, 2023
399.5 399.3 
Fixed-rate Senior Unsecured Notes(1), maturing on September 1, 2024, with an interest rate of 3.875%
— 350.0 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027, with an interest rate of 2.02%
160.6 165.5 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on May 23, 2034, with an interest rate of 4.125%
630.0 — 
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with an interest rate of 4.50%
397.9 397.7 
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%
344.4 343.7 
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15%
11.6 12.7 
Other9.2 11.6 
Total debt$2,148.7 $2,149.7 
Less: current maturities18.8 359.4 
Long-term debt$2,129.9 $1,790.3 
(1) Net of discounts and fees
Note 11 - Financing Arrangements (continued)
The Company has 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 to certain borrowing base limitations; however, availability under the Accounts Receivable Facility was not reduced by any such borrowing base limitations at June 30, 2024. As of June 30, 2024, there were no outstanding borrowings under the Accounts Receivable Facility. The cost of this facility, which is the prevailing commercial paper rate plus facility fees, is considered a financing cost and is included in interest expense in the Consolidated Statements of Income.
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 June 30, 2024, the Company had $40.7 million outstanding borrowings under the Senior Credit Facility, which reduced the availability under this facility to $709.3 million. The Credit Agreement has two financial covenants: a consolidated 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 June 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 insurance contracts and certain indirect taxes. At June 30, 2024, outstanding letters of credit totaled $60.6 million, most with expiration dates within 12 months.
The maturities of long-term debt (including $8.7 million of finance leases) subsequent to June 30, 2024 are as follows:
Year
2024$7.8 
202528.9 
202653.4 
2027558.9 
2028521.9 
20291.5 
Thereafter997.5 
The table above excludes $21.2 million of unamortized discounts and fees that are netted against long-term debt at June 30, 2024.
v3.24.2
Supply Chain Financing
 6 Months Ended
Jun. 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 six months ended June 30, 2024 and twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Confirmed obligations outstanding, January 1 $21.3 $14.4 
Invoices confirmed 59.1 97.1 
Confirmed invoices paid (61.8)(90.2)
Confirmed obligations outstanding, ending balance$18.6 $21.3 
The obligations outstanding at June 30, 2024 and December 31, 2023 were included in accounts payable, trade on the Consolidated Balance Sheet.
v3.24.2
Contingencies
 6 Months Ended
Jun. 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 $4.6 million and $4.7 million for various known environmental matters that are probable and reasonably estimable at June 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 $17.5 million and $15.2 million at June 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. The Company continues to evaluate potential claims raised by certain customers with respect to the performance of bearings sold into the automotive and wind energy 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 six months ended June 30, 2024 and twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$15.2 $23.5 
Expense4.9 5.9 
Payments(2.6)(14.2)
Ending balance$17.5 $15.2 
v3.24.2
Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity
Note 14 - Equity
The following tables present the changes in the components of equity for the three and six months ended June 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 March 31, 2024$2,735.0 $40.7 $1,083.0 $2,311.2 $(197.6)$(629.0)$126.7 
Net income102.0 96.2 5.8 
Foreign currency translation adjustment(29.3)(29.2)(0.1)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $0.4 million)
(1.5)(1.5)
Change in fair value of derivative financial
   instruments, net of reclassifications		(0.8)(0.8)
Dividends - $0.34 per share
(23.9)(23.9)
Sale of shares of Timken India Limited188.0 162.5 5.6 19.9 
Noncontrolling interest acquired1.0 1.0 
Stock-based compensation expense7.0 7.0 
Stock purchased at fair market value(29.7)(29.7)
Stock option exercise activity3.4 3.4 
Payments related to tax withholding for
   stock-based compensation		(1.1)(1.1)
Balance at June 30, 2024$2,950.1 $40.7 $1,255.9 $2,383.5 $(223.5)$(659.8)$153.3 
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at December 31, 2023$2,702.4 $40.7 $1,076.5 $2,232.2 $(146.9)$(620.1)$120.0 
Net income212.6 199.7 12.9 
Foreign currency translation adjustment(80.0)(79.5)(0.5)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $0.9 million)
(3.0)(3.0)
Change in fair value of derivative financial
   instruments, net of reclassifications		0.3 0.3 
Dividends - $0.67 per share
(48.4)(48.4)
Sale of shares of Timken India Limited188.0 162.5 5.6 19.9 
Noncontrolling interest acquired 1.0 1.0 
Stock-based compensation expense11.5 11.5 
Stock purchased at fair market value(29.7)(29.7)
Stock option exercise activity5.4 5.4 
Payments related to tax withholding for
   stock-based compensation		(10.0)(10.0)
Balance at June 30, 2024$2,950.1 $40.7 $1,255.9 $2,383.5 $(223.5)$(659.8)$153.3 

On May 28, 2024, the Company completed the sale of 5.0 million shares of TIL, generating net proceeds of $188 million after estimated income taxes of $44 million and transaction costs. The sale reduced the Company’s ownership in TIL from 57.70 percent to 51.05 percent. The India market remains strategically important to Timken, and the Company is not planning on any further sale transactions.
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at March 31, 2023$2,436.3 $40.7 $853.3 $2,030.8 $(156.8)$(420.0)$88.3 
Net income129.5 125.2 4.3 
Foreign currency translation adjustment(27.9)(27.6)(0.3)
Pension and other postretirement liability
   adjustments (net of income tax benefit of
   $0.5 million)
(1.6)(1.6)
Change in fair value of derivative financial
   instruments, net of reclassifications		(0.3)(0.3)
Dividends - $0.33 per share
(23.8)(23.8)
Sale of shares of Timken India Limited229.0 194.5 8.1 26.4 
Stock-based compensation expense6.1 6.1 
Stock purchased at fair market value(100.5)(100.5)
Stock option exercise activity4.5 4.5 
Payments related to tax withholding for
stock-based compensation		(1.3)(1.3)
Balance at June 30, 2023$2,650.0 $40.7 $1,058.4 $2,132.2 $(178.2)$(521.8)$118.7 
  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 income255.2 247.5 7.7 
Foreign currency translation adjustment(0.2)(0.2)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $1.0 million)
(3.1)(3.1)
Change in fair value of derivative financial
   instruments, net of reclassifications		(1.1)(1.1)
Dividends - $0.64 per share
(47.4)(47.4)
Sale of shares of Timken India Limited229.0 194.5 8.1 26.4 
Stock-based compensation expense17.1 17.1 
Stock purchased at fair market value(154.5)(154.5)
Stock option exercise activity17.2 17.2 
Payments related to tax withholding for
   stock-based compensation		(15.1)(15.1)
Balance at June 30, 2023$2,650.0 $40.7 $1,058.4 $2,132.2 $(178.2)$(521.8)$118.7 
On June 20, 2023, the Company completed the sale of 7.6 million shares of TIL, generating net proceeds of $229 million after estimated 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.
v3.24.2
Impairment and Restructuring Charges
 6 Months Ended
Jun. 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 June 30, 2024:
Engineered BearingsIndustrial MotionTotal
Impairment charges$1.9 $— $1.9 
Severance and related benefit costs0.2 1.2 1.4 
Total$2.1 $1.2 $3.3 
For the six months ended June 30, 2024:
Engineered BearingsIndustrial MotionTotal
Impairment charges$1.9 $— $1.9 
Severance and related benefit costs0.8 2.5 3.3 
Exit costs0.3 0.1 0.4 
Total$3.0 $2.6 $5.6 
For the three months ended June 30, 2023:
Engineered BearingsIndustrial MotionTotal
Severance and related benefit costs$1.5 $0.8 $2.3 
Exit costs0.2 — 0.2 
Total$1.7 $0.8 $2.5 
For the six months ended June 30, 2023:
Engineered BearingsIndustrial MotionTotal
Impairment charges$— $28.3 $28.3 
Severance and related benefit costs2.2 0.7 2.9 
Exit costs0.2 — 0.2 
Total$2.4 $29.0 $31.4 
The following discussion explains the impairment and restructuring charges recorded for the periods presented; however, it is not intended to reflect a comprehensive discussion of all amounts in the tables above.

Engineered Bearings:
On January 16, 2023, the Company announced the closure of its bearing plant in Gaffney, South Carolina. The 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. The Company expects to incur approximately $12 million to $14 million of pretax costs in total related to this closure. During the six months ended June 30, 2024, the Company recorded exit costs of $0.3 million, related to this closure. During the three and six months ended June 30, 2023, the Company recorded severance and related benefits of $0.9 million and $1.7 million, respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $12.9 million as of June 30, 2024, including rationalization costs recorded in cost of products sold.
During the three months ended June 30, 2024, the Company recorded impairment charges of $1.9 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 $0.2 million.
Note 15 - Impairment and Restructuring Charges (continued)
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 first 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 six months ended June 30, 2024, the Company recorded severance and related benefits of $0.7 million and $1.5 million, respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $3.4 million as of June 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 June 30, 2023.
Consolidated Restructuring Accrual:
The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2024 and twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$5.8 $3.1 
Expense3.7 12.3 
Payments(6.0)(9.6)
Ending balance$3.5 $5.8 
The restructuring accrual at June 30, 2024 and December 31, 2023 was included in other current liabilities on the Consolidated Balance Sheets.
v3.24.2
Retirement Benefit Plans
 6 Months Ended
Jun. 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 six months ended June 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
June 30,		Three Months Ended
June 30,		Three Months Ended
June 30,
 202420232024202320242023
Components of net periodic benefit cost (credit):
Service cost$0.3 $0.2 $0.4 $0.5 $0.7 $0.7 
Interest cost4.2 4.5 2.6 2.9 6.8 7.4 
Expected return on plan assets(1.9)(2.1)(2.4)(2.8)(4.3)(4.9)
Amortization of prior service cost0.1 0.1 — — 0.1 0.1 
Recognition of net actuarial gains— (1.0)— — — (1.0)
Net periodic benefit cost (credit) $2.7 $1.7 $0.6 $0.6 $3.3 $2.3 
U.S. PlansInternational PlansTotal
 Six Months Ended
June 30,		Six Months Ended
June 30,		Six Months Ended
June 30,
 202420232024202320242023
Components of net periodic benefit cost (credit):
Service cost$0.4 $0.4 $0.9 $0.8 $1.3 $1.2 
Interest cost8.5 9.0 5.1 5.3 13.6 14.3 
Expected return on plan assets(3.8)(4.2)(4.8)(5.3)(8.6)(9.5)
Amortization of prior service cost0.1 0.1 0.1 0.1 0.2 0.2 
Recognition of net actuarial gains— (1.9)— — — (1.9)
Net periodic benefit cost (credit) $5.2 $3.4 $1.3 $0.9 $6.5 $4.3 
For the three and six months ended June 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 net actuarial ("mark-to-market") gains of $1.0 million and $1.9 million during the three and six months ended June 30, 2023.
v3.24.2
Other Postretirement Benefit Plans
 6 Months Ended
Jun. 30, 2024
Postretirement Plan  
Defined Benefit Plan Disclosure [Line Items]  
Other Postretirement Benefit Plans
Note 17 - Other Postretirement Benefit Plans
The following table sets forth the net periodic benefit cost for the Company’s other postretirement benefit plans. The amounts for the three and six months ended June 30, 2024 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2024.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Net periodic benefit credit:
Interest cost0.4 0.5 0.9 1.0 
Amortization of prior service credit(2.0)(2.1)(4.1)(4.2)
Net periodic benefit credit$(1.6)$(1.6)$(3.2)$(3.2)
v3.24.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Note 18 - Accumulated Other Comprehensive Income (Loss)
The following tables present details about components of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023, respectively:
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at March 31, 2024$(244.1)$43.2 $3.3 $(197.6)
Sale of shares of Timken India Limited5.6 — — 5.6 
Other comprehensive loss (income) before
   reclassifications and income taxes		(29.3)— 0.7 (28.6)
Amounts reclassified from accumulated other
   comprehensive (loss) income before income
   taxes		— (1.9)(1.6)(3.5)
Income tax benefit— 0.4 0.1 0.5 
Net current period other comprehensive (loss)
   income, net of income taxes		(29.3)(1.5)(0.8)(31.6)
Noncontrolling interest0.1 — — 0.1 
Net current period other comprehensive (loss)
income, net of income taxes, noncontrolling
interest and sale of shares of Timken India
Limited		(23.6)(1.5)(0.8)(25.9)
Balance at June 30, 2024$(267.7)$41.7 $2.5 $(223.5)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at December 31, 2023$(193.8)$44.7 $2.2 $(146.9)
Sale of shares of Timken India Limited5.6 — — 5.6 
Other comprehensive loss (income) before
   reclassifications and income taxes		(80.0)— 2.4 (77.6)
Amounts reclassified from accumulated other
   comprehensive loss before income taxes		— (3.9)(1.8)(5.7)
Income tax benefit (expense)— 0.9 (0.3)0.6 
Net current period other comprehensive (loss)
   income, net of income taxes		(80.0)(3.0)0.3 (82.7)
Noncontrolling interest0.5 — — 0.5 
Net current period other comprehensive (loss)
income, net of income taxes and noncontrolling
interest		(73.9)(3.0)0.3 (76.6)
Balance at June 30, 2024$(267.7)$41.7 $2.5 $(223.5)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at March 31, 2023$(208.3)$49.3 $2.2 $(156.8)
Sale of shares of Timken India Limited8.1 — — 8.1 
Other comprehensive income (loss) before
   reclassifications and income taxes		(27.9)(0.1)(0.9)(28.9)
Amounts reclassified from accumulated other
   comprehensive loss before income taxes		— (2.0)0.4 (1.6)
Income tax benefit— 0.5 0.2 0.7 
Net current period other comprehensive income
  (loss), net of income taxes		(27.9)(1.6)(0.3)(29.8)
Noncontrolling interest0.3 — — 0.3 
Net current period other comprehensive income
(loss), net of income taxes and noncontrolling
interest		(19.5)(1.6)(0.3)(21.4)
Balance at June 30, 2023$(227.8)$47.7 $1.9 $(178.2)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at December 31, 2022$(235.7)$50.8 $3.0 $(181.9)
Sale of shares of Timken India Limited8.1 — — 8.1 
Other comprehensive (loss) income before
   reclassifications and income taxes		(0.2)(0.1)(1.7)(2.0)
Amounts reclassified from accumulated other
   comprehensive (loss) income before income
   taxes		— (4.0)0.1 (3.9)
Income tax benefit— 1.0 0.5 1.5 
Net current period other comprehensive (loss)
   income, net of income taxes		(0.2)(3.1)(1.1)(4.4)
Noncontrolling interest— — — — 
Net current period other comprehensive (loss)
income, net of income taxes and noncontrolling
interest		7.9 (3.1)(1.1)3.7 
Balance at June 30, 2023$(227.8)$47.7 $1.9 $(178.2)
Other comprehensive (loss) income before reclassifications and income taxes includes the effect of foreign currency.
v3.24.2
Fair Value
 6 Months Ended
Jun. 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 June 30, 2024 and December 31, 2023:
 June 30, 2024
 TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$437.6 $434.7 $2.9 $— 
Cash and cash equivalents measured at net asset value32.3 
Restricted cash1.1 1.1 — — 
Short-term investments10.2 — 10.2 — 
Foreign currency forward contracts2.0 — 2.0 — 
     Total assets$483.2 $435.8 $15.1 $— 
Liabilities:
Foreign currency forward contracts$7.5 $— $7.5 $— 
     Total liabilities$7.5 $— $7.5 $— 
 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 are highly liquid investments with maturities of 90 days or less when purchased and are valued at redemption value. Short-term investments are investments with maturities between 91 days and one year, and generally are valued at amortized cost, which approximates fair value. A portion of the cash and cash equivalents and short-term investments are valued based on net asset value. The Company uses publicly available market interest rates to measure the fair value of its interest rate swap contracts. The Company uses publicly available foreign currency forward and spot rates to measure the fair value of its foreign currency forward contracts.
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 three months ended June 30, 2024, certain engineering-related assets used in the business, with a carrying value of $2.1 million, were written down to their fair value of $0.2 million, resulting in an impairment charge of $1.9 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.
No other material assets were measured at fair value on a nonrecurring basis during the six months ended June 30, 2024 and 2023, respectively.

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 $1,655.6 million and $1,387.7 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of this debt was $1,699.4 million and $1,424.3 million at June 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.
v3.24.2
Derivatives Instruments and Hedging Activities
 6 Months Ended
Jun. 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 six months ended June 30, 2024 were both a gain of $6.1 million to accumulated comprehensive (loss) income.
On September 15, 2020, the Company designated €54.5 million of its €150.0 million fixed-rate senior unsecured notes, maturing on September 7, 2027 (the "2027 Notes"), as a hedge against its net investment in one of its European subsidiaries. The objective of the hedge transaction is to protect the net investment in the foreign operations against changes in the exchange rate between the U.S. dollar and the Euro. The net impact for the three and six months ended June 30, 2024 was a gain of $0.4 million and $1.8 million to accumulated comprehensive (loss) income.
The Company does not purchase or hold any derivative financial instruments for trading purposes. As of June 30, 2024 and December 31, 2023, the Company had $648.1 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 June 30, 2024 and December 31, 2023, the Company had $68.0 million and $73.8 million, respectively, of outstanding foreign currency forward contracts at notional value that were classified as cash flow hedges.
The maximum length of time over which the Company hedges 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 June 30, 2024 and December 31, 2023, the Company had $580.1 million and $518.0 million, respectively, of outstanding foreign currency forward contracts at notional value that were not designated as hedging instruments. The following table presents the impact of derivative instruments not designated as hedging instruments for the three and six months ended June 30, 2024 and 2023, respectively, and the related location within the Consolidated Statements of Income:
Amount of gain or (loss) recognized in incomeAmount of gain or (loss) recognized in income
Three Months Ended
June 30,		Six Months Ended
June 30,
Derivatives not designated as hedging instruments:Location of gain or (loss) recognized in income2024202320242023
Foreign currency forward contractsOther expense, net$(3.9)$(13.9)$(10.0)$(16.5)
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 96.2 $ 125.2 $ 199.7 $ 247.5
v3.24.2
Insider Trading Arrangements
 3 Months Ended
Jun. 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
v3.24.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 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 p
v3.24.2
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 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 updated purchase price allocation at fair value, net of cash acquired, for the 2023 acquisitions, as of December 31, 2023 and June 30, 2024:
Purchase Price Allocation at December 31, 20232024
Adjustments
Updated Purchase Price Allocation at June 30, 2024
Assets:
Accounts receivable$44.7 $(0.9)$43.8 
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 — 7.3 
Goodwill285.6 5.0 290.6 
Other intangible assets306.7 (6.2)300.5 
Other assets6.7 (1.6)5.1 
Total assets acquired$815.5 $(1.8)$813.7 
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 0.5 11.2 
Short-term debt4.7 — 4.7 
Long-term debt6.0 — 6.0 
Accrued pension benefits3.6 — 3.6 
Long-term operating lease liabilities7.0 (0.8)6.2 
Deferred income taxes83.3 (1.1)82.2 
Other non-current liabilities7.6 — 7.6 
Total liabilities assumed$169.3 $(3.2)$166.1 
Noncontrolling interest acquired5.2 1.0 6.2 
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 2023:
2023
Weighted-
Average Life
Trade names$25.6 17 years
Technology and know-how70.5 15 years
Customer relationships202.8 14 years
Non-compete agreements1.0 3 years
Capitalized software0.6 2 years
Total intangible assets$300.5 
v3.24.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Wise Financial Performance
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Net sales:
Engineered Bearings$783.4 $857.2 $1,585.9 $1,757.9 
Industrial Motion398.9 415.1 786.7 777.2 
Net sales$1,182.3 $1,272.3 $2,372.6 $2,535.1 
Segment EBITDA:
Engineered Bearings$163.3 $185.5 $342.0 $390.5 
Industrial Motion75.6 80.9 152.9 129.1 
Total EBITDA, for reportable segments$238.9 $266.4 $494.9 $519.6 
Unallocated corporate expense(17.3)(13.2)(35.3)(30.9)
Corporate pension and other postretirement
   benefit related income (1)
— 1.0 — 1.9 
Depreciation and amortization(54.2)(51.2)(109.5)(96.8)
Interest expense(34.6)(28.3)(66.8)(52.4)
Interest income5.1 1.9 7.9 3.4 
Income before income taxes$137.9 $176.6 $291.2 $344.8 
(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.

June 30,
2024		December 31, 2023
Assets by Segment:
Engineered Bearings$3,323.8 $3,296.8 
Industrial Motion2,712.3 2,744.5 
Corporate (2)
539.8 500.4 
 $6,575.9 $6,541.7 
(2) Corporate assets include corporate buildings and cash and cash equivalents.
v3.24.2
Revenue (Tables)
 6 Months Ended
Jun. 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 six months ended June 30, 2024 and 2023:
Three Months EndedThree Months Ended
June 30, 2024June 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$335.9 $203.5 $539.4 $317.6 $218.8 $536.4 
Americas excluding the United States96.3 26.5 122.8 96.0 27.9 123.9 
Europe / Middle East / Africa151.0 135.2 286.2 175.6 136.6 312.2 
China80.9 23.0 103.9 156.5 22.9 179.4 
Asia-Pacific excluding China119.3 10.7 130.0 111.5 8.9 120.4 
Net sales$783.4 $398.9 $1,182.3 $857.2 $415.1 $1,272.3 
Six Months EndedSix Months Ended
June 30, 2024June 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$671.0 $396.2 $1,067.2 $658.5 $413.1 $1,071.6 
Americas excluding the United States191.0 51.1 242.1 188.2 55.8 244.0 
Europe / Middle East / Africa320.5 277.8 598.3 359.5 250.4 609.9 
China152.6 39.3 191.9 314.9 39.2 354.1 
Asia-Pacific excluding China250.8 22.3 273.1 236.8 18.7 255.5 
Net sales$1,585.9 $786.7 $2,372.6 $1,757.9 $777.2 $2,535.1 

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 six months ended June 30, 2024 and 2023:
Six Months EndedSix Months Ended
Revenue by sales channelJune 30, 2024June 30, 2023
Original equipment manufacturers60%60%
Distribution/end users40%40%
Schedule of Rollforward of Unbilled Receivables and Deferred Revenue
The following table contains a rollforward of unbilled receivables for the six months ended June 30, 2024 and the twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$144.5 $103.9 
Additional unbilled revenue recognized158.6 424.1 
Less: amounts billed to customers(155.0)(383.5)
Ending balance$148.1 $144.5 
The following table contains a rollforward of deferred revenue for the six months ended June 30, 2024 and the twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$45.4 $54.3 
Acquisitions— 1.4 
Revenue (cash) received in advance78.8 165.2 
Less: revenue recognized(72.5)(175.5)
Ending balance$51.7 $45.4 
v3.24.2
Income Taxes (Tables)
 6 Months Ended
Jun. 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
June 30,		Six Months Ended
June 30,
 2024202320242023
Provision for income taxes$35.9 $47.1 $78.6 $89.6 
Effective tax rate26.0 %26.7 %27.0 %26.0 %
v3.24.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 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 six months ended June 30, 2024 and 2023:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Numerator:
Net income attributable to The Timken Company$96.2 $125.2 $199.7 $247.5 
Denominator:
Weighted average number of shares outstanding - basic70,364,539 71,882,843 70,301,757 72,162,267 
Effect of dilutive securities:
Stock options and awards - based on the treasury
   stock method		484,715 630,148 549,035 745,537 
Weighted average number of shares outstanding assuming
   dilution of stock options and awards		70,849,254 72,512,991 70,850,792 72,907,804 
Basic earnings per share$1.37 $1.74 $2.84 $3.43 
Diluted earnings per share $1.36 $1.73 $2.82 $3.39 
v3.24.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
The components of inventories at June 30, 2024 and December 31, 2023 were as follows:
June 30,
2024		December 31,
2023
Manufacturing supplies$43.6 $41.9 
Raw materials153.1 145.6 
Work in process501.4 496.1 
Finished products621.6 619.2 
     Subtotal1,319.7 1,302.8 
Allowance for obsolete and surplus inventory(86.4)(73.7)
     Total inventories, net$1,233.3 $1,229.1 
v3.24.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 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 six months ended June 30, 2024 were as follows:
Engineered BearingsIndustrial MotionTotal
Beginning balance$692.3 $677.3 $1,369.6 
Foreign currency translation adjustments and other changes4.1 (24.0)(19.9)
Ending balance$696.4 $653.3 $1,349.7 
Schedule of Finite-Lived Intangible Assets
The following table displays intangible assets as of June 30, 2024 and December 31, 2023:
 Balance at June 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$764.7 $(243.9)$520.8 $776.5 $(222.8)$553.7 
Technology and know-how340.4 (110.1)230.3 343.3 (100.9)242.4 
Trade names103.8 (14.4)89.4 71.3 (11.2)60.1 
Capitalized software301.7 (273.6)28.1 299.5 (272.8)26.7 
Other11.2 (9.3)1.9 10.8 (8.7)2.1 
$1,521.8 $(651.3)$870.5 $1,501.4 $(616.4)$885.0 
Intangible assets not subject to amortization:
Trade names$88.5 $88.5 $137.7 $137.7 
FAA air agency certificates8.7 8.7 8.7 8.7 
$97.2 $97.2 $146.4 $146.4 
Total intangible assets$1,619.0 $(651.3)$967.7 $1,647.8 $(616.4)$1,031.4 
Schedule of Indefinite-Lived Intangible Assets
The following table displays intangible assets as of June 30, 2024 and December 31, 2023:
 Balance at June 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$764.7 $(243.9)$520.8 $776.5 $(222.8)$553.7 
Technology and know-how340.4 (110.1)230.3 343.3 (100.9)242.4 
Trade names103.8 (14.4)89.4 71.3 (11.2)60.1 
Capitalized software301.7 (273.6)28.1 299.5 (272.8)26.7 
Other11.2 (9.3)1.9 10.8 (8.7)2.1 
$1,521.8 $(651.3)$870.5 $1,501.4 $(616.4)$885.0 
Intangible assets not subject to amortization:
Trade names$88.5 $88.5 $137.7 $137.7 
FAA air agency certificates8.7 8.7 8.7 8.7 
$97.2 $97.2 $146.4 $146.4 
Total intangible assets$1,619.0 $(651.3)$967.7 $1,647.8 $(616.4)$1,031.4 
v3.24.2
Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities
The following table displays other current liabilities as of June 30, 2024 and December 31, 2023:
(Dollars in millions)June 30,
2024		December 31,
2023
Sales rebates$69.4 $79.0 
Deferred revenue51.7 45.4 
Operating lease liabilities27.1 25.9 
Taxes other than income and payroll taxes23.1 17.8 
Product warranty17.5 15.2 
Freight and duties15.4 13.4 
Interest13.2 16.4 
Professional fees11.6 12.5 
Current derivative liability7.5 11.4 
Restructuring3.5 5.8 
Other74.5 74.3 
Total other current liabilities$314.5 $317.1 
v3.24.2
Financing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
Short-term debt at June 30, 2024 and December 31, 2023 was as follows:
June 30,
2024		December 31,
2023
Variable-rate Term Loan, maturing on August 16, 2024, with an interest rate of 5.11% at December 31, 2023
$— $220.8 
Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 4.28% to 4.73% at June 30, 2024 and 4.35% to 7.33% at December 31, 2023
27.7 25.4 
Short-term debt$27.7 $246.2 
Schedule of Long-Term Debt
Long-term debt at June 30, 2024 and December 31, 2023 was as follows:
June 30,
2024		December 31,
2023
Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 6.42% and Euro of 4.80% at June 30, 2024 and U.S. Dollar of 6.48% and Euro of 4.85% at December 31, 2023
$40.7 $247.4 
Variable-rate Accounts Receivable Facility with an interest rate of 6.42% at December 31, 2023
— 67.0 
Variable-rate Term Loan(1), maturing on December 5, 2027, with an interest rate of 6.57% at June 30, 2024 and 6.58% at December 31, 2023
399.5 399.3 
Fixed-rate Senior Unsecured Notes(1), maturing on September 1, 2024, with an interest rate of 3.875%
— 350.0 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027, with an interest rate of 2.02%
160.6 165.5 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on May 23, 2034, with an interest rate of 4.125%
630.0 — 
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with an interest rate of 4.50%
397.9 397.7 
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%
344.4 343.7 
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15%
11.6 12.7 
Other9.2 11.6 
Total debt$2,148.7 $2,149.7 
Less: current maturities18.8 359.4 
Long-term debt$2,129.9 $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 June 30, 2024 are as follows:
Year
2024$7.8 
202528.9 
202653.4 
2027558.9 
2028521.9 
20291.5 
Thereafter997.5 
v3.24.2
Supply Chain Financing (Tables)
 6 Months Ended
Jun. 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 six months ended June 30, 2024 and twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Confirmed obligations outstanding, January 1 $21.3 $14.4 
Invoices confirmed 59.1 97.1 
Confirmed invoices paid (61.8)(90.2)
Confirmed obligations outstanding, ending balance$18.6 $21.3 
v3.24.2
Contingencies (Tables)
 6 Months Ended
Jun. 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 six months ended June 30, 2024 and twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$15.2 $23.5 
Expense4.9 5.9 
Payments(2.6)(14.2)
Ending balance$17.5 $15.2 
v3.24.2
Equity (Tables)
 6 Months Ended
Jun. 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 six months ended June 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 March 31, 2024$2,735.0 $40.7 $1,083.0 $2,311.2 $(197.6)$(629.0)$126.7 
Net income102.0 96.2 5.8 
Foreign currency translation adjustment(29.3)(29.2)(0.1)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $0.4 million)
(1.5)(1.5)
Change in fair value of derivative financial
   instruments, net of reclassifications		(0.8)(0.8)
Dividends - $0.34 per share
(23.9)(23.9)
Sale of shares of Timken India Limited188.0 162.5 5.6 19.9 
Noncontrolling interest acquired1.0 1.0 
Stock-based compensation expense7.0 7.0 
Stock purchased at fair market value(29.7)(29.7)
Stock option exercise activity3.4 3.4 
Payments related to tax withholding for
   stock-based compensation		(1.1)(1.1)
Balance at June 30, 2024$2,950.1 $40.7 $1,255.9 $2,383.5 $(223.5)$(659.8)$153.3 
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at December 31, 2023$2,702.4 $40.7 $1,076.5 $2,232.2 $(146.9)$(620.1)$120.0 
Net income212.6 199.7 12.9 
Foreign currency translation adjustment(80.0)(79.5)(0.5)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $0.9 million)
(3.0)(3.0)
Change in fair value of derivative financial
   instruments, net of reclassifications		0.3 0.3 
Dividends - $0.67 per share
(48.4)(48.4)
Sale of shares of Timken India Limited188.0 162.5 5.6 19.9 
Noncontrolling interest acquired 1.0 1.0 
Stock-based compensation expense11.5 11.5 
Stock purchased at fair market value(29.7)(29.7)
Stock option exercise activity5.4 5.4 
Payments related to tax withholding for
   stock-based compensation		(10.0)(10.0)
Balance at June 30, 2024$2,950.1 $40.7 $1,255.9 $2,383.5 $(223.5)$(659.8)$153.3 
  The Timken Company Shareholders 
 TotalStated
Capital		Other
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Treasury
Stock		Non
controlling
Interest
Balance at March 31, 2023$2,436.3 $40.7 $853.3 $2,030.8 $(156.8)$(420.0)$88.3 
Net income129.5 125.2 4.3 
Foreign currency translation adjustment(27.9)(27.6)(0.3)
Pension and other postretirement liability
   adjustments (net of income tax benefit of
   $0.5 million)
(1.6)(1.6)
Change in fair value of derivative financial
   instruments, net of reclassifications		(0.3)(0.3)
Dividends - $0.33 per share
(23.8)(23.8)
Sale of shares of Timken India Limited229.0 194.5 8.1 26.4 
Stock-based compensation expense6.1 6.1 
Stock purchased at fair market value(100.5)(100.5)
Stock option exercise activity4.5 4.5 
Payments related to tax withholding for
stock-based compensation		(1.3)(1.3)
Balance at June 30, 2023$2,650.0 $40.7 $1,058.4 $2,132.2 $(178.2)$(521.8)$118.7 
  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 income255.2 247.5 7.7 
Foreign currency translation adjustment(0.2)(0.2)
Pension and other postretirement liability
   adjustments (net of income tax benefit
   of $1.0 million)
(3.1)(3.1)
Change in fair value of derivative financial
   instruments, net of reclassifications		(1.1)(1.1)
Dividends - $0.64 per share
(47.4)(47.4)
Sale of shares of Timken India Limited229.0 194.5 8.1 26.4 
Stock-based compensation expense17.1 17.1 
Stock purchased at fair market value(154.5)(154.5)
Stock option exercise activity17.2 17.2 
Payments related to tax withholding for
   stock-based compensation		(15.1)(15.1)
Balance at June 30, 2023$2,650.0 $40.7 $1,058.4 $2,132.2 $(178.2)$(521.8)$118.7 
v3.24.2
Impairment and Restructuring Charges (Tables)
 6 Months Ended
Jun. 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 June 30, 2024:
Engineered BearingsIndustrial MotionTotal
Impairment charges$1.9 $— $1.9 
Severance and related benefit costs0.2 1.2 1.4 
Total$2.1 $1.2 $3.3 
For the six months ended June 30, 2024:
Engineered BearingsIndustrial MotionTotal
Impairment charges$1.9 $— $1.9 
Severance and related benefit costs0.8 2.5 3.3 
Exit costs0.3 0.1 0.4 
Total$3.0 $2.6 $5.6 
For the three months ended June 30, 2023:
Engineered BearingsIndustrial MotionTotal
Severance and related benefit costs$1.5 $0.8 $2.3 
Exit costs0.2 — 0.2 
Total$1.7 $0.8 $2.5 
For the six months ended June 30, 2023:
Engineered BearingsIndustrial MotionTotal
Impairment charges$— $28.3 $28.3 
Severance and related benefit costs2.2 0.7 2.9 
Exit costs0.2 — 0.2 
Total$2.4 $29.0 $31.4 
The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2024 and twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$5.8 $3.1 
Expense3.7 12.3 
Payments(6.0)(9.6)
Ending balance$3.5 $5.8 
v3.24.2
Retirement Benefit Plans (Tables)
 6 Months Ended
Jun. 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 six months ended June 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
June 30,		Three Months Ended
June 30,		Three Months Ended
June 30,
 202420232024202320242023
Components of net periodic benefit cost (credit):
Service cost$0.3 $0.2 $0.4 $0.5 $0.7 $0.7 
Interest cost4.2 4.5 2.6 2.9 6.8 7.4 
Expected return on plan assets(1.9)(2.1)(2.4)(2.8)(4.3)(4.9)
Amortization of prior service cost0.1 0.1 — — 0.1 0.1 
Recognition of net actuarial gains— (1.0)— — — (1.0)
Net periodic benefit cost (credit) $2.7 $1.7 $0.6 $0.6 $3.3 $2.3 
U.S. PlansInternational PlansTotal
 Six Months Ended
June 30,		Six Months Ended
June 30,		Six Months Ended
June 30,
 202420232024202320242023
Components of net periodic benefit cost (credit):
Service cost$0.4 $0.4 $0.9 $0.8 $1.3 $1.2 
Interest cost8.5 9.0 5.1 5.3 13.6 14.3 
Expected return on plan assets(3.8)(4.2)(4.8)(5.3)(8.6)(9.5)
Amortization of prior service cost0.1 0.1 0.1 0.1 0.2 0.2 
Recognition of net actuarial gains— (1.9)— — — (1.9)
Net periodic benefit cost (credit) $5.2 $3.4 $1.3 $0.9 $6.5 $4.3 
v3.24.2
Other Postretirement Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Postretirement Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Periodic Benefit Cost for the Other Postretirement Benefit Plans
The following table sets forth the net periodic benefit cost for the Company’s other postretirement benefit plans. The amounts for the three and six months ended June 30, 2024 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2024.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Net periodic benefit credit:
Interest cost0.4 0.5 0.9 1.0 
Amortization of prior service credit(2.0)(2.1)(4.1)(4.2)
Net periodic benefit credit$(1.6)$(1.6)$(3.2)$(3.2)
v3.24.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Components of Accumulated Other Comprehensive (Loss) Income
The following tables present details about components of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023, respectively:
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at March 31, 2024$(244.1)$43.2 $3.3 $(197.6)
Sale of shares of Timken India Limited5.6 — — 5.6 
Other comprehensive loss (income) before
   reclassifications and income taxes		(29.3)— 0.7 (28.6)
Amounts reclassified from accumulated other
   comprehensive (loss) income before income
   taxes		— (1.9)(1.6)(3.5)
Income tax benefit— 0.4 0.1 0.5 
Net current period other comprehensive (loss)
   income, net of income taxes		(29.3)(1.5)(0.8)(31.6)
Noncontrolling interest0.1 — — 0.1 
Net current period other comprehensive (loss)
income, net of income taxes, noncontrolling
interest and sale of shares of Timken India
Limited		(23.6)(1.5)(0.8)(25.9)
Balance at June 30, 2024$(267.7)$41.7 $2.5 $(223.5)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at December 31, 2023$(193.8)$44.7 $2.2 $(146.9)
Sale of shares of Timken India Limited5.6 — — 5.6 
Other comprehensive loss (income) before
   reclassifications and income taxes		(80.0)— 2.4 (77.6)
Amounts reclassified from accumulated other
   comprehensive loss before income taxes		— (3.9)(1.8)(5.7)
Income tax benefit (expense)— 0.9 (0.3)0.6 
Net current period other comprehensive (loss)
   income, net of income taxes		(80.0)(3.0)0.3 (82.7)
Noncontrolling interest0.5 — — 0.5 
Net current period other comprehensive (loss)
income, net of income taxes and noncontrolling
interest		(73.9)(3.0)0.3 (76.6)
Balance at June 30, 2024$(267.7)$41.7 $2.5 $(223.5)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at March 31, 2023$(208.3)$49.3 $2.2 $(156.8)
Sale of shares of Timken India Limited8.1 — — 8.1 
Other comprehensive income (loss) before
   reclassifications and income taxes		(27.9)(0.1)(0.9)(28.9)
Amounts reclassified from accumulated other
   comprehensive loss before income taxes		— (2.0)0.4 (1.6)
Income tax benefit— 0.5 0.2 0.7 
Net current period other comprehensive income
  (loss), net of income taxes		(27.9)(1.6)(0.3)(29.8)
Noncontrolling interest0.3 — — 0.3 
Net current period other comprehensive income
(loss), net of income taxes and noncontrolling
interest		(19.5)(1.6)(0.3)(21.4)
Balance at June 30, 2023$(227.8)$47.7 $1.9 $(178.2)
Foreign currency translation adjustmentsPension and other postretirement liability adjustmentsChange in fair value of derivative financial instrumentsTotal
Balance at December 31, 2022$(235.7)$50.8 $3.0 $(181.9)
Sale of shares of Timken India Limited8.1 — — 8.1 
Other comprehensive (loss) income before
   reclassifications and income taxes		(0.2)(0.1)(1.7)(2.0)
Amounts reclassified from accumulated other
   comprehensive (loss) income before income
   taxes		— (4.0)0.1 (3.9)
Income tax benefit— 1.0 0.5 1.5 
Net current period other comprehensive (loss)
   income, net of income taxes		(0.2)(3.1)(1.1)(4.4)
Noncontrolling interest— — — — 
Net current period other comprehensive (loss)
income, net of income taxes and noncontrolling
interest		7.9 (3.1)(1.1)3.7 
Balance at June 30, 2023$(227.8)$47.7 $1.9 $(178.2)
v3.24.2
Fair Value (Tables)
 6 Months Ended
Jun. 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 June 30, 2024 and December 31, 2023:
 June 30, 2024
 TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$437.6 $434.7 $2.9 $— 
Cash and cash equivalents measured at net asset value32.3 
Restricted cash1.1 1.1 — — 
Short-term investments10.2 — 10.2 — 
Foreign currency forward contracts2.0 — 2.0 — 
     Total assets$483.2 $435.8 $15.1 $— 
Liabilities:
Foreign currency forward contracts$7.5 $— $7.5 $— 
     Total liabilities$7.5 $— $7.5 $— 
 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 $— 
v3.24.2
Derivatives Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivative Instruments Not Designated as Hedging Instruments The following table presents the impact of derivative instruments not designated as hedging instruments for the three and six months ended June 30, 2024 and 2023, respectively, and the related location within the Consolidated Statements of Income:
Amount of gain or (loss) recognized in incomeAmount of gain or (loss) recognized in income
Three Months Ended
June 30,		Six Months Ended
June 30,
Derivatives not designated as hedging instruments:Location of gain or (loss) recognized in income2024202320242023
Foreign currency forward contractsOther expense, net$(3.9)$(13.9)$(10.0)$(16.5)
v3.24.2
Acquisitions and Divestitures - Acquisitions (Narrative) (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
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 $ 0.4 $ 324.6            
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          
v3.24.2
Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Goodwill $ 1,349.7 $ 1,369.6
Liabilities:    
Adjustment, noncontrolling interest acquired 1.0  
2023 Acquisitions    
Assets:    
Accounts receivable 43.8 44.7
Adjustments, accounts receivable (0.9)  
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 7.3 7.3
Goodwill 290.6 285.6
Adjustments, goodwill 5.0  
Other intangible assets 300.5 306.7
Adjustments, other intangible assets (6.2)  
Other assets 5.1 6.7
Adjustment, other asset (1.6)  
Total assets acquired 813.7 815.5
Adjustments, total assets acquired (1.8)  
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 11.2 10.7
Adjustments, other current liabilities 0.5  
Short-term debt 4.7 4.7
Long-term debt 6.0 6.0
Accrued pension benefits 3.6 3.6
Long-term operating lease liabilities 6.2 7.0
Adjustment, long-term operating lease liabilities (0.8)  
Deferred income taxes 82.2 83.3
Adjustment, deferred income taxes (1.1)  
Other non-current liabilities 7.6 7.6
Total liabilities assumed 166.1 169.3
Adjustments, total liabilities assumed (3.2)  
Noncontrolling interest acquired 6.2 5.2
Net assets acquired 641.4 $ 641.0
Adjustments, net assets acquired $ 0.4  
v3.24.2
Acquisitions and Divestitures - Schedule of Purchase Price Allocation at Fair Value for Identifiable Intangible Assets Acquired (Details) - 2023 Acquisitions
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]  
Finite-lived intangible assets acquired $ 300.5
Trade names  
Restructuring Cost and Reserve [Line Items]  
Finite-lived intangible assets acquired $ 25.6
Weighted- Average Life 17 years
Technology and know-how  
Restructuring Cost and Reserve [Line Items]  
Finite-lived intangible assets acquired $ 70.5
Weighted- Average Life 15 years
Customer relationships  
Restructuring Cost and Reserve [Line Items]  
Finite-lived intangible assets acquired $ 202.8
Weighted- Average Life 14 years
Non-compete agreements  
Restructuring Cost and Reserve [Line Items]  
Finite-lived intangible assets acquired $ 1.0
Weighted- Average Life 3 years
Capitalized software  
Restructuring Cost and Reserve [Line Items]  
Finite-lived intangible assets acquired $ 0.6
Weighted- Average Life 2 years
v3.24.2
Acquisitions and Divestitures - Divestitures (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Feb. 28, 2023
Jun. 30, 2024
Jun. 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 $ 3.6
Disposed of by Sale | S.E. Setco Services Company, LLC      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Joint venture percentage 50.00%    
Proceeds from divestitures, net of cash divested $ 5.7    
Gain (loss) on sale $ 4.8    
v3.24.2
Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Net sales $ 1,182.3 $ 1,272.3 $ 2,372.6 $ 2,535.1  
Total EBITDA, for reportable segments 238.9 266.4 494.9 519.6  
Unallocated corporate expense 137.9 176.6 291.2 344.8  
Corporate pension and other postretirement benefit related income     (3.3) (1.1)  
Depreciation and amortization (54.2) (51.2) (109.5) (96.8)  
Interest expense (34.6) (28.3) (66.8) (52.4)  
Interest income 5.1 1.9 7.9 3.4  
Assets by Segment:          
Assets 6,575.9   6,575.9   $ 6,541.7
Engineered Bearings          
Segment Reporting Information [Line Items]          
Net sales 783.4 857.2 1,585.9 1,757.9  
Total EBITDA, for reportable segments 163.3 185.5 342.0 390.5  
Assets by Segment:          
Assets 3,323.8   3,323.8   3,296.8
Industrial Motion          
Segment Reporting Information [Line Items]          
Net sales 398.9 415.1 786.7 777.2  
Total EBITDA, for reportable segments 75.6 80.9 152.9 129.1  
Assets by Segment:          
Assets 2,712.3   2,712.3   2,744.5
Corporate          
Segment Reporting Information [Line Items]          
Unallocated corporate expense (17.3) (13.2) (35.3) (30.9)  
Corporate pension and other postretirement benefit related income 0.0 $ 1.0 0.0 $ 1.9  
Assets by Segment:          
Assets $ 539.8   $ 539.8   $ 500.4
v3.24.2
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 1,182.3 $ 1,272.3 $ 2,372.6 $ 2,535.1
Revenue Benchmark | Customer Concentration Risk | Original equipment manufacturers        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage (as a percent)     60.00% 60.00%
Revenue Benchmark | Customer Concentration Risk | Distribution/end users        
Disaggregation of Revenue [Line Items]        
Concentration risk percentage (as a percent)     40.00% 40.00%
Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 783.4 857.2 $ 1,585.9 $ 1,757.9
Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 398.9 415.1 786.7 777.2
United States        
Disaggregation of Revenue [Line Items]        
Net sales 539.4 536.4 1,067.2 1,071.6
United States | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 335.9 317.6 671.0 658.5
United States | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 203.5 218.8 396.2 413.1
Americas excluding the United States        
Disaggregation of Revenue [Line Items]        
Net sales 122.8 123.9 242.1 244.0
Americas excluding the United States | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 96.3 96.0 191.0 188.2
Americas excluding the United States | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 26.5 27.9 51.1 55.8
Europe / Middle East / Africa        
Disaggregation of Revenue [Line Items]        
Net sales 286.2 312.2 598.3 609.9
Europe / Middle East / Africa | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 151.0 175.6 320.5 359.5
Europe / Middle East / Africa | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 135.2 136.6 277.8 250.4
China        
Disaggregation of Revenue [Line Items]        
Net sales 103.9 179.4 191.9 354.1
China | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 80.9 156.5 152.6 314.9
China | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales 23.0 22.9 39.3 39.2
Asia-Pacific excluding China        
Disaggregation of Revenue [Line Items]        
Net sales 130.0 120.4 273.1 255.5
Asia-Pacific excluding China | Engineered Bearings        
Disaggregation of Revenue [Line Items]        
Net sales 119.3 111.5 250.8 236.8
Asia-Pacific excluding China | Industrial Motion        
Disaggregation of Revenue [Line Items]        
Net sales $ 10.7 $ 8.9 $ 22.3 $ 18.7
v3.24.2
Revenue - Narrative (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Amount of revenue for remaining performance obligations $ 129,000,000    
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 | Service Revenue      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage (as a percent) 5.00% 4.00%  
Revenue Benchmark | Customer Concentration Risk | Transferred Over Time      
Disaggregation of Revenue [Line Items]      
Concentration risk percentage (as a percent) 7.00% 8.00%  
v3.24.2
Revenue - Schedule of Rollforward of Unbilled Receivables (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 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 158.6 424.1
Less: amounts billed to customers (155.0) (383.5)
Ending balance $ 148.1 $ 144.5
v3.24.2
Revenue - Schedule of Rollforward of Deferred Revenue (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Deferred Revenue [Roll Forward]    
Beginning balance $ 45.4 $ 54.3
Acquisitions 0.0 1.4
Revenue (cash) received in advance 78.8 165.2
Less: revenue recognized (72.5) (175.5)
Ending balance $ 51.7 $ 45.4
v3.24.2
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 35.9 $ 47.1 $ 78.6 $ 89.6
Effective tax rate 26.00% 26.70% 27.00% 26.00%
v3.24.2
Income Taxes - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective tax rate 26.00% 26.70% 27.00% 26.00%
v3.24.2
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 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:        
Net income attributable to The Timken Company $ 96.2 $ 125.2 $ 199.7 $ 247.5
Denominator:        
Weighted average number of shares outstanding - basic (in shares) 70,364,539 71,882,843 70,301,757 72,162,267
Effect of dilutive securities:        
Stock options and awards - based on the treasury stock method (in shares) 484,715 630,148 549,035 745,537
Weighted average number of shares outstanding assuming dilution of stock options and awards (in shares) 70,849,254 72,512,991 70,850,792 72,907,804
Basic earnings per share (in dollars per share) $ 1.37 $ 1.74 $ 2.84 $ 3.43
Diluted earnings per share (in dollars per share) $ 1.36 $ 1.73 $ 2.82 $ 3.39
v3.24.2
Earnings Per Share - Narrative (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Antidilutive stock options outstanding (in shares) 0 0 0 0
v3.24.2
Inventories - Schedule of Components of Inventories (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Inventories, net:    
Manufacturing supplies $ 43.6 $ 41.9
Raw materials 153.1 145.6
Work in process 501.4 496.1
Finished products 621.6 619.2
Subtotal 1,319.7 1,302.8
Allowance for obsolete and surplus inventory (86.4) (73.7)
Total inventories, net $ 1,233.3 $ 1,229.1
v3.24.2
Inventories - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Proportion of inventories valued by FIFO method (as a percent) 60.00%  
Proportion of inventories valued by LIFO method (as a percent) 40.00%  
Inventory, LIFO reserve $ 240.6 $ 234.7
v3.24.2
Goodwill and Other Intangible Assets - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
reporting_unit
Jun. 30, 2023
USD ($)
Goodwill [Line Items]      
Impairment loss $ 28.3   $ 28.3
Amortization of intangible assets, excluding assets acquired   $ 42.6 $ 33.9
Future amortization expense 2024   80.0  
Future amortization expense 2025   77.0  
Future amortization expense 2026   74.0  
Future amortization expense 2027   71.0  
Future amortization expense 2028   $ 69.0  
Engineered Bearings      
Goodwill [Line Items]      
Number of reporting units | reporting_unit   1  
Industrial Motion      
Goodwill [Line Items]      
Number of reporting units | reporting_unit   6  
v3.24.2
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 1,369.6
Foreign currency translation adjustments and other changes (19.9)
Ending balance 1,349.7
Engineered Bearings  
Goodwill [Roll Forward]  
Beginning balance 692.3
Foreign currency translation adjustments and other changes 4.1
Ending balance 696.4
Industrial Motion  
Goodwill [Roll Forward]  
Beginning balance 677.3
Foreign currency translation adjustments and other changes (24.0)
Ending balance $ 653.3
v3.24.2
Goodwill and Other Intangible Assets - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Intangible assets subject to amortization:    
Gross Carrying Amount $ 1,521.8 $ 1,501.4
Accumulated Amortization (651.3) (616.4)
Net Carrying Amount 870.5 885.0
Intangible assets not subject to amortization:    
Intangible assets not subject to amortization 97.2 146.4
Gross intangible assets (excluding goodwill) 1,619.0 1,647.8
Accumulated Amortization (651.3) (616.4)
Total intangible assets, net carrying amount 967.7 1,031.4
Trade names    
Intangible assets not subject to amortization:    
Intangible assets not subject to amortization 88.5 137.7
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 764.7 776.5
Accumulated Amortization (243.9) (222.8)
Net Carrying Amount 520.8 553.7
Intangible assets not subject to amortization:    
Accumulated Amortization (243.9) (222.8)
Technology and know-how    
Intangible assets subject to amortization:    
Gross Carrying Amount 340.4 343.3
Accumulated Amortization (110.1) (100.9)
Net Carrying Amount 230.3 242.4
Intangible assets not subject to amortization:    
Accumulated Amortization (110.1) (100.9)
Trade names    
Intangible assets subject to amortization:    
Gross Carrying Amount 103.8 71.3
Accumulated Amortization (14.4) (11.2)
Net Carrying Amount 89.4 60.1
Intangible assets not subject to amortization:    
Accumulated Amortization (14.4) (11.2)
Capitalized software    
Intangible assets subject to amortization:    
Gross Carrying Amount 301.7 299.5
Accumulated Amortization (273.6) (272.8)
Net Carrying Amount 28.1 26.7
Intangible assets not subject to amortization:    
Accumulated Amortization (273.6) (272.8)
Other    
Intangible assets subject to amortization:    
Gross Carrying Amount 11.2 10.8
Accumulated Amortization (9.3) (8.7)
Net Carrying Amount 1.9 2.1
Intangible assets not subject to amortization:    
Accumulated Amortization $ (9.3) $ (8.7)
v3.24.2
Other Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]      
Sales rebates $ 69.4 $ 79.0  
Deferred revenue 51.7 45.4  
Operating lease liabilities 27.1 25.9  
Taxes other than income and payroll taxes 23.1 17.8  
Product warranty 17.5 15.2  
Freight and duties 15.4 13.4  
Interest 13.2 16.4  
Professional fees 11.6 12.5  
Current derivative liability 7.5 11.4  
Restructuring 3.5 5.8 $ 3.1
Other 74.5 74.3  
Total other current liabilities $ 314.5 $ 317.1  
v3.24.2
Financing Arrangements - Schedule of Short-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Short-term Debt [Line Items]    
Short-term debt $ 27.7 $ 246.2
Term Loan - Variable Rate Maturing 2024    
Short-term Debt [Line Items]    
Short-term debt, percentage bearing variable interest, percentage rate (as a percent)   5.11%
Short-term debt 0.0 $ 220.8
Foreign Subsidiary    
Short-term Debt [Line Items]    
Short-term debt $ 27.7 $ 25.4
Line of credit stated variable interest rate, low range (as a percent) 4.28% 4.35%
Line of credit stated variable interest rate, high range (as a percent) 4.73% 7.33%
v3.24.2
Financing Arrangements - Narrative (Details)
Jun. 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 $ 27,700,000     $ 246,200,000    
Borrowings guarantees 60,600,000          
Fair value of amount outstanding 2,148,700,000     2,149,700,000    
Unamortized discounts and fees 21,200,000          
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 27,700,000     25,400,000    
Borrowings guarantees 2,100,000          
Accounts Receivable Facility            
Short-term Debt [Line Items]            
Maximum borrowing capacity 100,000,000          
Long-term line of credit 0          
Fair value of amount outstanding 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 40,700,000     247,400,000    
Line of credit facility, remaining borrowing capacity $ 709,300,000          
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        
v3.24.2
Financing Arrangements - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt $ 2,148.7 $ 2,149.7
Less: current maturities 18.8 359.4
Long-term debt $ 2,129.9 $ 1,790.3
Senior Unsecured Notes - 3.875%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 3.875% 3.875%
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 $ 40.7 $ 247.4
U.S. Dollar Denomination    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 6.42% 6.48%
Euro Denomination    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage (as a percent) 4.80% 4.85%
Accounts Receivable Facility - Variable Rate    
Debt Instrument [Line Items]    
Long-term debt, percentage bearing variable interest, percentage rate (as a percent)   6.42%
Total debt $ 0.0 $ 67.0
Term Loan - Variable Rate Maturing 2027    
Debt Instrument [Line Items]    
Long-term debt, percentage bearing variable interest, percentage rate (as a percent) 6.57% 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 160.6 165.5
Euro Senior Unsecured Notes - 4.125%    
Debt Instrument [Line Items]    
Total debt $ 630.0 $ 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 $ 397.9 $ 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 $ 344.4 $ 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 $ 11.6 $ 12.7
Other    
Debt Instrument [Line Items]    
Total debt $ 9.2 $ 11.6
v3.24.2
Financing Arrangements - Schedule of Maturities of Long-Term Debt (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Debt Disclosure [Abstract]  
Total finance lease liabilities $ 8.7
2024 7.8
2025 28.9
2026 53.4
2027 558.9
2028 521.9
2029 1.5
Thereafter $ 997.5
v3.24.2
Supply Chain Financing (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 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 59.1 97.1
Confirmed invoices paid (61.8) (90.2)
Confirmed obligations outstanding, ending balance $ 18.6 $ 21.3
v3.24.2
Contingencies - Narrative (Details) - USD ($)
$ in Millions
Jun. 11, 2024
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies   $ 4.6 $ 4.7  
Standard product warranty accrual   $ 17.5 $ 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      
v3.24.2
Contingencies - Schedule of Rollforward of Product Warranty Accrual (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]    
Beginning balance $ 15.2 $ 23.5
Expense 4.9 5.9
Payments (2.6) (14.2)
Ending balance $ 17.5 $ 15.2
v3.24.2
Equity - Changes in Equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance $ 2,735.0 $ 2,436.3 $ 2,702.4 $ 2,352.9
Net income 102.0 129.5 212.6 255.2
Foreign currency translation adjustments (29.3) (27.9) (80.0) (0.2)
Pension and other postretirement liability adjustments (net of income tax benefit) (1.5) (1.6) (3.0) (3.1)
Change in fair value of derivative financial instruments, net of reclassifications (0.8) (0.3) 0.3 (1.1)
Dividends (23.9) (23.8) (48.4) (47.4)
Sale of shares of Timken India Limited 188.0 229.0 188.0 229.0
Noncontrolling interest acquired 1.0   1.0  
Stock-based compensation expense 7.0 6.1 11.5 17.1
Stock purchased at fair market value (29.7) (100.5) (29.7) (154.5)
Stock option exercise activity 3.4 4.5 5.4 17.2
Payments related to tax withholding for stock-based compensation (1.1) (1.3) (10.0) (15.1)
Ending balance 2,950.1 2,650.0 2,950.1 2,650.0
Pension and other postretirement liability adjustment, tax benefit $ 0.4 $ 0.5 $ 0.9 $ 1.0
Dividends (in dollars per share) $ 0.34 $ 0.33 $ 0.67 $ 0.64
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 1,083.0 853.3 1,076.5 829.6
Sale of shares of Timken India Limited 162.5 194.5 162.5 194.5
Stock-based compensation expense 7.0 6.1 11.5 17.1
Stock option exercise activity 3.4 4.5 5.4 17.2
Ending balance 1,255.9 1,058.4 1,255.9 1,058.4
Retained Earnings        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 2,311.2 2,030.8 2,232.2 1,932.1
Net income 96.2 125.2 199.7 247.5
Dividends (23.9) (23.8) (48.4) (47.4)
Ending balance 2,383.5 2,132.2 2,383.5 2,132.2
Accumulated Other Comprehensive Loss        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (197.6) (156.8) (146.9) (181.9)
Foreign currency translation adjustments (29.2) (27.6) (79.5) (0.2)
Pension and other postretirement liability adjustments (net of income tax benefit) (1.5) (1.6) (3.0) (3.1)
Change in fair value of derivative financial instruments, net of reclassifications (0.8) (0.3) 0.3 (1.1)
Sale of shares of Timken India Limited 5.6 8.1 5.6 8.1
Ending balance (223.5) (178.2) (223.5) (178.2)
Treasury Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (629.0) (420.0) (620.1) (352.2)
Stock purchased at fair market value (29.7) (100.5) (29.7) (154.5)
Payments related to tax withholding for stock-based compensation (1.1) (1.3) (10.0) (15.1)
Ending balance (659.8) (521.8) (659.8) (521.8)
Non controlling Interest        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 126.7 88.3 120.0 84.6
Net income 5.8 4.3 12.9 7.7
Foreign currency translation adjustments (0.1) (0.3) (0.5)
Sale of shares of Timken India Limited 19.9 26.4 19.9 26.4
Noncontrolling interest acquired 1.0   1.0  
Ending balance $ 153.3 $ 118.7 $ 153.3 $ 118.7
v3.24.2
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 $ 188    
Estimated income tax and transaction cost $ 55 $ 44    
Ownership percentage 57.70% 51.05% 67.80% 57.70%
v3.24.2
Impairment and Restructuring Charges - Schedule of Impairment and Restructuring Charges by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Impairment charges $ 1.9   $ 1.9 $ 28.3
Severance and related benefit costs 1.4 $ 2.3 3.3 2.9
Exit costs   0.2 0.4 0.2
Total 3.3 2.5 5.6 31.4
Engineered Bearings        
Restructuring Cost and Reserve [Line Items]        
Impairment charges 1.9   1.9 0.0
Severance and related benefit costs 0.2 1.5 0.8 2.2
Exit costs   0.2 0.3 0.2
Total 2.1 1.7 3.0 2.4
Industrial Motion        
Restructuring Cost and Reserve [Line Items]        
Impairment charges 0.0   0.0 28.3
Severance and related benefit costs 1.2 0.8 2.5 0.7
Exit costs   0.0 0.1 0.0
Total $ 1.2 $ 0.8 $ 2.6 $ 29.0
v3.24.2
Impairment and Restructuring Charges - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2023
USD ($)
employee
Jan. 16, 2023
USD ($)
employee
Jan. 01, 2023
segment
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]                
Exit costs         $ 0.2   $ 0.4 $ 0.2
Severance and related benefit costs       $ 1.4 2.3   3.3 2.9
Impairment charges       1.9     1.9 28.3
Number of reportable segments | segment     2          
Impairment loss           $ 28.3   28.3
Engineered Bearings                
Restructuring Cost and Reserve [Line Items]                
Exit costs         0.2   0.3 0.2
Severance and related benefit costs       0.2 1.5   0.8 2.2
Impairment charges       1.9     1.9 0.0
Industrial Motion                
Restructuring Cost and Reserve [Line Items]                
Exit costs         0.0   0.1 0.0
Severance and related benefit costs       1.2 0.8   2.5 0.7
Impairment charges       0.0     0.0 28.3
Facility Closing | Engineered Bearings                
Restructuring Cost and Reserve [Line Items]                
Impairment charges       1.9        
Property, plant and equipment, fair value       0.2     0.2  
Gaffney, South Carolina | Facility Closing | Engineered Bearings                
Restructuring Cost and Reserve [Line Items]                
Number of employees expected to be affected | employee   225            
Exit costs             0.3  
Severance and related benefit costs         $ 0.9     $ 1.7
Restructuring charges             12.9  
Gaffney, South Carolina | Facility Closing | Engineered Bearings | Minimum                
Restructuring Cost and Reserve [Line Items]                
Expected costs   $ 12.0            
Gaffney, South Carolina | Facility Closing | Engineered Bearings | Maximum                
Restructuring Cost and Reserve [Line Items]                
Expected costs   $ 14.0            
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       $ 0.7     1.5  
Restructuring charges             $ 3.4  
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              
v3.24.2
Impairment and Restructuring Charges - Schedule of Rollforward of Restructuring Accrual (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]    
Beginning balance $ 5.8 $ 3.1
Expense 3.7 12.3
Payments (6.0) (9.6)
Ending balance $ 3.5 $ 5.8
v3.24.2
Retirement Benefit Plans - Schedule of Net Periodic Benefit Cost for the Defined Benefit Pension Plans (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Components of net periodic benefit cost (credit):        
Service cost $ 0.7 $ 0.7 $ 1.3 $ 1.2
Interest cost 6.8 7.4 13.6 14.3
Expected return on plan assets (4.3) (4.9) (8.6) (9.5)
Amortization of prior service cost 0.1 0.1 0.2 0.2
Recognition of net actuarial gains 0.0 (1.0) 0.0 (1.9)
Net periodic benefit cost (credit) 3.3 2.3 6.5 4.3
U.S. Plans        
Components of net periodic benefit cost (credit):        
Service cost 0.3 0.2 0.4 0.4
Interest cost 4.2 4.5 8.5 9.0
Expected return on plan assets (1.9) (2.1) (3.8) (4.2)
Amortization of prior service cost 0.1 0.1 0.1 0.1
Recognition of net actuarial gains 0.0 (1.0) 0.0 (1.9)
Net periodic benefit cost (credit) 2.7 1.7 5.2 3.4
International Plans        
Components of net periodic benefit cost (credit):        
Service cost 0.4 0.5 0.9 0.8
Interest cost 2.6 2.9 5.1 5.3
Expected return on plan assets (2.4) (2.8) (4.8) (5.3)
Amortization of prior service cost 0.0 0.0 0.1 0.1
Recognition of net actuarial gains 0.0 0.0 0.0 0.0
Net periodic benefit cost (credit) $ 0.6 $ 0.6 $ 1.3 $ 0.9
v3.24.2
Retirement Benefit Plans - Narrative (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Recognition of net actuarial gains $ 0.0 $ 1.0 $ 0.0 $ 1.9
U.S. Plans        
Defined Benefit Plan Disclosure [Line Items]        
Recognition of net actuarial gains $ 0.0 $ 1.0 $ 0.0 $ 1.9
v3.24.2
Other Postretirement Benefit Plans (Details) - Postretirement Plan - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net periodic benefit credit:        
Interest cost $ 0.4 $ 0.5 $ 0.9 $ 1.0
Amortization of prior service credit (2.0) (2.1) (4.1) (4.2)
Net periodic benefit cost (credit) $ (1.6) $ (1.6) $ (3.2) $ (3.2)
v3.24.2
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 2,735.0 $ 2,436.3 $ 2,702.4 $ 2,352.9
Sale of shares of Timken India Limited 5.6 8.1 5.6 8.1
Other comprehensive income (loss) before reclassifications and income taxes (28.6) (28.9) (77.6) (2.0)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes (3.5) (1.6) (5.7) (3.9)
Income tax benefit (expense) 0.5 0.7 0.6 1.5
Other comprehensive loss, net of tax (31.6) (29.8) (82.7) (4.4)
Noncontrolling interest 0.1 0.3 0.5 0.0
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest (25.9) (21.4) (76.6) 3.7
Ending balance 2,950.1 2,650.0 2,950.1 2,650.0
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (197.6) (156.8) (146.9) (181.9)
Ending balance (223.5) (178.2) (223.5) (178.2)
Foreign currency translation adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (244.1) (208.3) (193.8) (235.7)
Sale of shares of Timken India Limited 5.6 8.1 5.6 8.1
Other comprehensive income (loss) before reclassifications and income taxes (29.3) (27.9) (80.0) (0.2)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes 0.0 0.0 0.0 0.0
Income tax benefit (expense) 0.0 0.0 0.0 0.0
Other comprehensive loss, net of tax (29.3) (27.9) (80.0) (0.2)
Noncontrolling interest 0.1 0.3 0.5 0.0
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest (23.6) (19.5) (73.9) 7.9
Ending balance (267.7) (227.8) (267.7) (227.8)
Pension and other postretirement liability adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 43.2 49.3 44.7 50.8
Sale of shares of Timken India Limited 0.0 0.0 0.0 0.0
Other comprehensive income (loss) before reclassifications and income taxes 0.0 (0.1) 0.0 (0.1)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes (1.9) (2.0) (3.9) (4.0)
Income tax benefit (expense) 0.4 0.5 0.9 1.0
Other comprehensive loss, net of tax (1.5) (1.6) (3.0) (3.1)
Noncontrolling interest 0.0 0.0 0.0 0.0
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest (1.5) (1.6) (3.0) (3.1)
Ending balance 41.7 47.7 41.7 47.7
Change in fair value of derivative financial instruments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 3.3 2.2 2.2 3.0
Sale of shares of Timken India Limited 0.0 0.0 0.0 0.0
Other comprehensive income (loss) before reclassifications and income taxes 0.7 (0.9) 2.4 (1.7)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes (1.6) 0.4 (1.8) 0.1
Income tax benefit (expense) 0.1 0.2 (0.3) 0.5
Other comprehensive loss, net of tax (0.8) (0.3) 0.3 (1.1)
Noncontrolling interest 0.0 0.0 0.0 0.0
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest (0.8) (0.3) 0.3 (1.1)
Ending balance $ 2.5 $ 1.9 $ 2.5 $ 1.9
v3.24.2
Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets and Liabilities Measured at fair value on a recurring basis    
Restricted cash $ 1.1 $ 0.4
Fair Value, Recurring    
Assets and Liabilities Measured at fair value on a recurring basis    
Restricted cash 1.1 0.4
Short-term investments 10.2 31.6
Foreign currency forward contracts 2.0 3.3
Total assets 483.2 454.2
Foreign currency forward contracts 7.5 11.4
Total liabilities 7.5 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 437.6 384.4
Fair Value, Recurring | Level 1    
Assets and Liabilities Measured at fair value on a recurring basis    
Cash and cash equivalents 434.7 381.0
Restricted cash 1.1 0.4
Short-term investments 0.0 0.0
Foreign currency forward contracts 0.0 0.0
Total assets 435.8 381.4
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 2.9 3.4
Restricted cash 0.0 0.0
Short-term investments 10.2 31.6
Foreign currency forward contracts 2.0 3.3
Total assets 15.1 38.3
Foreign currency forward contracts 7.5 11.4
Total liabilities 7.5 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 $ 32.3 $ 34.5
v3.24.2
Fair Value - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impairment charges   $ 1.9 $ 28.3  
Long-term fixed-rate debt, fair value $ 1,655.6 1,655.6   $ 1,387.7
Long-term fixed-rate debt, carrying value 1,699.4 1,699.4   $ 1,424.3
Held-for-Sale | Engineering-Related Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Carrying value 2.1 2.1    
Business fair value 0.2 $ 0.2    
Impairment charges $ 1.9      
v3.24.2
Derivatives Instruments and Hedging Activities - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Sep. 15, 2020
EUR (€)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Derivative [Line Items]                
Amount reclassified from accumulated other comprehensive gain   $ 3.5   $ 1.6 $ 5.7   $ 3.9  
Proceeds from long-term debt         1,306.5   $ 768.9  
Derivative, notional amount   648.1     648.1     $ 591.8
Designated as Hedging Instrument                
Derivative [Line Items]                
Derivative, notional amount   68.0     $ 68.0     73.8
Derivative instrument term         18 months 18 months    
Not Designated as Hedging Instrument                
Derivative [Line Items]                
Derivative, notional amount   580.1     $ 580.1     $ 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 gain | €     € 6.1     € 6.1    
Net Investment Hedging | 2027 Notes                
Derivative [Line Items]                
Amount reclassified from accumulated other comprehensive gain   $ 0.4     $ 1.8      
Derivative, amount of hedged item | € € 54.5              
v3.24.2
Derivatives Instruments and Hedging Activities - Schedule of Impact of Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Amount of gain or (loss) recognized in income $ (3.9) $ (13.9) $ (10.0) $ (16.5)