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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
 
2016
 
1st
2nd
3rd
4th
Total
Net sales
$
684.0

$
673.6

$
657.4

$
654.8

$
2,669.8

Gross profit
180.9

182.3

167.5

164.1

694.8

Impairment and restructuring charges (1)
10.5

2.9

5.3

3.0

21.7

Pension settlement charges (2)
1.2

0.4

10.3

16.2

28.1

Net income (3)
62.9

44.9

21.0

24.1

152.9

Net (loss) income attributable to noncontrolling interests
(0.1
)
—

0.4

—

0.3

Net income attributable to The Timken Company
63.0

44.9

20.6

24.1

152.6

Net income per share - Basic:
$
0.79

$
0.57

$
0.26

$
0.31

$
1.94

Net income per share - Diluted:
$
0.78

$
0.57

$
0.26

$
0.31

$
1.92

Dividends per share
$
0.26

$
0.26

$
0.26

$
0.26

$
1.04

 
 
 
 
 
 
 
2015
 
1st
2nd
3rd
4th
Total
Net sales
$
722.5

$
728.0

$
707.4

$
714.4

$
2,872.3

Gross profit
202.5

205.1

195.4

190.9

793.9

Impairment and restructuring charges (4)
6.2

1.4

4.4

2.7

14.7

Gain (loss) on divestiture (5)
—

0.3

—

(29.0
)
(28.7
)
Pension settlement charges (6)
215.2

4.4

3.6

241.8

465.0

Net (loss) income (7)
(134.8
)
37.7

64.5

(35.4
)
(68.0
)
Net income attributable to noncontrolling interests
0.4

1.0

1.1

0.3

2.8

Net (loss) income attributable to The Timken Company
(135.2
)
36.7

63.4

(35.7
)
(70.8
)
Net (loss) income per share - Basic:

$
(1.54
)
$
0.43

$
0.76

$
(0.44
)
$
(0.84
)
Net (loss) income per share - Diluted:

$
(1.54
)
$
0.43

$
0.75

$
(0.44
)
$
(0.84
)
Dividends per share
$
0.25

$
0.26

$
0.26

$
0.26

$
1.03


Earnings per share are computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the total computed for the year.

(1)
Impairment and restructuring charges for the first quarter of 2016 included severance and related benefit costs of $7.7 million, impairment charges of $2.6 million and exit costs of $0.2 million. Impairment and restructuring charges for the third quarter of 2016 included severance and related benefit costs of $3.3 million, impairment charges of $1.2 million and exit costs of $0.8 million.
(2)
Pension settlement charges in 2016 were primarily related to $19 million of lump–sum distributions to new retirees and deferred vested participants that triggered remeasurements, as well as $7 million related to the purchase of a group annuity contract from Canada Life for one of the Company's Canadian defined benefit pension plans, which was executed in September 2016. These actions resulted in a decrease in the Company's pension obligations of approximately $70 million.
(3)
Net income included CDSOA income, net of $47.7 million for the first quarter of 2016, $6.1 million for the second quarter of 2016 and $6.0 million for the fourth quarter of 2016.
(4)
Impairment and restructuring charges for the first quarter of 2015 included exit costs of $3.1 million, impairment charges of $2.7 million and severance and related benefit costs of $0.4 million. Impairment and restructuring charges for the third quarter of 2015 included severance and related benefits of $4.3 million and exit costs of $0.1 million.
(5)
Gain (loss) on divestitures in the fourth quarter of 2015 included a gain of $29.0 million on the sale of Alcor located in Mesa, Arizona.

(6)
Pension settlement charges in the first and fourth quarters of 2015 related to two agreements pursuant to which two of the Company's U.S. defined benefit pension plans purchased group annuity contracts from Prudential, which require Prudential to pay and administer future benefits for a total of approximately 8,400 U.S. Timken retirees in the aggregate, as well as lump sum distributions to new retirees during 2015. Pension settlement charges of $215.2 million were recorded during the first quarter of 2015 and pension settlement charges of $241.8 million were recorded during the fourth quarter of 2015.
(7)
The net loss attributable to the Company for the fourth quarter of 2015 included a charge of $9.7 million ($6.1 million, or $0.07 per share, after-tax) due to the correction of an error. Refer to Note 8 - Property, Plant and Equipment for additional information.