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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
 
2017
 
1st
2nd
3rd
4th
Total
Net sales
$
703.8

$
750.6

$
771.4

$
778.0

$
3,003.8

Gross profit (1)
180.5

201.8

217.0

211.1

810.4

Selling, general and administrative expenses (1)
119.6

123.8

134.0

144.0

521.4

Impairment and restructuring charges
1.7

0.8

1.3

0.5

4.3

Net income (2)
38.1

82.0

54.1

28.1

202.3

Net (loss) income attributable to noncontrolling interests
(0.1
)
(0.5
)
0.6

(1.1
)
(1.1
)
Net income attributable to The Timken Company
38.2

82.5

53.5

29.2

203.4

Net income per share - Basic:
$
0.49

$
1.06

$
0.69

$
0.38

$
2.62

Net income per share - Diluted:
$
0.48

$
1.04

$
0.68

$
0.37

$
2.58

Dividends per share
$
0.26

$
0.27

$
0.27

$
0.27

$
1.07

 
 
 
 
 
 
 
2016
 
1st
2nd
3rd
4th
Total
Net sales
$
684.0

$
673.6

$
657.4

$
654.8

$
2,669.8

Gross profit (3)
183.1

184.5

169.7

131.2

668.5

Selling, general and administrative expenses (3)
116.1

108.0

107.2

139.4

470.7

Impairment and restructuring charges (4)
10.5

2.9

5.3

3.0

21.7

Net income (loss) (5)
65.8

48.2

34.0

(6.9
)
141.1

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

0.4

—

0.3

Net income (loss) attributable to The Timken Company
65.9

48.2

33.6

(6.9
)
140.8

Net income (loss) per share - Basic:
$
0.83

$
0.61

$
0.43

$
(0.09
)
$
1.79

Net income (loss) per share - Diluted:
$
0.82

$
0.61

$
0.43

$
(0.09
)
$
1.78

Dividends per share
$
0.26

$
0.26

$
0.26

$
0.26

$
1.04


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.
The amounts presented above for the fourth quarter of 2016 were revised to include adjustments relating to the change in accounting principle discussed in Note 2 - Change in Accounting Principles, including adjustments to reverse the amortization of actuarial gains and losses, the elimination of pension settlement charges and the recognition of actuarial gains and losses. These adjustments include a $32.9 million decrease in gross profit, a $27.4 million increase in SG&A expenses and a $31.0 million decrease in net income and net income attributable to The Timken Company, as well as a $0.40 per share decrease for both basic and diluted net income per share. During the fourth quarter of 2016, the Company incurred a net loss and therefore treated all stock options and restricted stock units as antidilutive.

(1)
Gross profit and SG&A expenses included net actuarial losses of $2.2 million and $11.5 million, respectively, for the fourth quarter of 2017.
(2)
Net income for the second quarter of 2017 included a $34 million reversal of accruals for uncertain tax positions. Net income for the fourth quarter of 2017 included $35.3 million of income tax expense related to U.S. Tax Reform.
(3)
Gross profit and SG&A expenses included net actuarial losses of $35.6 million and $29.8 million, respectively, for the fourth quarter of 2016.
(4)
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.
(5)
Net income (loss) included net 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.