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Equity (Tables)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Equity
The following tables present the changes in the components of equity for the three and six months ended June 30, 2019 and 2018, respectively:
 
 
The Timken Company Shareholders
 
 
Total
Stated
Capital
Other
Paid-In
Capital
Earnings
Invested
in the
Business
Accumulated
Other
Comprehensive
(Loss)
Treasury
Stock
Non
controlling
Interest
Balance at March 31, 2019
$
1,705.9

$
53.1

$
938.2

$
1,700.8

$
(101.1
)
$
(952.5
)
$
67.4

Net income
94.9

 
 
92.5

 
 
2.4

Foreign currency translation adjustment
5.1

 
 
 
4.4

 
0.7

Change in fair value of derivative financial
instruments, net of reclassifications
(0.8
)
 
 
 
(0.8
)
 
 
Noncontrolling interest acquired
1.8

 
 
 
 
 
1.8

Dividends – $0.28 per share
(21.3
)
 
 
(21.3
)
 
 
 
Stock-based compensation expense
7.1

 
7.1

 
 
 
 
Stock purchased at fair market value
(15.3
)
 

 
 
(15.3
)
 
Stock option exercise activity
7.9

 
(2.8
)
 
 
10.7

 
Restricted share activity
—

 
(1.2
)
 
 
1.2

 
Payments related to tax withholding for
stock-based compensation
(1.7
)
 

 
 
(1.7
)
 
Balance at June 30, 2019
$
1,783.6

$
53.1

$
941.3

$
1,772.0

$
(97.5
)
$
(957.6
)
$
72.3

 
 
The Timken Company Shareholders
 
 
Total
Stated
Capital
Other
Paid-In
Capital
Earnings
Invested
in the
Business
Accumulated
Other
Comprehensive
(Loss)
Treasury
Stock
Non
controlling
Interest
Balance at December 31, 2018
$
1,642.7

$
53.1

$
951.9

$
1,630.2

$
(95.3
)
$
(960.3
)
$
63.1

Net income
190.2

 
 
184.4

 
 
5.8

Foreign currency translation adjustment
0.9

 
 
 
(0.7
)
 
1.6

Pension and postretirement liability
adjustments
(0.1
)
 
 
 
(0.1
)
 
 
Change in fair value of derivative financial
instruments, net of reclassifications
(1.4
)
 
 
 
(1.4
)
 
 
Noncontrolling interest acquired
1.8

 
 
 
 
 
1.8

Dividends – $0.56 per share
(42.6
)
 
 
(42.6
)
 
 
 
Stock-based compensation expense
14.9

 
14.9

 
 
 
 
Stock purchased at fair market value
(23.6
)
 
 
 
 
(23.6
)
 
Stock option exercise activity
8.9

 
(3.4
)
 
 
12.3

 
Restricted share activity
—

 
(22.1
)
 
 
22.1

 
Payments related to tax withholding for
stock-based compensation
(8.1
)
 
 
 
 
(8.1
)
 
Balance at June 30, 2019
$
1,783.6

$
53.1

$
941.3

$
1,772.0

$
(97.5
)
$
(957.6
)
$
72.3

 
 
The Timken Company Shareholders
 
  
Total
Stated
Capital
Other
Paid-In
Capital
Earnings
Invested
in the
Business
Accumulated
Other
Comprehensive
(Loss)
Treasury
Stock
Non
controlling
Interest
Balance at March 31, 2018
$
1,542.8

$
53.1

$
901.5

$
1,475.9

$
(29.2
)
$
(890.4
)
$
31.9

Net income
91.9

 
 
91.0

 
 
0.9

Foreign currency translation adjustment
(46.6
)
 
 
 
(44.3
)
 
(2.3
)
Change in fair value of derivative financial
instruments, net of reclassifications
3.6

 
 
 
3.6

 
 
Dividends – $0.28 per share
(21.6
)
 
 
(21.6
)
 
 
 
Stock-based compensation expense
7.5

 
7.5

 
 
 
 
Stock purchased at fair market value
(26.9
)
 
 
 
 
(26.9
)
 
Stock option exercise activity
2.2

 
(1.7
)
 
 
3.9

 
Restricted share activity
—

 
(0.1
)
 
 
0.1

 
Payments related to tax withholding for
stock-based compensation
(0.6
)
 


 
 
(0.6
)
 
Balance at June 30, 2018
$
1,552.3

$
53.1

$
907.2

$
1,545.3

$
(69.9
)
$
(913.9
)
$
30.5


 
 
The Timken Company Shareholders
 
  
Total
Stated
Capital
Other
Paid-In
Capital
Earnings
Invested
in the
Business
Accumulated
Other
Comprehensive
(Loss)
Treasury
Stock
Non
controlling
Interest
Balance at December 31, 2017
$
1,474.9

$
53.1

$
903.8

$
1,408.4

$
(38.3
)
$
(884.3
)
$
32.2

Cumulative effect of adopting ASU 2014-09
   (net of income tax benefit of $2.6 million)(1)
7.7

 
 
7.7

 
 
 
Cumulative effect of adopting ASU 2018-02
—

 
 
0.7

(0.7
)
 
 
Net income
172.4

 
 
171.2

 
 
1.2

Foreign currency translation adjustment
(38.2
)
 
 
 
(35.3
)
 
(2.9
)
Change in fair value of derivative financial
   instruments, net of reclassifications
4.4

 
 
 
4.4

 
 
Dividends – $0.55 per share
(42.7
)
 
 
(42.7
)
 
 
 
Stock-based compensation expense
17.8

 
17.8

 
 
 
 
Stock purchased at fair market value
(49.6
)
 
 
 
 
(49.6
)
 
Stock option exercise activity
10.6

 
(3.1
)
 
 
13.7

 
Restricted share activity
—

 
(11.3
)
 
 
11.3

 
Payments related to tax withholding for
   stock-based compensation
(5.0
)
 


 
 
(5.0
)
 
Balance at June 30, 2018
$
1,552.3

$
53.1

$
907.2

$
1,545.3

$
(69.9
)
$
(913.9
)
$
30.5

(1) On January 1, 2018, the Company recognized the cumulative effect of adopting the revenue recognition guidance in ASU 2014-09 and related amendments as an adjustment to the opening balance of earnings invested in the business for the year ended December 31, 2018. Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2018 for further information.