10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q  

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to                          

Commission file number: 1-1169

THE TIMKEN COMPANY

(Exact name of registrant as specified in its charter)

Ohio		34-0577130
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
4500 Mount Pleasant Street NW
North Canton	Ohio	44720-5450
(Address of principal executive offices)		(Zip Code)

234.262.3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares, without par value	TKR	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   

 Yes  ☐    No   ☒

Indicate the number of shares outstanding of each of the issuer's classes of common shares, as of the latest practicable date.

Class	Outstanding at June 30, 2022
Common Shares, without par value	73,447,492 shares

THE TIMKEN COMPANY

INDEX TO FORM 10-Q REPORT

			PAGE
I.	PART I.
	Item 1.	Financial Statements	1
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	45
	Item 4.	Controls and Procedures	45
II.	PART II.
	Item 1.	Legal Proceedings	46
	Item1A.	Risk Factors	46
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
	Item 6.	Exhibits	47

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

THE TIMKEN COMPANY AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(Dollars in millions, except per share data)
Net sales	$	1,153.7	$	1,062.9	$	2,278.3	$	2,088.3
Cost of products sold	811.9		760.6		1,609.1		1,486.8
Gross Profit	341.8		302.3		669.2		601.5
Selling, general and administrative expenses	155.9		149.0		310.0		293.5
Impairment and restructuring charges	10.0		1.3		11.0		5.3
Operating Income	175.9		152.0		348.2		302.7
Interest expense	(18.3)		(15.3)		(32.6)		(30.2)
Interest income	1.0		0.7		1.6		1.2
Non-service pension and other postretirement (expense) income	(7.9)		1.4		(6.6)		5.4
Other expense, net	(1.1)		(2.2)		(0.9)		(1.2)
Income Before Income Taxes	149.6		136.6		309.7		277.9
Provision for income taxes	44.0		29.4		82.2		54.7
Net Income	105.6		107.2		227.5		223.2
Less: Net income attributable to noncontrolling interest	0.6		2.4		4.3		5.1
Net Income Attributable to The Timken Company	$	105.0	$	104.8	$	223.2	$	218.1
Net Income per Common Share Attributable to The Timken     Company Common Shareholders
Basic earnings per share	$	1.43	$	1.38	$	3.01	$	2.87
Diluted earnings per share	$	1.42	$	1.36	$	2.98	$	2.82

See accompanying Notes to the Consolidated Financial Statements.

Consolidated Statements of Comprehensive Income

(Unaudited) 

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(Dollars in millions)
Net Income	$	105.6	$	107.2	$	227.5	$	223.2
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(113.1)		23.2		(135.7)		(21.2)
Pension and postretirement liability adjustments	(1.4)		(1.7)		(2.9)		(3.3)
Change in fair value of derivative financial instruments	2.2		(0.2)		4.2		2.0
Other comprehensive (loss) income, net of tax	(112.3)		21.3		(134.4)		(22.5)
Comprehensive (loss) income, net of tax	(6.7)		128.5		93.1		200.7
Less: comprehensive income attributable to noncontrolling interest	1.7		1.8		2.8		4.1
Comprehensive (loss) income attributable to      The Timken Company	$	(8.4)	$	126.7	$	90.3	$	196.6

See accompanying Notes to the Consolidated Financial Statements.

1

Consolidated Balance Sheets

	(Unaudited)
(Dollars in millions)	June 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	305.3	$	257.1
Restricted cash	0.7		0.8
Accounts receivable, less allowances (2022 – $17.5 million; 2021 – $16.9 million)	756.3		626.4
Unbilled receivables	107.3		104.5
Inventories, net	1,158.0		1,042.7
Deferred charges and prepaid expenses	40.5		32.2
Other current assets	112.3		149.8
Total Current Assets	2,480.4		2,213.5
Property, Plant and Equipment, net	1,096.1		1,055.3
Other Assets
Goodwill	1,015.1		1,022.7
Other intangible assets	648.1		668.8
Operating lease assets	109.1		118.9
Deferred income taxes	64.1		67.6
Other non-current assets	29.6		23.9
Total Other Assets	1,866.0		1,901.9
Total Assets	$	5,442.5	$	5,170.7
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable, trade	397.2		430.0
Short-term debt, including current portion of long-term debt	81.6		53.8
Salaries, wages and benefits	135.4		136.0
Income taxes payable	36.4		26.2
Other current liabilities	269.9		250.6
Total Current Liabilities	920.5		896.6
Non-Current Liabilities
Long-term debt	1,734.3		1,411.1
Accrued pension benefits	164.0		155.6
Accrued postretirement benefits	44.7		45.8
Long-term operating lease liabilities	70.8		77.6
Deferred income taxes	120.5		121.4
Other non-current liabilities	98.5		84.9
Total Non-Current Liabilities	2,232.8		1,896.4
Shareholders’ Equity
Class I and II Serial Preferred Stock, without par value:
Authorized – 10,000,000 shares each class, none issued	—		—
Common shares, without par value:
Authorized – 200,000,000 shares
Issued (including shares in treasury) (2022 – 77,532,871 shares;      2021 – 77,090,104 shares)
Stated capital	40.7		40.7
Other paid-in capital	804.1		786.9
Retained earnings	1,793.2		1,616.4
Accumulated other comprehensive loss	(155.9)		(23.0)
Treasury shares at cost (2022 – 4,085,379 shares; 2021 – 1,715,282 shares)	(278.5)		(126.1)
Total Shareholders’ Equity	2,203.6		2,294.9
Noncontrolling Interest	85.6		82.8
Total Equity	2,289.2		2,377.7
Total Liabilities and Equity	$	5,442.5	$	5,170.7

See accompanying Notes to the Consolidated Financial Statements.

2

Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended June 30,
	2022		2021
(Dollars in millions)
CASH PROVIDED (USED)
Operating Activities
Net income	$	227.5	$	223.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	82.1		85.2
Impairment charges	8.8		4.5
Loss on sale of assets	0.8		0.7
Acquisition-related gain	—		(0.6)
Deferred income tax provision (benefit)	1.7		(5.8)
Stock-based compensation expense	15.6		12.5
Pension and other postretirement expense	11.2		0.5
Pension and other postretirement benefit contributions and payments	(8.1)		(15.0)
Changes in operating assets and liabilities:
Accounts receivable	(149.3)		(125.8)
Unbilled receivables	(2.9)		10.4
Inventories	(126.1)		(81.4)
Accounts payable, trade	(6.1)		41.2
Other accrued expenses	16.6		30.8
Income taxes	12.1		(1.6)
Other, net	(6.8)		—
Net Cash Provided by Operating Activities	77.1		178.8
Investing Activities
Capital expenditures	(75.2)		(60.5)
Acquisitions, net of cash acquired of $0.2 million	(152.3)		0.1
Proceeds from disposal of property, plant and equipment	3.1		—
Investments in short-term marketable securities, net	23.4		(13.8)
Other, net	2.3		0.3
Net Cash Used in Investing Activities	(198.7)		(73.9)
Financing Activities
Cash dividends paid to shareholders	(46.4)		(46.7)
Purchase of treasury shares	(144.3)		(26.3)
Proceeds from exercise of stock options	1.6		25.4
Payments related to tax withholding for stock-based compensation	(8.1)		(23.5)
Borrowings on accounts receivable facility	122.0		66.1
Payments on accounts receivable facility	(122.0)		(124.1)
Proceeds from long-term debt	684.5		135.0
Payments on long-term debt	(344.8)		(141.4)
Deferred financing costs	(3.5)		—
Short-term debt activity, net	31.9		16.6
Other	6.5		—
Net Cash Provided by (Used in) Financing Activities	177.4		(118.9)
Effect of exchange rate changes on cash	(7.7)		(0.8)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	48.1		(14.8)
Cash, cash equivalents and restricted cash at beginning of year	257.9		321.1
Cash, Cash Equivalents and Restricted Cash at End of Period	$	306.0	$	306.3

See accompanying Notes to the Consolidated Financial Statements.

3

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions, except per share data)

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, 2021.

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, 2021.

Recent Accounting Pronouncements:

New Accounting Guidance Adopted:

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with ASC Topic 606 as if the acquirer had originated the contracts. This new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2021-08 effective January 1, 2022, and the impact of the adoption was not material to the Company's results of operations and financial condition.

New Accounting Guidance Issued and Not Yet Adopted:

In November 2021, the FASB issued ASU 2021-10, "Government Assistance (Topic 832)." ASU 2021-10 is intended to increase transparency of government assistance by requiring entities to disclose the types of government assistance, the entity's accounting for government assistance, and the effect of the government assistance on an entity's financial statements. This new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021. The Company is currently evaluating the impact of the new guidance on its disclosures.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2022. The Company is currently assessing which of its various contracts will require an update for a new reference rate and will determine the timing for implementation of this guidance after completing that analysis.

4

Note 3 - Acquisitions

On May 31, 2022, the Company completed the acquisition of Spinea, s.r.o. ("Spinea"), a European technology leader and manufacturer of highly engineered cycloidal reduction gears and actuators, with estimated 2022 full year sales of approximately $40.0 million. Spinea’s solutions primarily serve high-precision automation and robotics applications in the factory automation sector. Spinea is located in Presov, Slovakia. The purchase price for this acquisition was $152.3 million, net of cash acquired of $0.2 million, subject to customary post closing adjustments. Based on markets and customers served, results for Spinea are reported in the Process Industries segment.

The following table presents the purchase price allocation at fair value, for the Spinea acquisition as of June 30, 2022.

	Initial Purchase Price Allocation
Assets:
Accounts receivable	$	2.1
Inventories	20.9
Other current assets	2.9
Property, plant and equipment	82.6
Goodwill	39.0
Other intangible assets	31.7
Total assets acquired	$	179.2
Liabilities:
Accounts payable, trade	$	7.4
Salaries, wages and benefits	1.4
Other current liabilities	1.2
Short-term debt	0.1
Long-term debt	0.2
Deferred income taxes	1.0
Other non-current liabilities	15.6
Total liabilities assumed	$	26.9
Net assets acquired	$	152.3

The following table summarizes the preliminary purchase price allocation for identifiable intangible assets acquired in 2022:

	Preliminary Purchase Price Allocation
			Weighted - Average Life
Trade names	$	8.2	20 years
Technology and know-how	6.1		6 years
Customer relationships	17.2		17 years
Capitalized software	0.2		2 years
Total intangible assets	$	31.7

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 judgement related to future net cash flows, discount rates, competitive trends, market comparisons and other factors. Inputs were generally determined by taking into account independent appraisals and historical data, supplemented by current and anticipated market conditions.

5

Note 3 - Acquisitions (continued)

The amounts in the table above represent the preliminary purchase price allocation for Spinea. This purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information and is subject to change as additional information concerning final asset and liability valuations are obtained. As of June 30, 2022, no elements of the purchase price allocation have been finalized. 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.

On August 20, 2021, the Company completed the acquisition of the assets of Intelligent Machine Solutions ("iMS"), a manufacturer of industrial robotics and automation solutions, with annual sales of approximately $6.0 million. iMS is headquartered in Norton Shores, Michigan. The total purchase price for this acquisition was $7.7 million, including post-closing adjustments. In addition, the seller has the opportunity to earn $3.0 million of contingent performance-based consideration between January 1, 2022 and June 30, 2024. This additional component will be accounted for as compensation expense over that period. Based on markets and customers served, results for iMS are primarily reported in the Process Industries segment.

The following table presents the final purchase price allocation at fair value for the iMS acquisition:

	Final Purchase Price Allocation
Total assets acquired	$	9.8
Total liabilities assumed	2.1
Net assets acquired	$	7.7

Note 4 - 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, 2022 and 2021, respectively:

	Three Months Ended						Three Months Ended
	June 30, 2022						June 30, 2021
	Mobile		Process		Total		Mobile		Process		Total
United States	$	270.3	$	229.9	$	500.2	$	237.4	$	201.6	$	439.0
Americas excluding the United States	63.7		64.6		128.3		52.3		49.1		101.4
Europe / Middle East / Africa	118.1		141.8		259.9		124.3		137.2		261.5
China	31.2		123.7		154.9		32.2		138.4		170.6
Asia-Pacific excluding China	60.3		50.1		110.4		48.0		42.4		90.4
Net sales	$	543.6	$	610.1	$	1,153.7	$	494.2	$	568.7	$	1,062.9

	Six Months Ended						Six Months Ended
	June 30, 2022						June 30, 2021
	Mobile		Process		Total		Mobile		Process		Total
United States	$	532.5	$	456.5	$	989.0	$	480.3	$	387.8	$	868.1
Americas excluding the United States	121.8		119.7		241.5		101.1		92.3		193.4
Europe / Middle East / Africa	247.5		277.4		524.9		251.4		264.4		515.8
China	61.9		244.4		306.3		66.6		262.7		329.3
Asia-Pacific excluding China	120.3		96.3		216.6		99.3		82.4		181.7
Net sales	$	1,084.0	$	1,194.3	$	2,278.3	$	998.7	$	1,089.6	$	2,088.3

6

Note 4 - Revenue (continued)

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 percent of revenue by sales channel for the six months ended June 30, 2022 and 2021, respectively:

	Six Months Ended	Six Months Ended
Revenue by sales channel	June 30, 2022	June 30, 2021
Original equipment manufacturers	60%	61%
Distribution/end users	40%	39%

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, 2022 and June 30, 2021, approximately 9%, respectively, of total net sales were recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Approximately 4% of total net sales represented service revenue during the six months ended June 30, 2022 and June 30, 2021, respectively. Finally, business with the United States ("U.S.") government or its contractors represented approximately 6% and 7% of total net sales during the six months ended June 30, 2022 and June 30, 2021, respectively.

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 $245.5 million at June 30, 2022.

Unbilled Receivables:

The following table contains a rollforward of unbilled receivables for the six months ended June 30, 2022 and the twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	104.5	$	110.9
Additional unbilled revenue recognized	201.5		383.0
Less: amounts billed to customers	(198.7)		(389.4)
Ending balance	$	107.3	$	104.5

There were no impairment losses recorded on unbilled receivables for the six months ended June 30, 2022 and June 30, 2021.

7

Note 5 - 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,
	2022		2021		2022		2021
Net sales:
Mobile Industries	$	543.6	$	494.2	$	1,084.0	$	998.7
Process Industries	610.1		568.7		1,194.3		1,089.6
Net sales	$	1,153.7	$	1,062.9	$	2,278.3	$	2,088.3
Segment EBITDA:
Mobile Industries	$	69.1	$	67.3	$	144.2	$	146.9
Process Industries	163.5		141.2		319.1		272.2
Total EBITDA, for reportable segments	$	232.6	$	208.5	$	463.3	$	419.1
Unallocated corporate expense	(13.4)		(11.6)		(26.3)		(23.2)
Corporate pension and other postretirement benefit related expense (1)	(11.6)		(3.5)		(14.2)		(4.4)
Acquisition-related gain (2)	—		—		—		0.6
Depreciation and amortization	(40.7)		(42.2)		(82.1)		(85.2)
Interest expense	(18.3)		(15.3)		(32.6)		(30.2)
Interest income	1.0		0.7		1.6		1.2
Income before income taxes	$	149.6	$	136.6	$	309.7	$	277.9

(1) Corporate pension and other postretirement benefit related expense 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.

(2) The acquisition-related gain represents measurement period adjustments to the bargain purchase gain on the acquisition of Aurora Bearing Company ("Aurora"), which closed on November 30, 2020.

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,
	2022			2021			2022			2021
Provision for income taxes	$	44.0		$	29.4		$	82.2		$	54.7
Effective tax rate	29.4		%	21.5		%	26.5		%	19.7		%

Income tax expense for the three and six months ended June 30, 2022 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 projected mix of earnings in international jurisdictions with relatively higher tax rates.

The effective tax rate of 29.4% for the three months ended June 30, 2022 was higher than the rate for the three months ended June 30, 2021 primarily due to an unfavorable mix of earnings in higher tax rate jurisdictions, the net unfavorable impact of discrete tax items, and lower deductions for stock-based compensation.

The effective tax rate of 26.5% for the six months ended June 30, 2022 was higher than the rate for the six months ended June 30, 2021 primarily due to an unfavorable mix of earnings in higher tax rate jurisdictions, the net unfavorable impact of discrete tax items, including a discrete tax benefit in the prior year in connection with the settlement of the 2017 and 2018 U.S. federal tax years during the six months ended June 30, 2021, and lower deductions for stock-based compensation.

8

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, 2022 and 2021, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to The Timken Company	$	105.0	$	104.8	$	223.2	$	218.1
Less: undistributed earnings allocated to nonvested stock	—		—		—		—
Net income available to common shareholders for basic    and diluted earnings per share	$	105.0	$	104.8	$	223.2	$	218.1
Denominator:
Weighted average number of shares outstanding - basic	73,660,410		76,122,257		74,234,300		75,969,569
Effect of dilutive securities:
Stock options and awards - based on the treasury    stock method	522,383		1,131,900		642,948		1,288,192
Weighted average number of shares outstanding assuming    dilution of stock options and awards	74,182,793		77,254,157		74,877,248		77,257,761
Basic earnings per share	$	1.43	$	1.38	$	3.01	$	2.87
Diluted earnings per share	$	1.42	$	1.36	$	2.98	$	2.82

The dilutive effect of stock options and awards includes all outstanding stock options and awards 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, 2022 and 2021.

Note 8 - Inventories

The components of inventories at June 30, 2022 and December 31, 2021 were as follows:

	June 30, 2022		December 31, 2021
Manufacturing supplies	$	39.6	$	38.0
Raw materials	121.9		121.8
Work in process	469.4		418.4
Finished products	594.9		527.8
Subtotal	1,225.8		1,106.0
Allowance for obsolete and surplus inventory	(67.8)		(63.3)
Total inventories, net	$	1,158.0	$	1,042.7

Inventories are valued at net realizable value, with approximately 58% valued on the first-in, first-out ("FIFO") method and the remaining 42% valued on the last-in, first-out ("LIFO") method. The majority of the Company's domestic inventories are valued on the LIFO method, and all the Company's international inventories are valued on the FIFO method.

The LIFO reserve at June 30, 2022 and December 31, 2021 was $216.7 million and $199.4 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.

9

Note 9 - Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 2022 were as follows:

	Mobile Industries		Process Industries		Total
Beginning balance	$	371.7	$	651.0	$	1,022.7
Acquisitions	—		39.0		39.0
Foreign currency translation adjustments and other changes	(19.4)		(27.2)		(46.6)
Ending balance	$	352.3	$	662.8	$	1,015.1

The acquisition of Spinea added $39.0 million of goodwill. The goodwill is expected to be 100% tax deductible.

The following table displays intangible assets as of June 30, 2022 and December 31, 2021:

	Balance at June 30, 2022						Balance at December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Customer relationships	$	514.9	$	(197.7)	$	317.2	$	518.1	$	(189.3)	$	328.8
Technology and know-how	265.9		(92.0)		173.9		270.7		(86.6)		184.1
Trade names	20.6		(8.6)		12.0		14.3		(9.6)		4.7
Capitalized software	283.7		(264.1)		19.6		280.0		(261.3)		18.7
Other	3.2		(2.5)		0.7		4.7		(3.6)		1.1
	$	1,088.3	$	(564.9)	$	523.4	$	1,087.8	$	(550.4)	$	537.4
Intangible assets not subject to amortization:
Trade names	$	116.0			$	116.0	$	122.7			$	122.7
FAA air agency certificates	8.7				8.7		8.7				8.7
	$	124.7			$	124.7	$	131.4			$	131.4
Total intangible assets	$	1,213.0	$	(564.9)	$	648.1	$	1,219.2	$	(550.4)	$	668.8

Amortization expense for intangible assets was $25.3 million and $28.2 million for the six months ended June 30, 2022 and 2021, respectively. Amortization expense included $21.5 million and $24.3 million related to intangible assets acquired as part of a business combination for the six months ended June 30, 2022 and 2021, respectively. Amortization expense for intangible assets is projected to be $55.3 million in 2022; $46.6 million in 2023; $44.7 million in 2024; $42.9 million in 2025; and $41.4 million in 2026. Substantially all amortization expense for intangible assets is recorded in Cost of product sold on the Consolidated Statement of Income.

10

Note 10 - Other Current Liabilities

The following table displays other current liabilities as of June 30, 2022 and December 31, 2021:

	June 30,		December 31,
(Dollars in millions)	2022		2021
Sales rebates	$	56.1	$	70.3
Freight and duties	25.5		25.5
Operating lease liabilities	24.2		26.2
Product warranty	17.2		11.7
Professional fees	12.6		10.8
Restructuring	5.5		7.0
Taxes other than income and payroll taxes	19.2		16.0
Interest	14.2		10.8
Other	95.4		72.3
Total other current liabilities	$	269.9	$	250.6

11

Note 11 - Financing Arrangements

Short-term debt at June 30, 2022 and December 31, 2021 was as follows:

	June 30, 2022		December 31, 2021
Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 0.50% to 2.10% at June 30, 2022 and 0.50% to 2.00% at December 31, 2021	$	70.3	$	42.6
Short-term debt	$	70.3	$	42.6

The lines of credit for certain of the Company's foreign subsidiaries provide for short-term borrowings up to $254.4 million in the aggregate. Most of these lines of credit are uncommitted. At June 30, 2022, the Company’s foreign subsidiaries had borrowings outstanding of $70.3 million and bank guarantees of $0.2 million, which reduced the aggregate availability under these facilities to $183.9 million.

Long-term debt at June 30, 2022 and December 31, 2021 was as follows:

	June 30, 2022		December 31, 2021
Variable-rate Senior Credit Facility with an average interest rate on Euro of 1.00% at June 30, 2022 and U.S. Dollar of 1.09% and Euro of 1.00% at December 31, 2021	$	8.3	$	9.0
Variable-rate Term Loan(1), maturing on September 11, 2023, with an interest rate of 2.79% at June 30, 2022 and 1.23% at December 31, 2021	316.9		321.1
Fixed-rate Senior Unsecured Notes(1), maturing on September 1, 2024, with an interest rate of 3.875%	349.7		349.5
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027, with an interest rate of 2.02%	157.0		170.3
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with an interest rate of 4.50%	397.0		396.9
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%	154.7		154.7
Fixed-rate Senior Unsecured Notes(1), maturing on April 1, 2032, with an interest rate of 4.125%	341.2		—
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15%	13.9		15.8
Other	6.9		5.0
Total debt	$	1,745.6	$	1,422.3
Less: Current maturities	11.3		11.2
Long-term debt	$	1,734.3	$	1,411.1

(1) Net of discounts and fees

The Company has a $100 million Amended and Restated Asset Securitization Agreement (the "Accounts Receivable Facility"), which matures on November 30, 2024. 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, 2022. As of June 30, 2022, there were no outstanding borrowings under the Accounts Receivable Facility, and the entire $100 million was available. 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.

12

Note 11 - Financing Arrangements (continued)

The Company entered into the Fourth Amended and Restated Credit Agreement ("Senior Credit Facility") on June 25, 2019. The Senior Credit Facility is a $650.0 million unsecured revolving credit facility, which matures on June 25, 2024. At June 30, 2022, the Company had $8.3 million of outstanding borrowings under the Senior Credit Facility, which reduced the availability under this facility to $641.7 million. The Senior Credit Facility has two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio.

On March 28, 2022, the Company issued fixed-rate unsecured senior notes ("2032 Notes") in the aggregate principal amount of $350 million with an interest rate of 4.125%, maturing on April 1, 2032. Proceeds from the notes were used to for general corporate purposes, which included repayment of borrowings under the Senior Credit Facility and the Accounts Receivable Facility outstanding at the time of issuance.

On September 11, 2018, the Company entered into a $350 million variable-rate term loan that matures on September 11, 2023 (the "2023 Term Loan"). Proceeds from the 2023 Term Loan were used to fund the acquisitions of Apiary Investments Holding Limited and Rollon S.p.A., which closed on September 1, 2018 and September 18, 2018, respectively. On July 12, 2019, the Company amended the 2023 Term Loan agreement to, among other things, align covenants and other terms with the Senior Credit Facility.

At June 30, 2022, 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. At June 30, 2022, outstanding letters of credit totaled $43.7 million, most with expiration dates within 12 months.

The maturities of long-term debt (including $3.4 million of finance leases) subsequent to June 30, 2022 are as follows:

Year
2022	$	6.3
2023	318.3
2024	360.0
2025	1.7
2026	11.5
2027	183.2
Thereafter	864.6

13

Note 12 - Contingencies

The Company and certain of its subsidiaries have been identified as potentially responsible parties for investigation and remediation under the Comprehensive Environmental Response, Compensation and Liability Act, known as the Superfund, or similar state laws with respect to certain sites. Claims for investigation and remediation have been asserted against numerous other entities, which are believed to be financially solvent and are expected to fulfill their proportionate share of the obligation.

On December 28, 2004, the United States Environmental Protection Agency (“USEPA”) sent Lovejoy, Inc. ("Lovejoy") a Special Notice Letter that identified Lovejoy as a potentially responsible party, together with at least 14 other companies, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”). 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, allegedly including, but not limited to, a release or threatened release on or from Lovejoy's property, at the Site. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of response costs. 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.

The Company had total environmental accruals of $5.5 million and $6.0 million for various known environmental matters that are probable and reasonably estimable at June 30, 2022 and December 31, 2021, respectively, which includes the Lovejoy matter described above. These accruals were recorded based upon the best estimate of costs to be incurred in light of 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.

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 $17.2 million and $11.7 million at June 30, 2022 and December 31, 2021, respectively. The balances at the end of each respective period represent the best estimates of costs for future claims for products that are still under warranty. The increase in the liability for the first six months of 2022 primarily relates to additional accruals for product sold into the automotive and renewable energy sectors. Accrual estimates are based on actual claims and expected trends that continue to mature. Any significant change to these assumptions may be material to the results of operations in 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, 2022 and twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	11.7	$	9.4
Expense	7.6		10.1
Payments	(2.1)		(7.8)
Ending balance	$	17.2	$	11.7

14

Note 13 - Equity

The following tables present the changes in the components of equity for the three and six months ended June 30, 2022 and 2021, respectively:

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Non controlling Interest
Balance at March 31, 2022	$	2,355.0	$	40.7	$	795.4	$	1,711.1	$	(42.5)	$	(233.6)	$	83.9
Net income	105.6						105.0						0.6
Foreign currency translation adjustment	(113.1)								(114.2)				1.1
Pension and other postretirement liability    adjustments (net of income tax benefit    of $0.5 million)	(1.4)								(1.4)
Change in fair value of derivative financial    instruments, net of reclassifications	2.2								2.2
Dividends – $0.31 per share	(22.9)						(22.9)
Stock-based compensation expense	8.5				8.5
Stock purchased at fair market value	(44.3)										(44.3)
Stock option exercise activity	0.2				0.2
Payments related to tax withholding for    stock-based compensation	(0.6)										(0.6)
Balance at June 30, 2022	$	2,289.2	$	40.7	$	804.1	$	1,793.2	$	(155.9)	$	(278.5)	$	85.6

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Non controlling Interest
Balance at December 31, 2021	$	2,377.7	$	40.7	$	786.9	$	1,616.4	$	(23.0)	$	(126.1)	$	82.8
Net income	227.5						223.2						4.3
Foreign currency translation adjustment	(135.7)								(134.2)				(1.5)
Pension and other postretirement liability    adjustments (net of income tax benefit    of $1.0 million)	(2.9)								(2.9)
Change in fair value of derivative financial    instruments, net of reclassifications	4.2								4.2
Dividends - $0.61 per share	(46.4)						(46.4)
Stock-based compensation expense	15.6				15.6
Stock purchased at fair market value	(144.3)										(144.3)
Stock option exercise activity	1.6				1.6
Payments related to tax withholding for    stock-based compensation	(8.1)										(8.1)
Balance at June 30, 2022	$	2,289.2	$	40.7	$	804.1	$	1,793.2	$	(155.9)	$	(278.5)	$	85.6

15

Note 13 - Equity (continued)

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non controlling Interest
Balance at March 31, 2021	$	2,250.1	$	40.7	$	761.3	$	1,429.0	$	(2.1)	$	(53.4)	$	74.6
Net income	107.2						104.8						2.4
Foreign currency translation adjustment	23.2								23.8				(0.6)
Pension and other postretirement liability    adjustments (net of income tax benefit of    $0.5 million)	(1.7)								(1.7)
Change in fair value of derivative financial    instruments, net of reclassifications	(0.2)								(0.2)
Dividends - $0.30 per share	(22.9)						(22.9)
Stock-based compensation expense	6.0				6.0
Stock option exercise activity	11.3				11.3
Payments related to tax withholding for stock-based compensation	(5.7)										(5.7)
Balance at June 30, 2021	$	2,367.3	$	40.7	$	778.6	$	1,510.9	$	19.8	$	(59.1)	$	76.4

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income		Treasury Stock		Non controlling Interest
Balance at December 31, 2020	$	2,225.2	$	40.7	$	740.7	$	1,339.5	$	41.3	$	(9.3)	$	72.3
Net income	223.2						218.1						5.1
Foreign currency translation adjustment	(21.2)								(20.2)				(1.0)
Pension and other postretirement liability    adjustments (net of income tax benefit    of $1.1 million)	(3.3)								(3.3)
Change in fair value of derivative financial    instruments, net of reclassifications	2.0								2.0
Dividends - $0.59 per share	(46.7)						(46.7)
Stock-based compensation expense	12.5				12.5
Stock purchased at fair market value	(26.3)										(26.3)
Stock option exercise activity	25.4				25.4
Payments related to tax withholding for    stock-based compensation	(23.5)										(23.5)
Balance at June 30, 2021	$	2,367.3	$	40.7	$	778.6	$	1,510.9	$	19.8	$	(59.1)	$	76.4

16

Note 14 - Impairment and Restructuring Charges

Impairment and restructuring charges by segment are comprised of the following:

For the three months ended June 30, 2022:

	Mobile Industries		Process Industries		Total
Impairment charges	$	8.8	$	—	$	8.8
Severance and related benefit costs	0.7		0.4		1.1
Exit costs	0.1		—		0.1
Total	$	9.6	$	0.4	$	10.0

For the six months ended June 30, 2022:

	Mobile Industries		Process Industries		Total
Impairment charges	$	8.8	$	—	$	8.8
Severance and related benefit costs	1.1		0.3		1.4
Exit costs	0.8		—		0.8
Total	$	10.7	$	0.3	$	11.0

For the three months ended June 30, 2021:

	Mobile Industries		Process Industries		Total
Impairment charges	$	1.0	$	0.1	$	1.1
Severance and related benefit costs	—		0.1		0.1
Exit costs	0.1		—		0.1
Total	$	1.1	$	0.2	$	1.3

For the six months ended June 30, 2021:

	Mobile Industries		Process Industries		Total
Impairment charges	$	1.1	$	3.4	$	4.5
Severance and related benefit costs	—		0.6		0.6
Exit costs	0.2		—		0.2
Total	$	1.3	$	4.0	$	5.3

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.

Mobile Industries:

During the three months ended June 30, 2022, the Company recorded impairment charges of $8.8 million related to certain assets of its joint venture in Russia. As a result of Russia's invasion of Ukraine (and associated sanctions), the Company suspended its operations in Russia. Refer to Russia Operations in Management's Discussion and Analysis for additional information.

17

Note 14 - Impairment and Restructuring Charges (continued)

On July 19, 2021, the Company announced the closure of its bearing manufacturing facility in Villa Carcina, Italy. The Company will be transferring the manufacturing of its single-row tapered roller bearing production to other bearing facilities in Europe, Asia and the United States. The Company expects to complete the closure of the facility by October of 2022 and is expected to affect approximately 110 employees. The Company expects to incur approximately $9 million to $11 million of expenses related to this closure. During the three months ended June 30, 2022, the Company recorded severance and related benefits of $0.4 million and exit costs of $0.4 million associated with this closure. During the six months ended June 30, 2022, the Company recorded severance and related benefits of $0.8 million and exit costs of $1.0 million associated with this closure. During the three months ended June 30, 2021, the Company recorded impairment charges of $1.0 million. The Company has incurred cumulative pretax costs related to this closure of $8.3 million as of June 30, 2022, including rationalization costs recorded in cost of products sold. On January 31, 2022, the Company entered into an agreement to sell this facility with the sale expected to close in the fourth quarter of 2022.

Process Industries:

On February 4, 2020, the Company announced the closure of its chain manufacturing facility in Indianapolis, Indiana. This facility was part of the Diamond Chain Company ("Diamond Chain") acquisition completed on April 1, 2019. The Company will be transferring the manufacturing of its Diamond Chain product line to its chain facility in Fulton, Illinois. The chain plant is expected to cease operations by the end of the fourth quarter of 2022 and is expected to affect approximately 240 employees. The Company expects to hire approximately 130 full-time positions in Fulton, Illinois and expects to incur approximately $11 million to $14 million of expenses related to this closure. During the three months and six months ended June 30, 2021, the Company recorded severance and related benefit costs of $0.3 million and $0.6 million, respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $12.0 million as of June 30, 2022, including rationalization costs recorded in cost of products sold.

In addition, the Company recorded impairment charges of $3.3 million related to certain engineering-related assets used in the business during the six months ended June 30, 2021. Management concluded no further investment would be made in these assets and as a result, reduced the value to zero.

Consolidated Restructuring Accrual:

The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2022 and twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	7.0	$	8.0
Expense	2.2		4.4
Payments	(3.7)		(5.4)
Ending balance	$	5.5	$	7.0

The restructuring accrual at June 30, 2022 and December 31, 2021 was included in other current liabilities on the Consolidated Balance Sheets.

18

Note 15 - 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, 2022 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, 2022.

	U.S. Plans				International Plans				Total
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	1.8	$	2.3	$	0.4	$	0.5	$	2.2	$	2.8
Interest cost	4.1		4.5		1.4		1.1		5.5		5.6
Expected return on plan assets	(5.0)		(6.1)		(2.4)		(2.6)		(7.4)		(8.7)
Amortization of prior service cost	0.3		0.3		0.1		0.1		0.4		0.4
Recognition of net actuarial losses	11.6		3.5		—		—		11.6		3.5
Net periodic benefit cost (credit)	$	12.8	$	4.5	$	(0.5)	$	(0.9)	$	12.3	$	3.6

	U.S. Plans				International Plans				Total
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	3.7	$	4.8	$	0.8	$	1.0	$	4.5	$	5.8
Interest cost	8.2		8.9		2.9		2.2		11.1		11.1
Expected return on plan assets	(10.2)		(12.2)		(4.9)		(5.1)		(15.1)		(17.3)
Amortization of prior service cost	0.6		0.6		0.1		0.1		0.7		0.7
Recognition of net actuarial losses	14.2		4.4		—		—		14.2		4.4
Net periodic benefit cost (credit)	$	16.5	$	6.5	$	(1.1)	$	(1.8)	$	15.4	$	4.7

The Company expects full year 2022 lump sum payments related to new retirees to exceed annual interest and service costs for two of the Company's U.S. defined benefit pension plans in 2022. This expectation triggered a remeasurement of assets and obligations for both plans. During the three months ended March 31, 2022, the Company only expected to make lump sum payments related to new retirees in excess of annual interest and service costs for one of its U.S. defined benefit pension plans resulting in only one plan being remeasured. As a result of these remeasurements, the Company recognized net actuarial losses ("mark-to-market charges") of $11.6 million and $14.2 million during the three and six months ended June 30, 2022, respectively.

For the three and six months ended June 30, 2021, the Company expected to make lump sum payments related to new retirees in excess of annual interest and service costs for three of the Company's U.S. defined benefit pension plans in 2021. This expectation, along with the payout of deferred compensation to a former executive officer of the Company in June 2021, triggered a remeasurement of assets and obligations for these plans. As a result of this remeasurement, the Company recognized net actuarial losses of $3.5 million and $4.4 million during the three and six months ended June 30, 2021, respectively.

19

Note 16 - 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, 2022 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, 2022.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net periodic benefit credit:
Service cost	$	0.1	$	0.1	$	0.1	$	0.1
Interest cost	0.3		0.3		0.7		0.7
Amortization of prior service credit	(2.5)		(2.5)		(5.0)		(5.0)
Net periodic benefit credit	$	(2.1)	$	(2.1)	$	(4.2)	$	(4.2)

20

Note 17 - 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, 2022 and 2021, respectively:

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at March 31, 2022	$	(100.3)	$	55.1	$	2.7	$	(42.5)
Other comprehensive (loss) income before    reclassifications and income taxes	(113.1)		0.2		3.9		(109.0)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(2.1)		(0.7)		(2.8)
Income tax (expense) benefit	—		0.5		(1.0)		(0.5)
Net current period other comprehensive (loss)    income, net of income taxes	(113.1)		(1.4)		2.2		(112.3)
Noncontrolling interest	(1.1)		—		—		(1.1)
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(114.2)		(1.4)		2.2		(113.4)
Balance at June 30, 2022	$	(214.5)	$	53.7	$	4.9	$	(155.9)

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at December 31, 2021	$	(80.3)	$	56.6	$	0.7	$	(23.0)
Other comprehensive (loss) income before    reclassifications and income taxes	(135.7)		0.4		7.1		(128.2)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(4.3)		(1.6)		(5.9)
Income tax (expense) benefit	—		1.0		(1.3)		(0.3)
Net current period other comprehensive (loss)    income, net of income taxes	(135.7)		(2.9)		4.2		(134.4)
Noncontrolling interest	1.5		—		—		1.5
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(134.2)		(2.9)		4.2		(132.9)
Balance at June 30, 2022	$	(214.5)	$	53.7	$	4.9	$	(155.9)

21

Note 17 - Accumulated Other Comprehensive Income (Loss) (continued)

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at March 31, 2021	$	(62.0)	$	61.8	$	(1.9)	$	(2.1)
Other comprehensive income (loss) before     reclassifications and income taxes	23.2		(0.1)		(2.1)		21.0
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(2.1)		1.7		(0.4)
Income tax benefit	—		0.5		0.2		0.7
Net current period other comprehensive income    (loss), net of income taxes	23.2		(1.7)		(0.2)		21.3
Noncontrolling interest	0.6		—		—		0.6
Net current period comprehensive income (loss),    net of income taxes and noncontrolling interest	23.8		(1.7)		(0.2)		21.9
Balance at June 30, 2021	$	(38.2)	$	60.1	$	(2.1)	$	19.8

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at December 31, 2020	$	(18.0)	$	63.4	$	(4.1)	$	41.3
Other comprehensive (loss) income before    reclassifications and income taxes	(21.2)		(0.1)		(0.7)		(22.0)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(4.3)		3.4		(0.9)
Income tax benefit (expense)	—		1.1		(0.7)		0.4
Net current period other comprehensive (loss)    income, net of income taxes	(21.2)		(3.3)		2.0		(22.5)
Noncontrolling interest	1.0		—		—		1.0
Net current period comprehensive (loss) income, net of income taxes and noncontrolling interest	(20.2)		(3.3)		2.0		(21.5)
Balance at June 30, 2021	$	(38.2)	$	60.1	$	(2.1)	$	19.8

Other comprehensive (loss) income before reclassifications and income taxes includes the effect of foreign currency.

22

Note 18 - 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, 2022 and December 31, 2021:

	June 30, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	283.3	$	281.5	$	1.8	$	—
Cash and cash equivalents measured at net asset value	22.0		—		—		—
Restricted cash	0.7		0.7		—		—
Short-term investments	30.6		—		30.6		—
Interest rate swap contract	3.3		—		3.3		—
Foreign currency forward contracts	3.4		—		3.4		—
Total assets	$	343.3	$	282.2	$	39.1	$	—
Liabilities:
Foreign currency forward contracts	$	2.5	$	—	$	2.5	$	—
Total liabilities	$	2.5	$	—	$	2.5	$	—

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	257.1	$	244.8	$	12.3	$	—
Restricted cash	0.8		0.8		—		—
Short-term investments	56.9		—		56.9		—
Foreign currency forward contracts	5.6		—		5.6		—
Total assets	$	320.4	$	245.6	$	74.8	$	—
Liabilities:
Foreign currency forward contracts	$	1.0	$	—	$	1.0	$	—
Total liabilities	$	1.0	$	—	$	1.0	$	—

Cash and cash equivalents are highly liquid investments with maturities of three months or less when purchased and are valued at the redemption value. Short-term investments are investments with maturities between four months 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.

23

Note 18 - 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.

During the three months ended June 30, 2022, property, plant and equipment at the Company's joint venture in Russia, with a carrying value of $15.9 million, were written down to their fair value of $7.1 million, resulting in an impairment charge of $8.8 million. The fair value for these assets was determined based on 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, 2022 and 2021, 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 quoted market prices, was $1,386.6 million and $1,171.1 million at June 30, 2022 and December 31, 2021, respectively. The carrying value of this debt was $1,414.1 million and $1,087.5 million at June 30, 2022 and December 31, 2021, respectively. The fair value of long-term fixed-rate debt was measured using Level 2 inputs.

The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments.

Note 19 - 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 September 8, 2020, the Company entered into a $100 million floating-to-fixed rate swap on the 2023 Term Loan, which hedges the change in the 1-month LIBOR rate between October 30, 2020 and September 11, 2023 to a fixed rate. The Company’s risk management objective is to hedge the risk of changes in the monthly interest expense attributable to changes in the benchmark interest rate.

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, 2022, respectively, was a gain of $3.2 million and a gain of $4.8 million to accumulated comprehensive (loss) income with a corresponding offset to other expense, which partially offsets the impact of the foreign currency adjustment on the 2027 Notes.

The Company entered into $350 million of floating-to-fixed 10-year Treasury rate locks during the first quarter of 2022, prior to issuing the 2032 Notes. This fixed the 10-year Treasury yield and settled at pricing of the 2032 Notes, resulting in $6.5 million of cash proceeds received by the Company. This amount was recorded to accumulated comprehensive income and will be amortized as a reduction in interest expense over the 10-year tenor of the 2032 Notes.

The Company does not purchase or hold any derivative financial instruments for trading purposes. As of June 30, 2022 and December 31, 2021, the Company had $434.4 million and $300.8 million, respectively, of outstanding foreign currency forward contracts at notional value. Refer to Note 18 - Fair Value for the fair value disclosure of derivative financial instruments.

24

Note 19 - Derivative Instruments and Hedging Activities (continued)

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 foreign currencies with forward contracts. When the dollar strengthens significantly against 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, 2022 and December 31, 2021, the Company had $76.7 million and $80.0 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.

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, 2022 and December 31, 2021, the Company had $357.7 million and $220.8 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, 2022 and 2021, respectively, and the related location within the Consolidated Statements of Income:

		Amount 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 income	2022		2021		2022		2021
Foreign currency forward contracts	Other expense, net	$	(6.0)	$	(0.9)	$	(7.0)	$	(0.7)

25

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

OVERVIEW

Introduction:

The Timken Company designs and manages a growing portfolio of engineered bearings and power transmission products. With more than a century of innovation and increasing knowledge, the Company continuously improves the reliability and efficiency of global machinery and equipment to move the world forward. The Company’s growing product and services portfolio features many strong industrial brands, such as Timken®, Philadelphia Gear®, Drives®, Cone Drive®, Rollon®, Lovejoy®, Diamond®, BEKA®, Groeneveld® and Spinea®. Timken employs more than 18,000 people globally in 43 countries. The Company operates under two reportable segments: (1) Mobile Industries and (2) Process Industries. The following further describes these business segments:

•Mobile Industries serves OEM customers that manufacture off-highway equipment for the agricultural, mining and construction markets; on-highway vehicles including passenger cars, light trucks, and medium- and heavy-duty trucks; rail cars and locomotives; outdoor power equipment; rotorcraft and fixed-wing aircraft; and other mobile equipment. Beyond service parts sold to OEMs, aftermarket sales and services to individual end users, equipment owners, operators and maintenance shops are handled directly or through the Company's extensive network of authorized automotive and heavy-truck distributors.

•Process Industries serves OEM and end-user customers in industries that place heavy demands on the fixed operating equipment they make or use in heavy and other general industrial sectors. This includes metals, cement and aggregate production; power generation and renewable energy sources; oil and gas extraction and refining; pulp and paper and food processing; automation and robotics; and health and critical motion control equipment. Other applications include marine equipment, gear drives, cranes, hoists and conveyors. This segment also supports aftermarket sales and service needs through its global network of authorized industrial distributors and through the provision of services directly to end users.

Timken creates value by understanding customer needs and applying its know-how to serve a broad range of customers in attractive markets and industries across the globe. The Company’s business strengths include its product technology, end-market diversity, geographic reach and aftermarket mix. Timken collaborates with OEMs to improve equipment efficiency with its engineered products and captures subsequent equipment replacement cycles by selling largely through independent channels in the aftermarket. Timken focuses its international efforts and footprint in regions of the world where strong macroeconomic factors such as urbanization, infrastructure development and sustainability create demand for its products and services.

The Company's long-term strategy has three primary elements:

Profitable Growth. The Company intends to expand into new and existing markets by leveraging its collective knowledge of metallurgy, friction management and power transmission to create value for Timken customers. Using a highly collaborative technical selling approach, the Company places particular emphasis on creating unique solutions for challenging and/or demanding applications. The Company intends to grow in attractive market sectors around the world, emphasizing those spaces that are highly fragmented, demand high service and value the reliability and efficiency offered by Timken products. The Company also targets applications that offer significant aftermarket demand, thereby providing product and services revenue throughout the equipment’s lifetime.

Operational Excellence. Timken operates with a relentless drive for exceptional results and a passion for superior execution. The Company embraces a continuous improvement culture that is charged with increasing efficiency, lowering costs, eliminating waste, encouraging organizational agility and building greater brand equity to fuel growth. This requires the Company’s ongoing commitment to attract, retain and develop the best talent across the world.

Capital Deployment to Drive Shareholder Value. The Company is intently focused on providing the highest returns for shareholders through its capital allocation framework, which includes: (1) investing in the core business through capital expenditures, research and development, and other initiatives to drive profitable organic growth; (2) pursuing strategic acquisitions to broaden its portfolio and capabilities across diverse markets, with a focus on bearings, adjacent power transmission products and related services; (3) returning capital to shareholders through dividends and share repurchases; and (4) maintaining a strong balance sheet and sufficient liquidity. As part of this framework, the Company may also restructure, reposition or divest underperforming product lines or assets.

26

Overview:

	Three Months Ended June 30,
	2022		2021		$ Change		% Change
Net sales	$	1,153.7	$	1,062.9	$	90.8	8.5	%
Net income	105.6		107.2		(1.6)		(1.5)	%
Net income attributable to noncontrolling interest	0.6		2.4		(1.8)		(75.0)	%
Net income attributable to The Timken Company	$	105.0	$	104.8	$	0.2	0.2	%
Diluted earnings per share	$	1.42	$	1.36	$	0.06	4.4	%
Average number of shares – diluted	74,182,793		77,254,157		—		(4.0)	%

	Six Months Ended June 30,
	2022		2021		$ Change		% Change
Net sales	$	2,278.3	$	2,088.3	$	190.0	9.1	%
Net income	227.5		223.2		4.3		1.9	%
Net income attributable to noncontrolling interest	4.3		5.1		(0.8)		(15.7)	%
Net income attributable to The Timken Company	$	223.2	$	218.1	$	5.1	2.3	%
Diluted earnings per share	$	2.98	$	2.82	$	0.16	5.7	%
Average number of shares – diluted	74,877,248		77,257,761		—		(3.1)	%

The increase in net sales for the three months ended June 30, 2022 compared with the three months ended June 30, 2021 was primarily driven by strong organic growth (including positive pricing), partially offset by the unfavorable impact of foreign currency exchange rate changes. The increase in net income for the three months ended June 30, 2022 compared with the three months ended June 30, 2021 was primarily due to favorable price/mix and the impact of higher volume, partially offset by higher material, logistics and other operating costs, higher pension mark-to-market charges, higher impairment and restructuring charges and a higher tax rate.

The increase in net sales for the six months ended June 30, 2022 compared with the six months ended June 30, 2021 was primarily driven by strong organic growth (including positive pricing), partially offset by the unfavorable impact of foreign currency exchange rate changes. The increase in net income for the six months ended June 30, 2022 compared with the six months ended June 30, 2021 was primarily due to favorable price/mix and the impact of higher volume, partially offset by higher material, logistics and other operating costs, higher pension mark-to-market charges and a higher tax rate.

Outlook:

The Company expects 2022 full-year revenue to be up approximately 7% compared to 2021, primarily due to higher demand across most end markets, positive pricing and the continued execution of growth initiatives. The Company's earnings are expected to be up in 2022 compared with 2021, primarily due to the favorable impact of price/mix and higher volume, partially offset by higher material, logistics and other operating costs, as well as higher interest costs and a higher tax rate. In 2021, the Company experienced supply chain disruptions, inflationary cost pressures and staffing issues related to accelerating customer demand. Timken expects business conditions to remain challenging in 2022, due in part to the impact of Russia's invasion of Ukraine and the ongoing Coronavirus ("COVID-19") lockdowns in China.

The Company expects to generate cash from operating activities in 2022 above 2021 levels driven by higher earnings. The Company expects capital expenditures between 4.0% and 4.5% of sales in 2022, compared with 3.6% of sales ($148 million) in 2021.

27

THE STATEMENT OF INCOME

Sales:

	Three Months Ended June 30,
	2022		2021		$ Change		% Change
Net sales	$	1,153.7	$	1,062.9	$	90.8	8.5	%

	Six Months Ended June 30,
	2022		2021		$ Change		% Change
Net sales	$	2,278.3	$	2,088.3	$	190.0	9.1	%

Net sales increased for the three months ended June 30, 2022 compared with the three months ended June 30, 2021. The increase was primarily due to strong organic growth of $122 million, partially offset by the unfavorable impact of foreign currency exchange rate changes of $35 million. The higher organic revenue was driven by higher demand across most market sectors in the Mobile and Process Industries segments and higher net pricing.

Net sales increased for the six months ended June 30, 2022 compared with the six months ended June 30, 2021. The increase was primarily due to strong organic growth of $235 million, partially offset by the unfavorable impact of foreign currency exchange rate changes of $50 million. The higher organic revenue was driven by higher demand across most market sectors in the Mobile and Process Industries segments and higher net pricing.

Gross Profit:

	Three Months Ended June 30,
	2022			2021			$ Change		Change
Gross profit	$	341.8		$	302.3		$	39.5	13.1%
Gross profit % to net sales	29.6		%	28.4		%			120	bps

	Six Months Ended June 30,
	2022			2021			$ Change		Change
Gross profit	$	669.2		$	601.5		$	67.7	11.3%
Gross profit % to net sales	29.4		%	28.8		%			60	bps

Gross profit increased for the three months ended June 30, 2022 compared with the three months ended June 30, 2021, primarily due to favorable price/mix of $73 million and the impact of higher volume of $25 million, partially offset by higher material and logistics costs of $44 million, unfavorable manufacturing performance of $7 million and the unfavorable impact of foreign currency exchange rate changes of $5 million.

Gross profit increased for the six months ended June 30, 2022 compared with the six months ended June 30, 2021, primarily due to favorable price/mix of $118 million and the impact of higher volume of $54 million, partially offset by higher material and logistics costs of $89 million, unfavorable manufacturing performance of $8 million and the unfavorable impact of foreign currency exchange rate changes of $5 million.

28

Selling, General and Administrative ("SG&A") Expenses:

	Three Months Ended June 30,
	2022			2021			$ Change		Change
Selling, general and administrative expenses	$	155.9		$	149.0		$	6.9	4.6	%
Selling, general and administrative expenses % to net sales	13.5		%	14.0		%			(50)	bps

	Six Months Ended June 30,
	2022			2021			$ Change		Change
Selling, general and administrative expenses	$	310.0		$	293.5		$	16.5	5.6	%
Selling, general and administrative expenses % to net sales	13.6		%	14.1		%			(50)	bps

SG&A expenses increased for the three and six months ended June 30, 2022 compared with the three and six months ended June 30, 2021. The increase for the three and six months ended June 30, 2022, as compared to the year-ago periods, was primarily due to higher compensation costs and increased spending to support the higher sales levels.

Impairment and Restructuring:

	Three Months Ended June 30,
	2022		2021		$ Change		% Change
Impairment charges	$	8.8	$	1.1	$	7.7	NM
Severance and related benefit costs	1.1		0.1		1.0		NM
Exit costs	0.1		0.1		—		—	%
Total	$	10.0	$	1.3	$	8.7	NM

	Six Months Ended June 30,
	2022		2021		$ Change		% Change
Impairment charges	$	8.8	$	4.5	$	4.3	95.6	%
Severance and related benefit costs	1.4		0.6		0.8		133.3	%
Exit costs	0.8		0.2		0.6		300.0	%
Total	$	11.0	$	5.3	$	5.7	107.5	%

Impairment and restructuring charges of $10.0 million and $11.0 million during the three and six months ended June 30, 2022 were comprised primarily of impairment charges related to property, plant and equipment at the Company's joint venture in Russia. In addition, the Company incurred severance and related benefits, and exit costs associated with the closure of the Company's Villa Carcina, Italy bearing plant during the three and six months ended June 30, 2022. This initiative was undertaken to reduce headcount and continue to right-size the Company's manufacturing footprint.

Impairment and restructuring charges of $1.3 million and $5.3 million during the three and six months ended June 30, 2021 were comprised primarily of impairment charges related to certain engineering-related assets used in the business. Management concluded no further investment would be made in the engineering-related assets and as a result, reduced the value to zero. In addition, severance and related benefits were associated with initiatives to reduce headcount and right-size the Company's manufacturing footprint, including the planned closure of the Company's Indianapolis, Indiana chain plant and the planned closure of the Company's Villa Carcina, Italy bearing plant.

Refer to Note 14 - Impairment and Restructuring Charges in the Notes to the Consolidated Financial Statements for additional information.

29

Interest Income and Expense:

	Three Months Ended June 30,
	2022		2021		$ Change		% Change
Interest expense	$	(18.3)	$	(15.3)	$	(3.0)	19.6	%
Interest income	1.0		0.7		$	0.3	42.9	%

	Six Months Ended June 30,
	2022		2021		$ Change		% Change
Interest expense	$	(32.6)	$	(30.2)	$	(2.4)	7.9	%
Interest income	1.6		1.2		$	0.4	33.3	%

The increase in interest expense for the three and six months ended June 30, 2022 compared with the three and six months ended June 30, 2021 was primarily due to higher average debt outstanding due to the issuance of the $350 million 2032 Notes in March 2022. A portion of the proceeds from these notes was used to fund the acquisition of Spinea in the second quarter of 2022.

Other Income (Expense):

	Three Months Ended June 30,
	2022		2021		$ Change		% Change
Non-service pension and other postretirement    (expense) income	$	(7.9)	$	1.4	$	(9.3)	NM
Other expense, net	(1.1)		(2.2)		1.1		(50.0)	%
Total other expense	$	(9.0)	$	(0.8)	$	(8.2)	NM

	Six Months Ended June 30,
	2022		2021		$ Change		% Change
Non-service pension and other postretirement    (expense) income	$	(6.6)	$	5.4	$	(12.0)	(222.2)	%
Other expense, net	(0.9)		(1.2)		0.3		(25.0)	%
Total other (expense) income	$	(7.5)	$	4.2	$	(11.7)	(278.6)	%

Non-service pension and other postretirement (expense) income decreased for the three and six months ended June 30, 2022 compared with the three and six months ended June 30, 2021, primarily due to higher pension remeasurement losses in 2022. The remeasurements were triggered by expected lump sum payments to new retirees exceeding annual service and interest costs for two of the Company's U.S. defined benefit pension plans. As a result of the remeasurements, the Company recognized net actuarial losses of $11.6 million and $3.5 million during the three months ended June 30, 2022 and June 30, 2021, respectively, and $14.2 million and $4.4 million during the six months ended June 30, 2022 and June 30, 2021, respectively. In addition, the decrease was due to a lower expected return on plan assets in 2022. Refer to Note 15 - Retirement Benefit Plans and Note 16 - Other Postretirement Benefit Plans in the Notes to the Consolidated Financial Statements for additional information.

30

Income Tax Expense:

	Three Months Ended June 30,
	2022			2021			$ Change		Change
Provision for income taxes	$	44.0		$	29.4		$	14.6	49.7	%
Effective tax rate	29.4		%	21.5		%			790	bps

	Six Months Ended June 30,
	2022			2021			$ Change		Change
Provision for income taxes	$	82.2		$	54.7		$	27.5	50.3	%
Effective tax rate	26.5		%	19.7		%			680	bps

Income tax expense increased $14.6 million for the three months ended June 30, 2022 compared with the three months ended June 30, 2021 primarily due to higher pre-tax earnings, an unfavorable mix of earnings in higher tax rate jurisdictions, the unfavorable impact of discrete tax items, and lower deductions for stock-based compensation.

Income tax expense increased $27.5 million for the six months ended June 30, 2022 compared with the six months ended June 30, 2021 primarily due to higher pre-tax earnings, an unfavorable mix of earnings in higher tax rate jurisdictions, the unfavorable impact of discrete tax items, including a discrete tax benefit recorded in the prior period in connection with the settlement of the 2017 and 2018 U.S. federal tax years, and lower deductions for stock-based compensation.

Refer to Note 6 - Income Taxes for more information on the computation of the income tax expense in interim periods.

31

BUSINESS SEGMENTS

The Company's reportable segments are business units that serve different industry sectors. While the segments operate using shared infrastructure, each reportable segment is managed to address specific customer needs in these diverse market sectors. The primary measurement used by management to measure the financial performance of each segment is EBITDA. Refer to Note 5 - Segment Information in the Notes to the Consolidated Financial Statements for the reconciliation of EBITDA by segment to consolidated income before income taxes.

The presentation of segment results below includes a reconciliation of the changes in net sales for each segment reported in accordance with U.S. GAAP to net sales adjusted to remove the effects of acquisitions completed in 2022 and 2021 and foreign currency exchange rate changes. The effects of acquisitions and foreign currency exchange rate changes on net sales are removed to allow investors and the Company to meaningfully evaluate the percentage change in net sales on a comparable basis from period to period.

The following item represents the Company's acquisitions completed in 2022 and 2021:

•The Company acquired Spinea during the second quarter of 2022. The majority of the results for Spinea are reported in the Process Industries segment.

•The Company acquired iMS during the third quarter of 2021. The majority of the results for iMS are reported in the Process Industries segment.

Mobile Industries Segment:

	Three Months Ended June 30,
	2022			2021			$ Change		Change
Net sales	$	543.6		$	494.2		$	49.4	10.0%
EBITDA	$	69.1		$	67.3		$	1.8	2.7%
EBITDA margin	12.7		%	13.6		%			(90)	bps

	Three Months Ended June 30,
	2022		2021		$ Change		% Change
Net sales	$	543.6	$	494.2	$	49.4	10.0	%
Less: Currency	(15.7)		—		(15.7)		NM
Net sales, excluding the impact of currency	$	559.3	$	494.2	$	65.1	13.2	%

	Six Months Ended June 30,
	2022			2021			$ Change		Change
Net sales	$	1,084.0		$	998.7		$	85.3	8.5%
EBITDA	$	144.2		$	146.9		$	(2.7)	(1.8%)
EBITDA margin	13.3		%	14.7		%			(90)	bps

	Six Months Ended June 30,
	2022		2021		$ Change		% Change
Net sales	$	1,084.0	$	998.7	$	85.3	8.5	%
Less: Currency	(24.9)		—		(24.9)		NM
Net sales, excluding the impact of currency	$	1,108.9	$	998.7	$	110.2	11.0	%

32

The Mobile Industries segment's net sales, excluding the effects of foreign currency exchange rate changes, increased $65.1 million or 13.2% in the three months ended June 30, 2022 compared with the three months ended June 30, 2021, reflecting increased shipments in the off-highway, automotive, rail and heavy truck sectors, as well as higher net pricing, partially offset by lower shipments in the aerospace sector. EBITDA increased by $1.8 million or 2.7% for the three months ended June 30, 2022 compared with the three months ended June 30, 2021, primarily due to favorable price/mix and the impact of higher volume, partially offset by higher material, logistics and other operating costs, higher impairment and restructuring charges, and the unfavorable impact of foreign currency exchange rate changes.

The Mobile Industries segment's net sales, excluding the effects of foreign currency exchange rate changes, increased $110.2 million or 11.0% in the six months ended June 30, 2022 compared with the six months ended June 30, 2021, reflecting increased shipments in the off-highway, rail and heavy truck sectors, as well as higher net pricing, partially offset by lower shipments in the aerospace sector. EBITDA decreased by $2.7 million or 1.8% for the six months ended June 30, 2022 compared with the six months ended June 30, 2021, primarily due to higher material, logistics and other operating costs, higher impairment and restructuring charges, partially offset by favorable price/mix and the impact of higher volume.

Process Industries Segment:

	Three Months Ended June 30,
	2022			2021			$ Change		Change
Net sales	$	610.1		$	568.7		$	41.4	7.3%
EBITDA	$	163.5		$	141.2		$	22.3	15.8%
EBITDA margin	26.8		%	24.8		%			200	bps

	Three Months Ended June 30,
	2022		2021		$ Change		% Change
Net sales	$	610.1	$	568.7	$	41.4	7.3	%
Less: Acquisitions	3.9		—		3.9		NM
Currency	(19.0)		—		(19.0)		NM
Net sales, excluding the impact of acquisitions and currency	$	625.2	$	568.7	$	56.5	9.9	%

	Six Months Ended June 30,
	2022			2021			$ Change		Change
Net sales	$	1,194.3		$	1,089.6		$	104.7	9.6%
EBITDA	$	319.1		$	272.2		$	46.9	17.2%
EBITDA margin	26.7		%	25.0		%			170	bps

	Six Months Ended June 30,
	2022		2021		$ Change		% Change
Net sales	$	1,194.3	$	1,089.6	$	104.7	9.6	%
Less: Acquisitions	5.1		—		5.1		NM
Currency	(25.0)		—		(25.0)		NM
Net sales, excluding the impact of acquisitions and currency	$	1,214.2	$	1,089.6	$	124.6	11.4	%

33

The Process Industries segment's net sales, excluding the effects of acquisitions and foreign currency exchange rate changes, increased $56.5 million or 9.9% in the three months ended June 30, 2022 compared with the three months ended June 30, 2021. The increase was primarily driven by increased demand in the distribution, general industrial and heavy industries sectors, as well as higher net pricing, partially offset by lower revenue in the renewable energy sector. EBITDA increased $22.3 million or 15.8% for the three months ended June 30, 2022 compared with the three months ended June 30, 2021 primarily due to favorable price/mix and the impact of higher volume, partially offset by higher material, logistics and other operating costs.

The Process Industries segment's net sales, excluding the effects of acquisitions and foreign currency exchange rate changes, increased $124.6 million or 11.4% in the six months ended June 30, 2022 compared with the six months ended June 30, 2021. The increase was primarily driven by increased demand in the distribution, general industrial, heavy industries, marine and services sectors, as well as higher net pricing, partially offset by lower revenue in the renewable energy sector. EBITDA increased $46.9 million or 17.2% for the six months ended June 30, 2022 compared with the six months ended June 30, 2021 primarily due to favorable price/mix and the impact of higher volume, partially offset by higher material, logistics and other operating costs.

Unallocated Corporate:

	Three Months Ended June 30,
	2022			2021			$ Change		Change
Unallocated corporate expense	$	(13.4)		$	(11.6)		$	(1.8)	15.5	%
Unallocated corporate expense % to net sales	(1.2)		%	(1.1)		%			(10)	bps

	Six Months Ended June 30,
	2022			2021			$ Change		Change
Unallocated corporate expense	$	(26.3)		$	(23.2)		$	(3.1)	13.4	%
Unallocated corporate expense % to net sales	(1.2)		%	(1.1)		%			(10)	bps

The increase in unallocated corporate expense for the three and six months ended June 30, 2022 compared with the three and six months ended June 30, 2021 was primarily due to higher compensation expense and other spending to support increased business activity levels.

34

CASH FLOW

	Six Months Ended June 30,
	2022		2021		$ Change
Net cash provided by operating activities	$	77.1	$	178.8	$	(101.7)
Net cash used in investing activities	(198.7)		(73.9)		(124.8)
Net cash provided by (used in) financing activities	177.4		(118.9)		296.3
Effect of exchange rate changes on cash	(7.7)		(0.8)		(6.9)
Increase (Decrease) in cash and cash equivalents and restricted cash	$	48.1	$	(14.8)	$	62.9

Operating Activities:

The decrease in net cash provided by operating activities for the first six months of 2022 compared with the first six months of 2021 was primarily due to an increase in cash used for working capital items of $143.0 million, partially offset by an increase in the benefit of income taxes on cash of $21.2 million, a decrease in pension and other postretirement benefit contributions and payments of $6.9 million, higher net income of $4.3 million and a decrease in other items. Refer to the tables below for additional detail of the impact of each line item on net cash provided by operating activities.

The following table displays the impact of working capital items on cash during the six months of 2022 and 2021, respectively:

	Six Months Ended June 30,
	2022		2021		$ Change
Cash (used in) provided by:
Accounts receivable	$	(149.3)	$	(125.8)	$	(23.5)
Unbilled receivables	(2.9)		10.4		(13.3)
Inventories	(126.1)		(81.4)		(44.7)
Trade accounts payable	(6.1)		41.2		(47.3)
Other accrued expenses	16.6		30.8		(14.2)
Cash used in working capital items	$	(267.8)	$	(124.8)	$	(143.0)

The following table displays the impact of income taxes on cash during the six months of 2022 and 2021, respectively:

	Six Months Ended June 30,
	2022		2021		$ Change
Accrued income tax expense	$	82.2	$	54.7	$	27.5
Income tax payments	(68.3)		(53.1)		(15.2)
Other items	(0.1)		(9.0)		8.9
Change in income taxes	$	13.8	$	(7.4)	$	21.2

Investing Activities:

The increase in net cash used in investing activities for the first six months of 2022 compared with the first six months of 2021 was primarily due to an increase in cash used for acquisitions of $152.4 million and an increase in capital expenditures of $14.7 million, partially offset by a decrease in cash used for investments in short-term marketable securities of $37.2 million.

Financing Activities:

The change in net cash used in financing activities for the first six months of 2022 compared with the first six months of 2021 was primarily due to an increase in net borrowings of $419.4 million, partially offset by an increase in the purchases of treasury shares of $118.0 million.

35

LIQUIDITY AND CAPITAL RESOURCES

Reconciliation of total debt to net debt and the ratio of net debt to capital:

Net Debt:

	June 30, 2022		December 31, 2021
Short-term debt, including current portion of long-term debt	$	81.6	$	53.8
Long-term debt	1,734.3		1,411.1
Total debt	$	1,815.9	$	1,464.9
Less: Cash and cash equivalents	305.3		257.1
Net debt	$	1,510.6	$	1,207.8

Ratio of Net Debt to Capital:

	June 30, 2022			December 31, 2021
Net debt	$	1,510.6		$	1,207.8
Total equity	2,289.2			2,377.7
Net debt plus total equity (capital)	$	3,799.8		$	3,585.5
Ratio of net debt to capital	39.8		%	33.7		%

The Company presents net debt because it believes net debt is more representative of the Company's financial position than total debt due to the amount of cash and cash equivalents held by the Company and the ability to utilize such cash and cash equivalents to reduce debt if needed.

At June 30, 2022, the Company had strong liquidity with $305.3 million of cash and cash equivalents on the Consolidated Balance Sheet, as well as $741.7 million of available resources from committed credit lines. Of the $305.3 million of cash and cash equivalents, $257.0 million resided in jurisdictions outside the United States. Repatriation of non-U.S. cash could be subject to taxes and some portion may be subject to governmental restrictions. As of June 30, 2022, Timken has $17.8 million of cash in Russia, which the Company is presently unable to repatriate. Part of the Company's strategy is to grow in attractive market sectors, many of which are outside the United States. This strategy includes making investments in facilities, equipment and potential new acquisitions. The Company plans to fund these investments, as well as meet working capital requirements, with cash and cash equivalents and unused lines of credit within the geographic location of these investments where feasible.

On June 25, 2019, the Company entered into the Senior Credit Facility, which is a $650.0 million unsecured revolving credit facility that matures on June 25, 2024. At June 30, 2022, the Senior Credit Facility had outstanding borrowings of $8.3 million, which reduced the availability to $641.7 million. The Senior Credit Facility has two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio. The maximum consolidated leverage ratio permitted under the Senior Credit Facility is 3.5 to 1.0. As of June 30, 2022, the Company's consolidated leverage ratio was 2.36 to 1.0. The minimum consolidated interest coverage ratio permitted under the Senior Credit Facility is 3.0 to 1.0. As of June 30, 2022, the Company's consolidated interest coverage ratio was 12.64 to 1.0.

The interest rate under the Senior Credit Facility is variable with a spread based on the Company's debt rating. The average rate on outstanding Euro borrowings was 1.00% as of June 30, 2022. In addition, the Company pays a facility fee based on the applicable rate, which is variable with a spread based on the Company's debt rating, multiplied by the aggregate commitments of all of the lenders under the Senior Credit Facility. As of June 30, 2022, the Company carried investment-grade credit ratings with both Moody's (Baa2) and S&P Global (BBB-).

The Company has a $100 million Accounts Receivable Facility, which matures on November 30, 2024. The Accounts Receivable Facility is subject to certain borrowing base limitations and is secured by certain domestic trade accounts receivable of the Company. As of June 30, 2022, the Company had no outstanding borrowings under the Accounts Receivable Facility and no borrowing base limitations. Availability under the Accounts Receivable Facility was $100 million as of June 30, 2022.

36

Other sources of liquidity include uncommitted short-term lines of credit for certain of the Company's foreign subsidiaries, which provide for borrowings of up to approximately $254.4 million. At June 30, 2022, the Company had borrowings outstanding of $70.3 million and bank guarantees of $0.2 million, which reduced the aggregate availability under these facilities to approximately $183.9 million.

On March 28, 2022, the Company issued the 2032 Notes in the aggregate principal amount of $350 million with an interest rate of 4.125%, maturing on April 1, 2032. Proceeds from the notes were used for general corporate purposes, which included repayment of borrowings under the Senior Credit Facility and the Accounts Receivable Facility outstanding at the time of issuance. In addition, a portion of the proceeds from the notes was used to fund the Spinea acquisition, which closed in the second quarter of 2022.

At June 30, 2022, the Company was in full compliance with all applicable covenants on its outstanding debt.

The Company expects to generate cash from operating activities in 2022 above 2021 levels driven by higher earnings. The Company expects capital expenditures between 4.0% and 4.5% of sales in 2022, compared with 3.6% of sales ($148 million) in 2021.

Financing Obligations and Other Commitments:

During the first six months of 2022, the Company made cash contributions and payments of $6.2 million to its global defined benefit pension plans and $1.9 million to its other postretirement benefit plans. The Company expects to make contributions to its global defined benefit plans of approximately $10 million in 2022. The Company expects to make payments of approximately $5 million to its other postretirement benefit plans in 2022. Excluding mark-to-market charges, the Company expects higher pension and other postretirement benefits expense in 2022 compared to 2021 primarily due to lower expected returns on pension plan assets and higher interest expense, partially offset by lower service costs.

The Company does not have any off-balance sheet arrangements with unconsolidated entities or other persons.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The Company's financial statements are prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. The Company reviews its critical accounting policies throughout the year. The Company has concluded that there have been no significant changes to its critical accounting policies or estimates, as described in its Annual Report on Form 10-K for the year ended December 31, 2021, during the six months ended June 30, 2022.

37

OTHER MATTERS

Foreign Currency:

Assets and liabilities of subsidiaries are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the reporting period. Related translation adjustments are reflected as a separate component of accumulated other comprehensive loss. Foreign currency gains and losses resulting from transactions, and the related hedging activity, are included in the Consolidated Statements of Income.

For the six months ended June 30, 2022, the Company recorded negative foreign currency translation adjustments of $134.2 million that decreased shareholders' equity, compared with negative foreign currency translation adjustments of $20.2 million that decreased shareholders' equity for the six months ended June 30, 2021. The foreign currency translation adjustments for the six months ended June 30, 2022 were negatively impacted by the strengthening of the U.S. dollar relative to other foreign currencies, including the Euro, Chinese Yuan and Indian Rupee.

Foreign currency exchange gains and losses, net of hedging activity, resulting from transactions included in the Company's operating results for the three months ended June 30, 2022 totaled $2.3 million of net gains, compared with $3.5 million of net losses during the three months ended June 30, 2021. Foreign currency exchange gains and losses, net of hedging activity, resulting from transactions included in the Company's operating results for the six months ended June 30, 2022 totaled $4.6 million of net gains, compared with $5.6 million of net losses during the six months ended June 30, 2021.

Russia Operations:

The Company has two subsidiaries in Russia, including a 51%-owned joint venture to serve the rail market in Russia. As a result of Russia's invasion of Ukraine (and associated sanctions), the Company suspended operations and recorded property, plant and equipment impairment charges of $8.8 million and inventory write-downs of $4.3 million during the six months ended June 30, 2022. After giving effect to these impairments and write-downs, as of June 30, 2022, the Company has net assets (net of noncontrolling interest of $8.7 million), totaling $17.5 million on its Consolidated Balance Sheet related to its Russia operations. Net assets related to the Company's Russia operations include $17.8 million of cash and cash equivalents. The Company will continue to monitor the events in Russia and Ukraine and may record additional asset impairments or write-offs in the future.

38

NON-GAAP MEASURES

Supplemental Non-GAAP Measures:

In addition to results reported in accordance with U.S. GAAP, the Company provides information on non-GAAP financial measures. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted EBITDA and adjusted EBITDA margins, segment adjusted EBITDA and segment adjusted EBITDA margins, ratio of net debt to adjusted EBITDA (for the trailing 12 months), net debt, ratio of net debt to capital and free cash flow. This information is intended to supplement GAAP financial measures and is not intended to replace GAAP financial measures. Net debt and the ratio of net debt to capital is disclosed in the "Liquidity and Capital Resources" section of Management's Discussion and Analysis of Financial Condition and Results of Operations.

Adjusted Net Income and Adjusted EBITDA:

Adjusted net income and adjusted earnings per share represent net income attributable to The Timken Company and diluted earnings per share, respectively, adjusted for impairment, restructuring and reorganization charges, acquisition costs, including transaction costs and the amortization of the inventory step-up, property losses and recoveries, actuarial gains and losses associated with the remeasurement of the Company's defined benefit pension and other postretirement benefit plans, gains and losses on the sale of real estate, gains and losses on divestitures, the income tax impact of these adjustments, as well as other income tax discrete items, and other items from time to time that are not part of the Company's core operations. Management believes adjusted net income and adjusted earnings per share are useful to investors as they are representative of the Company's core operations and are used in the management of the business.

Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, adjusted for items that are not part of the Company's core operations. These items include impairment, restructuring and reorganization charges, acquisition costs, including transaction costs and the amortization of the inventory step-up, property losses and recoveries, actuarial gains and losses associated with the remeasurement of the Company's defined benefit pension and other postretirement benefit plans, gains and losses on the sale of real estate, gains and losses on divestitures, and other items from time to time that are not part of the Company's core operations. Management believes adjusted EBITDA is useful to investors as it is representative of the Company's core operations and is used in the management of the business, including decisions concerning the allocation of resources and assessment of performance.

39

Reconciliation of net income attributable to The Timken Company to adjusted net income, adjusted EBITDA and adjusted EBITDA Margin:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net Sales	$	1,153.7		$	1,062.9		$	2,278.3		$	2,088.3
Net Income Attributable to The Timken Company	105.0			104.8			223.2			218.1
Impairment, restructuring and reorganization      charges (1)	2.0			2.2			3.6			7.4
Corporate pension and other postretirement benefit      related expense (2)	11.6			3.5			14.2			4.4
Russia-related charges (3)	8.4			—			13.0			—
Acquisition-related charges (4)	1.6			1.4			2.7			0.6
Noncontrolling interest of above adjustments	(4.5)			—			(5.8)			0.2
Provision for income taxes (5)	(0.2)			(5.8)			(5.3)			(17.9)
Adjusted Net Income	$	123.9		$	106.1		$	245.6		$	212.8
Net income attributable to noncontrolling interest	0.6			2.4			4.3			5.1
Provision for income taxes (as reported)	44.0			29.4			82.2			54.7
Interest expense	18.3			15.3			32.6			30.2
Interest income	(1.0)			(0.7)			(1.6)			(1.2)
Depreciation and amortization expense (6)	40.7			42.0			82.1			84.7
Less: Noncontrolling interest	(4.5)			—			(5.8)			0.2
Less: Provision for income taxes (5)	(0.2)			(5.8)			(5.3)			(17.9)
Adjusted EBITDA	$	231.2		$	200.3		$	456.3		$	404.0
Adjusted EBITDA Margin (% of net sales)	20.0		%	18.8		%	20.0		%	19.3		%

Diluted earnings and adjusted earnings per share in the table below are based on net income attributable to The Timken Company and adjusted net income, respectively, in the table above.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Diluted earnings per share (EPS)	$	1.42	$	1.36	$	2.98	$	2.82
Adjusted EPS	$	1.67	$	1.37	$	3.28	$	2.75
Diluted Shares	74,182,793		77,254,157		74,877,248		77,257,761

Reconciliation of segment EBITDA to segment adjusted EBITDA and segment adjusted EBITDA margin:

	Three Months Ended June 30, 2022
	Mobile			Process			Unallocated Corporate		Total
Net Sales	$	543.6		$	610.1		$	—	$	1,153.7
EBITDA	69.1			163.5			(25.0)		207.6
Impairment, restructuring and reorganization       charges (1)	1.0			1.0			—		2.0
Corporate pension and other postretirement benefit       related expense (2)	—			—			11.6		11.6
Russia-related charges (3)	9.4			(1.0)			—		8.4
Acquisition-related charges (4)	—			1.0			0.6		1.6
Adjusted EBITDA	$	79.5		$	164.5		$	(12.8)	$	231.2
Adjusted EBITDA Margin (% of net sales)	14.6		%	27.0		%	NM		20.0		%

40

	Three Months Ended June 30, 2021
	Mobile			Process			Unallocated Corporate		Total
Net Sales	$	494.2		$	568.7		$	—	$	1,062.9
EBITDA	67.3			141.2			(15.1)		193.4
Impairment, restructuring and reorganization       charges (1)	1.2			0.8			—		2.0
Corporate pension and other postretirement       benefit related expense (2)	—			—			3.5		3.5
Acquisition-related charges (3)	0.2			0.2			1.0		1.4
Adjusted EBITDA	$	68.7		$	142.2		$	(10.6)	$	200.3
Adjusted EBITDA Margin (% of net sales)	13.9		%	25.0		%	NM		18.8		%

	Six Months Ended June 30, 2022
	Mobile			Process			Unallocated Corporate		Total
Net Sales	$	1,084.0		$	1,194.3		$	—	$	2,278.3
EBITDA	144.2			319.1			(40.5)		422.8
Impairment, restructuring and reorganization        charges (1)	2.0			1.6			—		3.6
Corporate pension and other postretirement benefit        related expense (2)	—			—			14.2		14.2
Russia-related charges (3)	12.5			0.5			—		13.0
Acquisition-related charges (4)	—			1.4			1.3		2.7
Adjusted EBITDA	$	158.7		$	322.6		$	(25.0)	$	456.3
Adjusted EBITDA Margin (% of net sales)	14.6		%	27.0		%	NM		20.0		%

	Six Months Ended June 30, 2021
	Mobile			Process			Unallocated Corporate		Total
Net Sales	$	998.7		$	1,089.6		$	—	$	2,088.3
EBITDA	146.9			272.2			(27.0)		392.1
Impairment, restructuring and reorganization       charges (1)	1.5			5.4			—		6.9
Corporate pension and other postretirement       benefit related expense (2)	—			—			4.4		4.4
Acquisition-related charges (3)	0.4			0.3			(0.1)		0.6
Adjusted EBITDA	$	148.8		$	277.9		$	(22.7)	$	404.0
Adjusted EBITDA Margin (% of net sales)	14.9		%	25.5		%	NM		19.3		%

(1) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; and (iii) severance related to cost reduction initiatives. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company’s core operations. 

(2) Corporate pension and other postretirement benefit related expense represents actuarial losses (gains) that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial losses and (gains) in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to Note 15 - Retirement Benefit Plans and Note 16 - Other Postretirement Benefit Plans for additional discussion.

(3) Russia-related charges include impairments and allowances recorded against certain property, plant and equipment, inventory and trade receivables to reflect the current impact of Russia's invasion of Ukraine (and associated sanctions) on the Company's operations. Refer to Russia Operations on page 38 above for additional information.

(4) Acquisition-related charges represent the contingent consideration related to the acquisition of iMS that closed on August 20, 2021, and deal-related expenses associated with completed and certain unsuccessful transactions, as well as any resulting inventory step-up impact. In addition, the 2021 acquisition-related charges includes measurement period adjustments to the bargain purchase gain on the acquisition of the assets of Aurora that closed on November 30, 2020.

(5) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods.

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(6) Depreciation and amortization shown excludes depreciation recognized in reorganization charges, if any.

Free Cash Flow:

Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Management believes free cash flow is useful to investors because it is a meaningful indicator of cash generated from operating activities available for the execution of its business strategy.

Reconciliation of net cash provided by operating activities to free cash flow:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net cash provided by operating activities	$	78.3	$	147.1	$	77.1	$	178.8
Capital expenditures	(40.9)		(31.1)		(75.2)		(60.5)
Free cash flow	$	37.4	$	116.0	$	1.9	$	118.3

42

Ratio of Net Debt to Adjusted EBITDA:

The ratio of net debt to adjusted EBITDA for the trailing twelve months represents total debt less cash and cash equivalents divided by adjusted EBITDA for the trailing twelve months. The Company presents net debt to adjusted EBITDA because it believes it is more representative of the Company's financial position as it is reflective of the Company's ability to cover its net debt obligations with results from its core operations. Net income for the trailing twelve months ended June 30, 2022 and December 31, 2021 was $385.8 million and $381.5 million, respectively. Net debt to adjusted EBITDA for the trailing twelve months was 2.0 at June 30, 2022, compared with 1.7 at December 31, 2021.

Reconciliation of Net income to Adjusted EBITDA for the trailing twelve months:

	Twelve Months Ended
	June 30, 2022		December 31, 2021
Net income	$	385.8	$	381.5
Provision for income taxes	122.6		95.1
Interest expense	61.2		58.8
Interest income	(2.7)		(2.3)
Depreciation and amortization	164.7		167.8
Consolidated EBITDA	731.6		700.9
Adjustments:
Impairment, restructuring and reorganization charges (1)	$	11.0	$	14.3
Corporate pension and other postretirement benefit related expense (2)	10.1		0.3
Acquisition-related charges (3)	4.4		2.3
Russia-related charges (4)	13.0		—
Tax indemnification and related items	0.2		0.2
Total adjustments	38.7		17.1
Adjusted EBITDA	$	770.3	$	718.0
Net Debt	$	1,510.6	$	1,207.8
Ratio of Net Debt to Adjusted EBITDA	2.0		1.7

(1) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants and (iii) severance related to cost reduction initiatives. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges.  However, management believes these actions are not representative of the Company’s core operations.

(2) Corporate pension and other postretirement benefit related expense represents actuarial losses and (gains) that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial losses and (gains) in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement.

(3) Acquisition-related charges represent contingent consideration related to the acquisition of iMS that closed on August 20, 2021, and deal-related expenses associated with completed and certain unsuccessful transactions, as well as any resulting inventory step-up impact. Also included is the acquisition-related gain related to measurement period adjustments to the bargain purchase gain on the acquisition of the assets of Aurora that closed on November 30, 2020.

(4) Russia-related charges include allowances and impairments recorded against certain trade receivables, inventory and other assets to reflect the current impact of Russia's invasion of Ukraine (and associated sanctions) on the Company's operations. Refer to Russia Operations on page 38 in Management Discussion and Analysis for additional information.

43

FORWARD-LOOKING STATEMENTS

Certain statements set forth in this Form 10-Q and in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 that are not historical in nature (including the Company's forecasts, beliefs and expectations) are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, Management's Discussion and Analysis contains numerous forward-looking statements. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project” or other similar words, phrases or expressions. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Form 10-Q. The Company cautions readers that actual results may differ materially from those expressed or implied in forward-looking statements made by or on behalf of the Company due to a variety of factors, such as:

•deterioration in world economic conditions, or in economic conditions in any of the geographic regions in which the Company or its customers or suppliers conduct business, including adverse effects from a global economic slowdown, recession, terrorism, or hostilities. This includes: political risks associated with the potential instability of governments and legal systems in countries in which the Company or its customers or suppliers conduct business, changes in currency valuations and recent world events that have increased the risks posed by international trade disputes, tariffs and sanctions;

•negative impacts to the Company's business, results of operations, financial position or liquidity, disruption to the Company's supply chains, negative impacts to customer demand or operations, and availability and health of employees, as a result of COVID-19 or other pandemics and associated governmental measures such as restrictions on travel and manufacturing operations;

•the effects of fluctuations in customer demand on sales, product mix and prices in the industries in which the Company operates. This includes: the ability of the Company to respond to rapid changes in customer demand, disruptions to the Company's supply chain, logistical issues associated with port closures or congestion, delays or increased costs, the effects of customer or supplier bankruptcies or liquidations, the impact of changes in industrial business cycles, the effects of distributor inventory corrections reflecting de-stocking of the supply chain and whether conditions of fair trade continue in the Company's markets;

•competitive factors, including changes in market penetration, increasing price competition by existing or new foreign and domestic competitors, the introduction of new products or services by existing and new competitors, competition for skilled labor and new technology that may impact the way the Company’s products are produced, sold or distributed;

•changes in operating costs. This includes: the effect of changes in the Company’s manufacturing processes; changes in costs associated with varying levels of operations and manufacturing capacity; availability and cost of raw materials and energy; disruptions to the Company's supply chain and logistical issues associated with port closures or congestion, delays or increased costs; changes in the expected costs associated with product warranty claims; changes resulting from inventory management and cost reduction initiatives; the effects of unplanned plant shutdowns; the effects of government-imposed restrictions and commercial requirements meant to address climate change; and changes in the cost of labor and benefits;

•the impact of inflation on employee expenses, shipping costs, raw material costs, energy and fuel costs and other production costs;

•the success of the Company’s operating plans, announced programs, initiatives and capital investments; the ability to integrate acquired companies and to address material issues not uncovered during the Company's due diligence review; and the ability of acquired companies to achieve satisfactory operating results, including results being accretive to earnings, realization of synergies and expected cash flow generation;

•the Company’s ability to maintain appropriate relations with unions or works councils that represent Company associates in certain locations in order to avoid disruptions of business and to maintain the continued service of our management and other key employees;

•unanticipated litigation, claims, investigations or assessments. This includes: claims, investigations or problems related to intellectual property, product liability or warranty, foreign export and trade laws, government procurement regulations, competition and anti-bribery laws, environmental or health and safety issues, data privacy and taxes;

•changes in worldwide financial and capital markets, including availability of financing and interest rates on satisfactory terms, which affect the Company’s cost of funds and/or ability to raise capital, as well as

44

customer demand and the ability of customers to obtain financing to purchase the Company’s products or equipment that contain the Company’s products;

•the Company's ability to satisfy its obligations and comply with covenants under its debt agreements, maintain favorable credit ratings and its ability to renew or refinance borrowings on favorable terms;

•the impact on the Company's pension obligations and assets due to changes in interest rates, investment performance and other tactics designed to reduce risk; and

•those items identified under Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 or this Form 10-Q.

Additional risks relating to the Company's business, the industries in which the Company operates, or the Company's common shares may be described from time to time in the Company's filings with the Securities and Exchange Commission. All of these risk factors are difficult to predict, are subject to material uncertainties that may affect actual results and may be beyond the Company's control.

Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered to be a complete list. Except as required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Refer to information appearing under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q. Furthermore, a discussion of market risk exposures is included in Part II, Item 7A. Quantitative and Qualitative Disclosure about Market Risk, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes in reported market risk since the inclusion of this discussion in the Company’s Annual Report on Form 10-K referenced above.

ITEM 4. CONTROLS AND PROCEDURES

(a)Disclosure Controls and Procedures

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)). Based upon that evaluation, the principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

(b)Changes in Internal Control Over Financial Reporting

During the Company’s fiscal quarter ended June 30, 2022, there have been no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

On May 31, 2022, the Company completed the acquisition of Spinea. The results of this acquisition are included in the Company's consolidated financial statements for the first six months of 2022. The total and net assets of Spinea represent 3% of the Company's total assets and 6% of the Company's net assets as of June 30, 2022. The net sales and net income of Spinea represented less than 1% of the Company's consolidated net sales and consolidated net income for the first six months of 2022. The scope of the Company's assessment of the effectiveness of internal control over financial reporting will not include this acquisition. This exclusion is in accordance with the SEC's general guidance that an assessment of a recently acquired business may be omitted from the Company's scope in the year of acquisition.

45

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is involved in various claims and legal actions arising in the ordinary course of business. U.S. Securities and Exchange Commission ("SEC") regulations require us to disclose certain information about environmental proceedings when a governmental authority is a party to the proceedings if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to such regulations, the Company uses the maximum permitted threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations.

Item 1A. Risk Factors

The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, included a detailed discussion of our risk factors. There have been no material changes to the risk factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Investors should not interpret the disclosure of any risk factor to imply that the risk has not already materialized.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Common Shares

The following table provides information about purchases by the Company of its common shares during the quarter ended June 30, 2022.

Period	Total number of shares purchased (1)	Average price paid per share (2)		Total number of shares purchased as part of publicly announced plans or programs	Maximum number of shares that may yet be purchased under the plans or programs (3)
4/1/2022 - 4/30/2022	500,150	$	58.81	500,000	7,050,000
5/1/2022 - 5/31/2022	247,044	59.59		245,000	6,805,000
6/1/2022 - 6/30/2022	11,516	60.62		5,000	6,800,000
Total	758,710	$	59.09	750,000	—

(1)Of the shares purchased in April, May and June, 150, 2,044 and 6,516, respectively, represent common shares of the Company that were owned and tendered by employees to exercise stock options and to satisfy withholding obligations in connection with the exercise of stock options or vesting of restricted shares.

(2)For shares tendered in connection with the vesting of restricted shares, the average price paid per share is an average calculated using the daily high and low of the Company's common shares as quoted on the New York Stock Exchange at the time of vesting. For shares tendered in connection with the exercise of stock options, the price paid is the real-time trading stock price at the time the options are exercised.

(3)On February 12, 2021, the Company's Board of Directors approved a new share purchase plan, effective March 1, 2021, pursuant to which the Company may purchase up to ten million of its common shares, in the aggregate. This share purchase plan expires on February 28, 2026. Under this plan, the Company may purchase shares from time to time in open market purchases or privately negotiated transactions, and it may make all or part of the purchases pursuant to accelerated share repurchases or Rule 10b5-1 plans.

46

Item 6. Exhibits

31.1	Certification of Richard G. Kyle, President and Chief Executive Officer (principal executive officer) of The Timken Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Philip D. Fracassa, Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer) of The Timken Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certifications of Richard G. Kyle, President and Chief Executive Officer (principal executive officer) and Philip D. Fracassa, Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer) of The Timken Company, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	Financial statements from the quarterly report on Form 10-Q of The Timken Company for the quarter ended June 30, 2022 filed on July 28, 2022, formatted in Inline XBRL: (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to the Consolidated Financial Statements.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

47

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	THE TIMKEN COMPANY
Date: July 28, 2022	By: /s/ Richard G. Kyle
	Richard G. Kyle President and Chief Executive Officer (Principal Executive Officer)
Date: July 28, 2022	By: /s/ Philip D. Fracassa
	Philip D. Fracassa Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

48

EX-31.1

Exhibit 31.1

Principal Executive Officer’s Certifications

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Richard G. Kyle, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of The Timken Company;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting: and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 28, 2022

By: /s/ Richard G. Kyle

Richard G. Kyle
President and Chief Executive Officer
(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Principal Financial Officer’s Certifications

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Philip D. Fracassa, certify that:

1.I have reviewed this quarterly report on Form 10-Q of The Timken Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting: and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 28, 2022

By: /s/ Philip D. Fracassa

Philip D. Fracassa
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)

EX-32

Exhibit 32

Certification Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of The Timken Company (the “Company”) on Form 10-Q for the period ended June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

Date: July 28, 2022

By: /s/ Richard G. Kyle

Richard G. Kyle
President and Chief Executive Officer
(Principal Executive Officer)

By: /s/ Philip D. Fracassa

Philip D. Fracassa
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)

The foregoing certification is being furnished solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Cover	6 Months Ended
	Jun. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	73,447,492
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000098362
Current Fiscal Year End Date	--12-31

XML

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 1,153.7	$ 1,062.9	$ 2,278.3	$ 2,088.3
Cost of products sold	811.9	760.6	1,609.1	1,486.8
Gross Profit	341.8	302.3	669.2	601.5
Selling, general and administrative expenses	155.9	149.0	310.0	293.5
Impairment and restructuring charges	10.0	1.3	11.0	5.3
Operating Income	175.9	152.0	348.2	302.7
Interest expense	(18.3)	(15.3)	(32.6)	(30.2)
Interest income	1.0	0.7	1.6	1.2
Non-service pension and other postretirement (expense) income	(7.9)	1.4	(6.6)	5.4
Other expense, net	(1.1)	(2.2)	(0.9)	(1.2)
Income Before Income Taxes	149.6	136.6	309.7	277.9
Provision for income taxes	44.0	29.4	82.2	54.7
Net Income	105.6	107.2	227.5	223.2
Less: Net income attributable to noncontrolling interest	0.6	2.4	4.3	5.1
Net Income Attributable to The Timken Company	$ 105.0	$ 104.8	$ 223.2	$ 218.1
Net Income per Common Share Attributable to The Timken Company Common Shareholders
Basic earnings per share (in dollars per share)	$ 1.43	$ 1.38	$ 3.01	$ 2.87
Diluted earnings per share (in dollars per share)	$ 1.42	$ 1.36	$ 2.98	$ 2.82

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 105.6	$ 107.2	$ 227.5	$ 223.2
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(113.1)	23.2	(135.7)	(21.2)
Pension and postretirement liability adjustments	(1.4)	(1.7)	(2.9)	(3.3)
Change in fair value of derivative financial instruments	2.2	(0.2)	4.2	2.0
Other comprehensive (loss) income, net of tax	(112.3)	21.3	(134.4)	(22.5)
Comprehensive (loss) income, net of tax	(6.7)	128.5	93.1	200.7
Less: comprehensive income attributable to noncontrolling interest	1.7	1.8	2.8	4.1
Comprehensive (loss) income attributable to The Timken Company	$ (8.4)	$ 126.7	$ 90.3	$ 196.6

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 305.3	$ 257.1
Restricted cash	0.7	0.8
Accounts receivable, less allowances (2022 – $17.5 million; 2021 – $16.9 million)	756.3	626.4
Unbilled receivables	107.3	104.5
Inventories, net	1,158.0	1,042.7
Deferred charges and prepaid expenses	40.5	32.2
Other current assets	112.3	149.8
Total Current Assets	2,480.4	2,213.5
Property, Plant and Equipment, net	1,096.1	1,055.3
Other Assets
Goodwill	1,015.1	1,022.7
Other intangible assets	648.1	668.8
Operating lease assets	109.1	118.9
Deferred income taxes	64.1	67.6
Other non-current assets	29.6	23.9
Total Other Assets	1,866.0	1,901.9
Total Assets	5,442.5	5,170.7
Current Liabilities
Accounts payable, trade	397.2	430.0
Short-term debt, including current portion of long-term debt	81.6	53.8
Salaries, wages and benefits	135.4	136.0
Income taxes payable	36.4	26.2
Other current liabilities	269.9	250.6
Total Current Liabilities	920.5	896.6
Non-Current Liabilities
Long-term debt	1,734.3	1,411.1
Accrued pension benefits	164.0	155.6
Accrued postretirement benefits	44.7	45.8
Long-term operating lease liabilities	70.8	77.6
Deferred income taxes	120.5	121.4
Other non-current liabilities	98.5	84.9
Total Non-Current Liabilities	2,232.8	1,896.4
Shareholders’ Equity
Class I and II Serial Preferred Stock, without par value: Authorized – shares each class, none issued	0.0	0.0
Stated capital	40.7	40.7
Other paid-in capital	804.1	786.9
Retained earnings	1,793.2	1,616.4
Accumulated other comprehensive loss	(155.9)	(23.0)
Treasury shares at cost (2022 – 4,085,379 shares; 2021 – 1,715,282 shares)	(278.5)	(126.1)
Total Shareholders’ Equity	2,203.6	2,294.9
Noncontrolling Interest	85.6	82.8
Total Equity	2,289.2	2,377.7
Total Liabilities and Equity	$ 5,442.5	$ 5,170.7

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Allowances for accounts receivable	$ 17.5	$ 16.9
Common stock authorized (in shares)	200,000,000	200,000,000
Common stock issued (in shares)	77,532,871	77,090,104
Treasury stock (in shares)	4,085,379	1,715,282
Preferred Class A
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 Class B
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

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net Income	$ 227.5	$ 223.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	82.1	85.2
Impairment charges	8.8	4.5
Loss on sale of assets	0.8	0.7
Acquisition-related gain	0.0	(0.6)
Deferred income tax provision (benefit)	1.7	(5.8)
Stock-based compensation expense	15.6	12.5
Pension and other postretirement expense	11.2	0.5
Pension and other postretirement benefit contributions and payments	(8.1)	(15.0)
Changes in operating assets and liabilities:
Accounts receivable	(149.3)	(125.8)
Unbilled receivables	(2.9)	10.4
Inventories	(126.1)	(81.4)
Accounts payable, trade	(6.1)	41.2
Other accrued expenses	16.6	30.8
Income taxes	12.1	(1.6)
Other, net	(6.8)	0.0
Net Cash Provided by Operating Activities	77.1	178.8
Investing Activities
Capital expenditures	(75.2)	(60.5)
Acquisitions, net of cash acquired of $0.2 million	(152.3)	0.1
Proceeds from disposal of property, plant and equipment	3.1	0.0
Investments in short-term marketable securities, net	23.4	(13.8)
Other, net	2.3	0.3
Net Cash Used in Investing Activities	(198.7)	(73.9)
Financing Activities
Cash dividends paid to shareholders	(46.4)	(46.7)
Purchase of treasury shares	(144.3)	(26.3)
Proceeds from exercise of stock options	1.6	25.4
Payments related to tax withholding for stock-based compensation	(8.1)	(23.5)
Borrowings on accounts receivable facility	122.0	66.1
Payments on accounts receivable facility	(122.0)	(124.1)
Proceeds from long-term debt	684.5	135.0
Payments on long-term debt	(344.8)	(141.4)
Deferred financing costs	(3.5)	0.0
Short-term debt activity, net	31.9	16.6
Other	6.5	0.0
Net Cash Provided by (Used in) Financing Activities	177.4	(118.9)
Effect of exchange rate changes on cash	(7.7)	(0.8)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	48.1	(14.8)
Cash, cash equivalents and restricted cash at beginning of year	257.9	321.1
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 306.0	$ 306.3

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Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Statement of Cash Flows [Abstract]
Cash acquired from acquisition	$ 0.2

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Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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, 2021.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

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, 2021.

Recent Accounting Pronouncements:

New Accounting Guidance Adopted:

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with ASC Topic 606 as if the acquirer had originated the contracts. This new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2021-08 effective January 1, 2022, and the impact of the adoption was not material to the Company's results of operations and financial condition.

New Accounting Guidance Issued and Not Yet Adopted:

In November 2021, the FASB issued ASU 2021-10, "Government Assistance (Topic 832)." ASU 2021-10 is intended to increase transparency of government assistance by requiring entities to disclose the types of government assistance, the entity's accounting for government assistance, and the effect of the government assistance on an entity's financial statements. This new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021. The Company is currently evaluating the impact of the new guidance on its disclosures.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2022. The Company is currently assessing which of its various contracts will require an update for a new reference rate and will determine the timing for implementation of this guidance after completing that analysis.

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Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Note 3 - Acquisitions

On May 31, 2022, the Company completed the acquisition of Spinea, s.r.o. ("Spinea"), a European technology leader and manufacturer of highly engineered cycloidal reduction gears and actuators, with estimated 2022 full year sales of approximately $40.0 million. Spinea’s solutions primarily serve high-precision automation and robotics applications in the factory automation sector. Spinea is located in Presov, Slovakia. The purchase price for this acquisition was $152.3 million, net of cash acquired of $0.2 million, subject to customary post closing adjustments. Based on markets and customers served, results for Spinea are reported in the Process Industries segment.

The following table presents the purchase price allocation at fair value, for the Spinea acquisition as of June 30, 2022.

	Initial Purchase Price Allocation
Assets:
Accounts receivable	$	2.1
Inventories	20.9
Other current assets	2.9
Property, plant and equipment	82.6
Goodwill	39.0
Other intangible assets	31.7
Total assets acquired	$	179.2
Liabilities:
Accounts payable, trade	$	7.4
Salaries, wages and benefits	1.4
Other current liabilities	1.2
Short-term debt	0.1
Long-term debt	0.2
Deferred income taxes	1.0
Other non-current liabilities	15.6
Total liabilities assumed	$	26.9
Net assets acquired	$	152.3

The following table summarizes the preliminary purchase price allocation for identifiable intangible assets acquired in 2022:

	Preliminary Purchase Price Allocation
			Weighted - Average Life
Trade names	$	8.2	20 years
Technology and know-how	6.1		6 years
Customer relationships	17.2		17 years
Capitalized software	0.2		2 years
Total intangible assets	$	31.7

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 judgement related to future net cash flows, discount rates, competitive trends, market comparisons and other factors. Inputs were generally determined by taking into account independent appraisals and historical data, supplemented by current and anticipated market conditions.

Note 3 - Acquisitions (continued)

The amounts in the table above represent the preliminary purchase price allocation for Spinea. This purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information and is subject to change as additional information concerning final asset and liability valuations are obtained. As of June 30, 2022, no elements of the purchase price allocation have been finalized. 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.

On August 20, 2021, the Company completed the acquisition of the assets of Intelligent Machine Solutions ("iMS"), a manufacturer of industrial robotics and automation solutions, with annual sales of approximately $6.0 million. iMS is headquartered in Norton Shores, Michigan. The total purchase price for this acquisition was $7.7 million, including post-closing adjustments. In addition, the seller has the opportunity to earn $3.0 million of contingent performance-based consideration between January 1, 2022 and June 30, 2024. This additional component will be accounted for as compensation expense over that period. Based on markets and customers served, results for iMS are primarily reported in the Process Industries segment.

The following table presents the final purchase price allocation at fair value for the iMS acquisition:

	Final Purchase Price Allocation
Total assets acquired	$	9.8
Total liabilities assumed	2.1
Net assets acquired	$	7.7

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Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Note 4 - 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, 2022 and 2021, respectively:

	Three Months Ended						Three Months Ended
	June 30, 2022						June 30, 2021
	Mobile		Process		Total		Mobile		Process		Total
United States	$	270.3	$	229.9	$	500.2	$	237.4	$	201.6	$	439.0
Americas excluding the United States	63.7		64.6		128.3		52.3		49.1		101.4
Europe / Middle East / Africa	118.1		141.8		259.9		124.3		137.2		261.5
China	31.2		123.7		154.9		32.2		138.4		170.6
Asia-Pacific excluding China	60.3		50.1		110.4		48.0		42.4		90.4
Net sales	$	543.6	$	610.1	$	1,153.7	$	494.2	$	568.7	$	1,062.9

	Six Months Ended						Six Months Ended
	June 30, 2022						June 30, 2021
	Mobile		Process		Total		Mobile		Process		Total
United States	$	532.5	$	456.5	$	989.0	$	480.3	$	387.8	$	868.1
Americas excluding the United States	121.8		119.7		241.5		101.1		92.3		193.4
Europe / Middle East / Africa	247.5		277.4		524.9		251.4		264.4		515.8
China	61.9		244.4		306.3		66.6		262.7		329.3
Asia-Pacific excluding China	120.3		96.3		216.6		99.3		82.4		181.7
Net sales	$	1,084.0	$	1,194.3	$	2,278.3	$	998.7	$	1,089.6	$	2,088.3

Note 4 - Revenue (continued)

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 percent of revenue by sales channel for the six months ended June 30, 2022 and 2021, respectively:

	Six Months Ended	Six Months Ended
Revenue by sales channel	June 30, 2022	June 30, 2021
Original equipment manufacturers	60%	61%
Distribution/end users	40%	39%

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, 2022 and June 30, 2021, approximately 9%, respectively, of total net sales were recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Approximately 4% of total net sales represented service revenue during the six months ended June 30, 2022 and June 30, 2021, respectively. Finally, business with the United States ("U.S.") government or its contractors represented approximately 6% and 7% of total net sales during the six months ended June 30, 2022 and June 30, 2021, respectively.

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 $245.5 million at June 30, 2022.

Unbilled Receivables:

The following table contains a rollforward of unbilled receivables for the six months ended June 30, 2022 and the twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	104.5	$	110.9
Additional unbilled revenue recognized	201.5		383.0
Less: amounts billed to customers	(198.7)		(389.4)
Ending balance	$	107.3	$	104.5

There were no impairment losses recorded on unbilled receivables for the six months ended June 30, 2022 and June 30, 2021.

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Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Note 5 - 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,
	2022		2021		2022		2021
Net sales:
Mobile Industries	$	543.6	$	494.2	$	1,084.0	$	998.7
Process Industries	610.1		568.7		1,194.3		1,089.6
Net sales	$	1,153.7	$	1,062.9	$	2,278.3	$	2,088.3
Segment EBITDA:
Mobile Industries	$	69.1	$	67.3	$	144.2	$	146.9
Process Industries	163.5		141.2		319.1		272.2
Total EBITDA, for reportable segments	$	232.6	$	208.5	$	463.3	$	419.1
Unallocated corporate expense	(13.4)		(11.6)		(26.3)		(23.2)
Corporate pension and other postretirement benefit related expense (1)	(11.6)		(3.5)		(14.2)		(4.4)
Acquisition-related gain (2)	—		—		—		0.6
Depreciation and amortization	(40.7)		(42.2)		(82.1)		(85.2)
Interest expense	(18.3)		(15.3)		(32.6)		(30.2)
Interest income	1.0		0.7		1.6		1.2
Income before income taxes	$	149.6	$	136.6	$	309.7	$	277.9

(1) Corporate pension and other postretirement benefit related expense 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.

(2) The acquisition-related gain represents measurement period adjustments to the bargain purchase gain on the acquisition of Aurora Bearing Company ("Aurora"), which closed on November 30, 2020.

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Income Taxes

6 Months Ended

Jun. 30, 2022

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,
	2022			2021			2022			2021
Provision for income taxes	$	44.0		$	29.4		$	82.2		$	54.7
Effective tax rate	29.4		%	21.5		%	26.5		%	19.7		%

Income tax expense for the three and six months ended June 30, 2022 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 projected mix of earnings in international jurisdictions with relatively higher tax rates.

The effective tax rate of 29.4% for the three months ended June 30, 2022 was higher than the rate for the three months ended June 30, 2021 primarily due to an unfavorable mix of earnings in higher tax rate jurisdictions, the net unfavorable impact of discrete tax items, and lower deductions for stock-based compensation.

The effective tax rate of 26.5% for the six months ended June 30, 2022 was higher than the rate for the six months ended June 30, 2021 primarily due to an unfavorable mix of earnings in higher tax rate jurisdictions, the net unfavorable impact of discrete tax items, including a discrete tax benefit in the prior year in connection with the settlement of the 2017 and 2018 U.S. federal tax years during the six months ended June 30, 2021, and lower deductions for stock-based compensation.

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Earnings Per Share

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to The Timken Company	$	105.0	$	104.8	$	223.2	$	218.1
Less: undistributed earnings allocated to nonvested stock	—		—		—		—
Net income available to common shareholders for basic    and diluted earnings per share	$	105.0	$	104.8	$	223.2	$	218.1
Denominator:
Weighted average number of shares outstanding - basic	73,660,410		76,122,257		74,234,300		75,969,569
Effect of dilutive securities:
Stock options and awards - based on the treasury    stock method	522,383		1,131,900		642,948		1,288,192
Weighted average number of shares outstanding assuming    dilution of stock options and awards	74,182,793		77,254,157		74,877,248		77,257,761
Basic earnings per share	$	1.43	$	1.38	$	3.01	$	2.87
Diluted earnings per share	$	1.42	$	1.36	$	2.98	$	2.82

The dilutive effect of stock options and awards includes all outstanding stock options and awards 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, 2022 and 2021.

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Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Note 8 - Inventories

The components of inventories at June 30, 2022 and December 31, 2021 were as follows:

	June 30, 2022		December 31, 2021
Manufacturing supplies	$	39.6	$	38.0
Raw materials	121.9		121.8
Work in process	469.4		418.4
Finished products	594.9		527.8
Subtotal	1,225.8		1,106.0
Allowance for obsolete and surplus inventory	(67.8)		(63.3)
Total inventories, net	$	1,158.0	$	1,042.7

Inventories are valued at net realizable value, with approximately 58% valued on the first-in, first-out ("FIFO") method and the remaining 42% valued on the last-in, first-out ("LIFO") method. The majority of the Company's domestic inventories are valued on the LIFO method, and all the Company's international inventories are valued on the FIFO method.

The LIFO reserve at June 30, 2022 and December 31, 2021 was $216.7 million and $199.4 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.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 9 - Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 2022 were as follows:

	Mobile Industries		Process Industries		Total
Beginning balance	$	371.7	$	651.0	$	1,022.7
Acquisitions	—		39.0		39.0
Foreign currency translation adjustments and other changes	(19.4)		(27.2)		(46.6)
Ending balance	$	352.3	$	662.8	$	1,015.1

The acquisition of Spinea added $39.0 million of goodwill. The goodwill is expected to be 100% tax deductible.

The following table displays intangible assets as of June 30, 2022 and December 31, 2021:

	Balance at June 30, 2022						Balance at December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Customer relationships	$	514.9	$	(197.7)	$	317.2	$	518.1	$	(189.3)	$	328.8
Technology and know-how	265.9		(92.0)		173.9		270.7		(86.6)		184.1
Trade names	20.6		(8.6)		12.0		14.3		(9.6)		4.7
Capitalized software	283.7		(264.1)		19.6		280.0		(261.3)		18.7
Other	3.2		(2.5)		0.7		4.7		(3.6)		1.1
	$	1,088.3	$	(564.9)	$	523.4	$	1,087.8	$	(550.4)	$	537.4
Intangible assets not subject to amortization:
Trade names	$	116.0			$	116.0	$	122.7			$	122.7
FAA air agency certificates	8.7				8.7		8.7				8.7
	$	124.7			$	124.7	$	131.4			$	131.4
Total intangible assets	$	1,213.0	$	(564.9)	$	648.1	$	1,219.2	$	(550.4)	$	668.8

Amortization expense for intangible assets was $25.3 million and $28.2 million for the six months ended June 30, 2022 and 2021, respectively. Amortization expense included $21.5 million and $24.3 million related to intangible assets acquired as part of a business combination for the six months ended June 30, 2022 and 2021, respectively. Amortization expense for intangible assets is projected to be $55.3 million in 2022; $46.6 million in 2023; $44.7 million in 2024; $42.9 million in 2025; and $41.4 million in 2026. Substantially all amortization expense for intangible assets is recorded in Cost of product sold on the Consolidated Statement of Income.

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Other Current Liabilities

6 Months Ended

Jun. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Note 10 - Other Current Liabilities

The following table displays other current liabilities as of June 30, 2022 and December 31, 2021:

	June 30,		December 31,
(Dollars in millions)	2022		2021
Sales rebates	$	56.1	$	70.3
Freight and duties	25.5		25.5
Operating lease liabilities	24.2		26.2
Product warranty	17.2		11.7
Professional fees	12.6		10.8
Restructuring	5.5		7.0
Taxes other than income and payroll taxes	19.2		16.0
Interest	14.2		10.8
Other	95.4		72.3
Total other current liabilities	$	269.9	$	250.6

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Financing Arrangements

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Financing Arrangements

Note 11 - Financing Arrangements

Short-term debt at June 30, 2022 and December 31, 2021 was as follows:

	June 30, 2022		December 31, 2021
Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 0.50% to 2.10% at June 30, 2022 and 0.50% to 2.00% at December 31, 2021	$	70.3	$	42.6
Short-term debt	$	70.3	$	42.6

The lines of credit for certain of the Company's foreign subsidiaries provide for short-term borrowings up to $254.4 million in the aggregate. Most of these lines of credit are uncommitted. At June 30, 2022, the Company’s foreign subsidiaries had borrowings outstanding of $70.3 million and bank guarantees of $0.2 million, which reduced the aggregate availability under these facilities to $183.9 million.

Long-term debt at June 30, 2022 and December 31, 2021 was as follows:

	June 30, 2022		December 31, 2021
Variable-rate Senior Credit Facility with an average interest rate on Euro of 1.00% at June 30, 2022 and U.S. Dollar of 1.09% and Euro of 1.00% at December 31, 2021	$	8.3	$	9.0
Variable-rate Term Loan(1), maturing on September 11, 2023, with an interest rate of 2.79% at June 30, 2022 and 1.23% at December 31, 2021	316.9		321.1
Fixed-rate Senior Unsecured Notes(1), maturing on September 1, 2024, with an interest rate of 3.875%	349.7		349.5
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027, with an interest rate of 2.02%	157.0		170.3
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with an interest rate of 4.50%	397.0		396.9
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%	154.7		154.7
Fixed-rate Senior Unsecured Notes(1), maturing on April 1, 2032, with an interest rate of 4.125%	341.2		—
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15%	13.9		15.8
Other	6.9		5.0
Total debt	$	1,745.6	$	1,422.3
Less: Current maturities	11.3		11.2
Long-term debt	$	1,734.3	$	1,411.1

(1) Net of discounts and fees

The Company has a $100 million Amended and Restated Asset Securitization Agreement (the "Accounts Receivable Facility"), which matures on November 30, 2024. 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, 2022. As of June 30, 2022, there were no outstanding borrowings under the Accounts Receivable Facility, and the entire $100 million was available. 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.

Note 11 - Financing Arrangements (continued)

The Company entered into the Fourth Amended and Restated Credit Agreement ("Senior Credit Facility") on June 25, 2019. The Senior Credit Facility is a $650.0 million unsecured revolving credit facility, which matures on June 25, 2024. At June 30, 2022, the Company had $8.3 million of outstanding borrowings under the Senior Credit Facility, which reduced the availability under this facility to $641.7 million. The Senior Credit Facility has two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio.

On March 28, 2022, the Company issued fixed-rate unsecured senior notes ("2032 Notes") in the aggregate principal amount of $350 million with an interest rate of 4.125%, maturing on April 1, 2032. Proceeds from the notes were used to for general corporate purposes, which included repayment of borrowings under the Senior Credit Facility and the Accounts Receivable Facility outstanding at the time of issuance.

On September 11, 2018, the Company entered into a $350 million variable-rate term loan that matures on September 11, 2023 (the "2023 Term Loan"). Proceeds from the 2023 Term Loan were used to fund the acquisitions of Apiary Investments Holding Limited and Rollon S.p.A., which closed on September 1, 2018 and September 18, 2018, respectively. On July 12, 2019, the Company amended the 2023 Term Loan agreement to, among other things, align covenants and other terms with the Senior Credit Facility.

At June 30, 2022, 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. At June 30, 2022, outstanding letters of credit totaled $43.7 million, most with expiration dates within 12 months.

The maturities of long-term debt (including $3.4 million of finance leases) subsequent to June 30, 2022 are as follows:

Year
2022	$	6.3
2023	318.3
2024	360.0
2025	1.7
2026	11.5
2027	183.2
Thereafter	864.6

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Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 12 - Contingencies

The Company and certain of its subsidiaries have been identified as potentially responsible parties for investigation and remediation under the Comprehensive Environmental Response, Compensation and Liability Act, known as the Superfund, or similar state laws with respect to certain sites. Claims for investigation and remediation have been asserted against numerous other entities, which are believed to be financially solvent and are expected to fulfill their proportionate share of the obligation.

On December 28, 2004, the United States Environmental Protection Agency (“USEPA”) sent Lovejoy, Inc. ("Lovejoy") a Special Notice Letter that identified Lovejoy as a potentially responsible party, together with at least 14 other companies, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”). 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, allegedly including, but not limited to, a release or threatened release on or from Lovejoy's property, at the Site. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of response costs. 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.

The Company had total environmental accruals of $5.5 million and $6.0 million for various known environmental matters that are probable and reasonably estimable at June 30, 2022 and December 31, 2021, respectively, which includes the Lovejoy matter described above. These accruals were recorded based upon the best estimate of costs to be incurred in light of 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.

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 $17.2 million and $11.7 million at June 30, 2022 and December 31, 2021, respectively. The balances at the end of each respective period represent the best estimates of costs for future claims for products that are still under warranty. The increase in the liability for the first six months of 2022 primarily relates to additional accruals for product sold into the automotive and renewable energy sectors. Accrual estimates are based on actual claims and expected trends that continue to mature. Any significant change to these assumptions may be material to the results of operations in 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, 2022 and twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	11.7	$	9.4
Expense	7.6		10.1
Payments	(2.1)		(7.8)
Ending balance	$	17.2	$	11.7

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Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Note 13 - Equity

The following tables present the changes in the components of equity for the three and six months ended June 30, 2022 and 2021, respectively:

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Non controlling Interest
Balance at March 31, 2022	$	2,355.0	$	40.7	$	795.4	$	1,711.1	$	(42.5)	$	(233.6)	$	83.9
Net income	105.6						105.0						0.6
Foreign currency translation adjustment	(113.1)								(114.2)				1.1
Pension and other postretirement liability    adjustments (net of income tax benefit    of $0.5 million)	(1.4)								(1.4)
Change in fair value of derivative financial    instruments, net of reclassifications	2.2								2.2
Dividends – $0.31 per share	(22.9)						(22.9)
Stock-based compensation expense	8.5				8.5
Stock purchased at fair market value	(44.3)										(44.3)
Stock option exercise activity	0.2				0.2
Payments related to tax withholding for    stock-based compensation	(0.6)										(0.6)
Balance at June 30, 2022	$	2,289.2	$	40.7	$	804.1	$	1,793.2	$	(155.9)	$	(278.5)	$	85.6

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Non controlling Interest
Balance at December 31, 2021	$	2,377.7	$	40.7	$	786.9	$	1,616.4	$	(23.0)	$	(126.1)	$	82.8
Net income	227.5						223.2						4.3
Foreign currency translation adjustment	(135.7)								(134.2)				(1.5)
Pension and other postretirement liability    adjustments (net of income tax benefit    of $1.0 million)	(2.9)								(2.9)
Change in fair value of derivative financial    instruments, net of reclassifications	4.2								4.2
Dividends - $0.61 per share	(46.4)						(46.4)
Stock-based compensation expense	15.6				15.6
Stock purchased at fair market value	(144.3)										(144.3)
Stock option exercise activity	1.6				1.6
Payments related to tax withholding for    stock-based compensation	(8.1)										(8.1)
Balance at June 30, 2022	$	2,289.2	$	40.7	$	804.1	$	1,793.2	$	(155.9)	$	(278.5)	$	85.6

Note 13 - Equity (continued)

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non controlling Interest
Balance at March 31, 2021	$	2,250.1	$	40.7	$	761.3	$	1,429.0	$	(2.1)	$	(53.4)	$	74.6
Net income	107.2						104.8						2.4
Foreign currency translation adjustment	23.2								23.8				(0.6)
Pension and other postretirement liability    adjustments (net of income tax benefit of    $0.5 million)	(1.7)								(1.7)
Change in fair value of derivative financial    instruments, net of reclassifications	(0.2)								(0.2)
Dividends - $0.30 per share	(22.9)						(22.9)
Stock-based compensation expense	6.0				6.0
Stock option exercise activity	11.3				11.3
Payments related to tax withholding for stock-based compensation	(5.7)										(5.7)
Balance at June 30, 2021	$	2,367.3	$	40.7	$	778.6	$	1,510.9	$	19.8	$	(59.1)	$	76.4

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income		Treasury Stock		Non controlling Interest
Balance at December 31, 2020	$	2,225.2	$	40.7	$	740.7	$	1,339.5	$	41.3	$	(9.3)	$	72.3
Net income	223.2						218.1						5.1
Foreign currency translation adjustment	(21.2)								(20.2)				(1.0)
Pension and other postretirement liability    adjustments (net of income tax benefit    of $1.1 million)	(3.3)								(3.3)
Change in fair value of derivative financial    instruments, net of reclassifications	2.0								2.0
Dividends - $0.59 per share	(46.7)						(46.7)
Stock-based compensation expense	12.5				12.5
Stock purchased at fair market value	(26.3)										(26.3)
Stock option exercise activity	25.4				25.4
Payments related to tax withholding for    stock-based compensation	(23.5)										(23.5)
Balance at June 30, 2021	$	2,367.3	$	40.7	$	778.6	$	1,510.9	$	19.8	$	(59.1)	$	76.4

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Impairment and Restructuring Charges

6 Months Ended

Jun. 30, 2022

Restructuring Charges [Abstract]

Impairment and Restructuring Charges

Note 14 - Impairment and Restructuring Charges

Impairment and restructuring charges by segment are comprised of the following:

For the three months ended June 30, 2022:

	Mobile Industries		Process Industries		Total
Impairment charges	$	8.8	$	—	$	8.8
Severance and related benefit costs	0.7		0.4		1.1
Exit costs	0.1		—		0.1
Total	$	9.6	$	0.4	$	10.0

For the six months ended June 30, 2022:

	Mobile Industries		Process Industries		Total
Impairment charges	$	8.8	$	—	$	8.8
Severance and related benefit costs	1.1		0.3		1.4
Exit costs	0.8		—		0.8
Total	$	10.7	$	0.3	$	11.0

For the three months ended June 30, 2021:

	Mobile Industries		Process Industries		Total
Impairment charges	$	1.0	$	0.1	$	1.1
Severance and related benefit costs	—		0.1		0.1
Exit costs	0.1		—		0.1
Total	$	1.1	$	0.2	$	1.3

For the six months ended June 30, 2021:

	Mobile Industries		Process Industries		Total
Impairment charges	$	1.1	$	3.4	$	4.5
Severance and related benefit costs	—		0.6		0.6
Exit costs	0.2		—		0.2
Total	$	1.3	$	4.0	$	5.3

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.

Mobile Industries:

During the three months ended June 30, 2022, the Company recorded impairment charges of $8.8 million related to certain assets of its joint venture in Russia. As a result of Russia's invasion of Ukraine (and associated sanctions), the Company suspended its operations in Russia. Refer to Russia Operations in Management's Discussion and Analysis for additional information.

Note 14 - Impairment and Restructuring Charges (continued)

On July 19, 2021, the Company announced the closure of its bearing manufacturing facility in Villa Carcina, Italy. The Company will be transferring the manufacturing of its single-row tapered roller bearing production to other bearing facilities in Europe, Asia and the United States. The Company expects to complete the closure of the facility by October of 2022 and is expected to affect approximately 110 employees. The Company expects to incur approximately $9 million to $11 million of expenses related to this closure. During the three months ended June 30, 2022, the Company recorded severance and related benefits of $0.4 million and exit costs of $0.4 million associated with this closure. During the six months ended June 30, 2022, the Company recorded severance and related benefits of $0.8 million and exit costs of $1.0 million associated with this closure. During the three months ended June 30, 2021, the Company recorded impairment charges of $1.0 million. The Company has incurred cumulative pretax costs related to this closure of $8.3 million as of June 30, 2022, including rationalization costs recorded in cost of products sold. On January 31, 2022, the Company entered into an agreement to sell this facility with the sale expected to close in the fourth quarter of 2022.

Process Industries:

On February 4, 2020, the Company announced the closure of its chain manufacturing facility in Indianapolis, Indiana. This facility was part of the Diamond Chain Company ("Diamond Chain") acquisition completed on April 1, 2019. The Company will be transferring the manufacturing of its Diamond Chain product line to its chain facility in Fulton, Illinois. The chain plant is expected to cease operations by the end of the fourth quarter of 2022 and is expected to affect approximately 240 employees. The Company expects to hire approximately 130 full-time positions in Fulton, Illinois and expects to incur approximately $11 million to $14 million of expenses related to this closure. During the three months and six months ended June 30, 2021, the Company recorded severance and related benefit costs of $0.3 million and $0.6 million, respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $12.0 million as of June 30, 2022, including rationalization costs recorded in cost of products sold.

In addition, the Company recorded impairment charges of $3.3 million related to certain engineering-related assets used in the business during the six months ended June 30, 2021. Management concluded no further investment would be made in these assets and as a result, reduced the value to zero.

Consolidated Restructuring Accrual:

The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2022 and twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	7.0	$	8.0
Expense	2.2		4.4
Payments	(3.7)		(5.4)
Ending balance	$	5.5	$	7.0

The restructuring accrual at June 30, 2022 and December 31, 2021 was included in other current liabilities on the Consolidated Balance Sheets.

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Retirement Benefit Plans

6 Months Ended

Jun. 30, 2022

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Retirement Benefit Plans

Note 15 - 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, 2022 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, 2022.

	U.S. Plans				International Plans				Total
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	1.8	$	2.3	$	0.4	$	0.5	$	2.2	$	2.8
Interest cost	4.1		4.5		1.4		1.1		5.5		5.6
Expected return on plan assets	(5.0)		(6.1)		(2.4)		(2.6)		(7.4)		(8.7)
Amortization of prior service cost	0.3		0.3		0.1		0.1		0.4		0.4
Recognition of net actuarial losses	11.6		3.5		—		—		11.6		3.5
Net periodic benefit cost (credit)	$	12.8	$	4.5	$	(0.5)	$	(0.9)	$	12.3	$	3.6

	U.S. Plans				International Plans				Total
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	3.7	$	4.8	$	0.8	$	1.0	$	4.5	$	5.8
Interest cost	8.2		8.9		2.9		2.2		11.1		11.1
Expected return on plan assets	(10.2)		(12.2)		(4.9)		(5.1)		(15.1)		(17.3)
Amortization of prior service cost	0.6		0.6		0.1		0.1		0.7		0.7
Recognition of net actuarial losses	14.2		4.4		—		—		14.2		4.4
Net periodic benefit cost (credit)	$	16.5	$	6.5	$	(1.1)	$	(1.8)	$	15.4	$	4.7

The Company expects full year 2022 lump sum payments related to new retirees to exceed annual interest and service costs for two of the Company's U.S. defined benefit pension plans in 2022. This expectation triggered a remeasurement of assets and obligations for both plans. During the three months ended March 31, 2022, the Company only expected to make lump sum payments related to new retirees in excess of annual interest and service costs for one of its U.S. defined benefit pension plans resulting in only one plan being remeasured. As a result of these remeasurements, the Company recognized net actuarial losses ("mark-to-market charges") of $11.6 million and $14.2 million during the three and six months ended June 30, 2022, respectively.

For the three and six months ended June 30, 2021, the Company expected to make lump sum payments related to new retirees in excess of annual interest and service costs for three of the Company's U.S. defined benefit pension plans in 2021. This expectation, along with the payout of deferred compensation to a former executive officer of the Company in June 2021, triggered a remeasurement of assets and obligations for these plans. As a result of this remeasurement, the Company recognized net actuarial losses of $3.5 million and $4.4 million during the three and six months ended June 30, 2021, respectively.

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Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2022

Postretirement Plan

Defined Benefit Plan Disclosure [Line Items]

Other Postretirement Benefit Plans

Note 16 - 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, 2022 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, 2022.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net periodic benefit credit:
Service cost	$	0.1	$	0.1	$	0.1	$	0.1
Interest cost	0.3		0.3		0.7		0.7
Amortization of prior service credit	(2.5)		(2.5)		(5.0)		(5.0)
Net periodic benefit credit	$	(2.1)	$	(2.1)	$	(4.2)	$	(4.2)

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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 17 - 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, 2022 and 2021, respectively:

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at March 31, 2022	$	(100.3)	$	55.1	$	2.7	$	(42.5)
Other comprehensive (loss) income before    reclassifications and income taxes	(113.1)		0.2		3.9		(109.0)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(2.1)		(0.7)		(2.8)
Income tax (expense) benefit	—		0.5		(1.0)		(0.5)
Net current period other comprehensive (loss)    income, net of income taxes	(113.1)		(1.4)		2.2		(112.3)
Noncontrolling interest	(1.1)		—		—		(1.1)
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(114.2)		(1.4)		2.2		(113.4)
Balance at June 30, 2022	$	(214.5)	$	53.7	$	4.9	$	(155.9)

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at December 31, 2021	$	(80.3)	$	56.6	$	0.7	$	(23.0)
Other comprehensive (loss) income before    reclassifications and income taxes	(135.7)		0.4		7.1		(128.2)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(4.3)		(1.6)		(5.9)
Income tax (expense) benefit	—		1.0		(1.3)		(0.3)
Net current period other comprehensive (loss)    income, net of income taxes	(135.7)		(2.9)		4.2		(134.4)
Noncontrolling interest	1.5		—		—		1.5
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(134.2)		(2.9)		4.2		(132.9)
Balance at June 30, 2022	$	(214.5)	$	53.7	$	4.9	$	(155.9)

Note 17 - Accumulated Other Comprehensive Income (Loss) (continued)

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at March 31, 2021	$	(62.0)	$	61.8	$	(1.9)	$	(2.1)
Other comprehensive income (loss) before     reclassifications and income taxes	23.2		(0.1)		(2.1)		21.0
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(2.1)		1.7		(0.4)
Income tax benefit	—		0.5		0.2		0.7
Net current period other comprehensive income    (loss), net of income taxes	23.2		(1.7)		(0.2)		21.3
Noncontrolling interest	0.6		—		—		0.6
Net current period comprehensive income (loss),    net of income taxes and noncontrolling interest	23.8		(1.7)		(0.2)		21.9
Balance at June 30, 2021	$	(38.2)	$	60.1	$	(2.1)	$	19.8

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at December 31, 2020	$	(18.0)	$	63.4	$	(4.1)	$	41.3
Other comprehensive (loss) income before    reclassifications and income taxes	(21.2)		(0.1)		(0.7)		(22.0)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(4.3)		3.4		(0.9)
Income tax benefit (expense)	—		1.1		(0.7)		0.4
Net current period other comprehensive (loss)    income, net of income taxes	(21.2)		(3.3)		2.0		(22.5)
Noncontrolling interest	1.0		—		—		1.0
Net current period comprehensive (loss) income, net of income taxes and noncontrolling interest	(20.2)		(3.3)		2.0		(21.5)
Balance at June 30, 2021	$	(38.2)	$	60.1	$	(2.1)	$	19.8

Other comprehensive (loss) income before reclassifications and income taxes includes the effect of foreign currency.

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Fair Value

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value

Note 18 - 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, 2022 and December 31, 2021:

	June 30, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	283.3	$	281.5	$	1.8	$	—
Cash and cash equivalents measured at net asset value	22.0		—		—		—
Restricted cash	0.7		0.7		—		—
Short-term investments	30.6		—		30.6		—
Interest rate swap contract	3.3		—		3.3		—
Foreign currency forward contracts	3.4		—		3.4		—
Total assets	$	343.3	$	282.2	$	39.1	$	—
Liabilities:
Foreign currency forward contracts	$	2.5	$	—	$	2.5	$	—
Total liabilities	$	2.5	$	—	$	2.5	$	—

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	257.1	$	244.8	$	12.3	$	—
Restricted cash	0.8		0.8		—		—
Short-term investments	56.9		—		56.9		—
Foreign currency forward contracts	5.6		—		5.6		—
Total assets	$	320.4	$	245.6	$	74.8	$	—
Liabilities:
Foreign currency forward contracts	$	1.0	$	—	$	1.0	$	—
Total liabilities	$	1.0	$	—	$	1.0	$	—

Cash and cash equivalents are highly liquid investments with maturities of three months or less when purchased and are valued at the redemption value. Short-term investments are investments with maturities between four months 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 18 - 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.

During the three months ended June 30, 2022, property, plant and equipment at the Company's joint venture in Russia, with a carrying value of $15.9 million, were written down to their fair value of $7.1 million, resulting in an impairment charge of $8.8 million. The fair value for these assets was determined based on 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, 2022 and 2021, 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 quoted market prices, was $1,386.6 million and $1,171.1 million at June 30, 2022 and December 31, 2021, respectively. The carrying value of this debt was $1,414.1 million and $1,087.5 million at June 30, 2022 and December 31, 2021, respectively. The fair value of long-term fixed-rate debt was measured using Level 2 inputs.

The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments.

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Derivatives Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 19 - 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 September 8, 2020, the Company entered into a $100 million floating-to-fixed rate swap on the 2023 Term Loan, which hedges the change in the 1-month LIBOR rate between October 30, 2020 and September 11, 2023 to a fixed rate. The Company’s risk management objective is to hedge the risk of changes in the monthly interest expense attributable to changes in the benchmark interest rate.

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, 2022, respectively, was a gain of $3.2 million and a gain of $4.8 million to accumulated comprehensive (loss) income with a corresponding offset to other expense, which partially offsets the impact of the foreign currency adjustment on the 2027 Notes.

The Company entered into $350 million of floating-to-fixed 10-year Treasury rate locks during the first quarter of 2022, prior to issuing the 2032 Notes. This fixed the 10-year Treasury yield and settled at pricing of the 2032 Notes, resulting in $6.5 million of cash proceeds received by the Company. This amount was recorded to accumulated comprehensive income and will be amortized as a reduction in interest expense over the 10-year tenor of the 2032 Notes.

The Company does not purchase or hold any derivative financial instruments for trading purposes. As of June 30, 2022 and December 31, 2021, the Company had $434.4 million and $300.8 million, respectively, of outstanding foreign currency forward contracts at notional value. Refer to Note 18 - Fair Value for the fair value disclosure of derivative financial instruments.

Note 19 - Derivative Instruments and Hedging Activities (continued)

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 foreign currencies with forward contracts. When the dollar strengthens significantly against 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, 2022 and December 31, 2021, the Company had $76.7 million and $80.0 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.

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, 2022 and December 31, 2021, the Company had $357.7 million and $220.8 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, 2022 and 2021, respectively, and the related location within the Consolidated Statements of Income:

		Amount 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 income	2022		2021		2022		2021
Foreign currency forward contracts	Other expense, net	$	(6.0)	$	(0.9)	$	(7.0)	$	(0.7)

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

New Accounting Guidance Adopted:

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with ASC Topic 606 as if the acquirer had originated the contracts. This new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2021-08 effective January 1, 2022, and the impact of the adoption was not material to the Company's results of operations and financial condition.

New Accounting Guidance Issued and Not Yet Adopted:

In November 2021, the FASB issued ASU 2021-10, "Government Assistance (Topic 832)." ASU 2021-10 is intended to increase transparency of government assistance by requiring entities to disclose the types of government assistance, the entity's accounting for government assistance, and the effect of the government assistance on an entity's financial statements. This new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021. The Company is currently evaluating the impact of the new guidance on its disclosures.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2022. The Company is currently assessing which of its various contracts will require an update for a new reference rate and will determine the timing for implementation of this guidance after completing that analysis.

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the purchase price allocation at fair value, for the Spinea acquisition as of June 30, 2022.

	Initial Purchase Price Allocation
Assets:
Accounts receivable	$	2.1
Inventories	20.9
Other current assets	2.9
Property, plant and equipment	82.6
Goodwill	39.0
Other intangible assets	31.7
Total assets acquired	$	179.2
Liabilities:
Accounts payable, trade	$	7.4
Salaries, wages and benefits	1.4
Other current liabilities	1.2
Short-term debt	0.1
Long-term debt	0.2
Deferred income taxes	1.0
Other non-current liabilities	15.6
Total liabilities assumed	$	26.9
Net assets acquired	$	152.3

The following table presents the final purchase price allocation at fair value for the iMS acquisition:

	Final Purchase Price Allocation
Total assets acquired	$	9.8
Total liabilities assumed	2.1
Net assets acquired	$	7.7

Summary of Preliminary Purchase Price Allocation For Identifiable Intangible Assets Acquired

The following table summarizes the preliminary purchase price allocation for identifiable intangible assets acquired in 2022:

	Preliminary Purchase Price Allocation
			Weighted - Average Life
Trade names	$	8.2	20 years
Technology and know-how	6.1		6 years
Customer relationships	17.2		17 years
Capitalized software	0.2		2 years
Total intangible assets	$	31.7

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Revenue (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021, respectively:

	Three Months Ended						Three Months Ended
	June 30, 2022						June 30, 2021
	Mobile		Process		Total		Mobile		Process		Total
United States	$	270.3	$	229.9	$	500.2	$	237.4	$	201.6	$	439.0
Americas excluding the United States	63.7		64.6		128.3		52.3		49.1		101.4
Europe / Middle East / Africa	118.1		141.8		259.9		124.3		137.2		261.5
China	31.2		123.7		154.9		32.2		138.4		170.6
Asia-Pacific excluding China	60.3		50.1		110.4		48.0		42.4		90.4
Net sales	$	543.6	$	610.1	$	1,153.7	$	494.2	$	568.7	$	1,062.9

	Six Months Ended						Six Months Ended
	June 30, 2022						June 30, 2021
	Mobile		Process		Total		Mobile		Process		Total
United States	$	532.5	$	456.5	$	989.0	$	480.3	$	387.8	$	868.1
Americas excluding the United States	121.8		119.7		241.5		101.1		92.3		193.4
Europe / Middle East / Africa	247.5		277.4		524.9		251.4		264.4		515.8
China	61.9		244.4		306.3		66.6		262.7		329.3
Asia-Pacific excluding China	120.3		96.3		216.6		99.3		82.4		181.7
Net sales	$	1,084.0	$	1,194.3	$	2,278.3	$	998.7	$	1,089.6	$	2,088.3

Note 4 - Revenue (continued)

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 percent of revenue by sales channel for the six months ended June 30, 2022 and 2021, respectively:

	Six Months Ended	Six Months Ended
Revenue by sales channel	June 30, 2022	June 30, 2021
Original equipment manufacturers	60%	61%
Distribution/end users	40%	39%

Schedule of Contract with Customer, Asset and Liability

The following table contains a rollforward of unbilled receivables for the six months ended June 30, 2022 and the twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	104.5	$	110.9
Additional unbilled revenue recognized	201.5		383.0
Less: amounts billed to customers	(198.7)		(389.4)
Ending balance	$	107.3	$	104.5

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Wise Financial Performance

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,
	2022		2021		2022		2021
Net sales:
Mobile Industries	$	543.6	$	494.2	$	1,084.0	$	998.7
Process Industries	610.1		568.7		1,194.3		1,089.6
Net sales	$	1,153.7	$	1,062.9	$	2,278.3	$	2,088.3
Segment EBITDA:
Mobile Industries	$	69.1	$	67.3	$	144.2	$	146.9
Process Industries	163.5		141.2		319.1		272.2
Total EBITDA, for reportable segments	$	232.6	$	208.5	$	463.3	$	419.1
Unallocated corporate expense	(13.4)		(11.6)		(26.3)		(23.2)
Corporate pension and other postretirement benefit related expense (1)	(11.6)		(3.5)		(14.2)		(4.4)
Acquisition-related gain (2)	—		—		—		0.6
Depreciation and amortization	(40.7)		(42.2)		(82.1)		(85.2)
Interest expense	(18.3)		(15.3)		(32.6)		(30.2)
Interest income	1.0		0.7		1.6		1.2
Income before income taxes	$	149.6	$	136.6	$	309.7	$	277.9

(1) Corporate pension and other postretirement benefit related expense 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.

(2) The acquisition-related gain represents measurement period adjustments to the bargain purchase gain on the acquisition of Aurora Bearing Company ("Aurora"), which closed on November 30, 2020.

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022			2021			2022			2021
Provision for income taxes	$	44.0		$	29.4		$	82.2		$	54.7
Effective tax rate	29.4		%	21.5		%	26.5		%	19.7		%

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to The Timken Company	$	105.0	$	104.8	$	223.2	$	218.1
Less: undistributed earnings allocated to nonvested stock	—		—		—		—
Net income available to common shareholders for basic    and diluted earnings per share	$	105.0	$	104.8	$	223.2	$	218.1
Denominator:
Weighted average number of shares outstanding - basic	73,660,410		76,122,257		74,234,300		75,969,569
Effect of dilutive securities:
Stock options and awards - based on the treasury    stock method	522,383		1,131,900		642,948		1,288,192
Weighted average number of shares outstanding assuming    dilution of stock options and awards	74,182,793		77,254,157		74,877,248		77,257,761
Basic earnings per share	$	1.43	$	1.38	$	3.01	$	2.87
Diluted earnings per share	$	1.42	$	1.36	$	2.98	$	2.82

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Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Current Inventories

The components of inventories at June 30, 2022 and December 31, 2021 were as follows:

	June 30, 2022		December 31, 2021
Manufacturing supplies	$	39.6	$	38.0
Raw materials	121.9		121.8
Work in process	469.4		418.4
Finished products	594.9		527.8
Subtotal	1,225.8		1,106.0
Allowance for obsolete and surplus inventory	(67.8)		(63.3)
Total inventories, net	$	1,158.0	$	1,042.7

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2022 were as follows:

	Mobile Industries		Process Industries		Total
Beginning balance	$	371.7	$	651.0	$	1,022.7
Acquisitions	—		39.0		39.0
Foreign currency translation adjustments and other changes	(19.4)		(27.2)		(46.6)
Ending balance	$	352.3	$	662.8	$	1,015.1

Schedule of Finite-Lived Intangible Assets

The following table displays intangible assets as of June 30, 2022 and December 31, 2021:

	Balance at June 30, 2022						Balance at December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Customer relationships	$	514.9	$	(197.7)	$	317.2	$	518.1	$	(189.3)	$	328.8
Technology and know-how	265.9		(92.0)		173.9		270.7		(86.6)		184.1
Trade names	20.6		(8.6)		12.0		14.3		(9.6)		4.7
Capitalized software	283.7		(264.1)		19.6		280.0		(261.3)		18.7
Other	3.2		(2.5)		0.7		4.7		(3.6)		1.1
	$	1,088.3	$	(564.9)	$	523.4	$	1,087.8	$	(550.4)	$	537.4
Intangible assets not subject to amortization:
Trade names	$	116.0			$	116.0	$	122.7			$	122.7
FAA air agency certificates	8.7				8.7		8.7				8.7
	$	124.7			$	124.7	$	131.4			$	131.4
Total intangible assets	$	1,213.0	$	(564.9)	$	648.1	$	1,219.2	$	(550.4)	$	668.8

Schedule of Indefinite-Lived Intangible Assets

The following table displays intangible assets as of June 30, 2022 and December 31, 2021:

	Balance at June 30, 2022						Balance at December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Customer relationships	$	514.9	$	(197.7)	$	317.2	$	518.1	$	(189.3)	$	328.8
Technology and know-how	265.9		(92.0)		173.9		270.7		(86.6)		184.1
Trade names	20.6		(8.6)		12.0		14.3		(9.6)		4.7
Capitalized software	283.7		(264.1)		19.6		280.0		(261.3)		18.7
Other	3.2		(2.5)		0.7		4.7		(3.6)		1.1
	$	1,088.3	$	(564.9)	$	523.4	$	1,087.8	$	(550.4)	$	537.4
Intangible assets not subject to amortization:
Trade names	$	116.0			$	116.0	$	122.7			$	122.7
FAA air agency certificates	8.7				8.7		8.7				8.7
	$	124.7			$	124.7	$	131.4			$	131.4
Total intangible assets	$	1,213.0	$	(564.9)	$	648.1	$	1,219.2	$	(550.4)	$	668.8

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Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

The following table displays other current liabilities as of June 30, 2022 and December 31, 2021:

	June 30,		December 31,
(Dollars in millions)	2022		2021
Sales rebates	$	56.1	$	70.3
Freight and duties	25.5		25.5
Operating lease liabilities	24.2		26.2
Product warranty	17.2		11.7
Professional fees	12.6		10.8
Restructuring	5.5		7.0
Taxes other than income and payroll taxes	19.2		16.0
Interest	14.2		10.8
Other	95.4		72.3
Total other current liabilities	$	269.9	$	250.6

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Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

Short-term debt at June 30, 2022 and December 31, 2021 was as follows:

	June 30, 2022		December 31, 2021
Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 0.50% to 2.10% at June 30, 2022 and 0.50% to 2.00% at December 31, 2021	$	70.3	$	42.6
Short-term debt	$	70.3	$	42.6

Schedule of Long-Term Debt

Long-term debt at June 30, 2022 and December 31, 2021 was as follows:

	June 30, 2022		December 31, 2021
Variable-rate Senior Credit Facility with an average interest rate on Euro of 1.00% at June 30, 2022 and U.S. Dollar of 1.09% and Euro of 1.00% at December 31, 2021	$	8.3	$	9.0
Variable-rate Term Loan(1), maturing on September 11, 2023, with an interest rate of 2.79% at June 30, 2022 and 1.23% at December 31, 2021	316.9		321.1
Fixed-rate Senior Unsecured Notes(1), maturing on September 1, 2024, with an interest rate of 3.875%	349.7		349.5
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027, with an interest rate of 2.02%	157.0		170.3
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with an interest rate of 4.50%	397.0		396.9
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%	154.7		154.7
Fixed-rate Senior Unsecured Notes(1), maturing on April 1, 2032, with an interest rate of 4.125%	341.2		—
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15%	13.9		15.8
Other	6.9		5.0
Total debt	$	1,745.6	$	1,422.3
Less: Current maturities	11.3		11.2
Long-term debt	$	1,734.3	$	1,411.1

(1) Net of discounts and fees

Schedule of Maturities of Long-term Debt

The maturities of long-term debt (including $3.4 million of finance leases) subsequent to June 30, 2022 are as follows:

Year
2022	$	6.3
2023	318.3
2024	360.0
2025	1.7
2026	11.5
2027	183.2
Thereafter	864.6

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Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following is a rollforward of the consolidated product warranty accrual for the six months ended June 30, 2022 and twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	11.7	$	9.4
Expense	7.6		10.1
Payments	(2.1)		(7.8)
Ending balance	$	17.2	$	11.7

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Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Stockholders Equity

The following tables present the changes in the components of equity for the three and six months ended June 30, 2022 and 2021, respectively:

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Non controlling Interest
Balance at March 31, 2022	$	2,355.0	$	40.7	$	795.4	$	1,711.1	$	(42.5)	$	(233.6)	$	83.9
Net income	105.6						105.0						0.6
Foreign currency translation adjustment	(113.1)								(114.2)				1.1
Pension and other postretirement liability    adjustments (net of income tax benefit    of $0.5 million)	(1.4)								(1.4)
Change in fair value of derivative financial    instruments, net of reclassifications	2.2								2.2
Dividends – $0.31 per share	(22.9)						(22.9)
Stock-based compensation expense	8.5				8.5
Stock purchased at fair market value	(44.3)										(44.3)
Stock option exercise activity	0.2				0.2
Payments related to tax withholding for    stock-based compensation	(0.6)										(0.6)
Balance at June 30, 2022	$	2,289.2	$	40.7	$	804.1	$	1,793.2	$	(155.9)	$	(278.5)	$	85.6

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Non controlling Interest
Balance at December 31, 2021	$	2,377.7	$	40.7	$	786.9	$	1,616.4	$	(23.0)	$	(126.1)	$	82.8
Net income	227.5						223.2						4.3
Foreign currency translation adjustment	(135.7)								(134.2)				(1.5)
Pension and other postretirement liability    adjustments (net of income tax benefit    of $1.0 million)	(2.9)								(2.9)
Change in fair value of derivative financial    instruments, net of reclassifications	4.2								4.2
Dividends - $0.61 per share	(46.4)						(46.4)
Stock-based compensation expense	15.6				15.6
Stock purchased at fair market value	(144.3)										(144.3)
Stock option exercise activity	1.6				1.6
Payments related to tax withholding for    stock-based compensation	(8.1)										(8.1)
Balance at June 30, 2022	$	2,289.2	$	40.7	$	804.1	$	1,793.2	$	(155.9)	$	(278.5)	$	85.6

Note 13 - Equity (continued)

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non controlling Interest
Balance at March 31, 2021	$	2,250.1	$	40.7	$	761.3	$	1,429.0	$	(2.1)	$	(53.4)	$	74.6
Net income	107.2						104.8						2.4
Foreign currency translation adjustment	23.2								23.8				(0.6)
Pension and other postretirement liability    adjustments (net of income tax benefit of    $0.5 million)	(1.7)								(1.7)
Change in fair value of derivative financial    instruments, net of reclassifications	(0.2)								(0.2)
Dividends - $0.30 per share	(22.9)						(22.9)
Stock-based compensation expense	6.0				6.0
Stock option exercise activity	11.3				11.3
Payments related to tax withholding for stock-based compensation	(5.7)										(5.7)
Balance at June 30, 2021	$	2,367.3	$	40.7	$	778.6	$	1,510.9	$	19.8	$	(59.1)	$	76.4

			The Timken Company Shareholders
	Total		Stated Capital		Other Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income		Treasury Stock		Non controlling Interest
Balance at December 31, 2020	$	2,225.2	$	40.7	$	740.7	$	1,339.5	$	41.3	$	(9.3)	$	72.3
Net income	223.2						218.1						5.1
Foreign currency translation adjustment	(21.2)								(20.2)				(1.0)
Pension and other postretirement liability    adjustments (net of income tax benefit    of $1.1 million)	(3.3)								(3.3)
Change in fair value of derivative financial    instruments, net of reclassifications	2.0								2.0
Dividends - $0.59 per share	(46.7)						(46.7)
Stock-based compensation expense	12.5				12.5
Stock purchased at fair market value	(26.3)										(26.3)
Stock option exercise activity	25.4				25.4
Payments related to tax withholding for    stock-based compensation	(23.5)										(23.5)
Balance at June 30, 2021	$	2,367.3	$	40.7	$	778.6	$	1,510.9	$	19.8	$	(59.1)	$	76.4

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Impairment and Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2022

Restructuring Charges [Abstract]

Schedule of Restructuring and Related Costs

Impairment and restructuring charges by segment are comprised of the following:

For the three months ended June 30, 2022:

	Mobile Industries		Process Industries		Total
Impairment charges	$	8.8	$	—	$	8.8
Severance and related benefit costs	0.7		0.4		1.1
Exit costs	0.1		—		0.1
Total	$	9.6	$	0.4	$	10.0

For the six months ended June 30, 2022:

	Mobile Industries		Process Industries		Total
Impairment charges	$	8.8	$	—	$	8.8
Severance and related benefit costs	1.1		0.3		1.4
Exit costs	0.8		—		0.8
Total	$	10.7	$	0.3	$	11.0

For the three months ended June 30, 2021:

	Mobile Industries		Process Industries		Total
Impairment charges	$	1.0	$	0.1	$	1.1
Severance and related benefit costs	—		0.1		0.1
Exit costs	0.1		—		0.1
Total	$	1.1	$	0.2	$	1.3

For the six months ended June 30, 2021:

	Mobile Industries		Process Industries		Total
Impairment charges	$	1.1	$	3.4	$	4.5
Severance and related benefit costs	—		0.6		0.6
Exit costs	0.2		—		0.2
Total	$	1.3	$	4.0	$	5.3

The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2022 and twelve months ended December 31, 2021:

	June 30, 2022		December 31, 2021
Beginning balance, January 1	$	7.0	$	8.0
Expense	2.2		4.4
Payments	(3.7)		(5.4)
Ending balance	$	5.5	$	7.0

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Retirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

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, 2022 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, 2022.

	U.S. Plans				International Plans				Total
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	1.8	$	2.3	$	0.4	$	0.5	$	2.2	$	2.8
Interest cost	4.1		4.5		1.4		1.1		5.5		5.6
Expected return on plan assets	(5.0)		(6.1)		(2.4)		(2.6)		(7.4)		(8.7)
Amortization of prior service cost	0.3		0.3		0.1		0.1		0.4		0.4
Recognition of net actuarial losses	11.6		3.5		—		—		11.6		3.5
Net periodic benefit cost (credit)	$	12.8	$	4.5	$	(0.5)	$	(0.9)	$	12.3	$	3.6

	U.S. Plans				International Plans				Total
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	3.7	$	4.8	$	0.8	$	1.0	$	4.5	$	5.8
Interest cost	8.2		8.9		2.9		2.2		11.1		11.1
Expected return on plan assets	(10.2)		(12.2)		(4.9)		(5.1)		(15.1)		(17.3)
Amortization of prior service cost	0.6		0.6		0.1		0.1		0.7		0.7
Recognition of net actuarial losses	14.2		4.4		—		—		14.2		4.4
Net periodic benefit cost (credit)	$	16.5	$	6.5	$	(1.1)	$	(1.8)	$	15.4	$	4.7

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Other Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

Postretirement Plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Defined Benefit Plans Disclosures

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, 2022 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, 2022.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net periodic benefit credit:
Service cost	$	0.1	$	0.1	$	0.1	$	0.1
Interest cost	0.3		0.3		0.7		0.7
Amortization of prior service credit	(2.5)		(2.5)		(5.0)		(5.0)
Net periodic benefit credit	$	(2.1)	$	(2.1)	$	(4.2)	$	(4.2)

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021, respectively:

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at March 31, 2022	$	(100.3)	$	55.1	$	2.7	$	(42.5)
Other comprehensive (loss) income before    reclassifications and income taxes	(113.1)		0.2		3.9		(109.0)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(2.1)		(0.7)		(2.8)
Income tax (expense) benefit	—		0.5		(1.0)		(0.5)
Net current period other comprehensive (loss)    income, net of income taxes	(113.1)		(1.4)		2.2		(112.3)
Noncontrolling interest	(1.1)		—		—		(1.1)
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(114.2)		(1.4)		2.2		(113.4)
Balance at June 30, 2022	$	(214.5)	$	53.7	$	4.9	$	(155.9)

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at December 31, 2021	$	(80.3)	$	56.6	$	0.7	$	(23.0)
Other comprehensive (loss) income before    reclassifications and income taxes	(135.7)		0.4		7.1		(128.2)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(4.3)		(1.6)		(5.9)
Income tax (expense) benefit	—		1.0		(1.3)		(0.3)
Net current period other comprehensive (loss)    income, net of income taxes	(135.7)		(2.9)		4.2		(134.4)
Noncontrolling interest	1.5		—		—		1.5
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(134.2)		(2.9)		4.2		(132.9)
Balance at June 30, 2022	$	(214.5)	$	53.7	$	4.9	$	(155.9)

Note 17 - Accumulated Other Comprehensive Income (Loss) (continued)

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at March 31, 2021	$	(62.0)	$	61.8	$	(1.9)	$	(2.1)
Other comprehensive income (loss) before     reclassifications and income taxes	23.2		(0.1)		(2.1)		21.0
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(2.1)		1.7		(0.4)
Income tax benefit	—		0.5		0.2		0.7
Net current period other comprehensive income    (loss), net of income taxes	23.2		(1.7)		(0.2)		21.3
Noncontrolling interest	0.6		—		—		0.6
Net current period comprehensive income (loss),    net of income taxes and noncontrolling interest	23.8		(1.7)		(0.2)		21.9
Balance at June 30, 2021	$	(38.2)	$	60.1	$	(2.1)	$	19.8

	Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Change in fair value of derivative financial instruments		Total
Balance at December 31, 2020	$	(18.0)	$	63.4	$	(4.1)	$	41.3
Other comprehensive (loss) income before    reclassifications and income taxes	(21.2)		(0.1)		(0.7)		(22.0)
Amounts reclassified from accumulated other    comprehensive (loss) income before income    taxes	—		(4.3)		3.4		(0.9)
Income tax benefit (expense)	—		1.1		(0.7)		0.4
Net current period other comprehensive (loss)    income, net of income taxes	(21.2)		(3.3)		2.0		(22.5)
Noncontrolling interest	1.0		—		—		1.0
Net current period comprehensive (loss) income, net of income taxes and noncontrolling interest	(20.2)		(3.3)		2.0		(21.5)
Balance at June 30, 2021	$	(38.2)	$	60.1	$	(2.1)	$	19.8

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Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021:

	June 30, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	283.3	$	281.5	$	1.8	$	—
Cash and cash equivalents measured at net asset value	22.0		—		—		—
Restricted cash	0.7		0.7		—		—
Short-term investments	30.6		—		30.6		—
Interest rate swap contract	3.3		—		3.3		—
Foreign currency forward contracts	3.4		—		3.4		—
Total assets	$	343.3	$	282.2	$	39.1	$	—
Liabilities:
Foreign currency forward contracts	$	2.5	$	—	$	2.5	$	—
Total liabilities	$	2.5	$	—	$	2.5	$	—

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	257.1	$	244.8	$	12.3	$	—
Restricted cash	0.8		0.8		—		—
Short-term investments	56.9		—		56.9		—
Foreign currency forward contracts	5.6		—		5.6		—
Total assets	$	320.4	$	245.6	$	74.8	$	—
Liabilities:
Foreign currency forward contracts	$	1.0	$	—	$	1.0	$	—
Total liabilities	$	1.0	$	—	$	1.0	$	—

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Derivatives Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives 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, 2022 and 2021, respectively, and the related location within the Consolidated Statements of Income:

		Amount 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 income	2022		2021		2022		2021
Foreign currency forward contracts	Other expense, net	$	(6.0)	$	(0.9)	$	(7.0)	$	(0.7)

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Acquisitions - Narrative (Details) - USD ($) $ in Millions			6 Months Ended
	May 31, 2022	Aug. 20, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Acquisitions, net of cash acquired			$ 152.3	$ (0.1)
Cash acquired from acquisition			0.2
Spinea
Business Acquisition [Line Items]
Revenue reported by acquired entity	$ 40.0
Acquisitions, net of cash acquired	152.3
Cash acquired from acquisition	$ 0.2
IMS
Business Acquisition [Line Items]
Revenue reported by acquired entity		$ 6.0
Total purchase price for this acquisition			$ 7.7
Contingent consideration, liability		$ 3.0

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Acquisitions - Initial Purchase Price Allocation (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets:
Goodwill	$ 1,015.1	$ 1,022.7
Spinea
Assets:
Accounts receivable	2.1
Inventories	20.9
Other current assets	2.9
Property, plant and equipment	82.6
Goodwill	39.0
Other intangible assets	31.7
Total assets acquired	179.2
Liabilities:
Accounts payable, trade	7.4
Salaries, wages and benefits	1.4
Other current liabilities	1.2
Short-term debt	0.1
Long-term debt	0.2
Deferred income taxes	1.0
Other non-current liabilities	15.6
Total liabilities assumed	26.9
Net assets acquired	$ 152.3

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Acquisitions - Preliminary Purchase Price Allocation of Identifiable Intangible Assets Acquired (Details) - Spinea $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 31.7
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 8.2
Weighted - Average Life	20 years
Technology and know-how
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 6.1
Weighted - Average Life	6 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 17.2
Weighted - Average Life	17 years
Capitalized software
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 0.2
Weighted - Average Life	2 years

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Acquisitions - Final Purchase Price Allocation (Details) - IMS $ in Millions	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Total assets acquired	$ 9.8
Total liabilities assumed	2.1
Net assets acquired	$ 7.7

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Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,153.7	$ 1,062.9	$ 2,278.3	$ 2,088.3
Revenue Benchmark | Customer Concentration Risk | Original equipment manufacturers
Disaggregation of Revenue [Line Items]
Concentration risk percentage (as a percent)			60.00%	61.00%
Revenue Benchmark | Customer Concentration Risk | Distribution/end users
Disaggregation of Revenue [Line Items]
Concentration risk percentage (as a percent)			40.00%	39.00%
Mobile
Disaggregation of Revenue [Line Items]
Net sales	543.6	494.2	$ 1,084.0	$ 998.7
Process
Disaggregation of Revenue [Line Items]
Net sales	610.1	568.7	1,194.3	1,089.6
United States
Disaggregation of Revenue [Line Items]
Net sales	500.2	439.0	989.0	868.1
United States | Mobile
Disaggregation of Revenue [Line Items]
Net sales	270.3	237.4	532.5	480.3
United States | Process
Disaggregation of Revenue [Line Items]
Net sales	229.9	201.6	456.5	387.8
Americas excluding the United States
Disaggregation of Revenue [Line Items]
Net sales	128.3	101.4	241.5	193.4
Americas excluding the United States | Mobile
Disaggregation of Revenue [Line Items]
Net sales	63.7	52.3	121.8	101.1
Americas excluding the United States | Process
Disaggregation of Revenue [Line Items]
Net sales	64.6	49.1	119.7	92.3
Europe / Middle East / Africa
Disaggregation of Revenue [Line Items]
Net sales	259.9	261.5	524.9	515.8
Europe / Middle East / Africa | Mobile
Disaggregation of Revenue [Line Items]
Net sales	118.1	124.3	247.5	251.4
Europe / Middle East / Africa | Process
Disaggregation of Revenue [Line Items]
Net sales	141.8	137.2	277.4	264.4
China
Disaggregation of Revenue [Line Items]
Net sales	154.9	170.6	306.3	329.3
China | Mobile
Disaggregation of Revenue [Line Items]
Net sales	31.2	32.2	61.9	66.6
China | Process
Disaggregation of Revenue [Line Items]
Net sales	123.7	138.4	244.4	262.7
Asia-Pacific excluding China
Disaggregation of Revenue [Line Items]
Net sales	110.4	90.4	216.6	181.7
Asia-Pacific excluding China | Mobile
Disaggregation of Revenue [Line Items]
Net sales	60.3	48.0	120.3	99.3
Asia-Pacific excluding China | Process
Disaggregation of Revenue [Line Items]
Net sales	$ 50.1	$ 42.4	$ 96.3	$ 82.4

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Revenue - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Amount of revenue for remaining performance obligations	$ 245,500,000
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%	7.00%
Revenue Benchmark | Customer Concentration Risk | Service Revenue
Disaggregation of Revenue [Line Items]
Concentration risk percentage (as a percent)	4.00%	4.00%
Revenue Benchmark | Customer Concentration Risk | Transferred Over Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage (as a percent)	9.00%	9.00%

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Revenue - Schedule of Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Movement in Deferred Revenue [Roll Forward]
Beginning balance	$ 104.5	$ 110.9
Additional unbilled revenue recognized	201.5	383.0
Less: amounts billed to customers	(198.7)	(389.4)
Ending balance	$ 107.3	$ 104.5

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Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,153.7	$ 1,062.9	$ 2,278.3	$ 2,088.3
Total EBITDA, for reportable segments	232.6	208.5	463.3	419.1
Unallocated corporate expense	149.6	136.6	309.7	277.9
Corporate pension and other postretirement benefit related expense	(11.6)	(3.5)	(14.2)	(4.4)
Acquisition-related gain	0.0	0.0	0.0	0.6
Depreciation and amortization	(40.7)	(42.2)	(82.1)	(85.2)
Interest expense	(18.3)	(15.3)	(32.6)	(30.2)
Interest income	1.0	0.7	1.6	1.2
Mobile
Segment Reporting Information [Line Items]
Net sales	543.6	494.2	1,084.0	998.7
Total EBITDA, for reportable segments	69.1	67.3	144.2	146.9
Process
Segment Reporting Information [Line Items]
Net sales	610.1	568.7	1,194.3	1,089.6
Total EBITDA, for reportable segments	163.5	141.2	319.1	272.2
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate expense	$ (13.4)	$ (11.6)	$ (26.3)	$ (23.2)

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Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 44.0	$ 29.4	$ 82.2	$ 54.7
Effective tax rate (as a percent)	29.40%	21.50%	26.50%	19.70%

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Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	29.40%	21.50%	26.50%	19.70%

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Earnings Per Share - Denominator of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income attributable to The Timken Company	$ 105.0	$ 104.8	$ 223.2	$ 218.1
Less: undistributed earnings allocated to nonvested stock	0.0	0.0	0.0	0.0
Net income available to common shareholders for basic and diluted earnings per share	$ 105.0	$ 104.8	$ 223.2	$ 218.1
Denominator:
Weighted-average number of shares outstanding - basic (in shares)	73,660,410	76,122,257	74,234,300	75,969,569
Effect of dilutive securities:
Stock options and awards - based on the treasury stock method (in shares)	522,383	1,131,900	642,948	1,288,192
Weighted-average number of shares outstanding, assuming dilution of stock options and awards (in shares)	74,182,793	77,254,157	74,877,248	77,257,761
Basic earnings per share (in dollars per share)	$ 1.43	$ 1.38	$ 3.01	$ 2.87
Diluted earnings per share (in dollars per share)	$ 1.42	$ 1.36	$ 2.98	$ 2.82

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Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive stock options outstanding (in shares)	0	0	0	0

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Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventories, net:
Manufacturing supplies	$ 39.6	$ 38.0
Raw materials	121.9	121.8
Work in process	469.4	418.4
Finished products	594.9	527.8
Subtotal	1,225.8	1,106.0
Allowance for obsolete and surplus inventory	(67.8)	(63.3)
Total inventories, net	$ 1,158.0	$ 1,042.7

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Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Proportion of inventories valued by FIFO method (as a percent)	58.00%
Proportion of inventories valued by LIFO method (as a percent)	42.00%
Inventory, LIFO reserve	$ 216.7	$ 199.4

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Goodwill and Other Intangible Assets - Carrying Value of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,022.7
Acquisitions	39.0
Foreign currency translation adjustments and other changes	(46.6)
Ending balance	1,015.1
Mobile Industries
Goodwill [Roll Forward]
Beginning balance	371.7
Acquisitions	0.0
Foreign currency translation adjustments and other changes	(19.4)
Ending balance	352.3
Process Industries
Goodwill [Roll Forward]
Beginning balance	651.0
Acquisitions	39.0
Foreign currency translation adjustments and other changes	(27.2)
Ending balance	$ 662.8

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Goodwill [Line Items]
Acquisitions	$ 39.0
Amortization expense for intangible assets	25.3	$ 28.2
Amortization expense for intangible assets acquired as part of a business combination	21.5	$ 24.3
Future amortization expense 2022	55.3
Future amortization expense 2023	46.6
Future amortization expense 2024	44.7
Future amortization expense 2025	42.9
Future amortization expense 2026	41.4
Spinea
Goodwill [Line Items]
Acquisitions	$ 39.0
Goodwill, expected tax deductible percent (as a percent)	100.00%

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Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Intangible assets subject to amortization:
Gross Carrying Amount	$ 1,088.3	$ 1,087.8
Accumulated Amortization	(564.9)	(550.4)
Net Carrying Amount	523.4	537.4
Intangible assets not subject to amortization:
Intangible assets not subject to amortization	124.7	131.4
Gross intangible assets (excluding goodwill)	1,213.0	1,219.2
Accumulated Amortization	(564.9)	(550.4)
Total intangible assets, net carrying amount	648.1	668.8
Trade names
Intangible assets not subject to amortization:
Intangible assets not subject to amortization	116.0	122.7
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	514.9	518.1
Accumulated Amortization	(197.7)	(189.3)
Net Carrying Amount	317.2	328.8
Intangible assets not subject to amortization:
Accumulated Amortization	(197.7)	(189.3)
Technology and know-how
Intangible assets subject to amortization:
Gross Carrying Amount	265.9	270.7
Accumulated Amortization	(92.0)	(86.6)
Net Carrying Amount	173.9	184.1
Intangible assets not subject to amortization:
Accumulated Amortization	(92.0)	(86.6)
Trade names
Intangible assets subject to amortization:
Gross Carrying Amount	20.6	14.3
Accumulated Amortization	(8.6)	(9.6)
Net Carrying Amount	12.0	4.7
Intangible assets not subject to amortization:
Accumulated Amortization	(8.6)	(9.6)
Capitalized software
Intangible assets subject to amortization:
Gross Carrying Amount	283.7	280.0
Accumulated Amortization	(264.1)	(261.3)
Net Carrying Amount	19.6	18.7
Intangible assets not subject to amortization:
Accumulated Amortization	(264.1)	(261.3)
Other
Intangible assets subject to amortization:
Gross Carrying Amount	3.2	4.7
Accumulated Amortization	(2.5)	(3.6)
Net Carrying Amount	0.7	1.1
Intangible assets not subject to amortization:
Accumulated Amortization	$ (2.5)	$ (3.6)

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Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Sales rebates	$ 56.1	$ 70.3
Freight and duties	25.5	25.5
Operating lease liabilities	24.2	26.2
Product warranty	17.2	11.7
Professional fees	12.6	10.8
Restructuring	5.5	7.0	$ 8.0
Taxes other than income and payroll taxes	19.2	16.0
Interest	14.2	10.8
Other	95.4	72.3
Total other current liabilities	$ 269.9	$ 250.6

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Financing Arrangements - Short Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Short-term debt	$ 70.3	$ 42.6
Foreign Subsidiary
Short-term Debt [Line Items]
Short-term debt	$ 70.3	$ 42.6
Line of credit stated variable interest rate, low range (as a percent)	0.50%	0.50%
Line of credit stated variable interest rate, high range (as a percent)	2.10%	2.00%

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Financing Arrangements - Narrative (Details) € in Millions			6 Months Ended
	Sep. 15, 2020 EUR (€)	Sep. 11, 2018 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 28, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 25, 2019 covenant
Short-term Debt [Line Items]
Short-term debt			$ 70,300,000			$ 42,600,000
Borrowings guarantees			43,700,000
Fair value of amount outstanding			1,745,600,000			1,422,300,000
Proceeds from long-term debt			684,500,000	$ 135,000,000.0
Foreign Subsidiary
Short-term Debt [Line Items]
Maximum borrowing capacity under line of credit			254,400,000
Short-term debt			70,300,000			42,600,000
Borrowings guarantees			200,000
Line of credit facility, remaining borrowing capacity			183,900,000
Line of Credit Accounts Receivable
Short-term Debt [Line Items]
Maximum borrowing capacity under line of credit			100,000,000
Current borrowing capacity			0
Senior Unsecured Notes - Variable Rate
Short-term Debt [Line Items]
Maximum borrowing capacity under line of credit			650,000,000
Line of credit facility, remaining borrowing capacity			641,700,000
Fair value of amount outstanding			8,300,000			9,000,000.0
Number of financial covenant | covenant							2
Senior Unsecured Notes -4.125%
Short-term Debt [Line Items]
Fair value of amount outstanding			$ 341,200,000			$ 0
Aggregate principal amount					$ 350,000,000
Debt instrument, interest rate, stated percentage (as a percent)			4.125%			4.125%
Proceeds from long-term debt | €	€ 6.5
Term Loan - Variable Rate
Short-term Debt [Line Items]
Fair value of amount outstanding			$ 316,900,000			$ 321,100,000
Proceeds from long-term debt		$ 350,000,000

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Financing Arrangements - Long Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 1,745.6	$ 1,422.3
Less: Current maturities	11.3	11.2
Long-term debt	$ 1,734.3	$ 1,411.1
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%
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 Unsecured Notes - Variable Rate
Debt Instrument [Line Items]
Total debt	$ 8.3	$ 9.0
Debt instrument, interest rate, stated percentage (as a percent)		1.09%
Term Loan - Variable Rate
Debt Instrument [Line Items]
Total debt	$ 316.9	$ 321.1
Long-term debt, percentage bearing variable interest, percentage rate (as a percent)	2.79%	1.23%
Senior Unsecured Notes - 3.875%
Debt Instrument [Line Items]
Total debt	$ 349.7	$ 349.5
Euro Senior Unsecured Notes - 2.02%
Debt Instrument [Line Items]
Total debt	157.0	170.3
Senior Unsecured Notes - 4.5%
Debt Instrument [Line Items]
Total debt	$ 397.0	$ 396.9
Debt instrument, interest rate, stated percentage (as a percent)	4.50%	4.50%
Series A Medium Term Note
Debt Instrument [Line Items]
Total debt	$ 154.7	$ 154.7
Senior Unsecured Notes -4.125%
Debt Instrument [Line Items]
Total debt	$ 341.2	$ 0.0
Debt instrument, interest rate, stated percentage (as a percent)	4.125%	4.125%
Fixed Rate Bank Loan (BEKA)
Debt Instrument [Line Items]
Total debt	$ 13.9	$ 15.8
Debt instrument, interest rate, stated percentage (as a percent)	2.15%	2.15%
Other
Debt Instrument [Line Items]
Total debt	$ 6.9	$ 5.0
Euro Member Countries, Euro | Senior Unsecured Notes - Variable Rate
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage (as a percent)	1.00%	1.00%

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Financing Arrangements - Maturities (Details) $ in Millions	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Total finance lease liabilities	$ 3.4
2022	6.3
2023	318.3
2024	360.0
2025	1.7
2026	11.5
2027	183.2
Thereafter	$ 864.6

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Contingencies - Narratives (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies	$ 5.5	$ 6.0
Standard product warranty accrual	$ 17.2	$ 11.7	$ 9.4

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Contingencies - Schedule of Product Warranty (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance, January 1	$ 11.7	$ 9.4
Expense	7.6	10.1
Payments	(2.1)	(7.8)
Ending balance	$ 17.2	$ 11.7

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Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 2,355.0	$ 2,250.1	$ 2,377.7	$ 2,225.2
Net Income	105.6	107.2	227.5	223.2
Foreign currency translation adjustments	(113.1)	23.2	(135.7)	(21.2)
Pension and other postretirement liability adjustments (net of income tax benefits)	(1.4)	(1.7)	(2.9)	(3.3)
Change in fair value of derivative financial instruments, net of reclassifications	2.2	(0.2)	4.2	2.0
Dividends	(22.9)	(22.9)	(46.4)	(46.7)
Stock-based compensation expense	8.5	6.0	15.6	12.5
Stock purchased at fair market value	(44.3)		(144.3)	(26.3)
Stock option exercise activity	0.2	11.3	1.6	25.4
Payments related to tax withholding for stock-based compensation	(0.6)	(5.7)	(8.1)	(23.5)
Ending Balance	2,289.2	2,367.3	2,289.2	2,367.3
Pension and other postretirement liability adjustment, tax benefit	$ 0.5	$ 0.5	$ 1.0	$ 1.1
Dividends (in dollars per shares)	$ 0.31	$ 0.30	$ 0.61	$ 0.59
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	795.4	761.3	786.9	740.7
Stock-based compensation expense	8.5	6.0	15.6	12.5
Stock option exercise activity	0.2	11.3	1.6	25.4
Ending Balance	804.1	778.6	804.1	778.6
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,711.1	1,429.0	1,616.4	1,339.5
Net Income	105.0	104.8	223.2	218.1
Dividends	(22.9)	(22.9)	(46.4)	(46.7)
Ending Balance	1,793.2	1,510.9	1,793.2	1,510.9
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(42.5)	(2.1)	(23.0)	41.3
Foreign currency translation adjustments	(114.2)	23.8	(134.2)	(20.2)
Pension and other postretirement liability adjustments (net of income tax benefits)	(1.4)	(1.7)	(2.9)	(3.3)
Change in fair value of derivative financial instruments, net of reclassifications	2.2	(0.2)	4.2	2.0
Ending Balance	(155.9)	19.8	(155.9)	19.8
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(233.6)	(53.4)	(126.1)	(9.3)
Stock purchased at fair market value	(44.3)		(144.3)	(26.3)
Payments related to tax withholding for stock-based compensation	(0.6)	(5.7)	(8.1)	(23.5)
Ending Balance	(278.5)	(59.1)	(278.5)	(59.1)
Non controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	83.9	74.6	82.8	72.3
Net Income	0.6	2.4	4.3	5.1
Foreign currency translation adjustments	1.1	(0.6)	(1.5)	(1.0)
Ending Balance	$ 85.6	$ 76.4	$ 85.6	$ 76.4

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Impairment and Restructuring Charges - Restructuring Charges by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Impairment charges	$ 8.8	$ 1.1	$ 8.8	$ 4.5
Severance and related benefit costs	1.1	0.1	1.4	0.6
Exit costs	0.1	0.1	0.8	0.2
Total	10.0	1.3	11.0	5.3
Mobile Industries
Restructuring Cost and Reserve [Line Items]
Impairment charges	8.8	1.0	8.8	1.1
Severance and related benefit costs	0.7	0.0	1.1	0.0
Exit costs	0.1	0.1	0.8	0.2
Total	9.6	1.1	10.7	1.3
Process Industries
Restructuring Cost and Reserve [Line Items]
Impairment charges	0.0	0.1	0.0	3.4
Severance and related benefit costs	0.4	0.1	0.3	0.6
Exit costs	0.0	0.0	0.0	0.0
Total	$ 0.4	$ 0.2	$ 0.3	$ 4.0

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Impairment and Restructuring Charges - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) employee	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) employee	Jun. 30, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Impairment charges	$ 8.8	$ 1.1	$ 8.8	$ 4.5
Impairment and restructuring charges	10.0	1.3	11.0	5.3
Severance and related benefit costs	1.1	0.1	1.4	0.6
Exit costs	0.1	0.1	0.8	0.2
Mobile Industries
Restructuring Cost and Reserve [Line Items]
Impairment charges	8.8	1.0	8.8	1.1
Impairment and restructuring charges	9.6	1.1	10.7	1.3
Severance and related benefit costs	0.7	0.0	1.1	0.0
Exit costs	0.1	0.1	0.8	0.2
Process Industries
Restructuring Cost and Reserve [Line Items]
Impairment charges	0.0	0.1	0.0	3.4
Impairment and restructuring charges	0.4	0.2	0.3	4.0
Severance and related benefit costs	0.4	0.1	0.3	0.6
Exit costs	$ 0.0	0.0	0.0	0.0
Process Industries | Indianapolis, Indiana
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs		0.3		0.6
Restructuring charges			$ 12.0
Number of employees expected to be hired | employee	130		130
Facility Closing | Mobile Industries
Restructuring Cost and Reserve [Line Items]
Impairment charges	$ 8.8
Facility Closing | Mobile Industries | Villa Carcina, Italy
Restructuring Cost and Reserve [Line Items]
Impairment charges		$ 1.0
Number of employees expected to be affected | employee			110
Severance and related benefit costs	0.4		$ 0.8
Exit costs	$ 0.4		1.0
Restructuring charges			8.3
Facility Closing | Mobile Industries | Villa Carcina, Italy | Minimum
Restructuring Cost and Reserve [Line Items]
Impairment and restructuring charges			9.0
Facility Closing | Mobile Industries | Villa Carcina, Italy | Maximum
Restructuring Cost and Reserve [Line Items]
Impairment and restructuring charges			$ 11.0
Facility Closing | Process Industries
Restructuring Cost and Reserve [Line Items]
Impairment charges				$ 3.3
Facility Closing | Process Industries | Indianapolis, Indiana
Restructuring Cost and Reserve [Line Items]
Number of employees expected to be affected | employee			240
Facility Closing | Process Industries | Indianapolis, Indiana | Minimum
Restructuring Cost and Reserve [Line Items]
Impairment and restructuring charges			$ 11.0
Facility Closing | Process Industries | Indianapolis, Indiana | Maximum
Restructuring Cost and Reserve [Line Items]
Impairment and restructuring charges			$ 14.0

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Impairment and Restructuring Charges - Consolidated Restructuring Accrual (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Beginning balance	$ 7.0	$ 8.0
Expense	2.2	4.4
Payments	(3.7)	(5.4)
Ending Balance	$ 5.5	$ 7.0

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Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Components of net periodic benefit cost (credit):
Recognition of net actuarial losses	$ 11.6	$ 3.5	$ 14.2	$ 4.4
Pension Plan
Components of net periodic benefit cost (credit):
Service cost	2.2	2.8	4.5	5.8
Interest cost	5.5	5.6	11.1	11.1
Expected return on plan assets	(7.4)	(8.7)	(15.1)	(17.3)
Amortization of prior service cost	0.4	0.4	0.7	0.7
Recognition of net actuarial losses	11.6	3.5	14.2	4.4
Net periodic benefit cost (credit)	12.3	3.6	15.4	4.7
Pension Plan | U.S. Plans
Components of net periodic benefit cost (credit):
Service cost	1.8	2.3	3.7	4.8
Interest cost	4.1	4.5	8.2	8.9
Expected return on plan assets	(5.0)	(6.1)	(10.2)	(12.2)
Amortization of prior service cost	0.3	0.3	0.6	0.6
Recognition of net actuarial losses	11.6	3.5	14.2	4.4
Net periodic benefit cost (credit)	12.8	4.5	16.5	6.5
Pension Plan | International Plans
Components of net periodic benefit cost (credit):
Service cost	0.4	0.5	0.8	1.0
Interest cost	1.4	1.1	2.9	2.2
Expected return on plan assets	(2.4)	(2.6)	(4.9)	(5.1)
Amortization of prior service cost	0.1	0.1	0.1	0.1
Recognition of net actuarial losses	0.0	0.0	0.0	0.0
Net periodic benefit cost (credit)	$ (0.5)	$ (0.9)	$ (1.1)	$ (1.8)

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Retirement Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Recognition of net actuarial losses	$ 11.6	$ 3.5	$ 14.2	$ 4.4
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Recognition of net actuarial losses	11.6	3.5	14.2	4.4
U.S. Plans | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Recognition of net actuarial losses	$ 11.6	$ 3.5	$ 14.2	$ 4.4

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Other Postretirement Benefit Plans (Details) - Postretirement Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net periodic benefit credit:
Service cost	$ 0.1	$ 0.1	$ 0.1	$ 0.1
Interest cost	0.3	0.3	0.7	0.7
Amortization of prior service credit	(2.5)	(2.5)	(5.0)	(5.0)
Net periodic benefit cost (credit)	$ (2.1)	$ (2.1)	$ (4.2)	$ (4.2)

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 2,355.0	$ 2,250.1	$ 2,377.7	$ 2,225.2
Other comprehensive (loss) income, net of tax	(112.3)	21.3	(134.4)	(22.5)
Ending Balance	2,289.2	2,367.3	2,289.2	2,367.3
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(42.5)	(2.1)	(23.0)	41.3
Other comprehensive (loss) income before reclassifications and income taxes	(109.0)	21.0	(128.2)	(22.0)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	(2.8)	(0.4)	(5.9)	(0.9)
Income tax (expense) benefit	(0.5)	0.7	(0.3)	0.4
Other comprehensive (loss) income, net of tax	(112.3)	21.3	(134.4)	(22.5)
Noncontrolling interest	(1.1)	0.6	1.5	1.0
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(113.4)	21.9	(132.9)	(21.5)
Ending Balance	(155.9)	19.8	(155.9)	19.8
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(100.3)	(62.0)	(80.3)	(18.0)
Other comprehensive (loss) income before reclassifications and income taxes	(113.1)	23.2	(135.7)	(21.2)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	0.0	0.0	0.0	0.0
Income tax (expense) benefit	0.0	0.0	0.0	0.0
Other comprehensive (loss) income, net of tax	(113.1)	23.2	(135.7)	(21.2)
Noncontrolling interest	(1.1)	0.6	1.5	1.0
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(114.2)	23.8	(134.2)	(20.2)
Ending Balance	(214.5)	(38.2)	(214.5)	(38.2)
Pension and other postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	55.1	61.8	56.6	63.4
Other comprehensive (loss) income before reclassifications and income taxes	0.2	(0.1)	0.4	(0.1)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	(2.1)	(2.1)	(4.3)	(4.3)
Income tax (expense) benefit	0.5	0.5	1.0	1.1
Other comprehensive (loss) income, net of tax	(1.4)	(1.7)	(2.9)	(3.3)
Noncontrolling interest	0.0	0.0	0.0	0.0
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	(1.4)	(1.7)	(2.9)	(3.3)
Ending Balance	53.7	60.1	53.7	60.1
Change in fair value of derivative financial instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	2.7	(1.9)	0.7	(4.1)
Other comprehensive (loss) income before reclassifications and income taxes	3.9	(2.1)	7.1	(0.7)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	(0.7)	1.7	(1.6)	3.4
Income tax (expense) benefit	(1.0)	0.2	(1.3)	(0.7)
Other comprehensive (loss) income, net of tax	2.2	(0.2)	4.2	2.0
Noncontrolling interest	0.0	0.0	0.0	0.0
Net current period other comprehensive (loss) income, net of income taxes and noncontrolling interest	2.2	(0.2)	4.2	2.0
Ending Balance	$ 4.9	$ (2.1)	$ 4.9	$ (2.1)

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Fair Value - Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets and Liabilities Measured at fair value on a recurring basis
Cash and cash equivalents	$ 22.0
Restricted cash	0.7	$ 0.8
Fair Value, Recurring
Assets and Liabilities Measured at fair value on a recurring basis
Cash and cash equivalents	283.3	257.1
Restricted cash	0.7	0.8
Short-term investments	30.6	56.9
Interest rate swap contract	3.3
Foreign currency forward contracts	3.4	5.6
Total assets	343.3	320.4
Foreign currency forward contracts	2.5	1.0
Total liabilities	2.5	1.0
Fair Value, Recurring | Level 1
Assets and Liabilities Measured at fair value on a recurring basis
Cash and cash equivalents	281.5	244.8
Restricted cash	0.7	0.8
Short-term investments	0.0	0.0
Interest rate swap contract	0.0
Foreign currency forward contracts	0.0	0.0
Total assets	282.2	245.6
Foreign currency forward contracts	0.0	0.0
Total liabilities	0.0	0.0
Fair Value, Recurring | Level 2
Assets and Liabilities Measured at fair value on a recurring basis
Cash and cash equivalents	1.8	12.3
Restricted cash	0.0	0.0
Short-term investments	30.6	56.9
Interest rate swap contract	3.3
Foreign currency forward contracts	3.4	5.6
Total assets	39.1	74.8
Foreign currency forward contracts	2.5	1.0
Total liabilities	2.5	1.0
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
Interest rate swap contract	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

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Fair Value - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Property, plant and equipment, carrying value	$ 1,096.1	$ 1,096.1		$ 1,055.3
Impairment charges		8.8	$ 4.5
Long-term fixed-rate debt, fair value	1,386.6	1,386.6		1,171.1
Long-term fixed-rate debt, carrying value	1,414.1	1,414.1		$ 1,087.5
Russia
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Property, plant and equipment, carrying value	15.9	15.9
Property, plant and equipment, fair value	7.1	$ 7.1
Impairment charges	$ 8.8

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Derivatives Instruments and Hedging Activities - Narrative (Details) € in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Sep. 15, 2020 EUR (€)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Sep. 08, 2020 USD ($)
Derivative [Line Items]
Derivative, amount of hedged item			$ 350.0				$ 100.0
Proceeds from long-term debt				$ 684.5	$ 135.0
Derivative instrument term			10 years	10 years
Derivative, notional amount		$ 434.4		$ 434.4		$ 300.8
Designated as Hedging Instrument
Derivative [Line Items]
Derivative instrument term				18 months
Derivative, notional amount		76.7		$ 76.7		80.0
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount		357.7		357.7		$ 220.8
2027 Notes
Derivative [Line Items]
Proceeds from long-term debt | €	€ 150.0
Senior Unsecured Notes -4.125%
Derivative [Line Items]
Proceeds from long-term debt | €	6.5
Net Investment Hedging
Derivative [Line Items]
Derivative, amount of hedged item | €	€ 54.5
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes		$ 3.2		$ 4.8

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Derivatives Instruments and Hedging Activities - Cash Flow Hedging Strategy (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives not designated as hedging instruments:	$ (6.0)	$ (0.9)	$ (7.0)	$ (0.7)