XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating Activities          
Net Income $ 102.0 $ 129.5 $ 212.6 $ 255.2  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 54.2 51.2 109.5 96.8  
Impairment charges     1.9 28.3  
(Gain) loss on sale of assets     (1.1) 1.2  
Gain on divestitures     0.0 (3.6)  
Deferred income tax (benefit) provision     (5.2) 2.8  
Stock-based compensation expense     11.5 17.1  
Pension and other postretirement expense     3.3 1.1  
Pension and other postretirement benefit contributions and payments     (16.1) (7.2)  
Changes in operating assets and liabilities:          
Accounts receivable     (131.2) (87.4)  
Unbilled receivables     (3.8) (17.7)  
Inventories     (20.6) 15.3  
Accounts payable, trade     13.8 (14.9)  
Other accrued expenses     (20.5) (29.1)  
Income taxes     31.7 (32.3)  
Other, net     (11.9) (3.0)  
Net Cash Provided by Operating Activities     173.9 222.6  
Investing Activities          
Capital expenditures     (81.4) (91.3)  
Acquisitions, net of cash acquired     (0.4) (324.6)  
Proceeds from disposal of property, plant and equipment     1.5 0.3  
Proceeds from divestitures, net of cash divested     0.3 4.5  
Investments in short-term marketable securities, net     20.8 (0.8)  
Other, net     (0.2) (0.1)  
Net Cash Used in Investing Activities     (59.4) (412.0)  
Financing Activities          
Cash dividends paid to shareholders     (48.4) (47.4)  
Purchase of treasury shares     (29.7) (154.5)  
Proceeds from exercise of stock options     5.4 17.2  
Payments related to tax withholding for stock-based compensation     (10.0) (15.1)  
Borrowings on accounts receivable facility     55.0 29.0  
Payments on accounts receivable facility     (122.0) (29.0)  
Proceeds from long-term debt     1,306.5 768.9  
Payments on long-term debt     (1,221.3) (643.5)  
Deferred financing costs     (5.5) 0.0  
Short-term debt activity, net     (213.1) (1.4)  
Proceeds from the sale of shares in Timken India Limited     232.3 284.8  
Other     (1.2) 0.0  
Net Cash (Used in) Provided by Financing Activities     (52.0) 209.0  
Effect of exchange rate changes on cash     (10.8) (8.0)  
Increase in Cash, Cash Equivalents and Restricted Cash     51.7 11.6  
Cash, cash equivalents and restricted cash at beginning of year     419.3 340.7 $ 340.7
Cash, Cash Equivalents and Restricted Cash at End of Period $ 471.0 $ 352.3 $ 471.0 $ 352.3 $ 419.3