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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 375.3 $ 408.0 $ 417.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 221.8 201.3 164.0
Impairment charges 3.5 33.2 38.3
(Gain) loss on sale of assets (14.4) 1.3 (1.9)
(Gain) loss on acquisitions and divestitures 0.0 (2.9) 3.5
Deferred income tax benefit (35.3) (11.6) (3.6)
Stock-based compensation expense 25.9 30.6 30.4
Pension and other postretirement expense (income) 5.3 26.5 (0.6)
Pension and other postretirement benefit contributions and payments (26.1) (29.8) (14.6)
Changes in operating assets and liabilities:      
Accounts receivable (14.2) 71.6 (73.5)
Unbilled receivables 3.3 (40.4) (26.0)
Inventories 9.6 72.0 (145.6)
Accounts payable, trade (37.1) (57.4) (10.2)
Other accrued expenses (7.1) (47.6) 91.9
Income taxes (28.2) (108.4) 16.3
Other, net (6.6) (1.2) (21.6)
Net Cash Provided by Operating Activities 475.7 545.2 463.8
Investing Activities      
Capital expenditures (170.0) (187.8) (178.4)
Acquisitions, net of cash acquired of $8.9 million in 2024; $30.0 million in 2023; and $19.4 million in 2022 (167.4) (638.8) (453.7)
Proceeds from disposals of property, plant and equipment 17.6 1.8 9.6
Proceeds from divestitures, net of cash divested of $0.7 million in 2023 and $5.3 million in 2022 0.3 13.5 33.9
Investments in short-term marketable securities, net 15.2 5.7 14.6
Other (0.3) (0.9) 0.7
Net Cash Used in Investing Activities (304.6) (806.5) (573.3)
Financing Activities      
Cash dividends paid to shareholders (96.1) (94.0) (91.7)
Purchase of treasury shares (40.5) (250.9) (211.6)
Proceeds from exercise of stock options 5.6 21.8 8.5
Payments related to tax withholding for stock-based compensation (10.0) (17.0) (10.7)
Proceeds from long-term debt 1,858.3 1,564.9 1,399.5
Payments on long-term debt (1,839.3) (1,329.0) (978.5)
Deferred financing costs (5.5) (0.5) (6.6)
Accounts receivable facility financing borrowings 366.0 104.0 297.0
Accounts receivable facility financing payments (433.0) (122.0) (212.0)
Short-term debt activity, net (230.3) 190.0 6.9
Noncontrolling interest dividends paid (1.1) (0.6) (0.5)
Proceeds from the sale of shares in Timken India Limited 232.3 284.8 0.0
Other (1.2) (4.4) 6.5
Net Cash (Used in) Provided by Financing Activities (194.8) 347.1 206.8
Effect of exchange rate changes on cash (22.0) (7.2) (14.5)
(Decrease) Increase In Cash, Cash Equivalents and Restricted Cash (45.7) 78.6 82.8
Cash, cash equivalents and restricted cash at beginning of year 419.3 340.7 257.9
Cash, Cash Equivalents and Restricted Cash at End of Year $ 373.6 $ 419.3 $ 340.7