Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TIMKEN CO | |
Entity Central Index Key | 98,362 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Public Float | $ 2,936,783,798 | |
Entity Common Stock, Shares Outstanding | 75,767,695 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 910.1 | $ 881.3 | $ 906.3 | $ 883.1 | $ 778 | $ 771.4 | $ 750.6 | $ 703.8 | $ 3,580.8 | $ 3,003.8 | $ 2,669.8 |
Cost of Goods and Services Sold | 2,540.7 | 2,191.7 | 1,963.5 | ||||||||
Gross Profit | 254.5 | 253.3 | 267.4 | 264.9 | 212.7 | 216.1 | 201.1 | 182.2 | 1,040.1 | 812.1 | 706.3 |
Selling, general and administrative expenses | 148.3 | 142 | 141.8 | 148.6 | 132.8 | 134 | 123.9 | 117.6 | 580.7 | 508.3 | 440.2 |
Impairment and restructuring charges | 1.8 | 2.6 | 0.3 | 0.2 | 0.5 | 1.3 | 0.8 | 1.7 | 4.9 | 4.3 | 21.7 |
Gain (Loss) on Disposition of Business | 0.8 | 0 | 0 | ||||||||
Operating Income | 454.5 | 299.5 | 244.4 | ||||||||
Interest expense | (51.7) | (37.1) | (33.5) | ||||||||
Interest income | 2.1 | 2.9 | 1.9 | ||||||||
Continued Dumping And Subsidy Offset Act Receipt Net Of Expenses | 0 | 0 | 59.6 | ||||||||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 6.2 | 15 | 69.9 | ||||||||
Other Nonoperating Income (Expense) | 9.4 | 9.6 | (0.9) | ||||||||
Income Before Income Taxes | 408.1 | 259.9 | 201.6 | ||||||||
Provision for income taxes | 102.6 | 57.6 | 60.5 | ||||||||
Net Income | 60.8 | 72.3 | 91.9 | 80.5 | 28.1 | 54.1 | 82 | 38.1 | 305.5 | 202.3 | 141.1 |
Less: Net income (loss) attributable to noncontrolling interest | 0.8 | 0.7 | 0.9 | 0.3 | (1.1) | 0.6 | (0.5) | (0.1) | 2.7 | (1.1) | 0.3 |
Net Income Attributable to The Timken Company | $ 60 | $ 71.6 | $ 91 | $ 80.2 | $ 29.2 | $ 53.5 | $ 82.5 | $ 38.2 | $ 302.8 | $ 203.4 | 140.8 |
Income (Loss) from Continuing Operations Attributable to Parent | $ 140.8 | ||||||||||
Net Income per Common Share Attributable to The Timken Company Common Shareholders | |||||||||||
Earnings Per Share, Basic | $ 0.78 | $ 0.93 | $ 1.18 | $ 1.03 | $ 0.38 | $ 0.69 | $ 1.06 | $ 0.49 | $ 3.93 | $ 2.62 | $ 1.79 |
Earnings Per Share, Diluted | 0.77 | 0.91 | 1.16 | 1.02 | 0.37 | 0.68 | 1.04 | 0.48 | 3.86 | 2.58 | 1.78 |
Dividends per share (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.26 | $ 1.11 | $ 1.07 | $ 1.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 305.5 | $ 202.3 | $ 141.1 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (67.4) | 47.1 | (22.8) |
Pension and postretirement liability adjustment | 0.4 | (1.8) | 1.1 |
Change in fair value of derivative financial instruments | 3.8 | (3.3) | 0.1 |
Other comprehensive (loss) income, net of tax | (63.2) | 42 | (21.6) |
Comprehensive Income, net of tax | 242.3 | 244.3 | 119.5 |
Less: comprehensive (loss) income attributable to noncontrolling interest | (4.2) | 1.3 | 2 |
Comprehensive Income Attributable to The Timken Company | $ 246.5 | $ 243 | $ 117.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 132.5 | $ 121.6 |
Restricted cash | 0.6 | 3.8 |
Accounts receivable, less allowances (2018 - $21.9 million; 2017 - $20.3 million) | 546.6 | 524.9 |
Contract with Customer, Asset, Net | 116.6 | 0 |
Inventories, net | 835.7 | 738.9 |
Deferred charges and prepaid expenses | 28.2 | 29.7 |
Other current assets | 77 | 81.2 |
Total Current Assets | 1,737.2 | 1,500.1 |
Property, Plant and Equipment, Net | 912.1 | 864.2 |
Other Assets | ||
Goodwill | 960.5 | 511.8 |
Intangible Assets, Net (Excluding Goodwill) | 733.2 | 420.6 |
Non-current pension assets | 6.2 | 19.7 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 59 | 61 |
Other non-current assets | 37 | 25 |
Total Other Assets | 1,795.9 | 1,038.1 |
Total Assets | 4,445.2 | 3,402.4 |
Current Liabilities | ||
Short-term debt | 33.6 | 105.4 |
Long-term Debt, Current Maturities | 9.4 | 2.7 |
Accounts payable, trade | 273.2 | 265.2 |
Salaries, wages and benefits | 174.9 | 127.9 |
Income taxes payable | 23.5 | 9.8 |
Other current liabilities | 171 | 160.7 |
Total Current Liabilities | 685.6 | 671.7 |
Non-Current Liabilities | ||
Long-term debt | 1,638.6 | 854.2 |
Accrued pension cost | 161.3 | 167.3 |
Accrued postretirement benefits cost | 108.7 | 122.6 |
Deferred income taxes | 138 | 44 |
Other non-current liabilities | 70.3 | 67.7 |
Total Non-Current Liabilities | 2,116.9 | 1,255.8 |
Shareholders’ Equity | ||
Class I and II Serial Preferred Stock without par value: Authorized – 10,000,000 shares each class, none issued | 0 | 0 |
Common Stock, Value, Outstanding | 53.1 | 53.1 |
Other paid-in capital | 951.9 | 903.8 |
Earnings invested in the business | 1,630.2 | 1,408.4 |
Accumulated other comprehensive loss | (95.3) | (38.3) |
Treasury shares at cost (2018 - 22,421,213; 2017 - 20,672,133 shares) | (960.3) | (884.3) |
Total Shareholders’ Equity | 1,579.6 | 1,442.7 |
Noncontrolling interest | 63.1 | 32.2 |
Total Equity | 1,642.7 | 1,474.9 |
Total Liabilities and Equity | $ 4,445.2 | $ 3,402.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 21.9 | $ 20.3 |
Preferred stock, no par value (Class I & Class II Preferred stock) | $ 0 | $ 0 |
Preferred stock, shares authorized (Class I & Class II Preferred stock) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (Class I & Class II Preferred stock) | 0 | 0 |
Common stock, no par value | $ 0 | $ 0 |
Company common stock shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 98,375,135 | 98,375,135 |
Treasury shares | 22,421,213 | 20,672,133 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Operating Activities | |||
Net income attributable to The Timken Company | $ 302.8 | $ 203.4 | $ 140.8 |
Net income (loss)attributable to noncontrolling interest | 2.7 | (1.1) | 0.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 146 | 137.7 | 131.7 |
Impairment charges | (1.3) | (0.1) | (3.9) |
Loss (gain) on sale of assets | 0.3 | (2.1) | 1.6 |
Gain (Loss) on Disposition of Business | 0.8 | 0 | 0 |
Deferred income tax benefit | 21.4 | 0.4 | 15 |
Stock-based compensation expense | 32.3 | 24.7 | 14.1 |
Pension and other postretirement expense | (20.7) | (28.9) | (84) |
Pension contributions and other postretirement benefit contributions | (18.7) | (23.9) | (24.7) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (66.4) | (42.3) | 20.3 |
Increase (Decrease) in Unbilled Receivables | (21.8) | 0 | 0 |
Inventories | (87.1) | (132.1) | 10.1 |
Accounts payable, trade | (20.2) | 70.7 | 12.2 |
Other accrued expenses | 32.2 | 36.3 | (2.8) |
Income taxes | 1.9 | (36.2) | 23.5 |
Other, net | 27.1 | (26.9) | 3.9 |
Net Cash Provided by Operating Activities | 332.5 | 236.8 | 403.9 |
Investing Activities | |||
Capital expenditures | (112.6) | (104.7) | (137.5) |
Acquisitions, net of cash acquired of $30.1 million in 2018, $35.4 million in 2017 and $2.5 million in 2016 | (765.4) | (346.8) | (72.6) |
Proceeds from disposals of property, plant and equipment | (1.5) | (7.1) | (1.5) |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 14 | 0 | 0 |
Payments to Acquire Marketable Securities | (2.8) | (3.6) | (2.6) |
Other | 0.1 | (0.7) | 0.2 |
Net Cash Used in Investing Activities | (865.2) | (448.7) | (211) |
Financing Activities | |||
Cash dividends paid to shareholders | (85.7) | (83.3) | (81.6) |
Purchase of treasury shares | (98.5) | (43.4) | (101) |
Proceeds from exercise of stock options | 12.8 | 32.9 | 4.3 |
Payments Related to Tax Withholding for Share-based Compensation | (5.4) | (11.4) | (1.9) |
Proceeds from long-term debt | 1,391.1 | 927.8 | 340.5 |
Repayments of Long-term Debt | 663.8 | 684.5 | 345.3 |
Deferred financing costs | (1.2) | (1.2) | 0 |
Proceeds from Accounts Receivable Securitization | 152 | 56.7 | 50 |
Repayments of Accounts Receivable Securitization | (139.9) | (42.7) | (50.1) |
Short-term debt activity, net | (6.7) | 19.9 | 7.2 |
Other | 1.6 | 2.6 | (9.1) |
Net Cash Provided by (Used in) Financing Activities | 553.1 | 168.2 | (168.8) |
Effect of exchange rate changes on cash | (12.7) | 17.6 | (2.4) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 7.7 | (26.1) | 21.7 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 133.1 | $ 125.4 | $ 151.5 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | |||
Amount of Cash Acquired | $ 30.1 | $ 35 | $ 2.5 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Other Paid-In Capital | Earnings Invested in the Business | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Retained Earnings, Unappropriated [Member] | Noncontrolling Interest | Holme Service Limited [Member] | Holme Service Limited [Member]Noncontrolling Interest |
Common Stock, Value, Outstanding | $ 53.1 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Additional Paid in Capital, Common Stock | 905.1 | ||||||||
Retained Earnings (Accumulated Deficit) | 1,230.1 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (54.6) | ||||||||
Treasury Stock, Value | (804.3) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 20.2 | ||||||||
Beginning Balance at Dec. 31, 2015 | 1,349.6 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 141.1 | $ 140.8 | $ 0.3 | ||||||
Foreign currency translation adjustments | (22.8) | $ (24.5) | 1.7 | ||||||
Pension and postretirement liability adjustment (net of income tax of $6.2 million, $13.1 million and $1.1 million for 2015, 2016 and 2017, respectively) | 1.1 | 1.1 | |||||||
Change in fair value of derivative financial instruments, net of reclassifications | 0.1 | 0.1 | |||||||
Payments to Acquire Interest in Joint Venture | 9.7 | $ 9.3 | $ 9.3 | ||||||
Dividends declared to noncontrolling interest | (0.3) | (0.3) | |||||||
Dividends - $1.03, $1.04 and $1.07 per share for 2015, 2016 and 2017, respectively | (81.6) | $ (81.6) | |||||||
Tax shortfall from stock compensation | (1.1) | $ 1.1 | |||||||
Stock-based compensation expense | 14.1 | 14.1 | |||||||
Payments for Repurchase of Common Stock | 101 | $ 101 | |||||||
Stock option exercise activity | 4.3 | 2.5 | 6.8 | ||||||
Restricted share activity | 0 | 8.7 | (8.7) | ||||||
Ending Balance at Dec. 31, 2016 | 1,310.9 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Payments Related to Tax Withholding for Share-based Compensation | (1.9) | (1.9) | |||||||
Common Stock, Value, Outstanding | 53.1 | ||||||||
Additional Paid in Capital, Common Stock | 906.9 | ||||||||
Retained Earnings (Accumulated Deficit) | 1,289.3 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (77.9) | ||||||||
Treasury Stock, Value | (891.7) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 31.2 | ||||||||
Net income | 202.3 | 203.4 | (1.1) | ||||||
Foreign currency translation adjustments | 47.1 | 44.7 | 2.4 | ||||||
Pension and postretirement liability adjustment (net of income tax of $6.2 million, $13.1 million and $1.1 million for 2015, 2016 and 2017, respectively) | (1.8) | (1.8) | |||||||
Change in fair value of derivative financial instruments, net of reclassifications | (3.3) | (3.3) | |||||||
Dividends declared to noncontrolling interest | (0.3) | (0.3) | |||||||
Dividends - $1.03, $1.04 and $1.07 per share for 2015, 2016 and 2017, respectively | (83.3) | (83.3) | |||||||
Stock-based compensation expense | 24.7 | 24.7 | |||||||
Payments for Repurchase of Common Stock | 43.4 | 43.4 | |||||||
Stock option exercise activity | 32.9 | 10.7 | 43.6 | ||||||
Restricted share activity | 0 | 18.6 | (18.6) | ||||||
Ending Balance at Dec. 31, 2017 | 1,474.9 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Payments Related to Tax Withholding for Share-based Compensation | (11.4) | (11.4) | |||||||
Common Stock, Value, Outstanding | 53.1 | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-09 [Member] | 0.5 | 1.5 | (1) | ||||||
Additional Paid in Capital, Common Stock | 903.8 | ||||||||
Retained Earnings (Accumulated Deficit) | 1,408.4 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (38.3) | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accounting Standard Update 2018-02 [Member] | (39) | ||||||||
Treasury Stock, Value | (884.3) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 32.2 | ||||||||
Net income | 305.5 | $ 302.8 | 2.7 | ||||||
Foreign currency translation adjustments | (67.4) | (6.9) | |||||||
Pension and postretirement liability adjustment (net of income tax of $6.2 million, $13.1 million and $1.1 million for 2015, 2016 and 2017, respectively) | 0.4 | 0.4 | |||||||
Change in fair value of derivative financial instruments, net of reclassifications | 3.8 | $ 3.8 | |||||||
Dividends - $1.03, $1.04 and $1.07 per share for 2015, 2016 and 2017, respectively | (85.7) | (85.7) | |||||||
Stock-based compensation expense | 32.3 | 32.3 | |||||||
Payments for Repurchase of Common Stock | 98.5 | 98.5 | |||||||
Stock option exercise activity | 12.8 | 3.8 | 16.6 | ||||||
Restricted share activity | 0 | 11.3 | (11.3) | ||||||
Ending Balance at Dec. 31, 2018 | 1,642.7 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Payments Related to Tax Withholding for Share-based Compensation | (5.4) | $ (5.4) | |||||||
Common Stock, Value, Outstanding | 53.1 | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2014-09 [Member] | 4 | $ 4 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 66 | $ 30.9 | $ 35.1 | ||||||
Additional Paid in Capital, Common Stock | 951.9 | ||||||||
Retained Earnings (Accumulated Deficit) | 1,630.2 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (95.3) | ||||||||
Treasury Stock, Value | (960.3) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 63.1 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension and postretirement liability adjustment, Tax | $ 0.5 | $ 1.1 | $ 13.1 |
Dividend per share | $ 1.11 | $ 1.07 | $ 1.04 |
Investment in Joint Venture Inv
Investment in Joint Venture Investment in Joint Venture | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 3 - Investment in Joint Venture On March 6, 2014, Timken Lux Holdings II S.á r.l, a subsidiary of the Company, entered into a joint venture agreement with Holme Services Limited ("joint venture partner"). During 2015, the Company and its joint venture partner established TUBC Limited, a Cyprus entity, for the purpose of producing bearings to serve the rail market sector in Russia. The Company and its joint venture partner have a 51% controlling interest and 49% controlling interest, respectively, in TUBC Limited. During 2016 , the Company and its joint venture partner amended and restated the joint venture agreement and contributed $9.7 million and $9.3 million , respectively, to TUBC Limited. No additional contributions were made during 2017 or 2018. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
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 years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Numerator: Net income attributable to The Timken Company $ 302.8 $ 203.4 $ 140.8 Less: undistributed earnings allocated to nonvested stock — — — Net income available to common shareholders for basic and diluted earnings per share $ 302.8 $ 203.4 $ 140.8 Denominator: Weighted average number of shares outstanding - basic 77,119,602 77,736,398 78,516,029 Effect of dilutive securities: Stock options and awards - based on the treasury stock method 1,217,879 1,174,751 718,295 Weighted average number of shares outstanding, assuming dilution of stock options and awards 78,337,481 78,911,149 79,234,324 Basic earnings per share $ 3.93 $ 2.62 $ 1.79 Diluted earnings per share $ 3.86 $ 2.58 $ 1.78 The exercise prices for certain stock options that the Company has awarded exceed the average market price of the Company’s common shares. Such stock options are antidilutive and were not included in the computation of diluted earnings per share. The antidilutive stock options outstanding were 1,139,146 , 512,657 and 2,826,733 during 2018 , 2017 and 2016 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (loss) [Abstract] | |
Accumulated Other Comprehensive Income Components Reclassification [Text Block] | The following tables present details about components of accumulated other comprehensive income (loss) for the years ended December 31, 2018 and December 31, 2017 , respectively: Foreign currency translation adjustments Pension and postretirement liability adjustments Change in fair value of derivative financial instruments Total Balance at December 31, 2017 $ (35.1 ) $ (0.3 ) $ (2.9 ) $ (38.3 ) Cumulative effect of ASU 2018-02 — (0.1 ) (0.6 ) (0.7 ) Balance at January 1, 2018 (35.1 ) (0.4 ) (3.5 ) (39.0 ) Other comprehensive (loss) income before reclassifications and income taxes (67.4 ) 0.9 6.4 (60.1 ) Amounts reclassified from accumulated other comprehensive (loss) income, before income tax — — (1.3 ) (1.3 ) Income tax expense — (0.5 ) (1.3 ) (1.8 ) Net current period other comprehensive (loss) income, net of income taxes (67.4 ) 0.4 3.8 (63.2 ) Noncontrolling interest 6.9 — — 6.9 Net current period comprehensive (loss) income, net of income taxes, noncontrolling interest and cumulative effect of accounting change (60.5 ) 0.3 3.2 (57.0 ) Balance at December 31, 2018 $ (95.6 ) $ — $ 0.3 $ (95.3 ) Foreign currency translation adjustments Pension and postretirement liability adjustments Change in fair value of derivative financial instruments Total Balance at December 31, 2016 $ (79.8 ) $ 1.5 $ 0.4 $ (77.9 ) Other comprehensive income (loss) before reclassifications and income taxes 47.1 (4.0 ) (7.1 ) 36.0 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — 1.1 1.8 2.9 Income tax benefit — 1.1 2.0 3.1 Net current period other comprehensive income (loss), net of income taxes 47.1 (1.8 ) (3.3 ) 42.0 Noncontrolling interest (2.4 ) — — (2.4 ) Net current period comprehensive income (loss), net of income taxes and noncontrolling interest 44.7 (1.8 ) (3.3 ) 39.6 Balance at December 31, 2017 $ (35.1 ) $ (0.3 ) $ (2.9 ) $ (38.3 ) |
Other Income and Other Expense Disclosure [Text Block] | The following tables present details about components of accumulated other comprehensive income (loss) for the years ended December 31, 2018 and December 31, 2017 , respectively: Foreign currency translation adjustments Pension and postretirement liability adjustments Change in fair value of derivative financial instruments Total Balance at December 31, 2017 $ (35.1 ) $ (0.3 ) $ (2.9 ) $ (38.3 ) Cumulative effect of ASU 2018-02 — (0.1 ) (0.6 ) (0.7 ) Balance at January 1, 2018 (35.1 ) (0.4 ) (3.5 ) (39.0 ) Other comprehensive (loss) income before reclassifications and income taxes (67.4 ) 0.9 6.4 (60.1 ) Amounts reclassified from accumulated other comprehensive (loss) income, before income tax — — (1.3 ) (1.3 ) Income tax expense — (0.5 ) (1.3 ) (1.8 ) Net current period other comprehensive (loss) income, net of income taxes (67.4 ) 0.4 3.8 (63.2 ) Noncontrolling interest 6.9 — — 6.9 Net current period comprehensive (loss) income, net of income taxes, noncontrolling interest and cumulative effect of accounting change (60.5 ) 0.3 3.2 (57.0 ) Balance at December 31, 2018 $ (95.6 ) $ — $ 0.3 $ (95.3 ) Foreign currency translation adjustments Pension and postretirement liability adjustments Change in fair value of derivative financial instruments Total Balance at December 31, 2016 $ (79.8 ) $ 1.5 $ 0.4 $ (77.9 ) Other comprehensive income (loss) before reclassifications and income taxes 47.1 (4.0 ) (7.1 ) 36.0 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — 1.1 1.8 2.9 Income tax benefit — 1.1 2.0 3.1 Net current period other comprehensive income (loss), net of income taxes 47.1 (1.8 ) (3.3 ) 42.0 Noncontrolling interest (2.4 ) — — (2.4 ) Net current period comprehensive income (loss), net of income taxes and noncontrolling interest 44.7 (1.8 ) (3.3 ) 39.6 Balance at December 31, 2017 $ (35.1 ) $ (0.3 ) $ (2.9 ) $ (38.3 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory [Abstract] | |
Inventory Disclosure [Text Block] | The components of inventories at December 31, 2018 and 2017 were as follows: 2018 2017 Manufacturing supplies $ 32.4 $ 29.0 Raw materials 102.4 90.4 Work in process 287.7 245.2 Finished products 452.7 404.3 Subtotal $ 875.2 $ 768.9 Allowance for surplus and obsolete inventory (39.5 ) (30.0 ) Total Inventories, net $ 835.7 $ 738.9 Inventories at December 31, 2018 valued on the FIFO cost method were 56% and the remaining 44% were valued by the LIFO method. If all inventories had been valued at FIFO, inventories would have been $173.9 million and $167.6 million greater at December 31, 2018 and 2017 , respectively. The Company recognized an increase in its LIFO reserve of $6.2 million during 2018 , compared to a decrease in its LIFO reserve of $11.9 million during 2017 . The impacts of LIFO liquidations in 2018 were immaterial. The decrease in the LIFO reserve in 2017 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 7 - Property, Plant and Equipment The components of property, plant and equipment, net at December 31, 2018 and 2017 were as follows: 2018 2017 Land and buildings $ 484.1 $ 483.0 Machinery and equipment 2,002.4 1,922.6 Subtotal $ 2,486.5 $ 2,405.6 Less: accumulated depreciation (1,574.4 ) (1,541.4 ) Property, Plant and Equipment, net $ 912.1 $ 864.2 Total depreciation expense was $99.2 million , $97.7 million and $95.5 million in 2018 , 2017 and 2016 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8 - Goodwill and Other Intangible Assets Goodwill: The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually, performing its annual impairment test as of October 1st. Furthermore, goodwill and indefinite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company reviews goodwill for impairment at the reporting unit level. The Mobile Industries segment has four reporting units and the Process Industries segment has two reporting units. Changes in the carrying value of goodwill were as follows: Year ended December 31, 2018 : Mobile Industries Process Industries Total Beginning Balance $ 254.3 $ 257.5 $ 511.8 Acquisitions 108.4 356.6 465.0 Divestiture (5.1 ) — (5.1 ) Foreign currency translation adjustments and other changes (7.9 ) (3.3 ) (11.2 ) Ending Balance $ 349.7 $ 610.8 $ 960.5 The $465.0 million addition from acquisitions resulted primarily from the acquisitions of Rollon, Cone Drive and ABC Bearings, partially offset by measurement period adjustments of $3.2 million recorded in 2018 for 2017 acquisitions. In addition, goodwill was reduced by $5.1 million as a result of the divestiture of the ICT Business. The Company does not expect the goodwill from the Rollon and Cone Drive acquisitions to be tax deductible, but is still evaluating the tax deductibility of goodwill from the ABC Bearings acquisition. Refer to Note 2 - Acquisitions and Divestitures for further information. Year ended December 31, 2017 : Mobile Industries Process Industries Total Beginning Balance $ 97.2 $ 260.3 $ 357.5 Acquisitions 150.8 (1.1 ) 149.7 Other 6.3 (1.7 ) 4.6 Ending Balance $ 254.3 $ 257.5 $ 511.8 The Groeneveld, PT Tech and Torsion Control Products acquisitions added a total of $150.8 million of goodwill to the Mobile Industries segment. The $14.1 million of goodwill acquired through the PT Tech and Torsion Control Products acquisitions is expected to be tax deductible over 15 years . The $136.7 million of goodwill acquired through the Groeneveld acquisition is not expected to be tax deductible. The Company paid a net purchase price adjustment of $0.6 million in January 2017 in connection with the acquisition of EDT, which resulted in an increase to goodwill. The Company also adjusted its purchase price allocation for the Lovejoy acquisition in 2017, which resulted in a $1.7 million reduction to goodwill. No goodwill impairment losses were recorded in 2018 or 2017 . Intangible Assets: The following table displays intangible assets as of December 31, 2018 and 2017 : 2018 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject Customer relationships $ 481.5 $ 99.8 $ 381.7 $ 324.6 $ 103.0 $ 221.6 Technology and know-how 245.0 40.4 204.6 128.7 33.8 94.9 Trade names 11.3 4.8 6.5 8.6 4.3 4.3 Capitalized Software 266.4 236.5 29.9 261.5 226.5 35.0 Other 40.8 35.2 5.6 10.3 6.2 4.1 $ 1,045.0 $ 416.7 $ 628.3 $ 733.7 $ 373.8 $ 359.9 Intangible assets not Trade names $ 96.2 $ 96.2 $ 52.0 $ 52.0 FAA air agency certificates 8.7 8.7 8.7 8.7 $ 104.9 $ 104.9 $ 60.7 $ 60.7 Total intangible assets $ 1,149.9 $ 416.7 $ 733.2 $ 794.4 $ 373.8 $ 420.6 Intangible assets acquired in 2018 totaled $372.6 million from the Rollon, Cone Drive and ABC Bearings acquisitions. Intangible assets subject to amortization were assigned useful lives of three to 20 years and had a weighted-average amortization period of 17.2 years . Intangible assets acquired in 2017 totaled $173.6 million from the acquisitions of Groeneveld, PT Tech and Torsion Control Products. Intangible assets subject to amortization acquired in 2017 were assigned useful lives of two to 20 years and had a weighted-average amortization period of 16.8 years . Amortization expense for intangible assets was $46.8 million , $ 40.0 million and $ 36.2 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Amortization expense for intangible assets is estimated to be approximately $ 55.1 million in 2019 , $ 50.4 million in 2020 , $ 46.4 million in 2021 , $ 41.9 million in 2022 , and $ 39.3 million in 2023 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Note 9 - Financing Arrangements Short-term debt as of December 31, 2018 and 2017 was as follows: 2018 2017 Variable-rate Accounts Receivable Facility with an interest rate of 2.15% at December 31, 2017 $ — $ 62.9 Borrowings under variable-rate lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 0.29% to 1.00% at December 31, 2018 and 0.32% to 2.22% at December 31, 2017 33.6 42.5 Short-term debt $ 33.6 $ 105.4 On September 28, 2018, the Company extended the maturity date of its $100 million Accounts Receivable Facility to November 30, 2021 . 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 are limited to certain borrowing base limitations however, the Accounts Receivable Facility was not reduced by any such borrowing base limitations at December 31, 2018 . As of December 31, 2018 , there were outstanding borrowings of $75.0 million under the Accounts Receivable Facility, which reduced the availability under this facility to $25.0 million . 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. The outstanding balance under the Accounts Receivable Facility was classified as short-term or long-term in accordance with the terms of the agreement. The Accounts Receivable Facility was reclassified from short-term debt to long-term debt due to the renewal of this facility for a period of three years. The yield rate was 3.22% , 2.15% and 1.65% , at December 31, 2018 , 2017 and 2016 , respectively. The lines of credit for certain of the Company’s foreign subsidiaries provide for short-term borrowings up to $273.4 million in the aggregate. Most of these lines of credit are uncommitted. At December 31, 2018 , the Company’s foreign subsidiaries had borrowings outstanding of $ 33.6 million and guarantees of $ 0.4 million , which reduced the aggregate availability under these facilities to $ 239.4 million . The weighted-average interest rate on these lines of credit during the year were 0.6% , 0.7% and 0.7% in 2018 , 2017 and 2016 , respectively. The weighted-average interest rate on lines of credit outstanding at December 31, 2018 and 2017 was 0.32% and 0.41% , respectively. The decrease in the weighted-average interest rate was primarily due to a decrease in borrowing rates in Europe. Long-term debt as of December 31, 2018 and 2017 was as follows: 2018 2017 Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 3.40% and Euro of 1.10% at December 31, 2018 and 2.40% and 1.10%, respectively, at December 31, 2017 $ 43.9 $ 52.0 Variable-rate Euro Term Loan (1) with an interest rate of 1.13% at December 31, 2018 and December 31, 2017 107.1 119.7 Variable-rate Accounts Receivable Facility with an interest rate of 3.22% at December 31, 2018 75.0 — Variable-rate Term Loan (1) with an interest rate of 3.77% at December 31, 2018 347.1 — Fixed-rate Senior Unsecured Notes (1) , maturing on September 1, 2024, with an interest rate of 3.875% 347.7 346.9 Fixed-rate Euro Senior Unsecured Notes (1) , maturing on September 7, 2027, with an interest rate of 2.02% 171.4 179.3 Fixed-rate Senior Unsecured Notes (1) , maturing on December 15, 2028, with an interest rate of 4.50% 395.8 — 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% 154.6 154.5 Other 5.4 4.5 Total debt $ 1,648.0 $ 856.9 Less current maturities 9.4 2.7 Long-term debt $ 1,638.6 $ 854.2 (1) Net of discount and fees The Company has a $500 million Senior Credit Facility, which matures on June 19, 2020 . At December 31, 2018 , the Company had $ 43.9 million of outstanding borrowings under the Senior Credit Facility, which reduced the availability under this facility to $456.1 million . The Senior Credit Facility has two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio. At December 31, 2018 , the Company was in full compliance with both of these covenants. On September 6, 2018 , the Company issued $400 million aggregate principal amount of fixed-rate 4.50% senior unsecured notes, the 2028 Notes. On September 11, 2018 , the Company entered into the $350 million variable-rate term loan, the 2023 Term Loan. Proceeds from the 2028 Notes and the 2023 Term Loan were used to fund the acquisitions of Cone Drive and Rollon, which closed on September 1, 2018 and September 18, 2018 , respectively. On September 7, 2017 , the Company issued €150 million aggregate principal amount of fixed-rate 2.02% senior unsecured notes, the 2027 Notes. On September 18, 2017 , the Company entered into the €100 million variable-rate term loan, the 2020 Term Loan. On June 14, 2018, the Company repaid €6.5 million under the 2020 Term Loan, reducing the principal balance to €93.5 million as of December 31, 2018 . Proceeds from the 2027 Notes and 2020 Term Loan were used to repay amounts drawn from the Senior Credit Facility to fund the Groeneveld acquisition, which closed on July 3, 2017 . Refer to Note 2 - Acquisitions and Divestitures for additional information. All of these debt instruments, except the 2028 Notes, have two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio. These covenants are similar to those in the Senior Credit Facility. At December 31, 2018 , the Company was in full compliance with both of these covenants. The 2028 Notes have no specific financial covenants. The maturities of long-term debt and capital leases for the five years subsequent to December 31, 2018 are as follows: Year 2019 $ 9.4 2020 152.5 2021 77.7 2022 0.5 2023 338.4 Thereafter 1,069.5 Interest paid was $42.5 million in 2018 , $31.5 million in 2017 and $30.1 million in 2016 . This differs from interest expense due to the timing of payments and interest capitalized of $0.4 million in 2018 , $0.7 million in 2017 and $1.1 million in 2016 . The Company and its subsidiaries lease a variety of real property and equipment. Rent expense under operating leases amounted to $35.7 million , $35.2 million and $30.0 million in 2018 , 2017 and 2016 , respectively. Future minimum lease payments for noncancelable operating leases at December 31, 2018 are as follows: Year 2019 $ 36.1 2020 27.1 2021 16.9 2022 11.1 2023 6.1 Thereafter 17.5 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 10 - 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 ("CERCLA"), 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 have been settled or dismissed. The Company had total environmental accruals of $5.5 million and $ 5.0 million for various known environmental matters that are probable and reasonably estimable as of December 31, 2018 and 2017 , respectively, which includes the Lovejoy matter discussed 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. In addition, the Company is subject to various lawsuits, claims and proceedings, which arise in the ordinary course of its business. The Company accrues costs associated with legal and non-income tax matters when they become probable and reasonably estimable. Accruals are established based on the estimated undiscounted cash flows to settle the obligations and are not reduced by any potential recoveries from insurance or other indemnification claims. Management believes that any ultimate liability with respect to these actions, in excess of amounts provided, will not materially affect the Company’s Consolidated Financial Statements. In October 2014, the Brazilian government antitrust agency announced that it had opened an investigation of alleged antitrust violations in the bearing industry. The Company’s Brazilian subsidiary, Timken do Brasil Comercial Importadora Ltda, was included in the investigation. While the Company is unable to predict the ultimate length, scope or results of the investigation, management believes that the outcome will not have a material effect on the Company’s consolidated financial position. However, any such outcome may be material to the results of operations of any particular period in which costs, if any, are recognized. Based on current facts and circumstances, the low end of the range for potential penalties, if any, would be immaterial to the Company. Product Warranties: In addition to the contingencies above, the Company provides limited warranties on certain products. The product warranty liability included in "Other current liabilities" on the Consolidated Balance Sheets for 2018 and 2017 was $7.1 million and $5.8 million |
Impairment and Restructuring Ch
Impairment and Restructuring Charges | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Impairment and Restructuring Charges | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Note - Impairment and Restructuring Charges</font><font style="font-family:Arial;font-size:10pt;font-style:italic;"> </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Impairment and restructuring charges by segment were as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Year ended </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:Arial;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:51%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Mobile</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Industries</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Process</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Industries</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Corporate</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Impairment charges</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Severance expense and related benefit costs</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">1.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">2.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exit costs</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">1.4</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.2</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">1.5</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">3.1</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Year ended </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:51%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Mobile</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Industries</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Process</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Industries</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Corporate</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Impairment charges</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Severance expense and related benefit costs</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">3.3</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">3.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exit costs</font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">3.5</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.2</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.6</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;border-top:1px |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plans | Note 11 - Stock Compensation Plans Under its long-term incentive plan, the Company’s common shares have been made available for grant, at the discretion of the Compensation Committee of the Board of Directors, to officers and key employees in the form of stock option awards. Stock option awards typically have a ten-year term and generally vest in 25% increments annually beginning on the first anniversary of the date of grant. During 2018 , 2017 and 2016 , the Company recognized stock-based compensation expense of $4.8 million ( $3.7 million after tax or $0.05 per diluted share), $5.2 million ( $3.2 million after tax or $0.04 per diluted share) and $5.9 million ( $3.7 million after tax or $0.05 per diluted share), respectively, for stock option awards. The fair value of stock option awards granted was estimated at the date of grant using a Black-Scholes option-pricing method with the following assumptions: 2018 2017 2016 Weighted-average fair value per option $ 10.29 $ 10.60 $ 6.49 Risk-free interest rate 2.62 % 1.96 % 1.22 % Dividend yield 2.30 % 2.96 % 3.04 % Expected stock volatility 27.78 % 32.25 % 34.12 % Expected life - years 5 5 5 Historical information was the primary basis for the selection of the expected dividend yield, expected volatility and the expected lives of the options. The dividend yield was calculated based upon the last dividend prior to the grant compared to the trailing 12 months' daily stock prices. The risk-free interest rate was based upon yields of U.S. zero coupon issues with a term equal to the expected life of the option being valued. A summary of stock option award activity for the year ended December 31, 2018 is presented below: Number of Shares Weighted-average Weighted-average Aggregate Intrinsic Value (millions) Outstanding - beginning of year 3,151,121 $ 36.65 Granted - new awards 481,520 44.65 Exercised (394,751 ) 33.50 Canceled or expired (47,940 ) 39.66 Outstanding - end of year 3,189,950 $ 38.21 6 years $ 19.3 Options expected to vest 3,189,950 $ 38.21 6 years $ 19.3 Options exercisable 1,992,857 $ 37.15 5 years $ 5.3 The total intrinsic value of stock option awards exercised during the years ended December 31, 2018 , 2017 and 2016 was $6.7 million , $14.7 million and $1.7 million , respectively. Net cash proceeds from the exercise of stock option awards were $12.8 million , $32.9 million and $4.3 million , respectively. In addition to stock option awards, the Company has granted performance-based restricted stock units, time-based restricted stock units, deferred shares and restricted shares under its long-term incentive plan. A summary of those awards granted in 2018 is presented below: Expected to Settled in Equity Expected to Settled in Cash Total Awards Granted Performance-based restricted stock units 232,690 5,670 238,360 Time-based restricted stock units 151,835 3,440 155,275 Deferred shares 4,000 4,000 Performance-based restricted stock units are calculated and awarded based on the achievement of specified performance objectives and cliff vest three years from the date of grant. The majority of time-based restricted stock units vest in 25% increments annually beginning on the first anniversary of the grant, with the remainder fully-vesting on the first anniversary of the grant. Deferred shares cliff vest 5 years from the date of grant. For time-based restricted stock units that are expected to settle in cash, the Company had $0.8 million and $0.7 million accrued in "Salaries, wages and benefits" as of December 31, 2018 and 2017 , respectively, on the Consolidated Balance Sheets. A summary of stock award activity, including performance-based restricted stock units, time-based restricted stock units, deferred shares and restricted shares that will settle in common shares for the year ended December 31, 2018 is as follows: Number of Shares Weighted-average Outstanding - beginning of year 1,245,274 $ 37.56 Granted - new awards 388,525 44.83 Vested (290,287 ) 40.49 Canceled or expired (147,020 ) 41.23 Outstanding - end of year 1,196,492 $ 38.76 As of December 31, 2018 , a total of 1,196,492 stock awards have been awarded that have not yet vested. The Company distributed shares totaling 290,287 in 2018 , 445,036 in 2017 , and 188,383 in 2016 due to the vesting of stock awards; the grant date fair value of these vested shares was $11.8 million , $16.5 million and $7.8 million , respectively. Shares awarded totaled 388,525 in 2018 , 407,436 in 2017 and 613,165 in 2016 . The Company recognized compensation expense of $27.5 million , $19.5 million and $8.2 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, relating to stock award activity. As of December 31, 2018 , the Company had unrecognized compensation expense of $35.9 million related to stock options and stock awards, which is expected to be recognized over a total weighted-average period of two years . The number of shares available for future grants for all plans at December 31, 2018 was 3,759,864 |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Retirement Benefit Plans | The Company and its subsidiaries sponsor a number of defined benefit pension plans, which cover eligible employees, including certain employees in foreign countries. These plans generally are noncontributory. Pension benefits earned generally are based on years of service and compensation during active employment. The cash contributions for the Company’s defined benefit pension plans were $11.3 million , $11.5 million and $15.0 million in 2018 , 2017 and 2016 , respectively. The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31: U.S. Plans International Plans 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 12.6 $ 12.2 $ 13.1 $ 1.7 $ 1.6 $ 1.4 Interest cost 24.0 24.6 26.6 7.2 7.5 10.5 Expected return on plan assets (29.3 ) (28.0 ) (30.1 ) (11.6 ) (11.1 ) (10.7 ) Amortization of prior service cost 1.7 1.4 1.7 0.1 — 0.1 Recognition of net actuarial losses 30.0 23.1 41.5 8.8 0.1 19.4 Curtailment (10.2 ) (1.1 ) — — — (0.1 ) Net periodic benefit cost $ 28.8 $ 32.2 $ 52.8 $ 6.2 $ (1.9 ) $ 20.6 Assumptions 2018 2017 2016 U.S. Plans: Discount rate 3.75% to 3.94% 4.34% to 4.50% 4.50% to 4.70% Future compensation assumption 2.50 % 2.50% to 3.00% 2.50% to 3.00% Expected long-term return on plan assets 5.75% to 6.50% 5.75% to 6.50% 5.75% to 6.75% International Plans: Discount rate 1.25% to 9.00% 1.25% to 9.00% 2.00% to 8.50% Future compensation assumption 2.00% to 8.00% 2.00% to 8.00% 2.20% to 8.00% Expected long-term return on plan assets 2.50% to 9.00% 0.75% to 9.25% 0.82% to 9.25% The Company recognized actuarial losses of $38.8 million during 2018 primarily due to lower than expected returns on plan assets of $83.4 million driven by negative returns on fixed income investments offset by the increase in discount rates used to measure the obligation of $62.4 million . The impact of experience losses and other changes in valuation assumptions resulted in losses of approximately $17.8 million . The discount rate used to measure the U.S. obligation increased by 56 basis points from 3.80% during 2017 compared to 4.36 % in 2018 . During the fourth quarter of 2018, the Board of Directors approved the freezing of the benefits for two of the Company's U.S. defined benefit pension plans, effective December 31, 2022. In conjunction with this action, the Company recognized a curtailment gain of $10.2 million in 2018 . The Company recognized actuarial losses of $23.2 million during 2017 primarily due to the impact of a net reduction in the discount rate used to measure its defined benefit pension obligations of $52.9 million and the impact of experience losses and other changes in valuation assumptions of $8.7 million , partially offset by higher than expected returns on plan assets of $38.4 million . The impact of the net reduction in the discount rate used to measure the Company's defined benefit obligation was primarily driven by a 54 basis point reduction in the discount rate used to measure its U.S. defined benefit plan obligations, which decreased from 4.34% in 2016 to 3.80% in 2017 . The Company recognized actuarial losses of $60.9 million during 2016 primarily due to the impact of a net reduction in the discount rate used to measure its defined benefit pension obligations of $86.9 million and the impact of experience losses and other changes in valuation assumptions of $10.2 million , partially offset by higher than expected returns on plan assets of $36.2 million . The impact of the net reduction in the discount rate used to measure the Company's defined benefit obligation was primarily driven by a 125 and 36 basis point reduction in the discount rate used to measure its defined benefit plan obligations in the United Kingdom and U.S., respectively. For expense purposes in 2018 , the Company applied a weighted-average discount rate of 3.80% to its U.S. defined benefit pension plans. For expense purposes in 2019, the Company will apply a weighted-average discount rate of 4.36% to its U.S. defined benefit pension plans. For expense purposes in 2018 , the Company applied a weighted-average expected rate of return of 5.78% for the Company’s U.S. pension plan assets. For expense purposes in 2019, the Company will apply a weighted-average expected rate of return on plan assets of 6.12% . The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans as of December 31, 2018 and 2017 : U.S. Plans International Plans 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 643.0 $ 612.4 $ 335.2 $ 314.2 Service cost 12.6 12.2 1.7 1.6 Interest cost 24.0 24.6 7.2 7.5 Plan amendments — 2.8 3.6 — Actuarial losses (36.7 ) 60.5 (7.4 ) 0.9 International plan exchange rate change — — (17.2 ) 32.2 Curtailment (10.2 ) (1.8 ) — — Benefits paid (95.8 ) (67.7 ) (24.8 ) (21.2 ) Acquisitions 49.7 — 2.0 — Benefit obligation at end of year $ 586.6 $ 643.0 $ 300.3 $ 335.2 Change in plan assets: Fair value of plan assets at beginning of year $ 531.9 $ 529.6 $ 292.4 $ 268.7 Actual return on plan assets (37.5 ) 65.5 (5.1 ) 12.0 Company contributions / payments 5.3 4.5 6.0 7.0 International plan exchange rate change — — (15.4 ) 25.9 Acquisitions 44.4 — 1.5 — Benefits paid (95.8 ) (67.7 ) (24.8 ) (21.2 ) Fair value of plan assets at end of year 448.3 531.9 254.6 292.4 Funded status at end of year $ (138.3 ) $ (111.1 ) $ (45.7 ) $ (42.8 ) U.S. Plans International Plans 2018 2017 2018 2017 Amounts recognized on the Consolidated Balance Sheets: Non-current assets $ — $ 6.7 $ 6.2 $ 13.0 Current liabilities (27.4 ) (4.8 ) (1.5 ) (1.5 ) Non-current liabilities (110.9 ) (113.0 ) (50.4 ) (54.3 ) $ (138.3 ) $ (111.1 ) $ (45.7 ) $ (42.8 ) Amounts recognized in accumulated other comprehensive loss: Net prior service cost $ 6.4 $ 8.1 $ 4.0 $ 0.5 Accumulated other comprehensive loss $ 6.4 $ 8.1 $ 4.0 $ 0.5 Changes in prior service cost recognized in accumulated other comprehensive loss: Accumulated other comprehensive loss at beginning of year $ 8.1 $ 7.4 $ 0.5 $ 0.5 Prior service cost — 2.8 — — Recognized prior service cost (1.7 ) (1.4 ) (0.1 ) — (Loss) gain recognized due to curtailment — (0.7 ) 3.6 — Total recognized in accumulated other comprehensive loss at December 31 $ 6.4 $ 8.1 $ 4.0 $ 0.5 The presentation in the above tables for amounts recognized in accumulated other comprehensive loss on the Consolidated Balance Sheets is before the effect of income taxes. The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31: Assumptions 2018 2017 U.S. Plans: Discount rate 4.05% to 4.43% 3.75% to 3.80% Future compensation assumption 2.50 % 2.50 % International Plans: Discount rate 1.50% to 11.00% 1.25% to 9.00% Future compensation assumption 2.00% to 8.23% 2.00% to 8.00% Defined benefit pension plans in the United States represent 66% of the benefit obligation and 64% of the fair value of plan assets as of December 31, 2018 . Certain of the Company’s defined benefit pension plans were overfunded as of December 31, 2018 . As a result, $6.2 million and $19.7 million at December 31, 2018 and 2017 , respectively, are included in non-current pension assets on the Consolidated Balance Sheets. The current portion of accrued pension cost, which was included in salaries, wages and benefits on the Consolidated Balance Sheets, was $28.9 million and $6.4 million at December 31, 2018 and 2017 , respectively. The increase in the current portion of accrued pension cost relates to the expected 2019 deferred compensation to a former executive officer of the Company. In 2018 , the current portion of accrued pension cost relates to unfunded plans and represents the actuarial present value of expected payments related to the plans to be made over the next 12 months. The accumulated benefit obligation at December 31, 2018 exceeded the market value of plan assets for several of the Company’s pension plans. For these plans, the projected benefit obligation was $599.2 million , the accumulated benefit obligation was $583.3 million and the fair value of plan assets was $410.7 million at December 31, 2018 . The total pension accumulated benefit obligation for all plans was $864.9 million and $941.5 million at December 31, 2018 and 2017 , respectively. Investment performance decreased the value of the Company’s pension assets by 5.1% in 2018 . As of December 31, 2018 and 2017 , the Company’s defined benefit pension plans did not directly hold any of the Company’s common shares. The estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.8 million . Plan Assets: The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2018 and 2017 , was as follows: Current Target Allocation Percentage of Pension Plan Assets at December 31, Asset Category 2018 2017 Equity securities 15% to 21% 18% 14% Fixed income securities 70% to 80% 76% 80% Other investments 4% to 10% 6% 6% Total 100% 100% The Company recognizes its overall responsibility to ensure that the assets of its various defined benefit pension plans are managed effectively and prudently and in compliance with its policy guidelines and all applicable laws. Preservation of capital is important; however, the Company also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the pension funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes, and are reviewed regularly by management. The expected rate of return for the investment portfolio is based on expected rates of return for various asset classes, as well as historical asset class and fund performance. Fair value is defined as the price that would 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 table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2018 : U.S. Pension Plans International Pension Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 18.6 $ — $ — $ 18.6 $ 0.8 $ — $ — $ 0.8 Government and agency securities 29.9 2.7 — 32.6 — — — — Corporate bonds - investment grade — 71.7 — 71.7 — — — — Mutual funds - fixed income 60.8 — — 60.8 — — — — Mutual funds - international equity 24.0 — — 24.0 — — — — Mutual funds - domestic equity 2.6 — — 2.6 — — — — Mutual funds - other assets 1.2 — — 1.2 — — — — Other assets 0.1 — — 0.1 — — — — $ 137.2 $ 74.4 $ — $ 211.6 $ 0.8 $ — $ — $ 0.8 Investments measured at net asset value: Cash and cash equivalents $ 0.2 $ — Equity securities - international companies — 2.2 Common collective funds - domestic equities 54.0 — Common collective funds - international equities 9.4 13.6 Common collective funds - fixed income 137.3 76.2 Limited partnerships 24.0 — Real estate partnerships 11.8 — Liability hedging investments — 122.9 Common collective fund - diversified growth — 18.5 Other assets — 20.4 Total Assets $ 448.3 $ 254.6 The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2017 : U.S. Pension Plans International Pension Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 27.2 $ — $ — $ 27.2 $ 4.8 $ — $ — $ 4.8 Government and agency securities 15.5 3.4 — 18.9 — — — — Corporate bonds - investment grade — 105.1 — 105.1 — — — — Mutual funds - fixed income 44.9 — — 44.9 — — — — Mutual funds - international equity 17.5 — — 17.5 — — — — $ 105.1 $ 108.5 $ — $ 213.6 $ 4.8 $ — $ — $ 4.8 Investments measured at net asset value: Cash and cash equivalents $ 0.2 $ 0.1 Equity securities - international companies — 1.0 Common collective funds - domestic equities 37.0 — Common collective funds - international equities 11.5 25.3 Common collective funds - fixed income 220.9 86.2 Limited partnerships 31.8 — Real estate partnerships 16.9 — Liability hedging investments — 132.5 Common collective fund - diversified growth — 21.2 Other assets — 21.3 Total Assets $ 531.9 $ 292.4 Cash and cash equivalents are valued at redemption value. Government and agency securities are valued at the closing price reported in the active market in which the individual securities are traded. Certain corporate bonds are valued at the closing price reported in the active market in which the bond is traded. Equity securities (both common and preferred stock) are valued at the closing price reported in the active market in which the individual security is traded. Common collective funds are valued based on a net asset value per share. Asset-backed securities are valued based on quoted prices for similar assets in active markets. When such prices are unavailable, the plan trustee determines a valuation from the market maker dealing in the particular security. Limited partnerships include investments in funds that invest primarily in private equity, venture capital and distressed debt. Limited partnerships are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value, per the underlying investment fund, which is based upon the general partner's own assumptions about the assumptions a market participant would use in pricing the assets and liabilities of the partnership. Real estate investments include funds that invest in companies that primarily invest in commercial and residential properties, commercial mortgage-backed securities, debt and equity securities of real estate operating companies, and real estate investment trusts. Other real estate investments are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value per the underlying investment fund, which is based on appraised values and current transaction prices. Liability hedging investments mainly include investments in index-linked liability driven investing open-end swap funds. These funds invest in cash held deposits that reflect the index-linked deferred annuity with payment terms of specific years linked to UK inflation measures. The underlying assets in this investment are valued daily. Common collective funds - diversified growth investments are pooled funds that invest in a multiple underlying asset classes, such as equities, fixed income, commodities, alternative investments, and cash in an effort to achieve returns on investment through capital appreciation and income. The underlying assets in this investment are valued daily. Cash Flows: Employer Contributions to Defined Benefit Plans 2017 $ 11.5 2018 11.3 2019 (planned) 34.0 The increase in 2019 planned employer contributions/payments is primarily due to the expected payout of deferred compensation to a former executive officer of the Company. Future benefit payments, including lump sum distributions, are expected to be as follows: Benefit Payments 2019 $ 89.4 2020 62.9 2021 73.9 2022 63.3 2023 60.7 2024-2028 273.1 Employee Savings Plans: The Company sponsors defined contribution retirement and savings plans covering substantially all employees in the United States and employees at certain non-U.S. locations. The Company made contributions to its defined contribution plans of $23.7 million , $21.8 million and $20.2 million in 2018 , 2017 and 2016 , respectively. Participants in certain of these plans may elect to hold a portion of their investments in the Company's common shares. At December 31, 2018 , the plans held 2,614,501 of the Company’s common shares with a fair value of $97.6 million . The Company paid dividends totaling $2.9 million , $3.0 million and $3.7 million in 2018 , 2017 and 2016 |
Postretirement Benefit Plans
Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Postretirement Benefit Plans | The Company and its subsidiaries sponsor several funded and unfunded postretirement plans that provide health care and life insurance benefits for eligible retirees and dependents. Depending on retirement date and employee classification, certain health care plans contain contribution and cost-sharing features such as deductibles, coinsurance and limitations on employer-provided subsidies. The remaining health care and life insurance plans are noncontributory. The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31 : 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 0.2 $ 0.1 $ 0.3 Interest cost 7.6 9.1 11.0 Expected return on plan assets (3.7 ) (5.6 ) (6.3 ) Amortization of prior service (credit) cost (1.7 ) (1.0 ) 1.0 Recognition of net actuarial (gains) losses (16.7 ) (4.0 ) 4.5 Curtailment — — 0.1 Net periodic benefit cost $ (14.3 ) $ (1.4 ) $ 10.6 Assumptions: 2018 2017 2016 Discount rate 3.57 % 3.97 % 4.39 % Rate of return 4.50 % 6.00 % 6.00 % The Company recognized actuarial gains of $16.7 million during 2018 primarily due to the impact of a 73 basis point increase in the discount rate used to measure the Company's defined benefit postretirement obligation, which increased from 3.57% in 2017 to 4.30% in 2018 and due to a number of participants opting out of coverage from the plans in response to a financial incentive program offered to eligible participants of the Company's retiree health and life insurance plans. The Company recognized actuarial gains of $10.6 million as a result of the increase in the discount rate and $10.4 million as a result of the impact of the opt-out program. These actuarial gains were partially offset by lower than expected returns on plan assets of $4.0 million and by the impact of experience losses and other changes in valuation assumptions of $0.3 million . The Company recognized actuarial gains of $4.0 million during 2017 primarily due to a number of participants opting out of coverage from the plans in response to a financial incentive program offered to eligible participants of the Company's retiree health and life insurance plans. In addition, the Company adopted the MP-2017 scales as its best estimate of future mortality improvements for defined benefit postretirement obligations. The Company recognized actuarial gains of $14.4 million as a result of the impact of the opt-out program, $5.0 million as a result of changes in mortality tables and higher than expected returns on plan assets of $3.7 million . These actuarial gains were partially offset by the impact of experience losses and other changes in valuation assumptions of $12.2 million and a $6.9 million impact of a 40 basis point reduction in the discount rate used to measure its defined benefit postretirement obligations, which decreased from 3.97% in 2016 to 3.57% . The Company recognized actuarial losses of $4.5 million during 2016 primarily due to the impact of a 42 basis point reduction in the discount rate used to measure its defined benefit postretirement obligations of $8.2 million and lower than expected returns on plan assets of $0.2 million , partially offset by and the impact of experience gains and other changes in valuation assumptions of $3.9 million . The discount rate assumption is based on current rates of high-quality long-term corporate bonds over the same period that benefit payments will be required to be made. The expected rate of return on plan assets assumption is based on the weighted-average expected return on the various asset classes in the plans’ portfolio. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance. For expense purposes in 2018 , the Company applied a discount rate of 3.57% to its other postretirement benefit plans. For expense purposes in 2019, the Company will apply a discount rate of 4.30% to its other postretirement benefit plans. For expense purposes in 2018 , the Company applied an expected rate of return of 4.50% to the VEBA trust assets. For expense purposes in 2019, the Company will apply an expected rate of return of 4.85% to the VEBA trust assets. The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets of the other postretirement benefit plans as of December 31, 2018 and 2017 : 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 219.8 $ 241.4 Service cost 0.2 0.1 Interest cost 7.6 9.1 Plan amendments (4.4 ) 1.2 Actuarial gains (20.7 ) (0.3 ) International plan exchange rate change (0.1 ) — Benefits paid (27.2 ) (31.7 ) Acquisitions 11.7 — Benefit obligation at end of year $ 186.9 $ 219.8 Change in plan assets: Fair value of plan assets at beginning of year $ 92.4 $ 102.4 Company contributions / payments 7.4 12.4 Return on plan assets (0.3 ) 9.3 Benefits paid (27.2 ) (31.7 ) Fair value of plan assets at end of year 72.3 92.4 Funded status at end of year $ (114.6 ) $ (127.4 ) Amounts recognized on the Consolidated Balance Sheets: Current liabilities $ (5.9 ) $ (4.8 ) Non-current liabilities (108.7 ) (122.6 ) $ (114.6 ) $ (127.4 ) Amounts recognized in accumulated other comprehensive income: Net prior service cost $ (10.8 ) $ (8.1 ) Accumulated other comprehensive income $ (10.8 ) $ (8.1 ) Changes to prior service cost recognized in accumulated other comprehensive (income) loss: Accumulated other comprehensive income at beginning of year $ (8.1 ) $ (10.3 ) Prior service (credit) cost (4.4 ) 1.2 Recognized prior service credit 1.7 1.0 Total recognized in accumulated other comprehensive income at December 31 $ (10.8 ) $ (8.1 ) The presentation in the above tables for amounts recognized in accumulated other comprehensive (income) loss on the Consolidated Balance Sheets is before the effect of income taxes. The following table summarizes assumptions used to measure the benefit obligation for the other postretirement benefit plans at December 31 : Assumptions: 2018 2017 Discount rate 4.30 % 3.57 % The current portion of accrued postretirement benefit cost, which was included in salaries, wages and benefits on the Consolidated Balance Sheets, was $5.9 million and $4.8 million at December 31, 2018 and 2017 , respectively. In 2018 , the current portion of accrued postretirement benefit cost related to unfunded plans and represented the actuarial present value of expected payments related to the plans to be made over the next 12 months. The estimated prior service cost for the postretirement plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is a credit of $2.2 million . For measurement purposes, the Company assumed a weighted-average annual rate of increase in the per capita cost (health care cost trend rate) for medical benefits of 6.0% for 2019 , declining gradually to 5.0% in 2023 and thereafter; and 6.0% for 2019 , declining gradually to 5.0% in 2023 and thereafter for prescription drug benefits; and 8.0% for 2019 , declining gradually to 5.0% in 2031 and thereafter for HMO benefits. Most of the Company's postretirement plans include caps that limit the amount of the benefit provided by the Company to participants each year, which lessens the impact of health care inflation costs to the Company. The assumed health care cost trend rate may have a significant effect on the amounts reported. A one percentage point increase in the assumed health care cost trend rate would have increased the 2018 total service and interest cost components by $0.2 million and would have increased the postretirement benefit obligation by $3.3 million . A one percentage point decrease would provide corresponding reductions of $0.2 million and $3.0 million , respectively. Plan Assets: The Company’s target allocation for the VEBA trust assets, as well as the actual VEBA trust asset allocation as of December 31, 2018 and 2017 , was as follows: Current Target Allocation Percentage of VEBA Assets at December 31, Asset Category 2018 2017 Equity securities 14% to 20% 17% 17% Fixed income securities 80% to 86% 83% 83% Total 100% 100% Preservation of capital is important; however, the Company also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the postretirement funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes. The expected rate of return for the investment portfolio is based on expected rates of return for various asset classes, as well as historical asset class and fund performance. The following table presents those investments of the Company’s VEBA trust assets measured at net asset value on a recurring basis as of December 31, 2018 and 2017 , respectively: 2018 2017 Assets: Cash and cash equivalents $ 9.9 $ 13.0 Common collective fund - U.S. equities 6.8 9.5 Common collective fund - international equities 5.2 6.7 Common collective fund - fixed income 50.4 63.2 Total Assets $ 72.3 $ 92.4 Cash and cash equivalents are valued at redemption value. Common collective funds are valued based on a net asset value per share, which is used as a practical expedient to fair value. When such prices are unavailable, the plan trustee determines a valuation from the market maker dealing in the particular security. Cash Flows: The Company did not make any employer contributions to the VEBA Trust in 2018 and 2017 . The Company does not expect to make any employer contributions in 2019. Future benefit payments are expected to be as follows: Future Benefit Payments 2019 $ 20.8 2020 19.7 2021 18.5 2022 17.4 2023 16.4 2024-2028 67.5 |
Revenue Revenue
Revenue Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 14 - Revenue The following table presents details deemed most relevant to the users of the financial statements about total revenue for the years ended December 31, 2018 and 2017 : December 31, 2018 Mobile Process Total United States $ 1,028.8 $ 769.5 $ 1,798.3 Americas excluding United States 208.9 176.7 385.6 Europe / Middle East / Africa 382.5 380.2 762.7 Asia-Pacific 283.5 350.7 634.2 Net sales $ 1,903.7 $ 1,677.1 $ 3,580.8 December 31, 2017 Mobile (1) Process (1) Total (1) United States $ 938.4 $ 664.6 $ 1,603.0 Americas excluding United States 182.5 150.7 333.2 Europe / Middle East / Africa 305.0 265.3 570.3 Asia-Pacific 214.1 283.2 497.3 Net sales $ 1,640.0 $ 1,363.8 $ 3,003.8 December 31, 2016 Mobile (1) Process (1) Total (1) United States $ 853.1 $ 625.6 $ 1,478.7 Americas excluding United States 175.1 133.1 308.2 Europe / Middle East / Africa 242.9 218.4 461.3 Asia-Pacific 175.3 246.3 421.6 Net sales $ 1,446.4 $ 1,223.4 $ 2,669.8 (1) Prior period amounts have not been adjusted under the modified retrospective adoption method. When reviewing revenues by sales channel, the Company separates net sales to original equipment manufacturers from sales to distributors and end users. The following table presents the percent of revenues by sales channel for the year ended December 31, 2018 : Revenue by sales channel December 31, 2018 Original equipment manufacturers 58% Distribution/end users 42% In addition to disaggregating revenue by segment and 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 year ended December 31, 2018 , approximately 10% 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. The payment terms with the U.S. government or its contractors, which represented approximately 7% of total net sales, differ from those of non-government customers. Finally, approximately 5% of total net sales represented service revenue. Remaining Performance Obligations: Remaining performance obligations represent the transaction price of orders meeting the definition of a contract in the new revenue standard 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 $127 million at December 31, 2018 . Unbilled Receivables: The following table contains a rollforward of unbilled receivables for the year ended December 31, 2018 : December 31, Beginning balance, January 1 $ 95.7 Additional unbilled revenue recognized 342.3 Less: amounts billed to customers (321.4 ) Ending balance $ 116.6 There were no impairment losses recorded on unbilled receivables for the year ended December 31, 2018 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | The Company operates under two reportable segments: (1) Mobile Industries and (2) Process Industries. Description of types of products and services from which each reportable segment derives its revenues: The Company ' s reportable segments are business units that target different industry sectors. While the segments often operate using a shared infrastructure, each reportable segment is managed to address specific customer needs in these diverse market segments. Mobile Industries offers an extensive portfolio of bearings, seals, lubrication devices and systems, as well as power transmission components, engineered chain, augers, belts, couplings, clutches, brakes and related products and maintenance services, to OEMs and end users of: off-highway equipment for the agricultural, construction, mining, outdoor power equipment and powersports markets; on-highway vehicles including passenger cars, light trucks and medium- and heavy-duty trucks; rail cars and locomotives. 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, and include hub units, specialty kits and more. Mobile Industries also provides power transmission systems and flight-critical components for civil and military aircraft, which include bearings, helicopter transmission systems, rotor-head assemblies, turbine engine components, gears and housings. Process Industries supplies industrial bearings and assemblies, power transmission components such as gears and gearboxes, linear motion products, couplings, seals, lubricants, chains, belts and related products and services to OEMs and end users in industries that place heavy demands on operating equipment they make or use. This includes: metals, mining, cement and aggregate production; wind energy and solar; coal power generation and oil and gas; pulp and paper in applications including printing presses; packaging and automation; and cranes, hoists, drawbridges, gear drives, conveyors, health and critical motion control equipment, marine equipment and food processing equipment. 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. In addition, the Company’s industrial services group offers end users a broad portfolio of maintenance support and capabilities that include repair and service for bearings and gearboxes as well as electric motor rewind, repair and services. Measurement of segment profit or loss and segment assets: The Company evaluates performance and allocates resources based on return on capital and profitable growth. The primary measurement used by management to measure the financial performance of each segment is EBIT. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Factors used by management to identify the enterprise’s reportable segments: Net sales by geographic area are reported by the destination of net sales, which is reflective of how the Company operates its segments. Long-lived assets by geographic area are reported by the location of the subsidiary. Timken’s non-U.S. operations are subject to normal international business risks not generally applicable to a domestic business. These risks include currency fluctuation, changes in tariff restrictions, difficulties in establishing and maintaining relationships with local distributors and dealers, import and export licensing requirements, difficulties in staffing and managing geographically diverse operations and restrictive regulations by foreign governments, including price and exchange controls, compliance with a variety of foreign laws and regulations, including unexpected changes in taxation and environmental regulatory requirements, and disadvantages of competing against companies from countries that are not subject to U.S. laws and regulations, including the FCPA. Business Segment Information: The following tables provide segment financial information and a reconciliation of segment results to consolidated results: 2018 2017 2016 Net sales to external customers: Mobile Industries $ 1,903.7 $ 1,640.0 $ 1,446.4 Process Industries 1,677.1 1,363.8 1,223.4 $ 3,580.8 $ 3,003.8 $ 2,669.8 Segment EBIT: Mobile Industries $ 198.7 $ 139.0 $ 116.8 Process Industries 333.8 222.3 168.2 Total EBIT, for reportable segments $ 532.5 $ 361.3 $ 285.0 Corporate expenses (62.0 ) (49.1 ) (44.4 ) CDSOA income, net — — 59.6 Corporate pension-related charges (1) (12.8 ) (18.1 ) (67.0 ) Interest expense (51.7 ) (37.1 ) (33.5 ) Interest income 2.1 2.9 1.9 Income before income taxes $ 408.1 $ 259.9 $ 201.6 (1) Corporate pension-related charges represent curtailments, professional fees associated with pension de-risking and 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. 2018 2017 Assets employed at year-end: Mobile Industries $ 1,984.5 $ 1,775.7 Process Industries 2,211.3 1,383.1 Corporate (2) 249.4 243.6 $ 4,445.2 $ 3,402.4 (2) Corporate assets include corporate buildings and cash and cash equivalents. 2018 2017 2016 Capital expenditures: Mobile Industries $ 48.3 $ 57.3 $ 88.4 Process Industries 63.3 46.2 48.4 Corporate 1.0 1.2 0.7 $ 112.6 $ 104.7 $ 137.5 Depreciation and amortization: Mobile Industries $ 71.3 $ 70.0 $ 64.9 Process Industries 73.5 66.6 65.6 Corporate 1.2 1.1 1.2 $ 146.0 $ 137.7 $ 131.7 Geographic Financial Information: 2018 2017 2016 Property, Plant and Equipment, net: United States $ 371.7 $ 392.1 $ 418.0 Americas excluding United States 13.7 14.7 14.9 Europe / Middle East / Africa 236.6 203.4 141.1 Asia-Pacific 290.1 254.0 230.4 $ 912.1 $ 864.2 $ 804.4 Refer to Note 14 - Revenue |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 35% in 2017 and 2016 ) to income before taxes: 2018 2017 2016 Income tax at the U.S. federal statutory rate $ 85.7 $ 91.0 $ 70.6 Adjustments: State and local income taxes, net of federal tax benefit 6.8 3.1 2.6 Tax on foreign remittances and U.S. tax on foreign income 21.1 93.0 8.3 Foreign losses without current tax benefits 3.7 8.9 6.4 Foreign earnings taxed at different rates including tax holidays 11.1 (18.0 ) (5.2 ) U.S. domestic manufacturing deduction — (3.9 ) (5.0 ) U.S. foreign tax credit (21.2 ) (104.2 ) (8.0 ) Accruals and settlements related to tax audits (3.8 ) (34.4 ) (8.1 ) Valuation allowance changes — (12.6 ) 0.2 U.S. Tax Reform (10.6 ) 35.3 — Other items, net 9.8 (0.6 ) (1.3 ) Provision for income taxes $ 102.6 $ 57.6 $ 60.5 Effective income tax rate 25.1 % 22.2 % 30.0 % U.S. Tax Reform reduced the U.S. federal statutory rate from 35% to 21% beginning in 2018. U.S. Tax Reform also required companies to pay a one-time net charge related to the taxation of unremitted foreign earnings and to remeasure its U.S. deferred tax balances to the lower corporate income tax rate for the 2017 tax year. Additionally, U.S. Tax Reform created taxes on certain foreign sourced earnings known as the global intangible low-taxed income (“GILTI”) tax for tax year 2018. The Company has elected to account for GILTI as a period cost in the year the tax is incurred. The SEC issued SAB 118 in December 2017 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of U.S. Tax Reform. In accordance with SAB 118, the accounting for the tax effects of U.S. Tax Reform was completed as of December 31, 2018 . Provisional estimates of $25.2 million for the one-time net charge related to the taxation of unremitted foreign earnings and $10.1 million related to the remeasurement of U.S. deferred tax balances to reflect the new U.S. corporate income tax rate were recognized as components of income tax expense for the year ended December 31, 2017 . For the year ended December 31, 2018 , the Company recorded $8.2 million of tax benefit for changes to the provisional estimate for the remeasurement of net U.S. deferred tax balances as a result of adjustments to finalize purchase accounting for prior-year acquisitions, the remeasurement of anticipatory tax credits for foreign branches and changes to U.S. deferred tax assets included in the 2017 U.S. federal income tax return. Over the same period, the Company recorded $2.4 million of tax benefit for changes in the provisional estimate of the 2017 one-time net charge related to the taxation of unremitted foreign earnings as a result of additional federal and state regulatory guidance issued and the filing of the Company's 2017 U.S. federal income tax return. The Company has recorded its adjustments to provisional estimates throughout the SAB 118 period and that period has concluded as of December 31, 2018. The Company has now completed the accounting for the enactment date income tax effects. The U.S. Treasury and Internal Revenue Service ("IRS") continue to issue regulatory and interpretive guidance related to U.S. Tax Reform. Final regulations for the one-time net charge related to the taxation of unremitted foreign earnings were released in January 2019. The Company expects to record additional tax expense related to these final regulations in the first quarter of 2019. No additional income tax provision has been made on any remaining undistributed foreign earnings not subject to the one-time net charge related to the taxation of unremitted foreign earnings or any additional outside basis differences as these amounts continue to be indefinitely reinvested in foreign operations. The Company has concluded its evaluation of its indefinite reinvestment assertion of undistributed foreign earnings in light of U.S. Tax Reform. The amounts of undistributed foreign earnings were $651.1 million and $479.6 million at December 31, 2018 and 2017 , respectively. It is not practicable to calculate taxes that might be payable on such earnings that are indefinitely reinvested outside the United States. The effect of temporary differences giving rise to deferred tax assets and liabilities at December 31, 2018 and 2017 was as follows: 2018 2017 Deferred tax assets: Accrued postretirement benefits cost $ 28.9 $ 35.7 Accrued pension cost 59.5 53.4 Other employee benefit accruals 16.8 6.4 Tax loss and credit carryforwards 86.1 92.6 Other, net 42.9 29.0 Valuation allowances (77.5 ) (79.4 ) $ 156.7 $ 137.7 Deferred tax liabilities - principally depreciation and amortization (235.7 ) (120.7 ) Net deferred tax (liabilities) assets $ (79.0 ) $ 17.0 The Company has U.S. federal and state tax credit and loss carryforwards with tax benefits totaling $1.8 million , portions of which will expire in 2019 and continue until 2038. In addition, the Company has loss carryforwards in various non-U.S. jurisdictions with tax benefits totaling $84.3 million , portions of which will expire in 2019 while others will be carried forward indefinitely. The Company has provided valuation allowances of $69.1 million against certain of these carryforwards. A majority of the non-U.S. loss carryforwards represent local country net operating losses for branches of the Company or entities treated as branches of the Company under U.S. tax law. Tax benefits have been recorded for these losses in the United States. Substantially all of the related local country net operating loss carryforwards are offset fully by valuation allowances. In addition to loss and credit carryforwards, the Company has provided valuation allowances of $8.4 million against other deferred tax assets. As of December 31, 2018 , the Company had $26.0 million of total gross unrecognized tax benefits, all of which would favorably impact the Company’s effective income tax rate in any future period if such benefits were recognized. As of December 31, 2018 , the Company believes it is reasonably possible that the amount of unrecognized tax positions could decrease by approximately $1.0 million during the next 12 months. The potential decrease would be primarily driven by settlements with tax authorities and the expiration of various applicable statutes of limitation. As of December 31, 2018 , the Company had accrued $2.5 million of interest and penalties related to uncertain tax positions. The Company records interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2017, the Company had $14.0 million of total gross unrecognized tax benefits, all of which would favorably impact the Company’s effective income tax rate in any future period if such benefits were recognized. As of December 31, 2017, the Company had accrued $3.0 million of interest and penalties related to uncertain tax positions. As of December 31, 2016, the Company had $39.2 million of total gross unrecognized tax benefits. Included in this amount was $35.9 million of unrecognized tax benefits that would favorably impact the Company’s effective income tax rate in any future period if such benefits were recognized. As of December 31, 2016, the Company had accrued $8.5 million of interest and penalties related to uncertain tax positions. The following table reconciles the Company’s total gross unrecognized tax benefits for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Beginning balance, January 1 $ 14.0 $ 39.2 $ 50.4 Tax positions related to the current year: Additions 0.4 2.7 — Tax positions related to prior years: Additions 17.8 6.9 5.7 Reductions (2.9 ) (5.2 ) (7.8 ) Settlements with tax authorities (2.2 ) — (9.1 ) Lapses in statutes of limitation (1.1 ) (29.6 ) — Ending balance, December 31 $ 26.0 $ 14.0 $ 39.2 During 2018, gross unrecognized tax benefits increased primarily for prior year tax matters in multiple jurisdictions related to acquisitions. These increases were partially offset by settlements with the tax authorities for prior year tax matters related to the Company’s international operations. During 2017, gross unrecognized tax benefits decreased primarily due to expiration of applicable statutes of limitations in multiple jurisdictions. These decreases were partially offset by accruals related to both current and prior year tax matters, including certain U.S. federal taxes, U.S. state and local taxes and taxes related to the Company’s international operations. During 2016, gross unrecognized tax benefits decreased primarily due to settlements with tax authorities related to various prior year tax matters, including certain U.S. federal taxes, U.S. state and local taxes and taxes related to the Company’s international operations. The decrease also was related to reductions in unrecognized tax benefits for changes in judgment regarding prior year tax matters in multiple jurisdictions. These decreases were partially offset by accruals related to prior year tax matters, including certain U.S. federal taxes, U.S. state and local taxes and taxes related to the Company’s international operations. As of December 31, 2018, the Company is subject to examination by the IRS for tax years 2015 to the present. The Company also is subject to tax examination in various U.S. state and local tax jurisdictions for tax years 2011 to the present, as well as various foreign tax jurisdictions, including Mexico, China, Poland and India for tax years as early as 2002 to the present . |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 17 - Fair Value The following tables present the fair value hierarchy for those assets and liabilities on the Consolidated Balance Sheets measured at fair value on a recurring basis as of December 31, 2018 and 2017 : December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 105.9 $ 104.4 $ 1.5 $ — Cash and cash equivalents measured at net 26.6 Restricted cash 0.6 0.6 — — Short-term investments 21.8 — 21.8 — Short-term investments measured at net asset value — Foreign currency hedges 4.6 — 4.6 — Total Assets $ 159.5 $ 105.0 $ 27.9 $ — Liabilities: Foreign currency hedges $ 0.7 $ — $ 0.7 $ — Total Liabilities $ 0.7 $ — $ 0.7 $ — December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 108.5 $ 107.3 $ 1.2 $ — Cash and cash equivalents measured at net 13.1 Restricted cash 3.8 3.8 — — Short-term investments 16.2 — 16.2 — Short-term investments measured at net asset value 0.2 Foreign currency hedges 1.3 — 1.3 — Total Assets $ 143.1 $ 111.1 $ 18.7 $ — Liabilities: Foreign currency hedges $ 7.1 $ — $ 7.1 $ — Total Liabilities $ 7.1 $ — $ 7.1 $ — Cash and cash equivalents are highly liquid investments with maturities of three months or less when purchased and are valued at 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 foreign currency forward and spot rates to measure the fair value of its foreign currency forward contracts. Additionally, the Company remeasures certain assets to fair value, using Level 3 measurements, as a result of the occurrence of triggering events such as purchase accounting for acquisitions. See Note 2 - Acquisitions and Divestitures for further discussion. The Company does not believe it has significant concentrations of risk associated with the counterparts to its financial instruments. No material assets were measured at fair value on a nonrecurring basis during the years ended December 31, 2018 and 2017 . Financial Instruments: The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, net 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 $1,077.5 million and $720.3 million at December 31, 2018 and 2017 , respectively. The carrying value of this debt was $1,070.7 million and $682.4 million at December 31, 2018 and 2017 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and hedging Activities Disclosure [Text Block] | Note 18 - 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. The Company does not purchase or hold any derivative financial instruments for trading purposes. As of December 31, 2018 and 2017 , the Company had $218.8 million and $386.9 million , respectively, of outstanding foreign currency forward contracts at notional value. Refer to Note 17 - Fair Value for the fair value disclosure of derivative financial instruments. 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 effective portion of 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. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any ( i.e ., the ineffective portion), or hedge components excluded from the assessment of effectiveness, are recognized in the Consolidated Statement of Income during the current period. 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. The maximum length of time over which the Company hedges it 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 loan with a maturity date at 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. The following table presents the impact of derivative instruments not designated as hedging instruments for the years ended December 31, 2018, 2017, and 2016, and the related location within the Consolidated Statements of Income. Amount of gain or (loss) recognized in income Year Ended December 31, Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income 2018 2017 2016 Foreign currency forward contracts Other income (expense), net $ 5.1 $ (10.2 ) $ 0.1 |
Research and Development
Research and Development | 12 Months Ended |
Dec. 31, 2018 | |
Research and Development [Abstract] | |
Research, Development, and Computer Software Disclosure [Text Block] | Note 19 - Research and Development The Company performs research and development under Company-funded programs and under contracts with the federal government and others. Expenditures committed to research and development amounted to $37.3 million , $35.3 million and $ 31.8 million in 2018 , 2017 and 2016 |
Continued Dumping and Subsidy A
Continued Dumping and Subsidy Act (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
CDSOA [Abstract] | |
Continued Dumping And Subsidy Offset Act [Text Block] | Note 20 - Continued Dumping and Subsidy Offset Act CDSOA provides for distribution of monies collected by U.S. Customs on entries of merchandise subject to antidumping orders that entered the United States prior to October 1, 2007, to qualifying domestic producers where the domestic producers have continued to invest in their technology, equipment and people. During the year ended December 31, 2016 , the Company recognized pretax CDSOA income of $59.6 million , net of related expenses. In September 2002, the World Trade Organization ruled that CDSOA payments are not consistent with international trade rules. In February 2006, U.S. legislation was enacted that ended CDSOA distributions for imports covered by antidumping duty orders entering the United States after September 30, 2007. Instead, any such antidumping duties collected would remain with the U.S. Treasury. CDSOA has been the subject of significant litigation since 2002, and U.S. Customs has withheld CDSOA distributions in recent years while litigation was ongoing. In recent months, much of the CDSOA litigation that involves antidumping orders where Timken is a qualifying domestic producer has concluded. During 2016, the Company received CDSOA distributions of $60.6 million |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 2018 1st 2nd 3rd 4th Total Net sales $ 883.1 $ 906.3 $ 881.3 $ 910.1 $ 3,580.8 Gross profit 264.9 267.4 253.3 254.5 1,040.1 Selling, general and administrative expenses 148.6 141.8 142.0 148.3 580.7 Impairment and restructuring charges 0.2 0.3 2.6 1.8 4.9 Net income (1) 80.5 91.9 72.3 60.8 305.5 Net income attributable to noncontrolling interests 0.3 0.9 0.7 0.8 2.7 Net income attributable to The Timken Company 80.2 91.0 71.6 60.0 302.8 Net income per share - Basic: $ 1.03 $ 1.18 $ 0.93 $ 0.78 $ 3.93 Net income per share - Diluted: $ 1.02 $ 1.16 $ 0.91 $ 0.77 $ 3.86 Dividends per share $ 0.27 $ 0.28 $ 0.28 $ 0.28 $ 1.11 2017 1st 2nd 3rd 4th Total Net sales $ 703.8 $ 750.6 $ 771.4 $ 778.0 $ 3,003.8 Gross profit 182.2 201.1 216.1 212.7 812.1 Selling, general and administrative expenses 117.6 123.9 134.0 132.8 508.3 Impairment and restructuring charges 1.7 0.8 1.3 0.5 4.3 Net income (2) 38.1 82.0 54.1 28.1 202.3 Net (loss) income attributable to noncontrolling interests (0.1 ) (0.5 ) 0.6 (1.1 ) (1.1 ) Net income attributable to The Timken Company 38.2 82.5 53.5 29.2 203.4 Net income per share - Basic: $ 0.49 $ 1.06 $ 0.69 $ 0.38 $ 2.62 Net income per share - Diluted: $ 0.48 $ 1.04 $ 0.68 $ 0.37 $ 2.58 Dividends per share $ 0.26 $ 0.27 $ 0.27 $ 0.27 $ 1.07 Earnings per share are computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the total computed for the year. (1) Net income for the fourth quarter of 2018 included net actuarial losses of $19.7 million , partially offset by curtailment gains of $10.2 million . (2) Net income for the second quarter of 2017 included a $34 million reversal of accruals for uncertain tax positions. Net income for the fourth quarter of 2017 included net actuarial losses of $13.7 million and $35.3 million |
Schedule 2 Valuation and Qualif
Schedule 2 Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II—Valuation and Qualifying Accounts The Timken Company and Subsidiaries Allowance for uncollectible accounts: 2018 2017 2016 Balance at beginning of period $ 20.3 $ 20.2 $ 16.9 Additions: Charged to costs and expenses (1) 3.1 3.8 4.8 Charged to other accounts (2) 1.3 0.4 0.2 Deductions (3) 2.8 4.1 1.7 Balance at end of period $ 21.9 $ 20.3 $ 20.2 Allowance for surplus and obsolete inventory: 2018 2017 2016 Balance at beginning of period $ 30.0 $ 21.1 $ 18.4 Additions: Charged to costs and expenses (4) 16.1 10.3 13.4 Charged to other accounts (2) 2.3 6.0 0.4 Deductions (5) 8.9 7.4 11.1 Balance at end of period $ 39.5 $ 30.0 $ 21.1 Valuation allowance on deferred tax assets: 2018 2017 2016 Balance at beginning of period $ 79.4 $ 85.5 $ 83.7 Additions Charged to costs and expenses (6) — 6.5 3.8 Deductions (7) 1.9 12.6 2.0 Balance at end of period $ 77.5 $ 79.4 $ 85.5 (1) Provision for uncollectible accounts included in expenses. (2) Currency translation and change in reserves due to acquisitions, net of divestitures. (3) Actual accounts written off against the allowance, net of recoveries. (4) Provision for surplus and obsolete inventory included in expenses. (5) Inventory items written off against the allowance. (6) Increase in valuation allowance is recorded as a component of the provision for income taxes. (7) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 - Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts and operations of the Company in which a controlling interest is maintained. Investments in affiliated companies where the Company exercises significant influence, but does not control, and the activities of which it is not the primary beneficiary, are accounted for using the equity method. All intercompany accounts and transactions are eliminated upon consolidation. Revenue: A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when performance obligations under the terms of a contract with a customer of the Company are satisfied. A majority of the Company's revenue is from short-term, fixed-price contracts and continues to be recognized as of a point in time when products are shipped from the Company's manufacturing facilities or at a later point in time when control of the products transfers to the customer. Revenue was previously recognized for services and certain sales of customer-specific product at the point in time when the shipping terms were satisfied. Under the new revenue standard, the Company now recognizes revenue over time as it satisfies the performance obligations because of the continuous transfer of control to the customer, supported as follows: • For certain service contracts, this continuous transfer of control to the customer occurs as the Company's service enhances assets that the customer owns and controls at all times and the Company is contractually entitled to payment for work performed to date plus a reasonable margin. • For U.S. government contracts, the customer is allowed to unilaterally terminate the contract for convenience, and is required to pay the Company for costs incurred plus a reasonable margin and can take control of any work in process. • For certain non-U.S. government contracts involving customer-specific products, the customer controls the work in process based on contractual termination clauses or restrictions on the Company's use of the product and the Company possesses a right to payment for work performed to date plus a reasonable margin. As a result of control transferring over time for these products and services, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company has elected to use the cost-to-cost input measure of progress for these contracts because it best depicts the transfer of goods or services to the customer based on incurring costs on the contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The pricing and payment terms for non-U.S. government contracts are based on the Company's standard terms and conditions or the result of specific negotiations with each customer. The Company's standard terms and conditions require payment 30 days from the invoice date, but the timing of payment for specific negotiated terms may vary. The Company also has both prime and subcontracts in support of the provision of goods and services to the U.S. government. Certain of these contracts are subject to the Federal Acquisition Regulation ("FAR") and are priced commercially based on a competitive market. Under the payment terms of those U.S. government fixed-price contracts, the customer pays the Company performance-based payments, which are interim payments of up to 80% of the contract price for costs incurred to date based on quantifiable measures of performance or on the achievement of specified events or milestones. Because the customer retains a portion of the contract price until completion of such contracts, certain of these U.S. government fixed-price contracts result in revenue recognized in excess of billings, which is presented within "Unbilled Receivables" on the Consolidated Balance Sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. As a practical expedient, the Company may exclude an assessment of whether promised goods or services are performance obligations, if such promised goods and services are immaterial to the customer contract taken as a whole, and combine these with other performance obligations. The Company has elected to recognize incremental costs incurred to obtain contracts, which primarily represent commissions paid to third-party sales agents where the amortization period would be less than one year, as SG&A expenses in the Consolidated Statement of Income as incurred. The Company has also elected not to adjust the promised amount of consideration for the effects of any significant financing component where the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Finally, the Company's policy is to exclude performance obligations resulting from contracts with a duration of one year or less from its disclosures related to remaining performance obligations. The amount of consideration to which the Company expects to be entitled in exchange for the goods and services is not generally subject to significant variations. However, the Company does offer certain customers rebates, prompt payment discounts, end-user discounts, the right to return eligible products, and/or other forms of variable consideration. The Company estimates this variable consideration using the expected value amount, which is based on historical experience. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company adjusts the estimate of revenue at the earlier of when the amount of consideration the Company expects to receive changes or when the consideration becomes fixed. The Company recognizes the cost of freight and shipping when control of the products or services has transferred to the customer as an expense in "Cost of products sold" on the Consolidated Statement of Income, because those are costs incurred to fulfill the promise recognized, not a separate performance obligation. To the extent certain freight and shipping fees are charged to customers, the Company recognizes the amounts charged to customers as revenues and the related costs as an expense in "Cost of products sold" when control of the related products or services has transferred to the customer. Contracts are occasionally modified to account for changes in contract specifications, requirements, and pricing. The Company considers contract modifications to exist when the modification either creates new enforceable rights and obligations or changing existing ones. Substantially all of the Company's contract modifications are for goods or services that are distinct from the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is generally recognized on a prospective basis. Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Restricted Cash: Cash of $ 0.6 million and $ 3.8 million at December 31, 2018 and 2017 , respectively, was restricted. The decrease was primarily due to cash previously restricted for bank guarantees of $3.0 million and a reduction of unclaimed dividends by foreign subsidiaries to minority shareholders of $0.3 million . Accounts Receivable, Less Allowances: "Accounts receivable, less allowances" on the Consolidated Balance Sheet include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts, which represents an estimate of the losses expected from the accounts receivable portfolio, to reduce accounts receivable to their net realizable value. The allowance is based upon historical trends in collections and write-offs, management's judgment of the probability of collecting accounts and management's evaluation of business risk. The Company extends credit to customers satisfying pre-defined credit criteria. The Company believes it has limited concentration of credit risk due to the diversity of its customer base. Prior to the adoption of the new revenue standard, the Company recognized a portion of its revenues on the percentage-of-completion method. As of December 31, 2017 , revenue recognized in excess of billings of $67.3 million under the percentage-of-completion method were included in "Accounts receivable, less allowances" on the Consolidated Balance Sheet. In accordance with the new revenue standard, $72.7 million of revenue recognized in excess of billings related to such revenues are included in "Unbilled receivables" on the Consolidated Balance Sheet at December 31, 2018 . Unbilled Receivables: "Unbilled receivables" on the Consolidated Balance Sheet primarily include unbilled amounts typically resulting from sales under long-term contracts when the following conditions exist; (i) cost-to-cost method of revenue recognition is utilized; (ii) the revenue recognized exceeds the amount billed to the customer; and (iii) the right to payment is primarily subject only to the passage of time. The amounts recorded for unbilled amounts do not exceed their net realizable value. The $116.6 million balance of "Unbilled receivables" at December 31, 2018 resulted from the adoption of the new revenue standard. As discussed above, this included $72.7 million of unbilled receivables formerly accounted for under the percentage of completion method and previously included in "Accounts receivable, less allowances". In addition, as part of the adoption of the new revenue standard, the Company identified other customer arrangements in which there is continuous transfer of control to the customer, resulting in the recognition of an additional $43.9 million of unbilled receivables as of December 31, 2018. Inventories: Inventories are valued at the lower of cost or net realizable value, with approximately 56% valued by the FIFO method and the remaining 44% valued by the LIFO method. The majority of the Company’s domestic inventories are valued by the LIFO method, while all of the Company’s international inventories are valued by the FIFO method. Investments: Short-term investments are investments with maturities between four months and one year and are valued at amortized cost, which approximates fair value. The Company held short-term investments as of December 31, 2018 and 2017 with a fair value and cost basis of $21.8 million and $16.4 million , respectively, which were included in other current assets on the Consolidated Balance Sheets. Property, Plant and Equipment: Property, plant and equipment, net is valued at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. The provision for depreciation is computed by the straight-line method based upon the estimated useful lives of the assets. The useful lives are approximately 30 years for buildings, three to 10 years for computer software and three to 20 years for machinery and equipment. The impairment of long-lived assets is evaluated when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not be recoverable. If the expected future undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized at that time to reduce the asset to the lower of its fair value or its net book value. Goodwill and Other Intangible Assets: Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives, with useful lives ranging from one to 20 years . Goodwill and indefinite-lived intangible assets not subject to amortization are tested for impairment at least annually. The Company performs its annual impairment test as of October 1st. Furthermore, goodwill and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying values may not be recoverable in accordance with accounting rules related to goodwill and other intangible assets. Purchase accounting and business combinations: Assets acquired and the liabilities assumed as part of a business combination are recognized at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. The Company considers inputs to value the assets and liabilities by taking into account independent appraisals and historical data, supplemented by current and anticipated market conditions. The valuation inputs in these analyses are based on market participant assumptions. The Company may refine these estimates and record adjustments to an asset or liability with the offset to goodwill during the measurement period, which may be up to one year from the acquisition date. Upon the conclusion of the measurement period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company’s Consolidated Statements of Income. Refer to Note 2 - Acquisitions and Divestitures for additional details. Product Warranties: The Company provides limited warranties on certain of its products. The Company accrues liabilities for warranties generally based upon specific claims and in certain instances based on historical warranty claim experience in accordance with accounting rules relating to contingent liabilities. When the Company becomes aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. Adjustments are made quarterly to the accruals as claim data and historical experience change. Income Taxes: The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. The Company recognizes valuation allowances against deferred tax assets by tax jurisdiction when it is more likely than not those assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with ASC 740-10. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. 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. Translation adjustments for assets and liabilities are reflected as a separate component of accumulated other comprehensive loss. Foreign currency gains and losses resulting from transactions are included in the Consolidated Statements of Income. The Company recognized a foreign currency exchange loss resulting from transactions of $ 1.3 million , $ 3.7 million and $ 5.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Pension and Other Postretirement Benefits: The Company recognizes actuarial gains and losses immediately through net periodic benefit cost upon the annual remeasurement in the fourth quarter, or on an interim basis if specific events trigger a remeasurement. With the adoption of ASU 2017-07 on January 1, 2018, service cost is included in other employee compensation costs within operating income and is the only component of net periodic benefit cost that may be capitalized when applicable. The other components of net periodic benefit cost are presented outside of operating income. Also, actuarial gains and losses are excluded from segment results, while all other components of net periodic benefit cost will continue to be included within segment results. These changes in accounting principles were applied retrospectively; therefore, prior period amounts impacted have been revised accordingly herein. For further information, refer to the description of new accounting guidance adopted below. Stock-Based Compensation: The Company recognizes stock-based compensation expense over the related vesting period of the awards based on the fair value on the grant date. Stock options are issued with an exercise price equal to the opening market price of Timken common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. The fair value of stock-based awards that will settle in Timken common shares, other than stock options, is based on the opening market price of Timken common shares on the grant date. The fair value of stock-based awards that will settle in cash are remeasured at each reporting period until settlement of the awards. Earnings Per Share: Only certain unvested restricted share grants provide for the payment of nonforfeitable dividends. The Company considers these awards as participating securities. Earnings per share are computed using the two-class method. Basic earnings per share are computed by dividing net income less undistributed earnings allocated to unvested restricted shares by the weighted-average number of common shares outstanding during the year. Diluted earnings per share are computed by dividing net income less undistributed earnings allocated to unvested restricted shares by the weighted-average number of common shares outstanding, adjusted for the dilutive impact of outstanding stock-based awards. Derivative Instruments: The Company recognizes all derivatives on the Consolidated Balance Sheets at fair value. Derivatives that are not designated as hedges are adjusted to fair value through earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivatives are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in accumulated other comprehensive loss until the hedged item is recognized in earnings. The Company’s holdings of forward foreign currency exchange contracts qualify as derivatives pursuant to the criteria established in derivative accounting guidance, and the Company has designated certain of those derivatives as hedges. Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Because actual results could differ from these estimates, the Company reviews and updates these estimates and assumptions regularly to reflect recent experience. Recent Accounting Pronouncements: New Accounting Guidance Adopted: Revenue recognition The new revenue standard introduces a five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue standard also requires disclosures sufficient to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill a contract. For further information about the Company's revenues from contracts with customers, refer to Note 14 - Revenue . On January 1, 2018, the Company adopted the new revenue standard and all of the related amendments using the modified retrospective method and applied those provisions to all open contracts. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of changes made to the balance sheet as of January 1, 2018 for the adoption of the new revenue standard was as follows: Balance at December 31, 2017 Effect of Accounting Change Balance at January 1, 2018 ASSETS Accounts receivable, less allowances $ 524.9 $ (67.3 ) $ 457.6 Unbilled receivables — 95.7 95.7 Inventories, net 738.9 (22.9 ) 716.0 Other current assets 81.2 3.0 84.2 Deferred income taxes 61.0 (1.5 ) 59.5 LIABILITIES Other current liabilities 160.7 3.0 163.7 EQUITY Earnings invested in the business 1,408.4 4.0 1,412.4 The tables below reflect changes to financial statement line items as a result of adopting the new revenue standard. The adoption of the new revenue standard did not have an impact on "Net cash used in operating activities" on the Consolidated Statement of Cash Flows for the year ended December 31, 2018 . Consolidated Statement of Income for the year ended December 31, 2018 : Previous Accounting Method Effect of Accounting Change As Reported Net sales $ 3,566.7 $ 14.1 $ 3,580.8 Cost of products sold 2,532.5 8.2 2,540.7 Selling, general, and administrative expenses 578.9 1.8 580.7 Income before income taxes 404.0 4.1 408.1 Provision for income taxes 101.6 1.0 102.6 Net income 302.4 3.1 305.5 Net income attributable to The Timken Company 299.7 $ 3.1 $ 302.8 Basic earnings per share $ 3.89 $ 0.04 $ 3.93 Diluted earnings per share $ 3.82 $ 0.04 $ 3.86 Consolidated Balance Sheet as of December 31, 2018 : Previous Accounting Method Effect of Accounting Change As Reported ASSETS Accounts receivable, less allowances $ 619.3 $ (72.7 ) $ 546.6 Unbilled receivables — 116.6 116.6 Inventories, net 866.8 (31.1 ) 835.7 Other current assets 74.1 2.9 77.0 Deferred income taxes 61.5 (2.5 ) 59.0 LIABILITIES Other current liabilities 168.1 2.9 171.0 EQUITY Earnings invested in the business 1,619.9 10.3 1,630.2 Pension and other postretirement benefits As mentioned above, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” in March 2017. The Company adopted ASU 2017-07 on January 1, 2018 on a retrospective basis, which resulted in the reclassification of certain amounts from "Cost of products sold" and "Selling, general and administrative expenses" to "Non-service pension and other postretirement costs" in the Consolidated Statement of Income. As a result, prior period amounts impacted have been revised accordingly. The following tables reflect the changes to financial statement line items resulting from the adoption of ASU 2017-07: For the year ended December 31, 2017 : As Previously Reported Effect of Accounting Change As Adjusted Cost of products sold $ 2,193.4 $ (1.7 ) $ 2,191.7 Selling, general, and administrative expenses 521.4 (13.1 ) 508.3 Operating income 284.7 14.8 299.5 Non-service pension and other postretirement costs — (15.0 ) (15.0 ) For the year ended December 31, 2016 : As Previously Reported Effect of Accounting Change As Adjusted Cost of products sold $ 2,001.3 $ (37.8 ) $ 1,963.5 Selling, general, and administrative expenses 470.7 (30.5 ) 440.2 Pension settlement charges 1.6 (1.6 ) — Operating income 174.5 69.9 244.4 Non-service pension and other postretirement costs — (69.9 ) (69.9 ) Other new accounting guidance adopted In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 requires that a statement of cash flows explain the change in the total of cash, cash equivalents, and restricted cash during the period. On January 1, 2018, the Company adopted the provisions of ASU 2016-18 on a retrospective basis, which resulted in the addition of restricted cash balances and movements in the Company’s Statement of Cash Flows for all periods presented. As a result, for the year ended December 31, 2018 and 2017 , restricted cash balances of $ 0.6 million and $ 3.8 million , respectively, were included in the Company's ending balance on the Statement of Cash Flows. In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU 2018-02 allows for certain tax effects resulting from the U.S. Tax Reform to be reclassified from accumulated other comprehensive income (or loss) to retained earnings. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Also, ASU 2018-02 may be applied in the period of adoption or retrospectively to each period in which the effect of the change in the statutory income tax rate in the U.S. Tax Reform is recognized. On January 1, 2018, the Company early adopted the provisions of ASU 2018-02, with the related impact applied in the period of adoption. In doing so, the Company elected to reclassify $0.7 million of related income tax effects from accumulated other comprehensive loss to retained earnings in the first quarter of 2018. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” Prior to the issuance of this new accounting guidance, entities first assessed qualitative factors to determine whether a two-step goodwill impairment test was necessary. When entities bypassed or failed the qualitative analysis, they were required to apply a two-step goodwill impairment test. Step 1 compared a reporting unit’s fair value to its carrying amount to determine if there is a potential impairment. If the carrying amount of a reporting unit exceeded its fair value, Step 2 was required to be completed. Step 2 involved determining the implied fair value of goodwill and comparing it to the carrying amount of that goodwill to measure the impairment loss, if any. ASU 2017-04 eliminates Step 2 of the goodwill impairment test, and instead will require that a goodwill impairment loss be measured at the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for public companies for years beginning after December 15, 2019, with early adoption permitted, and must be applied prospectively. The Company adopted ASU 2017-04 on October 1, 2018 in conjunction with the Company's annual goodwill impairment test. The adoption of this standard had no impact on the Company's results of operations and financial condition in the current year. New Accounting Guidance Issued and Not Yet Adopted: In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which impacts both designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 amends and clarifies the requirements to qualify for hedge accounting, removes the requirement to recognize changes in fair value from certain hedges in current earnings, and specifies the presentation of changes in fair value in the income statement for all hedging instruments. ASU 2017-12 is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including in any interim period for which financial statements have not yet been issued, but the effect of adoption is required to be reflected as of the beginning of the fiscal year of adoption. The Company currently does not expect the adoption of ASU 2017-12 to materially impact the Company's results of operations and financial condition. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance will replace the current incurred loss approach with an expected loss model. The new expected credit loss impairment model will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt instruments, net investments in leases, loan commitments and standby letters of credit. Upon initial recognition of the exposure, the expected credit loss model requires entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application will require significant judgment. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of ASU 2016-13 will have on the Company's results of operations and financial condition. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 was issued to increase transparency and comparability among entities by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. ASU 2016-02 is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company plans to adopt the new standard on January 1, 2019 using the cumulative-effect adjustment transition method. The Company also elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The Company has created a cross-functional implementation team to identify all leases and perform all data gathering required. Additionally, the Company is continuing to advance in implementing an enterprise-wide lease management system to assist in the related accounting and is evaluating additional changes to the related processes and internal controls to ensure requirements are met for reporting and disclosure purposes. While the assessment of the impact this new standard will have on the consolidated financial statements is ongoing, the Company expects to recognize a right-to-use asset and a lease liability between $95 million and $115 million for its operating lease commitments on the Consolidated Balance Sheet, but does not expect the new standard to have a material impact on its consolidated results of operations or cash flows. |
Investment, Policy [Policy Text Block] | Investments: Short-term investments are investments with maturities between four months and one year and are valued at amortized cost, which approximates fair value. The Company held short-term investments as of December 31, 2018 and 2017 with a fair value and cost basis of $21.8 million and $16.4 million |
Principles of Consolidation | Principles of Consolidation: |
Revenue Recognition, Policy [Policy Text Block] | Revenue: A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when performance obligations under the terms of a contract with a customer of the Company are satisfied. A majority of the Company's revenue is from short-term, fixed-price contracts and continues to be recognized as of a point in time when products are shipped from the Company's manufacturing facilities or at a later point in time when control of the products transfers to the customer. Revenue was previously recognized for services and certain sales of customer-specific product at the point in time when the shipping terms were satisfied. Under the new revenue standard, the Company now recognizes revenue over time as it satisfies the performance obligations because of the continuous transfer of control to the customer, supported as follows: • For certain service contracts, this continuous transfer of control to the customer occurs as the Company's service enhances assets that the customer owns and controls at all times and the Company is contractually entitled to payment for work performed to date plus a reasonable margin. • For U.S. government contracts, the customer is allowed to unilaterally terminate the contract for convenience, and is required to pay the Company for costs incurred plus a reasonable margin and can take control of any work in process. • For certain non-U.S. government contracts involving customer-specific products, the customer controls the work in process based on contractual termination clauses or restrictions on the Company's use of the product and the Company possesses a right to payment for work performed to date plus a reasonable margin. As a result of control transferring over time for these products and services, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company has elected to use the cost-to-cost input measure of progress for these contracts because it best depicts the transfer of goods or services to the customer based on incurring costs on the contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The pricing and payment terms for non-U.S. government contracts are based on the Company's standard terms and conditions or the result of specific negotiations with each customer. The Company's standard terms and conditions require payment 30 days from the invoice date, but the timing of payment for specific negotiated terms may vary. The Company also has both prime and subcontracts in support of the provision of goods and services to the U.S. government. Certain of these contracts are subject to the Federal Acquisition Regulation ("FAR") and are priced commercially based on a competitive market. Under the payment terms of those U.S. government fixed-price contracts, the customer pays the Company performance-based payments, which are interim payments of up to 80% of the contract price for costs incurred to date based on quantifiable measures of performance or on the achievement of specified events or milestones. Because the customer retains a portion of the contract price until completion of such contracts, certain of these U.S. government fixed-price contracts result in revenue recognized in excess of billings, which is presented within "Unbilled Receivables" on the Consolidated Balance Sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. As a practical expedient, the Company may exclude an assessment of whether promised goods or services are performance obligations, if such promised goods and services are immaterial to the customer contract taken as a whole, and combine these with other performance obligations. The Company has elected to recognize incremental costs incurred to obtain contracts, which primarily represent commissions paid to third-party sales agents where the amortization period would be less than one year, as SG&A expenses in the Consolidated Statement of Income as incurred. The Company has also elected not to adjust the promised amount of consideration for the effects of any significant financing component where the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Finally, the Company's policy is to exclude performance obligations resulting from contracts with a duration of one year or less from its disclosures related to remaining performance obligations. The amount of consideration to which the Company expects to be entitled in exchange for the goods and services is not generally subject to significant variations. However, the Company does offer certain customers rebates, prompt payment discounts, end-user discounts, the right to return eligible products, and/or other forms of variable consideration. The Company estimates this variable consideration using the expected value amount, which is based on historical experience. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company adjusts the estimate of revenue at the earlier of when the amount of consideration the Company expects to receive changes or when the consideration becomes fixed. The Company recognizes the cost of freight and shipping when control of the products or services has transferred to the customer as an expense in "Cost of products sold" on the Consolidated Statement of Income, because those are costs incurred to fulfill the promise recognized, not a separate performance obligation. To the extent certain freight and shipping fees are charged to customers, the Company recognizes the amounts charged to customers as revenues and the related costs as an expense in "Cost of products sold" when control of the related products or services has transferred to the customer. Contracts are occasionally modified to account for changes in contract specifications, requirements, and pricing. The Company considers contract modifications to exist when the modification either creates new enforceable rights and obligations or changing existing ones. Substantially all of the Company's contract modifications are for goods or services that are distinct from the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is generally recognized on a prospective basis. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash: Cash of $ 0.6 million and $ 3.8 million at December 31, 2018 and 2017 , respectively, was restricted. The decrease was primarily due to cash previously restricted for bank guarantees of $3.0 million and a reduction of unclaimed dividends by foreign subsidiaries to minority shareholders of $0.3 million |
Allowance for Doubtful Accounts | Accounts Receivable, Less Allowances: "Accounts receivable, less allowances" on the Consolidated Balance Sheet include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts, which represents an estimate of the losses expected from the accounts receivable portfolio, to reduce accounts receivable to their net realizable value. The allowance is based upon historical trends in collections and write-offs, management's judgment of the probability of collecting accounts and management's evaluation of business risk. The Company extends credit to customers satisfying pre-defined credit criteria. The Company believes it has limited concentration of credit risk due to the diversity of its customer base. Prior to the adoption of the new revenue standard, the Company recognized a portion of its revenues on the percentage-of-completion method. As of December 31, 2017 , revenue recognized in excess of billings of $67.3 million under the percentage-of-completion method were included in "Accounts receivable, less allowances" on the Consolidated Balance Sheet. In accordance with the new revenue standard, $72.7 million of revenue recognized in excess of billings related to such revenues are included in "Unbilled receivables" on the Consolidated Balance Sheet at December 31, 2018 |
Inventory, Policy [Policy Text Block] | Inventories: Inventories are valued at the lower of cost or net realizable value, with approximately 56% valued by the FIFO method and the remaining 44% |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment: Property, plant and equipment, net is valued at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. The provision for depreciation is computed by the straight-line method based upon the estimated useful lives of the assets. The useful lives are approximately 30 years for buildings, three to 10 years for computer software and three to 20 years for machinery and equipment. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Other Intangible Assets: Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives, with useful lives ranging from one to 20 years |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties: The Company provides limited warranties on certain of its products. The Company accrues liabilities for warranties generally based upon specific claims and in certain instances based on historical warranty claim experience in accordance with accounting rules relating to contingent liabilities. When the Company becomes aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. Adjustments are made quarterly to the accruals as claim data and historical experience change. |
Income Tax, Policy [Policy Text Block] | Income Taxes: The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. The Company recognizes valuation allowances against deferred tax assets by tax jurisdiction when it is more likely than not those assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with ASC 740-10. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 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. Translation adjustments for assets and liabilities are reflected as a separate component of accumulated other comprehensive loss. Foreign currency gains and losses resulting from transactions are included in the Consolidated Statements of Income. The Company recognized a foreign currency exchange loss resulting from transactions of $ 1.3 million , $ 3.7 million and $ 5.6 million for the years ended December 31, 2018 , 2017 and 2016 |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Postretirement Benefits: The Company recognizes actuarial gains and losses immediately through net periodic benefit cost upon the annual remeasurement in the fourth quarter, or on an interim basis if specific events trigger a remeasurement. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation: The Company recognizes stock-based compensation expense over the related vesting period of the awards based on the fair value on the grant date. Stock options are issued with an exercise price equal to the opening market price of Timken common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. The fair value of stock-based awards that will settle in Timken common shares, other than stock options, is based on the opening market price of Timken common shares on the grant date. The fair value of stock-based awards that will settle in cash are remeasured at each reporting period until settlement of the awards. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share: |
Derivatives, Policy [Policy Text Block] | Derivative Instruments: The Company recognizes all derivatives on the Consolidated Balance Sheets at fair value. Derivatives that are not designated as hedges are adjusted to fair value through earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivatives are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in accumulated other comprehensive loss until the hedged item is recognized in earnings. The Company’s holdings of forward foreign currency exchange contracts qualify as derivatives pursuant to the criteria established in derivative accounting guidance, and the Company has designated certain of those derivatives as hedges. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Because actual results could differ from these estimates, the Company reviews and updates these estimates and assumptions regularly to reflect recent experience. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Guidance Adopted: Revenue recognition The new revenue standard introduces a five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue standard also requires disclosures sufficient to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill a contract. For further information about the Company's revenues from contracts with customers, refer to Note 14 - Revenue . On January 1, 2018, the Company adopted the new revenue standard and all of the related amendments using the modified retrospective method and applied those provisions to all open contracts. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of changes made to the balance sheet as of January 1, 2018 for the adoption of the new revenue standard was as follows: Balance at December 31, 2017 Effect of Accounting Change Balance at January 1, 2018 ASSETS Accounts receivable, less allowances $ 524.9 $ (67.3 ) $ 457.6 Unbilled receivables — 95.7 95.7 Inventories, net 738.9 (22.9 ) 716.0 Other current assets 81.2 3.0 84.2 Deferred income taxes 61.0 (1.5 ) 59.5 LIABILITIES Other current liabilities 160.7 3.0 163.7 EQUITY Earnings invested in the business 1,408.4 4.0 1,412.4 The tables below reflect changes to financial statement line items as a result of adopting the new revenue standard. The adoption of the new revenue standard did not have an impact on "Net cash used in operating activities" on the Consolidated Statement of Cash Flows for the year ended December 31, 2018 . Consolidated Statement of Income for the year ended December 31, 2018 : Previous Accounting Method Effect of Accounting Change As Reported Net sales $ 3,566.7 $ 14.1 $ 3,580.8 Cost of products sold 2,532.5 8.2 2,540.7 Selling, general, and administrative expenses 578.9 1.8 580.7 Income before income taxes 404.0 4.1 408.1 Provision for income taxes 101.6 1.0 102.6 Net income 302.4 3.1 305.5 Net income attributable to The Timken Company 299.7 $ 3.1 $ 302.8 Basic earnings per share $ 3.89 $ 0.04 $ 3.93 Diluted earnings per share $ 3.82 $ 0.04 $ 3.86 Consolidated Balance Sheet as of December 31, 2018 : Previous Accounting Method Effect of Accounting Change As Reported ASSETS Accounts receivable, less allowances $ 619.3 $ (72.7 ) $ 546.6 Unbilled receivables — 116.6 116.6 Inventories, net 866.8 (31.1 ) 835.7 Other current assets 74.1 2.9 77.0 Deferred income taxes 61.5 (2.5 ) 59.0 LIABILITIES Other current liabilities 168.1 2.9 171.0 EQUITY Earnings invested in the business 1,619.9 10.3 1,630.2 Pension and other postretirement benefits As mentioned above, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” in March 2017. The Company adopted ASU 2017-07 on January 1, 2018 on a retrospective basis, which resulted in the reclassification of certain amounts from "Cost of products sold" and "Selling, general and administrative expenses" to "Non-service pension and other postretirement costs" in the Consolidated Statement of Income. As a result, prior period amounts impacted have been revised accordingly. The following tables reflect the changes to financial statement line items resulting from the adoption of ASU 2017-07: For the year ended December 31, 2017 : As Previously Reported Effect of Accounting Change As Adjusted Cost of products sold $ 2,193.4 $ (1.7 ) $ 2,191.7 Selling, general, and administrative expenses 521.4 (13.1 ) 508.3 Operating income 284.7 14.8 299.5 Non-service pension and other postretirement costs — (15.0 ) (15.0 ) For the year ended December 31, 2016 : As Previously Reported Effect of Accounting Change As Adjusted Cost of products sold $ 2,001.3 $ (37.8 ) $ 1,963.5 Selling, general, and administrative expenses 470.7 (30.5 ) 440.2 Pension settlement charges 1.6 (1.6 ) — Operating income 174.5 69.9 244.4 Non-service pension and other postretirement costs — (69.9 ) (69.9 ) Other new accounting guidance adopted In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 requires that a statement of cash flows explain the change in the total of cash, cash equivalents, and restricted cash during the period. On January 1, 2018, the Company adopted the provisions of ASU 2016-18 on a retrospective basis, which resulted in the addition of restricted cash balances and movements in the Company’s Statement of Cash Flows for all periods presented. As a result, for the year ended December 31, 2018 and 2017 , restricted cash balances of $ 0.6 million and $ 3.8 million , respectively, were included in the Company's ending balance on the Statement of Cash Flows. In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU 2018-02 allows for certain tax effects resulting from the U.S. Tax Reform to be reclassified from accumulated other comprehensive income (or loss) to retained earnings. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Also, ASU 2018-02 may be applied in the period of adoption or retrospectively to each period in which the effect of the change in the statutory income tax rate in the U.S. Tax Reform is recognized. On January 1, 2018, the Company early adopted the provisions of ASU 2018-02, with the related impact applied in the period of adoption. In doing so, the Company elected to reclassify $0.7 million of related income tax effects from accumulated other comprehensive loss to retained earnings in the first quarter of 2018. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” Prior to the issuance of this new accounting guidance, entities first assessed qualitative factors to determine whether a two-step goodwill impairment test was necessary. When entities bypassed or failed the qualitative analysis, they were required to apply a two-step goodwill impairment test. Step 1 compared a reporting unit’s fair value to its carrying amount to determine if there is a potential impairment. If the carrying amount of a reporting unit exceeded its fair value, Step 2 was required to be completed. Step 2 involved determining the implied fair value of goodwill and comparing it to the carrying amount of that goodwill to measure the impairment loss, if any. ASU 2017-04 eliminates Step 2 of the goodwill impairment test, and instead will require that a goodwill impairment loss be measured at the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for public companies for years beginning after December 15, 2019, with early adoption permitted, and must be applied prospectively. The Company adopted ASU 2017-04 on October 1, 2018 in conjunction with the Company's annual goodwill impairment test. The adoption of this standard had no impact on the Company's results of operations and financial condition in the current year. New Accounting Guidance Issued and Not Yet Adopted: In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which impacts both designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 amends and clarifies the requirements to qualify for hedge accounting, removes the requirement to recognize changes in fair value from certain hedges in current earnings, and specifies the presentation of changes in fair value in the income statement for all hedging instruments. ASU 2017-12 is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including in any interim period for which financial statements have not yet been issued, but the effect of adoption is required to be reflected as of the beginning of the fiscal year of adoption. The Company currently does not expect the adoption of ASU 2017-12 to materially impact the Company's results of operations and financial condition. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance will replace the current incurred loss approach with an expected loss model. The new expected credit loss impairment model will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt instruments, net investments in leases, loan commitments and standby letters of credit. Upon initial recognition of the exposure, the expected credit loss model requires entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application will require significant judgment. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of ASU 2016-13 will have on the Company's results of operations and financial condition. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 was issued to increase transparency and comparability among entities by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. ASU 2016-02 is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company plans to adopt the new standard on January 1, 2019 using the cumulative-effect adjustment transition method. The Company also elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The Company has created a cross-functional implementation team to identify all leases and perform all data gathering required. Additionally, the Company is continuing to advance in implementing an enterprise-wide lease management system to assist in the related accounting and is evaluating additional changes to the related processes and internal controls to ensure requirements are met for reporting and disclosure purposes. While the assessment of the impact this new standard will have on the consolidated financial statements is ongoing, the Company expects to recognize a right-to-use asset and a lease liability between $95 million and $115 million for its operating lease commitments on the Consolidated Balance Sheet, but does not expect the new standard to have a material impact on its consolidated results of operations or cash flows. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions and Divestitures [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price allocations at fair value, net of cash acquired for acquisitions in 2018 and 2017 , as well as any purchase price adjustments from acquisitions made in prior periods, are presented below: 2018 2017 Assets: Accounts receivable $ 42.5 $ 27.6 Inventories 61.6 29.4 Other current assets 11.2 3.3 Property, plant and equipment 71.7 31.5 Goodwill 465.0 149.7 Other intangible assets 372.6 173.6 Other non-current assets 20.2 1.8 Total assets acquired $ 1,044.8 $ 416.9 Liabilities: Accounts payable, trade $ 35.2 $ 9.5 Salaries, wages and benefits 9.1 5.8 Income taxes payable 2.5 — Other current liabilities 8.1 8.6 Short-term debt 2.5 0.1 Long-term debt 3.0 2.9 Accrued pension cost 5.7 — Accrued postretirement liability 11.7 — Deferred taxes 115.5 42.2 Other non-current liabilities 17.2 1.0 Total liabilities assumed $ 210.5 $ 70.1 Net assets acquired $ 834.3 $ 346.8 |
Business Combination Disclosure [Text Block] | Note 2 - Acquisitions and Divestitures The Company completed three acquisitions in 2018 . On September 18, 2018 , the Company completed the acquisition of Rollon, a leader in engineered linear motion products, specializing in the design and manufacture of linear guides, telescopic rails and linear actuators used in a wide range of industries such as passenger rail, aerospace, packaging and logistics, medical and automation. On September 1, 2018 , the Company completed the acquisition of Cone Drive, a leader in precision drives used in diverse markets including solar, automation, aerial platforms, and food and beverage. On August 30, 2018 , the Company's majority-owned subsidiary, Timken India, completed the acquisition of ABC Bearings , a manufacturer of tapered, cylindrical and spherical roller bearings and slewing rings in India. Consid eration for the acquisition of ABC Bearings consisted of Timken India stock. R efer to the Consolidated Statement of Shareholders' Equity for more information on the acquisition of ABC Bearings. The expected annual sales at the time of acquisition for Rollon, Cone Drive, and ABC Bearings were approximately $140 million , $100 million , and $30 million , respectively . The total purchase price for these acquisitions, net of cash acquired of $30.1 million , was $834.3 million , which included $540.0 million for Rollon. The Company i ncurred acquisition-related costs of $9.6 million in 2018 to complete these acquisitions. Based on markets and customers served, the majority of the results for Rollon and Cone Drive are reported in the Process Industries segment and substantially all of the results for ABC Bearings are reported in the Mobile Industries segment. During 2017 , the Company completed three acquisitions. On July 3, 2017 , the Company completed the acquisition of Groeneveld, a leading provider of automatic lubrication solutions used in on- and off-highway applications. On May 5, 2017 , the Company completed the acquisition of the assets of PT Tech, a manufacturer of engineered clutches, brakes, hydraulic power take-off units and other torque management devices used in the mining, aggregate, wood recycling and metals industries. On April 3, 2017 , the Company completed the acquisition of Torsion Control Products, a manufacturer of engineered torsional couplings used in the construction, agriculture and mining industries. Aggregate sales for these companies for the most recent 12 months prior to their respective acquisitions totaled approximately $146.2 million . The total purchase price for these acquisitions was $346.2 million , net of $35.4 million of cash received. In 2017 , the Company incurred acquisition-related costs of $3.7 million to complete these acquisitions. Based on markets and customers served, substantially all of the results for Groeneveld, PT Tech and Torsion Control Products are reported in the Mobile Industries segment. Certain measurement period adjustments related to these acquisitions were recorded in 2018 , resulting in a $3.2 million reduction to Goodwill. The purchase price allocations at fair value, net of cash acquired for acquisitions in 2018 and 2017 , as well as any purchase price adjustments from acquisitions made in prior periods, are presented below: 2018 2017 Assets: Accounts receivable $ 42.5 $ 27.6 Inventories 61.6 29.4 Other current assets 11.2 3.3 Property, plant and equipment 71.7 31.5 Goodwill 465.0 149.7 Other intangible assets 372.6 173.6 Other non-current assets 20.2 1.8 Total assets acquired $ 1,044.8 $ 416.9 Liabilities: Accounts payable, trade $ 35.2 $ 9.5 Salaries, wages and benefits 9.1 5.8 Income taxes payable 2.5 — Other current liabilities 8.1 8.6 Short-term debt 2.5 0.1 Long-term debt 3.0 2.9 Accrued pension cost 5.7 — Accrued postretirement liability 11.7 — Deferred taxes 115.5 42.2 Other non-current liabilities 17.2 1.0 Total liabilities assumed $ 210.5 $ 70.1 Net assets acquired $ 834.3 $ 346.8 The 2018 acquisitions presented above include goodwill of $311.5 million and intangible assets of $261.7 million for Rollon. 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 significant judgment 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. In addition to measurement period adjustments occurring in 2018 for 2017 acquisitions, the amounts for 2018 in the table above represent the preliminary purchase price allocation for Rollon, Cone Drive and ABC Bearings. 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 is obtained. The purchase price allocation is preliminary as a result of the proximity of the acquisition dates to December 31, 2018 . The primary areas of the preliminary purchase price allocation that have not been finalized relate to the fair value of inventories, accounts receivables, intangible assets, contingencies and the related impacts on deferred income taxes. During the measurement period, we 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 had been completed on the acquisition date. The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2018 and 2017 : 2018 2017 Weighted- Average Life Weighted- Average Life Trade names (indefinite life) $ 46.8 Indefinite $ 31.1 Indefinite Trade names (finite life) 3.7 11 years 2.2 13 years Technology and know-how 121.8 17 years 29.8 16 years Customer relationships 199.6 18 years 108.9 17 years Other 0.2 6 years 0.2 5 years Capitalized software 0.5 5 years 1.4 3 years Total intangible assets $ 372.6 $ 173.6 Divestiture: On September 19, 2018, the Company completed the sale of the ICT Business, located in Gorinchem, Netherlands. The Company acquired the business in July 2017 as part of the Groeneveld acquisition. The ICT Business is separate from the Groeneveld lubrications solutions business and had sales of approximately $15 million |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2018 and 2017 : 2018 2017 Weighted- Average Life Weighted- Average Life Trade names (indefinite life) $ 46.8 Indefinite $ 31.1 Indefinite Trade names (finite life) 3.7 11 years 2.2 13 years Technology and know-how 121.8 17 years 29.8 16 years Customer relationships 199.6 18 years 108.9 17 years Other 0.2 6 years 0.2 5 years Capitalized software 0.5 5 years 1.4 3 years Total intangible assets $ 372.6 $ 173.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
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 years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Numerator: Net income attributable to The Timken Company $ 302.8 $ 203.4 $ 140.8 Less: undistributed earnings allocated to nonvested stock — — — Net income available to common shareholders for basic and diluted earnings per share $ 302.8 $ 203.4 $ 140.8 Denominator: Weighted average number of shares outstanding - basic 77,119,602 77,736,398 78,516,029 Effect of dilutive securities: Stock options and awards - based on the treasury stock method 1,217,879 1,174,751 718,295 Weighted average number of shares outstanding, assuming dilution of stock options and awards 78,337,481 78,911,149 79,234,324 Basic earnings per share $ 3.93 $ 2.62 $ 1.79 Diluted earnings per share $ 3.86 $ 2.58 $ 1.78 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (loss) [Abstract] | |
Accumulated Other Comprehensive Income Components Reclassification [Text Block] | The following tables present details about components of accumulated other comprehensive income (loss) for the years ended December 31, 2018 and December 31, 2017 , respectively: Foreign currency translation adjustments Pension and postretirement liability adjustments Change in fair value of derivative financial instruments Total Balance at December 31, 2017 $ (35.1 ) $ (0.3 ) $ (2.9 ) $ (38.3 ) Cumulative effect of ASU 2018-02 — (0.1 ) (0.6 ) (0.7 ) Balance at January 1, 2018 (35.1 ) (0.4 ) (3.5 ) (39.0 ) Other comprehensive (loss) income before reclassifications and income taxes (67.4 ) 0.9 6.4 (60.1 ) Amounts reclassified from accumulated other comprehensive (loss) income, before income tax — — (1.3 ) (1.3 ) Income tax expense — (0.5 ) (1.3 ) (1.8 ) Net current period other comprehensive (loss) income, net of income taxes (67.4 ) 0.4 3.8 (63.2 ) Noncontrolling interest 6.9 — — 6.9 Net current period comprehensive (loss) income, net of income taxes, noncontrolling interest and cumulative effect of accounting change (60.5 ) 0.3 3.2 (57.0 ) Balance at December 31, 2018 $ (95.6 ) $ — $ 0.3 $ (95.3 ) Foreign currency translation adjustments Pension and postretirement liability adjustments Change in fair value of derivative financial instruments Total Balance at December 31, 2016 $ (79.8 ) $ 1.5 $ 0.4 $ (77.9 ) Other comprehensive income (loss) before reclassifications and income taxes 47.1 (4.0 ) (7.1 ) 36.0 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — 1.1 1.8 2.9 Income tax benefit — 1.1 2.0 3.1 Net current period other comprehensive income (loss), net of income taxes 47.1 (1.8 ) (3.3 ) 42.0 Noncontrolling interest (2.4 ) — — (2.4 ) Net current period comprehensive income (loss), net of income taxes and noncontrolling interest 44.7 (1.8 ) (3.3 ) 39.6 Balance at December 31, 2017 $ (35.1 ) $ (0.3 ) $ (2.9 ) $ (38.3 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The components of inventories at December 31, 2018 and 2017 were as follows: 2018 2017 Manufacturing supplies $ 32.4 $ 29.0 Raw materials 102.4 90.4 Work in process 287.7 245.2 Finished products 452.7 404.3 Subtotal $ 875.2 $ 768.9 Allowance for surplus and obsolete inventory (39.5 ) (30.0 ) Total Inventories, net $ 835.7 $ 738.9 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | The components of property, plant and equipment, net at December 31, 2018 and 2017 were as follows: 2018 2017 Land and buildings $ 484.1 $ 483.0 Machinery and equipment 2,002.4 1,922.6 Subtotal $ 2,486.5 $ 2,405.6 Less: accumulated depreciation (1,574.4 ) (1,541.4 ) Property, Plant and Equipment, net $ 912.1 $ 864.2 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite and Indefinite Lived Intangible Assets by Major Class [Table Text Block] | The following table displays intangible assets as of December 31, 2018 and 2017 : 2018 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject Customer relationships $ 481.5 $ 99.8 $ 381.7 $ 324.6 $ 103.0 $ 221.6 Technology and know-how 245.0 40.4 204.6 128.7 33.8 94.9 Trade names 11.3 4.8 6.5 8.6 4.3 4.3 Capitalized Software 266.4 236.5 29.9 261.5 226.5 35.0 Other 40.8 35.2 5.6 10.3 6.2 4.1 $ 1,045.0 $ 416.7 $ 628.3 $ 733.7 $ 373.8 $ 359.9 Intangible assets not Trade names $ 96.2 $ 96.2 $ 52.0 $ 52.0 FAA air agency certificates 8.7 8.7 8.7 8.7 $ 104.9 $ 104.9 $ 60.7 $ 60.7 Total intangible assets $ 1,149.9 $ 416.7 $ 733.2 $ 794.4 $ 373.8 $ 420.6 |
Schedule of Goodwill [Table Text Block] | Changes in the carrying value of goodwill were as follows: Year ended December 31, 2018 : Mobile Industries Process Industries Total Beginning Balance $ 254.3 $ 257.5 $ 511.8 Acquisitions 108.4 356.6 465.0 Divestiture (5.1 ) — (5.1 ) Foreign currency translation adjustments and other changes (7.9 ) (3.3 ) (11.2 ) Ending Balance $ 349.7 $ 610.8 $ 960.5 December 31, 2017 : Mobile Industries Process Industries Total Beginning Balance $ 97.2 $ 260.3 $ 357.5 Acquisitions 150.8 (1.1 ) 149.7 Other 6.3 (1.7 ) 4.6 Ending Balance $ 254.3 $ 257.5 $ 511.8 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments for noncancelable operating leases at December 31, 2018 are as follows: Year 2019 $ 36.1 2020 27.1 2021 16.9 2022 11.1 2023 6.1 Thereafter 17.5 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The maturities of long-term debt and capital leases for the five years subsequent to December 31, 2018 are as follows: Year 2019 $ 9.4 2020 152.5 2021 77.7 2022 0.5 2023 338.4 Thereafter 1,069.5 |
Short-term debt | Short-term debt as of December 31, 2018 and 2017 was as follows: 2018 2017 Variable-rate Accounts Receivable Facility with an interest rate of 2.15% at December 31, 2017 $ — $ 62.9 Borrowings under variable-rate lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 0.29% to 1.00% at December 31, 2018 and 0.32% to 2.22% at December 31, 2017 33.6 42.5 Short-term debt $ 33.6 $ 105.4 |
Long-term debt | Long-term debt as of December 31, 2018 and 2017 was as follows: 2018 2017 Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 3.40% and Euro of 1.10% at December 31, 2018 and 2.40% and 1.10%, respectively, at December 31, 2017 $ 43.9 $ 52.0 Variable-rate Euro Term Loan (1) with an interest rate of 1.13% at December 31, 2018 and December 31, 2017 107.1 119.7 Variable-rate Accounts Receivable Facility with an interest rate of 3.22% at December 31, 2018 75.0 — Variable-rate Term Loan (1) with an interest rate of 3.77% at December 31, 2018 347.1 — Fixed-rate Senior Unsecured Notes (1) , maturing on September 1, 2024, with an interest rate of 3.875% 347.7 346.9 Fixed-rate Euro Senior Unsecured Notes (1) , maturing on September 7, 2027, with an interest rate of 2.02% 171.4 179.3 Fixed-rate Senior Unsecured Notes (1) , maturing on December 15, 2028, with an interest rate of 4.50% 395.8 — 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% 154.6 154.5 Other 5.4 4.5 Total debt $ 1,648.0 $ 856.9 Less current maturities 9.4 2.7 Long-term debt $ 1,638.6 $ 854.2 |
Impairment and Restructuring _2
Impairment and Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Costs [Table Text Block] | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Impairment and restructuring charges by segment were as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Year ended </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:Arial;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:51%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Mobile</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Industries</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Process</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Industries</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Corporate</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Impairment charges</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Severance expense and related benefit costs</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">1.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">2.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exit costs</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">1.4</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">0.2</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">1.5</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">3.1</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Year ended </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:51%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Mobile</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Industries</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Process</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Industries</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Corporate</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Impairment charges</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Severance expense and related benefit costs</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">3.3</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">3.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exit costs</font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">3.5</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.2</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">0.6</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;paddin | ||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following is a rollforward of the consolidated restructuring accrual for the years ended </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">2017</font><font style="font-family:Arial;font-size:10pt;">:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td style="width:74%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2018</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2017</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Beginning balance, January 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">7.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1.7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Payments</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(4.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Ending balance, December 31</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">7.5</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7.5</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | A summary of those awards granted in 2018 is presented below: Expected to Settled in Equity Expected to Settled in Cash Total Awards Granted Performance-based restricted stock units 232,690 5,670 238,360 Time-based restricted stock units 151,835 3,440 155,275 Deferred shares 4,000 4,000 |
Summary of significant stock options granted | The fair value of stock option awards granted was estimated at the date of grant using a Black-Scholes option-pricing method with the following assumptions: 2018 2017 2016 Weighted-average fair value per option $ 10.29 $ 10.60 $ 6.49 Risk-free interest rate 2.62 % 1.96 % 1.22 % Dividend yield 2.30 % 2.96 % 3.04 % Expected stock volatility 27.78 % 32.25 % 34.12 % Expected life - years 5 5 5 |
Summary of stock option activity | A summary of stock option award activity for the year ended December 31, 2018 is presented below: Number of Shares Weighted-average Weighted-average Aggregate Intrinsic Value (millions) Outstanding - beginning of year 3,151,121 $ 36.65 Granted - new awards 481,520 44.65 Exercised (394,751 ) 33.50 Canceled or expired (47,940 ) 39.66 Outstanding - end of year 3,189,950 $ 38.21 6 years $ 19.3 Options expected to vest 3,189,950 $ 38.21 6 years $ 19.3 Options exercisable 1,992,857 $ 37.15 5 years $ 5.3 |
Summary of restricted share activity | A summary of stock award activity, including performance-based restricted stock units, time-based restricted stock units, deferred shares and restricted shares that will settle in common shares for the year ended December 31, 2018 is as follows: Number of Shares Weighted-average Outstanding - beginning of year 1,245,274 $ 37.56 Granted - new awards 388,525 44.83 Vested (290,287 ) 40.49 Canceled or expired (147,020 ) 41.23 Outstanding - end of year 1,196,492 $ 38.76 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables present the fair value hierarchy for those assets and liabilities on the Consolidated Balance Sheets measured at fair value on a recurring basis as of December 31, 2018 and 2017 : December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 105.9 $ 104.4 $ 1.5 $ — Cash and cash equivalents measured at net 26.6 Restricted cash 0.6 0.6 — — Short-term investments 21.8 — 21.8 — Short-term investments measured at net asset value — Foreign currency hedges 4.6 — 4.6 — Total Assets $ 159.5 $ 105.0 $ 27.9 $ — Liabilities: Foreign currency hedges $ 0.7 $ — $ 0.7 $ — Total Liabilities $ 0.7 $ — $ 0.7 $ — December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 108.5 $ 107.3 $ 1.2 $ — Cash and cash equivalents measured at net 13.1 Restricted cash 3.8 3.8 — — Short-term investments 16.2 — 16.2 — Short-term investments measured at net asset value 0.2 Foreign currency hedges 1.3 — 1.3 — Total Assets $ 143.1 $ 111.1 $ 18.7 $ — Liabilities: Foreign currency hedges $ 7.1 $ — $ 7.1 $ — Total Liabilities $ 7.1 $ — $ 7.1 $ — |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans as of December 31, 2018 and 2017 : U.S. Plans International Plans 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 643.0 $ 612.4 $ 335.2 $ 314.2 Service cost 12.6 12.2 1.7 1.6 Interest cost 24.0 24.6 7.2 7.5 Plan amendments — 2.8 3.6 — Actuarial losses (36.7 ) 60.5 (7.4 ) 0.9 International plan exchange rate change — — (17.2 ) 32.2 Curtailment (10.2 ) (1.8 ) — — Benefits paid (95.8 ) (67.7 ) (24.8 ) (21.2 ) Acquisitions 49.7 — 2.0 — Benefit obligation at end of year $ 586.6 $ 643.0 $ 300.3 $ 335.2 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change in plan assets: Fair value of plan assets at beginning of year $ 531.9 $ 529.6 $ 292.4 $ 268.7 Actual return on plan assets (37.5 ) 65.5 (5.1 ) 12.0 Company contributions / payments 5.3 4.5 6.0 7.0 International plan exchange rate change — — (15.4 ) 25.9 Acquisitions 44.4 — 1.5 — Benefits paid (95.8 ) (67.7 ) (24.8 ) (21.2 ) Fair value of plan assets at end of year 448.3 531.9 254.6 292.4 Funded status at end of year $ (138.3 ) $ (111.1 ) $ (45.7 ) $ (42.8 ) |
Net periodic benefit cost for the Company's retirement benefit plans | The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31: U.S. Plans International Plans 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 12.6 $ 12.2 $ 13.1 $ 1.7 $ 1.6 $ 1.4 Interest cost 24.0 24.6 26.6 7.2 7.5 10.5 Expected return on plan assets (29.3 ) (28.0 ) (30.1 ) (11.6 ) (11.1 ) (10.7 ) Amortization of prior service cost 1.7 1.4 1.7 0.1 — 0.1 Recognition of net actuarial losses 30.0 23.1 41.5 8.8 0.1 19.4 Curtailment (10.2 ) (1.1 ) — — — (0.1 ) Net periodic benefit cost $ 28.8 $ 32.2 $ 52.8 $ 6.2 $ (1.9 ) $ 20.6 |
Defined Benefit Plans Amounts recognized on the Consolidated Balance Sheets | U.S. Plans International Plans 2018 2017 2018 2017 Amounts recognized on the Consolidated Balance Sheets: Non-current assets $ — $ 6.7 $ 6.2 $ 13.0 Current liabilities (27.4 ) (4.8 ) (1.5 ) (1.5 ) Non-current liabilities (110.9 ) (113.0 ) (50.4 ) (54.3 ) $ (138.3 ) $ (111.1 ) $ (45.7 ) $ (42.8 ) |
Defined Benefit Plans Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive loss: Net prior service cost $ 6.4 $ 8.1 $ 4.0 $ 0.5 Accumulated other comprehensive loss $ 6.4 $ 8.1 $ 4.0 $ 0.5 Changes in prior service cost recognized in accumulated other comprehensive loss: Accumulated other comprehensive loss at beginning of year $ 8.1 $ 7.4 $ 0.5 $ 0.5 Prior service cost — 2.8 — — Recognized prior service cost (1.7 ) (1.4 ) (0.1 ) — (Loss) gain recognized due to curtailment — (0.7 ) 3.6 — Total recognized in accumulated other comprehensive loss at December 31 $ 6.4 $ 8.1 $ 4.0 $ 0.5 |
Target assets allocation and actual asset allocations for US pension plan assets | The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2018 and 2017 , was as follows: Current Target Allocation Percentage of Pension Plan Assets at December 31, Asset Category 2018 2017 Equity securities 15% to 21% 18% 14% Fixed income securities 70% to 80% 76% 80% Other investments 4% to 10% 6% 6% Total 100% 100% |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2018 : U.S. Pension Plans International Pension Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 18.6 $ — $ — $ 18.6 $ 0.8 $ — $ — $ 0.8 Government and agency securities 29.9 2.7 — 32.6 — — — — Corporate bonds - investment grade — 71.7 — 71.7 — — — — Mutual funds - fixed income 60.8 — — 60.8 — — — — Mutual funds - international equity 24.0 — — 24.0 — — — — Mutual funds - domestic equity 2.6 — — 2.6 — — — — Mutual funds - other assets 1.2 — — 1.2 — — — — Other assets 0.1 — — 0.1 — — — — $ 137.2 $ 74.4 $ — $ 211.6 $ 0.8 $ — $ — $ 0.8 Investments measured at net asset value: Cash and cash equivalents $ 0.2 $ — Equity securities - international companies — 2.2 Common collective funds - domestic equities 54.0 — Common collective funds - international equities 9.4 13.6 Common collective funds - fixed income 137.3 76.2 Limited partnerships 24.0 — Real estate partnerships 11.8 — Liability hedging investments — 122.9 Common collective fund - diversified growth — 18.5 Other assets — 20.4 Total Assets $ 448.3 $ 254.6 December 31, 2017 : U.S. Pension Plans International Pension Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 27.2 $ — $ — $ 27.2 $ 4.8 $ — $ — $ 4.8 Government and agency securities 15.5 3.4 — 18.9 — — — — Corporate bonds - investment grade — 105.1 — 105.1 — — — — Mutual funds - fixed income 44.9 — — 44.9 — — — — Mutual funds - international equity 17.5 — — 17.5 — — — — $ 105.1 $ 108.5 $ — $ 213.6 $ 4.8 $ — $ — $ 4.8 Investments measured at net asset value: Cash and cash equivalents $ 0.2 $ 0.1 Equity securities - international companies — 1.0 Common collective funds - domestic equities 37.0 — Common collective funds - international equities 11.5 25.3 Common collective funds - fixed income 220.9 86.2 Limited partnerships 31.8 — Real estate partnerships 16.9 — Liability hedging investments — 132.5 Common collective fund - diversified growth — 21.2 Other assets — 21.3 Total Assets $ 531.9 $ 292.4 |
Employer contributions to defined benefit plans | Employer Contributions to Defined Benefit Plans 2017 $ 11.5 2018 11.3 2019 (planned) 34.0 |
Future pension benefit payments | Future benefit payments, including lump sum distributions, are expected to be as follows: Benefit Payments 2019 $ 89.4 2020 62.9 2021 73.9 2022 63.3 2023 60.7 2024-2028 273.1 |
Schedule of Assumptions Used [Table Text Block] | Assumptions 2018 2017 2016 U.S. Plans: Discount rate 3.75% to 3.94% 4.34% to 4.50% 4.50% to 4.70% Future compensation assumption 2.50 % 2.50% to 3.00% 2.50% to 3.00% Expected long-term return on plan assets 5.75% to 6.50% 5.75% to 6.50% 5.75% to 6.75% International Plans: Discount rate 1.25% to 9.00% 1.25% to 9.00% 2.00% to 8.50% Future compensation assumption 2.00% to 8.00% 2.00% to 8.00% 2.20% to 8.00% Expected long-term return on plan assets 2.50% to 9.00% 0.75% to 9.25% 0.82% to 9.25% Assumptions 2018 2017 U.S. Plans: Discount rate 4.05% to 4.43% 3.75% to 3.80% Future compensation assumption 2.50 % 2.50 % International Plans: Discount rate 1.50% to 11.00% 1.25% to 9.00% Future compensation assumption 2.00% to 8.23% 2.00% to 8.00% |
Postretirement Benefit Plans (T
Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Post Retirement Benefit Plans | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables present the fair value hierarchy for those assets and liabilities on the Consolidated Balance Sheets measured at fair value on a recurring basis as of December 31, 2018 and 2017 : December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 105.9 $ 104.4 $ 1.5 $ — Cash and cash equivalents measured at net 26.6 Restricted cash 0.6 0.6 — — Short-term investments 21.8 — 21.8 — Short-term investments measured at net asset value — Foreign currency hedges 4.6 — 4.6 — Total Assets $ 159.5 $ 105.0 $ 27.9 $ — Liabilities: Foreign currency hedges $ 0.7 $ — $ 0.7 $ — Total Liabilities $ 0.7 $ — $ 0.7 $ — December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 108.5 $ 107.3 $ 1.2 $ — Cash and cash equivalents measured at net 13.1 Restricted cash 3.8 3.8 — — Short-term investments 16.2 — 16.2 — Short-term investments measured at net asset value 0.2 Foreign currency hedges 1.3 — 1.3 — Total Assets $ 143.1 $ 111.1 $ 18.7 $ — Liabilities: Foreign currency hedges $ 7.1 $ — $ 7.1 $ — Total Liabilities $ 7.1 $ — $ 7.1 $ — |
Postretirement Benefit Plans [Member] | |
Post Retirement Benefit Plans | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 219.8 $ 241.4 Service cost 0.2 0.1 Interest cost 7.6 9.1 Plan amendments (4.4 ) 1.2 Actuarial gains (20.7 ) (0.3 ) International plan exchange rate change (0.1 ) — Benefits paid (27.2 ) (31.7 ) Acquisitions 11.7 — Benefit obligation at end of year $ 186.9 $ 219.8 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31 : 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 0.2 $ 0.1 $ 0.3 Interest cost 7.6 9.1 11.0 Expected return on plan assets (3.7 ) (5.6 ) (6.3 ) Amortization of prior service (credit) cost (1.7 ) (1.0 ) 1.0 Recognition of net actuarial (gains) losses (16.7 ) (4.0 ) 4.5 Curtailment — — 0.1 Net periodic benefit cost $ (14.3 ) $ (1.4 ) $ 10.6 |
Defined Benefit and postretirement benefit for Change in Plan Assets Amounts recognized on the Consolidated Balance Sheets | Amounts recognized on the Consolidated Balance Sheets: Current liabilities $ (5.9 ) $ (4.8 ) Non-current liabilities (108.7 ) (122.6 ) $ (114.6 ) $ (127.4 ) |
Defined Benefit and postretirement benefit for Change in Plan Assets Amounts recognized in accumulated other Comprehensive income | Amounts recognized in accumulated other comprehensive income: Net prior service cost $ (10.8 ) $ (8.1 ) Accumulated other comprehensive income $ (10.8 ) $ (8.1 ) Changes to prior service cost recognized in accumulated other comprehensive (income) loss: Accumulated other comprehensive income at beginning of year $ (8.1 ) $ (10.3 ) Prior service (credit) cost (4.4 ) 1.2 Recognized prior service credit 1.7 1.0 Total recognized in accumulated other comprehensive income at December 31 $ (10.8 ) $ (8.1 ) |
Target assets allocation and actual asset allocations for US pension plan assets | Current Target Allocation Percentage of VEBA Assets at December 31, Asset Category 2018 2017 Equity securities 14% to 20% 17% 17% Fixed income securities 80% to 86% 83% 83% Total 100% 100% |
Future pension benefit payments | Future benefit payments are expected to be as follows: Future Benefit Payments 2019 $ 20.8 2020 19.7 2021 18.5 2022 17.4 2023 16.4 2024-2028 67.5 |
Schedule of Assumptions Used [Table Text Block] | Assumptions: 2018 2017 2016 Discount rate 3.57 % 3.97 % 4.39 % Rate of return 4.50 % 6.00 % 6.00 % December 31 : Assumptions: 2018 2017 Discount rate 4.30 % 3.57 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change in plan assets: Fair value of plan assets at beginning of year $ 92.4 $ 102.4 Company contributions / payments 7.4 12.4 Return on plan assets (0.3 ) 9.3 Benefits paid (27.2 ) (31.7 ) Fair value of plan assets at end of year 72.3 92.4 Funded status at end of year $ (114.6 ) $ (127.4 ) |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table presents those investments of the Company’s VEBA trust assets measured at net asset value on a recurring basis as of December 31, 2018 and 2017 , respectively: 2018 2017 Assets: Cash and cash equivalents $ 9.9 $ 13.0 Common collective fund - U.S. equities 6.8 9.5 Common collective fund - international equities 5.2 6.7 Common collective fund - fixed income 50.4 63.2 Total Assets $ 72.3 $ 92.4 |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents details deemed most relevant to the users of the financial statements about total revenue for the years ended December 31, 2018 and 2017 : December 31, 2018 Mobile Process Total United States $ 1,028.8 $ 769.5 $ 1,798.3 Americas excluding United States 208.9 176.7 385.6 Europe / Middle East / Africa 382.5 380.2 762.7 Asia-Pacific 283.5 350.7 634.2 Net sales $ 1,903.7 $ 1,677.1 $ 3,580.8 December 31, 2017 Mobile (1) Process (1) Total (1) United States $ 938.4 $ 664.6 $ 1,603.0 Americas excluding United States 182.5 150.7 333.2 Europe / Middle East / Africa 305.0 265.3 570.3 Asia-Pacific 214.1 283.2 497.3 Net sales $ 1,640.0 $ 1,363.8 $ 3,003.8 December 31, 2016 Mobile (1) Process (1) Total (1) United States $ 853.1 $ 625.6 $ 1,478.7 Americas excluding United States 175.1 133.1 308.2 Europe / Middle East / Africa 242.9 218.4 461.3 Asia-Pacific 175.3 246.3 421.6 Net sales $ 1,446.4 $ 1,223.4 $ 2,669.8 (1) |
Contract with Customer, Asset and Liability [Table Text Block] | The following table contains a rollforward of unbilled receivables for the year ended December 31, 2018 : December 31, Beginning balance, January 1 $ 95.7 Additional unbilled revenue recognized 342.3 Less: amounts billed to customers (321.4 ) Ending balance $ 116.6 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Geographic wise financial information | Geographic Financial Information: 2018 2017 2016 Property, Plant and Equipment, net: United States $ 371.7 $ 392.1 $ 418.0 Americas excluding United States 13.7 14.7 14.9 Europe / Middle East / Africa 236.6 203.4 141.1 Asia-Pacific 290.1 254.0 230.4 $ 912.1 $ 864.2 $ 804.4 |
Segment wise financial performance | The following tables provide segment financial information and a reconciliation of segment results to consolidated results: 2018 2017 2016 Net sales to external customers: Mobile Industries $ 1,903.7 $ 1,640.0 $ 1,446.4 Process Industries 1,677.1 1,363.8 1,223.4 $ 3,580.8 $ 3,003.8 $ 2,669.8 Segment EBIT: Mobile Industries $ 198.7 $ 139.0 $ 116.8 Process Industries 333.8 222.3 168.2 Total EBIT, for reportable segments $ 532.5 $ 361.3 $ 285.0 Corporate expenses (62.0 ) (49.1 ) (44.4 ) CDSOA income, net — — 59.6 Corporate pension-related charges (1) (12.8 ) (18.1 ) (67.0 ) Interest expense (51.7 ) (37.1 ) (33.5 ) Interest income 2.1 2.9 1.9 Income before income taxes $ 408.1 $ 259.9 $ 201.6 (1) Corporate pension-related charges represent curtailments, professional fees associated with pension de-risking and 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. 2018 2017 Assets employed at year-end: Mobile Industries $ 1,984.5 $ 1,775.7 Process Industries 2,211.3 1,383.1 Corporate (2) 249.4 243.6 $ 4,445.2 $ 3,402.4 (2) Corporate assets include corporate buildings and cash and cash equivalents. 2018 2017 2016 Capital expenditures: Mobile Industries $ 48.3 $ 57.3 $ 88.4 Process Industries 63.3 46.2 48.4 Corporate 1.0 1.2 0.7 $ 112.6 $ 104.7 $ 137.5 Depreciation and amortization: Mobile Industries $ 71.3 $ 70.0 $ 64.9 Process Industries 73.5 66.6 65.6 Corporate 1.2 1.1 1.2 $ 146.0 $ 137.7 $ 131.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Variation of Effective Income Tax Rate from Continuing Operations from Statutory Federal Income Tax Rate [Table Text Block] | The following table is the reconciliation between the provision for income taxes and the amount computed by applying the U.S. federal income tax rate 21% ( 35% in 2017 and 2016 ) to income before taxes: 2018 2017 2016 Income tax at the U.S. federal statutory rate $ 85.7 $ 91.0 $ 70.6 Adjustments: State and local income taxes, net of federal tax benefit 6.8 3.1 2.6 Tax on foreign remittances and U.S. tax on foreign income 21.1 93.0 8.3 Foreign losses without current tax benefits 3.7 8.9 6.4 Foreign earnings taxed at different rates including tax holidays 11.1 (18.0 ) (5.2 ) U.S. domestic manufacturing deduction — (3.9 ) (5.0 ) U.S. foreign tax credit (21.2 ) (104.2 ) (8.0 ) Accruals and settlements related to tax audits (3.8 ) (34.4 ) (8.1 ) Valuation allowance changes — (12.6 ) 0.2 U.S. Tax Reform (10.6 ) 35.3 — Other items, net 9.8 (0.6 ) (1.3 ) Provision for income taxes $ 102.6 $ 57.6 $ 60.5 Effective income tax rate 25.1 % 22.2 % 30.0 % |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2018 2017 2016 United States $ 202.0 $ 107.4 $ 102.3 Non-United States 206.1 152.5 99.3 Income before income taxes $ 408.1 $ 259.9 $ 201.6 |
Components of deferred tax assets and liabilities | 2018 2017 Deferred tax assets: Accrued postretirement benefits cost $ 28.9 $ 35.7 Accrued pension cost 59.5 53.4 Other employee benefit accruals 16.8 6.4 Tax loss and credit carryforwards 86.1 92.6 Other, net 42.9 29.0 Valuation allowances (77.5 ) (79.4 ) $ 156.7 $ 137.7 Deferred tax liabilities - principally depreciation and amortization (235.7 ) (120.7 ) Net deferred tax (liabilities) assets $ (79.0 ) $ 17.0 |
Summary of unrecognized tax benefits for the years ended | The following table reconciles the Company’s total gross unrecognized tax benefits for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Beginning balance, January 1 $ 14.0 $ 39.2 $ 50.4 Tax positions related to the current year: Additions 0.4 2.7 — Tax positions related to prior years: Additions 17.8 6.9 5.7 Reductions (2.9 ) (5.2 ) (7.8 ) Settlements with tax authorities (2.2 ) — (9.1 ) Lapses in statutes of limitation (1.1 ) (29.6 ) — Ending balance, December 31 $ 26.0 $ 14.0 $ 39.2 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 2016 Current: Federal $ 46.1 $ 9.1 $ 44.1 State and local 9.9 4.6 0.1 Foreign 68.0 44.3 31.3 $ 124.0 $ 58.0 $ 75.5 Deferred: Federal $ (19.9 ) $ 13.6 $ (20.5 ) State and local (0.7 ) (4.6 ) 0.1 Foreign (0.8 ) (9.4 ) 5.4 $ (21.4 ) $ (0.4 ) $ (15.0 ) United States and foreign tax provision on income $ 102.6 $ 57.6 $ 60.5 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables present the fair value hierarchy for those assets and liabilities on the Consolidated Balance Sheets measured at fair value on a recurring basis as of December 31, 2018 and 2017 : December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 105.9 $ 104.4 $ 1.5 $ — Cash and cash equivalents measured at net 26.6 Restricted cash 0.6 0.6 — — Short-term investments 21.8 — 21.8 — Short-term investments measured at net asset value — Foreign currency hedges 4.6 — 4.6 — Total Assets $ 159.5 $ 105.0 $ 27.9 $ — Liabilities: Foreign currency hedges $ 0.7 $ — $ 0.7 $ — Total Liabilities $ 0.7 $ — $ 0.7 $ — December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 108.5 $ 107.3 $ 1.2 $ — Cash and cash equivalents measured at net 13.1 Restricted cash 3.8 3.8 — — Short-term investments 16.2 — 16.2 — Short-term investments measured at net asset value 0.2 Foreign currency hedges 1.3 — 1.3 — Total Assets $ 143.1 $ 111.1 $ 18.7 $ — Liabilities: Foreign currency hedges $ 7.1 $ — $ 7.1 $ — Total Liabilities $ 7.1 $ — $ 7.1 $ — |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 18 - 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. The Company does not purchase or hold any derivative financial instruments for trading purposes. As of December 31, 2018 and 2017 , the Company had $218.8 million and $386.9 million , respectively, of outstanding foreign currency forward contracts at notional value. Refer to Note 17 - Fair Value for the fair value disclosure of derivative financial instruments. 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 effective portion of 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. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any ( i.e ., the ineffective portion), or hedge components excluded from the assessment of effectiveness, are recognized in the Consolidated Statement of Income during the current period. 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. The maximum length of time over which the Company hedges it 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 loan with a maturity date at 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. The following table presents the impact of derivative instruments not designated as hedging instruments for the years ended December 31, 2018, 2017, and 2016, and the related location within the Consolidated Statements of Income. Amount of gain or (loss) recognized in income Year Ended December 31, Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income 2018 2017 2016 Foreign currency forward contracts Other income (expense), net $ 5.1 $ (10.2 ) $ 0.1 | ||||||||||||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following table presents the fair value of the Company's derivative instruments at December 31, 2017 and 2016. Those balances are presented within other non-current assets and liabilities in the Consolidated Balance Sheets.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:46%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Asset Derivatives</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Liability Derivatives</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Derivatives designated as hedging instruments</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">December 31, 2018</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">December 31, 2018</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Foreign currency forward contracts</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">3.4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">0.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Derivatives not designated as hedging instruments</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Foreign currency forward contracts</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2.9</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">0.8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Total Derivatives</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">6.3</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1.3</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1.1</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7.1</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> | ||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following tables present the impact of derivative instruments for the years ended December 31, 2017, 2016 and 2015, respectively, and their location within the Consolidated Statements of Income:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:58%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="9" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Amount of gain or (loss) recognized in<br clear="none"/> Other Comprehensive Income (Loss) (effective portion)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="9" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Year Ended December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Derivatives in cash flow hedging relationships</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2018</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2017</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Foreign currency forward contracts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">5.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(4.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest rate swaps</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(2.4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">5.0</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(7.1</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3.0</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:26%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="9" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Amount of gain or (loss) reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="9" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Year Ended December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Derivatives in cash flow hedging relationships</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Location of gain or (loss) recognized in income</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2018</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2017</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Foreign currency forward contracts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cost of products sold</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">0.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(0.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest rate swaps</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest expense</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(0.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(0.2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(0.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(0.3</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(0.4</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1.2</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> | ||||||||||||
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Amount of gain or (loss) recognized in income Year Ended December 31, Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income 2018 2017 2016 Foreign currency forward contracts Other income (expense), net $ 5.1 $ (10.2 ) $ 0.1 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2018 1st 2nd 3rd 4th Total Net sales $ 883.1 $ 906.3 $ 881.3 $ 910.1 $ 3,580.8 Gross profit 264.9 267.4 253.3 254.5 1,040.1 Selling, general and administrative expenses 148.6 141.8 142.0 148.3 580.7 Impairment and restructuring charges 0.2 0.3 2.6 1.8 4.9 Net income (1) 80.5 91.9 72.3 60.8 305.5 Net income attributable to noncontrolling interests 0.3 0.9 0.7 0.8 2.7 Net income attributable to The Timken Company 80.2 91.0 71.6 60.0 302.8 Net income per share - Basic: $ 1.03 $ 1.18 $ 0.93 $ 0.78 $ 3.93 Net income per share - Diluted: $ 1.02 $ 1.16 $ 0.91 $ 0.77 $ 3.86 Dividends per share $ 0.27 $ 0.28 $ 0.28 $ 0.28 $ 1.11 2017 1st 2nd 3rd 4th Total Net sales $ 703.8 $ 750.6 $ 771.4 $ 778.0 $ 3,003.8 Gross profit 182.2 201.1 216.1 212.7 812.1 Selling, general and administrative expenses 117.6 123.9 134.0 132.8 508.3 Impairment and restructuring charges 1.7 0.8 1.3 0.5 4.3 Net income (2) 38.1 82.0 54.1 28.1 202.3 Net (loss) income attributable to noncontrolling interests (0.1 ) (0.5 ) 0.6 (1.1 ) (1.1 ) Net income attributable to The Timken Company 38.2 82.5 53.5 29.2 203.4 Net income per share - Basic: $ 0.49 $ 1.06 $ 0.69 $ 0.38 $ 2.62 Net income per share - Diluted: $ 0.48 $ 1.04 $ 0.68 $ 0.37 $ 2.58 Dividends per share $ 0.26 $ 0.27 $ 0.27 $ 0.27 $ 1.07 |
Significant Accounting Polici_2
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Jan. 01, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Payments Related to Tax Withholding for Share-based Compensation | $ 5.4 | $ 11.4 | $ 1.9 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (67.4) | 47.1 | (22.8) | ||
Unbilled Receivables, Current | 546.6 | 524.9 | $ 457.6 | ||
Other Assets, Noncurrent | 37 | 25 | |||
Long-term Debt, Excluding Current Maturities | 1,638.6 | 854.2 | |||
Short-term Investments | 21.8 | 16.4 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 1.3 | 3.7 | 5.6 | ||
Income Tax Expense (Benefit) | 102.6 | $ 57.6 | 60.5 | ||
Finance Lease, Right-of-Use Asset | 95 | ||||
Finance Lease, Liability | $ 115 | ||||
Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |||
Building [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||
Software and Software Development Costs [Member] | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Machinery and Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Accumulated Other Comprehensive Income (Loss) | |||||
Property, Plant and Equipment [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 44.7 | $ (24.5) | |||
Accounting Standard Update 2018-02 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | $ (0.7) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | ||||
Accounting Standard Update 2018-02 [Member] | Accumulated Other Comprehensive Income (Loss) | |||||
Property, Plant and Equipment [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0.7 | ||||
Contracts Accounted for under Percentage of Completion [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Unbilled Receivables, Current | $ 72.7 | $ 67.3 |
Significant Accounting Polici_3
Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |
Change in Accounting Estimate [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 910.1 | $ 881.3 | $ 906.3 | $ 883.1 | $ 778 | $ 771.4 | $ 750.6 | $ 703.8 | $ 3,580.8 | $ 3,003.8 | $ 2,669.8 | |||
Cost of Goods and Services Sold | 2,540.7 | 2,191.7 | 1,963.5 | |||||||||||
Selling, General and Administrative Expense | 148.3 | 142 | 141.8 | 148.6 | 132.8 | 134 | 123.9 | 117.6 | 580.7 | 508.3 | 440.2 | |||
Income Before Income Taxes | 408.1 | 259.9 | 201.6 | |||||||||||
Income Tax Expense (Benefit) | 102.6 | 57.6 | 60.5 | |||||||||||
Net income | 60.8 | 72.3 | 91.9 | 80.5 | 28.1 | 54.1 | 82 | 38.1 | 305.5 | 202.3 | 141.1 | |||
Contract with Customer, Asset, Net | 116.6 | 0 | 116.6 | 0 | $ 95.7 | |||||||||
Inventory, Net | 835.7 | 738.9 | 835.7 | 738.9 | 716 | |||||||||
Other Assets, Current | 77 | 81.2 | 77 | 81.2 | 84.2 | |||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 59 | 61 | 59 | 61 | 59.5 | |||||||||
Other Liabilities, Current | 171 | 160.7 | 171 | 160.7 | 163.7 | |||||||||
Retained Earnings (Accumulated Deficit) | 1,630.2 | 1,408.4 | 1,630.2 | 1,408.4 | 1,289.3 | 1,412.4 | $ 1,230.1 | |||||||
Unbilled Receivables, Current | 546.6 | 524.9 | 546.6 | 524.9 | 457.6 | |||||||||
Net Income (Loss) Attributable to The Timken Company | $ 60 | $ 71.6 | $ 91 | $ 80.2 | $ 29.2 | $ 53.5 | $ 82.5 | $ 38.2 | $ 302.8 | $ 203.4 | $ 140.8 | |||
Earnings Per Share, Basic | $ 0.78 | $ 0.93 | $ 1.18 | $ 1.03 | $ 0.38 | $ 0.69 | $ 1.06 | $ 0.49 | $ 3.93 | $ 2.62 | $ 1.79 | |||
Earnings Per Share, Diluted | $ 0.77 | $ 0.91 | $ 1.16 | $ 1.02 | $ 0.37 | $ 0.68 | $ 1.04 | $ 0.48 | $ 3.86 | $ 2.58 | $ 1.78 | |||
Operating Income (Loss) | $ 454.5 | $ 299.5 | $ 244.4 | |||||||||||
Other Nonoperating Income (Expense) | 9.4 | 9.6 | (0.9) | |||||||||||
Pension Settlement Charges | 0 | |||||||||||||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 6.2 | $ 15 | 69.9 | |||||||||||
Previously Reported [Member] | ||||||||||||||
Change in Accounting Estimate [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | $ 2,193.4 | 2,001.3 | ||||||||||||
Selling, General and Administrative Expense | 521.4 | 470.7 | ||||||||||||
Operating Income (Loss) | 284.7 | 174.5 | ||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | ||||||||||||
Pension Settlement Charges | (1.6) | |||||||||||||
Accounting Standards Update 2017-07 [Member] | ||||||||||||||
Change in Accounting Estimate [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | (1.7) | (37.8) | ||||||||||||
Selling, General and Administrative Expense | (13.1) | (30.5) | ||||||||||||
Operating Income (Loss) | 14.8 | 69.9 | ||||||||||||
Other Nonoperating Income (Expense) | $ (15) | (69.9) | ||||||||||||
Pension Settlement Charges | $ (1.6) | |||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||||
Change in Accounting Estimate [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,566.7 | |||||||||||||
Cost of Goods and Services Sold | 2,532.5 | |||||||||||||
Selling, General and Administrative Expense | 578.9 | |||||||||||||
Income Before Income Taxes | 404 | |||||||||||||
Income Tax Expense (Benefit) | 101.6 | |||||||||||||
Net income | 302.4 | |||||||||||||
Contract with Customer, Asset, Net | $ 0 | 0 | ||||||||||||
Inventory, Net | 866.8 | 866.8 | ||||||||||||
Other Assets, Current | 74.1 | 74.1 | ||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 61.5 | 61.5 | ||||||||||||
Other Liabilities, Current | 168.1 | 168.1 | ||||||||||||
Retained Earnings (Accumulated Deficit) | 1,619.9 | 1,619.9 | ||||||||||||
Unbilled Receivables, Current | 619.3 | 619.3 | ||||||||||||
Net Income (Loss) Attributable to The Timken Company | $ 299.7 | |||||||||||||
Earnings Per Share, Basic | $ 3.89 | |||||||||||||
Earnings Per Share, Diluted | $ 3.82 | |||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||||||
Change in Accounting Estimate [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 14.1 | |||||||||||||
Cost of Goods and Services Sold | 8.2 | |||||||||||||
Selling, General and Administrative Expense | 1.8 | |||||||||||||
Income Before Income Taxes | 4.1 | |||||||||||||
Income Tax Expense (Benefit) | 1 | |||||||||||||
Net income | 3.1 | |||||||||||||
Contract with Customer, Asset, Net | 116.6 | 116.6 | 95.7 | |||||||||||
Inventory, Net | 31.1 | 31.1 | 22.9 | |||||||||||
Other Assets, Current | 2.9 | 2.9 | 3 | |||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 2.5 | 2.5 | 1.5 | |||||||||||
Other Liabilities, Current | 2.9 | 2.9 | 3 | |||||||||||
Retained Earnings (Accumulated Deficit) | 10.3 | 10.3 | 4 | |||||||||||
Unbilled Receivables, Current | $ 72.7 | 72.7 | $ 67.3 | |||||||||||
Net Income (Loss) Attributable to The Timken Company | $ 3.1 | |||||||||||||
Earnings Per Share, Basic | $ 0.04 | |||||||||||||
Earnings Per Share, Diluted | $ 0.04 |
Significant Accounting Polici_4
Significant Accounting Policies Restricted Cash (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Percentage of FIFO Inventory | 56.00% | |
Restricted Cash and Cash Equivalents, Current | $ 0.6 | $ 3.8 |
Percentage of LIFO Inventory | 44.00% | |
Financial Guarantee [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Increase (Decrease) in Restricted Cash | $ 3 | |
Dividend Declared [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Increase (Decrease) in Restricted Cash | $ 0.3 |
Significant Accounting Polici_5
Significant Accounting Policies Inventories (Details) | Dec. 31, 2018 |
Inventories [Abstract] | |
Percentage of FIFO Inventory | 56.00% |
Percentage of inventories valued by LIFO method | 44.00% |
Significant Accounting Polici_6
Significant Accounting Policies Short Term Investments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments [Abstract] | ||
Short-term Investments | $ 21.8 | $ 16.4 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisitions Narrative (Details) - USD ($) $ in Millions | Sep. 18, 2018 | Sep. 01, 2018 | Aug. 30, 2018 | Jul. 03, 2017 | May 05, 2017 | Apr. 03, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||||
Property, plant and equipment | $ 71.7 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 11.2 | ||||||||
Asset Impairment Charges | 1.3 | $ 0.1 | $ 3.9 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3 | ||||||||
Cash Acquired from Acquisition | 30.1 | 35 | $ 2.5 | ||||||
Business Combination, Acquisition Related Costs | 9.6 | ||||||||
Goodwill | 465 | ||||||||
Business Combination, Consideration Transferred | 834.3 | ||||||||
Goodwill, Purchase Accounting Adjustments | (3.2) | ||||||||
Rollon Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Sep. 18, 2018 | ||||||||
Goodwill | 311.5 | ||||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 140 | ||||||||
Business Combination, Consideration Transferred | 540 | ||||||||
Groeneveld [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Jul. 3, 2017 | ||||||||
EDT [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Purchase Accounting Adjustments | 0.6 | ||||||||
Lovejoy [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Purchase Accounting Adjustments | 1.7 | ||||||||
PT Tech [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | May 5, 2017 | ||||||||
Torsion Control Products [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 3, 2017 | ||||||||
2017 Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, plant and equipment | 31.5 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 3.3 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 2.9 | ||||||||
Cash Acquired from Acquisition | 35.4 | ||||||||
Business Combination, Acquisition Related Costs | 3.7 | ||||||||
Goodwill | 149.7 | ||||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 146.2 | ||||||||
Business Combination, Consideration Transferred | $ 346.2 | ||||||||
Goodwill, Purchase Accounting Adjustments | (3.2) | ||||||||
ABC Bearings [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 30, 2018 | ||||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 30 | ||||||||
Cone Drive [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Sep. 1, 2018 | ||||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 100 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Purchase Price Allocation Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition Purchase Price Allocation Identifiable Intangible Assets [Line Items] | ||
Document Period End Date | Dec. 31, 2018 | |
Accounts receivable | $ 42.5 | |
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 372.6 | |
Inventories | 61.6 | |
Property, plant and equipment | 71.7 | |
Goodwill | 465 | |
Other intangible assets | 372.6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 11.2 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 20.2 | |
Total assets acquired | 1,044.8 | |
Accounts payable, trade | 35.2 | |
Salaries, wages and benefits | 9.1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 115.5 | |
Technology-Based Intangible Assets [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 17 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 121.8 | |
Trade names [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 11 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3.7 | |
Customer Relationships [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 18 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 199.6 | |
Software and Software Development Costs [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 5 years | 3 years |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0.5 | |
Trade names [Member] | ||
Business Acquisition Purchase Price Allocation Identifiable Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 46.8 | |
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 0 years | 0 years |
2017 Acquisitions [Member] | ||
Business Acquisition Purchase Price Allocation Identifiable Intangible Assets [Line Items] | ||
Accounts receivable | $ 27.6 | |
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 15 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 173.6 | |
Inventories | 29.4 | |
Property, plant and equipment | 31.5 | |
Goodwill | 149.7 | |
Other intangible assets | 173.6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 3.3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1.8 | |
Total assets acquired | 416.9 | |
Accounts payable, trade | 9.5 | |
Salaries, wages and benefits | 5.8 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 2.9 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 42.2 | |
2017 Acquisitions [Member] | Technology-Based Intangible Assets [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 16 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 29.8 | |
2017 Acquisitions [Member] | Trade names [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 13 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2.2 | |
2017 Acquisitions [Member] | Customer Relationships [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Intangible Assets, Weighted Average Life | 17 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 108.9 | |
2017 Acquisitions [Member] | Software and Software Development Costs [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1.4 | |
2017 Acquisitions [Member] | Trade names [Member] | ||
Business Acquisition Purchase Price Allocation Identifiable Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | 31.1 | |
Income Taxes Payable [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other current liabilities | $ 2.5 | |
Income Taxes Payable [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other current liabilities | 0 | |
Other Current Liabilities [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other current liabilities | 8.1 | |
Other Current Liabilities [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other current liabilities | 8.6 | |
Short-term Debt [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other current liabilities | 2.5 | |
Short-term Debt [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other current liabilities | 0.1 | |
Other Noncurrent Liabilities [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other non-current liabilities | 17.2 | |
Other Noncurrent Liabilities [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other non-current liabilities | 1 | |
Postretirement Benefit Plans [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other non-current liabilities | 11.7 | |
Postretirement Benefit Plans [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other non-current liabilities | 0 | |
Pension Plan [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other non-current liabilities | $ 5.7 | |
Pension Plan [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition Purchase price allocation identifiable intangible assets | ||
Other non-current liabilities | $ 0 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Fair Value of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 372.6 | |
Business Acquisition Purchase Price Allocation Assets [Abstract] | ||
Accounts receivable | 42.5 | |
Inventories | 61.6 | |
Property, plant and equipment | 71.7 | |
Goodwill | 465 | |
Other intangible assets | 372.6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 20.2 | |
Total assets acquired | 1,044.8 | |
Liabilities: | ||
Accounts payable, trade | 35.2 | |
Salaries, wages and benefits | 9.1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 115.5 | |
Total liabilities assumed | 210.5 | |
Net assets acquired | 834.3 | |
Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 46.8 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 0 years | 0 years |
2017 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 173.6 | |
Business Acquisition Purchase Price Allocation Assets [Abstract] | ||
Accounts receivable | 27.6 | |
Inventories | 29.4 | |
Property, plant and equipment | 31.5 | |
Goodwill | 149.7 | |
Other intangible assets | 173.6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1.8 | |
Total assets acquired | 416.9 | |
Liabilities: | ||
Accounts payable, trade | 9.5 | |
Salaries, wages and benefits | 5.8 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 2.9 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 42.2 | |
Total liabilities assumed | 70.1 | |
Net assets acquired | 346.8 | |
2017 Acquisitions [Member] | Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 31.1 | |
Technology-Based Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 121.8 | |
Technology-Based Intangible Assets [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 29.8 | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 199.6 | |
Customer Relationships [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 108.9 | |
Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3.7 | |
Trade Names [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2.2 | |
Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | 5 years |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0.2 | |
Other Intangible Assets [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0.2 | |
Software and Software Development Costs [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 3 years |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0.5 | |
Software and Software Development Costs [Member] | 2017 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1.4 |
Acquisitions and Divestitures A
Acquisitions and Divestitures Acquisitions and Divestitures - Divestitures Narrative (Details) - USD ($) $ in Millions | Sep. 18, 2018 | Aug. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill | $ 465 | ||||
Gain (Loss) on Disposition of Business | (0.8) | $ 0 | $ 0 | ||
Asset Impairment Charges | 1.3 | $ 0.1 | $ 3.9 | ||
Other intangible assets | 372.6 | ||||
Rollon Group [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill | 311.5 | ||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 140 | ||||
Business Acquisition, Effective Date of Acquisition | Sep. 18, 2018 | ||||
Other intangible assets | 261.7 | ||||
ICT Business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 15 | ||||
ABC Bearings [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 30 | ||||
Business Acquisition, Effective Date of Acquisition | Aug. 30, 2018 |
Investment in Joint Venture I_2
Investment in Joint Venture Investment in Joint Venture Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |
Payments to Acquire Interest in Joint Venture | $ 9.7 | |
Holmes Service Limited [Domain] | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | |
Payments to Acquire Interest in Joint Venture | 9.3 | |
Holme Service Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Payments to Acquire Interest in Joint Venture | $ 9.3 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to The Timken Company | $ 60 | $ 71.6 | $ 91 | $ 80.2 | $ 29.2 | $ 53.5 | $ 82.5 | $ 38.2 | $ 302.8 | $ 203.4 | $ 140.8 |
Income (Loss) from Continuing Operations Attributable to Parent | 140.8 | ||||||||||
Numerator: | |||||||||||
Less: undistributed earnings allocated to nonvested stock | $ 0 | $ 0 | $ 0 | ||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ 302,800,000 | $ 203,400,000 | $ 140,800,000 | ||||||||
Denominator: | |||||||||||
Weighted-average number of shares outstanding - basic | 77,119,602 | 77,736,398 | 78,516,029 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options and awards - based on the treasury stock method (in shares) | 1,217,879 | 1,174,751 | 718,295 | ||||||||
Weighted-average number of shares outstanding, assuming dilution of stock options and awards | 78,337,481 | 78,911,149 | 79,234,324 | ||||||||
Earnings Per Share, Basic | $ 0.78 | $ 0.93 | $ 1.18 | $ 1.03 | $ 0.38 | $ 0.69 | $ 1.06 | $ 0.49 | $ 3.93 | $ 2.62 | $ 1.79 |
Earnings Per Share, Diluted | $ 0.77 | $ 0.91 | $ 1.16 | $ 1.02 | $ 0.37 | $ 0.68 | $ 1.04 | $ 0.48 | $ 3.86 | $ 2.58 | $ 1.78 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share (Textual) [Abstract] | |||
Antidilutive stock options outstanding | 1,139,146 | 512,657 | 2,826,733 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss | $ (38.3) | $ (77.9) | $ (54.6) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (60.1) | 36 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1.3) | 2.9 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (1.8) | 3.1 | |
Other Comprehensive Income (Loss), Net of Tax | (63.2) | 42 | (21.6) |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 6.9 | (2.4) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (67.4) | 47.1 | (22.8) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (57) | 39.6 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (95.3) | (38.3) | (77.9) |
Foreign currency translation adjustment [Member] | |||
Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss | (35.1) | (79.8) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (67.4) | 47.1 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | (67.4) | 47.1 | |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 6.9 | (2.4) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (60.5) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 44.7 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (95.6) | (35.1) | (79.8) |
Pension and postretirement liability adjustment [Member] | |||
Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss | (0.3) | 1.5 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0.9 | (4) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 1.1 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (0.5) | 1.1 | |
Other Comprehensive Income (Loss), Net of Tax | 0.4 | (1.8) | |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.3 | (1.8) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | (0.3) | 1.5 |
Derivative financial instruments fair value adjustment [Member] | |||
Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss | (2.9) | 0.4 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 6.4 | (7.1) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1.3) | 1.8 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (1.3) | 2 | |
Other Comprehensive Income (Loss), Net of Tax | 3.8 | (3.3) | |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 3.2 | (3.3) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0.3 | (2.9) | $ 0.4 |
Accounting Standard Update 2018-02 [Member] | |||
Accumulated Other Comprehensive Income Components Reclassification [Line Items] | |||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | (0.7) | ||
Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss | (39) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (39) | ||
Accounting Standard Update 2018-02 [Member] | Foreign currency translation adjustment [Member] | |||
Accumulated Other Comprehensive Income Components Reclassification [Line Items] | |||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | 0 | ||
Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss | (35.1) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (35.1) | ||
Accounting Standard Update 2018-02 [Member] | Pension and postretirement liability adjustment [Member] | |||
Accumulated Other Comprehensive Income Components Reclassification [Line Items] | |||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | (0.1) | ||
Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss | (0.4) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (0.4) | ||
Accounting Standard Update 2018-02 [Member] | Derivative financial instruments fair value adjustment [Member] | |||
Accumulated Other Comprehensive Income Components Reclassification [Line Items] | |||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | (0.6) | ||
Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss | $ (3.5) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (3.5) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory [Abstract] | |||
Other Inventory, Supplies, Gross | $ 32.4 | $ 29 | |
Inventories: | |||
Raw materials | 102.4 | 90.4 | |
Work in process | 287.7 | 245.2 | |
Finished products | 452.7 | 404.3 | |
Subtotal | 875.2 | 768.9 | |
Allowance for surplus and obsolete inventory | (39.5) | (30) | |
Total Inventories, net | $ 835.7 | $ 716 | $ 738.9 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued by LIFO method | 44.00% | |
Inventory, LIFO Reserve | $ 173.9 | $ 167.6 |
Percentage of inventories valued by FIFO method | 56.00% | |
Inventory, LIFO Reserve, Period Charge | $ (6.2) | $ (11.9) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment, Other, Gross | $ 484.1 | $ 483 | |
Property, Plant and Equipment: | |||
Machinery and equipment | 2,002.4 | 1,922.6 | |
Subtotal | 2,486.5 | 2,405.6 | |
Less allowances for depreciation | (1,574.4) | (1,541.4) | |
Property, Plant and Equipment - net | $ 912.1 | $ 864.2 | $ 804.4 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant and Equipment (Textual) [Abstract] | |||
Depreciation expense | $ 99.2 | $ 97.7 | $ 95.5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |||
Schedule of Goodwill [Table Text Block] | Changes in the carrying value of goodwill were as follows: Year ended December 31, 2018 : Mobile Industries Process Industries Total Beginning Balance $ 254.3 $ 257.5 $ 511.8 Acquisitions 108.4 356.6 465.0 Divestiture (5.1 ) — (5.1 ) Foreign currency translation adjustments and other changes (7.9 ) (3.3 ) (11.2 ) Ending Balance $ 349.7 $ 610.8 $ 960.5 December 31, 2017 : Mobile Industries Process Industries Total Beginning Balance $ 97.2 $ 260.3 $ 357.5 Acquisitions 150.8 (1.1 ) 149.7 Other 6.3 (1.7 ) 4.6 Ending Balance $ 254.3 $ 257.5 $ 511.8 | ||
Amortization of Intangible Assets | $ 46.8 | $ 40 | $ 36.2 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 55.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 50.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 46.4 | ||
Change in the carrying amount of Goodwill | |||
Ending Balance | 960.5 | 511.8 | 357.5 |
Goodwill, Acquired During Period | 465 | 149.7 | |
Goodwill, Written off Related to Sale of Business Unit | (5.1) | ||
Goodwill, Other Increase (Decrease) | 11.2 | (4.6) | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 41.9 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 39.3 | ||
Mobile Industries [Member] | |||
Goodwill [Line Items] | |||
Number of Reporting Units | segment | 4 | ||
Change in the carrying amount of Goodwill | |||
Ending Balance | $ 349.7 | 254.3 | 97.2 |
Goodwill, Acquired During Period | 108.4 | 150.8 | 150.8 |
Goodwill, Written off Related to Sale of Business Unit | (5.1) | ||
Goodwill, Other Increase (Decrease) | $ 7.9 | (6.3) | |
Process Industries [Member] | |||
Goodwill [Line Items] | |||
Number of Reporting Units | segment | 2 | ||
Change in the carrying amount of Goodwill | |||
Ending Balance | $ 610.8 | $ 257.5 | 260.3 |
Goodwill, Acquired During Period | 356.6 | (1.1) | |
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Goodwill, Other Increase (Decrease) | $ 3.3 | $ 1.7 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible assets subject to amortization: | ||
Intangible assets, Gross Carrying Amount | $ 1,045 | $ 733.7 |
Intangible assets, Accumulated Amortization | 416.7 | 373.8 |
Intangible assets, Net Carrying Amount | 628.3 | 359.9 |
Tradename | 96.2 | 52 |
Indefinite Lived FAA Air Agency Certificates | 8.7 | 8.7 |
Indefinite Lived Intangible Assets Net | 104.9 | 60.7 |
Total intangible assets, Net Carrying Amount | 733.2 | 420.6 |
Intangible Assets, Gross (Excluding Goodwill) | 1,149.9 | 794.4 |
Customer Relationships [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, Gross Carrying Amount | 481.5 | 324.6 |
Intangible assets, Accumulated Amortization | 99.8 | 103 |
Intangible assets, Net Carrying Amount | 381.7 | 221.6 |
Technology-Based Intangible Assets [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, Gross Carrying Amount | 245 | 128.7 |
Intangible assets, Accumulated Amortization | 40.4 | 33.8 |
Intangible assets, Net Carrying Amount | 204.6 | 94.9 |
Unclassified Indefinite-lived Intangible Assets [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, Gross Carrying Amount | 40.8 | 10.3 |
Intangible assets, Accumulated Amortization | 35.2 | 6.2 |
Intangible assets, Net Carrying Amount | 5.6 | 4.1 |
Trademarks [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, Gross Carrying Amount | 11.3 | 8.6 |
Intangible assets, Accumulated Amortization | 4.8 | 4.3 |
Intangible assets, Net Carrying Amount | 6.5 | 4.3 |
Software and Software Development Costs [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, Gross Carrying Amount | 266.4 | 261.5 |
Intangible assets, Accumulated Amortization | 236.5 | 226.5 |
Intangible assets, Net Carrying Amount | 29.9 | 35 |
Trade Names [Member] | ||
Intangible assets subject to amortization: | ||
Tradename | 96.2 | 52 |
FAA air agency certificates [Member] | ||
Intangible assets subject to amortization: | ||
Indefinite Lived FAA Air Agency Certificates | $ 8.7 | $ 8.7 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |||
Document Period End Date | Dec. 31, 2018 | ||
Finite-Lived Intangible Assets, Gross | $ 1,045 | $ 733.7 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 834.3 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 765.4 | 346.8 | $ 72.6 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 372.6 | ||
Goodwill, Acquired During Period | $ 465 | 149.7 | |
Document Fiscal Year Focus | 2,018 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 416.7 | $ 373.8 | |
Goodwill, Purchase Accounting Adjustments | (3.2) | ||
Goodwill, Written off Related to Sale of Business Unit | $ 5.1 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 17 years 2 months 12 days | 16 years 9 months 18 days | |
Goodwill and Other Intangible Assets (Textual) [Abstract] | |||
Amortization expense for intangible assets | $ 46.8 | $ 40 | 36.2 |
Future Amortization Expense Year 2016 | 55.1 | ||
Future Amortization Expense Year 2017 | 50.4 | ||
Future Amortization Expense Year 2018 | 46.4 | ||
Future Amortization Expense Year 2019 | 41.9 | ||
Future Amortization Expense Year 2020 | 39.3 | ||
Lovejoy [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 1.7 | ||
Groeneveld [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 136.7 | ||
2017 Acquisitions [Member] | |||
Goodwill [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 346.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 173.6 | ||
Intangible Assets, Weighted Average Life | 15 years | ||
Goodwill, Purchase Accounting Adjustments | $ (3.2) | ||
EDT [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 0.6 | ||
Lovejoy & EDT [Member] | |||
Goodwill [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 173.6 | ||
Mobile Industries [Member] | |||
Goodwill [Line Items] | |||
Number of Reporting Units | segment | 4 | ||
Goodwill, Acquired During Period | $ 108.4 | 150.8 | 150.8 |
Goodwill, Written off Related to Sale of Business Unit | 5.1 | ||
Mobile Industries [Member] | ICT Business [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Written off Related to Sale of Business Unit | $ 5.1 | ||
Process Industries [Member] | |||
Goodwill [Line Items] | |||
Number of Reporting Units | segment | 2 | ||
Goodwill, Acquired During Period | $ 356.6 | $ (1.1) | |
Goodwill, Written off Related to Sale of Business Unit | $ 0 | ||
PT Tech & TCP Acquisitions [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 14.1 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Short-term debt | $ 33.6 | $ 105.4 | |
Line of Credit Facility, Interest Rate at Period End | 3.22% | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.02% | ||
Foreign Subsidiary [Member] | |||
Short-term Debt [Line Items] | |||
Short-term debt | $ 33.6 | 42.5 | |
Senior Unsecured Notes - 4.5% [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 15, 2028 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |
Line of Credit Accounts Receivable Securitization [Member] | |||
Short-term Debt [Line Items] | |||
Short-term debt | $ 0 | $ 62.9 | |
Line of Credit Facility, Interest Rate at Period End | 0.00% | 2.15% | |
Variable Rate Lines of Credit [Member] | Foreign Subsidiary [Member] | |||
Short-term Debt [Line Items] | |||
Line of Credit Stated Variable Interest Rate Low Range | 0.29% | 0.32% | |
Line of Credit Stated Variable Interest Rate, High Range | 1.00% | 2.22% | |
Line of Credit [Member] | Line of Credit Accounts Receivable Securitization [Member] | |||
Short-term Debt [Line Items] | |||
Short-term debt | $ 75 | ||
Term Loan - Variable Rate [Member] | |||
Short-term Debt [Line Items] | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.77% | ||
Series A Medium Term Note [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Maturity Date | May 1, 2028 | ||
Senior Unsecured Notes - 3.875% [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 1, 2024 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | ||
Euro Senior Unsecured Notes - 2.02% [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 7, 2027 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.02% | ||
Euro Term Loan - Variable Rate [Member] | |||
Short-term Debt [Line Items] | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.13% | 1.13% | |
Maximum [Member] | Series A Medium Term Note [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.76% | ||
Minimum [Member] | Series A Medium Term Note [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.74% | ||
UNITED STATES | Senior Unsecured Notes - Variable Rate [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | 2.40% | |
Europe [Member] | Senior Unsecured Notes - Variable Rate [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.10% | 1.10% |
Financing Arrangements - Long-t
Financing Arrangements - Long-term Debt (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Sep. 30, 2018 | |
Debt Instrument [Line Items] | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 36.1 | ||||
Operating Leases, Rent Expense, Net | 35.7 | $ 35.2 | $ 30 | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 9.4 | ||||
Long-term Debt | 1,648 | 856.9 | |||
Long-term Debt, Current Maturities | 9.4 | 2.7 | |||
Long-term debt | |||||
Long-term debt | $ 1,638.6 | 854.2 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.02% | 2.02% | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 152.5 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 77.7 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0.5 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 338.4 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,069.5 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 27.1 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 16.9 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 11.1 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 6.1 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 17.5 | ||||
Senior Unsecured Notes - 3.875% [Member] | |||||
Long-term debt | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% | |||
Senior Unsecured Notes - Variable Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 43.9 | ||||
Euro Senior Unsecured Notes - 2.02% [Member] | |||||
Long-term debt | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.02% | 2.02% | |||
Senior Unsecured Notes - 4.5% [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 395.8 | 0 | |||
Long-term debt | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | 4.50% | ||
Term Loan - Variable Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 347.1 | 0 | |||
Line of Credit Accounts Receivable Securitization [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 75 | 0 | |||
Euro Term Loan - Variable Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 107.1 | 119.7 | € 93.5 | ||
Other Long Term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 5.4 | 4.5 | |||
Series A Medium Term Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 154.6 | 154.5 | |||
Senior Unsecured Notes - Variable Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 43.9 | 52 | |||
Euro Senior Unsecured Notes - 2.02% [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 171.4 | 179.3 | |||
Senior Unsecured Notes - 3.875% [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 347.7 | $ 346.9 | |||
UNITED STATES | Senior Unsecured Notes - Variable Rate [Member] | |||||
Long-term debt | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | 2.40% | 3.40% | ||
Europe [Member] | Senior Unsecured Notes - Variable Rate [Member] | |||||
Long-term debt | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.10% | 1.10% | 1.10% |
Financing Arrangements - Narrat
Financing Arrangements - Narrative (Details) € in Millions, $ in Millions | Sep. 18, 2018 | Sep. 11, 2018USD ($) | Sep. 06, 2018USD ($) | Sep. 01, 2018 | Sep. 18, 2017EUR (€) | Sep. 07, 2017EUR (€) | Jul. 03, 2017 | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Sep. 30, 2018 |
Line of Credit Facility [Line Items] | |||||||||||||
Debt Disclosure [Text Block] | Note 9 - Financing Arrangements Short-term debt as of December 31, 2018 and 2017 was as follows: 2018 2017 Variable-rate Accounts Receivable Facility with an interest rate of 2.15% at December 31, 2017 $ — $ 62.9 Borrowings under variable-rate lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 0.29% to 1.00% at December 31, 2018 and 0.32% to 2.22% at December 31, 2017 33.6 42.5 Short-term debt $ 33.6 $ 105.4 On September 28, 2018, the Company extended the maturity date of its $100 million Accounts Receivable Facility to November 30, 2021 . 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 are limited to certain borrowing base limitations however, the Accounts Receivable Facility was not reduced by any such borrowing base limitations at December 31, 2018 . As of December 31, 2018 , there were outstanding borrowings of $75.0 million under the Accounts Receivable Facility, which reduced the availability under this facility to $25.0 million . 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. The outstanding balance under the Accounts Receivable Facility was classified as short-term or long-term in accordance with the terms of the agreement. The Accounts Receivable Facility was reclassified from short-term debt to long-term debt due to the renewal of this facility for a period of three years. The yield rate was 3.22% , 2.15% and 1.65% , at December 31, 2018 , 2017 and 2016 , respectively. The lines of credit for certain of the Company’s foreign subsidiaries provide for short-term borrowings up to $273.4 million in the aggregate. Most of these lines of credit are uncommitted. At December 31, 2018 , the Company’s foreign subsidiaries had borrowings outstanding of $ 33.6 million and guarantees of $ 0.4 million , which reduced the aggregate availability under these facilities to $ 239.4 million . The weighted-average interest rate on these lines of credit during the year were 0.6% , 0.7% and 0.7% in 2018 , 2017 and 2016 , respectively. The weighted-average interest rate on lines of credit outstanding at December 31, 2018 and 2017 was 0.32% and 0.41% , respectively. The decrease in the weighted-average interest rate was primarily due to a decrease in borrowing rates in Europe. Long-term debt as of December 31, 2018 and 2017 was as follows: 2018 2017 Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 3.40% and Euro of 1.10% at December 31, 2018 and 2.40% and 1.10%, respectively, at December 31, 2017 $ 43.9 $ 52.0 Variable-rate Euro Term Loan (1) with an interest rate of 1.13% at December 31, 2018 and December 31, 2017 107.1 119.7 Variable-rate Accounts Receivable Facility with an interest rate of 3.22% at December 31, 2018 75.0 — Variable-rate Term Loan (1) with an interest rate of 3.77% at December 31, 2018 347.1 — Fixed-rate Senior Unsecured Notes (1) , maturing on September 1, 2024, with an interest rate of 3.875% 347.7 346.9 Fixed-rate Euro Senior Unsecured Notes (1) , maturing on September 7, 2027, with an interest rate of 2.02% 171.4 179.3 Fixed-rate Senior Unsecured Notes (1) , maturing on December 15, 2028, with an interest rate of 4.50% 395.8 — 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% 154.6 154.5 Other 5.4 4.5 Total debt $ 1,648.0 $ 856.9 Less current maturities 9.4 2.7 Long-term debt $ 1,638.6 $ 854.2 (1) Net of discount and fees The Company has a $500 million Senior Credit Facility, which matures on June 19, 2020 . At December 31, 2018 , the Company had $ 43.9 million of outstanding borrowings under the Senior Credit Facility, which reduced the availability under this facility to $456.1 million . The Senior Credit Facility has two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio. At December 31, 2018 , the Company was in full compliance with both of these covenants. On September 6, 2018 , the Company issued $400 million aggregate principal amount of fixed-rate 4.50% senior unsecured notes, the 2028 Notes. On September 11, 2018 , the Company entered into the $350 million variable-rate term loan, the 2023 Term Loan. Proceeds from the 2028 Notes and the 2023 Term Loan were used to fund the acquisitions of Cone Drive and Rollon, which closed on September 1, 2018 and September 18, 2018 , respectively. On September 7, 2017 , the Company issued €150 million aggregate principal amount of fixed-rate 2.02% senior unsecured notes, the 2027 Notes. On September 18, 2017 , the Company entered into the €100 million variable-rate term loan, the 2020 Term Loan. On June 14, 2018, the Company repaid €6.5 million under the 2020 Term Loan, reducing the principal balance to €93.5 million as of December 31, 2018 . Proceeds from the 2027 Notes and 2020 Term Loan were used to repay amounts drawn from the Senior Credit Facility to fund the Groeneveld acquisition, which closed on July 3, 2017 . Refer to Note 2 - Acquisitions and Divestitures for additional information. All of these debt instruments, except the 2028 Notes, have two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio. These covenants are similar to those in the Senior Credit Facility. At December 31, 2018 , the Company was in full compliance with both of these covenants. The 2028 Notes have no specific financial covenants. The maturities of long-term debt and capital leases for the five years subsequent to December 31, 2018 are as follows: Year 2019 $ 9.4 2020 152.5 2021 77.7 2022 0.5 2023 338.4 Thereafter 1,069.5 Interest paid was $42.5 million in 2018 , $31.5 million in 2017 and $30.1 million in 2016 . This differs from interest expense due to the timing of payments and interest capitalized of $0.4 million in 2018 , $0.7 million in 2017 and $1.1 million in 2016 . The Company and its subsidiaries lease a variety of real property and equipment. Rent expense under operating leases amounted to $35.7 million , $35.2 million and $30.0 million in 2018 , 2017 and 2016 , respectively. Future minimum lease payments for noncancelable operating leases at December 31, 2018 are as follows: Year 2019 $ 36.1 2020 27.1 2021 16.9 2022 11.1 2023 6.1 Thereafter 17.5 | Note 9 - Financing Arrangements Short-term debt as of December 31, 2018 and 2017 was as follows: 2018 2017 Variable-rate Accounts Receivable Facility with an interest rate of 2.15% at December 31, 2017 $ — $ 62.9 Borrowings under variable-rate lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 0.29% to 1.00% at December 31, 2018 and 0.32% to 2.22% at December 31, 2017 33.6 42.5 Short-term debt $ 33.6 $ 105.4 On September 28, 2018, the Company extended the maturity date of its $100 million Accounts Receivable Facility to November 30, 2021 . 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 are limited to certain borrowing base limitations however, the Accounts Receivable Facility was not reduced by any such borrowing base limitations at December 31, 2018 . As of December 31, 2018 , there were outstanding borrowings of $75.0 million under the Accounts Receivable Facility, which reduced the availability under this facility to $25.0 million . 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. The outstanding balance under the Accounts Receivable Facility was classified as short-term or long-term in accordance with the terms of the agreement. The Accounts Receivable Facility was reclassified from short-term debt to long-term debt due to the renewal of this facility for a period of three years. The yield rate was 3.22% , 2.15% and 1.65% , at December 31, 2018 , 2017 and 2016 , respectively. The lines of credit for certain of the Company’s foreign subsidiaries provide for short-term borrowings up to $273.4 million in the aggregate. Most of these lines of credit are uncommitted. At December 31, 2018 , the Company’s foreign subsidiaries had borrowings outstanding of $ 33.6 million and guarantees of $ 0.4 million , which reduced the aggregate availability under these facilities to $ 239.4 million . The weighted-average interest rate on these lines of credit during the year were 0.6% , 0.7% and 0.7% in 2018 , 2017 and 2016 , respectively. The weighted-average interest rate on lines of credit outstanding at December 31, 2018 and 2017 was 0.32% and 0.41% , respectively. The decrease in the weighted-average interest rate was primarily due to a decrease in borrowing rates in Europe. Long-term debt as of December 31, 2018 and 2017 was as follows: 2018 2017 Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 3.40% and Euro of 1.10% at December 31, 2018 and 2.40% and 1.10%, respectively, at December 31, 2017 $ 43.9 $ 52.0 Variable-rate Euro Term Loan (1) with an interest rate of 1.13% at December 31, 2018 and December 31, 2017 107.1 119.7 Variable-rate Accounts Receivable Facility with an interest rate of 3.22% at December 31, 2018 75.0 — Variable-rate Term Loan (1) with an interest rate of 3.77% at December 31, 2018 347.1 — Fixed-rate Senior Unsecured Notes (1) , maturing on September 1, 2024, with an interest rate of 3.875% 347.7 346.9 Fixed-rate Euro Senior Unsecured Notes (1) , maturing on September 7, 2027, with an interest rate of 2.02% 171.4 179.3 Fixed-rate Senior Unsecured Notes (1) , maturing on December 15, 2028, with an interest rate of 4.50% 395.8 — 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% 154.6 154.5 Other 5.4 4.5 Total debt $ 1,648.0 $ 856.9 Less current maturities 9.4 2.7 Long-term debt $ 1,638.6 $ 854.2 (1) Net of discount and fees The Company has a $500 million Senior Credit Facility, which matures on June 19, 2020 . At December 31, 2018 , the Company had $ 43.9 million of outstanding borrowings under the Senior Credit Facility, which reduced the availability under this facility to $456.1 million . The Senior Credit Facility has two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio. At December 31, 2018 , the Company was in full compliance with both of these covenants. On September 6, 2018 , the Company issued $400 million aggregate principal amount of fixed-rate 4.50% senior unsecured notes, the 2028 Notes. On September 11, 2018 , the Company entered into the $350 million variable-rate term loan, the 2023 Term Loan. Proceeds from the 2028 Notes and the 2023 Term Loan were used to fund the acquisitions of Cone Drive and Rollon, which closed on September 1, 2018 and September 18, 2018 , respectively. On September 7, 2017 , the Company issued €150 million aggregate principal amount of fixed-rate 2.02% senior unsecured notes, the 2027 Notes. On September 18, 2017 , the Company entered into the €100 million variable-rate term loan, the 2020 Term Loan. On June 14, 2018, the Company repaid €6.5 million under the 2020 Term Loan, reducing the principal balance to €93.5 million as of December 31, 2018 . Proceeds from the 2027 Notes and 2020 Term Loan were used to repay amounts drawn from the Senior Credit Facility to fund the Groeneveld acquisition, which closed on July 3, 2017 . Refer to Note 2 - Acquisitions and Divestitures for additional information. All of these debt instruments, except the 2028 Notes, have two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio. These covenants are similar to those in the Senior Credit Facility. At December 31, 2018 , the Company was in full compliance with both of these covenants. The 2028 Notes have no specific financial covenants. The maturities of long-term debt and capital leases for the five years subsequent to December 31, 2018 are as follows: Year 2019 $ 9.4 2020 152.5 2021 77.7 2022 0.5 2023 338.4 Thereafter 1,069.5 Interest paid was $42.5 million in 2018 , $31.5 million in 2017 and $30.1 million in 2016 . This differs from interest expense due to the timing of payments and interest capitalized of $0.4 million in 2018 , $0.7 million in 2017 and $1.1 million in 2016 . The Company and its subsidiaries lease a variety of real property and equipment. Rent expense under operating leases amounted to $35.7 million , $35.2 million and $30.0 million in 2018 , 2017 and 2016 , respectively. Future minimum lease payments for noncancelable operating leases at December 31, 2018 are as follows: Year 2019 $ 36.1 2020 27.1 2021 16.9 2022 11.1 2023 6.1 Thereafter 17.5 | |||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Document Period End Date | Dec. 31, 2018 | Dec. 31, 2018 | |||||||||||
Short-term Debt | $ 33.6 | $ 105.4 | |||||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.32% | 0.41% | 0.32% | ||||||||||
Total Long-term debt | $ 1,648 | $ 856.9 | |||||||||||
Maturities of long-term debt in 2016 | 9.4 | ||||||||||||
Maturities of long-term debt in 2017 | 152.5 | ||||||||||||
Maturities on long-term debt in 2018 | 77.7 | ||||||||||||
Maturities of long-term debt in 2019 | 0.5 | ||||||||||||
Maturities of long-term debt in 2020 | 338.4 | ||||||||||||
Interest paid | 42.5 | 31.5 | $ 30.1 | ||||||||||
Interest capitalized | 0.4 | 0.7 | 1.1 | ||||||||||
Rent expense under operating leases | 35.7 | 35.2 | 30 | ||||||||||
Operating Leases, Future Minimum Payments 2016 | 36.1 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 27.1 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 16.9 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 11.1 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 6.1 | ||||||||||||
Future minimum lease payments for noncancelable operating leases thereafter | $ 17.5 | ||||||||||||
Current Fiscal Year End Date | --12-31 | --12-31 | |||||||||||
Proceeds from Issuance of Long-term Debt | $ 1,391.1 | $ 927.8 | $ 340.5 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.02% | 2.02% | |||||||||||
Senior Unsecured Notes - Variable Rate [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Expiration Date | Jun. 19, 2020 | Jun. 19, 2020 | |||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Maximum borrowing capacity under line of credit | $ 500 | ||||||||||||
Remaining Borrowing Capacity under Line of Credit Facility of Company's foreign subsidiaries | $ 456.1 | ||||||||||||
Number of Financial Covenant under senior Credit Facility | 2 | 2 | |||||||||||
Total Long-term debt | $ 43.9 | ||||||||||||
Senior Unsecured Notes - 3.875% [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% | |||||||||||
Foreign Subsidiary [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Debt Instrument, Interest Rate During Period | 0.60% | 0.60% | 0.70% | 0.70% | |||||||||
Line of Credit 2027 Notes [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Debt Instrument, Issuance Date | Sep. 7, 2017 | ||||||||||||
Proceeds from Issuance of Long-term Debt | € | € 150 | ||||||||||||
Line of Credit Accounts Receivable Securitization [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Expiration Date | Nov. 30, 2021 | Nov. 30, 2021 | |||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Maximum borrowing capacity under line of credit | $ 100 | ||||||||||||
Remaining Borrowing Capacity under Line of Credit Facility of Company's foreign subsidiaries | $ 25 | ||||||||||||
Debt instrument yield rate | 3.22% | 2.15% | 1.65% | 3.22% | |||||||||
Line of Credit 2020 [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Debt Instrument, Issuance Date | Sep. 18, 2017 | ||||||||||||
Proceeds from Issuance of Long-term Debt | € | € 100 | ||||||||||||
Line of Credit [Member] | Line of Credit Accounts Receivable Securitization [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Short-term Debt | $ 75 | ||||||||||||
Foreign Subsidiary [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Maximum borrowing capacity under line of credit | 273.4 | ||||||||||||
Short-term Debt | 33.6 | $ 42.5 | |||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 0.4 | ||||||||||||
Remaining Borrowing Capacity under Line of Credit Facility of Company's foreign subsidiaries | 239.4 | ||||||||||||
Senior Unsecured Notes - 4.5% [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Total Long-term debt | $ 395.8 | 0 | |||||||||||
Debt Instrument, Issuance Date | Sep. 6, 2018 | ||||||||||||
Proceeds from Issuance of Long-term Debt | $ 400 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | 4.50% | ||||||||||
Term Loan - Variable Rate [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Total Long-term debt | $ 347.1 | 0 | |||||||||||
Debt Instrument, Issuance Date | Sep. 11, 2018 | ||||||||||||
Proceeds from Issuance of Long-term Debt | $ 350 | ||||||||||||
Euro Term Loan - Variable Rate [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Total Long-term debt | $ 107.1 | $ 119.7 | € 93.5 | ||||||||||
Repayments of Long-term Lines of Credit | € | € 6.5 | ||||||||||||
Cone Drive [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Business Acquisition, Effective Date of Acquisition | Sep. 1, 2018 | ||||||||||||
Rollon Group [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Business Acquisition, Effective Date of Acquisition | Sep. 18, 2018 | ||||||||||||
Groeneveld [Member] | |||||||||||||
Financing Arrangements (Textual) [Abstract] | |||||||||||||
Business Acquisition, Effective Date of Acquisition | Jul. 3, 2017 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Product Warranty Accrual, Current | $ 7.1 | $ 5.8 |
Accrual for Environmental Loss Contingencies | $ 5.5 | $ 5 |
Impairment and Restructuring _3
Impairment and Restructuring Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impairment and Restructuring Charges for the Mobile Segment | |||||||||||
Total | $ 1.8 | $ 2.6 | $ 0.3 | $ 0.2 | $ 0.5 | $ 1.3 | $ 0.8 | $ 1.7 | $ 4.9 | $ 4.3 | $ 21.7 |
Impairment and Restructuring _4
Impairment and Restructuring Charges - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)Positions | Jun. 30, 2017USD ($)Positions | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Positions | Dec. 31, 2016USD ($)Positions | Dec. 31, 2015USD ($)Positions | |
Restructuring and Related Cost [Line Items] | ||||||
Current Fiscal Year End Date | --12-31 | |||||
Restructuring Reserve | $ 7.5 | $ 7.5 | $ 7.5 | $ 10.1 | ||
Document Fiscal Year Focus | 2,018 | |||||
One-time Termination Benefits [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Positions | 60 | 100 | ||||
Severance expense and related benefit costs | $ 1.8 | $ 9.4 | $ 6.5 | |||
Employee Severance [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Positions | 175 | |||||
Mobile Industries [Member] | Facility Closing [Member] | Europe [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Severance expense and related benefit costs | 1.2 | |||||
Mobile Industries [Member] | One-time Termination Benefits [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Severance expense and related benefit costs | $ 3.8 | 3.4 | ||||
Process Industries [Member] | South America [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Exit costs | 2.9 | |||||
Process Industries [Member] | UNITED STATES | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Impairment charges | 3 | |||||
Process Industries [Member] | One-time Termination Benefits [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Severance expense and related benefit costs | 5.6 | 2.5 | ||||
Corporate Segment [Member] | One-time Termination Benefits [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Severance expense and related benefit costs | $ 0.6 | |||||
Altavista Bearing Plant [Member] [Member] | Mobile Industries [Member] | Facility Closing [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Severance expense and related benefit costs | 1.9 | |||||
Restructuring and Related Cost, Incurred Cost | 11.5 | |||||
Impairment charges | 3.1 | |||||
Benoni [Member] | Mobile Industries [Member] | Facility Closing [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Positions | 85 | |||||
Severance expense and related benefit costs | $ 1.1 | |||||
Impairment charges | $ 0.5 | |||||
Pulaski [Member] | Mobile Industries [Member] | Facility Closing [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Positions | 120 | |||||
Severance expense and related benefit costs | 1.3 | $ 2.5 | ||||
Restructuring and Related Cost, Incurred Cost | $ 9.8 |
Impairment and Restructuring _5
Impairment and Restructuring Charges - Consolidating Restructuring Accrual (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |||
Current Fiscal Year End Date | --12-31 | ||
Roll Forward consolidated restructuring accrual | |||
Beginning Balance | $ 10.1 | $ 7.5 | |
Expense | 0 | $ 1.7 | |
Payments | $ 0 | (4.3) | |
Ending Balance | $ 7.5 | $ 10.1 |
Stock Compensation Plans - Assu
Stock Compensation Plans - Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of significant stock options granted | |||
Weighted-average fair value per option | $ 10.29 | $ 10.60 | $ 6.49 |
Risk-free interest rate | 2.62% | 1.96% | 1.22% |
Dividend yield | 2.30% | 2.96% | 3.04% |
Expected stock volatility | 27.78% | 32.25% | 34.12% |
Expected life - years | 5 years | 5 years | 5 years |
Stock Compensation Plans - Opti
Stock Compensation Plans - Option Activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding - Number of Shares | shares | 3,151,121 |
Outstanding - beginning of year, Weighted Average Exercise Price | $ / shares | $ 36.65 |
Granted, Number of Shares | shares | 481,520 |
Granted, Weighted Average-exercise Price | $ / shares | $ 44.65 |
Exercised, Number of Shares | shares | (394,751) |
Exercised, Weighted-average Exercise Price | $ / shares | $ 33.50 |
Canceled or expired, Number of Shares | shares | (47,940) |
Canceled or expired, Weighted-average Exercise Price | $ / shares | $ 39.66 |
Outstanding - Number of Shares | shares | 3,189,950 |
Outstanding - end of year, Weighted Average Exercise Price | $ / shares | $ 38.21 |
Outstanding - end of year, Weighted-average Remaining Contractual Term | 6 years |
Outstanding - end of year, Aggregate Intrinsic Value | $ | $ 19.3 |
Option expected to vest, Number of Shares | shares | 3,189,950 |
Option expected to vest, Weighted-average Exercise Price | $ / shares | $ 38.21 |
Option expected to vest, Weighted-average Remaining Contractual Term | 6 years |
Option expected to vest, Aggregate Intrinsic Value | $ | $ 19.3 |
Options exercisable, Number of Shares | shares | 1,992,857 |
Options exercisable, Weighted-average Exercise Price | $ / shares | $ 37.15 |
Options exercisable, Weighted-average Remaining Contractual Term, Exercisable | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 5.3 |
Stock Compensation Plans - Rest
Stock Compensation Plans - Restricted Share Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted, Number of shares | 238,360 | ||
Shares expected to settle in shares | 232,690 | ||
Shares expected to settle in cash | 5,670 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding - beginning of year, Number of Shares | 1,245,274 | ||
Outstanding - beginning of year, Weighted-average Grant Date Fair Value | $ 37.56 | ||
Granted, Number of shares | 388,525 | 407,436 | 613,165 |
Granted, Weighted-average Grant Date Fair Value | $ 44.83 | ||
Vested, Number of shares | (290,287) | ||
Vested, Weighted-average Grant Date Fair Value | $ 40.49 | ||
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 41.23 | ||
Outstanding - end of year, Number of Shares | 1,196,492 | 1,245,274 | |
Outstanding - end of year, Weighted-average Grant Date Fair Value | $ 38.76 | $ 37.56 | |
Shares expected to settle in cash | 155,275 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares expected to settle in shares | 151,835 | ||
Shares expected to settle in cash | 3,440 | ||
Deferred Compensation, Share-based Payments [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Deferred Compensation Arrangement with Individual, Shares Issued | 4,000 |
Stock Compensation Plans - Narr
Stock Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Current Fiscal Year End Date | --12-31 | ||||||||||
Document Period End Date | Dec. 31, 2018 | ||||||||||
Document Fiscal Year Focus | 2,018 | ||||||||||
Share Based Compensation Plans (Additional Textual) [Abstract] | |||||||||||
Expected life - years | 5 years | 5 years | 5 years | ||||||||
Total intrinsic value of options exercised | $ 6.7 | $ 14.7 | $ 1.7 | ||||||||
Unrecognized Compensation expense related to stock option awards, restricted shares and deferred shares | $ 35.9 | 35.9 | |||||||||
Recognized Stock-based compensation expense before tax | 4.8 | 5.2 | 5.9 | ||||||||
Amount accrued for shares settling in cash | $ 0.8 | $ 0.7 | $ 0.8 | 0.7 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||
Share Based Compensation Plans (Textual) [Abstract] | |||||||||||
Recognized Stock-based compensation expense after tax | $ 3.7 | 3.2 | 3.7 | ||||||||
Net cash proceeds from the exercise of stock options | $ 12.8 | $ 32.9 | $ 4.3 | ||||||||
Shares distributed | 445,036 | 188,383 | |||||||||
Number of shares available for future grants for all plans | 3,759,864 | 3,759,864 | |||||||||
Unrecognized compensation expense is expected to be recognized over a total weighted average period | 2 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 16.5 | $ 7.8 | |||||||||
Earnings Per Share, Diluted | $ 0.77 | $ 0.91 | $ 1.16 | $ 1.02 | $ 0.37 | $ 0.68 | $ 1.04 | $ 0.48 | $ 3.86 | $ 2.58 | $ 1.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.29 | $ 10.60 | $ 6.49 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.62% | 1.96% | 1.22% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.30% | 2.96% | 3.04% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.78% | 32.25% | 34.12% | ||||||||
Employee Stock Option [Member] | |||||||||||
Share Based Compensation Plans (Textual) [Abstract] | |||||||||||
Earnings Per Share, Diluted | $ 0.05 | $ 0.04 | $ 0.05 | ||||||||
Employee Stock Option [Member] | |||||||||||
Share Based Compensation Plans (Additional Textual) [Abstract] | |||||||||||
Expected life - years | 10 years | ||||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,196,492 | 1,245,274 | 1,196,492 | 1,245,274 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 38.76 | $ 37.56 | $ 38.76 | $ 37.56 | |||||||
Share Based Compensation Plans (Additional Textual) [Abstract] | |||||||||||
Canceled or expired, Number of Shares | (147,020) | ||||||||||
Shares awarded | 388,525 | 407,436 | 613,165 | ||||||||
Recognized Stock-based compensation expense before tax | $ 19.5 | $ 8.2 | |||||||||
Shares expected to settle in cash | 155,275 | 155,275 | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 41.23 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.83 | ||||||||||
Share Based Compensation Plans (Textual) [Abstract] | |||||||||||
Vested, Number of shares | (290,287) | ||||||||||
Vested, Weighted-average Grant Date Fair Value | $ 40.49 | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share Based Compensation Plans (Additional Textual) [Abstract] | |||||||||||
Vesting period | 3 years | ||||||||||
Shares expected to settle in cash | 3,440 | 3,440 | |||||||||
Shares expected to settle in shares | 151,835 | 151,835 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||
Performance Shares [Member] | |||||||||||
Share Based Compensation Plans (Additional Textual) [Abstract] | |||||||||||
Shares awarded | 238,360 | ||||||||||
Shares expected to settle in cash | 5,670 | 5,670 | |||||||||
Shares expected to settle in shares | 232,690 | 232,690 |
Retirement Benefit Plans - Comp
Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Payment for Pension Benefits | $ 11.3 | $ 11.5 | $ 15 | |
Components of net periodic benefit cost: | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ (19.7) | (12.8) | (18.1) | (67) |
Pension Plan [Member] | ||||
Components of net periodic benefit cost: | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (38.8) | 23.2 | 60.9 | |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Components of net periodic benefit cost: | ||||
Service cost | 1.7 | 1.6 | 1.4 | |
Interest cost | 7.2 | 7.5 | 10.5 | |
Expected return on plan assets | (11.6) | (11.1) | (10.7) | |
Amortization of prior service cost | 0.1 | 0 | 0.1 | |
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (8.8) | (0.1) | (19.4) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | (0.1) | |
Net periodic benefit cost | 6.2 | (1.9) | 20.6 | |
Domestic Plan [Member] | Pension Plan [Member] | ||||
Components of net periodic benefit cost: | ||||
Service cost | 12.6 | 12.2 | 13.1 | |
Interest cost | 24 | 24.6 | 26.6 | |
Expected return on plan assets | (29.3) | (28) | (30.1) | |
Amortization of prior service cost | 1.7 | 1.4 | 1.7 | |
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (30) | (23.1) | (41.5) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | (10.2) | (1.1) | 0 | |
Net periodic benefit cost | $ 28.8 | $ 32.2 | $ 52.8 |
Retirement Benefit Plans - Assu
Retirement Benefit Plans - Assumptions (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Future compensation assumption | 2.50% | 2.50% | |
Expected long-term return on plan assets | 5.78% | ||
Assumptions: | |||
Discount rate | 3.80% | 4.34% | |
Future compensation assumption | 2.50% | ||
Domestic Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 5750000.00% | 5.75% | 5.75% |
Assumptions: | |||
Discount rate | 3.75% | 4.34% | 4.50% |
Future compensation assumption | 2.50% | 2.50% | |
Domestic Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 6500000.00% | 6.50% | 6.75% |
Assumptions: | |||
Discount rate | 3.94% | 4.50% | 4.70% |
Future compensation assumption | 3.00% | 3.00% | |
Foreign Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Future compensation assumption | 2.00% | 2.00% | |
Expected long-term return on plan assets | 2.50% | 0.75% | 0.82% |
Assumptions: | |||
Discount rate | 1.25% | 1.25% | 2.00% |
Future compensation assumption | 2.00% | 2.00% | 2.20% |
Foreign Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Future compensation assumption | 8.23% | 8.00% | |
Expected long-term return on plan assets | 9.00% | 9.25% | 9.25% |
Assumptions: | |||
Discount rate | 9.00% | 9.00% | 8.50% |
Future compensation assumption | 8.00% | 8.00% | 8.00% |
Retirement Benefit Plans - Chan
Retirement Benefit Plans - Change in Benefit Obligation (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan [Member] | ||||
Change in benefit obligation: | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 11.3 | $ 11.5 | ||
Defined Benefit Plan, Benefit Obligation, Business Combination | $ 49.7 | $ 0 | ||
Domestic Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 6.4 | 8.1 | 7.4 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 2.8 | ||
Defined Benefit Plan, Plan Assets, Amount | 448.3 | 531.9 | 529.6 | |
Change in benefit obligation: | ||||
Benefit obligation at beginning of year | 612.4 | 643 | 612.4 | |
Service cost | 12.6 | 12.2 | 13.1 | |
Interest cost | 24 | 24.6 | 26.6 | |
Amendments | 0 | 2.8 | ||
Actuarial losses | (36.7) | 60.5 | ||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 10.2 | 1.1 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | (1.8) | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | 95.8 | 67.7 | ||
Benefit obligation at end of year | 586.6 | 643 | 612.4 | |
Company contributions / payments | (37.5) | 65.5 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5.3 | 4.5 | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (138.3) | (111.1) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Reclassification Adjustment, before Tax | (1.7) | (1.4) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | (0.7) | ||
Foreign Plan [Member] | ||||
Change in benefit obligation: | ||||
Defined Benefit Plan, Benefit Obligation, Business Combination | 2 | 0 | ||
Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 4 | 0.5 | 0.5 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Amount | 254.6 | 292.4 | 268.7 | |
Change in benefit obligation: | ||||
Benefit obligation at beginning of year | $ 314.2 | 335.2 | 314.2 | |
Service cost | 1.7 | 1.6 | 1.4 | |
Interest cost | 7.2 | 7.5 | 10.5 | |
Amendments | 3.6 | 0 | ||
Actuarial losses | (7.4) | 0.9 | ||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (17.2) | 32.2 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 0.1 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | 24.8 | 21.2 | ||
Benefit obligation at end of year | 300.3 | 335.2 | $ 314.2 | |
Company contributions / payments | (5.1) | 12 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 6 | 7 | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (15.4) | 25.9 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (45.7) | (42.8) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Reclassification Adjustment, before Tax | (0.1) | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 3.6 | $ 0 |
Retirement Benefit Plans - Ch_2
Retirement Benefit Plans - Change in Plan Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan [Member] | ||||
Change in plan assets: | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 11.3 | $ 11.5 | ||
Defined Benefit Plan, Plan Assets, Business Combination | $ 44.4 | $ 0 | ||
Domestic Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions / payments | (37.5) | 65.5 | ||
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 529.6 | 531.9 | 529.6 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5.3 | 4.5 | ||
International plan exchange rate change | 0 | 0 | ||
Benefits paid | (95.8) | (67.7) | ||
Fair value of plan assets at end of year | 448.3 | 531.9 | 529.6 | |
Funded status at end of year | (138.3) | (111.1) | ||
Foreign Plan [Member] | ||||
Change in plan assets: | ||||
Defined Benefit Plan, Plan Assets, Business Combination | 1.5 | 0 | ||
Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions / payments | (5.1) | 12 | ||
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | $ 268.7 | 292.4 | 268.7 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 6 | 7 | ||
International plan exchange rate change | (15.4) | 25.9 | ||
Benefits paid | (24.8) | (21.2) | ||
Fair value of plan assets at end of year | 254.6 | 292.4 | $ 268.7 | |
Funded status at end of year | $ (45.7) | $ (42.8) |
Retirement Benefit Plans - Bala
Retirement Benefit Plans - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Amounts recognized on the Consolidated Balance Sheets: | ||
Non-current assets | $ 6.2 | $ 19.7 |
Pension Plan [Member] | ||
Amounts recognized on the Consolidated Balance Sheets: | ||
Current liabilities | 28.9 | 6.4 |
Domestic Plan [Member] | Pension Plan [Member] | ||
Amounts recognized on the Consolidated Balance Sheets: | ||
Non-current assets | 0 | 6.7 |
Current liabilities | 27.4 | 4.8 |
Non-current liabilities | (110.9) | (113) |
Total | (138.3) | (111.1) |
Foreign Plan [Member] | Pension Plan [Member] | ||
Amounts recognized on the Consolidated Balance Sheets: | ||
Non-current assets | 6.2 | 13 |
Current liabilities | 1.5 | 1.5 |
Non-current liabilities | (50.4) | (54.3) |
Total | $ (45.7) | $ (42.8) |
Retirement Benefit Plans - Accu
Retirement Benefit Plans - Accumulated Other Comprehensive Loss (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net prior service cost | $ 6.4 | $ 8.1 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 6.4 | 8.1 | $ 7.4 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net prior service cost | 4 | 0.5 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 4 | $ 0.5 | $ 0.5 |
Retirement Benefit Plans - Ch_3
Retirement Benefit Plans - Changes in Plan Assets and Benefit Obligations in AOCL (Details) - Foreign Plan [Member] - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in prior service cost recognized in accumulated other comprehensive loss: | |||
Accumulated other comprehensive income at beginning of year | $ 0.5 | $ 0.5 | |
Recognized prior service credit | (0.1) | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | $ 0.1 |
Total recognized in accumulated other comprehensive income at December 31 | $ 4 | $ 0.5 | $ 0.5 |
Retirement Benefit Plans - Bene
Retirement Benefit Plans - Benefit Obligation Assumptions (Details) - Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Assumptions | ||
Retirement Benefit Plans | The Company and its subsidiaries sponsor a number of defined benefit pension plans, which cover eligible employees, including certain employees in foreign countries. These plans generally are noncontributory. Pension benefits earned generally are based on years of service and compensation during active employment. The cash contributions for the Company’s defined benefit pension plans were $11.3 million , $11.5 million and $15.0 million in 2018 , 2017 and 2016 , respectively. The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31: U.S. Plans International Plans 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 12.6 $ 12.2 $ 13.1 $ 1.7 $ 1.6 $ 1.4 Interest cost 24.0 24.6 26.6 7.2 7.5 10.5 Expected return on plan assets (29.3 ) (28.0 ) (30.1 ) (11.6 ) (11.1 ) (10.7 ) Amortization of prior service cost 1.7 1.4 1.7 0.1 — 0.1 Recognition of net actuarial losses 30.0 23.1 41.5 8.8 0.1 19.4 Curtailment (10.2 ) (1.1 ) — — — (0.1 ) Net periodic benefit cost $ 28.8 $ 32.2 $ 52.8 $ 6.2 $ (1.9 ) $ 20.6 Assumptions 2018 2017 2016 U.S. Plans: Discount rate 3.75% to 3.94% 4.34% to 4.50% 4.50% to 4.70% Future compensation assumption 2.50 % 2.50% to 3.00% 2.50% to 3.00% Expected long-term return on plan assets 5.75% to 6.50% 5.75% to 6.50% 5.75% to 6.75% International Plans: Discount rate 1.25% to 9.00% 1.25% to 9.00% 2.00% to 8.50% Future compensation assumption 2.00% to 8.00% 2.00% to 8.00% 2.20% to 8.00% Expected long-term return on plan assets 2.50% to 9.00% 0.75% to 9.25% 0.82% to 9.25% The Company recognized actuarial losses of $38.8 million during 2018 primarily due to lower than expected returns on plan assets of $83.4 million driven by negative returns on fixed income investments offset by the increase in discount rates used to measure the obligation of $62.4 million . The impact of experience losses and other changes in valuation assumptions resulted in losses of approximately $17.8 million . The discount rate used to measure the U.S. obligation increased by 56 basis points from 3.80% during 2017 compared to 4.36 % in 2018 . During the fourth quarter of 2018, the Board of Directors approved the freezing of the benefits for two of the Company's U.S. defined benefit pension plans, effective December 31, 2022. In conjunction with this action, the Company recognized a curtailment gain of $10.2 million in 2018 . The Company recognized actuarial losses of $23.2 million during 2017 primarily due to the impact of a net reduction in the discount rate used to measure its defined benefit pension obligations of $52.9 million and the impact of experience losses and other changes in valuation assumptions of $8.7 million , partially offset by higher than expected returns on plan assets of $38.4 million . The impact of the net reduction in the discount rate used to measure the Company's defined benefit obligation was primarily driven by a 54 basis point reduction in the discount rate used to measure its U.S. defined benefit plan obligations, which decreased from 4.34% in 2016 to 3.80% in 2017 . The Company recognized actuarial losses of $60.9 million during 2016 primarily due to the impact of a net reduction in the discount rate used to measure its defined benefit pension obligations of $86.9 million and the impact of experience losses and other changes in valuation assumptions of $10.2 million , partially offset by higher than expected returns on plan assets of $36.2 million . The impact of the net reduction in the discount rate used to measure the Company's defined benefit obligation was primarily driven by a 125 and 36 basis point reduction in the discount rate used to measure its defined benefit plan obligations in the United Kingdom and U.S., respectively. For expense purposes in 2018 , the Company applied a weighted-average discount rate of 3.80% to its U.S. defined benefit pension plans. For expense purposes in 2019, the Company will apply a weighted-average discount rate of 4.36% to its U.S. defined benefit pension plans. For expense purposes in 2018 , the Company applied a weighted-average expected rate of return of 5.78% for the Company’s U.S. pension plan assets. For expense purposes in 2019, the Company will apply a weighted-average expected rate of return on plan assets of 6.12% . The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans as of December 31, 2018 and 2017 : U.S. Plans International Plans 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 643.0 $ 612.4 $ 335.2 $ 314.2 Service cost 12.6 12.2 1.7 1.6 Interest cost 24.0 24.6 7.2 7.5 Plan amendments — 2.8 3.6 — Actuarial losses (36.7 ) 60.5 (7.4 ) 0.9 International plan exchange rate change — — (17.2 ) 32.2 Curtailment (10.2 ) (1.8 ) — — Benefits paid (95.8 ) (67.7 ) (24.8 ) (21.2 ) Acquisitions 49.7 — 2.0 — Benefit obligation at end of year $ 586.6 $ 643.0 $ 300.3 $ 335.2 Change in plan assets: Fair value of plan assets at beginning of year $ 531.9 $ 529.6 $ 292.4 $ 268.7 Actual return on plan assets (37.5 ) 65.5 (5.1 ) 12.0 Company contributions / payments 5.3 4.5 6.0 7.0 International plan exchange rate change — — (15.4 ) 25.9 Acquisitions 44.4 — 1.5 — Benefits paid (95.8 ) (67.7 ) (24.8 ) (21.2 ) Fair value of plan assets at end of year 448.3 531.9 254.6 292.4 Funded status at end of year $ (138.3 ) $ (111.1 ) $ (45.7 ) $ (42.8 ) U.S. Plans International Plans 2018 2017 2018 2017 Amounts recognized on the Consolidated Balance Sheets: Non-current assets $ — $ 6.7 $ 6.2 $ 13.0 Current liabilities (27.4 ) (4.8 ) (1.5 ) (1.5 ) Non-current liabilities (110.9 ) (113.0 ) (50.4 ) (54.3 ) $ (138.3 ) $ (111.1 ) $ (45.7 ) $ (42.8 ) Amounts recognized in accumulated other comprehensive loss: Net prior service cost $ 6.4 $ 8.1 $ 4.0 $ 0.5 Accumulated other comprehensive loss $ 6.4 $ 8.1 $ 4.0 $ 0.5 Changes in prior service cost recognized in accumulated other comprehensive loss: Accumulated other comprehensive loss at beginning of year $ 8.1 $ 7.4 $ 0.5 $ 0.5 Prior service cost — 2.8 — — Recognized prior service cost (1.7 ) (1.4 ) (0.1 ) — (Loss) gain recognized due to curtailment — (0.7 ) 3.6 — Total recognized in accumulated other comprehensive loss at December 31 $ 6.4 $ 8.1 $ 4.0 $ 0.5 The presentation in the above tables for amounts recognized in accumulated other comprehensive loss on the Consolidated Balance Sheets is before the effect of income taxes. The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31: Assumptions 2018 2017 U.S. Plans: Discount rate 4.05% to 4.43% 3.75% to 3.80% Future compensation assumption 2.50 % 2.50 % International Plans: Discount rate 1.50% to 11.00% 1.25% to 9.00% Future compensation assumption 2.00% to 8.23% 2.00% to 8.00% Defined benefit pension plans in the United States represent 66% of the benefit obligation and 64% of the fair value of plan assets as of December 31, 2018 . Certain of the Company’s defined benefit pension plans were overfunded as of December 31, 2018 . As a result, $6.2 million and $19.7 million at December 31, 2018 and 2017 , respectively, are included in non-current pension assets on the Consolidated Balance Sheets. The current portion of accrued pension cost, which was included in salaries, wages and benefits on the Consolidated Balance Sheets, was $28.9 million and $6.4 million at December 31, 2018 and 2017 , respectively. The increase in the current portion of accrued pension cost relates to the expected 2019 deferred compensation to a former executive officer of the Company. In 2018 , the current portion of accrued pension cost relates to unfunded plans and represents the actuarial present value of expected payments related to the plans to be made over the next 12 months. The accumulated benefit obligation at December 31, 2018 exceeded the market value of plan assets for several of the Company’s pension plans. For these plans, the projected benefit obligation was $599.2 million , the accumulated benefit obligation was $583.3 million and the fair value of plan assets was $410.7 million at December 31, 2018 . The total pension accumulated benefit obligation for all plans was $864.9 million and $941.5 million at December 31, 2018 and 2017 , respectively. Investment performance decreased the value of the Company’s pension assets by 5.1% in 2018 . As of December 31, 2018 and 2017 , the Company’s defined benefit pension plans did not directly hold any of the Company’s common shares. The estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.8 million . Plan Assets: The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2018 and 2017 , was as follows: Current Target Allocation Percentage of Pension Plan Assets at December 31, Asset Category 2018 2017 Equity securities 15% to 21% 18% 14% Fixed income securities 70% to 80% 76% 80% Other investments 4% to 10% 6% 6% Total 100% 100% The Company recognizes its overall responsibility to ensure that the assets of its various defined benefit pension plans are managed effectively and prudently and in compliance with its policy guidelines and all applicable laws. Preservation of capital is important; however, the Company also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the pension funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes, and are reviewed regularly by management. The expected rate of return for the investment portfolio is based on expected rates of return for various asset classes, as well as historical asset class and fund performance. Fair value is defined as the price that would 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 table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2018 : U.S. Pension Plans International Pension Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 18.6 $ — $ — $ 18.6 $ 0.8 $ — $ — $ 0.8 Government and agency securities 29.9 2.7 — 32.6 — — — — Corporate bonds - investment grade — 71.7 — 71.7 — — — — Mutual funds - fixed income 60.8 — — 60.8 — — — — Mutual funds - international equity 24.0 — — 24.0 — — — — Mutual funds - domestic equity 2.6 — — 2.6 — — — — Mutual funds - other assets 1.2 — — 1.2 — — — — Other assets 0.1 — — 0.1 — — — — $ 137.2 $ 74.4 $ — $ 211.6 $ 0.8 $ — $ — $ 0.8 Investments measured at net asset value: Cash and cash equivalents $ 0.2 $ — Equity securities - international companies — 2.2 Common collective funds - domestic equities 54.0 — Common collective funds - international equities 9.4 13.6 Common collective funds - fixed income 137.3 76.2 Limited partnerships 24.0 — Real estate partnerships 11.8 — Liability hedging investments — 122.9 Common collective fund - diversified growth — 18.5 Other assets — 20.4 Total Assets $ 448.3 $ 254.6 The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2017 : U.S. Pension Plans International Pension Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 27.2 $ — $ — $ 27.2 $ 4.8 $ — $ — $ 4.8 Government and agency securities 15.5 3.4 — 18.9 — — — — Corporate bonds - investment grade — 105.1 — 105.1 — — — — Mutual funds - fixed income 44.9 — — 44.9 — — — — Mutual funds - international equity 17.5 — — 17.5 — — — — $ 105.1 $ 108.5 $ — $ 213.6 $ 4.8 $ — $ — $ 4.8 Investments measured at net asset value: Cash and cash equivalents $ 0.2 $ 0.1 Equity securities - international companies — 1.0 Common collective funds - domestic equities 37.0 — Common collective funds - international equities 11.5 25.3 Common collective funds - fixed income 220.9 86.2 Limited partnerships 31.8 — Real estate partnerships 16.9 — Liability hedging investments — 132.5 Common collective fund - diversified growth — 21.2 Other assets — 21.3 Total Assets $ 531.9 $ 292.4 Cash and cash equivalents are valued at redemption value. Government and agency securities are valued at the closing price reported in the active market in which the individual securities are traded. Certain corporate bonds are valued at the closing price reported in the active market in which the bond is traded. Equity securities (both common and preferred stock) are valued at the closing price reported in the active market in which the individual security is traded. Common collective funds are valued based on a net asset value per share. Asset-backed securities are valued based on quoted prices for similar assets in active markets. When such prices are unavailable, the plan trustee determines a valuation from the market maker dealing in the particular security. Limited partnerships include investments in funds that invest primarily in private equity, venture capital and distressed debt. Limited partnerships are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value, per the underlying investment fund, which is based upon the general partner's own assumptions about the assumptions a market participant would use in pricing the assets and liabilities of the partnership. Real estate investments include funds that invest in companies that primarily invest in commercial and residential properties, commercial mortgage-backed securities, debt and equity securities of real estate operating companies, and real estate investment trusts. Other real estate investments are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value per the underlying investment fund, which is based on appraised values and current transaction prices. Liability hedging investments mainly include investments in index-linked liability driven investing open-end swap funds. These funds invest in cash held deposits that reflect the index-linked deferred annuity with payment terms of specific years linked to UK inflation measures. The underlying assets in this investment are valued daily. Common collective funds - diversified growth investments are pooled funds that invest in a multiple underlying asset classes, such as equities, fixed income, commodities, alternative investments, and cash in an effort to achieve returns on investment through capital appreciation and income. The underlying assets in this investment are valued daily. Cash Flows: Employer Contributions to Defined Benefit Plans 2017 $ 11.5 2018 11.3 2019 (planned) 34.0 The increase in 2019 planned employer contributions/payments is primarily due to the expected payout of deferred compensation to a former executive officer of the Company. Future benefit payments, including lump sum distributions, are expected to be as follows: Benefit Payments 2019 $ 89.4 2020 62.9 2021 73.9 2022 63.3 2023 60.7 2024-2028 273.1 Employee Savings Plans: The Company sponsors defined contribution retirement and savings plans covering substantially all employees in the United States and employees at certain non-U.S. locations. The Company made contributions to its defined contribution plans of $23.7 million , $21.8 million and $20.2 million in 2018 , 2017 and 2016 , respectively. Participants in certain of these plans may elect to hold a portion of their investments in the Company's common shares. At December 31, 2018 , the plans held 2,614,501 of the Company’s common shares with a fair value of $97.6 million . The Company paid dividends totaling $2.9 million , $3.0 million and $3.7 million in 2018 , 2017 and 2016 | |
Domestic Plan [Member] | ||
Assumptions | ||
Discount rate | 436.00% | 3.80% |
Future compensation assumption | 2.50% | 2.50% |
Domestic Plan [Member] | Minimum [Member] | ||
Assumptions | ||
Discount rate | 4.05% | 3.75% |
Domestic Plan [Member] | Maximum [Member] | ||
Assumptions | ||
Discount rate | 4.43% | 3.80% |
Foreign Plan [Member] | Minimum [Member] | ||
Assumptions | ||
Discount rate | 1.50% | 1.25% |
Future compensation assumption | 2.00% | 2.00% |
Foreign Plan [Member] | Maximum [Member] | ||
Assumptions | ||
Discount rate | 11.00% | 9.00% |
Future compensation assumption | 8.23% | 8.00% |
Retirement Benefit Plans - Targ
Retirement Benefit Plans - Target Allocation (Details) - Pension Plan [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Target assets allocation and actual asset allocations for US pension plan assets | ||
Actual Asset Allocation | 100.00% | 100.00% |
Equity securities [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Actual Asset Allocation | 18.00% | 14.00% |
Debt Securities [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Actual Asset Allocation | 76.00% | 80.00% |
Other Investments [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Actual Asset Allocation | 6.00% | 6.00% |
Minimum [Member] | Equity securities [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Current Target Allocation | 15.00% | |
Minimum [Member] | Debt Securities [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Current Target Allocation | 70.00% | |
Minimum [Member] | Other Investments [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Current Target Allocation | 4.00% | |
Maximum [Member] | Equity securities [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Current Target Allocation | 21.00% | |
Maximum [Member] | Debt Securities [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Current Target Allocation | 80.00% | |
Maximum [Member] | Other Investments [Member] | ||
Target assets allocation and actual asset allocations for US pension plan assets | ||
Current Target Allocation | 10.00% |
Retirement Benefit Plans - Asse
Retirement Benefit Plans - Assets Measured at Fair Value (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Foreign Plan [Member] | |||
Assets: | |||
Total Assets | $ 254.6 | $ 292.4 | $ 268.7 |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 254.6 | 292.4 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 0.8 | 4.8 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Government and agency securities [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | International Equity Securities [Member] | |||
Assets: | |||
Total Assets | 2.2 | 1 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Common Collective funds - domestic equities [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Common collective funds - international equities [Member] | |||
Assets: | |||
Total Assets | 13.6 | 25.3 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Funds [Member] | |||
Assets: | |||
Total Assets | 76.2 | 86.2 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Limited Partnership [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Real Estate [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Hedge Funds [Member] | |||
Assets: | |||
Total Assets | 122.9 | 132.5 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Defined Benefit Plan, Common Collective Trust [Member] | |||
Assets: | |||
Total Assets | 18.5 | 21.2 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | |||
Assets: | |||
Total Assets | 20.4 | 21.3 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents at Net Asset Value [Member] | |||
Assets: | |||
Total Assets | 0 | 0.1 | |
Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 0.8 | 4.8 | |
Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 0.8 | 4.8 | |
Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Government and agency securities [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Government and agency securities [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Government and agency securities [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Foreign Plan [Member] | Assets [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 0.8 | 4.8 | |
Domestic Plan [Member] | |||
Assets: | |||
Total Assets | 448.3 | 531.9 | $ 529.6 |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 448.3 | 531.9 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 18.6 | 27.2 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Government and agency securities [Member] | |||
Assets: | |||
Total Assets | 32.6 | 18.9 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Total Assets | 71.7 | 105.1 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | International Equity Securities [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Common Collective funds - domestic equities [Member] | |||
Assets: | |||
Total Assets | 54 | 37 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Common collective funds - international equities [Member] | |||
Assets: | |||
Total Assets | 9.4 | 11.5 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Funds [Member] | |||
Assets: | |||
Total Assets | 137.3 | 220.9 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Limited Partnership [Member] | |||
Assets: | |||
Total Assets | 24 | 31.8 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Real Estate [Member] | |||
Assets: | |||
Total Assets | 11.8 | 16.9 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Hedge Funds [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Defined Benefit Plan, Common Collective Trust [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 60.8 | 44.9 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Assets: | |||
Total Assets | 0.1 | ||
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 24 | 17.5 | |
Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents at Net Asset Value [Member] | |||
Assets: | |||
Total Assets | 0.2 | 0.2 | |
Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 137.2 | 105.1 | |
Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 18.6 | 27.2 | |
Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Government and agency securities [Member] | |||
Assets: | |||
Total Assets | 29.9 | 15.5 | |
Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 60.8 | 44.9 | |
Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Assets: | |||
Total Assets | 0.1 | ||
Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 24 | 17.5 | |
Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 74.4 | 108.5 | |
Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Government and agency securities [Member] | |||
Assets: | |||
Total Assets | 2.7 | 3.4 | |
Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Total Assets | 71.7 | 105.1 | |
Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Government and agency securities [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | 0 | |
Domestic Plan [Member] | Assets [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 211.6 | $ 213.6 | |
Equity Option [Member] | Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Equity Option [Member] | Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Equity Option [Member] | Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Equity Option [Member] | Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Equity Option [Member] | Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 2.6 | ||
Equity Option [Member] | Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 2.6 | ||
Equity Option [Member] | Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Equity Option [Member] | Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Other Debt Obligations [Member] | Foreign Plan [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Other Debt Obligations [Member] | Foreign Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Other Debt Obligations [Member] | Foreign Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Other Debt Obligations [Member] | Foreign Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Other Debt Obligations [Member] | Domestic Plan [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 1.2 | ||
Other Debt Obligations [Member] | Domestic Plan [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 1.2 | ||
Other Debt Obligations [Member] | Domestic Plan [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | 0 | ||
Other Debt Obligations [Member] | Domestic Plan [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Assets: | |||
Total Assets | $ 0 |
Retirement Benefit Plans - Empl
Retirement Benefit Plans - Employer Contributions to Defined Benefit Plans (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employer Contributions [Abstract] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 11.3 | $ 11.5 |
2018 (planned) | $ 34 |
Retirement Benefit Plans - Futu
Retirement Benefit Plans - Future Benefit Payments (Details) - Pension Plan [Member] $ in Millions | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 89.4 |
Future pension benefit payments | |
2,019 | 62.9 |
2,020 | 73.9 |
2,021 | 63.3 |
2,022 | 60.7 |
2023-2027 | $ 273.1 |
Retirement Benefit Plans - Narr
Retirement Benefit Plans - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ (19,700,000) | $ (12,800,000) | $ (18,100,000) | $ (67,000,000) |
Payment for Pension Benefits | 11,300,000 | 11,500,000 | 15,000,000 | |
Retirement Benefit Plans (Textual) [Abstract] | ||||
Return on plan assets | $ 23,700,000 | 21,800,000 | 20,200,000 | |
Company common stock | 2,614,501 | 2,614,501 | ||
Fair value of company common stock | $ 97,600,000 | $ 97,600,000 | ||
Pension Settlement Charges | 0 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (38,800,000) | 23,200,000 | 60,900,000 | |
Retirement Benefit Plans (Textual) [Abstract] | ||||
Current liabilities | 28,900,000 | 28,900,000 | 6,400,000 | |
Projected benefit obligation | 599,200,000 | 599,200,000 | ||
Accumulated benefit obligations | 583,300,000 | 583,300,000 | ||
Fair value of plan assets | 410,700,000 | 410,700,000 | ||
Pension accumulated benefit obligation | $ 864,900,000 | $ 864,900,000 | 941,500,000 | |
Percentage Increase in Value of Pension Assets Due to Investment Performance | 5.10% | |||
Expected amortization of prior service cost | $ 1,800,000 | |||
Employee Stock [Member] | ||||
Retirement Benefit Plans (Textual) [Abstract] | ||||
Dividends | 2,900,000 | 3,000,000 | 3,700,000 | |
Domestic Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ (30,000,000) | $ (23,100,000) | (41,500,000) | |
Discount rate | 436.00% | 436.00% | 3.80% | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ 10,200,000 | $ 1,100,000 | 0 | |
Percentage of Defined Benefit Plan Obligation in US | 66.00% | |||
Defined Benefit Plan, Benefit Obligation | $ 586,600,000 | $ 586,600,000 | 643,000,000 | $ 612,400,000 |
Retirement Benefit Plans (Textual) [Abstract] | ||||
Discount rate to defined pension plans | 3.80% | 4.34% | ||
Expected long-term return on plan assets | 5.78% | |||
Defined benefit pension plan percentage of fair value of plan assets | 64.00% | |||
Current liabilities | $ 27,400,000 | $ 27,400,000 | $ 4,800,000 | |
Domestic Plan [Member] | Scenario, Forecast [Member] | Pension Plan [Member] | ||||
Retirement Benefit Plans (Textual) [Abstract] | ||||
Discount rate to defined pension plans | 4.36% | |||
Expected long-term return on plan assets | 6.12% | |||
Domestic Plan [Member] | Maximum [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 4.43% | 4.43% | 3.80% | |
Retirement Benefit Plans (Textual) [Abstract] | ||||
Discount rate to defined pension plans | 3.94% | 4.50% | 4.70% | |
Expected long-term return on plan assets | 6500000.00% | 6.50% | 6.75% | |
Domestic Plan [Member] | Minimum [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 4.05% | 4.05% | 3.75% | |
Retirement Benefit Plans (Textual) [Abstract] | ||||
Discount rate to defined pension plans | 3.75% | 4.34% | 4.50% | |
Expected long-term return on plan assets | 5750000.00% | 5.75% | 5.75% | |
Discount Rate In Dollars [Domain] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ 83,400,000 | $ 52,900,000 | $ 86,900,000 | |
Other Valuation Assumptions [Domain] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | 62,400,000 | 8,700,000 | 10,200,000 | |
Return on Plan Assets vs. Expectation [Domain] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | 17,800,000 | 38,400,000 | 36,200,000 | |
Discount Rate In Basis Points [Domain] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | 56 | 54 | 125 | |
Discount Rate In Basis Points [Domain] | UNITED KINGDOM | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ 36 | |||
Overfunded Plan [Member] | Pension Plan [Member] | ||||
Retirement Benefit Plans (Textual) [Abstract] | ||||
Accumulated benefit obligations | $ 6,200,000 | $ 6,200,000 | $ 19,700,000 |
Postretirement Benefit Plans -
Postretirement Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of net periodic benefit cost: | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ (19.7) | $ (12.8) | $ (18.1) | $ (67) |
Pension Plan [Member] | ||||
Components of net periodic benefit cost: | ||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (38.8) | 23.2 | 60.9 | |
Postretirement Benefit Plans [Member] | ||||
Components of net periodic benefit cost: | ||||
Service cost | (0.2) | (0.1) | (0.3) | |
Interest cost | (7.6) | (9.1) | (11) | |
Expected return on plan assets | (3.7) | (5.6) | (6.3) | |
Amortization of prior service (credit) cost | 1.7 | 1 | (1) | |
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | 16.7 | 4 | (4.5) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0.1 | |
Net periodic benefit cost | $ (14.3) | $ (1.4) | $ 10.6 |
Postretirement Benefit Plans _2
Postretirement Benefit Plans - Assumptions (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assumptions: | |||
Discount rate | 3.57% | 3.97% | 4.39% |
Rate of return | 4.50% | 6.00% | 6.00% |
Postretirement Benefit Plans _3
Postretirement Benefit Plans - Change in Benefit Obligation, Plan Assets, Funded Status, and Balance Sheet Items (Details) - Postretirement Benefit Plans [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.57% | 3.97% | 4.39% |
Discount rate | 4.30% | 3.57% | |
Expected long-term return on plan assets | 4.50% | 6.00% | 6.00% |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 219.8 | $ 241.4 | |
Service cost | 0.2 | 0.1 | $ 0.3 |
Interest cost | 7.6 | 9.1 | 11 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (4.4) | 1.2 | |
International plan exchange rate change | (20.7) | (0.3) | |
International plan exchange rate change | (0.1) | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 27.2 | 31.7 | |
Benefit obligation at end of year | 186.9 | 219.8 | $ 241.4 |
Defined Benefit Plan, Benefit Obligation, Business Combination | $ 11.7 | $ 0 |
Postretirement Benefit Plans _4
Postretirement Benefit Plans - Change in Plan Assets (Details) - Postretirement Benefit Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 7.4 | $ 12.4 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 92.4 | 102.4 |
Company contributions / payments | (0.3) | 9.3 |
Defined Benefit Plan, Plan Assets, Benefits Paid | 27.2 | 31.7 |
Fair value of plan assets at end of year | 72.3 | 92.4 |
Funded status at end of year | $ (114.6) | $ (127.4) |
Postretirement Benefit Plans _5
Postretirement Benefit Plans - Balance Sheet Items (Details) - Postretirement Benefit Plans [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Amounts recognized on the Consolidated Balance Sheets: | ||
Current liabilities | $ (5.9) | $ (4.8) |
Non-current liabilities | (108.7) | (122.6) |
Total | $ (114.6) | $ (127.4) |
Postretirement Benefit Plans _6
Postretirement Benefit Plans - AOCL (Details) - Postretirement Benefit Plans [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Amounts recognized in accumulated other comprehensive income: | |||
Net prior service cost | $ (10.8) | $ (8.1) | |
Accumulated other comprehensive income | $ (10.8) | $ (8.1) | $ (10.3) |
Postretirement Benefit Plans _7
Postretirement Benefit Plans - Change in Plan Assets and Benefit Obligations in AOCL (Details) - Postretirement Benefit Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | $ (4.4) | $ 1.2 |
Changes to prior service cost recognized in accumulated other comprehensive (income) loss: | ||
Accumulated other comprehensive income at beginning of year | (8.1) | (10.3) |
Recognized prior service credit | 1.7 | 1 |
Total recognized in accumulated other comprehensive income at December 31 | $ (10.8) | $ (8.1) |
Postretirement Benefit Plans _8
Postretirement Benefit Plans - Benefit Obligation Assumptions (Details) - Postretirement Benefit Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ (4.4) | $ 1.2 |
Assumptions: | ||
Discount rate | 4.30% | 3.57% |
Postretirement Benefit Plans _9
Postretirement Benefit Plans - Target Allocation (Details) - Postretirement Benefit Plans [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 100.00% | 100.00% |
Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 17.00% | 17.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 83.00% | 83.00% |
Minimum [Member] | Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current Target Allocation | 14.00% | |
Minimum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current Target Allocation | 80.00% | |
Maximum [Member] | Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current Target Allocation | 20.00% | |
Maximum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current Target Allocation | 86.00% |
Postretirement Benefit Plans_10
Postretirement Benefit Plans - Trust Assets Measured at Fair Value (Details) - Postretirement Benefit Plans [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | |||
Total Assets | $ 72.3 | $ 92.4 | $ 102.4 |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total Assets | 72.3 | 92.4 | |
Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Total Assets | 9.9 | 13 | |
Fair Value, Measurements, Recurring [Member] | Common Collective funds - domestic equities [Member] | |||
Assets: | |||
Total Assets | 6.8 | 9.5 | |
Fair Value, Measurements, Recurring [Member] | Common collective funds - international equities [Member] | |||
Assets: | |||
Total Assets | 5.2 | 6.7 | |
Fair Value, Measurements, Recurring [Member] | Fixed Income Funds [Member] | |||
Assets: | |||
Total Assets | $ 50.4 | $ 63.2 |
Postretirement Benefit Plans_11
Postretirement Benefit Plans - Future Benefit Payments (Details) - Gross Postretirement Benefits [Member] $ in Millions | Dec. 31, 2018USD ($) |
Future pension benefit payments | |
2,018 | $ 20.8 |
2,019 | 19.7 |
2,020 | 18.5 |
2,021 | 17.4 |
2,022 | 16.4 |
2023-2027 | $ 67.5 |
Postretirement Benefit Plans_12
Postretirement Benefit Plans - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ (19,700,000) | $ (12,800,000) | $ (18,100,000) | $ (67,000,000) | |
Postretirement Benefit Plans (Textual) [Abstract] | |||||
Weighted Average annual rate of increase for prescription drug benefits and HMO benefits in 2013 | 8.00% | ||||
Postretirement Benefit Plans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ (4,400,000) | 1,200,000 | |||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | 16,700,000 | 4,000,000 | $ (4,500,000) | ||
Current liabilities | $ 5,900,000 | $ 5,900,000 | $ 4,800,000 | ||
Postretirement Benefit Plans (Textual) [Abstract] | |||||
Discount rate related to the postretirement plans | 3.57% | 3.97% | 4.39% | ||
Expected amortization of prior service cost | $ (2,200,000) | ||||
Weighted average annual rate of increase in the per capita cost for medical benefits in 2013 | 6.00% | ||||
Weighted average annual rate of increase in the per capita cost for medical benefits declining gradually | 5.00% | ||||
Weighted average annual rate of increase in the per capita cost for medical benefits declining gradually in 2013 | 6.00% | ||||
Effect of one percentage point increase on service and interest cost components | $ 200,000 | ||||
Effect of one percentage point increase on accumulated postretirement benefit obligation | 3,300,000 | ||||
Effect of one percentage point decrease on service and interest cost components | (200,000) | ||||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | $ (3,000,000) | ||||
Expected long-term return on plan assets | 4.50% | 6.00% | 6.00% | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ 0 | $ 0 | $ 100,000 | ||
Prescription Drug Benefits [Member] | |||||
Postretirement Benefit Plans (Textual) [Abstract] | |||||
Health care cost trend Rate year | 2,023 | ||||
Weighted Average annual rate of increase in per capita for prescription drug benefits and HMO benefits, declining | 5.00% | ||||
Health Maintenance Organization (HMO) [Member] | |||||
Postretirement Benefit Plans (Textual) [Abstract] | |||||
Health care cost trend Rate year | 2,031 | ||||
Weighted Average annual rate of increase in per capita for prescription drug benefits and HMO benefits, declining | 5.00% | ||||
Scenario, Forecast [Member] | Postretirement Benefit Plans [Member] | |||||
Postretirement Benefit Plans (Textual) [Abstract] | |||||
Discount rate related to the postretirement plans | 4.30% | ||||
Expected long-term return on plan assets | 4.85% | ||||
Mortality Tables [Member] | Postretirement Benefit Plans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (5,000,000) | ||||
Return on Plan Assets vs. Expectation [Domain] | Postretirement Benefit Plans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ 4,000,000 | 3,700,000 | 200,000 | ||
Other Valuation Assumptions [Domain] | Postretirement Benefit Plans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | 300,000 | 12,200,000 | 3,900,000 | ||
Discount Rate In Basis Points [Domain] | Postretirement Benefit Plans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (73) | (40) | (42) | ||
Discount Rate In Dollars [Domain] | Postretirement Benefit Plans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | 10,600,000 | 6,900,000 | $ 8,200,000 | ||
Employee Opt-Out Program [Member] | Postretirement Benefit Plans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ (10,400,000) | $ (14,400,000) |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Disaggregation of Revenue [Line Items] | ||||||||||||
Contract with Customer, Asset, Net | $ 116,600,000 | $ 0 | $ 116,600,000 | $ 0 | $ 95,700,000 | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 910,100,000 | $ 881,300,000 | $ 906,300,000 | $ 883,100,000 | $ 778,000,000 | $ 771,400,000 | $ 750,600,000 | $ 703,800,000 | 3,580,800,000 | 3,003,800,000 | $ 2,669,800,000 | |
Revenue, Remaining Performance Obligation, Amount | $ 127,000,000 | 127,000,000 | ||||||||||
Increase (Decrease) in Cost in Excess of Billing on Uncompleted Contract | 342,300,000 | |||||||||||
Contract with Customer, Asset, Reclassified to Receivable | 321,400,000 | |||||||||||
U.S. Government [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.07 | |||||||||||
Sales Channel, Directly to Consumer [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.58 | |||||||||||
Sales Channel, Through Intermediary [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.42 | |||||||||||
Transferred over Time [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.10 | |||||||||||
UNITED STATES | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,798,300,000 | 1,603,000,000 | 1,478,700,000 | |||||||||
Canada Mexico and South America [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 385,600,000 | 333,200,000 | 308,200,000 | |||||||||
EMEA [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 762,700,000 | 570,300,000 | 461,300,000 | |||||||||
Asia Pacific [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 634,200,000 | 497,300,000 | 421,600,000 | |||||||||
Mobile Industries [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,903,700,000 | 1,640,000,000 | 1,446,400,000 | |||||||||
Mobile Industries [Member] | UNITED STATES | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,028,800,000 | 938,400,000 | 853,100,000 | |||||||||
Mobile Industries [Member] | Canada Mexico and South America [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 208,900,000 | 182,500,000 | 175,100,000 | |||||||||
Mobile Industries [Member] | EMEA [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 382,500,000 | 305,000,000 | 242,900,000 | |||||||||
Mobile Industries [Member] | Asia Pacific [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 283,500,000 | 214,100,000 | 175,300,000 | |||||||||
Process Industries [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,677,100,000 | 1,363,800,000 | 1,223,400,000 | |||||||||
Process Industries [Member] | UNITED STATES | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 769,500,000 | 664,600,000 | 625,600,000 | |||||||||
Process Industries [Member] | Canada Mexico and South America [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 176,700,000 | 150,700,000 | 133,100,000 | |||||||||
Process Industries [Member] | EMEA [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 380,200,000 | 265,300,000 | 218,400,000 | |||||||||
Process Industries [Member] | Asia Pacific [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 350,700,000 | $ 283,200,000 | $ 246,300,000 | |||||||||
Service Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0.05 |
Segment Information - Geographi
Segment Information - Geographical Information (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | $ 912.1 | $ 864.2 | $ 804.4 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | 371.7 | 392.1 | 418 |
Canada Mexico and South America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | 13.7 | 14.7 | 14.9 |
EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | 236.6 | 203.4 | 141.1 |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | $ 290.1 | $ 254 | $ 230.4 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 532.5 | $ 361.3 | $ 285 | ||||||||
Segment Reporting Unallocated Corporate Expenses | 62 | 49.1 | 44.4 | ||||||||
Continued Dumping And Subsidy Offset Act Receipt Net Of Expenses | 0 | 0 | 59.6 | ||||||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ (19.7) | (12.8) | (18.1) | (67) | |||||||
Segment EBIT: | |||||||||||
Interest expense | (51.7) | (37.1) | (33.5) | ||||||||
Interest income | 2.1 | 2.9 | 1.9 | ||||||||
Income Before Income Taxes | 408.1 | 259.9 | 201.6 | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 910.1 | $ 881.3 | $ 906.3 | $ 883.1 | $ 778 | $ 771.4 | $ 750.6 | $ 703.8 | 3,580.8 | 3,003.8 | 2,669.8 |
Assets employed at year-end: | |||||||||||
Assets employed at year-end | 4,445.2 | 3,402.4 | 4,445.2 | 3,402.4 | |||||||
Payments to Acquire Property, Plant, and Equipment | 112.6 | 104.7 | 137.5 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 146 | 137.7 | 131.7 | ||||||||
Mobile Industries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 198.7 | 139 | 116.8 | ||||||||
Segment EBIT: | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,903.7 | 1,640 | 1,446.4 | ||||||||
Assets employed at year-end: | |||||||||||
Assets employed at year-end | 1,984.5 | 1,775.7 | 1,984.5 | 1,775.7 | |||||||
Payments to Acquire Property, Plant, and Equipment | 48.3 | 57.3 | 88.4 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 71.3 | 70 | 64.9 | ||||||||
Process Industries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 333.8 | 222.3 | 168.2 | ||||||||
Segment EBIT: | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,677.1 | 1,363.8 | 1,223.4 | ||||||||
Assets employed at year-end: | |||||||||||
Assets employed at year-end | 2,211.3 | 1,383.1 | 2,211.3 | 1,383.1 | |||||||
Payments to Acquire Property, Plant, and Equipment | 63.3 | 46.2 | 48.4 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 73.5 | 66.6 | 65.6 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Continued Dumping And Subsidy Offset Act Receipt Net Of Expenses | 0 | 0 | 59.6 | ||||||||
Assets employed at year-end: | |||||||||||
Assets employed at year-end | $ 249.4 | $ 243.6 | 249.4 | 243.6 | |||||||
Payments to Acquire Property, Plant, and Equipment | 1 | 1.2 | 0.7 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | $ 1.2 | $ 1.1 | $ 1.2 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Number of Reporting Units | 2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current Fiscal Year End Date | --12-31 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
United States | $ 202 | $ 107.4 | $ 102.3 |
Non-United States | 206.1 | 152.5 | 99.3 |
Income Before Income Taxes | 408.1 | 259.9 | 201.6 |
Current: | |||
Federal | 46.1 | 9.1 | 44.1 |
State and local | 9.9 | 4.6 | 0.1 |
Foreign | 68 | 44.3 | 31.3 |
Current income tax expenses Total | 124 | 58 | 75.5 |
Deferred: | |||
Federal | (19.9) | 13.6 | (20.5) |
State and local | (0.7) | (4.6) | 0.1 |
Foreign | (0.8) | (9.4) | 5.4 |
Deferred income tax provision | (21.4) | (0.4) | (15) |
United States and foreign tax provision on income | $ 102.6 | $ 57.6 | $ 60.5 |
Income Taxes - Reconciliation (
Income Taxes - Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of variation of effective income tax rate from continuing operations from the statutory federal income tax rate | ||||
Income tax at the U.S. federal statutory rate | $ 85.7 | $ 91 | $ 70.6 | |
Adjustments: | ||||
State and local income taxes, net of federal tax benefit | 6.8 | 3.1 | 2.6 | |
Tax on foreign remittances and U.S. tax on foreign income | 21.1 | 93 | 8.3 | |
Foreign losses without current tax benefits | 3.7 | 8.9 | 6.4 | |
Foreign earnings taxed at different rates including tax holidays | 11.1 | (18) | (5.2) | |
U.S. domestic manufacturing deduction | 0 | (3.9) | (5) | |
U.S. foreign tax credit | (21.2) | (104.2) | (8) | |
Accruals and settlements related to tax audits | (3.8) | (34.4) | (8.1) | |
Valuation Allowances and Reserves, Adjustments | 0 | (12.6) | 0.2 | |
Other Tax Expense (Benefit) | $ 35.3 | (10.6) | 35.3 | 0 |
Other items, net | 9.8 | (0.6) | (1.3) | |
United States and foreign tax provision on income | $ 102.6 | $ 57.6 | $ 60.5 | |
Effective Income Tax Rate Reconciliation, Percent | 25.10% | 22.20% | 30.00% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Current Fiscal Year End Date | --12-31 | |
Deferred tax assets: | ||
Accrued postretirement benefits cost | $ 28.9 | $ 35.7 |
Accrued pension cost | 59.5 | 53.4 |
Other employee benefit accruals | 16.8 | 6.4 |
Tax loss and credit carryforwards | 86.1 | 92.6 |
Other, net | 42.9 | 29 |
Valuation allowances | (77.5) | (79.4) |
Total deferred tax assets | 156.7 | 137.7 |
Deferred Tax Liabilities, Gross | 235.7 | 120.7 |
Deferred tax liabilities - principally depreciation and amortization | $ 79 | |
Net deferred tax assets | $ 17 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 35.9 | |||
Summary of unrecognized tax benefits for the years ended | ||||
Beginning balance, January 1 | $ 14 | $ 39.2 | 50.4 | |
Tax positions related to the current year Additions | 0.4 | 2.7 | 0 | |
Tax positions related to prior years Addtiions | 17.8 | 6.9 | 5.7 | |
Tax positions related to prior years Reductions | $ (34) | (2.9) | (5.2) | (7.8) |
Settlements with tax authorities | (2.2) | 0 | (9.1) | |
Lapses in statutes of limitations | (1.1) | (29.6) | 0 | |
Ending balance, December 31 | 26 | 14 | 39.2 | |
Income Tax Examination, Penalties and Interest Accrued | $ 2.5 | $ 3 | $ 8.5 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes (Textual) [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Current Fiscal Year End Date | --12-31 | |||
Increase (Decrease) in Income Taxes | $ 1.9 | $ (36.2) | $ 23.5 | |
Income Taxes Paid | 121.3 | 89.9 | 49.7 | |
Accruals and settlements related to tax audits | 2.4 | (25.2) | ||
Deferred Federal, State and Local, Tax Expense (Benefit) | 21.4 | 0.4 | 15 | |
Total gross unrecognized tax benefits | 26 | 14 | 39.2 | $ 50.4 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 1 | |||
Deferred Tax Assets, Valuation Allowance | 77.5 | 79.4 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 35.9 | |||
Income Tax Examination, Penalties and Interest Accrued | 2.5 | 3 | $ 8.5 | |
Earnings Reinvested Outside of U.S. | 651.1 | 479.6 | ||
The Tax Cut and Jobs Act of 2018 [Member] | ||||
Income Taxes (Textual) [Abstract] | ||||
Deferred Federal, State and Local, Tax Expense (Benefit) | 8.2 | $ (10.1) | ||
Domestic Country [Member] | ||||
Income Taxes (Textual) [Abstract] | ||||
Operating Loss Carryforwards | 1.8 | |||
Deferred Tax Assets, Valuation Allowance | 8.4 | |||
Foreign Country [Member] | ||||
Income Taxes (Textual) [Abstract] | ||||
Operating Loss Carryforwards | 84.3 | |||
Operating Loss Carryforwards, Valuation Allowance | $ 69.1 |
Fair Value Fair Value on Recurr
Fair Value Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 26.6 | $ 13.1 |
Restricted Cash and Cash Equivalents, Current | 0.6 | 3.8 |
Investments, Fair Value Disclosure | 0 | 0.2 |
Derivative Asset | 6.3 | 1.3 |
Derivative Liability | 1.1 | 7.1 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 105.9 | 108.5 |
Restricted Cash and Cash Equivalents, Current | 0.6 | 3.8 |
Investments, Fair Value Disclosure | 21.8 | 16.2 |
Derivative Asset | 4.6 | 1.3 |
Assets, Fair Value Disclosure | 159.5 | 143.1 |
Derivative Liability | 0.7 | 7.1 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0.7 | 7.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 104.4 | 107.3 |
Restricted Cash and Cash Equivalents, Current | 0.6 | 3.8 |
Investments, Fair Value Disclosure | 0 | 0 |
Derivative Asset | 0 | 0 |
Assets, Fair Value Disclosure | 105 | 111.1 |
Derivative Liability | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1.5 | 1.2 |
Restricted Cash and Cash Equivalents, Current | 0 | 0 |
Investments, Fair Value Disclosure | 21.8 | 16.2 |
Derivative Asset | 4.6 | 1.3 |
Assets, Fair Value Disclosure | 27.9 | 18.7 |
Derivative Liability | 0.7 | 7.1 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0.7 | 7.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Restricted Cash and Cash Equivalents, Current | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Derivative Asset | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Long-term fixed-rate debt, fair value | $ 1,077.5 | $ 720.3 |
Long-term Fixed-rate Debt, Carrying Value | $ 1,070.7 | $ 682.4 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 5 | $ 7.1 | $ (3) | ||
Derivative, Notional Amount | $ 218.8 | $ 386.9 | |||
Foreign Currency Fair Value Hedge Asset at Fair Value | 3.4 | 0.5 | |||
Foreign Currency Fair Value Hedge Liability at Fair Value | 0.3 | 2.1 | |||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 2.9 | 0.8 | |||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0.8 | 5 | |||
Derivative Asset | 6.3 | 1.3 | |||
Derivative Liability | 1.1 | 7.1 | |||
Unrealized Gain on Foreign Currency Derivatives, before Tax | (5) | (4.7) | (3) | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 0 | (2.4) | 0 | ||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0.2 | (0.2) | 1.5 | ||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (0.5) | (0.2) | (0.3) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (0.3) | $ (0.4) | 1.2 | ||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (5.1) | $ (10.2) | $ (0.1) |
Research and Development (Detai
Research and Development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Research and Development Expense | $ 37.3 | $ 35.3 | $ 31.8 |
Continued Dumping and Subsidy_2
Continued Dumping and Subsidy Act (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CDSOA [Abstract] | |||
Continued Dumping & Subsidy Offset Act (CDSOA) receipts, net of expense | $ 0 | $ 0 | $ 59.6 |
Continued Dumping and Subsidy Offset Act, distributions | $ 60.6 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 910.1 | $ 881.3 | $ 906.3 | $ 883.1 | $ 778 | $ 771.4 | $ 750.6 | $ 703.8 | $ 3,580.8 | $ 3,003.8 | $ 2,669.8 |
Gross Profit | 254.5 | 253.3 | 267.4 | 264.9 | 212.7 | 216.1 | 201.1 | 182.2 | 1,040.1 | 812.1 | 706.3 |
Selling, General and Administrative Expense | 148.3 | 142 | 141.8 | 148.6 | 132.8 | 134 | 123.9 | 117.6 | 580.7 | 508.3 | 440.2 |
Impairment and restructuring charges | 1.8 | 2.6 | 0.3 | 0.2 | 0.5 | 1.3 | 0.8 | 1.7 | 4.9 | 4.3 | 21.7 |
Net Income | 60.8 | 72.3 | 91.9 | 80.5 | 28.1 | 54.1 | 82 | 38.1 | 305.5 | 202.3 | 141.1 |
Net income (loss)attributable to noncontrolling interest | 0.8 | 0.7 | 0.9 | 0.3 | (1.1) | 0.6 | (0.5) | (0.1) | 2.7 | (1.1) | 0.3 |
Net Income (Loss) Attributable to The Timken Company | $ 60 | $ 71.6 | $ 91 | $ 80.2 | $ 29.2 | $ 53.5 | $ 82.5 | $ 38.2 | $ 302.8 | $ 203.4 | $ 140.8 |
Earnings Per Share, Basic | $ 0.78 | $ 0.93 | $ 1.18 | $ 1.03 | $ 0.38 | $ 0.69 | $ 1.06 | $ 0.49 | $ 3.93 | $ 2.62 | $ 1.79 |
Earnings Per Share, Diluted | 0.77 | 0.91 | 1.16 | 1.02 | 0.37 | 0.68 | 1.04 | 0.48 | 3.86 | 2.58 | 1.78 |
Dividends per share (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.26 | $ 1.11 | $ 1.07 | $ 1.04 |
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | $ (19.7) | $ (12.8) | $ (18.1) | $ (67) | |||||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 34 | 2.9 | 5.2 | 7.8 | |||||||
Other Tax Expense (Benefit) | $ 35.3 | (10.6) | 35.3 | 0 | |||||||
Quarterly Financial Data (Textual) [Abstract] | |||||||||||
Continued Dumping And Subsidy Offset Act Receipt Net Of Expenses | 0 | 0 | 59.6 | ||||||||
Impairment charges | 1.3 | 0.1 | 3.9 | ||||||||
Cost of Sales [Member] | |||||||||||
Quarterly Financial Data | |||||||||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | 13.7 | ||||||||||
Pension Plan [Member] | |||||||||||
Quarterly Financial Data | |||||||||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (38.8) | 23.2 | 60.9 | ||||||||
Pension Plan [Member] | Domestic Plan [Member] | |||||||||||
Quarterly Financial Data | |||||||||||
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit | (30) | (23.1) | (41.5) | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 10.2 | 1.1 | 0 | ||||||||
Quarterly Financial Data (Textual) [Abstract] | |||||||||||
Defined Benefit Plan, Benefit Obligation | $ 586.6 | $ 643 | $ 586.6 | $ 643 | $ 612.4 |
Schedule 2 Valuation and Qual_2
Schedule 2 Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
SEC Schedule, 12-09, Allowance, Notes Receivable [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 21.9 | $ 20.3 | $ 20.2 | $ 16.9 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | [1] | 3.1 | 3.8 | 4.8 | |
Valuation Allowances and Reserves, Charged to Other Accounts | [2] | 1.3 | 0.4 | 0.2 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [3] | 2.8 | 4.1 | 1.7 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 39.5 | 30 | 21.1 | 18.4 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 16.1 | 10.3 | 13.4 | ||
Valuation Allowances and Reserves, Charged to Other Accounts | [2] | 2.3 | 6 | 0.4 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [4] | 8.9 | 7.4 | 11.1 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 77.5 | 79.4 | 85.5 | $ 83.7 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | [5] | 0 | 6.5 | 3.8 | |
Valuation Allowances and Reserves, Charged to Other Accounts | [6] | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [7] | $ 1.9 | $ 12.6 | $ 2 | |
[1] | Provision for uncollectible accounts included in expenses. | ||||
[2] | Currency translation and change in reserves due to acquisitions, net of divestitures. | ||||
[3] | Actual accounts written off against the allowance, net of recoveries. | ||||
[4] | Inventory items written off against the allowance. | ||||
[5] | Increase in valuation allowance is recorded as a component of the provision for income taxes. | ||||
[6] | . | ||||
[7] | Amount primarily relates to the reversal of valuation allowances due to the realization of net operating loss. |
Uncategorized Items - tkr10k123
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 129,800,000 |
Accounting Standard Update 2018-02 [Member] | Retained Earnings, Unappropriated [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 700,000 |