The Timken Company (TKR) 10-Q 2 Aug 21 2021 Q2 Quarterly report Financial data

Cover Document

Cover Document	6 Months Ended
	Jun. 30, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000098362
Amendment Flag	false
Entity File Number	1-1169
Entity Registrant Name	TIMKEN CO
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0577130
Entity Address, Address Line One	4500 Mount Pleasant Street NW
Entity Address, City or Town	North Canton
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44720-5450
City Area Code	234
Local Phone Number	262.3000
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	TKR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	76,258,559

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Cost of products sold	$ 760.6	$ 573.2	$ 1,486.8	$ 1,217.7
Gross Profit	302.3	230.3	601.5	509.2
Selling, general and administrative expenses	149	111.8	293.5	265.4
Impairment and restructuring charges	1.3	3.1	5.3	6.7
Operating Income	152	115.4	302.7	237.1
Interest expense	(15.3)	(18.9)	(30.2)	(36)
Interest income	0.7	0.6	1.2	2.1
Non-service pension and other postretirement income (expense)	1.4	(5.3)	5.4	(1.9)
Other (expense) income, net	(2.2)	(2)	(1.2)	2.1
Income Before Income Taxes	136.6	89.8	277.9	203.4
Provision for income taxes	29.4	28	54.7	57.6
Net Income	107.2	61.8	223.2	145.8
Less: Net income (loss) attributable to noncontrolling interest	2.4	(0.1)	5.1	3.2
Net Income Attributable to The Timken Company	$ 104.8	$ 61.9	$ 218.1	$ 142.6
Net Income per Common Share Attributable to The Timken Company Common Shareholders
Basic earnings per share (in dollars per share)	$ 1.38	$ 0.82	$ 2.87	$ 1.89
Diluted earnings per share (in dollars per share)	$ 1.36	$ 0.82	$ 2.82	$ 1.88
Net sales	$ 1,062.9	$ 803.5	$ 2,088.3	$ 1,726.9

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 107.2	$ 61.8	$ 223.2	$ 145.8
Other comprehensive income, net of tax:
Foreign currency translation adjustments	23.2	24.5	(21.2)	(54.3)
Pension and postretirement liability adjustments	(1.7)	(1.5)	(3.3)	(2.8)
Change in fair value of marketable securities		0.5		0.1
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(0.2)	(2.6)	2	1.6
Other comprehensive income (loss), net of tax	21.3	20.9	(22.5)	(55.4)
Comprehensive Income, net of tax	128.5	82.7	200.7	90.4
Less: comprehensive income (loss) attributable to noncontrolling interest	1.8	1.1	4.1	(3.1)
Comprehensive Income Attributable to The Timken Company	$ 126.7	$ 81.6	$ 196.6	$ 93.5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 305.5	$ 320.3
Restricted cash	0.8	0.8
Accounts receivable, less allowances (2021 – $16.9 million; 2020 – $16.5 million)	704.4	581.1
Unbilled receivables	100.4	110.9
Inventories, net	919.5	841.3
Deferred charges and prepaid expenses	34.2	39.9
Other current assets	130.2	106
Total Current Assets	2,195	2,000.3
Property, Plant and Equipment, net	1,025.1	1,035.6
Other Assets
Goodwill	1,034.8	1,047.6
Other intangible assets	704.2	741.4
Operating lease assets	115.3	118.2
Non-current pension assets	3.2	2
Deferred income taxes	70.9	77
Other non-current assets	17.7	19.5
Total Other Assets	1,946.1	2,005.7
Assets, Total	5,166.2	5,041.6
Current Liabilities
Short-term debt	76	119.8
Current portion of long-term debt	11.1	10.9
Short-term operating lease liabilities	27	27.2
Accounts payable, trade	385.1	351.4
Salaries, wages and benefits	131.9	135.7
Income taxes payable	24.8	16.1
Other current liabilities	201.4	186.9
Total Current Liabilities	857.3	848
Non-Current Liabilities
Long-term debt	1,424.3	1,433.9
Accrued pension benefits	160.6	163
Accrued postretirement benefits	51.4	41.3
Long-term operating lease liabilities	72.5	75.5
Deferred income taxes	135	148.7
Other non-current liabilities	97.8	106
Total Non-Current Liabilities	1,941.6	1,968.4
Shareholders' Equity
Class I and II Serial Preferred Stock, without par value: Authorized – 10,000,000 shares each class, none issued	0	0
Stated capital	40.7	40.7
Other paid-in capital	778.6	740.7
Retained earnings	1,510.9	1,339.5
Accumulated other comprehensive income	19.8	41.3
Treasury shares at cost (2021 – 810,992 shares; 2020 – 158,836 shares)	59.1	9.3
Total Shareholders’ Equity	2,290.9	2,152.9
Noncontrolling Interest	76.4	72.3
Total Equity	2,367.3	2,225.2
Total Liabilities and Equity	$ 5,166.2	$ 5,041.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Allowances for accounts receivable	$ 16.9	$ 16.5
Company common shares shares authorized (in shares)	200,000,000	200,000,000
Common shares, shares issued (in shares)	77,069,551	75,834,668
Treasury shares (in shares)	810,992	158,836
Preferred Class A
Preferred stock, shares authorized (Class I & Class II Preferred stock) (in shares)	10,000,000	10,000,000
Preferred Class B
Preferred stock, shares authorized (Class I & Class II Preferred stock) (in shares)	10,000,000	10,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net Income	$ 223.2	$ 145.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85.2	84
Impairment charges	4.5	0.1
Loss on sale of assets	0.7	1.6
Deferred income tax benefit	(5.8)	(7.1)
Stock-based compensation expense	12.5	11.4
Pension and other postretirement benefit expense	0.5	8.2
Pension and other postretirement benefit contributions and payments	15	8.6
Changes in operating assets and liabilities:
Accounts receivable	(125.8)	(8.4)
Unbilled receivables	10.4	3
Inventories	(81.4)	41.3
Accounts payable, trade	41.2	(28.9)
Other accrued expenses	30.8	5.3
Income taxes	(1.6)	30.9
Other, net	0	25
Net Cash Provided by Operating Activities	178.8	303.6
Investing Activities
Capital expenditures	(60.5)	(56.5)
Other	0.3	0.1
Net Cash Used in Investing Activities	(73.9)	(64.7)
Financing Activities
Cash dividends paid to shareholders	(46.7)	(43.9)
Purchase of treasury shares	(26.3)	(42.3)
Proceeds from exercise of stock options	25.4	7.5
Payments related to tax withholding for stock-based compensation	(23.5)	(10.4)
Accounts receivable facility borrowings	66.1	10
Accounts receivable facility payments	(124.1)	(110)
Proceeds from long-term debt	135	550
Payments on long-term debt	(141.4)	(417.1)
Short-term debt activity, net	16.6	26.5
Net Cash Used in Financing Activities	(118.9)	(31.3)
Effect of exchange rate changes on cash	(0.8)	(7.7)
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(14.8)	199.9
Cash, cash equivalents and restricted cash at beginning of year	321.1	216.2
Cash, Cash Equivalents and Restricted Cash at End of Period	306.3	416.1
Payments for (Proceeds from) Investments	13.8	1.6
Bargain purchase price gain	(0.6)	0
Payments to Acquire Businesses, Net of Cash Acquired	0.1	(6.7)
Payments of Financing Costs	0	(1.6)
Noncontrolling Interest [Member]
Operating Activities
Net Income	$ 5.1	$ 3.2

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 - Basis of Presentation The accompanying Consolidated Financial Statements (unaudited) for The Timken Company (the "Company" or "Timken") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by the accounting principles generally accepted in the United States ("U.S. GAAP") for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to the Consolidated Financial Statements and accompanying Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 - Significant Accounting Policies The Company's significant accounting policies are detailed in " Note 1 - Significant Accounting Policies" of the Annual Report on Form 10-K for the year ended December 31, 2020. Recent Accounting Pronouncements: New Accounting Guidance Adopted: In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, “Income Taxes (ASC 740) – Simplifying the Accounting for Income Taxes,” which is intended to reduce complexity in the accounting for income taxes while maintaining or improving the usefulness of information provided to financial statement users. The guidance amends certain existing provisions under ASC 740 to address a number of distinct items. This standard is effective for public companies in fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company adopted ASU 2019-12 effective January 1, 2021, and the impact of the adoption was not material to the Company's results of operations and financial condition. New Accounting Guidance Issued and Not Yet Adopted:

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	Note 3 - Acquisitions The Company completed one acquisition in 2020. On November 30, 2020, the Company completed the acquisition of the assets of Aurora Bearing Company ("Aurora"). With annual sales of approximately $30 million, Aurora serves a diverse range of industrial sectors, including aerospace and defense, racing, off-highway equipment and packaging. Aurora is headquartered in Montgomery, Illinois. The total purchase price for this acquisition was $17.2 million, including a post-closing net working capital adjustment. Based on markets and customers served, results for Aurora are reported in both the Mobile Industries segment and the Process Industries segment. The following table presents the purchase price allocation at fair value, net of cash acquired, for the Aurora acquisition as of June 30, 2021: Initial Purchase Adjustments Purchase Assets: Accounts receivable, net $ 2.7 $ — $ 2.7 Inventories, net 16.4 — 16.4 Other current assets 0.1 0.1 0.2 Property, plant and equipment, net 10.9 — 10.9 Total assets acquired $ 30.1 $ 0.1 $ 30.2 Liabilities: Accounts payable, trade $ 0.8 $ — $ 0.8 Other current liabilities 0.9 (0.4) 0.5 Total liabilities assumed 1.7 (0.4) 1.3 Net assets acquired $ 28.4 $ 0.5 $ 28.9 As a result of applying the accounting rules on business combinations, the Company recognized a bargain purchase gain of $11.7 million on the acquisition of Aurora. The Company recognized $0.6 million of the bargain purchase price gain during the first three months of 2021 primarily due to the net working capital adjustment. The Company believes it was able to negotiate a bargain purchase price for the business due to some historic operational performance challenges, as well as the seller's desire to exit the business in an expedited manner in an exclusive process with the Company. 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.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Note 4 - Revenue The following table presents details deemed most relevant to the users of the financial statements about total revenue for the three and six months ended June 30, 2021 and 2020, respectively: Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 Mobile Process Total Mobile Process Total United States $ 237.4 $ 201.6 $ 439.0 $ 186.6 $ 173.7 $ 360.3 Americas, excluding the United States 52.3 49.1 101.4 26.8 29.3 56.1 Europe / Middle East / Africa 124.3 137.2 261.5 78.8 112.9 191.7 China 32.2 138.4 170.6 26.4 122.0 148.4 Asia-Pacific, excluding China 48.0 42.4 90.4 24.0 23.0 47.0 Net sales $ 494.2 $ 568.7 $ 1,062.9 $ 342.6 $ 460.9 $ 803.5 Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Mobile Process Total Mobile Process Total United States $ 480.3 $ 387.8 $ 868.1 $ 424.8 $ 366.3 $ 791.1 Americas, excluding the United States 101.1 92.3 193.4 75.6 64.3 139.9 Europe / Middle East / Africa 251.4 264.4 515.8 187.5 228.5 416.0 China 66.6 262.7 329.3 48.2 203.0 251.2 Asia-Pacific, excluding China 99.3 82.4 181.7 73.2 55.5 128.7 Net sales $ 998.7 $ 1,089.6 $ 2,088.3 $ 809.3 $ 917.6 $ 1,726.9 When reviewing revenue by sales channel, the Company separates net sales to original equipment manufacturers ("OEMs") from sales to distributors and end users. The following table presents the percent of revenue by sales channel for the six months ended June 30, 2021 and 2020, respectively: Six Months Ended Revenue by sales channel June 30, 2021 June 30, 2020 Original equipment manufacturers 61% 59% Distribution/end users 39% 41% In addition to disaggregating revenue by segment, geography and by sales channel as shown above, the Company believes information about the timing of transfer of goods or services, type of customer and distinguishing service revenue from product sales is also relevant. During the six months ended June 30, 2021 and June 30, 2020, approximately 9% and 13%, respectively, of total net sales were recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Approximately 4% and 5% of total net sales represented service revenue during each of the six months ended June 30, 2021 and June 30, 2020, respectively. Finally, the United States ("U.S.") government or its contractors represented approximately 7% and 9% of total net sales during the six months ended June 30, 2021 and June 30, 2020, respectively. Remaining Performance Obligations: Remaining performance obligations represent the transaction price of orders meeting the definition of a contract for which work has not been performed and excludes unexercised contract options. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $456.9 million a t June 30, 2021. Note 4 - Revenue (continued) Unbilled Receivables: The following table contains a rollforward of unbilled receivables for the six months ended June 30, 2021 and the twelve months ended December 31, 2020: June 30, December 31, Beginning balance, January 1 $ 110.9 $ 129.2 Additional unbilled revenue recognized 179.4 393.6 Less: amounts billed to customers (189.9) (411.9) Ending balance $ 100.4 $ 110.9 There were no impairment losses recorded on unbilled receivables for the six months ended June 30, 2021 and June 30, 2020, respectively.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	Note 5 - Segment Information The primary measurement used by management to measure the financial performance of each segment is earnings before interest, taxes, depreciation and amortization ("EBITDA"). Three Months Ended Six Months Ended 2021 2020 2021 2020 Net sales: Mobile Industries $ 494.2 $ 342.6 $ 998.7 $ 809.3 Process Industries 568.7 460.9 1,089.6 917.6 Net sales $ 1,062.9 $ 803.5 $ 2,088.3 $ 1,726.9 Segment EBITDA: Mobile Industries $ 67.3 $ 38.8 $ 146.9 $ 113.9 Process Industries 141.2 126.3 272.2 233.8 Total EBITDA, for reportable segments $ 208.5 $ 165.1 $ 419.1 $ 347.7 Unallocated corporate expense (11.6) (6.5) (23.2) (17.6) Corporate pension and other postretirement benefit related expense (1) (3.5) (8.8) (4.4) (8.8) Acquisition-related gain (2) — — 0.6 — Depreciation and amortization (42.2) (41.7) (85.2) (84.0) Interest expense (15.3) (18.9) (30.2) (36.0) Interest income 0.7 0.6 1.2 2.1 Income before income taxes $ 136.6 $ 89.8 $ 277.9 $ 203.4 (1) Corporate pension and other postretirement benefit related expense represents actuarial gains and (losses) that resulted from the remeasurement of pension and other postretirement plan assets and obligations as a result of changes in assumptions or experience. (2) The acquisition-related gain represents measurement period adjustments to the bargain purchase gain on the acquisition of Aurora, which closed on November 30, 2020. See Note 3 - Acquisitions for additional information.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	The Company's provision for income taxes in interim periods is computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period(s) in which they occur. Three Months Ended Six Months Ended 2021 2020 2021 2020 Provision for income taxes $ 29.4 $ 28.0 $ 54.7 $ 57.6 Effective tax rate 21.5 % 31.2 % 19.7 % 28.3 % Income tax expense for the three and six months ended June 30, 2021 was calculated using forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the release of accruals for uncertain tax positions from the settlement of the 2017 and 2018 U.S. federal tax years and other foreign jurisdictions, and favorable U.S. permanent book-tax differences. These items were partially offset by the unfavorable impact of earnings in foreign jurisdictions with higher tax rates. The effective tax rate of 21.5% for the three months ended June 30, 2021 was lower than the rate for the three months ended June 30, 2020 primarily due to the release of accruals for uncertain tax positions, discrete benefits on tax rate changes in foreign jurisdictions and a more favorable mix of earnings in lower tax rate jurisdictions, including the United States. Income taxes in the United States were favorably impacted by permanent book-tax differences, including the new elective Global Intangible Low Tax Income ("GILTI") high tax exemption rules. The effective tax rate of 19.7% for the six months ended June 30, 2021 was lower than the rate for the six months ended June 30, 2020 primarily due to the release of accruals for uncertain tax positions, a more favorable mix of earnings in lower tax rate jurisdictions, including the United States. Income taxes in the United States were favorably impacted by permanent book-tax differences, including the tax impact from stock-based compensation awards and the new elective GILTI high tax exemption rules.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 7 - Earnings Per Share The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the three and six months ended June 30, 2021 and 2020, respectively: Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator: Net income attributable to The Timken Company $ 104.8 $ 61.9 $ 218.1 $ 142.6 Less: undistributed earnings allocated to nonvested stock — — — — Net income available to common shareholders for basic and diluted earnings per share $ 104.8 $ 61.9 $ 218.1 $ 142.6 Denominator: Weighted average number of shares outstanding - basic 76,122,257 75,078,207 75,969,569 75,298,356 Effect of dilutive securities: Stock options and awards - based on the treasury stock method 1,131,900 620,082 1,288,192 733,693 Weighted average number of shares outstanding assuming dilution of stock options and awards 77,254,157 75,698,289 77,257,761 76,032,049 Basic earnings per share $ 1.38 $ 0.82 $ 2.87 $ 1.89 Diluted earnings per share $ 1.36 $ 0.82 $ 2.82 $ 1.88 The exercise prices for certain stock options that the Company has awarded exceeded the average market price of the Company’s common shares during certain periods presented. Such stock options are antidilutive and were not included in the computation of diluted earnings per share. The antidilutive stock options outstanding during the three months ended June 30, 2021 and 2020 were zero and 1,338,686, respectively. The antidilutive stock options outstanding during the six months ended June 30, 2021 and 2020 were zero and 1,353,254 , respectively.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Note 8 - Inventories The components of inventories at June 30, 2021 and December 31, 2020 were as follows: June 30, December 31, Manufacturing supplies $ 36.2 $ 34.8 Raw materials 122.0 99.5 Work in process 352.6 320.3 Finished products 466.9 441.2 Subtotal 977.7 895.8 Allowance for obsolete and surplus inventory (58.2) (54.5) Total Inventories, net $ 919.5 $ 841.3 Inventories are valued at net rea lizable value, with approximately 61% valued on the first-in, first-out ("FIFO") method and the remaining 39% v alued on the last-in, first-out ("LIFO") method. The majority of the Company's domestic inventories are valued on the LIFO method, and all the Company's international inventories are valued on the FIFO method. The LIFO reserve at June 30, 2021 and December 31, 2020 was $185.1 million and $172.1 million, respectively. An actual valuation of the inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Financing Arrangements	Note 10 - Financing Arrangements Short-term debt at June 30, 2021 and December 31, 2020 was as follows: June 30, December 31, Variable-rate Accounts Receivable Facility with an interest rate of 0.96% at December 31, 2020 $ — $ 58.0 Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging fro m 0.50% to 2.10% a t June 30, 2021 and 0.24% to 1.75% at December 31, 2020 76.0 61.8 Short-term debt $ 76.0 $ 119.8 The Company has a $100 million Amended and Restated Asset Securitization Agreement (the "Accounts Receivable Facility"), which matures on November 30, 2021. The Company currently intends to renew or replace the Accounts Receivable Facility prior to its maturity. Under the terms of the Accounts Receivable Facility, the Company sells, on an ongoing basis, certain domestic trade receivables to Timken Receivables Corporation, a wholly-owned consolidated subsidiary that, in turn, uses the trade receivables to secure borrowings that are funded through a vehicle that issues commercial paper in the short-term market. Borrowings under the Accounts Receivable Facility may be limited to certain borrowing base limitations; however, availability under the Accounts Receivable Facility was not reduced by any such borrowing base limitations at June 30, 2021. As of June 30, 2021, there were no outstanding borrowings under the Accounts Receivable Facility. 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 lines of credit for certain of the Company's foreign subsidiaries provide for short-term borrowings up to $286.1 million in the aggregate. Most of these lines of credit are uncommitted. At June 30, 2021, the Company’s foreign subsidiaries had borrowings outstanding of $76.0 million and bank guarantees of $0.5 million, which reduced the aggregate availability under these facilities to $209.6 million. Long-term debt at June 30, 2021 and December 31, 2020 was as follows: June 30, December 31, Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 1.46% and Euro of 1.48% at June 30, 2021 and U.S. Dollar of 2.01% and Euro of 1.48% at December 31, 2020 $ 9.4 $ 9.7 Variable-rate Term Loan (1) , maturing on September 11, 2023, with an interest rate of 1.35% at June 30, 2021 and 1.63% at December 31, 2020 325.4 329.6 Fixed-rate Senior Unsecured Notes (1) , maturing on September 1, 2024, with an interest rate of 3.875% 349.3 349.0 Fixed-rate Euro Senior Unsecured Notes (1) , maturing on September 7, 2027, with an interest rate of 2.02% 177.6 182.9 Fixed-rate Senior Unsecured Notes (1) , maturing on December 15, 2028, with an interest rate of 4.50% 396.7 396.5 Fixed-rate Medium-Term Notes, Series A (1) , maturing at various dates through May 2028, with interest rates ranging from 6.74% to 7.76% 154.7 154.7 Fixed-rate Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15% 17.5 18.8 Other 4.8 3.6 Total debt $ 1,435.4 $ 1,444.8 Less: Current maturities 11.1 10.9 Long-term debt $ 1,424.3 $ 1,433.9 (1) Net of discounts and fees Note 10 - Financing Arrangements (continued) The Company entered into the Fourth Amended and Restated Credit Agreement ("Senior Credit Facility") on June 25, 2019. The Senior Credit Facility is a $650.0 million unsecured revolving credit facility, which matures on June 25, 2024. At June 30, 2021, the Co mpany had $9.4 million of outstanding borrowings under the Senior Credit Facility, which reduced the availability under this facility to $640.6 million. The Senior Credit Facility has two financial covenants: a consolidated leverage ratio and a consolidated interest coverage ratio. On May 27, 2020, the Senior Credit Facility was amended to, among other things, effectively increase the limit with respect to the consolidated leverage ratio. As amended, the consolidated leverage ratio is calculated using a net debt construct, netting unrestricted cash in excess of $25 million, instead of total debt . The change to the consolidated leverage ratio calculation was effective through June 30, 2021. In the third quarter of 2021, the calculation of the consolidated leverage ratio under the Senior Credit Facility will revert back to a total debt construct. On September 11, 2018, the Company entered into a $350 million variable-rate term loan that matures on September 11, 2023 (the "2023 Term Loan"). Proceeds from the 2023 Term Loan were used to fund the acquisitions of Apiary Investments Holding Limited and Rollon S.p.A., which closed on September 1, 2018 and September 18, 2018, respectively. On July 12, 2019, the Company amended the 2023 Term Loan agreement to, among other things, align covenants and other terms with the Senior Credit Facility. On May 27, 2020, the 2023 Term Loan agreement was further amended to align the calculation of the consolidated leverage ratio and other terms with the Senior Credit Facility. The change to the consolidated leverage ratio calculation was effective through June 30, 2021. In the third quarter of 2021, the calculation of the consolidated leverage ratio under the 2023 Term Loan will revert back to a total debt construct. At June 30, 2021, the Company was in full compliance with all applicable covenants on its outstanding debt. In the ordinary course of business, the Company utilizes standby letters of credit issued by financial institutions to guarantee certain obligations, most of which relate to insurance contracts. At June 30, 2021, outstanding letters of credit tot aled $41.9 million, most with expiration dates within 12 months.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 9 - Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the six months ended June 30, 2021 were as follows: Mobile Process Total Beginning balance $ 384.6 $ 663.0 $ 1,047.6 Foreign currency translation adjustments and other changes (5.9) (6.9) (12.8) Ending balance $ 378.7 $ 656.1 $ 1,034.8 The following table displays intangible assets as of June 30, 2021 and December 31, 2020: Balance at June 30, 2021 Balance at December 31, 2020 Gross Accumulated Net Gross Accumulated Net Intangible assets Customer relationships $ 526.4 $ (176.7) $ 349.7 $ 532.2 $ (161.9) $ 370.3 Technology and know-how 273.9 (79.7) 194.2 277.2 (72.0) 205.2 Trade names 14.3 (9.2) 5.1 14.2 (8.8) 5.4 Capitalized software 277.5 (258.2) 19.3 276.4 (254.6) 21.8 Other 4.7 (3.9) 0.8 4.7 (3.7) 1.0 $ 1,096.8 $ (527.7) $ 569.1 $ 1,104.7 $ (501.0) $ 603.7 Intangible assets not subject to amortization: Trade names $ 126.4 $ 126.4 $ 129.0 $ 129.0 FAA air agency certificates 8.7 8.7 8.7 8.7 $ 135.1 $ 135.1 $ 137.7 $ 137.7 Total intangible assets $ 1,231.9 $ (527.7) $ 704.2 $ 1,242.4 $ (501.0) $ 741.4 Amortization expense for intangible assets was $28.2 million and $28.1 million for the six months ended June 30, 2021 and 2020, respectively. Amortization expense for intangible assets is projected to be $57.5 million in 2021; $49.4 million in 2022; $46.3 million in 2023; $44.3 million in 2024; and $43.2 million in 2025.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 11 - Contingencies The Company and certain of its subsidiaries have been identified as potentially responsible parties for investigation and remediation under the Comprehensive Environmental Response, Compensation and Liability Act, known as the Superfund, or similar state laws with respect to certain sites. Claims for investigation and remediation have been asserted against numerous other entities, which are believed to be financially solvent and are expected to fulfill their proportionate share of the obligation. On December 28, 2004, the United States Environmental Protection Agency (“USEPA”) sent Lovejoy, Inc. ("Lovejoy") a Special Notice Letter that identified Lovejoy as a potentially responsible party, together with at least 14 other companies, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”). The Company acquired Lovejoy in 2016. Lovejoy’s Downers Grove property is situated within the Ellsworth Industrial Complex. The USEPA and the Illinois Environmental Protection Agency (“IEPA”) allege there have been one or more releases or threatened releases of hazardous substances, allegedly including, but not limited to, a release or threatened release on or from Lovejoy's property, at the Site. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of response costs. Lovejoy’s allocated share of past and future costs related to the Site, including for investigation and/or remediation, could be significant. All previously pending property damage and personal injury lawsuits against Lovejoy related to the Site were settled or dismissed prior to our acquisition of Lovejoy. The Company had total environmental accruals of $5.2 million and $5.3 million for various known environmental matters that are probable and reasonably estimable at June 30, 2021 and December 31, 2020, respectively, which includes the Lovejoy matter described above. These accruals were recorded based upon the best estimate of costs to be incurred in light of the progress made in determining the magnitude of remediation costs, the timing and extent of remedial actions required by governmental authorities and the amount of the Company’s liability in proportion to other responsible parties. Product Warranties: In addition to the contingencies above, the Company provides limited warranties on certain of its products. The product warranty liability included in "Other current liabilities" on the Consolidated Balance Sheets was $10.9 million and $9.4 million at June 30, 2021 and December 31, 2020, respectively. The increase in the liability since year end primarily relates to accruals that are based on the best estimate of costs for future claims based on products sold that are still under warranty. The estimate of these accruals is based on historical claims and expected trends that continue to mature. Any significant change to these assumptions may be material to the results of operations in any particular period in which that change occurs. The following is a rollforward of the consolidated product warranty accrual for the six months ended June 30, 2021 and twelve months ended December 31, 2020: June 30, December 31, Beginning balance, January 1 $ 9.4 $ 7.5 Expense 5.0 9.4 Payments (3.5) (7.5) Ending balance $ 10.9 $ 9.4

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity	Note 12 - Equity The following tables present the changes in the components of equity for the three and six months ended June 30, 2021 and 2020, respectively: The Timken Company Shareholders Total Stated Other Retained Earnings Accumulated Treasury Non Balance at March 31, 2021 $ 2,250.1 $ 40.7 $ 761.3 $ 1,429.0 $ (2.1) $ (53.4) $ 74.6 Net income 107.2 104.8 2.4 Foreign currency translation adjustment 23.2 23.8 (0.6) Pension and other postretirement liability adjustments (net of income tax benefit of $0.5 million) (1.7) (1.7) Change in fair value of derivative financial (0.2) (0.2) Dividends – $0.30 per share (22.9) (22.9) Stock-based compensation expense 6.0 6.0 Stock option exercise activity 11.3 11.3 Payments related to tax withholding for (5.7) (5.7) Balance at June 30, 2021 $ 2,367.3 $ 40.7 $ 778.6 $ 1,510.9 $ 19.8 $ (59.1) $ 76.4 The Timken Company Shareholders Total Stated Other Retained Earnings Accumulated Treasury Non Balance at December 31, 2020 $ 2,225.2 $ 40.7 $ 740.7 $ 1,339.5 $ 41.3 $ (9.3) $ 72.3 Net income 223.2 218.1 5.1 Foreign currency translation adjustment (21.2) (20.2) (1.0) Pension and other postretirement liability adjustments (net of income tax benefit of $1.1 million) (3.3) (3.3) Change in fair value of derivative financial 2.0 2.0 Dividends – $0.59 per share (46.7) (46.7) Stock-based compensation expense 12.5 12.5 Stock purchased at fair market value (26.3) (26.3) Stock option exercise activity 25.4 25.4 Payments related to tax withholding for (23.5) (23.5) Balance at June 30, 2021 $ 2,367.3 $ 40.7 $ 778.6 $ 1,510.9 $ 19.8 $ (59.1) $ 76.4 Note 12 - Equity (continued) The Timken Company Shareholders Total Stated Other Retained Earnings Accumulated Treasury Non Balance at March 31, 2020 $ 1,900.3 $ 53.1 $ 920.1 $ 1,964.8 $ (118.9) $ (1,001.7) $ 82.9 Net income (loss) 61.8 61.9 (0.1) Foreign currency translation adjustment 24.5 23.3 1.2 Pension and other postretirement liability adjustments (net of income tax benefit of $0.5 million) (1.5) (1.5) Unrealized loss on marketable securities 0.5 0.5 Change in fair value of derivative financial (2.6) (2.6) Dividends – $0.28 per share (21.0) (21.0) Stock-based compensation expense 5.8 5.8 Restricted share activity — (1.5) 1.5 Payments related to tax withholding for (0.2) (0.2) Balance at June 30, 2020 $ 1,967.6 $ 53.1 $ 924.4 $ 2,005.7 $ (99.2) $ (1,000.4) $ 84.0 The Timken Company Shareholders Total Stated Other Retained Earnings Accumulated Treasury Non Balance at December 31, 2019 $ 1,954.8 $ 53.1 $ 937.6 $ 1,907.4 $ (50.1) $ (979.8) $ 86.6 Cumulative effect of ASU 2016-13 (net of income tax benefit of $0.2 million) (0.4) (0.4) Net income 145.8 142.6 3.2 Foreign currency translation adjustment (54.3) (48.0) (6.3) Pension and other postretirement liability adjustments (net of income tax benefit of $1.0 million) (2.8) (2.8) Unrealized loss on marketable securities 0.1 0.1 Change in fair value of derivative financial 1.6 1.6 Change in ownership of noncontrolling 0.5 0.5 Dividends – $0.56 per share (43.9) (43.9) Stock-based compensation expense 11.4 11.4 Stock purchased at fair market value (42.3) (42.3) Stock option exercise activity 7.5 (0.9) 8.4 Restricted share activity — (23.7) 23.7 Payments related to tax withholding for (10.4) (10.4) Balance at June 30, 2020 $ 1,967.6 $ 53.1 $ 924.4 $ 2,005.7 $ (99.2) $ (1,000.4) $ 84.0

Impairment and Restructuring Ch

Impairment and Restructuring Charges	3 Months Ended
	Jun. 30, 2021
Restructuring Charges [Abstract]
Impairment and Restructuring Charges	Note 13 - Impairment and Restructuring Charges Impairment and restructuring charges by segment are comprised of the following: For the three months ended June 30, 2021: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ 1.0 $ 0.1 $ — $ 1.1 Severance and related benefit costs — 0.1 — 0.1 Exit costs 0.1 — — 0.1 Total $ 1.1 $ 0.2 $ — $ 1.3 For the six months ended June 30, 2021: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ 1.1 $ 3.4 $ — $ 4.5 Severance and related benefit costs — 0.6 — 0.6 Exit costs 0.2 — — 0.2 Total $ 1.3 $ 4.0 $ — $ 5.3 For the three months ended June 30, 2020: Mobile Industries Process Industries Unallocated Corporate Total Severance and related benefit costs $ 1.5 $ 1.7 $ — $ 3.2 Exit costs (0.3) 0.2 — (0.1) Total $ 1.2 $ 1.9 $ — $ 3.1 For the six months ended June 30, 2020: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ — $ 0.1 $ — $ 0.1 Severance and related benefit costs 1.6 4.2 0.1 5.9 Exit costs 0.3 0.4 — 0.7 Total $ 1.9 $ 4.7 $ 0.1 $ 6.7 The following discussion explains the impairment and restructuring charges recorded for the periods presented; however, it is not intended to reflect a comprehensive discussion of all amounts in the tables above. Coronavirus ("COVID-19") Pandemic Cost Reduction Initiatives: During the three months ended June 30, 2020 , the Company recorded $2.0 million in severance and related benefit costs to eliminate approximately 20 salaried positions. Of the $2.0 million charge, $0.6 million related to the Mobile Industries segment and $1.4 million related to the Process Industries segment. Mobile Industries: On July 19, 2021, the Company announced the closure of its bearing manufacturing facility in Villa Carcina, Italy. The Company will be transferring the man ufacturing of its single-row tapered roller bearing production to other bearing facilities in Europe, Asia and the United States. The plant is expected to close by the end of 2021 and is expected to affect approximately 110 employees. The Company expects to incur approximately $7 million to $10 million of expenses related to this closure. Ahead of this announcement, the Company reviewed assets for impairment. As a result, the Company recorded impairment charges of $1.0 million during the three months ended June 30, 2021. Note 13 - Impairment and Restructuring Charges (continued) On October 16, 2019, the Company announced the reorganization of its bearing manufacturing facility in Gaffney, South Carolina. The Company transferred its high-volume bearing production and roller production to other Timken manufacturing facilities in the United States. The transfer of these operations was substantially completed by the end of the third quarter of 2020 and affected approximately 150 employees. The Company expected to incur approximately $8 million to $10 million of pretax costs in total related to this reorganization. During the six months ended June 30, 2020, the Company recognized severance and related benefits of $0.3 million and exit costs of $0.3 million related to this reorganization. The Company incurred cumulative pretax costs related to this reorganization of $7.8 million as of June 30, 2021, including rationalization costs recorded in cost of products sold. Process Industries: On February 4, 2020, the Company announced the closure of its chain manufacturing facility in Indianapolis, Indiana. This facility was part of the Diamond Chain Company ("Diamond Chain") acquisition completed on April 1, 2019. The Company will be transferring the manufacturing of its Diamond Chain product line to its chain facility in Fulton, Illinois. The chain plant is expected to close by the end of the fourth quarter of 2021 and is expected to affect approximately 240 employees. The Company expects to hire approximately 130 full-time positions in Fulton, Illinois and expects to incur approximately $10 million to $12 million of expenses related to this closure. During the three months ended June 30, 2021 and June 30, 2020, the Company recorded severance and related benefit costs of $0.3 million and $0.3 million, respectively, related to this closure. During the six months ended June 30, 2021 and June 30, 2020, the Company recorded severance and related benefit costs of $0.6 million and $2.2 million, respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $8.5 million as of June 30, 2021, including rationalization costs recorded in cost of products sold. In addition, the Company recorded impairment charges of $3.3 million related to certain engineering-related assets used in the business during the three months ended March 31, 2021. Management concluded no further investment would be made in these assets and as a result, reduced the value to zero. Consolid ated Restructuring Accrual: The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2021 and twelve months ended December 31, 2020: June 30, December 31, Beginning balance, January 1 $ 8.0 $ 2.7 Expense 0.8 20.8 Payments (2.5) (15.5) Ending balance $ 6.3 $ 8.0 The restructuring accrual at June 30, 2021 was included in other current liabilities on the Consolidated Balance Sheets.

Retirement Benefit Plans

Retirement Benefit Plans	6 Months Ended
	Jun. 30, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Retirement Benefit Plans	Note 14 - Retirement Benefit Plans The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three and six months ended June 30, 2021 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2021. U.S. Plans International Plans Total Three Months Ended Three Months Ended Three Months Ended 2021 2020 2021 2020 2021 2020 Components of net periodic benefit Service cost $ 2.3 $ 2.7 $ 0.5 $ 0.4 $ 2.8 $ 3.1 Interest cost 4.5 5.3 1.1 1.3 5.6 6.6 Expected return on plan assets (6.1) (6.4) (2.6) (2.1) (8.7) (8.5) Amortization of prior service cost 0.3 0.4 0.1 0.1 0.4 0.5 Recognition of net actuarial losses 3.5 8.8 — — 3.5 8.8 Net periodic benefit cost (credit) $ 4.5 $ 10.8 $ (0.9) $ (0.3) $ 3.6 $ 10.5 U.S. Plans International Plans Total Six Months Ended Six Months Ended Six Months Ended 2021 2020 2021 2020 2021 2020 Components of net periodic benefit Service cost $ 4.8 $ 5.4 $ 1.0 $ 0.8 $ 5.8 $ 6.2 Interest cost 8.9 10.5 2.2 2.8 11.1 13.3 Expected return on plan assets (12.2) (12.7) (5.1) (4.3) (17.3) (17.0) Amortization of prior service cost 0.6 0.8 0.1 0.1 0.7 0.9 Recognition of net actuarial losses 4.4 8.8 — — 4.4 8.8 Net periodic benefit cost (credit) $ 6.5 $ 12.8 $ (1.8) $ (0.6) $ 4.7 $ 12.2 The Company currently expects to make contributions and payments related to its global defined benefit pension plans totaling approximately $15 million in 2021. Approximately $9.6 million of this amount related to the 2021 payout of deferred compensation in June 2021 to a former executive officer of the Company. The payment triggered a remeasurement of the pension obligation for one of the Company's U.S. defined benefit pension plans during the six months ended June 30, 2021. In addition, the Company made lump sum payments to new retirees in 2021 in excess of annual interest and service costs for two of its other U.S. defined benefit pension plans as of June 30, 2021. These payments triggered a remeasurement of assets and obligations for these U.S. defined benefit pension plans during the six months ended June 30, 2021. As a result of these remeasurements, the Company recognized net actuarial losses of $3.5 million and $4.4 million during the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2020, the Company recognized actuarial losses of $8.8 million. The remeasurement was a result of expected lump sum payments to new retirees exceeding service and interest costs for one of the Company's U.S. defined benefit pension plans.

Postretirement Benefit Plans

Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 2021
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Other Postretirement Benefit Plans	Note 15 - Other Postretirement Benefit Plans The following table sets forth the net periodic benefit cost for the Company’s other postretirement benefit plans. The amounts for the three and six months ended June 30, 2021 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2021. Three Months Ended Six Months Ended 2021 2020 2021 2020 Components of net periodic benefit credit: Service cost $ 0.1 $ 0.1 $ 0.1 $ 0.1 Interest cost 0.3 0.5 0.7 1.0 Expected return on plan assets — (0.1) — (0.2) Amortization of prior service credit (2.5) (2.5) (5.0) (4.9) Net periodic benefit credit $ (2.1) $ (2.0) $ (4.2) $ (4.0) In January 2021, the Company transferred the remaining $11.1 million in an existing Voluntary Employee Beneficiary Association ("VEBA") trust for certain retiree medical benefits to a second VEBA trust for the payment of certain active employees’ medical benefits. The Company utilized all of the assets in the second trust during the six months ended June 30, 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	The following tables present details about components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020, respectively: Foreign currency translation adjustments Pension and other postretirement liability adjustments Unrealized gain (loss) on marketable securities Change in fair value of derivative financial instruments Total Balance at March 31, 2021 $ (62.0) $ 61.8 $ — $ (1.9) $ (2.1) Other comprehensive income (loss) before 23.2 (0.1) — (2.1) 21.0 Amounts reclassified from accumulated other — (2.1) — 1.7 (0.4) Income tax benefit — 0.5 — 0.2 0.7 Net current period other comprehensive 23.2 (1.7) — (0.2) 21.3 Noncontrolling interest 0.6 — — — 0.6 Net current period comprehensive income (loss), 23.8 (1.7) — (0.2) 21.9 Balance at June 30, 2021 $ (38.2) $ 60.1 $ — $ (2.1) $ 19.8 Foreign currency translation adjustments Pension and other postretirement liability adjustments Unrealized gain (loss) on marketable securities Change in fair value of derivative financial instruments Total Balance at December 31, 2020 $ (18.0) $ 63.4 $ — $ (4.1) $ 41.3 Other comprehensive (loss) income before (21.2) (0.1) — (0.7) (22.0) Amounts reclassified from accumulated other — (4.3) — 3.4 (0.9) Income tax benefit (expense) — 1.1 — (0.7) 0.4 Net current period other comprehensive (21.2) (3.3) — 2.0 (22.5) Noncontrolling interest 1.0 — — — 1.0 Net current period comprehensive (loss) income, (20.2) (3.3) — 2.0 (21.5) Balance at June 30, 2021 $ (38.2) $ 60.1 $ — $ (2.1) $ 19.8 Note 16 - Accumulated Other Comprehensive Income (Loss) (continued) Foreign currency translation adjustments Pension and other postretirement liability adjustments Unrealized gain (loss) on marketable securities Change in fair value of derivative financial instruments Total Balance at March 31, 2020 $ (186.6) $ 65.6 $ (0.4) $ 2.5 $ (118.9) Other comprehensive income (loss) before 24.5 — 0.7 (2.2) 23.0 Amounts reclassified from accumulated other — (2.0) — (1.3) (3.3) Income tax benefit (expense) — 0.5 (0.2) 0.9 1.2 Net current period other comprehensive 24.5 (1.5) 0.5 (2.6) 20.9 Noncontrolling interest (1.2) — — — (1.2) Net current period comprehensive income (loss), 23.3 (1.5) 0.5 (2.6) 19.7 Balance at June 30, 2020 $ (163.3) $ 64.1 $ 0.1 $ (0.1) $ (99.2) Foreign currency translation adjustments Pension and other postretirement liability adjustments Unrealized gain (loss) on marketable securities Change in fair value of derivative financial instruments Total Balance at December 31, 2019 $ (115.3) $ 66.9 $ — $ (1.7) $ (50.1) Other comprehensive (loss) income before (54.3) 0.2 0.2 4.2 (49.7) Amounts reclassified from accumulated other — (4.0) — (1.9) (5.9) Income tax benefit (expense) — 1.0 (0.1) (0.7) 0.2 Net current period other comprehensive (54.3) (2.8) 0.1 1.6 (55.4) Noncontrolling interest 6.3 — — — 6.3 Net current period comprehensive (loss) income, (48.0) (2.8) 0.1 1.6 (49.1) Balance at June 30, 2020 $ (163.3) $ 64.1 $ 0.1 $ (0.1) $ (99.2) Other comprehensive income (loss) before reclassifications and income taxes includes the effect of foreign currency.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	Note 17 - Fair Value Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 – Unobservable inputs for the asset or liability. The following tables present the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020: June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 305.5 $ 303.5 $ 2.0 $ — Restricted cash 0.8 0.8 — — Short-term investments 52.0 — 52.0 — Foreign currency forward contracts 0.9 — 0.9 — Total Assets $ 359.2 $ 304.3 $ 54.9 $ — Liabilities: Foreign currency forward contracts $ 3.4 $ — $ 3.4 $ — Total Liabilities $ 3.4 $ — $ 3.4 $ — December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 320.3 $ 318.6 $ 1.7 $ — Restricted cash 0.8 0.8 — — Short-term investments 37.6 — 37.6 — Foreign currency forward contracts 1.1 — 1.1 — Total Assets $ 359.8 $ 319.4 $ 40.4 $ — Liabilities: Foreign currency forward contracts $ 8.1 $ — $ 8.1 $ — Total Liabilities $ 8.1 $ — $ 8.1 $ — Cash and cash equivalents are highly liquid investments with maturities of three months or less when purchased and are valued at the redempti on 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 fo rward and spot rates to measure the fair value of its foreign currency forward contracts. In addition, the Company remeasures certain assets at fair value, using Level 3 inputs, as a result of the occurrence of triggering events such as purchase accounting for acquisitions. See Note 3 - Acquisitions for further discussion. No other material assets were measured at fair value on a nonrecurring basis during the six months ended June 30, 2021 and 2020, respectively. Note 17 - Fair Value (continued) Financial Instruments: The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, accounts receivable, trade accounts payable, short-term borrowings and long-term debt. Due to their short-term nature, the carrying value of cash and cash equivalents, short-term investments, accounts receivable, trade accounts payable and short-term borrowings are a reasonable estimate of their fair value. Due to the nature of fair value calculati ons 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 $1,204.0 million and $1,220.7 million at June 30, 2021 and December 31, 2020, respectively. The carrying value of this debt was $1,095.7 million and $1,103.2 million at June 30, 2021 and December 31, 2020, respectively. The fair value of long-term fixed-rate debt w as measured using Level 2 inputs. The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments.

Derivatives Instruments and Hed

Derivatives Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	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. On September 8, 2020, the Company entered into a $100 million floating-to-fixed rate swap on the 2023 Term Loan, which hedges the change in the 1-month LIBOR rate between October 30, 2020 and September 11, 2023 to a fixed rate. The Company’s risk management objective is to hedge the risk of changes in the monthly interest expense attributable to changes in the benchmark interest rate. On September 15, 2020, the Company designated €54.5 million of its €150.0 million fixed-rate senior unsecured notes, maturing on September 7, 2027 (the "2027 Notes"), as a hedge against its net investment in one of its European affiliates. The objective of the hedge transaction is to protect the net investment in the foreign operations against changes in the exchange rate between the U.S. dollar and the Euro. The net impact for the three and six months ended June 30, 2021, respectively, was a loss of $0.7 million and a gain of $1.9 million to accumulated comprehensive loss with a corresponding offset to other (expense) income, which partially offsets the impact of the foreign currency adjustment on the 2027 Notes. The Company does not purchase or hold any derivative financial instruments for trading purposes. As of June 30, 2021 and December 31, 2020, the Company had $187.8 million a nd $173.2 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 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. Note 18 - Derivative Instruments and Hedging Activities (continued) 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. Co nversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by losses in the fair value of the forward contracts. As of June 30, 2021 and December 31, 2020, the Company had $88.7 million and $86.9 million, respectively, of outstanding foreign currency forward contracts at notional value that were classified as cash flow hedges. The maximum length of time over which the Company hedges its exposure to the variability in future cash flows for forecast transactions is generally eighteen months or less. Purpose for Derivative Instruments not designated as Hedging Instruments: For derivative instruments that are not designated as hedging instruments, the instruments are typically forward contracts. In general, the practice is to reduce volatility by selectively hedging transaction exposures including intercompany loans, accounts payable and accounts receivable. Intercompany loans between entities with different functional currencies typically are hedged with a forward contract at the inception of the loan with a maturity date corresponding to the maturity of the loan. The revaluation of these contracts, as well as the revaluation of the underlying balance sheet items, is recorded directly to the income statement so the adjustment generally offsets the revaluation of the underlying balance sheet items to protect cash payments and reduce income statement volatility. As of June 30, 2021 and December 31, 2020 , the Comp any had $99.1 million and $86.3 million, r espectively, of outstanding foreign currency forward contracts at notional value that were not designated as hedging instruments. The following table presents the impact of derivative instruments not designated as hedging instruments for the three and six months ended June 30, 2021 and 2020, respectively, and the related location within the Consolidated Statements of Income: Amount of gain or (loss) recognized in income Three Months Ended Six Months Ended Derivatives not designated as hedging instruments: Location of gain or (loss) recognized in income 2021 2020 2021 2020 Foreign currency forward contracts Other income (expense), net $ (0.9) $ (3.7) $ (0.7) $ 1.8

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Guidance Adopted: In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, “Income Taxes (ASC 740) – Simplifying the Accounting for Income Taxes,” which is intended to reduce complexity in the accounting for income taxes while maintaining or improving the usefulness of information provided to financial statement users. The guidance amends certain existing provisions under ASC 740 to address a number of distinct items. This standard is effective for public companies in fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company adopted ASU 2019-12 effective January 1, 2021, and the impact of the adoption was not material to the Company's results of operations and financial condition. New Accounting Guidance Issued and Not Yet Adopted:

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the purchase price allocation at fair value, net of cash acquired, for the Aurora acquisition as of June 30, 2021: Initial Purchase Adjustments Purchase Assets: Accounts receivable, net $ 2.7 $ — $ 2.7 Inventories, net 16.4 — 16.4 Other current assets 0.1 0.1 0.2 Property, plant and equipment, net 10.9 — 10.9 Total assets acquired $ 30.1 $ 0.1 $ 30.2 Liabilities: Accounts payable, trade $ 0.8 $ — $ 0.8 Other current liabilities 0.9 (0.4) 0.5 Total liabilities assumed 1.7 (0.4) 1.3 Net assets acquired $ 28.4 $ 0.5 $ 28.9

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents details deemed most relevant to the users of the financial statements about total revenue for the three and six months ended June 30, 2021 and 2020, respectively: Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 Mobile Process Total Mobile Process Total United States $ 237.4 $ 201.6 $ 439.0 $ 186.6 $ 173.7 $ 360.3 Americas, excluding the United States 52.3 49.1 101.4 26.8 29.3 56.1 Europe / Middle East / Africa 124.3 137.2 261.5 78.8 112.9 191.7 China 32.2 138.4 170.6 26.4 122.0 148.4 Asia-Pacific, excluding China 48.0 42.4 90.4 24.0 23.0 47.0 Net sales $ 494.2 $ 568.7 $ 1,062.9 $ 342.6 $ 460.9 $ 803.5 Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Mobile Process Total Mobile Process Total United States $ 480.3 $ 387.8 $ 868.1 $ 424.8 $ 366.3 $ 791.1 Americas, excluding the United States 101.1 92.3 193.4 75.6 64.3 139.9 Europe / Middle East / Africa 251.4 264.4 515.8 187.5 228.5 416.0 China 66.6 262.7 329.3 48.2 203.0 251.2 Asia-Pacific, excluding China 99.3 82.4 181.7 73.2 55.5 128.7 Net sales $ 998.7 $ 1,089.6 $ 2,088.3 $ 809.3 $ 917.6 $ 1,726.9 When reviewing revenue by sales channel, the Company separates net sales to original equipment manufacturers ("OEMs") from sales to distributors and end users. The following table presents the percent of revenue by sales channel for the six months ended June 30, 2021 and 2020, respectively: Six Months Ended Revenue by sales channel June 30, 2021 June 30, 2020 Original equipment manufacturers 61% 59% Distribution/end users 39% 41%
Contract with Customer, Asset and Liability	The following table contains a rollforward of unbilled receivables for the six months ended June 30, 2021 and the twelve months ended December 31, 2020: June 30, December 31, Beginning balance, January 1 $ 110.9 $ 129.2 Additional unbilled revenue recognized 179.4 393.6 Less: amounts billed to customers (189.9) (411.9) Ending balance $ 100.4 $ 110.9

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment wise financial performance	The primary measurement used by management to measure the financial performance of each segment is earnings before interest, taxes, depreciation and amortization ("EBITDA"). Three Months Ended Six Months Ended 2021 2020 2021 2020 Net sales: Mobile Industries $ 494.2 $ 342.6 $ 998.7 $ 809.3 Process Industries 568.7 460.9 1,089.6 917.6 Net sales $ 1,062.9 $ 803.5 $ 2,088.3 $ 1,726.9 Segment EBITDA: Mobile Industries $ 67.3 $ 38.8 $ 146.9 $ 113.9 Process Industries 141.2 126.3 272.2 233.8 Total EBITDA, for reportable segments $ 208.5 $ 165.1 $ 419.1 $ 347.7 Unallocated corporate expense (11.6) (6.5) (23.2) (17.6) Corporate pension and other postretirement benefit related expense (1) (3.5) (8.8) (4.4) (8.8) Acquisition-related gain (2) — — 0.6 — Depreciation and amortization (42.2) (41.7) (85.2) (84.0) Interest expense (15.3) (18.9) (30.2) (36.0) Interest income 0.7 0.6 1.2 2.1 Income before income taxes $ 136.6 $ 89.8 $ 277.9 $ 203.4 (1) Corporate pension and other postretirement benefit related expense represents actuarial gains and (losses) that resulted from the remeasurement of pension and other postretirement plan assets and obligations as a result of changes in assumptions or experience. (2) The acquisition-related gain represents measurement period adjustments to the bargain purchase gain on the acquisition of Aurora, which closed on November 30, 2020. See Note 3 - Acquisitions for additional information.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The Company's provision for income taxes in interim periods is computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period(s) in which they occur. Three Months Ended Six Months Ended 2021 2020 2021 2020 Provision for income taxes $ 29.4 $ 28.0 $ 54.7 $ 57.6 Effective tax rate 21.5 % 31.2 % 19.7 % 28.3 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 three and six months ended June 30, 2021 and 2020, respectively: Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator: Net income attributable to The Timken Company $ 104.8 $ 61.9 $ 218.1 $ 142.6 Less: undistributed earnings allocated to nonvested stock — — — — Net income available to common shareholders for basic and diluted earnings per share $ 104.8 $ 61.9 $ 218.1 $ 142.6 Denominator: Weighted average number of shares outstanding - basic 76,122,257 75,078,207 75,969,569 75,298,356 Effect of dilutive securities: Stock options and awards - based on the treasury stock method 1,131,900 620,082 1,288,192 733,693 Weighted average number of shares outstanding assuming dilution of stock options and awards 77,254,157 75,698,289 77,257,761 76,032,049 Basic earnings per share $ 1.38 $ 0.82 $ 2.87 $ 1.89 Diluted earnings per share $ 1.36 $ 0.82 $ 2.82 $ 1.88

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Components of inventories	The components of inventories at June 30, 2021 and December 31, 2020 were as follows: June 30, December 31, Manufacturing supplies $ 36.2 $ 34.8 Raw materials 122.0 99.5 Work in process 352.6 320.3 Finished products 466.9 441.2 Subtotal 977.7 895.8 Allowance for obsolete and surplus inventory (58.2) (54.5) Total Inventories, net $ 919.5 $ 841.3

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Short-term debt	Short-term debt at June 30, 2021 and December 31, 2020 was as follows: June 30, December 31, Variable-rate Accounts Receivable Facility with an interest rate of 0.96% at December 31, 2020 $ — $ 58.0 Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging fro m 0.50% to 2.10% a t June 30, 2021 and 0.24% to 1.75% at December 31, 2020 76.0 61.8 Short-term debt $ 76.0 $ 119.8
Long-term debt	Long-term debt at June 30, 2021 and December 31, 2020 was as follows: June 30, December 31, Variable-rate Senior Credit Facility with an average interest rate on U.S. Dollar of 1.46% and Euro of 1.48% at June 30, 2021 and U.S. Dollar of 2.01% and Euro of 1.48% at December 31, 2020 $ 9.4 $ 9.7 Variable-rate Term Loan (1) , maturing on September 11, 2023, with an interest rate of 1.35% at June 30, 2021 and 1.63% at December 31, 2020 325.4 329.6 Fixed-rate Senior Unsecured Notes (1) , maturing on September 1, 2024, with an interest rate of 3.875% 349.3 349.0 Fixed-rate Euro Senior Unsecured Notes (1) , maturing on September 7, 2027, with an interest rate of 2.02% 177.6 182.9 Fixed-rate Senior Unsecured Notes (1) , maturing on December 15, 2028, with an interest rate of 4.50% 396.7 396.5 Fixed-rate Medium-Term Notes, Series A (1) , maturing at various dates through May 2028, with interest rates ranging from 6.74% to 7.76% 154.7 154.7 Fixed-rate Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15% 17.5 18.8 Other 4.8 3.6 Total debt $ 1,435.4 $ 1,444.8 Less: Current maturities 11.1 10.9 Long-term debt $ 1,424.3 $ 1,433.9 (1) Net of discounts and fees

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Change in the carrying amount of goodwill	The changes in the carrying amount of goodwill for the six months ended June 30, 2021 were as follows: Mobile Process Total Beginning balance $ 384.6 $ 663.0 $ 1,047.6 Foreign currency translation adjustments and other changes (5.9) (6.9) (12.8) Ending balance $ 378.7 $ 656.1 $ 1,034.8
Intangible assets	The following table displays intangible assets as of June 30, 2021 and December 31, 2020: Balance at June 30, 2021 Balance at December 31, 2020 Gross Accumulated Net Gross Accumulated Net Intangible assets Customer relationships $ 526.4 $ (176.7) $ 349.7 $ 532.2 $ (161.9) $ 370.3 Technology and know-how 273.9 (79.7) 194.2 277.2 (72.0) 205.2 Trade names 14.3 (9.2) 5.1 14.2 (8.8) 5.4 Capitalized software 277.5 (258.2) 19.3 276.4 (254.6) 21.8 Other 4.7 (3.9) 0.8 4.7 (3.7) 1.0 $ 1,096.8 $ (527.7) $ 569.1 $ 1,104.7 $ (501.0) $ 603.7 Intangible assets not subject to amortization: Trade names $ 126.4 $ 126.4 $ 129.0 $ 129.0 FAA air agency certificates 8.7 8.7 8.7 8.7 $ 135.1 $ 135.1 $ 137.7 $ 137.7 Total intangible assets $ 1,231.9 $ (527.7) $ 704.2 $ 1,242.4 $ (501.0) $ 741.4

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The following is a rollforward of the consolidated product warranty accrual for the six months ended June 30, 2021 and twelve months ended December 31, 2020: June 30, December 31, Beginning balance, January 1 $ 9.4 $ 7.5 Expense 5.0 9.4 Payments (3.5) (7.5) Ending balance $ 10.9 $ 9.4

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Equity	The following tables present the changes in the components of equity for the three and six months ended June 30, 2021 and 2020, respectively: The Timken Company Shareholders Total Stated Other Retained Earnings Accumulated Treasury Non Balance at March 31, 2021 $ 2,250.1 $ 40.7 $ 761.3 $ 1,429.0 $ (2.1) $ (53.4) $ 74.6 Net income 107.2 104.8 2.4 Foreign currency translation adjustment 23.2 23.8 (0.6) Pension and other postretirement liability adjustments (net of income tax benefit of $0.5 million) (1.7) (1.7) Change in fair value of derivative financial (0.2) (0.2) Dividends – $0.30 per share (22.9) (22.9) Stock-based compensation expense 6.0 6.0 Stock option exercise activity 11.3 11.3 Payments related to tax withholding for (5.7) (5.7) Balance at June 30, 2021 $ 2,367.3 $ 40.7 $ 778.6 $ 1,510.9 $ 19.8 $ (59.1) $ 76.4 The Timken Company Shareholders Total Stated Other Retained Earnings Accumulated Treasury Non Balance at December 31, 2020 $ 2,225.2 $ 40.7 $ 740.7 $ 1,339.5 $ 41.3 $ (9.3) $ 72.3 Net income 223.2 218.1 5.1 Foreign currency translation adjustment (21.2) (20.2) (1.0) Pension and other postretirement liability adjustments (net of income tax benefit of $1.1 million) (3.3) (3.3) Change in fair value of derivative financial 2.0 2.0 Dividends – $0.59 per share (46.7) (46.7) Stock-based compensation expense 12.5 12.5 Stock purchased at fair market value (26.3) (26.3) Stock option exercise activity 25.4 25.4 Payments related to tax withholding for (23.5) (23.5) Balance at June 30, 2021 $ 2,367.3 $ 40.7 $ 778.6 $ 1,510.9 $ 19.8 $ (59.1) $ 76.4	The Timken Company Shareholders Total Stated Other Retained Earnings Accumulated Treasury Non Balance at March 31, 2020 $ 1,900.3 $ 53.1 $ 920.1 $ 1,964.8 $ (118.9) $ (1,001.7) $ 82.9 Net income (loss) 61.8 61.9 (0.1) Foreign currency translation adjustment 24.5 23.3 1.2 Pension and other postretirement liability adjustments (net of income tax benefit of $0.5 million) (1.5) (1.5) Unrealized loss on marketable securities 0.5 0.5 Change in fair value of derivative financial (2.6) (2.6) Dividends – $0.28 per share (21.0) (21.0) Stock-based compensation expense 5.8 5.8 Restricted share activity — (1.5) 1.5 Payments related to tax withholding for (0.2) (0.2) Balance at June 30, 2020 $ 1,967.6 $ 53.1 $ 924.4 $ 2,005.7 $ (99.2) $ (1,000.4) $ 84.0 The Timken Company Shareholders Total Stated Other Retained Earnings Accumulated Treasury Non Balance at December 31, 2019 $ 1,954.8 $ 53.1 $ 937.6 $ 1,907.4 $ (50.1) $ (979.8) $ 86.6 Cumulative effect of ASU 2016-13 (net of income tax benefit of $0.2 million) (0.4) (0.4) Net income 145.8 142.6 3.2 Foreign currency translation adjustment (54.3) (48.0) (6.3) Pension and other postretirement liability adjustments (net of income tax benefit of $1.0 million) (2.8) (2.8) Unrealized loss on marketable securities 0.1 0.1 Change in fair value of derivative financial 1.6 1.6 Change in ownership of noncontrolling 0.5 0.5 Dividends – $0.56 per share (43.9) (43.9) Stock-based compensation expense 11.4 11.4 Stock purchased at fair market value (42.3) (42.3) Stock option exercise activity 7.5 (0.9) 8.4 Restricted share activity — (23.7) 23.7 Payments related to tax withholding for (10.4) (10.4) Balance at June 30, 2020 $ 1,967.6 $ 53.1 $ 924.4 $ 2,005.7 $ (99.2) $ (1,000.4) $ 84.0

Impairment and Restructuring _2

Impairment and Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring Charges [Abstract]
Restructuring and Related Costs	For the three months ended June 30, 2021: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ 1.0 $ 0.1 $ — $ 1.1 Severance and related benefit costs — 0.1 — 0.1 Exit costs 0.1 — — 0.1 Total $ 1.1 $ 0.2 $ — $ 1.3 For the six months ended June 30, 2021: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ 1.1 $ 3.4 $ — $ 4.5 Severance and related benefit costs — 0.6 — 0.6 Exit costs 0.2 — — 0.2 Total $ 1.3 $ 4.0 $ — $ 5.3 For the three months ended June 30, 2020: Mobile Industries Process Industries Unallocated Corporate Total Severance and related benefit costs $ 1.5 $ 1.7 $ — $ 3.2 Exit costs (0.3) 0.2 — (0.1) Total $ 1.2 $ 1.9 $ — $ 3.1 For the six months ended June 30, 2020: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ — $ 0.1 $ — $ 0.1 Severance and related benefit costs 1.6 4.2 0.1 5.9 Exit costs 0.3 0.4 — 0.7 Total $ 1.9 $ 4.7 $ 0.1 $ 6.7 The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2021 and twelve months ended December 31, 2020: June 30, December 31, Beginning balance, January 1 $ 8.0 $ 2.7 Expense 0.8 20.8 Payments (2.5) (15.5) Ending balance $ 6.3 $ 8.0 The restructuring accrual at June 30, 2021 was included in other current liabilities on the Consolidated Balance Sheets.

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost for the Company's retirement benefit plans	The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three and six months ended June 30, 2021 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2021. U.S. Plans International Plans Total Three Months Ended Three Months Ended Three Months Ended 2021 2020 2021 2020 2021 2020 Components of net periodic benefit Service cost $ 2.3 $ 2.7 $ 0.5 $ 0.4 $ 2.8 $ 3.1 Interest cost 4.5 5.3 1.1 1.3 5.6 6.6 Expected return on plan assets (6.1) (6.4) (2.6) (2.1) (8.7) (8.5) Amortization of prior service cost 0.3 0.4 0.1 0.1 0.4 0.5 Recognition of net actuarial losses 3.5 8.8 — — 3.5 8.8 Net periodic benefit cost (credit) $ 4.5 $ 10.8 $ (0.9) $ (0.3) $ 3.6 $ 10.5 U.S. Plans International Plans Total Six Months Ended Six Months Ended Six Months Ended 2021 2020 2021 2020 2021 2020 Components of net periodic benefit Service cost $ 4.8 $ 5.4 $ 1.0 $ 0.8 $ 5.8 $ 6.2 Interest cost 8.9 10.5 2.2 2.8 11.1 13.3 Expected return on plan assets (12.2) (12.7) (5.1) (4.3) (17.3) (17.0) Amortization of prior service cost 0.6 0.8 0.1 0.1 0.7 0.9 Recognition of net actuarial losses 4.4 8.8 — — 4.4 8.8 Net periodic benefit cost (credit) $ 6.5 $ 12.8 $ (1.8) $ (0.6) $ 4.7 $ 12.2

Postretirement Benefit Plans (T

Postretirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Postretirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Defined Benefit Plans Disclosures	The following table sets forth the net periodic benefit cost for the Company’s other postretirement benefit plans. The amounts for the three and six months ended June 30, 2021 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2021. Three Months Ended Six Months Ended 2021 2020 2021 2020 Components of net periodic benefit credit: Service cost $ 0.1 $ 0.1 $ 0.1 $ 0.1 Interest cost 0.3 0.5 0.7 1.0 Expected return on plan assets — (0.1) — (0.2) Amortization of prior service credit (2.5) (2.5) (5.0) (4.9) Net periodic benefit credit $ (2.1) $ (2.0) $ (4.2) $ (4.0)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables present details about components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020, respectively: Foreign currency translation adjustments Pension and other postretirement liability adjustments Unrealized gain (loss) on marketable securities Change in fair value of derivative financial instruments Total Balance at March 31, 2021 $ (62.0) $ 61.8 $ — $ (1.9) $ (2.1) Other comprehensive income (loss) before 23.2 (0.1) — (2.1) 21.0 Amounts reclassified from accumulated other — (2.1) — 1.7 (0.4) Income tax benefit — 0.5 — 0.2 0.7 Net current period other comprehensive 23.2 (1.7) — (0.2) 21.3 Noncontrolling interest 0.6 — — — 0.6 Net current period comprehensive income (loss), 23.8 (1.7) — (0.2) 21.9 Balance at June 30, 2021 $ (38.2) $ 60.1 $ — $ (2.1) $ 19.8 Foreign currency translation adjustments Pension and other postretirement liability adjustments Unrealized gain (loss) on marketable securities Change in fair value of derivative financial instruments Total Balance at December 31, 2020 $ (18.0) $ 63.4 $ — $ (4.1) $ 41.3 Other comprehensive (loss) income before (21.2) (0.1) — (0.7) (22.0) Amounts reclassified from accumulated other — (4.3) — 3.4 (0.9) Income tax benefit (expense) — 1.1 — (0.7) 0.4 Net current period other comprehensive (21.2) (3.3) — 2.0 (22.5) Noncontrolling interest 1.0 — — — 1.0 Net current period comprehensive (loss) income, (20.2) (3.3) — 2.0 (21.5) Balance at June 30, 2021 $ (38.2) $ 60.1 $ — $ (2.1) $ 19.8 Note 16 - Accumulated Other Comprehensive Income (Loss) (continued) Foreign currency translation adjustments Pension and other postretirement liability adjustments Unrealized gain (loss) on marketable securities Change in fair value of derivative financial instruments Total Balance at March 31, 2020 $ (186.6) $ 65.6 $ (0.4) $ 2.5 $ (118.9) Other comprehensive income (loss) before 24.5 — 0.7 (2.2) 23.0 Amounts reclassified from accumulated other — (2.0) — (1.3) (3.3) Income tax benefit (expense) — 0.5 (0.2) 0.9 1.2 Net current period other comprehensive 24.5 (1.5) 0.5 (2.6) 20.9 Noncontrolling interest (1.2) — — — (1.2) Net current period comprehensive income (loss), 23.3 (1.5) 0.5 (2.6) 19.7 Balance at June 30, 2020 $ (163.3) $ 64.1 $ 0.1 $ (0.1) $ (99.2) Foreign currency translation adjustments Pension and other postretirement liability adjustments Unrealized gain (loss) on marketable securities Change in fair value of derivative financial instruments Total Balance at December 31, 2019 $ (115.3) $ 66.9 $ — $ (1.7) $ (50.1) Other comprehensive (loss) income before (54.3) 0.2 0.2 4.2 (49.7) Amounts reclassified from accumulated other — (4.0) — (1.9) (5.9) Income tax benefit (expense) — 1.0 (0.1) (0.7) 0.2 Net current period other comprehensive (54.3) (2.8) 0.1 1.6 (55.4) Noncontrolling interest 6.3 — — — 6.3 Net current period comprehensive (loss) income, (48.0) (2.8) 0.1 1.6 (49.1) Balance at June 30, 2020 $ (163.3) $ 64.1 $ 0.1 $ (0.1) $ (99.2)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following tables present the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020: June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 305.5 $ 303.5 $ 2.0 $ — Restricted cash 0.8 0.8 — — Short-term investments 52.0 — 52.0 — Foreign currency forward contracts 0.9 — 0.9 — Total Assets $ 359.2 $ 304.3 $ 54.9 $ — Liabilities: Foreign currency forward contracts $ 3.4 $ — $ 3.4 $ — Total Liabilities $ 3.4 $ — $ 3.4 $ — December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 320.3 $ 318.6 $ 1.7 $ — Restricted cash 0.8 0.8 — — Short-term investments 37.6 — 37.6 — Foreign currency forward contracts 1.1 — 1.1 — Total Assets $ 359.8 $ 319.4 $ 40.4 $ — Liabilities: Foreign currency forward contracts $ 8.1 $ — $ 8.1 $ — Total Liabilities $ 8.1 $ — $ 8.1 $ —

Derivatives Instruments and H_2

Derivatives Instruments and Hedging Activities (Table)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Not Designated as Hedging Instruments	The following table presents the impact of derivative instruments not designated as hedging instruments for the three and six months ended June 30, 2021 and 2020, respectively, and the related location within the Consolidated Statements of Income: Amount of gain or (loss) recognized in income Three Months Ended Six Months Ended Derivatives not designated as hedging instruments: Location of gain or (loss) recognized in income 2021 2020 2021 2020 Foreign currency forward contracts Other income (expense), net $ (0.9) $ (3.7) $ (0.7) $ 1.8

Acquisitions (Details)

Acquisitions (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)acquisition
Business Acquisition [Line Items]
Bargain purchase price gain	$ 0		$ 0	$ 0.6	$ 0
Operating lease assets	115.3			115.3		$ 118.2
Goodwill	1,034.8			1,034.8		$ 1,047.6
Aurora
Business Acquisition [Line Items]
Revenue reported by acquired entity		$ 30
2020 Acquisitions
Business Acquisition [Line Items]
Number of acquisitions | acquisition						1
Consideration transferred		17.2
Bargain purchase price gain				11.7
Accounts receivable, net	2.7			2.7
Inventories, net	16.4			16.4
Other current assets	0.2			0.2
Property, plant and equipment, net	10.9			10.9
Total assets acquired	30.2			30.2
Accounts payable, trade	0.8			0.8
Total liabilities assumed	1.3			1.3
Net assets acquired	28.9			28.9
2020 Acquisitions | Previously Reported
Business Acquisition [Line Items]
Accounts receivable, net	2.7			2.7
Inventories, net	16.4			16.4
Other current assets	0.1			0.1
Property, plant and equipment, net	10.9			10.9
Total assets acquired	30.1			30.1
Accounts payable, trade	0.8			0.8
Total liabilities assumed	1.7			1.7
Net assets acquired	28.4			28.4
2020 Acquisitions | Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Accounts receivable, net	0			0
Inventories, net	0			0
Other current assets	0.1			0.1
Property, plant and equipment, net	0			0
Total assets acquired	0.1			0.1
Accounts payable, trade	0			0
Total liabilities assumed	(0.4)			(0.4)
Net assets acquired	0.5	$ 0.6		0.5
2020 Acquisitions | Other current liabilities
Business Acquisition [Line Items]
Other current liabilities	0.5			0.5
2020 Acquisitions | Other current liabilities | Previously Reported
Business Acquisition [Line Items]
Other current liabilities	0.9			0.9
2020 Acquisitions | Other current liabilities | Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Other current liabilities	$ (0.4)			$ (0.4)

Revenue Disaggregation of Reven

Revenue Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,062.9	$ 803.5	$ 2,088.3	$ 1,726.9
Amount of revenue for remaining performance obligations	456.9		456.9
Unbilled receivables			110.9	$ 129.2	$ 129.2
Additional unbilled revenue recognized			179.4		393.6
Less: amounts billed to customers			189.9		411.9
Unbilled receivables	100.4		$ 100.4		$ 110.9
U.S. Government | Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenues			7.00%	9.00%
Original equipment manufacturers | Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenues			61.00%	59.00%
Distribution/end users | Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenues			39.00%	41.00%
Transferred over Time | Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenues			9.00%	13.00%
United States
Disaggregation of Revenue [Line Items]
Net sales	439	360.3	$ 868.1	$ 791.1
Americas, excluding the United States
Disaggregation of Revenue [Line Items]
Net sales	101.4	56.1	193.4	139.9
Europe / Middle East / Africa
Disaggregation of Revenue [Line Items]
Net sales	261.5	191.7	515.8	416
China
Disaggregation of Revenue [Line Items]
Net sales	170.6	148.4	329.3	251.2
Asia-Pacific, excluding China
Disaggregation of Revenue [Line Items]
Net sales	90.4	47	181.7	128.7
Mobile Industries
Disaggregation of Revenue [Line Items]
Net sales	494.2	342.6	998.7	809.3
Mobile Industries | United States
Disaggregation of Revenue [Line Items]
Net sales	237.4	186.6	480.3	424.8
Mobile Industries | Americas, excluding the United States
Disaggregation of Revenue [Line Items]
Net sales	52.3	26.8	101.1	75.6
Mobile Industries | Europe / Middle East / Africa
Disaggregation of Revenue [Line Items]
Net sales	124.3	78.8	251.4	187.5
Mobile Industries | China
Disaggregation of Revenue [Line Items]
Net sales	32.2	26.4	66.6	48.2
Mobile Industries | Asia-Pacific, excluding China
Disaggregation of Revenue [Line Items]
Net sales	48	24	99.3	73.2
Process Industries
Disaggregation of Revenue [Line Items]
Net sales	568.7	460.9	1,089.6	917.6
Process Industries | United States
Disaggregation of Revenue [Line Items]
Net sales	201.6	173.7	387.8	366.3
Process Industries | Americas, excluding the United States
Disaggregation of Revenue [Line Items]
Net sales	49.1	29.3	92.3	64.3
Process Industries | Europe / Middle East / Africa
Disaggregation of Revenue [Line Items]
Net sales	137.2	112.9	264.4	228.5
Process Industries | China
Disaggregation of Revenue [Line Items]
Net sales	138.4	122	262.7	203
Process Industries | Asia-Pacific, excluding China
Disaggregation of Revenue [Line Items]
Net sales	$ 42.4	$ 23	$ 82.4	$ 55.5
Service Revenue | Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenues	4.00%			5.00%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,062.9	$ 803.5	$ 2,088.3	$ 1,726.9
Segment EBIT:
Segment EBITDA	208.5	165.1	419.1	347.7
Recognition of net actuarial losses (gains)	(3.5)	(8.8)	(4.4)	(8.8)
Depreciation and amortization	(42.2)	(41.7)	(85.2)	(84)
Interest expense	(15.3)	(18.9)	(30.2)	(36)
Interest income	0.7	0.6	1.2	2.1
Income before income taxes	136.6	89.8	277.9	203.4
Bargain purchase price gain	0	0	0.6	0
Mobile Industries
Segment Reporting Information [Line Items]
Net sales	494.2	342.6	998.7	809.3
Segment EBIT:
Segment EBITDA	67.3	38.8	146.9	113.9
Process Industries
Segment Reporting Information [Line Items]
Net sales	568.7	460.9	1,089.6	917.6
Segment EBIT:
Segment EBITDA	141.2	126.3	272.2	233.8
Corporate Segment
Segment EBIT:
Corporate EBITDA	$ (11.6)	$ (6.5)	$ (23.2)	$ (17.6)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 29.4	$ 28	$ 54.7	$ 57.6
Effective tax rate	21.50%	31.20%	19.70%	28.30%
Federal statutory rate, percent			21.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income attributable to The Timken Company	$ 104.8	$ 61.9	$ 218.1	$ 142.6
Less: undistributed earnings allocated to nonvested stock	0	0	0	0
Net income available to common shareholders for basic and diluted earnings per share	$ 104.8	$ 61.9	$ 218.1	$ 142.6
Denominator:
Weighted-average number of shares outstanding - basic (in shares)	76,122,257	75,078,207	75,969,569	75,298,356
Stock options and awards - based on the treasury stock method (in shares)	1,131,900	620,082	1,288,192	733,693
Weighted-average number of shares outstanding, assuming dilution of stock options and awards (in shares)	77,254,157	75,698,289	77,257,761	76,032,049
Basic earnings per share (in dollars per share)	$ 1.38	$ 0.82	$ 2.87	$ 1.89
Diluted earnings per share (in dollars per share)	$ 1.36	$ 0.82	$ 2.82	$ 1.88
Antidilutive stock options outstanding	0	1,338,686	0	1,353,254

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventories, net:
Manufacturing supplies	$ 36.2	$ 34.8
Raw materials	122	99.5
Work in process	352.6	320.3
Inventory, Finished Goods, Gross	466.9	441.2
Subtotal	977.7	895.8
Allowance for obsolete and surplus inventory	(58.2)	(54.5)
Total Inventories, net	$ 919.5	$ 841.3

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Percentage of FIFO inventory	61.00%
Percentage of LIFO inventory	39.00%
Inventory reserve (LIFO)	$ 185.1	$ 172.1

Financing Arrangements - Short

Financing Arrangements - Short Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Short-term debt	$ 76	$ 119.8
Line of Credit Accounts Receivable
Short-term Debt [Line Items]
Line of credit facility, interest rate at period end		0.96%
Short-term debt	0	$ 58
Current borrowing capacity	0
Foreign Subsidiary
Short-term Debt [Line Items]
Short-term debt	$ 76	$ 61.8
Line of credit stated variable interest rate, low range	0.50%	0.24%
Line of credit stated variable interest rate, high range	2.10%	1.75%

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($) $ in Millions	May 27, 2020	Jun. 25, 2019	Sep. 18, 2018	Sep. 11, 2018	Sep. 01, 2018	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Short-term Debt [Line Items]
Short-term debt						$ 76	$ 76		$ 119.8
Borrowings guarantees						41.9	41.9
Fair value of amount outstanding						1,435.4	1,435.4		1,444.8
Cash and cash equivalents						305.5	305.5		320.3
Proceeds from long-term debt							135	$ 550
Cone Drive
Short-term Debt [Line Items]
Effective date of acquisition					Sep. 1, 2018
Rollon
Short-term Debt [Line Items]
Effective date of acquisition			Sep. 18, 2018
Net Debt Construct
Short-term Debt [Line Items]
Cash and cash equivalents						$ 25	$ 25
Senior Unsecured Notes - Variable Rate
Short-term Debt [Line Items]
Line of credit expiration date							Jun. 30, 2021
Debt instrument, issuance date	May 27, 2020
Senior Unsecured Notes - 4.5%
Short-term Debt [Line Items]
Debt instrument, issuance date	May 27, 2020
Line of Credit Accounts Receivable
Short-term Debt [Line Items]
Line of credit expiration date						Nov. 30, 2021
Line of Credit Accounts Receivable
Short-term Debt [Line Items]
Maximum borrowing capacity under line of credit						$ 100	$ 100
Current borrowing capacity						0	0
Short-term debt						0	0		58
Foreign Subsidiary
Short-term Debt [Line Items]
Maximum borrowing capacity under line of credit						286.1	286.1
Line of credit facility, remaining borrowing capacity						209.6	209.6
Short-term debt						76	76		61.8
Borrowings guarantees						0.5	0.5
Senior Unsecured Notes - Variable Rate
Short-term Debt [Line Items]
Maximum borrowing capacity under line of credit						650	$ 650
Line of credit expiration date							Jun. 25, 2024
Line of credit facility, remaining borrowing capacity						640.6	$ 640.6
Debt instrument, issuance date		Jun. 25, 2019
Fair value of amount outstanding						9.4	9.4		9.7
Fixed Rate Bank Loan (BEKA)
Short-term Debt [Line Items]
Fair value of amount outstanding						17.5	$ 17.5		18.8
Maturity date							Jun. 30, 2033
Term Loan - Variable Rate
Short-term Debt [Line Items]
Debt instrument, issuance date				Sep. 11, 2018
Fair value of amount outstanding						$ 325.4	$ 325.4		$ 329.6
Maturity date				Sep. 11, 2023			Sep. 11, 2023
Proceeds from long-term debt				$ 350
Repurchase date							Jul. 12, 2019

Financing Arrangements - Long T

Financing Arrangements - Long Term Debt (Details) - USD ($) $ in Millions	Sep. 11, 2018	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt		$ 1,435.4	$ 1,444.8
Less: Current maturities		11.1	10.9
Long-term debt		$ 1,424.3	$ 1,433.9
Senior Unsecured Notes - 3.875%
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		3.875%	3.875%
Maturity date		Sep. 1, 2024
Euro Senior Unsecured Notes - 2.02%
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		2.02%	2.02%
Series A Medium Term Note | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		6.74%	6.74%
Series A Medium Term Note | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		7.76%	7.76%
Senior Unsecured Notes - Variable Rate
Debt Instrument [Line Items]
Total long-term debt		$ 9.4	$ 9.7
Debt instrument, interest rate, stated percentage		1.46%	2.01%
Term Loan - Variable Rate
Debt Instrument [Line Items]
Total long-term debt		$ 325.4	$ 329.6
Long-term debt, percentage bearing variable interest, percentage rate		1.35%	1.63%
Maturity date	Sep. 11, 2023	Sep. 11, 2023
Senior Unsecured Notes - 3.875%
Debt Instrument [Line Items]
Total long-term debt		$ 349.3	$ 349
Euro Senior Unsecured Notes - 2.02%
Debt Instrument [Line Items]
Total long-term debt		$ 177.6	182.9
Maturity date		Sep. 7, 2027
Senior Unsecured Notes - 4.5%
Debt Instrument [Line Items]
Total long-term debt		$ 396.7	$ 396.5
Debt instrument, interest rate, stated percentage		4.50%	4.50%
Maturity date		Dec. 15, 2028
Series A Medium Term Note
Debt Instrument [Line Items]
Total long-term debt		$ 154.7	$ 154.7
Fixed Rate Bank Loan (BEKA)
Debt Instrument [Line Items]
Total long-term debt		$ 17.5	$ 18.8
Debt instrument, interest rate, stated percentage		2.15%	2.15%
Maturity date		Jun. 30, 2033
Other Long Term Debt
Debt Instrument [Line Items]
Total long-term debt		$ 4.8	$ 3.6
Euro Member Countries, Euro | Senior Unsecured Notes - Variable Rate
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		1.48%	1.48%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Change in the carrying amount of Goodwill
Beginning balance	$ 1,047.6
Foreign currency translation adjustments and other changes	12.8
Ending balance	1,034.8
Mobile Industries
Change in the carrying amount of Goodwill
Beginning balance	384.6
Foreign currency translation adjustments and other changes	(5.9)
Ending balance	378.7
Process Industries
Change in the carrying amount of Goodwill
Beginning balance	663
Foreign currency translation adjustments and other changes	(6.9)
Ending balance	$ 656.1

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Intangible assets subject to amortization:
Intangible assets, Gross Carrying Amount	$ 1,096.8	$ 1,104.7
Intangible assets, Accumulated Amortization	(527.7)	(501)
Intangible assets, Net Carrying Amount	569.1	603.7
Intangible assets not subject to amortization:
Trade name	126.4	129
FAA air agency certificates	8.7	8.7
Indefinite Lived Intangible Assets Net	135.1	137.7
Total intangible assets, Gross Carrying Amount	1,231.9	1,242.4
Total intangible assets, Net Carrying Amount	704.2	741.4
Customer relationships
Intangible assets subject to amortization:
Intangible assets, Gross Carrying Amount	526.4	532.2
Intangible assets, Accumulated Amortization	(176.7)	(161.9)
Intangible assets, Net Carrying Amount	349.7	370.3
Technology and know-how
Intangible assets subject to amortization:
Intangible assets, Gross Carrying Amount	273.9	277.2
Intangible assets, Accumulated Amortization	(79.7)	(72)
Intangible assets, Net Carrying Amount	194.2	205.2
Trade names
Intangible assets subject to amortization:
Intangible assets, Gross Carrying Amount	14.3	14.2
Intangible assets, Accumulated Amortization	(9.2)	(8.8)
Intangible assets, Net Carrying Amount	5.1	5.4
Capitalized software
Intangible assets subject to amortization:
Intangible assets, Gross Carrying Amount	277.5	276.4
Intangible assets, Accumulated Amortization	(258.2)	(254.6)
Intangible assets, Net Carrying Amount	19.3	21.8
Other
Intangible assets subject to amortization:
Intangible assets, Gross Carrying Amount	4.7	4.7
Intangible assets, Accumulated Amortization	(3.9)	(3.7)
Intangible assets, Net Carrying Amount	$ 0.8	$ 1

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 1,034.8		$ 1,047.6
Amortization expense for intangible assets	28.2	$ 28.1
Future amortization expense 2021	57.5
Future amortization expense 2022	49.4
Future amortization expense 2023	46.3
Future amortization expense 2024	44.3
Future amortization expense 2025	$ 43.2

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies	$ 5.2	$ 5.3
Standard product warranty accrual	10.9	9.4	$ 7.5
Product Warranty Expense	5	9.4
Standard Product Warranty Accrual, Decrease for Payments	$ (3.5)	$ (7.5)

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Beginning Balance	$ 2,250.1	$ 1,900.3	$ 2,225.2	$ 1,954.8
Stated capital	40.7	53.1	40.7	53.1	$ 40.7	$ 40.7	$ 53.1	$ 53.1
Additional Paid in Capital, Common Stock	778.6	924.4	778.6	924.4	761.3	740.7	920.1	937.6
Retained Earnings (Accumulated Deficit)	1,510.9	2,005.7	1,510.9	2,005.7	1,429	1,339.5	1,964.8	1,907.4
Accumulated Other Comprehensive Income (Loss), Net of Tax	19.8	(99.2)	19.8	(99.2)	(2.1)	41.3	(118.9)	(50.1)
Treasury Stock, Value	(59.1)	(1,000.4)	(59.1)	(1,000.4)	(53.4)	(9.3)	(1,001.7)	(979.8)
Stockholders' Equity Attributable to Noncontrolling Interest	76.4	84	76.4	84	74.6	72.3	82.9	86.6
Stockholders' Equity Roll Forward
Net Income	107.2	61.8	223.2	145.8
Foreign currency translation adjustment	23.2	24.5	(21.2)	(54.3)
Pension and postretirement liability adjustments	(1.7)	(1.5)	(3.3)	(2.8)
Change in fair value of marketable securities		0.5		0.1
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(0.2)	(2.6)	2	1.6
Dividends	$ (22.9)	$ (21)	$ (46.7)	$ (43.9)
Dividend per share	$ 0.30	$ 0.28	$ 0.59	$ 0.56
Stock-based compensation expense	$ 6	$ 5.8	$ 12.5	$ 11.4
Purchase of treasury shares			(26.3)	(42.3)
Stock option exercise activity	11.3		25.4	7.5
Restricted shares surrendered (issued)		0		0
Payment, Tax Withholding, Share-based Payment Arrangement	(5.7)	(0.2)	(23.5)	(10.4)
Ending Balance	2,367.3	1,967.6	2,367.3	1,967.6
Income tax benefit	0.7	1.2	0.4	0.2
Other Comprehensive Income (Loss), Net of Tax, Change in Noncontrolling Interest				(0.5)
Cumulative Effect, Period of Adoption, Adjustment
Stockholders' Equity Roll Forward
Ending Balance		(0.4)		(0.4)
Other Paid-In Capital
Stockholders' Equity Roll Forward
Stock-based compensation expense	6	5.8	12.5	11.4
Stock option exercise activity	11.3		25.4	0.9
Restricted shares surrendered (issued)		(1.5)		(23.7)
Retained Earnings
Stockholders' Equity Roll Forward
Net Income	104.8	61.9	218.1	142.6
Dividends	(22.9)	(21)	(46.7)	(43.9)
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Stockholders' Equity Roll Forward
Ending Balance		(0.4)		(0.4)
Accumulated Other Comprehensive Income (Loss)
Stockholders' Equity Roll Forward
Foreign currency translation adjustment	23.8	23.3	(20.2)	(48)
Pension and postretirement liability adjustments	(1.7)	(1.5)	(3.3)	(2.8)
Change in fair value of marketable securities		0.5		0.1
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(0.2)	(2.6)	2	1.6
Treasury Stock
Stockholders' Equity Roll Forward
Purchase of treasury shares			26.3	42.3
Stock option exercise activity				8.4
Restricted shares surrendered (issued)		1.5		23.7
Payment, Tax Withholding, Share-based Payment Arrangement	(5.7)	(0.2)	(23.5)	(10.4)
Non controlling Interest
Stockholders' Equity Roll Forward
Net Income	2.4	(0.1)	5.1	3.2
Foreign currency translation adjustment	(0.6)	1.2	(1)	(6.3)
Other Comprehensive Income (Loss), Net of Tax, Change in Noncontrolling Interest				(0.5)
Pension and other postretirement liability adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax	60.1	64.1	60.1	64.1	$ 61.8	$ 63.4	$ 65.6	$ 66.9
Stockholders' Equity Roll Forward
Income tax benefit	$ 0.5	0.5	$ 1.1	$ 1
Accounting Standards Update 2016-13
Stockholders' Equity Roll Forward
Cumulative effect of change in accounting		$ 0.2

Impairment and Restructuring _3

Impairment and Restructuring Charges - Restructuring Charges by Segment (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Impairment charges	$ 1.1			$ 4.5	$ 0.1
Severance and related benefit costs	0.1		$ 3.2	0.6	5.9
Exit costs	0.1		(0.1)	0.2	0.7
Total	1.3		3.1	5.3	6.7
Mobile Industries
Restructuring Cost and Reserve [Line Items]
Impairment charges	1			1.1	0
Severance and related benefit costs	0		1.5	0	1.6
Exit costs	0.1		(0.3)	0.2	0.3
Total	1.1		1.2	1.3	1.9
Process Industries
Restructuring Cost and Reserve [Line Items]
Impairment charges	0.1	$ 3.3		3.4	0.1
Severance and related benefit costs	0.1		1.7	0.6	4.2
Exit costs	0		0.2	0	0.4
Total	0.2		1.9	4	4.7
Corporate Segment
Restructuring Cost and Reserve [Line Items]
Impairment charges	0			0	0
Severance and related benefit costs	0		0	0	0.1
Exit costs	0		0	0	0
Total	$ 0		$ 0	$ 0	$ 0.1

Impairment and Restructuring _4

Impairment and Restructuring Charges - Narrative (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)employee	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)employee	Jun. 30, 2021USD ($)employee	Jun. 30, 2020USD ($)employee	Dec. 31, 2021employee
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs	$ 100,000		$ 3,200,000	$ 600,000	$ 5,900,000
Total	1,300,000		3,100,000	5,300,000	6,700,000
Exit costs	$ 100,000		(100,000)	$ 200,000	700,000
Number of Employees Expected to be Hired | employee	130			130
Impairment charges	$ 1,100,000			$ 4,500,000	100,000
Impairment and Restructuring Charges	Note 13 - Impairment and Restructuring Charges Impairment and restructuring charges by segment are comprised of the following: For the three months ended June 30, 2021: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ 1.0 $ 0.1 $ — $ 1.1 Severance and related benefit costs — 0.1 — 0.1 Exit costs 0.1 — — 0.1 Total $ 1.1 $ 0.2 $ — $ 1.3 For the six months ended June 30, 2021: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ 1.1 $ 3.4 $ — $ 4.5 Severance and related benefit costs — 0.6 — 0.6 Exit costs 0.2 — — 0.2 Total $ 1.3 $ 4.0 $ — $ 5.3 For the three months ended June 30, 2020: Mobile Industries Process Industries Unallocated Corporate Total Severance and related benefit costs $ 1.5 $ 1.7 $ — $ 3.2 Exit costs (0.3) 0.2 — (0.1) Total $ 1.2 $ 1.9 $ — $ 3.1 For the six months ended June 30, 2020: Mobile Industries Process Industries Unallocated Corporate Total Impairment charges $ — $ 0.1 $ — $ 0.1 Severance and related benefit costs 1.6 4.2 0.1 5.9 Exit costs 0.3 0.4 — 0.7 Total $ 1.9 $ 4.7 $ 0.1 $ 6.7 The following discussion explains the impairment and restructuring charges recorded for the periods presented; however, it is not intended to reflect a comprehensive discussion of all amounts in the tables above. Coronavirus ("COVID-19") Pandemic Cost Reduction Initiatives: During the three months ended June 30, 2020 , the Company recorded $2.0 million in severance and related benefit costs to eliminate approximately 20 salaried positions. Of the $2.0 million charge, $0.6 million related to the Mobile Industries segment and $1.4 million related to the Process Industries segment. Mobile Industries: On July 19, 2021, the Company announced the closure of its bearing manufacturing facility in Villa Carcina, Italy. The Company will be transferring the man ufacturing of its single-row tapered roller bearing production to other bearing facilities in Europe, Asia and the United States. The plant is expected to close by the end of 2021 and is expected to affect approximately 110 employees. The Company expects to incur approximately $7 million to $10 million of expenses related to this closure. Ahead of this announcement, the Company reviewed assets for impairment. As a result, the Company recorded impairment charges of $1.0 million during the three months ended June 30, 2021. Note 13 - Impairment and Restructuring Charges (continued) On October 16, 2019, the Company announced the reorganization of its bearing manufacturing facility in Gaffney, South Carolina. The Company transferred its high-volume bearing production and roller production to other Timken manufacturing facilities in the United States. The transfer of these operations was substantially completed by the end of the third quarter of 2020 and affected approximately 150 employees. The Company expected to incur approximately $8 million to $10 million of pretax costs in total related to this reorganization. During the six months ended June 30, 2020, the Company recognized severance and related benefits of $0.3 million and exit costs of $0.3 million related to this reorganization. The Company incurred cumulative pretax costs related to this reorganization of $7.8 million as of June 30, 2021, including rationalization costs recorded in cost of products sold. Process Industries: On February 4, 2020, the Company announced the closure of its chain manufacturing facility in Indianapolis, Indiana. This facility was part of the Diamond Chain Company ("Diamond Chain") acquisition completed on April 1, 2019. The Company will be transferring the manufacturing of its Diamond Chain product line to its chain facility in Fulton, Illinois. The chain plant is expected to close by the end of the fourth quarter of 2021 and is expected to affect approximately 240 employees. The Company expects to hire approximately 130 full-time positions in Fulton, Illinois and expects to incur approximately $10 million to $12 million of expenses related to this closure. During the three months ended June 30, 2021 and June 30, 2020, the Company recorded severance and related benefit costs of $0.3 million and $0.3 million, respectively, related to this closure. During the six months ended June 30, 2021 and June 30, 2020, the Company recorded severance and related benefit costs of $0.6 million and $2.2 million, respectively, related to this closure. The Company has incurred cumulative pretax costs related to this closure of $8.5 million as of June 30, 2021, including rationalization costs recorded in cost of products sold. In addition, the Company recorded impairment charges of $3.3 million related to certain engineering-related assets used in the business during the three months ended March 31, 2021. Management concluded no further investment would be made in these assets and as a result, reduced the value to zero. Consolid ated Restructuring Accrual: The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2021 and twelve months ended December 31, 2020: June 30, December 31, Beginning balance, January 1 $ 8.0 $ 2.7 Expense 0.8 20.8 Payments (2.5) (15.5) Ending balance $ 6.3 $ 8.0 The restructuring accrual at June 30, 2021 was included in other current liabilities on the Consolidated Balance Sheets.
Gaffney
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs				300,000
Exit costs				300,000
Restructuring charges				7,800,000
Diamond Chain
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs	$ 300,000		300,000	600,000	2,200,000
Restructuring charges				8,500,000
Mobile Industries
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs	0		1,500,000	0	1,600,000
Total	1,100,000		1,200,000	1,300,000	1,900,000
Exit costs	100,000		(300,000)	200,000	300,000
Impairment charges	1,000,000			1,100,000	0
Mobile Industries | Villa Carcina
Restructuring Cost and Reserve [Line Items]
Impairment charges				1,000,000
Process Industries
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs	100,000		1,700,000	600,000	4,200,000
Total	200,000		1,900,000	4,000,000	4,700,000
Exit costs	0		200,000	0	400,000
Impairment charges	100,000	$ 3,300,000		3,400,000	100,000
Corporate Segment
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs	0		0	0	100,000
Total	0		0	0	100,000
Exit costs	0		0	0	0
Impairment charges	$ 0			$ 0	$ 0
Restructuring Charges | Gaffney
Restructuring Cost and Reserve [Line Items]
Number of employees affected | employee	150			150
Restructuring Charges | Diamond Chain | Forecast
Restructuring Cost and Reserve [Line Items]
Number of employees affected | employee						240
Restructuring Charges | Villa Carcina
Restructuring Cost and Reserve [Line Items]
Number of employees affected | employee	110			110
Restructuring Charges | Minimum | Gaffney
Restructuring Cost and Reserve [Line Items]
Total				$ 8,000,000
Restructuring Charges | Minimum | Diamond Chain
Restructuring Cost and Reserve [Line Items]
Total				10,000,000
Restructuring Charges | Minimum | Villa Carcina
Restructuring Cost and Reserve [Line Items]
Total				7,000,000
Restructuring Charges | Maximum | Gaffney
Restructuring Cost and Reserve [Line Items]
Total				10,000,000
Restructuring Charges | Maximum | Diamond Chain
Restructuring Cost and Reserve [Line Items]
Total				12,000,000
Restructuring Charges | Maximum | Villa Carcina
Restructuring Cost and Reserve [Line Items]
Total				$ 10,000,000
COVID-19 Cost Reductions
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs			$ 2,000,000
Number of employees eliminated | employee			20		20
Number of employees eliminated | employee			20		20
COVID-19 Cost Reductions | Mobile Industries
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs			$ 600,000
COVID-19 Cost Reductions | Process Industries
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs			$ 1,400,000

Impairment and Restructuring _5

Impairment and Restructuring Charges - Consolidated Restructuring Accrual (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Restructuring Reserve	$ 8	$ 6.3	$ 8	$ 2.7
Expense	20.8	0.8
Payments	$ (15.5)	$ (2.5)

Retirement Benefit Plans (Detai

Retirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021
Components of net periodic benefit cost:
Recognition of net actuarial losses	$ 3.5	$ 8.8	$ 4.4	$ 8.8
Pension Plan
Components of net periodic benefit cost:
Service cost	2.8	3.1	5.8	6.2
Interest cost	5.6	6.6	11.1	13.3
Expected return on plan assets	(8.7)	(8.5)	(17.3)	(17)
Amortization of prior service cost	0.4	0.5	0.7	0.9
Recognition of net actuarial losses	3.5	8.8	4.4	8.8
Net periodic benefit cost (credit)	3.6	10.5	4.7	12.2
Pension Plan | Subsequent Event
Components of net periodic benefit cost:
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year					$ 15
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year					$ 15
Pension Plan | United States
Components of net periodic benefit cost:
Service cost	2.3	2.7	4.8	5.4
Interest cost	4.5	5.3	8.9	10.5
Expected return on plan assets	(6.1)	(6.4)	(12.2)	(12.7)
Amortization of prior service cost	0.3	0.4	0.6	0.8
Recognition of net actuarial losses	3.5	8.8	4.4	8.8
Net periodic benefit cost (credit)	4.5	10.8	6.5	12.8
Deferred Compensation Arrangement with Individual, Compensation Expense			9.6
Deferred Compensation Arrangement with Individual, Compensation Expense			9.6
Pension Plan | Foreign Plan
Components of net periodic benefit cost:
Service cost	0.5	0.4	1	0.8
Interest cost	1.1	1.3	2.2	2.8
Expected return on plan assets	(2.6)	(2.1)	(5.1)	(4.3)
Amortization of prior service cost	0.1	0.1	0.1	0.1
Recognition of net actuarial losses	0		0	0
Net periodic benefit cost (credit)	$ (0.9)	$ (0.3)	$ (1.8)	$ (0.6)

Postretirement Benefit Plans (D

Postretirement Benefit Plans (Details) - Postretirement Plan - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Interest cost		$ 0.3	$ 0.5	$ 0.7	$ 1
Expected return on plan assets		0	(0.1)	0	(0.2)
Amortization of prior service credit		(2.5)	(2.5)	(5)	(4.9)
Net periodic benefit credit		(2.1)	(2)	(4.2)	(4)
Net periodic benefit cost	$ 11.1
Service cost		$ 0.1	$ 0.1	$ 0.1	$ 0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	$ (2.1)	$ (118.9)	$ 41.3	$ (50.1)
Other comprehensive income (loss) before reclassifications and income taxes	21	23	(22)	(49.7)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	(0.4)	(3.3)	(0.9)	(5.9)
Income tax benefit	0.7	1.2	0.4	0.2
Net current period other comprehensive income (loss), net of income taxes	21.3	20.9	(22.5)	(55.4)
Noncontrolling interest	0.6	(1.2)	1	6.3
Net current period comprehensive income (loss), net of income taxes and noncontrolling interest	21.9	19.7	(21.5)	(49.1)
Ending Balance	19.8	(99.2)	19.8	(99.2)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(62)	(186.6)	(18)	(115.3)
Other comprehensive income (loss) before reclassifications and income taxes	23.2	24.5	(21.2)	(54.3)
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	0	0	0	0
Income tax benefit	0	0	0	0
Net current period other comprehensive income (loss), net of income taxes	23.2	24.5	(21.2)	(54.3)
Noncontrolling interest	0.6	(1.2)	1	6.3
Net current period comprehensive income (loss), net of income taxes and noncontrolling interest	23.8	23.3	(20.2)	(48)
Ending Balance	(38.2)	(163.3)	(38.2)	(163.3)
Pension and other postretirement liability adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	61.8	65.6	63.4	66.9
Other comprehensive income (loss) before reclassifications and income taxes	(0.1)	0	(0.1)	0.2
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	(2.1)	(2)	(4.3)	(4)
Income tax benefit	0.5	0.5	1.1	1
Net current period other comprehensive income (loss), net of income taxes	(1.7)	(1.5)	(3.3)	(2.8)
Noncontrolling interest	0	0	0	0
Net current period comprehensive income (loss), net of income taxes and noncontrolling interest	(1.7)	(1.5)	(3.3)	(2.8)
Ending Balance	60.1	64.1	60.1	64.1
Unrealized gain (loss) on marketable securities
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	0	(0.4)	0	0
Other comprehensive income (loss) before reclassifications and income taxes	0	0.7	0	0.2
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	0	0	0	0
Income tax benefit	0	(0.2)	0	(0.1)
Net current period other comprehensive income (loss), net of income taxes	0	0.5	0	0.1
Noncontrolling interest	0	0	0	0
Net current period comprehensive income (loss), net of income taxes and noncontrolling interest	0	0.5	0	0.1
Ending Balance	0	0.1	0	0.1
Change in fair value of derivative financial instruments
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(1.9)	2.5	(4.1)	(1.7)
Other comprehensive income (loss) before reclassifications and income taxes	(2.1)	(2.2)	(0.7)	4.2
Amounts reclassified from accumulated other comprehensive (loss) income before income taxes	1.7	(1.3)	3.4	(1.9)
Income tax benefit	0.2	0.9	(0.7)	(0.7)
Net current period other comprehensive income (loss), net of income taxes	(0.2)	(2.6)	2	1.6
Noncontrolling interest	0	0	0	0
Net current period comprehensive income (loss), net of income taxes and noncontrolling interest	(0.2)	(2.6)	2	1.6
Ending Balance	$ (2.1)	$ (0.1)	$ (2.1)	$ (0.1)

Fair Value - Fair Value on Recu

Fair Value - Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets and Liabilities Measured at fair value on a recurring basis
Restricted cash	$ 0.8	$ 0.8
Fair Value, Recurring
Assets and Liabilities Measured at fair value on a recurring basis
Cash and cash equivalents	305.5	320.3
Restricted cash	0.8	0.8
Short-term investments	52	37.6
Foreign currency forward contracts	0.9	1.1
Total Assets	359.2	359.8
Foreign currency forward contracts	3.4	8.1
Total Liabilities	3.4	8.1
Fair Value, Recurring | Level 1
Assets and Liabilities Measured at fair value on a recurring basis
Cash and cash equivalents	303.5	318.6
Restricted cash	0.8	0.8
Short-term investments	0	0
Foreign currency forward contracts	0	0
Total Assets	304.3	319.4
Foreign currency forward contracts	0	0
Total Liabilities	0	0
Fair Value, Recurring | Level 2
Assets and Liabilities Measured at fair value on a recurring basis
Cash and cash equivalents	2	1.7
Restricted cash	0	0
Short-term investments	52	37.6
Foreign currency forward contracts	0.9	1.1
Total Assets	54.9	40.4
Foreign currency forward contracts	3.4	8.1
Total Liabilities	3.4	8.1
Fair Value, Recurring | Level 3
Assets and Liabilities Measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Restricted cash	0	0
Short-term investments	0	0
Foreign currency forward contracts	0	0
Total Assets	0	0
Foreign currency forward contracts	0	0
Total Liabilities	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Long-term fixed-rate debt, fair value	$ 1,204	$ 1,220.7
Long-term fixed-rate debt, carrying value	$ 1,095.7	$ 1,103.2

Derivatives Instruments and H_3

Derivatives Instruments and Hedging Activities - Narrative (Details) € in Millions	Sep. 15, 2020EUR (€)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 08, 2020USD ($)
Derivative [Line Items]
Derivative, amount of hedged item							$ 100,000,000
Proceeds from long-term debt				$ 135,000,000	$ 550,000,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		$ 400,000	$ 3,300,000	900,000	$ 5,900,000
Derivative, notional amount		187,800,000		187,800,000		$ 173,200,000
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount		88,700,000		88,700,000		86,900,000
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount		99,100,000		99,100,000		$ 86,300,000
2027 Notes
Derivative [Line Items]
Proceeds from long-term debt | €	€ 150
Net Investment Hedging
Derivative [Line Items]
Derivative, amount of hedged item | €	€ 54.5
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		$ 700,000		$ 1,900,000

Derivatives Instruments and H_4

Derivatives Instruments and Hedging Activities - Cash Flow Hedging Strategy (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives not designated as hedging instruments:	$ (0.9)	$ (3.7)	$ (0.7)	$ 1.8