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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
 
2014
 
1st
2nd
3rd
4th
Total
Net sales
$
736.8

$
789.2

$
788.0

$
762.2

$
3,076.2

Gross profit (1)
218.1

233.6

225.5

220.8

898.0

Impairment and restructuring charges (2)
3.2

5.4

99.4

5.4

113.4

Pension settlement charges (3)
0.7

—

—

33.0

33.7

Income (loss) from continuing operations
60.3

57.6

(10.2
)
41.6

149.3

Income (loss) from discontinued operations
23.5

6.2

(11.0
)
5.3

24.0

Net income (loss) (4)
83.8

63.8

(21.2
)
46.9

173.3

Net income attributable to noncontrolling interests
0.3

1.1

0.7

0.4

2.5

Net income (loss) attributable to The Timken Company
83.5

62.7

(21.9
)
46.5

170.8

Net income (loss) per share - Basic:
 
 
 
 
 
Income (loss) from continuing operations
0.64

0.62

(0.12
)
0.46

1.62

Income (loss) from discontinuing operations
0.26

0.07

(0.12
)
0.06

0.27

Total net income (loss) per share
0.90

0.69

(0.24
)
0.52

1.89

Net income (loss) per share - Diluted:
 
 
 
 
 
Income (loss) from continuing operations
0.64

0.61

(0.12
)
0.46

1.61

Income (loss) from discontinued operations
0.26

0.07

(0.12
)
0.06

0.26

Total net income (loss) per share
0.90

0.68

(0.24
)
0.52

1.87

Dividends per share
0.25

0.25

0.25

0.25

1.00

 
 
 
 
 
 
 
2013
 
1st
2nd
3rd
4th
Total
Net sales
$
763.2

$
791.3

$
731.4

$
749.5

$
3,035.4

Gross profit
218.9

239.6

202.0

207.9

868.4

Impairment and restructuring charges (5)
1.2

1.5

2.2

3.8

8.7

Pension settlement charges (6)
—

5.2

1.5

0.5

7.2

Income from continuing operations
51.5

55.4

34.8

33.8

175.5

Income from discontinued operations
23.4

27.5

17.7

18.9

87.5

Net income (7)
74.9

82.9

52.5

52.7

263.0

Net income (loss) attributable to noncontrolling interests
(0.2
)
0.1

0.3

0.1

0.3

Net income attributable to The Timken Company
75.1

82.8

52.2

52.6

262.7

Net income per share - Basic:










Income from continuing operations
0.54

0.58

0.36

0.36

1.84

Income from discontinuing operations
0.24

0.28

0.19

0.20

0.92

Total net income per share
$
0.78

$
0.86

$
0.55

$
0.56

$
2.76

Net income per share - Diluted:










Income from continuing operations
0.53

0.57

0.36

0.35

1.82

Income from discontinued operations
0.24

0.29

0.18

0.20

0.92

Total net income per share
$
0.77

$
0.86

$
0.54

$
0.55

$
2.74

Dividends per share
$
0.23

$
0.23

$
0.23

$
0.23

$
0.92


Earnings per share are computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the total computed for the year.

(1)
Gross profit for the third quarter of 2014 included an inventory valuation adjustment of $18.7 million related to the Company's Mobile Industries segment.
(2)
Impairment and restructuring charges for the second quarter of 2014 included severance and related benefits of $2.8 million, exit costs of $1.8 million and impairment charges of $0.8 million. Impairment and restructuring charges for the third quarter of 2014 included impairment charges of $98.0 million, severance and related benefits of $1.3 million and exit costs of $0.1 million. The impairment charges primarily related to the impairment of goodwill and intangible assets for two of the Company's Aerospace reporting units. Impairment and restructuring charges for the fourth quarter of 2014 included severance and related benefits of $4.4 million and exits costs of $1.0 million.
(3)
Pension settlement charges for the fourth quarter of 2014 primarily related to the settlement of approximately $110 million of pension obligation for one of the Company's U.S. defined benefit pension plans.
(4)
Net income for the first quarter of 2014 included a gain of $22.6 million on the sale of real estate in Sao Paulo.
(5)
Impairment and restructuring charges for the fourth quarter of 2013 included severance and related benefit costs of $5.6 million, impairment charges of $0.1 million and a favorable adjustment for exit costs of $1.9 million.
(6)
Pension settlement charges for the second quarter of 2013 related to the settlement of pension obligations for one of the Company's Canadian defined benefit pension plans.
(7)
Net income for the fourth quarter of 2013 included a gain of $5.4 million on the sale of real estate in Sao Paulo.