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Retirement Benefit Plans (Tables) - Pension Plan, Defined Benefit [Member]
 12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans as of December 31, 2015 and 2014:
 
U.S. Plans
International Plans
 
2015
2014
2015
2014
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of year
$
1,703.9

$
2,642.4

$
415.7

$
491.1

Service cost
15.4

21.5

2.2

2.4

Interest cost
45.6

98.3

12.3

17.7

Amendments
—

—

—

0.3

Actuarial losses (gains)
68.8

239.6

(31.6
)
38.7

Employee contributions
—

—

—

0.3

International plan exchange rate change
—

—

(29.5
)
(29.5
)
Curtailment
—

—

0.5

—

Benefits paid
(100.9
)
(234.6
)
(17.6
)
(23.5
)
Special termination benefits
—

—

0.6

—

Settlements
(1,162.8
)
—

(14.5
)
—

Acquisitions
19.9

—

—

—

Spinoff of TimkenSteel
—

(1,063.3
)
—

(81.8
)
Benefit obligation at end of year
$
589.9

$
1,703.9

$
338.1

$
415.7
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
 
U.S. Plans
International Plans
 
2015
2014
2015
2014
Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
$
1,772.4

$
2,870.0

$
349.4

$
420.6

Actual return on plan assets
23.0

250.5

4.5

42.2

Employee contributions
—

—

—

0.3

Company contributions / payments
4.4

4.5

6.4

16.6

International plan exchange rate change
—

—

(23.6
)
(21.2
)
Acquisitions
17.6

—

—

—

Settlements
(1,162.8
)
—

(14.5
)
—

Benefits paid
(100.9
)
(234.6
)
(17.6
)
(23.5
)
Spinoff of TimkenSteel
—

(1,118.0
)
—

(85.6
)
Fair value of plan assets at end of year
553.7

1,772.4

304.6

349.4

Funded status at end of year
$
(36.2
)
$
68.5

$
(33.5
)
$
(66.3
)
Net periodic benefit cost for the Company's retirement benefit plans
The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
 
U.S. Plans
International Plans
 
2015
2014
2013
2015
2014
2013
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
15.4

$
21.5

$
35.7

$
2.2

$
2.4

$
2.8

Interest cost
45.6

98.3

116.2

12.3

17.7

18.5

Expected return on plan assets
(62.6
)
(152.0
)
(207.6
)
(16.7
)
(23.7
)
(24.4
)
Amortization of prior service cost
2.8

3.5

4.5

0.1

0.1

—

Amortization of net actuarial loss
31.1

55.6

109.2

5.2

5.3

7.6

Curtailment
—

—

—

0.6

—

—

Settlement
456.4

32.7

—

4.8

0.8

7.2

Special termination benefits
—

—

—

0.6

—

—

Less: Discontinued operations
—

(8.0
)
(24.2
)
—

0.4

0.4

Net periodic benefit cost
$
488.7

$
51.6

$
33.8

$
9.1

$
3.0

$
12.1
Defined Benefit Plans Amounts recognized on the Consolidated Balance Sheets
Amounts recognized on the Consolidated Balance Sheets:
 
 
 
 
Non-current assets
$
69.0

$
176.2

$
17.3

$
—

Current liabilities
(4.2
)
(4.1
)
(4.9
)
(4.0
)
Non-current liabilities
(101.0
)
(103.6
)
(45.9
)
(62.3
)
 
$
(36.2
)
$
68.5

$
(33.5
)
$
(66.3
)
Defined Benefit Plans Amounts recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive loss:
 
 
 
 
Net actuarial loss
$
187.4

$
566.5

$
93.3

$
132.3

Net prior service cost
9.1

11.9

0.5

0.7

Accumulated other comprehensive loss
$
196.5

$
578.4

$
93.8

$
133.0

Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss (AOCL):
 
 
 
 
AOCL at beginning of year
$
578.4

$
865.4

$
133.0

$
142.7

Net actuarial loss (gain)
108.4

141.0

(18.9
)
20.2

Prior service cost
—

—

—

0.3

Recognized net actuarial loss
(31.1
)
(55.6
)
(5.2
)
(5.3
)
Recognized prior service cost
(2.8
)
(3.5
)
(0.1
)
(0.1
)
Loss recognized due to curtailment
—

—

(0.6
)
—

Loss recognized due to settlement
(456.4
)
(32.7
)
(4.8
)
(0.8
)
Foreign currency impact
—

—

(9.6
)
(9.8
)
TimkenSteel Spinoff
—

(336.2
)
—

(14.2
)
Total recognized in accumulated other comprehensive loss at December 31
$
196.5

$
578.4

$
93.8

$
133.0
Target assets allocation and actual asset allocations for US pension plan assets
The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2015 and 2014, was as follows: 
 
Current Target
Allocation
Percentage of Pension Plan
Assets at December 31,
Asset Category
 
 
 
2015
2014
Equity securities
6%
to
12%
15%
10%
Debt securities
70%
to
90%
63%
77%
Other
7%
to
15%
22%
13%
Total
 
 
 
100%
100%
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2015:
 
U.S. Pension Plans
International Pension Plans
 
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
65.9

$
23.9

$
42.0

$
—

$
31.0

$
12.8

$
18.2

$
—

Government and agency securities
35.1

32.9

2.2

—

—

—

—

—

Corporate bonds - investment grade
56.0

—

56.0

—

3.0

—

3.0

—

Equity securities - U.S. companies
9.8

9.7

0.1

—

—

—

—

—

Equity securities - international companies
6.1

6.1

—

—

0.9

—

0.9

—

Common collective funds - domestic equities
13.0

—

13.0

—

—

—

—

—

Common collective funds - international equities
14.2

—

14.2

—

81.4

—

81.4

—

Common collective funds - fixed income
173.5

—

173.5

—

85.0

—

85.0

—

Common collective funds - other
—

—

—

—

103.3

—

103.3

—

Limited partnerships
52.8

—

—

52.8

—

—

—

—

Real estate partnerships
99.7

—

71.9

27.8

—

—

—

—

Risk parity
27.6

—

27.6

—

—

—

—

—

Total Assets
$
553.7

$
72.6

$
400.5

$
80.6

$
304.6

$
12.8

$
291.8

$
—


The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2014:
 
U.S. Pension Plans
International Pension Plans
 
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
55.3

$
0.8

$
54.5

$
—

$
25.5

$
—

$
25.5

$
—

Government and agency securities
505.9

496.4

9.5

—

—

—

—

—

Corporate bonds - investment grade
473.7

—

473.7

—

2.7

—

2.7

—

Equity securities - U.S. companies
22.7

22.7

—

—

30.2

30.2

—

—

Equity securities - international companies
16.3

16.3

—

—

26.6

25.7

0.9

—

Asset backed securities
—

—

—

—

3.4

—

3.4

—

Common collective funds - domestic equities
22.6

—

22.6

—

2.1

—

2.1

—

Common collective funds - international equities
27.4

—

27.4

—

60.6

—

60.6

—

Common collective funds - fixed income
379.5

—

379.5

—

108.9

—

108.9

—

Common collective funds - other
—

—

—

—

89.4

—

89.4

—

Limited partnerships
66.1

—

—

66.1

—

—

—

—

Real estate partnerships
112.6

—

84.8

27.8

—

—

—

—

Risk Parity
90.3

—

90.3

—

—

—

—

—

Total Assets
$
1,772.4

$
536.2

$
1,142.3

$
93.9

$
349.4

$
55.9

$
293.5

$
—
Summary of changes in the fair value of the plan's level three assets
The table below sets forth a summary of changes in the fair value of the level 3 assets by fund for the year ended December 31, 2015:
 
Limited Partnerships
Real Estate
Total
Beginning balance, January 1
$
66.1

$
27.8

$
93.9

Purchases
0.6

7.0

7.6

Sales
(9.8
)
(8.3
)
(18.1
)
Realized losses
(7.5
)
(4.7
)
(12.2
)
Unrealized gains
3.4

6.0

9.4

Ending balance, December 31
$
52.8

$
27.8

$
80.6


The table below sets forth a summary of changes in the fair value of the level 3 assets by fund for the year ended December 31, 2014:
 
Limited Partnerships
Real Estate
Total
Beginning balance, January 1
$
78.8

$
21.1

$
99.9

Purchases
2.1

10.5

12.6

Sales
(16.8
)
(5.6
)
(22.4
)
Realized losses
(11.0
)
(4.1
)
(15.1
)
Unrealized gains
13.0

5.9

18.9

Ending balance, December 31
$
66.1

$
27.8

$
93.9
Employer contributions to defined benefit plans
Employer Contributions to Defined Benefit Plans
 
2014
$
21.1

2015
10.8

2016 (planned)
15.0
Future pension benefit payments
Future benefit payments, including lump sum distributions, are expected to be as follows:
Benefit Payments
 
2016
$
94.5

2017
67.4

2018
59.5

2019
83.8

2020
63.2

2021-2025
331.6
Schedule of Assumptions Used [Table Text Block]
Assumptions
2015
2014
2013
U.S. Plans:
 
 
 
Discount rate
3.98% to 4.64%

4.68% / 5.02%

4.00
%
Future compensation assumption
2.00% to 3.00%

2.00% to 3.00%

2.00% to 3.00%

Expected long-term return on plan assets
6.00
%
7.25
%
8.00
%
International Plans:
 
 
 
Discount rate
1.50% to 8.75%

3.25% to 9.75%

2.75% to 9.00%

Future compensation assumption
2.20% to 8.00%

2.30% to 8.00%

2.30% to 8.00%

Expected long-term return on plan assets
2.25% to 9.25%

3.00% to 8.50%

3.25% to 8.50%

In 2015, the Company entered into two agreements pursuant to which two of the Company's U.S. defined benefit pension plans purchased group annuity contracts from Prudential. The two group annuity contracts require Prudential to pay and administer future pension benefits for approximately 8,400 U.S. Timken retirees in the aggregate. The Company transferred a total of approximately $1.1 billion of its pension obligations and a total of approximately $1.2 billion of pension assets to Prudential in these transactions. In addition to the purchase of the group annuity contracts, the Company made lump-sum distributions of $37.2 million to new retirees in the U.S. The Company also entered into an agreement pursuant to which one of the Company's Canadian defined benefit pension plans purchased a group annuity contract from Canada Life. The group annuity contract requires Canada Life to pay and administer future pension benefits for approximately 40 Canadian retirees. As a result of the group annuity contracts, lump-sum distributions, as well as pension settlement and curtailment charges related to the Company's Canadian pension plans, the Company incurred total pension settlement and curtailment charges of $465.0 million, including professional fees of $2.6 million, in 2015.

In 2014, the Company incurred pension settlement charges of $33.7 million, including professional fees, primarily to settle approximately $110 million of the Company's pension obligations related to one of its defined benefit pension plans in the U.S. as a result of the lump sum distributions for 2014 retirements and certain deferred vested plan participants.

The discount rate assumption is based on current rates of high-quality long-term corporate bonds over the same period that benefit payments will be required to be made. The expected rate of return on plan assets assumption is based on the weighted-average expected return on the various asset classes in the plans’ portfolio. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance.
The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
Assumptions
2015
2014
U.S. Plans:
 
 
Discount rate
4.69
%
4.20
%
Future compensation assumption
2.00% to 3.00%

2.00% to 3.00%

International Plans:
 
 
Discount rate
2.00% to 8.50%

1.50% to 8.75%

Future compensation assumption
2.20% to 8.00%

2.20% to 8.00%