XML 39 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Change in Accounting Principles (Tables)
6 Months Ended
Jun. 30, 2017
Accounting Changes [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] The following tables reflect the changes to financial statement line items as a result of the change in accounting principles for the periods presented in the accompanying unaudited consolidated financial statements:
Consolidated Statements of Income:
 
Three Months Ended
 
June 30, 2017
 
June 30, 2016
 
Previous Accounting Method
As Reported
Effect of Accounting Change
 
As Previously Reported
Revised
Effect of Accounting Change
Cost of products sold
$
551.1

$
548.8

$
(2.3
)
 
$
491.3

$
489.1

$
(2.2
)
Gross profit
199.5

201.8

2.3

 
182.3

184.5

2.2

Selling, general and administrative expense
126.5

123.8

(2.7
)
 
110.2

108.0

(2.2
)
Pension settlement expenses
1.1


(1.1
)
 
0.4


(0.4
)
Operating income
71.1

77.2

6.1

 
68.8

73.6

4.8

Income before income taxes
67.8

73.9

6.1

 
64.9

69.7

4.8

(Benefit) provision for income taxes
(10.2
)
(8.1
)
2.1

 
20.0

21.5

1.5

Net income
78.0

82.0

4.0

 
44.9

48.2

3.3

Net income attributable to The Timken Company
$
78.5

$
82.5

$
4.0

 
$
44.9

$
48.2

$
3.3

Basic earnings per share
$
1.01

$
1.06

$
0.05

 
$
0.57

$
0.61

$
0.04

Diluted earnings per share
$
0.99

$
1.04

$
0.05

 
$
0.57

$
0.61

$
0.04

Consolidated Statements of Income:
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
Previous Accounting Method
As Reported
Effect of Accounting Change
 
As Previously Reported
Revised
Effect of Accounting Change
Cost of products sold
$
1,074.2

$
1,072.1

$
(2.1
)
 
$
994.4

$
990.0

$
(4.4
)
Gross profit
380.2

382.3

2.1

 
363.2

367.6

4.4

Selling, general and administrative expense
247.0

243.4

(3.6
)
 
228.5

224.1

(4.4
)
Pension settlement expenses
11.8


(11.8
)
 
1.6

1.2

(0.4
)
Operating income
118.9

136.4

17.5

 
119.7

128.9

9.2

Income before income taxes
110.0

127.5

17.5

 
155.4

164.6

9.2

Provision for income taxes
1.3

7.4

6.1

 
47.6

50.6

3.0

Net income
108.7

120.1

11.4

 
107.8

114.0

6.2

Net income attributable to The Timken Company
$
109.3

$
120.7

$
11.4

 
$
107.9

$
114.1

$
6.2

Basic earnings per share
$
1.40

$
1.55

$
0.15

 
$
1.36

$
1.44

$
0.08

Diluted earnings per share
$
1.38

$
1.53

$
0.15

 
$
1.35

$
1.43

$
0.08


Consolidated Statements of Comprehensive Income:
 
Three Months Ended
 
June 30, 2017
 
June 30, 2016
 
Previous Accounting Method
As Reported
Effect of Accounting Change
 
As Previously Reported
Revised
Effect of Accounting Change
Net Income
$
78.0

$
82.0

$
4.0

 
$
44.9

$
48.2

$
3.3

Foreign currency translation adjustments
11.5

11.5


 
(18.4
)
(13.8
)
4.6

Pension and postretirement liability adjustment
4.0


(4.0
)
 
8.3

0.4

(7.9
)
Other comprehensive income (loss), net of tax
14.1

10.1

(4.0
)
 
(9.4
)
(12.7
)
(3.3
)
Comprehensive Income, net of tax
92.1

92.1


 
35.5

35.5


Less: comprehensive income (loss) attributable to noncontrolling interest
(1.1
)
(1.1
)

 
0.2

0.1

(0.1
)
Comprehensive Income attributable to
The Timken Company
$
93.2

$
93.2

$

 
$
35.3

$
35.4

$
0.1


 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
Previous Accounting Method
As Reported
Effect of Accounting Change
 
As Previously Reported
Revised
Effect of Accounting Change
Net Income
$
108.7

$
120.1

$
11.4

 
$
107.8

$
114.0

$
6.2

Foreign currency translation adjustments
31.9

31.9


 
(3.6
)
1.5

5.1

Pension and postretirement liability adjustment
11.5

0.1

(11.4
)
 
12.0

0.8

(11.2
)
Other comprehensive income, net of tax
41.2

29.8

(11.4
)
 
6.8

0.7

(6.1
)
Comprehensive Income, net of tax
149.9

149.9


 
114.6

114.7

0.1

Less: comprehensive income attributable to noncontrolling interest
1.4

1.4


 
1.2

1.2


Comprehensive Income attributable to
The Timken Company
$
148.5

$
148.5

$

 
$
113.4

$
113.5

$
0.1




Consolidated Balance Sheets:
 
June 30, 2017
December 31, 2016
 
Previous Accounting Method
As Reported
Effect of Accounting Change
As Previously Reported
Revised
Effect of Accounting Change
Inventories, net
$
609.1

$
617.0

$
7.9

$
545.8

$
553.7

$
7.9

Total current assets
1,651.6

1,659.5

7.9

1,204.0

1,211.9

7.9

Deferred income taxes
49.4

46.4

(3.0
)
54.4

51.4

(3.0
)
Total other assets
770.4

767.4

(3.0
)
749.9

746.9

(3.0
)
Total assets
3,233.6

3,238.5

4.9

2,758.3

2,763.2

4.9

Earnings invested in the business
1,595.6

1,367.7

(227.9
)
1,528.6

1,289.3

(239.3
)
Accumulated other comprehensive loss
(282.8
)
(50.1
)
232.7

(322.0
)
(77.9
)
244.1

Total shareholders' equity
1,382.2

1,387.0

4.8

1,274.9

1,279.7

4.8

Noncontrolling interest
32.5

32.6

0.1

31.1

31.2

0.1

Total equity
1,414.7

1,419.6

4.9

1,306.0

1,310.9

4.9

Total liabilities and shareholders' equity
$
3,233.6

$
3,238.5

$
4.9

$
2,758.3

$
2,763.2

$
4.9


Consolidated Statements of Cash Flows:
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
Previous Accounting Method
As Reported
Effect of Accounting Change
 
As Previously Reported
Revised
Effect of Accounting Change
Net income attributable to The Timken Company
$
109.3

$
120.7

$
11.4

 
$
107.9

$
114.1

$
(6.2
)
Deferred income tax provision (benefit)
1.6

7.7

6.1

 
(0.2
)
2.8

(3.0
)
Pension and other postretirement expense
27.4

9.9

(17.5
)
 
18.9

9.7

9.2