Property, Plant and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 8 - Property, Plant and Equipment

The components of property, plant and equipment, net at December 31, 2017 and 2016 were as follows:

	2017			2016
Land and buildings	$	483.0		$	425.4
Machinery and equipment	1,922.6			1,807.6
Subtotal	$	2,405.6		$	2,233.0
Less: accumulated depreciation	(1,541.4		)	(1,428.6		)
Property, Plant and Equipment, net	$	864.2		$	804.4

Total depreciation expense was $97.7 million, $95.5 million and $94.6 million in 2017, 2016 and 2015, respectively.

During the fourth quarter of 2015, the Company wrote-off $9.7 million that remained in CIP after the related assets were placed into service. This item was identified during an examination of aged balances in the CIP account and 91% of the amount related to fiscal years prior to 2013. Net income attributable to The Timken Company in 2015 included a charge of $9.7 million ($6.1 million, or $0.07 per share, after-tax) due to the correction of this error. Management of the Company concluded that the correction of this error in the fourth quarter of 2015 and the presence of this error in prior periods was immaterial to all periods presented.