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Retirement Benefit Plans - Benefit Obligation Assumptions (Details) - Pension Plan [Member]
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Assumptions    
Retirement Benefit Plans
The Company and its subsidiaries sponsor a number of defined benefit pension plans, which cover eligible employees, including certain employees in foreign countries. These plans generally are noncontributory. Pension benefits earned generally are based on years of service and compensation during active employment. The cash contributions for the Company’s defined benefit pension plans were $11.5 million, $15.0 million and $10.8 million in 2017, 2016 and 2015, respectively.
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
 
2017
2016
2015
2017
2016
2015
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
12.2

$
13.1

$
15.4

$
1.6

$
1.4

$
2.2

Interest cost
24.6

26.6

45.6

7.5

10.5

12.3

Expected return on plan assets
(28.0
)
(30.1
)
(66.9
)
(11.1
)
(10.7
)
(18.2
)
Amortization of prior service cost
1.4

1.7

2.8

—

0.1

0.1

Recognition of net actuarial
losses (gains)
23.1

41.5

(3.4
)
0.1

19.4

(17.7
)
Curtailment
(1.1
)
—

—

—

(0.1
)
0.6

Settlement
—

—

116.1

—

—

—

Special termination benefits
—

—

—

—

—

0.6

Net periodic benefit cost
$
32.2

$
52.8

$
109.6

$
(1.9
)
$
20.6

$
(20.1
)


Assumptions
2017
2016
2015
U.S. Plans:
 
 
 
Discount rate
4.34% to 4.50%
4.50% to 4.70%
3.98% to 4.64%

Future compensation assumption
2.50% to 3.00%
2.50% to 3.00%
2.00% to 3.00%

Expected long-term return on plan assets
5.75% to 6.50%
5.75% to 6.75%
6.00
%
International Plans:
 
 
 
Discount rate
1.25% to 9.00%
2.00% to 8.50%
1.50% to 8.75%

Future compensation assumption
2.00% to 8.00%
2.20% to 8.00%
2.20% to 8.00%

Expected long-term return on plan assets
0.75% to 9.25%
0.82% to 9.25%
2.25% to 9.25%


The Company recognized actuarial losses of $23.2 million during 2017 primarily due to the impact of a net reduction in the discount rate used to measure its defined benefit pension obligations of $52.9 million and the impact of experience losses and other changes in valuation assumptions of $8.7 million, partially offset by higher than expected returns on plan assets of $38.4 million. The impact of the net reduction in the discount rate used to measure the Company's defined benefit obligation was primarily driven by a 54 basis point reduction in the discount rate used to measure its U.S. defined benefit plan obligations.

The Company recognized actuarial losses of $60.9 million during 2016 primarily due to the impact of a net reduction in the discount rate used to measure its defined benefit pension obligations of $86.9 million and the impact of experience losses and other changes in valuation assumptions of $10.2 million, partially offset by higher than expected returns on plan assets of $36.2 million. The impact of the net reduction in the discount rate used to measure the Company's defined benefit obligation was primarily driven by a 125 basis point reduction in the discount rate used to measure its defined benefit plan obligations in the United Kingdom and a 36 basis point reduction in the discount rate used to measure its defined benefit plan obligations in the United States.


The Company recognized actuarial gains of $21.1 million during 2015 primarily due to the impact of a net increase in the discount rate used to measure its defined benefit pension obligations of $56.1 million and the impact of experience gains and other changes in valuation assumptions of $22.6 million, partially offset by lower than expected returns on plan assets of $57.6 million. The impact of the net increase in the discount rate used to measure the Company's defined benefit obligation was primarily driven by a 50 basis point increase in the discount rate used to measure its U.S. defined benefit plan obligations.

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. 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, 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 $119.9 million, including professional fees of $2.6 million, in 2015.

For expense purposes in 2017, the Company applied a weighted-average discount rate of 4.34% to its U.S. defined benefit pension plans. For expense purposes in 2018, the Company will apply a weighted-average discount rate of 3.80% to its U.S. defined benefit pension plans.

For expense purposes in 2017, the Company applied a weighted-average expected rate of return of 5.92% for the Company’s U.S. pension plan assets. For expense purposes in 2018, the Company will apply a weighted-average expected rate of return on plan assets of 5.78%.

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, 2017 and 2016:
 
U.S. Plans
International Plans
 
2017
2016
2017
2016
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of year
$
612.4

$
589.9

$
314.2

$
338.1

Service cost
12.2

13.1

1.6

1.4

Interest cost
24.6

26.6

7.5

10.5

Plan amendments
2.8

—

—

—

Actuarial losses
60.5

45.3

0.9

53.4

International plan exchange rate change
—

—

32.2

(45.0
)
Curtailment
(1.8
)
—

—

(0.1
)
Benefits paid
(67.7
)
(62.5
)
(21.2
)
(44.1
)
Benefit obligation at end of year
$
643.0

$
612.4

$
335.2

$
314.2


Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
$
529.6

$
553.7

$
268.7

$
304.6

Actual return on plan assets
65.5

33.8

12.0

43.2

Company contributions / payments
4.5

4.6

7.0

10.4

International plan exchange rate change
—

—

25.9

(45.4
)
Benefits paid
(67.7
)
(62.5
)
(21.2
)
(44.1
)
Fair value of plan assets at end of year
531.9

529.6

292.4

268.7

Funded status at end of year
$
(111.1
)
$
(82.8
)
$
(42.8
)
$
(45.5
)


 
U.S. Plans
International Plans
 
2017
2016
2017
2016
Amounts recognized on the Consolidated Balance Sheets:
 
 
 
 
Non-current assets
$
6.7

$
26.4

$
13.0

$
5.7

Current liabilities
(4.8
)
(4.3
)
(1.5
)
(1.4
)
Non-current liabilities
(113.0
)
(104.9
)
(54.3
)
(49.8
)
 
$
(111.1
)
$
(82.8
)
$
(42.8
)
$
(45.5
)

Amounts recognized in accumulated other comprehensive loss:
 
 
 
 
Net prior service cost
$
8.1

$
7.4

$
0.5

$
0.5

Accumulated other comprehensive loss
$
8.1

$
7.4

$
0.5

$
0.5


Changes in prior service cost recognized in accumulated other comprehensive loss:
 
 
 
 
Accumulated other comprehensive loss at beginning of year
$
7.4

$
9.1

$
0.5

$
0.5

Prior service cost
2.8

—

—

—

Recognized prior service cost
(1.4
)
(1.7
)
—

(0.1
)
(Loss) gain recognized due to curtailment
(0.7
)
—

—

0.1

Total recognized in accumulated other comprehensive loss at December 31
$
8.1

$
7.4

$
0.5

$
0.5


The presentation in the above tables for amounts recognized in accumulated other comprehensive loss on the Consolidated Balance Sheets is before the effect of income taxes.
The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
Assumptions
2017
2016
U.S. Plans:
 
 
Discount rate
3.75% to 3.80%

4.34% to 4.50%
Future compensation assumption
2.50
%
2.00% to 3.00%
International Plans:
 
 
Discount rate
1.25% to 9.00%

1.25% to 9.00%
Future compensation assumption
2.00% to 8.00%

2.00% to 8.00%

Defined benefit pension plans in the United States represent 66% of the benefit obligation and 65% of the fair value of plan assets as of December 31, 2017.

Certain of the Company’s defined benefit pension plans were overfunded as of December 31, 2017. As a result, $19.7 million and $32.1 million at December 31, 2017 and 2016, respectively, are included in non-current pension assets on the Consolidated Balance Sheets. The current portion of accrued pension cost, which was included in salaries, wages and benefits on the Consolidated Balance Sheets, was $6.4 million and $5.7 million at December 31, 2017 and 2016, respectively. In 2017, the current portion of accrued pension cost relates to unfunded plans and represents the actuarial present value of expected payments related to the plans to be made over the next 12 months.

The accumulated benefit obligation at December 31, 2017 exceeded the market value of plan assets for several of the Company’s pension plans. For these plans, the projected benefit obligation was $208.8 million, the accumulated benefit obligation was $196.1 million and the fair value of plan assets was $35.6 million at December 31, 2017.

The total pension accumulated benefit obligation for all plans was $941.5 million and $888.0 million at December 31, 2017 and 2016, respectively.

Investment performance increased the value of the Company’s pension assets by 10.6% in 2017.

As of December 31, 2017 and 2016, the Company’s defined benefit pension plans did not directly hold any of the Company’s common shares.

The estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.7 million.

Plan Assets:
The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2017 and 2016, was as follows: 
 
Current Target
Allocation
Percentage of Pension Plan
Assets at December 31,
Asset Category
 
 
 
2017
2016
Equity securities
10%
to
16%
14%
12%
Fixed income securities
70%
to
90%
80%
78%
Other investments
4%
to
10%
6%
10%
Total
 
 
 
100%
100%

The Company recognizes its overall responsibility to ensure that the assets of its various defined benefit pension plans are managed effectively and prudently and in compliance with its policy guidelines and all applicable laws. Preservation of capital is important; however, the Company also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the pension funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes. The expected rate of return for the investment portfolio is based on expected rates of return for various asset classes, as well as historical asset class and fund performance.

Fair value is defined as the price that would 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 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, 2017:
 
U.S. Pension Plans
International Pension Plans
 
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
27.2

$
—

$
—

$
27.2

$
4.8

$
—

$
—

$
4.8

Government and agency securities
15.5

3.4

—

18.9

—

—

—

—

Corporate bonds - investment grade
—

105.1

—

105.1

—

—

—

—

Mutual funds - fixed income
44.9

—

—

44.9

—

—

—

—

Mutual funds - international equity
17.5

—

—

17.5

—

—

—

—

 
$
105.1

$
108.5

$
—

$
213.6

$
4.8

$
—

$
—

$
4.8

 
 
 
 
 
 
 
 
 
Investments measured at net asset value:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
$
0.2

 
 
 
$
0.1

Corporate bonds - investment grade
 
 
 
—

 
 
 
5.3

Equity securities - international companies
 
 
 
—

 
 
 
1.0

Common collective funds - domestic equities
 
 
 
37.0

 
 
 
—

Common collective funds - international equities
 
 
 
11.5

 
 
 
25.3

Common collective funds - fixed income
 
 
 
220.9

 
 
 
86.2

Limited partnerships
 
 
 
31.8

 
 
 
—

Real estate partnerships
 
 
 
16.9

 
 
 
—

Other assets
 
 
 
—

 
 
 
169.7

 Total Assets

 
 
$
531.9

 
 
 
$
292.4



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, 2016:
 
U.S. Pension Plans
International Pension Plans
 
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
34.3

$
—

$
—

$
34.3

$
0.8

$
—

$
—

$
0.8

Government and agency securities
44.0

2.6

—

46.6

—

—

—

—

Corporate bonds - investment grade
—

65.7

—

65.7

—

—

—

—

Equity securities - U.S. companies
10.5

—

—

10.5

—

—

—

—

Equity securities - international companies
6.2

—

—

6.2

—

—

—

—

Mutual funds
41.5

—

—

41.5

—

—

—

—

 
$
136.5

$
68.3

$
—

$
204.8

$
0.8

$
—

$
—

$
0.8

 
 
 
 
 
 
 
 
 
Investments measured at net asset value:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
$
—

 
 
 
$
3.4

Corporate bonds - investment grade
 
 
 
—

 
 
 
2.7

Equity securities - international companies
 
 
 
—

 
 
 
1.5

Common collective funds - domestic equities
 
 
 
14.0

 
 
 
—

Common collective funds - international equities
 
 
 
14.1

 
 
 
33.4

Common collective funds - fixed income
 
 
 
217.1

 
 
 
74.6

Limited partnerships
 
 
 
39.6

 
 
 
—

Real estate partnerships
 
 
 
22.1

 
 
 
—

Other assets
 
 
 
—

 
 
 
152.3

Risk parity
 
 
 
17.9

 
 
 
—

 Total Assets
 
 
 
$
529.6

 
 
 
$
268.7


Cash and cash equivalents are valued at redemption value. Government and agency securities are valued at the closing price reported in the active market in which the individual securities are traded. Certain corporate bonds are valued at the closing price reported in the active market in which the bond is traded. Equity securities (both common and preferred stock) are valued at the closing price reported in the active market in which the individual security is traded. Common collective funds are valued based on a net asset value per share. Asset-backed securities are valued based on quoted prices for similar assets in active markets. When such prices are unavailable, the plan trustee determines a valuation from the market maker dealing in the particular security.

Limited partnerships include investments in funds that invest primarily in private equity, venture capital and distressed debt. Limited partnerships are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value, per the underlying investment fund, which is based upon the general partner's own assumptions about the assumptions a market participant would use in pricing the assets and liabilities of the partnership. Real estate investments include funds that invest in companies that primarily invest in commercial and residential properties, commercial mortgage-backed securities, debt and equity securities of real estate operating companies, and real estate investment trusts. Other real estate investments are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value per the underlying investment fund, which is based on appraised values and current transaction prices. Risk parity investments include funds that invest in diversified global asset classes (equities, bonds, inflation-linked bonds, and commodities) with leverage to balance risk and achieve consistent returns with lower volatility. Risk parity investments are valued based on the closing prices of the underlying securities in the active markets in which they are traded.




Cash Flows:
Employer Contributions to Defined Benefit Plans
 
2016
$
15.0

2017
11.5

2018 (planned)
10.4



Future benefit payments, including lump sum distributions, are expected to be as follows:
Benefit Payments
 
2018
$
67.4

2019
94.0

2020
64.6

2021
72.2

2022
65.2

2023-2027
300.4



Employee Savings Plans:
The Company sponsors defined contribution retirement and savings plans covering substantially all employees in the United States and employees at certain non-U.S. locations. The Company made contributions to its defined contribution plans of $21.8 million in 2017, $20.2 million in 2016 and $22.4 million in 2015. Participants in certain of these plans may elect to hold a portion of their investments in the Company's common shares. At December 31, 2017, the plans held 2,665,260 of the Company’s common shares with a fair value of $131.0 million. The Company paid dividends totaling $3.0 million in 2017, $3.7 million in 2016 and $4.2 million in 2015 to plans to be disbursed to participant accounts holding the Company’s common shares. 		 
Domestic Plan [Member]    
Assumptions    
Future compensation assumption 2.50%  
Domestic Plan [Member] | Minimum [Member]    
Assumptions    
Discount rate 3.75% 4.34%
Future compensation assumption   2.00%
Domestic Plan [Member] | Maximum [Member]    
Assumptions    
Discount rate 3.80% 4.50%
Future compensation assumption   3.00%
Foreign Plan [Member] | Minimum [Member]    
Assumptions    
Discount rate 1.25% 1.25%
Future compensation assumption 2.00% 2.00%
Foreign Plan [Member] | Maximum [Member]    
Assumptions    
Discount rate 9.00% 9.00%
Future compensation assumption 8.00% 8.00%