8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 25, 2007

THE TIMKEN COMPANY

(Exact Name of Registrant as Specified in its Charter)

Ohio

(State or Other Jurisdiction of Incorporation)

1-1169	34-0577130
(Commission File Number)	(I.R.S. Employer Identification No.)

1835 Dueber Avenue, S.W., Canton, Ohio 44706-2798

(Address of Principal Executive Offices)  (Zip Code)

(330) 438-3000

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02 Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
EX-99.1

Item 2.02 Results of Operations and Financial Condition

     The Timken Company issued a press release on October 25, 2007, announcing results for the third quarter of 2007. A copy of the press release is attached as Exhibit 99.1 to this report and incorporated by this reference.

     This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Exhibits.

99.1 The Timken Company Press Release dated October 25, 2007, announcing results for the third quarter of 2007.

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE TIMKEN COMPANY
By:	/s/ William R. Burkhart
	William R. Burkhart
	Senior Vice President and General Counsel

Date: October 25, 2007

3

EXHIBIT INDEX

Exhibit
Number	Description of Document
99.1	The Timken Company Press Release dated October 25, 2007, announcing results for the third quarter of 2007.

EX-99.1

Exhibit 99.1

	NEWS RELEASE
	Timken Reports Third-Quarter Results
The Timken Company Media Contact: Jeff Dafler Manager — Global Media & Government Relations Mail Code: GNW-37 1835 Dueber Avenue, S.W. Canton, OH 44706 U.S.A. Telephone: (330) 471-3514 Facsimile: (330) 471-7032 jeff.dafler@timken.com Investor Contact: Steve Tschiegg Manager — Investor Relations Mail Code: GNE-26 1835 Dueber Avenue, S.W. Canton, OH 44706 U.S.A. Telephone: (330) 471-7446 Facsimile: (330) 471-2797 steve.tschiegg@timken.com For Additional Information: www.timken.com/media www.timken.com/investors	•   Sales increase on strong global industrial demand      •   Earnings growth constrained by higher costs      CANTON, Ohio — Oct. 25, 2007 — The Timken Company (NYSE: TKR) today reported sales of $1.26 billion in the third quarter of 2007, an increase of 6 percent over the same period a year ago. Strong sales in industrial markets were partially offset by the strategic divestment of the company’s automotive steering and European steel tube manufacturing operations in prior periods. The company achieved third-quarter income from continuing operations of $41.2 million, or $0.43 per diluted share, up from $38.7 million, or $0.41 per diluted share, in last year’s third quarter.      Excluding special items, income from continuing operations per diluted share was $0.51 during the third quarter of 2007, compared to $0.49 in the prior-year quarter. Third-quarter special items included restructuring, rationalization and impairment charges totaling $17.2 million of pretax expense, compared to $7.1 million of similar charges in the third quarter of 2006.      “While Timken’s third-quarter performance exceeded what we achieved last year, our results still fell short of what we had expected to deliver,” said James W. Griffith, Timken’s president and chief executive officer. “As we move forward with our strategic initiatives, we have intensified our efforts to drive better execution across the company during a period of strong demand in multiple market sectors.”      During the quarter, the company: •   Made progress on its restructuring initiatives and Project O.N.E., a program designed to improve business processes and systems;

-2-	•   Realigned operations under two major business groups, the Steel Group and the Bearings and Power Transmission Group, taking advantage of the Project O.N.E. capabilities to drive improvement in operational performance. The company will report its financial results using different segmentation beginning with the fourth quarter of 2007; and
	•   Announced the acquisition of the assets of The Purdy Corp. for $200 million, which was completed on Oct. 22, expanding the range of power-transmission products and capabilities Timken provides to the aerospace sector.
	For the first nine months of 2007, sales were $3.89 billion, an increase of 4 percent from the same period in the prior year, driven by strong industrial markets. Income from continuing operations per diluted share for the first nine months of 2007 was $1.79 compared to $1.70 in the same period a year ago. The company’s performance benefited from higher volume and improved pricing, which were partially offset by higher raw-material, manufacturing and logistics costs.
	Special items in the first nine months of 2007 totaled $60.8 million of pretax expense, compared to $32.9 million in the same period a year ago, and included restructuring, rationalization and impairment charges. The nine-month period also included a one-time tax gain of $32.1 million due to a change in tax law during the first quarter of 2007. Excluding these items, income from continuing operations per diluted share in the first nine months of 2007 was $1.89, compared to $1.91 during the same period in 2006.
	Total debt was $601.4 million as of Sept. 30, 2007, or 25.5 percent of capital. Net debt at Sept. 30, 2007, was $513.6 million, or 22.6 percent of capital, compared to $496.8 million, or 25.2 percent, as of Dec. 31, 2006. Year-to-date, the increase in net debt was primarily due to higher working capital requirements, driven by strong demand, and increased capital expenditures in support of growth initiatives.
The Timken Company

-3-	Industrial Group Results
	The Industrial Group had third-quarter sales of $556.8 million, up 11 percent from $501.8 million for the same period last year. The increase resulted from favorable pricing, currency and strong demand across all market sectors, especially from heavy industry and aerospace.
	The Industrial Group’s earnings before interest and taxes (EBIT) in the third quarter were $55.4 million, compared to $48.2 million for the same period last year. EBIT performance in the quarter benefited from strong volume and pricing, which were partially offset by higher raw-material costs. The group also experienced higher manufacturing and logistics costs primarily associated with capacity additions and managing strong demand through constrained facilities, compared to the year-ago period.
	For the first nine months of 2007, Industrial Group sales were $1.67 billion, up 9 percent from the same period a year ago. EBIT for the first nine months of 2007 was $166.3 million, compared to $157.6 million for the prior-year period.
	Automotive Group Results
	The Automotive Group’s third-quarter sales of $361.0 million were down 1 percent from $363.6 million for the same period last year. Increased sales during the quarter in Europe and in the North American light-vehicle market were offset by the 2006 divestment of the group’s steering business and lower North American heavy-truck demand.
	The Automotive Group incurred a loss of $20.7 million in the third quarter of 2007 compared to a loss of $26.3 million for the same period a year ago. The group’s results benefited from ongoing restructuring efforts but were below expectations due primarily to higher manufacturing and raw-material costs.
	For the first nine months of 2007, Automotive Group sales of $1.16 billion were down 5 percent from the same period a year ago. The group recorded a loss of
The Timken Company

-4-	$35.3 million for the first nine months of 2007, compared to a loss of $31.4 million for the prior-year period.
	Steel Group Results
	Steel Group third-quarter sales, including inter-segment sales, were $381.1million, up 7 percent from $355.6 million for the same period a year ago. The increase was driven by strong demand across all market sectors, surcharges and favorable mix, which more than offset the impact of exiting the group’s steel tube manufacturing operations in Europe earlier this year.
	Third-quarter EBIT was $47.4 million, compared to $50.4 million for the same period last year. Compared to a year ago, the group’s performance benefited from higher volume and surcharges, which were more than offset by increased raw-material and manufacturing costs, as well as an increase in the group’s LIFO reserves.
	For the first nine months of 2007, Steel Group sales were $1.18 billion, up 6 percent from the same period last year. EBIT for the first nine months of 2007 was $170.4 million, compared to EBIT of $167.2 million for the prior-year period.
	Outlook
	Timken anticipates strong global industrial demand, while automotive demand is expected to remain stable. The combination of strong industrial markets, capacity additions and operating improvements is expected to drive stronger performance.
	The company anticipates earnings per diluted share for 2007 from continuing operations, excluding special items, to be $2.40 to $2.50, compared to $2.13 for 2006.
	Conference Call Information
	The company will host a conference call for investors and analysts today to discuss financial results.
	Conference Call:	Thursday, Oct. 25, 2007 11:00 a.m. Eastern Time
	Live Dial-In:	800-344-0593 or 706-634-0975
The Timken Company

-5-		(Call in 10 minutes prior to be included.) Conference ID: 5457306
		Replay Dial-In through Nov. 2, 2007: 800-642-1687 or 706-645-9291
	Live Webcast:	www.timken.com/investors
	About The Timken Company
	The Timken Company (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.0 billion in 2006, operations in 26 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
	Certain statements in this news release (including statements regarding the company’s forecasts, estimates and expectations) that are not historical in nature are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company’s financial performance, including the information under the heading “Outlook,” are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the completion of the company’s financial statements for the third quarter of 2007; fluctuations in raw-material and energy costs and the operation of the company’s surcharge mechanisms; the company’s ability to respond to the changes in its end markets, especially the North American automotive industry; changes in the financial health of the company’s customers; changes in the expected costs associated with product warranty claims; and the impact on operations of general economic conditions, higher raw-material and energy costs, fluctuations in customer demand and the company’s ability to achieve the benefits of its future and ongoing programs and initiatives, including, without limitation, the implementation of its Automotive Group restructuring program and initiatives and the rationalization of the company’s Canton bearing operations. These and additional factors are described in greater detail in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2006, page 40, and in the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007. The company undertakes no obligation to update or revise any forward-looking statement.
	###
The Timken Company

(Unaudited)
CONDENSED CONSOLIDATED STATEMENT OF INCOME	AS REPORTED												ADJUSTED (1)
(Thousands of U.S. dollars, except share data)	Q3 2007			Q3 2006			Nine Months 07			Nine Months 06			Q3 2007			Q3 2006			Nine Months 07			Nine Months 06
Net sales	$	1,261,239		$	1,185,962		$	3,894,983		$	3,742,444		$	1,261,239		$	1,185,962		$	3,894,983		$	3,742,444
Cost of products sold		1,004,547			950,146			3,069,200			2,934,985			1,004,547			950,146			3,069,200			2,934,985
Manufacturing rationalization/reorganization expenses — cost of products sold		5,382			3,419			27,945			11,400			—			—			—			—
Gross Profit	$	251,310		$	232,397		$	797,838		$	796,059		$	256,692		$	235,816		$	825,783		$	807,459
Selling, administrative & general expenses (SG&A)		169,989			159,635			511,942			501,203			169,989			159,635			511,942			501,203
Manufacturing rationalization/reorganization expenses — SG&A		852			1,044			2,831			2,737			—			—			—			—
(Gain) loss on divestitures		152			—			468			9,971			—			—			—			—
Impairment and restructuring		11,840			2,682			32,870			11,191			—			—			—			—
Operating Income	$	68,477		$	69,036		$	249,727		$	270,957		$	86,703		$	76,181		$	313,841		$	306,256
Other (expense)		(4,834	)		(1,825	)		(14,184	)		(11,519	)		(4,834	)		(1,825	)		(14,184	)		(11,519	)
Special items — other income		983			76			3,355			2,430			—			—			—			—
Earnings Before Interest and Taxes (EBIT)(2)	$	64,626		$	67,287		$	238,898		$	261,868		$	81,869		$	74,356		$	299,657		$	294,737
Interest expense, net		(8,317	)		(10,850	)		(24,886	)		(34,149	)		(8,317	)		(10,850	)		(24,886	)		(34,149	)
Income From Continuing Operations Before Income Taxes	$	56,309		$	56,437		$	214,012		$	227,719		$	73,552		$	63,506		$	274,771		$	260,588
Provision for income taxes		15,066			17,749			42,914			67,049			24,954			17,134			93,972			81,055
Income From Continuing Operations	$	41,243		$	38,688		$	171,098		$	160,670		$	48,598		$	46,372		$	180,799		$	179,533
(Loss) income from discontinued operations net of income taxes, special items (3)		—			—			665			—			—			—			—			—
Income from discontinued operations net of income taxes, other (3)		—			7,859			—			26,508			—			7,859			—			26,508
Net Income	$	41,243		$	46,547		$	171,763		$	187,178		$	48,598		$	54,231		$	180,799		$	206,041
Earnings Per Share — Continuing Operations	$	0.43		$	0.41		$	1.81		$	1.72		$	0.51		$	0.50		$	1.91		$	1.93
Earnings Per Share — Discontinued Operations		—			0.09			0.01			0.29			—			0.08			—			0.28
Earnings Per Share	$	0.43		$	0.50		$	1.82		$	2.01		$	0.51		$	0.58		$	1.91		$	2.21
Diluted Earnings Per Share — Continuing Operations	$	0.43		$	0.41		$	1.79		$	1.70		$	0.51		$	0.49		$	1.89		$	1.91
Diluted Earnings Per Share — Discontinued Operations		—			0.08			0.01			0.29			—			0.08			—			0.28
Diluted Earnings Per Share	$	0.43		$	0.49		$	1.80		$	1.99		$	0.51		$	0.57		$	1.89		$	2.19
Average Shares Outstanding		95,029,369			93,500,491			94,494,531			93,239,292			95,029,369			93,500,491			94,494,531			93,239,292
Average Shares Outstanding-assuming dilution		96,095,860			94,376,937			95,483,420			94,238,413			96,095,860			94,376,937			95,483,420			94,238,413

BUSINESS SEGMENTS
(Thousands of U.S. dollars) (Unaudited)	Q3 2007			Q3 2006			Nine Months 07			Nine Months 06
Industrial Group
Net sales to external customers	$	556,195		$	501,347		$	1,665,729		$	1,533,396
Intersegment sales		601			469			1,453			1,366
Total net sales	$	556,796		$	501,816		$	1,667,182		$	1,534,762
Adjusted earnings before interest and taxes (EBIT) * (2)	$	55,365		$	48,180		$	166,346		$	157,557
Adjusted EBIT Margin (2)		9.9	%		9.6	%		10.0	%		10.3	%
Automotive Group
Net sales to external customers	$	361,032		$	363,585		$	1,156,147		$	1,211,283
Adjusted (loss) earnings before interest and taxes (EBIT) * (2)		($20,654	)		($26,276	)		($35,278	)		($31,377	)
Adjusted EBIT (Loss) Margin (2)		-5.7	%		-7.2	%		-3.1	%		-2.6	%
Steel Group (3)
Net sales to external customers	$	344,012		$	321,030		$	1,073,107		$	997,765
Intersegment sales		37,100			34,584			109,066			116,555
Total net sales	$	381,112		$	355,614		$	1,182,173		$	1,114,320
Adjusted earnings before interest and taxes (EBIT) * (2)	$	47,437		$	50,436		$	170,358		$	167,168
Adjusted EBIT Margin (2)		12.4	%		14.2	%		14.4	%		15.0	%

*	Industrial Group, Automotive Group and Steel Group EBIT do not equal Consolidated EBIT due to intersegment adjustments which are eliminated upon consolidation.
(1)	“Adjusted” statements exclude the impact of impairment and restructuring, manufacturing rationalization/ reorganization and other special charges and credits for all periods shown.
(2)	EBIT is defined as operating income plus other income (expense). EBIT Margin is EBIT as a percentage of net sales. EBIT and EBIT margin on a segment basis exclude certain special items set forth above. EBIT and EBIT Margin are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting EBIT and EBIT Margin best reflect the performance of the company’s business segments and EBIT disclosures are responsive to investors.
(3)	Discontinued Operations reflects the December 8, 2006 sale of Timken Latrobe Steel. Steel Group Net sales and Adjusted EBIT have been changed to exclude Timken Latrobe Steel for all periods. Income From Discontinued Operations Net of Income Taxes, Special Items includes the gain on sale. Income From Discontinued Operations Net of Income Taxes, Other includes prior activity of Timken Latrobe Steel in accordance with the sales agreement.

Reconciliation of Total Debt to Net Debt and the Ratio of Net Debt to Capital:
(Thousands of U.S. Dollars) (Unaudited)	Sept 30, 2007			Dec 31, 2006
Short-term debt	$	74,891		$	50,453
Long-term debt		526,521			547,390
Total Debt	$	601,412		$	597,843
Less: Cash and cash equivalents		(87,767	)		(101,072	)
Net Debt	$	513,645		$	496,771
Shareholders’ equity	$	1,754,273		$	1,476,180
Ratio of Total Debt to Capital		25.5	%		28.8	%
Ratio of Net Debt to Capital (Leverage)		22.6	%		25.2	%

This reconciliation is provided as additional relevant information about Timken’s financial position. Capital is defined as total debt plus shareholder’s equity. Management believes Net Debt is more representative of Timken’s indicative financial position, due to the amount of cash and cash equivalents.

Reconciliation of GAAP net income and EPS — diluted.

This reconciliation is provided as additional relevant information about the company’s performance. Management believes adjusted net income and adjusted earnings per share are more representative of the company’s performance and therefore useful to investors. Management also believes that it is appropriate to compare GAAP net income to adjusted net income in light of special items related to impairment and restructuring and manufacturing rationalization/reorganization costs, Continued Dumping and Subsidy Offset Act (CDSOA) receipts, and gain/loss on the sale of non-strategic assets.

	Third Quarter											Nine Months
	2007						2006					2007						2006
(Thousands of U.S. dollars, except share data) (Unaudited)	$			EPS			$			EPS (1)		$			EPS (1)			$			EPS
Net income	$	41,243		$	0.43		$	46,547		$	0.49	$	171,763		$	1.80		$	187,178		$	1.99
Pre-tax special items:
Manufacturing rationalization/reorganization expenses — cost of products sold		5,382			0.06			3,419			0.04		27,945			0.29			11,400			0.12
Manufacturing rationalization/reorganization expenses — SG&A		852			0.01			1,044			0.01		2,831			0.03			2,737			0.03
(Gain) loss on divestiture		152			—			—			—		468			—			9,971			0.11
Impairment and restructuring		11,840			0.12			2,682			0.03		32,870			0.34			11,191			0.12
Special items — other (income)		(983	)		(0.01	)		(76	)		—		(3,355	)		(0.04	)		(2,430	)		(0.03	)
Provision for income taxes (2)		(9,888	)		(0.10	)		615			0.01		(51,058	)		(0.53	)		(14,006	)		(0.15	)
Income from discontinued operations net of income taxes, special items (3)		—			—			—			—		(665	)		(0.01	)		—			—
Adjusted net income	$	48,598		$	0.51		$	54,231		$	0.57	$	180,799		$	1.89		$	206,041		$	2.19

(1)	EPS amounts will not sum due to rounding differences.
(2)	Provision for income taxes includes the quarterly or year-to-date impact of pre-tax special items on our full year estimated effective tax rate, as well as the impact of discrete tax items recorded during the quarter or first nine months.
(3)	Discontinued Operations relates to the sale of Latrobe Steel on December 8, 2006.

Reconciliation of GAAP income from continuing operations and EPS — diluted.

This reconciliation is provided as additional relevant information about the company’s performance. Management believes adjusted income from continuing operations and adjusted earnings per share are more representative of the company’s performance and therefore useful to investors. Management also believes that it is appropriate to compare GAAP income from continuing operations to adjusted income from continuing operations in light of special items related to impairment and restructuring and manufacturing rationalization/reorganization costs, Continued Dumping and Subsidy Offset Act (CDSOA) receipts, and gain/loss on the sale of non-strategic assets.

	Third Quarter											Nine Months
	2007						2006					2007						2006
(Thousands of U.S. dollars, except share data) (Unaudited)	$			EPS			$			EPS (1)		$			EPS (1)			$			EPS (1)
Income from continuing operations	$	41,243		$	0.43		$	38,688		$	0.41	$	171,098		$	1.79		$	160,670		$	1.70
Pre-tax special items:
Manufacturing rationalization/reorganization expenses — cost of products sold		5,382			0.06			3,419			0.04		27,945			0.29			11,400			0.12
Manufacturing rationalization/reorganization expenses — SG&A		852			0.01			1,044			0.01		2,831			0.03			2,737			0.03
(Gain) loss on divestiture		152			—			—			—		468			—			9,971			0.11
Impairment and restructuring		11,840			0.12			2,682			0.03		32,870			0.34			11,191			0.12
Special items — other (income)		(983	)		(0.01	)		(76	)		—		(3,355	)		(0.04	)		(2,430	)		(0.03	)
Provision for income taxes (2)		(9,888	)		(0.10	)		615			0.01		(51,058	)		(0.53	)		(14,006	)		(0.15	)
Adjusted income from continuing operations	$	48,598		$	0.51		$	46,372		$	0.49	$	180,799		$	1.89		$	179,533		$	1.91

(1)	EPS amounts will not sum due to rounding differences.
(2)	Provision for income taxes includes the quarterly or year-to-date impact of pre-tax special items on our full year estimated effective tax rate, as well as the impact of discrete tax items recorded during the quarter or first nine months.

Reconciliation of Outlook Information.

Expected earnings per diluted share for the 2007 full year excludes special items. Examples of such special items include impairment and restructuring, manufacturing rationalization/ reorganization expenses, gain/loss on the sale of non-strategic assets and payments under the CDSOA. It is not possible at this time to identify the potential amount or significance of these special items. Management cannot predict whether the company will receive any additional payments under the CDSOA in 2007 and if so, in what amount.

CONDENSED CONSOLIDATED BALANCE SHEET	Sept 30		Dec 31
(Thousands of U.S. dollars) (Unaudited)	2007		2006
ASSETS
Cash & cash equivalents	$	87,767	$	101,072
Accounts receivable		734,771		673,428
Inventories		1,021,961		952,310
Deferred income taxes		66,583		85,576
Other current assets		107,286		87,894
Total Current Assets	$	2,018,368	$	1,900,280
Property, plant & equipment		1,644,965		1,601,559
Goodwill		215,778		201,899
Other assets		317,941		327,795
Total Assets	$	4,197,052	$	4,031,533
LIABILITIES
Accounts payable & other liabilities	$	502,458	$	506,301
Short-term debt		74,891		50,453
Income taxes		19,082		53,406
Accrued expenses		211,599		225,409
Total Current Liabilities	$	808,030	$	835,569
Long-term debt		526,521		547,390
Accrued pension cost		328,023		410,438
Accrued postretirement benefits cost		681,762		682,934
Other non-current liabilities		98,443		79,022
Total Liabilities	$	2,442,779	$	2,555,353
SHAREHOLDERS’ EQUITY		1,754,273		1,476,180
Total Liabilities and Shareholders’ Equity	$	4,197,052	$	4,031,533

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW	For the three months ended						For the nine months ended
	Sept 30			Sept 30			Sept 30			Sept 30
(Thousands of U.S. dollars) (Unaudited)	2007			2006			2007			2006
Cash Provided (Used)
OPERATING ACTIVITIES
Net Income	$	41,243		$	46,547		$	171,763		$	187,178
Loss (earnings) from discontinued operations		—			(7,859	)		(665	)		(26,508	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		58,120			47,748			160,595			145,126
Pension and other postretirement expense		30,213			37,088			92,487			117,020
Pension and other postretirement benefit payments		(40,440	)		(57,438	)		(138,984	)		(189,306	)
Accounts receivable		36,320			60,635			(39,937	)		(15,330	)
Inventories		(23,248	)		(36,415	)		(34,766	)		(65,572	)
Accounts payable and accrued expenses		(20,752	)		(10,022	)		(45,135	)		(21,948	)
Income taxes		11,779			(29,205	)		17,696			878
Other		3,019			7,101			3,158			(942	)
Net Cash Provided by Operating Activities — Continuing Operations	$	96,254		$	58,180		$	186,212		$	130,596
Net Cash (Used) Provided by Operating Activities — Discontinued Operations		0			15,359			665			41,755
Net Cash Provided by Operating Activities	$	96,254		$	73,539		$	186,877		$	172,351
INVESTING ACTIVITIES
Capital expenditures		($71,395	)		($73,261	)		($196,374	)		($175,224	)
Other		940			4,896			12,897			6,168
Divestments		—			—			—			(2,723	)
Acquisitions		—			(4,299	)		(1,523	)		(4,299	)
Net Cash (Used) by Investing Activities — Continuing Operations		($70,455	)		($72,664	)		($185,000	)		($176,078	)
Net Cash (Used) by Investing Activities — Dicontinued Operations		0			(1,229	)		0			(4,205	)
Net Cash (Used) by Investing Activities		($70,455	)		($73,893	)		($185,000	)		($180,283	)
FINANCING ACTIVITIES
Cash dividends paid to shareholders		($16,281	)		($15,048	)		($46,682	)		($43,170	)
Net proceeds from common share activity		6,342			3,967			36,987			22,066
Net (payments) borrowings on credit facilities		(7,006	)		26,847			(14,859	)		15,122
Net Cash (Used) by Financing Activities — Continuing Operations		($16,945	)	$	15,766			($24,554	)		($5,982	)
Net Cash (Used) by Financing Activities		($16,945	)	$	15,766			($24,554	)		($5,982	)
Effect of exchange rate changes on cash	$	5,574			($94	)	$	9,372		$	2,567
(Decrease) in Cash and Cash Equivalents		14,428			15,318			(13,305	)		(11,347	)
Cash and Cash Equivalents at Beginning of Period	$	73,339		$	38,752		$	101,072		$	65,417
Cash and Cash Equivalents at End of Period	$	87,767		$	54,070		$	87,767		$	54,070