TIMKEN CO
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
TKR$109.19+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (Dollars in millions) | |||
| CASH PROVIDED (USED) | |||
| Operating Activities | |||
| Net income | $408.0 | $417.0 | $381.5 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 201.3 | 164.0 | 167.8 |
| Impairment charges | 33.2 | 38.3 | 4.5 |
| Loss (gain) on sale of assets | 1.3 | (1.9) | 1.3 |
| (Gain) loss on acquisitions and divestitures | (2.9) | 3.5 | (0.9) |
| Deferred income tax benefit | (11.6) | (3.6) | (15.1) |
| Stock-based compensation expense | 30.6 | 30.4 | 20.2 |
| Pension and other postretirement expense (income) | 26.5 | (0.6) | (6.6) |
| Pension and other postretirement benefit contributions and payments | (29.8) | (14.6) | (24.5) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 71.6 | (73.5) | (55.8) |
| Unbilled receivables | (40.4) | (26.0) | 6.2 |
| Inventories | 72.0 | (145.6) | (215.8) |
| Accounts payable, trade | (57.4) | (10.2) | 76.7 |
| Other accrued expenses | (47.6) | 91.9 | 55.2 |
| Income taxes | (108.4) | 16.3 | 8.5 |
| Other, net | (1.2) | (21.6) | (15.9) |
| Net Cash Provided by Operating Activities | 545.2 | 463.8 | 387.3 |
| Investing Activities | |||
| Capital expenditures | (187.8) | (178.4) | (148.3) |
| Acquisitions, net of cash acquired of $30.0 million in 2023 and $19.4 million in 2022 | (638.8) | (453.7) | (7.5) |
| Proceeds from disposals of property, plant and equipment | 1.8 | 9.6 | 0.6 |
| Proceeds from divestitures, net of cash divested of $0.7 million in 2023 and $5.3 million in 2022 | 13.5 | 33.9 | — |
| Investments in short-term marketable securities, net | 5.7 | 14.6 | (18.0) |
| Other | (0.9) | 0.7 | (0.6) |
| Net Cash Used in Investing Activities | (806.5) | (573.3) | (173.8) |
| Financing Activities | |||
| Cash dividends paid to shareholders | (94.0) | (91.7) | (92.2) |
| Purchase of treasury shares | (250.9) | (211.6) | (93.0) |
| Proceeds from exercise of stock options | 21.8 | 8.5 | 26.0 |
| Payments related to tax withholding for stock-based compensation | (17.0) | (10.7) | (23.8) |
| Proceeds from long-term debt | 1,564.9 | 1,399.5 | 325.0 |
| Payments on long-term debt | (1,329.0) | (978.5) | (338.3) |
| Deferred financing costs | (0.5) | (6.6) | — |
| Accounts receivable facility financing borrowings | 104.0 | 297.0 | 310.9 |
| Accounts receivable facility financing payments | (122.0) | (212.0) | (368.9) |
| Short-term debt activity, net | 190.0 | 6.9 | (14.5) |
| Noncontrolling interest dividends paid | (0.6) | (0.5) | (0.5) |
| Proceeds from the sale of shares in Timken India Limited | 284.8 | — | — |
| Other | (4.4) | 6.5 | — |
| Net Cash Provided by (Used in) Financing Activities | 347.1 | 206.8 | (269.3) |
| Effect of exchange rate changes on cash | (7.2) | (14.5) | (7.4) |
| Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 78.6 | 82.8 | (63.2) |
| Cash, cash equivalents and restricted cash at beginning of year | 340.7 | 257.9 | 321.1 |
| Cash, Cash Equivalents and Restricted Cash at End of Year | $419.3 | $340.7 | $257.9 |
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