TIMKEN CO
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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Item 16. Form 10-K Summary
None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE TIMKEN COMPANY
| By: /s/ Tarak B. Mehta | By: /s/ Philip D. Fracassa |
|---|---|
| Tarak B. Mehta | Philip D. Fracassa |
| President, Chief Executive Officer and Director | Executive Vice President and Chief Financial Officer |
| (Principal Executive Officer) | (Principal Financial Officer and Principal Accounting Officer) |
| Date: February 20, 2025 | Date: February 20, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: /s/ Maria A. Crowe * | By: /s/ James F. Palmer * |
|---|---|
| Maria A. Crowe, Director | James F. Palmer, Director |
| Date: February 20, 2025 | Date: February 20, 2025 |
| By: /s/ Elizabeth A. Harrell * | By: /s/ Ajita G. Rajendra * |
| Elizabeth A. Harrell, Director | Ajita G. Rajendra, Director |
| Date: February 20, 2025 | Date: February 20, 2025 |
| By: /s/ Richard G. Kyle * | By: /s/ Kimberly K. Ryan * |
| Richard G. Kyle, Director | Kimberly K. Ryan, Director |
| Date: February 20, 2025 | Date: February 20, 2025 |
| By: /s/ Sarah C. Lauber * | By: /s/ Frank C. Sullivan * |
| Sarah C. Lauber, Director | Frank C. Sullivan, Director |
| Date: February 20, 2025 | Date: February 20, 2025 |
| By: /s/ Todd M. Leombruno * | By: /s/ John M. Timken, Jr. * |
| Todd M. Leombruno, Director | John M. Timken, Jr., Director |
| Date: February 20, 2025 | Date: February 20, 2025 |
| By: /s/ Christopher L. Mapes * | By: /s/ Ward J. Timken, Jr. * |
| Christopher L. Mapes, Director | Ward J. Timken, Jr., Director |
| Date: February 20, 2025 | Date: February 20, 2025 |
| By: /s/ Tarak B. Mehta * | By: /s/ Philip D. Fracassa |
| Tarak B. Mehta, Director | Philip D. Fracassa, attorney-in-fact |
| Date: February 20, 2025 | * By authority of Power of Attorney |
| filed as Exhibit 24 hereto |
Schedule II—Valuation and Qualifying Accounts
The Timken Company and Subsidiaries
| Allowance for uncollectible accounts: | 2024 | 2023 | 2022 |
|---|---|---|---|
| Balance at beginning of period | $17.1 | $17.9 | $16.9 |
| Additions: | |||
| Charged to costs and expenses (1) | 7.2 | (1.0) | 3.7 |
| Deductions: | |||
| Charged to costs and expenses (3) | (3.6) | 0.2 | 0.4 |
| Charged to other accounts (2) | 0.8 | (0.4) | 2.3 |
| Balance at end of period | $21.5 | $17.1 | $17.9 |
| Allowance for surplus and obsolete inventory: | 2024 | 2023 | 2022 |
| Balance at beginning of period | $73.7 | $58.4 | $63.3 |
| Additions: | |||
| Charged to costs and expenses (4) | 20.9 | 25.0 | 12.9 |
| Charged to other accounts (2) | (6.8) | 7.9 | 1.2 |
| Deductions (5) | 14.4 | 17.6 | 19.0 |
| Balance at end of period | $73.4 | $73.7 | $58.4 |
| Valuation allowance on deferred tax assets: | 2024 | 2023 | 2022 |
| Balance at beginning of period | $39.3 | $31.3 | $31.0 |
| Additions: | |||
| Charged to costs and expenses (6) | 11.7 | 10.6 | 3.1 |
| Deductions | |||
| Charged to costs and expenses (7) | 0.9 | 2.1 | 0.9 |
| Charged to other accounts (2) | 1.4 | 0.5 | 1.9 |
| Balance at end of period | $48.7 | $39.3 | $31.3 |
(1)Provision for uncollectible accounts included in expenses.
(2)Currency translation and change in reserves due to acquisitions, net of divestitures.
(3)Actual accounts written off against the allowance, net of recoveries.
(4)Provision for surplus and obsolete inventory included in expenses.
(5)Inventory items written off against the allowance.
(6)Increase in valuation allowance is recorded as a component of the provision for income taxes.
(7)Amount relates to the reversal of valuation allowances and was recorded as a component of the provision for income taxes. The Company released $0.9 million of foreign valuation allowances for the year ended December 31, 2024. Refer to Note 5 - Income Taxesin the Notes to the Consolidated Financial Statements for further discussion on valuation allowance reversals.
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