TIMKEN CO
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (Dollars in millions) | |||
| CASH PROVIDED (USED) | |||
| Operating Activities | |||
| Net income | $375.3 | $408.0 | $417.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 221.8 | 201.3 | 164.0 |
| Impairment charges | 3.5 | 33.2 | 38.3 |
| (Gain) loss on sale of assets | (14.4) | 1.3 | (1.9) |
| (Gain) loss on acquisitions and divestitures | — | (2.9) | 3.5 |
| Deferred income tax benefit | (35.3) | (11.6) | (3.6) |
| Stock-based compensation expense | 25.9 | 30.6 | 30.4 |
| Pension and other postretirement expense (income) | 5.3 | 26.5 | (0.6) |
| Pension and other postretirement benefit contributions and payments | (26.1) | (29.8) | (14.6) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (14.2) | 71.6 | (73.5) |
| Unbilled receivables | 3.3 | (40.4) | (26.0) |
| Inventories | 9.6 | 72.0 | (145.6) |
| Accounts payable, trade | (37.1) | (57.4) | (10.2) |
| Other accrued expenses | (7.1) | (47.6) | 91.9 |
| Income taxes | (28.2) | (108.4) | 16.3 |
| Other, net | (6.6) | (1.2) | (21.6) |
| Net Cash Provided by Operating Activities | 475.7 | 545.2 | 463.8 |
| Investing Activities | |||
| Capital expenditures | (170.0) | (187.8) | (178.4) |
| Acquisitions, net of cash acquired of $8.9 million in 2024; $30.0 million in 2023; and $19.4 million in 2022 | (167.4) | (638.8) | (453.7) |
| Proceeds from disposals of property, plant and equipment | 17.6 | 1.8 | 9.6 |
| Proceeds from divestitures, net of cash divested of $0.7 million in 2023 and $5.3 million in 2022 | 0.3 | 13.5 | 33.9 |
| Investments in short-term marketable securities, net | 15.2 | 5.7 | 14.6 |
| Other | (0.3) | (0.9) | 0.7 |
| Net Cash Used in Investing Activities | (304.6) | (806.5) | (573.3) |
| Financing Activities | |||
| Cash dividends paid to shareholders | (96.1) | (94.0) | (91.7) |
| Purchase of treasury shares | (40.5) | (250.9) | (211.6) |
| Proceeds from exercise of stock options | 5.6 | 21.8 | 8.5 |
| Payments related to tax withholding for stock-based compensation | (10.0) | (17.0) | (10.7) |
| Proceeds from long-term debt | 1,858.3 | 1,564.9 | 1,399.5 |
| Payments on long-term debt | (1,839.3) | (1,329.0) | (978.5) |
| Deferred financing costs | (5.5) | (0.5) | (6.6) |
| Accounts receivable facility financing borrowings | 366.0 | 104.0 | 297.0 |
| Accounts receivable facility financing payments | (433.0) | (122.0) | (212.0) |
| Short-term debt activity, net | (230.3) | 190.0 | 6.9 |
| Noncontrolling interest dividends paid | (1.1) | (0.6) | (0.5) |
| Proceeds from the sale of shares in Timken India Limited | 232.3 | 284.8 | — |
| Other | (1.2) | (4.4) | 6.5 |
| Net Cash (Used in) Provided by Financing Activities | (194.8) | 347.1 | 206.8 |
| Effect of exchange rate changes on cash | (22.0) | (7.2) | (14.5) |
| (Decrease) Increase In Cash, Cash Equivalents and Restricted Cash | (45.7) | 78.6 | 82.8 |
| Cash, cash equivalents and restricted cash at beginning of year | 419.3 | 340.7 | 257.9 |
| Cash, Cash Equivalents and Restricted Cash at End of Year | $373.6 | $419.3 | $340.7 |
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