$TKR
TIMKEN CO

2021 Q1 Form 10-Q Financial Statement

#000009836221000070 Filed on April 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.025B $923.4M
YoY Change 11.05% -5.75%
Cost Of Revenue $726.2M $644.5M
YoY Change 12.68% -4.81%
Gross Profit $299.2M $278.9M
YoY Change 7.28% -7.83%
Gross Profit Margin 29.18% 30.2%
Selling, General & Admin $144.5M $153.6M
YoY Change -5.92% 0.59%
% of Gross Profit 48.3% 55.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.00M $42.30M
YoY Change 1.65% 7.09%
% of Gross Profit 14.37% 15.17%
Operating Expenses $144.5M $153.6M
YoY Change -5.92% 0.59%
Operating Profit $150.7M $121.7M
YoY Change 23.83% -18.81%
Interest Expense $14.90M $17.10M
YoY Change -12.87% -5.0%
% of Operating Profit 9.89% 14.05%
Other Income/Expense, Net $1.000M $4.100M
YoY Change -75.61% 24.24%
Pretax Income $141.3M $113.6M
YoY Change 24.38% -32.22%
Income Tax $25.30M $29.60M
% Of Pretax Income 17.91% 26.06%
Net Earnings $113.3M $80.70M
YoY Change 40.4% -12.19%
Net Earnings / Revenue 11.05% 8.74%
Basic Earnings Per Share $1.49 $1.07
Diluted Earnings Per Share $1.47 $1.06
COMMON SHARES
Basic Shares Outstanding 75.82M shares 75.46M shares
Diluted Shares Outstanding 77.26M shares 76.31M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $302.3M $387.5M
YoY Change -21.99% 61.8%
Cash & Equivalents $302.3M $387.5M
Short-Term Investments
Other Short-Term Assets $109.8M $127.7M
YoY Change -14.02% 74.22%
Inventory $864.8M $819.7M
Prepaid Expenses
Receivables $712.3M $577.7M
Other Receivables $113.3M $137.4M
Total Short-Term Assets $2.144B $2.092B
YoY Change 2.46% 8.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.021B $961.6M
YoY Change 6.14% 7.3%
Goodwill $1.028B $987.9M
YoY Change 4.1% 3.64%
Intangibles $712.6M $735.3M
YoY Change -3.09% 0.19%
Long-Term Investments
YoY Change
Other Assets $18.00M $15.70M
YoY Change 14.65% -27.65%
Total Long-Term Assets $2.963B $1.926B
YoY Change 53.81% 10.07%
TOTAL ASSETS
Total Short-Term Assets $2.144B $2.092B
Total Long-Term Assets $2.963B $1.926B
Total Assets $5.106B $4.980B
YoY Change 2.53% 9.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $362.6M $296.0M
YoY Change 22.5% 0.58%
Accrued Expenses $146.4M $116.9M
YoY Change 25.24% -22.17%
Deferred Revenue
YoY Change
Short-Term Debt $167.5M $109.0M
YoY Change 53.67% 319.23%
Long-Term Debt Due $10.80M $64.10M
YoY Change -83.15% 612.22%
Total Short-Term Liabilities $916.8M $769.8M
YoY Change 19.1% 12.61%
LONG-TERM LIABILITIES
Long-Term Debt $1.424B $1.786B
YoY Change -20.28% 2.25%
Other Long-Term Liabilities $96.90M $85.30M
YoY Change 13.6% 12.83%
Total Long-Term Liabilities $1.939B $2.310B
YoY Change -16.04% 0.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $916.8M $769.8M
Total Long-Term Liabilities $1.939B $2.310B
Total Liabilities $2.856B $3.080B
YoY Change -7.26% 6.12%
SHAREHOLDERS EQUITY
Retained Earnings $1.429B $1.965B
YoY Change -27.27% 15.52%
Common Stock $761.3M $920.1M
YoY Change -17.26% -1.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.40M $1.002B
YoY Change -94.67% 5.17%
Treasury Stock Shares 746.4K shares 23.31M shares
Shareholders Equity $2.176B $1.817B
YoY Change
Total Liabilities & Shareholders Equity $5.106B $4.980B
YoY Change 2.53% 6.39%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $113.3M $80.70M
YoY Change 40.4% -12.19%
Depreciation, Depletion And Amortization $43.00M $42.30M
YoY Change 1.65% 7.09%
Cash From Operating Activities $31.70M $56.20M
YoY Change -43.59% 7.46%
INVESTING ACTIVITIES
Capital Expenditures -$29.40M -$31.80M
YoY Change -7.55% 96.3%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$39.40M -$31.60M
YoY Change 24.68% 61.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $26.30M $42.30M
YoY Change -37.83% 479.45%
Debt Paid & Issued, Net $73.40M $37.90M
YoY Change 93.67% -67.55%
Cash From Financing Activities -$6.400M $166.5M
YoY Change -103.84% 126.84%
NET CHANGE
Cash From Operating Activities $31.70M $56.20M
Cash From Investing Activities -$39.40M -$31.60M
Cash From Financing Activities -$6.400M $166.5M
Net Change In Cash -$18.00M $177.8M
YoY Change -110.12% 66.17%
FREE CASH FLOW
Cash From Operating Activities $31.70M $56.20M
Capital Expenditures -$29.40M -$31.80M
Free Cash Flow $61.10M $88.00M
YoY Change -30.57% 28.47%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
303100000 USD
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CY2020Q1 us-gaap Amortization Of Intangible Assets
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6500000 USD
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4200000 USD
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5600000 USD
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7500000 USD
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CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10200000 USD
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1900300000 USD
CY2020Q1 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
53100000 USD
CY2020Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
920100000 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1964800000 USD
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-118900000 USD
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1001700000 USD
CY2020Q1 us-gaap Business Exit Costs1
BusinessExitCosts1
800000 USD
CY2020Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
3600000 USD
CY2021Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
3400000 USD
CY2021Q1 us-gaap Severance Costs1
SeveranceCosts1
500000 USD
CY2021Q1 us-gaap Business Exit Costs1
BusinessExitCosts1
100000 USD
CY2021Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
4000000.0 USD
CY2020Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
100000 USD
CY2020Q1 us-gaap Severance Costs1
SeveranceCosts1
2700000 USD
CY2021Q1 tkr Number Of Employees Expected To Be Hired
NumberOfEmployeesExpectedToBeHired
130 employee
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
8000000.0 USD
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
2700000 USD
CY2021Q1 us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
600000 USD
CY2020Q1 us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
20800000 USD
CY2021Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
1200000 USD
CY2020Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
15500000 USD
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
7400000 USD
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
8000000.0 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
41300000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-43000000.0 USD
CY2021Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-500000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-300000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-43800000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
400000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-43400000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2100000 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-50100000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-72700000 USD
CY2020Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-2600000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-1000000.0 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-76300000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
7500000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-68800000 USD
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-118900000 USD
CY2021Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1184000000.0 USD
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1220700000 USD
CY2021Q1 tkr Long Term Fixed Rate Debt Carrying Value
LongTermFixedRateDebtCarryingValue
1096700000 USD
CY2020Q4 tkr Long Term Fixed Rate Debt Carrying Value
LongTermFixedRateDebtCarryingValue
1103200000 USD
CY2020Q3 us-gaap Derivative Amount Of Hedged Item
DerivativeAmountOfHedgedItem
100000000 USD
CY2021Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
122000000.0 USD
CY2020Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
173200000 USD
CY2021Q1 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
200000 USD
CY2020Q1 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
5500000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
302300000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
302300000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1025400000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
923400000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2700000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3300000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25300000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29600000 USD
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.47
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.06
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77264641 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76308556 shares

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