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(Dollars in millions) |
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Statements of Cash Flow |
12/31/2010 |
12/31/2009 |
12/31/2008 |
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CASH PROVIDED (USED) |
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Operating Activities |
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Net income (loss) attributable to The Timken Company |
$274.8 |
($134.0) |
$267.7 |
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Net (income) loss from discontinued operations |
(7.4) |
72.6 |
11.3 |
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Net income (loss) attributable to noncontrolling interest |
2.1 |
(4.6) |
3.6 |
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Adjustments to reconcile income from continuing operations |
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to net cash provided by operating activities: |
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Depreciation and amortization |
189.7 |
201.5 |
200.8 |
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Impairment charges |
4.7 |
113.7 |
20.1 |
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Loss (gain) on sale of assets |
6.5 |
6.8 |
(15.2) |
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Deferred income tax provision |
58.8 |
22.8 |
1.9 |
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Stock-based compensation expense |
16.9 |
14.9 |
16.8 |
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Pension and other postretirement expense |
93.1 |
96.7 |
84.7 |
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Pension contributions and other postretirement benefit payments |
(337.0) |
(113.5) |
(70.5) |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(104.8) |
174.5 |
107.6 |
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Inventories |
(150.0) |
356.1 |
(97.7) |
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Accounts payable and accrued expenses |
173.6 |
(156.1) |
(57.9) |
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Income taxes |
97.2 |
(48.6) |
35.7 |
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Other - net |
(12.9) |
(2.7) |
(8.0) |
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Net Cash Provided by Operating Activities - Continuing Operations |
305.3 |
600.1 |
500.9 |
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Net Cash Provided (Used) by Operating Activities - Discontinuing Operations |
7.4 |
(12.4) |
76.7 |
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Net Cash Provided by Operating Activities |
312.7 |
587.7 |
577.6 |
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Investing Activities |
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Capital expenditures |
(115.8) |
(114.1) |
(258.1) |
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Acquisitions |
(22.6) |
(0.4) |
(86.0) |
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Proceeds from disposals of property, plant and equipment |
1.9 |
2.6 |
36.4 |
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Divestitures |
- |
303.6 |
- |
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Investments in short-term marketable securities |
(15.0) |
- |
- |
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Other |
(1.4) |
4.9 |
0.5 |
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Net Cash (Used) Provided by Investing Activities - Continuing Operations |
(152.9) |
196.6 |
(307.2) |
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Net Cash Used by Investing Activities - Discontinued Operations |
- |
(2.4) |
(13.5) |
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Net Cash (Used) Provided by Investing Activities |
(152.9) |
194.2 |
(320.7) |
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Financing Activities |
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Cash dividends paid to shareholders |
(51.3) |
(43.2) |
(67.5) |
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Purchase of Treasury Notes |
(29.2) |
- |
- |
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Net proceeds from common share activity |
50.4 |
0.9 |
16.9 |
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Accounts receivable securitization financing borrowings |
- |
- |
225.0 |
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Accounts receivable securitization financing payments |
- |
- |
(225.0) |
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Proceeds from issuance of long-term debt |
18.2 |
255.0 |
810.4 |
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Deferred financing costs |
- |
(10.8) |
- |
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Payments on long-term debt |
(13.7) |
(305.7) |
(884.1) |
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Short-term debt activity -- net |
(3.8) |
(74.2) |
(21.6) |
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Other |
(3.5) |
- |
- |
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Net Cash Used by Financing Activities |
(32.9) |
(178.0) |
(145.9) |
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Effect of exchange rate changes on cash |
(5.3) |
18.2 |
(20.5) |
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Increase In Cash and Cash Equivalents |
121.6 |
622.1 |
90.5 |
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Cash and cash equivalents at beginning of year |
755.5 |
133.4 |
42.9 |
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Cash and Cash Equivalents at End of Year |
$877.1 |
$755.5 |
$133.4 |
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*See accompanying Notes to Consolidated Financial Statement filed in the latest Form 10-K.* |
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Free cash flow(1): |
12/31/2010 |
12/31/2009 |
12/31/2008 |
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Net cash provided by operating activities |
$312.7 |
$587.7 |
$577.6 |
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Less: capital expenditures |
(115.8) |
(114.10) |
(258.10) |
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Less: cash dividends paid to shareholders |
(51.3) |
(43.2) |
(67.5) |
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Free cash flow |
$145.6 |
$430.4 |
$252.0 |
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