Timken Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Timken Co. has filed its 2023 Form 10-K detailing its annual financial performance and corporate information.</b>

AI Summary

TIMKEN CO (TKR) filed a Annual Report (10-K) with the SEC on February 26, 2024. Timken Co. filed its 2023 Form 10-K on February 26, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's financial performance and operations for the fiscal year 2023. The company's principal executive offices are located at 4500 Mt. Pleasant St. NW, North Canton, OH 44720-5450. Timken Co. was formerly known as Timken Roller Bearing Co., with a name change effective March 4, 1971. The SIC code for Timken Co. is 3562, which corresponds to Ball & Roller Bearings.

Why It Matters

For investors and stakeholders tracking TIMKEN CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Timken's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K allow for a thorough analysis of Timken's revenue streams, profitability, debt levels, and cash flow, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — TIMKEN CO shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information that requires careful analysis to identify specific risks, but it does not highlight any immediate or severe financial distress or regulatory actions.

Analyst Insight

Review the detailed financial statements, management's discussion and analysis, and risk factors within the 10-K to understand Timken's performance drivers and potential challenges for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-26 — Filing Date (Date of submission)
• 19710304 — Name Change Date (Historical corporate information)
• 3562 — SIC Code (Industry classification)

Key Players & Entities

• TIMKEN CO (company) — Filer name
• TKR (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-26 (date) — Filing date
• 4500 MT. PLEASANT ST. NW, NORTH CANTON, OH 44720-5450 (address) — Business address
• Timken Roller Bearing Co. (company) — Former company name
• 19710304 (date) — Date of name change
• 3562 (industry_code) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This filing provides the core financial and operational data for Timken Co. for the fiscal year 2023.)

SIC Code

Standard Industrial Classification code, a four-digit code used by U.S. government agencies to classify businesses by industry. (Indicates Timken Co. operates in the Ball & Roller Bearings industry (3562).)

Key Financial Figures

• $1.7 million — ounted for under the equity method were $1.7 million and $1.8 million, respectively, at Dece
• $1.8 m — the equity method were $1.7 million and $1.8 million, respectively, at December 31, 20

Filing Documents

• tkr-20231231.htm (10-K) — 3110KB
• tkr123123exhibit21.htm (EX-21) — 119KB
• tkr123123exhibit23.htm (EX-23) — 6KB
• tkr123123exhibit24.htm (EX-24) — 12KB
• tkr123123exhibit311.htm (EX-31.1) — 8KB
• tkr123123exhibit312.htm (EX-31.2) — 9KB
• tkr123123exhibit32.htm (EX-32) — 6KB
• tkr123123exhibit97.htm (EX-97) — 56KB
• tkr-20231231_g1.jpg (GRAPHIC) — 330KB
• tkr-20231231_g2.jpg (GRAPHIC) — 38KB
• tkr-20231231_g3.jpg (GRAPHIC) — 62KB
• 0000098362-24-000042.txt (&nbsp;) — 18830KB
• tkr-20231231.xsd (EX-101.SCH) — 112KB
• tkr-20231231_cal.xml (EX-101.CAL) — 162KB
• tkr-20231231_def.xml (EX-101.DEF) — 658KB
• tkr-20231231_lab.xml (EX-101.LAB) — 1307KB
• tkr-20231231_pre.xml (EX-101.PRE) — 1020KB
• tkr-20231231_htm.xml (XML) — 3107KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 19

Properties

Item 2. Properties 19

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20

Information about our Executive Officers

Item 4A. Information about our Executive Officers 20 II. PART II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

Unreserved

Item 6. Unreserved 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 50

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 51

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 105

Controls and Procedures

Item 9A. Controls and Procedures 105

Other Information

Item 9B. Other Information 108

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 108 III. PART III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 108

Executive Compensation

Item 11. Executive Compensation 108

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 108

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 108 IV. PART IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 109

Form 10-K Summary

Item 16. Form 10-K Summary 113 Table of Contents PART I.

Business

Item 1. Business General: As used herein, the term "Timken" or the "Company" refers to The Timken Company and its subsidiaries unless the context otherwise requires. Timken designs and manages a portfolio of engineered bearings and industrial motion products, and provides related services. The Company's growing portfolio features many strong brands, including Timken, GGB, Philadelphia Gear, Cone Drive, Rollon, Nadella, Diamond, Drives, Groeneveld, BEKA, Des-Case, Lovejoy and Lagersmit. The Company was founded in 1899 by Henry Timken, who received two patents on the design of a tapered roller bearing. Timken remains the world's leading authority in tapered roller bearings and has leveraged that expertise to develop a full portfolio of industry-leading engineered bearings and industrial motion products. Timken built its reputation as a global leader by applying its knowledge of metallurgy, friction management and industrial motion to increase the reliability and efficiency of its customers' equipment across a diverse range of industries. Today, the Company's global footprint consists of 142 manufacturing facilities/service centers, 28 technology and engineering centers, and 73 distribution centers and warehouses, supported by a team comprised of more than 19,000 employees. Timken operates in 45 countries around the globe. Major Customers: The Company sells products and services to a diverse customer base globally, including customers in the following market sectors: industrial distribution, renewable energy, automation, automotive original equipment ("OE"), agriculture/turf, rail, aerospace, auto/truck aftermarket, construction, services, metals and mining, heavy truck OE, and marine. No single customer accounts for 5% or more of total net sales. Products: Timken manufactures and manages global supply chains for multiple product lines including engineered bearings and industrial motion products designed to operate in demanding environments. The Company leverage

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View this 10-K filing on SEC EDGAR