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Equity | 9 Months Ended
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Sep. 30, 2019
Equity [Abstract] |
Equity | Note 9 - Equity The following tables present the changes in the components of equity for the three and nine months ended September 30, 2019 and 2018, respectively:
|  | The Timken Company Shareholders |
| Total | Stated Capital | Other Paid-In Capital | Earnings Invested in the Business | Accumulated Other Comprehensive (Loss) | Treasury Stock | Non controlling Interest
Balance at June 30, 2019 | $ | 1,783.6 |  | $ | 53.1 |  | $ | 941.3 |  | $ | 1,772.0 |  | $ | (97.5 | ) | $ | (957.6 | ) | $ | 72.3 |
Net income | 66.7 |  |  |  | 64.2 |  |  |  | 2.5 |
Foreign currency translation adjustment | (63.0 | ) |  |  |  | (61.2 | ) |  | (1.8 | )
Pension and other postretirement liability adjustments (net of income tax expense of $25.4 million) | 76.7 |  |  |  |  | 76.7 |  |  |
Change in fair value of derivative financial instruments, net of reclassifications | 1.9 |  |  |  |  | 1.9 |  |  |
Dividends paid to noncontrolling interest | (0.3 | ) |  |  |  |  |  | (0.3 | )
Dividends – $0.28 per share | (21.2 | ) |  |  | (21.2 | ) |  |  |
Stock-based compensation expense | 5.8 |  |  | 5.8 |  |  |  |  |
Stock purchased at fair market value | (32.5 | ) |  |  |  |  | (32.5 | ) |
Stock option exercise activity | 1.0 |  |  | (1.0 | ) |  |  | 2.0 |  |
Restricted share activity | — |  |  | (0.6 | ) |  |  | 0.6 |  |
Payments related to tax withholding for stock-based compensation | (1.2 | ) |  |  |  |  | (1.2 | ) |
Balance at September 30, 2019 | $ | 1,817.5 |  | $ | 53.1 |  | $ | 945.5 |  | $ | 1,815.0 |  | $ | (80.1 | ) | $ | (988.7 | ) | $ | 72.7 |
|  | The Timken Company Shareholders |
| Total | Stated Capital | Other Paid-In Capital | Earnings Invested in the Business | Accumulated Other Comprehensive (Loss) | Treasury Stock | Non controlling Interest
Balance at December 31, 2018 | $ | 1,642.7 |  | $ | 53.1 |  | $ | 951.9 |  | $ | 1,630.2 |  | $ | (95.3 | ) | $ | (960.3 | ) | $ | 63.1 |
Net income | 256.9 |  |  |  | 248.6 |  |  |  | 8.3 |
Foreign currency translation adjustment | (62.1 | ) |  |  |  | (61.9 | ) |  | (0.2 | )
Pension and other postretirement liability adjustments (net of income tax expense of $25.3 million) | 76.6 |  |  |  |  | 76.6 |  |  |
Change in fair value of derivative financial instruments, net of reclassifications | 0.5 |  |  |  |  | 0.5 |  |  |
Dividends paid to noncontrolling interest | (0.3 | ) |  |  |  |  |  | (0.3 | )
Noncontrolling interest acquired | 1.8 |  |  |  |  |  |  | 1.8 |
Dividends – $0.84 per share | (63.8 | ) |  |  | (63.8 | ) |  |  |
Stock-based compensation expense | 20.7 |  |  | 20.7 |  |  |  |  |
Stock purchased at fair market value | (56.1 | ) |  |  |  |  | (56.1 | ) |
Stock option exercise activity | 9.9 |  |  | (4.4 | ) |  |  | 14.3 |  |
Restricted share activity | — |  |  | (22.7 | ) |  |  | 22.7 |  |
Payments related to tax withholding for stock-based compensation | (9.3 | ) |  |  |  |  | (9.3 | ) |
Balance at September 30, 2019 | $ | 1,817.5 |  | $ | 53.1 |  | $ | 945.5 |  | $ | 1,815.0 |  | $ | (80.1 | ) | $ | (988.7 | ) | $ | 72.7 |
For further discussion of the pretax pension and other postretirement liability adjustments, see Note 14 - Retirement Benefit Plans and Note 15 - Other Postretirement Benefit Plans. Note 9 - Equity (continued)
|  | The Timken Company Shareholders |
| Total | Stated Capital | Other Paid-In Capital | Earnings Invested in the Business | Accumulated Other Comprehensive (Loss) | Treasury Stock | Non controlling Interest
Balance at June 30, 2018 | $ | 1,552.3 |  | $ | 53.1 |  | $ | 907.2 |  | $ | 1,545.3 |  | $ | (69.9 | ) | $ | (913.9 | ) | $ | 30.5 |
Net income | 72.3 |  |  |  | 71.6 |  |  |  | 0.7 |
Foreign currency translation adjustment | (24.3 | ) |  |  |  | (18.5 | ) |  | (5.8 | )
Change in fair value of derivative financial instruments, net of reclassifications | (0.4 | ) |  |  |  | (0.4 | ) |  |
Shares issued for the acquisition of ABC Bearings | 66.0 |  |  | 30.9 |  |  |  |  | 35.1 |
Dividends – $0.28 per share | (21.5 | ) |  |  | (21.5 | ) |  |  |
Stock-based compensation expense | 7.7 |  |  | 7.7 |  |  |  |  |
Stock purchased at fair market value | (13.4 | ) |  |  |  |  | (13.4 | ) |
Stock option exercise activity | 2.1 |  |  | (0.6 | ) |  |  | 2.7 |  |
Restricted share activity | — |  |  | (0.1 | ) |  |  | 0.1 |  |
Payments related to tax withholding for stock-based compensation | (0.4 | ) |  |  |  |  | (0.4 | ) |
Balance at September 30, 2018 | $ | 1,640.4 |  | $ | 53.1 |  | $ | 945.1 |  | $ | 1,595.4 |  | $ | (88.8 | ) | $ | (924.9 | ) | $ | 60.5 |
|  | The Timken Company Shareholders |
| Total | Stated Capital | Other Paid-In Capital | Earnings Invested in the Business | Accumulated Other Comprehensive (Loss) | Treasury Stock | Non controlling Interest
Balance at December 31, 2017 | $ | 1,474.9 |  | $ | 53.1 |  | $ | 903.8 |  | $ | 1,408.4 |  | $ | (38.3 | ) | $ | (884.3 | ) | $ | 32.2 |
Cumulative effect of the new revenue standard (net of income tax benefit of $2.6 million)(1) | 7.7 |  |  | — |  | 7.7 |  |  |  |
Cumulative effect of ASU 2018-02 | — |  |  |  | 0.7 |  | (0.7 | ) |  |
Net income | 244.7 |  |  |  | 242.8 |  |  |  | 1.9 |
Foreign currency translation adjustment | (62.5 | ) |  |  |  | (53.8 | ) |  | (8.7 | )
Change in fair value of derivative financial instruments, net of reclassifications | 4.0 |  |  |  |  | 4.0 |  |  |
Shares issued for the acquisition of ABC Bearings | 66.0 |  |  | 30.9 |  |  |  |  | 35.1 |
Dividends – $0.83 per share | (64.2 | ) |  |  | (64.2 | ) |  |  |
Stock-based compensation expense | 25.5 |  |  | 25.5 |  |  |  |  |
Stock purchased at fair market value | (63.0 | ) |  |  |  |  | (63.0 | ) |
Stock option exercise activity | 12.7 |  |  | (3.7 | ) |  |  | 16.4 |  |
Restricted share activity | — |  |  | (11.4 | ) |  |  | 11.4 |  |
Payments related to tax withholding for stock-based compensation | (5.4 | ) |  |  |  |  | (5.4 | ) |
Balance at September 30, 2018 | $ | 1,640.4 |  | $ | 53.1 |  | $ | 945.1 |  | $ | 1,595.4 |  | $ | (88.8 | ) | $ | (924.9 | ) | $ | 60.5 |
(1) On January 1, 2018, the Company recognized the cumulative effect of adopting the revenue recognition guidance in ASU 2014-09 and related amendments as an adjustment to the opening balance of earnings invested in the business for the year ended December 31, 2018. Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2018 for further information.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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