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Financing Arrangements | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Financing Arrangements | Note 10 - Financing Arrangements Short-term debt at September 30, 2025 and December 31, 2024 was as follows:
| September 30, 2025 | December 31, 2024
Borrowings under lines of credit for certain of the Company’s foreign subsidiaries with various banks with interest rates ranging from 2.58% to 7.81% at September 30, 2025 and 3.36% to 3.95% at December 31, 2024 | $ | 12.0 |  | $ | 8.7 |
Short-term debt | $ | 12.0 |  | $ | 8.7 |
Lines of credit for certain of the Company's foreign subsidiaries provide for short-term borrowings. Most of these lines of credit are uncommitted. At September 30, 2025, the Company’s foreign subsidiaries had borrowings outstanding of $12.0 million and bank guarantees of $5.1 million. Long-term debt at September 30, 2025 and December 31, 2024 was as follows:
| September 30, 2025 | December 31, 2024
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027, with an interest rate of 2.02% | $ | 176.0 |  | $ | 155.3 |
Variable-rate Term Loan(1), maturing on December 5, 2027, with an interest rate of 5.39% at September 30, 2025 and 5.58% at December 31, 2024 | 309.8 |  | 369.6 |
Fixed-rate Medium-Term Notes, Series A(1), maturing at various dates through May 2028, with interest rates ranging from 6.74% to 7.76% | 154.8 |  | 154.8 |
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with an interest rate of 4.50% | 398.4 |  | 398.1 |
Fixed-rate Senior Unsecured Notes(1), maturing on April 1, 2032, with an interest rate of 4.13% | 346.1 |  | 345.1 |
Fixed-rate Euro Senior Unsecured Notes(1), maturing on May 23, 2034, with an interest rate of 4.13% | 694.2 |  | 609.7 |
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an interest rate of 2.15% | 11.3 |  | 10.6 |
Other | 10.2 |  | 10.8 |
Total debt | $ | 2,100.8 |  | $ | 2,054.0 |
Less: current maturities | 9.4 |  | 4.3 |
Long-term debt | $ | 2,091.4 |  | $ | 2,049.7 |
(1) Net of discounts and fees Note 10 - Financing Arrangements (continued) The Company has a $100 million Amended and Restated Asset Securitization Agreement (the "Accounts Receivable Facility"), which matures on November 30, 2026. Under the terms of the Accounts Receivable Facility, the Company sells, on an ongoing basis, certain domestic trade receivables to Timken Receivables Corporation, a wholly-owned consolidated subsidiary that, in turn, uses the trade receivables to secure borrowings that are funded through a vehicle that issues commercial paper in the short-term market. Borrowings under the Accounts Receivable Facility may be limited by certain borrowing base limitations; however, availability under the Accounts Receivable Facility was not reduced by any such borrowing base limitations at September 30, 2025. As of September 30, 2025, there were no outstanding borrowings under the Accounts Receivable Facility. The cost of this facility, which is the prevailing commercial paper rate plus facility fees, is considered a financing cost and is included in interest expense in the Consolidated Statements of Income. On December 5, 2022, the Company entered into the Fifth Amended and Restated Credit Agreement ("Credit Agreement"), which is comprised of a $750 million unsecured revolving credit facility ("Senior Credit Facility") and a $400 million unsecured term loan facility ("2027 Term Loan") that each mature on December 5, 2027. The interest rates under the Credit Agreement are based on Secured Overnight Financing Rate ("SOFR"). At September 30, 2025, the Company had no outstanding borrowings under the Senior Credit Facility. Payments in 2025 and 2024 have reduced the 2027 Term Loan to $310 million at September 30, 2025. The Credit Agreement has two financial covenants: a consolidated net leverage ratio and a consolidated interest coverage ratio. On May 23, 2024, the Company issued fixed-rate Euro senior unsecured notes ("2034 Notes") in the aggregate principal amount of €600 million with an interest rate of 4.13%, maturing on May 23, 2034. Proceeds from the 2034 Notes were used for the redemption of the Company's outstanding fixed-rate unsecured senior notes in the aggregate principal amount of $350 million that were due to mature on September 1, 2024 ("2024 Notes"), as well as the repayment of other debt outstanding at the time of issuance. At September 30, 2025, the Company was in full compliance with all applicable covenants on its outstanding debt. In the ordinary course of business, the Company utilizes standby letters of credit issued by financial institutions to guarantee certain obligations, most of which relate to certain insurance contracts and indirect taxes. At September 30, 2025, outstanding letters of credit totaled $60.7 million, most with expiration dates within 12 months. The maturities of long-term debt (including $8.2 million of finance leases) subsequent to September 30, 2025 are as follows:
Year |
2025 | $ | 1.6 |
2026 | 14.7 |
2027 | 514.8 |
2028 | 522.8 |
2029 | 2.5 |
2030 | 1.9 |
Thereafter | 1,058.2 |
The table above excludes $15.7 million of unamortized discounts and fees that are netted against long-term debt at September 30, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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