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Financing Arrangements
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Financing Arrangements
Note 11 - Financing Arrangements
Short-term debt at June 30, 2026 and December 31, 2025 was as follows:
June 30,
2026		December 31,
2025
Borrowings under lines of credit for certain of the Company’s foreign
   subsidiaries with various banks with interest rates ranging from 2.85%
   to 5.62% at June 30, 2026 and 2.59% to 2.68% at December 31, 2025
$26.3 $24.5 
Short-term debt$26.3 $24.5 
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 June 30, 2026, the Company’s foreign subsidiaries had borrowings outstanding of $26.3 million and bank guarantees of $7.2 million.
Long-term debt at June 30, 2026 and December 31, 2025 was as follows:
June 30,
2026		December 31,
2025
Variable-rate Senior Credit Facility, with an average interest rate of 4.79% for
   U.S. dollars and 3.03% for Euros at June 30, 2026, and 2.91% for Euros
   at December 31, 2025
$118.4 $21.2 
Variable-rate Accounts Receivable Facility with an interest rate of 4.66%
   at June 30, 2026
80.0 — 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on September 7, 2027,
   with an interest rate of 2.02%
171.3 176.2 
Variable-rate Term Loan(1), maturing on December 5, 2027, with an interest rate
   of 4.87% at June 30, 2026 and 4.94% at December 31, 2025
84.9 84.8 
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%
154.9 154.9 
Fixed-rate Senior Unsecured Notes(1), maturing on December 15, 2028, with
   an interest rate of 4.50%
398.8 398.5 
Fixed-rate Senior Unsecured Notes(1), maturing on April 1, 2032, with an
   interest rate of 4.13%
346.9 346.4 
Fixed-rate Euro Senior Unsecured Notes(1), maturing on May 23, 2034, with an
   interest rate of 4.13%
677.1 695.5 
Fixed-rate Euro Bank Loan, maturing on June 30, 2033, with an
   interest rate of 2.15%
9.7 10.6 
Other7.9 9.4 
   Total debt$2,049.9 $1,897.5 
   Less: current maturities13.9 14.4 
Long-term debt$2,036.0 $1,883.1 
(1) Net of discounts and fees
Note 11 - Financing Arrangements (continued)
On December 5, 2025, the Company renewed the Amended and Restated Asset Securitization Agreement (the "Accounts Receivable Facility"). The $100 million Accounts Receivable Facility matures on November 30, 2028. 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 June 30, 2026. As of June 30, 2026, there were $80 million in outstanding borrowings under the Accounts Receivable Facility, which reduced the availability to $20 million. 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") for U.S. dollar borrowings and Euro Interbank Offered Rate (“EURIBOR”) for Euro borrowings. At June 30, 2026, the Senior Credit Facility had $118.4 million in outstanding borrowings, which reduced the availability to $631.6 million. Payments in 2025 and 2024 have reduced the 2027 Term Loan to $85 million at June 30, 2026. The Credit Agreement has two financial covenants: a consolidated net leverage ratio and a consolidated interest coverage ratio.
At June 30, 2026, 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 June 30, 2026, outstanding letters of credit totaled $69.4 million, most with expiration dates within 12 months.
The maturities of long-term debt (including $6.3 million of finance leases) subsequent to June 30, 2026 are as follows:
Year
2026$12.1 
2027403.4 
2028602.9 
20292.6 
20302.2 
20311.8 
Thereafter1,038.1 
The table above excludes $12.7 million of unamortized discounts and fees that are netted against long-term debt and $0.5 million of imputed interest netted against finance leases at June 30, 2026.
On July 2, 2026, the Company entered into a Sixth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which provides for a $1.2 billion unsecured revolving credit facility ("New Senior Credit Facility") that will mature on July 2, 2031, with two potential one-year extension options subject to customary terms and conditions. Upon entering into the Amended Credit Agreement, the Company paid the remaining balance of the 2027 Term Loan utilizing borrowings under the New Senior Credit Facility.