Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities (continued)
*Total return assumes reinvestment of dividends. Fiscal years ending December 31.
2019 2020 2021 2022 2023
Timken $ 155 $ 217 $ 198 $ 205 $ 237
S&P 500 131 156 200 164 207
S&P 400 Industrials 134 156 200 177 232
The line graph compares the cumulative total shareholder returns over five years for The Timken Company, the S&P 500 Stock Index and the S&P 400 Industrials Index. The graph assumes, in each case, an initial investment of $100 on January 1, 2019, in Timken common shares, S&P 500 Index and S&P 400 Industrials Index, based on market prices at the end of each fiscal year through and including December 31, 2023 , and reinvestment of dividends.
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Item 6. Unreserved
Selected Financial Data
Summary of Operations and Other Comparative Data:
(Dollars in millions, except per share, shareholder and per employee data) 2023 2022 2021 2020 2019
Statements of Income
Net sales $ 4,769.0 $ 4,496.7 $ 4,132.9 $ 3,513.2 $ 3,789.9
Operating income 657.1 606.9 513.1 454.9 516.4
Net income 408.0 417.0 381.5 292.4 374.7
Net income attributable to The Timken Company $ 394.1 $ 407.4 $ 369.1 $ 284.5 $ 362.1
Basic earnings per share (1)
5.52 5.54 4.86 3.78 4.78
Diluted earnings per share (2)
5.47 5.48 4.79 3.72 4.71
Weighted average number of shares outstanding - basic 71,377,656 73,602,247 75,885,316 75,354,280 75,758,123
Weighted average number of shares outstanding - diluted 72,081,884 74,323,839 77,006,589 76,401,366 76,896,565
Other Comparative Data
Total assets $ 6,541.7 $ 5,772.4 $ 5,170.7 $ 5,041.6 $ 4,859.9
Total liabilities 3,839.3 3,419.5 2,793.0 2,816.4 2,905.1
Total equity 2,702.4 2,352.9 2,377.7 2,225.2 1,954.8
Net income attributable to The Timken Company / net sales 8.3 % 9.1 % 8.9 % 8.1 % 9.6 %
Net cash provided from operating activities 545.2 463.8 387.3 577.6 550.1
Capital expenditures 187.8 178.4 148.3 121.6 140.6
Capital expenditures / net sales 3.9 % 4.0 % 3.6 % 3.5 % 3.7 %
Depreciation and amortization 201.3 164.0 167.8 167.1 160.6
Dividends per share $ 1.30 $ 1.23 $ 1.19 $ 1.13 $ 1.12
Number of employees at year-end 19,602 19,404 18,029 17,430 18,829
Non-GAAP Financial Information (3)
Adjusted earnings per share $ 7.05 $ 6.46 $ 5.18 $ 4.56 $ 5.05
Adjusted earnings before interest, taxes, depreciation
and amortization (EBITDA) $ 939.7 $ 855.9 $ 718.0 $ 658.9 $ 726.3
Adjusted EBITDA Margin (% of net sales) 19.7 % 19.0 % 17.4 % 18.8 % 19.2 %
Free cash flow 357.4 285.4 239.0 456.0 409.5
Adjusted return on invested capital (ROIC) 13.8 % 14.5 % 12.9 % 11.6 % 13.5 %
(1) Based on weighted average number of shares outstanding during the year.
(2) Based on weighted average number of shares outstanding during the year, assuming dilution of stock options and awards.
(3) Refer to page 43 for reconciliations to the most directly comparable generally accepted accounting principal ("GAAP") financial measures.
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