Park Ohio Industries 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	333-43005-01
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-6520107
Entity Address, Address Line One	6065 Parkland Boulevard,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44124
City Area Code	440
Local Phone Number	947-2000
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Registrant Name	PARK OHIO INDUSTRIES INC/OH
Entity Central Index Key	0001068148
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 40.1	$ 46.7
Accounts receivable, net	196	261.3
Inventories, net	315.7	327.2
Receivable from affiliates	24.9	24.1
Prepaid and other current assets	87	80.8
Total current assets	663.7	740.1
Property, plant and equipment, net	231.3	240.1
Operating lease right-of-use assets	63.2	64.3
Goodwill	107.2	108.4
Intangible assets, net	86.8	90.6
Other long-term assets	83.2	83.8
Total assets	1,235.4	1,327.3
Current liabilities:
Trade accounts payable	128	175
Payable to affiliates	7.2	7.1
Current portion of long-term debt and short-term debt	12.6	16.8
Current portion of operating lease liabilities	12.2	11.9
Accrued expenses and other	90.5	101.5
Total current liabilities	250.5	312.3
Long-term liabilities, less current portion:
Long-term debt	553.8	545.2
Long-term operating lease liabilities	52.1	53.6
Other long-term liabilities	56.1	58.4
Total long-term liabilities	662	657.2
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity	309.1	343.7
Noncontrolling interests	13.8	14.1
Total equity	322.9	357.8
Total liabilities and shareholder's equity	$ 1,235.4	$ 1,327.3

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net sales	$ 228.3	$ 415.3	$ 594.6	$ 835.4
Cost of sales	214.1	349.1	526.5	703.9
Gross profit	14.2	66.2	68.1	131.5
Selling, general and administrative expenses	34.9	46.8	75.6	89.5
Operating income (loss)	(20.7)	19.4	(7.5)	42
Other components of pension income and other postretirement benefits expense, net	1.8	1.5	3.6	2.8
Interest expense, net	(7.6)	(8.7)	(15.5)	(16.9)
Income (loss) before income taxes	(26.5)	12.2	(19.4)	27.9
Income tax benefit (expense)	9.6	(4.2)	4.1	(8.1)
Net income (loss)	(16.9)	8	(15.3)	19.8
Net loss (income) attributable to noncontrolling interests	0.4	(0.3)	0.3	(0.8)
Net (loss) income attributable to Park-Ohio Industries, Inc. common shareholder	$ (16.5)	$ 7.7	$ (15)	$ 19

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (16.9)	$ 8	$ (15.3)	$ 19.8
Other comprehensive (loss) income, net of tax:
Currency translation	2.9	(2.5)	(13.7)	(1.8)
Pension and other postretirement benefits	0.4	0.4	0.9	5.7
Total other comprehensive (loss) income	3.3	(2.1)	(12.8)	3.9
Total comprehensive (loss) income, net of tax	(13.6)	5.9	(28.1)	23.7
Comprehensive loss (income) attributable to noncontrolling interests	0.4	(0.3)	0.3	(0.8)
Comprehensive (loss) income attributable to Park-Ohio Industries, Inc. common shareholder	$ (13.2)	$ 5.6	$ (27.8)	$ 22.9

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2018	$ 317.9	$ 0	$ 123.2	$ 221.9	$ (40.9)	$ 13.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	17.8			11.3	6	0.5
Stock-based compensation expense	1.9		1.9
Dividends	(0.3)					(0.3)
Balance at end of period at Mar. 31, 2019	337.3	0	125.1	233.2	(34.9)	13.9
Balance at beginning of period at Dec. 31, 2018	317.9	0	123.2	221.9	(40.9)	13.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	23.7
Balance at end of period at Jun. 30, 2019	338.6	0	124.9	236.9	(37)	13.8
Balance at beginning of period at Mar. 31, 2019	337.3	0	125.1	233.2	(34.9)	13.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	5.9			7.7	(2.1)	0.3
Stock-based compensation expense	(0.2)		(0.2)
Dividends	(0.4)					(0.4)
Dividend paid to parent	(4)			(4)
Balance at end of period at Jun. 30, 2019	338.6	0	124.9	236.9	(37)	13.8
Balance at beginning of period at Dec. 31, 2019	357.8	0	127.3	253.4	(37)	14.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	(14.5)			1.5	(16.1)	0.1
Stock-based compensation expense	1.4		1.4
Dividend paid to parent	(9.5)			(9.5)
Balance at end of period at Mar. 31, 2020	335.2	0	128.7	245.4	(53.1)	14.2
Balance at beginning of period at Dec. 31, 2019	357.8	0	127.3	253.4	(37)	14.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	(28.1)
Balance at end of period at Jun. 30, 2020	322.9	0	130	228.9	(49.8)	13.8
Balance at beginning of period at Mar. 31, 2020	335.2	0	128.7	245.4	(53.1)	14.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	(13.6)			(16.5)	3.3	(0.4)
Stock-based compensation expense	1.3		1.3
Balance at end of period at Jun. 30, 2020	$ 322.9	$ 0	$ 130	$ 228.9	$ (49.8)	$ 13.8

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net (loss) income	$ (15.3)	$ 19.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17.8	17.7
Stock-based compensation expense	2.7	1.7
Changes in operating assets and liabilities:
Accounts receivable	62.1	(20.9)
Inventories	7.9	(10.7)
Prepaid and other current assets	(6.7)	5.8
Accounts payable and accrued expenses	(57.2)	(7)
Other	(2.4)	(6.2)
Net cash provided by operating activities	8.9	0.2
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(9.4)	(20.7)
Proceeds from sale of an asset	1.4	0
Business acquisitions, net of cash acquired	0	(7.6)
Net cash used by investing activities	(8)	(28.3)
FINANCING ACTIVITIES
Proceeds from revolving credit facility, net	8.7	27.7
Payments on other debt	(6.7)	(2.8)
Proceeds from other debt	1.9	0.7
Payments on finance lease facilities, net	(0.6)	(3.2)
Dividends paid to Parent	(9.5)	(4)
Dividends	0	(0.7)
Net cash (used) provided by financing activities	(6.2)	17.7
Effect of exchange rate changes on cash	(1.3)	0.3
Decrease in cash and cash equivalents	(6.6)	(10.1)
Cash and cash equivalents at beginning of period	46.7	46.6
Cash and cash equivalents at end of period	$ 40.1	$ 36.5

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Park-Ohio Industries, Inc. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Park-Ohio Industries, Inc. is a wholly-owned subsidiary of Park-Ohio Holdings Corp. (“Holdings”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six - month periods ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” which replaced the current incurred loss impairment model with a methodology that reflected expected credit losses. Under the new methodology, entities will measure expected credit losses on financial instruments held at amortized cost, including trade receivables, based on historical experience, current conditions and reasonable forecasts. The Company adopted this standard as of January 1, 2020. The adoption of the standard had an immaterial impact on the Company. For the three- and six- month periods ended June 30, 2020, the provision and write-offs were not material, and the allowance approximated $5.2 million as of June 30, 2020. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (ASC 740) - Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. The Company adopted this standard as of April 1, 2020. The adoption of the standard had an immaterial impact on the Company's tax provision. Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which was issued in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate. The guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. However, the relief is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. The Company is currently evaluating the expected impact of this standard. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We disaggregate our revenue by product line and geographic region of our customer, as we believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. See details in the tables below. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In millions) PRODUCT LINE Supply Technologies $ 86.0 $ 141.0 $ 207.9 $ 285.8 Engineered specialty fasteners and other products 8.4 20.5 27.3 41.0 Supply Technologies Segment 94.4 161.5 235.2 326.8 Fuel, rubber and plastic products 39.8 91.1 124.5 180.7 Aluminum products 15.1 45.2 58.6 93.9 Assembly Components Segment 54.9 136.3 183.1 274.6 Industrial equipment 53.4 80.7 119.5 161.3 Forged and machined products 25.6 36.8 56.8 72.7 Engineered Products Segment 79.0 117.5 176.3 234.0 Total revenues $ 228.3 $ 415.3 $ 594.6 $ 835.4 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2020 GEOGRAPHIC REGION United States $ 61.3 $ 36.1 $ 45.5 $ 142.9 Europe 14.0 2.2 10.6 26.8 Asia 11.7 6.4 17.7 35.8 Mexico 5.0 3.6 1.3 9.9 Canada 1.6 6.5 2.7 10.8 Other 0.8 0.1 1.2 2.1 Total $ 94.4 $ 54.9 $ 79.0 $ 228.3 Three Months Ended June 30, 2019 GEOGRAPHIC REGION United States $ 110.6 $ 97.0 $ 67.9 $ 275.5 Europe 24.2 3.8 20.4 48.4 Asia 9.5 4.0 15.8 29.3 Mexico 13.4 10.6 3.4 27.4 Canada 3.3 20.5 6.6 30.4 Other 0.5 0.4 3.4 4.3 Total $ 161.5 $ 136.3 $ 117.5 $ 415.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2020 GEOGRAPHIC REGION United States $ 151.3 $ 126.8 $ 98.7 $ 376.8 Europe 37.7 6.4 26.3 70.4 Asia 21.2 10.7 33.5 65.4 Mexico 19.5 13.8 3.5 36.8 Canada 4.5 24.9 9.1 38.5 Other 1.0 0.5 5.2 6.7 Total $ 235.2 $ 183.1 $ 176.3 $ 594.6 Six Months Ended June 30, 2019 GEOGRAPHIC REGION United States $ 221.0 $ 198.7 $ 136.0 $ 555.7 Europe 50.7 8.1 40.8 99.6 Asia 20.8 9.2 30.7 60.7 Mexico 27.1 19.6 6.4 53.1 Canada 6.5 38.2 14.2 58.9 Other 0.7 0.8 5.9 7.4 Total $ 326.8 $ 274.6 $ 234.0 $ 835.4 For over time arrangements, contract liabilities primarily relate to advances or deposits received from the Company’s customers before revenue is recognized. These amounts, which totaled $35.9 million and $35.7 million at June 30, 2020 and December 31, 2019, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets. For over time arrangements, contract assets primarily relate to revenue recognized in advance of billings to customers under long-term contracts accounted for under percentage of completion. These amounts, which totaled $65.4 million and $61.7 million at June 30, 2020 and December 31, 2019, respectively, are recorded in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.

Segments

Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segments	Segments Our operating segments are defined as components of the enterprise for which separate financial information is available and evaluated on a regular basis by our chief operating decision maker to allocate resources and assess performance. For purposes of measuring business segment performance, the Company utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or are corporate costs, which include but are not limited to executive and share-based compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs; certain non-cash and/or non-operating items; Other components of pension income and other postretirement benefits expense, net; and interest expense, net. Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In millions) Net sales: Supply Technologies $ 94.4 $ 161.5 $ 235.2 $ 326.8 Assembly Components 54.9 136.3 183.1 274.6 Engineered Products 79.0 117.5 176.3 234.0 $ 228.3 $ 415.3 $ 594.6 $ 835.4 Segment operating (loss) income: Supply Technologies $ 0.3 $ 11.3 $ 9.5 $ 24.4 Assembly Components (14.6 ) 8.3 (8.3 ) 16.6 Engineered Products (0.8 ) 11.5 3.0 19.6 Total segment operating (loss) income (15.1 ) 31.1 4.2 60.6 Corporate costs (5.6 ) (7.4 ) (11.7 ) (14.3 ) One-time net expense related to former President (a) — (4.3 ) — (4.3 ) Operating (loss) income (20.7 ) 19.4 (7.5 ) 42.0 Other components of pension income and other postretirement benefits expense, net 1.8 1.5 3.6 2.8 Interest expense, net (7.6 ) (8.7 ) (15.5 ) (16.9 ) (Loss) income before income taxes $ (26.5 ) $ 12.2 $ (19.4 ) $ 27.9 (a) - In June 2019, Edward F. Crawford, our President, retired and resigned to become the U.S. Ambassador to Ireland. In connection with his resignation, the Company incurred one-time net expense of $4.3 million , consisting of a $6.0 million payment and reversal of $1.7 million of previously-recorded expense related to restricted stock forfeitures.

Plant Closure and Consolidation

Plant Closure and Consolidation	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Plant Closure and Consolidation	Plant Closure and Consolidation In the first six months of 2020, the Company recorded charges totaling $2.3 million in its Assembly Components segment in connection with commencement of actions to close and consolidate its extrusion operations in Tennessee and its fuel operations in Shanghai, China, and to complete other cost-reduction actions in this segment. The charges, which are included in cost of sales in the Condensed Consolidated Statements of Income (Loss), are comprised of severance and related employee costs of $1.2 million , asset impairment of $0.5 million , and other facility costs of $0.6 million . The Company expects to incur additional costs related to these initiatives of approximately $1.7 million in the remainder of 2020.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	Acquisition On May 31, 2019, the Company acquired EFCO, Inc. d/b/a Erie Press Systems (“EP”) for $8.1 million in cash, of which $7.6 million was paid at closing and $0.5 million was paid in the third quarter of 2019. The purchase price allocation for EP was finalized as of December 31, 2019. The purchase agreement stipulates potential contingent consideration of up to an additional $1.0 million based on two-year cumulative earnings before interest and taxes. The estimated fair value of the contingent consideration, valued using level 3 inputs, was approximately $1.0 million

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: June 30, 2020 December 31, 2019 (In millions) Raw materials and supplies $ 93.7 $ 92.6 Work in process 51.6 51.3 Finished goods 168.4 181.3 LIFO reserve 2.0 2.0 Inventories, net $ 315.7 $ 327.2

Accrued Warranty Costs

Accrued Warranty Costs	6 Months Ended
	Jun. 30, 2020
Product Warranties Disclosures [Abstract]
Accrued Warranty Costs	Accrued Warranty Costs The Company estimates warranty claims that may be incurred based on current and historical data of products sold. Actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents changes in the Company’s product warranty liability for the three months and six months ended June 30, 2020 and 2019 : Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In millions) Beginning balance $ 6.8 $ 6.7 $ 6.4 $ 6.2 Claims paid (0.4 ) (0.8 ) (0.6 ) (1.6 ) Warranty expense 0.1 1.2 0.7 2.5 Ending balance $ 6.5 $ 7.1 $ 6.5 $ 7.1

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items, if any, in each period. On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, a substantial tax-and-spending package intended to provide additional economic stimulus to address the impact of the COVID-19 pandemic. Significant impacts of the CARES Act include the ability to carry back a net operating loss for five years and an increase of the Internal Revenue Code Section 163(j) interest expense disallowance limitations from 30% to 50% of adjusted taxable income, which will allow the Company to deduct additional interest expense for the 2019 and 2020 tax years. The Company is assessing the potential impact of global relief packages and the CARES Act, including the effect upon the Company’s 2019 income tax return to be filed later in 2020, as well as the 2020 tax provision. Management continues to evaluate various impacts of the CARES Act. Income tax benefit for the three months ended June 30, 2020 was $9.6 million , representing an effective rate of 36.2% compared to income tax expense of $4.2 million , or 33.9% , for the three months ended June 30, 2019. The rate in the 2020 period is higher than the U.S. statutory rate of 21% due primarily to a U.S. net operating loss carryback to a prior year under the CARES Act. The rate in the 2019 period is higher than the U.S. statutory rate due to the impact of the $6.0 million one-time, non-deductible payment related to the resignation of the Company's former President. Income tax benefit for the six months ended June 30, 2020 was $4.1 million , representing an effective rate of 21.1% , compared to income tax expense of $8.1 million , or 29.0% , for the six months ended June 30, 2019. The rate in the 2019 period includes the $6.0 million one-time, non-deductible payment mentioned above.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2020 June 30, 2020 December 31, 2019 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.37 % 181.3 173.2 Industrial Equipment Group European Facilities December 21, 2021 3.25 % — 4.6 Finance Leases Various Various 16.7 17.2 Other Various Various 24.3 23.5 Total debt 572.3 568.5 Less current portion of long-term debt and short-term debt (12.6 ) (16.8 ) Less unamortized debt issuance costs (5.9 ) (6.5 ) Total long-term debt, net $ 553.8 $ 545.2 In 2018, the Company entered into Amendment No. 1 to Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) with a group of banks to increase the availability under the revolving credit facility from $350.0 million to $375.0 million , the Canadian revolving subcommitment from $35.0 million to $40.0 million and the European revolving subcommitment from $25.0 million to $30.0 million . Furthermore, the Company has the option, pursuant to the Credit Agreement, to increase the availability under the revolving credit facility by an aggregate incremental amount up to $100.0 million . In 2019, Park-Ohio entered into Amendment No. 4 to the Credit Agreement, extending the maturity of the Credit Agreement to November 26, 2024. We had outstanding bank guarantees and letters of credit of approximately $30.6 million at June 30, 2020 and $33.8 million at December 31, 2019 under the Credit Agreement. In 2017, the Company completed the issuance, in a private placement, of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”). The Notes are unsecured senior obligations of the Company and are guaranteed on an unsecured senior basis by the 100% owned material domestic subsidiaries of the Company. In 2016, the Company, through its subsidiary, IEGE Industrial Equipment Holding Company Limited, entered into a financing agreement with Banco Bilbao Vizcaya Argentaria, S.A. The financing agreement provides the Company a loan up to $28.0 million as of June 30, 2020 , as well as a revolving credit facility for up to $11.2 million to fund working capital and general corporate needs. No amounts were outstanding under the loan agreement or the revolving credit facility as of June 30, 2020 . In 2015, the Company entered into a finance lease agreement (the “Lease Agreement”). The Lease Agreement provides the Company up to $50.0 million for finance leases. Finance lease obligations of $16.7 million were borrowed under the Lease Agreement to acquire machinery and equipment as of June 30, 2020 . In 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority. The financing agreement provides the Company the ability to borrow up to $11.0 million for expansion of its manufacturing facility in Arkansas. The financing agreement matures in September 2025. The Company had $7.8 million of borrowings outstanding under this agreement as of June 30, 2020 , which is included in Other above. The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. June 30, 2020 December 31, 2019 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 288.9 $ 358.3

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of Holdings' restricted share activity for the six months ended June 30, 2020 is as follows: 2020 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 471,634 $ 32.06 50,000 $ 32.55 Granted 296,093 17.73 — — Vested (131,038 ) 37.48 — — Canceled or expired (5,000 ) 37.55 — — Outstanding - end of period 631,689 $ 24.11 50,000 $ 32.55 (a) - Included in the granted amount are 6,100 restricted share units. Stock-based compensation is included in Selling, general and administrative expenses in the consolidated statements of (loss) income. Total stock-based compensation expense (benefit) for the three months ended June 30, 2020 and 2019 was $1.3 million and $(0.2) million , respectively. Total stock-based compensation expense for the six months ended June 30, 2020 and 2019 was $2.7 million and $1.7 million , respectively. As of June 30, 2020 , there was $11.0 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.4 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements. Our subsidiaries are involved in a number of contractual and warranty-related disputes. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates. In addition to the routine lawsuits and asserted claims noted above, we are also a co-defendant in approximately 118 cases asserting claims on behalf of approximately 220 plaintiffs alleging personal injury as a result of exposure to asbestos. In every asbestos case in which we are named as a party, the complaints are filed against multiple named defendants. Historically, we have been dismissed from asbestos cases. We intend to vigorously defend these cases and believe we will continue to be successful in being dismissed from such cases. While it is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation, and although our results of operations and cash flows for a particular period could be adversely affected by asbestos-related lawsuits, claims and proceedings, management believes that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, liquidity or results of operations.

Pension and Postretirement Bene

Pension and Postretirement Benefits	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits The components of net periodic benefit (income) costs recognized for the three months and six months ended June 30, 2020 and 2019 were as follows: Pension Benefits Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 2020 2019 2020 2019 (In millions) Service costs $ 1.1 $ 0.9 $ 2.2 $ 1.8 $ — $ — $ — $ — Interest costs 0.6 0.6 1.1 1.3 0.1 — 0.1 0.1 Expected return on plan assets (2.9 ) (2.7 ) (5.8 ) (5.4 ) — — — — Recognized net actuarial loss 0.5 0.5 1.0 1.1 — 0.1 0.1 0.1 Net periodic benefit (income) expense $ (0.7 ) $ (0.7 ) $ (1.5 ) $ (1.2 ) $ 0.1 $ 0.1 $ 0.2 $ 0.2

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income The components of and changes in accumulated other comprehensive loss for the six months ended June 30, 2020 and 2019 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Beginning balance $ (39.0 ) $ (14.1 ) $ (53.1 ) $ (20.6 ) $ (14.3 ) $ (34.9 ) Currency translation (a) 2.9 — 2.9 (2.5 ) — (2.5 ) Pension and OPEB activity, net of tax — 0.4 0.4 — 0.4 0.4 Ending balance $ (36.1 ) $ (13.7 ) $ (49.8 ) $ (23.1 ) $ (13.9 ) $ (37.0 ) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Beginning balance $ (22.4 ) $ (14.6 ) $ (37.0 ) $ (21.3 ) $ (19.6 ) $ (40.9 ) Currency translation (a) (13.7 ) — (13.7 ) (1.8 ) — (1.8 ) Pension and OPEB activity, net of tax — 0.9 0.9 — 5.7 5.7 Ending balance $ (36.1 ) $ (13.7 ) $ (49.8 ) $ (23.1 ) $ (13.9 ) $ (37.0 ) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The condensed consolidated financial statements include the accounts of Park-Ohio Industries, Inc. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Park-Ohio Industries, Inc. is a wholly-owned subsidiary of Park-Ohio Holdings Corp. (“Holdings”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six - month periods ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 .
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Accounting Pronouncements Adopted and Not Yet Adopted	Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” which replaced the current incurred loss impairment model with a methodology that reflected expected credit losses. Under the new methodology, entities will measure expected credit losses on financial instruments held at amortized cost, including trade receivables, based on historical experience, current conditions and reasonable forecasts. The Company adopted this standard as of January 1, 2020. The adoption of the standard had an immaterial impact on the Company. For the three- and six- month periods ended June 30, 2020, the provision and write-offs were not material, and the allowance approximated $5.2 million as of June 30, 2020. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (ASC 740) - Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. The Company adopted this standard as of April 1, 2020. The adoption of the standard had an immaterial impact on the Company's tax provision. Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which was issued in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate. The guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. However, the relief is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. The Company is currently evaluating the expected impact of this standard.
Segments	Our operating segments are defined as components of the enterprise for which separate financial information is available and evaluated on a regular basis by our chief operating decision maker to allocate resources and assess performance. For purposes of measuring business segment performance, the Company utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or are corporate costs, which include but are not limited to executive and share-based compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs; certain non-cash and/or non-operating items; Other components of pension income and other postretirement benefits expense, net; and interest expense, net.
Accrued Warranty Costs
Income Taxes	The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items, if any, in each period.
Commitments and Contingencies	The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	We disaggregate our revenue by product line and geographic region of our customer, as we believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. See details in the tables below. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In millions) PRODUCT LINE Supply Technologies $ 86.0 $ 141.0 $ 207.9 $ 285.8 Engineered specialty fasteners and other products 8.4 20.5 27.3 41.0 Supply Technologies Segment 94.4 161.5 235.2 326.8 Fuel, rubber and plastic products 39.8 91.1 124.5 180.7 Aluminum products 15.1 45.2 58.6 93.9 Assembly Components Segment 54.9 136.3 183.1 274.6 Industrial equipment 53.4 80.7 119.5 161.3 Forged and machined products 25.6 36.8 56.8 72.7 Engineered Products Segment 79.0 117.5 176.3 234.0 Total revenues $ 228.3 $ 415.3 $ 594.6 $ 835.4 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2020 GEOGRAPHIC REGION United States $ 61.3 $ 36.1 $ 45.5 $ 142.9 Europe 14.0 2.2 10.6 26.8 Asia 11.7 6.4 17.7 35.8 Mexico 5.0 3.6 1.3 9.9 Canada 1.6 6.5 2.7 10.8 Other 0.8 0.1 1.2 2.1 Total $ 94.4 $ 54.9 $ 79.0 $ 228.3 Three Months Ended June 30, 2019 GEOGRAPHIC REGION United States $ 110.6 $ 97.0 $ 67.9 $ 275.5 Europe 24.2 3.8 20.4 48.4 Asia 9.5 4.0 15.8 29.3 Mexico 13.4 10.6 3.4 27.4 Canada 3.3 20.5 6.6 30.4 Other 0.5 0.4 3.4 4.3 Total $ 161.5 $ 136.3 $ 117.5 $ 415.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2020 GEOGRAPHIC REGION United States $ 151.3 $ 126.8 $ 98.7 $ 376.8 Europe 37.7 6.4 26.3 70.4 Asia 21.2 10.7 33.5 65.4 Mexico 19.5 13.8 3.5 36.8 Canada 4.5 24.9 9.1 38.5 Other 1.0 0.5 5.2 6.7 Total $ 235.2 $ 183.1 $ 176.3 $ 594.6 Six Months Ended June 30, 2019 GEOGRAPHIC REGION United States $ 221.0 $ 198.7 $ 136.0 $ 555.7 Europe 50.7 8.1 40.8 99.6 Asia 20.8 9.2 30.7 60.7 Mexico 27.1 19.6 6.4 53.1 Canada 6.5 38.2 14.2 58.9 Other 0.7 0.8 5.9 7.4 Total $ 326.8 $ 274.6 $ 234.0 $ 835.4

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Results by business segment	Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In millions) Net sales: Supply Technologies $ 94.4 $ 161.5 $ 235.2 $ 326.8 Assembly Components 54.9 136.3 183.1 274.6 Engineered Products 79.0 117.5 176.3 234.0 $ 228.3 $ 415.3 $ 594.6 $ 835.4 Segment operating (loss) income: Supply Technologies $ 0.3 $ 11.3 $ 9.5 $ 24.4 Assembly Components (14.6 ) 8.3 (8.3 ) 16.6 Engineered Products (0.8 ) 11.5 3.0 19.6 Total segment operating (loss) income (15.1 ) 31.1 4.2 60.6 Corporate costs (5.6 ) (7.4 ) (11.7 ) (14.3 ) One-time net expense related to former President (a) — (4.3 ) — (4.3 ) Operating (loss) income (20.7 ) 19.4 (7.5 ) 42.0 Other components of pension income and other postretirement benefits expense, net 1.8 1.5 3.6 2.8 Interest expense, net (7.6 ) (8.7 ) (15.5 ) (16.9 ) (Loss) income before income taxes $ (26.5 ) $ 12.2 $ (19.4 ) $ 27.9 (a) - In June 2019, Edward F. Crawford, our President, retired and resigned to become the U.S. Ambassador to Ireland. In connection with his resignation, the Company incurred one-time net expense of $4.3 million , consisting of a $6.0 million payment and reversal of $1.7 million of previously-recorded expense related to restricted stock forfeitures.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Components of inventory	Inventories, net consist of the following: June 30, 2020 December 31, 2019 (In millions) Raw materials and supplies $ 93.7 $ 92.6 Work in process 51.6 51.3 Finished goods 168.4 181.3 LIFO reserve 2.0 2.0 Inventories, net $ 315.7 $ 327.2

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	6 Months Ended
	Jun. 30, 2020
Product Warranties Disclosures [Abstract]
Changes in product warranty liability	The following table presents changes in the Company’s product warranty liability for the three months and six months ended June 30, 2020 and 2019 : Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In millions) Beginning balance $ 6.8 $ 6.7 $ 6.4 $ 6.2 Claims paid (0.4 ) (0.8 ) (0.6 ) (1.6 ) Warranty expense 0.1 1.2 0.7 2.5 Ending balance $ 6.5 $ 7.1 $ 6.5 $ 7.1

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2020 June 30, 2020 December 31, 2019 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.37 % 181.3 173.2 Industrial Equipment Group European Facilities December 21, 2021 3.25 % — 4.6 Finance Leases Various Various 16.7 17.2 Other Various Various 24.3 23.5 Total debt 572.3 568.5 Less current portion of long-term debt and short-term debt (12.6 ) (16.8 ) Less unamortized debt issuance costs (5.9 ) (6.5 ) Total long-term debt, net $ 553.8 $ 545.2
Fair value of debt	The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. June 30, 2020 December 31, 2019 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 288.9 $ 358.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of restricted share and performance share activity	A summary of Holdings' restricted share activity for the six months ended June 30, 2020 is as follows: 2020 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 471,634 $ 32.06 50,000 $ 32.55 Granted 296,093 17.73 — — Vested (131,038 ) 37.48 — — Canceled or expired (5,000 ) 37.55 — — Outstanding - end of period 631,689 $ 24.11 50,000 $ 32.55 (a) - Included in the granted amount are 6,100 restricted share units.

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Components of net periodic benefit cost	The components of net periodic benefit (income) costs recognized for the three months and six months ended June 30, 2020 and 2019 were as follows: Pension Benefits Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 2020 2019 2020 2019 (In millions) Service costs $ 1.1 $ 0.9 $ 2.2 $ 1.8 $ — $ — $ — $ — Interest costs 0.6 0.6 1.1 1.3 0.1 — 0.1 0.1 Expected return on plan assets (2.9 ) (2.7 ) (5.8 ) (5.4 ) — — — — Recognized net actuarial loss 0.5 0.5 1.0 1.1 — 0.1 0.1 0.1 Net periodic benefit (income) expense $ (0.7 ) $ (0.7 ) $ (1.5 ) $ (1.2 ) $ 0.1 $ 0.1 $ 0.2 $ 0.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the six months ended June 30, 2020 and 2019 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Beginning balance $ (39.0 ) $ (14.1 ) $ (53.1 ) $ (20.6 ) $ (14.3 ) $ (34.9 ) Currency translation (a) 2.9 — 2.9 (2.5 ) — (2.5 ) Pension and OPEB activity, net of tax — 0.4 0.4 — 0.4 0.4 Ending balance $ (36.1 ) $ (13.7 ) $ (49.8 ) $ (23.1 ) $ (13.9 ) $ (37.0 ) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Beginning balance $ (22.4 ) $ (14.6 ) $ (37.0 ) $ (21.3 ) $ (19.6 ) $ (40.9 ) Currency translation (a) (13.7 ) — (13.7 ) (1.8 ) — (1.8 ) Pension and OPEB activity, net of tax — 0.9 0.9 — 5.7 5.7 Ending balance $ (36.1 ) $ (13.7 ) $ (49.8 ) $ (23.1 ) $ (13.9 ) $ (37.0 ) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

New Accounting Pronouncements (

New Accounting Pronouncements (Narrative) (Details) $ in Millions	Jun. 30, 2020USD ($)
Accounting Changes and Error Corrections [Abstract]
Allowance for credit loss	$ 5.2

Revenue (Summary of Disaggregat

Revenue (Summary of Disaggregation of Revenue by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 228.3	$ 415.3	$ 594.6	$ 835.4
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	94.4	161.5	235.2	326.8
Supply Technologies Segment | Supply Technologies
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	86	141	207.9	285.8
Supply Technologies Segment | Engineered specialty fasteners and other products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	8.4	20.5	27.3	41
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	54.9	136.3	183.1	274.6
Assembly Components Segment | Fuel, rubber and plastic products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	39.8	91.1	124.5	180.7
Assembly Components Segment | Aluminum products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	15.1	45.2	58.6	93.9
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	79	117.5	176.3	234
Engineered Products Segment | Industrial equipment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	53.4	80.7	119.5	161.3
Engineered Products Segment | Forged and machined products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 25.6	$ 36.8	$ 56.8	$ 72.7

Revenue (Summary of Disaggreg_2

Revenue (Summary of Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 228.3	$ 415.3	$ 594.6	$ 835.4
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	142.9	275.5	376.8	555.7
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	26.8	48.4	70.4	99.6
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	35.8	29.3	65.4	60.7
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	9.9	27.4	36.8	53.1
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	10.8	30.4	38.5	58.9
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.1	4.3	6.7	7.4
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	94.4	161.5	235.2	326.8
Supply Technologies Segment | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	61.3	110.6	151.3	221
Supply Technologies Segment | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	14	24.2	37.7	50.7
Supply Technologies Segment | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	11.7	9.5	21.2	20.8
Supply Technologies Segment | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	5	13.4	19.5	27.1
Supply Technologies Segment | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	1.6	3.3	4.5	6.5
Supply Technologies Segment | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.8	0.5	1	0.7
Assembly Components
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	54.9	136.3	183.1	274.6
Assembly Components | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	36.1	97	126.8	198.7
Assembly Components | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.2	3.8	6.4	8.1
Assembly Components | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	6.4	4	10.7	9.2
Assembly Components | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.6	10.6	13.8	19.6
Assembly Components | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	6.5	20.5	24.9	38.2
Assembly Components | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.1	0.4	0.5	0.8
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	79	117.5	176.3	234
Engineered Products Segment | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	45.5	67.9	98.7	136
Engineered Products Segment | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	10.6	20.4	26.3	40.8
Engineered Products Segment | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	17.7	15.8	33.5	30.7
Engineered Products Segment | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	1.3	3.4	3.5	6.4
Engineered Products Segment | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.7	6.6	9.1	14.2
Engineered Products Segment | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 1.2	$ 3.4	$ 5.2	$ 5.9

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - Transferred over Time - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 35.9	$ 35.7
Contract assets	$ 65.4	$ 61.7

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net sales:
Net sales		$ 228.3	$ 415.3	$ 594.6	$ 835.4
Segment operating (loss) income:
Operating income		(20.7)	19.4	(7.5)	42
Other components of pension income and other postretirement benefits expense, net		1.8	1.5	3.6	2.8
Interest expense, net		(7.6)	(8.7)	(15.5)	(16.9)
Income (loss) before income taxes		(26.5)	12.2	(19.4)	27.9
Supply Technologies
Net sales:
Net sales		94.4	161.5	235.2	326.8
Assembly Components
Net sales:
Net sales		54.9	136.3	183.1	274.6
Engineered Products
Net sales:
Net sales		79	117.5	176.3	234
Operating Segments
Net sales:
Net sales		228.3	415.3	594.6	835.4
Segment operating (loss) income:
Operating income		(15.1)	31.1	4.2	60.6
Operating Segments | Supply Technologies
Net sales:
Net sales		94.4	161.5	235.2	326.8
Segment operating (loss) income:
Operating income		0.3	11.3	9.5	24.4
Operating Segments | Assembly Components
Net sales:
Net sales		54.9	136.3	183.1	274.6
Segment operating (loss) income:
Operating income		(14.6)	8.3	(8.3)	16.6
Operating Segments | Engineered Products
Net sales:
Net sales		79	117.5	176.3	234
Segment operating (loss) income:
Operating income		(0.8)	11.5	3	19.6
Segment Reconciling Items
Segment operating (loss) income:
Corporate costs		(5.6)	(7.4)	(11.7)	(14.3)
One-time net expense related to former President		$ 0	$ (4.3)	$ 0	$ (4.3)
President
Segment operating (loss) income:
One-time net expense	$ 4.3
Payment	6
Reversal related to forfeitures	$ 1.7

(Plant Closure and Consolidatio

(Plant Closure and Consolidation) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2.3
Expected additional cost in the remainder of current year	1.7
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.2
Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.5
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.6

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Millions	May 31, 2019	Sep. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Payments to acquire businesses			$ 0	$ 7.6
Erie Press Systems (EP)
Business Acquisition [Line Items]
Purchase price	$ 8.1
Payments to acquire businesses	7.6	$ 0.5
Contingent consideration, range of outcomes, high	$ 1
Contingent consideration measurement period	2 years
Contingent consideration liability			$ 1

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Components of inventory
Raw materials and supplies	$ 93.7	$ 92.6
Work in process	51.6	51.3
Finished goods	168.4	181.3
LIFO reserve	2	2
Inventories, net	$ 315.7	$ 327.2

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Changes in product warranty liability
Balance at beginning of period	$ 6.8	$ 6.7	$ 6.4	$ 6.2
Claims paid	(0.4)	(0.8)	(0.6)	(1.6)
Warranty expense	0.1	1.2	0.7	2.5
Balance at end of period	$ 6.5	$ 7.1	$ 6.5	$ 7.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ 9.6	$ (4.2)	$ 4.1	$ (8.1)
Effective tax rate	36.20%	33.90%	21.10%	29.00%
One-time non-deductible payment which impacted effective tax rate				$ 6

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 572.3	$ 568.5
Less current portion of long-term debt and short-term debt	(12.6)	(16.8)
Less unamortized debt issuance costs	(5.9)	(6.5)
Total long-term debt, net	$ 553.8	545.2
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	1.37%
Total debt	$ 181.3	173.2
Industrial Equipment Group European Facilities
Debt Instrument [Line Items]
Stated interest rate	3.25%
Total debt	$ 0	4.6
Finance Leases
Debt Instrument [Line Items]
Total debt	16.7	17.2
Other
Debt Instrument [Line Items]
Total debt	$ 24.3	23.5
Senior Notes 6.625% Due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%
Total debt	$ 350	$ 350

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Finance lease agreement, maximum borrowing capacity		$ 50,000,000
Arkansas Development Finance Authority | Southwest Steel Processing LLC
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 11,000,000
Amount drawn		7,800,000
Machinery and Equipment
Line of Credit Facility [Line Items]
Finance lease liability		$ 16,700,000
Revolving credit facility
Line of Credit Facility [Line Items]
Stated interest rate		1.37%
Industrial Equipment Group European Facilities
Line of Credit Facility [Line Items]
Stated interest rate		3.25%
Industrial Equipment Group European Facilities | Line of Credit | Banco Bilbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 28,000,000
Seventh Amendment Credit Agreement | Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 350,000,000
Seventh Amendment Credit Agreement | Revolving Credit Facility Canadian Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	35,000,000
Seventh Amendment Credit Agreement | Revolving Credit Facility European Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25,000,000
Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 375,000,000
Option to increase capacity		100,000,000
Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving Credit Facility Canadian Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				40,000,000
Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving Credit Facility European Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 30,000,000
Senior Notes due 2027 | Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 350,000,000
Stated interest rate	6.625%
Financing Agreement | Revolving credit facility | Line of Credit | Banco Bilbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		11,200,000
Amount drawn		0
Park-Ohio Industries, Inc. | Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving credit facility
Line of Credit Facility [Line Items]
Bank guarantees		$ 30,600,000	$ 33,800,000

Financing Arrangements (Fair Va

Financing Arrangements (Fair Value of Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 572.3	$ 568.5
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	350	350
Level 1 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 288.9	$ 358.3

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Share Activity) (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted share units
Number of Shares
Granted (in shares)	6,100
Time-Based | Restricted Stock
Number of Shares
Outstanding - beginning of years (in shares)	471,634
Granted (in shares)	296,093
Vested (in shares)	(131,038)
Canceled or expired (in shares)	(5,000)
Outstanding - end of periods (in shares)	631,689
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 32.06
Granted (in dollars per share) | $ / shares	17.73
Vested (in dollars per share) | $ / shares	37.48
Canceled or expired (in dollars per share) | $ / shares	37.55
Outstanding - end of year (in dollars per share) | $ / shares	$ 24.11
Performance-Based | Restricted Stock
Number of Shares
Outstanding - beginning of years (in shares)	50,000
Granted (in shares)	0
Vested (in shares)	0
Canceled or expired (in shares)	0
Outstanding - end of periods (in shares)	50,000
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 32.55
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Canceled or expired (in dollars per share) | $ / shares	0
Outstanding - end of year (in dollars per share) | $ / shares	$ 32.55

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.3	$ (0.2)	$ 2.7	$ 1.7
Unrecognized compensation cost related to non-vested stock-based compensation	$ 11		$ 11
Weighted average period			2 years 4 months 24 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2020plaintiffclaim
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	118
Number of plaintiffs | plaintiff	220

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1.1	$ 0.9	$ 2.2	$ 1.8
Interest costs	0.6	0.6	1.1	1.3
Expected return on plan assets	(2.9)	(2.7)	(5.8)	(5.4)
Recognized net actuarial loss	0.5	0.5	1	1.1
Net periodic benefit (income) expense	(0.7)	(0.7)	(1.5)	(1.2)
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0	0	0
Interest costs	0.1	0	0.1	0.1
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss	0	0.1	0.1	0.1
Net periodic benefit (income) expense	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Components of accumulated comprehensive loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 335,200,000	$ 337,300,000	$ 357,800,000	$ 317,900,000
Other comprehensive income (loss), net of tax	3,300,000	(2,100,000)	(12,800,000)	3,900,000
Balance at end of period	322,900,000	338,600,000	322,900,000	338,600,000
Tax on currency translation as foreign earnings permanently reinvested			0
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(39,000,000)	(20,600,000)	(22,400,000)	(21,300,000)
Other comprehensive income (loss), net of tax	2,900,000	(2,500,000)	(13,700,000)	(1,800,000)
Balance at end of period	(36,100,000)	(23,100,000)	(36,100,000)	(23,100,000)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(14,100,000)	(14,300,000)	(14,600,000)	(19,600,000)
Other comprehensive income (loss), net of tax	400,000	400,000	900,000	5,700,000
Balance at end of period	(13,700,000)	(13,900,000)	(13,700,000)	(13,900,000)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(53,100,000)	(34,900,000)	(37,000,000)	(40,900,000)
Balance at end of period	$ (49,800,000)	$ (37,000,000)	$ (49,800,000)	$ (37,000,000)